| NVIDIA CORPORATION | |||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||
| (In millions, except per share data) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | |||||||||||||
| April 29, | January 28, | April 30, | |||||||||||
| 2018 | 2018 | 2017 | |||||||||||
| GAAP gross profit | $ | 2,068 | $ | 1,801 | $ | 1,150 | |||||||
| GAAP gross margin | 64.5 | % | 61.9 | % | 59.4 | % | |||||||
| Stock-based compensation expense (A) | 8 | 7 | 4 | ||||||||||
| Legal settlement costs | - | 1 | - | ||||||||||
| Non-GAAP gross profit | $ | 2,076 | $ | 1,809 | $ | 1,154 | |||||||
| Non-GAAP gross margin | 64.7 | % | 62.1 | % | 59.6 | % | |||||||
| GAAP operating expenses | $ | 773 | $ | 728 | $ | 596 | |||||||
| Stock-based compensation expense (A) | (121 | ) | (119 | ) | (73 | ) | |||||||
| Acquisition-related costs (B) | (2 | ) | (2 | ) | (4 | ) | |||||||
| Legal settlement costs | (2 | ) | - | - | |||||||||
| Contributions | - | - | (2 | ) | |||||||||
| Non-GAAP operating expenses | $ | 648 | $ | 607 | $ | 517 | |||||||
| GAAP income from operations | $ | 1,295 | $ | 1,073 | $ | 554 | |||||||
| Total impact of non-GAAP adjustments to income from operations | 133 | 129 | 83 | ||||||||||
| Non-GAAP income from operations | $ | 1,428 | $ | 1,202 | $ | 637 | |||||||
| GAAP other income (expense) | $ | 16 | $ | 5 | $ | (18 | ) | ||||||
| Gains from non-affiliated investments (C) | (6 | ) | (2 | ) | - | ||||||||
| Interest expense related to amortization of debt discount | 1 | - | 2 | ||||||||||
| Debt-related costs (D) | - | 2 | 14 | ||||||||||
| Non-GAAP other income (expense) | $ | 11 | $ | 5 | $ | (2 | ) | ||||||
| GAAP net income | $ | 1,244 | $ | 1,118 | $ | 507 | |||||||
| Total pre-tax impact of non-GAAP adjustments | 128 | 129 | 99 | ||||||||||
| Income tax impact of non-GAAP adjustments (E) | (87 | ) | (33 | ) | (73 | ) | |||||||
| Provisional tax benefit from income tax reform | - | (133 | ) | - | |||||||||
| Non-GAAP net income | $ | 1,285 | $ | 1,081 | $ | 533 | |||||||
| Diluted net income per share | |||||||||||||
| GAAP | $ | 1.98 | $ | 1.78 | $ | 0.79 | |||||||
| Non-GAAP | $ | 2.05 | $ | 1.72 | $ | 0.85 | |||||||
| Weighted average shares used in diluted net income per share computation | |||||||||||||
| GAAP | 627 | 628 | 641 | ||||||||||
| Anti-dilution impact from note hedge (F) | (1 | ) | (1 | ) | (14 | ) | |||||||
| Non-GAAP | 626 | 627 | 627 | ||||||||||
| GAAP net cash provided by operating activities | $ | 1,445 | $ | 1,358 | $ | 282 | |||||||
| Purchase of property and equipment and intangible assets | (118 | ) | (416 | ) | (53 | ) | |||||||
| Free cash flow | $ | 1,327 | $ | 942 | $ | 229 | |||||||
| (A) Stock-based compensation consists of the following: | Three Months Ended | ||||||||||||
| April 29, | January 28, | April 30, | |||||||||||
| 2018 | 2018 | 2017 | |||||||||||
| Cost of revenue | $ | 8 | $ | 7 | $ | 4 | |||||||
| Research and development | $ | 74 | $ | 73 | $ | 41 | |||||||
| Sales, general and administrative | $ | 47 | $ | 46 | $ | 31 | |||||||
| (B) Consists of amortization of acquisition-related intangible assets and compensation charges. | |||||||||||||
| (C) Consists of realized and unrealized gains from non-affiliated investments. | |||||||||||||
| (D) Consists of loss on early debt conversions and termination of interest rate swap. | |||||||||||||
| (E) 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). | |||||||||||||
| (F) 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 First Quarter Fiscal 2019
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