Attached files
| file | filename |
|---|---|
| 8-K - 8-K - NVIDIA CORP | a8-k.htm |
| EX-99.1 - Q1'15 PRESS RELEASE - NVIDIA CORP | q115pressrelease.htm |
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended | |||||||
April 27, | April 28, | ||||||
2014 | 2013 | ||||||
Revenue | $ | 1,102,787 | $ | 954,739 | |||
Cost of revenue | 498,585 | 436,171 | |||||
Gross profit | 604,202 | 518,568 | |||||
Operating expenses | |||||||
Research and development | 334,263 | 327,161 | |||||
Sales, general and administrative | 118,580 | 108,626 | |||||
Total operating expenses | 452,843 | 435,787 | |||||
Operating income | 151,359 | 82,781 | |||||
Interest income | 5,710 | 5,076 | |||||
Interest expense | 11,471 | 853 | |||||
Other income, net | 17,684 | 1,058 | |||||
Income before income tax expense | 163,282 | 88,062 | |||||
Income tax expense | 26,766 | 10,171 | |||||
Net income | $ | 136,516 | $ | 77,891 | |||
Net income per share: | |||||||
Basic | $ | 0.24 | $ | 0.13 | |||
Diluted | $ | 0.24 | $ | 0.13 | |||
Weighted average shares used in per share computation: | |||||||
Basic | 559,092 | 616,872 | |||||
Diluted | 570,422 | 619,302 | |||||
NVIDIA CORPORATION | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(In thousands) | |||||||||
(Unaudited) | |||||||||
April 27, | January 26, | ||||||||
2014 | 2014 | ||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash, cash equivalents and marketable securities | $ | 4,347,817 | $ | 4,671,810 | |||||
Accounts receivable, net | 396,438 | 426,357 | |||||||
Inventories | 393,280 | 387,765 | |||||||
Prepaid expenses and other current assets | 136,263 | 138,779 | |||||||
Total current assets | 5,273,798 | 5,624,711 | |||||||
Property and equipment, net | 570,802 | 582,740 | |||||||
Goodwill | 643,179 | 643,179 | |||||||
Intangible assets, net | 277,530 | 296,012 | |||||||
Other assets | 99,354 | 104,252 | |||||||
Total assets | $ | 6,864,663 | $ | 7,250,894 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 309,008 | $ | 324,391 | |||||
Accrued liabilities and other current liabilities | 588,937 | 621,105 | |||||||
Total current liabilities | 897,945 | 945,496 | |||||||
Long-term debt | 1,363,276 | 1,356,375 | |||||||
Other long-term liabilities | 419,774 | 475,125 | |||||||
Capital lease obligations, long-term | 16,683 | 17,500 | |||||||
Stockholders' equity | 4,166,985 | 4,456,398 | |||||||
Total liabilities and stockholders' equity | $ | 6,864,663 | $ | 7,250,894 | |||||
NVIDIA CORPORATION | ||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||
(In thousands, except per share data) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
April 27, | January 26, | April 28, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
GAAP gross profit | $ | 604,202 | $ | 619,242 | $ | 518,568 | ||||||
GAAP gross margin | 54.8 | % | 54.1 | % | 54.3 | % | ||||||
Stock-based compensation expense included in cost of revenue (A) | 2,919 | 2,777 | 2,653 | |||||||||
Legal settlement | $ | — | $ | 1,450 | $ | — | ||||||
Credit from a weak die/packaging material set (B) | $ | — | $ | (7,782 | ) | $ | — | |||||
Non-GAAP gross profit | $ | 607,121 | $ | 615,687 | $ | 521,221 | ||||||
Non-GAAP gross margin | 55.1 | % | 53.8 | % | 54.6 | % | ||||||
GAAP operating expenses | $ | 452,843 | $ | 452,318 | $ | 435,787 | ||||||
Stock-based compensation expense included in operating expense (A) | (32,602 | ) | (33,427 | ) | (30,744 | ) | ||||||
Acquisition-related costs (C) | (9,441 | ) | (9,250 | ) | (8,861 | ) | ||||||
Other expense (D) | — | (1,845 | ) | — | ||||||||
Non-GAAP operating expenses | $ | 410,800 | $ | 407,796 | $ | 396,182 | ||||||
GAAP interest and other income, net | $ | 11,923 | $ | 1,964 | $ | 5,281 | ||||||
Gain on sale of a non-affiliated investment | $ | (16,982 | ) | $ | (3,074 | ) | $ | — | ||||
Interest expense related to amortization of debt discount | $ | 6,901 | $ | 4,600 | $ | — | ||||||
Non-GAAP interest and other income, net | $ | 1,842 | $ | 3,490 | $ | 5,281 | ||||||
GAAP net income | $ | 136,516 | $ | 146,917 | $ | 77,891 | ||||||
Total pre-tax impact of non-GAAP adjustments | 34,881 | 42,493 | 42,258 | |||||||||
Income tax impact of non-GAAP adjustments | (5,342 | ) | (1,924 | ) | (6,348 | ) | ||||||
Non-GAAP net income | $ | 166,055 | $ | 187,486 | $ | 113,801 | ||||||
Diluted net income per share | ||||||||||||
GAAP | $ | 0.24 | $ | 0.25 | $ | 0.13 | ||||||
Non-GAAP | $ | 0.29 | $ | 0.32 | $ | 0.18 | ||||||
Shares used in diluted net income per share computation | 570,422 | 577,356 | 619,302 | |||||||||
Metrics: | ||||||||||||
GAAP net cash flow provided by operating activities | $ | 151,022 | $ | 400,712 | $ | 175,650 | ||||||
Purchase of property and equipment and intangible assets | (29,068 | ) | (66,374 | ) | (65,667 | ) | ||||||
Free cash flow | $ | 121,954 | $ | 334,338 | $ | 109,983 | ||||||
(A) Excludes stock-based compensation as follows: | ||||||||||||
Three Months Ended | ||||||||||||
April 27, | January 26, | April 28, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
Cost of revenue | $ | 2,919 | $ | 2,777 | $ | 2,653 | ||||||
Research and development | $ | 20,494 | $ | 21,548 | $ | 21,935 | ||||||
Sales, general and administrative | $ | 12,108 | $ | 11,879 | $ | 8,809 | ||||||
(B) Release of the remaining warranty reserve related to a weak die/packaging material set, as of January 26, 2014. | ||||||||||||
(C) Consists of amortization of acquisition-related intangible assets, transaction costs, compensation charges, and other credits related to acquisitions. | ||||||||||||
(D) Includes intangible asset write-off and legal settlement costs, net of credits. | ||||||||||||