Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at http://investor.nvidia.com/.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2018 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). To listen to the conference call, dial (877) 223-3864 in the United States or (574) 990-1377 internationally, and provide the following conference ID: 6265639. A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website,
http://investor.nvidia.com, and at
www.streetevents.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2019.
Non-GAAP Measures
To supplement NVIDIA’s Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets 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), non-GAAP income tax expense, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, non-GAAP diluted shares, 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, legal settlement costs, acquisition-related costs, contributions, restructuring and other charges, gains from non-affiliated investments, interest expense related to amortization of debt discount, debt-related costs, the associated tax impact of these items, where applicable, and the provisional tax benefit from income tax reform. Weighted average shares used in the non-GAAP diluted net income per share computation includes the anti-dilution impact of the company’s Note Hedge. Free cash flow is calculated as GAAP net cash provided by operating activities less purchases 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 its non-GAAP measures may be different from non-GAAP measures used by other companies.
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| NVIDIA CORPORATION | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| January 28, | January 29, | January 28, | January 29, | ||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||
| Revenue | $ | 2,911 | $ | 2,173 | $ | 9,714 | $ | 6,910 | |||||||||
| Cost of revenue | 1,110 | 870 | 3,892 | 2,847 | |||||||||||||
| Gross profit | 1,801 | 1,303 | 5,822 | 4,063 | |||||||||||||
| Operating expenses | |||||||||||||||||
| Research and development | 508 | 394 | 1,797 | 1,466 | |||||||||||||
| Sales, general and administrative | 220 | 176 | 815 | 663 | |||||||||||||
| Total operating expenses | 728 | 570 | 2,612 | 2,129 | |||||||||||||
| Income from operations | 1,073 | 733 | 3,210 | 1,934 | |||||||||||||
| Interest income | 20 | 17 | 69 | 54 | |||||||||||||
| Interest expense | (15 | ) | (18 | ) | (61 | ) | (58 | ) | |||||||||
| Other, net | - | (6 | ) | (22 | ) | (25 | ) | ||||||||||
| Total other income (expense) | 5 | (7 | ) | (14 | ) | (29 | ) | ||||||||||
| Income before income tax | 1,078 | 726 | 3,196 | 1,905 | |||||||||||||
| Income tax expense (benefit) | (40 | ) | 71 | 149 | 239 | ||||||||||||
| Net income | $ | 1,118 | $ | 655 | $ | 3,047 | $ | 1,666 | |||||||||
| Net income per share: | |||||||||||||||||
| Basic | $ | 1.84 | $ | 1.18 | $ | 5.09 | $ | 3.08 | |||||||||
| Diluted | $ | 1.78 | $ | 0.99 | $ | 4.82 | $ | 2.57 | |||||||||
| Weighted average shares used in per share computation: | |||||||||||||||||
| Basic | 606 | 553 | 599 | 541 | |||||||||||||
| Diluted | 628 | 660 | 632 | 649 | |||||||||||||
