| NVIDIA CORPORATION | |||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| January 27, | October 28, | January 28, | January 27, | January 28, | |||||||||||||||||
| 2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||||||
| GAAP gross profit | $ | 1,207 | $ | 1,921 | $ | 1,801 | $ | 7,171 | $ | 5,822 | |||||||||||
| GAAP gross margin | 54.7 | % | 60.4 | % | 61.9 | % | 61.2 | % | 59.9 | % | |||||||||||
| Stock-based compensation expense (A) | 6 | 5 | 7 | 27 | 21 | ||||||||||||||||
| Legal settlement costs | 21 | 14 | 1 | 35 | 1 | ||||||||||||||||
| Non-GAAP gross profit | $ | 1,234 | $ | 1,940 | $ | 1,809 | $ | 7,233 | $ | 5,844 | |||||||||||
| Non-GAAP gross margin | 56.0 | % | 61.0 | % | 62.1 | % | 61.7 | % | 60.2 | % | |||||||||||
| GAAP operating expenses | $ | 913 | $ | 863 | $ | 728 | $ | 3,367 | $ | 2,612 | |||||||||||
| Stock-based compensation expense (A) | (150 | ) | (135 | ) | (119 | ) | (530 | ) | (370 | ) | |||||||||||
| Acquisition-related and other costs | (1 | ) | 3 | (2 | ) | (2 | ) | (15 | ) | ||||||||||||
| Legal settlement costs | (7 | ) | (1 | ) | - | (9 | ) | - | |||||||||||||
| Non-GAAP operating expenses | $ | 755 | $ | 730 | $ | 607 | $ | 2,826 | $ | 2,227 | |||||||||||
| GAAP income from operations | $ | 294 | $ | 1,058 | $ | 1,073 | $ | 3,804 | $ | 3,210 | |||||||||||
| Total impact of non-GAAP adjustments to income from operations | 185 | 152 | 129 | 603 | 407 | ||||||||||||||||
| Non-GAAP income from operations | $ | 479 | $ | 1,210 | $ | 1,202 | $ | 4,407 | $ | 3,617 | |||||||||||
| GAAP other income (expense) | $ | 30 | $ | 23 | $ | 5 | $ | 92 | $ | (14 | ) | ||||||||||
| Gains from non-affiliated investments | (1 | ) | (2 | ) | (2 | ) | (12 | ) | (2 | ) | |||||||||||
| Interest expense related to amortization of debt discount | - | - | - | 2 | 3 | ||||||||||||||||
| Debt-related costs | - | - | 2 | - | 20 | ||||||||||||||||
| Non-GAAP other income (expense) | $ | 29 | $ | 21 | $ | 5 | $ | 82 | $ | 7 | |||||||||||
| GAAP net income | $ | 567 | $ | 1,230 | $ | 1,118 | $ | 4,141 | $ | 3,047 | |||||||||||
| Total pre-tax impact of non-GAAP adjustments | 184 | 150 | 129 | 593 | 428 | ||||||||||||||||
| Income tax impact of non-GAAP adjustments (B) | (25 | ) | (91 | ) | (33 | ) | (223 | ) | (257 | ) | |||||||||||
| Tax benefit from income tax reform | (230 | ) | (138 | ) | (133 | ) | (368 | ) | (133 | ) | |||||||||||
| Non-GAAP net income | $ | 496 | $ | 1,151 | $ | 1,081 | $ | 4,143 | $ | 3,085 | |||||||||||
| Diluted net income per share | |||||||||||||||||||||
| GAAP | $ | 0.92 | $ | 1.97 | $ | 1.78 | $ | 6.63 | $ | 4.82 | |||||||||||
| Non-GAAP | $ | 0.80 | $ | 1.84 | $ | 1.72 | $ | 6.64 | $ | 4.92 | |||||||||||
| Weighted average shares used in diluted net income per share computation | |||||||||||||||||||||
| GAAP | 619 | 625 | 628 | 625 | 632 | ||||||||||||||||
| Anti-dilution impact from note hedge | - | - | (1 | ) | (1 | ) | (5 | ) | |||||||||||||
| Non-GAAP | 619 | 625 | 627 | 624 | 627 | ||||||||||||||||
| GAAP net cash provided by operating activities | $ | 898 | $ | 487 | $ | 1,358 | $ | 3,743 | $ | 3,502 | |||||||||||
| Purchase of property and equipment and intangible assets | (203 | ) | (150 | ) | (416 | ) | (600 | ) | (593 | ) | |||||||||||
| Free cash flow | $ | 695 | $ | 337 | $ | 942 | $ | 3,143 | $ | 2,909 | |||||||||||
| (A) Stock-based compensation consists of the following: | Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| January 27, | October 28, | January 28, | January 27, | January 28, | |||||||||||||||||
| 2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||||||
| Cost of revenue | $ | 6 | $ | 5 | $ | 7 | $ | 27 | $ | 21 | |||||||||||
| Research and development | $ | 99 | $ | 88 | $ | 73 | $ | 336 | $ | 219 | |||||||||||
| Sales, general and administrative | $ | 51 | $ | 47 | $ | 46 | $ | 194 | $ | 151 | |||||||||||
| (B) 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). | |||||||||||||||||||||
NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2019
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