NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2020



NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)
        
  Three Months Ended   Twelve Months Ended
  January 26, October 27, January 27, January 26, January 27,
  2020  2019  2019  2020   2019
          
GAAP gross profit$2,015  $1,916  $1,207  $6,768  $7,171 
GAAP gross margin 64.9%  63.6%  54.7%  62.0%  61.2%
Stock-based compensation expense (A) 12   15   6   39   27 
Legal settlement costs   3       -       21       14       35  
Non-GAAP gross profit $ 2,030     $ 1,931     $ 1,234     $ 6,821     $ 7,233  
Non-GAAP gross margin   65.4 %     64.1 %     56.0 %     62.5 %     61.7 %
                   
GAAP operating expenses $ 1,025     $ 989     $ 913     $ 3,922     $ 3,367  
Stock-based compensation expense (A)   (208 )     (208 )     (150 )     (805 )     (530 )
Acquisition-related and other costs   (7 )     (7 )     (1 )     (30 )     (2 )
Legal settlement costs   -       -       (7 )     (1 )     (9 )
Non-GAAP operating expenses $ 810     $ 774     $ 755     $ 3,086     $ 2,826  
                   
GAAP income from operations $ 990     $ 927     $ 294     $ 2,846     $ 3,804  
Total impact of non-GAAP adjustments to income from operations   230       229       185       889       603  
Non-GAAP income from operations $ 1,220     $ 1,156     $ 479     $ 3,735     $ 4,407  
                   
GAAP other income $ 26     $ 32     $ 30     $ 124     $ 92  
Losses (Gains) from non-affiliated investments   -       -       (1 )     1       (12 )
Interest expense related to amortization of debt discount   -       1       -       2       2  
Non-GAAP other income $ 26     $ 33     $ 29     $ 127     $ 82  
                   
GAAP net income $ 950     $ 899     $ 567     $ 2,796     $ 4,141  
Total pre-tax impact of non-GAAP adjustments   230       230       184       890       593  
Income tax impact of non-GAAP adjustments (B)   (8 )     (26 )     (25 )     (106 )     (223 )
Tax benefit from income tax reform   -       -       (230 )     -       (368 )
Non-GAAP net income $ 1,172     $ 1,103     $ 496     $ 3,580     $ 4,143  
                   
Diluted net income per share                  
GAAP $ 1.53     $ 1.45     $ 0.92     $ 4.52     $ 6.63  
Non-GAAP $ 1.89     $ 1.78     $ 0.80     $ 5.79     $ 6.64  
                   
Weighted average shares used in diluted net income per share computation                  
GAAP   621       618       619       618       625  
Anti-dilution impact from note hedge   -       -       -       -       (1 )
Non-GAAP   621       618       619       618       624  
 
GAAP net cash provided by operating activities $ 1,465     $ 1,640     $ 898     $ 4,761     $ 3,743  
Purchase of property and equipment and intangible assets   (144 )     (104 )     (203 )     (489 )     (600 )
Free cash flow $ 1,321     $ 1,536     $ 695     $ 4,272     $ 3,143  
                   
 
                   
(A) Stock-based compensation consists of the following: Three Months Ended   Twelve Months Ended
  January 26, October 27, January 27, January 26, January 27,
  2020   2019   2019   2020   2019
Cost of revenue $ 12     $ 15     $ 6     $ 39     $ 27  
Research and development $ 140     $ 141     $ 99     $ 540     $ 336  
Sales, general and administrative $ 68     $ 67     $ 51     $ 265     $ 194  
(B) 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).

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