NVIDIA (NASDAQ: NVDA) today reported revenue for the third quarter
ended Oct. 28, 2018, of $3.18 billion, up 21 percent from $2.64
billion a year earlier, and up 2 percent from $3.12 billion in the
previous quarter.
GAAP earnings per diluted share for the quarter were $1.97, up
48 percent from $1.33 a year ago and up 12 percent from $1.76 in
the previous quarter. Non-GAAP earnings per diluted share were
$1.84, up 38 percent from $1.33 a year earlier and down 5 percent
from $1.94 in the previous quarter.
“AI is advancing at an incredible pace across the world, driving
record revenues for our datacenter platforms,” said Jensen Huang,
founder and CEO of NVIDIA. “Our introduction of Turing GPUs is a
giant leap for computer graphics and AI, bringing the magic of
real-time ray tracing to games and the biggest generational
performance improvements we have ever delivered.
“Our near-term results reflect excess channel inventory post the
crypto-currency boom, which will be corrected. Our market
position and growth opportunities are stronger than ever. During
the quarter, we launched new platforms to extend our architecture
into new growth markets – RAPIDS for machine learning, RTX Server
for film rendering, and the T4 Cloud GPU for hyperscale and
cloud.”
Capital ReturnDuring the first nine months of
fiscal 2019, NVIDIA returned $1.13 billion to shareholders through
a combination of $855 million in share repurchases and $273 million
in quarterly cash dividends.
In November 2018, the board of directors authorized an
additional $7 billion under the company’s share repurchase program
for a total of $7.94 billion available through the end of December
2022.
NVIDIA announced a 7 percent increase in its quarterly cash
dividend to $0.16 per share from $0.15 per share, to be paid with
its next quarterly cash dividend on December 21, 2018, to all
shareholders of record on November 30, 2018.
NVIDIA intends to return an additional $3 billion to
shareholders by the end of fiscal 2020, which may begin in the
fourth quarter of fiscal 2019.
Q3 Fiscal 2019 Summary
GAAP |
($ in
millions except earnings per share) |
Q3 FY19 |
Q2 FY19 |
Q3 FY18 |
Q/Q |
Y/Y |
Revenue |
$3,181 |
$3,123 |
$2,636 |
Up 2% |
Up 21% |
Gross margin |
60.4% |
63.3% |
59.5% |
Down 290 bps |
Up 90 bps |
Operating expenses |
$863 |
$818 |
$674 |
Up 6% |
Up 28% |
Operating income |
$1,058 |
$1,157 |
$895 |
Down 9% |
Up 18% |
Net income |
$1,230 |
$1,101 |
$838 |
Up 12% |
Up 47% |
Diluted earnings per share |
$1.97 |
$1.76 |
$1.33 |
Up 12% |
Up 48% |
Non-GAAP |
($ in
millions except earnings per share) |
Q3 FY19 |
Q2 FY19 |
Q3 FY18 |
Q/Q |
Y/Y |
Revenue |
$3,181 |
$3,123 |
$2,636 |
Up 2% |
Up 21% |
Gross margin |
61.0% |
63.5% |
59.7% |
Down 250 bps |
Up 130 bps |
Operating expenses |
$730 |
$692 |
$570 |
Up 5% |
Up 28% |
Operating income |
$1,210 |
$1,290 |
$1,005 |
Down 6% |
Up 20% |
Net income |
$1,151 |
$1,210 |
$833 |
Down 5% |
Up 38% |
Diluted earnings per share |
$1.84 |
$1.94 |
$1.33 |
Down 5% |
Up 38% |
|
NVIDIA’s outlook for the fourth quarter of fiscal 2019 is as
follows:
- Revenue is expected to be $2.70 billion, plus or minus 2
percent.
- GAAP and non-GAAP gross margins are expected to be 62.3 percent
and 62.5 percent, respectively, plus or minus 50 basis
points.
- GAAP and non-GAAP operating expenses are expected to be
approximately $915 million and $755 million, respectively.
- GAAP and non-GAAP other income and expense are both expected to
be income of approximately $21 million.
- GAAP and non-GAAP tax rates are both expected to be 8 percent,
plus or minus 1 percent, excluding any discrete items. GAAP
discrete items include excess tax benefits or deficiencies related
to stock-based compensation, which are expected to generate
variability on a quarter by quarter basis.
Third Quarter Fiscal 2019 HighlightsSince its
second quarter earnings release, NVIDIA has achieved progress in
these areas:
Company-wide
- Launched the revolutionary NVIDIA Turing™ GPU architecture,
with new RT Cores to accelerate ray tracing and new Tensor Cores
for AI inferencing.
- Drew nearly 13,000 attendees to GPU Technology Conferences in
Munich, Tel Aviv, Tokyo and Washington, following events in San
Jose and Taipei. The company expects 30,000 total GTC attendees
this year, up more than 30 percent from 2017.
Datacenter
- Announced that the new TOP500 list of the world’s fastest
supercomputers shows a 48 percent jump over last year in the number
of systems using NVIDIA GPU accelerators, climbing to 127,
including the fastest in the world, No. 1 in the U.S., No. 1 in
Europe and No. 1 in Japan.
- Introduced RAPIDS™, an open-source GPU-acceleration platform
for data science and machine learning, with broad adoption from
industry leaders including Dell EMC, Hewlett Packard Enterprise,
IBM, Oracle and SAP.
- Launched the NVIDIA T4 Cloud GPU and NVIDIA TensorRT™
Hyperscale Inference Platform to deliver advanced acceleration for
voice, video, image and recommendation services in hyperscale
datacenters. Within the first two months of its launch, the T4
received the fastest adoption of any server GPU, featuring in 57
separate designs from leading computer makers, and availability on
Google Cloud Platform.
- Launched the NVIDIA RTX™ Server, opening a new market to GPUs
for photo-real rendering in the datacenter.
- Unveiled the NVIDIA Clara™ platform, which brings AI to the
next generation of medical instruments as a powerful tool for early
detection, diagnosis and treatment of disease.
Gaming
- Released the GeForce RTX™ series, the first gaming GPUs based
on the Turing architecture and the NVIDIA RTX platform, which fuses
next-generation shaders with real-time ray tracing and new AI
capabilities, including Deep Learning Super-Sampling
anti-aliasing.
Professional Visualization
- Unveiled the Quadro RTX™ series, which is designed to
revolutionize the workflow of millions of designers and artists on
the desktop.
Automotive
- Announced NVIDIA’s first Level-2 autopilot design wins with
Toyota, Volvo Cars and Isuzu Motors.
- Announced that Continental and Veoneer, leading tier-1
suppliers, have each selected DRIVE AGX Xavier to power
self-driving solutions to be offered early in the 2020s.
- Announced the start of production of Xavier™, the world’s first
single-chip autopilot SOC, and started shipping the NVIDIA DRIVE
AGX Xavier™ developer kit.
- Published NVIDIA’s Self-Driving Safety Report, detailing the
company’s development processes and four fundamental pillars of
safe autonomous driving.
Edge AI
- Announced global availability of the NVIDIA Jetson™ AGX Xavier™
developer kit, with leading Japanese companies among the first to
adopt the platform.
- Announced that Yamaha Motor Co. will use NVIDIA to power its
upcoming lineup of autonomous machines.
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 third quarter fiscal 2019 financial results and current
financial prospects today at 2:30 p.m. Pacific time (5:30 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: 5485625. 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 fourth quarter and 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, restructuring and other, contributions,
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 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 our 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 the company’s 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, 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 |
|
Nine Months Ended |
|
|
|
October 28, |
|
October 29, |
|
October 28, |
|
October 29, |
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,181 |
|
|
$ |
2,636 |
|
|
$ |
9,511 |
|
|
$ |
6,803 |
|
Cost of
revenue |
|
1,260 |
|
|
|
1,067 |
|
|
|
3,547 |
|
|
|
2,782 |
|
Gross
profit |
|
1,921 |
|
|
|
1,569 |
|
|
|
5,964 |
|
|
|
4,021 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
Research
and development |
|
605 |
|
|
|
462 |
|
|
|
1,729 |
|
|
|
1,290 |
|
|
Sales,
general and administrative |
|
258 |
|
|
|
212 |
|
|
|
725 |
|
|
|
594 |
|
|
|
Total
operating expenses |
|
863 |
|
|
|
674 |
|
|
|
2,454 |
|
|
|
1,884 |
|
Income from
operations |
|
1,058 |
|
|
|
895 |
|
|
|
3,510 |
|
|
|
2,137 |
|
|
Interest
income |
|
37 |
|
|
|
17 |
|
|
|
94 |
|
|
|
48 |
|
|
Interest
expense |
|
(15 |
) |
|
|
(15 |
) |
|
|
(44 |
) |
|
|
(46 |
) |
|
Other,
net |
|
1 |
|
|
|
(1 |
) |
|
|
12 |
|
|
|
(22 |
) |
|
|
Total other income
(expense) |
|
23 |
|
|
|
1 |
|
|
|
62 |
|
|
|
(20 |
) |
Income
before income tax |
|
1,081 |
|
|
|
896 |
|
|
|
3,572 |
|
|
|
2,117 |
|
Income tax
expense (benefit) |
|
(149 |
) |
|
|
58 |
|
|
|
(3 |
) |
|
|
189 |
|
Net
income |
$ |
1,230 |
|
|
$ |
838 |
|
|
$ |
3,575 |
|
|
$ |
1,928 |
|
|
|
|
|
|
|
|
|
|
|
Net income
per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
2.02 |
|
|
$ |
1.39 |
|
|
$ |
5.88 |
|
|
$ |
3.23 |
|
|
Diluted |
$ |
1.97 |
|
|
$ |
1.33 |
|
|
$ |
5.71 |
|
|
$ |
3.05 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in per share computation: |
|
|
|
|
|
|
|
|
Basic |
|
609 |
|
|
|
603 |
|
|
|
608 |
|
|
|
597 |
|
|
Diluted |
|
625 |
|
|
|
628 |
|
|
|
626 |
|
|
|
633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NVIDIA CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 28, |
|
January 28, |
|
|
|
|
|
2018 |
|
|
2018 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash, cash
equivalents and marketable securities |
|
$ |
7,591 |
|
$ |
7,108 |
|
Accounts
receivable, net |
|
|
2,219 |
|
|
1,265 |
|
Inventories |
|
|
1,417 |
|
|
796 |
|
Prepaid
expenses and other current assets |
|
|
159 |
|
|
86 |
|
|
Total
current assets |
|
|
11,386 |
|
|
9,255 |
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
1,292 |
|
|
997 |
Goodwill |
|
|
618 |
|
|
618 |
Intangible
assets, net |
|
|
49 |
|
|
52 |
Other
assets |
|
|
312 |
|
|
319 |
|
|
Total
assets |
|
$ |
13,657 |
|
$ |
11,241 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
902 |
|
$ |
596 |
|
Accrued and
other current liabilities |
|
|
703 |
|
|
542 |
|
Convertible
short-term debt |
|
|
3 |
|
|
15 |
|
|
Total
current liabilities |
|
|
1,608 |
|
|
1,153 |
|
|
|
|
|
|
|
Long-term
debt |
|
|
1,987 |
|
|
1,985 |
Other
long-term liabilities |
|
|
587 |
|
|
632 |
|
|
Total
liabilities |
|
|
4,182 |
|
|
3,770 |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
9,475 |
|
|
7,471 |
|
|
Total
liabilities and shareholders' equity |
|
$ |
13,657 |
|
$ |
11,241 |
|
|
|
|
|
|
|
NVIDIA
CORPORATION |
RECONCILIATION OF GAAP
TO NON-GAAP FINANCIAL MEASURES |
(In millions, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
|
October 28, |
|
July 29, |
|
October 29, |
|
October 28, |
|
October 29, |
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit |
|
$ |
1,921 |
|
|
$ |
1,975 |
|
|
$ |
1,569 |
|
|
$ |
5,964 |
|
|
$ |
4,021 |
|
GAAP
gross margin |
|
60.4 |
% |
|
|
63.3 |
% |
|
|
59.5 |
% |
|
|
62.7 |
% |
|
|
59.1 |
% |
|
Stock-based compensation expense (A) |
|
5 |
|
|
|
8 |
|
|
|
6 |
|
|
|
21 |
|
|
|
14 |
|
|
Legal settlement costs |
|
14 |
|
|
|
- |
|
|
|
- |
|
|
|
14 |
|
|
|
- |
|
Non-GAAP
gross profit |
$ |
1,940 |
|
|
$ |
1,983 |
|
|
$ |
1,575 |
|
|
$ |
5,999 |
|
|
$ |
4,035 |
|
Non-GAAP gross margin |
|
61.0 |
% |
|
|
63.5 |
% |
|
|
59.7 |
% |
|
|
63.1 |
% |
|
|
59.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating expenses |
$ |
863 |
|
|
$ |
818 |
|
|
$ |
674 |
|
|
$ |
2,454 |
|
|
$ |
1,884 |
|
|
Stock-based compensation expense (A) |
|
|
(135 |
) |
|
|
(124 |
) |
|
|
(101 |
) |
|
|
(379 |
) |
|
|
(251 |
) |
|
Acquisition-related costs (B) |
|
(1 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(11 |
) |
|
Legal settlement costs |
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
Restructuring and other |
|
4 |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
- |
|
|
Contributions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
Non-GAAP
operating expenses |
$ |
730 |
|
|
$ |
692 |
|
|
$ |
570 |
|
|
$ |
2,071 |
|
|
$ |
1,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income
from operations |
$ |
1,058 |
|
|
$ |
1,157 |
|
|
$ |
895 |
|
|
$ |
3,510 |
|
|
$ |
2,137 |
|
|
Total impact of non-GAAP adjustments to income from
operations |
|
152 |
|
|
|
133 |
|
|
|
110 |
|
|
|
418 |
|
|
|
278 |
|
Non-GAAP
income from operations |
$ |
1,210 |
|
|
$ |
1,290 |
|
|
$ |
1,005 |
|
|
$ |
3,928 |
|
|
$ |
2,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP other
income (expense) |
$ |
23 |
|
|
$ |
23 |
|
|
$ |
1 |
|
|
$ |
62 |
|
|
$ |
(20 |
) |
|
Gains from
non-affiliated investments (C) |
|
(2 |
) |
|
|
(2 |
) |
|
|
- |
|
|
|
(11 |
) |
|
|
- |
|
|
Interest
expense related to amortization of debt discount |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
3 |
|
|
Debt-related costs (D) |
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
19 |
|
Non-GAAP
other income (expense) |
$ |
21 |
|
|
$ |
21 |
|
|
$ |
2 |
|
|
$ |
52 |
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
$ |
1,230 |
|
|
$ |
1,101 |
|
|
$ |
838 |
|
|
$ |
3,575 |
|
|
$ |
1,928 |
|
|
Total pre-tax impact of non-GAAP adjustments |
|
150 |
|
|
|
131 |
|
|
|
111 |
|
|
|
409 |
|
|
|
300 |
|
|
Income tax impact of non-GAAP adjustments (E) |
|
(91 |
) |
|
|
(22 |
) |
|
|
(116 |
) |
|
|
(199 |
) |
|
|
(224 |
) |
|
Tax benefit
from income tax reform |
|
(138 |
) |
|
|
- |
|
|
|
- |
|
|
|
(138 |
) |
|
|
- |
|
Non-GAAP
net income |
$ |
1,151 |
|
|
$ |
1,210 |
|
|
$ |
833 |
|
|
$ |
3,647 |
|
|
$ |
2,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
income per share |
|
|
|
|
|
|
|
|
|
|
GAAP |
|
$ |
1.97 |
|
|
$ |
1.76 |
|
|
$ |
1.33 |
|
|
$ |
5.71 |
|
|
$ |
3.05 |
|
|
Non-GAAP |
|
$ |
1.84 |
|
|
$ |
1.94 |
|
|
$ |
1.33 |
|
|
$ |
5.83 |
|
|
$ |
3.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in diluted net income per share
computation |
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
625 |
|
|
|
626 |
|
|
|
628 |
|
|
|
626 |
|
|
|
633 |
|
|
Anti-dilution impact
from note hedge (F) |
|
|
- |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
- |
|
|
|
(7 |
) |
|
Non-GAAP |
|
|
625 |
|
|
|
625 |
|
|
|
626 |
|
|
|
626 |
|
|
|
626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
cash provided by operating activities |
$ |
487 |
|
|
$ |
913 |
|
|
$ |
1,157 |
|
|
$ |
2,845 |
|
|
$ |
2,144 |
|
|
Purchase of
property and equipment and intangible assets |
|
(150 |
) |
|
|
(128 |
) |
|
|
(69 |
) |
|
|
(397 |
) |
|
|
(178 |
) |
Free cash
flow |
|
$ |
337 |
|
|
$ |
785 |
|
|
$ |
1,088 |
|
|
$ |
2,448 |
|
|
$ |
1,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Stock-based compensation consists of the
following: |
Three Months Ended |
|
Nine Months Ended |
|
|
|
October 28, |
|
July 29, |
|
October 29, |
|
October 28, |
|
October 29, |
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
Cost of
revenue |
|
$ |
5 |
|
|
$ |
8 |
|
|
$ |
6 |
|
|
$ |
21 |
|
|
$ |
14 |
|
|
Research
and development |
|
$ |
88 |
|
|
$ |
76 |
|
|
$ |
61 |
|
|
$ |
237 |
|
|
$ |
146 |
|
|
Sales,
general and administrative |
|
$ |
47 |
|
|
$ |
48 |
|
|
$ |
40 |
|
|
$ |
142 |
|
|
$ |
105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Consists of amortization of acquisition-related
intangible assets and compensation charges. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(C) Consists of unrealized gains from non-affiliated
investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(D) Consists of loss on early debt conversions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(E) 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). |
|
|
|
|
|
|
|
|
|
|
|
|
(F) 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 |
|
|
|
|
|
|
Q4 FY2019Outlook |
|
|
|
GAAP gross
margin |
|
62.3 |
% |
|
Impact of stock-based
compensation expense |
|
0.2 |
% |
Non-GAAP
gross margin |
|
62.5 |
% |
|
|
|
|
|
Q4 FY2019 Outlook |
|
|
(In millions) |
|
|
|
GAAP
operating expenses |
$ |
915 |
|
|
Stock-based compensation expense, acquisition-related costs, and
other costs |
|
(160 |
) |
Non-GAAP
operating expenses |
$ |
755 |
|
|
|
|
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
Investor Relations NVIDIA Corporation
sjankowski@nvidia.com |
Robert SherbinCorporate
CommunicationsNVIDIA Corporationrsherbin@nvidia.com |
Certain statements in this press release including, but not
limited to, statements as to: AI advancing at an incredible pace
across the world, driving record revenues for our datacenter
platforms; NVIDIA’s introduction of Turing-based RTX GPUs making a
giant leap in computer graphics and AI, bringing the magic of
real-time ray tracing to games and bringing the biggest generation
performance improvements NVIDIA has delivered; NVIDIA’s near-term
results reflecting excess channel inventory post the
crypto-currency boom and its correction; NVIDIA’s market position
and growth opportunities being stronger than ever; the launch of
new platforms to extend NVIDIA’s architecture into new growth
markets; NVIDIA’s intended capital return for fiscal 2019 and
through the end of fiscal 2020; NVIDIA’s next quarterly cash
dividend; NVIDIA’s financial outlook for the fourth quarter of
fiscal 2019; NVIDIA’s expected tax rates for the fourth quarter of
fiscal 2019; our expectation to generate variability from excess
tax benefits or deficiencies related to stock-based compensation;
the expected number of attendees at GTC events this year; the
impact, benefits, abilities and performance of NVIDIA RTX Server,
RAPIDS, NVIDIA Turing GPU architecture, NVIDIA T4 Cloud GPU, NVIDIA
Tensor RT Hyperscale Inference Platform, NVIDIA Clara platform,
NVIDIA DRIVE AGX Xavier developer kit and GeForce RTX series fusing
next-generation shaders with real-time ray tracing and new AI
capabilities; NVIDIA T4 rapidly being adopted, it being featured in
designs from leading computer makers and its availability on Google
Cloud Platform; the NVIDIA Clara platform bringing AI to the next
generation of medical instruments; the Quadro RTX series
revolutionizing the workflow of millions of designers and artists;
NVIDIA’s Level-2 autopilot designs being used by Toyota, Volvo cars
and Isuzu Motors; Continental and Veoneer selecting DRIVE AGX
Xavier to power self-driving solutions to be offered early in the
2020s; NVIDIA starting to produce Xavier and shipping the NVIDIA
DRIVE AGX Xavier developer kit; NVIDIA Jetson AGX Xavier
developer kit being adopted by leading Japanese companies; and
Yamaha Motor Co. using NVIDIA to power its lineup of autonomous
machines 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 most recent reports NVIDIA files
with the Securities and Exchange Commission, or SEC, including, but
not limited to, its annual report on Form 10-K and quarterly
reports on Form 10-Q. 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, GeForce RTX, Quadro, Quadro RTX, Jetson,
NVIDIA AGX, NVIDIA Clara, NVIDIA DRIVE, NVIDIA DRIVE AGX Xavier,
NVIDIA DRIVE Hyperion, NVIDIA RTX, NVIDIA Turing, RAPIDS, TensorRT
and Xavier are trademarks and/or registered trademarks of NVIDIA
Corporation in the U.S. and/or other countries. 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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