| NVIDIA CORPORATION | |||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| July 26, | April 26, | July 28, | July 26, | July 28, | |||||||||||||||
| 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
| GAAP gross profit | $ | 2,275 | $ | 2,004 | $ | 1,541 | $ | 4,279 | $ | 2,837 | |||||||||
| GAAP gross margin | 58.8 | % | 65.1 | % | 59.8 | % | 61.6 | % | 59.1 | % | |||||||||
| Stock-based compensation expense (A) | 14 | 21 | 8 | 35 | 12 | ||||||||||||||
| Acquisition-related and other costs (B) | 245 | 1 | - | 246 | - | ||||||||||||||
| Legal settlement costs | 17 | - | 2 | 17 | 11 | ||||||||||||||
| Non-GAAP gross profit | $ | 2,551 | $ | 2,026 | $ | 1,551 | $ | 4,577 | $ | 2,860 | |||||||||
| Non-GAAP gross margin | 66.0 | % | 65.8 | % | 60.1 | % | 65.9 | % | 59.6 | % | |||||||||
| GAAP operating expenses | $ | 1,624 | $ | 1,028 | $ | 970 | $ | 2,652 | $ | 1,908 | |||||||||
| Stock-based compensation expense (A) | (360 | ) | (203 | ) | (216 | ) | (563 | ) | (389 | ) | |||||||||
| Acquisition-related and other costs (B) | (229 | ) | (4 | ) | (5 | ) | (233 | ) | (15 | ) | |||||||||
| Legal settlement costs | - | - | - | - | (2 | ) | |||||||||||||
| Non-GAAP operating expenses | $ | 1,035 | $ | 821 | $ | 749 | $ | 1,856 | $ | 1,502 | |||||||||
| GAAP income from operations | $ | 651 | $ | 976 | $ | 571 | $ | 1,627 | $ | 929 | |||||||||
| Total impact of non-GAAP adjustments to income from operations | 865 | 229 | 231 | 1,094 | 429 | ||||||||||||||
| Non-GAAP income from operations | $ | 1,516 | $ | 1,205 | $ | 802 | $ | 2,721 | $ | 1,358 | |||||||||
| GAAP other income (expense), net | $ | (42 | ) | $ | 5 | $ | 35 | $ | (36 | ) | $ | 66 | |||||||
| Losses from non-affiliated investments | 2 | 3 | - | 5 | - | ||||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | - | 1 | 1 | ||||||||||||||
| Non-GAAP other income (expense), net | $ | (39 | ) | $ | 9 | $ | 35 | $ | (30 | ) | $ | 67 | |||||||
| GAAP net income | $ | 622 | $ | 917 | $ | 552 | $ | 1,539 | $ | 947 | |||||||||
| Total pre-tax impact of non-GAAP adjustments | 868 | 232 | 231 | 1,100 | 430 | ||||||||||||||
| Income tax impact of non-GAAP adjustments (C) | (124 | ) | (29 | ) | (21 | ) | (153 | ) | (72 | ) | |||||||||
| Non-GAAP net income | $ | 1,366 | $ | 1,120 | $ | 762 | $ | 2,486 | $ | 1,305 | |||||||||
| Diluted net income per share | |||||||||||||||||||
| GAAP | $ | 0.99 | $ | 1.47 | $ | 0.90 | $ | 2.47 | $ | 1.54 | |||||||||
| Non-GAAP | $ | 2.18 | $ | 1.80 | $ | 1.24 | $ | 3.98 | $ | 2.12 | |||||||||
| Weighted average shares used in diluted net income per share computation | 626 | 622 | 616 | 624 | 616 | ||||||||||||||
| GAAP net cash provided by operating activities | $ | 1,566 | $ | 909 | $ | 936 | $ | 2,476 | $ | 1,656 | |||||||||
| Purchase of property and equipment and intangible assets | (217 | ) | (155 | ) | (113 | ) | (372 | ) | (241 | ) | |||||||||
| Free cash flow | $ | 1,349 | $ | 754 | $ | 823 | $ | 2,104 | $ | 1,415 | |||||||||
| (A) Stock-based compensation consists of the following: | Three Months Ended | Six Months Ended | |||||||||||||||||
| July 26, | April 26, | July 28, | July 26, | July 28, | |||||||||||||||
| 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
| Cost of revenue | $ | 14 | $ | 21 | $ | 8 | $ | 35 | $ | 12 | |||||||||
| Research and development | $ | 228 | $ | 134 | $ | 145 | $ | 362 | $ | 259 | |||||||||
| Sales, general and administrative | $ | 132 | $ | 69 | $ | 71 | $ | 201 | $ | 130 | |||||||||
| (B) Acquisition-related and other costs primarily include amortization of intangible assets, inventory step-up, transaction costs, and certain compensation charges. | |||||||||||||||||||
| (C) 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 Second Quarter Fiscal 2021
 |  | More IC News
|
|
RELATED NEWS
