| NVIDIA CORPORATION | |||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| August 1, | May 2, | July 26, | August 1, | July 26, | |||||||||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| GAAP gross profit | $ | 4,215 | $ | 3,629 | $ | 2,275 | $ | 7,844 | $ | 4,279 | |||||||||||||
| GAAP gross margin | 64.8 | % | 64.1 | % | 58.8 | % | 64.5 | % | 61.6 | % | |||||||||||||
| Acquisition-related and other costs (A) | 86 | 87 | 245 | 173 | 246 | ||||||||||||||||||
| Stock-based compensation expense (B) | 32 | 25 | 14 | 57 | 35 | ||||||||||||||||||
| IP-related costs | 4 | 5 | 17 | 9 | 17 | ||||||||||||||||||
| Non-GAAP gross profit | $ | 4,337 | $ | 3,746 | $ | 2,551 | $ | 8,083 | $ | 4,577 | |||||||||||||
| Non-GAAP gross margin | 66.7 | % | 66.2 | % | 66.0 | % | 66.4 | % | 65.9 | % | |||||||||||||
| GAAP operating expenses | $ | 1,771 | $ | 1,673 | $ | 1,624 | $ | 3,444 | $ | 2,652 | |||||||||||||
| Stock-based compensation expense (B) | (433 | ) | (404 | ) | (360 | ) | (837 | ) | (563 | ) | |||||||||||||
| Acquisition-related and other costs (A) | (72 | ) | (80 | ) | (229 | ) | (152 | ) | (233 | ) | |||||||||||||
| Non-GAAP operating expenses | $ | 1,266 | $ | 1,189 | $ | 1,035 | $ | 2,455 | $ | 1,856 | |||||||||||||
| GAAP income from operations | $ | 2,444 | $ | 1,956 | $ | 651 | $ | 4,400 | $ | 1,627 | |||||||||||||
| Total impact of non-GAAP adjustments to income from operations | 627 | 601 | 865 | 1,228 | 1,094 | ||||||||||||||||||
| Non-GAAP income from operations | $ | 3,071 | $ | 2,557 | $ | 1,516 | $ | 5,628 | $ | 2,721 | |||||||||||||
| GAAP other income (expense), net | $ | (50 | ) | $ | 88 | $ | (42 | ) | $ | 38 | $ | (36 | ) | ||||||||||
| (Gains) losses from non-affiliated investments | - | (134 | ) | 2 | (133 | ) | 5 | ||||||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | 2 | 1 | ||||||||||||||||||
| Non-GAAP other income (expense), net | $ | (49 | ) | $ | (45 | ) | $ | (39 | ) | $ | (93 | ) | $ | (30 | ) | ||||||||
| GAAP net income | $ | 2,374 | $ | 1,912 | $ | 622 | $ | 4,285 | $ | 1,539 | |||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 628 | 468 | 868 | 1,097 | 1,100 | ||||||||||||||||||
| Income tax impact of non-GAAP adjustments (C) | (127 | ) | (67 | ) | (124 | ) | (194 | ) | (153 | ) | |||||||||||||
| Domestication tax benefit | (252 | ) | - | - | (252 | ) | - | ||||||||||||||||
| Non-GAAP net income | $ | 2,623 | $ | 2,313 | $ | 1,366 | $ | 4,936 | $ | 2,486 | |||||||||||||
| Diluted net income per share (D) | |||||||||||||||||||||||
| GAAP | $ | 0.94 | $ | 0.76 | $ | 0.25 | $ | 1.69 | $ | 0.62 | |||||||||||||
| Non-GAAP | $ | 1.04 | $ | 0.91 | $ | 0.55 | $ | 1.95 | $ | 1.00 | |||||||||||||
| Weighted average shares used in diluted net income per share computation (D) | 2,532 | 2,528 | 2,504 | 2,529 | 2,496 | ||||||||||||||||||
| GAAP net cash provided by operating activities | $ | 2,682 | $ | 1,874 | $ | 1,566 | $ | 4,556 | $ | 2,476 | |||||||||||||
| Purchases related to property and equipment and intangible assets | (183 | ) | (298 | ) | (217 | ) | (481 | ) | (372 | ) | |||||||||||||
| Principal payments on property and equipment | (21 | ) | (19 | ) | - | (40 | ) | - | |||||||||||||||
| Free cash flow | $ | 2,478 | $ | 1,557 | $ | 1,349 | $ | 4,035 | $ | 2,104 | |||||||||||||
| (A) Acquisition-related and other costs primarily include amortization of intangible assets, inventory step-up, transaction costs, and certain compensation charges presented as follows: | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| August 1, | May 2, | July 26, | August 1, | July 26, | |||||||||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Cost of revenue | $ | 86 | $ | 87 | $ | 245 | $ | 173 | $ | 246 | |||||||||||||
| Research and development | $ | 1 | $ | 1 | $ | 3 | $ | 4 | $ | 5 | |||||||||||||
| Sales, general and administrative | $ | 71 | $ | 79 | $ | 226 | $ | 148 | $ | 228 | |||||||||||||
| (B) Stock-based compensation consists of the following: | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| August 1, | May 2, | July 26, | August 1, | July 26, | |||||||||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Cost of revenue | $ | 32 | $ | 25 | $ | 14 | $ | 57 | $ | 35 | |||||||||||||
| Research and development | $ | 297 | $ | 276 | $ | 228 | $ | 573 | $ | 362 | |||||||||||||
| Sales, general and administrative | $ | 136 | $ | 128 | $ | 132 | $ | 264 | $ | 201 | |||||||||||||
| (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). | |||||||||||||||||||||||
| (D) Reflects a four-for-one stock split on July 19, 2021. | |||||||||||||||||||||||
NVIDIA Announces Financial Results for Second Quarter Fiscal 2022
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