NVIDIA Reports Record Results for Second Quarter of Fiscal 2008

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                                NVIDIA CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                      (In thousands, except per share data)
                                   (Unaudited)


                                   Three Months Ended     Six Months Ended
                                   July 29,  July 30,   July 29,    July 30,
                                     2007      2006       2007        2006


    Revenue                        $935,253  $687,519  $1,779,533  $1,369,326

    Cost of revenue                 511,261   395,391     975,403     788,525

    Gross profit                    423,992   292,128     804,130     580,801

    Operating expenses:
     Research and development       157,952   127,257     316,273     250,459
     Sales, general and
      administrative                 81,280    69,055     161,851     133,017

         Total operating expenses   239,232   196,312     478,124     383,476

    Operating income                184,760    95,816     326,006     197,325

    Interest and other income, net   16,091     8,706      28,634      17,269

    Income before income tax
     expense                        200,851   104,522     354,640     214,594

    Income tax expense (A)           28,119    17,769      49,649      36,481

    Income before change in
     accounting principle           172,732    86,753     304,991     178,113

    Cumulative effect of change in
     accounting principle, net of
     income tax (B)                      --        --          --         704

    Net income                     $172,732   $86,753    $304,991    $178,817

    Basic net income per share        $0.47     $0.25       $0.84       $0.51

    Diluted net income per share      $0.43     $0.22       $0.76       $0.46

    Shares used in basic per share
     computation                    364,870   350,244     362,850     349,090

    Shares used in diluted per
     share computation              402,553   385,589     400,638     387,485

    (A)  The effective income tax rate for the three and six months ended
         July 29, 2007 was 14%. The effective income tax rate for the three
         and six months ended July 30, 2006 was 17%.
    (B)  Reflects the net cumulative impact of estimating forfeitures as a
         result of adoption of SFAS 123R.


                                NVIDIA CORPORATION
              RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
                      (In thousands, except per share data)
                                   (Unaudited)

                                       Three Months Ended   Six Months Ended
                                       July 29,  July 30,  July 29,  July 30,
                                         2007      2006      2007      2006

    GAAP gross profit                  $423,992  $292,128  $804,130  $580,801
       Stock-based compensation
        expense included in cost of
        revenue                           2,702     1,746     5,511     2,973
    Non-GAAP gross profit              $426,694  $293,874  $809,641  $583,774

    GAAP net income                              $172,732      $86,753    $304,991    $178,817
              Stock-based  compensation
                expense  (A)                                            29,460        28,866        66,865        51,091
              Income  tax  impact  of  non-GAAP
                adjustments                                            (4,125)      (3,573)      (9,362)      (6,029)
              Cumulative  effect  of  change  in
                accounting  principle,  net  (B)                --                --                --            (704)
        Non-GAAP  net  income                                $198,067    $112,046    $362,494    $223,175

        Diluted  net  income  per  share

              GAAP                                                              $0.43          $0.22          $0.76          $0.46
              Non-GAAP                                                      $0.51          $0.29          $0.93          $0.58

        Shares  used  in  GAAP  diluted  net
          income  per  share  computation              402,553      385,589      400,638      387,485
              Cumulative  impact  of  non-GAAP
                adjustments  (C)                                  (10,388)      (5,069)    (10,668)      (5,426)
        Shares  used  in  non-GAAP  diluted
          net  income  per  share  computation      392,165      380,520      389,970      382,059

        (A)    Results  include  stock-based  compensation  expense  as  follows  (in
                  thousands):

                                                                              Three  Months  Ended      Six  Months  Ended
                                                                              July  29,        July  30,    July  29,  July  30,
                                                                                2007                2006            2007          2006

              Cost  of  revenue                                    $2,702            $1,746      $5,511      $2,973
              Research  and  development                $16,421          $16,588    $38,821    $31,014
              Sales,  general  and
                administrative                                  $10,337          $10,532    $22,533    $17,104

        (B)    Reflects  the  net  cumulative  impact  of  estimating  forfeitures  as  a
                  result  of  adoption  of  SFAS  123R.
        (C)    Reflects  an  adjustment  to  the  diluted  outstanding  shares  calculated
                  under  SFAS  123R  to  conform  to  diluted  outstanding  shares  calculated
                  under  prior  accounting  standards  (APB  25).


                                                              NVIDIA  CORPORATION
                                            CONDENSED  CONSOLIDATED  BALANCE  SHEETS
                                                                  (In  thousands)
                                                                      (Unaudited)

                                                                                                    July  29,                January  28,
                                                                                                        2007                          2007
        ASSETS

        Current  assets:
          Cash,  cash  equivalents  and
            marketable  securities                                          $1,571,563                $1,117,850
          Accounts  receivable,  net                                            508,435                      518,680
          Inventories                                                                      276,305                      354,680
          Prepaid  expenses  and  other  current  assets            41,102                        40,560

              Total  current  assets                                            2,397,405                  2,031,770

        Property  and  equipment,  net                                        264,832                      260,828
        Deposits  and  other  assets                                              25,912                        35,729
        Goodwill                                                                              293,383                      301,425
        Intangible  assets,  net                                                    54,735                        45,511

              Total  assets                                                          $3,036,267                $2,675,263

        LIABILITIES  AND  STOCKHOLDERS'  EQUITY

        Current  liabilities:
          Accounts  payable                                                          $323,381                    $272,075
          Accrued  liabilities                                                      357,417                      366,732

              Total  current  liabilities                                      680,798                      638,807

        Other  long-term  liabilities                                          95,191                        29,537

        Stockholders'  equity                                                  2,260,278                  2,006,919

              Total  liabilities  and
                stockholders'  equity                                        $3,036,267                $2,675,263

 

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