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As Of Filer Filing For·On·As Docs:Size 8/15/19 Nvidia Corp 8-K:2,9 8/15/19 14:1M |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 29K 2: EX-99.1 Q2Fy20 Press Release HTML 158K 3: EX-99.2 Miscellaneous Exhibit -- q2fy20cfocommentary HTML 124K 10: R1 Document and Entity Information HTML 47K 12: XML IDEA XML File -- Filing Summary XML 12K 9: XML XBRL Instance -- form8-kq2fy20_htm XML 15K 11: EXCEL IDEA Workbook of Financial Reports XLSX 6K 5: EX-101.CAL XBRL Calculations -- nvda-20190815_cal XML 7K 6: EX-101.DEF XBRL Definitions -- nvda-20190815_def XML 9K 7: EX-101.LAB XBRL Labels -- nvda-20190815_lab XML 67K 8: EX-101.PRE XBRL Presentations -- nvda-20190815_pre XML 36K 4: EX-101.SCH XBRL Schema -- nvda-20190815 XSD 17K 13: JSON XBRL Instance as JSON Data -- MetaLinks 12± 19K 14: ZIP XBRL Zipped Folder -- 0001045810-19-000140-xbrl Zip 41K
Exhibit |
GAAP | ||||||||
($
in millions, except earnings per share) | Q2 FY20 | Q1 FY20 | Q2 FY19 | Q/Q | Y/Y | |||
Revenue | $2,579 | $2,220 | $3,123 | Up 16% | Down 17% | |||
Gross margin | 59.8 | % | 58.4 | % | 63.3 | % | Up
140 bps | Down 350 bps |
Operating expenses | $970 | $938 | $818 | Up 3% | Up 19% | |||
Operating income | $571 | $358 | $1,157 | Up 59% | Down
51% | |||
Net income | $552 | $394 | $1,101 | Up 40% | Down 50% | |||
Diluted earnings per share | $0.90 | $0.64 | $1.76 | Up 41% | Down 49% |
Non-GAAP | ||||||||
($
in millions, except earnings per share) | Q2 FY20 | Q1 FY20 | Q2 FY19 | Q/Q | Y/Y | |||
Revenue | $2,579 | $2,220 | $3,123 | Up 16% | Down 17% | |||
Gross margin | 60.1 | % | 59.0 | % | 63.5 | % | Up
110 bps | Down 340 bps |
Operating expenses | $749 | $753 | $692 | Down 1% | Up 8% | |||
Operating income | $802 | $557 | $1,290 | Up 44% | Down
38% | |||
Net income | $762 | $543 | $1,210 | Up 40% | Down 37% | |||
Diluted earnings per share | $1.24 | $0.88 | $1.94 | Up 41% | Down 36% |
• | Revenue is expected to be $2.90 billion, plus or minus 2 percent. |
• | GAAP and non-GAAP gross margins are expected to be 62.0 percent and 62.5 percent, respectively, plus or minus 50 basis points. |
• | GAAP
and non-GAAP operating expenses are expected to be approximately $980 million and $765 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 10 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 breakthroughs in language understanding that allow organizations to enable real-time conversational AI, with record-setting performance in running training and inference on the BERT AI language model. |
• | Announced that NVIDIA’s DGX SuperPOD™ - which provides the AI infrastructure for the
company’s autonomous-vehicle development program - was ranked the world’s 22nd fastest supercomputer and that its reference architecture is available commercially through partners. |
• | Set eight records in AI training performance in the latest MLPerf benchmarking tests. |
• | Announced support for Arm CPUs, providing a new path to build highly energy-efficient, AI-enabled exascale supercomputers. |
• | Supercharged
its GPU lineup with GeForce® RTX 2060 SUPER™, GeForce RTX 2070 SUPER and GeForce RTX 2080 SUPER, delivering best-in-class gaming performance and real-time ray tracing. |
• | Announced that new blockbuster titles including Call of Duty: Modern Warfare, Cyberpunk 2077, Watch Dogs: Legion, and Wolfenstein: Youngblood will feature ray tracing, propelling the momentum of RTX technology. |
• | Unveiled the new NVIDIA Studio® platform for the world’s tens of millions of online and studio-based creatives, with the introduction of 27 new RTX Studio
laptops powered by GeForce RTX™ and Quadro RTX™ GPUs. |
• | Announced the launch of 25 more gaming laptops by major makers fueled by NVIDIA Turing™ GPUs, bringing the total number of Turing laptops to more than 100. |
• | Announced that in its first full year, NVIDIA RTX™ ray tracing has emerged as the new industry standard in product design, architecture, effects and scientific visualization, with the support of more than 40 key applications, including eight introduced
at SIGGRAPH. |
• | Rolled out a full range of Turing architecture-based Quadro® GPUs for mobile workstations with global system providers. |
• | Volvo Group announced that it is using the NVIDIA DRIVE™ end-to-end autonomous driving platform to train networks in the data center, test them in simulation and deploy them in self-driving vehicles, targeting freight transport, refuse and recycling collection, public transport, construction, mining, forestry and more. |
Simona Jankowski | Robert Sherbin | |
Investor
Relations | Corporate Communications | |
NVIDIA Corporation | NVIDIA Corporation | |
Three
Months Ended | Six Months Ended | ||||||||||||||||
July 28, | July 29, | July 28, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Revenue | $ | 2,579 | $ | 3,123 | $ | 4,799 | $ | 6,330 | |||||||||
Cost
of revenue | 1,038 | 1,148 | 1,962 | 2,287 | |||||||||||||
Gross profit | 1,541 | 1,975 | 2,837 | 4,043 | |||||||||||||
Operating
expenses | |||||||||||||||||
Research and development | 704 | 581 | 1,379 | 1,124 | |||||||||||||
Sales,
general and administrative | 266 | 237 | 529 | 467 | |||||||||||||
Total
operating expenses | 970 | 818 | 1,908 | 1,591 | |||||||||||||
Income from operations | 571 | 1,157 | 929 | 2,452 | |||||||||||||
Interest
income | 47 | 32 | 92 | 57 | |||||||||||||
Interest expense | (13 | ) | (14 | ) | (27 | ) | (29 | ) | |||||||||
Other,
net | 1 | 5 | 1 | 11 | |||||||||||||
Total
other income (expense) | 35 | 23 | 66 | 39 | |||||||||||||
Income before income tax | 606 | 1,180 | 995 | 2,491 | |||||||||||||
Income
tax expense | 54 | 79 | 48 | 146 | |||||||||||||
Net income | $ | 552 | $ | 1,101 | $ | 947 | $ | 2,345 | |||||||||
Net
income per share: | |||||||||||||||||
Basic | $ | 0.91 | $ | 1.81 | $ | 1.56 | $ | 3.86 | |||||||||
Diluted | $ | 0.90 | $ | 1.76 | $ | 1.54 | $ | 3.74 | |||||||||
Weighted
average shares used in per share computation: | |||||||||||||||||
Basic | 609 | 607 | 608 | 607 | |||||||||||||
Diluted | 616 | 626 | 616 | 627 |
NVIDIA
CORPORATION | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In millions) | ||||||||||
(Unaudited) | ||||||||||
July
28, | ||||||||||
2019 | 2019 | |||||||||
ASSETS | ||||||||||
Current
assets: | ||||||||||
Cash, cash equivalents and marketable securities | $ | 8,475 | $ | 7,422 | ||||||
Accounts
receivable, net | 1,561 | 1,424 | ||||||||
Inventories | 1,204 | 1,575 | ||||||||
Prepaid
expenses and other current assets | 151 | 136 | ||||||||
Total current assets | 11,391 | 10,557 | ||||||||
Property
and equipment, net | 1,484 | 1,404 | ||||||||
Operating lease assets | 535 | — | ||||||||
Goodwill | 618 | 618 | ||||||||
Intangible
assets, net | 49 | 45 | ||||||||
Deferred income tax assets | 588 | 560 | ||||||||
Other
assets | 110 | 108 | ||||||||
Total assets | $ | 14,775 | $ | 13,292 | ||||||
LIABILITIES
AND SHAREHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts
payable | $ | 437 | $ | 511 | ||||||
Accrued and other current liabilities | 880 | 818 | ||||||||
Total
current liabilities | 1,317 | 1,329 | ||||||||
Long-term
debt | 1,989 | 1,988 | ||||||||
Long-term operating lease liabilities | 483 | — | ||||||||
Other
long-term liabilities | 650 | 633 | ||||||||
Total liabilities | 4,439 | 3,950 | ||||||||
Shareholders'
equity | 10,336 | 9,342 | ||||||||
Total liabilities and shareholders' equity | $ | 14,775 | $ | 13,292 |
NVIDIA
CORPORATION | |||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three
Months Ended | Six Months Ended | ||||||||||||||||||||
July 28, | April 28, | July 29, | July 28, | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
GAAP
gross profit | $ | 1,541 | $ | 1,296 | $ | 1,975 | $ | 2,837 | $ | 4,043 | |||||||||||
GAAP
gross margin | 59.8 | % | 58.4 | % | 63.3 | % | 59.1 | % | 63.9 | % | |||||||||||
Stock-based
compensation expense (A) | 8 | 4 | 8 | 12 | 16 | ||||||||||||||||
Legal
settlement costs | 2 | 10 | — | 11 | — | ||||||||||||||||
Non-GAAP
gross profit | $ | 1,551 | $ | 1,310 | $ | 1,983 | $ | 2,860 | $ | 4,059 | |||||||||||
Non-GAAP
gross margin | 60.1 | % | 59.0 | % | 63.5 | % | 59.6 | % | 64.1 | % | |||||||||||
GAAP
operating expenses | $ | 970 | $ | 938 | $ | 818 | $ | 1,908 | $ | 1,591 | |||||||||||
Stock-based
compensation expense (A) | (216 | ) | (174 | ) | (124 | ) | (389 | ) | (246 | ) | |||||||||||
Acquisition-related
and other costs | (5 | ) | (10 | ) | (2 | ) | (15 | ) | (4 | ) | |||||||||||
Legal
settlement costs | — | (1 | ) | — | (2 | ) | — | ||||||||||||||
Non-GAAP
operating expenses | $ | 749 | $ | 753 | $ | 692 | $ | 1,502 | $ | 1,341 | |||||||||||
GAAP
income from operations | $ | 571 | $ | 358 | $ | 1,157 | $ | 929 | $ | 2,452 | |||||||||||
Total
impact of non-GAAP adjustments to income from operations | 231 | 199 | 133 | 429 | 266 | ||||||||||||||||
Non-GAAP
income from operations | $ | 802 | $ | 557 | $ | 1,290 | $ | 1,358 | $ | 2,718 | |||||||||||
GAAP
other income (expense) | $ | 35 | $ | 31 | $ | 23 | $ | 66 | $ | 39 | |||||||||||
Gains
from non-affiliated investments | — | — | (2 | ) | — | (8 | ) | ||||||||||||||
Interest
expense related to amortization of debt discount | — | — | — | 1 | 1 | ||||||||||||||||
Non-GAAP
other income (expense) | $ | 35 | $ | 31 | $ | 21 | $ | 67 | $ | 32 | |||||||||||
GAAP
net income | $ | 552 | $ | 394 | $ | 1,101 | $ | 947 | $ | 2,345 | |||||||||||
Total
pre-tax impact of non-GAAP adjustments | 231 | 199 | 131 | 430 | 259 | ||||||||||||||||
Income
tax impact of non-GAAP adjustments (B) | (21 | ) | (50 | ) | (22 | ) | (72 | ) | (109 | ) | |||||||||||
Non-GAAP
net income | $ | 762 | $ | 543 | $ | 1,210 | $ | 1,305 | $ | 2,495 |
Three
Months Ended | Six Months Ended | ||||||||||||||||||||
July 28, | April 28, | July 29, | July 28, | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Diluted net
income per share | |||||||||||||||||||||
GAAP | $ | 0.90 | $ | 0.64 | $ | 1.76 | $ | 1.54 | $ | 3.74 | |||||||||||
Non-GAAP | $ | 1.24 | $ | 0.88 | $ | 1.94 | $ | 2.12 | $ | 3.99 | |||||||||||
Weighted
average shares used in diluted net income per share computation | |||||||||||||||||||||
GAAP | 616 | 616 | 626 | 616 | 627 | ||||||||||||||||
Anti-dilution
impact from note hedge | — | — | (1 | ) | — | (1 | ) | ||||||||||||||
Non-GAAP | 616 | 616 | 625 | 616 | 626 | ||||||||||||||||
GAAP
net cash provided by operating activities | $ | 936 | $ | 720 | $ | 913 | $ | 1,656 | $ | 2,358 | |||||||||||
Purchase
of property and equipment and intangible assets | (113 | ) | (128 | ) | (128 | ) | (241 | ) | (247 | ) | |||||||||||
Free
cash flow | $ | 823 | $ | 592 | $ | 785 | $ | 1,415 | $ | 2,111 |
(A)
Stock-based compensation consists of the following: | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
July
28, | April 28, | July 29, | July 28, | ||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Cost
of revenue | $ | 8 | $ | 4 | $ | 8 | $ | 12 | $ | 16 | |||||||||||
Research
and development | $ | 145 | $ | 114 | $ | 76 | $ | 259 | $ | 150 | |||||||||||
Sales,
general and administrative | $ | 71 | $ | 60 | $ | 48 | $ | 130 | $ | 96 | |||||||||||
(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 | |||||
Q3
FY2020 Outlook | |||||
GAAP gross margin | 62.0 | % | |||
Impact of stock-based compensation expense | 0.5 | % | |||
Non-GAAP gross margin | 62.5 | % | |||
Q3
FY2020 Outlook | |||||
(In millions) | |||||
GAAP operating expenses | $ | 980 | |||
Stock-based compensation expense, acquisition-related costs, and other costs | (215 | ) | |||
Non-GAAP
operating expenses | $ | 765 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/20/19 | 4 | |||
8/29/19 | 4 | |||
Filed on / For Period end: | 8/15/19 | 10-Q | ||
7/29/19 | ||||
7/28/19 | 10-Q | |||
1/27/19 | 10-K, 5 | |||
List all Filings |