NVIDIA Announces Financial Results for First Quarter Fiscal 2022

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)

		Three Months Ended
		May 2,			January 31,			April 26,
			2021			2021			2020

GAAP gross profit		$	3,629		$	3,157		$	2,004
GAAP gross margin			64.1	%		63.1	%		65.1	%
	Acquisition-related and other costs (A)		87			92			1
	Stock-based compensation expense (B)		25			26			21
	IP-related costs		5			1			-
Non-GAAP gross profit		$	3,746		$	3,276		$	2,026
Non-GAAP gross margin			66.2	%		65.5	%		65.8	%

GAAP operating expenses		$	1,673		$	1,650		$	1,028
	Stock-based compensation expense (B)		(404	)		(391	)		(203	)
	Acquisition-related and other costs (A)		(80	)		(72	)		(4	)
Non-GAAP operating expenses		$	1,189		$	1,187		$	821

GAAP income from operations		$	1,956		$	1,507		$	976
	Total impact of non-GAAP adjustments to income from operations		601			582			229
Non-GAAP income from operations		$	2,557		$	2,089		$	1,205

GAAP other income (expense), net		$	88		$	(37	)	$	5
	(Gains) losses from non-affiliated investments		(134	)		(9	)		3
	Interest expense related to amortization of debt discount		1			1			1
Non-GAAP other income (expense), net		$	(45	)	$	(45	)	$	9

GAAP net income		$	1,912		$	1,457		$	917
	Total pre-tax impact of non-GAAP adjustments		468			574			232
	Income tax impact of non-GAAP adjustments (C)		(67	)		(74	)		(29	)
Non-GAAP net income		$	2,313		$	1,957		$	1,120

Diluted net income per share
	GAAP	$	3.03		$	2.31		$	1.47
	Non-GAAP	$	3.66		$	3.10		$	1.80

Weighted average shares used in diluted net income per share computation			632			631			622

GAAP net cash provided by operating activities		$	1,874		$	2,067		$	909
	Purchases related to property and equipment and intangible assets		(298	)		(283	)		(155	)
	Principal payments on property and equipment		(19	)		(17	)		-
Free cash flow		$	1,557		$	1,767		$	754



(A) Acquisition-related and other costs primarily include amortization of intangible assets, transaction costs, and certain compensation charges presented as follows:
		Three Months Ended
		May 2,			January 31,			April 26,
			2021			2021			2020
	Cost of revenue	$	87		$	92		$	1
	Research and development	$	1		$	2		$	2
	Sales, general and administrative	$	79		$	70		$	2

(B) Stock-based compensation consists of the following:
		Three Months Ended
		May 2,			January 31,			April 26,
			2021			2021			2020
	Cost of revenue	$	25		$	26		$	21
	Research and development	$	276		$	266		$	134
	Sales, general and administrative	$	128		$	125		$	69

(C) 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).

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 Next Page »