NVIDIA Announces Financial Results for First Quarter Fiscal 2023

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

		Three Months Ended
		May 1,			January 30,			May 2,
			2022			2022			2021

GAAP gross profit		$	5,431		$	4,999		$	3,629
GAAP gross margin			65.5	%		65.4	%		64.1	%
	Acquisition-related and other costs (A)		94			86			87
	Stock-based compensation expense (B)		38			39			25
	IP-related costs		-			-			5
Non-GAAP gross profit		$	5,563		$	5,124		$	3,746
Non-GAAP gross margin			67.1	%		67.0	%		66.2	%

GAAP operating expenses		$	3,563		$	2,029		$	1,673
	Acquisition termination cost		(1,353	)		-			-
	Stock-based compensation expense (B)		(540	)		(512	)		(404	)
	Acquisition-related and other costs (A)		(55	)		(70	)		(80	)
	Legal settlement costs		(7	)		-			-
Non-GAAP operating expenses		$	1,608		$	1,447		$	1,189

GAAP income from operations		$	1,868		$	2,970		$	1,956
	Total impact of non-GAAP adjustments to income from operations		2,087			707			601
Non-GAAP income from operations		$	3,955		$	3,677		$	2,557

GAAP other income (expense), net		$	(63	)	$	(105	)	$	88
	Losses (gains) from non-affiliated investments		17			53			(134	)
	Interest expense related to amortization of debt discount		1			-			1
Non-GAAP other income (expense), net		$	(45	)	$	(52	)	$	(45	)

GAAP net income		$	1,618		$	3,003		$	1,912
	Total pre-tax impact of non-GAAP adjustments		2,105			760			468
	Income tax impact of non-GAAP adjustments (C)		(280	)		(330	)		(67	)
	Domestication tax adjustments		-			7			-
	Foreign tax benefit		-			(90	)		-
Non-GAAP net income		$	3,443		$	3,350		$	2,313

Diluted net income per share (D)
	GAAP	$	0.64		$	1.18		$	0.76
	Non-GAAP	$	1.36		$	1.32		$	0.91

Weighted average shares used in diluted net income per share computation (D)			2,537			2,545			2,528

GAAP net cash provided by operating activities		$	1,731		$	3,033		$	1,874
	Purchases related to property and equipment and intangible assets		(361	)		(273	)		(298	)
	Principal payments on property and equipment and intangible assets		(22	)		(21	)		(19	)
Free cash flow		$	1,348		$	2,739		$	1,557



(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs and certain compensation charges presented in the following line items:
		Three Months Ended
		May 1,			January 30,			May 2,
			2022			2022			2021
	Cost of revenue	$	94		$	86		$	87
	Research and development	$	9		$	9		$	1
	Sales, general and administrative	$	46		$	61		$	79

(B) Stock-based compensation consists of the following:
		Three Months Ended
		May 1,			January 30,			May 2,
			2022			2022			2021
	Cost of revenue	$	38		$	39		$	25
	Research and development	$	384		$	362		$	276
	Sales, general and administrative	$	156		$	150		$	128

(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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