NVIDIA Announces Financial Results for First Quarter Fiscal 2020

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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 first quarter fiscal 2020 financial results and current financial prospects today at 2:30 p.m. Pacific time (5:30 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, http://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2020.

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 and other costs, gains from non-affiliated investments, interest expense related to amortization of debt discount, 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 purchase 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.

 
 
 
  NVIDIA CORPORATION  
  CONDENSED CONSOLIDATED STATEMENTS OF INCOME  
(In millions, except per share data)
(Unaudited)
      
      
      Three Months Ended  
    April 28,  April 29,
    2019  2018
      
Revenue$2,220  $3,207 
Cost of revenue 924   1,139 
Gross profit 1,296   2,068 
Operating expenses   
 Research and development 674   542 
  Sales, general and administrative   264       231  
    Total operating expenses   938       773  
Income from operations   358       1,295  
  Interest income   44       25  
  Interest expense   (13 )     (15 )
  Other, net   -       6  
    Total other income (expense)   31       16  
Income before income tax   389       1,311  
Income tax expense (benefit)   (5 )     67  
Net income $ 394     $ 1,244  
           
Net income per share:      
  Basic $ 0.65     $ 2.05  
  Diluted $ 0.64     $ 1.98  
           
Weighted average shares used in per share computation:      
  Basic   607       606  
  Diluted   616       627  
           

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