NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
January 25, January 27, January 25, January 27,
2009 2008 2009 2008
Revenue $481,140 $1,202,730 $3,424,859 $4,097,860
Cost of revenue 339,474 653,133 2,250,590 2,228,580
Gross profit 141,666 549,597 1,174,269 1,869,280
Operating expenses:
Research and development 211,779 195,835 855,879 691,637
Sales, general and
administrative 86,440 91,263 362,222 341,297
Restructuring charges and
other 18,530 - 26,868 -
Total operating
expenses 316,749 287,098 1,244,969 1,032,934
Operating income (loss) (175,083) 262,499 (70,700) 836,346
Interest and other income,
net 4,708 17,403 27,746 64,995
Income (loss) before income
tax (170,375) 279,902 (42,954) 901,341
Income tax expense
(benefit) (A) (22,710) 22,909 (12,913) 103,696
Net income (loss) $(147,665) 256,993 $(30,041) $797,645
Basic net income (loss) per
share $(0.27) $0.46 $(0.05) $1.45
Diluted net income (loss)
per share $(0.27) $0.42 $(0.05) $1.31
Shares used in basic per
share computation 537,595 557,143 548,126 550,108
Shares used in diluted per
share computation 537,595 609,173 548,126 606,732
(A) The income tax (benefit) rate for the three and twelve months ended
January 25, 2009 was (13.3) % and (30.0)%, respectively. The income
tax expense rate for the three and twelve months ended January 27,
2008 was 8.2% and 11.5%, respectively.
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
January 25, January 27, January 25, January 27,
2009 2008 2009 2008
GAAP gross profit $141,666 $549,597 $1,174,269 $1,869,280
Stock-based
compensation
expense
included in
cost of
revenue (A) 1,912 2,809 11,939 10,886
Insurance claim
proceeds (B) (6,665) - (6,665) -
Non-recurring
charge related to
a royalty dispute - - 4,500 -
Warranty charge
against cost of
revenue arising
from a weak
die/packaging
material set - - 195,954 -
Non-GAAP gross
profit $136,913 $552,406 $1,379,997 $1,880,166
GAAP net income
(loss) $(147,665) $256,993 $(30,041) $797,645
Stock-based
compensation
expense (A) 41,833 34,497 162,706 133,365
Non-recurring charge
related to a royalty
dispute - - 4,500 -
Insurance claim
proceeds (B) (8,000) - (8,000) -
Non-recurring
charges
related to
contract
termination (C) 18,912 - 18,912 -
Restructuring
charges (382) - 7,956 -
Warranty charge
against
cost of
revenue arising
from a weak
die/packaging
material set - - 195,954 -
In process
research &
development charge
related
to acquisitions - 4,000 - 4,000
Income tax
impact of non-
GAAP adjustments 939 (2,902) (48,685) (15,755)
Non-GAAP net
income (loss) $(94,363) $292,588 $303,302 $919,255
Diluted net income
(loss) per
share
GAAP $(0.27) $0.42 $(0.05) $1.31
Non-GAAP $(0.18) $0.49 $0.53 $1.56
Shares used in
GAAP diluted net
income (loss)
per share
computation 537,595 609,173 548,126 606,732
Cumulative impact
of non-GAAP
adjustments (D) - (15,837) (7,348) (16,148)
Impact of shares
used in computing
GAAP loss to
non-GAAP income - - 31,466 -
Shares used in
non-GAAP diluted
net income (loss)
per share
computation 537,595 593,336 572,244 590,584
(A) Results include stock-based compensation expense as follows (in
thousands):
Three Months Ended Twelve Months Ended
January 25, January 27, January 25, January 27,
2009 2008 2009 2008
Cost of revenue $1,912 $2,809 $11,939 $10,886
Research and
development $26,507 $19,146 $98,007 $76,617
Sales, general
and administrative $13,414 $12,542 $52,760 $45,862
(B) Excludes benefit of $8.0 million received during the three months
ended January 25, 2009 from insurance providers as reimbursement for
some of the claims against us towards the warranty cost arising from a
weak die/packaging material set. These insurance claim proceeds have
been allocated to sales, general and administrative expenses to the
extent of legal expenses incurred of $1.3 million and the remainder of
$6.7 million has been allocated to cost of revenue.
(C) Excludes $18.9 million for a non-recurring charge incurred during the
three months ended January 25, 2009 resulting from the termination of
a development contract related to a new campus construction project we
have put on hold.
(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 25, January 27,
2009 2008
ASSETS
Current assets:
Cash, cash equivalents and
marketable securities $1,255,390 $1,809,478
Accounts receivable, net 318,435 666,494
Inventories 537,834 358,521
Prepaid expenses and other current
assets 56,299 54,336
Total current assets 2,167,958 2,888,829
Property and equipment, net 625,798 359,808
Goodwill 369,844 354,057
Intangible assets, net 147,101 106,926
Deposits and other assets 40,026 38,051
Total assets $3,350,727 $3,747,671
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $218,864 $492,099
Accrued liabilities and other
current liabilities 559,727 475,062
Total current liabilities 778,591 967,161
Other long-term liabilities 151,850 162,598
Capital lease obligations, long term 25,634 -
Stockholders' equity 2,394,652 2,617,912
Total liabilities and
stockholders' equity $3,350,727 $3,747,671
Web site: http://www.nvidia.com/
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