NVIDIA Announces Financial Results for Fourth Quarter and Fiscal

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2020

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)

	Three Months Ended									Twelve Months Ended
	January 26,			October 27,			January 27,			January 26,			January 27,
	2020			2019			2019			2020				2019

GAAP gross profit	$	2,015		$	1,916		$	1,207		$	6,768		$	7,171
GAAP gross margin		64.9	%		63.6	%		54.7	%		62.0	%		61.2	%
Stock-based compensation expense (A)		12			15			6			39			27
Legal settlement costs		3			-			21			14			35
Non-GAAP gross profit	$	2,030		$	1,931		$	1,234		$	6,821		$	7,233
Non-GAAP gross margin		65.4	%		64.1	%		56.0	%		62.5	%		61.7	%

GAAP operating expenses	$	1,025		$	989		$	913		$	3,922		$	3,367
Stock-based compensation expense (A)		(208	)		(208	)		(150	)		(805	)		(530	)
Acquisition-related and other costs		(7	)		(7	)		(1	)		(30	)		(2	)
Legal settlement costs		-			-			(7	)		(1	)		(9	)
Non-GAAP operating expenses	$	810		$	774		$	755		$	3,086		$	2,826

GAAP income from operations	$	990		$	927		$	294		$	2,846		$	3,804
Total impact of non-GAAP adjustments to income from operations		230			229			185			889			603
Non-GAAP income from operations	$	1,220		$	1,156		$	479		$	3,735		$	4,407

GAAP other income	$	26		$	32		$	30		$	124		$	92
Losses (Gains) from non-affiliated investments		-			-			(1	)		1			(12	)
Interest expense related to amortization of debt discount		-			1			-			2			2
Non-GAAP other income	$	26		$	33		$	29		$	127		$	82

GAAP net income	$	950		$	899		$	567		$	2,796		$	4,141
Total pre-tax impact of non-GAAP adjustments		230			230			184			890			593
Income tax impact of non-GAAP adjustments (B)		(8	)		(26	)		(25	)		(106	)		(223	)
Tax benefit from income tax reform		-			-			(230	)		-			(368	)
Non-GAAP net income	$	1,172		$	1,103		$	496		$	3,580		$	4,143

Diluted net income per share
GAAP	$	1.53		$	1.45		$	0.92		$	4.52		$	6.63
Non-GAAP	$	1.89		$	1.78		$	0.80		$	5.79		$	6.64

Weighted average shares used in diluted net income per share computation
GAAP		621			618			619			618			625
Anti-dilution impact from note hedge		-			-			-			-			(1	)
Non-GAAP		621			618			619			618			624

GAAP net cash provided by operating activities	$	1,465		$	1,640		$	898		$	4,761		$	3,743
Purchase of property and equipment and intangible assets		(144	)		(104	)		(203	)		(489	)		(600	)
Free cash flow	$	1,321		$	1,536		$	695		$	4,272		$	3,143



(A) Stock-based compensation consists of the following:	Three Months Ended									Twelve Months Ended
	January 26,			October 27,			January 27,			January 26,			January 27,
	2020			2019			2019			2020			2019
Cost of revenue	$	12		$	15		$	6		$	39		$	27
Research and development	$	140		$	141		$	99		$	540		$	336
Sales, general and administrative	$	68		$	67		$	51		$	265		$	194
(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).

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 Next Page »