Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

NVIDIA Corp., balance sheet: goodwill and intangible assets

US$ in millions

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Goodwill	4,430)	4,372)	4,349)	4,193)	618)	618)
Acquisition-related intangible assets	2,642)	3,093)	3,418)	3,280)	195)	195)
Patents and licensed technology	449)	446)	717)	706)	520)	491)
Amortizable intangible assets, gross carrying amount	3,091)	3,539)	4,135)	3,986)	715)	686)
Accumulated amortization	(1,979)	(1,863)	(1,796)	(1,249)	(666)	(641)
Amortizable intangible assets, net carrying amount	1,112)	1,676)	2,339)	2,737)	49)	45)
Goodwill and amortizable intangible assets	5,542)	6,048)	6,688)	6,930)	667)	663)

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	NVIDIA Corp. goodwill increased from 2022 to 2023 and from 2023 to 2024.
Goodwill and amortizable intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	NVIDIA Corp. goodwill and amortizable intangible assets decreased from 2022 to 2023 and from 2023 to 2024.

NVIDIA Corp., adjustments to financial statements

US$ in millions

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Adjustment to Total Assets
Total assets (as reported)	65,728)	41,182)	44,187)	28,791)	17,315)	13,292)
Less: Goodwill	4,430)	4,372)	4,349)	4,193)	618)	618)
Total assets (adjusted)	61,298)	36,810)	39,838)	24,598)	16,697)	12,674)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	42,978)	22,101)	26,612)	16,893)	12,204)	9,342)
Less: Goodwill	4,430)	4,372)	4,349)	4,193)	618)	618)
Shareholders’ equity (adjusted)	38,548)	17,729)	22,263)	12,700)	11,586)	8,724)

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

NVIDIA Corp., Financial Data: Reported vs. Adjusted

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NVIDIA Corp., adjusted financial ratios

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
Total Asset Turnover
Reported total asset turnover	0.93	0.65	0.61	0.58	0.63	0.88
Adjusted total asset turnover	0.99	0.73	0.68	0.68	0.65	0.92
Financial Leverage
Reported financial leverage	1.53	1.86	1.66	1.70	1.42	1.42
Adjusted financial leverage	1.59	2.08	1.79	1.94	1.44	1.45
Return on Equity (ROE)
Reported ROE	69.24%	19.76%	36.65%	25.64%	22.91%	44.33%
Adjusted ROE	77.20%	24.64%	43.80%	34.11%	24.13%	47.47%
Return on Assets (ROA)
Reported ROA	45.28%	10.61%	22.07%	15.05%	16.15%	31.15%
Adjusted ROA	48.55%	11.87%	24.48%	17.61%	16.75%	32.67%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	NVIDIA Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	NVIDIA Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	NVIDIA Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	NVIDIA Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

NVIDIA Corp., Financial Ratios: Reported vs. Adjusted

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	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenue	60,922)	26,974)	26,914)	16,675)	10,918)	11,716)
Total assets	65,728)	41,182)	44,187)	28,791)	17,315)	13,292)
Activity Ratio
Total asset turnover¹	0.93	0.65	0.61	0.58	0.63	0.88
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenue	60,922)	26,974)	26,914)	16,675)	10,918)	11,716)
Adjusted total assets	61,298)	36,810)	39,838)	24,598)	16,697)	12,674)
Activity Ratio
Adjusted total asset turnover²	0.99	0.73	0.68	0.68	0.65	0.92

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

2024 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 60,922 ÷ 65,728 = 0.93

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 60,922 ÷ 61,298 = 0.99

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	NVIDIA Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	65,728)	41,182)	44,187)	28,791)	17,315)	13,292)
Shareholders’ equity	42,978)	22,101)	26,612)	16,893)	12,204)	9,342)
Solvency Ratio
Financial leverage¹	1.53	1.86	1.66	1.70	1.42	1.42
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	61,298)	36,810)	39,838)	24,598)	16,697)	12,674)
Adjusted shareholders’ equity	38,548)	17,729)	22,263)	12,700)	11,586)	8,724)
Solvency Ratio
Adjusted financial leverage²	1.59	2.08	1.79	1.94	1.44	1.45

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

2024 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 65,728 ÷ 42,978 = 1.53

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 61,298 ÷ 38,548 = 1.59

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	NVIDIA Corp. adjusted financial leverage ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	29,760)	4,368)	9,752)	4,332)	2,796)	4,141)
Shareholders’ equity	42,978)	22,101)	26,612)	16,893)	12,204)	9,342)
Profitability Ratio
ROE¹	69.24%	19.76%	36.65%	25.64%	22.91%	44.33%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income	29,760)	4,368)	9,752)	4,332)	2,796)	4,141)
Adjusted shareholders’ equity	38,548)	17,729)	22,263)	12,700)	11,586)	8,724)
Profitability Ratio
Adjusted ROE²	77.20%	24.64%	43.80%	34.11%	24.13%	47.47%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

2024 Calculations

¹ ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 29,760 ÷ 42,978 = 69.24%

² Adjusted ROE = 100 × Net income ÷ Adjusted shareholders’ equity
= 100 × 29,760 ÷ 38,548 = 77.20%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	NVIDIA Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Jan 26, 2020	Jan 27, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	29,760)	4,368)	9,752)	4,332)	2,796)	4,141)
Total assets	65,728)	41,182)	44,187)	28,791)	17,315)	13,292)
Profitability Ratio
ROA¹	45.28%	10.61%	22.07%	15.05%	16.15%	31.15%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income	29,760)	4,368)	9,752)	4,332)	2,796)	4,141)
Adjusted total assets	61,298)	36,810)	39,838)	24,598)	16,697)	12,674)
Profitability Ratio
Adjusted ROA²	48.55%	11.87%	24.48%	17.61%	16.75%	32.67%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-26), 10-K (reporting date: 2019-01-27).

2024 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 29,760 ÷ 65,728 = 45.28%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 29,760 ÷ 61,298 = 48.55%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	NVIDIA Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

NVIDIA Corp. (NASDAQ:NVDA)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

NVIDIA Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

NVIDIA Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)