| NVIDIA CORPORATION | |||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| January 28, | October 29, | January 29, | January 28, | January 29, | |||||||||||||||||
| 2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||||||||
| GAAP gross profit | $ | 16,791 | $ | 13,400 | $ | 3,833 | $ | 44,301 | $ | 15,356 | |||||||||||
| GAAP gross margin | 76.0 | % | 74.0 | % | 63.3 | % | 72.7 | % | 56.9 | % | |||||||||||
| Acquisition-related and other costs (A) | 119 | 119 | 120 | 477 | 455 | ||||||||||||||||
| Stock-based compensation expense (B) | 45 | 38 | 30 | 141 | 138 | ||||||||||||||||
| IP-related costs | 4 | 26 | 16 | 40 | 16 | ||||||||||||||||
| Non-GAAP gross profit | $ | 16,959 | $ | 13,583 | $ | 3,999 | $ | 44,959 | $ | 15,965 | |||||||||||
| Non-GAAP gross margin | 76.7 | % | 75.0 | % | 66.1 | % | 73.8 | % | 59.2 | % | |||||||||||
| GAAP operating expenses | $ | 3,176 | $ | 2,983 | $ | 2,576 | $ | 11,329 | $ | 11,132 | |||||||||||
| Stock-based compensation expense (B) | (948 | ) | (941 | ) | (709 | ) | (3,408 | ) | (2,572 | ) | |||||||||||
| Acquisition-related and other costs (A) | (18 | ) | (16 | ) | (54 | ) | (106 | ) | (219 | ) | |||||||||||
| Acquisition termination cost | - | - | - | - | (1,353 | ) | |||||||||||||||
| Other (C) | - | - | (38 | ) | 10 | (63 | ) | ||||||||||||||
| Non-GAAP operating expenses | $ | 2,210 | $ | 2,026 | $ | 1,775 | $ | 7,825 | $ | 6,925 | |||||||||||
| GAAP operating income | $ | 13,615 | $ | 10,417 | $ | 1,257 | $ | 32,972 | $ | 4,224 | |||||||||||
| Total impact of non-GAAP adjustments to operating income | 1,134 | 1,140 | 967 | 4,162 | 4,816 | ||||||||||||||||
| Non-GAAP operating income | $ | 14,749 | $ | 11,557 | $ | 2,224 | $ | 37,134 | $ | 9,040 | |||||||||||
| GAAP other income (expense), net | $ | 491 | $ | 105 | $ | 32 | $ | 846 | $ | (43 | ) | ||||||||||
| (Gains) losses from non-affiliated investments | (260 | ) | 69 | 10 | (238 | ) | 45 | ||||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | 4 | 5 | ||||||||||||||||
| Non-GAAP other income (expense), net | $ | 232 | $ | 175 | $ | 43 | $ | 612 | $ | 7 | |||||||||||
| GAAP net income | $ | 12,285 | $ | 9,243 | $ | 1,414 | $ | 29,760 | $ | 4,368 | |||||||||||
| Total pre-tax impact of non-GAAP adjustments | 875 | 1,210 | 978 | 3,928 | 4,865 | ||||||||||||||||
| Income tax impact of non-GAAP adjustments (D) | (321 | ) | (433 | ) | (218 | ) | (1,376 | ) | (867 | ) | |||||||||||
| Non-GAAP net income | $ | 12,839 | $ | 10,020 | $ | 2,174 | $ | 32,312 | $ | 8,366 | |||||||||||
| Diluted net income per share | |||||||||||||||||||||
| GAAP | $ | 4.93 | $ | 3.71 | $ | 0.57 | $ | 11.93 | $ | 1.74 | |||||||||||
| Non-GAAP | $ | 5.16 | $ | 4.02 | $ | 0.88 | $ | 12.96 | $ | 3.34 | |||||||||||
| Weighted average shares used in diluted net income per share computation | 2,490 | 2,494 | 2,477 | 2,494 | 2,507 | ||||||||||||||||
| GAAP net cash provided by operating activities | $ | 11,499 | $ | 7,333 | $ | 2,249 | $ | 28,090 | $ | 5,641 | |||||||||||
| Purchases related to property and equipment and intangible assets | (253 | ) | (278 | ) | (509 | ) | (1,069 | ) | (1,833 | ) | |||||||||||
| Principal payments on property and equipment and intangible assets | (29 | ) | (13 | ) | (4 | ) | (74 | ) | (58 | ) | |||||||||||
| Free cash flow | $ | 11,217 | $ | 7,042 | $ | 1,736 | $ | 26,947 | $ | 3,750 | |||||||||||
| (A) Acquisition-related and other costs are comprised of amortization of intangible assets and transaction costs, and are included in the following line items: | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| January 28, | October 29, | January 29, | January 28, | January 29, | |||||||||||||||||
| 2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||||||||
| Cost of revenue | $ | 119 | $ | 119 | $ | 120 | $ | 477 | $ | 455 | |||||||||||
| Research and development | $ | 12 | $ | 12 | $ | 10 | $ | 49 | $ | 39 | |||||||||||
| Sales, general and administrative | $ | 6 | $ | 4 | $ | 44 | $ | 57 | $ | 180 | |||||||||||
| (B) Stock-based compensation consists of the following: | |||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| January 28, | October 29, | January 29, | January 28, | January 29, | |||||||||||||||||
| 2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||||||||
| Cost of revenue | $ | 45 | $ | 38 | $ | 30 | $ | 141 | $ | 138 | |||||||||||
| Research and development | $ | 706 | $ | 701 | $ | 527 | $ | 2,532 | $ | 1,892 | |||||||||||
| Sales, general and administrative | $ | 242 | $ | 240 | $ | 182 | $ | 876 | $ | 680 | |||||||||||
| (C) Other consists of costs related to Russia branch office closure, assets held for sale related adjustments, legal settlement costs, and contributions. | |||||||||||||||||||||
| (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 Fourth Quarter and Fiscal 2024
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