| NVIDIA CORPORATION | ||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
| January 30, | October 31, | January 31, | January 30, | January 31, | ||||||||||||||||||||
| 2022 | 2021 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| GAAP gross profit | $ | 4,999 | $ | 4,631 | $ | 3,157 | $ | 17,475 | $ | 10,396 | ||||||||||||||
| GAAP gross margin | 65.4 | % | 65.2 | % | 63.1 | % | 64.9 | % | 62.3 | % | ||||||||||||||
| Acquisition-related and other costs (A) | 86 | 86 | 92 | 344 | 425 | |||||||||||||||||||
| Stock-based compensation expense (B) | 39 | 44 | 26 | 141 | 88 | |||||||||||||||||||
| IP-related costs | - | - | 1 | 9 | 38 | |||||||||||||||||||
| Non-GAAP gross profit | $ | 5,124 | $ | 4,761 | $ | 3,276 | $ | 17,969 | $ | 10,947 | ||||||||||||||
| Non-GAAP gross margin | 67.0 | % | 67.0 | % | 65.5 | % | 66.8 | % | 65.6 | % | ||||||||||||||
| GAAP operating expenses | $ | 2,029 | $ | 1,960 | $ | 1,650 | $ | 7,434 | $ | 5,864 | ||||||||||||||
| Stock-based compensation expense (B) | (512 | ) | (515 | ) | (391 | ) | (1,863 | ) | (1,309 | ) | ||||||||||||||
| Acquisition-related and other costs (A) | (70 | ) | (70 | ) | (72 | ) | (292 | ) | (411 | ) | ||||||||||||||
| Non-GAAP operating expenses | $ | 1,447 | $ | 1,375 | $ | 1,187 | $ | 5,279 | $ | 4,144 | ||||||||||||||
| GAAP income from operations | $ | 2,970 | $ | 2,671 | $ | 1,507 | $ | 10,041 | $ | 4,532 | ||||||||||||||
| Total impact of non-GAAP adjustments to income from operations | 707 | 715 | 582 | 2,649 | 2,271 | |||||||||||||||||||
| Non-GAAP income from operations | $ | 3,677 | $ | 3,386 | $ | 2,089 | $ | 12,690 | $ | 6,803 | ||||||||||||||
| GAAP other income (expense), net | $ | (105 | ) | $ | (33 | ) | $ | (37 | ) | $ | (100 | ) | $ | (123 | ) | |||||||||
| (Gains) losses from non-affiliated investments | 53 | (20 | ) | (9 | ) | (99 | ) | - | ||||||||||||||||
| Interest expense related to amortization of debt discount | - | 1 | 1 | 3 | 3 | |||||||||||||||||||
| Non-GAAP other income (expense), net | $ | (52 | ) | $ | (52 | ) | $ | (45 | ) | $ | (196 | ) | $ | (120 | ) | |||||||||
| GAAP net income | $ | 3,003 | $ | 2,464 | $ | 1,457 | $ | 9,752 | $ | 4,332 | ||||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 760 | 696 | 574 | 2,553 | 2,274 | |||||||||||||||||||
| Income tax impact of non-GAAP adjustments (C) | (330 | ) | (187 | ) | (74 | ) | (712 | ) | (329 | ) | ||||||||||||||
| Domestication tax adjustments | 7 | - | - | (244 | ) | - | ||||||||||||||||||
| Foreign tax benefit | (90 | ) | - | - | (90 | ) | - | |||||||||||||||||
| Non-GAAP net income | $ | 3,350 | $ | 2,973 | $ | 1,957 | $ | 11,259 | $ | 6,277 | ||||||||||||||
| Diluted net income per share (D) | ||||||||||||||||||||||||
| GAAP | $ | 1.18 | $ | 0.97 | $ | 0.58 | $ | 3.85 | $ | 1.73 | ||||||||||||||
| Non-GAAP | $ | 1.32 | $ | 1.17 | $ | 0.78 | $ | 4.44 | $ | 2.50 | ||||||||||||||
| Weighted average shares used in diluted net income per share computation (D) | 2,545 | 2,538 | 2,524 | 2,535 | 2,510 | |||||||||||||||||||
| GAAP net cash provided by operating activities | $ | 3,033 | $ | 1,519 | $ | 2,067 | $ | 9,108 | $ | 5,822 | ||||||||||||||
| Purchases related to property and equipment and intangible assets | (273 | ) | (221 | ) | (283 | ) | (976 | ) | (1,128 | ) | ||||||||||||||
| Principal payments on property and equipment | (21 | ) | (22 | ) | (17 | ) | (83 | ) | (17 | ) | ||||||||||||||
| Free cash flow | $ | 2,739 | $ | 1,276 | $ | 1,767 | $ | 8,049 | $ | 4,677 | ||||||||||||||
| (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 | Twelve Months Ended | |||||||||||||||||||||||
| January 30, | October 31, | January 31, | January 30, | January 31, | ||||||||||||||||||||
| 2022 | 2021 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Cost of revenue | $ | 86 | $ | 86 | $ | 92 | $ | 344 | $ | 425 | ||||||||||||||
| Research and development | $ | 9 | $ | 7 | $ | 2 | $ | 19 | $ | 9 | ||||||||||||||
| Sales, general and administrative | $ | 61 | $ | 63 | $ | 70 | $ | 273 | $ | 402 | ||||||||||||||
| (B) Stock-based compensation consists of the following: | ||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
| January 30, | October 31, | January 31, | January 30, | January 31, | ||||||||||||||||||||
| 2022 | 2021 | 2021 | 2022 | 2021 | ||||||||||||||||||||
| Cost of revenue | $ | 39 | $ | 44 | $ | 26 | $ | 141 | $ | 88 | ||||||||||||||
| Research and development | $ | 362 | $ | 363 | $ | 266 | $ | 1,298 | $ | 860 | ||||||||||||||
| Sales, general and administrative | $ | 150 | $ | 152 | $ | 125 | $ | 565 | $ | 449 | ||||||||||||||
| (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 Fourth Quarter and Fiscal 2022
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