NVIDIA 2009 Annual Report Download - page 44

PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Our common stock is traded on the NASDAQ Global Select Market under the symbol NVDA. Public trading of our common stock
began on January 22, 1999. Prior to that, there was no public market for our common stock. As of March 10, 2009, we had
approximately 460 registered stockholders, not including those shares held in street or nominee name. The following table sets forth
for the periods indicated the high and low sales price for our common stock as quoted on the NASDAQ Global Select Market:
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
(1) Reflects a three-for-two stock split effective on September 10, 2007.
Dividend Policy
We have never paid and do not expect to pay cash dividends for the foreseeable future.
Issuer Purchases of Equity Securities
During fiscal year 2005, we announced that our Board of Directors, or Board, had authorized a stock repurchase program to
repurchase shares of our common stock, subject to certain specifications, up to an aggregate maximum amount of $300
million. During fiscal year 2007, the Board further approved an increase of $400 million to the original stock repurchase program. In
fiscal year 2008, we announced a stock repurchase program under which we may purchase up to an additional $1.0 billion of our
common stock over a three year period through May 2010. On August 12, 2008, we announced that our Board further authorized an
additional increase of $1.0 billion to the stock repurchase program. As a result of these increases, we have an ongoing authorization
from the Board, subject to certain specifications, to repurchase shares of our common stock up to an aggregate maximum amount of
$2.7 billion through May 2010.
The repurchases will be made from time to time in the open market, in privately negotiated transactions, or in structured stock
repurchase programs, and may be made in one or more larger repurchases, in compliance with the Securities Exchange Act of 1934, or
the Exchange Act, Rule 10b-18, subject to market conditions, applicable legal requirements, and other factors. The program does not
obligate NVIDIA to acquire any particular amount of common stock and the program may be suspended at any time at our
discretion. As part of our share repurchase program, we have entered into, and we may continue to enter into, structured share
repurchase transactions with financial institutions. These agreements generally require that we make an up-front payment in exchange
for the right to receive a fixed number of shares of our common stock upon execution of the agreement, and a potential incremental
number of shares of our common stock, within a pre-determined range, at the end of the term of the agreement.
During the three months ended January 25, 2009, we did not enter into any structured share repurchase transactions or otherwise
purchase any shares of our common stock. During fiscal year 2009, we entered into structured share repurchase transactions to
repurchase 29.3 million shares for $423.6 million, which we recorded on the trade date of the transactions. Through fiscal year 2009,
we have repurchased an aggregate of 90.9 million shares under our stock repurchase program for a total cost of $1.46 billion. As of
January 25, 2009, we are authorized, subject to certain specifications, to repurchase shares of our common stock up to an additional
amount of $1.24 billion through May 2010.
Additionally, during fiscal year 2009, we granted approximately 17.9 million stock options under the 2007 Equity Incentive Plan.
Please refer to Note 2 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K for further
information regarding stock-based compensation and stock options granted under our equity incentive program.
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Source: NVIDIA CORP, 10-K, March 13, 2009 Powered by Morningstar® Document Research℠