NVIDIA Announces Financial Results for First Quarter Fiscal 2025
NVIDIA CORPORATION
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
| | (In millions, except per share data) | | (Unaudited) | | | | | | | | | | | | | | | | | | | |
Three Months Ended | | | | |
April 28,
| |
January 28,
| |
April 30,
| | | | |
2024
| |
2024
| |
2023
| | | | | | | | | | | | | | | | | GAAP gross profit | | $ | 20,406 | | | $ | 16,791 | | | $ | 4,648 | | | GAAP gross margin | | | 78.4% | | | | 76.0% | | | | 64.6% | | | | Acquisition-related and other costs (A) | | | 119 | | | | 119 | | | | 119 | | | | Stock-based compensation expense (B) | | | 36 | | | | 45 | | | | 27 | | | | Other (C) | | | (1 | ) | | | 4 | | | | 8 | | |
Non-GAAP gross profit | |
$ |
20,560 | | |
$ |
16,959 | | |
$ |
4,802 | | |
Non-GAAP gross margin | | |
78.9
% | | | |
76.7
% | | | |
66.8
% | | | | | | | | | | | | | | | | | | GAAP operating expenses | | $ | 3,497 | | | $ | 3,176 | | | $ | 2,508 | | | | Stock-based compensation expense (B) | | | (975 | ) | | | (948 | ) | | | (708 | ) | | | Acquisition-related and other costs (A) | | | (21 | ) | | | (18 | ) | | | (54 | ) | | | Other (C) | | | - | | | | - | | | | 4 | | |
Non-GAAP operating expenses | |
$ |
2,501 | | |
$ |
2,210 | | |
$ |
1,750 | | | | | | | | | | | | | | | | | | GAAP operating income | | $ | 16,909 | | | $ | 13,615 | | | $ | 2,140 | | | | Total impact of non-GAAP adjustments to operating income | | | 1,150 | | | | 1,134 | | | | 912 | | |
Non-GAAP operating income | |
$ |
18,059 | | |
$ |
14,749 | | |
$ |
3,052 | | | | | | | | | | | | | | | | | | GAAP other income (expense), net | | $ | 370 | | | $ | 491 | | | $ | 69 | | | | (Gains) losses from non-affiliated investments | | | (69 | ) | | | (260 | ) | | | 14 | | | | Interest expense related to amortization of debt discount | | | 1 | | | | 1 | | | | 1 | | |
Non-GAAP other income (expense), net | |
$ |
302 | | |
$ |
232 | | |
$ |
84 | | | | | | | | | | | | | | | | | | GAAP net income | | $ | 14,881 | | | $ | 12,285 | | | $ | 2,043 | | | | Total pre-tax impact of non-GAAP adjustments | | | 1,082 | | | | 875 | | | | 927 | | | | Income tax impact of non-GAAP adjustments (D) | | | (725 | ) | | | (321 | ) | | | (257 | ) | |
Non-GAAP net income | |
$ |
15,238 | | |
$ |
12,839 | | |
$ |
2,713 | | | | | | | | | | | | | | | | | | Diluted net income per share | | | | | | | | | | | | | | | GAAP | | $ | 5.98 | | | $ | 4.93 | | | $ | 0.82 | | | | Non-GAAP | | $ | 6.12 | | | $ | 5.16 | | | $ | 1.09 | | | | | | | | | | | | | | | | | | Weighted average shares used in diluted net income per share computation | | | 2,489 | | | | 2,490 | | | | 2,490 | | | | | | | | | | | | | | | | | | GAAP net cash provided by operating activities | | $ | 15,345 | | | $ | 11,499 | | | $ | 2,911 | | | | Purchases related to property and equipment and intangible assets | | | (369 | ) | | | (253 | ) | | | (248 | ) | | | Principal payments on property and equipment and intangible assets | | | (40 | ) | | | (29 | ) | | | (20 | ) | |
Free cash flow | |
$ |
14,936 | | |
$ |
11,217 | | |
$ |
2,643 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (A) Acquisition-related and other costs are comprised of amortization of intangible assets and transaction costs, and are included in the following line items: | | | | | |
Three Months Ended | | | | |
April 28, | |
January 28, | |
April 30, | | | | |
2024 | |
2024 | |
2023 | | | Cost of revenue | | $ | 119 | | | $ | 119 | | | $ | 119 | | | | Research and development | | $ | 12 | | | $ | 12 | | | $ | 12 | | | | Sales, general and administrative | | $ | 8 | | | $ | 6 | | | $ | 42 | | | | | | | | | | | | | | | | | | (B) Stock-based compensation consists of the following: | | | | | | | | | | | | | | | | |
Three Months Ended | | | | |
April 28, | |
January 28, | |
April 30, | | | | |
2024 | |
2024 | |
2023 | | | Cost of revenue | | $ | 36 | | | $ | 45 | | | $ | 27 | | | | Research and development | | $ | 727 | | | $ | 706 | | | $ | 524 | | | | Sales, general and administrative | | $ | 248 | | | $ | 242 | | | $ | 184 | | | | | | | | | | | | | | | | | | (C) Other consists of IP-related costs and assets held for sale related adjustments. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (D) 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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