NVIDIA Announces Financial Results for First Quarter Fiscal 2023


  NVIDIA CORPORATION
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 (In millions, except per share data)
 (Unaudited)
          
      Three Months Ended
      May 1,  January 30,  May 2,
       2022    2022    2021 
          
 GAAP gross profit $5,431  $4,999  $3,629 
   GAAP gross margin  65.5%  65.4%  64.1%
  Acquisition-related and other costs (A)  94     86       87  
    Stock-based compensation expense (B)     38       39       25  
    IP-related costs       -       -       5  
  Non-GAAP gross profit   $ 5,563     $ 5,124     $ 3,746  
    Non-GAAP gross margin     67.1 %     67.0 %     66.2 %
                   
  GAAP operating expenses   $ 3,563     $ 2,029     $ 1,673  
    Acquisition termination cost     (1,353 )     -       -  
    Stock-based compensation expense (B)     (540 )     (512 )     (404 )
    Acquisition-related and other costs (A)     (55 )     (70 )     (80 )
    Legal settlement costs     (7 )     -       -  
  Non-GAAP operating expenses   $ 1,608     $ 1,447     $ 1,189  
                   
  GAAP income from operations   $ 1,868     $ 2,970     $ 1,956  
    Total impact of non-GAAP adjustments to income from operations     2,087       707       601  
  Non-GAAP income from operations   $ 3,955     $ 3,677     $ 2,557  
                   
  GAAP other income (expense), net   $ (63 )   $ (105 )   $ 88  
    Losses (gains) from non-affiliated investments     17       53       (134 )
    Interest expense related to amortization of debt discount     1       -       1  
  Non-GAAP other income (expense), net   $ (45 )   $ (52 )   $ (45 )
                   
  GAAP net income     $ 1,618     $ 3,003     $ 1,912  
    Total pre-tax impact of non-GAAP adjustments     2,105       760       468  
    Income tax impact of non-GAAP adjustments (C)     (280 )     (330 )     (67 )
    Domestication tax adjustments     -       7       -  
    Foreign tax benefit     -       (90 )     -  
  Non-GAAP net income   $ 3,443     $ 3,350     $ 2,313  
                   
  Diluted net income per share (D)            
    GAAP     $ 0.64     $ 1.18     $ 0.76  
    Non-GAAP     $ 1.36     $ 1.32     $ 0.91  
                   
  Weighted average shares used in diluted net income per share computation (D)     2,537       2,545       2,528  
                   
  GAAP net cash provided by operating activities   $ 1,731     $ 3,033     $ 1,874  
    Purchases related to property and equipment and intangible assets     (361 )     (273 )     (298 )
    Principal payments on property and equipment and intangible assets     (22 )     (21 )     (19 )
  Free cash flow     $ 1,348     $ 2,739     $ 1,557  
                   
   
                   
  (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs and certain compensation charges presented in the following line items:
          Three Months Ended
          May 1,   January 30,   May 2,
            2022       2022       2021  
    Cost of revenue   $ 94     $ 86     $ 87  
    Research and development   $ 9     $ 9     $ 1  
    Sales, general and administrative   $ 46     $ 61     $ 79  
                   
  (B) Stock-based compensation consists of the following:    
          Three Months Ended
          May 1,   January 30,   May 2,
            2022       2022       2021  
    Cost of revenue   $ 38     $ 39     $ 25  
    Research and development   $ 384     $ 362     $ 276  
    Sales, general and administrative   $ 156     $ 150     $ 128  
                   
  (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.

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