NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter
ended July 29, 2018, of $3.12 billion, up 40 percent from $2.23
billion a year earlier, and down 3 percent from $3.21 billion in
the previous quarter.
GAAP earnings per diluted share for the quarter were $1.76, up
91 percent from $0.92 a year ago and down 11 percent from $1.98 in
the previous quarter. Non-GAAP earnings per diluted share were
$1.94, up 92 percent from $1.01 a year earlier and down 5 percent
from $2.05 in the previous quarter.
“Growth across every platform – AI, Gaming, Professional
Visualization, self-driving cars – drove another great quarter,”
said Jensen Huang, founder and CEO of NVIDIA. “Fueling our growth
is the widening gap between demand for computing across every
industry and the limits reached by traditional computing.
Developers are jumping on the GPU-accelerated computing model that
we pioneered for the boost they need.
“We announced Turing this week. Turing is the world’s first
ray-tracing GPU and completes the NVIDIA RTX platform, realizing a
40-year dream of the computer graphics industry. Turing is a giant
leap forward and the greatest advance for computing since we
introduced CUDA over a decade ago.”
Capital ReturnDuring the first half of fiscal
2019, NVIDIA returned $837 million to shareholders through a
combination of $655 million in share repurchases and $182 million
in quarterly cash dividends.
For fiscal 2019, NVIDIA intends to return $1.25 billion to
shareholders through ongoing quarterly cash dividends and share
repurchases.
NVIDIA will pay its next quarterly cash dividend of $0.15 per
share on September 21, 2018, to all shareholders of record on
August 30, 2018.
Q2 Fiscal 2019 Summary
GAAP |
($ in millions except earnings per share) |
Q2 FY19 |
Q1 FY19 |
Q2 FY18 |
Q/Q |
Y/Y |
Revenue |
$3,123 |
$3,207 |
$2,230 |
Down 3% |
Up 40% |
Gross margin |
63.3% |
64.5% |
58.4% |
Down 120 bps |
Up 490 bps |
Operating expenses |
$818 |
$773 |
$614 |
Up 6% |
Up 33% |
Operating income |
$1,157 |
$1,295 |
$688 |
Down 11% |
Up 68% |
Net income |
$1,101 |
$1,244 |
$583 |
Down 11% |
Up 89% |
Diluted earnings per share |
$1.76 |
$1.98 |
$0.92 |
Down 11% |
Up 91% |
Non-GAAP |
($ in millions except earnings per share) |
Q2 FY19 |
Q1 FY19 |
Q2 FY18 |
Q/Q |
Y/Y |
Revenue |
$3,123 |
$3,207 |
$2,230 |
Down 3% |
Up 40% |
Gross margin |
63.5% |
64.7% |
58.6% |
Down 120 bps |
Up 490 bps |
Operating expenses |
$692 |
$648 |
$533 |
Up 7% |
Up 30% |
Operating income |
$1,290 |
$1,428 |
$773 |
Down 10% |
Up 67% |
Net income |
$1,210 |
$1,285 |
$638 |
Down 6% |
Up 90% |
Diluted earnings per share |
$1.94 |
$2.05 |
$1.01 |
Down 5% |
Up 92% |
|
|
|
|
|
|
NVIDIA’s outlook for the third quarter of fiscal 2019 is as
follows:
- Revenue is expected to be $3.25 billion, plus or minus two
percent.
- GAAP and non-GAAP gross margins are expected to be 62.6 percent
and 62.8 percent, respectively, plus or minus 50 basis
points.
- GAAP and non-GAAP operating expenses are expected to be
approximately $870 million and $730 million, respectively.
- GAAP and non-GAAP other income and expense are both expected to
be income of approximately $20 million.
- GAAP and non-GAAP tax rates are both expected to be 9 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 are expected to generate
variability on a quarter by quarter basis.
Recent HighlightsThis week, NVIDIA reinvented
computer graphics with the launch of its Turing™ GPU architecture,
the company’s most important innovation since the invention of the
CUDA® GPU more than a decade ago. Turing is the world’s first
ray-tracing GPU. It features new RT Cores to accelerate ray tracing
and new Tensor Cores for AI inferencing -- which, together for the
first time, make real-time ray tracing possible – as well as more
powerful compute for simulation and enhanced rasterization. Turing
completes the NVIDIA RTX™ platform, a new hybrid rendering graphics
approach that combines rasterization, ray tracing, compute and AI
to enable real-time ray tracing, the Holy Grail of computer
graphics. Turing will reset the look of video games and open up the
$250 billion visual effects industry to GPUs.
NVIDIA Research continues to push the possibilities of AI with
deep learning inventions such as a new technique that produces
high-quality slow-motion video from standard slow-motion video; a
new technique that cleans up grainy or pixelated photos simply by
looking at corrupted photos; and a new method to train robots to
carry out actions by observing human activity. Its work received
four honors at the recent Computer Vision and Pattern Recognition
Conference. It also received a $23 million contract from the
Defense Advanced Research Projects Agency to work with a team of
university and industry researchers to develop post-Moore’s law
systems.
Other highlights of each market platform since the first quarter
earnings release include:
Datacenter
- Grew Datacenter revenue by 83 percent from a year earlier to
$760 million.
- Marked the launch of Summit, the world’s fastest supercomputer,
at Oak Ridge National Laboratory, powered by more than 27,000
NVIDIA® Volta Tensor Core GPUs.
- Announced that five of the world’s seven fastest supercomputers
are powered by NVIDIA GPUs, based on the new list of the world’s
500 fastest systems. NVIDIA GPUs provide 56 percent of the list’s
new computing power.
- Introduced NVIDIA HGX-2™, the first unified computing platform
for both AI and high performance computing. A number of partners
around the world, including cloud service providers, server OEMs
and ODMs, are building systems incorporating HGX-2.
- Google Cloud integrated into its offerings the NVIDIA Tesla® P4
GPU optimized for AI inference and graphics virtualization.
- Researchers at Fast.ai achieved the fastest-ever AI training
time using NVIDIA Tesla V100 GPUs available on Amazon Web
Services.
- Launched AIRI Mini with Pure Storage and ONTAP AI with NetApp,
providing enterprises with an easy-to-deploy, modular approach for
implementing and scaling deep learning.
Gaming
- Grew Gaming revenue by 52 percent from a year earlier to $1.80
billion.
- Announced there are more than 25 Max-Q GeForce gaming notebook
designs offered by all major OEMs, enabling high-end performance
for thin and light notebooks.
- Next-generation NVIDIA G-SYNC® HDR displays began shipping,
delivering stunning 1,000 NIT HDR, stutter-free gaming.
Professional Visualization
- Grew Professional Visualization revenue by 20 percent from a
year earlier to $281 million.
- Unveiled its first Turing-based GPUs -- NVIDIA® Quadro RTX™
8000, RTX 6000 and RTX 5000 -- which will revolutionize the craft
of some 50 million designers and artists.
- Introduced the NVIDIA RTX Server, a full ray-tracing global
illumination rendering server that will give a giant boost for the
world’s render farms as Moore’s law ends.
- Announced broad industry support for the NVIDIA RTX platform
from the world’s top graphics software companies.
Automotive
- Grew Automotive revenue by 13 percent from a year earlier to
$161 million.
- Announced that Daimler and Bosch have selected NVIDIA’s DRIVE™
platform to bring fully automated and driverless vehicles to city
streets, with pilot testing to begin next year in Silicon
Valley.
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 second quarter fiscal 2019 financial results and
current financial prospects today at 2:30 p.m. Pacific time (5:30
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: 3298827. 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 third quarter of fiscal 2019.
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, gains from non-affiliated
investments, interest expense related to amortization of debt
discount, debt-related costs, 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 our 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 the company’s 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 |
|
Six Months
Ended |
|
|
|
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,123 |
|
|
$ |
2,230 |
|
|
$ |
6,330 |
|
|
$ |
4,167 |
|
|
|
Cost of
revenue |
|
1,148 |
|
|
|
928 |
|
|
|
2,287 |
|
|
|
1,715 |
|
|
|
Gross
profit |
|
1,975 |
|
|
|
1,302 |
|
|
|
4,043 |
|
|
|
2,452 |
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
581 |
|
|
|
416 |
|
|
|
1,124 |
|
|
|
827 |
|
|
|
|
Sales,
general and administrative |
|
237 |
|
|
|
198 |
|
|
|
467 |
|
|
|
383 |
|
|
|
|
|
Total
operating expenses |
|
818 |
|
|
|
614 |
|
|
|
1,591 |
|
|
|
1,210 |
|
|
|
Income from
operations |
|
1,157 |
|
|
|
688 |
|
|
|
2,452 |
|
|
|
1,242 |
|
|
|
|
Interest
income |
|
32 |
|
|
|
15 |
|
|
|
57 |
|
|
|
31 |
|
|
|
|
Interest
expense |
|
(14 |
) |
|
|
(15 |
) |
|
|
(29 |
) |
|
|
(31 |
) |
|
|
|
Other,
net |
|
5 |
|
|
|
(4 |
) |
|
|
11 |
|
|
|
(21 |
) |
|
|
|
|
Total other income
(expense) |
|
23 |
|
|
|
(4 |
) |
|
|
39 |
|
|
|
(21 |
) |
|
|
Income
before income tax |
|
1,180 |
|
|
|
684 |
|
|
|
2,491 |
|
|
|
1,221 |
|
|
|
Income tax
expense |
|
79 |
|
|
|
101 |
|
|
|
146 |
|
|
|
130 |
|
|
|
Net
income |
$ |
1,101 |
|
|
$ |
583 |
|
|
$ |
2,345 |
|
|
$ |
1,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share: |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.81 |
|
|
$ |
0.98 |
|
|
$ |
3.86 |
|
|
$ |
1.83 |
|
|
|
|
Diluted |
$ |
1.76 |
|
|
$ |
0.92 |
|
|
$ |
3.74 |
|
|
$ |
1.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in per share computation: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
607 |
|
|
|
597 |
|
|
|
607 |
|
|
|
595 |
|
|
|
|
Diluted |
|
626 |
|
|
|
633 |
|
|
|
627 |
|
|
|
637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA CORPORATION |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(In millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 29, |
|
January 28, |
|
|
|
|
|
2018 |
|
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash, cash
equivalents and marketable securities |
|
$ |
7,943 |
|
$ |
7,108 |
|
|
Accounts
receivable, net |
|
|
1,662 |
|
|
1,265 |
|
|
Inventories |
|
|
1,090 |
|
|
796 |
|
|
Prepaid
expenses and other current assets |
|
|
136 |
|
|
86 |
|
|
|
Total
current assets |
|
|
10,831 |
|
|
9,255 |
|
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
1,162 |
|
|
997 |
|
Goodwill |
|
|
618 |
|
|
618 |
|
Intangible
assets, net |
|
|
51 |
|
|
52 |
|
Other
assets |
|
|
220 |
|
|
319 |
|
|
|
Total
assets |
|
$ |
12,882 |
|
$ |
11,241 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
800 |
|
$ |
596 |
|
|
Accrued and
other current liabilities |
|
|
648 |
|
|
542 |
|
|
Convertible
short-term debt |
|
|
14 |
|
|
15 |
|
|
|
Total
current liabilities |
|
|
1,462 |
|
|
1,153 |
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
1,987 |
|
|
1,985 |
|
Other
long-term liabilities |
|
|
638 |
|
|
632 |
|
|
|
Total
liabilities |
|
|
4,087 |
|
|
3,770 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
8,795 |
|
|
7,471 |
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
12,882 |
|
$ |
11,241 |
|
|
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
|
RECONCILIATION OF GAAP
TO NON-GAAP FINANCIAL MEASURES |
|
(In millions, except per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
|
July 29, |
|
April 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit |
|
$ |
1,975 |
|
|
$ |
2,068 |
|
|
$ |
1,302 |
|
|
$ |
4,043 |
|
|
$ |
2,452 |
|
|
GAAP
gross margin |
|
63.3 |
% |
|
|
64.5 |
% |
|
|
58.4 |
% |
|
|
63.9 |
% |
|
|
58.8 |
% |
|
|
Stock-based compensation expense (A) |
|
8 |
|
|
|
8 |
|
|
|
4 |
|
|
|
16 |
|
|
|
8 |
|
|
Non-GAAP
gross profit |
$ |
1,983 |
|
|
$ |
2,076 |
|
|
$ |
1,306 |
|
|
$ |
4,059 |
|
|
$ |
2,460 |
|
|
Non-GAAP gross margin |
|
63.5 |
% |
|
|
64.7 |
% |
|
|
58.6 |
% |
|
|
64.1 |
% |
|
|
59.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating expenses |
$ |
818 |
|
|
$ |
773 |
|
|
$ |
614 |
|
|
$ |
1,591 |
|
|
$ |
1,210 |
|
|
|
Stock-based compensation expense (A) |
|
|
(124 |
) |
|
|
(121 |
) |
|
|
(77 |
) |
|
|
(246 |
) |
|
|
(150 |
) |
|
|
Acquisition-related costs (B) |
|
(2 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(8 |
) |
|
|
Legal settlement costs |
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Contributions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
Non-GAAP
operating expenses |
$ |
692 |
|
|
$ |
648 |
|
|
$ |
533 |
|
|
$ |
1,341 |
|
|
$ |
1,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income
from operations |
$ |
1,157 |
|
|
$ |
1,295 |
|
|
$ |
688 |
|
|
$ |
2,452 |
|
|
$ |
1,242 |
|
|
|
Total impact of non-GAAP adjustments to income from
operations |
|
133 |
|
|
|
133 |
|
|
|
85 |
|
|
|
266 |
|
|
|
168 |
|
|
Non-GAAP
income from operations |
$ |
1,290 |
|
|
$ |
1,428 |
|
|
$ |
773 |
|
|
$ |
2,718 |
|
|
$ |
1,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other
income (expense) |
$ |
23 |
|
|
$ |
16 |
|
|
$ |
(4 |
) |
|
$ |
39 |
|
|
$ |
(21 |
) |
|
|
Gains from
non-affiliated investments (C) |
|
(2 |
) |
|
|
(6 |
) |
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
|
|
Interest
expense related to amortization of debt discount |
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
3 |
|
|
|
Debt-related costs (D) |
|
- |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
17 |
|
|
Non-GAAP
other income (expense) |
$ |
21 |
|
|
$ |
11 |
|
|
$ |
- |
|
|
$ |
32 |
|
|
$ |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
1,101 |
|
|
$ |
1,244 |
|
|
$ |
583 |
|
|
$ |
2,345 |
|
|
$ |
1,091 |
|
|
|
Total pre-tax impact of non-GAAP adjustments |
|
131 |
|
|
|
128 |
|
|
|
89 |
|
|
|
259 |
|
|
|
188 |
|
|
|
Income tax
impact of non-GAAP adjustments (E) |
|
(22 |
) |
|
|
(87 |
) |
|
|
(34 |
) |
|
|
(109 |
) |
|
|
(108 |
) |
|
Non-GAAP
net income |
$ |
1,210 |
|
|
$ |
1,285 |
|
|
$ |
638 |
|
|
$ |
2,495 |
|
|
$ |
1,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
income per share |
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
1.76 |
|
|
$ |
1.98 |
|
|
$ |
0.92 |
|
|
$ |
3.74 |
|
|
$ |
1.71 |
|
|
|
Non-GAAP |
|
$ |
1.94 |
|
|
$ |
2.05 |
|
|
$ |
1.01 |
|
|
$ |
3.99 |
|
|
$ |
1.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in diluted net income per share
computation |
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
626 |
|
|
|
627 |
|
|
|
633 |
|
|
|
627 |
|
|
|
637 |
|
|
|
Anti-dilution impact
from note hedge (F) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(4 |
) |
|
|
(1 |
) |
|
|
(10 |
) |
|
|
Non-GAAP |
|
|
625 |
|
|
|
626 |
|
|
|
629 |
|
|
|
626 |
|
|
|
627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
cash provided by operating activities |
$ |
913 |
|
|
$ |
1,445 |
|
|
$ |
705 |
|
|
$ |
2,358 |
|
|
$ |
987 |
|
|
|
Purchase of
property and equipment and intangible assets |
|
(128 |
) |
|
|
(118 |
) |
|
|
(55 |
) |
|
|
(247 |
) |
|
|
(108 |
) |
|
Free cash
flow |
|
$ |
785 |
|
|
$ |
1,327 |
|
|
$ |
650 |
|
|
$ |
2,111 |
|
|
$ |
879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Stock-based compensation consists of the
following: |
Three Months Ended |
|
Six Months Ended |
|
|
|
|
July 29, |
|
April 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
Cost of
revenue |
|
$ |
8 |
|
|
$ |
8 |
|
|
$ |
4 |
|
|
$ |
16 |
|
|
$ |
8 |
|
|
|
Research
and development |
|
$ |
76 |
|
|
$ |
74 |
|
|
$ |
44 |
|
|
$ |
150 |
|
|
$ |
85 |
|
|
|
Sales,
general and administrative |
|
$ |
48 |
|
|
$ |
47 |
|
|
$ |
33 |
|
|
$ |
96 |
|
|
$ |
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Consists of amortization of acquisition-related
intangible assets and compensation charges. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(C) Consists of unrealized gains from non-affiliated
investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(D) Consists of loss on early debt conversions and
termination of interest rate swap. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(E) 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). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(F) 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 |
|
|
|
|
|
|
Q3 FY2019
Outlook |
|
|
|
GAAP gross
margin |
|
62.6% |
|
Impact
of stock-based compensation expense |
|
0.2% |
Non-GAAP
gross margin |
|
62.8% |
|
|
|
|
|
Q3 FY2019
Outlook |
|
|
(In millions) |
|
|
|
GAAP
operating expenses |
$ |
870 |
|
Stock-based compensation expense, acquisition-related costs, and
other costs |
|
(140) |
Non-GAAP
operating expenses |
$ |
730 |
|
|
|
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 |
|
Robert Sherbin |
Investor
Relations |
|
Corporate
Communications |
NVIDIA
Corporation |
|
NVIDIA Corporation |
sjankowski@nvidia.com |
|
rsherbin@nvidia.com |
Certain statements in this press release including, but not
limited to, statements as to: the widening gap between demand for
computing across every industry and the limits reached by
traditional computing; developers jumping on the GPU accelerated
computing model that we pioneered for the boost they need; Turing
being the world’s first ray tracing GPU and it completing the
NVIDIA RTX platform, a 40-year dream of the computer graphics
industry; Turing being a giant leap forward and the greatest
advance for computing since our introduction of CUDA; NVIDIA’s
intended capital return for fiscal 2019; NVIDIA’s next quarterly
cash dividend; NVIDIA’s financial outlook for the third quarter of
fiscal 2019; NVIDIA’s expected tax rates for the third quarter of
fiscal 2019; our expectation to generate variability from excess
tax benefits or deficiencies related to stock-based compensation;
the impact, benefits, abilities and performance of our Turing GPU
architecture, including its ability to make real-time ray tracing
possible along with compute simulation and enhanced rasterization,
it being the world’s first ray tracing GPU, it completing the
NVIDIA RTX platform, a new hybrid rendering graphics approach, the
holy grail of computer graphics, it resetting the look of video
games and opening up the $250 billion visual effects industry to
GPUs; NVIDIA Research continuing to push the possibilities of AI
with deep learning inventions, including new techniques and
methods; partners around the world building systems to incorporate
NVIDIA HGX-2; Google Cloud integrating the NVIDIA Tesla P4 GPU into
its offerings; launching AIRI Mini and ONTAP AI to provide
enterprises with an easy-to-deploy, modular approach for
implementing and scaling deep learning; Max-Q notebook designs
enabling high-end performance for thin and light notebooks; NVIDIA
G-SYNC HDR displays being shipped and delivering 1000 NIT HDR
stutter-free gaming; NVIDIA Quadro RTX 8000, Quadro RTX 6000 and
Quadro RTX 5000 revolutionizing the craft of designers and artists;
NVIDIA RTX Server giving a giant boost for the world’s render farms
as Moore’s Law ends; and the use of NVIDIA’s DRIVE platform by
Daimler and Bosch to bring fully automated and driverless vehicles
to city streets, with pilot testing to begin next year 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 most recent reports NVIDIA files with the
Securities and Exchange Commission, or SEC, including, but not
limited to, its annual report on Form 10-K and quarterly reports on
Form 10-Q. 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.
© 2018 NVIDIA Corporation. All rights reserved. NVIDIA, the
NVIDIA logo, Quadro, Tesla, CUDA, NVIDIA DRIVE, NVIDIA G-SYNC,
NVIDIA HGX, NVIDIA Isaac, NVIDIA RTX, NVIDIA Turing and Quadro RTX
are trademarks and/or registered trademarks of NVIDIA Corporation
in the U.S. and/or other countries. Max-Q® is the registered
trademark of Maxim Integrated Products, Inc. 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.
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