NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2022

  • Record fis­cal-year reve­nue of $26.91 bil­li­on, up 61 percent
  • Record quar­ter­ly and fis­cal-year reve­nue for Gaming, Data Cen­ter and Pro­fes­sio­nal Visualization

SANTA CLARA, Calif., Feb. 16, 2022 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today repor­ted record reve­nue for the fourth quar­ter ended Janu­a­ry 30, 2022, of $7.64 bil­li­on, up 53 per­cent from a year ago and up 8 per­cent from the pre­vious quar­ter. Gaming, Data Cen­ter and Pro­fes­sio­nal Visua­liz­a­ti­on mar­ket plat­forms each achie­ved record reve­nue for the quar­ter and year.

GAAP ear­nings per dilu­t­ed share for the quar­ter were a record $1.18, up 103 per­cent from a year ago and up 22 per­cent from the pre­vious quar­ter. Non-GAAP ear­nings per dilu­t­ed share were $1.32, up 69 per­cent from a year ago and up 13 per­cent from the pre­vious quarter.

For fis­cal 2022, reve­nue was a record $26.91 bil­li­on, up 61 per­cent from $16.68 bil­li­on a year ago. GAAP ear­nings per dilu­t­ed share were a record $3.85, up 123 per­cent from $1.73 a year ago. Non-GAAP ear­nings per dilu­t­ed share were $4.44, up 78 per­cent from $2.50 a year ago.

We are see­ing excep­tio­nal demand for NVIDIA com­pu­ting plat­forms,” said Jen­sen Huang, foun­der and CEO of NVIDIA. “NVIDIA is pro­pel­ling advan­ces in AI, digi­tal bio­lo­gy, cli­ma­te sci­en­ces, gaming, crea­ti­ve design, auto­no­mous vehi­cles and robo­tics – some of today’s most impact­ful fields.

We are ent­e­ring the new year with strong momen­tum across our busi­nes­ses and excel­lent trac­tion with our new soft­ware busi­ness models with NVIDIA AI, NVIDIA Omni­ver­se and NVIDIA DRIVE. GTC is com­ing. We will announ­ce many new pro­ducts, app­li­ca­ti­ons and part­ners for NVIDIA com­pu­ting,” he said.

NVIDIA paid quar­ter­ly cash divi­dends of $100 mil­li­on in the fourth quar­ter and $399 mil­li­on in fis­cal 2022. It will pay its next quar­ter­ly cash divi­dend of $0.04 per share on March 24, 2022, to all share­hol­ders of record on March 3, 2022.

Q4 Fis­cal 2022 Summary

GAAP
($ in mil­li­ons, except ear­nings per share) Q4 FY22 Q3 FY22 Q4 FY21 Q/Q Y/Y
Reve­nue $7,643   $7,103   $5,003   Up 8% Up 53%
Gross mar­gin   65.4 %   65.2 %   63.1 % Up 20 bps Up 230 bps
Ope­ra­ting expenses $2,029   $1,960   $1,650   Up 4% Up 23%
Ope­ra­ting income $2,970   $2,671   $1,507   Up 11% Up 97%
Net inco­me $3,003   $2,464   $1,457   Up 22% Up 106%
Dilu­t­ed ear­nings per share* $1.18   $0.97   $0.58   Up 22% Up 103%

   

Non-GAAP
($ in mil­li­ons, except ear­nings per share) Q4 FY22 Q3 FY22 Q4 FY21 Q/Q Y/Y
Reve­nue $7,643   $7,103   $5,003   Up 8% Up 53%
Gross mar­gin   67.0 %   67.0 %   65.5 % Up 150 bps
Ope­ra­ting expenses $1,447   $1,375   $1,187   Up 5% Up 22%
Ope­ra­ting income $3,677   $3,386   $2,089   Up 9% Up 76%
Net inco­me $3,350   $2,973   $1,957   Up 13% Up 71%
Dilu­t­ed ear­nings per share* $1.32   $1.17   $0.78   Up 13% Up 69%

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

Fis­cal 2022 Summary

GAAP
($ in mil­li­ons, except ear­nings per share) FY22 FY21 Y/Y
Reve­nue $26,914   $16,675   Up 61%
Gross mar­gin   64.9 %   62.3 % Up 260 bps
Ope­ra­ting expenses $7,434   $5,864   Up 27%
Ope­ra­ting income $10,041   $4,532   Up 122%
Net inco­me $9,752   $4,332   Up 125%
Dilu­t­ed ear­nings per share* $3.85   $1.73   Up 123%

 

Non-GAAP
($ in mil­li­ons, except ear­nings per share) FY22 FY21 Y/Y
Reve­nue $26,914   $16,675   Up 61%
Gross mar­gin   66.8 %   65.6 % Up 120 bps
Ope­ra­ting expenses $5,279   $4,144   Up 27%
Ope­ra­ting income $12,690   $6,803   Up 87%
Net inco­me $11,259   $6,277   Up 79%
Dilu­t­ed ear­nings per share* $4.44   $2.50   Up 78%

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

Ter­mi­na­ti­on of the Arm Share Purcha­se Agreement

On Febru­a­ry 8, 2022, NVIDIA and Soft­Bank Group Corp. (Soft­Bank) announ­ced the ter­mi­na­ti­on of the Share Purcha­se Agree­ment wher­eby NVIDIA would have acqui­red Arm Limi­ted from Soft­Bank. The par­ties agreed to ter­mi­na­te becau­se of signi­fi­cant regu­la­to­ry chal­len­ges pre­ven­ting the con­sum­ma­ti­on of the tran­sac­tion. NVIDIA intends to record in ope­ra­ting expen­ses a $1.36 bil­li­on char­ge (the Arm Wri­te-off) in the first quar­ter of fis­cal 2023 reflec­ting the wri­te-off of the pre­pay­ment pro­vi­ded at signing in Sep­tem­ber 2020. 

Out­look

NVIDIA’s out­look for the first quar­ter of fis­cal 2023 is as follows:

  • Reve­nue is expec­ted to be $8.10 bil­li­on, plus or minus 2 percent.
  • GAAP and non-GAAP gross mar­gins are expec­ted to be 65.2 per­cent and 67.0 per­cent, respec­tively, plus or minus 50 basis points.
  • GAAP ope­ra­ting expen­ses are expec­ted to be $3.55 bil­li­on, inclu­ding the Arm Wri­te-off of $1.36 bil­li­on. Non-GAAP ope­ra­ting expen­ses are expec­ted to be $1.60 billion.
  • GAAP and non-GAAP other inco­me and expen­se are both expec­ted to be an expen­se of appro­xi­mate­ly $55 mil­li­on, exclu­ding gains and los­ses from non-affi­lia­ted investments.
  • GAAP and non-GAAP tax rates are expec­ted to be 11 per­cent and 13 per­cent, respec­tively, plus or minus 1 per­cent, exclu­ding any dis­cre­te items.

High­lights

NVIDIA achie­ved pro­gress sin­ce its pre­vious ear­nings announ­ce­ment in the­se areas: 

Gaming

  • Fourth-quar­ter reve­nue was a record $3.42 bil­li­on, up 37 per­cent from a year ago and up 6 per­cent from the pre­vious quar­ter. Fis­cal-year reve­nue rose 61 per­cent to a record $12.46 billion.
  • Laun­ched the GeFor­ce RTX® 3050 desk­top GPU, brin­ging RTX and the per­for­mance and effi­ci­en­cy of NVIDIA Ampere archi­tec­tu­re to more gamers, star­ting at $249 MSRP.
  • Laun­ched GeFor­ce RTX 3080 Ti and RTX 3070 Ti lap­top GPUs, deli­vering new levels of per­for­mance to lap­tops for gamers and creators.
  • Announ­ced over 160 gaming and Stu­dio GeFor­ce®-based lap­top designs by lea­ding manufacturers.
  • Announ­ced over 30 new RTX games and tit­les ship­ped in the quar­ter – inclu­ding COD: Van­guard, Hori­zon Zero Dawn, God of War, Ica­rus and Rain­bow Six Extraction.
  • Inte­gra­ted NVIDIA Reflex tech­no­lo­gy for low-laten­cy gaming in more AAA games – inclu­ding Call of Duty: Van­guard, God of War and Rain­bow Six Extraction.
  • Added over 65 games to the GeFor­ce NOW libra­ry, brin­ging the total to over 1,200, and announ­ced col­la­bo­ra­ti­ons with AT&T and Sam­sung to offer GeFor­ce Now to their customers.
     

Data Cen­ter

Pro­fes­sio­nal Visualization

Auto­mo­ti­ve and Robotics

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 fourth quar­ter and fis­cal 2022 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, 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 first quar­ter of fis­cal 2023.

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, domesti­ca­ti­on tax bene­fit, and for­eign 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.

NVIDIA CORPORATION  
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME  
(In mil­li­ons, except per share data)  
(Unau­di­ted)  
                     
                     
      Three Mon­ths Ended   Twel­ve Mon­ths Ended  
      Janu­a­ry 30,   Janu­a­ry 31,   Janu­a­ry 30,   Janu­a­ry 31,  
        2022       2021       2022       2021    
                     
Reve­nue $ 7,643     $ 5,003     $ 26,914     $ 16,675    
Cost of revenue   2,644       1,846       9,439       6,279    
Gross pro­fit   4,999       3,157       17,475       10,396    
Ope­ra­ting expenses                
  Rese­arch and development   1,466       1,147       5,268       3,924    
  Sales, gene­ral and administrative   563       503       2,166       1,940    
    Total ope­ra­ting expenses   2,029       1,650       7,434       5,864    
Inco­me from operations   2,970       1,507       10,041       4,532    
  Inte­rest income   9       6       29       57    
  Inte­rest expense   (61 )     (53 )     (236 )     (184 )  
  Other, net   (53 )     10       107       4    
    Other inco­me (expen­se), net   (105 )     (37 )     (100 )     (123 )  
Inco­me befo­re inco­me tax   2,865       1,470       9,941       4,409    
Inco­me tax expen­se (bene­fit)   (138 )     13       189       77    
Net inco­me $ 3,003     $ 1,457     $ 9,752     $ 4,332    
                     
Net inco­me per share (A):                
  Basic $ 1.20     $ 0.59     $ 3.91     $ 1.76    
  Dilu­t­ed $ 1.18     $ 0.58     $ 3.85     $ 1.73    
                     
Weigh­ted average shares used in per share com­pu­ta­ti­on (A):              
  Basic   2,504       2,478       2,496       2,467    
  Dilu­t­ed   2,545       2,524       2,535       2,510    
                     
(A) Reflects a four-for-one stock split on July 19, 2021.  
                     

 

NVIDIA CORPORATION  
CONDENSED CONSOLIDATED BALANCE SHEETS  
(In mil­li­ons)  
(Unau­di­ted)  
               
               
        Janu­a­ry 30,   Janu­a­ry 31,  
          2022     2021  
ASSETS          
               
Cur­rent assets:          
  Cash, cash equi­va­lents and mar­ket­a­ble securities   $ 21,208   $ 11,561  
  Accounts receiva­ble, net     4,650     2,429  
  Invent­ories     2,605     1,826  
  Pre­paid expen­ses and other cur­rent assets     366     239  
    Total cur­rent assets     28,829     16,055  
               
Pro­per­ty and equip­ment, net     2,778     2,149  
Ope­ra­ting lea­se assets     829     707  
Good­will     4,349     4,193  
Intan­gi­ble assets, net     2,339     2,737  
Defer­red inco­me tax assets     1,222     806  
Other assets     3,841     2,144  
    Total assets   $ 44,187   $ 28,791  
               
LIABILITIES AND SHAREHOLDERSEQUITY  
               
Cur­rent liabilities:          
  Accounts paya­ble   $ 1,783   $ 1,149  
  Accrued and other cur­rent liabilities     2,552     1,777  
  Short-term debt     -     999  
    Total cur­rent liabilities     4,335     3,925  
               
Long-term debt     10,946     5,964  
Long-term ope­ra­ting lea­se liabilities     741     634  
Other long-term liabilities     1,553     1,375  
    Total lia­bi­li­ties     17,575     11,898  
               
Share­hol­ders’ equity     26,612     16,893  
    Total lia­bi­li­ties and share­hol­ders’ equity   $ 44,187   $ 28,791  
               

 

NVIDIA CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(In mil­li­ons)  
(Unau­di­ted)  
                     
                     
      Three Mon­ths Ended   Twel­ve Mon­ths Ended  
      Janu­a­ry 30,   Janu­a­ry 31,   Janu­a­ry 30,   Janu­a­ry 31,  
        2022       2021       2022       2021    
                     
Cash flows from ope­ra­ting activities:                
Net inco­me $ 3,003     $ 1,457     $ 9,752     $ 4,332    
Adjus­t­ments to recon­ci­le net inco­me to net cash                
pro­vi­ded by ope­ra­ting activities:                
  Stock-based com­pen­sa­ti­on expense   551       417       2,004       1,397    
  Depre­cia­ti­on and amortization   309       287       1,174       1,098    
  Defer­red inco­me taxes   (225 )     (164 )     (406 )     (282 )  
  (Gains) los­ses on invest­ments in non affi­lia­tes, net   53       (9 )     (100 )     -    
  Other   21       (8 )     47       (20 )  
Chan­ges in ope­ra­ting assets and lia­bi­li­ties, net of acquisitions:                
  Accounts receiva­ble   (692 )     117       (2,215 )     (550 )  
  Invent­ories   (374 )     (334 )     (774 )     (524 )  
  Pre­paid expen­ses and other assets   (158 )     15       (1,715 )     (394 )  
  Accounts paya­ble   183       23       568       312    
  Accrued and other cur­rent liabilities   423       178       581       290    
  Other long-term liabilities   (61 )     88       192       163    
Net cash pro­vi­ded by ope­ra­ting activities   3,033       2,067       9,108       5,822    
Cash flows from inves­ting activities:                
  Pro­ceeds from matu­ri­ties of mar­ket­a­ble securities   7,417       3,627       15,197       8,792    
  Pro­ceeds from sales of mar­ket­a­ble securities   107       25       1,023       527    
  Purcha­ses of mar­ket­a­ble securities   (8,767 )     (6,468 )     (24,787 )     (19,308 )  
  Purcha­ses rela­ted to pro­per­ty and equip­ment and intan­gi­ble assets     (273 )     (283 )     (976 )     (1,128 )  
  Acqui­si­ti­ons, net of cash acquired   (60 )     -       (263 )     (8,524 )  
  Invest­ments and other, net   (11 )     (30 )     (24 )     (34 )  
Net cash used in inves­ting activities   (1,587 )     (3,129 )     (9,830 )     (19,675 )  
Cash flows from finan­cing activities:                
  Pro­ceeds rela­ted to employee stock plans   4       4       281       194    
  Pay­ments rela­ted to tax on restric­ted stock units   (622 )     (225 )     (1,904 )     (942 )  
  Divi­dends paid   (100 )     (99 )     (399 )     (395 )  
  Princi­pal pay­ments on pro­per­ty and equipment   (21 )     (17 )     (83 )     (17 )  
  Other   (5 )     (2 )     (7 )     (4 )  
  Issu­an­ce of debt, net of issu­an­ce costs   -       (3 )     4,977       4,968    
  Repay­ment of debt   -       -       (1,000 )     -    
Net cash pro­vi­ded by (used in) finan­cing activities   (744 )     (342 )     1,865       3,804    
Chan­ge in cash and cash equivalents   702       (1,404 )     1,143       (10,049 )  
Cash and cash equi­va­lents at begin­ning of period   1,288       2,251       847       10,896    
Cash and cash equi­va­lents at end of period $ 1,990     $ 847     $ 1,990     $ 847    
                     

 

  NVIDIA CORPORATION  
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES  
  (In mil­li­ons, except per share data)  
  (Unau­di­ted)  
                         
          Three Mon­ths Ended   Twel­ve Mon­ths Ended  
          Janu­a­ry 30,   Octo­ber 31,   Janu­a­ry 31,   Janu­a­ry 30,   Janu­a­ry 31,  
            2022       2021       2021       2022       2021    
                             
  GAAP gross profit   $ 4,999     $ 4,631     $ 3,157     $ 17,475     $ 10,396    
  GAAP gross margin     65.4 %     65.2 %     63.1 %     64.9 %     62.3 %  
  Acqui­si­ti­on-rela­ted and other cos­ts (A)     86       86       92       344       425    
  Stock-based com­pen­sa­ti­on expen­se (B)     39       44       26       141       88    
  IP-rela­ted costs       -       -       1       9       38    
  Non-GAAP gross profit   $ 5,124     $ 4,761     $ 3,276     $ 17,969     $ 10,947    
  Non-GAAP gross margin     67.0 %     67.0 %     65.5 %     66.8 %     65.6 %  
                             
  GAAP ope­ra­ting expenses   $ 2,029     $ 1,960     $ 1,650     $ 7,434     $ 5,864    
  Stock-based com­pen­sa­ti­on expen­se (B)     (512 )     (515 )     (391 )     (1,863 )     (1,309 )  
  Acqui­si­ti­on-rela­ted and other cos­ts (A)     (70 )     (70 )     (72 )     (292 )     (411 )  
  Non-GAAP ope­ra­ting expenses   $ 1,447     $ 1,375     $ 1,187     $ 5,279     $ 4,144    
                             
  GAAP inco­me from operations   $ 2,970     $ 2,671     $ 1,507     $ 10,041     $ 4,532    
  Total impact of non-GAAP adjus­t­ments to inco­me from operations     707       715       582       2,649       2,271    
  Non-GAAP inco­me from operations   $ 3,677     $ 3,386     $ 2,089     $ 12,690     $ 6,803    
                             
  GAAP other inco­me (expen­se), net   $ (105 )   $ (33 )   $ (37 )   $ (100 )   $ (123 )  
  (Gains) los­ses from non-affi­lia­ted investments     53       (20 )     (9 )     (99 )     -    
  Inte­rest expen­se rela­ted to amor­tiz­a­ti­on of debt discount     -       1       1       3       3    
  Non-GAAP other inco­me (expen­se), net   $ (52 )   $ (52 )   $ (45 )   $ (196 )   $ (120 )  
                             
  GAAP net income     $ 3,003     $ 2,464     $ 1,457     $ 9,752     $ 4,332    
  Total pre-tax impact of non-GAAP adjustments     760       696       574       2,553       2,274    
  Inco­me tax impact of non-GAAP adjustments ©     (330 )     (187 )     (74 )     (712 )     (329 )  
  Domesti­ca­ti­on tax adjustments     7       -       -       (244 )     -    
  For­eign tax benefit     (90 )     -       -       (90 )     -    
  Non-GAAP net income   $ 3,350     $ 2,973     $ 1,957     $ 11,259     $ 6,277    
                             
  Dilu­t­ed net inco­me per share (D)                      
  GAAP     $ 1.18     $ 0.97     $ 0.58     $ 3.85     $ 1.73    
  Non-GAAP     $ 1.32     $ 1.17     $ 0.78     $ 4.44     $ 2.50    
                             
  Weigh­ted average shares used in dilu­t­ed net inco­me per share com­pu­ta­ti­on (D)         2,545       2,538       2,524       2,535       2,510    
                             
  GAAP net cash pro­vi­ded by ope­ra­ting activities   $ 3,033     $ 1,519     $ 2,067     $ 9,108     $ 5,822    
  Purcha­ses rela­ted to pro­per­ty and equip­ment and intan­gi­ble assets     (273 )     (221 )     (283 )     (976 )     (1,128 )  
  Princi­pal pay­ments on pro­per­ty and equipment     (21 )     (22 )     (17 )     (83 )     (17 )  
  Free cash flow     $ 2,739     $ 1,276     $ 1,767     $ 8,049     $ 4,677    
                             
     
                             
  (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   Twel­ve Mon­ths Ended  
          Janu­a­ry 30,   Octo­ber 31,   Janu­a­ry 31,   Janu­a­ry 30,   Janu­a­ry 31,  
            2022       2021       2021       2022       2021    
  Cost of revenue   $ 86     $ 86     $ 92     $ 344     $ 425    
  Rese­arch and development   $ 9     $ 7     $ 2     $ 19     $ 9    
  Sales, gene­ral and administrative   $ 61     $ 63     $ 70     $ 273     $ 402    
                             
  (B) Stock-based com­pen­sa­ti­on con­sists of the following:          
          Three Mon­ths Ended   Twel­ve Mon­ths Ended  
          Janu­a­ry 30,   Octo­ber 31,   Janu­a­ry 31,   Janu­a­ry 30,   Janu­a­ry 31,  
            2022       2021       2021       2022       2021    
  Cost of revenue   $ 39     $ 44     $ 26     $ 141     $ 88    
  Rese­arch and development   $ 362     $ 363     $ 266     $ 1,298     $ 860    
  Sales, gene­ral and administrative   $ 150     $ 152     $ 125     $ 565     $ 449    
                             
  © 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  
       
   
    Q1 FY2023
Outlook
 
    ($ in millions)  
       
GAAP gross margin   65.2%    
  Impact of stock-based com­pen­sa­ti­on expen­se and acqui­si­ti­on-rela­ted costs   1.8%    
Non-GAAP gross margin   67.0%    
       
GAAP ope­ra­ting expenses $ 3,550    
  Arm wri­te-off cost   (1,357 )  
  Stock-based com­pen­sa­ti­on expen­se and acqui­si­ti­on-rela­ted costs   (593 )  
Non-GAAP ope­ra­ting expenses $ 1,600    

 

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/.

Cer­tain state­ments in this press release inclu­ding, but not limi­ted to, state­ments as to: the bene­fits, per­for­mance, impact, and abi­li­ties of our pro­ducts and tech­no­lo­gies, inclu­ding NVIDIA AI, NVIDIA Omni­ver­se, NVIDIA DRIVE, the GeFor­ce RTX 3050 desk­top GPU, GeFor­ce RTX 3080 Ti and RTX 3070 Ti lap­top GPUs, Stu­dio GeFor­ce, NVIDIA Reflex, GeFor­ce NOW, NVIDIA DGX A100 sys­tems, NVIDIA AI Enter­pri­se 1.1, NVIDIA FLARE, NVIDIA Cla­ra, NVIDIA Omni­ver­se for Creators, Omni­ver­se Uni­ver­sal Sce­ne Descrip­ti­on, NVIDIA GPU-acce­le­ra­ted soft­ware, NVIDIA DRIVE Orin, NVIDIA DRIVE Hype­ri­on, and the Isaac Auto­no­mous Mobi­le Robot plat­form; the momen­tum across our busi­nes­ses; NVIDIA pro­pel­ling advan­ces in AI, digi­tal bio­lo­gy, cli­ma­te sci­en­ces, gaming, crea­ti­ve design, auto­no­mous vehi­cles and robo­tics; our upco­m­ing deve­lo­per con­fe­rence at GTC; our plans to announ­ce many new pro­ducts, app­li­ca­ti­ons, and part­ners for NVIDIA com­pu­ting at GTC; our col­la­bo­ra­ti­ons with AT&T and Sam­sung and our part­ners­hip with Jagu­ar Land Rover; NVIDIA’s next quar­ter­ly cash divi­dend; our inten­ti­on to record a char­ge in con­nec­tion with the ter­mi­na­ti­on of the Share Purcha­se Agree­ment rela­ted to Arm Limi­ted; NVIDIA’s finan­cial out­look for the first quar­ter of fis­cal 2023; and NVIDIA’s expec­ted tax rates for the first quar­ter of fis­cal 2023 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.

© 2022 NVIDIA Cor­po­ra­ti­on. All rights reser­ved. NVIDIA, the NVIDIA logo, GeFor­ce, GeFor­ce NOW, GeFor­ce RTX, NVIDIA Cla­ra, NVIDIA DGX, NVIDIA DRIVE, NVIDIA DRIVE Hype­ri­on, NVIDIA DRIVE Orin, NVIDIA Isaac and NVIDIA Omni­ver­se 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.