NVIDIA Announces Financial Results for Fourth Quarter and Fiscal

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2023

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

		Three Months Ended									Twelve Months Ended
		January 29,			October 30,			January 30,			January 29,			January 30,
			2023			2022			2022			2023			2022

GAAP gross profit		$	3,833		$	3,177		$	4,999		$	15,356		$	17,475
GAAP gross margin			63.3 %			53.6 %			65.4 %			56.9 %			64.9 %
	Acquisition-related and other costs (A)		120			120			86			455			344
	Stock-based compensation expense (B)		30			32			39			138			141
	IP-related costs		16			-			-			16			9
Non-GAAP gross profit		$	3,999		$	3,329		$	5,124		$	15,965		$	17,969
Non-GAAP gross margin			66.1 %			56.1 %			67.0 %			59.2 %			66.8 %

GAAP operating expenses		$	2,576		$	2,576		$	2,029		$	11,132		$	7,434
	Stock-based compensation expense (B)		(709	)		(713	)		(512	)		(2,572	)		(1,863	)
	Acquisition-related and other costs (A)		(54	)		(54	)		(70	)		(219	)		(292	)
	Restructuring costs and other		(38	)		(16	)		-			(54	)		-
	Acquisition termination cost		-			-			-			(1,353	)		-
	Legal settlement costs		-			-			-			(7	)		-
	Contributions		-			-			-			(2	)		-
Non-GAAP operating expenses		$	1,775		$	1,793		$	1,447		$	6,925		$	5,279

GAAP income from operations		$	1,257		$	601		$	2,970		$	4,224		$	10,041
	Total impact of non-GAAP adjustments to income from operations		967			935			707			4,816			2,649
Non-GAAP income from operations		$	2,224		$	1,536		$	3,677		$	9,040		$	12,690

GAAP other income (expense), net		$	32		$	12		$	(105	)	$	(43	)	$	(100	)
	(Gains) losses from non-affiliated investments		10			11			53			45			(99	)
	Interest expense related to amortization of debt discount		1			1			-			5			3
Non-GAAP other income (expense), net		$	43		$	24		$	(52	)	$	7		$	(196	)

GAAP net income		$	1,414		$	680		$	3,003		$	4,368		$	9,752
	Total pre-tax impact of non-GAAP adjustments		978			947			760			4,865			2,553
	Income tax impact of non-GAAP adjustments (C)		(218	)		(171	)		(330	)		(867	)		(712	)
	Domestication tax adjustments		-			-			7			-			(244	)
	Foreign tax benefit		-			-			(90	)		-			(90	)
Non-GAAP net income		$	2,174		$	1,456		$	3,350		$	8,366		$	11,259

Diluted net income per share
	GAAP	$	0.57		$	0.27		$	1.18		$	1.74		$	3.85
	Non-GAAP	$	0.88		$	0.58		$	1.32		$	3.34		$	4.44

Weighted average shares used in diluted net income per share computation			2,477			2,499			2,545			2,507			2,535

GAAP net cash provided by operating activities		$	2,249		$	392		$	3,033		$	5,641		$	9,108
	Purchases related to property and equipment and intangible assets		(509	)		(530	)		(273	)		(1,833	)		(976	)
	Principal payments on property and equipment and intangible assets		(4	)		(18	)		(21	)		(58	)		(83	)
Free cash flow		$	1,736		$	(156	)	$	2,739		$	3,750		$	8,049



(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
		Three Months Ended									Twelve Months Ended
		January 29,			October 30,			January 30,			January 29,			January 30,
			2023			2022			2022			2023			2022
	Cost of revenue	$	120		$	120		$	86		$	455		$	344
	Research and development	$	10		$	10		$	9		$	39		$	19
	Sales, general and administrative	$	44		$	44		$	61		$	180		$	273

(B) Stock-based compensation consists of the following:
		Three Months Ended									Twelve Months Ended
		January 29,			October 30,			January 30,			January 29,			January 30,
			2023			2022			2022			2023			2022
	Cost of revenue	$	30		$	32		$	39		$	138		$	141
	Research and development	$	527		$	530		$	362		$	1,892		$	1,298
	Sales, general and administrative	$	182		$	183		$	150		$	680		$	565
(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).

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