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NVIDIA CORPORATION
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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
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| (In millions, except per share data) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | |||||||||||||
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April 28,
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January 28,
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April 30,
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2024
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2024
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2023
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| GAAP gross profit | $ | 20,406 | $ | 16,791 | $ | 4,648 | |||||||
| GAAP gross margin | 78.4% | 76.0% | 64.6% | ||||||||||
| Acquisition-related and other costs (A) | 119 | 119 | 119 | ||||||||||
| Stock-based compensation expense (B) | 36 | 45 | 27 | ||||||||||
| Other (C) | (1 | ) | 4 | 8 | |||||||||
| Non-GAAP gross profit | $ | 20,560 | $ | 16,959 | $ | 4,802 | |||||||
| Non-GAAP gross margin | 78.9 % | 76.7 % | 66.8 % | ||||||||||
| GAAP operating expenses | $ | 3,497 | $ | 3,176 | $ | 2,508 | |||||||
| Stock-based compensation expense (B) | (975 | ) | (948 | ) | (708 | ) | |||||||
| Acquisition-related and other costs (A) | (21 | ) | (18 | ) | (54 | ) | |||||||
| Other (C) | - | - | 4 | ||||||||||
| Non-GAAP operating expenses | $ | 2,501 | $ | 2,210 | $ | 1,750 | |||||||
| GAAP operating income | $ | 16,909 | $ | 13,615 | $ | 2,140 | |||||||
| Total impact of non-GAAP adjustments to operating income | 1,150 | 1,134 | 912 | ||||||||||
| Non-GAAP operating income | $ | 18,059 | $ | 14,749 | $ | 3,052 | |||||||
| GAAP other income (expense), net | $ | 370 | $ | 491 | $ | 69 | |||||||
| (Gains) losses from non-affiliated investments | (69 | ) | (260 | ) | 14 | ||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | ||||||||||
| Non-GAAP other income (expense), net | $ | 302 | $ | 232 | $ | 84 | |||||||
| GAAP net income | $ | 14,881 | $ | 12,285 | $ | 2,043 | |||||||
| Total pre-tax impact of non-GAAP adjustments | 1,082 | 875 | 927 | ||||||||||
| Income tax impact of non-GAAP adjustments (D) | (725 | ) | (321 | ) | (257 | ) | |||||||
| Non-GAAP net income | $ | 15,238 | $ | 12,839 | $ | 2,713 | |||||||
| Diluted net income per share | |||||||||||||
| GAAP | $ | 5.98 | $ | 4.93 | $ | 0.82 | |||||||
| Non-GAAP | $ | 6.12 | $ | 5.16 | $ | 1.09 | |||||||
| Weighted average shares used in diluted net income per share computation | 2,489 | 2,490 | 2,490 | ||||||||||
| GAAP net cash provided by operating activities | $ | 15,345 | $ | 11,499 | $ | 2,911 | |||||||
| Purchases related to property and equipment and intangible assets | (369 | ) | (253 | ) | (248 | ) | |||||||
| Principal payments on property and equipment and intangible assets | (40 | ) | (29 | ) | (20 | ) | |||||||
| Free cash flow | $ | 14,936 | $ | 11,217 | $ | 2,643 | |||||||
| (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 | |||||||||||||
| April 28, | January 28, | April 30, | |||||||||||
| 2024 | 2024 | 2023 | |||||||||||
| Cost of revenue | $ | 119 | $ | 119 | $ | 119 | |||||||
| Research and development | $ | 12 | $ | 12 | $ | 12 | |||||||
| Sales, general and administrative | $ | 8 | $ | 6 | $ | 42 | |||||||
| (B) Stock-based compensation consists of the following: | |||||||||||||
| Three Months Ended | |||||||||||||
| April 28, | January 28, | April 30, | |||||||||||
| 2024 | 2024 | 2023 | |||||||||||
| Cost of revenue | $ | 36 | $ | 45 | $ | 27 | |||||||
| Research and development | $ | 727 | $ | 706 | $ | 524 | |||||||
| Sales, general and administrative | $ | 248 | $ | 242 | $ | 184 | |||||||
| (C) Other consists of IP-related costs and 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 2025
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