Document

0001045810-20-000007.txt : 20200213 0001045810-20-000007.hdr.sgml : 20200213 20200213162120 ACCESSION NUMBER: 0001045810-20-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20200213 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200213 DATE AS OF CHANGE: 20200213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NVIDIA CORP CENTRAL INDEX KEY: 0001045810 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 943177549 STATE OF INCORPORATION: DE FISCAL YEAR END: 0126 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23985 FILM NUMBER: 20610882 BUSINESS ADDRESS: STREET 1: 2788 SAN TOMAS EXPRESSWAY CITY: SANTA CLARA STATE: CA ZIP: 95051 BUSINESS PHONE: 408-486-2000 MAIL ADDRESS: STREET 1: 2788 SAN TOMAS EXPRESSWAY CITY: SANTA CLARA STATE: CA ZIP: 95051 FORMER COMPANY: FORMER CONFORMED NAME: NVIDIA CORP/DE DATE OF NAME CHANGE: 20020612 FORMER COMPANY: FORMER CONFORMED NAME: NVIDIA CORP/CA DATE OF NAME CHANGE: 19980303 8-K 1 form8-kq4fy20.htm FORM 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 13, 2020

NVIDIA CORPORATION

(Exact name of registrant as specified in its charter)



Delaware	0-23985	94-3177549
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

2788 San Tomas Expressway, Santa Clara, CA 95051

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (408) 486-2000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	NVDA	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 13, 2020, NVIDIA Corporation, or the Company, issued a press release announcing its results for the quarter and fiscal year ended January 26, 2020. The press release is attached as Exhibit 99.1 and is incorporated herein by reference.

Attached hereto as Exhibit 99.2 and incorporated by reference herein is financial information and commentary by Colette M. Kress, Executive Vice President and Chief Financial Officer of the Company, regarding results of the quarter and fiscal year ended January 26, 2020, or the CFO Commentary. The CFO Commentary will be posted to http://investor.nvidia.com immediately after the filing of this Current Report.

The press release and CFO Commentary are furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information in this Current Report shall not be incorporated by reference in any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits



Exhibit		Description
99.1		Press Release, dated February 13, 2020, entitled "NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2020"
99.2		CFO Commentary on Fourth Quarter and Fiscal 2020 Results

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



		NVIDIA Corporation
Date: February 13, 2020		By: /s/ Colette M. Kress
		Colette M. Kress
		Executive Vice President and Chief Financial Officer

EX-99.1 2 q4fy20pr.htm Q4FY20 PRESS RELEASE Exhibit

FOR IMMEDIATE RELEASE:

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2020

SANTA CLARA, Calif.-Feb. 13, 2020- NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended Jan. 26, 2020, of $3.11 billion, up 41 percent from $2.21 billion a year earlier, and up 3 percent from $3.01 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $1.53, up 66 percent from $0.92 a year ago, and up 6 percent from $1.45 in the previous quarter. Non-GAAP earnings per diluted share were $1.89, up 136 percent from $0.80 a year earlier, and up 6 percent from $1.78 in the previous quarter.

For fiscal 2020, revenue was $10.92 billion, down 7 percent from $11.72 billion a year earlier. GAAP earnings per diluted share were $4.52, down 32 percent from $6.63 a year earlier. Non-GAAP earnings per diluted share were $5.79, down 13 percent from $6.64 a year earlier.

“Adoption of NVIDIA accelerated computing drove excellent results, with record data center revenue,” said Jensen Huang, founder and CEO of NVIDIA. “Our initiatives are achieving great success.

“NVIDIA RTX ray tracing is reinventing computer graphics, driving powerful adoption across gaming, VR and design markets, while opening new opportunities in rendering and cloud gaming. NVIDIA AI is enabling breakthroughs in language understanding, conversational AI and recommendation engines - the core algorithms that power the internet today. And new NVIDIA computing applications in 5G, genomics, robotics and autonomous vehicles enable us to continue important work that has great impact.

“We are well positioned for the greatest technology trends of our time,” he said.

NVIDIA will pay its next quarterly cash dividend of $0.16 per share on March 20, 2020, to all shareholders of record on Feb. 28, 2020.

Q4 Fiscal 2020 Summary



GAAP
($ in millions, except earnings per share)	Q4 FY20		Q3 FY20		Q4 FY19		Q/Q	Y/Y
Revenue	$3,105		$3,014		$2,205		Up 3%	Up 41%
Gross margin	64.9	%	63.6	%	54.7	%	Up 130 bps	Up 1,020 bps
Operating expenses	$1,025		$989		$913		Up 4%	Up 12%
Operating income	$990		$927		$294		Up 7%	Up 237%
Net income	$950		$899		$567		Up 6%	Up 68%
Diluted earnings per share	$1.53		$1.45		$0.92		Up 6%	Up 66%



Non-GAAP
($ in millions, except earnings per share)	Q4 FY20		Q3 FY20		Q4 FY19		Q/Q	Y/Y
Revenue	$3,105		$3,014		$2,205		Up 3%	Up 41%
Gross margin	65.4	%	64.1	%	56.0	%	Up 130 bps	Up 940 bps
Operating expenses	$810		$774		$755		Up 5%	Up 7%
Operating income	$1,220		$1,156		$479		Up 6%	Up 155%
Net income	$1,172		$1,103		$496		Up 6%	Up 136%
Diluted earnings per share	$1.89		$1.78		$0.80		Up 6%	Up 136%

Fiscal 2020 Summary



GAAP
($ in millions except earnings per share)	FY20		FY19		Y/Y
Revenue	$10,918		$11,716		Down 7%
Gross margin	62.0	%	61.2	%	Up 80 bps
Operating expenses	$3,922		$3,367		Up 16%
Operating income	$2,846		$3,804		Down 25%
Net income	$2,796		$4,141		Down 32%
Diluted earnings per share	$4.52		$6.63		Down 32%



Non-GAAP
($ in millions except earnings per share)	FY20	FY19	Y/Y
Revenue	$10,918	$11,716	Down 7%
Gross margin	62.5%	61.7%	Up 80 bps
Operating expenses	$3,086	$2,826	Up 9%
Operating income	$3,735	$4,407	Down 15%
Net income	$3,580	$4,143	Down 14%
Diluted earnings per share	$5.79	$6.64	Down 13%

NVIDIA’s outlook for the first quarter of fiscal 2021 does not include any contribution from the pending acquisition of Mellanox Technologies, Ltd. Discussions with China’s regulatory agency, the State Administration for Market Regulation, are progressing, and NVIDIA believes the acquisition will likely close in the early part of calendar 2020.

While the ultimate effect of the coronavirus is difficult to estimate, the company has reduced its revenue outlook for the first quarter of fiscal 2021 by $100 million to account for its potential impact.


•	Revenue is expected to be $3.00 billion, plus or minus 2 percent.


•	GAAP and non-GAAP gross margins are expected to be 65.0 percent and 65.4 percent, respectively, plus or minus 50 basis points.


•	GAAP and non-GAAP operating expenses are expected to be approximately $1.05 billion and $835 million, respectively.


•	GAAP and non-GAAP other income and expense are both expected to be income of approximately $25 million.


•	GAAP and non-GAAP tax rates are both expected to be 9 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 the end of the third quarter of fiscal 2020, NVIDIA has achieved progress in these areas:

Gaming


•	Grew momentum for ray tracing with the launch of such RTX-enabled games as Deliver Us The Moon, Wolfenstein: Youngblood and Bright Memory.


•	Brought its GeForce NOW™ cloud gaming service out of beta, opening up PC gaming to hundreds of millions of consumers who can now add a virtual GeForce® graphics card to their device and play games they own, as well as free-to-play games.


•	Brought its number of gaming laptops to a record 125 models, including the world’s first 14-inch GeForce RTX™ laptop, the ASUS ROG Zephyrus G14.


•	Continued to build G-SYNC® momentum at CES, with the launch of the ASUS ROG Swift 360, the world’s fastest monitor, with a 360Hz refresh rate; and with LG adopting G-SYNC in its new lineup of OLED TVs.

Data Center and Edge Computing


•	Unveiled the first scalable GPU-accelerated supercomputer in the cloud with Microsoft Azure, with access to up to 800 NVIDIA® V100 Tensor Core GPUs.


•	Announced that it is powering the world’s most powerful industrial supercomputer, HPC5, which has 7,280 NVIDIA V100 GPUs and is operated by Italian energy company Eni.


•	Announced that Alibaba’s and Baidu’s recommendation engines run on NVIDIA AI, boosting inference by orders of magnitude beyond CPUs.


•	Joined forces with AWS, using NVIDIA T4 Tensor Core GPUs to power AWS Outposts, bringing Amazon EC2 G4 instances to customers’ data centers.


•	Collaborated with Arm, Ampere Computing, Fujitsu and Marvell on a new reference design platform for GPU-accelerated Arm-based servers, and with Red Hat to bring GPU acceleration to Arm for HPC applications.


•	Introduced NVIDIA TensorRT™ 7, an inference software development kit, paving the way to smarter and faster conversational AI.


•	Unveiled NVIDIA Clara™ Federated Learning, a reference application that preserves patient privacy while improving global model accuracy, already in use by the American College of Radiology and UCLA Health.


•	Introduced Magnum IO, a software suite for data scientists and high performance computing researchers that is optimized to eliminate storage and input/output bottlenecks.


•	Released a new version of the NVIDIA Isaac™ software development kit, a unified robotic development platform to accelerate the development and testing of robots.

Professional Visualization


•	Brought RTX technology to new desktops and laptops from Acer and joined forces with Adobe to provide a complimentary three-month Adobe Creative Cloud membership with new RTX Studio purchases.


•	Introduced RTX capabilities to Autodesk’s Maya 2020, Dassault’s Catia 2020 and Siemens Ray-Trace Studio with the release of a new NVIDIA Quadro® Driver and NVIDIA Studio Driver.


•	Expanded the reach of RTX technology into Chaos Group’s V-Ray, Autodesk’s Arnold and Blender’s Cycles, enabling designers to create complex 3D visuals, accurate reflections and more.

Automotive


•	Announced DRIVE AGX Orin™, an advanced software-defined platform for autonomous vehicles capable of achieving 200 TOPS, nearly 7x that of the previous generation SoC.

CFO Commentary

Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at http://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 2020 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, http://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 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, non-GAAP income tax expense, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, non-GAAP diluted shares, 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, legal settlement costs, acquisition-related and other costs, gains and 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.

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/.

###

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: our initiatives achieving great success; the impacts of NVIDIA RTX ray tracing, NVIDIA AI and new NVIDIA computing applications in 5G, genomics, robotics, and autonomous vehicles; NVIDIA’s positioning for the greatest technology trends of our time; NVIDIA’s next quarterly cash dividend; the status of the China regulatory approval process and the expected timing of closing of the Mellanox acquisition; the ultimate effect of the coronavirus; NVIDIA’s financial outlook for the first quarter of fiscal 2021; NVIDIA’s expected tax rates for the first quarter of fiscal 2021; NVIDIA’s expectation to generate variability from excess tax benefits or deficiencies; and the benefits and impact of: GeForce NOW, Alibaba’s and Baidu’s recommendation engines running on NVIDIA AI, NVIDIA TensorRT7, NVIDIA Clara Federated Learning, Magnum IO, the new version of the NVIDIA Isaac software development kit, expanding the reach of RTX technology into Chaos Group’s V-Ray, Autodesk’s Arnold and Blender’s Cycles, and DRIVE AGX Orin 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, GeForce, Quadro, DRIVE AGX Orin, GeForce NOW, GeForce RTX, G-SYNC, NVIDIA Clara, NVIDIA Isaac, NVIDIA 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						Twelve Months Ended
			January 26,			January 27,			January 26,			January 27,
			2020			2019			2020			2019

Revenue			$	3,105		$	2,205		$	10,918		$	11,716
Cost of revenue			1,090			998			4,150			4,545
Gross profit			2,015			1,207			6,768			7,171
Operating expenses
	Research and development		738			647			2,829			2,376
	Sales, general and administrative		287			266			1,093			991
		Total operating expenses	1,025			913			3,922			3,367
Income from operations			990			294			2,846			3,804
	Interest income		41			42			178			136
	Interest expense		(12		)	(14		)	(52		)	(58		)
	Other, net		(3		)	2			(2		)	14
		Total other income	26			30			124			92
Income before income tax			1,016			324			2,970			3,896
Income tax expense (benefit)			66			(243		)	174			(245		)
Net income			$	950		$	567		$	2,796		$	4,141

Net income per share:
	Basic		$	1.55		$	0.93		$	4.59		$	6.81
	Diluted		$	1.53		$	0.92		$	4.52		$	6.63

Weighted average shares used in per share computation:
	Basic		612			609			609			608
	Diluted		621			619			618			625



NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

			January 26,		January 27,
			2020		2019
ASSETS

Current assets:
	Cash, cash equivalents and marketable securities		$	10,897	$	7,422
	Accounts receivable, net		1,657		1,424
	Inventories		979		1,575
	Prepaid expenses and other current assets		157		136
		Total current assets	13,690		10,557

Property and equipment, net			1,674		1,404
Operating lease assets			618		—
Goodwill			618		618
Intangible assets, net			49		45
Deferred income tax assets			548		560
Other assets			118		108
		Total assets	$	17,315	$	13,292

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
	Accounts payable		$	687	$	511
	Accrued and other current liabilities		1,097		818
		Total current liabilities	1,784		1,329

Long-term debt			1,991		1,988
Long-term operating lease liabilities			561		—
Other long-term liabilities			775		633
		Total liabilities	5,111		3,950

Shareholders' equity			12,204		9,342
		Total liabilities and shareholders' equity	$	17,315	$	13,292



NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
	Three Months Ended						Twelve Months Ended
	January 26,			January 27,			January 26,			January 27,
	2020			2019			2020			2019
Cash flows from operating activities:
Net income	$	950		$	567		$	2,796		$	4,141
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	220			156			844			557
Depreciation and amortization	106			78			381			262
Deferred income taxes	23			(345		)	18			(315		)
Other	—			(10		)	5			(45		)
Changes in operating assets and liabilities:
Accounts receivable	(202		)	794			(233		)	(149		)
Inventories	66			(156		)	597			(776		)
Prepaid expenses and other assets	22			13			77			(55		)
Accounts payable	104			(359		)	194			(135		)
Accrued and other current liabilities	157			109			54			256
Other long-term liabilities	19			51			28			2
Net cash provided by operating activities	1,465			898			4,761			3,743
Cash flows from investing activities:
Proceeds from maturities of marketable securities	—			964			4,744			7,232
Proceeds from sales of marketable securities	2			314			3,365			428
Purchases of marketable securities	—			(1,036		)	(1,461		)	(11,148		)
Purchases of property and equipment and intangible assets	(144		)	(203		)	(489		)	(600		)
Investments and other, net	(9		)	—			(14		)	(9		)
Net cash provided by (used in) investing activities	(151		)	39			6,145			(4,097		)
Cash flows from financing activities:
Payments related to repurchases of common stock	—			(724		)	—			(1,579		)
Repayment of Convertible Notes	—			(3		)	—			(16		)
Dividends paid	(98		)	(98		)	(390		)	(371		)
Proceeds related to employee stock plans	2			3			149			137
Payments related to tax on restricted stock units	(87		)	(50		)	(551		)	(1,032		)
Other	—			(4		)	—			(5		)
Net cash used in financing activities	(183		)	(876		)	(792		)	(2,866		)
Change in cash and cash equivalents	1,131			61			10,114			(3,220		)
Cash and cash equivalents at beginning of period	9,765			721			782			4,002
Cash and cash equivalents at end of period	$	10,896		$	782		$	10,896		$	782



	NVIDIA CORPORATION
	RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
	(In millions, except per share data)
	(Unaudited)

		Three Months Ended									Twelve Months Ended
		January 26,			October 27,			January 27,			January 26,			January 27,
		2020			2019			2019			2020			2019

GAAP gross profit		$	2,015		$	1,916		$	1,207		$	6,768		$	7,171
GAAP gross margin		64.9		%	63.6		%	54.7		%	62.0		%	61.2		%
	Stock-based compensation expense (A)	12			15			6			39			27
	Legal settlement costs	3			—			21			14			35
Non-GAAP gross profit		$	2,030		$	1,931		$	1,234		$	6,821		$	7,233
Non-GAAP gross margin		65.4		%	64.1		%	56.0		%	62.5		%	61.7		%

GAAP operating expenses		$	1,025		$	989		$	913		$	3,922		$	3,367
	Stock-based compensation expense (A)	(208		)	(208		)	(150		)	(805		)	(530		)
	Acquisition-related and other costs	(7		)	(7		)	(1		)	(30		)	(2		)
	Legal settlement costs	—			—			(7		)	(1		)	(9		)
Non-GAAP operating expenses		$	810		$	774		$	755		$	3,086		$	2,826

GAAP income from operations		$	990		$	927		$	294		$	2,846		$	3,804
	Total impact of non-GAAP adjustments to income from operations	230			229			185			889			603
Non-GAAP income from operations		$	1,220		$	1,156		$	479		$	3,735		$	4,407

GAAP other income		$	26		$	32		$	30		$	124		$	92
	Losses (Gains) from non-affiliated investments	—			—			(1		)	1			(12		)
	Interest expense related to amortization of debt discount	—			1			—			2			2
Non-GAAP other income		$	26		$	33		$	29		$	127		$	82

GAAP net income		$	950		$	899		$	567		$	2,796		$	4,141
	Total pre-tax impact of non-GAAP adjustments	230			230			184			890			593
	Income tax impact of non-GAAP adjustments (B)	(8		)	(26		)	(25		)	(106		)	(223		)
	Tax benefit from income tax reform	—			—			(230		)	—			(368		)
Non-GAAP net income		$	1,172		$	1,103		$	496		$	3,580		$	4,143



		Three Months Ended									Twelve Months Ended
		January 26,			October 27,			January 27,			January 26,			January 27,
		2020			2019			2019			2020			2019
Diluted net income per share
	GAAP	$	1.53		$	1.45		$	0.92		$	4.52		$	6.63
	Non-GAAP	$	1.89		$	1.78		$	0.80		$	5.79		$	6.64

Weighted average shares used in diluted net income per share computation
	GAAP	621			618			619			618			625
	Anti-dilution impact from note hedge	—			—			—			—			(1		)
	Non-GAAP	621			618			619			618			624

GAAP net cash provided by operating activities		$	1,465		$	1,640		$	898		$	4,761		$	3,743
	Purchase of property and equipment and intangible assets	(144		)	(104		)	(203		)	(489		)	(600		)
Free cash flow		$	1,321		$	1,536		$	695		$	4,272		$	3,143



(A) Stock-based compensation consists of the following:
		Three Months Ended						Twelve Months Ended
		January 26,		October 27,		January 27,		January 26,		January 27,
		2020		2019		2019		2020		2019
	Cost of revenue	$	12	$	15	$	6	$	39	$	27
	Research and development	$	140	$	141	$	99	$	540	$	336
	Sales, general and administrative	$	68	$	67	$	51	$	265	$	194

(B) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).



NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

		Q1 FY2021 Outlook
GAAP gross margin		65.0		%
	Impact of stock-based compensation expense	0.4		%
Non-GAAP gross margin		65.4		%

		Q1 FY2021 Outlook
		(In millions)
GAAP operating expenses		$	1,045
	Stock-based compensation expense, acquisition-related costs, and other costs	(210		)
Non-GAAP operating expenses		$	835

EX-99.2 3 q4fy20cfocommentary.htm Q4FY20 CFO COMMENTARY Exhibit

CFO Commentary on Fourth Quarter and Fiscal 2020 Results

Q4 Fiscal 2020 Summary



GAAP
($ in millions, except earnings per share)	Q4 FY20		Q3 FY20		Q4 FY19		Q/Q	Y/Y
Revenue	$3,105		$3,014		$2,205		Up 3%	Up 41%
Gross margin	64.9	%	63.6	%	54.7	%	Up 130 bps	Up 1,020 bps
Operating expenses	$1,025		$989		$913		Up 4%	Up 12%
Operating income	$990		$927		$294		Up 7%	Up 237%
Net income	$950		$899		$567		Up 6%	Up 68%
Diluted earnings per share	$1.53		$1.45		$0.92		Up 6%	Up 66%



Non-GAAP
($ in millions, except earnings per share)	Q4 FY20		Q3 FY20		Q4 FY19		Q/Q	Y/Y
Revenue	$3,105		$3,014		$2,205		Up 3%	Up 41%
Gross margin	65.4	%	64.1	%	56.0	%	Up 130 bps	Up 940 bps
Operating expenses	$810		$774		$755		Up 5%	Up 7%
Operating income	$1,220		$1,156		$479		Up 6%	Up 155%
Net income	$1,172		$1,103		$496		Up 6%	Up 136%
Diluted earnings per share	$1.89		$1.78		$0.80		Up 6%	Up 136%



Revenue by Reportable Segments
($ in millions)	Q4 FY20	Q3 FY20	Q4 FY19	Q/Q	Y/Y
GPU Business	$2,774	$2,565	$1,980	Up 8%	Up 40%
Tegra Processor Business	331	449	225	Down 26%	Up 47%
Total	$3,105	$3,014	$2,205	Up 3%	Up 41%



Revenue by Market Platform
($ in millions)	Q4 FY20	Q3 FY20	Q4 FY19	Q/Q	Y/Y
Gaming	$1,491	$1,659	$954	Down 10%	Up 56%
Professional Visualization	331	324	293	Up 2%	Up 13%
Data Center	968	726	679	Up 33%	Up 43%
Automotive	163	162	163	Up 1%	--
OEM and Other	152	143	116	Up 6%	Up 31%
Total	$3,105	$3,014	$2,205	Up 3%	Up 41%

Fiscal 2020 Summary



GAAP
($ in millions except earnings per share)	FY20		FY19		Y/Y
Revenue	$10,918		$11,716		Down 7%
Gross margin	62.0	%	61.2	%	Up 80 bps
Operating expenses	$3,922		$3,367		Up 16%
Operating income	$2,846		$3,804		Down 25%
Net income	$2,796		$4,141		Down 32%
Diluted earnings per share	$4.52		$6.63		Down 32%



Non-GAAP
($ in millions except earnings per share)	FY20	FY19	Y/Y
Revenue	$10,918	$11,716	Down 7%
Gross margin	62.5%	61.7%	Up 80 bps
Operating expenses	$3,086	$2,826	Up 9%
Operating income	$3,735	$4,407	Down 15%
Net income	$3,580	$4,143	Down 14%
Diluted earnings per share	$5.79	$6.64	Down 13%



Revenue by Reportable Segments
($ in millions)	FY20	FY19	Y/Y
GPU	$9,465	$10,175	Down 7%
Tegra Processor	1,453	1,541	Down 6%
Total	$10,918	$11,716	Down 7%



Revenue by Market Platform
($ in millions)	FY20	FY19	Y/Y
Gaming	$5,518	$6,246	Down 12%
Professional Visualization	1,212	1,130	Up 7%
Data Center	2,983	2,932	Up 2%
Automotive	700	641	Up 9%
OEM and Other	505	767	Down 34%
Total	$10,918	$11,716	Down 7%

Revenue

Revenue for the fourth quarter was $3.11 billion, up 41 percent from a year earlier and up 3 percent sequentially. Full-year revenue was $10.92 billion, down 7 percent.

GPU business revenue for the fourth quarter was $2.77 billion, up 40 percent from a year earlier and up 8 percent sequentially. Full-year revenue was $9.47 billion, down 7 percent.

Tegra™ Processor business revenue for the fourth quarter - which includes Automotive, SoCs for gaming platforms, and embedded edge AI platforms - was $331 million, up 47 percent from a year ago and down 26 percent sequentially. Full-year revenue was $1.45 billion, down 6 percent.

From a market-platform perspective, Gaming revenue for the fourth quarter was $1.49 billion, up 56 percent from a year ago and down 10 percent sequentially. The year-on-year increase reflects higher sales of GeForce® GPUs and SoCs for gaming platforms. The sequential decrease reflects seasonally lower sales of GeForce notebook GPUs and SoCs for gaming platforms, partially offset by growth in GeForce desktop GPUs. Full-year revenue was $5.52 billion, down 12 percent, reflecting lower sales of GeForce desktop GPUs and SoCs for gaming platforms, partially offset by growth in GeForce notebook GPUs.

Professional Visualization revenue for the fourth quarter was a record $331 million, up 13 percent from a year earlier and up 2 percent sequentially. The year-on-year growth reflects strength in desktop and notebook workstations, while the sequential growth was driven by desktop workstations partially offset by notebook workstations. Full-year revenue was $1.21 billion, up 7 percent, reflecting strength in desktop and notebook workstations.

Data Center revenue for the fourth quarter was a record $968 million, up 43 percent from a year ago and up 33 percent sequentially. The year-on-year increase was driven by hyperscale and vertical industry end customers. Sequential growth reflects stronger vertical industry and hyperscale sales. Full-year revenue was $2.98 billion, up 2 percent, driven by vertical industry growth partially offset by lower hyperscale sales.

Automotive revenue was $163 million, flat from a year earlier and up 1 percent sequentially. Full-year revenue was $700 million, up 9 percent, reflecting growth in AI cockpit solutions and development services agreements.

OEM and Other revenue for the fourth quarter was $152 million, up 31 percent from a year ago and up 6 percent sequentially. The year-on-year and sequential increases were primarily due to growth in entry level GPUs for PC OEMs. Full-year revenue was $505 million, down 34 percent, primarily due to the absence of cryptocurrency-specific product sales.

Gross Margin

GAAP gross margin for the fourth quarter was 64.9 percent, up 1,020 basis points from a year earlier and up 130 basis points sequentially. The year-on-year increase was primarily driven by reduced inventory charges in Gaming and a more favorable mix within Data Center. The sequential increase reflects a higher revenue contribution of Data Center products, partially offset by lower sales of previously written-off components.

Full-year GAAP gross margin was 62.0 percent, up 80 basis points from a year ago, primarily driven by reduced inventory charges and the sale of previously written-off components.

Non-GAAP gross margin for the fourth quarter was 65.4 percent, up 940 basis points from a year earlier and up 130 basis points sequentially. Full-year non-GAAP gross margin was 62.5 percent, up 80 basis points from a year ago.

Expenses

GAAP operating expenses for the fourth quarter were $1.02 billion, including $215 million in stock-based compensation and other charges, up 12 percent from a year earlier and up 4 percent sequentially. Full-year operating expenses were $3.92 billion, including $836 million in stock-based compensation and other charges, up 16 percent from a year ago. The year-on-year, sequential and full-year growth primarily reflects employee additions and increases in employee compensation and other related costs, including stock-based compensation and infrastructure costs.

Non-GAAP operating expenses for the fourth quarter were $810 million, up 7 percent from a year earlier and up 5 percent sequentially. Full-year non-GAAP operating expenses were $3.09 billion, up 9 percent from fiscal 2019.

Operating Income

GAAP operating income for the fourth quarter was $990 million, up 237 percent from a year earlier and up 7 percent sequentially. Non-GAAP operating income for the fourth quarter was $1.22 billion, up 155 percent from a year earlier and up 6 percent sequentially. For fiscal 2020, GAAP operating income was $2.85 billion and non-GAAP operating income was $3.73 billion.

Other Income & Expense and Income Tax



GAAP
($ in millions)	Q4 FY20	Q3 FY20	Q4 FY19	FY20	FY19
Interest income	$41	$45	$42	$178	$136
Interest expense	(12)	(13)	(14)	(52)	(58)
Other, net	(3)	--	2	(2)	14
Total	$26	$32	$30	$124	$92



Non-GAAP
($ in millions)	Q4 FY20	Q3 FY20	Q4 FY19	FY20	FY19
Interest income	$41	$45	$42	$178	$136
Interest expense	(12)	(12)	(14)	(50)	(56)
Other, net	(3)	--	1	(1)	2
Total	$26	$33	$29	$127	$82

GAAP other income and expense, or OI&E, includes interest earned on cash and investments, interest expense associated with corporate bonds, and other gains and losses. Non-GAAP OI&E excludes the portion of interest expense from the amortization of the debt discount and the gains or losses from certain investments.

GAAP effective tax rate for the fourth quarter was 6.4 percent and for the full year was 5.9 percent, inclusive of excess tax benefits related to stock-based compensation. Non-GAAP effective tax rate for the fourth quarter was 6.0 percent and for the full year was 7.3 percent.

Net Income and EPS

GAAP net income for the fourth quarter was $950 million and for the full year was $2.80 billion. GAAP earnings per diluted share for the fourth quarter were $1.53, up 66 percent from a year earlier and up 6 percent sequentially. Full-year GAAP earnings per diluted share were $4.52, down 32 percent.

Non-GAAP net income for the fourth quarter was $1.17 billion and for the full year was $3.58 billion. Non-GAAP earnings per diluted share for the fourth quarter were $1.89, up 136 percent from a year earlier and up 6 percent sequentially. Full-year non-GAAP earnings per diluted share were $5.79, down 13 percent.

Capital Return



Capital Return
(in millions)	FY13	FY14	FY15	FY16	FY17	FY18	FY19	FY20
Dividends	$47	$181	$186	$213	$261	$341	$371	$390
Share repurchases:
$	$100	$887	$814	$587	$739	$909	$1,578	$--
Shares	8	62	44	25	15	6	9	--

We will return to repurchasing our stock after closing the acquisition of Mellanox Technologies, Ltd.

Balance Sheet and Cash Flow

Cash, cash equivalents and marketable securities at the end of the fourth quarter were $10.90 billion, up from $9.77 billion in the prior quarter and $7.42 billion a year earlier. The increases primarily reflect growth in operating cash flow.

Accounts receivable at the end of the quarter was $1.68 billion compared with $1.46 billion in the prior quarter and $1.42 billion a year earlier. DSO at quarter-end was 49 days, up from 44 days in the prior quarter and down from 59 days a year earlier.

Inventory at the end of the quarter was $979 million, down from $1.05 billion in the prior quarter and down from $1.57 billion a year earlier. Outstanding inventory purchase obligations at the end of the quarter were $1.16 billion, up from $980 million in the prior quarter and up from $912 million a year earlier. DSI at quarter-end was 82 days, down from 87 days in the prior quarter and down from 143 days a year earlier.

Cash flow from operating activities was $1.46 billion in the fourth quarter, down from $1.64 billion in the prior quarter, and up from $898 million a year earlier. The sequential decrease reflects changes in working capital primarily driven by an increase in DSO. The year-on-year increase primarily reflects growth in operating income. Full-year cash flow from operating activities was $4.76 billion, up from $3.74 billion a year earlier, reflecting changes in working capital driven by a reduction in inventory partially offset by a decrease in operating income.

Free cash flow was $1.32 billion in the fourth quarter, compared with $1.54 billion in the previous quarter and $695 million a year earlier.

Depreciation and amortization expense amounted to $106 million for the fourth quarter and $381 million for fiscal 2020. Capital expenditures were $144 million for the fourth quarter and $489 million for fiscal 2020.

First Quarter of Fiscal 2021 Outlook

Our outlook for the first quarter of fiscal 2021 does not include any contribution from the pending acquisition of Mellanox. Discussions with China’s regulatory agency, the State Administration for Market Regulation, are progressing, and we believe the acquisition will likely close in the early part of calendar 2020.

While the ultimate effect of the coronavirus is difficult to estimate, we have reduced our revenue outlook for the first quarter of fiscal 2021 by $100 million to account for the potential impact.


•	Revenue is expected to be $3.00 billion, plus or minus 2 percent.


•	GAAP and non-GAAP gross margins are expected to be 65.0 percent and 65.4 percent, respectively, plus or minus 50 basis points.


•	GAAP and non-GAAP operating expenses are expected to be approximately $1.05 billion and $835 million, respectively.


•	GAAP and non-GAAP other income and expense are both expected to be income of approximately $25 million.


•	GAAP and non-GAAP tax rates are both expected to be 9 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.


•	Capital expenditures are expected to be approximately $150 million to $170 million.

______________

For further information, contact:



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

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, non-GAAP income tax expense, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, non-GAAP diluted shares, 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, legal settlement costs, acquisition-related and other costs, gains and 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 purchases 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.

Certain statements in this CFO Commentary including, but not limited to, statements as to: NVIDIA returning to repurchasing our stock after closing the acquisition of Mellanox; the status of the China regulatory approval process and the expected timing of closing of the Mellanox acquisition; the ultimate effect of the coronavirus; our financial outlook for the first quarter of fiscal 2021; our expected tax rates for the first quarter of fiscal 2021; our expectation to generate variability from excess tax benefits or deficiencies; and our expected capital expenditures for the first quarter of fiscal 2021 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, GeForce and Tegra 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
	RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
	(In millions, except per share data)
	(Unaudited)

		Three Months Ended									Twelve Months Ended
		January 26,			October 27,			January 27,			January 26,			January 27,
		2020			2019			2019			2020			2019

GAAP gross profit		$	2,015		$	1,916		$	1,207		$	6,768		$	7,171
GAAP gross margin		64.9		%	63.6		%	54.7		%	62.0		%	61.2		%
	Stock-based compensation expense (A)	12			15			6			39			27
	Legal settlement costs	3			—			21			14			35
Non-GAAP gross profit		$	2,030		$	1,931		$	1,234		$	6,821		$	7,233
Non-GAAP gross margin		65.4		%	64.1		%	56.0		%	62.5		%	61.7		%

GAAP operating expenses		$	1,025		$	989		$	913		$	3,922		$	3,367
	Stock-based compensation expense (A)	(208		)	(208		)	(150		)	(805		)	(530		)
	Acquisition-related and other costs	(7		)	(7		)	(1		)	(30		)	(2		)
	Legal settlement costs	—			—			(7		)	(1		)	(9		)
Non-GAAP operating expenses		$	810		$	774		$	755		$	3,086		$	2,826

GAAP income from operations		$	990		$	927		$	294		$	2,846		$	3,804
	Total impact of non-GAAP adjustments to income from operations	230			229			185			889			603
Non-GAAP income from operations		$	1,220		$	1,156		$	479		$	3,735		$	4,407

GAAP other income		$	26		$	32		$	30		$	124		$	92
	Losses (Gains) from non-affiliated investments	—			—			(1		)	1			(12		)
	Interest expense related to amortization of debt discount	—			1			—			2			2
Non-GAAP other income		$	26		$	33		$	29		$	127		$	82

GAAP net income		$	950		$	899		$	567		$	2,796		$	4,141
	Total pre-tax impact of non-GAAP adjustments	230			230			184			890			593
	Income tax impact of non-GAAP adjustments (B)	(8		)	(26		)	(25		)	(106		)	(223		)
	Tax benefit from income tax reform	—			—			(230		)	—			(368		)
Non-GAAP net income		$	1,172		$	1,103		$	496		$	3,580		$	4,143



		Three Months Ended									Twelve Months Ended
		January 26,			October 27,			January 27,			January 26,			January 27,
		2020			2019			2019			2020			2019
Diluted net income per share
	GAAP	$	1.53		$	1.45		$	0.92		$	4.52		$	6.63
	Non-GAAP	$	1.89		$	1.78		$	0.80		$	5.79		$	6.64

Weighted average shares used in diluted net income per share computation
	GAAP	621			618			619			618			625
	Anti-dilution impact from note hedge	—			—			—			—			(1		)
	Non-GAAP	621			618			619			618			624

GAAP net cash provided by operating activities		$	1,465		$	1,640		$	898		$	4,761		$	3,743
	Purchase of property and equipment and intangible assets	(144		)	(104		)	(203		)	(489		)	(600		)
Free cash flow		$	1,321		$	1,536		$	695		$	4,272		$	3,143



(A) Stock-based compensation consists of the following:
		Three Months Ended						Twelve Months Ended
		January 26,		October 27,		January 27,		January 26,		January 27,
		2020		2019		2019		2020		2019
	Cost of revenue	$	12	$	15	$	6	$	39	$	27
	Research and development	$	140	$	141	$	99	$	540	$	336
	Sales, general and administrative	$	68	$	67	$	51	$	265	$	194

(B) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).



NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

		Q1 FY2021 Outlook
GAAP gross margin		65.0		%
	Impact of stock-based compensation expense	0.4		%
Non-GAAP gross margin		65.4		%

		Q1 FY2021 Outlook
		(In millions)
GAAP operating expenses		$	1,045
	Stock-based compensation expense, acquisition-related costs, and other costs	(210		)
Non-GAAP operating expenses		$	835

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Document and Entity Information	Feb. 13, 2020
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Feb. 13, 2020
Entity Registrant Name	NVIDIA CORP
Entity Central Index Key	0001045810
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	0-23985
Entity Tax Identification Number	94-3177549
Entity Address, Address Line One	2788 San Tomas Expressway
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95051
City Area Code	408
Local Phone Number	486-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	NVDA
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false