| 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. | |||||||||||||||
NVIDIA Announces Financial Results for First Quarter Fiscal 2023
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