NVIDIA Announces Financial Results for First Quarter Fiscal 2021
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NVIDIA CORPORATION |
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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
| (In millions, except per share data) |
| (Unaudited) |
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Three Months Ended |
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April 26, | |
January 26, |
April 28, |
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2020 | | | |
2020 | | | |
2019 | |
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| GAAP gross profit | $ | 2,004 | | | $ | 2,015 | | | $ | 1,296 | |
| GAAP gross margin | | 65.1% | | | | 64.9% | | | | 58.4% | |
| | Stock-based compensation expense (A) | | 21 | | | | 12 | | | | 4 | |
| | Acquisition-related and other costs | | 1 | | | | - | | | | - | |
| | Legal settlement costs | | - | | | | 3 | | | | 10 | |
| Non-GAAP gross profit | $ | 2,026 | | | $ | 2,030 | | | $ | 1,310 | |
| Non-GAAP gross margin | | 65.8 % | | | | 65.4 % | | | | 59.0 % | |
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| GAAP operating expenses | $ | 1,028 | | | $ | 1,025 | | | $ | 938 | |
| | Stock-based compensation expense (A) | | (203 | ) | | | (208 | ) | | | (174 | ) |
| | Acquisition-related and other costs | | (4 | ) | | | (7 | ) | | | (10 | ) |
| | Legal settlement costs | | - | | | | - | | | | (1 | ) |
| Non-GAAP operating expenses | $ | 821 | | | $ | 810 | | | $ | 753 | |
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| GAAP income from operations | $ | 976 | | | $ | 990 | | | $ | 358 | |
| | Total impact of non-GAAP adjustments to income from operations | | 229 | | | | 230 | | | | 199 | |
| Non-GAAP income from operations | $ | 1,205 | | | $ | 1,220 | | | $ | 557 | |
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| GAAP other income, net | $ | 5 | | | $ | 26 | | | $ | 31 | |
| | Losses from non-affiliated investments | | 3 | | | | - | | | | - | |
| | Interest expense related to amortization of debt discount | | 1 | | | | - | | | | - | |
| Non-GAAP other income, net | $ | 9 | | | $ | 26 | | | $ | 31 | |
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| GAAP net income | $ | 917 | | | $ | 950 | | | $ | 394 | |
| | Total pre-tax impact of non-GAAP adjustments | | 232 | | | | 230 | | | | 199 | |
| | Income tax impact of non-GAAP adjustments (B) | | (29 | ) | | | (8 | ) | | | (50 | ) |
| Non-GAAP net income | $ | 1,120 | | | $ | 1,172 | | | $ | 543 | |
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| Diluted net income per share | | | | | |
| | GAAP | $ | 1.47 | | | $ | 1.53 | | | $ | 0.64 | |
| | Non-GAAP | $ | 1.80 | | | $ | 1.89 | | | $ | 0.88 | |
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| Weighted average shares used in diluted net income per share computation | | 622 | | | | 621 | | | | 616 | |
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| GAAP net cash provided by operating activities | $ | 909 | | | $ | 1,465 | | | $ | 720 | |
| | Purchase of property and equipment and intangible assets | | (155 | ) | | | (144 | ) | | | (128 | ) |
| Free cash flow | $ | 754 | | | $ | 1,321 | | | $ | 592 | |
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| (A) Stock-based compensation consists of the following: |
Three Months Ended |
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April 26, | |
January 26, |
April 28, |
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2020 | | | |
2020 | | | |
2019 | |
| | Cost of revenue | $ | 21 | | | $ | 12 | | | $ | 4 | |
| | Research and development | $ | 134 | | | $ | 140 | | | $ | 114 | |
| | Sales, general and administrative | $ | 69 | | | $ | 68 | | | $ | 60 | |
(B) 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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