| NVIDIA CORPORATION | ||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
|
October 27,
| July 28, |
October 28,
|
October 27,
| October 28, | ||||||||||||||||||
| 2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
| GAAP gross profit | $ | 1,916 | $ | 1,541 | $ | 1,921 | $ | 4,753 | $ | 5,964 | ||||||||||||
| GAAP gross margin | 63.6 | % | 59.8 | % | 60.4 | % | 60.8 | % | 62.7 | % | ||||||||||||
| Stock-based compensation expense (A) | 15 | 8 | 5 | 27 | 21 | |||||||||||||||||
| Legal settlement costs | - | 2 | 14 | 11 | 14 | |||||||||||||||||
| Non-GAAP gross profit | $ | 1,931 | $ | 1,551 | $ | 1,940 | $ | 4,791 | $ | 5,999 | ||||||||||||
| Non-GAAP gross margin | 64.1 | % | 60.1 | % | 61.0 | % | 61.3 | % | 63.1 | % | ||||||||||||
| GAAP operating expenses | $ | 989 | $ | 970 | $ | 863 | $ | 2,897 | $ | 2,454 | ||||||||||||
| Stock-based compensation expense (A) | (208 | ) | (216 | ) | (135 | ) | (597 | ) | (379 | ) | ||||||||||||
| Acquisition-related and other costs | (7 | ) | (5 | ) | (1 | ) | (22 | ) | (5 | ) | ||||||||||||
| Legal settlement costs | - | - | (1 | ) | (2 | ) | (3 | ) | ||||||||||||||
| Restructuring and other | - | - | 4 | - | 4 | |||||||||||||||||
| Non-GAAP operating expenses | $ | 774 | $ | 749 | $ | 730 | $ | 2,276 | $ | 2,071 | ||||||||||||
| GAAP income from operations | $ | 927 | $ | 571 | $ | 1,058 | $ | 1,856 | $ | 3,510 | ||||||||||||
| Total impact of non-GAAP adjustments to income from operations | 229 | 231 | 152 | 659 | 418 | |||||||||||||||||
| Non-GAAP income from operations | $ | 1,156 | $ | 802 | $ | 1,210 | $ | 2,515 | $ | 3,928 | ||||||||||||
| GAAP other income (expense) | $ | 32 | $ | 35 | $ | 23 | $ | 98 | $ | 62 | ||||||||||||
| Losses (Gains) from non-affiliated investments | - | - | (2 | ) | 1 | (11 | ) | |||||||||||||||
| Interest expense related to amortization of debt discount | 1 | - | - | 1 | 1 | |||||||||||||||||
| Non-GAAP other income (expense) | $ | 33 | $ | 35 | $ | 21 | $ | 100 | $ | 52 | ||||||||||||
| GAAP net income | $ | 899 | $ | 552 | $ | 1,230 | $ | 1,845 | $ | 3,575 | ||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 230 | 231 | 150 | 660 | 409 | |||||||||||||||||
| Income tax impact of non-GAAP adjustments (B) | (26 | ) | (21 | ) | (91 | ) | (97 | ) | (199 | ) | ||||||||||||
| Tax benefit from income tax reform | - | - | (138 | ) | - | (138 | ) | |||||||||||||||
| Non-GAAP net income | $ | 1,103 | $ | 762 | $ | 1,151 | $ | 2,408 | $ | 3,647 | ||||||||||||
| Diluted net income per share | ||||||||||||||||||||||
| GAAP | $ | 1.45 | $ | 0.90 | $ | 1.97 | $ | 2.99 | $ | 5.71 | ||||||||||||
| Non-GAAP | $ | 1.78 | $ | 1.24 | $ | 1.84 | $ | 3.90 | $ | 5.83 | ||||||||||||
| Weighted average shares used in diluted net income per share computation | 618 | 616 | 625 | 617 | 626 | |||||||||||||||||
| GAAP net cash provided by operating activities | $ | 1,640 | $ | 936 | $ | 487 | $ | 3,296 | $ | 2,845 | ||||||||||||
| Purchase of property and equipment and intangible assets | (104 | ) | (113 | ) | (150 | ) | (344 | ) | (397 | ) | ||||||||||||
| Free cash flow | $ | 1,536 | $ | 823 | $ | 337 | $ | 2,952 | $ | 2,448 | ||||||||||||
| (A) Stock-based compensation consists of the following: | Three Months Ended | Nine Months Ended | ||||||||||||||||||||
|
October 27,
| July 28, |
October 28,
|
October 27,
|
October 28,
| ||||||||||||||||||
| 2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
| Cost of revenue | $ | 15 | $ | 8 | $ | 5 | $ | 27 | $ | 21 | ||||||||||||
| Research and development | $ | 141 | $ | 145 | $ | 88 | $ | 400 | $ | 237 | ||||||||||||
| Sales, general and administrative | $ | 67 | $ | 71 | $ | 47 | $ | 197 | $ | 142 | ||||||||||||
| (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 Third Quarter Fiscal 2020
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