NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2020
|
NVIDIA CORPORATION |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
| (In millions, except per share data) |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Twelve Months Ended |
| |
January 26, |
October 27, |
January 27, |
January 26, |
January 27, |
| |
2020 |
|
2019 |
|
2019 |
|
2020 |
|
|
2019 |
| |
|
|
|
|
|
|
|
|
|
| GAAP gross profit |
$ |
2,015 |
|
|
$ |
1,916 |
|
|
$ |
1,207 |
|
|
$ |
6,768 |
|
|
$ |
7,171 |
|
| GAAP gross margin |
|
64.9 |
% |
|
|
63.6 |
% |
|
|
54.7 |
% |
|
|
62.0 |
% |
|
|
61.2 |
% |
| Stock-based compensation expense (A) |
|
12 |
|
|
|
15 |
|
|
|
6 |
|
|
|
39 |
|
|
|
27 |
|
| Legal settlement costs |
|
3 |
|
|
|
- |
|
|
|
21 |
|
|
|
14 |
|
|
|
35 |
|
| Non-GAAP gross profit |
$ |
2,030 |
|
|
$ |
1,931 |
|
|
$ |
1,234 |
|
|
$ |
6,821 |
|
|
$ |
7,233 |
|
| Non-GAAP gross margin |
|
65.4 |
% |
|
|
64.1 |
% |
|
|
56.0 |
% |
|
|
62.5 |
% |
|
|
61.7 |
% |
| |
|
|
|
|
|
|
|
|
|
| GAAP operating expenses |
$ |
1,025 |
|
|
$ |
989 |
|
|
$ |
913 |
|
|
$ |
3,922 |
|
|
$ |
3,367 |
|
| Stock-based compensation expense (A) |
|
(208 |
) |
|
|
(208 |
) |
|
|
(150 |
) |
|
|
(805 |
) |
|
|
(530 |
) |
| Acquisition-related and other costs |
|
(7 |
) |
|
|
(7 |
) |
|
|
(1 |
) |
|
|
(30 |
) |
|
|
(2 |
) |
| Legal settlement costs |
|
- |
|
|
|
- |
|
|
|
(7 |
) |
|
|
(1 |
) |
|
|
(9 |
) |
| Non-GAAP operating expenses |
$ |
810 |
|
|
$ |
774 |
|
|
$ |
755 |
|
|
$ |
3,086 |
|
|
$ |
2,826 |
|
| |
|
|
|
|
|
|
|
|
|
| GAAP income from operations |
$ |
990 |
|
|
$ |
927 |
|
|
$ |
294 |
|
|
$ |
2,846 |
|
|
$ |
3,804 |
|
| Total impact of non-GAAP adjustments to income from operations |
|
230 |
|
|
|
229 |
|
|
|
185 |
|
|
|
889 |
|
|
|
603 |
|
| Non-GAAP income from operations |
$ |
1,220 |
|
|
$ |
1,156 |
|
|
$ |
479 |
|
|
$ |
3,735 |
|
|
$ |
4,407 |
|
| |
|
|
|
|
|
|
|
|
|
| GAAP other income |
$ |
26 |
|
|
$ |
32 |
|
|
$ |
30 |
|
|
$ |
124 |
|
|
$ |
92 |
|
| Losses (Gains) from non-affiliated investments |
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
1 |
|
|
|
(12 |
) |
| Interest expense related to amortization of debt discount |
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
2 |
|
|
|
2 |
|
| Non-GAAP other income |
$ |
26 |
|
|
$ |
33 |
|
|
$ |
29 |
|
|
$ |
127 |
|
|
$ |
82 |
|
| |
|
|
|
|
|
|
|
|
|
| GAAP net income |
$ |
950 |
|
|
$ |
899 |
|
|
$ |
567 |
|
|
$ |
2,796 |
|
|
$ |
4,141 |
|
| Total pre-tax impact of non-GAAP adjustments |
|
230 |
|
|
|
230 |
|
|
|
184 |
|
|
|
890 |
|
|
|
593 |
|
| Income tax impact of non-GAAP adjustments (B) |
|
(8 |
) |
|
|
(26 |
) |
|
|
(25 |
) |
|
|
(106 |
) |
|
|
(223 |
) |
| Tax benefit from income tax reform |
|
- |
|
|
|
- |
|
|
|
(230 |
) |
|
|
- |
|
|
|
(368 |
) |
| Non-GAAP net income |
$ |
1,172 |
|
|
$ |
1,103 |
|
|
$ |
496 |
|
|
$ |
3,580 |
|
|
$ |
4,143 |
|
| |
|
|
|
|
|
|
|
|
|
| Diluted net income per share |
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
1.53 |
|
|
$ |
1.45 |
|
|
$ |
0.92 |
|
|
$ |
4.52 |
|
|
$ |
6.63 |
|
| Non-GAAP |
$ |
1.89 |
|
|
$ |
1.78 |
|
|
$ |
0.80 |
|
|
$ |
5.79 |
|
|
$ |
6.64 |
|
| |
|
|
|
|
|
|
|
|
|
| Weighted average shares used in diluted net income per share computation |
|
|
|
|
|
|
|
|
|
| GAAP |
|
621 |
|
|
|
618 |
|
|
|
619 |
|
|
|
618 |
|
|
|
625 |
|
| Anti-dilution impact from note hedge |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
| Non-GAAP |
|
621 |
|
|
|
618 |
|
|
|
619 |
|
|
|
618 |
|
|
|
624 |
|
| |
| GAAP net cash provided by operating activities |
$ |
1,465 |
|
|
$ |
1,640 |
|
|
$ |
898 |
|
|
$ |
4,761 |
|
|
$ |
3,743 |
|
| Purchase of property and equipment and intangible assets |
|
(144 |
) |
|
|
(104 |
) |
|
|
(203 |
) |
|
|
(489 |
) |
|
|
(600 |
) |
| Free cash flow |
$ |
1,321 |
|
|
$ |
1,536 |
|
|
$ |
695 |
|
|
$ |
4,272 |
|
|
$ |
3,143 |
|
| |
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
|
|
|
|
|
| (A) Stock-based compensation consists of the following: |
Three Months Ended |
|
Twelve Months Ended |
| |
January 26, |
October 27, |
January 27, |
January 26, |
January 27, |
| |
2020 |
|
2019 |
|
2019 |
|
2020 |
|
2019 |
| Cost of revenue |
$ |
12 |
|
|
$ |
15 |
|
|
$ |
6 |
|
|
$ |
39 |
|
|
$ |
27 |
|
| Research and development |
$ |
140 |
|
|
$ |
141 |
|
|
$ |
99 |
|
|
$ |
540 |
|
|
$ |
336 |
|
| Sales, general and administrative |
$ |
68 |
|
|
$ |
67 |
|
|
$ |
51 |
|
|
$ |
265 |
|
|
$ |
194 |
|
| (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). |
|
