NVIDIA 2009 Annual Report Download - page 126

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NVIDIA CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Subsequent to year-end, on January 30, 2009, we received $84.4 million from the International Reserve Fund. This was our portion
of a payout of approximately 65% of the total assets of the Fund. Each shareholder’s percentage of this distribution was determined by
dividing the shareholder’s total unfunded redeemed shares by the aggregate unfunded redeemed shares of the Fund, which was then
used to calculate the shareholder’s pro rata portion of this distribution. We expect to receive the proceeds of our remaining investment
in the International Reserve Fund, excluding the $5.6 million that we have recorded as an other than temporary impairment, by no
later than October 2009, when all of the underlying securities held by the International Reserve Fund are scheduled to have matured.
However, redemptions from the International Reserve Fund are currently subject to pending litigation, which could cause further delay
in receipt of our funds.
Reconciliation of financial assets measured at fair value on a recurring basis using significant unobservable inputs, or Level 3
inputs:
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
Total financial assets at fair value classified within Level 3 were 3.7% of total assets on our Consolidated Balance Sheet as of
January 25, 2009.
Note 18 - Quarterly Summary (Unaudited)
The following table sets forth our unaudited consolidated financial, for the last eight fiscal quarters ended January 25, 2009.
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 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
(A) Included $18.9 million for a non-recurring charge related to a termination of development contract related to a new campus
construction project we have put on hold.
(B) Included $8.0 million benefit from an insurance provider as reimbursement for some claims against us towards the cost arising
from a weak die/packaging material set.
(C) Included $4.5 million charge towards non-recurring charge related to a royalty dispute.
(D) Included $8.3 million towards restructuring charges.
(E) Included $196.0 million warranty charge against cost of revenue arising from a weak die/packaging material set.
(F) Included a charge of $4.0 million related to the write-off of acquired research and development expense from our acquisitions of
Mental Images in fiscal year 2008.
Source: NVIDIA CORP, 10-K, March 13, 2009 Powered by Morningstar® Document Research℠