NVIDIA Announces Financial Results for First Quarter Fiscal 2019

 

  NVIDIA CORPORATION  
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES  
 (In millions, except per share data) 
 (Unaudited) 
        
      Three Months Ended  
    April 29,  January 28,  April 30,
     2018    2018    2017 
        
GAAP gross profit $  2,068  $  1,801  $  1,150 
  GAAP gross margin 64.5%  61.9%  59.4%
 Stock-based compensation expense (A)   8     7     4 
 Legal settlement costs   -      1     -  
Non-GAAP gross profit$  2,076  $  1,809  $  1,154 
  Non-GAAP gross margin 64.7%  62.1%  59.6%
        
GAAP operating expenses$  773  $  728  $  596 
 Stock-based compensation expense (A)    (121)    (119)    (73)
 Acquisition-related costs (B)   (2)    (2)    (4)
 Legal settlement costs   (2)    -      -  
 Contributions    -      -      (2)
Non-GAAP operating expenses$   648     $   607     $   517  
               
GAAP income from operations $   1,295     $   1,073     $   554  
  Total impact of non-GAAP adjustments to income from operations     133         129         83  
Non-GAAP income from operations $   1,428     $   1,202     $   637  
               
GAAP other income (expense) $   16     $   5     $   (18 )
  Gains from non-affiliated investments (C)     (6 )       (2 )       -   
  Interest expense related to amortization of debt discount     1         -          2  
  Debt-related costs (D)     -          2         14  
Non-GAAP other income (expense)  $   11     $   5     $   (2 )
               
GAAP net income   $   1,244     $   1,118     $   507  
  Total pre-tax impact of non-GAAP adjustments     128         129         99  
  Income tax impact of non-GAAP adjustments (E)     (87 )       (33 )       (73 )
  Provisional tax benefit from income tax reform     -          (133 )       -   
Non-GAAP net income  $   1,285     $   1,081     $   533  
               
Diluted net income per share          
  GAAP   $   1.98     $   1.78     $   0.79  
  Non-GAAP    $   2.05     $   1.72     $   0.85  
               
Weighted average shares used in diluted net income per share computation          
  GAAP       627         628         641  
  Anti-dilution impact from note hedge (F)       (1 )       (1 )       (14 )
  Non-GAAP        626         627         627  
               
GAAP net cash provided by operating activities $   1,445     $   1,358     $   282  
  Purchase of property and equipment and intangible assets     (118 )       (416 )       (53 )
Free cash flow   $   1,327     $   942     $   229  
               
 
               
(A) Stock-based compensation consists of the following: Three Months Ended
      April 29,   January 28,   April 30,
        2018       2018     2017
  Cost of revenue   $   8     $   7     $   4  
  Research and development   $   74     $   73     $   41  
  Sales, general and administrative   $   47     $   46     $   31  
               
(B) Consists of amortization of acquisition-related intangible assets and compensation charges.
               
(C) Consists of realized and unrealized gains from non-affiliated investments.
               
(D) Consists of loss on early debt conversions and termination of interest rate swap.
               
(E) 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).
               
(F) Represents the number of shares that would be delivered upon conversion of the currently outstanding 1.00% Convertible Senior Notes Due 2018. Under GAAP, shares delivered in hedge transactions are not considered offsetting shares in the fully diluted share calculation until actually delivered. 
               

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