| NVIDIA CORPORATION | ||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| October 27, | July 28, | October 29, | October 27, | October 29, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| GAAP gross profit | $ | 26,156 | $ | 22,574 | $ | 13,400 | $ | 69,135 | $ | 27,510 | ||||||||||||
| GAAP gross margin | 74.6 | % | 75.1 | % | 74.0 | % | 75.8 | % | 70.9 | % | ||||||||||||
| Acquisition-related and other costs (A) | 116 | 118 | 119 | 355 | 358 | |||||||||||||||||
| Stock-based compensation expense (B) | 50 | 40 | 38 | 125 | 96 | |||||||||||||||||
| Other (C) | - | (3 | ) | 26 | (4 | ) | 36 | |||||||||||||||
| Non-GAAP gross profit | $ | 26,322 | $ | 22,729 | $ | 13,583 | $ | 69,611 | $ | 28,000 | ||||||||||||
| Non-GAAP gross margin | 75.0 | % | 75.7 | % | 75.0 | % | 76.4 | % | 72.1 | % | ||||||||||||
| GAAP operating expenses | $ | 4,287 | $ | 3,932 | $ | 2,983 | $ | 11,716 | $ | 8,152 | ||||||||||||
| Stock-based compensation expense (B) | (1,202 | ) | (1,114 | ) | (941 | ) | (3,291 | ) | (2,459 | ) | ||||||||||||
| Acquisition-related and other costs (A) | (39 | ) | (26 | ) | (16 | ) | (86 | ) | (88 | ) | ||||||||||||
| Other (C) | - | - | - | - | 10 | |||||||||||||||||
| Non-GAAP operating expenses | $ | 3,046 | $ | 2,792 | $ | 2,026 | $ | 8,339 | $ | 5,615 | ||||||||||||
| GAAP operating income | $ | 21,869 | $ | 18,642 | $ | 10,417 | $ | 57,419 | $ | 19,358 | ||||||||||||
| Total impact of non-GAAP adjustments to operating income | 1,407 | 1,295 | 1,140 | 3,853 | 3,027 | |||||||||||||||||
| Non-GAAP operating income | $ | 23,276 | $ | 19,937 | $ | 11,557 | $ | 61,272 | $ | 22,385 | ||||||||||||
| GAAP other income (expense), net | $ | 447 | $ | 572 | $ | 105 | $ | 1,390 | $ | 354 | ||||||||||||
| (Gains) losses from non-affiliated investments and publicly-held equity securities, net | (37 | ) | (193 | ) | 69 | (302 | ) | 23 | ||||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | 3 | 3 | |||||||||||||||||
| Non-GAAP other income (expense), net | $ | 411 | $ | 380 | $ | 175 | $ | 1,091 | $ | 380 | ||||||||||||
| GAAP net income | $ | 19,309 | $ | 16,599 | $ | 9,243 | $ | 50,789 | $ | 17,475 | ||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 1,371 | 1,103 | 1,210 | 3,554 | 3,053 | |||||||||||||||||
| Income tax impact of non-GAAP adjustments (D) | (670 | ) | (750 | ) | (433 | ) | (2,144 | ) | (1,055 | ) | ||||||||||||
| Non-GAAP net income | $ | 20,010 | $ | 16,952 | $ | 10,020 | $ | 52,199 | $ | 19,473 | ||||||||||||
| Diluted net income per share (E) | ||||||||||||||||||||||
| GAAP | $ | 0.78 | $ | 0.67 | $ | 0.37 | $ | 2.04 | $ | 0.70 | ||||||||||||
| Non-GAAP | $ | 0.81 | $ | 0.68 | $ | 0.40 | $ | 2.10 | $ | 0.78 | ||||||||||||
| Weighted average shares used in diluted net income per share computation (E) | 24,774 | 24,848 | 24,940 | 24,837 | 24,940 | |||||||||||||||||
| GAAP net cash provided by operating activities | $ | 17,629 | $ | 14,489 | $ | 7,333 | $ | 47,460 | $ | 16,591 | ||||||||||||
| Purchases related to property and equipment and intangible assets | (813 | ) | (977 | ) | (278 | ) | (2,159 | ) | (815 | ) | ||||||||||||
| Principal payments on property and equipment and intangible assets | (29 | ) | (29 | ) | (13 | ) | (97 | ) | (44 | ) | ||||||||||||
| Free cash flow | $ | 16,787 | $ | 13,483 | $ | 7,042 | $ | 45,204 | $ | 15,732 | ||||||||||||
| (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 | Nine Months Ended | |||||||||||||||||||||
| October 27, | July 28, | October 29, | October 27, | October 29, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Cost of revenue | $ | 116 | $ | 118 | $ | 119 | $ | 355 | $ | 358 | ||||||||||||
| Research and development | $ | 23 | $ | 17 | $ | 12 | $ | 52 | $ | 37 | ||||||||||||
| Sales, general and administrative | $ | 16 | $ | 9 | $ | 4 | $ | 34 | $ | 51 | ||||||||||||
| (B) Stock-based compensation consists of the following: | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| October 27, | July 28, | October 29, | October 27, | October 29, | ||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Cost of revenue | $ | 50 | $ | 40 | $ | 38 | $ | 125 | $ | 96 | ||||||||||||
| Research and development | $ | 910 | $ | 832 | $ | 701 | $ | 2,469 | $ | 1,826 | ||||||||||||
| Sales, general and administrative | $ | 292 | $ | 282 | $ | 240 | $ | 822 | $ | 633 | ||||||||||||
| (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). | ||||||||||||||||||||||
| (E) Reflects a ten-for-one stock split on June 7, 2024 | ||||||||||||||||||||||
NVIDIA Announces Financial Results for Third Quarter Fiscal 2025
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