NVIDIA Reports Financial Results for Fourth Quarter and Fiscal Year 2009



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


                                 Three Months Ended     Twelve Months Ended
                               January 25, January 27, January 25, January 27,
                                  2009        2008        2009        2008


    Revenue                      $481,140  $1,202,730  $3,424,859  $4,097,860

    Cost of revenue               339,474     653,133   2,250,590   2,228,580

    Gross profit                  141,666     549,597   1,174,269   1,869,280

    Operating expenses:
     Research and development     211,779     195,835     855,879     691,637
     Sales, general and
      administrative               86,440      91,263     362,222     341,297
     Restructuring charges and
      other                        18,530           -      26,868           -

         Total operating
          expenses                316,749     287,098   1,244,969   1,032,934

    Operating income (loss)      (175,083)    262,499     (70,700)    836,346

    Interest and other income,
     net                            4,708      17,403      27,746      64,995

    Income (loss) before income
     tax                         (170,375)    279,902     (42,954)    901,341

    Income tax expense
     (benefit) (A)                (22,710)     22,909     (12,913)    103,696

    Net income (loss)           $(147,665)    256,993    $(30,041)   $797,645


    Basic net income (loss) per
     share                         $(0.27)      $0.46      $(0.05)      $1.45

    Diluted net income (loss)
     per share                     $(0.27)      $0.42      $(0.05)      $1.31

    Shares used in basic per
     share computation            537,595     557,143     548,126     550,108

    Shares used in diluted per
     share computation            537,595     609,173     548,126     606,732


    (A) The income tax (benefit) rate for the three and twelve months ended
        January 25, 2009 was (13.3) % and (30.0)%, respectively. The income
        tax expense rate for the three and twelve months ended January 27,
        2008 was 8.2% and 11.5%, respectively.



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


                            Three Months Ended        Twelve Months Ended
                         January 25,  January 27, January 25,   January 27,
                             2009         2008        2009         2008

    GAAP gross profit     $141,666     $549,597   $1,174,269   $1,869,280
      Stock-based
       compensation
       expense
       included in
       cost of
       revenue (A)           1,912        2,809       11,939       10,886
      Insurance claim
       proceeds (B)         (6,665)           -       (6,665)           -
      Non-recurring
       charge related to
       a royalty dispute         -            -        4,500            -
      Warranty charge
       against cost of
       revenue arising
       from a weak
       die/packaging
       material set                         -                        -            195,954                        -
        Non-GAAP  gross
          profit                              $136,913          $552,406      $1,379,997      $1,880,166

        GAAP  net  income
          (loss)                            $(147,665)        $256,993          $(30,041)        $797,645
            Stock-based
              compensation
              expense  (A)                    41,833              34,497            162,706            133,365
            Non-recurring  charge
              related  to  a  royalty
              dispute                                      -                        -                4,500                        -
            Insurance  claim
              proceeds  (B)                  (8,000)                      -              (8,000)                      -
            Non-recurring
              charges
              related  to
              contract
              termination  (C)            18,912                        -              18,912                        -
            Restructuring
              charges                                (382)                      -                7,956                        -
            Warranty  charge
              against
              cost  of
              revenue  arising
              from  a  weak
              die/packaging
              material  set                            -                        -            195,954                        -
            In  process
              research  &
              development  charge
              related
              to  acquisitions                      -                4,000                        -                4,000
            Income  tax
              impact  of  non-
              GAAP  adjustments                939              (2,902)          (48,685)          (15,755)
        Non-GAAP  net
          income  (loss)                $(94,363)        $292,588          $303,302          $919,255

        Diluted  net  income
          (loss)  per
          share

            GAAP                                    $(0.27)              $0.42              $(0.05)              $1.31
            Non-GAAP                            $(0.18)              $0.49                $0.53                $1.56


        Shares  used  in
          GAAP  diluted  net
          income  (loss)
          per  share
          computation                      537,595            609,173            548,126            606,732
            Cumulative  impact
              of  non-GAAP
              adjustments  (D)                      -            (15,837)            (7,348)          (16,148)
            Impact  of  shares
              used  in  computing
              GAAP  loss  to
              non-GAAP  income                      -                        -              31,466                        -
        Shares  used  in
          non-GAAP  diluted
          net  income  (loss)
          per  share
          computation                      537,595            593,336            572,244            590,584



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


                                                        Three  Months  Ended                  Twelve  Months  Ended
                                                    January  25,  January  27,      January  25,  January  27,
                                                          2009                2008                    2009                  2008

        Cost  of  revenue                  $1,912              $2,809            $11,939            $10,886
        Research  and
          development                      $26,507            $19,146            $98,007            $76,617
        Sales,  general
          and  administrative        $13,414            $12,542            $52,760            $45,862

        (B)  Excludes  benefit  of  $8.0  million  received  during  the  three  months
                ended  January  25,  2009  from  insurance  providers  as  reimbursement  for
                some  of  the  claims  against  us  towards  the  warranty  cost  arising  from  a
                weak  die/packaging  material  set.    These  insurance  claim  proceeds  have
                been  allocated  to  sales,  general  and  administrative  expenses  to  the
                extent  of  legal  expenses  incurred  of  $1.3  million  and  the  remainder  of
                $6.7  million  has  been  allocated  to  cost  of  revenue.
        (C)  Excludes  $18.9  million  for  a  non-recurring  charge  incurred  during  the
                three  months  ended  January  25,  2009  resulting  from  the  termination  of
                a  development  contract  related  to  a  new  campus  construction  project  we
                have  put  on  hold.
        (D)  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)


                                                                                                  January  25,              January  27,
                                                                                                        2009                            2008
        ASSETS

        Current  assets:
          Cash,  cash  equivalents  and
            marketable  securities                                          $1,255,390                $1,809,478
          Accounts  receivable,  net                                            318,435                      666,494
          Inventories                                                                      537,834                      358,521
          Prepaid  expenses  and  other  current
            assets                                                                                56,299                        54,336

              Total  current  assets                                            2,167,958                  2,888,829

        Property  and  equipment,  net                                        625,798                      359,808
        Goodwill                                                                              369,844                      354,057
        Intangible  assets,  net                                                  147,101                      106,926
        Deposits  and  other  assets                                              40,026                        38,051

              Total  assets                                                          $3,350,727                $3,747,671

        LIABILITIES  AND  STOCKHOLDERS'  EQUITY

        Current  liabilities:
          Accounts  payable                                                          $218,864                    $492,099
          Accrued  liabilities  and  other
            current  liabilities                                                    559,727                      475,062


              Total  current  liabilities                                      778,591                      967,161

        Other  long-term  liabilities                                        151,850                      162,598
        Capital  lease  obligations,  long  term                        25,634                                  -

        Stockholders'  equity                                                  2,394,652                  2,617,912

              Total  liabilities  and
                stockholders'  equity                                        $3,350,727                $3,747,671
 

Web site: http://www.nvidia.com/



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