NVIDIA Announces Financial Results for Third Quarter Fiscal 2021


NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
         
  Three Months Ended   Nine Months Ended
  October 25,  July 26,  October 27,  October 25,  October 27,
   2020    2020    2019    2020    2019 
          
GAAP gross profit$2,960  $2,275  $1,916  $7,240  $4,753 
GAAP gross margin 62.6%  58.8%  63.6%  62.0%     60.8 %
Acquisition-related and other costs (B)   86       245       -       331       -  
Stock-based compensation expense (A)   28       14       15       62       27  
Legal settlement costs   21       17       -       38       11  
Non-GAAP gross profit $ 3,095     $ 2,551     $ 1,931     $ 7,671     $ 4,791  
Non-GAAP gross margin   65.5 %     66.0 %     64.1 %     65.7 %     61.3 %
                   
GAAP operating expenses $ 1,562     $ 1,624     $ 989     $ 4,215     $ 2,897  
Stock-based compensation expense (A)   (355 )     (360 )     (208 )     (919 )     (597 )
Acquisition-related and other costs (B)   (106 )     (229 )     (7 )     (338 )     (22 )
Legal settlement costs   -       -       -       -       (2 )
Non-GAAP operating expenses $ 1,101     $ 1,035     $ 774     $ 2,958     $ 2,276  
                   
GAAP income from operations $ 1,398     $ 651     $ 927     $ 3,025     $ 1,856  
Total impact of non-GAAP adjustments to income from operations   595       865       229       1,689       659  
Non-GAAP income from operations $ 1,993     $ 1,516     $ 1,156     $ 4,714     $ 2,515  
                   
GAAP other income (expense), net $ (50 )   $ (42 )   $ 32     $ (86 )   $ 98  
Losses from non-affiliated investments   4       2       -       9       1  
Interest expense related to amortization of debt discount   1       1       1       1       1  
Non-GAAP other income (expense), net $ (45 )   $ (39 )   $ 33     $ (76 )   $ 100  
                   
GAAP net income $ 1,336     $ 622     $ 899     $ 2,875     $ 1,845  
Total pre-tax impact of non-GAAP adjustments   600       868       230       1,699       660  
Income tax impact of non-GAAP adjustments (C)   (102 )     (124 )     (26 )     (255 )     (97 )
Non-GAAP net income $ 1,834     $ 1,366     $ 1,103     $ 4,319     $ 2,408  
                   
Diluted net income per share                  
GAAP $ 2.12     $ 0.99     $ 1.45     $ 4.59     $ 2.99  
Non-GAAP $ 2.91     $ 2.18     $ 1.78     $ 6.90     $ 3.90  
                   
Weighted average shares used in diluted net income per share computation   630       626       618       626       617  
                   
GAAP net cash provided by operating activities $ 1,279     $ 1,566     $ 1,640     $ 3,755     $ 3,296  
Purchases related to property and equipment and intangible assets   (473 )     (217 )     (104 )     (845 )     (344 )
Free cash flow $ 806     $ 1,349     $ 1,536     $ 2,910     $ 2,952  
                   
 
                   
(A) Stock-based compensation consists of the following: Three Months Ended   Nine Months Ended
  October 25,   July 26,   October 27,   October 25,   October 27,
    2020       2020       2019       2020       2019  
Cost of revenue $ 28     $ 14     $ 15     $ 62     $ 27  
Research and development $ 232     $ 228     $ 141     $ 594     $ 400  
Sales, general and administrative $ 123     $ 132     $ 67     $ 325     $ 197  
                   
(B) 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 25,   July 26,   October 27,   October 25,   October 27,
    2020       2020       2019       2020       2019  
Cost of revenue $ 86     $ 245     $ -     $ 331     $ -  
Research and development $ 2     $ 3     $ 1     $ 7     $ 4  
Sales, general and administrative $ 104     $ 226     $ 6     $ 331     $ 18  
                   
(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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