NVIDIA Announces Financial Results for Second Quarter Fiscal 2021

  • Record reve­nue of $3.87 bil­li­on, up 50 per­cent from a year ear­lier
  • Record Data Cen­ter reve­nue of $1.75 bil­li­on, up 167 per­cent from a year ear­lier
  • Mel­lanox growth acce­le­ra­ted in its first quar­ter as part of NVIDIA, con­tri­bu­t­ed 14 per­cent of reve­nue

NVIDIA today repor­ted record reve­nue for the second quar­ter ended July 26, 2020, of $3.87 bil­li­on, up 50 per­cent from $2.58 bil­li­on a year ear­lier, and up 26 per­cent from $3.08 bil­li­on in the pre­vious quar­ter.

GAAP ear­nings per dilu­t­ed share for the quar­ter were $0.99, up 10 per­cent from $0.90 a year ago, and down 33 per­cent from $1.47 in the pre­vious quar­ter. Non-GAAP ear­nings per dilu­t­ed share were $2.18, up 76 per­cent from $1.24 a year ear­lier, and up 21 per­cent from $1.80 in the pre­vious quar­ter.

NVIDIA clo­sed its acqui­si­ti­on of Mel­lanox Tech­no­lo­gies Ltd. on April 27, 2020. 

Adop­ti­on of NVIDIA com­pu­ting is acce­le­ra­ting, dri­ving record reve­nue and excep­tio­nal growth,” said Jen­sen Huang, foun­der and CEO of NVIDIA. “Growth in GeFor­ce gaming acce­le­ra­ted as gamers incre­a­singly immer­se them­sel­ves in rea­listic vir­tu­al worlds crea­ted by NVIDIA RTX ray tra­cing and AI.

Our new Ampere GPU archi­tec­tu­re is sprin­ting out of the blocks, with the world’s top cloud ser­vice pro­vi­ders and ser­ver makers moving quick­ly to offer NVIDIA acce­le­ra­ted com­pu­ting. Mel­lanox grew shar­ply, dri­ven by the need for high-speed net­wor­king in cloud data cen­ters to sca­le-out AI ser­vices. And Mercedes-Benz’s part­ners­hip with NVIDIA to power its next-genera­ti­on fleet of luxu­ry cars — from the com­pu­ter to the AI soft­ware, and from the cloud to the car — is trans­for­ma­ti­ve.

Des­pi­te the pandemic’s impact on our pro­fes­sio­nal visua­liz­a­ti­on and auto­mo­ti­ve plat­forms, we are well posi­tio­ned to grow, as gaming, AI, cloud com­pu­ting and auto­no­mous machi­nes dri­ve the next indus­tri­al revo­lu­ti­on around the world,” he said.

NVIDIA paid $99 mil­li­on in quar­ter­ly cash divi­dends in the second quar­ter. It will pay its next quar­ter­ly cash divi­dend of $0.16 per share on Sep­tem­ber 24, 2020, to all share­hol­ders of record on Sep­tem­ber 2, 2020.

Q2 Fis­cal 2021 Sum­ma­ry

GAAP
($ in mil­li­ons, except
ear­nings per share)
Q2 FY21 Q1 FY21 Q2 FY20 Q/Q Y/Y
Reve­nue $3,866 $3,080 $2,579 Up 26% Up 50%
Gross mar­gin 58.8% 65.1% 59.8% Down 630 bps Down 100 bps
Ope­ra­ting expen­ses $1,624 $1,028 $970 Up 58% Up 67%
Ope­ra­ting inco­me $651 $976 $571 Down 33% Up 14%
Net inco­me $622 $917 $552 Down 32% Up 13%
Dilu­t­ed ear­nings per share $0.99 $1.47 $0.90 Down 33% Up 10%

 

Non-GAAP
($ in mil­li­ons, except
ear­nings per share)
Q2 FY21 Q1 FY21 Q2 FY20 Q/Q Y/Y
Reve­nue $3,866 $3,080 $2,579 Up 26% Up 50%
Gross mar­gin 66.0% 65.8% 60.1% Up 20 bps Up 590 bps
Ope­ra­ting expen­ses $1,035 $821 $749 Up 26% Up 38%
Ope­ra­ting inco­me $1,516 $1,205 $802 Up 26% Up 89%
Net inco­me $1,366 $1,120 $762 Up 22% Up 79%
Dilu­t­ed ear­nings per share $2.18 $1.80 $1.24 Up 21% Up 76%

NVIDIA’s out­look for the third quar­ter of fis­cal 2021 is as fol­lows:

  • Reve­nue is expec­ted to be $4.40 bil­li­on, plus or minus 2 per­cent.
  • GAAP and non-GAAP gross mar­gins are expec­ted to be 62.5 per­cent and 65.5 per­cent, respec­tively, plus or minus 50 basis points.
  • GAAP and non-GAAP ope­ra­ting expen­ses are expec­ted to be appro­xi­mate­ly $1.54 bil­li­on and $1.09 bil­li­on, respec­tively.
  • GAAP and non-GAAP other inco­me and expen­se are both expec­ted to be an expen­se of appro­xi­mate­ly $55 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.

High­lights

Sin­ce its pre­vious ear­nings report, NVIDIA has achie­ved pro­gress in the­se are­as:

Data Cen­ter

  • Second-quar­ter reve­nue, which inclu­ded Mel­lanox, was $1.75 bil­li­on, up 54 per­cent from the pre­vious quar­ter and up 167 per­cent from a year ear­lier.
  • Announ­ced, tog­e­ther with the world’s lea­ding ser­ver makers, more than 50 NVIDIA® A100-powe­red sys­tems to tack­le the most com­plex chal­len­ges in AI, data sci­ence and sci­en­ti­fic com­pu­ting.
  • Powe­red eight of the top 10, and two-thirds of the total sys­tems, on the latest TOP500 list of the world’s fas­test super­com­pu­ters. This inclu­des NVIDIA Sele­ne, an NVIDIA DGX Super­POD™ sys­tem, which ran­ked No. 7 on the list and was No. 2 on the Green500 list.
  • Set 16 AI per­for­mance records on the latest MLPerf bench­marks, eight on a per-chip basis based on the A100 Ten­sor Core GPU and eight “at sca­le” using the DGX A100 Super­POD sys­tem.
  • Made the NVIDIA A100 Ten­sor Core GPU avail­ab­le on Goog­le Cloud just over a mon­th after its intro­duc­tion.
  • Pro­vi­ded CUDA GPU-acce­le­ra­ti­on for Apa­che Spark, the world’s most popu­lar data ana­ly­tics app­li­ca­ti­on, through the gene­ral avai­la­bi­li­ty release of Spark 3.0.
  • Unvei­led the NVIDIA Mel­lanox® UFM Cyber-AI Plat­form, which mini­mi­zes down­ti­me in super­com­pu­ting data cen­ters by detec­ting secu­ri­ty thre­ats and ope­ra­tio­nal issu­es and pre­dic­ting net­work fail­u­res.

Gaming

  • Second-quar­ter reve­nue was $1.65 bil­li­on, up 24 per­cent from the pre­vious quar­ter and up 26 per­cent from a year ear­lier.
  • Ram­ped 100+ new GeFor­ce lap­tops to deli­ver out­stan­ding per­for­mance to stu­dents, creators and gamers across a ran­ge of pri­ce points.
  • Announ­ced a ran­ge of games now sup­por­ting NVIDIA RTX ray tra­cing and DLSS AI super reso­lu­ti­on, inclu­ding, Jus­ti­ceCyber­punk 2077 and Death Stran­ding. Intro­du­ced new worlds for Mine­craft with RTX
  • Expan­ded GeFor­ce NOW™ to Chrome­books, enab­ling mil­li­ons of users to play games in the cloud.
  • Announ­ced that Squa­re Enix is adding its exten­si­ve cata­log to GeFor­ce NOW, inclu­ding fran­chi­ses such as Deus Ex and Just Cau­se, plus Shadow of the Tomb Rai­der, which retur­ned with RTX On.

Pro­fes­sio­nal Visua­liz­a­ti­on

  • Second-quar­ter reve­nue was $203 mil­li­on, down 34 per­cent from the pre­vious quar­ter and down 30 per­cent from a year ear­lier.
  • Laun­ched with Acer, Dell, Leno­vo and Micro­soft new mobi­le work­sta­tions for pro­fes­sio­nal creators, based on NVIDIA Qua­dro® gra­phics. Powe­red new AI fea­tures in the latest relea­ses of Sub­s­tance Alche­mist and Blen­der, impro­ving mate­ri­al crea­ti­on and incor­po­ra­ting AI denoi­sing.
  • Announ­ced that NVIDIA RTX™ has been imple­men­ted in the latest app­li­ca­ti­on relea­ses from Found­ry, Cha­os Group and Reds­hift by Maxon, giving creators access to fas­ter ray tra­cing and acce­le­ra­ted per­for­mance.
  • Released NVIDIA Qua­dro View™, the latest app­li­ca­ti­on in the NVIDIA Qua­dro Expe­ri­ence plat­form, which aids in stream­li­ning work­flows with a suite of desk­top manage­ment tools.

Auto­mo­ti­ve

  • Second-quar­ter reve­nue was $111 mil­li­on, down 28 per­cent from the pre­vious quar­ter and down 47 per­cent from a year ear­lier.
  • Announ­ced with Mer­ce­des-Benz that the car­ma­ker is inte­gra­ting into every vehi­cle in its lin­eup, begin­ning in 2024, a new soft­ware-defi­ned vehi­cle archi­tec­tu­re that is per­pe­tual­ly upgrade­ab­le and built on the NVIDIA DRIVE AV auto­no­mous dri­ving soft­ware and NVIDIA AGX Orin™ AV com­pu­ter.

CFO Com­men­ta­ry
Com­men­ta­ry on the quar­ter by Colet­te Kress, NVIDIA’s exe­cu­ti­ve vice pre­si­dent and chief finan­cial offi­cer, is avail­ab­le at https://investor.nvidia.com/home/default.aspx.

Con­fe­rence Call and Web­cast Infor­ma­ti­on

NVIDIA will con­duct a con­fe­rence call with ana­lysts and inves­tors to dis­cuss its second quar­ter fis­cal 2021 finan­cial results and cur­rent finan­cial pro­spects today at 2 p.m. Paci­fic time (5 p.m. Eas­tern time). A live web­cast (lis­ten-only mode) of the con­fe­rence call will be acces­si­ble at NVIDIA’s inves­tor rela­ti­ons web­site, https://investor.nvidia.com/home/default.aspx. The web­cast will be recor­ded and avail­ab­le for replay until NVIDIA’s con­fe­rence call to dis­cuss its finan­cial results for its third quar­ter of fis­cal 2021.

Non-GAAP Mea­su­res

To sup­ple­ment NVIDIA’s con­den­sed con­so­li­da­ted finan­cial state­ments 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), net, non-GAAP inco­me tax expen­se, non-GAAP net inco­me, non-GAAP net inco­me, or ear­nings, per dilu­t­ed share, 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, acqui­si­ti­on-rela­ted and other cos­ts, legal sett­le­ment cos­ts, los­ses from non-affi­lia­ted invest­ments, inte­rest expen­se rela­ted to amor­tiz­a­ti­on of debt dis­count, and the asso­cia­ted tax impact of the­se items, whe­re app­li­ca­ble. 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   Six Mon­ths Ended
  July 26,   July 28,   July 26,   July 28,
    2020       2019       2020       2019  
               
Reve­nue $ 3,866     $ 2,579     $ 6,946     $ 4,799  
Cost of reve­nue   1,591       1,038       2,667       1,962  
Gross pro­fit   2,275       1,541       4,279       2,837  
Ope­ra­ting expen­ses                  
Rese­arch and deve­lo­p­ment   997       704       1,732       1,379  
Sales, gene­ral and admi­nis­tra­ti­ve   627       266       920       529  
Total ope­ra­ting expen­ses   1,624       970       2,652       1,908  
Inco­me from ope­ra­ti­ons   651       571       1,627       929  
Inte­rest inco­me   13       47       44       92  
Inte­rest expen­se   (54 )     (13 )     (78 )     (27 )
Other, net   (1 )     1       (2 )     1  
Other inco­me (expen­se), net   (42 )     35       (36 )     66  
Inco­me befo­re inco­me tax   609       606       1,591       995  
Inco­me tax expen­se (bene­fit)   (13 )     54       52       48  
Net inco­me $ 622     $ 552     $ 1,539     $ 947  
               
Net inco­me per share:              
Basic $ 1.01     $ 0.91     $ 2.50     $ 1.56  
Dilu­t­ed $ 0.99     $ 0.90     $ 2.47     $ 1.54  
               
Weigh­ted average shares used in per share com­pu­ta­ti­on:            
Basic   616       609       615       608  
Dilu­t­ed   626       616       624       616  
                               

 

NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In mil­li­ons)
(Unau­di­ted)
       
  July 26,   Janu­a­ry 26,
    2020       2020  
ASSETS      
       
Cur­rent assets:      
Cash, cash equi­va­lents and mar­ket­a­ble secu­ri­ties $ 10,981     $ 10,897  
Accounts receiva­ble, net   2,084       1,657  
Invent­ories   1,401       979  
Pre­paid expen­ses and other cur­rent assets   215       157  
Total cur­rent assets   14,681       13,690  
       
Pro­per­ty and equip­ment, net   1,964       1,674  
Ope­ra­ting lea­se assets   701       618  
Good­will   4,193       618  
Intan­gi­ble assets, net   2,854       49  
Defer­red inco­me tax assets   630       548  
Other assets   157       118  
Total assets $ 25,180     $ 17,315  
       
LIABILITIES AND SHAREHOLDERSEQUITY              
       
Cur­rent lia­bi­li­ties:      
Accounts paya­ble $ 893     $ 687  
Accrued and other cur­rent lia­bi­li­ties   1,517       1,097  
Total cur­rent lia­bi­li­ties   2,410       1,784  
       
Long-term debt   6,960       1,991  
Long-term ope­ra­ting lea­se lia­bi­li­ties   611       561  
Other long-term lia­bi­li­ties   1,285       775  
Total lia­bi­li­ties   11,266       5,111  
       
Share­hol­ders’ equi­ty   13,914       12,204  
Total lia­bi­li­ties and share­hol­ders’ equi­ty $ 25,180     $ 17,315  
       

 

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In mil­li­ons)
(Unau­di­ted)
                 
    Three Mon­ths Ended   Six Mon­ths Ended
    July 26,   July 28,   July 26,   July 28,
      2020       2019       2020       2019  
                 
Cash flows from ope­ra­ting acti­vi­ties:              
Net inco­me $ 622     $ 552     $ 1,539     $ 947  
Adjus­t­ments to recon­ci­le net inco­me to net cash              
pro­vi­ded by ope­ra­ting acti­vi­ties:              
Depre­cia­ti­on and amor­tiz­a­ti­on   404       92       511       183  
Stock-based com­pen­sa­ti­on expen­se   374       223       598       401  
Defer­red inco­me taxes   (80 )     15       (64 )     (27 )
Other   (8 )     4       (5 )     1  
Chan­ges in ope­ra­ting assets and lia­bi­li­ties, net of acqui­si­ti­ons:              
Accounts receiva­ble   44       (319 )     (205 )     (137 )
Invent­ories   54       225       (97 )     378  
Pre­paid expen­ses and other assets   42       31       34       36  
Accounts paya­ble   (8 )     78       63       (45 )
Accrued and other cur­rent lia­bi­li­ties   112       49       81       (79 )
Other long-term lia­bi­li­ties   10       (14 )     21       (2 )
Net cash pro­vi­ded by ope­ra­ting acti­vi­ties   1,566       936       2,476       1,656  
Cash flows from inves­ting acti­vi­ties:              
Pro­ceeds from matu­ri­ties of mar­ket­a­ble secu­ri­ties   1,032       1,372       1,032       3,592  
Pro­ceeds from sales of mar­ket­a­ble secu­ri­ties   258       3,126       259       3,152  
Purcha­ses of mar­ket­a­ble secu­ri­ties   (7,425 )     (840 )     (8,286 )     (1,461 )
Acqui­si­ti­on of busi­nes­ses, net of cash acqui­red   (7,137 )     -       (7,171 )     -  
Purcha­ses of pro­per­ty and equip­ment and intan­gi­ble assets   (217 )     (113 )     (372 )     (241 )
Invest­ments and other, net   -       (2 )     (7 )     (2 )
Net cash pro­vi­ded by (used in) inves­ting acti­vi­ties   (13,489 )     3,543       (14,545 )     5,040  
Cash flows from finan­cing acti­vi­ties:              
Pro­ceeds rela­ted to employee stock plans   6       1       94       83  
Pay­ments rela­ted to tax on restric­ted stock units   (196 )     (50 )     (418 )     (261 )
Divi­dends paid   (99 )     (97 )     (197 )     (195 )
Issu­an­ce of debt, net of issu­an­ce cos­ts   (8 )     -       4,971       -  
Other   -       -       (3 )     -  
Net cash pro­vi­ded by (used in) finan­cing acti­vi­ties   (297 )     (146 )     4,447       (373 )
Chan­ge in cash and cash equi­va­lents   (12,220 )     4,333       (7,622 )     6,323  
Cash and cash equi­va­lents at begin­ning of peri­od   15,494       2,772       10,896       782  
Cash and cash equi­va­lents at end of peri­od $ 3,274     $ 7,105     $ 3,274     $ 7,105  
                 

 

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In mil­li­ons, except per share data)
(Unau­di­ted)
               
  Three Mon­ths Ended   Six Mon­ths Ended
  July 26,   April 26,   July 28,   July 26,   July 28,
    2020       2020       2019       2020       2019  
                   
GAAP gross pro­fit $ 2,275     $ 2,004     $ 1,541     $ 4,279     $ 2,837  
GAAP gross mar­gin   58.8 %     65.1 %     59.8 %     61.6 %     59.1 %
Stock-based com­pen­sa­ti­on expen­se (A)   14       21       8       35       12  
Acqui­si­ti­on-rela­ted and other cos­ts (B)   245       1       -       246       -  
Legal sett­le­ment cos­ts   17       -       2       17       11  
Non-GAAP gross pro­fit $ 2,551     $ 2,026     $ 1,551     $ 4,577     $ 2,860  
Non-GAAP gross mar­gin   66.0 %     65.8 %     60.1 %     65.9 %     59.6 %
                   
GAAP ope­ra­ting expen­ses $ 1,624     $ 1,028     $ 970     $ 2,652     $ 1,908  
Stock-based com­pen­sa­ti­on expen­se (A)   (360 )     (203 )     (216 )     (563 )     (389 )
Acqui­si­ti­on-rela­ted and other cos­ts (B)   (229 )     (4 )     (5 )     (233 )     (15 )
Legal sett­le­ment cos­ts   -       -       -       -       (2 )
Non-GAAP ope­ra­ting expen­ses $ 1,035     $ 821     $ 749     $ 1,856     $ 1,502  
                   
GAAP inco­me from ope­ra­ti­ons $ 651     $ 976     $ 571     $ 1,627     $ 929  
Total impact of non-GAAP adjus­t­ments to inco­me from ope­ra­ti­ons   865       229       231       1,094       429  
Non-GAAP inco­me from ope­ra­ti­ons $ 1,516     $ 1,205     $ 802     $ 2,721     $ 1,358  
                   
GAAP other inco­me (expen­se), net $ (42 )   $ 5     $ 35     $ (36 )   $ 66  
Los­ses from non-affi­lia­ted invest­ments   2       3       -       5       -  
Inte­rest expen­se rela­ted to amor­tiz­a­ti­on of debt dis­count   1       1       -       1       1  
Non-GAAP other inco­me (expen­se), net $ (39 )   $ 9     $ 35     $ (30 )   $ 67  
                   
GAAP net inco­me $ 622     $ 917     $ 552     $ 1,539     $ 947  
Total pre-tax impact of non-GAAP adjus­t­ments   868       232       231       1,100       430  
Inco­me tax impact of non-GAAP adjus­t­ments ©   (124 )     (29 )     (21 )     (153 )     (72 )
Non-GAAP net inco­me $ 1,366     $ 1,120     $ 762     $ 2,486     $ 1,305  
                   
Dilu­t­ed net inco­me per share                  
GAAP $ 0.99     $ 1.47     $ 0.90     $ 2.47     $ 1.54  
Non-GAAP $ 2.18     $ 1.80     $ 1.24     $ 3.98     $ 2.12  
                   
Weigh­ted average shares used in dilu­t­ed net inco­me per share com­pu­ta­ti­on   626       622       616       624       616  
                   
GAAP net cash pro­vi­ded by ope­ra­ting acti­vi­ties $ 1,566     $ 909     $ 936     $ 2,476     $ 1,656  
Purcha­se of pro­per­ty and equip­ment and intan­gi­ble assets   (217 )     (155 )     (113 )     (372 )     (241 )
Free cash flow $ 1,349     $ 754     $ 823     $ 2,104     $ 1,415  
                   
 
                   
(A) Stock-based com­pen­sa­ti­on con­sists of the fol­lowing: Three Mon­ths Ended   Six Mon­ths Ended
  July 26,   April 26,   July 28,   July 26,   July 28,
    2020       2020       2019       2020       2019  
Cost of reve­nue $ 14     $ 21     $ 8     $ 35     $ 12  
Rese­arch and deve­lo­p­ment $ 228     $ 134     $ 145     $ 362     $ 259  
Sales, gene­ral and admi­nis­tra­ti­ve $ 132     $ 69     $ 71     $ 201     $ 130  
                   
(B) Acqui­si­ti­on-rela­ted and other cos­ts pri­ma­ri­ly inclu­de amor­tiz­a­ti­on of intan­gi­ble assets, inven­to­ry step-up, tran­sac­tion cos­ts, and cer­tain com­pen­sa­ti­on char­ges.
© 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).
 
                   

 

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
 
  Q3 FY2021
Out­look
  ($ in mil­li­ons)
   
GAAP gross mar­gin   62.5 %
Impact of stock-based com­pen­sa­ti­on expen­se, acqui­si­ti­on-rela­ted cos­ts, and other cos­ts   3.0 %
Non-GAAP gross mar­gin   65.5 %
   
GAAP ope­ra­ting expen­ses $ 1,535  
Stock-based com­pen­sa­ti­on expen­se, acqui­si­ti­on-rela­ted cos­ts, and other cos­ts   (445 )
Non-GAAP ope­ra­ting expen­ses $ 1,090  
   

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/.

Cer­tain state­ments in this press release inclu­ding, but not limi­ted to, state­ments as to: the adop­ti­on of com­pu­ting acce­le­ra­ting and it dri­ving reve­nue and growth; growth in gaming and NVIDIA Net­wor­king; Ampere sprin­ting out of the blocks; top cloud ser­vice pro­vi­ders and ser­ver makers moving to offer NVIDIA acce­le­ra­ted com­pu­ting; our part­ners­hip with Mer­ce­des-Benz powe­ring the next genera­ti­on of luxu­ry cars and being trans­for­ma­ti­ve; the pandemic’s impact; our posi­ti­on for growth; gaming, AI, cloud com­pu­ting and auto­no­mous machi­nes dri­ving the next indus­tri­al revo­lu­ti­on; NVIDIA’s capi­tal return pro­gram; NVIDIA’s next quar­ter­ly cash divi­dend; NVIDIA’s finan­cial out­look for the third quar­ter of fis­cal 2021; NVIDIA’s expec­ted tax rates for the third quar­ter of fis­cal 2021; NVIDIA’s expec­ta­ti­on to gene­ra­te varia­bi­li­ty from excess tax bene­fits or defi­ci­en­ci­es; the bene­fits, abi­li­ties and impact of our pro­ducts and tech­no­lo­gies, inclu­ding our Ampere GPU archi­tec­tu­re, Spark 3.0, GeFor­ce, NVIDIA Qua­dro and Qua­dro View; the super­com­pu­ters our pro­ducts power; set­ting AI per­for­mance records; NVIDIA Mel­lanox UFM Cyber-AI Plat­form mini­mi­zing down­ti­me in super­com­pu­ting data cen­ters; the games sup­por­ting NVIDIA fea­tures; Squa­re Enix adding its cata­log to GeFor­ce NOW and their fea­tures; powe­ring AI fea­tures in Sub­s­tance Alche­mist and Blen­der and the impro­ve­ments in AI denoi­sing; NVIDIA RTX being added to app­li­ca­ti­ons and giving creators access to fas­ter ray tra­cing and acce­le­ra­ted per­for­mance; and star­ting in 2024, Mer­ce­des-Benz inte­gra­ting into every vehi­cle in its lin­eup a soft­ware-defi­ned archi­tec­tu­re based on NVIDIA tech­no­lo­gy, 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.

© 2020 NVIDIA Cor­po­ra­ti­on. All rights reser­ved. NVIDIA, the NVIDIA logo, Qua­dro, DRIVE AGX Orin, GeFor­ce NOW, Mel­lanox, NVIDIA A100, NVIDIA AGX, NVIDIA DGX A100, NVIDIA DGX Super­POD, NVIDIA DRIVE, NVIDIA RAPIDS, NVIDIA RTX and Qua­dro View 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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