NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2017

SANTA CLARA, CA -- (Marketwired) -- Feb 09, 2017 -- NVIDIA (NASDAQ: NVDA)

  • Record quarterly revenue of $2.17 billion, up 55 percent from a year ago
  • Record full-year revenue of $6.91 billion, up 38 percent from a year ago
  • Record quarterly GAAP gross margin at 60.0 percent, non-GAAP gross margin at 60.2 percent
  • GPU computing platform continues to power gains across full product line

NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 29, 2017, of $2.17 billion, up 55 percent from $1.40 billion a year earlier, and up 8 percent from $2.00 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $0.99, up 183 percent from $0.35 a year ago and up 19 percent from $0.83 in the previous quarter. Non-GAAP earnings per diluted share were $1.13, up 117 percent from $0.52 a year earlier and up 20 percent from $0.94 in the previous quarter.

For fiscal 2017, revenue reached a record $6.91 billion, up 38 percent from $5.01 billion a year earlier. GAAP earnings per diluted share were $2.57, up 138 percent from $1.08 a year earlier. Non-GAAP earnings per diluted share were $3.06, up 83 percent from $1.67 a year earlier.

"We had a great finish to a record year, with continued strong growth across all our businesses," said Jen-Hsun Huang, founder and chief executive officer of NVIDIA. "Our GPU computing platform is enjoying rapid adoption in artificial intelligence, cloud computing, gaming, and autonomous vehicles.‎

"Deep learning on NVIDIA GPUs, a breakthrough approach to AI, is helping to tackle challenges such as self-driving cars, early cancer detection and weather prediction. We can now see that ‎GPU-based deep learning will revolutionize major industries, from consumer internet and transportation to health care and manufacturing. The era of AI is upon us," he said.

Capital Return
During fiscal 2017, NVIDIA paid $739 million in share repurchases and $261 million in cash dividends. As a result, the company returned an aggregate of $1.00 billion to shareholders in fiscal 2017.

For fiscal 2018, NVIDIA intends to return $1.25 billion to shareholders through ongoing quarterly cash dividends and share repurchases.

NVIDIA will pay its next quarterly cash dividend of $0.14 per share on March 17, 2017, to all shareholders of record on February 24, 2017.

Q4 Fiscal 2017 Summary

----------------------------------------------------------------------------
                                    GAAP                                    
----------------------------------------------------------------------------
($ in millions except earnings                                              
per share)                     Q4 FY17 Q3 FY17 Q4 FY16     Q/Q        Y/Y   
----------------------------------------------------------------------------
Revenue                         $2,173  $2,004  $1,401      up 8%     up 55%
----------------------------------------------------------------------------
Gross margin                     60.0%   59.0%   56.5% up 100 bps up 350 bps
----------------------------------------------------------------------------
Operating expenses                $570    $544    $539      up 5%      up 6%
----------------------------------------------------------------------------
Operating income                  $733    $639    $252     up 15%    up 191%
----------------------------------------------------------------------------
Net income                        $655    $542    $207     up 21%    up 216%
----------------------------------------------------------------------------
Diluted earnings per share       $0.99   $0.83   $0.35     up 19%    up 183%
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                  Non-GAAP                                  
----------------------------------------------------------------------------
($ in millions except earnings                                              
per share)                     Q4 FY17 Q3 FY17 Q4 FY16     Q/Q        Y/Y   
----------------------------------------------------------------------------
Revenue                         $2,173  $2,004  $1,401      up 8%     up 55%
----------------------------------------------------------------------------
Gross margin                     60.2%   59.2%   57.2% up 100 bps up 300 bps
----------------------------------------------------------------------------
Operating expenses                $498    $478    $445      up 4%     up 12%
----------------------------------------------------------------------------
Operating income                  $809    $708    $356     up 14%    up 127%
----------------------------------------------------------------------------
Net income                        $704    $570    $297     up 24%    up 137%
----------------------------------------------------------------------------
Diluted earnings per share       $1.13   $0.94   $0.52     up 20%    up 117%
----------------------------------------------------------------------------
                                                                            

Fiscal 2017 Summary

----------------------------------------------------------------------------
                                    GAAP                                    
----------------------------------------------------------------------------
($ in millions except earnings per share)           FY17    FY16      Y/Y   
----------------------------------------------------------------------------
Revenue                                                                                      $6,910    $5,010          up  38%
----------------------------------------------------------------------------
Gross  margin                                                                                58.8%      56.1%  up  270  bps
----------------------------------------------------------------------------
Operating  expenses                                                                  $2,129    $2,064            up  3%
----------------------------------------------------------------------------
Operating  income                                                                      $1,934        $747        up  159%
----------------------------------------------------------------------------
Net  income                                                                                  $1,666        $614        up  171%
----------------------------------------------------------------------------
Diluted  earnings  per  share                                                    $2.57      $1.08        up  138%
----------------------------------------------------------------------------
                                                                                                                                                        
----------------------------------------------------------------------------
                                                                    Non-GAAP                                                                    
----------------------------------------------------------------------------
($  in  millions  except  earnings  per  share)                      FY17        FY16            Y/Y      
----------------------------------------------------------------------------
Revenue                                                                                        $6,910    $5,010          up  38%
----------------------------------------------------------------------------
Gross  margin                                                                                59.2%      56.8%  up  240  bps
----------------------------------------------------------------------------
Operating  expenses                                                                  $1,867    $1,721            up  8%
----------------------------------------------------------------------------
Operating  income                                                                      $2,221    $1,125          up  97%
----------------------------------------------------------------------------
Net  income                                                                                  $1,851        $929          up  99%
----------------------------------------------------------------------------
Diluted  earnings  per  share                                                    $3.06      $1.67          up  83%
----------------------------------------------------------------------------
                                                                                                                                                        
 

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