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NVIDIA CORP (NVDA)
10-K
Annual report pursuant to section 13 and 15(d)
Filed on 03/16/2011
Filed Period 01/30/2011

Table of contents

  • Page 1
    NVIDIA CORP (NVDA) 10-K Annual report pursuant to section 13 and 15(d) Filed on 03/16/2011 Filed Period 01/30/2011

  • Page 2
    ... (I.R.S. Employer Identification No.) 2701 San Tomas Expressway Santa Clara, California 95050 (408) 486-2000 (Address, including zip code, and telephone number, including area code, of principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name...

  • Page 3

  • Page 4
    ... Issuer Purchases of Equity Securities Selected Financial Data Management's Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures about Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on...

  • Page 5
    ... NVIDIA logo, 3D Vision, CUDA, GeForce, NVIDIA Fermi, Quadro Tesla and Tegra are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries Our Company NVIDIA Corporation invented the graphics processing unit, or GPU, in 1999. Since then, we have strived to set new...

  • Page 6
    ... price/performance point. During fiscal year 2011, demand for our workstation products continued to recover, fueled by demand from enterprise customers and new growth markets like video editing. During SIGRRAPH 2010, we introduced new Quadro GPU products based on our Fermi architecture and 3D...

  • Page 7
    ... Roadster Model S. Our Strategy We are committed to bringing the best experience to the end user through our innovative hardware and software offerings. We design our products to enable customers in the visual computing, high-performance computing and mobile computing markets to build products that...

  • Page 8
    ... strategy is key to our objective to become the leading supplier of programmable, high-performance GPUs and ultralow power mobile system-on-a-chip products. Our sales and marketing teams work closely with each industry's respective OEMs, ODMs, system builders, motherboard manufacturers, add-in board...

  • Page 9
    ... what is known as a fabless manufacturing strategy for all of our product-line operating segments whereby we employ world-class suppliers for all phases of the manufacturing process, including wafer fabrication, assembly, testing and packaging. This strategy uses the expertise of industry-leading...

  • Page 10
    ... help us remain at the forefront of the 3D graphics market and develop products that utilize leading-edge technology on a rapid basis. We believe this approach assists us in meeting the new design schedules of PC OEM and other manufacturers. As of January 30, 2011, we had 4,161 full-time employees...

  • Page 11
    ... regarding the patent cross license agreement with Intel. Nonrecurring charges related to our cash tender offer to purchase certain employee stock options were $140.2 million for the year ended January 31, 2010. Please refer to Note 2 of the Notes to the Consolidated Financial Statements in Part IV...

  • Page 12
    ... to February 2009, Mr. White served as the Executive Vice President of Finance and Chief Financial Officer of Sanmina-SCI Corporation, a global provider of customized, integrated electronics manufacturing services to original equipment manufacturers in the communications, enterprise computing and...

  • Page 13
    .... In order to maintain or improve our financial results, we will need to continue to identify and develop new products and enhancements to our existing products in a timely and cost-effective manner. The process of developing new products and services and enhancing existing products and services is...

  • Page 14
    ... per year, typically based on spring and fall design cycles or in connection with trade shows. Accordingly, when our customers are making their design decisions, our existing products must have competitive performance levels or we must timely introduce new products in order to be included in our...

  • Page 15
    ...we will need to improve the functionality of our products to succeed in these new markets, which may require significant time and resources on our part to design our products which could negatively impact our business. We sell our products to a small number of customers and our business could suffer...

  • Page 16
    ...lost sales, any of which would negatively impact our financial results. We believe that long-term market acceptance for our products will depend on reliable relationships with the third-party manufacturers we use to ensure adequate product supply and competitive pricing to respond to customer demand...

  • Page 17
    ...properly could adversely affect our financial results. We manufacture our products based on forecasts of customer demand in order to have shorter shipment lead times and quicker delivery schedules for our customers. As a result, we may build inventories for anticipated periods of growth which do not...

  • Page 18
    ... results and financial condition. Our accounts receivable are highly concentrated and make us vulnerable to adverse changes in our customers' businesses, and to downturns in the industry and the worldwide economy. We recorded approximately 17% of our accounts receivable balance from two customers at...

  • Page 19
    ...3D graphics, communications and networking segments and develop products that utilize leading-edge technology on a rapid basis. If these relationships are not successful, we may be unable to develop new products or product enhancements in a timely manner, which could result in a loss of market share...

  • Page 20
    ... 2011, 2010 and 2009, we recorded net warranty charges of $466.4 million against cost of revenue to cover anticipated customer warranty, repair, return, replacement and other costs arising from a weak die/packaging material set used in certain versions of our previous generation MCP and GPU products...

  • Page 21
    ... the growth of our business or our ability to develop new products. However, if we pay the consideration with shares of common stock, or convertible debentures, the holdings of our existing stockholders would be diluted. The significant decline in the trading price of our common stock would make the...

  • Page 22
    ...fiscal years 2011, 2010 and 2009 we recorded cumulative net warranty charges of $475.9 million, of which $466.4 million has been charged against cost of revenue, to cover anticipated customer warranty, repair, return, replacement and other costs arising from a weak die/packaging material set used in...

  • Page 23
    ...indemnified customers is unable to obtain a license from a third party for technology that we use or that is used in one of our products, we could be subject to substantial liabilities or have to suspend or discontinue the manufacture and sale of one or more of our products. We may also have to make...

  • Page 24
    ... real property. During fiscal year 2009, we purchased real property in Santa Clara, California that includes approximately 25 acres of land and ten commercial buildings. We also own real property in China and India. We have limited experience in the ownership and management of real property and are...

  • Page 25
    ... a weak die/packaging material set in certain versions of our previous generation MCP and GPU products and that we were revising financial guidance for our second fiscal quarter of 2009, the trading price of our common stock declined. In September, October and November 2008, several putative class...

  • Page 26
    ...agreed to develop and sell graphics chips and to license certain technology to Microsoft and its licensees for use in the Xbox. Under the agreement, if an individual or corporation makes an offer to purchase shares equal to or greater than 30% of the outstanding shares of our common stock, Microsoft...

  • Page 27
    ..., California for approximately $194.8 million. Our original plans for the purchased property included constructing a new campus on the site. We are currently re-evaluating those plans. Additionally, our corporate campus is comprised of eight other leased buildings with six used primarily as office...

  • Page 28
    ... filing, led to four lawsuits against NVIDIA: two brought by 3dfx's former landlords, one by 3dfx's bankruptcy trustee and the fourth by a committee of 3dfx's equity security holders in the bankruptcy estate. As of the date of the filing of this Annual Report on Form 10-K, the two landlord cases...

  • Page 29
    ... the agreement on or after August 12, 2011 with thirty 30 days prior written notice to Rambus. On December 1, 2010, Rambus filed a new lawsuit against NVIDIA and several other companies alleging six claims for patent infringement. This lawsuit is pending in the Northern District of California and...

  • Page 30
    ... and Securities Cases Product Defect Litigation In September, October and November 2008, several putative consumer class action lawsuits were filed against us, asserting various claims arising from a weak die/packaging material set in certain versions of our previous generation products used in...

  • Page 31
    ... at any time that have a first filing date on or before March 31, 2017, to make, have made (subject to certain limitations), use, sell, offer to sell, import and otherwise dispose of certain semiconductor- and electronic-related products anywhere in the world. NVIDIA's rights to Intel's patents have...

  • Page 32
    ... 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...

  • Page 33
    ... to indicate future performance. NVIDIA Corporation S & P 500 S & P Semiconductors $ $ $ 1/29/2006 100.00 100.00 100.00 $ $ $ 1/28/2007 136.09 114.51 94.16 31 $ $ $ 1/27/2008 161.84 111.87 87.75 $ $ $ 1/25/2009 50.01 68.66 52.60 $ $ $ 1/31/2010 99.83 91.41 82.57 $ $ $ 1/30/2011 154.12...

  • Page 34
    ... the year ended January 30, 2011. The graph assumes that $100 was invested at our initial public offering on January 21, 1999 in our common stock or on December 31, 1998 in each of the S & P 500 Index and the S & P Semiconductors Index. Total return assumes reinvestment of dividends in each of the...

  • Page 35
    ... years 2011, 2010 and 2009, respectively, which reduced income from operations to cover anticipated customer warranty, repair, return, replacement and other costs arising from a weak die/packaging material set used in certain versions of our previous generation MCP and GPU products shipped after...

  • Page 36
    ... elsewhere in this Annual Report on Form 10-K, before deciding to purchase, hold or sell shares of our common stock. Overview Our Company NVIDIA Corporation invented the graphics processing unit, or GPU, in 1999. Since then, we have strived to set new standards in visual computing with interactive...

  • Page 37
    ... to make progress with key project wins not only in our core market segments, but also with traction in a number of new focus areas. Consumer Products Business During fiscal year 2011, we saw promising signs in our Tegra business, helped by adoption to the Android operating system. Tegra shipment...

  • Page 38
    .... The weak die/packaging material combination is not used in any of our products that are currently in production. In September, October and November 2008, several putative securities class action lawsuits were filed against us, asserting various claims related to the impacted MCP and GPU products...

  • Page 39
    ... designed to support our partners' activities while also promoting NVIDIA products. Depending on market conditions, we may take actions to increase amounts offered under customer programs, possibly resulting in an incremental reduction of revenue at the time such programs are offered. We also record...

  • Page 40
    ... and equity markets. There could be a number of follow-on effects from this type of credit crisis on our business, including inability of customers, including channel partners, to obtain credit to finance purchases of our products and/or customer, insolvencies and failure of financial institutions...

  • Page 41
    ... our financial results. During fiscal year 2011, we recorded an additional charge to cover the estimated remaining customer warranty, repair, return, replacement and other costs arising from a weak die/packaging material set in certain versions of our previous generation MCP and GPU products used in...

  • Page 42
    ...estimates of discounted cash flows involve businesses with limited financial history and developing revenue models, which increases the risk of differences between the projected and actual performance. The long-term financial forecasts that we utilize represent the best estimate that we have at this...

  • Page 43
    ... model to estimate the fair value of shares issued under our employee stock purchase plan during the fiscal year ended January 30, 2011, using the following assumptions: Weighted average expected life of stock options (in years) Risk free interest rate Volatility Dividend yield Litigation...

  • Page 44
    ... shift in the market demand towards notebook PCs from desktop PCs as reported in the December 2010 PC Graphics Report from Mercury Research. The growth in memory sales and high-end desktop GPU products was driven primarily by the launch of our new generation of GPUs with Fermi architecture. PSB. PSB...

  • Page 45
    ...assembly, testing and packaging, manufacturing support costs, including labor and overhead associated with such purchases, final test yield fallout, inventory and warranty provisions and shipping costs. Cost of revenue also includes development costs for license, service arrangements and stock-based...

  • Page 46
    ... of our high-end desktop GPU, notebook GPU and workstation products. Cost efficiencies and pricing decisions also helped margin improve in the current fiscal year. Additionally, fiscal year 2010 included $11.4 million charge related to the Company's tender offer to purchase certain stock options for...

  • Page 47
    ...our business as the economy recovers. Our expenses also increased by $15.0 million related to the settlement of the NVIDIA GPU Litigation case described in Note 13 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K. Fiscal Year 2010 vs. Fiscal Year 2009 Sales...

  • Page 48
    ... and Capital Resources January 30, 2011 Cash and cash equivalents Marketable securities Cash, cash equivalents, and marketable securities Year Ended January 30, January 31, January 25, 2011 2010 2009 (In millions) Net cash provided by operating activities $ 675.8 $ 487.8 $ 249.4 Net cash used in...

  • Page 49
    ... sales of marketable securities. Additionally, we used $97.9 million towards capital expenditures in fiscal year 2011. Capital expenditures included purchase of new research and development equipment, testing equipment to support our increased production requirements, technology licenses, software...

  • Page 50
    ... sales of marketable securities. Additionally, we used $77.6 million towards capital expenditures in fiscal year 2010. Capital expenditures included purchase of new research and development equipment, testing equipment to support our increased production requirements, technology licenses, software...

  • Page 51
    ... at any time that have a first filing date on or before March 31, 2017, to make, have made (subject to certain limitations), use, sell, offer to sell, import and otherwise dispose of certain semiconductor- and electronic-related products anywhere in the world. NVIDIA's rights to Intel's patents have...

  • Page 52
    ..., 2009 and was completed during the first quarter of fiscal year 2010. The tender offer applied to outstanding stock options held by employees with an exercise price equal to or greater than $17.50 per share. None of the non-employee members of our Board of Directors or our officers who file reports...

  • Page 53
    .... The weak die/packaging material combination is not used in any of our products that are currently in production. In September, October and November 2008, several putative securities class action lawsuits were filed against us, asserting various claims related to the impacted MCP and GPU products...

  • Page 54
    ...equity markets. There could be a number of follow-on effects from the credit crisis on our business, including insolvency of key suppliers resulting in product delays; inability of customers, including channel partners, to obtain credit to finance purchases of our products and/or customer, including...

  • Page 55
    ... affect, our internal control over financial reporting. Inherent Limitations on Effectiveness of Controls Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls, will prevent all error...

  • Page 56
    ... Statement, which information is hereby incorporated by reference. The full text of our "Code" and "Financial Team Code" are published on the Investor Relations portion of our web site, under Corporate Governance, at www.nvidia.com. The contents of our website are not a part of this Annual Report...

  • Page 57
    ... Persons", "Review of Transactions with Related Persons" and "Information about the Board of Directors and Corporate Governance - Independence of the Members of the Board of Directors" in our 2011 Proxy Statement. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES The information required by this item...

  • Page 58
    ... Page Consolidated Financial Statements Report of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP Consolidated Statements of Operations for the years ended January 30, 2011, January 31, 2010 and January 25, 2009 Consolidated Balance Sheets as of January 30, 2011 and January...

  • Page 59
    ...the financial statement schedule, and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform...

  • Page 60
    NVIDIA CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) January 30, January 31, 2011 2010 $ 3,543,309 $ 3,326,445 2,134,219 2,149,522 1,409,090 1,176,923 848,830 361,513 (57,000) 1,153,343 255,747 19,057 (3,127) (...

  • Page 61
    NVIDIA CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) January 30, 2011 January 31, 2010 ASSETS Current assets : Cash and cash equivalents Marketable securities Accounts receivable, less allowances of $15,839 and $16,330 in 2011 and 2010, ...

  • Page 62
    ... Loss Total Comprehensive Loss Issuance of common stock from stock plans Stock repurchase Tax benefit from stockbased compensation Stock-based compensation Tender offer Charges related to stock option purchase-tender offer Balances, January 31, 2010 Comprehensive Income (Loss): Unrealized loss, net...

  • Page 63
    See accompanying notes to the consolidated financial statements. 60

  • Page 64
    ... of marketable securities Purchases of property and equipment and intangible assets Acquisition of businesses, net of cash and cash equivalents Other Net cash used in investing activities Cash flows from financing activities: Payments related to stock option purchase Payments related to repurchases...

  • Page 65
    ... worldwide utilize our processors as a core component of their entertainment, business and professional solutions. We were incorporated in California in April 1993 and reincorporated in Delaware in April 1998. Our headquarter facilities are in Santa Clara, California. Our web address is www.nvidia...

  • Page 66
    ... designed to support our partners' activities while also promoting NVIDIA products. Depending on market conditions, we may take actions to increase amounts offered under customer programs, possibly resulting in an incremental reduction of revenue at the time such programs are offered. We also record...

  • Page 67
    ...the fair value of employee stock options on the date of grant using a binomial model and we use the closing trading price of our common stock on the date of grant as the fair value of awards of restricted stock units, or RSUs. We calculate the fair value of our employee stock purchase plan using the...

  • Page 68
    ... to utilize the with-and-without approach with respect to such excess tax benefits. We have also elected to ignore the indirect tax effects of stock-based compensation deductions for financial and accounting reporting purposes, and specifically to recognize the full effect of the research tax credit...

  • Page 69
    ... Securities Marketable securities consist primarily of highly liquid investments with maturities of greater than three months when purchased. We generally classify our marketable securities at the date of acquisition as available-for-sale. These securities are reported at fair value with the related...

  • Page 70
    ..., accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their relatively short maturities as of January 30, 2011 and January 31, 2010. Marketable securities are comprised of available-for-sale securities that are reported at fair value with the related...

  • Page 71
    ..., the existing fair value disclosures about the level of disaggregation. This new guidance is effective for interim and annual reporting periods beginning after December 15, 2009, except for the requirement to provide level 3 activity of purchases, sales, issuances, and settlements on a gross basis...

  • Page 72
    ...the fair value of employee stock options on the date of grant using a binomial model and we use the closing trading price of our common stock on the date of grant as the fair value of awards of restricted stock units, or RSUs. We calculate the fair value of our employee stock purchase plan using the...

  • Page 73
    ... value of stock options granted under our stock option plans and shares issued under our employee stock purchase plan have been estimated at the date of grant with the following assumptions: Year Ended January 30, January 31, January 25, 2009 2010 2011 Stock Options (Using a binomial model) Weighted...

  • Page 74
    ... and the purchase date of each offering period at 85% at the fair market value of the common stock on the relevant purchase date. During fiscal years 2011, 2010 and 2009, employees purchased approximately 6.7 million, 5.9 million, and 3.0 million shares, respectively, with weighted-average prices of...

  • Page 75
    ... Financial Statements for further discussion regarding the cash tender offer for certain employee stock options that our Board of Directors approved in February 2009. The total intrinsic value of options exercised was $139.1 million, $140.3 million and $84.9 million for fiscal years 2011, 2010...

  • Page 76
    ... at any time that have a first filing date on or before March 31, 2017, to make, have made (subject to certain limitations), use, sell, offer to sell, import and otherwise dispose of certain semiconductor- and electronic-related products anywhere in the world. NVIDIA's rights to Intel's patents have...

  • Page 77
    ... 25, 2009 relates to severance and benefits payments, which was paid by the third quarter of fiscal year 2010. Restructuring and other expenses for fiscal year 2009 also included a non-recurring charge of $18.9 million associated with the termination of a development contract related to a new campus...

  • Page 78
    ... income may fall short of expectations due to changes in interest rates or if the decline in fair value of our publicly traded debt or equity investments is judged to be other-than-temporary. We may suffer losses in principal if we are forced to sell securities that decline in market value due to...

  • Page 79
    NVIDIA CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) The following is a summary of cash equivalents and marketable securities at January 30, 2011 and January 31, 2010: January 30, 2011 Amortized Unrealized Unrealized Estimated Fair Value Loss Gain Cost (In ...

  • Page 80
    ...,237 330,674 Estimated Useful Life (Years) (A) 3-25 3 3-5 (B) 3 5 (C) (D) January 31, January 30, 2010 2011 (In thousands) Property and Equipment: Land Building Test equipment Software and licenses Leasehold improvements Computer equipment Office furniture and equipment Capital leases Construction...

  • Page 81
    ..., 2010 212,107 92,655 54,915 30,600 10,245 9,379 1,784 28,166 439,851 $ $ (1) Please refer to Note 1 of the Notes to these Consolidated Financial Statements for discussion regarding the nature of accrued customer programs and their accounting treatment related to our revenue recognition policies...

  • Page 82
    ... estimated remaining customer warranty, repair, return, replacement and other costs arising from a weak die/packaging material set in certain versions of our previous generation media and communications processor, or MCP, and graphics processing unit, or GPU, products used in notebook configurations...

  • Page 83
    ...196.0 million and $37.5 million for fiscal years 2011, 2010 and 2009, respectively, in payments related to the warranty accrual associated with incremental repair and replacement costs from a weak die/packaging material set. In connection with certain agreements that we have executed in the past, we...

  • Page 84
    ... 30, 2011, January 31, 2010 and January 25, 2009 was $40.7 million, $46.2 million and $43.0 million, respectively. Capital lease reflect building and office equipment lease obligations. The building lease relates to our data center in Santa Clara, California. Future minimum lease payments under the...

  • Page 85
    ... District of California. On April 13, 2009, the Court issued an order staying motion practice and allowing only certain document discovery to proceed. On February 11, 2011, the Court lifted the stay and ordered that discovery on other issues may now proceed. A case management conference is currently...

  • Page 86
    ... and Securities Cases Product Defect Litigation In September, October and November 2008, several putative consumer class action lawsuits were filed against us, asserting various claims arising from a weak die/packaging material set in certain versions of our previous generation products used in...

  • Page 87
    ... arising from a weak die/packaging material set in certain versions of our previous generation MCP and GPU products and that we were revising financial guidance for our second quarter of fiscal year 2009. The Actions purport to be brought on behalf of purchasers of NVIDIA stock and assert claims for...

  • Page 88
    ... at any time that have a first filing date on or before March 31, 2017, to make, have made (subject to certain limitations), use, sell, offer to sell, import and otherwise dispose of certain semiconductor- and electronic-related products anywhere in the world. NVIDIA's rights to Intel's patents have...

  • Page 89
    NVIDIA CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Note 14 - Income Taxes The income tax expense (benefit) applicable to income before income taxes consists of the following: Year Ended January 30, January 31, January 25, 2009 2010 2011 (In thousands) ...

  • Page 90
    .... The Company has a tax holiday in effect for its business operations in India which will terminate in March 2011. This tax holiday provides for a lower rate of taxation on certain classes of income based on various thresholds of investment and employment in such jurisdiction.For fiscal years 2009...

  • Page 91
    ... 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...

  • Page 92
    ... Notes to the Consolidated Financial Statements for further discussion regarding the patent cross license agreement with Intel. Non-recurring charges related to our cash tender offer to purchase certain employee stock options were $140.2 million for the year ended January 31, 2010. Please refer to...

  • Page 93
    ...January 30, 2011 Accounts Receivable: Customer A Customer B Note 18 - Fair Value of Cash Equivalents and Marketable Securities We measure our cash equivalents and marketable securities at fair value. The fair values of our financial assets and liabilities are determined using quoted market prices of...

  • Page 94
    ...STATEMENTS (Continued) Financial assets and liabilities measured at fair value are summarized below: Fair value measurement at reporting date using Quoted Prices in Active Markets for Identical Assets January 30, 2011 Debt securities issued by U.S. Government agencies (1) $ Corporate debt securities...

  • Page 95
    ... a weak die/packaging material set. Included $15.0 million charge related to a class action lawsuit settlement. Please refer to Note 13 of these Notes to Consolidated Financial Statements for details. Included $25.1 million benefit from an insurance provider as reimbursement for some claims against...

  • Page 96
    NVIDIA CORPORATION AND SUBSIDIARIES SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Description Year ended January 30, 2011 Allowance for doubtful accounts Sales return allowance Deferred tax valuation allowance Year ended January 31, 2010 Allowance for doubtful accounts Sales return allowance ...

  • Page 97
    ...2007 Equity Incentive Plan - Incentive Stock Option 2007 Equity Incentive Plan - Restricted Stock Unit Grant Notice and Restricted Stock Unit Purchase Agreement Fiscal Year 2011 Variable Compensation Plan Fiscal Year 2010 Variable Compensation Plan David L. White Offer Letter, dated January 28, 2009...

  • Page 98
    ...Interests III for Building D Fiscal Year 2011 Variable Compensation Plan (as amended September 7, 2010) Memory Controller Patent License Agreement Between Rambus Inc. and NVIDIA Corporation, dated August 12, 2010 Second Amendment to Lease, dated August 18, 2010 between NVIDIA Corporation and Sobrato...

  • Page 99
    94

  • Page 100
    ... Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) Director Director Director Director Director Director Director March 16, 2011 March 16, 2011 March 16, 2011 March 16, 2011 March 16, 2011 March 16, 2011 March 16, 2011 March 16, 2011 Title President...

  • Page 101
    ...2007 Equity Incentive Plan - Incentive Stock Option 2007 Equity Incentive Plan - Restricted Stock Unit Grant Notice and Restricted Stock Unit Purchase Agreement Fiscal Year 2011 Variable Compensation Plan Fiscal Year 2010 Variable Compensation Plan David L. White Offer Letter, dated January 28, 2009...

  • Page 102
    ...Interests III for Building D Fiscal Year 2011 Variable Compensation Plan (as amended September 7, 2010) Memory Controller Patent License Agreement Between Rambus Inc. and NVIDIA Corporation, dated August 12, 2010 Second Amendment to Lease, dated August 18, 2010 between NVIDIA Corporation and Sobrato...

  • Page 103
    96

  • Page 104

  • Page 105
    ... Images GmbH Mental Images, Inc. Mental Images Pty. Ltd. LPN Facilitator LLC Ageia Technologies, LLC Ageia Technologies Switzerland AG PhysX Technologies (Beijing) Co., Ltd. NVIDIA Singapore Development Pte Ltd VC Worldwide, Ltd. NVIDIA Land Development, LLC NVIDIA Semiconductor Technical Service...

  • Page 106

  • Page 107
    ...No. 333-54406) of NVIDIA Corporation of our report dated March 16, 2011 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K. /s/ PricewaterhouseCoopers LLP San Jose, California March 16...

  • Page 108

  • Page 109
    ... affect the registrant's ability to record, process, summarize and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 16, 2011...

  • Page 110

  • Page 111
    ... information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 16, 2011 /s/ DAVID L. WHITE David L. White Executive Vice President and Chief Financial Officer

  • Page 112

  • Page 113
    ... Code (18 U.S.C. § 1350), Jen-Hsun Huang, the President and Chief Executive Officer of NVIDIA Corporation (the "Company"), hereby certifies that, to the best of his knowledge: 1. The Company's Annual Report on Form 10-K for the year ended January 30, 2011, to which this Certification is attached as...

  • Page 114

  • Page 115
    ... § 1350), David L. White, the Executive Vice President and Chief Financial Officer of NVIDIA Corporation (the "Company"), hereby certifies that, to the best of his knowledge: 1. The Company's Annual Report on Form 10-K for the year ended January 30, 2011, to which this Certification is attached as...

  • Page 116