NVIDIA Corporation Announces $1 Billion Stock Repurchase Program
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FOR IMMEDIATE RELEASE:
SANTA CLARA, CA—MAY 21, 2007—NVIDIA Corporation (Nasdaq: NVDA), today announced a stock repurchase program under which NVIDIA may purchase up to $1 billion of its common stock. Since authorizing its first stock repurchase program in August 2004, NVIDIA has spent $613.1 million to repurchase 31.4 million shares of its common stock.
The repurchases will be made in the open market, in privately negotiated transactions, or in structured share repurchase programs, and may be made from time to time or in one or more larger repurchases. The program will be conducted in compliance with the SEC's Rule 10b-18 and applicable legal requirements and shall be subject to market conditions and other factors.
The program does not obligate NVIDIA to acquire any particular amount of common stock and the program may be modified or suspended at any time at the Company's discretion. The purchases will be funded from available working capital. As of April 29, 2007 NVIDIA had over $1.3 billion of cash, cash equivalents, and marketable securities.
Certain statements in this press release including, but not limited to, any statements relating to: the timing and extent of any stock repurchases; investments of available funds; and expectations of long-term growth, are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: fluctuations in the overall stock market and the price of NVIDIA stock, the level of employee option grants and exercises and resulting dilution there from; slower than expected growth of a target market; loss of an opportunity; delays in the launch of new products or technologies; manufacturing or software defects; our reliance on third-party manufacturers; development of faster or more efficient GPUs; the impact of technological development and competition; general industry trends; changes in industry standards and interfaces as well as other factors detailed from time to time in the reports NVIDIA files with the Securities and Exchange Commission including its Form 10-K for the fiscal year ended January 28, 2007. Copies of reports filed with the SEC are posted on our Web site and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
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