NVIDIA Announces Financial Results For First Quarter Fiscal 2024

  • Quar짯ter짯ly reve짯nue of $7.19 bil짯li짯on, up 19% from pre짯vious quarter
  • Record Data Cen짯ter reve짯nue of $4.28 billion
  • Second quar짯ter fis짯cal 2024 reve짯nue out짯look of $11.00 billion

SANTA CLARA, Calif., May 24, 2023 (GLOBE NEWSWIRE) NVIDIA (NASDAQ: NVDA) today repor짯ted reve짯nue for the first quar짯ter ended April 30, 2023, of $7.19 bil짯li짯on, down 13% from a year ago and up 19% from the pre짯vious quarter.

GAAP ear짯nings per diluted share for the quar짯ter were $0.82, up 28% from a year ago and up 44% from the pre짯vious quar짯ter. Non-GAAP ear짯nings per diluted share were $1.09, down 20% from a year ago and up 24% from the pre짯vious quarter.

The com짯pu짯ter indus짯try is going through two simul짯ta짯neous tran짯si짯ti짯ons acce짯le짯ra짯ted com짯pu짯ting and gene짯ra짯ti짯ve AI, said Jen짯sen Huang, foun짯der and CEO of NVIDIA.

A tril짯li짯on dol짯lars of instal짯led glo짯bal data cen짯ter infra짯struc짯tu짯re will tran짯si짯ti짯on from gene짯ral pur짯po짯se to acce짯le짯ra짯ted com짯pu짯ting as com짯pa짯nies race to app짯ly gene짯ra짯ti짯ve AI into every pro짯duct, ser짯vice and busi짯ness process.

Our enti짯re data cen짯ter fami짯ly of pro짯ducts H100, Grace CPU, Grace Hop짯per Super짯chip, NVLink, Quan짯tum 400 Infi짯ni짯Band and BlueField3 DPU is in pro짯duc짯tion. We are signi짯fi짯cant짯ly incre짯asing our sup짯p짯ly to meet sur짯ging demand for them, he said.

During the first quar짯ter of fis짯cal 2024, NVIDIA retur짯ned to share짯hol짯ders $99 mil짯li짯on in cash dividends.

NVIDIA will pay its next quar짯ter짯ly cash divi짯dend of $0.04 per share on June 30, 2023, to all share짯hol짯ders of record on June 8, 2023.

Q1 Fis짯cal 2024 Summary

GAAP
($ in mil짯li짯ons, except ear짯nings per share) Q1 FY24 Q4 FY23 Q1 FY23 Q/Q Y/Y
Reve짯nue $ 7,192   $ 6,051   $ 8,288   Up 19% Down 13%
Gross mar짯gin   64.6 %   63.3 %   65.5 % Up 1.3 pts Down 0.9 pts
Ope짯ra짯ting expenses $ 2,508   $ 2,576   $ 3,563   Down 3% Down 30%
Ope짯ra짯ting income $ 2,140   $ 1,257   $ 1,868   Up 70% Up 15%
Net inco짯me $ 2,043   $ 1,414   $ 1,618   Up 44% Up 26%
Diluted ear짯nings per share $ 0.82   $ 0.57   $ 0.64   Up 44% Up 28%
Non-GAAP
($ in mil짯li짯ons, except ear짯nings per share) Q1 FY24 Q4 FY23 Q1 FY23 Q/Q Y/Y
Reve짯nue $ 7,192   $ 6,051   $ 8,288   Up 19% Down 13%
Gross mar짯gin   66.8 %   66.1 %   67.1 % Up 0.7 pts Down 0.3 pts
Ope짯ra짯ting expenses $ 1,750   $ 1,775   $ 1,608   Down 1% Up 9%
Ope짯ra짯ting income $ 3,052   $ 2,224   $ 3,955                 Up 37% Down 23%
Net inco짯me $ 2,713   $ 2,174   $ 3,443   Up 25% Down 21%
Diluted ear짯nings per share $ 1.09   $ 0.88   $ 1.36   Up 24% Down 20%

Out짯look
NVIDIA셲 out짯look for the second quar짯ter of fis짯cal 2024 is as follows:

  • Reve짯nue is expec짯ted to be $11.00 bil짯li짯on, plus or minus 2%.
  • GAAP and non-GAAP gross mar짯gins are expec짯ted to be 68.6% and 70.0%, respec짯tively, plus or minus 50 basis points.
  • GAAP and non-GAAP ope짯ra짯ting expen짯ses are expec짯ted to be appro짯xi짯m짯ate짯ly $2.71 bil짯li짯on and $1.90 bil짯li짯on, respectively.
  • GAAP and non-GAAP other inco짯me and expen짯se are expec짯ted to be an inco짯me of appro짯xi짯m짯ate짯ly $90 mil짯li짯on, exclu짯ding gains and los짯ses from non-affi짯lia짯ted investments.
  • GAAP and non-GAAP tax rates are expec짯ted to be 14.0%, plus or minus 1%, exclu짯ding any dis짯crete items.

High짯lights

NVIDIA achie짯ved pro짯gress sin짯ce its pre짯vious ear짯nings announce짯ment in the짯se areas: 

Data Cen짯ter

Gam짯ing

  • First-quar짯ter reve짯nue was $2.24 bil짯li짯on, down 38% from a year ago and up 22% from the pre짯vious quarter.
  • Announ짯ced the GeForce RTX꽓 4060 fami짯ly of GPUs, brin짯ging the advance짯ments of NVIDIA Ada Love짯lace archi짯tec짯tu짯re and DLSS, start짯ing at $299.
  • Laun짯ched the GeForce RTX 4070 GPU based on the Ada archi짯tec짯tu짯re, which enables DLSS 3, real-time ray-tra짯cing and the abili짯ty to run most modern games at over 100 frames per second at 1440p resolution.
  • Added 36 DLSS gam짯ing titles, brin짯ging the total num짯ber of games and apps to 300.
  • Made path tra짯cing available for the first time on a major gam짯ing title through col짯la짯bo짯ra짯ti짯on with CD PROJEKT RED on an update to Cyber짯punk 2077
  • Expan짯ded GeForce NOW셲 game titles to more than 1,600, inclu짯ding the first Micro짯soft Xbox game, Gears 5

Pro짯fes짯sio짯nal Visualization

  • First-quar짯ter reve짯nue was $295 mil짯li짯on, down 53% from a year ago and up 31% from the pre짯vious quarter.
  • Announ짯ced NVIDIA Omni짯ver짯se꽓 Cloud, a ful짯ly mana짯ged ser짯vice run짯ning in Micro짯soft Azu짯re, for the deve짯lo짯p짯ment and deploy짯ment of indus짯tri짯al meta짯ver짯se applications.
  • Expan짯ded its col짯la짯bo짯ra짯ti짯on with Micro짯soft to con짯nect Micro짯soft 365 appli짯ca짯ti짯ons with Omni짯ver짯se
  • Announ짯ced six new NVIDIA RTX꽓 GPUs for mobi짯le and desk짯top work짯sta짯tions based on the Ada architecture.

Auto짯mo짯ti짯ve

CFO Com짯men짯ta짯ry
Com짯men짯ta짯ry on the quar짯ter by Colet짯te Kress, NVIDIA셲 exe짯cu짯ti짯ve vice pre짯si짯dent and chief finan짯cial offi짯cer, is available at https://investor.nvidia.com/.

Con짯fe짯rence Call and Web짯cast Information
NVIDIA will con짯duct a con짯fe짯rence call with ana짯lysts and inves짯tors to dis짯cuss its first quar짯ter fis짯cal 2024 finan짯cial results and cur짯rent finan짯cial pro짯s짯pects today at 2 p.m. Paci짯fic time (5 p.m. Eas짯tern time). A live web짯cast (lis짯ten-only mode) of the con짯fe짯rence call will be acces짯si짯ble at NVIDIA셲 inves짯tor rela짯ti짯ons web짯site, https://investor.nvidia.com. The web짯cast will be recor짯ded and available for replay until NVIDIA셲 con짯fe짯rence call to dis짯cuss its finan짯cial results for its second quar짯ter of fis짯cal 2024.

Non-GAAP Mea짯su짯res
To sup짯ple짯ment NVIDIA셲 con짯den짯sed con짯so짯li짯da짯ted finan짯cial state짯ments pre짯sen짯ted in accordance with GAAP, the com짯pa짯ny uses non-GAAP mea짯su짯res of cer짯tain com짯pon짯ents of finan짯cial per짯for짯mance. The짯se non-GAAP mea짯su짯res include non-GAAP gross pro짯fit, non-GAAP gross mar짯gin, non-GAAP ope짯ra짯ting expen짯ses, non-GAAP inco짯me from ope짯ra짯ti짯ons, non-GAAP other inco짯me (expen짯se), net, non-GAAP net inco짯me, non-GAAP net inco짯me, or ear짯nings, per diluted share, and free cash flow. For NVIDIA셲 inves짯tors to be bet짯ter able to compa짯re its cur짯rent results with tho짯se of pre짯vious peri짯ods, the com짯pa짯ny has shown a recon짯ci짯lia짯ti짯on of GAAP to non-GAAP finan짯cial mea짯su짯res. The짯se recon짯ci짯lia짯ti짯ons adjust the rela짯ted GAAP finan짯cial mea짯su짯res to exclude acqui짯si짯ti짯on ter짯mi짯na짯ti짯on cos짯ts, stock-based com짯pen짯sa짯ti짯on expen짯se, acqui짯si짯ti짯on-rela짯ted and other cos짯ts, IP-rela짯ted cos짯ts, legal sett짯le짯ment cos짯ts, other, los짯ses from non-affi짯lia짯ted invest짯ments, inte짯rest expen짯se rela짯ted to amor짯tiza짯ti짯on of debt dis짯count, and the asso짯cia짯ted tax impact of the짯se items whe짯re appli짯ca짯ble. Free cash flow is cal짯cu짯la짯ted as GAAP net cash pro짯vi짯ded by ope짯ra짯ting acti짯vi짯ties less both purcha짯ses of pro짯per짯ty and equip짯ment and intan짯gi짯ble assets and prin짯ci짯pal pay짯ments on pro짯per짯ty and equip짯ment and intan짯gi짯ble assets. NVIDIA belie짯ves the pre짯sen짯ta짯ti짯on of its non-GAAP finan짯cial mea짯su짯res enhan짯ces the user셲 over짯all under짯stan짯ding of the company셲 his짯to짯ri짯cal finan짯cial per짯for짯mance. The pre짯sen짯ta짯ti짯on of the company셲 non-GAAP finan짯cial mea짯su짯res is not meant to be con짯side짯red in iso짯la짯ti짯on or as a sub짯sti짯tu짯te for the company셲 finan짯cial results pre짯pared in accordance with GAAP, and the company셲 non-GAAP mea짯su짯res may be dif짯fe짯rent from non-GAAP mea짯su짯res used by other companies.

About NVIDIA
Sin짯ce its foun짯ding in 1993, NVIDIA (NASDAQ: NVDA) has been a pio짯neer in acce짯le짯ra짯ted com짯pu짯ting. The company셲 inven짯ti짯on of the GPU in 1999 spark짯ed the growth of the PC gam짯ing mar짯ket, rede짯fi짯ned com짯pu짯ter gra짯phics, igni짯ted the era of modern AI and is fue짯ling the crea짯ti짯on of the indus짯tri짯al meta짯ver짯se. NVIDIA is now a full-stack com짯pu짯ting com짯pa짯ny with data-cen짯ter-sca짯le offe짯rings that are res짯ha짯ping indus짯try. More infor짯ma짯ti짯on at https://nvidianews.nvidia.com/.

For fur짯ther infor짯ma짯ti짯on, contact:

Simo짯na Jankowski   Robert Sher짯bin
Inves짯tor Relations   Cor짯po짯ra짯te Communications
NVIDIA Cor짯po짯ra짯ti짯on   NVIDIA Cor짯po짯ra짯ti짯on
sjankowski@nvidia.com   rsherbin@nvidia.com

Cer짯tain state짯ments in this press release inclu짯ding, but not limi짯t짯ed to, state짯ments as to: the com짯pu짯ter indus짯try going through two simul짯ta짯neous tran짯si짯ti짯ons acce짯le짯ra짯ted com짯pu짯ting and gene짯ra짯ti짯ve AI; instal짯led glo짯bal data cen짯ter infra짯struc짯tu짯re tran짯si짯tio짯ning from gene짯ral pur짯po짯se to acce짯le짯ra짯ted com짯pu짯ting as com짯pa짯nies race to app짯ly gene짯ra짯ti짯ve AI into every pro짯duct, ser짯vice and busi짯ness pro짯cess; NVIDIA셲 enti짯re data cen짯ter fami짯ly of pro짯ducts being in pro짯duc짯tion; NVIDIA signi짯fi짯cant짯ly incre짯asing sup짯p짯ly to meet sur짯ging demand; NVIDIA셲 next quar짯ter짯ly cash divi짯dend; NVIDIA셲 finan짯cial out짯look and expec짯ted tax rates for the second quar짯ter of fis짯cal 2024; the bene짯fits, impact, per짯for짯mance, fea짯tures and avai짯la짯bi짯li짯ty of our pro짯ducts and tech짯no짯lo짯gies, inclu짯ding NVIDIA Ada, NVIDIA Hop짯per, NVIDIA Grace Hop짯per CPU, NVIDIA L4 Ten짯sor Core GPU, NVIDIA AI Foun짯da짯ti짯ons, NVIDIA cuLi짯tho soft짯ware libra짯ry, NVIDIA H100 Ten짯sor Core GPU, NVIDIA AI Enter짯pri짯se, GeForce RTX GPUs, DLSS 3, GeForce NOW, NVIDIA Omni짯ver짯se Cloud, Omni짯ver짯se, NVIDIA RTX GPUs, and NVIDIA DRIVE Orin; and the bene짯fits and impact of our col짯la짯bo짯ra짯ti짯ons, inclu짯ding with Goog짯le Cloud, Ama짯zon Web Ser짯vices, Micro짯soft Azu짯re, Ora짯cle Cloud Infra짯struc짯tu짯re, Ser짯viceNow, Med짯tro짯nic, Dell Tech짯no짯lo짯gies, CD PROJEKT RED, Micro짯soft, and BYD are for짯ward-loo짯king state짯ments that are sub짯ject to risks and uncer짯tain짯ties that could cau짯se results to be mate짯ri짯al짯ly dif짯fe짯rent than expec짯ta짯ti짯ons. Important fac짯tors that could cau짯se actu짯al results to dif짯fer mate짯ri짯al짯ly include: glo짯bal eco짯no짯mic con짯di짯ti짯ons; our reli짯ance on third par짯ties to manu짯fac짯tu짯re, assem짯ble, packa짯ge and test our pro짯ducts; the impact of tech짯no짯lo짯gi짯cal deve짯lo짯p짯ment and com짯pe짯ti짯ti짯on; deve짯lo짯p짯ment of new pro짯ducts and tech짯no짯lo짯gies or enhance짯ments to our exis짯ting pro짯duct and tech짯no짯lo짯gies; mar짯ket accep짯tance of our pro짯ducts or our part짯ners pro짯ducts; design, manu짯fac짯tu짯ring or soft짯ware defects; chan짯ges in con짯su짯mer pre짯fe짯ren짯ces or demands; chan짯ges in indus짯try stan짯dards and inter짯faces; unex짯pec짯ted loss of per짯for짯mance of our pro짯ducts or tech짯no짯lo짯gies when inte짯gra짯ted into sys짯tems; as well as other fac짯tors detail짯ed from time to time in the most recent reports NVIDIA files with the Secu짯ri짯ties and Exch짯an짯ge Com짯mis짯si짯on, or SEC, inclu짯ding, but not limi짯t짯ed to, its annu짯al report on Form 10멚 and quar짯ter짯ly reports on Form 10멡. Copies of reports filed with the SEC are pos짯ted on the company셲 web짯site and are available from NVIDIA wit짯hout char짯ge. The짯se for짯ward-loo짯king state짯ments are not gua짯ran짯tees of future per짯for짯mance and speak only as of the date hereof, and, except as requi짯red by law, NVIDIA dis짯claims any obli짯ga짯ti짯on to update the짯se for짯ward-loo짯king state짯ments to reflect future events or circumstances.

짤 2023 NVIDIA Cor짯po짯ra짯ti짯on. All rights reser짯ved. NVIDIA, the NVIDIA logo, GeForce, GeForce NOW, GeForce RTX, NVIDIA DRIVE Orin, NVIDIA Grace Hop짯per, NVIDIA Hop짯per, NVIDIA Omni짯ver짯se, and NVIDIA RTX are trade짯marks and/or regis짯tered trade짯marks of NVIDIA Cor짯po짯ra짯ti짯on in the U.S. and/or other count짯ries. Other com짯pa짯ny and pro짯duct names may be trade짯marks of the respec짯ti짯ve com짯pa짯nies with which they are asso짯cia짯ted. Fea짯tures, pri짯cing, avai짯la짯bi짯li짯ty, and spe짯ci짯fi짯ca짯ti짯ons are sub짯ject to chan짯ge wit짯hout notice.

 

 

NVIDIA CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In mil짯li짯ons, except per share data)
(Unau짯di짯ted)
           
           
      Three Months Ended
      April 30,   May 1,
        2023       2022  
           
Reve짯nue $ 7,192     $ 8,288  
Cost of revenue   2,544       2,857  
Gross pro짯fit   4,648       5,431  
Ope짯ra짯ting expenses      
  Rese짯arch and development   1,875       1,618  
  Sales, gene짯ral and administrative   633       592  
  Acqui짯si짯ti짯on ter짯mi짯na짯ti짯on cost   -       1,353  
    Total ope짯ra짯ting expenses   2,508       3,563  
Inco짯me from operations   2,140       1,868  
  Inte짯rest income   150       18  
  Inte짯rest expense   (66 )     (68 )
  Other, net   (15 )     (13 )
    Other inco짯me (expen짯se), net   69       (63 )
Inco짯me befo짯re inco짯me tax   2,209       1,805  
Inco짯me tax expense   166       187  
Net inco짯me $ 2,043     $ 1,618  
           
Net inco짯me per share:      
  Basic $ 0.83     $ 0.65  
  Diluted $ 0.82     $ 0.64  
           
Weigh짯ted avera짯ge shares used in per share computation:    
  Basic   2,470       2,506  
  Diluted   2,490       2,537  
       
NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In mil짯li짯ons)
(Unau짯di짯ted)
           
           
      April 30,   Janu짯ary 29,
       2023    2023
ASSETS      
           
Cur짯rent assets:      
  Cash, cash equi짯va짯lents and mar짯ke짯ta짯ble securities $ 15,320   $ 13,296
  Accounts receiva짯ble, net   4,080     3,827
  Invent짯ories   4,611     5,159
  Pre짯paid expen짯ses and other cur짯rent assets   872     791
    Total cur짯rent assets   24,883     23,073
           
Pro짯per짯ty and equip짯ment, net   3,740     3,807
Ope짯ra짯ting lea짯se assets   1,094     1,038
Good짯will   4,430     4,372
Intan짯gi짯ble assets, net   1,541     1,676
Defer짯red inco짯me tax assets   4,568     3,396
Other assets   4,204     3,820
    Total assets $ 44,460   $ 41,182
           
LIABILITIES AND SHAREHOLDERS EQUITY
           
Cur짯rent liabilities:      
  Accounts paya짯ble $ 1,141   $ 1,193
  Accrued and other cur짯rent liabilities   4,869     4,120
  Short-term debt   1,250     1,250
    Total cur짯rent liabilities   7,260     6,563
           
Long-term debt   9,704     9,703
Long-term ope짯ra짯ting lea짯se liabilities   939     902
Other long-term liabilities   2,037     1,913
    Total lia짯bi짯li짯ties   19,940     19,081
           
Share짯hol짯ders equity   24,520     22,101
    Total lia짯bi짯li짯ties and share짯hol짯ders equity $ 44,460   $ 41,182
           
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In mil짯li짯ons)
(Unau짯di짯ted)
         
         
    Three Months Ended
    April 30,   May 1,
      2023       2022  
         
Cash flows from ope짯ra짯ting activities:      
Net inco짯me $ 2,043     $ 1,618  
Adjus짯t짯ments to recon짯ci짯le net inco짯me to net cash      
pro짯vi짯ded by ope짯ra짯ting activities:      
  Stock based com짯pen짯sa짯ti짯on expense   735       578  
  Depre짯cia짯ti짯on and amortization   384       334  
  Los짯ses on invest짯ments in non affi짯lia짯tes, net   14       17  
  Defer짯red inco짯me taxes   (1,135 )     (542 )
  Acqui짯si짯ti짯on ter짯mi짯na짯ti짯on cost   -       1,353  
  Other   (34 )     23  
Chan짯ges in ope짯ra짯ting assets and lia짯bi짯li짯ties, net of acquisitions:      
  Accounts receiva짯ble   (252 )     (788 )
  Invent짯ories   566       (560 )
  Pre짯paid expen짯ses and other assets   (215 )     (1,261 )
  Accounts paya짯ble   11       255  
  Accrued lia짯bi짯li짯ties and other cur짯rent liabilities   689       634  
  Other long-term liabilities   105       70  
Net cash pro짯vi짯ded by ope짯ra짯ting activities   2,911       1,731  
Cash flows from inves짯t짯ing activities:      
  Pro짯ceeds from matu짯ri짯ties of mar짯ke짯ta짯ble securities   2,512       5,947  
  Pro짯ceeds from sales of mar짯ke짯ta짯ble securities   -       1,029  
  Purcha짯ses of mar짯ke짯ta짯ble securities   (2,801 )     (3,932 )
  Purcha짯se rela짯ted to pro짯per짯ty and equip짯ment and intan짯gi짯ble assets   (248 )     (361 )
  Acqui짯si짯ti짯ons, net of cash acquired   (83 )     (36 )
  Invest짯ments and other, net   (221 )     (35 )
Net cash pro짯vi짯ded by (used in) inves짯t짯ing activities   (841 )     2,612  
Cash flows from finan짯cing activities:      
  Pro짯ceeds rela짯ted to employee stock plans   246       204  
  Pay짯ments rela짯ted to tax on rest짯ric짯ted stock units   (507 )     (532 )
  Divi짯dends paid   (99 )     (100 )
  Prin짯ci짯pal pay짯ments on pro짯per짯ty and equip짯ment and intan짯gi짯ble assets   (20 )     (22 )
  Pay짯ments rela짯ted to repurcha짯ses of com짯mon stock   -       (1,996 )
Net cash pro짯vi짯ded by (used in) finan짯cing activities   (380 )     (2,446 )
Chan짯ge in cash and cash equivalents   1,690       1,897  
Cash and cash equi짯va짯lents at begin짯ning of period   3,389       1,990  
Cash and cash equi짯va짯lents at end of period $ 5,079     $ 3,887  
         
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In mil짯li짯ons, except per share data)
(Unau짯di짯ted)
             
    Three Months Ended
    April 30,   Janu짯ary 29,   May 1,
      2023       2023       2022  
             
GAAP gross profit $ 4,648     $ 3,833     $ 5,431  
  GAAP gross margin   64.6 %     63.3 %     65.5 %
  Acqui짯si짯ti짯on-rela짯ted and other cos짯ts (A)   119       120       94  
  Stock-based com짯pen짯sa짯ti짯on expen짯se (B)   27       30       38  
  IP-rela짯ted costs   8       16       -  
Non-GAAP gross profit $ 4,802     $ 3,999     $ 5,563  
  Non-GAAP gross margin   66.8 %     66.1 %     67.1 %
             
GAAP ope짯ra짯ting expenses $ 2,508     $ 2,576     $ 3,563  
  Stock-based com짯pen짯sa짯ti짯on expen짯se (B)   (708 )     (709 )     (540 )
  Acqui짯si짯ti짯on-rela짯ted and other cos짯ts (A)   (54 )     (54 )     (55 )
  Acqui짯si짯ti짯on ter짯mi짯na짯ti짯on cost   -       -       (1,353 )
  Legal sett짯le짯ment costs   -       -       (7 )
  Other 짤   4       (38 )     -  
Non-GAAP ope짯ra짯ting expenses $ 1,750     $ 1,775     $ 1,608  
             
GAAP inco짯me from operations $ 2,140     $ 1,257     $ 1,868  
  Total impact of non-GAAP adjus짯t짯ments to inco짯me from operations   912       967       2,087  
Non-GAAP inco짯me from operations $ 3,052     $ 2,224     $ 3,955  
             
GAAP other inco짯me (expen짯se), net $ 69     $ 32     $ (63 )
  Los짯ses from non-affi짯lia짯ted investments   14       10       17  
  Inte짯rest expen짯se rela짯ted to amor짯tiza짯ti짯on of debt discount   1       1       1  
Non-GAAP other inco짯me (expen짯se), net $ 84     $ 43     $ (45 )
             
GAAP net income $ 2,043     $ 1,414     $ 1,618  
  Total pre-tax impact of non-GAAP adjustments   927       978       2,105  
  Inco짯me tax impact of non-GAAP adjus짯t짯ments (D)   (257 )     (218 )     (280 )
Non-GAAP net income $ 2,713     $ 2,174     $ 3,443  
             
Diluted net inco짯me per share          
  GAAP $ 0.82     $ 0.57     $ 0.64  
  Non-GAAP $ 1.09     $ 0.88     $ 1.36  
             
Weigh짯ted avera짯ge shares used in diluted net inco짯me per share computation   2,490       2,477       2,537  
             
GAAP net cash pro짯vi짯ded by ope짯ra짯ting activities $ 2,911     $ 2,249     $ 1,731  
  Purcha짯ses rela짯ted to pro짯per짯ty and equip짯ment and intan짯gi짯ble assets   (248 )     (509 )     (361 )
  Prin짯ci짯pal pay짯ments on pro짯per짯ty and equip짯ment and intan짯gi짯ble assets   (20 )     (4 )     (22 )
Free cash flow $ 2,643     $ 1,736     $ 1,348  
             
 
             
(A) Acqui짯si짯ti짯on-rela짯ted and other cos짯ts are com짯pri짯sed of amor짯tiza짯ti짯on of intan짯gi짯ble assets, tran짯sac짯tion cos짯ts, and cer짯tain com짯pen짯sa짯ti짯on char짯ges and are included in the fol짯lo짯wing line items:
    Three Months Ended
    April 30,   Janu짯ary 29,   May 1,
      2023       2023       2022  
  Cost of revenue $ 119     $ 120     $ 94  
  Rese짯arch and development $ 12     $ 10     $ 9  
  Sales, gene짯ral and administrative $ 42     $ 44     $ 46  
             
(B) Stock-based com짯pen짯sa짯ti짯on con짯sists of the following:  
    Three Months Ended
    April 30,   Janu짯ary 29,   May 1,
      2023       2023       2022  
  Cost of revenue $ 27     $ 30     $ 38  
  Rese짯arch and development $ 524     $ 527     $ 384  
  Sales, gene짯ral and administrative $ 184     $ 182     $ 156  
             
짤 Other con짯sists of assets held for sale rela짯ted adjustments.          
             
(D) Inco짯me tax impact of non-GAAP adjus짯t짯ments, inclu짯ding the reco짯gni짯ti짯on of excess tax bene짯fits or defi짯ci짯en짯ci짯es rela짯ted to stock-based com짯pen짯sa짯ti짯on under GAAP accoun짯ting stan짯dard (ASU 2016-09). 
             
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
     
 
    Q2 FY2024 Outlook
    ($ in millions)
     
GAAP gross margin   68.6 %
  Impact of stock-based com짯pen짯sa짯ti짯on expen짯se, acqui짯si짯ti짯on-rela짯ted cos짯ts, and other costs   1.4 %
Non-GAAP gross margin   70.0 %
     
GAAP ope짯ra짯ting expenses $ 2,710  
  Stock-based com짯pen짯sa짯ti짯on expen짯se, acqui짯si짯ti짯on-rela짯ted cos짯ts, and other costs   (810 )
Non-GAAP ope짯ra짯ting expenses $ 1,900  
     

A pho짯to accom짯pany짯ing this announce짯ment is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/463fe102-9bba-4d9e-931c-3c5898b67a27