NVIDIA (NASDAQ: NVDA) today updated its financial guidance for the
fourth quarter of fiscal year 2019, reflecting weaker than
forecasted sales of its Gaming and Datacenter platforms.
In Gaming, NVIDIA’s previous fourth-quarter guidance had
embedded a sequential decline due to excess mid-range channel
inventory following the crypto-currency boom. The reduction in that
inventory and its impact on the business have proceeded largely
inline with management’s expectations. However, deteriorating
macroeconomic conditions, particularly in China, impacted consumer
demand for NVIDIA gaming GPUs. In addition, sales of certain
high-end GPUs using NVIDIA’s new Turing™ architecture were lower
than expected. These products deliver a revolutionary leap in
performance and innovation with real-time ray tracing and AI, but
some customers may have delayed their purchase while waiting for
lower price points and further demonstrations of RTX technology in
actual games.
In Datacenter, revenue also came in short of expectations. A
number of deals in the company’s forecast did not close in the last
month of the quarter as customers shifted to a more cautious
approach. Despite these near-term headwinds, NVIDIA has a large and
expanding addressable market opportunity in AI and high performance
computing, and the company believes its competitive position is
intact.
“Q4 was an extraordinary, unusually turbulent, and disappointing
quarter,” said Jensen Huang, founder and CEO of NVIDIA. “Looking
forward, we are confident in our strategies and growth
drivers.
“The foundation of our business is strong and more evident than
ever – the accelerated computing model NVIDIA pioneered is the best
path forward to serve the world’s insatiable computing needs.
The markets we are creating – gaming, design, HPC, AI and
autonomous vehicles – are important, growing and will be very
large. We have excellent strategic positions in all of them,” he
said.
NVIDIA expects its GAAP and non-GAAP gross margin to be impacted
by approximately $120 million in charges for excess DRAM and other
components associated with the updated revenue guidance and current
market conditions.
The company will provide Q4 fiscal 2019 financial results and Q1
fiscal 2020 guidance on its earnings call scheduled for Feb.
14.
|
Previous Q4 Fiscal 2019Guidance |
Updated Q4 Fiscal 2019Guidance |
Revenue |
$2.70 billion, plus or minus 2% |
$2.20 billion, plus or minus 2% |
Gross margin – GAAP Gross margin – non-GAAP |
62.3%, plus or minus 50 bps 62.5%, plus or minus 50 bps |
55.0%, plus or minus 100 bps 56.0%, plus or minus 100 bps |
Operating expenses – GAAP Operating expenses – non-GAAP |
$915 million $755 million |
$915 million $755 million |
GAAP and non-GAAP other income and expense |
$21 million |
$25 million |
GAAP and non-GAAP tax rate, excluding discrete items |
8%, plus or minus 1% |
6%, plus or minus 1% |
This update is an estimate, based on information available to
management as of the date of this release, and is subject to
further changes upon completion of the company’s standard quarter
and year-end closing procedures. This update does not present all
necessary information for an understanding of NVIDIA’s financial
condition as of Jan. 27, 2019, or its results of operations for the
quarter and fiscal year ended Jan. 27, 2019. As NVIDIA completes
its year-end financials close process and finalizes its financial
statements for the quarter and year ended Jan. 27, 2019, it will be
required to make significant judgments in a number of areas. It is
possible that NVIDIA may identify items that require it to make
adjustments to the financial information set forth above and those
changes could be material. NVIDIA does not intend to update such
financial information prior to release of its fourth quarter and
year-end financial statement information, which is currently
scheduled for Feb. 14, 2019.
Shareholder Letter A shareholder letter from
NVIDIA founder and CEO Jensen Huang is available here.
Conference Call and Webcast InformationNVIDIA
will conduct a conference call with analysts and investors to
discuss its fourth quarter and fiscal year 2019 financial results
and financial prospects on Feb. 14, 2019, at 2:30 p.m. Pacific time
(5:30 p.m. Eastern time).
A live webcast (listen-only mode) of the conference call will be
accessible at NVIDIA’s investor relations website,
http://investor.nvidia.com.
Non-GAAP Measures In addition to U.S. GAAP
financial measures, this press release includes preliminary
estimates of non-GAAP measures of certain components of financial
performance. These preliminary estimates of non-GAAP measures
include non-GAAP gross margin, operating expenses, other income
(expense) and income tax expense.
These non-GAAP financial measures exclude stock-based
compensation expense, legal settlement costs, acquisition-related
and other costs, gains or losses from non-affiliated investments,
interest expense related to amortization of debt discount and the
associated tax impact of these items, where applicable.
A preliminary updated reconciliation of GAAP to non-GAAP gross
margin and GAAP to non-GAAP operating expenses is as follows:
GAAP gross
margin |
55.0 |
% |
Stock-based compensation expense, legal settlements and
other costs |
1.0 |
% |
Non-GAAP gross margin |
56.0 |
% |
|
|
|
|
(In millions) |
GAAP operating expenses |
$915 |
|
Stock-based compensation expense, acquisition-related costs
and other costs |
($160 |
) |
Non-GAAP operating expenses |
$755 |
|
|
|
|
NVIDIA believes the presentation of its non-GAAP financial
measures enhances the user’s overall understanding of the company’s
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.
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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: NVIDIA’s revised financial guidance
for the fourth quarter of fiscal 2019; the demand for, and benefits
and performance of, NVIDIA products; NVIDIA having a large and
expanding addressable market opportunity in artificial intelligence
and high performance computing; NVIDIA’s competitive position being
intact; NVIDIA’s confidence in our strategies and growth drivers;
the foundation of our business being strong; the accelerated
computing model being the best path forward to serve the world’s
computing needs; the size of the markets we are creating and that
they are important and growing; and NVIDIA’s excellent strategic
position 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.
© 2019 NVIDIA Corporation. All rights reserved. NVIDIA, the
NVIDIA logo and NVIDIA Turing are trademarks and/or registered
trademarks of NVIDIA Corporation in the U.S. and other
countries.
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