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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