NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2018

 

    NVIDIA CORPORATION   
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES   
  (In millions, except per share data)  
  (Unaudited)  
             
       Three Months Ended       Twelve Months Ended   
     January 28,  October 29,  January 29,  January 28,  January 29, 
      2018    2017    2017    2018    2017  
              
 GAAP gross profit $  1,801  $  1,569  $  1,303  $  5,822  $  4,063  
   GAAP gross margin 61.9%  59.5%  60.0%  59.9%  58.8% 
  Stock-based compensation expense (A)   7     6     4     21     15  
  Legal settlement costs   1     -      -      1     10  
 Non-GAAP gross profit$  1,809  $  1,575  $  1,307  $  5,844  $  4,088    
    Non-GAAP gross margin   62.1 %     59.7 %     60.2 %     60.2 %     59.2 %  
                           
  GAAP operating expenses $   728     $   674     $   570     $   2,612     $   2,129    
    Stock-based compensation expense (A)     (119 )       (101 )       (68 )       (370 )       (233 )  
    Acquisition-related costs (B)     (2 )       (3 )       (4 )       (13 )       (16 )  
    Contributions       -          -          -          (2 )       (4 )  
    Legal settlement costs     -          -          -          -          (6 )  
    Restructuring and other charges     -          -          -          -          (3 )  
  Non-GAAP operating expenses $   607     $   570     $   498     $   2,227     $   1,867    
                           
  GAAP income from operations $   1,073     $   895     $   733     $   3,210     $   1,934    
    Total impact of non-GAAP adjustments to income from operations     129         110         76         407         287    
  Non-GAAP income from operations $   1,202     $   1,005     $   809     $   3,617     $   2,221    
                           
  GAAP other income (expense) $   5     $   1     $   (7 )   $   (14 )   $   (29 )  
    Gains from non-affiliated investments     (2 )       -          (1 )       (2 )       (4 )  
    Debt-related costs (C)     2         1         6         20         21    
    Interest expense related to amortization of debt discount     -          -          4         3         25    
  Non-GAAP other income (expense)  $   5     $   2     $   2     $   7     $   13    
                           
  GAAP net income   $   1,118     $   838     $   655     $   3,047     $   1,666    
    Total pre-tax impact of non-GAAP adjustments     129         111         85         428         329    
    Income tax impact of non-GAAP adjustments (D)     (33 )       (116 )       (36 )       (257 )       (144 )  
    Provisional tax benefit from income tax reform     (133 )       -          -          (133 )       -    
  Non-GAAP net income  $   1,081     $   833     $   704     $   3,085     $   1,851    
                           
  Diluted net income per share                    
    GAAP   $   1.78     $   1.33     $   0.99     $   4.82     $   2.57    
    Non-GAAP    $   1.72     $   1.33     $   1.13     $   4.92     $   3.06    
                           
  Weighted average shares used in diluted net income per share computation                    
    GAAP       628         628         660         632         649    
    Anti-dilution impact from note hedge (E)       (1 )       (2 )       (36 )       (5 )       (44 )  
    Non-GAAP        627         626         624         627         605    
                           
  GAAP net cash provided by operating activities $   1,358     $   1,157     $   721     $   3,502     $   1,672    
    Purchase of property and equipment and intangible assets     (416 )       (69 )       (52 )       (593 )       (176 )  
  Free cash flow   $   942     $   1,088     $   669     $   2,909     $   1,496    
                           
     
                           
  (A) Stock-based compensation consists of the following: Three Months Ended   Twelve Months Ended  
        January 28,   October 29,   January 29,   January 28,   January 29,  
          2018       2017       2017       2018       2017    
    Cost of revenue   $   7     $   6     $   4     $   21     $   15    
    Research and development   $   73     $   61     $   40     $   219     $   135    
    Sales, general and administrative   $   46     $   40     $   27     $   151     $   98    
                           
  (B) Consists of amortization of acquisition-related intangible assets and compensation charges.  
                           
  (C) Consists of loss on early debt conversions and termination of interest rate swap.  
                           
  (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).  
                           
  (E) Represents the number of shares that would be delivered upon conversion of the currently outstanding 1.00% Convertible Senior Notes Due 2018. Under GAAP, shares delivered in hedge transactions are not considered offsetting shares in the fully diluted share calculation until actually delivered.   
                           

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