NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter
ended April 28, 2024, of $26.0 billion, up 18% from the previous
quarter and up 262% from a year ago.
For the quarter, GAAP earnings per diluted share was $5.98, up
21% from the previous quarter and up 629% from a year ago. Non-GAAP
earnings per diluted share was $6.12, up 19% from the previous
quarter and up 461% from a year ago.
“The next industrial revolution has begun — companies and
countries are partnering with NVIDIA to shift the trillion-dollar
traditional data centers to accelerated computing and build a new
type of data center — AI factories — to produce a new commodity:
artificial intelligence,” said Jensen Huang, founder and CEO of
NVIDIA. “AI will bring significant productivity gains to nearly
every industry and help companies be more cost- and
energy-efficient, while expanding revenue opportunities.
“Our data center growth was fueled by strong and accelerating
demand for generative AI training and inference on the Hopper
platform. Beyond cloud service providers, generative AI has
expanded to consumer internet companies, and enterprise, sovereign
AI, automotive and healthcare customers, creating multiple
multibillion-dollar vertical markets.
“We are poised for our next wave of growth. The Blackwell
platform is in full production and forms the foundation for
trillion-parameter-scale generative AI. Spectrum-X opens a
brand-new market for us to bring large-scale AI to Ethernet-only
data centers. And NVIDIA NIM is our new software offering that
delivers enterprise-grade, optimized generative AI to run on CUDA
everywhere — from the cloud to on-prem data centers and RTX AI PCs
— through our expansive network of ecosystem partners.”
NVIDIA also announced a ten-for-one forward stock split of
NVIDIA’s issued common stock to make stock ownership more
accessible to employees and investors. The split will be effected
through an amendment to NVIDIA’s Restated Certificate of
Incorporation, which will result in a proportionate increase in the
number of shares of authorized common stock. Each record holder of
common stock as of the close of market on Thursday, June 6, 2024,
will receive nine additional shares of common stock, to be
distributed after the close of market on Friday, June 7, 2024.
Trading is expected to commence on a split-adjusted basis at market
open on Monday, June 10, 2024.
NVIDIA is increasing its quarterly cash dividend by 150% from
$0.04 per share to $0.10 per share of common stock. The increased
dividend is equivalent to $0.01 per share on a post-split basis and
will be paid on Friday, June 28, 2024, to all shareholders of
record on Tuesday, June 11, 2024.
Q1 Fiscal 2025 Summary
GAAP |
($ in millions, except earnings per share) |
Q1 FY25 |
Q4 FY24 |
Q1 FY24 |
Q/Q |
Y/Y |
Revenue |
$26,044 |
$22,103 |
$7,192 |
Up 18% |
Up 262% |
Gross margin |
78.4% |
76.0% |
64.6% |
Up 2.4 pts |
Up 13.8 pts |
Operating expenses |
$3,497 |
$3,176 |
$2,508 |
Up 10% |
Up 39% |
Operating income |
$16,909 |
$13,615 |
$2,140 |
Up 24% |
Up 690% |
Net income |
$14,881 |
$12,285 |
$2,043 |
Up 21% |
Up 628% |
Diluted earnings per
share |
$5.98 |
$4.93 |
$0.82 |
Up 21% |
Up 629% |
|
|
|
|
|
|
Non-GAAP |
($ in millions, except earnings per share) |
Q1 FY25 |
Q4 FY24 |
Q1 FY24 |
Q/Q |
Y/Y |
Revenue |
$26,044 |
$22,103 |
$7,192 |
Up 18% |
Up 262% |
Gross margin |
78.9% |
76.7% |
66.8% |
Up 2.2 pts |
Up 12.1 pts |
Operating expenses |
$2,501 |
$2,210 |
$1,750 |
Up 13% |
Up 43% |
Operating income |
$18,059 |
$14,749 |
$3,052 |
Up 22% |
Up 492% |
Net income |
$15,238 |
$12,839 |
$2,713 |
Up 19% |
Up 462% |
Diluted earnings per
share |
$6.12 |
$5.16 |
$1.09 |
Up 19% |
Up 461% |
|
|
|
|
|
|
OutlookNVIDIA’s outlook for the second quarter
of fiscal 2025 is as follows:
- Revenue is expected to be $28.0 billion, plus or minus 2%.
- GAAP and non-GAAP gross margins are expected to be 74.8% and
75.5%, respectively, plus or minus 50 basis points. For the full
year, gross margins are expected to be in the mid-70% range.
- GAAP and non-GAAP operating expenses are expected to be
approximately $4.0 billion and $2.8 billion, respectively.
Full-year operating expenses are expected to grow in the low-40%
range.
- GAAP and non-GAAP other income and expense are expected to be
an income of approximately $300 million, excluding gains and losses
from non-affiliated investments.
- GAAP and non-GAAP tax rates are
expected to be 17%, plus or minus 1%, excluding any discrete
items.
HighlightsNVIDIA achieved progress since its
previous earnings announcement in these areas:
Data Center
- First-quarter revenue was a record $22.6 billion, up 23% from
the previous quarter and up 427% from a year ago.
- Unveiled the NVIDIA Blackwell platform to fuel a new era of AI
computing at trillion-parameter scale and the Blackwell-powered DGX
SuperPOD™ for generative AI supercomputing.
- Announced NVIDIA Quantum and NVIDIA Spectrum™ X800 series
switches for InfiniBand and Ethernet, respectively, optimized
for trillion-parameter GPU computing and AI infrastructure.
- Launched NVIDIA AI Enterprise 5.0 with NVIDIA NIM inference
microservices to speed enterprise app development.
- Announced TSMC and Synopsys are going into production with
NVIDIA cuLitho to accelerate computational lithography, the
semiconductor manufacturing industry’s most compute-intensive
workload.
- Announced that nine new supercomputers worldwide are using
Grace Hopper Superchips to ignite new era of AI
supercomputing.
- Unveiled that Grace Hopper Superchips power the top three
machines on the Green500 list of the world’s most energy-efficient
supercomputers.
- Expanded collaborations with AWS, Google Cloud, Microsoft and
Oracle to advance generative AI innovation.
- Worked with Johnson & Johnson MedTech to bring AI
capabilities to support surgery.
Gaming and AI PC
- First-quarter Gaming revenue was $2.6 billion, down 8% from the
previous quarter and up 18% from a year ago.
- Introduced new AI gaming technologies at GDC for NVIDIA ACE and
Neural Graphics.
- Unveiled new AI performance optimizations and integrations for
Windows to deliver maximum performance on NVIDIA GeForce RTX AI PCs
and workstations.
- Announced more blockbuster games that will incorporate RTX
technology, including Star Wars Outlaws and Black Myth Wukong.
- Added support for new models, including Google’s Gemma, for
ChatRTX, which brings chatbot capabilities to RTX-powered Windows
PCs and workstations.
Professional Visualization
- First-quarter revenue was $427 million, down 8% from the
previous quarter and up 45% from a year ago.
- Introduced NVIDIA RTX™ 500 and 1000 professional Ada generation
laptop GPUs for AI-enhanced workflows.
- Unveiled NVIDIA RTX A400 and A1000 GPUs for desktop
workstations, based on the NVIDIA Ampere architecture, to bring AI
to design and productivity workflows.
- Introduced NVIDIA Omniverse™ Cloud APIs to power industrial
digital twin software tools, including an expanded Siemens
partnership, and a new framework for the Apple Vision Pro.
- Announced the adoption of the new Earth-2 cloud APIs by The
Weather Company and the Central Weather Administration of Taiwan
for high-resolution global climate simulations.
Automotive and Robotics
- First-quarter Automotive revenue was $329 million, up 17% from
the previous quarter and up 11% from a year ago.
- Announced BYD, XPENG, GAC’s AION Hyper, Nuro and others have
chosen the next-generation NVIDIA DRIVE Thor™ platform, which now
features Blackwell GPU architecture, to power their next-generation
consumer and commercial electric vehicle fleets.
- Revealed U.S. and China electric vehicle makers Lucid and IM
Motors are using the NVIDIA DRIVE Orin™ platform for vehicle models
targeting the European market.
- Announced an array of partners are using NVIDIA generative AI
technologies to transform in-vehicle experiences.
- Introduced the Project GR00T foundation model for humanoid
robots and major Isaac robotics platform updates.
CFO CommentaryCommentary on the quarter by
Colette Kress, NVIDIA’s executive vice president and chief
financial officer, is available at https://investor.nvidia.com.
Conference Call and Webcast InformationNVIDIA
will conduct a conference call with analysts and investors to
discuss its first quarter fiscal 2025 financial results and current
financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern
time). A live webcast (listen-only mode) of the conference call
will be accessible at NVIDIA’s investor relations website,
https://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 2025.
Non-GAAP MeasuresTo 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 (expense),
net, non-GAAP net income, non-GAAP net income, or earnings, per
diluted share, and free cash flow. 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, other, gains and 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 both purchases
related to property and equipment and intangible assets and
principal payments on 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 NVIDIANVIDIA (NASDAQ: NVDA) is the world
leader in accelerated computing.
For further information, contact:
Simona
JankowskiInvestor RelationsNVIDIA
Corporationsjankowski@nvidia.com |
Mylene
MangalindanCorporate CommunicationsNVIDIA
Corporationmmangalindan@nvidia.com |
|
|
Certain statements in this press release including, but not
limited to, statements as to: companies and countries building AI
factories with NVIDIA accelerated computing to produce artificial
intelligence; accelerating demand for generative AI training and
inference on the Hopper platform; the expanding reach of generative
AI; generative AI expanding to consumer internet companies, and
enterprise, sovereign AI, automotive, and healthcare customers,
creating multiple multibillion-dollar vertical markets; NVIDIA
being poised for the next wave of growth; the Blackwell platform in
full production and forming the foundation for
trillion-parameter-scale generative AI; Spectrum-X opening a
brand-new market for NVIDIA to bring large-scale AI to
Ethernet-only data centers; NVIDIA NIM as NVIDIA’s new software
offering that delivers enterprise-grade, optimized generative AI
run on CUDA everywhere — from the cloud, to on-prem data centers
and RTX AI PCs — through NVIDIA’s expansive network of ecosystem
partners; NVIDIA's forward stock split; NVIDIA’s next quarterly
cash dividend; gross margins being in the mid-70% range for the
full year; full-year operating expenses growing in the low-40%
range; and NVIDIA’s financial outlook and expected tax rates for
the second quarter of fiscal 2025 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; and 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.
© 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the
NVIDIA logo, GeForce NOW, NVIDIA DGX SuperPOD, NVIDIA DRIVE, NVIDIA
DRIVE Orin, NVIDIA DRIVE Thor, NVIDIA RTX and NVIDIA Spectrum 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 28, |
|
April 30, |
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
Revenue |
$ |
26,044 |
|
|
$ |
7,192 |
|
Cost of revenue |
|
5,638 |
|
|
|
2,544 |
|
Gross profit |
|
20,406 |
|
|
|
4,648 |
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
Research and development |
|
2,720 |
|
|
|
1,875 |
|
|
Sales, general and administrative |
|
777 |
|
|
|
633 |
|
|
|
Total operating expenses |
|
3,497 |
|
|
|
2,508 |
|
|
|
|
|
|
|
Operating Income |
|
16,909 |
|
|
|
2,140 |
|
|
Interest income |
|
359 |
|
|
|
150 |
|
|
Interest expense |
|
(64 |
) |
|
|
(66 |
) |
|
Other, net |
|
75 |
|
|
|
(15 |
) |
|
|
Other income (expense), net |
|
370 |
|
|
|
69 |
|
|
|
|
|
|
|
Income before income tax |
|
17,279 |
|
|
|
2,209 |
|
Income tax expense |
|
2,398 |
|
|
|
166 |
|
Net income |
$ |
14,881 |
|
|
$ |
2,043 |
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
$ |
6.04 |
|
|
$ |
0.83 |
|
|
Diluted |
$ |
5.98 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
Weighted average shares used in per share computation: |
|
|
|
|
Basic |
|
2,462 |
|
|
|
2,470 |
|
|
Diluted |
|
2,489 |
|
|
|
2,490 |
|
|
|
|
|
|
|
NVIDIA CORPORATION |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(In millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 28, |
|
January 28, |
|
|
|
|
|
2024 |
|
2024 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash, cash equivalents and marketable securities |
|
$ |
31,438 |
|
$ |
25,984 |
|
|
Accounts receivable, net |
|
|
12,365 |
|
|
9,999 |
|
|
Inventories |
|
|
5,864 |
|
|
5,282 |
|
|
Prepaid expenses and other current assets |
|
|
4,062 |
|
|
3,080 |
|
|
|
Total current assets |
|
|
53,729 |
|
|
44,345 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
4,006 |
|
|
3,914 |
|
Operating lease assets |
|
|
1,532 |
|
|
1,346 |
|
Goodwill |
|
|
4,453 |
|
|
4,430 |
|
Intangible assets, net |
|
|
986 |
|
|
1,112 |
|
Deferred income tax assets |
|
|
7,798 |
|
|
6,081 |
|
Other assets |
|
|
4,568 |
|
|
4,500 |
|
|
|
Total assets |
|
$ |
77,072 |
|
$ |
65,728 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,715 |
|
$ |
2,699 |
|
|
Accrued and other current liabilities |
|
|
11,258 |
|
|
6,682 |
|
|
Short-term debt |
|
|
1,250 |
|
|
1,250 |
|
|
|
Total current liabilities |
|
|
15,223 |
|
|
10,631 |
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
8,460 |
|
|
8,459 |
|
Long-term operating lease liabilities |
|
|
1,281 |
|
|
1,119 |
|
Other long-term liabilities |
|
|
2,966 |
|
|
2,541 |
|
|
|
Total liabilities |
|
|
27,930 |
|
|
22,750 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
49,142 |
|
|
42,978 |
|
|
|
Total liabilities and shareholders' equity |
|
$ |
77,072 |
|
$ |
65,728 |
|
|
|
|
|
|
|
|
|
NVIDIA CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
April 28, |
|
April 30, |
|
|
2024 |
|
2023 |
Cash flows from operating activities: |
|
|
|
Net income |
$ |
14,881 |
|
|
$ |
2,043 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Stock-based compensation expense |
|
1,011 |
|
|
|
735 |
|
|
Depreciation and amortization |
|
410 |
|
|
|
384 |
|
|
Realized and unrealized (gains) losses on investments in
non-affiliated entities, net |
|
(69 |
) |
|
|
14 |
|
|
Deferred income taxes |
|
(1,577 |
) |
|
|
(1,135 |
) |
|
Other |
|
(145 |
) |
|
|
(34 |
) |
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
Accounts receivable |
|
(2,366 |
) |
|
|
(252 |
) |
|
Inventories |
|
(577 |
) |
|
|
566 |
|
|
Prepaid expenses and other assets |
|
(726 |
) |
|
|
(215 |
) |
|
Accounts payable |
|
(22 |
) |
|
|
11 |
|
|
Accrued and other current liabilities |
|
4,202 |
|
|
|
689 |
|
|
Other long-term liabilities |
|
323 |
|
|
|
105 |
|
Net cash provided by operating activities |
|
15,345 |
|
|
|
2,911 |
|
Cash flows from investing activities: |
|
|
|
|
Proceeds from maturities of marketable securities |
|
4,004 |
|
|
|
2,512 |
|
|
Proceeds from sales of marketable securities |
|
149 |
|
|
|
- |
|
|
Purchases of marketable securities |
|
(9,303 |
) |
|
|
(2,801 |
) |
|
Purchase related to property and equipment and intangible
assets |
|
(369 |
) |
|
|
(248 |
) |
|
Acquisitions, net of cash acquired |
|
(39 |
) |
|
|
(83 |
) |
|
Investments in non-affiliated entities |
|
(135 |
) |
|
|
(221 |
) |
Net cash used in investing activities |
|
(5,693 |
) |
|
|
(841 |
) |
Cash flows from financing activities: |
|
|
|
|
Proceeds related to employee stock plans |
|
285 |
|
|
|
246 |
|
|
Payments related to repurchases of common stock |
|
(7,740 |
) |
|
|
- |
|
|
Payments related to tax on restricted stock units |
|
(1,752 |
) |
|
|
(507 |
) |
|
Dividends paid |
|
(98 |
) |
|
|
(99 |
) |
|
Principal payments on property and equipment and intangible
assets |
|
(40 |
) |
|
|
(20 |
) |
Net cash used in financing activities |
|
(9,345 |
) |
|
|
(380 |
) |
Change in cash and cash equivalents |
|
307 |
|
|
|
1,690 |
|
Cash and cash equivalents at beginning of period |
|
7,280 |
|
|
|
3,389 |
|
Cash and cash equivalents at end of period |
$ |
7,587 |
|
|
$ |
5,079 |
|
|
|
|
|
|
NVIDIA CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
(In millions, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
April 28, |
|
January 28, |
|
April 30, |
|
|
|
2024 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
20,406 |
|
|
$ |
16,791 |
|
|
$ |
4,648 |
|
GAAP gross margin |
|
|
78.4% |
|
|
|
76.0% |
|
|
|
64.6% |
|
|
Acquisition-related and other costs (A) |
|
|
119 |
|
|
|
119 |
|
|
|
119 |
|
|
Stock-based compensation expense (B) |
|
|
36 |
|
|
|
45 |
|
|
|
27 |
|
|
Other (C) |
|
|
(1 |
) |
|
|
4 |
|
|
|
8 |
|
Non-GAAP gross profit |
|
$ |
20,560 |
|
|
$ |
16,959 |
|
|
$ |
4,802 |
|
Non-GAAP gross margin |
|
|
78.9% |
|
|
|
76.7% |
|
|
|
66.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ |
3,497 |
|
|
$ |
3,176 |
|
|
$ |
2,508 |
|
|
Stock-based compensation expense (B) |
|
|
(975 |
) |
|
|
(948 |
) |
|
|
(708 |
) |
|
Acquisition-related and other costs (A) |
|
|
(21 |
) |
|
|
(18 |
) |
|
|
(54 |
) |
|
Other (C) |
|
|
- |
|
|
|
- |
|
|
|
4 |
|
Non-GAAP operating expenses |
|
$ |
2,501 |
|
|
$ |
2,210 |
|
|
$ |
1,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
|
$ |
16,909 |
|
|
$ |
13,615 |
|
|
$ |
2,140 |
|
|
Total impact of non-GAAP adjustments to operating income |
|
|
1,150 |
|
|
|
1,134 |
|
|
|
912 |
|
Non-GAAP operating income |
|
$ |
18,059 |
|
|
$ |
14,749 |
|
|
$ |
3,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other income (expense), net |
|
$ |
370 |
|
|
$ |
491 |
|
|
$ |
69 |
|
|
(Gains) losses from non-affiliated investments |
|
|
(69 |
) |
|
|
(260 |
) |
|
|
14 |
|
|
Interest expense related to amortization of debt discount |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Non-GAAP other income (expense), net |
|
$ |
302 |
|
|
$ |
232 |
|
|
$ |
84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
14,881 |
|
|
$ |
12,285 |
|
|
$ |
2,043 |
|
|
Total pre-tax impact of non-GAAP adjustments |
|
|
1,082 |
|
|
|
875 |
|
|
|
927 |
|
|
Income tax impact of non-GAAP adjustments (D) |
|
|
(725 |
) |
|
|
(321 |
) |
|
|
(257 |
) |
Non-GAAP net income |
|
$ |
15,238 |
|
|
$ |
12,839 |
|
|
$ |
2,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
5.98 |
|
|
$ |
4.93 |
|
|
$ |
0.82 |
|
|
Non-GAAP |
|
$ |
6.12 |
|
|
$ |
5.16 |
|
|
$ |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in diluted net income per share
computation |
|
|
2,489 |
|
|
|
2,490 |
|
|
|
2,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net cash provided by operating activities |
|
$ |
15,345 |
|
|
$ |
11,499 |
|
|
$ |
2,911 |
|
|
Purchases related to property and equipment and intangible
assets |
|
|
(369 |
) |
|
|
(253 |
) |
|
|
(248 |
) |
|
Principal payments on property and equipment and intangible
assets |
|
|
(40 |
) |
|
|
(29 |
) |
|
|
(20 |
) |
Free cash flow |
|
$ |
14,936 |
|
|
$ |
11,217 |
|
|
$ |
2,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Acquisition-related and other costs are comprised of
amortization of intangible assets and transaction costs, and are
included in the following line items: |
|
|
|
|
Three Months Ended |
|
|
|
April 28, |
|
January 28, |
|
April 30, |
|
|
|
2024 |
|
2024 |
|
2023 |
|
Cost of revenue |
|
$ |
119 |
|
|
$ |
119 |
|
|
$ |
119 |
|
|
Research and development |
|
$ |
12 |
|
|
$ |
12 |
|
|
$ |
12 |
|
|
Sales, general and administrative |
|
$ |
8 |
|
|
$ |
6 |
|
|
$ |
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Stock-based compensation consists of the following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
April 28, |
|
January 28, |
|
April 30, |
|
|
|
2024 |
|
2024 |
|
2023 |
|
Cost of revenue |
|
$ |
36 |
|
|
$ |
45 |
|
|
$ |
27 |
|
|
Research and development |
|
$ |
727 |
|
|
$ |
706 |
|
|
$ |
524 |
|
|
Sales, general and administrative |
|
$ |
248 |
|
|
$ |
242 |
|
|
$ |
184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(C) Other consists of IP-related costs and assets held for sale
related adjustments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(D) 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 FY2025Outlook |
|
|
($ in millions) |
|
|
|
GAAP gross margin |
|
74.8 |
% |
|
Impact of stock-based compensation expense, acquisition-related
costs, and other costs |
|
0.7 |
% |
Non-GAAP gross margin |
|
75.5 |
% |
|
|
|
GAAP operating expenses |
$ |
3,950 |
|
|
Stock-based compensation expense, acquisition-related costs, and
other costs |
|
(1,150 |
) |
Non-GAAP operating expenses |
$ |
2,800 |
|
|
|
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d9785c2c-7666-4298-89cf-8c2114ae4c87
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