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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