NVIDIA (NASDAQ:NVDA) today reported record revenue for the third
quarter ended October 29, 2017, of $2.64 billion, up 32 percent
from $2.00 billion a year earlier, and up 18 percent from $2.23
billion in the previous quarter, with growth across all its
platforms.
GAAP earnings per diluted share for the quarter were a record
$1.33, up 60 percent from $0.83 a year ago and up 45 percent from
$0.92 in the previous quarter. Non-GAAP earnings per diluted share
were $1.33, also a record, up 41 percent from $0.94 a year earlier
and up 32 percent from $1.01 in the previous quarter.
“We had a great quarter across all of our growth drivers,” said
Jensen Huang, founder and chief executive officer of NVIDIA.
“Industries across the world are accelerating their adoption of
AI.
“Our Volta GPU has been embraced by every major internet and
cloud service provider and computer maker. Our new TensorRT
inference acceleration platform opens us to growth in hyperscale
datacenters. GeForce and Nintendo Switch are tapped into the
strongest growth dynamics of gaming. And our new DRIVE PX Pegasus
for robotaxis has been adopted by companies around the world. We
are well positioned for continued growth,” he said.
Capital Return
During the first nine months of fiscal 2018, NVIDIA returned to
shareholders $909 million in share repurchases and $250 million in
cash dividends. As a result, the company returned an aggregate of
$1.16 billion to shareholders in the first nine months of the
fiscal year. The company intends to return $1.25 billion to
shareholders in fiscal 2018.
For fiscal 2019, NVIDIA intends to return $1.25 billion to
shareholders through ongoing quarterly cash dividends and share
repurchases. The company announced a 7 percent increase in its
quarterly cash dividend to $0.15 per share from $0.14 per share, to
be paid with its next quarterly cash dividend on December 15, 2017,
to all shareholders of record on November 24, 2017.
Q3 FY2018 Summary
GAAP |
($ in millions except earnings per share) |
Q3 FY18 |
Q2 FY18 |
Q3 FY17 |
Q/Q |
Y/Y |
Revenue |
$ |
2,636 |
|
$ |
2,230 |
|
$ |
2,004 |
|
Up 18% |
Up 32% |
Gross margin |
|
59.5 |
% |
|
58.4 |
% |
|
59.0 |
% |
Up 110 bps |
Up 50 bps |
Operating expenses |
$ |
674 |
|
$ |
614 |
|
$ |
544 |
|
Up 10% |
Up 24% |
Operating income |
$ |
895 |
|
$ |
688 |
|
$ |
639 |
|
Up 30% |
Up 40% |
Net income |
$ |
838 |
|
$ |
583 |
|
$ |
542 |
|
Up 44% |
Up 55% |
Diluted earnings per share |
$ |
1.33 |
|
$ |
0.92 |
|
$ |
0.83 |
|
Up 45% |
Up 60% |
Non-GAAP |
($ in millions except earnings per share) |
Q3 FY18 |
Q2 FY18 |
Q3 FY17 |
Q/Q |
Y/Y |
Revenue |
$ |
2,636 |
|
$ |
2,230 |
|
$ |
2,004 |
|
Up 18% |
Up 32% |
Gross margin |
|
59.7 |
% |
|
58.6 |
% |
|
59.2 |
% |
Up 110 bps |
Up 50 bps |
Operating expenses |
$ |
570 |
|
$ |
533 |
|
$ |
478 |
|
Up 7% |
Up 19% |
Operating income |
$ |
1,005 |
|
$ |
773 |
|
$ |
708 |
|
Up 30% |
Up 42% |
Net income |
$ |
833 |
|
$ |
638 |
|
$ |
570 |
|
Up 31% |
Up 46% |
Diluted earnings per share |
$ |
1.33 |
|
$ |
1.01 |
|
$ |
0.94 |
|
Up 32% |
Up 41% |
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA’s outlook for the fourth quarter of fiscal 2018 is as
follows:
- Revenue is expected to be $2.65 billion, plus or minus two
percent.
- GAAP and non-GAAP gross margins are expected to be 59.7 percent
and 60.0 percent, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be
approximately $722 million and $600 million, respectively.
- GAAP and non-GAAP other income and expense are both expected to
be nominal.
- GAAP and non-GAAP tax rates are both expected to be 17.5
percent, plus or minus one percent, excluding any discrete items.
GAAP discrete items include excess tax benefits or deficiencies
related to stock-based compensation, which the company expects to
generate variability on a quarter by quarter basis.
Third Quarter Fiscal 2018 Highlights During the
third quarter, NVIDIA achieved progress in these areas:
Datacenter
- Set records for attendance at its GPU Technology Conferences
for developers in Beijing, Munich, Tel Aviv, Taipei and
Washington.
- Announced that Alibaba, Baidu and Tencent will adopt NVIDIA®
Volta GPUs for accelerating AI across enterprise and consumer
applications, joining Amazon, Facebook, Google and Microsoft.
- Added NVIDIA Tesla® P100 GPU accelerators to Oracle Cloud.
- Launched the NVIDIA GPU Cloud container registry with fully
optimized software stacks to accelerate deep learning for
developers worldwide.
- Announced that Huawei, Inspur and Lenovo will use NVIDIA Volta
HGX architecture to build AI systems for datacenters.
- Shared news that Dell EMC, Hewlett Packard Enterprise, IBM and
Supermicro unveiled servers based on NVIDIA Tesla V100 GPU
accelerators.
- Launched the NVIDIA TensorRT™ 3 AI inference acceleration
platform, opening up new growth in hyperscale datacenters.
Gaming
- Released the GeForce® GTX 1070 Ti GPU, designed to handle the
graphical demands of DirectX 12, HDR and immersive VR.
- Announced collaborations to bring NVIDIA GameWorks™ technology
to top fall games, including PlayerUnknown’s Battlegrounds, FINAL
FANTASY XV and Shadow of War.
Professional Visualization
- Released the NVIDIA VRWorks™ 360 Video SDK, enabling production
houses to live stream high-quality, 360-degree, stereo video.
- Opened early access to NVIDIA Holodeck™, providing a virtual
collaboration space using highly realistic, physically simulated
VR.
- Launched the Quadro® Virtual Data Center Workstation, with
virtualization software that turns GPU-accelerated servers into
powerful workstations.
Automotive
- Announced NVIDIA DRIVE™ PX Pegasus, the world's first
auto-grade AI computer designed to enable a new class of driverless
robotaxis without steering wheels, pedals or mirrors.
Autonomous Machines/AI Edge Computing
- Added Alibaba and Huawei as partners for the NVIDIA Metropolis
AI Smart Cities platform.
- Announced it is collaborating with China’s JD.com’s X lab to
use NVIDIA Jetson™ to create autonomous machines that bring AI to
logistics and delivery.
CFO Commentary Commentary on the quarter by
Colette Kress, NVIDIA’s executive vice president and chief
financial officer, is available at http://investor.nvidia.com/.
Conference Call and Webcast Information NVIDIA
will conduct a conference call with analysts and investors to
discuss its third quarter fiscal 2018 financial results and current
financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern
time). To listen to the conference call, dial (877) 223-3864 in the
United States or (574) 990-1377 internationally, and provide the
following conference ID: 96232617. A live webcast (listen-only
mode) of the conference call will be accessible at NVIDIA’s
investor relations website, http://investor.nvidia.com, and at
www.streetevents.com. The webcast will be recorded and available
for replay until NVIDIA’s conference call to discuss its financial
results for its fourth quarter and fiscal 2018.
Non-GAAP Measures To supplement NVIDIA’s
Condensed Consolidated Statements of Income and Condensed
Consolidated Balance Sheets presented in accordance with GAAP, the
company uses non-GAAP measures of certain components of financial
performance. These non-GAAP measures include non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income
from operations, non-GAAP other income (expense), non-GAAP income
tax expense, non-GAAP net income, non-GAAP net income, or earnings,
per diluted share, non-GAAP diluted shares, and free cash flow. In
order for NVIDIA’s investors to be better able to compare its
current results with those of previous periods, the company has
shown a reconciliation of GAAP to non-GAAP financial measures.
These reconciliations adjust the related GAAP financial measures to
exclude stock-based compensation expense, legal settlement costs,
acquisition-related costs, contributions, restructuring and other
charges, gains from non-affiliated investments, interest expense
related to amortization of debt discount, loss on early debt
conversions, and the associated tax impact of these items, where
applicable. Weighted average shares used in the non-GAAP diluted
net income per share computation includes the anti-dilution impact
of the company’s Note Hedge. Free cash flow is calculated as GAAP
net cash provided by operating activities less purchases of
property and equipment and intangible assets. NVIDIA believes the
presentation of its non-GAAP financial measures enhances the user’s
overall understanding of the company’s historical financial
performance. The presentation of the company’s non-GAAP financial
measures is not meant to be considered in isolation or as a
substitute for the company’s financial results prepared in
accordance with GAAP, and its non-GAAP measures may be different
from non-GAAP measures used by other companies.
Keep Current on NVIDIASubscribe to the NVIDIA
blog, follow us on Facebook, Google+, Twitter, LinkedIn and
Instagram, and view NVIDIA videos on YouTube and images on
Flickr.
|
NVIDIA
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(In millions, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
October 29, |
|
October 30, |
|
October 29, |
|
October 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,636 |
|
|
$ |
2,004 |
|
|
$ |
6,803 |
|
|
$ |
4,737 |
|
Cost of
revenue |
|
1,067 |
|
|
|
821 |
|
|
|
2,782 |
|
|
|
1,977 |
|
Gross
profit |
|
1,569 |
|
|
|
1,183 |
|
|
|
4,021 |
|
|
|
2,760 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
Research
and development |
|
462 |
|
|
|
373 |
|
|
|
1,290 |
|
|
|
1,069 |
|
|
Sales,
general and administrative |
|
212 |
|
|
|
171 |
|
|
|
594 |
|
|
|
487 |
|
|
Restructuring and other charges |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
|
|
Total
operating expenses |
|
674 |
|
|
|
544 |
|
|
|
1,884 |
|
|
|
1,559 |
|
Income from
operations |
|
895 |
|
|
|
639 |
|
|
|
2,137 |
|
|
|
1,201 |
|
|
Interest
income |
|
17 |
|
|
|
14 |
|
|
|
48 |
|
|
|
37 |
|
|
Interest
expense |
|
(15 |
) |
|
|
(16 |
) |
|
|
(46 |
) |
|
|
(39 |
) |
|
Other,
net |
|
(1 |
) |
|
|
(16 |
) |
|
|
(22 |
) |
|
|
(19 |
) |
|
|
Total other income
(expense) |
|
1 |
|
|
|
(18 |
) |
|
|
(20 |
) |
|
|
(21 |
) |
Income
before income tax expense |
|
896 |
|
|
|
621 |
|
|
|
2,117 |
|
|
|
1,180 |
|
Income tax
expense |
|
58 |
|
|
|
79 |
|
|
|
189 |
|
|
|
168 |
|
Net
income |
$ |
838 |
|
|
$ |
542 |
|
|
$ |
1,928 |
|
|
$ |
1,012 |
|
|
|
|
|
|
|
|
|
|
|
Net income
per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
1.39 |
|
|
$ |
1.01 |
|
|
$ |
3.23 |
|
|
$ |
1.89 |
|
|
Diluted |
$ |
1.33 |
|
|
$ |
0.83 |
|
|
$ |
3.05 |
|
|
$ |
1.59 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in per share computation: |
|
|
|
|
|
|
|
|
Basic |
|
603 |
|
|
|
538 |
|
|
|
597 |
|
|
|
536 |
|
|
Diluted |
|
628 |
|
|
|
653 |
|
|
|
633 |
|
|
|
636 |
|
|
|
|
|
|
|
|
|
|
|
NVIDIA CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 29, |
|
January 29, |
|
|
|
|
2017 |
|
2017 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash, cash
equivalents and marketable securities |
|
$ |
6,320 |
|
$ |
6,798 |
|
Accounts
receivable, net |
|
|
1,167 |
|
|
826 |
|
Inventories |
|
|
857 |
|
|
794 |
|
Prepaid
expenses and other current assets |
|
|
135 |
|
|
118 |
|
|
Total
current assets |
|
|
8,479 |
|
|
8,536 |
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
600 |
|
|
521 |
Goodwill |
|
|
618 |
|
|
618 |
Intangible
assets, net |
|
|
63 |
|
|
104 |
Other
assets |
|
|
70 |
|
|
62 |
|
|
Total
assets |
|
$ |
9,830 |
|
$ |
9,841 |
|
|
|
|
|
|
|
LIABILITIES, CONVERTIBLE DEBT CONVERSION OBLIGATION AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
511 |
|
$ |
485 |
|
Accrued and
other current liabilities |
|
|
493 |
|
|
507 |
|
Convertible
short-term debt |
|
|
23 |
|
|
796 |
|
|
Total
current liabilities |
|
|
1,027 |
|
|
1,788 |
|
|
|
|
|
|
|
Long-term
debt |
|
|
1,985 |
|
|
1,983 |
Other
long-term liabilities |
|
|
464 |
|
|
271 |
Capital
lease obligations, long-term |
|
|
1 |
|
|
6 |
|
|
Total
liabilities |
|
|
3,477 |
|
|
4,048 |
|
|
|
|
|
|
|
Convertible
debt conversion obligation |
|
|
1 |
|
|
31 |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
6,352 |
|
|
5,762 |
|
|
Total
liabilities, convertible debt conversion obligation and
shareholders' equity |
|
$ |
9,830 |
|
$ |
9,841 |
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
|
|
RECONCILIATION OF GAAP
TO NON-GAAP FINANCIAL MEASURES |
|
|
(In millions, except per share data) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
|
|
October 29, |
|
July 30, |
|
October 30, |
|
October 29, |
|
October 30, |
|
|
|
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit |
|
$ |
1,569 |
|
|
$ |
1,302 |
|
|
$ |
1,183 |
|
|
$ |
4,021 |
|
|
$ |
2,760 |
|
|
|
GAAP gross margin |
|
59.5 |
% |
|
|
58.4 |
% |
|
|
59.0 |
% |
|
|
59.1 |
% |
|
|
58.3 |
% |
|
|
|
Stock-based compensation expense (A) |
|
6 |
|
|
|
4 |
|
|
|
3 |
|
|
|
14 |
|
|
|
11 |
|
|
|
|
Legal settlement costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10 |
|
|
|
Non-GAAP
gross profit |
$ |
1,575 |
|
|
$ |
1,306 |
|
|
$ |
1,186 |
|
|
$ |
4,035 |
|
|
$ |
2,781 |
|
|
|
Non-GAAP gross margin |
|
59.7 |
% |
|
|
58.6 |
% |
|
|
59.2 |
% |
|
|
59.3 |
% |
|
|
58.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating expenses |
$ |
674 |
|
|
$ |
614 |
|
|
$ |
544 |
|
|
$ |
1,884 |
|
|
$ |
1,559 |
|
|
|
|
Stock-based compensation expense (A) |
|
(101 |
) |
|
|
(77 |
) |
|
|
(62 |
) |
|
|
(251 |
) |
|
|
(166 |
) |
|
|
|
Legal settlement costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6 |
) |
|
|
|
Acquisition-related costs (B) |
|
(3 |
) |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(11 |
) |
|
|
(12 |
) |
|
|
|
Contributions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
(4 |
) |
|
|
|
Restructuring and other charges |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
Non-GAAP
operating expenses |
$ |
570 |
|
|
$ |
533 |
|
|
$ |
478 |
|
|
$ |
1,620 |
|
|
$ |
1,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income
from operations |
$ |
895 |
|
|
$ |
688 |
|
|
$ |
639 |
|
|
$ |
2,137 |
|
|
$ |
1,201 |
|
|
|
|
Total impact of non-GAAP adjustments to income from
operations |
|
110 |
|
|
|
85 |
|
|
|
69 |
|
|
|
278 |
|
|
|
211 |
|
|
|
Non-GAAP
income from operations |
$ |
1,005 |
|
|
$ |
773 |
|
|
$ |
708 |
|
|
$ |
2,415 |
|
|
$ |
1,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other
income (expense) |
$ |
1 |
|
|
$ |
(4 |
) |
|
$ |
(18 |
) |
|
$ |
(20 |
) |
|
$ |
(21 |
) |
|
|
|
Gains from non-affiliated investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
|
Interest expense related to amortization of debt discount |
|
- |
|
|
|
1 |
|
|
|
6 |
|
|
|
3 |
|
|
|
20 |
|
|
|
|
Loss on early debt conversions |
|
1 |
|
|
|
3 |
|
|
|
15 |
|
|
|
19 |
|
|
|
15 |
|
|
|
Non-GAAP
other income (expense) |
$ |
2 |
|
|
$ |
- |
|
|
$ |
3 |
|
|
$ |
2 |
|
|
$ |
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
838 |
|
|
$ |
583 |
|
|
$ |
542 |
|
|
$ |
1,928 |
|
|
$ |
1,012 |
|
|
|
|
Total pre-tax impact of non-GAAP adjustments |
|
111 |
|
|
|
89 |
|
|
|
90 |
|
|
|
300 |
|
|
|
243 |
|
|
|
|
Income tax impact of non-GAAP adjustments (C) |
|
(116 |
) |
|
|
(34 |
) |
|
|
(62 |
) |
|
|
(224 |
) |
|
|
(108 |
) |
|
|
Non-GAAP
net income |
$ |
833 |
|
|
$ |
638 |
|
|
$ |
570 |
|
|
$ |
2,004 |
|
|
$ |
1,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
income per share |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
1.33 |
|
|
$ |
0.92 |
|
|
$ |
0.83 |
|
|
$ |
3.05 |
|
|
$ |
1.59 |
|
|
|
|
Non-GAAP |
|
$ |
1.33 |
|
|
$ |
1.01 |
|
|
$ |
0.94 |
|
|
$ |
3.20 |
|
|
$ |
1.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in diluted net income per share
computation |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
628 |
|
|
|
633 |
|
|
|
653 |
|
|
|
633 |
|
|
|
636 |
|
|
|
|
Anti-dilution impact from note hedge (D) |
|
|
(2 |
) |
|
|
(4 |
) |
|
|
(45 |
) |
|
|
(7 |
) |
|
|
(42 |
) |
|
|
|
Non-GAAP |
|
|
626 |
|
|
|
629 |
|
|
|
608 |
|
|
|
626 |
|
|
|
594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
cash provided by operating activities |
$ |
1,157 |
|
|
$ |
705 |
|
|
$ |
432 |
|
|
$ |
2,144 |
|
|
$ |
951 |
|
|
|
|
Purchase of property and equipment and intangible assets |
|
(69 |
) |
|
|
(55 |
) |
|
|
(38 |
) |
|
|
(178 |
) |
|
|
(125 |
) |
|
|
Free cash
flow |
|
$ |
1,088 |
|
|
$ |
650 |
|
|
$ |
394 |
|
|
$ |
1,966 |
|
|
$ |
826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Stock-based compensation consists of the
following: |
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
October 29, |
|
July 30, |
|
October 30, |
|
October 29, |
|
October 30, |
|
|
|
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
Cost of
revenue |
|
$ |
6 |
|
|
$ |
4 |
|
|
$ |
3 |
|
|
$ |
14 |
|
|
$ |
11 |
|
|
|
|
Research
and development |
|
$ |
61 |
|
|
$ |
44 |
|
|
$ |
35 |
|
|
$ |
146 |
|
|
$ |
95 |
|
|
|
|
Sales,
general and administrative |
|
$ |
40 |
|
|
$ |
33 |
|
|
$ |
27 |
|
|
$ |
105 |
|
|
$ |
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Consists of amortization of acquisition-related
intangible assets and compensation charges. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(C) 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). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(D) Represents the number of shares that would be
delivered upon conversion of the currently outstanding 1.00%
Convertible Senior Notes Due 2018. Under GAAP, shares delivered in
hedge transactions are not considered offsetting shares in the
fully diluted share calculation until actually delivered. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
|
RECONCILIATION OF GAAP
TO NON-GAAP OUTLOOK |
|
|
|
|
|
|
|
|
|
Q4 FY2018
Outlook |
|
|
|
|
|
GAAP gross
margin |
|
59.7 |
% |
|
|
Impact
of stock-based compensation expense |
|
0.3 |
% |
|
Non-GAAP
gross margin |
|
60.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Q4 FY2018
Outlook |
|
|
|
(In millions) |
|
|
|
|
|
GAAP
operating expenses |
$ |
722 |
|
|
|
Stock-based compensation expense, acquisition-related costs, and
other costs |
|
(122 |
) |
|
Non-GAAP
operating expenses |
$ |
600 |
|
|
|
|
|
|
About NVIDIA NVIDIA’s (NASDAQ:NVDA) invention
of the GPU in 1999 sparked the growth of the PC gaming market,
redefined modern computer graphics and revolutionized parallel
computing. More recently, GPU deep learning ignited modern AI — the
next era of computing — with the GPU acting as the brain of
computers, robots and self-driving cars that can perceive and
understand the world. More information at
http://nvidianews.nvidia.com/.
For further information,
contact:
Simona Jankowski
Investor
Relations
NVIDIA Corporation
(408) 566-6474
sjankowski@nvidia.com
Robert SherbinCorporate CommunicationsNVIDIA Corporation(408)
566-5150rsherbin@nvidia.com
Certain statements in this press release including, but not
limited to statements as to: industries across the world
accelerating their adoption of AI; the use of Volta GPUs; the
benefits of the TensorRT inference acceleration platform; tapping
into strong growth dynamics in gaming through GeForce and Nintendo
Switch; DRIVE PX Pegasus being adopted; the company’s intended
capital return for fiscal 2018 and fiscal 2019; the company’s next
quarterly cash dividend; the company’s financial outlook for the
fourth quarter of fiscal 2018; the company’s tax rates for the
fourth quarter of fiscal year 2018; the impact and benefits of the
adoption of Volta GPUs, TensorRT 3 AI inference software, the GPU
cloud container registry, GeForce GTX 1070 Ti GPU, VRWorks 360
Video SDK, Holodeck, Quadro Virtual Data Center Workstation, DRIVE
PX Pegasus, and collaboration with JD.com’s X lab and use of
Jetson; use of Volta HGX architecture; and collaborations to bring
NVIDIA GameWorks technology to top fall games are forward-looking
statements that are subject to risks and uncertainties that could
cause results to be materially different than expectations.
Important factors that could cause actual results to differ
materially include: global economic conditions; our reliance on
third parties to manufacture, assemble, package and test our
products; the impact of technological development and competition;
development of new products and technologies or enhancements to our
existing product and technologies; market acceptance of our
products or our partners’ products; design, manufacturing or
software defects; changes in consumer preferences or demands;
changes in industry standards and interfaces; unexpected loss of
performance of our products or technologies when integrated into
systems; as well as other factors detailed from time to time in the
reports NVIDIA files with the Securities and Exchange Commission,
or SEC, including its Form 10-Q for the fiscal period ended July
30, 2017. Copies of reports filed with the SEC are posted on the
company’s website and are available from NVIDIA without charge.
These forward-looking statements are not guarantees of future
performance and speak only as of the date hereof, and, except as
required by law, NVIDIA disclaims any obligation to update these
forward-looking statements to reflect future events or
circumstances.
© 2017 NVIDIA Corporation. All rights reserved. NVIDIA, the
NVIDIA logo, GeForce, Quadro, Tesla, Jetson, NVIDIA DRIVE, NVIDIA
GameWorks, NVIDIA Holodeck, NVIDIA VRWorks and TensorRT are
trademarks and/or registered trademarks of NVIDIA Corporation in
the U.S. and/or other countries. Other company and product names
may be trademarks of the respective companies with which they are
associated. Features, pricing, availability, and specifications are
subject to change without notice.
NVIDIA (NASDAQ:NVDA)
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