| NVIDIA CORPORATION | ||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| October 30, | July 31, | October 31, | October 30, | October 31, | ||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
| GAAP gross profit | $ | 3,177 | $ | 2,915 | $ | 4,631 | $ | 11,523 | $ | 12,476 | ||||||||||||
| GAAP gross margin | 53.6 | % | 43.5 | % | 65.2 | % | 55.1 | % | 64.7 | % | ||||||||||||
| Acquisition-related and other costs (A) | 120 | 121 | 86 | 335 | 258 | |||||||||||||||||
| Stock-based compensation expense (B) | 32 | 38 | 44 | 108 | 102 | |||||||||||||||||
| IP-related costs | - | - | - | - | 8 | |||||||||||||||||
| Non-GAAP gross profit | $ | 3,329 | $ | 3,074 | $ | 4,761 | $ | 11,966 | $ | 12,844 | ||||||||||||
| Non-GAAP gross margin | 56.1 | % | 45.9 | % | 67.0 | % | 57.2 | % | 66.6 | % | ||||||||||||
| GAAP operating expenses | $ | 2,576 | $ | 2,416 | $ | 1,960 | $ | 8,555 | $ | 5,405 | ||||||||||||
| Stock-based compensation expense (B) | (713 | ) | (611 | ) | (515 | ) | (1,863 | ) | (1,351 | ) | ||||||||||||
| Acquisition-related and other costs (A) | (54 | ) | (54 | ) | (70 | ) | (164 | ) | (224 | ) | ||||||||||||
| Restructuring costs (C) | (16 | ) | - | - | (16 | ) | - | |||||||||||||||
| Contributions | - | (2 | ) | - | (2 | ) | - | |||||||||||||||
| Acquisition termination cost | - | - | - | (1,353 | ) | - | ||||||||||||||||
| Legal settlement costs | - | - | - | (7 | ) | - | ||||||||||||||||
| Non-GAAP operating expenses | $ | 1,793 | $ | 1,749 | $ | 1,375 | $ | 5,150 | $ | 3,830 | ||||||||||||
| GAAP income from operations | $ | 601 | $ | 499 | $ | 2,671 | $ | 2,968 | $ | 7,071 | ||||||||||||
| Total impact of non-GAAP adjustments to income from operations | 935 | 826 | 715 | 3,848 | 1,943 | |||||||||||||||||
| Non-GAAP income from operations | $ | 1,536 | $ | 1,325 | $ | 3,386 | $ | 6,816 | $ | 9,014 | ||||||||||||
| GAAP other income (expense), net | $ | 12 | $ | (24 | ) | $ | (33 | ) | $ | (75 | ) | $ | 5 | |||||||||
| (Gains) losses from non-affiliated investments | 11 | 7 | (20 | ) | 36 | (153 | ) | |||||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | 3 | 3 | |||||||||||||||||
| Non-GAAP other income (expense), net | $ | 24 | $ | (16 | ) | $ | (52 | ) | $ | (36 | ) | $ | (145 | ) | ||||||||
| GAAP net income | $ | 680 | $ | 656 | $ | 2,464 | $ | 2,954 | $ | 6,749 | ||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 947 | 833 | 696 | 3,887 | 1,793 | |||||||||||||||||
| Income tax impact of non-GAAP adjustments (D) | (171 | ) | (197 | ) | (187 | ) | (649 | ) | (381 | ) | ||||||||||||
| Domestication tax adjustments | - | - | - | - | (252 | ) | ||||||||||||||||
| Non-GAAP net income | $ | 1,456 | $ | 1,292 | $ | 2,973 | $ | 6,192 | $ | 7,909 | ||||||||||||
| Diluted net income per share | ||||||||||||||||||||||
| GAAP | $ | 0.27 | $ | 0.26 | $ | 0.97 | $ | 1.17 | $ | 2.67 | ||||||||||||
| Non-GAAP | $ | 0.58 | $ | 0.51 | $ | 1.17 | $ | 2.46 | $ | 3.12 | ||||||||||||
| Weighted average shares used in diluted net income per share computation | 2,499 | 2,516 | 2,538 | 2,517 | 2,532 | |||||||||||||||||
| GAAP net cash provided by operating activities | $ | 392 | $ | 1,271 | $ | 1,519 | $ | 3,393 | $ | 6,075 | ||||||||||||
| Purchases related to property and equipment and intangible assets | (530 | ) | (432 | ) | (221 | ) | (1,324 | ) | (703 | ) | ||||||||||||
| Principal payments on property and equipment | (18 | ) | (15 | ) | (22 | ) | (54 | ) | (62 | ) | ||||||||||||
| Free cash flow | $ | (156 | ) | $ | 824 | $ | 1,276 | $ | 2,015 | $ | 5,310 | |||||||||||
| (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items: | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| October 30, | July 31, | October 31, | October 30, | October 31, | ||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
| Cost of revenue | $ | 120 | $ | 121 | $ | 86 | $ | 335 | $ | 258 | ||||||||||||
| Research and development | $ | 10 | $ | 10 | $ | 7 | $ | 29 | $ | 10 | ||||||||||||
| Sales, general and administrative | $ | 44 | $ | 44 | $ | 63 | $ | 135 | $ | 214 | ||||||||||||
| (B) Stock-based compensation consists of the following: | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| October 30, | July 31, | October 31, | October 30, | October 31, | ||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
| Cost of revenue | $ | 32 | $ | 38 | $ | 44 | $ | 108 | $ | 102 | ||||||||||||
| Research and development | $ | 530 | $ | 452 | $ | 363 | $ | 1,365 | $ | 935 | ||||||||||||
| Sales, general and administrative | $ | 183 | $ | 159 | $ | 152 | $ | 498 | $ | 416 | ||||||||||||
| (C) Costs related to Russia branch office closure. | ||||||||||||||||||||||
| (D) 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). | ||||||||||||||||||||||
NVIDIA Announces Financial Results for Third Quarter Fiscal 2023
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