NVIDIA Announces Financial Results for Second Quarter Fiscal 2021
|
NVIDIA CORPORATION |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
| (In millions, except per share data) |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
July 26, |
|
April 26, |
|
July 28, |
|
July 26, |
|
July 28, |
| |
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
| |
|
|
|
|
|
|
|
|
|
| GAAP gross profit |
$ |
2,275 |
|
|
$ |
2,004 |
|
|
$ |
1,541 |
|
|
$ |
4,279 |
|
|
$ |
2,837 |
|
| GAAP gross margin |
|
58.8 |
% |
|
|
65.1 |
% |
|
|
59.8 |
% |
|
|
61.6 |
% |
|
|
59.1 |
% |
| Stock-based compensation expense (A) |
|
14 |
|
|
|
21 |
|
|
|
8 |
|
|
|
35 |
|
|
|
12 |
|
| Acquisition-related and other costs (B) |
|
245 |
|
|
|
1 |
|
|
|
- |
|
|
|
246 |
|
|
|
- |
|
| Legal settlement costs |
|
17 |
|
|
|
- |
|
|
|
2 |
|
|
|
17 |
|
|
|
11 |
|
| Non-GAAP gross profit |
$ |
2,551 |
|
|
$ |
2,026 |
|
|
$ |
1,551 |
|
|
$ |
4,577 |
|
|
$ |
2,860 |
|
| Non-GAAP gross margin |
|
66.0 |
% |
|
|
65.8 |
% |
|
|
60.1 |
% |
|
|
65.9 |
% |
|
|
59.6 |
% |
| |
|
|
|
|
|
|
|
|
|
| GAAP operating expenses |
$ |
1,624 |
|
|
$ |
1,028 |
|
|
$ |
970 |
|
|
$ |
2,652 |
|
|
$ |
1,908 |
|
| Stock-based compensation expense (A) |
|
(360 |
) |
|
|
(203 |
) |
|
|
(216 |
) |
|
|
(563 |
) |
|
|
(389 |
) |
| Acquisition-related and other costs (B) |
|
(229 |
) |
|
|
(4 |
) |
|
|
(5 |
) |
|
|
(233 |
) |
|
|
(15 |
) |
| Legal settlement costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
| Non-GAAP operating expenses |
$ |
1,035 |
|
|
$ |
821 |
|
|
$ |
749 |
|
|
$ |
1,856 |
|
|
$ |
1,502 |
|
| |
|
|
|
|
|
|
|
|
|
| GAAP income from operations |
$ |
651 |
|
|
$ |
976 |
|
|
$ |
571 |
|
|
$ |
1,627 |
|
|
$ |
929 |
|
| Total impact of non-GAAP adjustments to income from operations |
|
865 |
|
|
|
229 |
|
|
|
231 |
|
|
|
1,094 |
|
|
|
429 |
|
| Non-GAAP income from operations |
$ |
1,516 |
|
|
$ |
1,205 |
|
|
$ |
802 |
|
|
$ |
2,721 |
|
|
$ |
1,358 |
|
| |
|
|
|
|
|
|
|
|
|
| GAAP other income (expense), net |
$ |
(42 |
) |
|
$ |
5 |
|
|
$ |
35 |
|
|
$ |
(36 |
) |
|
$ |
66 |
|
| Losses from non-affiliated investments |
|
2 |
|
|
|
3 |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
| Interest expense related to amortization of debt discount |
|
1 |
|
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
| Non-GAAP other income (expense), net |
$ |
(39 |
) |
|
$ |
9 |
|
|
$ |
35 |
|
|
$ |
(30 |
) |
|
$ |
67 |
|
| |
|
|
|
|
|
|
|
|
|
| GAAP net income |
$ |
622 |
|
|
$ |
917 |
|
|
$ |
552 |
|
|
$ |
1,539 |
|
|
$ |
947 |
|
| Total pre-tax impact of non-GAAP adjustments |
|
868 |
|
|
|
232 |
|
|
|
231 |
|
|
|
1,100 |
|
|
|
430 |
|
| Income tax impact of non-GAAP adjustments (C) |
|
(124 |
) |
|
|
(29 |
) |
|
|
(21 |
) |
|
|
(153 |
) |
|
|
(72 |
) |
| Non-GAAP net income |
$ |
1,366 |
|
|
$ |
1,120 |
|
|
$ |
762 |
|
|
$ |
2,486 |
|
|
$ |
1,305 |
|
| |
|
|
|
|
|
|
|
|
|
| Diluted net income per share |
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
0.99 |
|
|
$ |
1.47 |
|
|
$ |
0.90 |
|
|
$ |
2.47 |
|
|
$ |
1.54 |
|
| Non-GAAP |
$ |
2.18 |
|
|
$ |
1.80 |
|
|
$ |
1.24 |
|
|
$ |
3.98 |
|
|
$ |
2.12 |
|
| |
|
|
|
|
|
|
|
|
|
| Weighted average shares used in diluted net income per share computation |
|
626 |
|
|
|
622 |
|
|
|
616 |
|
|
|
624 |
|
|
|
616 |
|
| |
|
|
|
|
|
|
|
|
|
| GAAP net cash provided by operating activities |
$ |
1,566 |
|
|
$ |
909 |
|
|
$ |
936 |
|
|
$ |
2,476 |
|
|
$ |
1,656 |
|
| Purchase of property and equipment and intangible assets |
|
(217 |
) |
|
|
(155 |
) |
|
|
(113 |
) |
|
|
(372 |
) |
|
|
(241 |
) |
| Free cash flow |
$ |
1,349 |
|
|
$ |
754 |
|
|
$ |
823 |
|
|
$ |
2,104 |
|
|
$ |
1,415 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
|
|
|
|
|
| (A) Stock-based compensation consists of the following: |
Three Months Ended |
|
Six Months Ended |
| |
July 26, |
|
April 26, |
|
July 28, |
|
July 26, |
|
July 28, |
| |
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
| Cost of revenue |
$ |
14 |
|
|
$ |
21 |
|
|
$ |
8 |
|
|
$ |
35 |
|
|
$ |
12 |
|
| Research and development |
$ |
228 |
|
|
$ |
134 |
|
|
$ |
145 |
|
|
$ |
362 |
|
|
$ |
259 |
|
| Sales, general and administrative |
$ |
132 |
|
|
$ |
69 |
|
|
$ |
71 |
|
|
$ |
201 |
|
|
$ |
130 |
|
| |
|
|
|
|
|
|
|
|
|
| (B) Acquisition-related and other costs primarily include amortization of intangible assets, inventory step-up, transaction costs, and certain compensation charges. |
| (C) 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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