| NVIDIA CORPORATION | ||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| July 28, | April 28, | July 30, | July 28, | July 30, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| GAAP gross profit | $ | 22,574 | $ | 20,406 | $ | 9,462 | $ | 42,979 | $ | 14,110 | ||||||||||||
| GAAP gross margin | 75.1 | % | 78.4 | % | 70.1 | % | 76.6 | % | 68.2 | % | ||||||||||||
| Acquisition-related and other costs (A) | 118 | 119 | 119 | 238 | 239 | |||||||||||||||||
| Stock-based compensation expense (B) | 40 | 36 | 31 | 75 | 58 | |||||||||||||||||
| Other (C) | (3 | ) | (1 | ) | 2 | (4 | ) | 10 | ||||||||||||||
| Non-GAAP gross profit | $ | 22,729 | $ | 20,560 | $ | 9,614 | $ | 43,288 | $ | 14,417 | ||||||||||||
| Non-GAAP gross margin | 75.7 | % | 78.9 | % | 71.2 | % | 77.2 | % | 69.7 | % | ||||||||||||
| GAAP operating expenses | $ | 3,932 | $ | 3,497 | $ | 2,662 | $ | 7,428 | $ | 5,169 | ||||||||||||
| Stock-based compensation expense (B) | (1,114 | ) | (975 | ) | (811 | ) | (2,089 | ) | (1,518 | ) | ||||||||||||
| Acquisition-related and other costs (A) | (26 | ) | (21 | ) | (18 | ) | (48 | ) | (72 | ) | ||||||||||||
| Other (C) | - | - | 5 | - | 10 | |||||||||||||||||
| Non-GAAP operating expenses | $ | 2,792 | $ | 2,501 | $ | 1,838 | $ | 5,291 | $ | 3,589 | ||||||||||||
| GAAP operating income | $ | 18,642 | $ | 16,909 | $ | 6,800 | $ | 35,551 | $ | 8,941 | ||||||||||||
| Total impact of non-GAAP adjustments to operating income | 1,295 | 1,150 | 976 | 2,446 | 1,887 | |||||||||||||||||
| Non-GAAP operating income | $ | 19,937 | $ | 18,059 | $ | 7,776 | $ | 37,997 | $ | 10,828 | ||||||||||||
| GAAP other income (expense), net | $ | 572 | $ | 370 | $ | 181 | $ | 942 | $ | 249 | ||||||||||||
| Gains from non-affiliated investments and publicly-held equity securities, net | (193 | ) | (69 | ) | (62 | ) | (264 | ) | (46 | ) | ||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | 2 | 2 | |||||||||||||||||
| Non-GAAP other income (expense), net | $ | 380 | $ | 302 | $ | 120 | $ | 680 | $ | 205 | ||||||||||||
| GAAP net income | $ | 16,599 | $ | 14,881 | $ | 6,188 | $ | 31,480 | $ | 8,232 | ||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 1,103 | 1,082 | 915 | 2,184 | 1,843 | |||||||||||||||||
| Income tax impact of non-GAAP adjustments (D) | (750 | ) | (725 | ) | (363 | ) | (1,475 | ) | (622 | ) | ||||||||||||
| Non-GAAP net income | $ | 16,952 | $ | 15,238 | $ | 6,740 | $ | 32,189 | $ | 9,453 | ||||||||||||
| Diluted net income per share | ||||||||||||||||||||||
| GAAP | $ | 0.67 | $ | 0.60 | $ | 0.25 | $ | 1.27 | $ | 0.33 | ||||||||||||
| Non-GAAP | $ | 0.68 | $ | 0.61 | $ | 0.27 | $ | 1.29 | $ | 0.38 | ||||||||||||
| Weighted average shares used in diluted net income per share computation | 24,848 | 24,890 | 24,994 | 24,869 | 24,948 | |||||||||||||||||
| GAAP net cash provided by operating activities | $ | 14,489 | $ | 15,345 | $ | 6,348 | $ | 29,833 | $ | 9,259 | ||||||||||||
| Purchases related to property and equipment and intangible assets | (977 | ) | (369 | ) | (289 | ) | (1,346 | ) | (537 | ) | ||||||||||||
| Principal payments on property and equipment and intangible assets | (29 | ) | (40 | ) | (11 | ) | (69 | ) | (31 | ) | ||||||||||||
| Free cash flow | $ | 13,483 | $ | 14,936 | $ | 6,048 | $ | 28,418 | $ | 8,691 | ||||||||||||
| (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 | Six Months Ended | |||||||||||||||||||||
| July 28, | April 28, | July 30, | July 28, | July 30, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Cost of revenue | $ | 118 | $ | 119 | $ | 119 | $ | 238 | $ | 239 | ||||||||||||
| Research and development | $ | 17 | $ | 12 | $ | 12 | $ | 30 | $ | 24 | ||||||||||||
| Sales, general and administrative | $ | 9 | $ | 8 | $ | 6 | $ | 18 | $ | 48 | ||||||||||||
| (B) Stock-based compensation consists of the following: | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| July 28, | April 28, | July 30, | July 28, | July 30, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Cost of revenue | $ | 40 | $ | 36 | $ | 31 | $ | 75 | $ | 58 | ||||||||||||
| Research and development | $ | 832 | $ | 727 | $ | 600 | $ | 1,559 | $ | 1,124 | ||||||||||||
| Sales, general and administrative | $ | 282 | $ | 248 | $ | 211 | $ | 530 | $ | 394 | ||||||||||||
| (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 Second Quarter Fiscal 2025
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