NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter
ended April 26, 2020, of $3.08 billion, up 39 percent from $2.22
billion a year earlier, and down 1 percent from $3.11 billion in
the previous quarter.
GAAP earnings per diluted share for the quarter were $1.47, up
130 percent from $0.64 a year ago, and down 4 percent from $1.53 in
the previous quarter. Non-GAAP earnings per diluted share were
$1.80, up 105 percent from $0.88 a year earlier, and down 5 percent
from $1.89 in the previous quarter.
NVIDIA completed its acquisition of Mellanox Technologies Ltd.
on April 27, 2020, for a transaction value of $7 billion. It also
transitioned its GPU Technology Conference to an all-digital
format, drawing more than 55,000 registered participants, while
NVIDIA founder and CEO Jensen Huang’s keynote videos were viewed
3.8 million times in their first three days.
“As the world battles COVID-19, we salute the first responders,
healthcare workers, and service workers who courageously step in
harm’s way to save lives and keep the world going,” Huang
said. “We also thank the scientists around the world racing to
find a vaccine for COVID-19.
“NVIDIA had an excellent quarter. The acquisition of
Mellanox expands our cloud and data center opportunity. We
raised the bar for AI computing with the launch and shipment of our
Ampere GPU. And our digital GTC conference attracted a record
number of developers, highlighting the accelerating adoption of
NVIDIA GPU computing.
“Our Data Center business achieved a record and its first $1
billion quarter. NVIDIA is well positioned to advance the most
powerful technology forces of our time – cloud computing and AI,”
he said.
In the first quarter of fiscal 2021, NVIDIA paid dividends of
$98 million. Due to current market uncertainties, NVIDIA is
evaluating the timing of resuming share repurchases and will remain
nimble based on market conditions. NVIDIA is currently authorized
to repurchase up to $7.24 billion in shares through December 2022.
It remains committed to paying its quarterly dividend.
Q1 Fiscal 2021 Summary
GAAP |
($ in millions, except earnings per share) |
Q1 FY21 |
Q4 FY20 |
Q1 FY20 |
Q/Q |
Y/Y |
Revenue |
$3,080 |
|
$3,105 |
|
$2,220 |
|
Down 1% |
Up 39% |
Gross margin |
|
65.1% |
|
|
64.9% |
|
|
58.4% |
|
Up 20 bps |
Up 670 bps |
Operating expenses |
$1,028 |
|
$1,025 |
|
$938 |
|
-- |
Up 10% |
Operating income |
$976 |
|
$990 |
|
$358 |
|
Down 1% |
Up 173% |
Net income |
$917 |
|
$950 |
|
$394 |
|
Down 3% |
Up 133% |
Diluted earnings per share |
$1.47 |
|
$1.53 |
|
$0.64 |
|
Down 4% |
Up 130% |
Non-GAAP |
($ in millions, except earnings per share) |
Q1 FY21 |
Q4 FY20 |
Q1 FY20 |
Q/Q |
Y/Y |
Revenue |
$3,080 |
|
$3,105 |
|
$2,220 |
|
Down 1% |
Up 39% |
Gross margin |
|
65.8% |
|
|
65.4% |
|
|
59.0% |
|
Up 40 bps |
Up 680 bps |
Operating expenses |
$821 |
|
$810 |
|
$753 |
|
Up 1% |
Up 9% |
Operating income |
$1,205 |
|
$1,220 |
|
$557 |
|
Down 1% |
Up 116% |
Net income |
$1,120 |
|
$1,172 |
|
$543 |
|
Down 4% |
Up 106% |
Diluted earnings per share |
$1.80 |
|
$1.89 |
|
$0.88 |
|
Down 5% |
Up 105% |
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA’s outlook for the second quarter of fiscal 2021 includes
the impact from the acquisition of Mellanox, which closed on the
first day of the second quarter. The combined second quarter
outlook is as follows:
- Revenue is expected to be $3.65 billion, plus or minus 2
percent. Mellanox is expected to contribute a low-teens percentage
of combined second quarter revenue.
- GAAP and non-GAAP gross margins are expected to be 58.6 percent
and 66.0 percent, respectively, plus or minus 50 basis points. The
sequential decline in GAAP gross margins primarily reflects an
increase in acquisition-related costs, most of which are
non-recurring in nature.
- GAAP and non-GAAP operating expenses are expected to be
approximately $1.52 billion and $1.04 billion, respectively. The
sequential change in GAAP operating expenses reflects an increase
in stock-based compensation and acquisition-related costs. GAAP and
non-GAAP operating expenses for the full year, which will include
Mellanox starting with the second quarter, are expected at
approximately $5.7 billion and $4.1 billion, respectively.
- GAAP and non-GAAP other income and expense are expected to be
an expense of approximately $50 million and $45 million,
respectively.
- GAAP and non-GAAP tax rates are both expected to be 9 percent,
plus or minus 1 percent, excluding any discrete items. GAAP
discrete items include excess tax benefits or deficiencies related
to stock-based compensation, which are expected to generate
variability on a quarter by quarter basis.
Highlights
Since its previous earnings report, NVIDIA has achieved progress
in these areas:
Gaming
- First-quarter revenue was $1.34 billion, down 10 percent
sequentially and up 27 percent from a year earlier.
- Launched Minecraft with RTX as an open beta on Windows 10,
bringing real-time ray tracing, more realistic materials and DLSS
2.0 to the world’s best-selling videogame.
- Announced the release of more than 100 new laptop models
powered by NVIDIA GeForce® GPUs, bringing the RTX 2080 SUPER™ and
RTX 2070 SUPER high-end GPUs to laptops for the first time, and
enabling RTX 2060 laptop price points as low as $999 for a mass
market audience.
- Expanded the RTX Studio lineup with 10 new laptops from Acer,
Gigabyte, MSI and Razer, powered by new GeForce RTX SUPER
GPUs.
- Released DLSS 2.0, the second generation of its deep learning
neural network, which allows gamers on RTX GPUs to boost frame
rates as much as two times and increase image resolution for
supported games.
- Expanded NVIDIA GeForce NOW™, which provides access to 650
games, with 1,500 more waiting to get on board, and has added 2
million users since going live in February.
Data Center
- First-quarter revenue was $1.14 billion, up 18 percent
sequentially and up 80 percent from a year earlier.
- Introduced the NVIDIA A100™ data center GPU, the first based on
the new NVIDIA Ampere architecture, now in full production and
shipping worldwide.
- Launched the NVIDIA DGX A100™ – a 5-petaflops AI system
that delivers elastic, software-defined data center infrastructure
for the most demanding workloads – with the first system being used
by Argonne National Laboratory on COVID-19 research.
- Introduced two products for the NVIDIA EGX™ Edge AI platform —
the EGX A100 for larger commercial off-the-shelf servers –
combining the latest A100 GPU and Mellanox SmartNIC technology —
and the EGX Jetson Xavier NX for micro-edge servers.
- Released NVIDIA Jarvis™, an application framework enabling
companies to offer real-time language-based AI services customized
for their own industry, products and customers.
- Collaborated with the open-source community to bring end-to-end
GPU acceleration to Apache Spark 3.0, the world’s largest data
analytics platform used by more than 500,000 data scientists.
- Announced NVIDIA Merlin™, an application framework that
democratizes AI-based deep recommender systems.
- Launched the Mellanox ConnectX-6® Lx SmartNIC – a highly
secure, efficient 25/50 gigabit per second Ethernet smart network
interface controller.
Professional Visualization
- First-quarter revenue was $307 million, down 7 percent
sequentially and up 15 percent from a year earlier.
- Powered Autodesk’s latest 3D visualization software, VRED 2021,
with NVIDIA Quadro RTX — giving designers the ability to create
with interactive ray tracing and AI-powered denoising.
- Accelerated Altair’s AccuSolve and TheaRender engineering
software with NVIDIA CUDA to speed the creation of high-quality
simulations.
- Brought Quadro professional graphics to HP’s ZBook Create and
ZBook Studio mobile workstation lineup, offering outstanding
performance, mobility and reliability to creatives.
Automotive
- First-quarter revenue was $155 million, down 5 percent
sequentially and down 7 percent from a year earlier.
- Announced that the Xpeng P7 all-electric sports sedan, with
production deliveries beginning next month, uses the NVIDIA DRIVE
AGX platform and DRIVE OS software to deliver level 3 automated
driving.
COVID-19 Efforts
- NVIDIA and its employees have committed to donate more than $10
million to those affected during this period.
- Accelerated promotions and raises for employees by several
months.
- Released AI models in collaboration with the National
Institutes of Health to help researchers detect COVID-19 in lung
scans.
- Joined the White House’s COVID-19 High Performance Computing
Consortium, alongside leaders from the U.S. government, industry
and academia, to accelerate COVID-related research.
- Provided a free 90-day license to NVIDIA Parabricks™, a
genomics software stack that uses GPUs to accelerate the analysis
of gene-sequencing data, to researchers working on COVID-related
topics.
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive
vice president and chief financial officer, as well as a
presentation of first-quarter earnings, are available at
http://investor.nvidia.com/.
Conference Call and Webcast
Information
NVIDIA will conduct a conference call with analysts and
investors to discuss its first quarter fiscal 2021 financial
results and current financial prospects today at 2:30 p.m. Pacific
time (5:30 p.m. Eastern time). A live webcast (listen-only mode) of
the conference call will be accessible at NVIDIA’s investor
relations website, http://investor.nvidia.com. The webcast will be
recorded and available for replay until NVIDIA’s conference call to
discuss its financial results for its second quarter of fiscal
2021.
Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial
statements presented in accordance with GAAP, the company uses
non-GAAP measures of certain components of financial performance.
These non-GAAP measures include non-GAAP gross profit, non-GAAP
gross margin, non-GAAP operating expenses, non-GAAP income from
operations, non-GAAP other income net, non-GAAP other expense net,
non-GAAP income tax expense, non-GAAP net income, non-GAAP net
income, or earnings, per diluted share, and free cash flow. In
order for NVIDIA’s investors to be better able to compare its
current results with those of previous periods, the company has
shown a reconciliation of GAAP to non-GAAP financial measures.
These reconciliations adjust the related GAAP financial measures to
exclude stock-based compensation expense, acquisition-related and
other costs, legal settlement costs, losses from non-affiliated
investments, interest expense related to amortization of debt
discount, and the associated tax impact of these items, where
applicable. Free cash flow is calculated as GAAP net cash provided
by operating activities less purchase of property and equipment and
intangible assets. NVIDIA believes the presentation of its non-GAAP
financial measures enhances the user’s overall understanding of the
company’s historical financial performance. The presentation of the
company’s non-GAAP financial measures is not meant to be considered
in isolation or as a substitute for the company’s financial results
prepared in accordance with GAAP, and the company’s non-GAAP
measures may be different from non-GAAP measures used by other
companies.
About NVIDIA
NVIDIA’s (NASDAQ: NVDA) invention of the GPU in 1999 sparked the
growth of the PC gaming market, redefined modern computer graphics
and revolutionized parallel computing. More recently, GPU deep
learning ignited modern AI ― the next era of computing ― with the
GPU acting as the brain of computers, robots and self-driving cars
that can perceive and understand the world. More information at
http://nvidianews.nvidia.com/.
For further information, contact:
Simona
Jankowski |
|
Robert
Sherbin |
Investor Relations |
|
Corporate Communications |
NVIDIA Corporation |
|
NVIDIA Corporation |
sjankowski@nvidia.com |
|
rsherbin@nvidia.com |
Certain statements in this press release including, but not
limited to, statements as to: saluting first responders, healthcare
workers and service workers and thanking scientists; Mellanox
expanding our cloud and data center opportunities; raising the bar
for AI computing with Ampere; digital GTC attracting record
attendance and highlighting the accelerating adoption of NVIDIA GPU
computing; NVIDIA’s position to advance cloud computing and AI;
NVIDIA’s capital return program and evaluating the timing of share
repurchases; the impact of COVID-19; NVIDIA’s next quarterly cash
dividend; NVIDIA’s financial outlook for the second quarter of
fiscal 2021, including the impact of the Mellanox acquisition;
NVIDIA’s expected tax rates for the second quarter of fiscal 2021;
NVIDIA’s expectation to generate variability from excess tax
benefits or deficiencies; our operating expenses for the full year;
Mellanox’s expected contribution to our revenue; NVIDIA projects
being used for COVID-19 research; NVIDIA Merlin democratizing
AI-based deep recommender systems; and the benefits, abilities and
impact of: the RTX Studio lineup and GeForce RTX SUPER GPUs; NVIDIA
A100, NVIDIA DGX A100, EGX A100, EGX Jetson Xavier NX, NVIDIA
Jarvis, NVIDIA CUDA, Quadro, NVIDIA Parabricks, collaborating with
the open-source community for Apache Spark 3.0, Mellanox ConnectX-6
SmartNIC, NVIDIA Merlin, DLSS 2.0 and what it allows, launching
Minecraft with RTX, NVIDIA GeForce NOW and Xpeng P7 using NVIDIA
DRIVE AGX Xavier AI compute platform and when deliveries will
begin; the number of games waiting to get on NVIDIA GeForceNOW; the
COVID-19 High Performance Computing Consortium and accelerating
COVID-related research; NVIDIA Jarvis enabling companies to offer
real-time language-based customized AI-services; global OEMs
releasing new laptops, bringing RTX 2080 SUPER and RTX 2070 SUPER
GPUs to laptops for the first time and enabling RTX 2060 laptops at
low price points; and VRED 2021 giving designers the ability to
create with ray tracing and AI-powered denoising 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: global economic conditions;
our reliance on third parties to manufacture, assemble, package and
test our products; the impact of technological development and
competition; development of new products and technologies or
enhancements to our existing product and technologies; market
acceptance of our products or our partners’ products; design,
manufacturing or software defects; changes in consumer preferences
or demands; changes in industry standards and interfaces;
unexpected loss of performance of our products or technologies when
integrated into systems; as well as other factors detailed from
time to time in the most recent reports NVIDIA files with the
Securities and Exchange Commission, or SEC, including, but not
limited to, its annual report on Form 10-K and quarterly reports on
Form 10-Q. Copies of reports filed with the SEC are posted on the
company’s website 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.
© 2020 NVIDIA Corporation. All rights reserved.
NVIDIA, the NVIDIA logo, GeForce, Quadro DGX A100, DRIVE AGX
Xavier, EGX A100, GeForce NOW, GeForce RTX SUPER, Mellanox
ConnectX-6, Mellanox SmartNIC, NVIDIA A100, NVIDIA AGX, NVIDIA
CUDA, NVIDIA DGX A100, NVIDIA DRIVE AGX Xavier, NVIDIA EGX Edge AI,
NVIDIA EGX Jetson Xavier, NVIDIA Jarvis, NVIDIA Merlin, NVIDIA
Parabricks, and NVIDIA RTX are trademarks and/or registered
trademarks of NVIDIA Corporation in the U.S. and/or other
countries. Other company and product names may be trademarks of the
respective companies with which they are associated. Features,
pricing, availability, and specifications are subject to change
without notice.
|
NVIDIA
CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(In millions, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
April
26, |
|
April
28, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
Revenue |
$ |
3,080 |
|
|
$ |
2,220 |
|
Cost of revenue |
|
1,076 |
|
|
|
924 |
|
Gross profit |
|
2,004 |
|
|
|
1,296 |
|
Operating expenses |
|
|
|
|
Research and development |
|
735 |
|
|
|
674 |
|
|
Sales, general and administrative |
|
293 |
|
|
|
264 |
|
|
|
Total
operating expenses |
|
1,028 |
|
|
|
938 |
|
Income from operations |
|
976 |
|
|
|
358 |
|
|
Interest income |
|
31 |
|
|
|
44 |
|
|
Interest expense |
|
(25 |
) |
|
|
(13 |
) |
|
Other, net |
|
(1 |
) |
|
|
- |
|
|
|
Other
income, net |
|
5 |
|
|
|
31 |
|
Income before income tax |
|
981 |
|
|
|
389 |
|
Income tax expense (benefit) |
|
64 |
|
|
|
(5 |
) |
Net income |
$ |
917 |
|
|
$ |
394 |
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
$ |
1.49 |
|
|
$ |
0.65 |
|
|
Diluted |
$ |
1.47 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
Weighted average shares used in per share computation: |
|
|
|
Basic |
|
614 |
|
|
|
607 |
|
|
Diluted |
|
622 |
|
|
|
616 |
|
|
NVIDIA
CORPORATION |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April
26, |
|
January
26, |
|
|
|
|
2020 |
|
|
|
2020 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash, cash equivalents and marketable securities |
$ |
16,354 |
|
|
$ |
10,897 |
|
|
Accounts receivable, net |
|
1,907 |
|
|
|
1,657 |
|
|
Inventories |
|
1,128 |
|
|
|
979 |
|
|
Prepaid expenses and other current assets |
|
195 |
|
|
|
157 |
|
|
|
Total
current assets |
|
19,584 |
|
|
|
13,690 |
|
|
|
|
|
|
|
Property and equipment, net |
|
1,715 |
|
|
|
1,674 |
|
Operating lease assets |
|
595 |
|
|
|
618 |
|
Goodwill |
|
628 |
|
|
|
618 |
|
Intangible assets, net |
|
80 |
|
|
|
49 |
|
Deferred income tax assets |
|
533 |
|
|
|
548 |
|
Other assets |
|
119 |
|
|
|
118 |
|
|
|
Total
assets |
$ |
23,254 |
|
|
$ |
17,315 |
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
761 |
|
|
$ |
687 |
|
|
Accrued and other current liabilities |
|
1,142 |
|
|
|
1,097 |
|
|
|
Total
current liabilities |
|
1,903 |
|
|
|
1,784 |
|
|
|
|
|
|
|
Long-term debt |
|
6,959 |
|
|
|
1,991 |
|
Long-term operating lease liabilities |
|
519 |
|
|
|
561 |
|
Other long-term liabilities |
|
774 |
|
|
|
775 |
|
|
|
Total
liabilities |
|
10,155 |
|
|
|
5,111 |
|
|
|
|
|
|
|
Shareholders' equity |
|
13,099 |
|
|
|
12,204 |
|
|
|
Total
liabilities and shareholders' equity |
$ |
23,254 |
|
|
$ |
17,315 |
|
|
NVIDIA
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
April
26, |
|
April
28, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
Net income |
$ |
917 |
|
|
$ |
394 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Stock-based compensation expense |
|
224 |
|
|
|
178 |
|
|
Depreciation and amortization |
|
107 |
|
|
|
91 |
|
|
Deferred income taxes |
|
16 |
|
|
|
(42 |
) |
|
Other |
|
4 |
|
|
|
(2 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
(249 |
) |
|
|
182 |
|
|
Inventories |
|
(151 |
) |
|
|
153 |
|
|
Prepaid expenses and other assets |
|
(8 |
) |
|
|
5 |
|
|
Accounts payable |
|
71 |
|
|
|
(123 |
) |
|
Accrued and other current liabilities |
|
(32 |
) |
|
|
(129 |
) |
|
Other long-term liabilities |
|
10 |
|
|
|
13 |
|
Net cash provided by operating activities |
|
909 |
|
|
|
720 |
|
Cash flows from investing activities: |
|
|
|
|
Proceeds from sales of marketable securities |
|
1 |
|
|
|
26 |
|
|
Proceeds from maturities of marketable securities |
|
- |
|
|
|
2,219 |
|
|
Purchases of marketable securities |
|
(861 |
) |
|
|
(622 |
) |
|
Purchases of property and equipment and intangible assets |
|
(155 |
) |
|
|
(128 |
) |
|
Acquisition of business, net of cash acquired |
|
(34 |
) |
|
|
- |
|
|
Investments and other, net |
|
(6 |
) |
|
|
- |
|
Net cash provided by (used in) investing activities |
|
(1,055 |
) |
|
|
1,495 |
|
Cash flows from financing activities: |
|
|
|
|
Issuance of debt, net of issuance costs |
|
4,979 |
|
|
|
- |
|
|
Proceeds related to employee stock plans |
|
88 |
|
|
|
83 |
|
|
Payments related to tax on restricted stock units |
|
(222 |
) |
|
|
(211 |
) |
|
Dividends paid |
|
(98 |
) |
|
|
(97 |
) |
|
Other |
|
(3 |
) |
|
|
- |
|
Net cash provided by (used in) financing activities |
|
4,744 |
|
|
|
(225 |
) |
Change in cash and cash equivalents |
|
4,598 |
|
|
|
1,990 |
|
Cash and cash equivalents at beginning of period |
|
10,896 |
|
|
|
782 |
|
Cash and cash equivalents at end of period |
$ |
15,494 |
|
|
$ |
2,772 |
|
|
NVIDIA
CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
(In millions, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
April
26, |
|
January
26, |
April
28, |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
2,004 |
|
|
$ |
2,015 |
|
|
$ |
1,296 |
|
GAAP gross margin |
|
65.1% |
|
|
|
64.9% |
|
|
|
58.4% |
|
|
Stock-based
compensation expense (A) |
|
21 |
|
|
|
12 |
|
|
|
4 |
|
|
Acquisition-related and other costs |
|
1 |
|
|
|
- |
|
|
|
- |
|
|
Legal
settlement costs |
|
- |
|
|
|
3 |
|
|
|
10 |
|
Non-GAAP gross profit |
$ |
2,026 |
|
|
$ |
2,030 |
|
|
$ |
1,310 |
|
Non-GAAP gross margin |
|
65.8% |
|
|
|
65.4% |
|
|
|
59.0% |
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
1,028 |
|
|
$ |
1,025 |
|
|
$ |
938 |
|
|
Stock-based
compensation expense (A) |
|
(203 |
) |
|
|
(208 |
) |
|
|
(174 |
) |
|
Acquisition-related and other costs |
|
(4 |
) |
|
|
(7 |
) |
|
|
(10 |
) |
|
Legal
settlement costs |
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Non-GAAP operating expenses |
$ |
821 |
|
|
$ |
810 |
|
|
$ |
753 |
|
|
|
|
|
|
|
|
GAAP income from operations |
$ |
976 |
|
|
$ |
990 |
|
|
$ |
358 |
|
|
Total impact
of non-GAAP adjustments to income from operations |
|
229 |
|
|
|
230 |
|
|
|
199 |
|
Non-GAAP income from operations |
$ |
1,205 |
|
|
$ |
1,220 |
|
|
$ |
557 |
|
|
|
|
|
|
|
|
GAAP other income, net |
$ |
5 |
|
|
$ |
26 |
|
|
$ |
31 |
|
|
Losses from
non-affiliated investments |
|
3 |
|
|
|
- |
|
|
|
- |
|
|
Interest
expense related to amortization of debt discount |
|
1 |
|
|
|
- |
|
|
|
- |
|
Non-GAAP other income, net |
$ |
9 |
|
|
$ |
26 |
|
|
$ |
31 |
|
|
|
|
|
|
|
|
GAAP net income |
$ |
917 |
|
|
$ |
950 |
|
|
$ |
394 |
|
|
Total
pre-tax impact of non-GAAP adjustments |
|
232 |
|
|
|
230 |
|
|
|
199 |
|
|
Income tax
impact of non-GAAP adjustments (B) |
|
(29 |
) |
|
|
(8 |
) |
|
|
(50 |
) |
Non-GAAP net income |
$ |
1,120 |
|
|
$ |
1,172 |
|
|
$ |
543 |
|
|
|
|
|
|
|
|
Diluted net income per share |
|
|
|
|
|
|
GAAP |
$ |
1.47 |
|
|
$ |
1.53 |
|
|
$ |
0.64 |
|
|
Non-GAAP |
$ |
1.80 |
|
|
$ |
1.89 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in diluted net income per share
computation |
|
622 |
|
|
|
621 |
|
|
|
616 |
|
|
|
|
|
|
|
|
GAAP net cash provided by operating activities |
$ |
909 |
|
|
$ |
1,465 |
|
|
$ |
720 |
|
|
Purchase of
property and equipment and intangible assets |
|
(155 |
) |
|
|
(144 |
) |
|
|
(128 |
) |
Free cash flow |
$ |
754 |
|
|
$ |
1,321 |
|
|
$ |
592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Stock-based compensation consists of the following: |
Three Months Ended |
|
|
April
26, |
|
January
26, |
April 28, |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Cost of revenue |
$ |
21 |
|
|
$ |
12 |
|
|
$ |
4 |
|
|
Research and development |
$ |
134 |
|
|
$ |
140 |
|
|
$ |
114 |
|
|
Sales, general and administrative |
$ |
69 |
|
|
$ |
68 |
|
|
$ |
60 |
|
(B) Income tax impact of non-GAAP adjustments, including the
recognition of excess tax benefits or deficiencies related to
stock-based compensation under GAAP accounting standard (ASU
2016-09). |
NVIDIA
CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK |
|
|
|
|
|
Q2 FY2021 Outlook |
|
|
($ in millions) |
|
|
|
GAAP gross margin |
|
58.6 |
% |
|
Impact of stock-based compensation expense, acquisition-related
costs, and other costs |
|
7.4 |
% |
Non-GAAP gross margin |
|
66.0 |
% |
|
|
|
GAAP operating expenses |
$ |
1,515 |
|
|
Stock-based
compensation expense, acquisition-related costs, and other
costs |
|
(475 |
) |
Non-GAAP operating expenses |
$ |
1,040 |
|
|
|
|
GAAP other expense, net |
$ |
50 |
|
|
Interest
expense from amortization of debt discount and other costs |
|
(5 |
) |
Non-GAAP other expense, net |
$ |
45 |
|
|
|
|
|
|
FY2021 Outlook |
|
|
($ in millions) |
|
|
|
GAAP operating expenses |
$ |
5,700 |
|
|
Stock-based
compensation expense, acquisition-related costs, and other
costs |
|
(1,600 |
) |
Non-GAAP operating expenses |
$ |
4,100 |
|
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