We refer to customers who purchase products directly from NVIDIA as direct customers, such as add-in board manufacturers, distributors, original device manufacturers, or ODMs, original equipment manufacturers, or OEMs, and system integrators. Four direct customers accounted for 18%, 13%, 11% and 11% of our accounts receivable balance as of October 27, 2024. Two direct customers accounted for 24% and 11% of our accounts receivable balance as of January 28, 2024.


	Oct 27, 2024		Jan 28, 2024

Inventories:	(In millions)
Raw materials	$	1,846	$	1,719
Work in process	2,881		1,505
Finished goods	2,927		2,058
Total inventories (1)	$	7,654	$	5,282

(1) We recorded an inventory provision of $322 million and $208 million for the third quarter, and $876 million and $657 million for the first nine months, of fiscal years 2025 and 2024, respectively, in cost of revenue.


	Oct 27, 2024		Jan 28, 2024

Other Assets (Long Term):	(In millions)
Investments in non-affiliated entities	$	2,237	$	1,546
Prepaid supply and capacity agreements (1)	2,041		2,458
Income tax receivable	568		—
Prepaid royalties	346		364


Other	245		132
Total other assets	$	5,437	$	4,500

(1) Prepaid supply and capacity agreements of $3.2 billion and $2.5 billion were included in Prepaid expenses and other current assets as of October 27, 2024 and January 28, 2024, respectively.


	Oct 27, 2024		Jan 28, 2024

Accrued and Other Current Liabilities:	(In millions)
Customer program accruals	$	4,740	$	2,081
Excess inventory purchase obligations (1)	1,728		1,655
Taxes payable	1,356		296
Product warranty and return provisions	1,107		415
Deferred revenue (2)	752		764
Accrued payroll and related expenses	677		675
Operating leases	273		228
Unsettled share repurchases	180		187
Licenses and royalties	148		182










Other	165		199
Total accrued and other current liabilities	$	11,126	$	6,682

(1) We recorded $543 million and $473 million for the third quarter, and $1.3 billion and $734 million for the first nine months, of fiscal years 2025 and 2024, respectively, in cost of revenue.

(2) Includes customer advances and unearned revenue related to hardware support, software support, cloud services, and license and development arrangements. The balance as of October 27, 2024 and January 28, 2024 included $101 million and $233 million of customer advances, respectively.


	Oct 27, 2024		Jan 28, 2024

Other Long-Term Liabilities:	(In millions)
Income tax payable (1)	$	1,945	$	1,361
Deferred revenue (2)	833		573
Deferred income tax	790		462



Other	115		145
Total other long-term liabilities	$	3,683	$	2,541

(1) Income tax payable is comprised of the long-term portion of the one-time transition tax payable, unrecognized tax benefits, and related interest and penalties.

The following table shows the changes in short- and long-term deferred revenue during the first nine months of fiscal years 2025 and 2024:


	Nine Months Ended
	Oct 27, 2024		Oct 29, 2023

	(In millions)
Balance at beginning of period	$	1,337	$	572
Deferred revenue additions	2,115		1,269
Revenue recognized	(1,867)		(903)
Balance at end of period	$	1,585	$	938

We recognized revenue of $585 million and $256 million in the first nine months of fiscal years 2025 and 2024, respectively, that were included in the prior year end deferred revenue balances.

As of October 27, 2024, revenue related to remaining performance obligations from contracts greater than one year in length was $1.6 billion, which includes $1.4 billion from deferred revenue and $187 million which has not yet been billed nor recognized as revenue. Approximately 37% of revenue from contracts greater than one year in length will be recognized over the next twelve months.