NVIDIA (NASDAQ: NVDA) today reported revenue for the third quarter
ended October 29, 2023, of $18.12 billion, up 206% from a year ago
and up 34% from the previous quarter.
GAAP earnings per diluted share for the quarter were $3.71, up
more than 12x from a year ago and up 50% from the previous quarter.
Non-GAAP earnings per diluted share were $4.02, up nearly 6x from a
year ago and up 49% from the previous quarter.
“Our strong growth reflects the broad industry platform
transition from general-purpose to accelerated computing and
generative AI,” said Jensen Huang, founder and CEO of NVIDIA.
“Large language model startups, consumer internet companies and
global cloud service providers were the first movers, and the next
waves are starting to build. Nations and regional CSPs are
investing in AI clouds to serve local demand, enterprise software
companies are adding AI copilots and assistants to their platforms,
and enterprises are creating custom AI to automate the world’s
largest industries.
“NVIDIA GPUs, CPUs, networking, AI foundry services and NVIDIA
AI Enterprise software are all growth engines in full throttle. The
era of generative AI is taking off,” he said.
NVIDIA will pay its next quarterly cash dividend of $0.04 per
share on December 28, 2023, to all shareholders of record on
December 6, 2023.
Q3 Fiscal 2024 Summary
GAAP |
($ in millions, except earnings per share) |
Q3 FY24 |
Q2 FY24 |
Q3 FY23 |
Q/Q |
Y/Y |
Revenue |
$18,120 |
$13,507 |
$5,931 |
Up 34% |
Up 206% |
Gross margin |
74.0% |
70.1% |
53.6% |
Up 3.9 pts |
Up 20.4 pts |
Operating expenses |
$2,983 |
$2,662 |
$2,576 |
Up 12% |
Up 16% |
Operating income |
$10,417 |
$6,800 |
$601 |
Up 53% |
Up 1,633% |
Net income |
$9,243 |
$6,188 |
$680 |
Up 49% |
Up 1,259% |
Diluted earnings per
share |
$3.71 |
$2.48 |
$0.27 |
Up 50% |
Up 1,274% |
Non-GAAP |
($ in millions, except earnings per share) |
Q3 FY24 |
Q2 FY24 |
Q3 FY23 |
Q/Q |
Y/Y |
Revenue |
$18,120 |
$13,507 |
$5,931 |
Up 34% |
Up 206% |
Gross margin |
75.0% |
71.2% |
56.1% |
Up 3.8 pts |
Up 18.9 pts |
Operating expenses |
$2,026 |
$1,838 |
$1,793 |
Up 10% |
Up 13% |
Operating income |
$11,557 |
$7,776 |
$1,536 |
Up 49% |
Up 652% |
Net income |
$10,020 |
$6,740 |
$1,456 |
Up 49% |
Up 588% |
Diluted earnings per
share |
$4.02 |
$2.70 |
$0.58 |
Up 49% |
Up 593% |
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OutlookNVIDIA’s outlook for the fourth quarter
of fiscal 2024 is as follows:
- Revenue is expected to be $20.00 billion, plus or minus
2%.
- GAAP and non-GAAP gross margins are expected to be 74.5% and
75.5%, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be
approximately $3.17 billion and $2.20 billion, respectively.
- GAAP and non-GAAP other income and expense are expected to be
an income of approximately $200 million, excluding gains and losses
from non-affiliated investments.
- GAAP and non-GAAP tax rates are
expected to be 15.0%, plus or minus 1%, excluding any discrete
items.
Highlights
NVIDIA achieved progress since its previous earnings
announcement in these areas:
Data Center
- Third-quarter revenue was a record $14.51 billion, up 41% from
the previous quarter and up 279% from a year ago.
- Announced NVIDIA HGX™ H200 with the new NVIDIA H200 Tensor Core
GPU, the first GPU with HBM3e memory, with systems expected to be
available in the second quarter of next year.
- Introduced an AI foundry service — with NVIDIA AI Foundation
Models, NVIDIA NeMo™ framework and NVIDIA DGX™ Cloud AI
supercomputing — to accelerate the development and tuning of custom
generative AI applications, first available on Microsoft Azure,
with SAP and Amdocs among the first customers.
- Announced that the NVIDIA Spectrum-X™ Ethernet networking
platform for AI will be integrated into servers from Dell
Technologies, Hewlett Packard Enterprise and Lenovo in the first
quarter of next year.
- Announced that NVIDIA GH200 Grace Hopper Superchips, including
a new quad configuration, will power more than 40 new
supercomputers, including the JUPITER system at Jülich
Supercomputing Centre and Isambard-AI at the University of
Bristol.
- Made advances with global cloud service providers:
- Google Cloud Platform made generally available new A3 instances
powered by NVIDIA H100 Tensor Core GPUs and NVIDIA AI Enterprise
software in Google Cloud Marketplace.
- Microsoft Azure will be offering customers access to NVIDIA
Omniverse™ Cloud Services for accelerating automotive
digitalization, as well as new instances featuring NVL H100 Tensor
Core GPUs and H100 with confidential computing, with H200 GPUs
coming next year.
- Oracle Cloud Infrastructure made NVIDIA DGX Cloud and NVIDIA AI
Enterprise software available in Oracle Cloud
Marketplace.
- Partnered with a range of leading companies on AI initiatives,
including Amdocs, Dropbox, Foxconn, Genentech (member of Roche
Group), Infosys, Lenovo, Reliance Industries, Scaleway and Tata
Group.
- Announced record-setting performance in the latest two sets of
MLPerf benchmarks for inference and training, with the NVIDIA Eos
AI supercomputer training a GPT-3 model 3x faster than the previous
record.
- Announced growing worldwide support for the NVIDIA® CUDA®
Quantum platform, including new efforts in Israel, the Netherlands,
the U.K. and the U.S.
Gaming
- Third-quarter revenue was $2.86 billion, up 15% from the
previous quarter and up 81% from a year ago.
- Launched DLSS 3.5 Ray Reconstruction, which creates
high-quality ray-traced images for intensive ray-traced games and
apps, including Alan Wake 2 and Cyberpunk 2077.
- Released TensorRT-LLM™ for Windows, speeding on-device LLM
inference by up to 4x.
- Added 56 DLSS games and over 15 Reflex games, bringing the
total number of RTX games and applications to over 475.
- Surpassed 1,700 games on GeForce NOW™, including launches of
Alan Wake 2, Baldur’s Gate 3, Cyberpunk 2077: Phantom Liberty,
Forza Motorsport and Starfield.
Professional Visualization
- Third-quarter revenue was $416 million, up 10% from the
previous quarter and up 108% from a year ago.
- Announced that Mercedes-Benz is using NVIDIA Omniverse to
create digital twins to help plan, design, build and operate its
manufacturing and assembly facilities around the world.
- Announced a new line of desktop workstations with NVIDIA RTX™
6000 Ada Generation GPUs and NVIDIA ConnectX® smart interface cards
for training smaller AI models, fine-tuning models and running
inference locally.
Automotive
- Third-quarter revenue was $261 million, up 3% from the previous
quarter and up 4% from a year ago.
- Furthered its collaboration with Foxconn to develop
next-generation electric vehicles for the global market, using the
next-generation NVIDIA DRIVE Hyperion™ platform and NVIDIA DRIVE
Thor™ system-on-a-chip.
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 third quarter fiscal 2024 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 fourth quarter and fiscal 2024.
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 acquisition termination costs,
stock-based compensation expense, acquisition-related and other
costs, IP-related costs, other, gains and losses from
non-affiliated investments, 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 NVIDIASince its founding in 1993, NVIDIA
(NASDAQ: NVDA) has been a pioneer in accelerated computing. The
company’s invention of the GPU in 1999 sparked the growth of the PC
gaming market, redefined computer graphics, ignited the era of
modern AI and is fueling industrial digitalization across markets.
NVIDIA is now a full-stack computing company with data-center-scale
offerings that are reshaping industry. More information at
https://nvidianews.nvidia.com/.
For further
information, contact: |
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Simona Jankowski |
Robert Sherbin |
Investor Relations |
Corporate Communications |
NVIDIA Corporation |
NVIDIA Corporation |
sjankowski@nvidia.com |
rsherbin@nvidia.com |
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|
Certain statements in this press release including, but not
limited to, statements as to: the broad industry platform
transition from general-purpose to accelerated computing and
generative AI and the next waves starting to build; nations and
regional CSPs investing in AI clouds to serve local demand,
enterprise software companies adding AI copilots and assistants to
their platforms, and enterprises creating custom AI to automate the
world’s largest industries; NVIDIA GPUs, CPUs, networking, AI
foundry services and NVIDIA AI Enterprise software as growth
engines for generative AI; the era of generative AI taking off; the
NVIDIA AI foundry service accelerating the development and tuning
of custom generative AI applications; the usage of NVIDIA GH200
Superchips in supercomputers globally; NVIDIA’s next quarterly cash
dividend; NVIDIA’s financial outlook and expected tax rates for the
fourth quarter of fiscal 2024; the benefits, impact, performance,
features and availability of NVIDIA’s products and technologies,
including the NVIDIA HGX H200, NVIDIA H200 Tensor Core GPU, NVIDIA
AI Foundation Models, NVIDIA NeMo, NVIDIA GH200 Grace Hopper
Superchip, NVIDIA AI Enterprise, NVIDIA Omniverse, NVIDIA
Spectrum-X, NVIDIA RTX workstations, NVIDIA RTX 6000 Ada GPU,
NVIDIA Omniverse Enterprise software, NVIDIA H100 Tensor Core GPU,
NVIDIA DGX Cloud AI, GeForce NOW, NVIDIA CUDA Quantum platform,
DLSS, DLSS 3.5 Ray Reconstruction, NVIDIA DRIVE Hyperion, NVIDIA
DRIVE Thor, TensorRT-LLM, NVIDIA ConnectX; the benefits and impact
of NVIDIA’s partnerships with Amdocs, Dropbox, Foxconn, Genentech,
Infosys, Lenovo, Reliance Industries, Scaleway and Tata Group;
growing support for NVIDIA CUDA Quantum platform; and the usage of
NVIDIA Omniverse by Mercedes-Benz 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; and 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.
© 2023 NVIDIA Corporation. All rights reserved. NVIDIA, the
NVIDIA logo, GeForce NOW, NVIDIA CUDA, NVIDIA DGX, NVIDIA DRIVE
Hyperion, NVIDIA DRIVE Thor, NVIDIA Grace Hopper, NVIDIA HGX,
NVIDIA NeMo, NVIDIA Omniverse, NVIDIA RTX, NVIDIA Spectrum-X 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 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, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
18,120 |
|
|
$ |
5,931 |
|
|
$ |
38,819 |
|
|
$ |
20,923 |
|
Cost of revenue |
|
4,720 |
|
|
|
2,754 |
|
|
|
11,309 |
|
|
|
9,400 |
|
Gross profit |
|
13,400 |
|
|
|
3,177 |
|
|
|
27,510 |
|
|
|
11,523 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and development |
|
2,294 |
|
|
|
1,945 |
|
|
|
6,210 |
|
|
|
5,387 |
|
|
Sales, general and administrative |
|
689 |
|
|
|
631 |
|
|
|
1,942 |
|
|
|
1,815 |
|
|
Acquisition termination cost |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,353 |
|
|
|
Total operating expenses |
|
2,983 |
|
|
|
2,576 |
|
|
|
8,152 |
|
|
|
8,555 |
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
10,417 |
|
|
|
601 |
|
|
|
19,358 |
|
|
|
2,968 |
|
|
Interest income |
|
234 |
|
|
|
88 |
|
|
|
572 |
|
|
|
152 |
|
|
Interest expense |
|
(63 |
) |
|
|
(65 |
) |
|
|
(194 |
) |
|
|
(198 |
) |
|
Other, net |
|
(66 |
) |
|
|
(11 |
) |
|
|
(24 |
) |
|
|
(29 |
) |
|
|
Other income (expense), net |
|
105 |
|
|
|
12 |
|
|
|
354 |
|
|
|
(75 |
) |
|
|
|
|
|
|
|
|
|
|
Income before income tax |
|
10,522 |
|
|
|
613 |
|
|
|
19,712 |
|
|
|
2,893 |
|
Income tax expense (benefit) |
|
1,279 |
|
|
|
(67 |
) |
|
|
2,237 |
|
|
|
(61 |
) |
Net income |
$ |
9,243 |
|
|
$ |
680 |
|
|
$ |
17,475 |
|
|
$ |
2,954 |
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
3.75 |
|
|
$ |
0.27 |
|
|
$ |
7.07 |
|
|
$ |
1.18 |
|
|
Diluted |
$ |
3.71 |
|
|
$ |
0.27 |
|
|
$ |
7.01 |
|
|
$ |
1.17 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in per share computation: |
|
|
|
|
|
|
|
|
Basic |
|
2,468 |
|
|
|
2,483 |
|
|
|
2,470 |
|
|
|
2,495 |
|
|
Diluted |
|
2,494 |
|
|
|
2,499 |
|
|
|
2,494 |
|
|
|
2,517 |
|
|
|
|
|
|
|
|
|
|
|
NVIDIA CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 29, |
|
January 29, |
|
|
|
|
2023 |
|
2023 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash, cash equivalents and marketable securities |
|
$ |
18,281 |
|
$ |
13,296 |
|
Accounts receivable, net |
|
|
8,309 |
|
|
3,827 |
|
Inventories |
|
|
4,779 |
|
|
5,159 |
|
Prepaid expenses and other current assets |
|
|
1,289 |
|
|
791 |
|
|
Total current assets |
|
|
32,658 |
|
|
23,073 |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
3,844 |
|
|
3,807 |
Operating lease assets |
|
|
1,316 |
|
|
1,038 |
Goodwill |
|
|
4,430 |
|
|
4,372 |
Intangible assets, net |
|
|
1,251 |
|
|
1,676 |
Deferred income tax assets |
|
|
5,982 |
|
|
3,396 |
Other assets |
|
|
4,667 |
|
|
3,820 |
|
|
Total assets |
|
$ |
54,148 |
|
$ |
41,182 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
2,380 |
|
$ |
1,193 |
|
Accrued and other current liabilities |
|
|
5,472 |
|
|
4,120 |
|
Short-term debt |
|
|
1,249 |
|
|
1,250 |
|
|
Total current liabilities |
|
|
9,101 |
|
|
6,563 |
|
|
|
|
|
|
|
Long-term debt |
|
|
8,457 |
|
|
9,703 |
Long-term operating lease liabilities |
|
|
1,091 |
|
|
902 |
Other long-term liabilities |
|
|
2,234 |
|
|
1,913 |
|
|
Total liabilities |
|
|
20,883 |
|
|
19,081 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
33,265 |
|
|
22,101 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
54,148 |
|
$ |
41,182 |
|
|
|
|
|
|
|
NVIDIA CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
October 29, |
|
October 30, |
|
October 29, |
|
October 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
9,243 |
|
|
$ |
680 |
|
|
$ |
17,475 |
|
|
$ |
2,954 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
|
Stock based compensation expense |
|
979 |
|
|
|
745 |
|
|
|
2,555 |
|
|
|
1,971 |
|
|
Depreciation and amortization |
|
372 |
|
|
|
406 |
|
|
|
1,121 |
|
|
|
1,118 |
|
|
Losses on investments in non-affiliates, net |
|
69 |
|
|
|
11 |
|
|
|
24 |
|
|
|
35 |
|
|
Deferred income taxes |
|
(529 |
) |
|
|
(532 |
) |
|
|
(2,411 |
) |
|
|
(1,517 |
) |
|
Acquisition termination cost |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,353 |
|
|
Other |
|
(66 |
) |
|
|
(45 |
) |
|
|
(170 |
) |
|
|
(27 |
) |
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
(1,243 |
) |
|
|
410 |
|
|
|
(4,482 |
) |
|
|
(258 |
) |
|
Inventories |
|
(457 |
) |
|
|
(563 |
) |
|
|
405 |
|
|
|
(1,848 |
) |
|
Prepaid expenses and other assets |
|
254 |
|
|
|
247 |
|
|
|
(337 |
) |
|
|
(1,307 |
) |
|
Accounts payable |
|
461 |
|
|
|
(917 |
) |
|
|
1,250 |
|
|
|
(358 |
) |
|
Accrued liabilities and other current liabilities |
|
(1,722 |
) |
|
|
(92 |
) |
|
|
953 |
|
|
|
1,175 |
|
|
Other long-term liabilities |
|
(28 |
) |
|
|
42 |
|
|
|
208 |
|
|
|
102 |
|
Net cash provided by operating activities |
|
7,333 |
|
|
|
392 |
|
|
|
16,591 |
|
|
|
3,393 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Proceeds from maturities of marketable securities |
|
2,891 |
|
|
|
5,809 |
|
|
|
8,001 |
|
|
|
16,792 |
|
|
Proceeds from sales of marketable securities |
|
- |
|
|
|
75 |
|
|
|
- |
|
|
|
1,806 |
|
|
Purchases of marketable securities |
|
(5,345 |
) |
|
|
(2,188 |
) |
|
|
(10,688 |
) |
|
|
(9,764 |
) |
|
Purchase related to property and equipment and intangible
assets |
|
(278 |
) |
|
|
(530 |
) |
|
|
(815 |
) |
|
|
(1,324 |
) |
|
Acquisitions, net of cash acquired |
|
- |
|
|
|
- |
|
|
|
(83 |
) |
|
|
(49 |
) |
|
Investments in non-affiliates and other, net |
|
(437 |
) |
|
|
(18 |
) |
|
|
(872 |
) |
|
|
(83 |
) |
Net cash provided by (used in) investing
activities |
|
(3,169 |
) |
|
|
3,148 |
|
|
|
(4,457 |
) |
|
|
7,378 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds related to employee stock plans |
|
156 |
|
|
|
143 |
|
|
|
403 |
|
|
|
349 |
|
|
Payments related to repurchases of common stock |
|
(3,806 |
) |
|
|
(3,485 |
) |
|
|
(6,874 |
) |
|
|
(8,826 |
) |
|
Repayment of debt |
|
- |
|
|
|
- |
|
|
|
(1,250 |
) |
|
|
- |
|
|
Payments related to tax on restricted stock units |
|
(764 |
) |
|
|
(294 |
) |
|
|
(1,942 |
) |
|
|
(1,131 |
) |
|
Dividends paid |
|
(99 |
) |
|
|
(100 |
) |
|
|
(296 |
) |
|
|
(300 |
) |
|
Principal payments on property and equipment and intangible
assets |
|
(13 |
) |
|
|
(18 |
) |
|
|
(44 |
) |
|
|
(54 |
) |
|
Other |
|
(1 |
) |
|
|
1 |
|
|
|
(1 |
) |
|
|
1 |
|
Net cash used in financing activities |
|
(4,527 |
) |
|
|
(3,753 |
) |
|
|
(10,004 |
) |
|
|
(9,961 |
) |
Change in cash, cash equivalents, and restricted cash |
|
(363 |
) |
|
|
(213 |
) |
|
|
2,130 |
|
|
|
810 |
|
Cash, cash equivalents, and restricted cash at beginning of
period |
|
5,882 |
|
|
|
3,013 |
|
|
|
3,389 |
|
|
|
1,990 |
|
Cash, cash equivalents, and restricted cash at end of
period |
$ |
5,519 |
|
|
$ |
2,800 |
|
|
$ |
5,519 |
|
|
$ |
2,800 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes, net |
$ |
4,348 |
|
|
$ |
264 |
|
|
$ |
4,676 |
|
|
$ |
1,372 |
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
13,400 |
|
|
$ |
9,462 |
|
|
$ |
3,177 |
|
|
$ |
27,510 |
|
|
$ |
11,523 |
|
|
GAAP gross
margin |
|
74.0 |
% |
|
|
70.1 |
% |
|
|
53.6 |
% |
|
|
70.9 |
% |
|
|
55.1 |
% |
|
|
Acquisition-related and other costs (A) |
|
119 |
|
|
|
119 |
|
|
|
120 |
|
|
|
358 |
|
|
|
335 |
|
|
|
Stock-based
compensation expense (B) |
|
38 |
|
|
|
31 |
|
|
|
32 |
|
|
|
96 |
|
|
|
108 |
|
|
|
IP-related costs |
|
26 |
|
|
|
2 |
|
|
|
- |
|
|
|
36 |
|
|
|
- |
|
|
Non-GAAP gross profit |
$ |
13,583 |
|
|
$ |
9,614 |
|
|
$ |
3,329 |
|
|
$ |
28,000 |
|
|
$ |
11,966 |
|
|
Non-GAAP gross margin |
|
75.0 |
% |
|
|
71.2 |
% |
|
|
56.1 |
% |
|
|
72.1 |
% |
|
|
57.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
2,983 |
|
|
$ |
2,662 |
|
|
$ |
2,576 |
|
|
$ |
8,152 |
|
|
$ |
8,555 |
|
|
|
Stock-based
compensation expense (B) |
|
(941 |
) |
|
|
(811 |
) |
|
|
(713 |
) |
|
|
(2,459 |
) |
|
|
(1,863 |
) |
|
|
Acquisition-related and other costs (A) |
|
(16 |
) |
|
|
(18 |
) |
|
|
(54 |
) |
|
|
(88 |
) |
|
|
(164 |
) |
|
|
Acquisition
termination cost |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,353 |
) |
|
|
Other (C) |
|
|
- |
|
|
|
5 |
|
|
|
(16 |
) |
|
|
10 |
|
|
|
(25 |
) |
|
Non-GAAP operating expenses |
$ |
2,026 |
|
|
$ |
1,838 |
|
|
$ |
1,793 |
|
|
$ |
5,615 |
|
|
$ |
5,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
$ |
10,417 |
|
|
$ |
6,800 |
|
|
$ |
601 |
|
|
$ |
19,358 |
|
|
$ |
2,968 |
|
|
|
Total
impact of non-GAAP adjustments to operating income |
|
1,140 |
|
|
|
976 |
|
|
|
935 |
|
|
|
3,027 |
|
|
|
3,848 |
|
|
Non-GAAP operating income |
$ |
11,557 |
|
|
$ |
7,776 |
|
|
$ |
1,536 |
|
|
$ |
22,385 |
|
|
$ |
6,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other income (expense), net |
$ |
105 |
|
|
$ |
181 |
|
|
$ |
12 |
|
|
$ |
354 |
|
|
$ |
(75 |
) |
|
|
(Gains) losses
from non-affiliated investments |
|
69 |
|
|
|
(62 |
) |
|
|
11 |
|
|
|
23 |
|
|
|
36 |
|
|
|
Interest expense related to amortization of debt discount |
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
3 |
|
|
|
3 |
|
|
Non-GAAP other income (expense), net |
$ |
175 |
|
|
$ |
120 |
|
|
$ |
24 |
|
|
$ |
380 |
|
|
$ |
(36 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
$ |
9,243 |
|
|
$ |
6,188 |
|
|
$ |
680 |
|
|
$ |
17,475 |
|
|
$ |
2,954 |
|
|
|
Total pre-tax
impact of non-GAAP adjustments |
|
1,210 |
|
|
|
915 |
|
|
|
947 |
|
|
|
3,053 |
|
|
|
3,887 |
|
|
|
Income
tax impact of non-GAAP adjustments (D) |
|
(433 |
) |
|
|
(363 |
) |
|
|
(171 |
) |
|
|
(1,055 |
) |
|
|
(649 |
) |
|
Non-GAAP net income |
$ |
10,020 |
|
|
$ |
6,740 |
|
|
$ |
1,456 |
|
|
$ |
19,473 |
|
|
$ |
6,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share |
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
3.71 |
|
|
$ |
2.48 |
|
|
$ |
0.27 |
|
|
$ |
7.01 |
|
|
$ |
1.17 |
|
|
|
Non-GAAP |
|
$ |
4.02 |
|
|
$ |
2.70 |
|
|
$ |
0.58 |
|
|
$ |
7.81 |
|
|
$ |
2.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in diluted net income per share
computation |
|
2,494 |
|
|
|
2,499 |
|
|
|
2,499 |
|
|
|
2,494 |
|
|
|
2,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net cash provided by operating activities |
$ |
7,333 |
|
|
$ |
6,348 |
|
|
$ |
392 |
|
|
$ |
16,591 |
|
|
$ |
3,393 |
|
|
|
Purchases related
to property and equipment and intangible assets |
|
(278 |
) |
|
|
(289 |
) |
|
|
(530 |
) |
|
|
(815 |
) |
|
|
(1,324 |
) |
|
|
Principal payments on property and equipment and intangible
assets |
|
(13 |
) |
|
|
(11 |
) |
|
|
(18 |
) |
|
|
(44 |
) |
|
|
(54 |
) |
|
Free cash flow |
|
$ |
7,042 |
|
|
$ |
6,048 |
|
|
$ |
(156 |
) |
|
$ |
15,732 |
|
|
$ |
2,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Acquisition-related and other costs are comprised of
amortization of intangible assets and transaction costs, and are
included in the following line items: |
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
October 29, |
|
July 30, |
|
October 30, |
|
October 29, |
|
October 30, |
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Cost of revenue |
$ |
119 |
|
|
$ |
119 |
|
|
$ |
120 |
|
|
$ |
358 |
|
|
$ |
335 |
|
|
|
Research and development |
$ |
12 |
|
|
$ |
12 |
|
|
$ |
10 |
|
|
$ |
37 |
|
|
$ |
29 |
|
|
|
Sales, general and administrative |
$ |
4 |
|
|
$ |
6 |
|
|
$ |
44 |
|
|
$ |
51 |
|
|
$ |
135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Stock-based compensation consists of the following: |
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
October 29, |
|
July 30, |
|
October 30, |
|
October 29, |
|
October 30, |
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Cost of revenue |
$ |
38 |
|
|
$ |
31 |
|
|
$ |
32 |
|
|
$ |
96 |
|
|
$ |
108 |
|
|
|
Research and development |
$ |
701 |
|
|
$ |
600 |
|
|
$ |
530 |
|
|
$ |
1,826 |
|
|
$ |
1,365 |
|
|
|
Sales, general and administrative |
$ |
240 |
|
|
$ |
211 |
|
|
$ |
183 |
|
|
$ |
633 |
|
|
$ |
498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(C) Other consists of costs related to Russia branch office
closure, assets held for sale related adjustments, legal settlement
costs, and contributions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(D) 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 |
|
|
|
|
|
|
Q4FY2024Outlook |
|
|
($ in millions) |
|
|
|
GAAP gross margin |
|
74.5 |
% |
|
Impact of stock-based compensation expense, acquisition-related
costs, and other costs |
|
1.0 |
% |
Non-GAAP gross margin |
|
75.5 |
% |
|
|
|
GAAP operating expenses |
$ |
3,165 |
|
|
Stock-based compensation expense, acquisition-related costs, and
other costs |
|
(965 |
) |
Non-GAAP operating expenses |
$ |
2,200 |
|
|
|
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/463fe102-9bba-4d9e-931c-3c5898b67a27
NVIDIA (NASDAQ:NVDA)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
NVIDIA (NASDAQ:NVDA)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024