NVIDIA Announces Financial Results for First Quarter Fiscal 2018

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

  • Revenue of $1.94 billion, up 48 percent from a year ago
  • GAAP EPS of $0.79, up 126 percent from a year ago
  • Non-GAAP EPS of $0.85, up 85 percent from a year ago
  • Broad growth across all platforms

NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 30, 2017, of $1.94 billion, up 48 percent from $1.30 billion a year earlier, and down 11 percent from $2.17 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $0.79, up 126 percent from $0.35 a year ago and down 20 percent from $0.99 in the previous quarter. Non-GAAP earnings per diluted share were $0.85, up 85 percent from $0.46 a year earlier and down 25 percent from $1.13 in the previous quarter.

"The AI revolution is moving fast and continuing to accelerate," said Jensen Huang, founder and chief executive officer of NVIDIA. "NVIDIA's GPU deep learning platform is the instrument of choice for researchers, internet giants and startups as they invent the future.

"Our Datacenter GPU computing business nearly tripled from last year, as more of the world's computer scientists engage deep learning. One industry after another is awakening to the power of GPU deep learning and AI, the most important technology force of our time," he said.

Capital Return
For fiscal 2018, NVIDIA intends to return $1.25 billion to shareholders through ongoing quarterly cash dividends and share repurchases. During the first quarter of fiscal 2018, NVIDIA paid $82 million in cash dividends.

NVIDIA will pay its next quarterly cash dividend of $0.14 per share on June 14, 2017, to all shareholders of record on May 23, 2017.

Q1 FY2018 Summary

----------------------------------------------------------------------------
                                    GAAP                                    
----------------------------------------------------------------------------
($ in millions except earnings                                              
 per share)                    Q1 FY18 Q4 FY17 Q1 FY17     Q/Q        Y/Y   
----------------------------------------------------------------------------
Revenue                         $1,937  $2,173  $1,305   down 11%     up 48%
----------------------------------------------------------------------------
Gross margin                     59.4%   60.0%   57.5%    down 60 up 190 bps
                                                              bps           
----------------------------------------------------------------------------
Operating expenses                $596    $570    $506      up 5%     up 18%
----------------------------------------------------------------------------
Operating income                  $554    $733    $245   down 24%    up 126%
----------------------------------------------------------------------------
Net income                        $507    $655    $208   down 23%    up 144%
----------------------------------------------------------------------------
Diluted earnings per share       $0.79   $0.99   $0.35   down 20%    up 126%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                  Non-GAAP                                  
----------------------------------------------------------------------------
($ in millions except earnings                                              
 per share)                    Q1 FY18 Q4 FY17 Q1 FY17     Q/Q        Y/Y   
----------------------------------------------------------------------------
Revenue                         $1,937  $2,173  $1,305   down 11%     up 48%
----------------------------------------------------------------------------
Gross margin                     59.6%   60.2%   58.6%    down 60 up 100 bps
                                                              bps           
----------------------------------------------------------------------------
Operating expenses                $517    $498    $443      up 4%     up 17%
----------------------------------------------------------------------------
Operating income                  $637    $809    $322   down 21%     up 98%
----------------------------------------------------------------------------
Net income                        $533    $704    $263   down 24%    up 103%
----------------------------------------------------------------------------
Diluted earnings per share       $0.85   $1.13   $0.46   down 25%     up 85%
----------------------------------------------------------------------------
                                                                            
                                                                            

NVIDIA's outlook for the second quarter of fiscal 2018 is as follows:

  • Revenue is expected to be $1.95 billion, plus or minus two percent.

  • GAAP and non-GAAP gross margins are expected to be 58.4 percent and 58.6 percent, respectively, plus or minus 50 basis points.

  • GAAP operating expenses are expected to be approximately $605 million. Non-GAAP operating expenses are expected to be approximately $530 million.

  • GAAP other income and expense is expected to be an expense of approximately $8 million, inclusive of additional charges from early conversions of convertible notes. Non-GAAP other income and expense is expected to be an expense of approximately $3 million.

  • GAAP and non-GAAP tax rates for the second quarter of fiscal 2018 are both expected to be 17 percent, plus or minus one percent, excluding any discrete items.

  • Weighted average shares used in the GAAP and non-GAAP diluted EPS calculations are dependent on the weighted average stock price during the quarter.

  • Capital expenditures are expected to be approximately $55 million to $65 million.


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