NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2021

 

    NVIDIA CORPORATION  
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES  
  (In millions, except per share data) 
  (Unaudited) 
            
       Three Months Ended        Twelve Months Ended  
     January 31,  October 25,  January 26,  January 31,  January 26,
      2021    2020    2020    2021    2020 
             
 GAAP gross profit $       3,157  $       2,960  $       2,015  $     10,396  $         6,768 
   GAAP gross margin  63.1 %     62.6 %     64.9 %     62.3 %     62.0 %
    Acquisition-related and other costs (B)                 92                     86                     -                     425                        -    
    Stock-based compensation expense (A)                 26                     28                     12                     88                       39  
    IP-related costs                     1                     21                       3                     38                       14  
  Non-GAAP gross profit $        3,276     $        3,095     $        2,030     $      10,947     $          6,821  
    Non-GAAP gross margin   65.5 %     65.5 %     65.4 %     65.6 %     62.5 %
                         
  GAAP operating expenses $        1,650     $        1,562     $        1,025     $        5,864     $          3,922  
    Stock-based compensation expense (A)               (391 )               (355 )               (208 )            (1,309 )                  (805 )
    Acquisition-related and other costs (B)               (72 )               (106 )                   (7 )               (411 )                    (31 )
  Non-GAAP operating expenses $        1,187     $        1,101     $           810     $        4,144     $          3,086  
                         
  GAAP income from operations $        1,507     $        1,398     $           990     $        4,532     $          2,846  
    Total impact of non-GAAP adjustments to income from operations               582                   595                   230                2,271                     889  
  Non-GAAP income from operations $        2,089     $        1,993     $        1,220     $        6,803     $          3,735  
                         
  GAAP other income (expense), net $           (37 )   $           (50 )   $             26     $         (123 )   $             124  
    Losses (Gains) from non-affiliated investments                 (9 )                     4                     -                       -                           1  
    Interest expense related to amortization of debt discount                   1                       1                     -                         3                         2  
  Non-GAAP other income (expense), net $           (45 )   $           (45 )   $             26     $         (120 )   $             127  
                         
  GAAP net income   $        1,457     $        1,336     $           950     $        4,332     $          2,796  
    Total pre-tax impact of non-GAAP adjustments               574                   600                   230                2,274                     890  
    Income tax impact of non-GAAP adjustments (C)               (74 )               (102 )                   (8 )               (329 )                  (106 )
  Non-GAAP net income  $        1,957     $        1,834     $        1,172     $        6,277     $          3,580  
                         
  Diluted net income per share                  
    GAAP   $          2.31     $          2.12     $          1.53     $          6.90     $            4.52  
    Non-GAAP    $          3.10     $          2.91     $          1.89     $        10.00     $            5.79  
                         
  Weighted average shares used in diluted net income per share computation                 631                   630                   621                   628                     618  
                         
  GAAP net cash provided by operating activities $        2,067     $        1,279     $        1,465     $        5,822     $          4,761  
    Purchases related to property and equipment and intangible assets             (283 )               (473 )               (144 )            (1,128 )                  (489 )
    Principal payments on property and equipment               (17 )                     -                       -                   (17 )                        -  
  Free cash flow   $        1,767     $           806     $        1,321     $        4,677     $          4,272  
                         
   
                         
  (A) Stock-based compensation consists of the following: Three Months Ended   Twelve Months Ended
        January 31,   October 25,   January 26,   January 31,   January 26,
          2021       2020       2020       2021       2020  
    Cost of revenue   $             26     $             28     $             12     $             88     $               39  
    Research and development   $           266     $           232     $           140     $           860     $             540  
    Sales, general and administrative   $           125     $           123     $             68     $           449     $             265  
                         
  (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   Twelve Months Ended
        January 31,   October 25,   January 26,   January 31,   January 26,
          2021       2020       2020       2021       2020  
    Cost of revenue   $             92     $             86     $             -       $           425     $                -    
    Research and development   $               2     $               2     $               1     $               9     $                 6  
    Sales, general and administrative   $             70     $           104     $               6     $           402     $               25  
                         
  (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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