NVIDIA Announces Financial Results for First Quarter Fiscal 2021
| |
|
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).
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