| NVIDIA CORPORATION | ||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
| January 29, | October 30, | January 30, | January 29, | January 30, | ||||||||||||||||||
| 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||
| GAAP gross profit | $ | 3,833 | $ | 3,177 | $ | 4,999 | $ | 15,356 | $ | 17,475 | ||||||||||||
| GAAP gross margin | 63.3 % | 53.6 % | 65.4 % | 56.9 % | 64.9 % | |||||||||||||||||
| Acquisition-related and other costs (A) | 120 | 120 | 86 | 455 | 344 | |||||||||||||||||
| Stock-based compensation expense (B) | 30 | 32 | 39 | 138 | 141 | |||||||||||||||||
| IP-related costs | 16 | - | - | 16 | 9 | |||||||||||||||||
| Non-GAAP gross profit | $ | 3,999 | $ | 3,329 | $ | 5,124 | $ | 15,965 | $ | 17,969 | ||||||||||||
| Non-GAAP gross margin | 66.1 % | 56.1 % | 67.0 % | 59.2 % | 66.8 % | |||||||||||||||||
| GAAP operating expenses | $ | 2,576 | $ | 2,576 | $ | 2,029 | $ | 11,132 | $ | 7,434 | ||||||||||||
| Stock-based compensation expense (B) | (709 | ) | (713 | ) | (512 | ) | (2,572 | ) | (1,863 | ) | ||||||||||||
| Acquisition-related and other costs (A) | (54 | ) | (54 | ) | (70 | ) | (219 | ) | (292 | ) | ||||||||||||
| Restructuring costs and other | (38 | ) | (16 | ) | - | (54 | ) | - | ||||||||||||||
| Acquisition termination cost | - | - | - | (1,353 | ) | - | ||||||||||||||||
| Legal settlement costs | - | - | - | (7 | ) | - | ||||||||||||||||
| Contributions | - | - | - | (2 | ) | - | ||||||||||||||||
| Non-GAAP operating expenses | $ | 1,775 | $ | 1,793 | $ | 1,447 | $ | 6,925 | $ | 5,279 | ||||||||||||
| GAAP income from operations | $ | 1,257 | $ | 601 | $ | 2,970 | $ | 4,224 | $ | 10,041 | ||||||||||||
| Total impact of non-GAAP adjustments to income from operations | 967 | 935 | 707 | 4,816 | 2,649 | |||||||||||||||||
| Non-GAAP income from operations | $ | 2,224 | $ | 1,536 | $ | 3,677 | $ | 9,040 | $ | 12,690 | ||||||||||||
| GAAP other income (expense), net | $ | 32 | $ | 12 | $ | (105 | ) | $ | (43 | ) | $ | (100 | ) | |||||||||
| (Gains) losses from non-affiliated investments | 10 | 11 | 53 | 45 | (99 | ) | ||||||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | - | 5 | 3 | |||||||||||||||||
| Non-GAAP other income (expense), net | $ | 43 | $ | 24 | $ | (52 | ) | $ | 7 | $ | (196 | ) | ||||||||||
| GAAP net income | $ | 1,414 | $ | 680 | $ | 3,003 | $ | 4,368 | $ | 9,752 | ||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 978 | 947 | 760 | 4,865 | 2,553 | |||||||||||||||||
| Income tax impact of non-GAAP adjustments (C) | (218 | ) | (171 | ) | (330 | ) | (867 | ) | (712 | ) | ||||||||||||
| Domestication tax adjustments | - | - | 7 | - | (244 | ) | ||||||||||||||||
| Foreign tax benefit | - | - | (90 | ) | - | (90 | ) | |||||||||||||||
| Non-GAAP net income | $ | 2,174 | $ | 1,456 | $ | 3,350 | $ | 8,366 | $ | 11,259 | ||||||||||||
| Diluted net income per share | ||||||||||||||||||||||
| GAAP | $ | 0.57 | $ | 0.27 | $ | 1.18 | $ | 1.74 | $ | 3.85 | ||||||||||||
| Non-GAAP | $ | 0.88 | $ | 0.58 | $ | 1.32 | $ | 3.34 | $ | 4.44 | ||||||||||||
| Weighted average shares used in diluted net income per share computation | 2,477 | 2,499 | 2,545 | 2,507 | 2,535 | |||||||||||||||||
| GAAP net cash provided by operating activities | $ | 2,249 | $ | 392 | $ | 3,033 | $ | 5,641 | $ | 9,108 | ||||||||||||
| Purchases related to property and equipment and intangible assets | (509 | ) | (530 | ) | (273 | ) | (1,833 | ) | (976 | ) | ||||||||||||
| Principal payments on property and equipment and intangible assets | (4 | ) | (18 | ) | (21 | ) | (58 | ) | (83 | ) | ||||||||||||
| Free cash flow | $ | 1,736 | $ | (156 | ) | $ | 2,739 | $ | 3,750 | $ | 8,049 | |||||||||||
| (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 | Twelve Months Ended | |||||||||||||||||||||
| January 29, | October 30, | January 30, | January 29, | January 30, | ||||||||||||||||||
| 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||
| Cost of revenue | $ | 120 | $ | 120 | $ | 86 | $ | 455 | $ | 344 | ||||||||||||
| Research and development | $ | 10 | $ | 10 | $ | 9 | $ | 39 | $ | 19 | ||||||||||||
| Sales, general and administrative | $ | 44 | $ | 44 | $ | 61 | $ | 180 | $ | 273 | ||||||||||||
| (B) Stock-based compensation consists of the following: | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
| January 29, | October 30, | January 30, | January 29, | January 30, | ||||||||||||||||||
| 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||||
| Cost of revenue | $ | 30 | $ | 32 | $ | 39 | $ | 138 | $ | 141 | ||||||||||||
| Research and development | $ | 527 | $ | 530 | $ | 362 | $ | 1,892 | $ | 1,298 | ||||||||||||
| Sales, general and administrative | $ | 182 | $ | 183 | $ | 150 | $ | 680 | $ | 565 | ||||||||||||
|
(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). | ||||||||||||||||||||||
NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2023
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