| NVIDIA CORPORATION | ||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||
| (In millions, except per share data) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| April 26, | January 26, | April 28, | ||||||||||
| 2020 | 2020 | 2019 | ||||||||||
| GAAP gross profit | $ | 2,004 | $ | 2,015 | $ | 1,296 | ||||||
| GAAP gross margin | 65.1% | 64.9% | 58.4% | |||||||||
| Stock-based compensation expense (A) | 21 | 12 | 4 | |||||||||
| Acquisition-related and other costs | 1 | - | - | |||||||||
| Legal settlement costs | - | 3 | 10 | |||||||||
| Non-GAAP gross profit | $ | 2,026 | $ | 2,030 | $ | 1,310 | ||||||
| Non-GAAP gross margin | 65.8 % | 65.4 % | 59.0 % | |||||||||
| GAAP operating expenses | $ | 1,028 | $ | 1,025 | $ | 938 | ||||||
| Stock-based compensation expense (A) | (203 | ) | (208 | ) | (174 | ) | ||||||
| Acquisition-related and other costs | (4 | ) | (7 | ) | (10 | ) | ||||||
| Legal settlement costs | - | - | (1 | ) | ||||||||
| Non-GAAP operating expenses | $ | 821 | $ | 810 | $ | 753 | ||||||
| GAAP income from operations | $ | 976 | $ | 990 | $ | 358 | ||||||
| Total impact of non-GAAP adjustments to income from operations | 229 | 230 | 199 | |||||||||
| Non-GAAP income from operations | $ | 1,205 | $ | 1,220 | $ | 557 | ||||||
| GAAP other income, net | $ | 5 | $ | 26 | $ | 31 | ||||||
| Losses from non-affiliated investments | 3 | - | - | |||||||||
| Interest expense related to amortization of debt discount | 1 | - | - | |||||||||
| Non-GAAP other income, net | $ | 9 | $ | 26 | $ | 31 | ||||||
| GAAP net income | $ | 917 | $ | 950 | $ | 394 | ||||||
| Total pre-tax impact of non-GAAP adjustments | 232 | 230 | 199 | |||||||||
| Income tax impact of non-GAAP adjustments (B) | (29 | ) | (8 | ) | (50 | ) | ||||||
| Non-GAAP net income | $ | 1,120 | $ | 1,172 | $ | 543 | ||||||
| Diluted net income per share | ||||||||||||
| GAAP | $ | 1.47 | $ | 1.53 | $ | 0.64 | ||||||
| Non-GAAP | $ | 1.80 | $ | 1.89 | $ | 0.88 | ||||||
| Weighted average shares used in diluted net income per share computation | 622 | 621 | 616 | |||||||||
| GAAP net cash provided by operating activities | $ | 909 | $ | 1,465 | $ | 720 | ||||||
| Purchase of property and equipment and intangible assets | (155 | ) | (144 | ) | (128 | ) | ||||||
| Free cash flow | $ | 754 | $ | 1,321 | $ | 592 | ||||||
| (A) Stock-based compensation consists of the following: | Three Months Ended | |||||||||||
| April 26, | January 26, | April 28, | ||||||||||
| 2020 | 2020 | 2019 | ||||||||||
| Cost of revenue | $ | 21 | $ | 12 | $ | 4 | ||||||
| Research and development | $ | 134 | $ | 140 | $ | 114 | ||||||
| Sales, general and administrative | $ | 69 | $ | 68 | $ | 60 | ||||||
| (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).
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NVIDIA Announces Financial Results for First Quarter Fiscal 2021
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