NVIDIA Announces Financial Results for First Quarter Fiscal 2022



  NVIDIA CORPORATION
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 (In millions, except per share data)
 (Unaudited)
          
     Three Months Ended  
     May 2,  January 31,  April 26, 
      2021    2021    2020  
          
 GAAP gross profit$3,629  $3,157  $2,004  
   GAAP gross margin 64.1%  63.1%  65.1% 
  Acquisition-related and other costs (A) 87   92   1  
  Stock-based compensation expense (B) 25   26   21  
   IP-related costs     5       1       -    
  Non-GAAP gross profit $ 3,746     $ 3,276     $ 2,026    
    Non-GAAP gross margin   66.2 %     65.5 %     65.8 %  
                   
  GAAP operating expenses $ 1,673     $ 1,650     $ 1,028    
    Stock-based compensation expense (B)   (404 )     (391 )     (203 )  
    Acquisition-related and other costs (A)   (80 )     (72 )     (4 )  
  Non-GAAP operating expenses $ 1,189     $ 1,187     $ 821    
                   
  GAAP income from operations $ 1,956     $ 1,507     $ 976    
    Total impact of non-GAAP adjustments to income from operations   601       582       229    
  Non-GAAP income from operations $ 2,557     $ 2,089     $ 1,205    
                   
  GAAP other income (expense), net $ 88     $ (37 )   $ 5    
    (Gains) losses from non-affiliated investments   (134 )     (9 )     3    
    Interest expense related to amortization of debt discount   1       1       1    
  Non-GAAP other income (expense), net $ (45 )   $ (45 )   $ 9    
                   
  GAAP net income   $ 1,912     $ 1,457     $ 917    
    Total pre-tax impact of non-GAAP adjustments   468       574       232    
    Income tax impact of non-GAAP adjustments (C)   (67 )     (74 )     (29 )  
  Non-GAAP net income $ 2,313     $ 1,957     $ 1,120    
                   
  Diluted net income per share            
    GAAP   $ 3.03     $ 2.31     $ 1.47    
    Non-GAAP   $ 3.66     $ 3.10     $ 1.80    
                   
  Weighted average shares used in diluted net income per share computation   632       631       622    
                   
  GAAP net cash provided by operating activities $ 1,874     $ 2,067     $ 909    
    Purchases related to property and equipment and intangible assets   (298 )     (283 )     (155 )  
    Principal payments on property and equipment   (19 )     (17 )     -    
  Free cash flow   $ 1,557     $ 1,767     $ 754    
                   
   
                   
  (A) Acquisition-related and other costs primarily include amortization of intangible assets, transaction costs, and certain compensation charges presented as follows:
        Three Months Ended  
        May 2,   January 31,   April 26,  
          2021       2021       2020    
    Cost of revenue $ 87     $ 92     $ 1    
    Research and development $ 1     $ 2     $ 2    
    Sales, general and administrative $ 79     $ 70     $ 2    
                   
  (B) Stock-based compensation consists of the following:    
        Three Months Ended  
        May 2,   January 31,   April 26,  
          2021       2021       2020    
    Cost of revenue $ 25     $ 26     $ 21    
    Research and development $ 276     $ 266     $ 134    
    Sales, general and administrative $ 128     $ 125     $ 69    
                   
  (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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