NVIDIA Announces Financial Results for First Quarter Fiscal 2020
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NVIDIA CORPORATION
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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
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| | (In millions, except per share data) |
| | (Unaudited) |
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Three Months Ended
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April 28, | |
January 27, | |
April 29, |
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2019 | |
2019 | |
2018 |
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| | 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% | |
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| | 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 | |
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| | 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 | |
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| | 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 | |
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| | 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 | |
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| | Diluted net income per share | | | | | |
| | | GAAP | $ | 0.64 | | | $ | 0.92 | | | $ | 1.98 | |
| | | Non-GAAP | $ | 0.88 | | | $ | 0.80 | | | $ | 2.05 | |
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| | 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 | |
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| | 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 | |
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| | (A) Stock-based compensation consists of the following: |
Three Months Ended |
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April 28, |
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January 27, |
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April 29, |
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2019 | |
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2019 | |
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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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