NVIDIA Announces Financial Results for Fourth Quarter and Fiscal

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2022

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)

	Three Months Ended									Twelve Months Ended
	January 30,			October 31,			January 31,			January 30,			January 31,
		2022			2021			2021			2022			2021

GAAP gross profit	$	4,999		$	4,631		$	3,157		$	17,475		$	10,396
GAAP gross margin		65.4	%		65.2	%		63.1	%		64.9	%		62.3	%
Acquisition-related and other costs (A)		86			86			92			344			425
Stock-based compensation expense (B)		39			44			26			141			88
IP-related costs		-			-			1			9			38
Non-GAAP gross profit	$	5,124		$	4,761		$	3,276		$	17,969		$	10,947
Non-GAAP gross margin		67.0	%		67.0	%		65.5	%		66.8	%		65.6	%

GAAP operating expenses	$	2,029		$	1,960		$	1,650		$	7,434		$	5,864
Stock-based compensation expense (B)		(512	)		(515	)		(391	)		(1,863	)		(1,309	)
Acquisition-related and other costs (A)		(70	)		(70	)		(72	)		(292	)		(411	)
Non-GAAP operating expenses	$	1,447		$	1,375		$	1,187		$	5,279		$	4,144

GAAP income from operations	$	2,970		$	2,671		$	1,507		$	10,041		$	4,532
Total impact of non-GAAP adjustments to income from operations		707			715			582			2,649			2,271
Non-GAAP income from operations	$	3,677		$	3,386		$	2,089		$	12,690		$	6,803

GAAP other income (expense), net	$	(105	)	$	(33	)	$	(37	)	$	(100	)	$	(123	)
(Gains) losses from non-affiliated investments		53			(20	)		(9	)		(99	)		-
Interest expense related to amortization of debt discount		-			1			1			3			3
Non-GAAP other income (expense), net	$	(52	)	$	(52	)	$	(45	)	$	(196	)	$	(120	)

GAAP net income	$	3,003		$	2,464		$	1,457		$	9,752		$	4,332
Total pre-tax impact of non-GAAP adjustments		760			696			574			2,553			2,274
Income tax impact of non-GAAP adjustments (C)		(330	)		(187	)		(74	)		(712	)		(329	)
Domestication tax adjustments		7			-			-			(244	)		-
Foreign tax benefit		(90	)		-			-			(90	)		-
Non-GAAP net income	$	3,350		$	2,973		$	1,957		$	11,259		$	6,277

Diluted net income per share (D)
GAAP	$	1.18		$	0.97		$	0.58		$	3.85		$	1.73
Non-GAAP	$	1.32		$	1.17		$	0.78		$	4.44		$	2.50

Weighted average shares used in diluted net income per share computation (D)		2,545			2,538			2,524			2,535			2,510

GAAP net cash provided by operating activities	$	3,033		$	1,519		$	2,067		$	9,108		$	5,822
Purchases related to property and equipment and intangible assets		(273	)		(221	)		(283	)		(976	)		(1,128	)
Principal payments on property and equipment		(21	)		(22	)		(17	)		(83	)		(17	)
Free cash flow	$	2,739		$	1,276		$	1,767		$	8,049		$	4,677



(A) 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 30,			October 31,			January 31,			January 30,			January 31,
		2022			2021			2021			2022			2021
Cost of revenue	$	86		$	86		$	92		$	344		$	425
Research and development	$	9		$	7		$	2		$	19		$	9
Sales, general and administrative	$	61		$	63		$	70		$	273		$	402

(B) Stock-based compensation consists of the following:
	Three Months Ended									Twelve Months Ended
	January 30,			October 31,			January 31,			January 30,			January 31,
		2022			2021			2021			2022			2021
Cost of revenue	$	39		$	44		$	26		$	141		$	88
Research and development	$	362		$	363		$	266		$	1,298		$	860
Sales, general and administrative	$	150		$	152		$	125		$	565		$	449

(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).

(D) Reflects a four-for-one stock split on July 19, 2021.

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