| NVIDIA CORPORATION | |||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||
| (In millions, except per share data) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | |||||||||||||
| April 28, | January 27, | April 29, | |||||||||||
| 2019 | 2019 | 2018 | |||||||||||
| GAAP gross profit | $ | 1,296 | $ | 1,207 | $ | 2,068 | |||||||
| GAAP gross margin | 58.4% | 54.7% | 64.5% | ||||||||||
| Stock-based compensation expense (A) | 4 | 6 | 8 | ||||||||||
| Legal settlement costs | 10 | 21 | - | ||||||||||
| Non-GAAP gross profit | $ | 1,310 | $ | 1,234 | $ | 2,076 | |||||||
| Non-GAAP gross margin | 59.0% | 56.0% | 64.7% | ||||||||||
| GAAP operating expenses | $ | 938 | $ | 913 | $ | 773 | |||||||
| Stock-based compensation expense (A) | (174 | ) | (150 | ) | (121 | ) | |||||||
| Acquisition-related and other costs | (10 | ) | (1 | ) | (2 | ) | |||||||
| Legal settlement costs | (1 | ) | (7 | ) | (2 | ) | |||||||
| Non-GAAP operating expenses | $ | 753 | $ | 755 | $ | 648 | |||||||
| GAAP income from operations | $ | 358 | $ | 294 | $ | 1,295 | |||||||
| Total impact of non-GAAP adjustments to income from operations | 199 | 185 | 133 | ||||||||||
| Non-GAAP income from operations | $ | 557 | $ | 479 | $ | 1,428 | |||||||
| GAAP other income (expense) | $ | 31 | $ | 30 | $ | 16 | |||||||
| Gains from non-affiliated investments | - | (1 | ) | (6 | ) | ||||||||
| Interest expense related to amortization of debt discount | - | - | 1 | ||||||||||
| Non-GAAP other income (expense) | $ | 31 | $ | 29 | $ | 11 | |||||||
| GAAP net income | $ | 394 | $ | 567 | $ | 1,244 | |||||||
| Total pre-tax impact of non-GAAP adjustments | 199 | 184 | 128 | ||||||||||
| Income tax impact of non-GAAP adjustments (B) | (50 | ) | (25 | ) | (87 | ) | |||||||
| Tax benefit from income tax reform | - | (230 | ) | - | |||||||||
| Non-GAAP net income | $ | 543 | $ | 496 | $ | 1,285 | |||||||
| Diluted net income per share | |||||||||||||
| GAAP | $ | 0.64 | $ | 0.92 | $ | 1.98 | |||||||
| Non-GAAP | $ | 0.88 | $ | 0.80 | $ | 2.05 | |||||||
| Weighted average shares used in diluted net income per share computation | |||||||||||||
| GAAP | 616 | 619 | 627 | ||||||||||
| Anti-dilution impact from note hedge | - | - | (1 | ) | |||||||||
| Non-GAAP | 616 | 619 | 626 | ||||||||||
| GAAP net cash provided by operating activities | $ | 720 | $ | 898 | $ | 1,445 | |||||||
| Purchase of property and equipment and intangible assets | (128 | ) | (203 | ) | (118 | ) | |||||||
| Free cash flow | $ | 592 | $ | 695 | $ | 1,327 | |||||||
| (A) Stock-based compensation consists of the following: | Three Months Ended | ||||||||||||
| April 28, | January 27, | April 29, | |||||||||||
| 2019 | 2019 | 2018 | |||||||||||
| Cost of revenue | $ | 4 | $ | 6 | $ | 8 | |||||||
| Research and development | $ | 114 | $ | 99 | $ | 74 | |||||||
| Sales, general and administrative | $ | 60 | $ | 51 | $ | 47 | |||||||
| (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 First Quarter Fiscal 2020
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