NVIDIA (NASDAQ:NVDA) today reported record revenue for the fourth
quarter ended January 28, 2018, of $2.91 billion, up 34 percent
from $2.17 billion a year earlier, and up 10 percent from $2.64
billion in the previous quarter.
GAAP earnings per diluted share for the quarter were a record
$1.78, up 80 percent from $0.99 a year ago and up 34 percent from
$1.33 in the previous quarter. Non-GAAP earnings per diluted share
were $1.72, also a record, up 52 percent from $1.13 a year earlier
and up 29 percent from $1.33 in the previous quarter.
For fiscal 2018, revenue was a record $9.71 billion, up 41
percent from $6.91 billion a year earlier. GAAP earnings per
diluted share were a record $4.82, up 88 percent from $2.57 a year
earlier. Non-GAAP earnings per diluted share were $4.92, also a
record, up 61 percent from $3.06 a year earlier.
“We achieved another record quarter, capping an excellent year,”
said Jensen Huang, founder and chief executive officer of NVIDIA.
“In a powerful sign of our progress, attendees at NVIDIA’s GPU
Technology Conferences reached 22,000, up tenfold in five years, as
software developers working in AI, self-driving cars, and a broad
range of other fields continued to discover the acceleration and
money-saving benefits of our GPU computing platform.
“Industries around the world are racing to incorporate AI.
Virtually every internet and cloud service provider has embraced
our Volta GPUs. Hundreds of transportation companies are using our
NVIDIA DRIVE platform. From manufacturing and healthcare to smart
cities, innovators are using our platform to invent the future,” he
said.
Capital ReturnDuring fiscal 2018, NVIDIA
returned $1.25 billion to shareholders through a combination of
$909 million in share repurchases and $341 million in quarterly
cash dividends.
For fiscal 2019, 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 $0.15 per
share on March 16, 2018, to all shareholders of record on February
23, 2018.
Q4 Fiscal 2018 Summary
GAAP |
($ in millions except earnings per share) |
Q4 FY18 |
Q3 FY18 |
Q4 FY17 |
Q/Q |
Y/Y |
Revenue |
$2,911 |
|
$2,636 |
|
$2,173 |
|
Up 10% |
Up 34% |
Gross margin |
|
61.9% |
|
|
59.5% |
|
|
60.0% |
|
Up 240 bps |
Up 190 bps |
Operating expenses |
$728 |
|
$674 |
|
$570 |
|
Up 8% |
Up 28% |
Operating income |
$1,073 |
|
$895 |
|
$733 |
|
Up 20% |
Up 46% |
Net income |
$1,118 |
|
$838 |
|
$655 |
|
Up 33% |
Up 71% |
Diluted earnings per share |
$1.78 |
|
$1.33 |
|
$0.99 |
|
Up 34% |
Up 80% |
Non-GAAP |
($ in millions except earnings per share) |
Q4 FY18 |
Q3 FY18 |
Q4 FY17 |
Q/Q |
Y/Y |
Revenue |
$2,911 |
|
$2,636 |
|
$2,173 |
|
Up 10% |
Up 34% |
Gross margin |
|
62.1% |
|
|
59.7% |
|
|
60.2% |
|
Up 240 bps |
Up 190 bps |
Operating expenses |
$607 |
|
$570 |
|
$498 |
|
Up 6% |
Up 22% |
Operating income |
$1,202 |
|
$1,005 |
|
$809 |
|
Up 20% |
Up 49% |
Net income |
$1,081 |
|
$833 |
|
$704 |
|
Up 30% |
Up 54% |
Diluted earnings per share |
$1.72 |
|
$1.33 |
|
$1.13 |
|
Up 29% |
Up 52% |
Fiscal 2018 Summary
GAAP |
($ in millions except earnings per share) |
FY18 |
FY17 |
Y/Y |
Revenue |
$9,714 |
|
$6,910 |
|
Up 41% |
Gross margin |
|
59.9% |
|
|
58.8% |
|
Up 110 bps |
Operating expenses |
$2,612 |
|
$2,129 |
|
Up 23% |
Operating income |
$3,210 |
|
$1,934 |
|
Up 66% |
Net income |
$3,047 |
|
$1,666 |
|
Up 83% |
Diluted earnings per share |
$4.82 |
|
$2.57 |
|
Up 88% |
Non-GAAP |
($ in millions except earnings per share) |
FY18 |
FY17 |
Y/Y |
Revenue |
$9,714 |
|
$6,910 |
|
Up 41% |
Gross margin |
|
60.2% |
|
|
59.2% |
|
Up 100 bps |
Operating expenses |
$2,227 |
|
$1,867 |
|
Up 19% |
Operating income |
$3,617 |
|
$2,221 |
|
Up 63% |
Net income |
$3,085 |
|
$1,851 |
|
Up 67% |
Diluted earnings per share |
$4.92 |
|
$3.06 |
|
Up 61% |
NVIDIA’s outlook for the first quarter of fiscal 2019 is as
follows:
- Revenue is expected to be $2.90 billion, plus or minus two
percent.
- GAAP and non-GAAP gross margins are expected to be 62.7 percent
and 63.0 percent, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be
approximately $770 million and $645 million, respectively.
- GAAP and non-GAAP other income and expense are both expected to
be nominal.
- GAAP and non-GAAP tax rates are both expected to be 12 percent,
plus or minus one percent, excluding any discrete items. GAAP
discrete items include excess tax benefits or deficiencies related
to stock-based compensation, which the company expects to generate
variability on a quarter by quarter basis.
Fourth Quarter Fiscal 2018 Highlights During
the fourth quarter, NVIDIA achieved progress in these areas:
Datacenter
- Announced that NVIDIA Tesla® V100 GPU accelerators are now
available through every major computer maker and have been chosen
by every major cloud to deliver AI and high performance
computing.
- Added a record 34 GPU-accelerated systems to the Top500
supercomputer list, bringing the company’s total to 87.
- Announced partnerships to further AI in key vertical
industries, including initiatives with GE Health and Nuance in
medical imaging; Baker Hughes, a GE company, in oil and gas;
and Japan’s Komatsu in construction and mining.
- Expanded the NVIDIA® GPU Cloud container registry to support
scientists using HPC applications, and AI researchers using desktop
GPUs.
Gaming
- Announced gaming laptops using the Max-Q design, which are 3x
faster and 3x thinner than previous-generation gaming laptops.
- Introduced BFGDs™, big format gaming displays, providing
ultra-low latency PC gaming and integrated streaming on a high-end
65-inch display using NVIDIA G-SYNC™ technology with NVIDIA
SHIELD™.
- Enhanced GeForce Experience™ with new tools, including NVIDIA
Freestyle for customizing gameplay and an updated interface for the
NVIDIA Ansel photo mode, as well as new titles including
PlayerUnknown’s Battleground and Fortnite that support NVIDIA
ShadowPlay™ Highlights for capturing gaming achievements.
- Increased its GeForce GPU share among gamers on the Steam
online gaming platform to 86 percent.
- Introduced two new collector’s edition Star Wars-themed NVIDIA
TITAN Xp GPUs, tied to the release of Star Wars: The Last
Jedi.
Automotive
- Announced and demonstrated NVIDIA DRIVE™ Xavier™, the world’s
first autonomous machine processor, with customer availability in
the first quarter.
- Announced NVIDIA DRIVE, the world’s first functionally safe AI
self-driving platform, plus a suite of tools to test and validate
neural networks by simulating all kind of driving conditions.
- Unveiled partnerships with Uber and Aurora to develop
self-driving cars using the open NVIDIA DRIVE AI self-driving
platform.
- Partnered with ZF and Baidu to create the first production AI
autonomous vehicle platform for the China market, with Chery as the
first customer.
- Partnered with Volkswagen to integrate AI into future VW
vehicles using the NVIDIA DRIVE IX intelligent experience platform
and create AI cockpits with enhanced convenience and safety
features.
- Announced NVIDIA is powering the Mercedes-Benz MBUX in-car AI
smart cockpit system, going into production next month with the new
A-Class.
- Announced NVIDIA is partnering with Continental to build AI
self-driving vehicle systems, from enhanced Level 2 to Level 5, for
production in 2021.
CFO Commentary Commentary on the quarter by
Colette Kress, NVIDIA’s executive vice president and chief
financial officer, is available at http://investor.nvidia.com/.
Conference Call and Webcast Information NVIDIA
will conduct a conference call with analysts and investors to
discuss its fourth quarter and fiscal 2018 financial results and
current financial prospects today at 2 p.m. Pacific time (5 p.m.
Eastern time). To listen to the conference call, dial (877)
223-3864 in the United States or (574) 990-1377 internationally,
and provide the following conference ID: 6265639. A live webcast
(listen-only mode) of the conference call will be accessible at
NVIDIA’s investor relations website, http://investor.nvidia.com,
and at www.streetevents.com. The webcast will be recorded and
available for replay until NVIDIA’s conference call to discuss its
financial results for its first quarter of fiscal 2019.
Non-GAAP Measures To supplement NVIDIA’s
Condensed Consolidated Statements of Income and Condensed
Consolidated Balance Sheets presented in accordance with GAAP, the
company uses non-GAAP measures of certain components of financial
performance. These non-GAAP measures include non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income
from operations, non-GAAP other income (expense), non-GAAP income
tax expense, non-GAAP net income, non-GAAP net income, or earnings,
per diluted share, non-GAAP diluted shares, and free cash flow. In
order for NVIDIA’s investors to be better able to compare its
current results with those of previous periods, the company has
shown a reconciliation of GAAP to non-GAAP financial measures.
These reconciliations adjust the related GAAP financial measures to
exclude stock-based compensation expense, legal settlement costs,
acquisition-related costs, contributions, restructuring and other
charges, gains from non-affiliated investments, interest expense
related to amortization of debt discount, debt-related costs, the
associated tax impact of these items, where applicable, and the
provisional tax benefit from income tax reform. Weighted average
shares used in the non-GAAP diluted net income per share
computation includes the anti-dilution impact of the company’s Note
Hedge. Free cash flow is calculated as GAAP net cash provided by
operating activities less purchases of property and equipment and
intangible assets. NVIDIA believes the presentation of its non-GAAP
financial measures enhances the user’s overall understanding of the
company’s historical financial performance. The presentation of the
company’s non-GAAP financial measures is not meant to be considered
in isolation or as a substitute for the company’s financial results
prepared in accordance with GAAP, and its non-GAAP measures may be
different from non-GAAP measures used by other companies.
Keep Current on NVIDIASubscribe to the NVIDIA
blog, follow us on Facebook, Google+, Twitter, LinkedIn and
Instagram, and view NVIDIA videos on YouTube and images on
Flickr.
|
NVIDIA
CORPORATION |
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME |
(In millions, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Twelve Months
Ended |
|
|
|
January 28, |
|
January 29, |
|
January 28, |
|
January 29, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,911 |
|
|
$ |
2,173 |
|
|
$ |
9,714 |
|
|
$ |
6,910 |
|
Cost of
revenue |
|
1,110 |
|
|
|
870 |
|
|
|
3,892 |
|
|
|
2,847 |
|
Gross
profit |
|
1,801 |
|
|
|
1,303 |
|
|
|
5,822 |
|
|
|
4,063 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
Research
and development |
|
508 |
|
|
|
394 |
|
|
|
1,797 |
|
|
|
1,466 |
|
|
Sales,
general and administrative |
|
220 |
|
|
|
176 |
|
|
|
815 |
|
|
|
663 |
|
|
|
Total
operating expenses |
|
728 |
|
|
|
570 |
|
|
|
2,612 |
|
|
|
2,129 |
|
Income from
operations |
|
1,073 |
|
|
|
733 |
|
|
|
3,210 |
|
|
|
1,934 |
|
|
Interest
income |
|
20 |
|
|
|
17 |
|
|
|
69 |
|
|
|
54 |
|
|
Interest
expense |
|
(15 |
) |
|
|
(18 |
) |
|
|
(61 |
) |
|
|
(58 |
) |
|
Other,
net |
|
- |
|
|
|
(6 |
) |
|
|
(22 |
) |
|
|
(25 |
) |
|
|
Total other income
(expense) |
|
5 |
|
|
|
(7 |
) |
|
|
(14 |
) |
|
|
(29 |
) |
Income
before income tax |
|
1,078 |
|
|
|
726 |
|
|
|
3,196 |
|
|
|
1,905 |
|
Income tax
expense (benefit) |
|
(40 |
) |
|
|
71 |
|
|
|
149 |
|
|
|
239 |
|
Net
income |
$ |
1,118 |
|
|
$ |
655 |
|
|
$ |
3,047 |
|
|
$ |
1,666 |
|
|
|
|
|
|
|
|
|
|
|
Net income
per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
1.84 |
|
|
$ |
1.18 |
|
|
$ |
5.09 |
|
|
$ |
3.08 |
|
|
Diluted |
$ |
1.78 |
|
|
$ |
0.99 |
|
|
$ |
4.82 |
|
|
$ |
2.57 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in per share computation: |
|
|
|
|
|
|
|
|
Basic |
|
606 |
|
|
|
553 |
|
|
|
599 |
|
|
|
541 |
|
|
Diluted |
|
628 |
|
|
|
660 |
|
|
|
632 |
|
|
|
649 |
|
|
|
|
|
|
|
|
|
|
|
NVIDIA CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 28, |
|
January 29, |
|
|
|
|
2018 |
|
2017 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash, cash
equivalents and marketable securities |
|
$ |
7,108 |
|
$ |
6,798 |
|
Accounts
receivable, net |
|
|
1,265 |
|
|
826 |
|
Inventories |
|
|
796 |
|
|
794 |
|
Prepaid
expenses and other current assets |
|
|
86 |
|
|
118 |
|
|
Total
current assets |
|
|
9,255 |
|
|
8,536 |
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
997 |
|
|
521 |
Goodwill |
|
|
618 |
|
|
618 |
Intangible
assets, net |
|
|
52 |
|
|
104 |
Other
assets |
|
|
319 |
|
|
62 |
|
|
Total
assets |
|
$ |
11,241 |
|
$ |
9,841 |
|
|
|
|
|
|
|
LIABILITIES, CONVERTIBLE DEBT CONVERSION OBLIGATION AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
596 |
|
$ |
485 |
|
Accrued and
other current liabilities |
|
|
542 |
|
|
507 |
|
Convertible
short-term debt |
|
|
15 |
|
|
796 |
|
|
Total
current liabilities |
|
|
1,153 |
|
|
1,788 |
|
|
|
|
|
|
|
Long-term
debt |
|
|
1,985 |
|
|
1,983 |
Other
long-term liabilities |
|
|
632 |
|
|
277 |
|
|
Total
liabilities |
|
|
3,770 |
|
|
4,048 |
|
|
|
|
|
|
|
Convertible
debt conversion obligation |
|
|
- |
|
|
31 |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
7,471 |
|
|
5,762 |
|
|
Total
liabilities, convertible debt conversion obligation and
shareholders' equity |
|
$ |
11,241 |
|
$ |
9,841 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
|
RECONCILIATION OF GAAP
TO NON-GAAP OUTLOOK |
|
|
|
|
|
|
|
|
|
Q1 FY2019
Outlook |
|
|
|
|
|
GAAP gross
margin |
|
62.7 |
% |
|
|
Impact
of stock-based compensation expense |
|
0.3 |
% |
|
Non-GAAP
gross margin |
|
63.0 |
% |
|
|
|
|
|
|
|
Q1 FY2019
Outlook |
|
|
|
(In millions) |
|
|
|
|
|
GAAP
operating expenses |
$ |
770 |
|
|
|
Stock-based compensation expense, acquisition-related costs, and
other costs |
|
(125 |
) |
|
Non-GAAP
operating expenses |
$ |
645 |
|
|
|
|
|
|
About NVIDIA NVIDIA’s (NASDAQ:NVDA) invention
of the GPU in 1999 sparked the growth of the PC gaming market,
redefined modern computer graphics and revolutionized parallel
computing. More recently, GPU deep learning ignited modern AI — the
next era of computing — with the GPU acting as the brain of
computers, robots and self-driving cars that can perceive and
understand the world. More information at
http://nvidianews.nvidia.com/.
For further information,
contact:
Simona Jankowski |
Robert Sherbin |
Investor Relations |
Corporate
Communications |
NVIDIA Corporation |
NVIDIA Corporation |
(408) 566-6474 |
(408) 566-5150 |
sjankowski@nvidia.com
|
rsherbin@nvidia.com
|
|
|
Certain statements in this press release including, but not
limited to statements as to: software developers working in AI,
self-driving cars and other fields discovering the benefits of
NVIDIA’s GPU computing platform; industries racing to incorporate
AI; internet and cloud service providers embracing our Volta GPUs;
the use of the NVIDIA DRIVE platform by transportation companies;
the use of our platform in a variety of fields to invent the
future; NVIDIA’s intended capital return for fiscal 2019; NVIDIA’s
next quarterly cash dividend; NVIDIA’s financial outlook for the
first quarter of fiscal 2019; NVIDIA’s tax rates for the first
quarter of fiscal year 2019; the impact and benefits of NVIDIA
Tesla V100 GPU accelerators, the expansion of the NVIDIA GPU Cloud
container registry, the GeForce Experience and its new tools,
NVIDIA DRIVE, partnerships with GE Health, Nuance, Baker Hughes,
Komatsu, Uber, Aurora, ZF, Baidu, Volkswagen and Continental; the
abilities, benefits and performance of laptops using the Max-Q
design and BFGDs; the availability of NVIDIA DRIVE Xavier; and
Mercedes-Benz MBUX use of NVIDIA technology and its production
schedule are forward-looking statements that are subject to risks
and uncertainties that could cause results to be materially
different than expectations. Important factors that could cause
actual results to differ materially include: global economic
conditions; our reliance on third parties to manufacture, assemble,
package and test our products; the impact of technological
development and competition; development of new products and
technologies or enhancements to our existing product and
technologies; market acceptance of our products or our partners’
products; design, manufacturing or software defects; changes in
consumer preferences or demands; changes in industry standards and
interfaces; unexpected loss of performance of our products or
technologies when integrated into systems; as well as other factors
detailed from time to time in the reports NVIDIA files with the
Securities and Exchange Commission, or SEC, including its Form 10-Q
for the fiscal period ended October 29, 2017. Copies of reports
filed with the SEC are posted on the company’s website and are
available from NVIDIA without charge. These forward-looking
statements are not guarantees of future performance and speak only
as of the date hereof, and, except as required by law, NVIDIA
disclaims any obligation to update these forward-looking statements
to reflect future events or circumstances.
© 2018 NVIDIA Corporation. All rights reserved. NVIDIA, the
NVIDIA logo, GeForce, Tesla, BFGD, GeForce Experience, GeForce NOW,
NVIDIA Ansel, NVIDIA DRIVE, NVIDIA G-SYNC, NVIDIA Shadow Play,
NVIDIA SHIELD and Xavier are trademarks and/or registered
trademarks of NVIDIA Corporation in the U.S. and/or other
countries. MaxQ® is the registered trademark of Maxim Integrated
Products, Inc. Other company and product names may be trademarks of
the respective companies with which they are associated. Features,
pricing, availability, and specifications are subject to change
without notice.
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