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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