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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