NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
------------------------------- --------------------
July 30, April 30, July 31, July 30, July 31,
2017 2017 2016 2017 2016
--------- --------- --------- --------- ---------
GAAP gross profit $ 1,302 $ 1,150 $ 826 $ 2,452 $ 1,577
GAAP gross margin 58.4% 59.4% 57.9% 58.8% 57.7%
Stock-based
compensation
expense (A) 4 4 4 8 8
Legal settlement
costs - - - - 10
--------- --------- --------- --------- ---------
Non-GAAP gross profit $ 1,306 $ 1,154 $ 830 $ 2,460 $ 1,595
========= ========= ========= ========= =========
Non-GAAP gross
margin 58.6% 59.6% 58.1% 59.0% 58.4%
GAAP operating
expenses $ 614 $ 596 $ 509 $ 1,210 $ 1,016
Stock-based
compensation
expense (A) (77) (73) (54) (150) (104)
Legal settlement
costs - - - - (6)
Acquisition-related
costs (B) (4) (4) (4) (8) (8)
Contributions - (2) (1) (2) (4)
Restructuring and
other charges - - (2) - (3)
--------- --------- --------- --------- ---------
Non-GAAP operating
expenses $ 533 $ 517 $ 448 $ 1,050 $ 891
========= ========= ========= ========= =========
GAAP income from
operations $ 688 $ 554 $ 317 $ 1,242 $ 561
Total impact of
non-GAAP
adjustments to
income from
operations 85 83 65 168 143
--------- --------- --------- --------- ---------
Non-GAAP income from
operations $ 773 $ 637 $ 382 $ 1,410 $ 704
========= ========= ========= ========= =========
GAAP other income
(expense) $ (4) $ (18) $ - $ (21) $ (3)
Gains from non-
affiliated
investments - - - - (3)
Interest expense
related to
amortization of
debt discount 1 2 7 3 14
Loss on early debt
conversions 3 14 - 17 -
--------- --------- --------- --------- ---------
Non-GAAP other income
(expense) $ - $ (2) $ 7 $ (1) $ 8
========= ========= ========= ========= =========
GAAP net income $ 583 $ 507 $ 261 $ 1,091 $ 469
Total pre-tax
impact of non-GAAP
adjustments 89 99 72 188 153
Income tax impact
of non-GAAP
adjustments (34) (73) (20) (108) (46)
--------- --------- --------- --------- ---------
Non-GAAP net income $ 638 $ 533 $ 313 $ 1,171 $ 576
========= ========= ========= ========= =========
Diluted net income
per share
GAAP $ 0.92 $ 0.79 $ 0.41 $ 1.71 $ 0.76
========= ========= ========= ========= =========
Non-GAAP $ 1.01 $ 0.85 $ 0.53 $ 1.87 $ 0.99
========= ========= ========= ========= =========
Weighted average
shares used in
diluted net income
per share
computation
GAAP 633 641 634 637 620
Anti-dilution
impact from note
hedge © (4) (14) (43) (10) (37)
--------- --------- --------- --------- ---------
Non-GAAP 629 627 591 627 583
========= ========= ========= ========= =========
GAAP net cash
provided by
operating activities $ 705 $ 282 $ 201 $ 987 $ 519
Purchase of
property and
equipment and
intangible assets (55) (53) (33) (108) (88)
--------- --------- --------- --------- ---------
Free cash flow $ 650 $ 229 $ 168 $ 879 $ 431
========= ========= ========= ========= =========
----------------------------------------------------------------------------
(A) Excludes stock-
based compensation
as follows: Three Months Ended Six Months Ended
------------------------------- --------------------
July 30, April 30, July 31, July 30, July 31,
2017 2017 2016 2017 2016
--------- --------- --------- --------- ---------
Cost of revenue $ 4 $ 4 $ 4 $ 8 $ 8
Research and
development $ 44 $ 41 $ 30 $ 85 $ 59
Sales, general and
administrative $ 33 $ 31 $ 24 $ 65 $ 44
(B) Consists of amortization of acquisition-related intangible assets and
compensation charges.
© Represents the number of shares that would be delivered upon conversion
of the currently outstanding 1.00% Convertible Senior Notes Due 2018.
Under GAAP, shares delivered in hedge transactions are not considered
offsetting shares in the fully diluted share calculation until actually
delivered.
----------------------------------------------------------------------------
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
Q3 FY2018
Outlook
---------------
GAAP gross margin 58.6%
Impact of stock-based compensation expense 0.2%
---------------
Non-GAAP gross margin 58.8%
===============
Q3 FY2018
Outlook
---------------
(In millions)
GAAP operating expenses $ 672
Stock-based compensation expense, acquisition-related
costs, and other costs (102)
---------------
Non-GAAP operating expenses $ 570
===============
GAAP other income (expense) $ (2)
Loss on early debt conversions and interest expense
related to amortization of debt discount 2
---------------
Non-GAAP other income (expense) $ -
===============
|
NVIDIA Announces Financial Results for Second Quarter Fiscal 2018
|
|
||||||
|
|
|||||||
|
|||||||
