| NVIDIA CORPORATION | |||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| October 29, | July 30, | October 30, | October 29, | October 30, | |||||||||||||||||||
| 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
| GAAP gross profit | $ | 1,569 | $ | 1,302 | $ | 1,183 | $ | 4,021 | $ | 2,760 | |||||||||||||
| GAAP gross margin | 59.5 | % | 58.4 | % | 59.0 | % | 59.1 | % | 58.3 | % | |||||||||||||
| Stock-based compensation expense (A) | 6 | 4 | 3 | 14 | 11 | ||||||||||||||||||
| Legal settlement costs | - | - | - | - | 10 | ||||||||||||||||||
| Non-GAAP gross profit | $ | 1,575 | $ | 1,306 | $ | 1,186 | $ | 4,035 | $ | 2,781 | |||||||||||||
| Non-GAAP gross margin | 59.7 | % | 58.6 | % | 59.2 | % | 59.3 | % | 58.7 | % | |||||||||||||
| GAAP operating expenses | $ | 674 | $ | 614 | $ | 544 | $ | 1,884 | $ | 1,559 | |||||||||||||
| Stock-based compensation expense (A) | (101 | ) | (77 | ) | (62 | ) | (251 | ) | (166 | ) | |||||||||||||
| Legal settlement costs | - | - | - | - | (6 | ) | |||||||||||||||||
| Acquisition-related costs (B) | (3 | ) | (4 | ) | (4 | ) | (11 | ) | (12 | ) | |||||||||||||
| Contributions | - | - | - | (2 | ) | (4 | ) | ||||||||||||||||
| Restructuring and other charges | - | - | - | - | (3 | ) | |||||||||||||||||
| Non-GAAP operating expenses | $ | 570 | $ | 533 | $ | 478 | $ | 1,620 | $ | 1,368 | |||||||||||||
| GAAP income from operations | $ | 895 | $ | 688 | $ | 639 | $ | 2,137 | $ | 1,201 | |||||||||||||
| Total impact of non-GAAP adjustments to income from operations | 110 | 85 | 69 | 278 | 211 | ||||||||||||||||||
| Non-GAAP income from operations | $ | 1,005 | $ | 773 | $ | 708 | $ | 2,415 | $ | 1,412 | |||||||||||||
| GAAP other income (expense) | $ | 1 | $ | (4 | ) | $ | (18 | ) | $ | (20 | ) | $ | (21 | ) | |||||||||
| Gains from non-affiliated investments | - | - | - | - | (3 | ) | |||||||||||||||||
| Interest expense related to amortization of debt discount | - | 1 | 6 | 3 | 20 | ||||||||||||||||||
| Loss on early debt conversions | 1 | 3 | 15 | 19 | 15 | ||||||||||||||||||
| Non-GAAP other income (expense) | $ | 2 | $ | - | $ | 3 | $ | 2 | $ | 11 | |||||||||||||
| GAAP net income | $ | 838 | $ | 583 | $ | 542 | $ | 1,928 | $ | 1,012 | |||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 111 | 89 | 90 | 300 | 243 | ||||||||||||||||||
| Income tax impact of non-GAAP adjustments (C) | (116 | ) | (34 | ) | (62 | ) | (224 | ) | (108 | ) | |||||||||||||
| Non-GAAP net income | $ | 833 | $ | 638 | $ | 570 | $ | 2,004 | $ | 1,147 | |||||||||||||
| Diluted net income per share | |||||||||||||||||||||||
| GAAP | $ | 1.33 | $ | 0.92 | $ | 0.83 | $ | 3.05 | $ | 1.59 | |||||||||||||
| Non-GAAP | $ | 1.33 | $ | 1.01 | $ | 0.94 | $ | 3.20 | $ | 1.93 | |||||||||||||
| Weighted average shares used in diluted net income per share computation | |||||||||||||||||||||||
| GAAP | 628 | 633 | 653 | 633 | 636 | ||||||||||||||||||
| Anti-dilution impact from note hedge (D) | (2 | ) | (4 | ) | (45 | ) | (7 | ) | (42 | ) | |||||||||||||
| Non-GAAP | 626 | 629 | 608 | 626 | 594 | ||||||||||||||||||
| GAAP net cash provided by operating activities | $ | 1,157 | $ | 705 | $ | 432 | $ | 2,144 | $ | 951 | |||||||||||||
| Purchase of property and equipment and intangible assets | (69 | ) | (55 | ) | (38 | ) | (178 | ) | (125 | ) | |||||||||||||
| Free cash flow | $ | 1,088 | $ | 650 | $ | 394 | $ | 1,966 | $ | 826 | |||||||||||||
| (A) Stock-based compensation consists of the following: | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| October 29, | July 30, | October 30, | October 29, | October 30, | |||||||||||||||||||
| 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
| Cost of revenue | $ | 6 | $ | 4 | $ | 3 | $ | 14 | $ | 11 | |||||||||||||
| Research and development | $ | 61 | $ | 44 | $ | 35 | $ | 146 | $ | 95 | |||||||||||||
| Sales, general and administrative | $ | 40 | $ | 33 | $ | 27 | $ | 105 | $ | 71 | |||||||||||||
| (B) Consists of amortization of acquisition-related intangible assets and compensation charges. | |||||||||||||||||||||||
| (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) 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 Announces Financial Results for Third Quarter Fiscal 2018
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