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Michael Hara Calisa Cole
Investor Relations Corporate Communications
NVIDIA Corporation NVIDIA Corporation
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NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
January 27, January 28, January 27, January 28,
2008 2007 2008 2007
Revenue $1,202,730 $878,873 $4,097,860 $3,068,771
Cost of revenue 653,133 493,167 2,228,580 1,768,322
Gross profit 549,597 385,706 1,869,280 1,300,449
Operating expenses:
Research and
development 195,835 162,276 691,637 553,467
Sales, general and
administrative 91,263 84,916 341,297 293,530
Total operating
expenses 287,098 247,192 1,032,934 846,997
Operating income 262,499 138,514 836,346 453,452
Interest and other income,
net 17,403 13,045 64,995 41,028
Income before income tax
expense 279,902 151,559 901,341 494,480
Income tax expense /
(benefit) (A) 22,909 (11,947) 103,696 46,350
Income before change in
accounting principle 256,993 163,506 797,645 448,130
Cumulative effect of change
in accounting principle,
net of income tax (B) - - - 704
Net income $256,993 $163,506 $797,645 $448,834
Basic net income
per share $0.46 $0.30 $1.45 $0.85
Diluted net income
per share $0.42 $0.27 $1.31 $0.76
Shares used in basic per
share computation (C) 557,143 538,172 550,108 528,606
Shares used in diluted
per share computation (C) 609,173 598,491 606,732 587,256
(A) The effective income tax rate for the three and twelve months ended
January 27, 2008 was 8.2% and 11.5%, respectively. The effective
income tax (benefit)/expense rate for the three and twelve months
ended January 28, 2007 was (7.9%) and 9.4%, respectively.
(B) Reflects the net cumulative impact of estimating forfeitures as a
result of adoption of SFAS 123R.
(C) Reflects a three-for-two stock split on September 10, 2007.
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
January 27, January 28, January 27, January 28,
2008 2007 2008 2007
GAAP gross profit $549,597 $385,706 $1,869,280 $1,300,449
Stock-based
compensation
expense included
in cost of revenue 2,809 2,922 10,886 8,200
Patent license fee
for past usage
included in cost
of revenue - - - 16,000
Non-GAAP gross profit $552,406 $388,628 $1,880,166 $1,324,649
GAAP net income $256,993 $163,506 $797,645 $448,834
Stock-based
compensation
expense (A) 34,497 33,909 133,365 116,735
Income tax impact of
non-GAAP adjustments (2,902) (5,239) (15,755) (17,862)
Patent license fees
for past usage - - - 17,500
In-process research &
development charges
related to
acquisitions 4,000 13,400 4,000 13,400
Cumulative effect of
change in accounting
principle, net (B) - - - (704)
Non-GAAP net income $292,588 $205,576 $919,255 $577,903
Diluted net income
per share
GAAP $0.42 $0.27 $1.31 $0.76
Non-GAAP $0.49 $0.35 $1.56 $1.00
Shares used in GAAP
diluted net income
per share
computation (C) 609,173 598,491 606,732 587,256
Cumulative impact of
non-GAAP
adjustments (D) (15,837) (11,220) (16,148) (10,752)
Shares used in
non-GAAP diluted net
income per share
computation (C) 593,336 587,271 590,584 576,504
(A) Results include stock-based compensation expense as follows (in
thousands):
Three Months Ended Twelve Months Ended
January 27, January 28, January 27, January 28,
2008 2007 2008 2007
Cost of revenue $2,809 $2,922 $10,886 $8,200
Research and
development $19,146 $20,333 $76,617 $70,077
Sales, general and
administrative $12,542 $10,654 $45,862 $38,458
(B) Reflects the net cumulative impact of estimating forfeitures as a
result of adoption of SFAS 123R.
(C) Reflects a three-for-two stock split on September 10, 2007.
(D) Reflects an adjustment to the diluted outstanding shares calculated
under SFAS 123R to conform to diluted outstanding shares calculated
under prior accounting standards (APB 25).
NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 27, January 28,
2008 2007
ASSETS
Current assets:
Cash, cash equivalents and
marketable securities $1,809,478 $1,117,850
Accounts receivable, net 666,494 518,680
Inventories 358,521 354,680
Prepaid expenses and other current
assets 54,336 40,560
Total current assets 2,888,829 2,031,770
Property and equipment, net 359,808 260,828
Goodwill 354,057 301,425
Intangible assets, net 106,926 45,511
Deposits and other assets 38,051 35,729
Total assets $3,747,671 $2,675,263
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $492,099 $272,075
Accrued liabilities 475,062 366,732
Total current liabilities 967,161 638,807
Other long-term liabilities 162,598 29,537
Stockholders' equity 2,617,912 2,006,919
Total liabilities and
stockholders' equity $3,747,671 $2,675,263
Web site: http://www.nvidia.com/
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