NVIDIA Announces Financial Results for Third Quarter Fiscal 2022

 

  NVIDIA CORPORATION
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
  (In millions, except per share data)
  (Unaudited)
                     
        Three Months Ended   Nine Months Ended
        October 31,   August 1,   October 25,   October 31, October 25,
          2021       2021       2020       2021       2020  
                         
  GAAP gross profit $ 4,631     $ 4,215     $ 2,960     $ 12,476     $ 7,240  
    GAAP gross margin   65.2 %     64.8 %     62.6 %     64.7 %     62.0 %
  Acquisition-related and other costs (A)   86       86       86       258       331  
  Stock-based compensation expense (B)   44       32       28       102       62  
  IP-related costs     -       4       21       8       38  
  Non-GAAP gross profit $ 4,761     $ 4,337     $ 3,095     $ 12,844     $ 7,671  
    Non-GAAP gross margin   67.0 %     66.7 %     65.5 %     66.6 %     65.7 %
                         
  GAAP operating expenses $ 1,960     $ 1,771     $ 1,562     $ 5,405     $ 4,215  
  Stock-based compensation expense (B)   (515 )     (433 )     (355 )     (1,351 )     (919 )
  Acquisition-related and other costs (A)   (70 )     (72 )     (106 )     (224 )     (338 )
  Non-GAAP operating expenses $ 1,375     $ 1,266     $ 1,101     $ 3,830     $ 2,958  
                         
  GAAP income from operations $ 2,671     $ 2,444     $ 1,398     $ 7,071     $ 3,025  
  Total impact of non-GAAP adjustments to income from operations   715       627       595       1,943       1,689  
  Non-GAAP income from operations $ 3,386     $ 3,071     $ 1,993     $ 9,014     $ 4,714  
                         
  GAAP other income (expense), net $ (33 )   $ (50 )   $ (50 )   $ 5     $ (86 )
  (Gains) losses from non-affiliated investments   (20 )     -       4       (153 )     9  
  Interest expense related to amortization of debt discount   1       1       1       3       1  
  Non-GAAP other income (expense), net $ (52 )   $ (49 )   $ (45 )   $ (145 )   $ (76 )
                         
  GAAP net income   $ 2,464     $ 2,374     $ 1,336     $ 6,749     $ 2,875  
  Total pre-tax impact of non-GAAP adjustments   696       628       600       1,793       1,699  
  Income tax impact of non-GAAP adjustments (C)   (187 )     (127 )     (102 )     (381 )     (255 )
  Domestication tax benefit   -       (252 )     -       (252 )     -  
  Non-GAAP net income $ 2,973     $ 2,623     $ 1,834     $ 7,909     $ 4,319  
                         
  Diluted net income per share (D)                  
  GAAP   $ 0.97     $ 0.94     $ 0.53     $ 2.67     $ 1.15  
  Non-GAAP   $ 1.17     $ 1.04     $ 0.73     $ 3.12     $ 1.72  
                         
  Weighted average shares used in diluted net income per share computation (D)     2,538       2,532       2,520       2,532       2,504  
                         
  GAAP net cash provided by operating activities $ 1,519     $ 2,682     $ 1,279     $ 6,075     $ 3,755  
  Purchases related to property and equipment and intangible assets   (221 )     (183 )     (473 )     (703 )     (845 )
  Principal payments on property and equipment   (22 )     (21 )     -       (62 )     -  
  Free cash flow   $ 1,276     $ 2,478     $ 806     $ 5,310     $ 2,910  
                         
   
                         
  (A) Acquisition-related and other costs primarily include amortization of intangible assets, inventory step-up, transaction costs, and certain compensation charges presented as follows:
        Three Months Ended   Nine Months Ended
        October 31,   August 1,   October 25,   October 31, October 25,
          2021       2021       2020       2021       2020  
  Cost of revenue $ 86     $ 86     $ 86     $ 258     $ 331  
  Research and development $ 7     $ 1     $ 2     $ 10     $ 7  
  Sales, general and administrative $ 63     $ 71     $ 104     $ 214     $ 331  
                         
  (B) Stock-based compensation consists of the following:      
        Three Months Ended   Nine Months Ended
        October 31,   August 1,   October 25,   October 31, October 25,
          2021       2021       2020       2021       2020  
  Cost of revenue $ 44     $ 32     $ 28     $ 102     $ 62  
  Research and development $ 363     $ 297     $ 232     $ 935     $ 594  
  Sales, general and administrative $ 152     $ 136     $ 123     $ 416     $ 325  
                         
  (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).
                         
  (D) Reflects a four-for-one stock split on July 19, 2021.

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