NVIDIA Announces Financial Results for First Quarter Fiscal 2020

 

  
    NVIDIA CORPORATION  
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES  
 (In millions, except per share data)
 (Unaudited)
        
      Three Months Ended  
    April 28,  January 27,  April 29,
    2019  2019  2018
        
 GAAP gross profit$1,296  $1,207  $2,068 
   GAAP gross margin 58.4%   54.7%   64.5% 
  Stock-based compensation expense (A) 4   6   8 
  Legal settlement costs 10   21   - 
 Non-GAAP gross profit$1,310  $1,234  $2,076 
   Non-GAAP gross margin 59.0%   56.0%   64.7% 
        
 GAAP operating expenses$938  $913  $773 
  Stock-based compensation expense (A) (174)  (150)  (121)
  Acquisition-related and other costs (10)  (1)  (2)
  Legal settlement costs (1)  (7)  (2)
 Non-GAAP operating expenses$ 753     $ 755     $ 648  
               
  GAAP income from operations $ 358     $ 294     $ 1,295  
    Total impact of non-GAAP adjustments to income from operations   199       185       133  
  Non-GAAP income from operations $ 557     $ 479     $ 1,428  
               
  GAAP other income (expense) $ 31     $ 30     $ 16  
    Gains from non-affiliated investments   -       (1 )     (6 )
    Interest expense related to amortization of debt discount   -       -       1  
  Non-GAAP other income (expense) $ 31     $ 29     $ 11  
               
  GAAP net income $ 394     $ 567     $ 1,244  
    Total pre-tax impact of non-GAAP adjustments   199       184       128  
    Income tax impact of non-GAAP adjustments (B)   (50 )     (25 )     (87 )
    Tax benefit from income tax reform   -       (230 )     -  
  Non-GAAP net income $ 543     $ 496     $ 1,285  
               
  Diluted net income per share          
    GAAP $ 0.64     $ 0.92     $ 1.98  
    Non-GAAP $ 0.88     $ 0.80     $ 2.05  
               
  Weighted average shares used in diluted net income per share computation          
    GAAP   616       619       627  
    Anti-dilution impact from note hedge   -       -       (1 )
    Non-GAAP   616       619       626  
               
  GAAP net cash provided by operating activities $ 720     $ 898     $ 1,445  
    Purchase of property and equipment and intangible assets   (128 )     (203 )     (118 )
  Free cash flow $ 592     $ 695     $ 1,327  
               
   
               
  (A) Stock-based compensation consists of the following: Three Months Ended
      April 28,   January 27,   April 29,
        2019       2019       2018  
    Cost of revenue $ 4     $ 6     $ 8  
    Research and development $ 114     $ 99     $ 74  
    Sales, general and administrative $ 60     $ 51     $ 47  
  (B) 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).
 

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