Copyright (C) 2007 NVIDIA Corporation. All rights reserved. NVIDIA, GEFORCE, NVIDIA NFORCE, NVIDIA QUADRO, SLI, and TESLA are registered trademarks and/or trademarks of NVIDIA Corporation in the United States and other countries. All other company and/or product names may be trade names, trademarks, and/or registered trademarks of the respective owners with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.
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
Web site: http://www.nvidia.com//
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