NVIDIA Announces Financial Results for Second Quarter Fiscal 2023


 
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
            
      Three Months Ended  Six Months Ended
      July 31,  May 1,  August 1,  July 31,  August 1,
      2022
  2022
  2021
  2022
  2021
              
GAAP gross profit$2,915  $5,431  $4,215  $8,346  $7,844 
 GAAP gross margin
  43.5%  65.5%  64.8 %     55.7 %     64.5 %
    Acquisition-related and other costs (A)   121       94       86       214       173  
    Stock-based compensation expense (B)   38       38       32       76       57  
    IP-related costs      -       -       4       -       9  
Non-GAAP gross profit $ 3,074     $ 5,563     $ 4,337     $ 8,636     $ 8,083  
  Non-GAAP gross margin     45.9 %     67.1 %     66.7 %     57.6 %     66.4 %
                          
GAAP operating expenses $ 2,416     $ 3,563     $ 1,771     $ 5,979     $ 3,444  
    Stock-based compensation expense (B)   (611 )     (540 )     (433 )     (1,151 )     (837 )
    Acquisition-related and other costs (A)   (54 )     (55 )     (72 )     (110 )     (152 )
    Contributions      (2 )     -       -       (2 )     -  
    Acquisition termination cost   -       (1,353 )     -       (1,353 )     -  
    Legal settlement costs   -       (7 )     -       (7 )     -  
Non-GAAP operating expenses $ 1,749     $ 1,608     $ 1,266     $ 3,356     $ 2,455  
                          
GAAP income from operations $ 499     $ 1,868     $ 2,444     $ 2,367     $ 4,400  
    Total impact of non-GAAP adjustments to income from operations   826       2,087       627       2,913       1,228  
Non-GAAP income from operations $ 1,325     $ 3,955     $ 3,071     $ 5,280     $ 5,628  
                          
GAAP other income (expense), net $ (24 )   $ (63 )   $ (50 )   $ (87 )   $ 38  
    (Gains) losses from non-affiliated investments   7       17       -       24       (133 )
    Interest expense related to amortization of debt discount   1       1       1       2       2  
Non-GAAP other income (expense), net $ (16 )   $ (45 )   $ (49 )   $ (61 )   $ (93 )
                          
GAAP net income   $ 656     $ 1,618     $ 2,374     $ 2,274     $ 4,285  
    Total pre-tax impact of non-GAAP adjustments   833       2,105       628       2,940       1,097  
    Income tax impact of non-GAAP adjustments (C)   (197 )     (280 )     (127 )     (478 )     (194 )
    Domestication tax adjustments   -       -       (252 )     -       (252 )
Non-GAAP net income $ 1,292     $ 3,443     $ 2,623     $ 4,736     $ 4,936  
                          
Diluted net income per share                  
    GAAP    $ 0.26     $ 0.64     $ 0.94     $ 0.90     $ 1.69  
    Non-GAAP    $ 0.51     $ 1.36     $ 1.04     $ 1.87     $ 1.95  
                          
Weighted average shares used in diluted net income per share computation   2,516       2,537       2,532       2,527       2,529  
                          
GAAP net cash provided by operating activities $ 1,271     $ 1,731     $ 2,682     $ 3,001     $ 4,556  
    Purchases related to property and equipment and intangible assets   (432 )     (361 )     (183 )     (794 )     (481 )
    Principal payments on property and equipment   (15 )     (22 )     (21 )     (36 )     (40 )
Free cash flow   $ 824     $ 1,348     $ 2,478     $ 2,171     $ 4,035  
                          
                          
(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   Six Months Ended
         July 31,   May 1,   August 1,   July 31,   August 1,
         2022
  2022
  2021
  2022
  2021
    Cost of revenue $ 121     $ 94     $ 86     $ 214     $ 173  
    Research and development $ 10     $ 9     $ 1     $ 19     $ 4  
    Sales, general and administrative $ 44     $ 46     $ 71     $ 91     $ 148  
                          
(B) Stock-based compensation consists of the following:      
         Three Months Ended   Six Months Ended
         July 31,   May 1,   August 1,   July 31,   August 1,
         2022
  2022
  2021
  2022
  2021
    Cost of revenue $ 38     $ 38     $ 32     $ 76     $ 57  
    Research and development $ 452     $ 384     $ 297     $ 836     $ 573  
    Sales, general and administrative $ 159     $ 156     $ 136     $ 315     $ 264  
 
(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).      

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