| NVIDIA CORPORATION | |||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| January 26, | October 27, | January 27, | January 26, | January 27, | |||||||||||||||
| 2020 | 2019 | 2019 | 2020 | 2019 | |||||||||||||||
| GAAP gross profit | $ | 2,015 | $ | 1,916 | $ | 1,207 | $ | 6,768 | $ | 7,171 | |||||||||
| GAAP gross margin | 64.9 | % | 63.6 | % | 54.7 | % | 62.0 | % | 61.2 | % | |||||||||
| Stock-based compensation expense (A) | 12 | 15 | 6 | 39 | 27 | ||||||||||||||
| Legal settlement costs | 3 | - | 21 | 14 | 35 | ||||||||||||||
| Non-GAAP gross profit | $ | 2,030 | $ | 1,931 | $ | 1,234 | $ | 6,821 | $ | 7,233 | |||||||||
| Non-GAAP gross margin | 65.4 | % | 64.1 | % | 56.0 | % | 62.5 | % | 61.7 | % | |||||||||
| GAAP operating expenses | $ | 1,025 | $ | 989 | $ | 913 | $ | 3,922 | $ | 3,367 | |||||||||
| Stock-based compensation expense (A) | (208 | ) | (208 | ) | (150 | ) | (805 | ) | (530 | ) | |||||||||
| Acquisition-related and other costs | (7 | ) | (7 | ) | (1 | ) | (30 | ) | (2 | ) | |||||||||
| Legal settlement costs | - | - | (7 | ) | (1 | ) | (9 | ) | |||||||||||
| Non-GAAP operating expenses | $ | 810 | $ | 774 | $ | 755 | $ | 3,086 | $ | 2,826 | |||||||||
| GAAP income from operations | $ | 990 | $ | 927 | $ | 294 | $ | 2,846 | $ | 3,804 | |||||||||
| Total impact of non-GAAP adjustments to income from operations | 230 | 229 | 185 | 889 | 603 | ||||||||||||||
| Non-GAAP income from operations | $ | 1,220 | $ | 1,156 | $ | 479 | $ | 3,735 | $ | 4,407 | |||||||||
| GAAP other income | $ | 26 | $ | 32 | $ | 30 | $ | 124 | $ | 92 | |||||||||
| Losses (Gains) from non-affiliated investments | - | - | (1 | ) | 1 | (12 | ) | ||||||||||||
| Interest expense related to amortization of debt discount | - | 1 | - | 2 | 2 | ||||||||||||||
| Non-GAAP other income | $ | 26 | $ | 33 | $ | 29 | $ | 127 | $ | 82 | |||||||||
| GAAP net income | $ | 950 | $ | 899 | $ | 567 | $ | 2,796 | $ | 4,141 | |||||||||
| Total pre-tax impact of non-GAAP adjustments | 230 | 230 | 184 | 890 | 593 | ||||||||||||||
| Income tax impact of non-GAAP adjustments (B) | (8 | ) | (26 | ) | (25 | ) | (106 | ) | (223 | ) | |||||||||
| Tax benefit from income tax reform | - | - | (230 | ) | - | (368 | ) | ||||||||||||
| Non-GAAP net income | $ | 1,172 | $ | 1,103 | $ | 496 | $ | 3,580 | $ | 4,143 | |||||||||
| Diluted net income per share | |||||||||||||||||||
| GAAP | $ | 1.53 | $ | 1.45 | $ | 0.92 | $ | 4.52 | $ | 6.63 | |||||||||
| Non-GAAP | $ | 1.89 | $ | 1.78 | $ | 0.80 | $ | 5.79 | $ | 6.64 | |||||||||
| Weighted average shares used in diluted net income per share computation | |||||||||||||||||||
| GAAP | 621 | 618 | 619 | 618 | 625 | ||||||||||||||
| Anti-dilution impact from note hedge | - | - | - | - | (1 | ) | |||||||||||||
| Non-GAAP | 621 | 618 | 619 | 618 | 624 | ||||||||||||||
| GAAP net cash provided by operating activities | $ | 1,465 | $ | 1,640 | $ | 898 | $ | 4,761 | $ | 3,743 | |||||||||
| Purchase of property and equipment and intangible assets | (144 | ) | (104 | ) | (203 | ) | (489 | ) | (600 | ) | |||||||||
| Free cash flow | $ | 1,321 | $ | 1,536 | $ | 695 | $ | 4,272 | $ | 3,143 | |||||||||
| (A) Stock-based compensation consists of the following: | Three Months Ended | Twelve Months Ended | |||||||||||||||||
| January 26, | October 27, | January 27, | January 26, | January 27, | |||||||||||||||
| 2020 | 2019 | 2019 | 2020 | 2019 | |||||||||||||||
| Cost of revenue | $ | 12 | $ | 15 | $ | 6 | $ | 39 | $ | 27 | |||||||||
| Research and development | $ | 140 | $ | 141 | $ | 99 | $ | 540 | $ | 336 | |||||||||
| Sales, general and administrative | $ | 68 | $ | 67 | $ | 51 | $ | 265 | $ | 194 | |||||||||
| (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 2020
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