NVIDIA Announces Financial Results for Third Quarter Fiscal 2022

Wed­nes­day, Novem­ber 17, 2021

  • Record reve­nue of $7.10 bil­li­on, up 50 per­cent from a year earlier
  • Record Data Cen­ter reve­nue of $2.94 bil­li­on, up 55 per­cent from a year earlier
  • Record Gaming reve­nue of $3.22 bil­li­on, up 42 per­cent from a year earlier

SANTA CLARA, Calif., Nov. 17, 2021 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today repor­ted record reve­nue for the third quar­ter ended Octo­ber 31, 2021, of $7.10 bil­li­on, up 50 per­cent from a year ear­lier and up 9 per­cent from the pre­vious quar­ter, with record reve­nue from the company’s Gaming, Data Cen­ter and Pro­fes­sio­nal Visua­liz­a­ti­on mar­ket platforms.

GAAP ear­nings per dilu­t­ed share for the quar­ter were $0.97, up 83 per­cent from a year ago and up 3 per­cent from the pre­vious quar­ter. Non-GAAP ear­nings per dilu­t­ed share were $1.17, up 60 per­cent from a year ago and up 13 per­cent from the pre­vious quarter.

The third quar­ter was out­stan­ding, with record reve­nue,” said Jen­sen Huang, foun­der and CEO of NVIDIA. “Demand for NVIDIA AI is sur­ging, dri­ven by hypersca­le and cloud sca­le-out, and broa­de­ning adop­ti­on by more than 25,000 com­pa­nies. NVIDIA RTX has reinven­ted com­pu­ter gra­phics with ray tra­cing and AI, and is the ide­al upgrade for the lar­ge, gro­wing mar­ket of gamers and creators, as well as desi­gners and pro­fes­sio­nals buil­ding home workstations.

Our GTC event seri­es show­ca­ses the expan­ding uni­ver­se of NVIDIA acce­le­ra­ted com­pu­ting. Last week’s event was our most suc­cess­ful yet, high­ligh­t­ing diver­se app­li­ca­ti­ons, inclu­ding sup­ply-chain logistics, cyber­se­cu­ri­ty, natu­ral lan­guage pro­ces­sing, quan­tum com­pu­ting rese­arch, robo­tics, self-dri­ving cars, cli­ma­te sci­ence and digi­tal biology.

Omni­ver­se was a major the­me at GTC. We show­ed what is pos­si­ble when we can jump into vir­tu­al worlds. Omni­ver­se will be used from col­la­bo­ra­ti­ve design, cus­to­mer ser­vice ava­tars and video con­fe­ren­cing, to digi­tal twins of fac­to­ries, pro­ces­sing plants, even ent­i­re cities. Omni­ver­se brings tog­e­ther NVIDIA’s exper­ti­se in AI, simu­la­ti­on, gra­phics and com­pu­ting infra­st­ruc­tu­re. This is the tip of the ice­berg of what’s to come,” he said.

NVIDIA paid quar­ter­ly cash divi­dends of $100 mil­li­on in the third quar­ter. It will pay its next quar­ter­ly cash divi­dend of $0.04 per share on Decem­ber 23, 2021, to all share­hol­ders of record on Decem­ber 2, 2021.

Q3 Fis­cal 2022 Summary

GAAP
($ in mil­li­ons, except ear­nings per share) Q3 FY22 Q2 FY22 Q3 FY21 Q/Q Y/Y
Reve­nue $7,103 $6,507 $4,726 Up 9% Up 50%
Gross mar­gin  65.2%  64.8%  62.6% Up 40 bps Up 260 bps
Ope­ra­ting expenses $1,960 $1,771 $1,562 Up 11% Up 25%
Ope­ra­ting income $2,671 $2,444 $1,398 Up 9% Up 91%
Net inco­me $2,464 $2,374 $1,336 Up 4% Up 84%
Dilu­t­ed ear­nings per share* $0.97 $0.94 $0.53 Up 3% Up 83%

   

Non-GAAP
($ in mil­li­ons, except ear­nings per share) Q3 FY22 Q2 FY22 Q3 FY21 Q/Q Y/Y
Reve­nue $7,103 $6,507 $4,726 Up 9% Up 50%
Gross mar­gin  67.0%  66.7%  65.5% Up 30 bps Up 150 bps
Ope­ra­ting expenses $1,375 $1,266 $1,101 Up 9% Up 25%
Ope­ra­ting income $3,386 $3,071 $1,993 Up 10% Up 70%
Net inco­me $2,973 $2,623 $1,834 Up 13% Up 62%
Dilu­t­ed ear­nings per share* $1.17 $1.04 $0.73 Up 13% Up 60%

*All per share amounts pre­sen­ted her­ein have been retroac­tively adjus­ted to reflect the four-for-one stock split which was effec­ti­ve July 19, 2021.

NVIDIA’s out­look for the fourth quar­ter of fis­cal 2022 is as follows:

  • Reve­nue is expec­ted to be $7.40 bil­li­on, plus or minus 2 percent.
  • GAAP and non-GAAP gross mar­gins are expec­ted to be 65.3 per­cent and 67.0 per­cent, respec­tively, plus or minus 50 basis points.
  • GAAP and non-GAAP ope­ra­ting expen­ses are expec­ted to be appro­xi­mate­ly $2.02 bil­li­on and $1.43 bil­li­on, respectively.
  • GAAP and non-GAAP other inco­me and expen­se are both expec­ted to be an expen­se of appro­xi­mate­ly $60 mil­li­on, exclu­ding gains and los­ses from non-affi­lia­ted investments.
  • GAAP and non-GAAP tax rates are both expec­ted to be 11 per­cent, plus or minus 1 per­cent, exclu­ding any dis­cre­te items such as excess tax bene­fits or defi­ci­en­ci­es rela­ted to stock-based compensation.

High­lights

At last week’s GTC, NVIDIA announ­ced the following:

AI Soft­ware

  • 65 new and updated soft­ware deve­lo­p­ment kits ― brin­ging impro­ved fea­tures and capa­bi­li­ties to data sci­en­tists, rese­ar­chers and deve­lo­pers ― inclu­ding NVIDIA Modu­lus, a frame­work for deve­lo­ping phy­sics-ML models, NVIDIA ReOpt, an acce­le­ra­ted sol­ver that opti­mi­zes vehi­cle rou­te plan­ning and logistics, and NVIDIA cuNu­me­ric, which brings acce­le­ra­ted com­pu­ting to the lar­ge and gro­wing Python Num­Py ecosystem.
  • Tools for deve­lo­ping and deploy­ing lar­ge lan­guage models: NVIDIA NeMo Mega­tron, for trai­ning models with tril­li­ons of para­me­ters; the Mega­tron 530B cus­to­miz­ab­le LLM that can be trai­ned for new domains and lan­guages; and NVIDIA Tri­ton Infe­rence Ser­ver™ with mul­ti-GPU, mul­tin­ode dis­tri­bu­t­ed infe­rence functionality.
  • New capa­bi­li­ties in the open source NVIDIA Tri­ton Infe­rence Ser­ver soft­ware, which pro­vi­des cross-plat­form infe­rence on all AI models and frame­works, and NVIDIA Ten­sorRT™, which opti­mi­zes AI models.
  • Zero-trust cyber­se­cu­ri­ty plat­form ― com­pri­sing NVIDIA Blue­Field DPUs, NVIDIA DOCA and NVIDIA Mor­pheus cyber­se­cu­ri­ty plat­form ― allowing the cyber­se­cu­ri­ty indus­try to build solu­ti­ons that defend cus­to­mer data cen­ters in real time.
  • NVIDIA Riva Cus­tom Voice, a fea­ture in NVIDIA Riva AI soft­ware that makes cus­tom text-to-speech prac­ti­cal for com­pa­nies; NVIDIA Riva Enter­pri­se will be com­mer­cial­ly avail­ab­le for enter­pri­ses ear­ly next year, with app­li­ca­bi­li­ty to a wide ran­ge of app­li­ca­ti­ons such as vir­tu­al assi­stants and video conferencing.

Omni­ver­se

  • NVIDIA Omni­ver­se Ava­tar, a plat­form for genera­ting inter­ac­ti­ve AI ava­tars, which con­nects the company’s tech­no­lo­gies in speech AI, com­pu­ter visi­on, natu­ral lan­guage under­stan­ding, recom­men­da­ti­on engi­nes and simu­la­ti­on technologies. 
  • NVIDIA Omni­ver­se Repli­ca­tor, a syn­the­tic-data-genera­ti­on engi­ne that pro­du­ces phy­si­cal­ly simu­la­ted syn­the­tic data for trai­ning deep neural networks.

Net­wor­king

  • NVIDIA Quantum‑2, a 400Gbps Infi­ni­Band end-to-end net­wor­king plat­form, with the extre­me per­for­mance, broad acces­si­bi­li­ty and strong secu­ri­ty nee­ded by cloud com­pu­ting pro­vi­ders and super­com­pu­ting centers. 

Automotive/Robotics/Healthcare

  • NVIDIA DRIVE Con­cier­ge and DRIVE Chauf­feur, AI plat­forms built with NVIDIA DRIVE Orin, which are intel­li­gent tech­no­lo­gies that trans­form the digi­tal expe­ri­ence insi­de the car with Omni­ver­se Ava­tar, enab­ling safe auto­no­mous dri­ving on high­ways and urban streets.
  • NVIDIA DRIVE Hype­ri­on 8, a com­pu­ter archi­tec­tu­re and sen­sor set for self-dri­ving systems.
  • NVIDIA Jet­son AGX Orin™, the world’s smal­lest, most power­ful and ener­gy-effi­ci­ent AI super­com­pu­ter for robo­tics, auto­no­mous machi­nes, medi­cal devices and more.
  • NVIDIA Cla­ra Holos­can, an AI com­pu­ting plat­form for medi­cal-device makers to adopt soft­ware-as-a-ser­vice offe­rings with upgrad­able, scala­b­le and end-to-end pro­ces­sing of strea­med data.

Addi­tio­nal­ly, the com­pa­ny achie­ved pro­gress sin­ce its pre­vious ear­nings announ­ce­ment in the­se areas: 

Gaming

Data Cen­ter

  • Third-quar­ter reve­nue was a record $2.94 bil­li­on, up 55 per­cent from a year ear­lier and up 24 per­cent from the pre­vious quarter.
  • Announ­ced plans to build Earth‑2, an AI super­com­pu­ter dedi­ca­ted to addres­sing the glo­bal cli­ma­te chan­ge crisis.
  • Announ­ced the gene­ral avai­la­bi­li­ty of NVIDIA AI Enter­pri­se, a com­pre­hen­si­ve soft­ware suite of AI tools and frame­works that enab­les the hund­reds of thousands of com­pa­nies run­ning VMware vSphe­re to vir­tua­li­ze AI workloads on NVI­DIA-Cer­ti­fied Sys­tems™.
  • Expan­ded NVIDIA Launch­Pad, which pro­vi­des immedia­te access to opti­mi­zed soft­ware run­ning on acce­le­ra­ted infra­st­ruc­tu­re, from North Ame­ri­ca to nine glo­bal locations.
  • Descri­bed a col­la­bo­ra­ti­on invol­ving NVIDIA Mega­tron-LM and Micro­soft Deep­Speed to crea­te an effi­ci­ent, scala­b­le, 3D par­al­lel sys­tem capa­ble of com­bi­ning data, pipe­line and ten­sor-sli­cing-based parallelism.
  • Announ­ced fur­ther col­la­bo­ra­ti­on with VMware, sup­por­ting tri­als of VMware vSphe­re with Tan­zu on the NVIDIA AI Enter­pri­se platform.
  • Shared news that the lar­gest GPU-based super­com­pu­ter at the U.S. Depart­ment of Energy’s Argon­ne Natio­nal Labo­ra­to­ry, Pola­ris, will run on NVIDIA’s acce­le­ra­ted com­pu­ting plat­form, and be able to achie­ve almost 1.4 exa­flops of AI performance.

Pro­fes­sio­nal Visualization

  • Third-quar­ter reve­nue was a record $577 mil­li­on, up 144 per­cent from a year ear­lier and up 11 per­cent from the pre­vious quarter.
  • Announ­ced NVIDIA Omni­ver­se Enter­pri­se is in gene­ral avai­la­bi­li­ty, with the addi­ti­on of AR, VR and mul­ti-GPU ren­de­ring, as well as announ­ced adop­ti­on by Bent­ley Sys­tems and Esri for digi­tal-twin applications.

Auto­mo­ti­ve

  • Third-quar­ter reve­nue was $135 mil­li­on, up 8 per­cent from a year ear­lier and down 11 per­cent from the pre­vious quarter.
  • Announ­ced that NVIDIA DRIVE Orin is being used by auto­no­mous truck com­pa­ny Kodiak Robo­tics, auto­ma­ker Lotus, auto­no­mous dri­ving-solu­ti­ons pro­vi­der QCraft and EV start­up WM Motor.

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/.

Con­fe­rence Call and Web­cast Information
NVIDIA will con­duct a con­fe­rence call with ana­lysts and inves­tors to dis­cuss its third quar­ter 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. 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 year 2022.

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 net inco­me, non-GAAP net inco­me, or ear­nings, per dilu­t­ed share, and free cash flow. 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, IP-rela­ted cos­ts, gains and los­ses from non-affi­lia­ted invest­ments, inte­rest expen­se rela­ted to amor­tiz­a­ti­on of debt dis­count, the asso­cia­ted tax impact of the­se items whe­re app­li­ca­ble, and domesti­ca­ti­on tax bene­fit. Free cash flow is cal­cu­la­ted as GAAP net cash pro­vi­ded by ope­ra­ting acti­vi­ties less both purcha­ses of pro­per­ty and equip­ment and intan­gi­ble assets and princi­pal pay­ments on 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.

About NVIDIA
NVIDIA’s (NASDAQ: NVDA) inven­ti­on of the GPU in 1999 spar­ked the growth of the PC gaming mar­ket and has rede­fi­ned modern com­pu­ter gra­phics, high per­for­mance com­pu­ting and arti­fi­cial intel­li­gence. The company’s pionee­ring work in acce­le­ra­ted com­pu­ting and AI is resha­ping tril­li­on-dol­lar indus­tries, such as trans­por­ta­ti­on, health­ca­re and manu­fac­tu­ring, and fue­ling the growth of many others. More infor­ma­ti­on at https://nvidianews.nvidia.com/.

For fur­ther infor­ma­ti­on, contact:

Simo­na Jankowski Robert Sher­bin
Inves­tor Relations Cor­po­ra­te Communications
NVIDIA Cor­po­ra­ti­on NVIDIA Cor­po­ra­ti­on
sjankowski@nvidia.com rsherbin@nvidia.com

Cer­tain state­ments in this press release inclu­ding, but not limi­ted to, state­ments as to: demand for AI sur­ging and its broa­de­ning adop­ti­on; the gro­wing mar­ket of gamers and creators, as well as desi­gners and pro­fes­sio­nals buil­ding home work­sta­tions; the expan­ding uni­ver­se of NVIDIA acce­le­ra­ted com­pu­ting; the uses of Omni­ver­se and it brin­ging tog­e­ther NVIDIA’s exper­ti­se in AI, simu­la­ti­on, gra­phics, and com­pu­ting infra­st­ruc­tu­re; the bene­fits, per­for­mance and abi­li­ties of our pro­ducts and tech­no­lo­gies, inclu­ding NVIDIA Modu­lus, NVIDIA ReOpt, NVIDIA cuNu­me­ric, NVIDIA NeMo Mega­tron, NVIDIA Tri­ton Infe­rence Ser­ver, NVIDIA Ten­sorRT, NVIDIA’s zero-trust cyber­se­cu­ri­ty plat­form, NVIDIA Riva, NVIDIA Riva Enter­pri­se, NVIDIA Omni­ver­se Ava­tar, NVIDIA Omni­ver­se Repli­ca­tor, NVIDIA Quantum‑2, NVIDIA DRIVE Con­cier­ge and DRIVE Chauf­feur, NVIDIA DRIVE Hype­ri­on 8, NVIDIA Jet­son AGX Orin, Cla­ra Holos­can, NVIDIA AI Enter­pri­se, NVIDIA Launch­Pad, the col­la­bo­ra­ti­on bet­ween NVIDIA Mega­tron-LM and Micro­soft Deep­Speed, the col­la­bo­ra­ti­on with VMware, and NVIDIA Omni­ver­se Enter­pri­se; plans to run Pola­ris on NVIDIA’s acce­le­ra­ted com­pu­ting plat­form; NVIDIA’s next quar­ter­ly cash divi­dend; NVIDIA’s finan­cial out­look for the fourth quar­ter of fis­cal 2022; and NVIDIA’s expec­ted tax rates for the fourth quar­ter of fis­cal 2022 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.

© 2021 NVIDIA Cor­po­ra­ti­on. All rights reser­ved. NVIDIA, the NVIDIA logo, GeFor­ce, Blue­Field, GeFor­ce NOW, GeFor­ce RTX, NVIDIA Cla­ra, NVIDIA DOCA, NVIDIA DRIVE, NVIDIA Jet­son AGX Orin, NVIDIA Omni­ver­se, NVIDIA ReOpt, NVIDIA RTX, NVIDIA Tri­ton Inter­face Ser­ver, NVI­DIA-Cer­ti­fied Sys­tems, GeFor­ce NOW, GeFor­ce RTX and Ten­sorRT 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.

 

NVIDIA CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In mil­li­ons, except per share data)
(Unau­di­ted)
                   
                   
      Three Mon­ths Ended   Nine Mon­ths Ended
      Octo­ber 31,   Octo­ber 25,   Octo­ber 31,   Octo­ber 25,
        2021       2020       2021       2020  
                   
Reve­nue $ 7,103     $ 4,726     $ 19,271     $ 11,672  
Cost of revenue   2,472       1,766       6,795       4,432  
Gross pro­fit   4,631       2,960       12,476       7,240  
Ope­ra­ting expenses              
  Rese­arch and development   1,403       1,047       3,802       2,778  
  Sales, gene­ral and administrative   557       515       1,603       1,437  
    Total ope­ra­ting expenses   1,960       1,562       5,405       4,215  
Inco­me from operations   2,671       1,398       7,071       3,025  
  Inte­rest income   7       7       20       50  
  Inte­rest expense   (62 )     (53 )     (175 )     (131 )
  Other, net   22       (4 )     160       (5 )
    Other inco­me (expen­se), net   (33 )     (50 )     5       (86 )
Inco­me befo­re inco­me tax   2,638       1,348       7,076       2,939  
Inco­me tax expense   174       12       327       64  
Net inco­me $ 2,464     $ 1,336     $ 6,749     $ 2,875  
                   
Net inco­me per share (A):              
  Basic $ 0.99     $ 0.54     $ 2.71     $ 1.17  
  Dilu­t­ed $ 0.97     $ 0.53     $ 2.67     $ 1.15  
                   
Weigh­ted average shares used in per share com­pu­ta­ti­on (A):            
  Basic   2,499       2,472       2,493       2,464  
  Dilu­t­ed   2,538       2,520       2,532       2,504  
                   
(A) Reflects a four-for-one stock split on July 19, 2021.
NVIDIA CORPORATION  
CONDENSED CONSOLIDATED BALANCE SHEETS  
(In mil­li­ons)  
(Unau­di­ted)  
               
               
        Octo­ber 31,   Janu­a­ry 31,  
         2021    2021  
ASSETS          
               
Cur­rent assets:          
  Cash, cash equi­va­lents and mar­ket­a­ble securities   $ 19,298   $ 11,561  
  Accounts receiva­ble, net     3,954     2,429  
  Invent­ories     2,233     1,826  
  Pre­paid expen­ses and other cur­rent assets     321     239  
    Total cur­rent assets     25,806     16,055  
               
Pro­per­ty and equip­ment, net     2,509     2,149  
Ope­ra­ting lea­se assets     830     707  
Good­will     4,302     4,193  
Intan­gi­ble assets, net     2,454     2,737  
Defer­red inco­me tax assets     970     806  
Other assets     3,761     2,144  
    Total assets   $ 40,632   $ 28,791  
               
LIABILITIES AND SHAREHOLDERSEQUITY  
               
Cur­rent liabilities:          
  Accounts paya­ble   $ 1,664   $ 1,201  
  Accrued and other cur­rent liabilities     1,948     1,725  
  Short-term debt     -     999  
    Total cur­rent liabilities     3,612     3,925  
               
Long-term debt     10,944     5,964  
Long-term ope­ra­ting lea­se liabilities     743     634  
Other long-term liabilities     1,535     1,375  
    Total lia­bi­li­ties     16,834     11,898  
               
Share­hol­ders’ equity     23,798     16,893  
    Total lia­bi­li­ties and share­hol­ders’ equity   $ 40,632   $ 28,791  
               
NVIDIA CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(In mil­li­ons)  
(Unau­di­ted)  
                     
                     
      Three Mon­ths Ended   Nine Mon­ths Ended  
      Octo­ber 31,   Octo­ber 25,   Octo­ber 31,   Octo­ber 25,  
        2021       2020       2021       2020    
                     
Cash flows from ope­ra­ting activities:                
Net inco­me $ 2,464     $ 1,336     $ 6,749     $ 2,875    
Adjus­t­ments to recon­ci­le net inco­me to net cash                
pro­vi­ded by ope­ra­ting activities:                
  Stock-based com­pen­sa­ti­on expense   559       383       1,453       981    
  Depre­cia­ti­on and amortization   298       299       865       810    
  Defer­red inco­me taxes   (21 )     (53 )     (182 )     (117 )  
  (Gains) los­ses on invest­ments in non affi­lia­tes, net   (20 )     -       (152 )     -    
  Other   10       2       25       (2 )  
Chan­ges in ope­ra­ting assets and lia­bi­li­ties, net of acquisitions:                
  Accounts receiva­ble   (366 )     (463 )     (1,523 )     (667 )  
  Invent­ories   (118 )     (93 )     (400 )     (190 )  
  Pre­paid expen­ses and other assets   (1,575 )     (443 )     (1,557 )     (409 )  
  Accounts paya­ble   195       225       474       289    
  Accrued and other cur­rent liabilities   (62 )     31       70       111    
  Other long-term liabilities   155       55       253       74    
Net cash pro­vi­ded by ope­ra­ting activities   1,519       1,279       6,075       3,755    
Cash flows from inves­ting activities:                
  Pro­ceeds from matu­ri­ties of mar­ket­a­ble securities   2,545       4,133       7,780       5,165    
  Pro­ceeds from sales of mar­ket­a­ble securities   211       243       916       502    
  Purcha­ses of mar­ket­a­ble securities   (6,752 )     (4,554 )     (16,020 )     (12,840 )  
  Purcha­ses rela­ted to pro­per­ty and equip­ment and intan­gi­ble assets     (221 )     (473 )     (703 )     (845 )  
  Acqui­si­ti­ons, net of cash acquired   (203 )     (1,353 )     (203 )     (8,524 )  
  Invest­ments and other, net   (18 )     3       (14 )     (4 )  
Net cash used in inves­ting activities   (4,438 )     (2,001 )     (8,244 )     (16,546 )  
Cash flows from finan­cing activities:                
  Issu­an­ce of debt, net of issu­an­ce costs   (8 )     -       4,977       4,971    
  Pro­ceeds rela­ted to employee stock plans   149       96       277       190    
  Repay­ment of debt   (1,000 )     -       (1,000 )     -    
  Pay­ments rela­ted to tax on restric­ted stock units   (440 )     (298 )     (1,282 )     (716 )  
  Divi­dends paid   (100 )     (99 )     (298 )     (296 )  
  Princi­pal pay­ments on pro­per­ty and equipment   (22 )     -       (62 )     -    
  Other   -       -       (2 )     (3 )  
Net cash pro­vi­ded by (used in) finan­cing activities   (1,421 )     (301 )     2,610       4,146    
Chan­ge in cash and cash equivalents   (4,340 )     (1,023 )     441       (8,645 )  
Cash and cash equi­va­lents at begin­ning of period   5,628       3,274       847       10,896    
Cash and cash equi­va­lents at end of period $ 1,288     $ 2,251     $ 1,288     $ 2,251    
                     
  NVIDIA CORPORATION
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
  (In mil­li­ons, except per share data)
  (Unau­di­ted)
                     
        Three Mon­ths Ended   Nine Mon­ths Ended
        Octo­ber 31,   August 1,   Octo­ber 25,   Octo­ber 31, Octo­ber 25,
          2021       2021       2020       2021       2020  
                         
  GAAP gross profit $ 4,631     $ 4,215     $ 2,960     $ 12,476     $ 7,240  
    GAAP gross margin   65.2 %     64.8 %     62.6 %     64.7 %     62.0 %
  Acqui­si­ti­on-rela­ted and other cos­ts (A)   86       86       86       258       331  
  Stock-based com­pen­sa­ti­on expen­se (B)   44       32       28       102       62  
  IP-rela­ted costs     -       4       21       8       38  
  Non-GAAP gross profit $ 4,761     $ 4,337     $ 3,095     $ 12,844     $ 7,671  
    Non-GAAP gross margin   67.0 %     66.7 %     65.5 %     66.6 %     65.7 %
                         
  GAAP ope­ra­ting expenses $ 1,960     $ 1,771     $ 1,562     $ 5,405     $ 4,215  
  Stock-based com­pen­sa­ti­on expen­se (B)   (515 )     (433 )     (355 )     (1,351 )     (919 )
  Acqui­si­ti­on-rela­ted and other cos­ts (A)   (70 )     (72 )     (106 )     (224 )     (338 )
  Non-GAAP ope­ra­ting expenses $ 1,375     $ 1,266     $ 1,101     $ 3,830     $ 2,958  
                         
  GAAP inco­me from operations $ 2,671     $ 2,444     $ 1,398     $ 7,071     $ 3,025  
  Total impact of non-GAAP adjus­t­ments to inco­me from operations   715       627       595       1,943       1,689  
  Non-GAAP inco­me from operations $ 3,386     $ 3,071     $ 1,993     $ 9,014     $ 4,714  
                         
  GAAP other inco­me (expen­se), net $ (33 )   $ (50 )   $ (50 )   $ 5     $ (86 )
  (Gains) los­ses from non-affi­lia­ted investments   (20 )     -       4       (153 )     9  
  Inte­rest expen­se rela­ted to amor­tiz­a­ti­on of debt discount   1       1       1       3       1  
  Non-GAAP other inco­me (expen­se), net $ (52 )   $ (49 )   $ (45 )   $ (145 )   $ (76 )
                         
  GAAP net income   $ 2,464     $ 2,374     $ 1,336     $ 6,749     $ 2,875  
  Total pre-tax impact of non-GAAP adjustments   696       628       600       1,793       1,699  
  Inco­me tax impact of non-GAAP adjustments ©   (187 )     (127 )     (102 )     (381 )     (255 )
  Domesti­ca­ti­on tax benefit   -       (252 )     -       (252 )     -  
  Non-GAAP net income $ 2,973     $ 2,623     $ 1,834     $ 7,909     $ 4,319  
                         
  Dilu­t­ed net inco­me per share (D)                  
  GAAP   $ 0.97     $ 0.94     $ 0.53     $ 2.67     $ 1.15  
  Non-GAAP   $ 1.17     $ 1.04     $ 0.73     $ 3.12     $ 1.72  
                         
  Weigh­ted average shares used in dilu­t­ed net inco­me per share com­pu­ta­ti­on (D)     2,538       2,532       2,520       2,532       2,504  
                         
  GAAP net cash pro­vi­ded by ope­ra­ting activities $ 1,519     $ 2,682     $ 1,279     $ 6,075     $ 3,755  
  Purcha­ses rela­ted to pro­per­ty and equip­ment and intan­gi­ble assets   (221 )     (183 )     (473 )     (703 )     (845 )
  Princi­pal pay­ments on pro­per­ty and equipment   (22 )     (21 )     -       (62 )     -  
  Free cash flow   $ 1,276     $ 2,478     $ 806     $ 5,310     $ 2,910  
                         
   
                         
  (A) Acqui­si­ti­on-rela­ted and other cos­ts pri­ma­ri­ly inclu­de amor­tiz­a­ti­on of intan­gi­ble assets, inven­to­ry step-up, tran­sac­tion cos­ts, and cer­tain com­pen­sa­ti­on char­ges pre­sen­ted as follows:
        Three Mon­ths Ended   Nine Mon­ths Ended
        Octo­ber 31,   August 1,   Octo­ber 25,   Octo­ber 31, Octo­ber 25,
          2021       2021       2020       2021       2020  
  Cost of revenue $ 86     $ 86     $ 86     $ 258     $ 331  
  Rese­arch and development $ 7     $ 1     $ 2     $ 10     $ 7  
  Sales, gene­ral and administrative $ 63     $ 71     $ 104     $ 214     $ 331  
                         
  (B) Stock-based com­pen­sa­ti­on con­sists of the following:      
        Three Mon­ths Ended   Nine Mon­ths Ended
        Octo­ber 31,   August 1,   Octo­ber 25,   Octo­ber 31, Octo­ber 25,
          2021       2021       2020       2021       2020  
  Cost of revenue $ 44     $ 32     $ 28     $ 102     $ 62  
  Rese­arch and development $ 363     $ 297     $ 232     $ 935     $ 594  
  Sales, gene­ral and administrative $ 152     $ 136     $ 123     $ 416     $ 325  
                         
  © 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).
                         
  (D) Reflects a four-for-one stock split on July 19, 2021.
NVIDIA CORPORATION  
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK  
       
   
    Q4 FY2022
Outlook
 
    ($ in millions)  
       
GAAP gross margin   65.3 %  
  Impact of stock-based com­pen­sa­ti­on expen­se, acqui­si­ti­on-rela­ted cos­ts, and other costs   1.7 %  
Non-GAAP gross margin   67.0 %  
       
GAAP ope­ra­ting expenses $ 2,015    
  Stock-based com­pen­sa­ti­on expen­se, acqui­si­ti­on-rela­ted cos­ts, and other costs   (585 )  
Non-GAAP ope­ra­ting expenses $ 1,430    
       

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