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As Of Filer Filing For·On·As Docs:Size 11/14/19 Nvidia Corp 8-K:2,9 11/14/19 14:1M |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 29K 2: EX-95.1 Q3Fy20 Press Release HTML 158K 3: EX-99.2 Miscellaneous Exhibit -- q3fy20cfocommentary HTML 124K 11: R1 Document and Entity Information HTML 47K 10: XML IDEA XML File -- Filing Summary XML 12K 12: XML XBRL Instance -- form8-kq3fy20_htm XML 15K 14: EXCEL IDEA Workbook of Financial Reports XLSX 6K 5: EX-101.CAL XBRL Calculations -- nvda-20191114_cal XML 7K 8: EX-101.DEF XBRL Definitions -- nvda-20191114_def XML 9K 4: EX-101.LAB XBRL Labels -- nvda-20191114_lab XML 67K 7: EX-101.PRE XBRL Presentations -- nvda-20191114_pre XML 36K 6: EX-101.SCH XBRL Schema -- nvda-20191114 XSD 17K 13: JSON XBRL Instance as JSON Data -- MetaLinks 12± 19K 9: ZIP XBRL Zipped Folder -- 0001045810-19-000168-xbrl Zip 43K
Exhibit |
GAAP | ||||||||
($
in millions, except earnings per share) | Q3 FY20 | Q2 FY20 | Q3 FY19 | Q/Q | Y/Y | |||
Revenue | $3,014 | $2,579 | $3,181 | Up 17% | Down 5% | |||
Gross margin | 63.6 | % | 59.8 | % | 60.4 | % | Up
380 bps | Up 320 bps |
Operating expenses | $989 | $970 | $863 | Up 2% | Up 15% | |||
Operating income | $927 | $571 | $1,058 | Up 62% | Down
12% | |||
Net income | $899 | $552 | $1,230 | Up 63% | Down 27% | |||
Diluted earnings per share | $1.45 | $0.90 | $1.97 | Up 61% | Down 26% |
Non-GAAP | ||||||||
($
in millions, except earnings per share) | Q3 FY20 | Q2 FY20 | Q3 FY19 | Q/Q | Y/Y | |||
Revenue | $3,014 | $2,579 | $3,181 | Up 17% | Down 5% | |||
Gross margin | 64.1 | % | 60.1 | % | 61.0 | % | Up
400 bps | Up 310 bps |
Operating expenses | $774 | $749 | $730 | Up 3% | Up 6% | |||
Operating income | $1,156 | $802 | $1,210 | Up 44% | Down
4% | |||
Net income | $1,103 | $762 | $1,151 | Up 45% | Down 4% | |||
Diluted earnings per share | $1.78 | $1.24 | $1.84 | Up 44% | Down 3% |
• | Revenue is expected to be $2.95 billion, plus or minus 2 percent. Strong sequential growth is expected in Data Center, offset by a seasonal decline in GeForce® notebook GPUs and SoC modules for gaming platforms. |
• | GAAP and non-GAAP gross margins are expected to be 64.1 percent and 64.5 percent, respectively, plus or minus 50 basis points. |
• | GAAP
and non-GAAP operating expenses are expected to be approximately $1.02 billion and $805 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. |
• | Announced with Microsoft that Minecraft, the world’s most popular computer game, will feature ray tracing. |
• | Announced SUPER versions of GeForce GTX™ GPUs with GeForce GTX 1650 SUPER, and GeForce GTX 1660 SUPER, successor to GeForce GTX 1060, the world’s best-selling GPU. |
• | Introduced
the RTX Broadcast Engine, which uses the AI capabilities of GeForce RTX GPUs to enable virtual greenscreens, filters and AR effects in livestreaming. |
• | Announced two new models of the SHIELD TV streaming media player, which bring unmatched levels of home entertainment, gaming and AI capabilities to the living room. |
• | Expanded the reach of GeForce NOW™ game streaming, with the service announced by Taiwan Mobile and Russia’s Rostelcom with GFN.ru, which joined Korea’s LG U+ and Japan’s SoftBank. |
• | Launched the NVIDIA® EGX Intelligent Edge Computing Platform to bring accelerated AI to retail, manufacturing, telecommunications, logistics and other industries, with Walmart, BMW, NTT East, Procter & Gamble and Samsung Electronics among early adopters. |
• | Collaborated with Microsoft to provide an optimized hybrid-cloud platform combining Microsoft Azure software with NVIDIA EGX powered by NVIDIA T4 GPUs to address edge-computing demand. |
• | Entered
the 5G telecom market, enabling telcos to build high-performing, efficient, virtualized 5G radio access networks using GPUs, in collaboration with Ericsson. |
• | Announced a collaboration with Red Hat to deliver software-defined 5G RAN using Red Hat OpenShift and GPU-accelerated servers. |
• | Won the first inference benchmark, MLPerf Inference 0.5, measuring AI workload performance in data centers and at the edge. |
• | Partnered
with VMware to accelerate VMware Cloud on AWS using NVIDIA T4 GPUs and introduced the new NVIDIA vComputeServer software for enterprises to run AI workloads on GPU servers in virtualized environments. |
• | Announced that the United States Postal Service will use NVIDIA AI technology to improve its package data-processing efficiency. |
• | Announced that more than 40 creative and design applications, including three from Adobe -- Adobe Dimension, Substance Alchemist and
Premiere Pro -- are now accelerated by RTX ray tracing. |
• | Introduced Jetson Xavier™ NX, the world’s smallest, most powerful AI supercomputer for robotic and embedded computing devices at the edge. |
Simona Jankowski | Robert Sherbin | |
Investor Relations | Corporate Communications | |
NVIDIA Corporation | NVIDIA Corporation | |
Three
Months Ended | Nine Months Ended | ||||||||||||||||
October 27, | October 28, | October 27, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Revenue | $ | 3,014 | $ | 3,181 | $ | 7,813 | $ | 9,511 | |||||||||
Cost
of revenue | 1,098 | 1,260 | 3,060 | 3,547 | |||||||||||||
Gross profit | 1,916 | 1,921 | 4,753 | 5,964 | |||||||||||||
Operating
expenses | |||||||||||||||||
Research and development | 712 | 605 | 2,091 | 1,729 | |||||||||||||
Sales,
general and administrative | 277 | 258 | 806 | 725 | |||||||||||||
Total
operating expenses | 989 | 863 | 2,897 | 2,454 | |||||||||||||
Income from operations | 927 | 1,058 | 1,856 | 3,510 | |||||||||||||
Interest
income | 45 | 37 | 137 | 94 | |||||||||||||
Interest expense | (13 | ) | (15 | ) | (39 | ) | (44 | ) | |||||||||
Other,
net | — | 1 | — | 12 | |||||||||||||
Total
other income (expense) | 32 | 23 | 98 | 62 | |||||||||||||
Income before income tax | 959 | 1,081 | 1,954 | 3,572 | |||||||||||||
Income
tax expense (benefit) | 60 | (149 | ) | 109 | (3 | ) | |||||||||||
Net income | $ | 899 | $ | 1,230 | $ | 1,845 | $ | 3,575 | |||||||||
Net
income per share: | |||||||||||||||||
Basic | $ | 1.47 | $ | 2.02 | $ | 3.03 | $ | 5.88 | |||||||||
Diluted | $ | 1.45 | $ | 1.97 | $ | 2.99 | $ | 5.71 | |||||||||
Weighted
average shares used in per share computation: | |||||||||||||||||
Basic | 610 | 609 | 609 | 608 | |||||||||||||
Diluted | 618 | 625 | 617 | 626 |
NVIDIA
CORPORATION | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In millions) | ||||||||||
(Unaudited) | ||||||||||
October
27, | ||||||||||
2019 | 2019 | |||||||||
ASSETS | ||||||||||
Current
assets: | ||||||||||
Cash, cash equivalents and marketable securities | $ | 9,769 | $ | 7,422 | ||||||
Accounts
receivable, net | 1,455 | 1,424 | ||||||||
Inventories | 1,047 | 1,575 | ||||||||
Prepaid
expenses and other current assets | 149 | 136 | ||||||||
Total current assets | 12,420 | 10,557 | ||||||||
Property
and equipment, net | 1,517 | 1,404 | ||||||||
Operating lease assets | 527 | — | ||||||||
Goodwill | 618 | 618 | ||||||||
Intangible
assets, net | 43 | 45 | ||||||||
Deferred income tax assets | 569 | 560 | ||||||||
Other
assets | 116 | 108 | ||||||||
Total assets | $ | 15,810 | $ | 13,292 | ||||||
LIABILITIES
AND SHAREHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts
payable | $ | 591 | $ | 511 | ||||||
Accrued and other current liabilities | 884 | 818 | ||||||||
Total
current liabilities | 1,475 | 1,329 | ||||||||
Long-term
debt | 1,990 | 1,988 | ||||||||
Long-term operating lease liabilities | 469 | — | ||||||||
Other
long-term liabilities | 662 | 633 | ||||||||
Total liabilities | 4,596 | 3,950 | ||||||||
Shareholders'
equity | 11,214 | 9,342 | ||||||||
Total liabilities and shareholders' equity | $ | 15,810 | $ | 13,292 |
NVIDIA
CORPORATION | |||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three
Months Ended | Nine Months Ended | ||||||||||||||||||||
October 27, | July 28, | October 28, | October 27, | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
GAAP
gross profit | $ | 1,916 | $ | 1,541 | $ | 1,921 | $ | 4,753 | $ | 5,964 | |||||||||||
GAAP
gross margin | 63.6 | % | 59.8 | % | 60.4 | % | 60.8 | % | 62.7 | % | |||||||||||
Stock-based
compensation expense (A) | 15 | 8 | 5 | 27 | 21 | ||||||||||||||||
Legal
settlement costs | — | 2 | 14 | 11 | 14 | ||||||||||||||||
Non-GAAP
gross profit | $ | 1,931 | $ | 1,551 | $ | 1,940 | $ | 4,791 | $ | 5,999 | |||||||||||
Non-GAAP
gross margin | 64.1 | % | 60.1 | % | 61.0 | % | 61.3 | % | 63.1 | % | |||||||||||
GAAP
operating expenses | $ | 989 | $ | 970 | $ | 863 | $ | 2,897 | $ | 2,454 | |||||||||||
Stock-based
compensation expense (A) | (208 | ) | (216 | ) | (135 | ) | (597 | ) | (379 | ) | |||||||||||
Acquisition-related
and other costs | (7 | ) | (5 | ) | (1 | ) | (22 | ) | (5 | ) | |||||||||||
Legal
settlement costs | — | — | (1 | ) | (2 | ) | (3 | ) | |||||||||||||
Restructuring
and other | — | — | 4 | — | 4 | ||||||||||||||||
Non-GAAP
operating expenses | $ | 774 | $ | 749 | $ | 730 | $ | 2,276 | $ | 2,071 | |||||||||||
GAAP
income from operations | $ | 927 | $ | 571 | $ | 1,058 | $ | 1,856 | $ | 3,510 | |||||||||||
Total
impact of non-GAAP adjustments to income from operations | 229 | 231 | 152 | 659 | 418 | ||||||||||||||||
Non-GAAP
income from operations | $ | 1,156 | $ | 802 | $ | 1,210 | $ | 2,515 | $ | 3,928 | |||||||||||
GAAP
other income (expense) | $ | 32 | $ | 35 | $ | 23 | $ | 98 | $ | 62 | |||||||||||
Losses
(Gains) from non-affiliated investments | — | — | (2 | ) | 1 | (11 | ) | ||||||||||||||
Interest
expense related to amortization of debt discount | 1 | — | — | 1 | 1 | ||||||||||||||||
Non-GAAP
other income (expense) | $ | 33 | $ | 35 | $ | 21 | $ | 100 | $ | 52 | |||||||||||
GAAP
net income | $ | 899 | $ | 552 | $ | 1,230 | $ | 1,845 | $ | 3,575 | |||||||||||
Total
pre-tax impact of non-GAAP adjustments | 230 | 231 | 150 | 660 | 409 | ||||||||||||||||
Income
tax impact of non-GAAP adjustments (B) | (26 | ) | (21 | ) | (91 | ) | (97 | ) | (199 | ) | |||||||||||
Tax
benefit from income tax reform | — | — | (138 | ) | — | (138 | ) | ||||||||||||||
Non-GAAP
net income | $ | 1,103 | $ | 762 | $ | 1,151 | $ | 2,408 | $ | 3,647 |
Three
Months Ended | Nine Months Ended | ||||||||||||||||||||
October 27, | July 28, | October 28, | October 27, | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Diluted net
income per share | |||||||||||||||||||||
GAAP | $ | 1.45 | $ | 0.90 | $ | 1.97 | $ | 2.99 | $ | 5.71 | |||||||||||
Non-GAAP | $ | 1.78 | $ | 1.24 | $ | 1.84 | $ | 3.90 | $ | 5.83 | |||||||||||
Weighted
average shares used in diluted net income per share computation | 618 | 616 | 625 | 617 | 626 | ||||||||||||||||
GAAP
net cash provided by operating activities | $ | 1,640 | $ | 936 | $ | 487 | $ | 3,296 | $ | 2,845 | |||||||||||
Purchase
of property and equipment and intangible assets | (104 | ) | (113 | ) | (150 | ) | (344 | ) | (397 | ) | |||||||||||
Free
cash flow | $ | 1,536 | $ | 823 | $ | 337 | $ | 2,952 | $ | 2,448 |
(A)
Stock-based compensation consists of the following: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
October
27, | July 28, | October 28, | October 27, | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Cost
of revenue | $ | 15 | $ | 8 | $ | 5 | $ | 27 | $ | 21 | |||||||||||
Research
and development | $ | 141 | $ | 145 | $ | 88 | $ | 400 | $ | 237 | |||||||||||
Sales,
general and administrative | $ | 67 | $ | 71 | $ | 47 | $ | 197 | $ | 142 | |||||||||||
(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 | |||||
Q4
FY2020 Outlook | |||||
GAAP gross margin | 64.1 | % | |||
Impact of stock-based compensation expense | 0.4 | % | |||
Non-GAAP gross margin | 64.5 | % | |||
Q4
FY2020 Outlook | |||||
(In millions) | |||||
GAAP operating expenses | $ | 1,015 | |||
Stock-based compensation expense, acquisition-related costs, and other costs | (210 | ) | |||
Non-GAAP
operating expenses | $ | 805 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/20/19 | 4 | |||
11/29/19 | ||||
Filed on / For Period end: | 11/14/19 | 10-Q | ||
10/28/19 | ||||
10/27/19 | 10-Q | |||
1/27/19 | 10-K, 5 | |||
List all Filings |