NVIDIA Announces Financial Results for First Quarter Fiscal 2022
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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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