NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024


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).
                                           

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