| NVIDIA CORPORATION | |||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||
| (In millions, except per share data) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| May 2, | January 31, | April 26, | |||||||||||||
| 2021 | 2021 | 2020 | |||||||||||||
| GAAP gross profit | $ | 3,629 | $ | 3,157 | $ | 2,004 | |||||||||
| GAAP gross margin | 64.1 | % | 63.1 | % | 65.1 | % | |||||||||
| Acquisition-related and other costs (A) | 87 | 92 | 1 | ||||||||||||
| Stock-based compensation expense (B) | 25 | 26 | 21 | ||||||||||||
| IP-related costs | 5 | 1 | - | ||||||||||||
| Non-GAAP gross profit | $ | 3,746 | $ | 3,276 | $ | 2,026 | |||||||||
| Non-GAAP gross margin | 66.2 | % | 65.5 | % | 65.8 | % | |||||||||
| GAAP operating expenses | $ | 1,673 | $ | 1,650 | $ | 1,028 | |||||||||
| Stock-based compensation expense (B) | (404 | ) | (391 | ) | (203 | ) | |||||||||
| Acquisition-related and other costs (A) | (80 | ) | (72 | ) | (4 | ) | |||||||||
| Non-GAAP operating expenses | $ | 1,189 | $ | 1,187 | $ | 821 | |||||||||
| GAAP income from operations | $ | 1,956 | $ | 1,507 | $ | 976 | |||||||||
| Total impact of non-GAAP adjustments to income from operations | 601 | 582 | 229 | ||||||||||||
| Non-GAAP income from operations | $ | 2,557 | $ | 2,089 | $ | 1,205 | |||||||||
| GAAP other income (expense), net | $ | 88 | $ | (37 | ) | $ | 5 | ||||||||
| (Gains) losses from non-affiliated investments | (134 | ) | (9 | ) | 3 | ||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | ||||||||||||
| Non-GAAP other income (expense), net | $ | (45 | ) | $ | (45 | ) | $ | 9 | |||||||
| GAAP net income | $ | 1,912 | $ | 1,457 | $ | 917 | |||||||||
| Total pre-tax impact of non-GAAP adjustments | 468 | 574 | 232 | ||||||||||||
| Income tax impact of non-GAAP adjustments (C) | (67 | ) | (74 | ) | (29 | ) | |||||||||
| Non-GAAP net income | $ | 2,313 | $ | 1,957 | $ | 1,120 | |||||||||
| Diluted net income per share | |||||||||||||||
| GAAP | $ | 3.03 | $ | 2.31 | $ | 1.47 | |||||||||
| Non-GAAP | $ | 3.66 | $ | 3.10 | $ | 1.80 | |||||||||
| Weighted average shares used in diluted net income per share computation | 632 | 631 | 622 | ||||||||||||
| GAAP net cash provided by operating activities | $ | 1,874 | $ | 2,067 | $ | 909 | |||||||||
| Purchases related to property and equipment and intangible assets | (298 | ) | (283 | ) | (155 | ) | |||||||||
| Principal payments on property and equipment | (19 | ) | (17 | ) | - | ||||||||||
| Free cash flow | $ | 1,557 | $ | 1,767 | $ | 754 | |||||||||
| (A) Acquisition-related and other costs primarily include amortization of intangible assets, transaction costs, and certain compensation charges presented as follows: | |||||||||||||||
| Three Months Ended | |||||||||||||||
| May 2, | January 31, | April 26, | |||||||||||||
| 2021 | 2021 | 2020 | |||||||||||||
| Cost of revenue | $ | 87 | $ | 92 | $ | 1 | |||||||||
| Research and development | $ | 1 | $ | 2 | $ | 2 | |||||||||
| Sales, general and administrative | $ | 79 | $ | 70 | $ | 2 | |||||||||
| (B) Stock-based compensation consists of the following: | |||||||||||||||
| Three Months Ended | |||||||||||||||
| May 2, | January 31, | April 26, | |||||||||||||
| 2021 | 2021 | 2020 | |||||||||||||
| Cost of revenue | $ | 25 | $ | 26 | $ | 21 | |||||||||
| Research and development | $ | 276 | $ | 266 | $ | 134 | |||||||||
| Sales, general and administrative | $ | 128 | $ | 125 | $ | 69 | |||||||||
| (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 First Quarter Fiscal 2022
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