| NVIDIA CORPORATION | ||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
| January 31, | October 25, | January 26, | January 31, | January 26, | ||||||||||||||||||
| 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||||||
| GAAP gross profit | $ | 3,157 | $ | 2,960 | $ | 2,015 | $ | 10,396 | $ | 6,768 | ||||||||||||
| GAAP gross margin | 63.1 | % | 62.6 | % | 64.9 | % | 62.3 | % | 62.0 | % | ||||||||||||
| Acquisition-related and other costs (B) | 92 | 86 | - | 425 | - | |||||||||||||||||
| Stock-based compensation expense (A) | 26 | 28 | 12 | 88 | 39 | |||||||||||||||||
| IP-related costs | 1 | 21 | 3 | 38 | 14 | |||||||||||||||||
| Non-GAAP gross profit | $ | 3,276 | $ | 3,095 | $ | 2,030 | $ | 10,947 | $ | 6,821 | ||||||||||||
| Non-GAAP gross margin | 65.5 | % | 65.5 | % | 65.4 | % | 65.6 | % | 62.5 | % | ||||||||||||
| GAAP operating expenses | $ | 1,650 | $ | 1,562 | $ | 1,025 | $ | 5,864 | $ | 3,922 | ||||||||||||
| Stock-based compensation expense (A) | (391 | ) | (355 | ) | (208 | ) | (1,309 | ) | (805 | ) | ||||||||||||
| Acquisition-related and other costs (B) | (72 | ) | (106 | ) | (7 | ) | (411 | ) | (31 | ) | ||||||||||||
| Non-GAAP operating expenses | $ | 1,187 | $ | 1,101 | $ | 810 | $ | 4,144 | $ | 3,086 | ||||||||||||
| GAAP income from operations | $ | 1,507 | $ | 1,398 | $ | 990 | $ | 4,532 | $ | 2,846 | ||||||||||||
| Total impact of non-GAAP adjustments to income from operations | 582 | 595 | 230 | 2,271 | 889 | |||||||||||||||||
| Non-GAAP income from operations | $ | 2,089 | $ | 1,993 | $ | 1,220 | $ | 6,803 | $ | 3,735 | ||||||||||||
| GAAP other income (expense), net | $ | (37 | ) | $ | (50 | ) | $ | 26 | $ | (123 | ) | $ | 124 | |||||||||
| Losses (Gains) from non-affiliated investments | (9 | ) | 4 | - | - | 1 | ||||||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | - | 3 | 2 | |||||||||||||||||
| Non-GAAP other income (expense), net | $ | (45 | ) | $ | (45 | ) | $ | 26 | $ | (120 | ) | $ | 127 | |||||||||
| GAAP net income | $ | 1,457 | $ | 1,336 | $ | 950 | $ | 4,332 | $ | 2,796 | ||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 574 | 600 | 230 | 2,274 | 890 | |||||||||||||||||
| Income tax impact of non-GAAP adjustments (C) | (74 | ) | (102 | ) | (8 | ) | (329 | ) | (106 | ) | ||||||||||||
| Non-GAAP net income | $ | 1,957 | $ | 1,834 | $ | 1,172 | $ | 6,277 | $ | 3,580 | ||||||||||||
| Diluted net income per share | ||||||||||||||||||||||
| GAAP | $ | 2.31 | $ | 2.12 | $ | 1.53 | $ | 6.90 | $ | 4.52 | ||||||||||||
| Non-GAAP | $ | 3.10 | $ | 2.91 | $ | 1.89 | $ | 10.00 | $ | 5.79 | ||||||||||||
| Weighted average shares used in diluted net income per share computation | 631 | 630 | 621 | 628 | 618 | |||||||||||||||||
| GAAP net cash provided by operating activities | $ | 2,067 | $ | 1,279 | $ | 1,465 | $ | 5,822 | $ | 4,761 | ||||||||||||
| Purchases related to property and equipment and intangible assets | (283 | ) | (473 | ) | (144 | ) | (1,128 | ) | (489 | ) | ||||||||||||
| Principal payments on property and equipment | (17 | ) | - | - | (17 | ) | - | |||||||||||||||
| Free cash flow | $ | 1,767 | $ | 806 | $ | 1,321 | $ | 4,677 | $ | 4,272 | ||||||||||||
| (A) Stock-based compensation consists of the following: | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
| January 31, | October 25, | January 26, | January 31, | January 26, | ||||||||||||||||||
| 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||||||
| Cost of revenue | $ | 26 | $ | 28 | $ | 12 | $ | 88 | $ | 39 | ||||||||||||
| Research and development | $ | 266 | $ | 232 | $ | 140 | $ | 860 | $ | 540 | ||||||||||||
| Sales, general and administrative | $ | 125 | $ | 123 | $ | 68 | $ | 449 | $ | 265 | ||||||||||||
| (B) Acquisition-related and other costs primarily include amortization of intangible assets, inventory step-up, transaction costs, and certain compensation charges presented as follows: | ||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
| January 31, | October 25, | January 26, | January 31, | January 26, | ||||||||||||||||||
| 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||||||
| Cost of revenue | $ | 92 | $ | 86 | $ | - | $ | 425 | $ | - | ||||||||||||
| Research and development | $ | 2 | $ | 2 | $ | 1 | $ | 9 | $ | 6 | ||||||||||||
| Sales, general and administrative | $ | 70 | $ | 104 | $ | 6 | $ | 402 | $ | 25 | ||||||||||||
| (C) 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). | ||||||||||||||||||||||
NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2021
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