NVIDIA Announces Financial Results for Second Quarter Fiscal 2018

                                                                            
                             NVIDIA CORPORATION                             
           RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES            
                    (In millions, except per share data)                    
                                (Unaudited)                                 
                                                                            
                             Three Months Ended          Six Months Ended   
                      -------------------------------  -------------------- 
                       July 30,  April 30,   July 31,   July 30,   July 31, 
                         2017       2017       2016       2017       2016   
                      ---------  ---------  ---------  ---------  --------- 
                                                                            
GAAP gross profit     $   1,302  $   1,150  $     826  $   2,452  $   1,577 
  GAAP gross margin        58.4%      59.4%      57.9%      58.8%      57.7%
  Stock-based                                                               
   compensation                                                             
   expense (A)                4          4          4          8          8 
  Legal settlement                                                          
   costs                      -          -          -          -         10 
                      ---------  ---------  ---------  ---------  --------- 
Non-GAAP gross profit $   1,306  $   1,154  $     830  $   2,460  $   1,595 
                      =========  =========  =========  =========  ========= 
  Non-GAAP gross                                                            
   margin                  58.6%      59.6%      58.1%      59.0%      58.4%
                                                                            
GAAP operating                                                              
 expenses             $     614  $     596  $     509  $   1,210  $   1,016 
  Stock-based                                                               
   compensation                                                                                    
      expense  (A)                            (77)              (73)              (54)            (150)            (104)
    Legal  settlement                                                                                                                    
      costs                                            -                    -                    -                    -                  (6)
    Acquisition-related                                                                                                              
      costs  (B)                                  (4)                (4)                (4)                (8)                (8)
    Contributions                              -                  (2)                (1)                (2)                (4)
    Restructuring  and                                                                                                                  
      other  charges                            -                    -                  (2)                  -                  (3)
                                            ---------    ---------    ---------    ---------    ---------  
Non-GAAP  operating                                                                                                                    
  expenses                          $          533    $          517    $          448    $      1,050    $          891  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
GAAP  income  from                                                                                                                        
  operations                      $          688    $          554    $          317    $      1,242    $          561  
    Total  impact  of                                                                                                                      
      non-GAAP                                                                                                                                  
      adjustments  to                                                                                                                      
      income  from                                                                                                                            
      operations                                85                  83                  65                168                143  
                                            ---------    ---------    ---------    ---------    ---------  
Non-GAAP  income  from                                                                                                                
  operations                      $          773    $          637    $          382    $      1,410    $          704  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
GAAP  other  income                                                                                                                      
  (expense)                        $            (4)  $          (18)  $              -    $          (21)  $            (3)
    Gains  from  non-                                                                                                                      
      affiliated                                                                                                                              
      investments                                -                    -                    -                    -                  (3)
    Interest  expense                                                                                                                    
      related  to                                                                                                                              
      amortization  of                                                                                                                    
      debt  discount                            1                    2                    7                    3                  14  
    Loss  on  early  debt                                                                                                                
      conversions                                3                  14                    -                  17                    -  
                                            ---------    ---------    ---------    ---------    ---------  
Non-GAAP  other  income                                                                                                              
  (expense)                        $              -    $            (2)  $              7    $            (1)  $              8  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
GAAP  net  income              $          583    $          507    $          261    $      1,091    $          469  
    Total  pre-tax                                                                                                                          
      impact  of  non-GAAP                                                                                                              
      adjustments                              89                  99                  72                188                153  
    Income  tax  impact                                                                                                                  
      of  non-GAAP                                                                                                                            
      adjustments                            (34)              (73)              (20)            (108)              (46)
                                            ---------    ---------    ---------    ---------    ---------  
Non-GAAP  net  income      $          638    $          533    $          313    $      1,171    $          576  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
Diluted  net  income                                                                                                                    
  per  share                                                                                                                                    
    GAAP                                $        0.92    $        0.79    $        0.41    $        1.71    $        0.76  
                                            =========    =========    =========    =========    =========  
    Non-GAAP                        $        1.01    $        0.85    $        0.53    $        1.87    $        0.99  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
Weighted  average                                                                                                                        
  shares  used  in                                                                                                                          
  diluted  net  income                                                                                                                  
  per  share                                                                                                                                    
  computation                                                                                                                                
    GAAP                                            633                641                634                637                620  
    Anti-dilution                                                                                                                          
      impact  from  note                                                                                                                  
      hedge  ©                                  (4)              (14)              (43)              (10)              (37)
                                            ---------    ---------    ---------    ---------    ---------  
    Non-GAAP                                    629                627                591                627                583  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
GAAP  net  cash                                                                                                                              
  provided  by                                                                                                                                
  operating  activities  $          705    $          282    $          201    $          987    $          519  
    Purchase  of                                                                                                                              
      property  and                                                                                                                          
      equipment  and                                                                                                                        
      intangible  assets                (55)              (53)              (33)            (108)              (88)
                                            ---------    ---------    ---------    ---------    ---------  
Free  cash  flow                $          650    $          229    $          168    $          879    $          431  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
----------------------------------------------------------------------------
(A)  Excludes  stock-                                                                                                                  
  based  compensation                                                                                                                  
  as  follows:                                  Three  Months  Ended                    Six  Months  Ended      
                                            -------------------------------    --------------------  
                                              July  30,    April  30,      July  31,      July  30,      July  31,  
                                                  2017              2017              2016              2017              2016      
                                            ---------    ---------    ---------    ---------    ---------  
    Cost  of  revenue          $              4    $              4    $              4    $              8    $              8  
    Research  and                                                                                                                            
      development                $            44    $            41    $            30    $            85    $            59  
    Sales,  general  and                                                                                                                
      administrative          $            33    $            31    $            24    $            65    $            44  
                                                                                                                                                        
                                                                                                                                                        
(B)  Consists  of  amortization  of  acquisition-related  intangible  assets  and      
  compensation  charges.                                                                                                            
                                                                                                                                                        
©  Represents  the  number  of  shares  that  would  be  delivered  upon  conversion  
  of  the  currently  outstanding  1.00%  Convertible  Senior  Notes  Due  2018.            
  Under  GAAP,  shares  delivered  in  hedge  transactions  are  not  considered            
  offsetting  shares  in  the  fully  diluted  share  calculation  until  actually        
  delivered.                                                                                                                                  
----------------------------------------------------------------------------
                                                                                                                                                        
                                                                                                                                                        
                                                          NVIDIA  CORPORATION                                                          
                                  RECONCILIATION  OF  GAAP  TO  NON-GAAP  OUTLOOK                                  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                              Q3  FY2018        
                                                                                                                                  Outlook        
                                                                                                                          ---------------
                                                                                                                                                        
GAAP  gross  margin                                                                                                            58.6%
    Impact  of  stock-based  compensation  expense                                                        0.2%
                                                                                                                          ---------------
Non-GAAP  gross  margin                                                                                                    58.8%
                                                                                                                          ===============
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                Q3  FY2018      
                                                                                                                                  Outlook        
                                                                                                                          ---------------
                                                                                                                            (In  millions)  
                                                                                                                                                        
GAAP  operating  expenses                                                                            $                    672  
    Stock-based  compensation  expense,  acquisition-related                                          
      costs,  and  other  costs                                                                                            (102)
                                                                                                                          ---------------
Non-GAAP  operating  expenses                                                                    $                    570  
                                                                                                                          ===============
                                                                                                                                                        
GAAP  other  income  (expense)                                                                    $                      (2)
    Loss  on  early  debt  conversions  and  interest  expense                                              
      related  to  amortization  of  debt  discount                                                              2  
                                                                                                                          ---------------
Non-GAAP  other  income  (expense)                                                            $                        -  
                                                                                                                          ===============
                                                                                                                                                        
 

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise