NVIDIA (NASDAQ: NVDA) today reported record revenue for the first
quarter ended May 2, 2021, of $5.66 billion, up 84 percent from a
year earlier and up 13 percent from the previous quarter, with
record revenue from the company’s Gaming, Data Center and
Professional Visualization platforms.
GAAP earnings per diluted share for the quarter were a record
$3.03, up 106 percent from a year ago and up 31 percent from the
previous quarter. Non-GAAP earnings per diluted share were $3.66,
up 103 percent from a year earlier and up 18 percent from the
previous quarter.
“We had a fantastic quarter, with strong demand for our products
driving record revenue,” said Jensen Huang, founder and CEO of
NVIDIA.
“Our Data Center business continues to expand, as the world’s
industries take up NVIDIA AI to process computer vision,
conversational AI, natural language understanding and recommender
systems. NVIDIA RTX has reinvented computer graphics and is driving
upgrades across the gaming and design markets. Our partners are
launching the largest-ever wave of NVIDIA-powered laptops. Across
industries, the adoption of NVIDIA computing platforms is
accelerating.
“Mellanox, one year in, has exceeded our expectations and
transformed NVIDIA into a data-center-scale computing company. We
continue to make headway with our planned acquisition of Arm, which
will accelerate innovation and growth for the Arm ecosystem. From
gaming, cloud computing, AI, robotics, self-driving cars, to
genomics and computational biology, NVIDIA continues to do
impactful work to invent a better future,” he said.
NVIDIA paid quarterly cash dividends of $99 million in the first
quarter. It will pay its next quarterly cash dividend of $0.16 per
share on July 1, 2021, to all shareholders of record on June 10,
2021.
On May 21, 2021, the company’s board of directors declared a
four-for-one split of NVIDIA’s common stock payable in the form of
a stock dividend, with the additional shares expected to be
distributed on July 19, 2021. The stock dividend is conditioned on
obtaining stockholder approval at the company’s 2021 Annual Meeting
of Stockholders on June 3, 2021, to increase the number of
authorized shares of common stock from 2 billion to 4 billion.
Q1 Fiscal 2022 Summary
GAAP |
($ in millions, except earnings per share) |
Q1 FY22 |
Q4 FY21 |
Q1 FY21 |
Q/Q |
Y/Y |
Revenue |
$5,661 |
$5,003 |
$3,080 |
Up 13% |
Up 84% |
Gross margin |
64.1% |
63.1% |
65.1% |
Up 100 bps |
Down 100 bps |
Operating expenses |
$1,673 |
$1,650 |
$1,028 |
Up 1% |
Up 63% |
Operating income |
$1,956 |
$1,507 |
$976 |
Up 30% |
Up 100% |
Net income |
$1,912 |
$1,457 |
$917 |
Up 31% |
Up 109% |
Diluted earnings per share |
$3.03 |
$2.31 |
$1.47 |
Up 31% |
Up 106% |
Non-GAAP |
($ in millions, except earnings per share) |
Q1 FY22 |
Q4 FY21 |
Q1 FY21 |
Q/Q |
Y/Y |
Revenue |
$5,661 |
$5,003 |
$3,080 |
Up 13% |
Up 84% |
Gross margin |
66.2% |
65.5% |
65.8% |
Up 70 bps |
Up 40 bps |
Operating expenses |
$1,189 |
$1,187 |
$821 |
-- |
Up 45% |
Operating income |
$2,557 |
$2,089 |
$1,205 |
Up 22% |
Up 112% |
Net income |
$2,313 |
$1,957 |
$1,120 |
Up 18% |
Up 107% |
Diluted earnings per share |
$3.66 |
$3.10 |
$1.80 |
Up 18% |
Up 103% |
NVIDIA’s outlook for the second quarter of fiscal 2022 is as
follows:
- Revenue is expected
to be $6.30 billion, plus or minus 2 percent.
- GAAP and non-GAAP gross margins are
expected to be 64.6 percent and 66.5 percent, respectively, plus or
minus 50 basis points.
- GAAP and non-GAAP operating expenses
are expected to be approximately $1.76 billion and $1.26 billion,
respectively.
- GAAP and non-GAAP other income and
expense are both expected to be an expense of approximately $50
million.
- GAAP and non-GAAP tax rates are both
expected to be 10 percent, plus or minus 1 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.
Highlights
NVIDIA achieved progress since its previous earnings
announcement in these areas:
Gaming
- First-quarter revenue was a record $2.76 billion, up 106
percent from a year earlier and up 11 percent from the previous
quarter.
- Broadened the wave of laptops powered by NVIDIA’s
second-generation RTX graphics with the launch of GeForce RTX™ 3060
Laptop GPU systems starting at $999, and the announcement of
GeForce® 3050 Ti and 3050 Laptop GPU systems starting at $799 and
aimed at gamers and creators.
- Accelerated RTX momentum with now over 60 games, including Call
of Duty Modern Warfare, Crysis Remastered and Outriders.
- Took steps to improve gamers’ access to GeForce GPUs by
reducing the Ethereum hash rate on newly manufactured RTX 3080,
3070 and 3060 Ti graphics cards -- which carry a “Lite Hash Rate,”
or “LHR,” identifier -- in addition to previous steps to lower the
RTX 3060’s hash rate.
- Announced that NVIDIA DLSS is available now in Unreal Engine 4
and soon in the Unity game engine.
- Announced that NVIDIA Reflex, which reduces system latency, is
now incorporated into Call of Duty Warzone, Overwatch and Rainbow
Six: Siege.
- Announced that GeForce NOW™, now in its second year, has over
10 million members in more than 70 countries and is approaching
1,000 games in its library.
Data Center
- First-quarter revenue was a record $2.05 billion, up 79 percent
from a year earlier and up 8 percent from the previous
quarter.
- Hosted its largest-ever GPU Technology Conference, virtually,
with more than 200,000 registrations from 195 countries, and an
opening keynote with over 14 million views.
- Unveiled NVIDIA Grace™, its first Arm-based data center CPU,
designed for giant-scale AI and high performance computing, which
will deliver 10x the performance of today’s fastest servers and
power the world’s most powerful AI-capable supercomputer at the
Swiss National Supercomputing Centre.
- Collaborated with Amazon Web Services to deploy NVIDIA GPU
inferencing through GPU-accelerated, AWS Graviton2-based Amazon EC2
instances, enabling GPU-accelerated games to run natively on AWS
and allowing greater performance for Arm-based workloads.
- Unveiled the NVIDIA® BlueField-3® DPU, the first data
processing unit built for AI and accelerated computing, with
support from VMware, Splunk, NetApp, Cloudflare and others.
- Announced the new NVIDIA DGX SuperPOD™, the first cloud-native,
multi-tenant supercomputer, with customers in conversational AI,
drug discovery, autonomous vehicles and more.
- Announced that its AI inference platform, expanded with NVIDIA
A30 and A10 GPUs for mainstream servers, set records across every
category in the latest release of the MLPerf benchmark for AI
performance across a range of workloads.
- Announced the NVIDIA AI Enterprise software suite for VMware
vSphere, enabling scale-out, multi-node performance and
compatibility for a range of applications and data science.
- Introduced the NVIDIA Morpheus AI application framework to
enable cybersecurity providers to instantly detect cyber breaches
using AI and NVIDIA BlueField DPUs.
- Announced availability of NVIDIA Jarvis, a framework for
interactive conversational AI, and NVIDIA Maxine™, a framework for
real-time video-based experiences.
- Unveiled NVIDIA TAO, a framework for accelerating the creation
of enterprise AI applications.
- Expanded its work supporting drug development and discovery
with NVIDIA Clara Discovery, announcing a partnership with
Schrödinger to support the pharmaceutical industry with AI software
to speed drug-discovery workflows.
Professional Visualization
- First-quarter revenue was a record $372 million, up 21 percent
both from a year earlier and the previous quarter.
- Launched NVIDIA Omniverse™ Enterprise software for real-time 3D
design and collaboration, with BMW Group, Foster + Partners and WPP
as early customers.
- Unveiled NVIDIA RTX™ GPUs for next-gen laptop and desktop
workstations, including the NVIDIA RTX A4000 and A5000 for desktops
and the A2000, A3000, A4000 and A5000 for laptops.
- Revealed GANverse3D, an AI model for creating 3D object models
from standard 2D images.
Automotive
- First-quarter revenue was $154 million, down 1 percent from a
year earlier and up 6 percent from the previous quarter.
- Unveiled NVIDIA DRIVE Atlan™, an AI-enabled processor for
autonomous vehicles with 1,000 TOPS and data-center-grade security,
targeting automakers’ 2025 vehicles.
- Announced NVIDIA DRIVE Hyperion™ 8, the latest generation of a
fully operational, open platform that reduces the time and cost to
outfit vehicles with AI and surround sensors.
- Announced that NVIDIA DRIVE™ will be powering intelligent new
energy vehicles from SAIC R Auto, IM Motors, Faraday Future and
VinFast, starting in 2022.
- Revealed that Cruise is the latest robotaxi company selecting
NVIDIA DRIVE, following announcements by Amazon Zoox, DiDi,
Oxbotica, Pony.ai and AutoX.
- Announced that Volvo Cars will use NVIDIA DRIVE Orin™ to
power the autonomous driving computer in its next-generation cars,
beginning with the XC90, to be revealed in 2022.
- Announced that the NVIDIA DRIVE platform powers MBUX
Hyperscreen, the AI cockpit in Mercedes-Benz’s new EQS sedan.
- Announced that TuSimple and Navistar will build self-driving
trucks powered by the NVIDIA DRIVE AGX™ platform, and the
self-driving truck company Plus will use NVIDIA DRIVE Orin for its
upcoming autonomous vehicle platform.
CFO CommentaryCommentary on the quarter by
Colette Kress, NVIDIA’s executive vice president and chief
financial officer, is available at
https://investor.nvidia.com/.
Conference Call and Webcast InformationNVIDIA
will conduct a conference call with analysts and investors to
discuss its first quarter financial results and current financial
prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A
live webcast (listen-only mode) of the conference call will be
accessible at NVIDIA’s investor relations website,
https://investor.nvidia.com. The webcast will be recorded and
available for replay until NVIDIA’s conference call to discuss its
financial results for its second quarter of fiscal 2022.
Non-GAAP MeasuresTo supplement NVIDIA’s
condensed consolidated financial statements 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),
net, non-GAAP net income, non-GAAP net income, or earnings, per
diluted share, and free cash flow. 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,
acquisition-related and other costs, IP-related costs, gains and
losses from non-affiliated investments, mark to market adjustments
of our publicly traded equity securities, interest expense related
to amortization of debt discount, and the associated tax impact of
these items, where applicable. Free cash flow is calculated as GAAP
net cash provided by operating activities less both purchases of
property and equipment and intangible assets and principal payments
on 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.
About NVIDIANVIDIA’s (NASDAQ: NVDA) invention
of the GPU in 1999 sparked the growth of the PC gaming market and
has redefined modern computer graphics, high performance computing
and artificial intelligence. The company’s pioneering work in
accelerated computing and AI is reshaping trillion-dollar
industries, such as transportation, healthcare and manufacturing,
and fueling the growth of many others. More information at
https://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 next quarterly cash
dividend; the expected timing of our stock split; our stock split
being conditioned on stockholder approval of our charter amendment;
our data center business continuing to expand; the world’s
industries taking up AI to process computer vision, conversational
AI, natural language understanding, and recommender systems; NVIDIA
RTX reinventing computer graphics and driving upgrades across the
gaming and design markets; improving gamers’ access to GeForce GPUs
by reducing the Ethereum hash rate on certain RTX graphics cards;
our partners launching the largest-ever wave of NVIDIA-powered
laptops; the acceleration of the adoption of NVIDIA computing
platforms; NVIDIA’s financial outlook for the second quarter of
fiscal 2022; NVIDIA’s expected tax rates for the second quarter of
fiscal 2022; NVIDIA’s expectation to generate variability from
excess tax benefits or deficiencies; expanding our footprint across
the data center; our progress on the Arm acquisition, when it is
expected to close and it creating new opportunities for the entire
ecosystem; the benefits, performance and abilities of our products
and technologies, including NVIDIA Grace, NVIDIA Clara Discovery
and NVIDIA GeForce RTX 30 Series GPUs; the release and availability
of certain of our products and technologies, including the NVIDIA
BlueField-3 DPU, the DGX SuperPOD, a new class of NVIDIA-Certified
Systems, NVIDIA AI Enterprise, the NVIDIA Morpheus AI application
framework, the NVIDIA Jarvis framework, NVIDIA Maxine, NVIDIA TAO,
NVIDIA Omniverse Enterprise and GANverse3D; collaborations with
third parties, including Amazon and Schrödinger; our GPU series
expansion; expanding our RTX 30 Series GPUs and their features; the
games using NVIDIA Reflex and NVIDIA DLSS technology; GeForce NOW’s
availability and the number of members that can access it; NVIDIA
DRIVE powering a range of next-generation cars and self-driving
trucks; expanding the NVIDIA DRIVE ecosystem; NVIDIA powering the
Mercedes-Benz AI cockpit and the cars and timing for its debut; and
NVIDIA’s pioneering work in accelerated computing and its impacts
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.
© 2021 NVIDIA Corporation. All rights reserved. NVIDIA, the
NVIDIA logo, NVIDIA DGX SuperPOD, NVIDIA DRIVE, NVIDIA DRIVE AGX,
NVIDIA DRIVE Atlan, NVIDIA DRIVE Hyperion, NVIDIA DRIVE Orin,
NVIDIA Grace, NVIDIA Omniverse, NVIDIA RTX, BlueField, GeForce,
GeForce NOW, GeForce RTX and Maxine 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
CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(In millions, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
May
2, |
|
April
26, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
Revenue |
$ |
5,661 |
|
|
$ |
3,080 |
|
Cost of revenue |
|
2,032 |
|
|
|
1,076 |
|
Gross profit |
|
3,629 |
|
|
|
2,004 |
|
Operating expenses |
|
|
|
|
Research and development |
|
1,153 |
|
|
|
735 |
|
|
Sales, general and administrative |
|
520 |
|
|
|
293 |
|
|
|
Total
operating expenses |
|
1,673 |
|
|
|
1,028 |
|
Income from operations |
|
1,956 |
|
|
|
976 |
|
|
Interest income |
|
6 |
|
|
|
31 |
|
|
Interest expense |
|
(53 |
) |
|
|
(25 |
) |
|
Other, net |
|
135 |
|
|
|
(1 |
) |
|
|
Other income
(expense), net |
|
88 |
|
|
|
5 |
|
Income before income tax |
|
2,044 |
|
|
|
981 |
|
Income tax expense |
|
132 |
|
|
|
64 |
|
Net income |
$ |
1,912 |
|
|
$ |
917 |
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
$ |
3.08 |
|
|
$ |
1.49 |
|
|
Diluted |
$ |
3.03 |
|
|
$ |
1.47 |
|
|
|
|
|
|
|
Weighted average shares used in per share computation: |
|
|
|
Basic |
|
621 |
|
|
|
614 |
|
|
Diluted |
|
632 |
|
|
|
622 |
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May
2, |
|
January
31, |
|
|
|
|
|
2021 |
|
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash, cash equivalents and marketable securities |
|
$ |
12,667 |
|
|
$ |
11,561 |
|
|
Accounts receivable, net |
|
|
3,024 |
|
|
|
2,429 |
|
|
Inventories |
|
|
1,992 |
|
|
|
1,826 |
|
|
Prepaid expenses and other current assets |
|
|
444 |
|
|
|
239 |
|
|
|
Total
current assets |
|
|
18,127 |
|
|
|
16,055 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
2,268 |
|
|
|
2,149 |
|
Operating lease assets |
|
|
727 |
|
|
|
707 |
|
Goodwill |
|
|
4,193 |
|
|
|
4,193 |
|
Intangible assets, net |
|
|
2,613 |
|
|
|
2,737 |
|
Deferred income tax assets |
|
|
778 |
|
|
|
806 |
|
Other assets |
|
|
2,090 |
|
|
|
2,144 |
|
|
|
Total
assets |
|
$ |
30,796 |
|
|
$ |
28,791 |
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
1,218 |
|
|
$ |
1,201 |
|
|
Accrued and other current liabilities |
|
|
1,787 |
|
|
|
1,725 |
|
|
Short-term debt |
|
|
999 |
|
|
|
999 |
|
|
|
Total
current liabilities |
|
|
4,004 |
|
|
|
3,925 |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
5,964 |
|
|
|
5,964 |
|
Long-term operating lease liabilities |
|
|
640 |
|
|
|
634 |
|
Other long-term liabilities |
|
|
1,414 |
|
|
|
1,375 |
|
|
|
Total
liabilities |
|
|
12,022 |
|
|
|
11,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
18,774 |
|
|
|
16,893 |
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
30,796 |
|
|
$ |
28,791 |
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
May
2, |
|
April
26, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
Net income |
$ |
1,912 |
|
|
$ |
917 |
|
Adjustments to reconcile net income to net cash |
|
|
|
provided by operating activities: |
|
|
|
|
Stock-based compensation expense |
|
429 |
|
|
|
224 |
|
|
Depreciation and amortization |
|
281 |
|
|
|
107 |
|
|
Deferred income taxes |
|
24 |
|
|
|
16 |
|
|
(Gains) losses on investments in non affiliates, net |
|
(133 |
) |
|
|
3 |
|
|
Other |
|
(3 |
) |
|
|
1 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
Accounts receivable |
|
(595 |
) |
|
|
(249 |
) |
|
Inventories |
|
(159 |
) |
|
|
(151 |
) |
|
Prepaid expenses and other assets |
|
2 |
|
|
|
(8 |
) |
|
Accounts payable |
|
70 |
|
|
|
71 |
|
|
Accrued and other current liabilities |
|
(1 |
) |
|
|
(32 |
) |
|
Other long-term liabilities |
|
47 |
|
|
|
10 |
|
Net cash provided by operating activities |
|
1,874 |
|
|
|
909 |
|
Cash flows from investing activities: |
|
|
|
|
Proceeds from maturities of marketable securities |
|
3,140 |
|
|
|
- |
|
|
Proceeds from sales of marketable securities |
|
358 |
|
|
|
1 |
|
|
Purchases of marketable securities |
|
(4,470 |
) |
|
|
(861 |
) |
|
Purchases
related to property and equipment and intangible assets |
|
|
(298 |
) |
|
|
(155 |
) |
|
Investments and other, net |
|
(2 |
) |
|
|
(6 |
) |
|
Acquisitions, net of cash acquired |
|
- |
|
|
|
(34 |
) |
Net cash used in investing activities |
|
(1,272 |
) |
|
|
(1,055 |
) |
Cash flows from financing activities: |
|
|
|
|
Proceeds related to employee stock plans |
|
126 |
|
|
|
88 |
|
|
Payments related to tax on restricted stock units |
|
(477 |
) |
|
|
(222 |
) |
|
Dividends paid |
|
(99 |
) |
|
|
(98 |
) |
|
Principal payments on property and equipment |
|
(19 |
) |
|
|
- |
|
|
Other |
|
(2 |
) |
|
|
(3 |
) |
|
Issuance of debt, net of issuance costs |
|
- |
|
|
|
4,979 |
|
Net cash provided by (used in) financing activities |
|
(471 |
) |
|
|
4,744 |
|
Change in cash and cash equivalents |
|
131 |
|
|
|
4,598 |
|
Cash and cash equivalents at beginning of period |
|
847 |
|
|
|
10,896 |
|
Cash and cash equivalents at end of period |
$ |
978 |
|
|
$ |
15,494 |
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
|
(In millions, except
per share data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
May
2, |
|
January
31, |
|
April
26, |
|
|
|
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
3,629 |
|
|
$ |
3,157 |
|
|
$ |
2,004 |
|
|
|
GAAP gross margin |
|
64.1 |
% |
|
|
63.1 |
% |
|
|
65.1 |
% |
|
|
|
Acquisition-related and other costs (A) |
|
87 |
|
|
|
92 |
|
|
|
1 |
|
|
|
|
Stock-based compensation expense (B) |
|
25 |
|
|
|
26 |
|
|
|
21 |
|
|
|
|
IP-related
costs |
|
|
5 |
|
|
|
1 |
|
|
|
- |
|
|
|
Non-GAAP gross profit |
$ |
3,746 |
|
|
$ |
3,276 |
|
|
$ |
2,026 |
|
|
|
Non-GAAP gross margin |
|
66.2 |
% |
|
|
65.5 |
% |
|
|
65.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
1,673 |
|
|
$ |
1,650 |
|
|
$ |
1,028 |
|
|
|
|
Stock-based compensation expense (B) |
|
(404 |
) |
|
|
(391 |
) |
|
|
(203 |
) |
|
|
|
Acquisition-related and other costs (A) |
|
(80 |
) |
|
|
(72 |
) |
|
|
(4 |
) |
|
|
Non-GAAP operating expenses |
$ |
1,189 |
|
|
$ |
1,187 |
|
|
$ |
821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations |
$ |
1,956 |
|
|
$ |
1,507 |
|
|
$ |
976 |
|
|
|
|
Total impact of non-GAAP adjustments to income from operations |
|
601 |
|
|
|
582 |
|
|
|
229 |
|
|
|
Non-GAAP income from operations |
$ |
2,557 |
|
|
$ |
2,089 |
|
|
$ |
1,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other income (expense), net |
$ |
88 |
|
|
$ |
(37 |
) |
|
$ |
5 |
|
|
|
|
(Gains) losses from non-affiliated investments |
|
(134 |
) |
|
|
(9 |
) |
|
|
3 |
|
|
|
|
Interest expense related to amortization of debt discount |
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
Non-GAAP other income (expense), net |
$ |
(45 |
) |
|
$ |
(45 |
) |
|
$ |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
1,912 |
|
|
$ |
1,457 |
|
|
$ |
917 |
|
|
|
|
Total pre-tax impact of non-GAAP adjustments |
|
468 |
|
|
|
574 |
|
|
|
232 |
|
|
|
|
Income tax impact of non-GAAP adjustments (C) |
|
(67 |
) |
|
|
(74 |
) |
|
|
(29 |
) |
|
|
Non-GAAP net income |
$ |
2,313 |
|
|
$ |
1,957 |
|
|
$ |
1,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share |
|
|
|
|
|
|
|
|
GAAP |
|
$ |
3.03 |
|
|
$ |
2.31 |
|
|
$ |
1.47 |
|
|
|
|
Non-GAAP |
|
$ |
3.66 |
|
|
$ |
3.10 |
|
|
$ |
1.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in diluted net income per share
computation |
|
632 |
|
|
|
631 |
|
|
|
622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net cash provided by operating activities |
$ |
1,874 |
|
|
$ |
2,067 |
|
|
$ |
909 |
|
|
|
|
Purchases related to property and equipment and intangible
assets |
|
(298 |
) |
|
|
(283 |
) |
|
|
(155 |
) |
|
|
|
Principal payments on property and equipment |
|
(19 |
) |
|
|
(17 |
) |
|
|
- |
|
|
|
Free cash flow |
|
$ |
1,557 |
|
|
$ |
1,767 |
|
|
$ |
754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Acquisition-related and other costs primarily include
amortization of intangible assets, transaction costs, and certain
compensation charges presented as follows: |
|
|
|
|
Three Months Ended |
|
|
|
|
|
May
2, |
|
January
31, |
|
April
26, |
|
|
|
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Cost of revenue |
$ |
87 |
|
|
$ |
92 |
|
|
$ |
1 |
|
|
|
|
Research and development |
$ |
1 |
|
|
$ |
2 |
|
|
$ |
2 |
|
|
|
|
Sales, general and administrative |
$ |
79 |
|
|
$ |
70 |
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Stock-based compensation consists of the following: |
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
May
2, |
|
January
31, |
|
April
26, |
|
|
|
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Cost of revenue |
$ |
25 |
|
|
$ |
26 |
|
|
$ |
21 |
|
|
|
|
Research and development |
$ |
276 |
|
|
$ |
266 |
|
|
$ |
134 |
|
|
|
|
Sales, general and administrative |
$ |
128 |
|
|
$ |
125 |
|
|
$ |
69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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). |
|
|
|
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK |
|
|
|
|
|
|
Q2 FY2022 Outlook |
|
|
($ in millions) |
|
|
|
GAAP gross margin |
|
64.6 |
% |
|
Impact of stock-based compensation expense, acquisition-related
costs, and other costs |
|
1.9 |
% |
Non-GAAP gross margin |
|
66.5 |
% |
|
|
|
GAAP operating expenses |
$ |
1,760 |
|
|
Stock-based
compensation expense, acquisition-related costs, and other
costs |
|
(500 |
) |
Non-GAAP operating expenses |
$ |
1,260 |
|
|
|
|
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b223f560-684a-4e92-a9e8-66af48f1c799
NVIDIA (NASDAQ:NVDA)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
NVIDIA (NASDAQ:NVDA)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024