NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2021
| |
NVIDIA CORPORATION
|
| |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
| |
(In millions, except per share data) |
| |
(Unaudited) |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
| |
|
|
|
January 31, |
|
October 25, |
|
January 26, |
|
January 31, |
|
January 26, |
| |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP gross profit |
|
$ |
3,157 |
|
|
$ |
2,960 |
|
|
$ |
2,015 |
|
|
$ |
10,396 |
|
|
$ |
6,768 |
|
| |
GAAP gross margin |
|
63.1 |
% |
|
|
62.6 |
% |
|
|
64.9 |
% |
|
|
62.3 |
% |
|
|
62.0 |
% |
| |
|
Acquisition-related and other costs (B) |
|
92 |
|
|
|
86 |
|
|
|
- |
|
|
|
425 |
|
|
|
- |
|
| |
|
Stock-based compensation expense (A) |
|
26 |
|
|
|
28 |
|
|
|
12 |
|
|
|
88 |
|
|
|
39 |
|
| |
|
IP-related costs |
|
|
1 |
|
|
|
21 |
|
|
|
3 |
|
|
|
38 |
|
|
|
14 |
|
| |
Non-GAAP gross profit |
$ |
3,276 |
|
|
$ |
3,095 |
|
|
$ |
2,030 |
|
|
$ |
10,947 |
|
|
$ |
6,821 |
|
| |
Non-GAAP gross margin |
|
65.5 |
% |
|
|
65.5 |
% |
|
|
65.4 |
% |
|
|
65.6 |
% |
|
|
62.5 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP operating expenses |
$ |
1,650 |
|
|
$ |
1,562 |
|
|
$ |
1,025 |
|
|
$ |
5,864 |
|
|
$ |
3,922 |
|
| |
|
Stock-based compensation expense (A) |
|
|
(391 |
) |
|
|
(355 |
) |
|
|
(208 |
) |
|
|
(1,309 |
) |
|
|
(805 |
) |
| |
|
Acquisition-related and other costs (B) |
|
(72 |
) |
|
|
(106 |
) |
|
|
(7 |
) |
|
|
(411 |
) |
|
|
(31 |
) |
| |
Non-GAAP operating expenses |
$ |
1,187 |
|
|
$ |
1,101 |
|
|
$ |
810 |
|
|
$ |
4,144 |
|
|
$ |
3,086 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP income from operations |
$ |
1,507 |
|
|
$ |
1,398 |
|
|
$ |
990 |
|
|
$ |
4,532 |
|
|
$ |
2,846 |
|
| |
|
Total impact of non-GAAP adjustments to income from operations |
|
582 |
|
|
|
595 |
|
|
|
230 |
|
|
|
2,271 |
|
|
|
889 |
|
| |
Non-GAAP income from operations |
$ |
2,089 |
|
|
$ |
1,993 |
|
|
$ |
1,220 |
|
|
$ |
6,803 |
|
|
$ |
3,735 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP other income (expense), net |
$ |
(37 |
) |
|
$ |
(50 |
) |
|
$ |
26 |
|
|
$ |
(123 |
) |
|
$ |
124 |
|
| |
|
Losses (Gains) from non-affiliated investments |
|
(9 |
) |
|
|
4 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
| |
|
Interest expense related to amortization of debt discount |
|
1 |
|
|
|
1 |
|
|
|
- |
|
|
|
3 |
|
|
|
2 |
|
| |
Non-GAAP other income (expense), net |
$ |
(45 |
) |
|
$ |
(45 |
) |
|
$ |
26 |
|
|
$ |
(120 |
) |
|
$ |
127 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP net income |
|
$ |
1,457 |
|
|
$ |
1,336 |
|
|
$ |
950 |
|
|
$ |
4,332 |
|
|
$ |
2,796 |
|
| |
|
Total pre-tax impact of non-GAAP adjustments |
|
574 |
|
|
|
600 |
|
|
|
230 |
|
|
|
2,274 |
|
|
|
890 |
|
| |
|
Income tax impact of non-GAAP adjustments (C) |
|
(74 |
) |
|
|
(102 |
) |
|
|
(8 |
) |
|
|
(329 |
) |
|
|
(106 |
) |
| |
Non-GAAP net income |
$ |
1,957 |
|
|
$ |
1,834 |
|
|
$ |
1,172 |
|
|
$ |
6,277 |
|
|
$ |
3,580 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted net income per share |
|
|
|
|
|
|
|
|
|
| |
|
GAAP |
|
$ |
2.31 |
|
|
$ |
2.12 |
|
|
$ |
1.53 |
|
|
$ |
6.90 |
|
|
$ |
4.52 |
|
| |
|
Non-GAAP |
|
$ |
3.10 |
|
|
$ |
2.91 |
|
|
$ |
1.89 |
|
|
$ |
10.00 |
|
|
$ |
5.79 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares used in diluted net income per share computation |
|
|
631 |
|
|
|
630 |
|
|
|
621 |
|
|
|
628 |
|
|
|
618 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP net cash provided by operating activities |
$ |
2,067 |
|
|
$ |
1,279 |
|
|
$ |
1,465 |
|
|
$ |
5,822 |
|
|
$ |
4,761 |
|
| |
|
Purchases related to property and equipment and intangible assets |
|
(283 |
) |
|
|
(473 |
) |
|
|
(144 |
) |
|
|
(1,128 |
) |
|
|
(489 |
) |
| |
|
Principal payments on property and equipment |
|
(17 |
) |
|
|
- |
|
|
|
- |
|
|
|
(17 |
) |
|
|
- |
|
| |
Free cash flow |
|
$ |
1,767 |
|
|
$ |
806 |
|
|
$ |
1,321 |
|
|
$ |
4,677 |
|
|
$ |
4,272 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
(A) Stock-based compensation consists of the following: |
Three Months Ended |
|
Twelve Months Ended |
| |
|
|
|
January 31, |
|
October 25, |
|
January 26, |
|
January 31, |
|
January 26, |
| |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| |
|
Cost of revenue |
|
$ |
26 |
|
|
$ |
28 |
|
|
$ |
12 |
|
|
$ |
88 |
|
|
$ |
39 |
|
| |
|
Research and development |
|
$ |
266 |
|
|
$ |
232 |
|
|
$ |
140 |
|
|
$ |
860 |
|
|
$ |
540 |
|
| |
|
Sales, general and administrative |
|
$ |
125 |
|
|
$ |
123 |
|
|
$ |
68 |
|
|
$ |
449 |
|
|
$ |
265 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
(B) Acquisition-related and other costs primarily include amortization of intangible assets, inventory step-up, transaction costs, and certain compensation charges presented as follows: |
| |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| |
|
|
|
January 31, |
|
October 25, |
|
January 26, |
|
January 31, |
|
January 26, |
| |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| |
|
Cost of revenue |
|
$ |
92 |
|
|
$ |
86 |
|
|
$ |
- |
|
|
$ |
425 |
|
|
$ |
- |
|
| |
|
Research and development |
|
$ |
2 |
|
|
$ |
2 |
|
|
$ |
1 |
|
|
$ |
9 |
|
|
$ |
6 |
|
| |
|
Sales, general and administrative |
|
$ |
70 |
|
|
$ |
104 |
|
|
$ |
6 |
|
|
$ |
402 |
|
|
$ |
25 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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). |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
