[x] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended January |
[_] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 94-3177549 |
(State or | (I.R.S. Employer |
Incorporation or Organization) | Identification No.) |
Title of each class | Name of each exchange on which registered |
Common Stock, $0.001 par value per share | The NASDAQ Global Select Market |
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· | suppliers of discrete MCPs that incorporate a combination of networking, audio, communications and input/output, or I/O, functionality as part of their existing solutions, such as AMD, Broadcom Corporation, or Broadcom, Silicon Integrated Systems, Inc., or SIS, VIA Technologies, Inc., or VIA, and Intel; |
· | suppliers of GPUs, including MCPs that incorporate 3D graphics functionality as part of their existing solutions, such as AMD, Intel, Matrox Electronics Systems Ltd., SIS, and VIA; |
· | suppliers of computer-on-a-chip products that support netbooks, PNDs, PMPs, PDAs, cellular phones or other handheld devices such as AMD, Broadcom, Fujitsu Limited, Imagination Technologies Ltd., ARM Holdings plc, Marvell Technology Group Ltd, or Marvell, NEC Corporation, Qualcomm Incorporated, Renesas Technology, Samsung, Seiko-Epson, Texas Instruments Incorporated, and Toshiba America, Inc.; and |
· | suppliers of computer-on-a-chip products for handheld and embedded devices that incorporate multimedia processing as part of their existing solutions such as Broadcom, Texas Instruments Inc., Qualcomm Incorporated, Marvell, Freescale Semiconductor Inc., Renesas Technology, Samsung, and ST Microelectronics. |
· | the location in which our products are manufactured; |
· | our strategic technology or product directions in different countries; and |
· | the degree to which intellectual property laws exist and are meaningfully enforced in different jurisdictions. |
· | the commercial significance of our operations and our competitors’ operations in particular countries and regions; |
Name | Age | Position | ||
Jen-Hsun Huang | President, Chief Executive Officer and Director | |||
Executive Vice President and Chief Financial Officer | ||||
Ajay K. Puri | ||||
David M. Shannon | ||||
Debora Shoquist |
· | if there were a sudden and significant decrease in demand for our products; |
· | if there were a higher incidence of inventory obsolescence because of rapidly changing technology and customer requirements; |
· | if we fail to estimate customer demand properly for our older products as our newer products are introduced; or |
· | if our competition were to take unexpected competitive pricing actions. |
· | the mix of our products sold; |
· | average selling prices; |
· | introduction of new products; |
· | product transitions; |
· | sales discounts; |
· | unexpected pricing actions by our competitors; |
· | the cost of product components; and |
· | the yield of wafers produced by the foundries that manufacture our products. |
· | product performance; |
· | product bundling by competitors with multiple product lines; |
· | breadth and frequency of product offerings; |
· | access to customers and distribution channels; |
· | backward-forward software support; |
· | conformity to industry standard application programming interfaces; and |
· | manufacturing capabilities. |
· | suppliers of discrete MCPs that incorporate a combination of networking, audio, communications and input/output, or I/O, functionality as part of their existing solutions, such as AMD, Broadcom Corporation, or Broadcom, Silicon Integrated Systems, |
· | suppliers of GPUs, including MCPs that incorporate 3D graphics functionality as part of their existing solutions, such as AMD, Intel, Matrox Electronics Systems Ltd., SIS, and VIA; |
· | suppliers of |
· | suppliers of |
· | international economic and political conditions, such as political tensions between countries in which we do business; |
· | unexpected changes in, or impositions of, legislative or regulatory requirements; |
· | complying with a variety of foreign laws; |
· | differing legal standards with respect to protection of intellectual property and employment practices; |
· | cultural differences in the conduct of business; |
· | inadequate local infrastructure that could result in business disruptions; |
· | exporting or importing issues related to export or import restrictions, tariffs, quotas and other trade barriers and restrictions; |
· | financial risks such as longer payment cycles, difficulty in collecting accounts receivable and fluctuations in currency exchange rates; |
· | imposition of additional taxes and penalties; and |
· | other factors beyond our control such as terrorism, civil unrest, war and diseases such as severe acute respiratory syndrome and the Avian flu. |
· | market demand for new products and enhancements to existing products; |
· | timely completion and introduction of new product designs and new opportunities for existing products; |
· | seamless transitions from an older product to a new product; |
· | differentiation of our new products from those of our competitors; |
· | delays in volume shipments of our products; |
· | market acceptance of our products instead of our customers' products; and |
· | availability of adequate quantity and configurations of various types of memory products. |
· | anticipate the features and functionality that customers and consumers will demand; |
· | incorporate those features and functionalities into products that meet the exacting design requirements of our customers; |
· | price our products competitively; and |
· | introduce products to the market within our customers’ limited design cycles. |
· | difficulty in combining the technology, products, operations or workforce of the acquired business with our business; |
· | difficulty in operating in a new or multiple new locations; |
· | disruption of our ongoing businesses or the ongoing business of the company we invest in or acquire; |
· | difficulty in realizing the potential financial or strategic benefits of the transaction; |
· | difficulty in maintaining uniform standards, controls, procedures and policies; |
· | disruption of or delays in ongoing research and development efforts; |
· | diversion of capital and other resources; |
· | assumption of liabilities; |
· | diversion of resources and unanticipated expenses resulting from litigation arising from potential or actual business acquisitions or investments; |
· | difficulties in entering into new markets in which we have limited or no experience and where competitors in such markets have stronger positions; and |
· | impairment of relationships with employees and customers, or the loss of any of our key employees or customers our target’s key employees or customers, as a result of our acquisition or investment. |
· | assert claims of infringement of our intellectual property; |
· | enforce our patents; |
· | protect our trade secrets or know-how; or |
· | determine the enforceability, scope and validity of the propriety rights of others. |
· | the commercial significance of our operations and our competitors’ operations in particular countries and regions; |
· | the location in which our products are manufactured; |
· | our strategic technology or product directions in different countries; and |
· | the degree to which intellectual property laws exist and are meaningfully enforced in different jurisdictions. |
· | the possibility of environmental contamination and the costs associated with fixing any environmental problems; |
· | adverse changes in the value of these properties, due to interest rate changes, changes in the neighborhood in which the property is located, or other factors; |
· | the risk of loss if we decide to sell and are not able to recover all capitalized costs; |
· | increased cash commitments for the possible construction of a campus; |
· | the possible need for structural improvements in order to comply with zoning, seismic and other legal or regulatory requirements; |
· | increased operating expenses for the buildings or the property or both; |
· | possible disputes with third parties, such as neighboring owners or others, related to the buildings or the property or both; and |
· | the risk of financial loss in excess of amounts covered by insurance, or uninsured risks, such as the loss caused by damage to the buildings as a result of earthquakes, floods and or other natural disasters. |
· | the jurisdictions in which profits are determined to be earned and taxed; |
· | adjustments to estimated taxes upon finalization of various tax returns; |
· | changes in available tax credits; |
· | changes in share-based compensation expense; |
· | changes in tax laws, the interpretation of tax laws either in the United States or abroad or the issuance of new interpretative accounting guidance related to uncertain transactions and calculations where the tax treatment was previously uncertain; and |
· | the resolution of issues arising from tax audits with various tax authorities. |
· | the ability of our Board to create and issue preferred stock without prior stockholder approval; |
· | the prohibition of stockholder action by written consent; |
· | a classified Board; and |
· | advance notice requirements for director nominations and stockholder proposals. |
High | Low | |||||||
Fiscal year ending January 25, 2009 | ||||||||
First Quarter (through March 14, 2008) | $ | 27.59 | $ | 18.12 | ||||
Fiscal year ended January 27, 2008 | ||||||||
Fourth Quarter | $ | 38.20 | $ | 22.33 | ||||
Third Quarter (1) | $ | 39.67 | $ | 27.00 | ||||
Second Quarter (1) | $ | 31.89 | $ | 21.47 | ||||
First Quarter (1) | $ | 23.27 | $ | 18.69 | ||||
Fiscal year ended January 28, 2007 | ||||||||
Fourth Quarter (1) | $ | 25.97 | $ | 20.60 | ||||
Third Quarter (1) | $ | 23.06 | $ | 13.90 | ||||
Second Quarter (1) | $ | 21.25 | $ | 11.45 | ||||
First Quarter (1) | $ | 20.56 | $ | 14.29 |
High | Low | |||||||
Fiscal year ending January 31, 2010 | ||||||||
First Quarter (through March 10, 2009) | $ | 9.97 | $ | 7.21 | ||||
Fiscal year ended January 25, 2009 | ||||||||
Fourth Quarter | $ | 9.45 | $ | 5.75 | ||||
Third Quarter | $ | 14.12 | $ | 5.97 | ||||
Second Quarter | $ | 25.35 | $ | 10.70 | ||||
First Quarter | $ | 27.59 | $ | 17.31 | ||||
Fiscal year ended January 27, 2008 | ||||||||
Fourth Quarter | $ | 38.20 | $ | 22.33 | ||||
Third Quarter (1) | $ | 39.67 | $ | 27.00 | ||||
Second Quarter (1) | $ | 31.89 | $ | 21.47 | ||||
First Quarter (1) | $ | 23.27 | $ | 18.69 |
Period: | Total Number of Shares Purchased | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans of Programs (3) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |||||||||||||
October 29, 2007 through November 25, 2007 | 3,874,190 | $ | 34.97 | 3,874,190 | $ | 701,949,311 | |||||||||||
November 26, 2007 through December 23, 2007 | 320,500 | $ | 29.78 | 320,500 | $ | 692,406,159 | |||||||||||
December 24, 2007 through January 27, 2008 | 1,511,297 | $ | 21.87 | 1,511,297 | $ | 659,356,907 | |||||||||||
Total | 5,705,987 | $ | 31.21 | 5,705,987 |
1/25/2004 | 1/30/2005 | 1/29/2006 | 1/28/2007 | 1/27/2008 | 1/25/2009 | |||||||||||||||||||
NVIDIA Corporation | $ | 100.00 | $ | 99.09 | $ | 200.30 | $ | 272.59 | $ | 324.17 | $ | 100.17 | ||||||||||||
S & P 500 | $ | 100.00 | $ | 106.23 | $ | 117.26 | $ | 134.28 | $ | 131.17 | $ | 80.50 | ||||||||||||
S & P Semiconductors | $ | 100.00 | $ | 75.16 | $ | 86.90 | $ | 81.82 | $ | 76.25 | $ | 45.17 |
1/24/2003 | 1/25/2004 | 1/30/2005 | 1/29/2006 | 1/28/2007 | 1/27/2008 | |||||||||||||||||||
NVIDIA Corporation | $ | 100.00 | $ | 227.04 | $ | 224.98 | $ | 454.77 | $ | 618.88 | $ | 735.99 | ||||||||||||
S & P 500 | $ | 100.00 | $ | 134.57 | $ | 142.96 | $ | 157.79 | $ | 180.70 | $ | 176.52 | ||||||||||||
S & P Semiconductors | $ | 100.00 | $ | 199.05 | $ | 149.60 | $ | 172.97 | $ | 162.86 | $ | 151.77 |
1/21/1999 | 1/31/1999 | 1/30/2000 | 1/28/2001 | 1/27/2002 | 1/24/2003 | 1/25/2004 | 1/30/2005 | 1/29/2006 | 1/28/2007 | 1/27/2008 | 1/21/1999 | 1/31/1999 | 1/30/2000 | 1/28/2001 | 1/27/2002 | 1/24/2003 | 1/25/2004 | 1/30/2005 | 1/29/2006 | 1/28/2007 | 1/27/2008 | 1/25/2009 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NVIDIA Corporation | $ | 100.00 | $ | 158.33 | $ | 311.46 | $ | 846.88 | $ | 2,182.33 | $ | 339.00 | $ | 769.67 | $ | 762.67 | $ | 1,541.67 | $ | 2,098.00 | $ | 2,495.00 | $ | 100.00 | $ | 158.33 | $ | 311.46 | $ | 846.88 | $ | 2,182.33 | $ | 339.00 | $ | 769.67 | $ | 762.67 | $ | 1,541.67 | $ | 2,098.00 | $ | 2,495.00 | $ 771.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 104.18 | $ | 114.96 | $ | 113.93 | $ | 95.53 | $ | 73.54 | $ | 98.97 | $ | 105.13 | $ | 116.05 | $ | 132.89 | $ | 129.82 | $ | 100.00 | $ | 104.18 | $ | 114.96 | $ | 113.93 | $ | 95.53 | $ | 73.54 | $ | 98.97 | $ | 105.13 | $ | 116.05 | $ | 132.89 | $ | 129.82 | $ 79.67 | ||||||||||||||||||||||||||||||||||||||||||||||||||
S&P Semiconductors | $ | 100.00 | $ | 119.64 | $ | 180.33 | $ | 145.17 | $ | 112.96 | $ | 50.00 | $ | 99.52 | $ | 74.79 | $ | 86.48 | $ | 81.43 | $ | 75.88 | $ | 100.00 | $ | 119.64 | $ | 180.33 | $ | 145.17 | $ | 112.96 | $ | 50.00 | $ | 99.52 | $ | 74.79 | $ | 86.48 | $ | 81.43 | $ | 75.88 | $ 45.49 |
Year Ended | ||||||||||||||||
January 27, | January 28, | January 29, | January 30, | January 25, | ||||||||||||
2008 (C) | 2007 (B, C) | 2006 (D) | 2005 | 2004 (C, E) | ||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Consolidated Statement of Income Data: | ||||||||||||||||
Revenue | $ | 4,097,860 | $ | 3,068,771 | $ | 2,375,687 | $ | 2,010,033 | $ | 1,822,945 | ||||||
Income from operations | $ | 836,346 | $ | 453,452 | $ | 336,664 | $ | 95,176 | $ | 49,788 | ||||||
Net income | $ | 797,645 | $ | 448,834 | $ | 301,176 | $ | 88,615 | $ | 48,630 | ||||||
Basic net income per share | $ | 1.45 | $ | 0.85 | $ | 0.59 | $ | 0.18 | $ | 0.10 | ||||||
Diluted net income per share | $ | 1.31 | $ | 0.76 | $ | 0.55 | $ | 0.17 | $ | 0.09 | ||||||
Shares used in basic per share computation (A) | 550,108 | 528,606 | 509,070 | 498,186 | 482,772 | |||||||||||
Shares used in diluted per share computation (A) | 606,732 | 587,256 | 548,556 | 527,436 | 516,162 |
Year Ended | ||||||||||||||||
January 25, | January 27, | January 28, | January 29, | January 30, | ||||||||||||
2009 (B) | 2008 (C) | 2007 (C,D) | 2006 (E) | 2005 | ||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Consolidated Statement of Operations Data: | ||||||||||||||||
Revenue | $ | 3,424,859 | $ | 4,097,860 | $ | 3,068,771 | $ | 2,375,687 | $ | 2,010,033 | ||||||
Income (loss) from operations | $ | (70,700 | ) | $ | 836,346 | $ | 453,452 | $ | 336,664 | $ | 95,176 | |||||
Net income (loss) | $ | (30,041 | ) | $ | 797,645 | $ | 448,834 | $ | 301,176 | $ | 88,615 | |||||
Basic net income (loss) per share | $ | (0.05 | ) | $ | 1.45 | $ | 0.85 | $ | 0.59 | $ | 0.18 | |||||
Diluted net income (loss) per share | $ | (0.05 | ) | $ | 1.31 | $ | 0.76 | $ | 0.55 | $ | 0.17 | |||||
Shares used in basic per share computation (A) | 548,126 | 550,108 | 528,606 | 509,070 | 498,186 | |||||||||||
Shares used in diluted per share computation (A) | 548,126 | 606,732 | 587,256 | 548,556 | 527,436 |
January 27, | January 28, | January 29, | January 30, | January 25, | ||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||
(In thousands) | ||||||||||||||||
Consolidated Balance Sheet Data: | ||||||||||||||||
Cash, cash equivalents and marketable securities | $ | 1,809,478 | $ | 1,117,850 | $ | 950,174 | $ | 670,045 | $ | 604,043 | ||||||
Total assets | $ | 3,747,671 | $ | 2,675,263 | $ | 1,954,687 | $ | 1,663,551 | $ | 1,452,040 | ||||||
Capital lease obligations, less current portion | $ | - | $ | - | $ | - | $ | - | $ | 856 | ||||||
Total stockholders’ equity | $ | 2,617,912 | $ | 2,006,919 | $ | 1,495,992 | $ | 1,221,091 | $ | 1,089,493 | ||||||
Cash dividends declared per common share | $ | - | $ | - | $ | - | $ | - | $ | - |
January 25, | January 27, | January 28, | January 29, | January 30, | ||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||
(In thousands) | ||||||||||||||||
Consolidated Balance Sheet Data: | ||||||||||||||||
Cash, cash equivalents and marketable securities | $ | 1,255,390 | $ | 1,809,478 | $ | 1,117,850 | $ | 950,174 | $ | 670,045 | ||||||
Total assets | $ | 3,350,727 | $ | 3,747,671 | $ | 2,675,263 | $ | 1,954,687 | $ | 1,663,551 | ||||||
Capital lease obligations, less current portion | $ | 25,634 | $ | - | $ | - | $ | - | $ | - | ||||||
Total stockholders’ equity | $ | 2,394,652 | $ | 2,617,912 | $ | 2,006,919 | $ | 1,495,992 | $ | 1,221,091 | ||||||
Cash dividends declared per common share | $ | - | $ | - | $ | - | $ | - | $ | - |
Weighted average expected life of stock options (in years) | ||||
Risk free interest rate | % | |||
Volatility | % | |||
Dividend yield | - |
Weighted average expected life of stock options (in years) | 0.5 - 2.0 | |||
Risk free interest rate | % | |||
Volatility | % | |||
Dividend yield | - |
Year Ended | ||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||
Revenue | 100.0 | % | 100.0 | % | 100.0 | % | ||
Cost of revenue | 54.4 | 57.6 | 61.7 | |||||
Gross profit | 45.6 | 42.4 | 38.3 | |||||
Operating expenses: | ||||||||
Research and development | 16.9 | 18.0 | 15.0 | |||||
Sales, general and administrative | 8.3 | 9.6 | 8.5 | |||||
Settlement costs | - | - | 0.6 | |||||
Total operating expenses | 25.2 | 27.6 | 24.1 | |||||
Income from operations | 20.4 | 14.8 | 14.2 | |||||
Interest and other income, net | 1.6 | 1.3 | 0.8 | |||||
Income before income tax expense | 22.0 | 16.1 | 15.0 | |||||
Income tax expense | 2.5 | 1.5 | 2.3 | |||||
Net income | 19.5 | % | 14.6 | % | 12.7 | % |
Year Ended | ||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||
Revenue | 100.0 | % | 100.0 | % | 100.0 | % | ||
Cost of revenue | 65.7 | 54.4 | 57.6 | |||||
Gross profit | 34.3 | 45.6 | 42.4 | |||||
Operating expenses: | ||||||||
Research and development | 25.0 | 16.9 | 18.0 | |||||
Sales, general and administrative | 10.6 | 8.3 | 9.6 | |||||
Restructuring charges and other | 0.8 | - | - | |||||
Total operating expenses | 36.4 | 25.2 | 27.6 | |||||
Income (loss) from operations | (2.1 | ) | 20.4 | 14.8 | ||||
Interest and other income, net | 0.8 | 1.6 | 1.3 | |||||
Income (loss) before income taxes | (1.3 | ) | 22.0 | 16.1 | ||||
Income tax expense (benefit) | (0.4 | ) | 2.5 | 1.5 | ||||
Net income (loss) | (0.9 | )% | 19.5 | % | 14.6 | % |
Year Ended | ||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||
Revenue: | ||||||||||
Customer A | 11 | % | 7 | % | 4 | % | ||||
Customer B | 8 | % | 10 | % | 12 | % |
Year Ended | Year Ended | |||||||||||||||||||||||||||||||
January 25, 2009 | January 27, 2008 | $ Change | % Change | January 27, 2008 | January 28, 2007 | $ Change | % Change | |||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Research and development expenses | $ | 855.9 | $ | 691.6 | $ | 164.3 | 24 | % | $ | 691.6 | $ | 553.5 | $ | 138.1 | 25 | % | ||||||||||||||||
Sales, general and administrative expenses | 362.2 | 341.3 | 20.9 | 6 | % | 341.3 | 293.5 | 47.8 | 16 | % | ||||||||||||||||||||||
Restructuring charges and other | 26.9 | - | 26.9 | 100 | % | - | - | - | - | |||||||||||||||||||||||
Total operating expenses | $ | 1,245.0 | $ | 1,032.9 | $ | 212.1 | 21 | % | $ | 1,032.9 | $ | 847.0 | $ | 185.9 | 22 | % | ||||||||||||||||
Research and development as a percentage of net revenue | 25 | % | 17 | % | 17 | % | 18 | % | ||||||||||||||||||||||||
Sales, general and administrative as a percentage of net revenue | 11 | % | 8 | % | 8 | % | 10 | % |
Year Ended | Year Ended | ||||||||||||||||||||||||||||
Jan. 27, 2008 | Jan. 28, 2007 | $ Change | % Change | Jan. 28, 2007 | Jan. 29, 2006 | $ Change | % Change | ||||||||||||||||||||||
(In millions) | (In millions) | ||||||||||||||||||||||||||||
Research and development expenses | $ | 691.6 | $ | 553.5 | $ | 138.1 | 25 | % | $ | 553.5 | $ | 357.1 | $ | 196.4 | 55 | % | |||||||||||||
Sales, general and administrative expenses | 341.3 | 293.5 | 47.8 | 16 | % | 293.5 | 202.1 | 91.4 | 45 | % | |||||||||||||||||||
Settlement costs | - | - | - | - | - | 14.2 | (14.2 | ) | (100 | )% | |||||||||||||||||||
Total operating expenses | $ | 1,032.9 | $ | 847.0 | $ | 185.9 | 22 | % | $ | 847.0 | $ | 573.4 | $ | 273.6 | 48 | % | |||||||||||||
Research and development as a percentage of net revenue | 17 | % | 18 | % | 18 | % | 15 | % | |||||||||||||||||||||
Sales, general and administrative as a percentage of net revenue | 8 | % | 10 | % | 10 | % | 9 | % |
As of January 27, 2008 | As of January 28, 2007 | |||||||
(In millions) | ||||||||
Cash and cash equivalents | $ | 727.0 | $ | 544.4 | ||||
Marketable securities | 1,082.5 | 573.4 | ||||||
Cash, cash equivalents, and marketable securities | $ | 1,809.5 | $ | 1,117.8 |
January 25, 2009 | January 27, 2008 | |||||||
(In millions) | ||||||||
Cash and cash equivalents | $ | 417.7 | $ | 727.0 | ||||
Marketable securities | 837.7 | 1,082.5 | ||||||
Cash, cash equivalents, and marketable securities | $ | 1,255.4 | $ | 1,809.5 |
Year Ended | ||||||||||||
January 27, | January 28, | January 29, | ||||||||||
2008 | 2007 | 2006 | ||||||||||
(In millions) | ||||||||||||
Net cash provided by operating activities | $ | 1,270.2 | $ | 572.7 | $ | 446.4 | ||||||
Net cash used in investing activities | (761.3 | ) | (526.4 | ) | (41.8 | ) | ||||||
Net cash used in financing activities | (326.3 | ) | (53.6 | ) | (61.4 | ) |
Year Ended | ||||||||||||
January 25, | January 27, | January 28, | ||||||||||
2009 | 2008 | 2007 | ||||||||||
(In millions) | ||||||||||||
Net cash provided by operating activities | $ | 249.4 | $ | 1,270.2 | $ | 572.7 | ||||||
Net cash used in investing activities | (209.4 | ) | (761.3 | ) | (526.4 | ) | ||||||
Net cash used in financing activities | (349.3 | ) | (326.3 | ) | (53.6 | ) |
· | decreased demand and market acceptance for our products and/or our customers’ products; |
· | inability to successfully develop and produce in volume production our next-generation products; |
· | competitive pressures resulting in lower than expected average selling prices; and |
· | new product announcements or product introductions by our competitors. |
Contractual Obligations | Total | Within 1 Year | 2-3 Years | 4-5 Years | After 5 Years | All Other | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Operating leases | $ | 153,625 | $ | 44,448 | $ | 83,959 | $ | 21,150 | $ | 4,068 | $ | - | ||||||||||||
Capital lease | 47,976 | 4,185 | 8,751 | 9,283 | 25,757 | - | ||||||||||||||||||
Purchase obligations (1) | 290,662 | 290,662 | - | - | - | - | ||||||||||||||||||
FIN 48 liability and interest (2) | 107,116 | - | - | - | - | 107,116 | ||||||||||||||||||
Capital purchase obligations | 20,328 | 20,328 | - | - | - | - | ||||||||||||||||||
Total contractual obligations | $ | 619,707 | $ | 359,623 | $ | 92,710 | $ | 30,433 | $ | 29,825 | $ | 107,116 |
Contractual Obligations | Total | Within 1 Year | 2-3 Years | 4-5 Years | After 5 Years | All Other | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Operating leases | $ | 188,623 | $ | 42,912 | $ | 84,524 | $ | 54,763 | $ | 6,424 | $ | - | ||||||||||||
Purchase obligations (1) | 651,642 | 651,642 | -- | -- | -- | - | ||||||||||||||||||
FIN 48 liability and interest (2) | 88,993 | - | - | - | - | 88,993 | ||||||||||||||||||
Capital purchase obligations | 11,840 | 11,840 | - | - | - | - | ||||||||||||||||||
Total contractual obligations | $ | 941,098 | $ | 706,394 | $ | 84,524 | $ | 54,763 | $ | 6,424 | $ | 88,993 |
Page | |||
(a) | 1. | Consolidated Financial Statements | |
(a) | 2. | Financial Statement Schedule | |
(a) | 3. | Exhibits | |
Year Ended | ||||||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||||
Revenue | $ | 4,097,860 | $ | 3,068,771 | $ | 2,375,687 | ||||||
Cost of revenue | 2,228,580 | 1,768,322 | 1,465,654 | |||||||||
Gross profit | 1,869,280 | 1,300,449 | 910,033 | |||||||||
Operating expenses: | ||||||||||||
Research and development | 691,637 | 553,467 | 357,123 | |||||||||
Sales, general and administrative | 341,297 | 293,530 | 202,088 | |||||||||
Settlement costs | - | - | 14,158 | |||||||||
Total operating expenses | 1,032,934 | 846,997 | 573,369 | |||||||||
Income from operations | 836,346 | 453,452 | 336,664 | |||||||||
Interest income | 64,289 | 41,820 | 20,698 | |||||||||
Interest expense | (54 | ) | (21 | ) | (72 | ) | ||||||
Other income (expense), net | 760 | (771 | ) | (502 | ) | |||||||
Income before income tax expense | 901,341 | 494,480 | 356,788 | |||||||||
Income tax expense | 103,696 | 46,350 | 55,612 | |||||||||
Income before change in accounting principle | 797,645 | 448,130 | 301,176 | |||||||||
Cumulative effect of change in accounting principle, net of tax | - | 704 | - | |||||||||
Net income | $ | 797,645 | $ | 448,834 | $ | 301,176 | ||||||
Basic income per share: | ||||||||||||
Income before change in accounting principle | $ | 1.45 | $ | 0.85 | $ | 0.59 | ||||||
Cumulative effect of change in accounting principle | - | - | - | |||||||||
Basic net income per share | $ | 1.45 | $ | 0.85 | $ | 0.59 | ||||||
Shares used in basic per share computation (1) | 550,108 | 528,606 | 509,070 | |||||||||
Diluted income per share: | ||||||||||||
Income before change in accounting principle | $ | 1.31 | $ | 0.76 | $ | 0.55 | ||||||
Cumulative effect of change in accounting principle | - | - | - | |||||||||
Diluted net income per share | $ | 1.31 | $ | 0.76 | $ | 0.55 | ||||||
Shares used in diluted per share computation (1) | 606,732 | 587,256 | 548,556 | |||||||||
Year Ended | ||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||
Revenue | $ | 3,424,859 | $ | 4,097,860 | $ | 3,068,771 | ||||||
Cost of revenue | 2,250,590 | 2,228,580 | 1,768,322 | |||||||||
Gross profit | 1,174,269 | 1,869,280 | 1,300,449 | |||||||||
Operating expenses: | ||||||||||||
Research and development | 855,879 | 691,637 | 553,467 | |||||||||
Sales, general and administrative | 362,222 | 341,297 | 293,530 | |||||||||
Restructuring charges and other | 26,868 | - | - | |||||||||
Total operating expenses | 1,244,969 | 1,032,934 | 846,997 | |||||||||
Income (loss) from operations | (70,700 | ) | 836,346 | 453,452 | ||||||||
Interest income | 42,859 | 64,289 | 41,820 | |||||||||
Interest expense | (406 | ) | (54 | ) | (21 | ) | ||||||
Other income (expense), net | (14,707 | ) | 760 | (771 | ) | |||||||
Income (loss) before income tax | (42,954 | ) | 901,341 | 494,480 | ||||||||
Income tax expense (benefit) | (12,913 | ) | 103,696 | 46,350 | ||||||||
Income (loss) before change in accounting principle | (30,041 | ) | 797,645 | 448,130 | ||||||||
Cumulative effect of change in accounting principle, net of tax | - | - | 704 | |||||||||
Net income (loss) | $ | (30,041 | ) | $ | 797,645 | $ | 448,834 | |||||
Basic income (loss) per share: | ||||||||||||
Income (loss) before change in accounting principle | $ | (0.05 | ) | $ | 1.45 | $ | 0.85 | |||||
Cumulative effect of change in accounting principle | - | - | - | |||||||||
Basic net income (loss) per share | $ | (0.05 | ) | $ | 1.45 | $ | 0.85 | |||||
Shares used in basic per share computation (1) | 548,126 | 550,108 | 528,606 | |||||||||
Diluted income (loss) per share: | ||||||||||||
Income (loss) before change in accounting principle | $ | (0.05 | ) | $ | 1.31 | $ | 0.76 | |||||
Cumulative effect of change in accounting principle | - | - | - | |||||||||
Diluted net income (loss) per share | $ | (0.05 | ) | $ | 1.31 | $ | 0.76 | |||||
Shares used in diluted per share computation (1) | 548,126 | 606,732 | 587,256 | |||||||||
January 27, 2008 | January 28, 2007 | |||||||
ASSETS | ||||||||
Current assets : | ||||||||
Cash and cash equivalents | $ | 726,969 | $ | 544,414 | ||||
Marketable securities | 1,082,509 | 573,436 | ||||||
Accounts receivable, less allowances of $19,693 and $15,749 in 2008 and 2007, respectively | 666,494 | 518,680 | ||||||
Inventories | 358,521 | 354,680 | ||||||
Prepaid expenses and other | 43,068 | 31,141 | ||||||
Deferred income taxes | 11,268 | 9,419 | ||||||
Total current assets | 2,888,829 | 2,031,770 | ||||||
Property and equipment, net | 359,808 | 260,828 | ||||||
Goodwill | 354,057 | 301,425 | ||||||
Intangible assets, net | 106,926 | 45,511 | ||||||
Deposits and other assets | 38,051 | 28,349 | ||||||
Deferred income taxes | - | 7,380 | ||||||
Total assets | $ | 3,747,671 | $ | 2,675,263 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 492,099 | $ | 272,075 | ||||
Accrued liabilities | 475,062 | 366,732 | ||||||
Total current liabilities | 967,161 | 638,807 | ||||||
Other long-term liabilities | 162,598 | 29,537 | ||||||
Commitments and contingencies - see Note 12 | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $.001 par value; 2,000,000 shares authorized; none issued | — | — | ||||||
Common stock, $.001 par value; 1,000,000,000 shares authorized; 618,701,483 shares issued and 557,102,588 outstanding in 2008; and 582,463,469 shares issued and 541,497,756 outstanding in 2007, respectively (1) | 619 | 583 | ||||||
Additional paid-in capital | 1,654,681 | 1,295,455 | ||||||
Treasury stock, at cost (61,598,895 shares in 2008 and 40,965,713 shares in 2007) | (1,039,632 | ) | (487,120 | ) | ||||
Accumulated other comprehensive income | 8,034 | 1,436 | ||||||
Retained earnings | 1,994,210 | 1,196,565 | ||||||
Total stockholders' equity | 2,617,912 | 2,006,919 | ||||||
Total liabilities and stockholders' equity | $ | 3,747,671 | $ | 2,675,263 | ||||
Common Stock Outstanding Shares (1) Amount (1) | Additional Paid-in Capital (1) | Deferred Compensation | Treasury Stock | Accumulated Other Comprehensive Income(Loss) | Retained Earnings | Total Stockholders' Equity | Total Comprehensive Income | |||||||||||||||||||||||||||||
Balances, January 30, 2005 | 501,268,635 | $ | 508 | $ | 815,712 | $ | (13,577 | ) | $ | (24,644 | ) | $ | (3,463 | ) | $ | 446,555 | $ | 1,221,091 | $ | 84,302 | ||||||||||||||||
Issuance of common stock from stock plans | 32,495,238 | 32 | 127,465 | - | - | - | - | 127,497 | ||||||||||||||||||||||||||||
Stock repurchase | (19,206,510 | ) | - | - | - | (188,509 | ) | - | - | (188,509 | ) | |||||||||||||||||||||||||
Tax benefit from stock-based compensation | - | - | 24,868 | - | - | - | - | 24,868 | ||||||||||||||||||||||||||||
Cancellation of shares | (124,995 | ) | - | (520 | ) | - | 1,011 | - | 491 | |||||||||||||||||||||||||||
Reversal of deferred compensation | - | - | (2,101 | ) | 2,101 | - | - | - | ||||||||||||||||||||||||||||
Amortization of deferred compensation | - | - | - | 7,872 | - | - | - | 7,872 | ||||||||||||||||||||||||||||
Unrealized loss, net of $845 tax effect | - | - | - | - | - | (120 | ) | - | (120 | ) | (120 | ) | ||||||||||||||||||||||||
Reclassification adjustment for net realized losses included in net income, net of ($407) tax effect | - | - | - | - | - | 1,626 | - | 1,626 | 1,626 | |||||||||||||||||||||||||||
Net Income | - | - | - | - | - | - | 301,176 | 301,176 | 301,176 | |||||||||||||||||||||||||||
Balances, January 29, 2006 | 514,432,368 | 540 | 965,424 | (3,604 | ) | (212,142 | ) | (1,957 | ) | 747,731 | 1,495,992 | 302,682 | ||||||||||||||||||||||||
Issuance of common stock from stock plans | 42,571,532 | 43 | 221,117 | - | - | - | - | 221,160 | ||||||||||||||||||||||||||||
Stock repurchase | (15,506,144 | ) | - | - | - | (274,978 | ) | - | - | (274,978 | ) | |||||||||||||||||||||||||
Tax deficit from stock-based compensation | - | - | (8,482 | ) | - | - | - | - | (8,482 | ) | ||||||||||||||||||||||||||
Reversal of deferred compensation upon adoption of SFAS No. 123(R) | - | - | (3,604 | ) | 3,604 | - | - | - | - | |||||||||||||||||||||||||||
Stock-based compensation expense related to acquisitions | - | - | 2,914 | - | - | - | - | 2,914 | ||||||||||||||||||||||||||||
Stock-based compensation related to employees | - | - | 118,790 | - | - | - | - | 118,790 | ||||||||||||||||||||||||||||
Unrealized gain, net of $1,223 tax effect | - | - | - | - | - | 3,509 | - | 3,509 | 3,509 | |||||||||||||||||||||||||||
Reclassification adjustment for net realized gains included in net income, net of $78 tax effect | - | - | - | - | - | (116 | ) | - | (116 | ) | (116 | ) | ||||||||||||||||||||||||
Impact of change in accounting principle, net of ($379) tax effect | - | - | (704 | ) | - | - | - | - | (704 | ) | ||||||||||||||||||||||||||
Net Income | - | - | - | - | - | - | 448,834 | 448,834 | 448,834 | |||||||||||||||||||||||||||
Balances, January 28, 2007 | 541,497,756 | 583 | 1,295,455 | - | (487,120 | ) | 1,436 | 1,196,565 | 2,006,919 | 452,227 | ||||||||||||||||||||||||||
Issuance of common stock from stock plans | 36,238,014 | 36 | 225,933 | - | - | - | - | 225,969 | ||||||||||||||||||||||||||||
Stock repurchase | (20,633,182 | ) | - | - | - | (552,512 | ) | - | - | (552,512 | ) | |||||||||||||||||||||||||
Tax benefit from stock-based compensation | - | - | 220 | - | - | - | - | 220 | ||||||||||||||||||||||||||||
Stock-based compensation related to employees | - | - | 133,073 | - | - | - | - | 133,073 | ||||||||||||||||||||||||||||
Unrealized gain, net of $2,860 tax effect | - | - | - | - | - | 6,703 | - | 6,703 | 6,703 | |||||||||||||||||||||||||||
Reclassification adjustment for net realized gains included in net income, net of $4 tax effect | - | - | - | - | - | (105 | ) | - | (105 | ) | (105 | ) | ||||||||||||||||||||||||
Net Income | - | - | - | - | - | - | 797,645 | 797,645 | 797,645 | |||||||||||||||||||||||||||
Balances, January 27, 2008 | 557,102,588 | $ | 619 | $ | 1,654,681 | $ | - | $ | (1,039,632 | ) | $ | 8,034 | $ | 1,994,210 | $ | 2,617,912 | $ | 804,243 |
Year ended | ||||||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 797,645 | $ | 448,834 | $ | 301,176 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Stock-based compensation expense related to employees | 133,365 | 116,735 | 7,872 | |||||||||
Depreciation and amortization | 133,192 | 107,562 | 97,977 | |||||||||
Deferred income taxes | 89,516 | 41,766 | (2,691 | ) | ||||||||
Payments under patent licensing arrangement | (57,255 | ) | (14,430 | ) | - | |||||||
In-process research and development expenses | 4,000 | 14,002 | - | |||||||||
Tax benefit (deficit) from stock-based compensation | 220 | (8,482 | ) | 24,868 | ||||||||
Cumulative effect of change in accounting principle | - | (704 | ) | - | ||||||||
Other | (436 | ) | 268 | 417 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||||||
Accounts receivable | (146,055 | ) | (175,261 | ) | (21,415 | ) | ||||||
Inventories | (3,690 | ) | (91,395 | ) | 60,916 | |||||||
Prepaid expenses and other current assets | (6,293 | ) | (5,294 | ) | (4,568 | ) | ||||||
Deposits and other assets | (13,914 | ) | 7,314 | (8,073 | ) | |||||||
Accounts payable | 216,875 | 38,613 | (58,828 | ) | ||||||||
Accrued liabilities and other long-term liabilities | 123,026 | 93,153 | 48,757 | |||||||||
Net cash provided by operating activities | 1,270,196 | 572,681 | 446,408 | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchases of marketable securities | (1,250,248 | ) | (220,834 | ) | (338,058 | ) | ||||||
Proceeds from sales and maturities of marketable securities | 753,839 | 227,067 | 397,686 | |||||||||
Purchases of property and equipment and intangible assets | (187,745 | ) | (130,826 | ) | (79,600 | ) | ||||||
Acquisition of businesses, net of cash and cash equivalents | (75,542 | ) | (401,800 | ) | (12,131 | ) | ||||||
Investments in non - affiliates | (1,622 | ) | - | (9,684 | ) | |||||||
Net cash used in investing activities | (761,318 | ) | (526,393 | ) | (41,787 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Payments for stock repurchases | (552,512 | ) | (274,978 | ) | (188,509 | ) | ||||||
Proceeds from issuance of common stock under employee stock plans | 225,969 | 221,160 | 127,497 | |||||||||
Other | 220 | 188 | (365 | ) | ||||||||
Net cash used in financing activities | (326,323 | ) | (53,630 | ) | (61,377 | ) | ||||||
Change in cash and cash equivalents | 182,555 | (7,342 | ) | 343,244 | ||||||||
Cash and cash equivalents at beginning of period | 544,414 | 551,756 | 208,512 | |||||||||
Cash and cash equivalents at end of period | $ | 726,969 | $ | 544,414 | $ | 551,756 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for income taxes, net | $ | 2,328 | $ | 26,628 | $ | 3,368 |
Year Ended | ||||||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||||
Other non-cash activities: | ||||||||||||
Unrealized gains from marketable securities | $ | 9,462 | $ | 4,492 | $ | 1,068 | ||||||
Acquisition of business - goodwill adjustment | $ | 2,633 | $ | 17,862 | $ | 25,765 | ||||||
Assets acquired by assuming related liabilities | $ | 18,072 | $ | 37,251 | $ | - | ||||||
Acquisition of business - stock option conversion | $ | - | $ | 2,914 | $ | - | ||||||
Deferred stock-based compensation | $ | - | $ | 3,604 | $ | (2,101 | ) |
January 25, 2009 | January 27, 2008 | |||||||
ASSETS | ||||||||
Current assets : | ||||||||
Cash and cash equivalents | $ | 417,688 | $ | 726,969 | ||||
Marketable securities | 837,702 | 1,082,509 | ||||||
Accounts receivable, less allowances of $18,399 and $19,693 in 2009 and 2008, respectively | 318,435 | 666,494 | ||||||
Inventories | 537,834 | 358,521 | ||||||
Prepaid expenses and other | 39,794 | 43,068 | ||||||
Deferred income taxes | 16,505 | 11,268 | ||||||
Total current assets | 2,167,958 | 2,888,829 | ||||||
Property and equipment, net | 625,798 | 359,808 | ||||||
Goodwill | 369,844 | 354,057 | ||||||
Intangible assets, net | 147,101 | 106,926 | ||||||
Deposits and other assets | 40,026 | 38,051 | ||||||
Total assets | $ | 3,350,727 | $ | 3,747,671 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 218,864 | $ | 492,099 | ||||
Accrued liabilities and other | 559,727 | 475,062 | ||||||
Total current liabilities | 778,591 | 967,161 | ||||||
Other long-term liabilities | 151,850 | 162,598 | ||||||
Capital lease obligations, long term | 25,634 | — | ||||||
Commitments and contingencies - see Note 12 | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $.001 par value; 2,000,000 shares authorized; none issued | — | — | ||||||
Common stock, $.001 par value; 2,000,000,000 shares authorized; 629,386,584 shares issued and 538,460,766 outstanding in 2009; and 618,701,483 shares issued and 557,102,588 outstanding in 2008, respectively | 629 | 619 | ||||||
Additional paid-in capital | 1,889,257 | 1,654,681 | ||||||
Treasury stock, at cost (90,925,818 shares in 2009 and 61,598,895 shares in 2008) | (1,463,268 | ) | (1,039,632 | ) | ||||
Accumulated other comprehensive income | 3,865 | 8,034 | ||||||
Retained earnings | 1,964,169 | 1,994,210 | ||||||
Total stockholders' equity | 2,394,652 | 2,617,912 | ||||||
Total liabilities and stockholders' equity | $ | 3,350,727 | $ | 3,747,671 | ||||
Common Stock | ||||||||||||||||||||||||||||||||||||
Outstanding Shares (1) | Amount (1) | Additional Paid-in Capital (1) | Deferred Compensation | Treasury Stock | Accumulated Other Comprehensive Income(Loss) | Retained Earnings | Total Stockholders' Equity | Total Comprehensive Income | ||||||||||||||||||||||||||||
Balances, January 29, 2006 | 514,432,368 | $ | 540 | $ | 965,424 | $ | (3,604 | ) | $ | (212,142 | ) | $ | (1,957 | ) | $ | 747,731 | $ | 1,495,992 | $ | 302,682 | ||||||||||||||||
Issuance of common stock from stock plans | 42,571,532 | 43 | 221,117 | - | - | - | - | 221,160 | ||||||||||||||||||||||||||||
Stock repurchase | (15,506,144 | ) | - | - | - | (274,978 | ) | - | - | (274,978 | ) | |||||||||||||||||||||||||
Tax deficit from stock-based compensation | - | - | (8,482 | ) | - | - | - | - | (8,482 | ) | ||||||||||||||||||||||||||
Reversal of deferred compensation upon adoption of SFAS No. 123(R) | - | - | (3,604 | ) | 3,604 | - | - | - | - | |||||||||||||||||||||||||||
Stock-based compensation expense related to acquisitions | - | - | 2,914 | - | - | - | - | 2,914 | ||||||||||||||||||||||||||||
Stock-based compensation related to employees | - | - | 118,790 | - | - | - | - | 118,790 | ||||||||||||||||||||||||||||
Unrealized gain, net of $1,223 tax effect | - | - | - | - | - | 3,509 | - | 3,509 | 3,509 | |||||||||||||||||||||||||||
Reclassification adjustment for net realized gains included in net income, net of $78 tax effect | - | - | - | - | - | (116 | ) | - | (116 | ) | (116 | ) | ||||||||||||||||||||||||
Impact of change in accounting principle, net of ($379) tax effect | - | - | (704 | ) | - | - | - | - | (704 | ) | ||||||||||||||||||||||||||
Net Income | - | - | - | - | - | - | 448,834 | 448,834 | 448,834 | |||||||||||||||||||||||||||
Balances, January 28, 2007 | 541,497,756 | 583 | 1,295,455 | - | (487,120 | ) | 1,436 | 1,196,565 | 2,006,919 | 452,227 | ||||||||||||||||||||||||||
Issuance of common stock from stock plans | 36,238,014 | 36 | 225,933 | - | - | - | - | 225,969 | ||||||||||||||||||||||||||||
Stock repurchase | (20,633,182 | ) | - | - | - | (552,512 | ) | - | - | (552,512 | ) | |||||||||||||||||||||||||
Tax benefit from stock-based compensation | - | - | 220 | - | - | - | - | 220 | ||||||||||||||||||||||||||||
Stock-based compensation related to employees | - | - | 133,073 | - | - | - | - | 133,073 | ||||||||||||||||||||||||||||
Unrealized gain, net of $2,860 tax effect | - | - | - | - | - | 6,703 | - | 6,703 | 6,703 | |||||||||||||||||||||||||||
Reclassification adjustment for net realized gains included in net income, net of $4 tax effect | - | - | - | - | - | (105 | ) | - | (105 ) | (105 | ) | |||||||||||||||||||||||||
Net Income | - | - | - | - | - | 797,645 | 797,645 | 797,645 | ||||||||||||||||||||||||||||
Balances, January 27, 2008 | 557,102,588 | 619 | 1,654,681 | - | (1,039,632 | ) | 8,034 | 1,994,210 | 2,617,912 | 804,243 | ||||||||||||||||||||||||||
Issuance of common stock from stock plans | 10,685,101 | 10 | 73,537 | - | - | - | - | 73,547 | ||||||||||||||||||||||||||||
Stock repurchase | (29,326,923 | ) | - | - | - | (423,636 | ) | - | - | (423,636 | ) | |||||||||||||||||||||||||
Tax deficit from stock-based compensation | - | - | (2,946 | ) | - | - | - | - | (2,946 | ) | ||||||||||||||||||||||||||
Stock-based compensation related to employees | - | - | 163,985 | - | - | - | - | 163,985 | ||||||||||||||||||||||||||||
Unrealized loss, net of $2,054 tax effect | - | - | - | - | - | (3,920 | ) | - | (3,920 | ) | (3,920 | ) | ||||||||||||||||||||||||
Reclassification adjustment for net realized gains included in net income, net of $135 tax effect | - | - | - | - | - | (249 | ) | - | (249 | ) | (249 | ) | ||||||||||||||||||||||||
Net Loss | - | - | - | - | - | - | (30,041 | ) | (30,041 ) | (30,041 | ) | |||||||||||||||||||||||||
Balances, January 25, 2009 | 538,460,766 | $ | 629 | $ | 1,889,257 | $ | - | $ | (1,463,268 | ) | $ | 3,865 | $ | 1,964,169 | $ | 2,394,652 | $ | (34,210 | ) |
(1) | Reflects a three-for-two stock split effective on September 10, 2007 and a two-for-one stock split effective on April 6, 2006. |
Year ended | ||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | (30,041 | ) | $ | 797,645 | $ | 448,834 | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||
Stock-based compensation expense related to employees | 162,706 | 133,365 | 116,735 | |||||||||
Depreciation and amortization | 185,023 | 133,192 | 107,562 | |||||||||
Impairment charge on investments | 9,891 | - | - | |||||||||
Deferred income taxes | (23,277 | ) | 89,516 | 41,766 | ||||||||
Payments under patent licensing arrangement | (21,797 | ) | (57,255 | ) | (14,430 | ) | ||||||
In-process research and development expenses | - | 4,000 | 14,002 | |||||||||
Tax benefit (deficit) from stock-based compensation | (2,946 | ) | 220 | (8,482 | ) | |||||||
Cumulative effect of change in accounting principle | - | - | (704 | ) | ||||||||
Other | 3,134 | (436 | ) | 268 | ||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||||||
Accounts receivable | 348,873 | (146,055 | ) | (175,261 | ) | |||||||
Inventories | (177,295 | ) | (3,690 | ) | (91,395 | ) | ||||||
Prepaid expenses and other current assets | 21,528 | (6,293 | ) | (5,294 | ) | |||||||
Deposits and other assets | (2,108 | ) | (13,914 | ) | 7,314 | |||||||
Accounts payable | (283,207 | ) | 216,875 | 38,613 | ||||||||
Accrued liabilities and other long-term liabilities | 58,876 | 123,026 | 93,153 | |||||||||
Net cash provided by operating activities | 249,360 | 1,270,196 | 572,681 | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchases of marketable securities | (999,953 | ) | (1,250,248 | ) | (220,834 | ) | ||||||
Proceeds from sales and maturities of marketable securities | 1,226,646 | 753,839 | 227,067 | |||||||||
Purchases of property and equipment and intangible assets | (407,670 | ) | (187,745 | ) | (130,826 | ) | ||||||
Acquisition of businesses, net of cash and cash equivalents | (27,948 | ) | (75,542 | ) | (401,800 | ) | ||||||
Other | (442 | ) | (1,622 | ) | - | |||||||
Net cash used in investing activities | (209,367 | ) | (761,318 | ) | (526,393 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Payments for stock repurchases | (423,636 | ) | (552,512 | ) | (274,978 | ) | ||||||
Proceeds from issuance of common stock under employee stock plans | 73,547 | 225,969 | 221,160 | |||||||||
Other | 815 | 220 | 188 | |||||||||
Net cash used in financing activities | (349,274 | ) | (326,323 | ) | (53,630 | ) | ||||||
Change in cash and cash equivalents | (309,281 | ) | 182,555 | (7,342 | ) | |||||||
Cash and cash equivalents at beginning of period | 726,969 | 544,414 | 551,756 | |||||||||
Cash and cash equivalents at end of period | $ | 417,688 | $ | 726,969 | $ | 544,414 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid for income taxes, net | $ | 7,620 | $ | 2,328 | $ | 26,628 |
Year Ended | ||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||
Non-cash activities: | ||||||||||||
Change in unrealized gains (losses) from marketable securities | $ | (6,360 | ) | $ | 9,462 | $ | 4,492 | |||||
Assets acquired by assuming related liabilities | $ | 47,236 | $ | 18,072 | $ | 37,251 | ||||||
Acquisition of business - goodwill adjustment | $ | 3,411 | $ | 2,633 | $ | 17,862 | ||||||
Deferred stock-based compensation | $ | - | $ | - | $ | 3,604 | ||||||
Acquisition of business - stock option conversion | $ | - | $ | - | $ | 2,914 |
Year Ended | ||||||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Numerator: | ||||||||||||
Net income | $ | 797,645 | $ | 448,834 | $ | 301,176 | ||||||
Denominator: | ||||||||||||
Denominator for basic net income per share, weighted average shares | 550,108 | 528,606 | 509,070 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options outstanding | 56,624 | 58,650 | 39,486 | |||||||||
Denominator for diluted net income per share, weighted average shares | 606,732 | 587,256 | 548,556 | |||||||||
Net income per share: | ||||||||||||
Basic net income per share | $ | 1.45 | $ | 0.85 | $ | 0.59 | ||||||
Diluted net income per share | $ | 1.31 | $ | 0.76 | $ | 0.55 |
Year Ended | ||||||||||||
January 27, | January 28, | January 29, | ||||||||||
2008 | 2007 | 2006 | ||||||||||
(In thousands) | ||||||||||||
Cost of revenue | $ | 10,886 | $ | 8,200 | $ | 829 | ||||||
Research and development | 76,617 | 70,077 | 5,943 | |||||||||
Sales, general and administrative | 45,862 | 38,458 | (2,243 | ) | ||||||||
Total | $ | 133,365 | $ | 116,735 | $ | 4,529 |
Year Ended | ||||||||||||
January 25, | January 27, | January 28, | ||||||||||
2009 | 2008 | 2007 | ||||||||||
(In thousands) | ||||||||||||
Cost of revenue | $ | 11,939 | $ | 10,886 | $ | 8,200 | ||||||
Research and development | 98,007 | 76,617 | 70,077 | |||||||||
Sales, general and administrative | 52,760 | 45,862 | 38,458 | |||||||||
Total | $ | 162,706 | $ | 133,365 | $ | 116,735 |
Year Ended | ||||
January 29, 2006 | ||||
(In thousands, except per share data) | ||||
Net income, as reported | $ | 301,176 | ||
Add: Stock-based employee compensation expense included in reported net income, net of related tax effects | 6,644 | |||
Deduct: Stock-based employee compensation expense determined under fair value-based method for all awards, net of related tax effects | (90,405 | ) | ||
Pro forma net income | $ | 217,415 | ||
Basic net income per share - as reported | $ | 0.59 | ||
Basic net income per share - pro forma | $ | 0.43 | ||
Diluted net income per share - as reported | $ | 0.55 | ||
Diluted net income per share - pro forma | $ | 0.40 |
Year Ended | ||||||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||||||
Stock Options | (Using a binomial model) | |||||||||||||||
Weighted average expected life of stock options (in years) | 3.6 - 5.8 | 3.8 - 5.8 | 3.6 - 5.1 | |||||||||||||
Risk free interest rate | 1.7% - 3.7 | % | 3.3% - 5.0 | % | 4.7% - 5.1 | % | ||||||||||
Volatility | % | |||||||||||||||
37% - 54 | % | 39% - 51 | % | |||||||||||||
Dividend yield | — | — | — |
Year Ended | ||||||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||||||
Employee Stock Purchase Plan | (Using the Black-Scholes model) | |||||||||||||||
Weighted average expected life of stock options (in years) | 0.5 - 2.0 | 0.5 - 2.0 | 0.5 - 2.0 | |||||||||||||
Risk free interest rate | 1.6% - | % | 3.5% - 5.2 | % | 1.6% - | % | ||||||||||
Volatility | 62% - | % | 38% - | % | 30% - | % | ||||||||||
Dividend yield | — | — | — |
Options Available for Grant | Options Outstanding | Weighted Average Exercise Price Per Share | ||||||||||
Balances, January 30, 2005 | 67,535,112 | 138,480,471 | $ | 5.37 | ||||||||
Granted | (24,626,679 | ) | 24,626,679 | $ | 9.25 | |||||||
Exercised | - | (27,111,399 | ) | $ | 3.97 | |||||||
Cancelled | 4,058,031 | (4,058,031 | ) | $ | 6.86 | |||||||
Balances, January 29, 2006 | 46,966,464 | 131,937,720 | $ | 6.33 | ||||||||
Authorized | 1,637,075 | - | - | |||||||||
Granted and assumed | (18,809,418 | ) | 18,809,418 | $ | 19.73 | |||||||
Exercised | - | (36,878,840 | ) | $ | 5.34 | |||||||
Cancelled | 2,876,306 | (2,876,306 | ) | $ | 8.95 | |||||||
Balances, January 28, 2007 | 32,670,427 | 110,991,992 | $ | 8.86 | ||||||||
Authorized | 25,114,550 | - | - | |||||||||
Granted | (17,201,305 | ) | 17,201,305 | $ | 27.32 | |||||||
Exercised | - | (34,151,892 | ) | $ | 5.74 | |||||||
Cancelled | 3,460,332 | (3,460,332 | ) | $ | 18.45 | |||||||
Balances, January 27, 2008 | 44,044,004 | 90,581,073 | $ | 13.18 |
Options Available for Grant | Options Outstanding | Weighted Average Exercise Price Per Share | ||||||||||
Balances, January 29, 2006 | 46,966,464 | 131,937,720 | $ | 6.33 | ||||||||
Authorized | 1,637,075 | - | - | |||||||||
Granted and assumed | (18,809,418 | ) | 18,809,418 | $ | 19.73 | |||||||
Exercised | - | (36,878,840 | ) | $ | 5.34 | |||||||
Cancelled | 2,876,306 | (2,876,306 | ) | $ | 8.95 | |||||||
Balances, January 28, 2007 | 32,670,427 | 110,991,992 | $ | 8.86 | ||||||||
Authorized | 25,114,550 | - | - | |||||||||
Granted | (17,201,305 | ) | 17,201,305 | $ | 27.32 | |||||||
Exercised | - | (34,151,892 | ) | $ | 5.74 | |||||||
Cancelled | 3,460,332 | (3,460,332 | ) | $ | 18.45 | |||||||
Balances, January 27, 2008 | 44,044,004 | 90,581,073 | $ | 13.18 | ||||||||
Authorized | - | - | - | |||||||||
Granted | (17,888,695 | ) | 17,888,695 | $ | 8.03 | |||||||
Exercised | - | (7,670,038 | ) | $ | 3.14 | |||||||
Cancelled | 3,345,450 | (3,345,450 | ) | $ | 7.66 | |||||||
Balances, January 25, 2009 | 29,500,759 | 97,454,280 | $ | 13.83 |
Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value (1) | |||||
Options outstanding | 3.16 years | $ | 59.1 million | |||
Options vested and expected to vest (2) | 3.09 years | $ | 59.1 million | |||
Options exercisable | 2.18 years | $ | 59.0 million |
(2) Options vested and expected to vest include 93.7 million options with a weighted average exercise price of $13.59 per share. |
Options Outstanding | Options Exercisable | |||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Number Exercisable | Weighted Average Exercise Price | |||||||||||
$0.53 - $0.75 | 918,494 | 0.7 | $ | 0.57 | 918,494 | $ | 0.57 | |||||||||
0.83 - 0.84 | 12,663 | 5.4 | $ | 0.83 | 12,601 | $ | 0.83 | |||||||||
1.36 - 1.96 | 2,934,629 | 1.3 | $ | 1.52 | 2,933,636 | $ | 1.52 | |||||||||
2.55 - 3.69 | 5,938,517 | 2.4 | $ | 3.15 | 5,938,517 | $ | 3.15 | |||||||||
3.84 - 5.73 | 9,392,041 | 2.1 | $ | 4.90 | 9,006,956 | $ | 4.89 | |||||||||
5.84 - 8.75 | 23,404,707 | 2.7 | $ | 7.90 | 18,698,848 | $ | 7.81 | |||||||||
8.79 - 13.18 | 14,300,801 | 3.4 | $ | 10.97 | 9,152,336 | $ | 10.96 | |||||||||
13.75 - 20.60 | 21,761,841 | 4.6 | $ | 18.41 | 3,039,812 | $ | 15.65 | |||||||||
21.31 - 31.30 | 3,708,463 | 5.2 | $ | 25.73 | 542,592 | $ | 25.66 | |||||||||
33.40 - 50.05 | 8,163,057 | 5.7 | $ | 34.76 | 252,057 | $ | 39.12 | |||||||||
50.65 - 57.60 | 45,309 | 7.8 | $ | 52.25 | 24,740 | $ | 52.20 | |||||||||
208.28 - 208.28 | 34 | 2.3 | $ | 208.28 | 34 | $ | 208.28 | |||||||||
833.11 and above | 517 | 2.7 | $ | 908.56 | 517 | $ | 908.56 | |||||||||
90,581,073 | 3.5 | $ | 13.18 | 50,521,140 | $ | 7.67 |
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number Outstanding | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Number Exercisable | Weighted Average Exercise Price | ||||||||||||
$ | 0.01 - $5.00 | 11,047,215 | 1.3 | $ | 3.49 | 11,047,215 | $ | 3.49 | |||||||||
5.01 - 7.50 | 7,920,796 | 1.7 | $ | 6.14 | 7,729,362 | $ | 6.11 | ||||||||||
7.51 - 10.00 | 27,082,933 | 2.9 | $ | 8.86 | 18,645,057 | $ | 8.46 | ||||||||||
10.01 - 15.00 | 14,067,091 | 2.8 | $ | 12.15 | 12,997,641 | $ | 12.13 | ||||||||||
15.01 - 20.00 | 24,566,194 | 4.2 | $ | 18.63 | 6,022,747 | $ | 18.75 | ||||||||||
20.01 - 50.00 | 12,744,164 | 4.5 | $ | 30.56 | 3,424,924 | $ | 26.79 | ||||||||||
50.00 and above | 25,887 | 6.7 | $ | 64.05 | 25,887 | $ | 67.12 | ||||||||||
97,454,280 | 3.2 | $ | 13.83 | 59,892,833 | $ | 10.15 |
Accrued Restructuring Charges : | (In thousands) | |||
Balance at January 27, 2008 | $ | - | ||
Charges | 7,956 | |||
Cash payments | (7,440 | ) | ||
Non-cash charges | (330 | ) | ||
Balance at January 25, 2009 | $ | 186 |
Year Ended | ||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Numerator: | ||||||||||||
Net income (loss) | $ | (30,041 | ) | $ | 797,645 | $ | 448,834 | |||||
Denominator: | ||||||||||||
Denominator for basic net income (loss) per share, weighted average shares | 548,126 | 550,108 | 528,606 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options outstanding | - | 56,624 | 58,650 | |||||||||
Denominator for diluted net income (loss) per share, weighted average shares | 548,126 | 606,732 | 587,256 | |||||||||
Net income (loss) per share: | ||||||||||||
Basic net income (loss) per share | $ | (0.05 | ) | $ | 1.45 | $ | 0.85 | |||||
Diluted net income (loss) per share | $ | (0.05 | ) | $ | 1.31 | $ | 0.76 |
Fair Market Value | Straight-Line Amortization Period | |||||||
(In thousands) | (Years) | |||||||
Property and equipment | $ | 2,433 | 1-2 | |||||
Trademarks | 11,310 | 5 | ||||||
Goodwill | 85,418 | -- | ||||||
Total | $ | 99,161 |
ULi | Hybrid Graphics | Portal Player | Mental Images | Mental Images | Ageia | ||||||||||||||||||
Fair Market Values | (In thousands) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 21,551 | $ | 1,180 | $ | 10,174 | $ | 896 | $ | 988 | $ | 1,744 | |||||||||||
Marketable Securities | - | - | 176,492 | ||||||||||||||||||||
Marketable securities | - | 28 | |||||||||||||||||||||
Accounts receivable | 8,148 | 808 | 16,850 | 1,553 | 1,462 | 911 | |||||||||||||||||
Inventories | 4,896 | - | 2,326 | ||||||||||||||||||||
Prepaid and other current assets | 1,024 | 73 | 11,275 | 249 | 214 | 1,149 | |||||||||||||||||
Property and equipment | 1,010 | 134 | 19,996 | 1,376 | 830 | 169 | |||||||||||||||||
In-process research and development | - | 602 | 13,400 | 4,000 | 4,000 | - | |||||||||||||||||
Goodwill | 31,115 | 27,906 | 104,473 | 63,086 | 59,252 | 19,198 | |||||||||||||||||
Intangible assets: | |||||||||||||||||||||||
Existing technology | 2,490 | 5,179 | 6,700 | 14,400 | 14,400 | 13,450 | |||||||||||||||||
Customer relationships | 653 | 2,650 | 2,700 | 6,500 | 6,500 | 170 | |||||||||||||||||
Backlog | - | - | 2,200 | ||||||||||||||||||||
Patents | - | - | 600 | 5,000 | 5,000 | - | |||||||||||||||||
Trademark | - | 482 | - | 1,200 | 1,200 | 900 | |||||||||||||||||
Non-compete agreements | - | 72 | - | ||||||||||||||||||||
Total assets acquired | 70,887 | 39,086 | 367,186 | 98,260 | 93,846 | 37,719 | |||||||||||||||||
Current liabilities | (17,031 | ) | (1,373 | ) | (11,255 | ) | (6,190 | ) | (1,243 | ) | (6,969 | ) | |||||||||||
Acquisition related costs | (781 | ) | (740 | ) | (8,041 | ) | (1,208 | ) | (1,313 | ) | (1,030 | ) | |||||||||||
Long-term liabilities | - | (301 | ) | (46 | ) | (2,542 | ) | (2,970 | ) | - | |||||||||||||
Total liabilities assumed | (17,812 | ) | (2,414 | ) | (19,342 | ) | (9,940 | ) | (5,526 | ) | (7,999 | ) | |||||||||||
Net assets acquired | $ | 53,075 | $ | 36,672 | $ | 347,844 | $ | 88,320 | |||||||||||||||
Purchase price allocation | $ | 88,320 | $ | 29,720 |
Mental Images | Ageia | ||||||||||||||||||
(Straight-line depreciation/amortization | period) | ||||||||||||||||||
Property and equipment | 2 -5 years | 1-2 years | |||||||||||||||||
Intangible assets: | |||||||||||||||||||
Existing technology | 4-5 years | 4 years | |||||||||||||||||
Customer relationships | 4-5 years | 5 years | |||||||||||||||||
Patents | 5 years | - | |||||||||||||||||
Trademark | 5 years | ||||||||||||||||||
5 years | |||||||||||||||||||
January 27, 2008 | January 28, 2007 | January 25, 2009 | January 27, 2008 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
PortalPlayer | $ | 104,896 | $ | 104,473 | ||||||||||||
3dfx | $ | 75,326 | $ | 75,326 | 75,326 | 75,326 | ||||||||||
Mental Images | 59,252 | 63,086 | ||||||||||||||
MediaQ | 35,167 | 35,342 | 35,167 | 35,167 | ||||||||||||
ULi | 31,115 | 31,051 | 31,115 | 31,115 | ||||||||||||
Hybrid Graphics | 27,906 | 27,906 | 27,906 | 27,906 | ||||||||||||
PortalPlayer | 104,473 | 114,816 | ||||||||||||||
Mental Images | 63,086 | - | ||||||||||||||
Ageia | 19,198 | - | ||||||||||||||
Other | 16,984 | 16,984 | 16,984 | 16,984 | ||||||||||||
Total goodwill | $ | 354,057 | $ | 301,425 | $ | 369,844 | $ | 354,057 |
January 27, 2008 | January 28, 2007 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Technology licenses | $ | 94,970 | $ | (32,630 | ) | $ | 62,340 | $ | 37,516 | $ | (20,480 | ) | $ | 17,036 | ||||||||||
Patents | 35,348 | (27,632 | ) | 7,716 | 34,623 | (24,569 | ) | 10,054 | ||||||||||||||||
Acquired intellectual property | 77,900 | (41,030 | ) | 36,870 | 50,212 | (31,894 | ) | 18,318 | ||||||||||||||||
Other | 1,494 | (1,494 | ) | - | 1,494 | (1,391 | ) | 103 | ||||||||||||||||
Total intangible assets | $ | 209,712 | $ | (102,786 | ) | $ | 106,926 | $ | 123,845 | $ | (78,334 | ) | $ | 45,511 |
January 25, 2009 | January 27, 2008 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life | |||||||||||||||||
(In thousands) | (In years) | (In thousands) | (In years) | |||||||||||||||||||||
Technology licenses | $ | 130,654 | $ | (34,610 | ) | $ | 96,044 | 9.4 | $ | 94,970 | $ | (32,630 | ) | $ | 62,340 | 9.1 | ||||||||
Acquired intellectual property | 75,340 | (35,200 | ) | 40,140 | 4.0 | 77,900 | (41,030 | ) | 36,870 | 4.1 | ||||||||||||||
Patents | 18,588 | (7,671 | ) | 10,917 | 5.3 | 35,348 | (27,632 | ) | 7,716 | 4.3 | ||||||||||||||
Other | - | - | - | - | 1,494 | (1,494 | ) | - | - | |||||||||||||||
Total intangible assets | $ | 224,582 | $ | (77,481 | ) | $ | 147,101 | $ | 209,712 | $ | (102,786 | ) | $ | 106,926 |
January 27, 2008 | ||||||||||||||||
Amortized Cost | Unrealized Gain | Unrealized Loss | Estimated Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Asset-backed securities | $ | 110,287 | $ | 1,232 | $ | (11 | ) | $ | 111,508 | |||||||
Commercial paper | 513,887 | 31 | (2 | ) | 513,916 | |||||||||||
Debt securities issued by United States Treasury | 29,327 | 256 | - | 29,583 | ||||||||||||
Corporate debt securities | 361,452 | 2,844 | (281 | ) | 364,015 | |||||||||||
Mortgage backed securities issued by United States government-sponsored enterprises | 69,620 | 769 | (5 | ) | 70,384 | |||||||||||
Debt securities of United States government agencies | 363,434 | 4,365 | (69 | ) | 367,730 | |||||||||||
Equity securities | 2,491 | 1,613 | - | 4,104 | ||||||||||||
Money market funds | 218,055 | - | - | 218,055 | ||||||||||||
Total | $ | 1,668,553 | $ | 11,110 | $ | (368 | ) | $ | 1,679,295 | |||||||
Classified as: | ||||||||||||||||
Cash equivalents | $ | 596,786 | ||||||||||||||
Marketable securities | 1,082,509 | |||||||||||||||
Total | $ | 1,679,295 |
January 28, 2007 | ||||||||||||||||
Amortized Cost | Unrealized Gain | Unrealized Loss | Estimated Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Asset-backed securities | $ | 49,061 | $ | 86 | $ | (136 | ) | $ | 49,011 | |||||||
Commercial paper | 113,576 | - | (2 | ) | 113,574 | |||||||||||
Debt securities issued by United States Treasury | 54,930 | - | (613 | ) | 54,317 | |||||||||||
Corporate debt securities | 277,641 | 26 | (1,099 | ) | 276,568 | |||||||||||
Debt securities of United States government agencies | 109,209 | 6 | (328 | ) | 108,887 | |||||||||||
Equity securities | 2,491 | 3,338 | - | 5,829 | ||||||||||||
Money market funds | 467,198 | - | - | 467,198 | ||||||||||||
Total | $ | 1,074,106 | $ | 3,456 | $ | (2,178 | ) | $ | 1,075,384 | |||||||
Classified as: | ||||||||||||||||
Cash equivalents | $ | 501,948 | ||||||||||||||
Marketable securities | 573,436 | |||||||||||||||
Total | $ | 1,075,384 |
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Asset-backed securities | $ | - | $ | - | $ | 4,336 | $ | (11 | ) | $ | 4,336 | $ | (11 | ) | ||||||||||
Commercial paper | 37,695 | (2 | ) | - | - | 37,695 | (2 | ) | ||||||||||||||||
Corporate debt securities | 9,579 | (18 | ) | 25,656 | (263 | ) | 35,235 | (281 | ) | |||||||||||||||
Mortgage backed securities issued by United States government-sponsored enterprises | - | - | 5,065 | (5 | ) | 5,065 | (5 | ) | ||||||||||||||||
Debt securities of United States government agencies | 14,989 | (69 | ) | 14,989 | (69 | ) | ||||||||||||||||||
Total | $ | 47,274 | $ | (20 | ) | $ | 50,046 | $ | (348 | ) | $ | 97,320 | $ | (368 | ) |
January 25, 2009 | ||||||||||||||||
Amortized Cost | Unrealized Gain | Unrealized Loss | Estimated Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Debt securities of United States government agencies | $ | 313,319 | $ | 4,815 | $ | (13 | ) | $ | 318,121 | |||||||
Corporate debt securities | 252,265 | 680 | (1,771 | ) | 251,174 | |||||||||||
Mortgage backed securities issued by United States government-sponsored enterprises | 162,243 | 361 | (1,405 | ) | 161,199 | |||||||||||
Money market funds | 139,046 | - | - | 139,046 | ||||||||||||
Commercial paper | 56,995 | 2 | - | 56,997 | ||||||||||||
Debt securities issued by United States Treasury | 53,407 | 1,868 | - | 55,275 | ||||||||||||
Asset-backed securities | 39,014 | 71 | (227 | ) | 38,858 | |||||||||||
Total | $ | 1,016,289 | $ | 7,797 | $ | (3,416 | ) | $ | 1,020,670 | |||||||
Classified as: | ||||||||||||||||
Cash equivalents | $ | 182,968 | ||||||||||||||
Marketable securities | 837,702 | |||||||||||||||
Total | $ | 1,020,670 |
January 27, 2008 | ||||||||||||||||
Amortized Cost | Unrealized Gain | Unrealized Loss | Estimated Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Commercial paper | $ | 513,887 | $ | 31 | $ | (2 | ) | $ | 513,916 | |||||||
Debt securities of United States government agencies | 363,434 | 4,365 | (69 | ) | 367,730 | |||||||||||
Corporate debt securities | 361,452 | 2,844 | (281 | ) | 364,015 | |||||||||||
Money market funds | 218,055 | - | - | 218,055 | ||||||||||||
Asset-backed securities | 110,287 | 1,232 | (11 | ) | 111,508 | |||||||||||
Mortgage backed securities issued by United States government-sponsored enterprises | 69,620 | 769 | (5 | ) | 70,384 | |||||||||||
Debt securities issued by United States Treasury | 29,327 | 256 | - | 29,583 | ||||||||||||
Equity securities | 2,491 | 1,613 | - | 4,104 | ||||||||||||
Total | $ | 1,668,553 | $ | 11,110 | $ | (368 | ) | $ | 1,679,295 | |||||||
Classified as: | ||||||||||||||||
Cash equivalents | $ | 596,786 | ||||||||||||||
Marketable securities | 1,082,509 | |||||||||||||||
Total | $ | 1,679,295 |
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Corporate debt securities | 90,253 | (885 | ) | 55,888 | (886 | ) | 146,141 | (1,771 | ) | |||||||||||||||
Mortgage backed securities issued by United States government-sponsored enterprises | 4,851 | (79 | ) | 95,552 | (1,326 | ) | 100,403 | (1,405 | ) | |||||||||||||||
Debt securities of United States government agencies | 24,971 | (3 | ) | 20,003 | (10 | ) | 44,974 | (13 | ) | |||||||||||||||
Asset-backed securities | $ | 18,484 | $ | (151 | ) | $ | 3,669 | $ | (76 | ) | $ | 22,153 | $ | (227 | ) | |||||||||
Total | $ | 138,559 | $ | (1,118 | ) | $ | 175,112 | $ | (2,298 | ) | $ | 313,671 | $ | (3,416 | ) |
January 27, 2008 | January 28, 2007 | |||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Less than one year | $ | 1,141,725 | $ | 1,144,021 | $ | 810,754 | $ | 810,081 | ||||||||
Due in 1 - 5 years | 454,717 | 460,786 | 257,623 | 256,274 | ||||||||||||
Due in 6 - 7 years | - | - | 3,238 | 3,201 | ||||||||||||
Mortgage-backed securities issued by government-sponsored enterprises not due at a single maturity date | 69,620 | 70,384 | - | - | ||||||||||||
Total | $ | 1,666,062 | $ | 1,675,191 | $ | 1,071,615 | $ | 1,069,556 |
January 25, 2009 | January 27, 2008 | |||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Less than one year | $ | 484,869 | $ | 484,616 | $ | 1,141,725 | $ | 1,144,021 | ||||||||
Due in 1 - 5 years | 369,177 | 374,855 | 454,717 | 460,786 | ||||||||||||
Due in 6 - 7 years | - | - | - | - | ||||||||||||
Mortgage-backed securities issued by government-sponsored enterprises not due at a single maturity date | 162,243 | 161,199 | 69,620 | 70,384 | ||||||||||||
Total | $ | 1,016,289 | $ | 1,020,670 | $ | 1,666,062 | $ | 1,675,191 |
January 27, 2008 | January 28, 2007 | |||||||
Inventories: | (In thousands) | |||||||
Raw materials | $ | 31,299 | $ | 56,261 | ||||
Work in-process | 107,835 | 111,058 | ||||||
Finished goods | 219,387 | 187,361 | ||||||
Total inventories | $ | 358,521 | $ | 354,680 |
January 25, 2009 | January 27, 2008 | |||||||
Inventories: | (In thousands) | |||||||
Raw materials | $ | 27,804 | $ | 31,299 | ||||
Work in-process | 132,960 | 107,835 | ||||||
Finished goods | 377,070 | 219,387 | ||||||
Total inventories | $ | 537,834 | $ | 358,521 |
January 25, 2009 | January 27, 2008 | Estimated Useful Life | |||||||||
(In thousands) | (Years) | ||||||||||
Property and Equipment: | |||||||||||
Land | $ | 217,866 | $ | 38,442 | (A) | ||||||
Building | 29,216 | 4,104 | 3-25 | ||||||||
Test equipment | 234,368 | 186,774 | 3 | ||||||||
Software and licenses | 201,560 | 246,725 | 3 - 5 | ||||||||
Leasehold improvements | 136,008 | 103,353 | (B) | ||||||||
Computer equipment | 125,533 | 137,642 | 3 | ||||||||
Office furniture and equipment | 32,224 | 28,220 | 5 | ||||||||
Capital leases | 26,618 | - | (C) | ||||||||
Construction in process | 5,360 | 8,258 | (D) | ||||||||
1,008,753 | 753,518 | ||||||||||
Accumulated depreciation and amortization | (382,955 | ) | (393,710 | ) | |||||||
Total property and equipment, net | $ | 625,798 | $ | 359,808 |
January 27, 2008 | January 28, 2007 | |||||||
Deposits and other assets: | (In thousands) | |||||||
Investments in non-affiliates | $ | 7,481 | $ | 11,684 | ||||
Long-term prepayments | 20,958 | 8,245 | ||||||
Other | 9,612 | 8,420 | ||||||
Total deposits and other assets | $ | 38,051 | $ | 28,349 |
January 27, 2008 | January 28, 2007 | Estimated Useful Life | |||||||||
(In thousands) | (Years) | ||||||||||
Property and Equipment: | |||||||||||
Land | $ | 38,442 | $ | 1,230 | (A) | ||||||
Building | 4,104 | - | 25 | ||||||||
Software and licenses | 246,725 | 195,556 | 3 - 5 | ||||||||
Test equipment | 186,774 | 135,607 | 3 | ||||||||
Computer equipment | 137,642 | 113,538 | 3 | ||||||||
Office furniture and equipment | 28,220 | 24,203 | 5 | ||||||||
Leasehold improvements | 103,353 | 92,784 | (B ) | ||||||||
Construction in process | 8,258 | 6,580 | (C ) | ||||||||
753,518 | 569,498 | ||||||||||
Accumulated depreciation and amortization | (393,710 | ) | (308,670 | ) | |||||||
Total property and equipment, net | $ | 359,808 | $ | 260,828 |
January 25, 2009 | January 27, 2008 | |||||||
Prepaid Expenses and Other | (In thousands) | |||||||
Prepaid maintenance | $ | 11,268 | $ | 10,996 | ||||
Prepaid insurance | 5,400 | 6,140 | ||||||
Prepaid taxes | 3,571 | 3 | ||||||
Prepaid rent | 3,254 | 2,912 | ||||||
Other | 16,301 | 23,017 | ||||||
Total prepaid expenses and other | $ | 39,794 | $ | 43,068 |
January 25, 2009 | January 27, 2008 | |||||||
Deposits and Other Assets | (In thousands) | |||||||
Prepaid maintenance, long term | $ | 20,005 | $ | 20,958 | ||||
Lease deposits | 10,583 | 8,372 | ||||||
Investment in non-affiliates | 6,412 | 7,481 | ||||||
Other | 3,026 | 1,240 | ||||||
Total deposits and other assets | $ | 40,026 | $ | 38,051 |
January 25, 2009 | January 27, 2008 | |||||||
Accrued Liabilities: | (In thousands) | |||||||
Accrued customer programs (1) | $ | 239,797 | $ | 271,869 | ||||
Warranty accrual (2) | 150,629 | 5,707 | ||||||
Accrued payroll and related expenses | 82,449 | 122,284 | ||||||
Accrued legal settlement (3) | 30,600 | 30,600 | ||||||
Deferred rent | 11,643 | 11,982 | ||||||
Deferred revenue | 3,774 | 5,856 | ||||||
Other | 40,835 | 26,764 | ||||||
Total accrued liabilities and other | $ | 559,727 | $ | 475,062 |
January 27, 2008 | January 28, 2007 | |||||||
(In thousands) | ||||||||
Accrued Liabilities: | ||||||||
Accrued customer programs (1) | $ | 271,869 | $ | 181,182 | ||||
Accrued payroll and related expenses | 122,284 | 81,352 | ||||||
Accrued legal settlement (2) | 30,600 | 30,600 | ||||||
Deferred rent | 11,982 | 12,551 | ||||||
Taxes payable | 7,766 | 37,903 | ||||||
Deferred revenue | 5,856 | 1,180 | ||||||
Other | 24,705 | 21,964 | ||||||
Total accrued liabilities | $ | 475,062 | $ | 366,732 |
January 25, 2009 | January 27, 2008 | |||||||
Other Long Term Liabilities: | (In thousands) | |||||||
Deferred income tax liability | $ | 75,252 | $ | 86,900 | ||||
Income tax payable | 49,248 | 44,235 | ||||||
Asset retirement obligations | 9,515 | 6,469 | ||||||
Other | 17,835 | 24,994 | ||||||
Total other long-term liabilities | $ | 151,850 | $ | 162,598 |
January 27, 2008 | January 28, 2007 | |||||||
(In thousands) | ||||||||
Other Long-term Liabilities: | ||||||||
Deferred income tax liability | $ | 86,900 | $ | - | ||||
Income taxes payable, long term | 44,235 | - | ||||||
Asset retirement obligation | 6,470 | 6,362 | ||||||
Other long-term liabilities | 24,993 | 23,175 | ||||||
Total other long-term liabilities | $ | 162,598 | $ | 29,537 |
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||||
(In thousands) | ||||||||||||
Balance at beginning of period | $ | 17,959 | $ | 10,239 | $ | 11,687 | ||||||
Additions (1) | 27,763 | 40,515 | 35,127 | |||||||||
Deductions (2) | (21,290 | ) | (32,795 | ) | (36,575 | ) | ||||||
Balance at end of period (3) | $ | 24,432 | $ | 17,959 | $ | 10,239 |
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||
(In thousands) | ||||||||||||
Balance at beginning of period | $ | 24,432 | $ | 17,959 | $ | 10,239 | ||||||
Additions (1),(4) | 217,114 | 27,763 | 40,515 | |||||||||
Deductions (2),(5) | (73,579 | ) | (21,290 | ) | (32,795 | ) | ||||||
Balance at end of period (3) | $ | 167,967 | $ | 24,432 | $ | 17,959 |
(1) Includes $27.9 million, $25.5 million and $37.0 million, respectively, for fiscal years 2009, 2008 and |
Future Minimum Lease Obligations | ||||
(In thousands) | ||||
Year ending January: | ||||
2010 | $ | 44,448 | ||
2011 | 42,763 | |||
2012 | 41,196 | |||
2013 | 13,244 | |||
2014 | 7,906 | |||
2015 and thereafter | 4,068 | |||
Total | $ | 153,625 |
Future Capital Lease Obligations | ||||
(In thousands) | ||||
Year ending January: | ||||
2010 | $ | 4,185 | ||
2011 | 4,311 | |||
2012 | 4,440 | |||
2013 | 4,573 | |||
2014 | �� | 4,710 | ||
2015 and thereafter | 25,757 | |||
Total | $ | 47,976 | ||
Present Value of minimum lease payments | $ | 26,562 | ||
Current portion | $ | 928 | ||
Long term portion | $ | 25,634 |
Year Ended | ||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||
(In thousands) | ||||||||||||
Current income taxes: | ||||||||||||
Federal | $ | (31 | ) | $ | (988 | ) | $ | (17 | ) | |||
State | 133 | 516 | (2,401 | ) | ||||||||
Foreign | 8,923 | 14,665 | 6,758 | |||||||||
Total current | 9,025 | 14,193 | 4,340 | |||||||||
Deferred taxes: | ||||||||||||
Federal | (21,348 | ) | 90,178 | 41,721 | ||||||||
State | — | — | — | |||||||||
Foreign | (1,929 | ) | (1,014 | ) | — | |||||||
Total deferred | (23,277 | ) | 89,164 | 41,721 | ||||||||
Charge in lieu of taxes attributable to employer stock option plans | 1,339 | 339 | 289 | |||||||||
Income tax expense (benefit) | $ | (12,913 | ) | $ | 103,696 | $ | 46,350 |
Year Ended | ||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||
(In thousands) | ||||||||||||
Domestic | $ | (174,412 | ) | $ | 6,416 | $ | (19,617 | ) | ||||
Foreign | 131,458 | 894,925 | 514,097 | |||||||||
$ | (42,954 | ) | $ | 901,341 | $ | 494,480 |
Year Ended | ||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||
(In thousands) | ||||||||||||
Tax expense computed at federal statutory rate | $ | (15,034 | ) | $ | 315,470 | $ | 173,068 | |||||
State income taxes, net of federal tax effect | 957 | 555 | (1,372 | ) | ||||||||
Foreign tax rate differential | 18,875 | (178,358 | ) | (97,390 | ) | |||||||
Research tax credit | (22,766 | ) | (38,857 | ) | (35,359 | ) | ||||||
In-process research and development | - | - | 4,690 | |||||||||
Stock-based compensation | 5,342 | 4,828 | 3,564 | |||||||||
Other | (287) | ) | 58 | (851 | ) | |||||||
Income tax expense (benefit) | $ | (12,913 | ) | $ | 103,696 | $ | 46,350 |
January 25, 2009 | January 27, 2008 | |||||||
(In thousands) | ||||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 27,593 | $ | 22,814 | ||||
Accruals and reserves, not currently deductible for tax purposes | 26,015 | 20,769 | ||||||
Property, equipment and intangible assets | 23,935 | 7,513 | ||||||
Research and other tax credit carryforwards | 123,620 | 147,417 | ||||||
Stock-based compensation | 55,680 | 36,413 | ||||||
Gross deferred tax assets | 256,843 | 234,926 | ||||||
Less: valuation allowance | (92,541 | ) | (82,522 | ) | ||||
Total deferred tax assets | 164,302 | 152,404 | ||||||
Deferred tax liabilities: | ||||||||
Unremitted earnings of foreign subsidiaries | (223,223 | ) | (228,227 | ) | ||||
Net deferred tax asset (liability) | $ | (58,921 | ) | $ | (75,823 | ) |
January 25, 2009 | January 27, 2008 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 77,791 | $ | 57,544 | ||||
Increases in tax positions for prior years | 6,297 | 3,900 | ||||||
Decreases in tax positions for prior years | (272 | ) | (433 | ) | ||||
Increases in tax positions for current year | 13,622 | 21,716 | ||||||
Settlements | (181 | ) | (2,445 | ) | ||||
Lapse in statute of limitations | (1,938 | ) | (2,491 | ) | ||||
Balance at end of period | $ | 95,319 | $ | 77,791 |
Future Minimum Lease Obligations | ||||
(In thousands) | ||||
Year ending January: | ||||
2009 | $ | 42,912 | ||
2010 | 42,337 | |||
2011 | 42,187 | |||
2012 | 41,268 | |||
2013 | 13,495 | |||
2014 and thereafter | 6,424 | |||
Total | $ | 188,623 |
Year Ended | ||||||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||||
(In thousands) | ||||||||||||
Current income taxes: | ||||||||||||
Federal | $ | (988 | ) | $ | (17 | ) | $ | 22,050 | ||||
State | 516 | (2,401 | ) | 375 | ||||||||
Foreign | 14,665 | 6,758 | 11,012 | |||||||||
Total current | 14,193 | 4,340 | 33,437 | |||||||||
Deferred taxes: | ||||||||||||
Federal | 90,178 | 41,721 | (2,692 | ) | ||||||||
State | — | — | — | |||||||||
Foreign | (1,014 | ) | — | — | ||||||||
Total deferred | 89,164 | 41,721 | (2,692 | ) | ||||||||
Charge in lieu of taxes attributable to employer stock option plans | 339 | 289 | 24,867 | |||||||||
Inome tax expense | $ | 103,696 | $ | 46,350 | $ | 55,612 |
Year Ended | ||||||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||||
(In thousands) | ||||||||||||
Domestic | $ | 6,416 | $ | (19,617 | ) | $ | 52,112 | |||||
Foreign | 894,925 | 514,097 | 304,676 | |||||||||
$ | 901,341 | $ | 494,480 | $ | 356,788 |
Year Ended | ||||||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||||
(In thousands) | ||||||||||||
Tax expense computed at federal statutory rate | $ | 315,470 | $ | 173,068 | $ | 124,876 | ||||||
State income taxes, net of federal tax effect | 555 | (1,372 | ) | 847 | ||||||||
Foreign tax rate differential | (178,358 | ) | (97,390 | ) | (57,286 | ) | ||||||
Research tax credit | (38,857 | ) | (35,359 | ) | (13,175 | ) | ||||||
In-process research and development | - | 4,690 | - | |||||||||
Stock-based compensation | 4,828 | 3,564 | - | |||||||||
Other | 58 | (851 | ) | 350 | ||||||||
Income tax expense | $ | 103,696 | $ | 46,350 | $ | 55,612 |
January 27, 2008 | January 28, 2007 | |||||||
(In thousands) | ||||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 22,814 | $ | 23,272 | ||||
Accruals and reserves, not currently deductible for tax purposes | 20,769 | 17,702 | ||||||
Property, equipment and intangible assets | 7,513 | 16,436 | ||||||
Research and other tax credit carryforwards | 147,417 | 145,393 | ||||||
Stock-based compensation | 36,413 | 31,835 | ||||||
Gross deferred tax assets | 234,926 | 234,638 | ||||||
Less: valuation allowance | (82,522 | ) | (68,563 | ) | ||||
Total deferred tax assets | 152,404 | 166,075 | ||||||
Deferred tax liabilities: | ||||||||
Unremitted earnings of foreign subsidiaries | (228,227 | ) | (149,276 | ) | ||||
Net deferred tax asset (liability) | $ | (75,823 | ) | $ | 16,799 |
January 27, 2008 | ||||
(In thousands) | ||||
Balance at beginning of period | $ | 57,544 | ||
Increases in tax positions for prior years | 3,900 | |||
Decreases in tax positions for prior years | (433) | |||
Increases in tax positions for current year | 21,716 | |||
Settlements | (2,445) | |||
Lapse in statute of limitations | (2,491) | |||
Balance at end of period | $ | 77,791 |
GPU | PSB | MCP | CPB | All Other | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Twelve Months Ended January 27, 2008: | ||||||||||||||||||||||||
Revenue | $ | 2,518,281 | $ | 588,358 | $ | 710,353 | $ | 251,137 | $ | 29,731 | $ | 4,097,860 | ||||||||||||
Depreciation and amortization expense | $ | 38,272 | $ | 9,596 | $ | 28,409 | $ | 21,482 | $ | 37,715 | $ | 135,474 | ||||||||||||
Operating income (loss) | $ | 717,985 | $ | 305,395 | $ | 57,214 | $ | 28,104 | $ | (272,352 | ) | $ | 836,346 | |||||||||||
Twelve Months Ended January 28, 2007: | ||||||||||||||||||||||||
Revenue | $ | 1,712,370 | $ | 454,735 | $ | 661,483 | $ | 233,223 | $ | 6,960 | $ | 3,068,771 | ||||||||||||
Depreciation and amortization expense | $ | 27,851 | $ | 7,381 | $ | 20,751 | $ | 18,073 | $ | 33,776 | $ | 107,832 | ||||||||||||
Operating income (loss) | $ | 383,109 | $ | 213,966 | $ | 77,952 | $ | 42,375 | $ | (263,950 | ) | $ | 453,452 | |||||||||||
Twelve Months Ended January 29, 2006: | ||||||||||||||||||||||||
Revenue | $ | 1,410,533 | $ | 376,229 | $ | 352,319 | $ | 230,125 | $ | 6,481 | $ | 2,375,687 | ||||||||||||
Depreciation and amortization expense | $ | 28,592 | $ | 4,498 | $ | 12,092 | $ | 12,784 | $ | 32,055 | $ | 90,021 | ||||||||||||
Operating income (loss) | $ | 205,111 | $ | 177,790 | $ | 32,865 | $ | 43,613 | $ | (122,715 | ) | $ | 336,664 |
GPU | PSB | MCP | CPB | All Other | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Year Ended January 25, 2009: | ||||||||||||||||||||||||
Revenue | $ | 1,912,262 | $ | 693,376 | $ | 655,565 | $ | 136,334 | $ | 27,322 | $ | 3,424,859 | ||||||||||||
Depreciation and amortization expense | $ | 55,405 | $ | 21,587 | $ | 32,442 | $ | 19,372 | $ | 56,217 | $ | 185,023 | ||||||||||||
Operating income (loss) | $ | 122,111 | $ | 322,514 | $ | (132,921 | ) | $ | (24,293 | ) | $ | (358,111 | ) | $ | (70,700 | ) | ||||||||
Year Ended January 27, 2008: | ||||||||||||||||||||||||
Revenue | $ | 2,518,281 | $ | 588,358 | $ | 710,353 | $ | 251,137 | $ | 29,731 | $ | 4,097,860 | ||||||||||||
Depreciation and amortization expense | $ | 38,272 | $ | 9,596 | $ | 28,409 | $ | 21,482 | $ | 37,715 | $ | 135,474 | ||||||||||||
Operating income (loss) | $ | 717,985 | $ | 305,395 | $ | 57,214 | $ | 28,104 | $ | (272,352 | ) | $ | 836,346 | |||||||||||
Year Ended January 28, 2007: | ||||||||||||||||||||||||
Revenue | $ | 1,712,370 | $ | 454,735 | $ | 661,483 | $ | 233,223 | $ | 6,960 | $ | 3,068,771 | ||||||||||||
Depreciation and amortization expense | $ | 27,851 | $ | 7,381 | $ | 20,751 | $ | 18,073 | $ | 33,776 | $ | 107,832 | ||||||||||||
Operating income (loss) | $ | 383,109 | $ | 213,966 | $ | 77,952 | $ | 42,375 | $ | (263,950 | ) | $ | 453,452 |
Year Ended | ||||||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||||
Revenue: | (In thousands) | |||||||||||
Taiwan | $ | 1,293,645 | $ | 1,118,631 | $ | 1,131,784 | ||||||
China | 1,256,209 | 659,711 | 401,612 | |||||||||
Other Asia Pacific | 662,448 | 544,700 | 250,844 | |||||||||
United States | 341,670 | 332,609 | 340,598 | |||||||||
Europe | 438,321 | 302,080 | 212,277 | |||||||||
Other Americas | 105,567 | 111,040 | 38,572 | |||||||||
Total revenue | $ | 4,097,860 | $ | 3,068,771 | $ | 2,375,687 |
Year Ended | ||||||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||||||
Revenue: | (In thousands) | |||||||||||
China | $ | 1,087,739 | $ | 1,256,209 | $ | 659,711 | ||||||
Taiwan | 974,077 | 1,293,645 | 1,118,631 | |||||||||
Other Asia Pacific | 601,480 | 662,448 | 544,700 | |||||||||
Europe | 321,117 | 438,321 | 302,080 | |||||||||
United States | 309,540 | 341,670 | 332,609 | |||||||||
Other Americas | 130,906 | 105,567 | 111,040 | |||||||||
Total revenue | $ | 3,424,859 | $ | 4,097,860 | $ | 3,068,771 |
January 27, 2008 | January 28, 2007 | |||||||
Long-lived assets: | (In thousands) | |||||||
United States | $ | 298,765 | $ | 235,533 | ||||
Other Americas | 5,412 | 3,259 | ||||||
India | 28,677 | 13,931 | ||||||
China | 24,655 | 10,939 | ||||||
Europe | 7,052 | 3,233 | ||||||
Taiwan | 31,788 | 20,460 | ||||||
Other Asia Pacific | 1,510 | 1,822 | ||||||
Total long-lived assets | $ | 397,859 | $ | 289,177 |
January 25, 2009 | January 27, 2008 | |||||||
Long-lived assets: | (In thousands) | |||||||
United States | $ | 500,162 | $ | 298,765 | ||||
Taiwan | 81,761 | 31,788 | ||||||
China | 42,969 | 24,655 | ||||||
India | 29,639 | 28,677 | ||||||
Europe | 6,865 | 7,052 | ||||||
Other Asia Pacific | 2,500 | 1,510 | ||||||
Other Americas | 1,928 | 5,412 | ||||||
Total long-lived assets | $ | 665,824 | $ | 397,859 |
Year Ended | ||||||||||
January 27, 2008 | January 28, 2007 | January 29, 2006 | ||||||||
Revenue: | ||||||||||
Customer A | 10 | % | 12 | % | 12 | % | ||||
Customer B | 4 | % | 5 | % | 14 | % |
Year Ended | ||||||||
January 25, 2009 | January 27, 2008 | January 28, 2007 | ||||||
Revenue: | ||||||||
Customer A | 11 | % | 7 | % | 5 | % | ||
Customer B | 8 | % | 10 | % | 12 | % |
January 27, 2008 | January 28, 2007 | ||||||
Accounts Receivable: | |||||||
Customer A | 12 | % | 5 | % | |||
Customer B | 9 | % | 18 | % |
January 25, 2009 | January 27, 2008 | |||||
Accounts Receivable: | ||||||
Customer A | 18 | % | 4 | % | ||
Customer B | 10 | % | 9 | % | ||
Customer C | 10 | % | 8 | % | ||
Customer D | 2 | % | 12 | % |
Fair value measurement at reporting date using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | High Level of Judgment | |||||||||||||
January 25, 2009 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Other debt securities issued by U.S. Government agencies (4) | $ | 318,121 | $ | - | $ | 318,121 | $ | - | |||||||
Corporate debt securities (3) | 251,174 | - | 251,174 | - | |||||||||||
Mortgage-backed securities issued by Government-sponsored entities (1) | 161,199 | - | 161,199 | - | |||||||||||
Money market funds (5) | 139,046 | 14,646 | - | 124,400 | |||||||||||
Commercial paper (2) | 56,997 | - | 56,997 | - | |||||||||||
Debt securities issued by United States Treasury (1) | 55,275 | - | 55,275 | - | |||||||||||
Asset-backed securities (1) | 38,858 | - | 38,858 | - | |||||||||||
Total assets | $ | 1,020,670 | $ | 14,646 | $ | 881,624 | $ | 124,400 |
Year ended January 25, 2009 | ||||
Balance, beginning of period | $ | - | ||
Transfer into Level 3 | 130,000 | |||
Other than temporary impairment | (5,600 | ) | ||
Balance, end of period | $ | 124,400 | ||
Fiscal Year 2008 Quarters Ended | ||||||||||||||||
Jan. 27, 2008 (B) | Oct. 28, 2007 | July 29, 2007 | April 29, 2007 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Statement of Operations Data: | ||||||||||||||||
Revenue | $ | 1,202,730 | $ | 1,115,597 | $ | 935,253 | $ | 844,280 | ||||||||
Cost of revenue | $ | 653,133 | $ | 600,044 | $ | 511,261 | $ | 464,142 | ||||||||
Gross profit | $ | 549,597 | $ | 515,553 | $ | 423,992 | $ | 380,138 | ||||||||
Net income | $ | 256,993 | $ | 235,661 | $ | 172,732 | $ | 132,259 | ||||||||
Basic net income per share (A) | $ | 0.46 | $ | 0.42 | $ | 0.32 | $ | 0.24 | ||||||||
Diluted net income per share (A) | $ | 0.42 | $ | 0.38 | $ | 0.29 | $ | 0.22 |
Fiscal Year 2009 Quarters Ended | ||||||||||||||||
January 25, 2009 (A,B) | October 26, 2008 (C, D) | July 27, 2008 (E) | April 27, 2008 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Statement of Operations Data: | ||||||||||||||||
Revenue | $ | 481,140 | $ | 897,655 | $ | 892,676 | $ | 1,153,388 | ||||||||
Cost of revenue | $ | 339,474 | $ | 529,812 | $ | 742,759 | $ | 638,545 | ||||||||
Gross profit | $ | 141,666 | $ | 367,843 | $ | 149,917 | $ | 514,843 | ||||||||
Net income (loss) | $ | (147,665 | ) | $ | 61,748 | $ | (120,929 | ) | $ | 176,805 | ||||||
Basic net income (loss) per share | $ | (0.27 | ) | $ | 0.11 | $ | (0.22 | ) | $ | 0.32 | ||||||
Diluted net income (loss) per share | $ | (0.27 | ) | $ | 0.11 | $ | (0.22 | ) | $ | 0.30 |
Fiscal Year 2007 Quarters Ended | ||||||||||||||||
Jan. 28, 2007 (B) | Oct. 29, 2006 (C) | July 30, 2006 | April 30, 2006 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Statement of Operations Data: | ||||||||||||||||
Revenue | $ | 878,873 | $ | 820,572 | $ | 687,519 | $ | 681,807 | ||||||||
Cost of revenue | $ | 493,167 | $ | 486,630 | $ | 395,391 | $ | 393,134 | ||||||||
Gross profit | $ | 385,706 | $ | 333,942 | $ | 292,128 | $ | 288,673 | ||||||||
Income before change in accounting principle | $ | 163,506 | $ | 106,511 | $ | 86,753 | $ | 91,360 | ||||||||
Net income | $ | 163,506 | $ | 106,511 | $ | 86,753 | $ | 92,064 | ||||||||
Basic income per share before change in accounting principle (A) | $ | 0.30 | $ | 0.20 | $ | 0.17 | $ | 0.18 | ||||||||
Basic net income per share (A) | $ | 0.30 | $ | 0.20 | $ | 0.17 | $ | 0.18 | ||||||||
Diluted income per share before change in accounting principle (A) | $ | 0.27 | $ | 0.18 | $ | 0.15 | $ | 0.16 | ||||||||
Diluted net income per share (A) | $ | 0.27 | $ | 0.18 | $ | 0.15 | $ | 0.16 |
Fiscal Year 2008 Quarters Ended | ||||||||||||||||
January 27, 2008 (F) | October 28, 2007 | July 29, 2007 | April 29, 2007 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Statement of Operations Data: | ||||||||||||||||
Revenue | $ | 1,202,730 | $ | 1,115,597 | $ | 935,253 | $ | 844,280 | ||||||||
Cost of revenue | $ | 653,133 | $ | 600,044 | $ | 511,261 | $ | 464,142 | ||||||||
Gross profit | $ | 549,597 | $ | 515,553 | $ | 423,992 | $ | 380,138 | ||||||||
Net income | $ | 256,993 | $ | 235,661 | $ | 172,732 | $ | 132,259 | ||||||||
Basic net income per share | $ | 0.46 | $ | 0.42 | $ | 0.32 | $ | 0.24 | ||||||||
Diluted net income per share | $ | 0.42 | $ | 0.38 | $ | 0.29 | $ | 0.22 |
Description | Balance at Beginning of Period | Additions | Deductions | Balance at End of Period | Balance at Beginning of Period | Additions | Deductions | Balance at End of Period | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Year ended January 25, 2009 | ||||||||||||||||||||||||||||||||
Deferred tax valuation allowance | $ | 82,522 | $ | 10,019 | (4) | $ | - | $ | 92,541 | |||||||||||||||||||||||
Allowance for doubtful accounts | $ | 968 | $ | 608 | (1) | $ | 514 | (2) | $ | 1,062 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Year ended January 27, 2008 | ||||||||||||||||||||||||||||||||
Deferred tax valuation allowance | $ | 68,563 | $ | 13,959 | (4) | $ | - | $ | 82,522 | $ | 68,563 | $ | 13,959 | (4) | $ | - | $ | 82,522 | ||||||||||||||
Allowance for doubtful accounts | $ | 1,271 | $ | 505 | (1) | $ | (808 | ) (2) | $ | 968 | $ | 1,271 | $ | 505 | (1) | $ | (808) | (2) | $ | 968 | ||||||||||||
Year ended January 28, 2007 | ||||||||||||||||||||||||||||||||
Deferred tax valuation allowance | $ | 233,016 | $ | 13,867 | (4) | $ | (178,320 | ) (5) | $ | 68,563 | $ | 233,016 | $ | 13,867 | (4) | $ | (178,320) | (5) | $ | 68,563 | ||||||||||||
Allowance for doubtful accounts | $ | 598 | $ | 676 | (1),(3) | $ | (3 | ) (2) | $ | 1,271 | $ | 598 | $ | 676 | (1),(3) | $ | (3) | (2) | $ | 1,271 | ||||||||||||
Year ended January 29, 2006 | ||||||||||||||||||||||||||||||||
Deferred tax valuation allowance | $ | 193,987 | $ | 39,029 | (4) | $ | - | $ | 233,016 | |||||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,466 | $ | (492 | ) (1) | $ | (376 | ) (2) | $ | 598 |
Incorporated by Reference | |||||||||||||||||
Exhibit No. | Exhibit Description | Schedule/Form | File Number | Exhibit | Filing Date | ||||||||||||
2.1 | Agreement and Plan of Merger by and among NVIDIA Corporation, Partridge Acquisition, Inc. and PortalPlayer, Inc. dated 11/6/06 | 8-K | 0-23985 | 2.1 | 11/9/2006 | ||||||||||||
3.1 | Amended and Restated Certificate of Incorporation | S-8 | 333-74905 | 4.1 | 3/23/1999 | ||||||||||||
3.2 | Certificate of Amendment of Amended and Restated Certificate of Incorporation | 10-Q | 0-23985 | 3.4 | 9/10/2002 | ||||||||||||
3.3 | Bylaws of NVIDIA Corporation, Amended and Restated as of March 9, 2006 | 10-K | 0-23985 | 3.3 | 3/16/2006 | ||||||||||||
4.1 | Reference is made to Exhibits 3.1, 3.2 and 3.3 | ||||||||||||||||
4.2 | Specimen Stock Certificate | S-1/A | 333-47495 | 4.2 | 4/24/1998 | ||||||||||||
10.1 | Form of Indemnity Agreement between NVIDIA Corporation and each of its directors and officers | 8-K | 0-23985 | 10.1 | 3/7/2006 | ||||||||||||
10.2 | + | 1998 Equity Incentive Plan, as amended | 8-K | 0-23985 | 10.2 | 3/13/2006 | |||||||||||
10.3 | + | 1998 Equity Incentive Plan ISO, as amended | 10-Q | 0-23985 | 10.5 | 11/22/2004 | |||||||||||
10.4 | + | 1998 Equity Incentive Plan NSO, as amended | 10-Q | 0-23985 | 10.6 | 11/22/2004 | |||||||||||
10.5 | + | Certificate of Stock Option Grant | 10-Q | 0-23985 | 10.7 | 11/22/2004 | |||||||||||
10.6 | + | 1998 Employee Stock Purchase Plan Offering, as amended | S-8 | 333-51520 | 99.4 | 12/8/2000 | |||||||||||
10.7 | + | Form of Employee Stock Purchase Plan Offering, as amended | S-8 | 333-100010 | 99.5 | 9/23/2002 | |||||||||||
10.8 | + | Form of Employee Stock Purchase Plan Offering, as amended - International Employees | S-8 | 333-100010 | 99.6 | 9/23/2002 | |||||||||||
10.9 | + | 1998 Non-Employee Directors’ Stock Option Plan, as amended | 8-K | 0-23985 | 10.1 | 4/3/2006 | |||||||||||
10.10 | + | 1998 Non-Employee Directors’ Stock Option Plan (Annual Grant - Board Service), as amended | 10-Q | 0-23985 | 10.1 | 11/22/2004 | |||||||||||
10.11 | + | 1998 Non-Employee Directors’ Stock Option Plan (Committee Grant - Committee Service), as amended | 10-Q | 0-23985 | 10.2 | 11/22/2004 | |||||||||||
10.12 | + | 1998 Non-Employee Directors’ Stock Option Plan (Initial Grant) | 10-Q | 0-23985 | 10.3 | 11/22/2004 | |||||||||||
10.13 | + | 2000 Nonstatutory Equity Incentive Plan, as amended | SC TO-1 | 005-56649 | 99 | (d)(1)(A) | 11/29/2006 | ||||||||||
10.14 | Lease dated April 4, 2000 between NVIDIA Corporation and Sobrato Interests III for Building A | S-3/A | 333-33560 | 10.1 | 4/20/2000 |
Incorporated by Reference | |||||||
Exhibit No. | Exhibit Description | Schedule/Form | File Number | Exhibit | Filing Date | ||
10.15 | Lease dated April 4, 2000 between NVIDIA Corporation and Sobrato Interests III for Building B | S-3/A | 333-33560 | 10.2 | 4/20/2000 | ||
10.16 | Lease dated April 4, 2000 between NVIDIA Corporation and Sobrato Interests III for Building C | S-3/A | 333-33560 | 10.3 | 4/20/2000 | ||
10.17 | Lease dated April 4, 2000 between NVIDIA Corporation and Sobrato Interests III for Building D | S-3/A | 333-33560 | 10.4 | 4/20/2000 | ||
10.18+ | NVIDIA Corporation 2000 NonStatutory Equity Incentive Plan NSO | SC TO-1 | 005-56649 | 99.1(d)(1)(B) | 11/29/2006 | ||
10.19+ | PortalPlayer, Inc. 1999 Stock Option Plan and Form of Agreements thereunder | S-8 | 333-140021 | 99.1 | 1/16/2007 | ||
10.20+ | PortalPlayer, Inc. Amended and Restated 2004 Stock Incentive Plan | S-8 | 333-140021 | 99.2 | 1/16/2007 | ||
10.21+ | NVIDIA Corporation 2007 Equity Incentive Plan | 8-K | 0-23985 | 10.1 | 6/27/2007 | ||
10.22+ | 2007 Equity Incentive Plan - Non Statutory Stock Option (Annual Grant - Board Service) | 10-Q | 0-23985 | 10.2 | 8/22/2007 | ||
10.23+ | 2007 Equity Incentive Plan - Non Statutory Stock Option (Annual Grant - Committee Service) | 10-Q | 0-23985 | 10.3 | 8/22/2007 | ||
10.24+ | 2007 Equity Incentive Plan - Non Statutory Stock Option (Initial Grant) | 10-Q | 0-23985 | 10.4 | 8/22/2007 | ||
10.25+ | 2007 Equity Incentive Plan - Non Statutory Stock Option | 10-Q | 0-23985 | 10.5 | 8/22/2007 | ||
10.26+ | 2007 Equity Incentive Plan - Incentive Stock Option | 10-Q | 0-23985 | 10.6 | 8/22/2007 | ||
10.27+ | NVIDIA Corporation Fiscal Year 2007 Variable Compensation Plan | 8-K | 0-23985 | 10.2 | 4/3/2006 | ||
10.28+ | NVIDIA Corporation Fiscal Year 2008 Variable Compensation Plan | 8-K | 0-23985 | 10.1 | 4/5/2007 | ||
21.1* | List of Registrant’s Subsidiaries |
Incorporated by Reference | ||||||||||||||||
Exhibit No. | Exhibit Description | Schedule/Form | File Number | Exhibit | Filing Date | |||||||||||
2.1 | Agreement and Plan of Merger by and among NVIDIA Corporation, Partridge Acquisition, Inc. and PortalPlayer, Inc. dated 11/6/06 | 8-K | 0-23985 | 2.1 | 11/9/2006 | |||||||||||
3.1 | Amended and Restated Certificate of Incorporation | S-8 | 333-74905 | 4.1 | 3/23/1999 | |||||||||||
3.2 | Certificate of Amendment of Amended and Restated Certificate of Incorporation | 10-Q | 0-23985 | 3.1 | 8/21/2008 | |||||||||||
3.3 | Bylaws of NVIDIA Corporation, Amended and Restated as of February 12, 2009 | 8-K | 0-23985 | 3.1 | 2/19/2009 | |||||||||||
4.1 | Reference is made to Exhibits 3.1, 3.2 and 3.3 | |||||||||||||||
4.2 | Specimen Stock Certificate | S-1/A | 333-47495 | 4.2 | 4/24/1998 | |||||||||||
10.1 | Form of Indemnity Agreement between NVIDIA Corporation and each of its directors and officers | 8-K | 0-23985 | 10.1 | 3/7/2006 | |||||||||||
10.2 | + | 1998 Equity Incentive Plan, as amended | 8-K | 0-23985 | 10.2 | 3/13/2006 | ||||||||||
10.3 | + | 1998 Equity Incentive Plan ISO, as amended | 10-Q | 0-23985 | 10.5 | 11/22/2004 | ||||||||||
10.4 | + | 1998 Equity Incentive Plan NSO, as amended | 10-Q | 0-23985 | 10.6 | 11/22/2004 | ||||||||||
10.5 | + | Certificate of Stock Option Grant | 10-Q | 0-23985 | 10.7 | 11/22/2004 | ||||||||||
10.6 | + | 1998 Non-Employee Directors’ Stock Option Plan, as amended | 8-K | 0-23985 | 10.1 | 4/3/2006 | ||||||||||
10.7 | + | 1998 Non-Employee Directors’ Stock Option Plan (Annual Grant - Board Service), as amended | 10-Q | 0-23985 | 10.1 | 11/22/2004 | ||||||||||
10.8 | + | 1998 Non-Employee Directors’ Stock Option Plan (Committee Grant - Committee Service), as amended | 10-Q | 0-23985 | 10.2 | 11/22/2004 | ||||||||||
10.9 | + | 1998 Non-Employee Directors’ Stock Option Plan (Initial Grant) | 10-Q | 0-23985 | 10.3 | 11/22/2004 | ||||||||||
10.10 | + | 1998 Employee Stock Purchase Plan, as amended and restated | 10-Q | 0-23985 | 10.2 | 5/22/2008 | ||||||||||
10.11 | + | 2000 Nonstatutory Equity Incentive Plan, as amended | SC TO-1 | 005-56649 | 99 | (d)(1)(A) | 11/29/2006 | |||||||||
10.12 | + | 2000 NonStatutory Equity Incentive Plan NSO | SC TO-1 | 005-56649 | 99.1 | (d)(1)(B) | 11/29/2006 | |||||||||
10.13 | + | PortalPlayer, Inc. 1999 Stock Option Plan and Form of Agreements thereunder | S-8 | 333-140021 | 99.1 | 1/16/2007 | ||||||||||
10.14 | + | PortalPlayer, Inc. Amended and Restated 2004 Stock Incentive Plan | S-8 | 333-140021 | 99.2 | 1/16/2007 | ||||||||||
10.15 | + | 2007 Equity Incentive Plan | 8-K | 0-23985 | 10.1 | 6/27/2007 | ||||||||||
10.16 | + | 2007 Equity Incentive Plan - Non Statutory Stock Option (Annual Grant - Board Service) | 10-Q | 0-23985 | 10.2 | 8/22/2007 | ||||||||||
10.17 | + | 2007 Equity Incentive Plan - Non Statutory Stock Option (Annual Grant - Committee Service) | 10-Q | 0-23985 | 10.3 | 8/22/2007 | ||||||||||
10.18 | + | 2007 Equity Incentive Plan - Non Statutory Stock Option (Initial Grant) | 10-Q | 0-23985 | 10.4 | 8/22/2007 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | March |
Jen-Hsun Huang | ||
/s/ | Chief Financial Officer | March |
David L. White | ||
/s/ TENCH COXE | Director | March |
Tench Coxe | ||
/s/ | Director | March |
Mark Stevens | ||
/s/ JAMES C. GAITHER | Director | March |
James C. Gaither | ||
/s/ HARVEY C. JONES | Director | March 13, 2009 |
Harvey C. Jones | ||
/s/ MARK L. PERRY | Director | March |
Mark L. Perry | ||
/s/ WILLIAM J. MILLER | Director | March |
William J. Miller | ||
/s/ A. BROOKE SEAWELL | Director | March |
Incorporated by Reference | |||||||||||||||||
Exhibit No. | Exhibit Description | Schedule/Form | File Number | Exhibit | Filing Date | ||||||||||||
2.1 | Agreement and Plan of Merger by and among NVIDIA Corporation, Partridge Acquisition, Inc. and PortalPlayer, Inc. dated 11/6/06 | 8-K | 0-23985 | 2.1 | 11/9/2006 | ||||||||||||
3.1 | Amended and Restated Certificate of Incorporation | S-8 | 333-74905 | 4.1 | 3/23/1999 | ||||||||||||
3.2 | Certificate of Amendment of Amended and Restated Certificate of Incorporation | 10-Q | 0-23985 | 3.4 | 9/10/2002 | ||||||||||||
3.3 | Bylaws of NVIDIA Corporation, Amended and Restated as of March 9, 2006 | 10-K | 0-23985 | 3.3 | 3/16/2006 | ||||||||||||
4.1 | Reference is made to Exhibits 3.1, 3.2 and 3.3 | ||||||||||||||||
4.2 | Specimen Stock Certificate | S-1/A | 333-47495 | 4.2 | 4/24/1998 | ||||||||||||
10.1 | Form of Indemnity Agreement between NVIDIA Corporation and each of its directors and officers | 8-K | 0-23985 | 10.1 | 3/7/2006 | ||||||||||||
10.2 | + | 1998 Equity Incentive Plan, as amended | 8-K | 0-23985 | 10.2 | 3/13/2006 | |||||||||||
10.3 | + | 1998 Equity Incentive Plan ISO, as amended | 10-Q | 0-23985 | 10.5 | 11/22/2004 | |||||||||||
10.4 | + | 1998 Equity Incentive Plan NSO, as amended | 10-Q | 0-23985 | 10.6 | 11/22/2004 | |||||||||||
10.5 | + | Certificate of Stock Option Grant | 10-Q | 0-23985 | 10.7 | 11/22/2004 | |||||||||||
10.6 | + | 1998 Employee Stock Purchase Plan Offering, as amended | S-8 | 333-51520 | 99.4 | 12/8/2000 | |||||||||||
10.7 | + | Form of Employee Stock Purchase Plan Offering, as amended | S-8 | 333-100010 | 99.5 | 9/23/2002 | |||||||||||
10.8 | + | Form of Employee Stock Purchase Plan Offering, as amended - International Employees | S-8 | 333-100010 | 99.6 | 9/23/2002 | |||||||||||
10.9 | + | 1998 Non-Employee Directors’ Stock Option Plan, as amended | 8-K | 0-23985 | 10.1 | 4/3/2006 | |||||||||||
10.10 | + | 1998 Non-Employee Directors’ Stock Option Plan (Annual Grant - Board Service), as amended | 10-Q | 0-23985 | 10.1 | 11/22/2004 | |||||||||||
10.11 | + | 1998 Non-Employee Directors’ Stock Option Plan (Committee Grant - Committee Service), as amended | 10-Q | 0-23985 | 10.2 | 11/22/2004 | |||||||||||
10.12 | + | 1998 Non-Employee Directors’ Stock Option Plan (Initial Grant) | 10-Q | 0-23985 | 10.3 | 11/22/2004 | |||||||||||
10.13 | + | 2000 Nonstatutory Equity Incentive Plan, as amended | SC TO-1 | 005-56649 | 99 | (d)(1)(A) | 11/29/2006 | ||||||||||
10.14 | Lease dated April 4, 2000 between NVIDIA Corporation and Sobrato Interests III for Building A | S-3/A | 333-33560 | 10.1 | 4/20/2000 |
Incorporated by Reference | |||||||
Exhibit No. | Exhibit Description | Schedule/Form | File Number | Exhibit | Filing Date | ||
10.15 | Lease dated April 4, 2000 between NVIDIA Corporation and Sobrato Interests III for Building B | S-3/A | 333-33560 | 10.2 | 4/20/2000 | ||
10.16 | Lease dated April 4, 2000 between NVIDIA Corporation and Sobrato Interests III for Building C | S-3/A | 333-33560 | 10.3 | 4/20/2000 | ||
10.17 | Lease dated April 4, 2000 between NVIDIA Corporation and Sobrato Interests III for Building D | S-3/A | 333-33560 | 10.4 | 4/20/2000 | ||
10.18+ | NVIDIA Corporation 2000 NonStatutory Equity Incentive Plan NSO | SC TO-1 | 005-56649 | 99.1(d)(1)(B) | 11/29/2006 | ||
10.19+ | PortalPlayer, Inc. 1999 Stock Option Plan and Form of Agreements thereunder | S-8 | 333-140021 | 99.1 | 1/16/2007 | ||
10.20+ | PortalPlayer, Inc. Amended and Restated 2004 Stock Incentive Plan | S-8 | 333-140021 | 99.2 | 1/16/2007 | ||
10.21+ | NVIDIA Corporation 2007 Equity Incentive Plan | 8-K | 0-23985 | 10.1 | 6/27/2007 | ||
10.22+ | 2007 Equity Incentive Plan - Non Statutory Stock Option (Annual Grant - Board Service) | 10-Q | 0-23985 | 10.2 | 8/22/2007 | ||
10.23+ | 2007 Equity Incentive Plan - Non Statutory Stock Option (Annual Grant - Committee Service) | 10-Q | 0-23985 | 10.3 | 8/22/2007 | ||
10.24+ | 2007 Equity Incentive Plan - Non Statutory Stock Option (Initial Grant) | 10-Q | 0-23985 | 10.4 | 8/22/2007 | ||
10.25+ | 2007 Equity Incentive Plan - Non Statutory Stock Option | 10-Q | 0-23985 | 10.5 | 8/22/2007 | ||
10.26+ | 2007 Equity Incentive Plan - Incentive Stock Option | 10-Q | 0-23985 | 10.6 | 8/22/2007 | ||
10.27+ | NVIDIA Corporation Fiscal Year 2007 Variable Compensation Plan | 8-K | 0-23985 | 10.2 | 4/3/2006 | ||
10.28+ | NVIDIA Corporation Fiscal Year 2008 Variable Compensation Plan | 8-K | 0-23985 | 10.1 | 4/5/2007 | ||
21.1* | List of Registrant’s Subsidiaries |
Incorporated by Reference | ||||||||||||||||
Exhibit No. | Exhibit Description | Schedule/Form | File Number | Exhibit | Filing Date | |||||||||||
2.1 | Agreement and Plan of Merger by and among NVIDIA Corporation, Partridge Acquisition, Inc. and PortalPlayer, Inc. dated 11/6/06 | 8-K | 0-23985 | 2.1 | 11/9/2006 | |||||||||||
3.1 | Amended and Restated Certificate of Incorporation | S-8 | 333-74905 | 4.1 | 3/23/1999 | |||||||||||
3.2 | Certificate of Amendment of Amended and Restated Certificate of Incorporation | 10-Q | 0-23985 | 3.1 | 8/21/2008 | |||||||||||
3.3 | Bylaws of NVIDIA Corporation, Amended and Restated as of February 12, 2009 | 8-K | 0-23985 | 3.1 | 2/19/2009 | |||||||||||
4.1 | Reference is made to Exhibits 3.1, 3.2 and 3.3 | |||||||||||||||
4.2 | Specimen Stock Certificate | S-1/A | 333-47495 | 4.2 | 4/24/1998 | |||||||||||
10.1 | Form of Indemnity Agreement between NVIDIA Corporation and each of its directors and officers | 8-K | 0-23985 | 10.1 | 3/7/2006 | |||||||||||
10.2 | + | 1998 Equity Incentive Plan, as amended | 8-K | 0-23985 | 10.2 | 3/13/2006 | ||||||||||
10.3 | + | 1998 Equity Incentive Plan ISO, as amended | 10-Q | 0-23985 | 10.5 | 11/22/2004 | ||||||||||
10.4 | + | 1998 Equity Incentive Plan NSO, as amended | 10-Q | 0-23985 | 10.6 | 11/22/2004 | ||||||||||
10.5 | + | Certificate of Stock Option Grant | 10-Q | 0-23985 | 10.7 | 11/22/2004 | ||||||||||
10.6 | + | 1998 Non-Employee Directors’ Stock Option Plan, as amended | 8-K | 0-23985 | 10.1 | 4/3/2006 | ||||||||||
10.7 | + | 1998 Non-Employee Directors’ Stock Option Plan (Annual Grant - Board Service), as amended | 10-Q | 0-23985 | 10.1 | 11/22/2004 | ||||||||||
10.8 | + | 1998 Non-Employee Directors’ Stock Option Plan (Committee Grant - Committee Service), as amended | 10-Q | 0-23985 | 10.2 | 11/22/2004 | ||||||||||
10.9 | + | 1998 Non-Employee Directors’ Stock Option Plan (Initial Grant) | 10-Q | 0-23985 | 10.3 | 11/22/2004 | ||||||||||
10.10 | + | 1998 Employee Stock Purchase Plan, as amended and restated | 10-Q | 0-23985 | 10.2 | 5/22/2008 | ||||||||||
10.11 | + | 2000 Nonstatutory Equity Incentive Plan, as amended | SC TO-1 | 005-56649 | 99 | (d)(1)(A) | 11/29/2006 | |||||||||
10.12 | + | 2000 NonStatutory Equity Incentive Plan NSO | SC TO-1 | 005-56649 | 99.1 | (d)(1)(B) | 11/29/2006 | |||||||||
10.13 | + | PortalPlayer, Inc. 1999 Stock Option Plan and Form of Agreements thereunder | S-8 | 333-140021 | 99.1 | 1/16/2007 | ||||||||||
10.14 | + | PortalPlayer, Inc. Amended and Restated 2004 Stock Incentive Plan | S-8 | 333-140021 | 99.2 | 1/16/2007 | ||||||||||
10.15 | + | 2007 Equity Incentive Plan | 8-K | 0-23985 | 10.1 | 6/27/2007 | ||||||||||
10.16 | + | 2007 Equity Incentive Plan - Non Statutory Stock Option (Annual Grant - Board Service) | 10-Q | 0-23985 | 10.2 | 8/22/2007 | ||||||||||
10.17 | + | 2007 Equity Incentive Plan - Non Statutory Stock Option (Annual Grant - Committee Service) | 10-Q | 0-23985 | 10.3 | 8/22/2007 | ||||||||||
10.18 | + | 2007 Equity Incentive Plan - Non Statutory Stock Option (Initial Grant) | 10-Q | 0-23985 | 10.4 | 8/22/2007 |
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