NVIDIA Announces Financial Results for Second Quarter Fiscal 2025

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

		Three Months Ended									Six Months Ended
		July 28,			April 28,			July 30,			July 28,			July 30,
			2024			2024			2023			2024			2023

GAAP gross profit		$	22,574		$	20,406		$	9,462		$	42,979		$	14,110
GAAP gross margin			75.1	%		78.4	%		70.1	%		76.6	%		68.2	%
	Acquisition-related and other costs (A)		118			119			119			238			239
	Stock-based compensation expense (B)		40			36			31			75			58
	Other (C)		(3	)		(1	)		2			(4	)		10
Non-GAAP gross profit		$	22,729		$	20,560		$	9,614		$	43,288		$	14,417
Non-GAAP gross margin			75.7	%		78.9	%		71.2	%		77.2	%		69.7	%

GAAP operating expenses		$	3,932		$	3,497		$	2,662		$	7,428		$	5,169
	Stock-based compensation expense (B)		(1,114	)		(975	)		(811	)		(2,089	)		(1,518	)
	Acquisition-related and other costs (A)		(26	)		(21	)		(18	)		(48	)		(72	)
	Other (C)		-			-			5			-			10
Non-GAAP operating expenses		$	2,792		$	2,501		$	1,838		$	5,291		$	3,589

GAAP operating income		$	18,642		$	16,909		$	6,800		$	35,551		$	8,941
	Total impact of non-GAAP adjustments to operating income		1,295			1,150			976			2,446			1,887
Non-GAAP operating income		$	19,937		$	18,059		$	7,776		$	37,997		$	10,828

GAAP other income (expense), net		$	572		$	370		$	181		$	942		$	249
	Gains from non-affiliated investments and publicly-held equity securities, net		(193	)		(69	)		(62	)		(264	)		(46	)
	Interest expense related to amortization of debt discount		1			1			1			2			2
Non-GAAP other income (expense), net		$	380		$	302		$	120		$	680		$	205

GAAP net income		$	16,599		$	14,881		$	6,188		$	31,480		$	8,232
	Total pre-tax impact of non-GAAP adjustments		1,103			1,082			915			2,184			1,843
	Income tax impact of non-GAAP adjustments (D)		(750	)		(725	)		(363	)		(1,475	)		(622	)
Non-GAAP net income		$	16,952		$	15,238		$	6,740		$	32,189		$	9,453

Diluted net income per share
	GAAP	$	0.67		$	0.60		$	0.25		$	1.27		$	0.33
	Non-GAAP	$	0.68		$	0.61		$	0.27		$	1.29		$	0.38

Weighted average shares used in diluted net income per share computation			24,848			24,890			24,994			24,869			24,948

GAAP net cash provided by operating activities		$	14,489		$	15,345		$	6,348		$	29,833		$	9,259
	Purchases related to property and equipment and intangible assets		(977	)		(369	)		(289	)		(1,346	)		(537	)
	Principal payments on property and equipment and intangible assets		(29	)		(40	)		(11	)		(69	)		(31	)
Free cash flow		$	13,483		$	14,936		$	6,048		$	28,418		$	8,691



(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
		Three Months Ended									Six Months Ended
		July 28,			April 28,			July 30,			July 28,			July 30,
			2024			2024			2023			2024			2023
	Cost of revenue	$	118		$	119		$	119		$	238		$	239
	Research and development	$	17		$	12		$	12		$	30		$	24
	Sales, general and administrative	$	9		$	8		$	6		$	18		$	48

(B) Stock-based compensation consists of the following:
		Three Months Ended									Six Months Ended
		July 28,			April 28,			July 30,			July 28,			July 30,
			2024			2024			2023			2024			2023
	Cost of revenue	$	40		$	36		$	31		$	75		$	58
	Research and development	$	832		$	727		$	600		$	1,559		$	1,124
	Sales, general and administrative	$	282		$	248		$	211		$	530		$	394

(C) Other consists of IP-related costs and assets held for sale related adjustments.
(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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