NVIDIA Announces Financial Results for Second Quarter Fiscal 2020

 

                       
  NVIDIA CORPORATION  
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES  
 (In millions, except per share data) 
 (Unaudited) 
                        
       Three Months Ended       Six Months Ended  
     July 28,  April 28,  July 29,  July 28,  July 29,
      2019    2019    2018    2019    2018 
                        
GAAP gross profit   $   1,541     $   1,296     $   1,975     $   2,837     $   4,043  
  GAAP gross margin
    59.8 %     58.4 %     63.3 %     59.1 %     63.9 %
    Stock-based compensation expense (A)     8         4         8         12         16  
    Legal settlement costs     2         10         -          11         -   
Non-GAAP gross profit $   1,551     $   1,310     $   1,983     $   2,860     $   4,059  
  Non-GAAP gross margin
    60.1 %     59.0 %     63.5 %     59.6 %     64.1 %
                         
GAAP operating expenses $   970     $   938     $   818     $   1,908     $   1,591  
    Stock-based compensation expense (A)       (216 )       (174 )       (124 )       (389 )       (246 )
    Acquisition-related and other costs     (5 )       (10 )       (2 )       (15 )       (4 )
    Legal settlement costs     -          (1 )       -          (2 )       -   
Non-GAAP operating expenses $   749     $   753     $   692     $   1,502     $   1,341  
                         
GAAP income from operations $   571     $   358     $   1,157     $   929     $   2,452  
    Total impact of non-GAAP adjustments to income from operations     231         199         133         429         266  
Non-GAAP income from operations $   802     $   557     $   1,290     $   1,358     $   2,718  
                         
GAAP other income (expense) $   35     $   31     $   23     $   66     $   39  
    Gains from non-affiliated investments     -          -          (2 )       -          (8 )
    Interest expense related to amortization of debt discount     -          -          -          1         1  
Non-GAAP other income (expense)  $   35     $   31     $   21     $   67     $   32  
                         
GAAP net income   $   552     $   394     $   1,101     $   947     $   2,345  
    Total pre-tax impact of non-GAAP adjustments     231         199         131         430         259  
    Income tax impact of non-GAAP adjustments (B)     (21 )       (50 )       (22 )       (72 )       (109 )
Non-GAAP net income  $   762     $   543     $   1,210     $   1,305     $   2,495  
                         
Diluted net income per share                  
    GAAP   $   0.90     $   0.64     $   1.76     $   1.54     $   3.74  
    Non-GAAP    $   1.24     $   0.88     $   1.94     $   2.12     $   3.99  
                         
Weighted average shares used in diluted net income per share computation                  
    GAAP       616         616         626         616         627  
    Anti-dilution impact from note hedge       -          -          (1 )       -          (1 )
    Non-GAAP        616         616         625         616         626  
                         
GAAP net cash provided by operating activities $   936     $   720     $   913     $   1,656     $   2,358  
    Purchase of property and equipment and intangible assets     (113 )       (128 )       (128 )       (241 )       (247 )
Free cash flow   $   823     $   592     $   785     $   1,415     $   2,111  
                         
                         
(A) Stock-based compensation consists of the following: Three Months Ended   Six Months Ended
        July 28,   April 28,   July 29,   July 28,   July 29,
          2019       2019       2018       2019       2018  
    Cost of revenue   $   8     $   4     $   8     $   12     $   16  
    Research and development   $   145     $   114     $   76     $   259     $   150  
    Sales, general and administrative   $   71     $   60     $   48     $   130     $   96  
                                             
(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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