NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2021


NVIDIA’s outlook for the first quarter of fiscal 2022 is as follows:

  • Revenue is expected to be $5.30 billion, plus or minus 2 percent.
  • GAAP and non-GAAP gross margins are expected to be 63.8 percent and 66.0 percent, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $1.67 billion and $1.20 billion, respectively.
  • GAAP and non-GAAP other income and expense are both expected to be an expense of approximately $50 million.
  • GAAP and non-GAAP tax rates are both expected to be 10 percent, plus or minus 1 percent, excluding any discrete items. GAAP discrete items include excess tax benefits or deficiencies related to stock-based compensation, which are expected to generate variability on a quarter-by-quarter basis.

Highlights

NVIDIA achieved progress since its previous earnings announcement in these areas:

Data Center

Gaming

  • Fourth-quarter revenue was a record $2.50 billion, up 10 percent from the previous quarter and up 67 percent from a year earlier. Full-year revenue was a record $7.76 billion, up 41 percent.
  • Announced the company’s biggest-ever laptop launch, with 70+ new laptops for gamers and creators, powered by NVIDIA GeForce RTX™ 30 Series Laptop GPUs.
  • Expanded the GeForce RTX 30 Series GPUs with 60-class offerings — the most popular in the company’s gaming lineup — including the GeForce RTX 3060, starting at just $329, featuring NVIDIA RTX™ ray tracing, NVIDIA DLSS, NVIDIA Reflex and NVIDIA Broadcast.
  • Increased momentum for NVIDIA RTX adoption, now available in 36 new titles, including Minecraft, Fortnite and Cyberpunk 2077.
  • Announced that Overwatch and Tom Clancy’s Rainbow Six Siege are adopting NVIDIA Reflex, bringing this low-latency technology to seven of the top 10 competitive-shooter games.
  • Announced GeForce NOW™ has come to iOS Safari, giving over 6 million GeForce NOW members access to the service through Safari on iPhone or iPad.

Professional Visualization

  • Fourth-quarter revenue was $307 million, up 30 percent from the previous quarter and down 7 percent from a year earlier. Full-year revenue was $1.05 billion, down 13 percent.
  • Announced that NVIDIA Omniverse™ — a real-time simulation and collaboration platform for 3D production pipelines — is now in open beta.

Automotive

  • Fourth-quarter revenue was $145 million, up 16 percent from the previous quarter and down 11 percent from a year earlier. Full-year revenue was $536 million, down 23 percent.
  • Announced that NVIDIA DRIVE™ autonomous driving technology is powering a range of next-gen electric vehicles from carmakers SAIC and Nio; robotaxi-maker Zoox; and cabless truck-maker Einride.
  • Announced that NVIDIA is powering the new Mercedes-Benz AI cockpit, featuring the MBUX Hyperscreen, which will debut in the all-electric Mercedes-Benz EQS in the first half of 2021.
  • Expanded the NVIDIA DRIVE sensor ecosystem with new solutions from lidar makers Baraja, Hesai, Innoviz, Magna and Ouster.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com/.

Conference Call and Webcast Information

NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2021 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2022.

Non-GAAP Measures

To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, IP-related costs, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items, where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases of property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.


  NVIDIA CORPORATION   
  CONDENSED CONSOLIDATED STATEMENTS OF INCOME   
 (In millions, except per share data)  
 (Unaudited)  
                 
                     
        Three Months Ended       Twelve Months Ended    
      January 31,   January 26,   January 31,   January 26,  
        2021       2020       2021       2020    
                     
Revenue $             5,003     $             3,105     $           16,675     $           10,918    
Cost of revenue                  1,846                     1,090                     6,279                     4,150    
Gross profit                 3,157                     2,015                   10,396                     6,768    
Operating expenses                
  Research and development                   1,147                        738                     3,924                     2,829    
  Sales, general and administrative                    503                        287                     1,940                     1,093    
    Total operating expenses                 1,650                     1,025                     5,864                     3,922    
Income from operations                 1,507                        990                     4,532                     2,846    
  Interest income                        6                          41                          57                        178    
  Interest expense                    (53 )                      (12 )                    (184 )                      (52 )  
  Other, net                      10                          (3 )                          4                          (2 )  
    Other income (expense), net                    (37 )                        26                      (123 )                      124    
Income before income tax                 1,470                     1,016                     4,409                     2,970    
Income tax expense                      13                          66                          77                        174    
Net income $             1,457     $                950     $             4,332     $             2,796    
                     
Net income per share:                
  Basic $               2.35     $               1.55     $               7.02     $               4.59    
  Diluted $               2.31     $               1.53     $               6.90     $               4.52    
                     
Weighted average shares used in per share computation:                
  Basic                    619                        612                        617                        609    
  Diluted                    631                        621                        628                        618    
                     

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