NVIDIA Announces Financial Results for Fourth Quarter and Fiscal

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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