Copyright (C) 2009 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, Quadro, Tesla, PhysX, GeForce 3D Vision, CUDA, ION and Tegra are registered trademarks and/or trademarks of NVIDIA Corporation in the United States and other countries. All other company and/or product names may be trade names, trademarks, and/or registered trademarks of the respective owners with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months
Ended
--------------
April 26, April 27,
2009 2008
---- ----
Revenue $664,231 $1,153,388
Cost of revenue 463,123 638,545
Cost of revenue related to stock
option purchase (A) 11,412 -
------ ---
Gross profit 189,696 514,843
Operating expenses:
Research and development 211,341 218,830
Sales, general and administrative 80,491 93,034
Stock option purchase (A) 128,829 -
------- ---
Total operating expenses 420,661 311,864
------- -------
Operating income (loss) (230,965) 202,979
Interest and other income, net 6,144 10,039
----- ------
Income (loss) before income tax
expense (224,821) 213,018
Income tax expense (benefit) (B) (23,483) 36,213
------- ------
Net income (loss) $(201,338) $176,805
========= --------
Basic net income (loss) per share $(0.37) $0.32
====== =====
Diluted net income (loss) per share $(0.37) $0.30
====== =====
Shares used in basic per share
computation 542,307 555,673
Shares used in diluted per share
computation 542,307 591,989
--
(A) The $140,241 stock option purchase charge for the three months ended
April 26, 2009 relates to personnel associated with cost of revenue
(for manufacturing personnel), research and development, and sales,
general and administrative of $11,412, $90,456, and $38,373,
respectively, pursuant to a tender offer to purchase certain
outstanding employee stock options.
(B) The income tax expense (benefit) rate for the three months ended April
26, 2009 and April 27, 2008 was (10.4)% and 17.0%, respectively.
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
Three Months
Ended
--------------
April 26, April 27,
2009 2008
---- ----
GAAP gross profit $189,696 $514,843
as a percent of GAAP revenue 28.6% 44.6%
Stock-based compensation expense included
in cost of revenue (A) 2,230 3,136
Stock option purchase charge related to
cost of revenue (B) 11,412 -
------ ---
Non-GAAP gross profit $203,338 $517,979
======== ========
as a percent of GAAP revenue 30.6% 44.9%
GAAP operating expenses $420,661 $311,864
Stock-based compensation expense (A) (31,883) (38,988)
Stock option purchase charge related to
operating expenses (B) (128,829) -
-------- ---
Non-GAAP operating expenses $259,949 $272,876
======== ========
GAAP net income (loss) $(201,338) $176,805
Stock-based compensation expense (A) 34,113 42,124
Stock option purchase charge (B) 140,241 -
Income tax impact of non-GAAP adjustments (19,690) (7,161)
------- ------
Non-GAAP net income (loss) $(46,674) $211,768
======== ========
Diluted net income (loss) per share
GAAP $(0.37) $0.30
====== =====
Non-GAAP $(0.09) $0.36
====== =====
Shares used in GAAP diluted net income (loss)
per share computation 542,307 591,989
Cumulative impact of non-GAAP adjustments
(C) - (10,653)
--- -------
Shares used in non-GAAP diluted net income
(loss) per share computation 542,307 581,336
======= =======
GAAP net cash flow provided by operating
activities $142,128 $145,245
Purchase of property and equipment and
intangible assets (20,777) (202,173)
------- --------
Free cash flow $121,351 $(56,928)
======== ========
(A) Results include stock-based compensation expense as follows (in
thousands):
Three Months
Ended
--------------
April 26, April 27,
2009 2008
---- ----
Cost of revenue $2,230 $3,136
Research and development $21,270 $24,534
Sales, general and administrative $10,613 $14,454
(B) During the three-months ended April 26, 2009, the Company completed a
tender offer to purchase an aggregate of 28.5 million outstanding
stock options for a total cash payment of $78.1 million. As a result
of the tender offer the Company incurred a charge of $140.2 million,
consisting of the remaining unamortized stock-based compensation
expenses associated with the unvested portion of the options tendered
in the offer, stock-based compensation expense resulting from amounts
paid in excess of the fair value of the underlying options, plus
associated payroll taxes and professional fees. The $140.2 million
stock option purchase charge for the three months ended April 26, 2009
relates to personnel associated with cost of revenue (for
manufacturing personnel), research and development, and sales, general
and administrative of $11.4 million, $90.5 million, and $38.3 million,
respectively.
(C) Reflects an adjustment to the diluted outstanding shares calculated
under SFAS 123R to conform to diluted outstanding shares calculated
under prior accounting standards (APB 25).
NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
April 26, January 25,
2009 2009
---- ----
ASSETS
Current assets:
Cash, cash equivalents and marketable
securities $1,338,147 $1,255,390
Accounts receivable, net 304,393 318,435
Inventories 327,259 537,834
Prepaid expenses and other current assets 50,885 56,299
------ ------
Total current assets 2,020,684 2,167,958
Property and equipment, net 601,053 625,798
Goodwill 369,844 369,844
Intangible assets, net 142,446 147,101
Deposits and other assets 44,677 40,026
------ ------
Total assets $3,178,704 $3,350,727
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $226,114 $218,864
Accrued liabilities and other current
liabilities 476,058 559,727
------- -------
Total current liabilities 702,172 778,591
Other long-term liabilities 132,305 151,850
Capital lease obligations, long term 25,351 25,634
Stockholders' equity 2,318,876 2,394,652
--------- ---------
Total liabilities and stockholders' equity $3,178,704 $3,350,727
========== ==========
Web site: http://www.nvidia.com/
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