NVIDIA Announces Financial Results for First Quarter Fiscal 2024

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

		Three Months Ended
		April 30,			January 29,			May 1,
			2023			2023			2022

GAAP gross profit		$	4,648		$	3,833		$	5,431
GAAP gross margin			64.6	%		63.3	%		65.5	%
	Acquisition-related and other costs (A)		119			120			94
	Stock-based compensation expense (B)		27			30			38
	IP-related costs		8			16			-
Non-GAAP gross profit		$	4,802		$	3,999		$	5,563
Non-GAAP gross margin			66.8	%		66.1	%		67.1	%

GAAP operating expenses		$	2,508		$	2,576		$	3,563
	Stock-based compensation expense (B)		(708	)		(709	)		(540	)
	Acquisition-related and other costs (A)		(54	)		(54	)		(55	)
	Acquisition termination cost		-			-			(1,353	)
	Legal settlement costs		-			-			(7	)
	Other (C)		4			(38	)		-
Non-GAAP operating expenses		$	1,750		$	1,775		$	1,608

GAAP income from operations		$	2,140		$	1,257		$	1,868
	Total impact of non-GAAP adjustments to income from operations		912			967			2,087
Non-GAAP income from operations		$	3,052		$	2,224		$	3,955

GAAP other income (expense), net		$	69		$	32		$	(63	)
	Losses from non-affiliated investments		14			10			17
	Interest expense related to amortization of debt discount		1			1			1
Non-GAAP other income (expense), net		$	84		$	43		$	(45	)

GAAP net income		$	2,043		$	1,414		$	1,618
	Total pre-tax impact of non-GAAP adjustments		927			978			2,105
	Income tax impact of non-GAAP adjustments (D)		(257	)		(218	)		(280	)
Non-GAAP net income		$	2,713		$	2,174		$	3,443

Diluted net income per share
	GAAP	$	0.82		$	0.57		$	0.64
	Non-GAAP	$	1.09		$	0.88		$	1.36

Weighted average shares used in diluted net income per share computation			2,490			2,477			2,537

GAAP net cash provided by operating activities		$	2,911		$	2,249		$	1,731
	Purchases related to property and equipment and intangible assets		(248	)		(509	)		(361	)
	Principal payments on property and equipment and intangible assets		(20	)		(4	)		(22	)
Free cash flow		$	2,643		$	1,736		$	1,348



(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
		Three Months Ended
		April 30,			January 29,			May 1,
			2023			2023			2022
	Cost of revenue	$	119		$	120		$	94
	Research and development	$	12		$	10		$	9
	Sales, general and administrative	$	42		$	44		$	46

(B) Stock-based compensation consists of the following:
		Three Months Ended
		April 30,			January 29,			May 1,
			2023			2023			2022
	Cost of revenue	$	27		$	30		$	38
	Research and development	$	524		$	527		$	384
	Sales, general and administrative	$	184		$	182		$	156

(C) Other consists of 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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