NVIDIA Announces Financial Results for Fourth Quarter and Fiscal

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)

		Three Months Ended									Twelve Months Ended
		January 28,			October 29,			January 29,			January 28,			January 29,
			2024			2023			2023			2024			2023

GAAP gross profit		$	16,791		$	13,400		$	3,833		$	44,301		$	15,356
GAAP gross margin			76.0	%		74.0	%		63.3	%		72.7	%		56.9	%
	Acquisition-related and other costs (A)		119			119			120			477			455
	Stock-based compensation expense (B)		45			38			30			141			138
	IP-related costs		4			26			16			40			16
Non-GAAP gross profit		$	16,959		$	13,583		$	3,999		$	44,959		$	15,965
*Non-GAAP gross margin*			*76.7*	%		*75.0*	%		*66.1*	%		*73.8*	%		*59.2*	%

GAAP operating expenses		$	3,176		$	2,983		$	2,576		$	11,329		$	11,132
	Stock-based compensation expense (B)		(948	)		(941	)		(709	)		(3,408	)		(2,572	)
	Acquisition-related and other costs (A)		(18	)		(16	)		(54	)		(106	)		(219	)
	Acquisition termination cost		-			-			-			-			(1,353	)
	Other (C)		-			-			(38	)		10			(63	)
Non-GAAP operating expenses		$	2,210		$	2,026		$	1,775		$	7,825		$	6,925

GAAP operating income		$	13,615		$	10,417		$	1,257		$	32,972		$	4,224
	Total impact of non-GAAP adjustments to operating income		1,134			1,140			967			4,162			4,816
Non-GAAP operating income		$	14,749		$	11,557		$	2,224		$	37,134		$	9,040

GAAP other income (expense), net		$	491		$	105		$	32		$	846		$	(43	)
	(Gains) losses from non-affiliated investments		(260	)		69			10			(238	)		45
	Interest expense related to amortization of debt discount		1			1			1			4			5
Non-GAAP other income (expense), net		$	232		$	175		$	43		$	612		$	7

GAAP net income		$	12,285		$	9,243		$	1,414		$	29,760		$	4,368
	Total pre-tax impact of non-GAAP adjustments		875			1,210			978			3,928			4,865
	Income tax impact of non-GAAP adjustments (D)		(321	)		(433	)		(218	)		(1,376	)		(867	)
Non-GAAP net income		$	12,839		$	10,020		$	2,174		$	32,312		$	8,366

Diluted net income per share
	GAAP	$	4.93		$	3.71		$	0.57		$	11.93		$	1.74
	Non-GAAP	$	5.16		$	4.02		$	0.88		$	12.96		$	3.34

Weighted average shares used in diluted net income per share computation			2,490			2,494			2,477			2,494			2,507

GAAP net cash provided by operating activities		$	11,499		$	7,333		$	2,249		$	28,090		$	5,641
	Purchases related to property and equipment and intangible assets		(253	)		(278	)		(509	)		(1,069	)		(1,833	)
	Principal payments on property and equipment and intangible assets		(29	)		(13	)		(4	)		(74	)		(58	)
Free cash flow		$	11,217		$	7,042		$	1,736		$	26,947		$	3,750



(A) Acquisition-related and other costs are comprised of amortization of intangible assets and transaction costs, and are included in the following line items:
		Three Months Ended									Twelve Months Ended
		January 28,			October 29,			January 29,			January 28,			January 29,
			2024			2023			2023			2024			2023
	Cost of revenue	$	119		$	119		$	120		$	477		$	455
	Research and development	$	12		$	12		$	10		$	49		$	39
	Sales, general and administrative	$	6		$	4		$	44		$	57		$	180

(B) Stock-based compensation consists of the following:
		Three Months Ended									Twelve Months Ended
		January 28,			October 29,			January 29,			January 28,			January 29,
			2024			2023			2023			2024			2023
	Cost of revenue	$	45		$	38		$	30		$	141		$	138
	Research and development	$	706		$	701		$	527		$	2,532		$	1,892
	Sales, general and administrative	$	242		$	240		$	182		$	876		$	680

(C) Other consists of costs related to Russia branch office closure, assets held for sale related adjustments, legal settlement costs, and contributions.

(D) 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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