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Wednesday, November 18, 2020
NVIDIA (NASDAQ: NVDA) today reported record revenue for the third quarter ended October 25, 2020, of $4.73 billion, up 57 percent from $3.01 billion a year earlier, and up 22 percent from $3.87 billion in the previous quarter.
GAAP earnings per diluted share for the quarter were $2.12, up 46 percent from $1.45 a year ago, and up 114 percent from $0.99 in the previous quarter. Non-GAAP earnings per diluted share were $2.91, up 63 percent from $1.78 a year earlier, and up 33 percent from $2.18 in the previous quarter.
“NVIDIA is firing on all cylinders, achieving record revenues in Gaming, Data Center and overall,” said Jensen Huang, founder and CEO of #nvidia. “The new #nvidia GeForce RTX GPU provides our largest-ever generational leap and demand is overwhelming. #nvidia RTX has made ray tracing the new standard in gaming.
“We are continuing to raise the bar with #nvidia AI. Our A100 compute platform is ramping fast, with the top cloud companies deploying it globally. We swept the industry AI inference benchmark, and our customers are moving some of the world’s most popular AI services into production, powered by #nvidia technology.
“We announced the #nvidia DPU programmable data center processor, and the planned acquisition of Arm, creator of the world’s most popular CPU. We are positioning #nvidia for the age of AI, when computing will extend from the cloud to trillions of devices.”
NVIDIA paid $99 million in quarterly cash dividends in the third quarter. It will pay its next quarterly cash dividend of $0.16 per share on December 29, 2020, to all shareholders of record on December 4, 2020.
Q3 Fiscal 2021 Summary
GAAP | |||||||||||
($ in millions, except earnings per share) | Q3 FY21 | Q2 FY21 | Q3 FY20 | Q/Q | Y/Y | ||||||
Revenue | $4,726 | $3,866 | $3,014 | Up 22% | Up 57% | ||||||
Gross margin | 62.6 | % | 58.8 | % | 63.6 | % | Up 380 bps | Down 100 bps | |||
Operating expenses | $1,562 | $1,624 | $989 | Down 4% | Up 58% | ||||||
Operating income | $1,398 | $651 | $927 | Up 115% | Up 51% | ||||||
Net income | $1,336 | $622 | $899 | Up 115% | Up 49% | ||||||
Diluted earnings per share | $2.12 | $0.99 | $1.45 | Up 114% | Up 46% |
Non-GAAP | |||||||||||
($ in millions, except earnings per share) | Q3 FY21 | Q2 FY21 | Q3 FY20 | Q/Q | Y/Y | ||||||
Revenue | $4,726 | $3,866 | $3,014 | Up 22% | Up 57% | ||||||
Gross margin | 65.5 | % | 66.0 | % | 64.1 | % | Down 50 bps | Up 140 bps | |||
Operating expenses | $1,101 | $1,035 | $774 | Up 6% | Up 42% | ||||||
Operating income | $1,993 | $1,516 | $1,156 | Up 31% | Up 72% | ||||||
Net income | $1,834 | $1,366 | $1,103 | Up 34% | Up 66% | ||||||
Diluted earnings per share | $2.91 | $2.18 | $1.78 | Up 33% | Up 63% |
NVIDIA’s outlook for the fourth quarter of fiscal 2021 is as follows:
Highlights
During the third quarter, #nvidia announced a definitive agreement to acquire Arm Limited from SoftBank Capital Limited and SVF Holdco (UK) Limited in a transaction valued at $40 billion. The transaction will combine NVIDIA’s leading AI computing platform with Arm’s vast ecosystem to create the premier computing company for the age of AI. The transaction ― which is expected to be immediately accretive to NVIDIA’s non-GAAP gross margin and non-GAAP earnings per share ― is expected to close in the first quarter of calendar 2022.
NVIDIA also announced plans to build a world-class AI lab in Cambridge, England ― including a powerful AI supercomputer based on #nvidia and Arm technology ― and provide research fellowships and partnerships with local institutions and AI training courses. Separately, it plans to build Cambridge-1, the U.K.’s most powerful AI supercomputer, based on an #nvidia DGX SuperPOD™ system and designed for AI research in healthcare and drug discovery.
NVIDIA also achieved progress since its previous earnings announcement in these areas:
Data Center
Gaming
Professional Visualization
Automotive
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com/.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its third quarter fiscal 2021 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its fourth quarter and fiscal year 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 (expense), net, non-GAAP income tax expense, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, 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, acquisition-related and other costs, legal settlement costs, 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 related to 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.
NVIDIA CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(In millions, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
October 25, | October 27, | October 25, | October 27, | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 4,726 | $ | 3,014 | $ | 11,672 | $ | 7,813 | |||||||
Cost of revenue | 1,766 | 1,098 | 4,432 | 3,060 | |||||||||||
Gross profit | 2,960 | 1,916 | 7,240 | 4,753 | |||||||||||
Operating expenses | |||||||||||||||
Research and development | 1,047 | 712 | 2,778 | 2,091 | |||||||||||
Sales, general and administrative | 515 | 277 | 1,437 | 806 | |||||||||||
Total operating expenses | 1,562 | 989 | 4,215 | 2,897 | |||||||||||
Income from operations | 1,398 | 927 | 3,025 | 1,856 | |||||||||||
Interest income | 7 | 45 | 50 | 137 | |||||||||||
Interest expense | (53 | ) | (13 | ) | (131 | ) | (39 | ) | |||||||
Other, net | (4 | ) | - | (5 | ) | - | |||||||||
Other income (expense), net | (50 | ) | 32 | (86 | ) | 98 | |||||||||
Income before income tax | 1,348 | 959 | 2,939 | 1,954 | |||||||||||
Income tax expense | 12 | 60 | 64 | 109 | |||||||||||
Net income | $ | 1,336 | $ | 899 | $ | 2,875 | $ | 1,845 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 2.16 | $ | 1.47 | $ | 4.67 | $ | 3.03 | |||||||
Diluted | $ | 2.12 | $ | 1.45 | $ | 4.59 | $ | 2.99 | |||||||
Weighted average shares used in per share computation: | |||||||||||||||
Basic | 618 | 610 | 616 | 609 | |||||||||||
Diluted | 630 | 618 | 626 | 617 | |||||||||||
NVIDIA CORPORATION | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In millions) | |||||||
(Unaudited) | |||||||
October 25, | January 26, | ||||||
2020 | 2020 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash, cash equivalents and marketable securities | $ | 10,139 | $ | 10,897 | |||
Accounts receivable, net | 2,546 | 1,657 | |||||
Inventories | 1,495 | 979 | |||||
Prepaid expenses and other current assets | 213 | 157 | |||||
Total current assets | 14,393 | 13,690 | |||||
Property and equipment, net | 2,059 | 1,674 | |||||
Operating lease assets | 681 | 618 | |||||
Goodwill | 4,193 | 618 | |||||
Intangible assets, net | 2,861 | 49 | |||||
Deferred income tax assets | 666 | 548 | |||||
Other assets | 2,028 | 118 | |||||
Total assets | $ | 26,881 | $ | 17,315 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,097 | $ | 687 | |||
Accrued and other current liabilities | 1,574 | 1,097 | |||||
Short-term debt | 998 | - | |||||
Total current liabilities | 3,669 | 1,784 | |||||
Long-term debt | 5,963 | 1,991 | |||||
Long-term operating lease liabilities | 604 | 561 | |||||
Other long-term liabilities | 1,311 | 775 | |||||
Total liabilities | 11,547 | 5,111 | |||||
Shareholders' equity | 15,334 | 12,204 | |||||
Total liabilities and shareholders' equity | $ | 26,881 | $ | 17,315 | |||
NVIDIA CORPORATION | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
(In millions) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
October 25, | October 27, | October 25, | October 27, | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | $ | 1,336 | $ | 899 | $ | 2,875 | $ | 1,845 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 299 | 92 | 810 | 275 | |||||||||||
Stock-based compensation expense | 383 | 223 | 981 | 624 | |||||||||||
Deferred income taxes | (53 | ) | 22 | (117 | ) | (5 | ) | ||||||||
Other | 2 | 3 | (2 | ) | 5 | ||||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||||
Accounts receivable | (463 | ) | 106 | (667 | ) | (32 | ) | ||||||||
Inventories | (93 | ) | 152 | (190 | ) | 531 | |||||||||
Prepaid expenses and other assets | (443 | ) | 19 | (409 | ) | 55 | |||||||||
Accounts payable | 225 | 135 | 289 | 91 | |||||||||||
Accrued and other current liabilities | 31 | (23 | ) | 111 | (103 | ) | |||||||||
Other long-term liabilities | 55 | 12 | 74 | 10 | |||||||||||
Net cash provided by operating activities | 1,279 | 1,640 | 3,755 | 3,296 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Proceeds from maturities of marketable securities | 4,133 | 1,153 | 5,165 | 4,744 | |||||||||||
Proceeds from sales of marketable securities | 243 | 211 | 502 | 3,363 | |||||||||||
Purchases of marketable securities | (4,554 | ) | - | (12,840 | ) | (1,461 | ) | ||||||||
Acquisitions, net of cash acquired | (1,353 | ) | - | (8,524 | ) | - | |||||||||
Purchases related to property and equipment and intangible assets | (473 | ) | (104 | ) | (845 | ) | (344 | ) | |||||||
Investments and other, net | 3 | (3 | ) | (4 | ) | (6 | ) | ||||||||
Net cash provided by (used in) investing activities | (2,001 | ) | 1,257 | (16,546 | ) | 6,296 | |||||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds related to employee stock plans | 96 | 63 | 190 | 146 | |||||||||||
Payments related to tax on restricted stock units | (298 | ) | (203 | ) | (716 | ) | (463 | ) | |||||||
Dividends paid | (99 | ) | (97 | ) | (296 | ) | (292 | ) | |||||||
Issuance of debt, net of issuance costs | - | - | 4,971 | - | |||||||||||
Other | - | - | (3 | ) | - | ||||||||||
Net cash provided by (used in) financing activities | (301 | ) | (237 | ) | 4,146 | (609 | ) | ||||||||
Change in cash and cash equivalents | (1,023 | ) | 2,660 | (8,645 | ) | 8,983 | |||||||||
Cash and cash equivalents at beginning of period | 3,274 | 7,105 | 10,896 | 782 | |||||||||||
Cash and cash equivalents at end of period | $ | 2,251 | $ | 9,765 | $ | 2,251 | $ | 9,765 | |||||||
NVIDIA CORPORATION | |||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
October 25, | July 26, | October 27, | October 25, | October 27, | |||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
GAAP gross profit | $ | 2,960 | $ | 2,275 | $ | 1,916 | $ | 7,240 | $ | 4,753 | |||||||||
GAAP gross margin | 62.6 | % | 58.8 | % | 63.6 | % | 62.0 | % | 60.8 | % | |||||||||
Acquisition-related and other costs (B) | 86 | 245 | - | 331 | - | ||||||||||||||
Stock-based compensation expense (A) | 28 | 14 | 15 | 62 | 27 | ||||||||||||||
Legal settlement costs | 21 | 17 | - | 38 | 11 | ||||||||||||||
Non-GAAP gross profit | $ | 3,095 | $ | 2,551 | $ | 1,931 | $ | 7,671 | $ | 4,791 | |||||||||
Non-GAAP gross margin | 65.5 | % | 66.0 | % | 64.1 | % | 65.7 | % | 61.3 | % | |||||||||
GAAP operating expenses | $ | 1,562 | $ | 1,624 | $ | 989 | $ | 4,215 | $ | 2,897 | |||||||||
Stock-based compensation expense (A) | (355 | ) | (360 | ) | (208 | ) | (919 | ) | (597 | ) | |||||||||
Acquisition-related and other costs (B) | (106 | ) | (229 | ) | (7 | ) | (338 | ) | (22 | ) | |||||||||
Legal settlement costs | - | - | - | - | (2 | ) | |||||||||||||
Non-GAAP operating expenses | $ | 1,101 | $ | 1,035 | $ | 774 | $ | 2,958 | $ | 2,276 | |||||||||
GAAP income from operations | $ | 1,398 | $ | 651 | $ | 927 | $ | 3,025 | $ | 1,856 | |||||||||
Total impact of non-GAAP adjustments to income from operations | 595 | 865 | 229 | 1,689 | 659 | ||||||||||||||
Non-GAAP income from operations | $ | 1,993 | $ | 1,516 | $ | 1,156 | $ | 4,714 | $ | 2,515 | |||||||||
GAAP other income (expense), net | $ | (50 | ) | $ | (42 | ) | $ | 32 | $ | (86 | ) | $ | 98 | ||||||
Losses from non-affiliated investments | 4 | 2 | - | 9 | 1 | ||||||||||||||
Interest expense related to amortization of debt discount | 1 | 1 | 1 | 1 | 1 | ||||||||||||||
Non-GAAP other income (expense), net | $ | (45 | ) | $ | (39 | ) | $ | 33 | $ | (76 | ) | $ | 100 | ||||||
GAAP net income | $ | 1,336 | $ | 622 | $ | 899 | $ | 2,875 | $ | 1,845 | |||||||||
Total pre-tax impact of non-GAAP adjustments | 600 | 868 | 230 | 1,699 | 660 | ||||||||||||||
Income tax impact of non-GAAP adjustments (C) | (102 | ) | (124 | ) | (26 | ) | (255 | ) | (97 | ) | |||||||||
Non-GAAP net income | $ | 1,834 | $ | 1,366 | $ | 1,103 | $ | 4,319 | $ | 2,408 | |||||||||
Diluted net income per share | |||||||||||||||||||
GAAP | $ | 2.12 | $ | 0.99 | $ | 1.45 | $ | 4.59 | $ | 2.99 | |||||||||
Non-GAAP | $ | 2.91 | $ | 2.18 | $ | 1.78 | $ | 6.90 | $ | 3.90 | |||||||||
Weighted average shares used in diluted net income per share computation | 630 | 626 | 618 | 626 | 617 | ||||||||||||||
GAAP net cash provided by operating activities | $ | 1,279 | $ | 1,566 | $ | 1,640 | $ | 3,755 | $ | 3,296 | |||||||||
Purchases related to property and equipment and intangible assets | (473 | ) | (217 | ) | (104 | ) | (845 | ) | (344 | ) | |||||||||
Free cash flow | $ | 806 | $ | 1,349 | $ | 1,536 | $ | 2,910 | $ | 2,952 | |||||||||
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