| GAAP | |||||
| ($ in millions except earnings per share) | FY20 | FY19 | Y/Y | ||
| Revenue | $10,918 | $11,716 | Down 7% | ||
| Gross margin | 62.0% | 61.2% | Up 80 bps | ||
| Operating expenses | $3,922 | $3,367 | Up 16% | ||
| Operating income | $2,846 | $3,804 | Down 25% | ||
| Net income | $2,796 | $4,141 | Down 32% | ||
| Diluted earnings per share | $4.52 | $6.63 | Down 32% | ||
| Non-GAAP | |||||
| ($ in millions except earnings per share) | FY20 | FY19 | Y/Y | ||
| Revenue | $10,918 | $11,716 | Down 7% | ||
| Gross margin | 62.5% | 61.7% | Up 80 bps | ||
| Operating expenses | $3,086 | $2,826 | Up 9% | ||
| Operating income | $3,735 | $4,407 | Down 15% | ||
| Net income | $3,580 | $4,143 | Down 14% | ||
| Diluted earnings per share | $5.79 | $6.64 | Down 13% | ||
NVIDIA’s outlook for the first quarter of fiscal 2021 does not include any contribution from the pending acquisition of Mellanox Technologies, Ltd. Discussions with China’s regulatory agency, the State Administration for Market Regulation, are progressing, and NVIDIA believes the acquisition will likely close in the early part of calendar 2020.
While the ultimate effect of the coronavirus is difficult to estimate, the company has reduced its revenue outlook for the first quarter of fiscal 2021 by $100 million to account for its potential impact.
- Revenue is expected to be $3.00 billion, plus or minus 2 percent.
- GAAP and non-GAAP gross margins are expected to be 65.0 percent and 65.4 percent, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be approximately $1.05 billion and $835 million, respectively.
- GAAP and non-GAAP other income and expense are both expected to be income of approximately $25 million.
- GAAP and non-GAAP tax rates are both expected to be 9 percent, plus or minus 1 percent, excluding any discrete items. GAAP discrete items include excess tax benefits or deficiencies related to stock-based compensation, which are expected to generate variability on a quarter by quarter basis.
Highlights
