| NVIDIA CORPORATION | ||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||
| (In millions, except per share data) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| April 30, | January 29, | May 1, | ||||||||||
| 2023 | 2023 | 2022 | ||||||||||
| GAAP gross profit | $ | 4,648 | $ | 3,833 | $ | 5,431 | ||||||
| GAAP gross margin | 64.6 | % | 63.3 | % | 65.5 | % | ||||||
| Acquisition-related and other costs (A) | 119 | 120 | 94 | |||||||||
| Stock-based compensation expense (B) | 27 | 30 | 38 | |||||||||
| IP-related costs | 8 | 16 | - | |||||||||
| Non-GAAP gross profit | $ | 4,802 | $ | 3,999 | $ | 5,563 | ||||||
| Non-GAAP gross margin | 66.8 | % | 66.1 | % | 67.1 | % | ||||||
| GAAP operating expenses | $ | 2,508 | $ | 2,576 | $ | 3,563 | ||||||
| Stock-based compensation expense (B) | (708 | ) | (709 | ) | (540 | ) | ||||||
| Acquisition-related and other costs (A) | (54 | ) | (54 | ) | (55 | ) | ||||||
| Acquisition termination cost | - | - | (1,353 | ) | ||||||||
| Legal settlement costs | - | - | (7 | ) | ||||||||
| Other (C) | 4 | (38 | ) | - | ||||||||
| Non-GAAP operating expenses | $ | 1,750 | $ | 1,775 | $ | 1,608 | ||||||
| GAAP income from operations | $ | 2,140 | $ | 1,257 | $ | 1,868 | ||||||
| Total impact of non-GAAP adjustments to income from operations | 912 | 967 | 2,087 | |||||||||
| Non-GAAP income from operations | $ | 3,052 | $ | 2,224 | $ | 3,955 | ||||||
| GAAP other income (expense), net | $ | 69 | $ | 32 | $ | (63 | ) | |||||
| Losses from non-affiliated investments | 14 | 10 | 17 | |||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | |||||||||
| Non-GAAP other income (expense), net | $ | 84 | $ | 43 | $ | (45 | ) | |||||
| GAAP net income | $ | 2,043 | $ | 1,414 | $ | 1,618 | ||||||
| Total pre-tax impact of non-GAAP adjustments | 927 | 978 | 2,105 | |||||||||
| Income tax impact of non-GAAP adjustments (D) | (257 | ) | (218 | ) | (280 | ) | ||||||
| Non-GAAP net income | $ | 2,713 | $ | 2,174 | $ | 3,443 | ||||||
| Diluted net income per share | ||||||||||||
| GAAP | $ | 0.82 | $ | 0.57 | $ | 0.64 | ||||||
| Non-GAAP | $ | 1.09 | $ | 0.88 | $ | 1.36 | ||||||
| Weighted average shares used in diluted net income per share computation | 2,490 | 2,477 | 2,537 | |||||||||
| GAAP net cash provided by operating activities | $ | 2,911 | $ | 2,249 | $ | 1,731 | ||||||
| Purchases related to property and equipment and intangible assets | (248 | ) | (509 | ) | (361 | ) | ||||||
| Principal payments on property and equipment and intangible assets | (20 | ) | (4 | ) | (22 | ) | ||||||
| Free cash flow | $ | 2,643 | $ | 1,736 | $ | 1,348 | ||||||
| (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 | ||||||||||||
| April 30, | January 29, | May 1, | ||||||||||
| 2023 | 2023 | 2022 | ||||||||||
| Cost of revenue | $ | 119 | $ | 120 | $ | 94 | ||||||
| Research and development | $ | 12 | $ | 10 | $ | 9 | ||||||
| Sales, general and administrative | $ | 42 | $ | 44 | $ | 46 | ||||||
| (B) Stock-based compensation consists of the following: | ||||||||||||
| Three Months Ended | ||||||||||||
| April 30, | January 29, | May 1, | ||||||||||
| 2023 | 2023 | 2022 | ||||||||||
| Cost of revenue | $ | 27 | $ | 30 | $ | 38 | ||||||
| Research and development | $ | 524 | $ | 527 | $ | 384 | ||||||
| Sales, general and administrative | $ | 184 | $ | 182 | $ | 156 | ||||||
| (C) Other consists of assets held for sale related adjustments. | ||||||||||||
| (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 First Quarter Fiscal 2024
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