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NVIDIA Financial Results for Second Quarter Fiscal 2015

SANTA CLARA, CA -- (Marketwired) -- 08/07/14 -- NVIDIA (NASDAQ: NVDA)

  • Second quarter revenue of $1.10 billion, up 13 percent from a year earlier
  • GAAP diluted EPS of $0.22, up from $0.16 a year earlier; non-GAAP diluted EPS of $0.30, up from $0.23 a year earlier
  • Record GAAP gross margin of 56.1 percent; record non-GAAP gross margin of 56.4 percent

NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter ended July 27, 2014, of $1.10 billion, up 13 percent from $977 million a year earlier and in line with the previous quarter. Revenue for the first half was up 14 percent to a record $2.21 billion from $1.93 billion a year earlier.

GAAP earnings per diluted share for the quarter were $0.22, up 38 percent from $0.16 a year earlier and down 8 percent from the previous quarter. Non-GAAP earnings per diluted share were $0.30, up 30 percent from $0.23 a year earlier and up 3 percent from the previous quarter.

"We had a great quarter with strong gains in each of our three growth areas -- Gaming, Datacenter & Cloud, and Mobile," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. "Our Tesla datacenter business is in high gear, benefiting from strong demand from cloud service providers, and our new SHIELD tablet is generating considerable excitement. ‎ NVIDIA's accelerating growth stems directly from investments in extending our visual computing leadership to the mobile-cloud revolution."

During the second quarter, NVIDIA paid $47 million in cash dividends and received 6.8 million shares under the $500 million structured repurchase agreement it entered into in the first quarter. During the first quarter, the company had paid $47 million in cash dividends and had received 20.6 million shares under the agreement. As a result, during the first half, NVIDIA has returned $594 million of the $1 billion it intends to return to shareholders in fiscal 2015.

NVIDIA will pay its next quarterly cash dividend of $0.085 per share on Sept. 12, 2014, to all stockholders of record on Aug. 21, 2014. NVIDIA expects that a portion of this dividend payment may be considered a return of capital for U.S. federal income tax purposes.

----------------------------------------------------------------------------
                     GAAP Quarterly Financial Comparison
----------------------------------------------------------------------------
($ in millions except
  earnings per share)  Q2 FY15    Q1 FY15    Q2 FY14      Q/Q         Y/Y
----------------------------------------------------------------------------
Revenue              $    1,103 $    1,103 $      977        flat     up 13%
----------------------------------------------------------------------------
Gross margin              56.1%      54.8%      55.8%  up 130 bps  up 30 bps
----------------------------------------------------------------------------
Operating expenses   $      456 $      453 $      440       up 1%      up 4%
----------------------------------------------------------------------------
Net income           $      128 $      137 $       96     down 6%     up 33%
----------------------------------------------------------------------------
Diluted earnings per
 share               $     0.22 $     0.24 $     0.16     down 8%     up 38%
----------------------------------------------------------------------------



----------------------------------------------------------------------------
                   Non-GAAP Quarterly Financial Comparison
----------------------------------------------------------------------------
($ in millions except
  earnings per share)  Q2 FY15    Q1 FY15    Q2 FY14      Q/Q         Y/Y
----------------------------------------------------------------------------
Revenue              $    1,103 $    1,103 $      977        flat     up 13%
----------------------------------------------------------------------------
Gross margin              56.4%      55.1%      56.3%  up 130 bps  up 10 bps
----------------------------------------------------------------------------
Operating expenses   $      411 $      411 $      401        flat      up 2%
----------------------------------------------------------------------------
Net income           $      173 $      166 $      133       up 4%     up 30%
----------------------------------------------------------------------------
Diluted earnings per
 share               $     0.30 $     0.29 $     0.23       up 3%     up 30%
----------------------------------------------------------------------------


NVIDIA's outlook for the third quarter of fiscal 2015 is as follows:

  • Revenue is expected to be $1.20 billion, plus or minus two percent.

  • GAAP and non-GAAP gross margins are expected to be 55.2 percent and 55.5 percent, respectively, plus or minus 50 basis points.

  • GAAP operating expenses are expected to be approximately $463 million; non-GAAP operating expenses are expected to be approximately $416 million.

  • GAAP and non-GAAP tax rates for the third quarter and annual fiscal 2015 are both expected to be 19 percent, plus or minus one percentage point. This estimate excludes any discrete tax events that may occur during a quarter which, if realized, may increase or decrease NVIDIA's actual effective tax rates in such quarter.

  • Capital expenditures are expected to be approximately $40 million to $50 million.

Second Quarter Fiscal 2015 Highlights

During the second quarter, NVIDIA:

  • Extended its leading position in datacenter accelerated computing, with the world's 15 most efficient supercomputers all running NVIDIA® Tesla® GPUs, according to the latest Green500 list.

  • Surpassed 40 million installations in under two years of its GeForce Experience™ client, which provides game-ready drivers and optimal playable settings, and allows gameplay to be streamed and shared.

  • Invented the first-ever GPU acceleration technology for Adobe Illustrator CC, with performance up to 10x faster than previously possible. Adobe Illustrator CC is used by more than six million artists and designers worldwide.

  • Featured prominently at the Google I/O conference, where Google's new Android L was previewed. NVIDIA Tegra® K1 is the first processor to support Android L's advanced gaming capabilities; the first to bring GPU computing to mobile, evident in Google's Project Tango tablet, which features computer vision capabilities; and among the first to support Android TV.

  • Expanded the SHIELD™ family of gaming devices with the launch of the world's most advanced tablet built for gamers, the SHIELD tablet, along with the SHIELD wireless controller.

  • Accelerated the growth of its auto business, as BMW shipped new models, including the i8 and i3 with infotainment systems powered by Tegra. Volkswagen announced that, in addition to the Golf, Tegra will be included in the Passat launching later this year in Europe.

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 second quarter fiscal 2015 financial results and current financial prospects today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). To listen to the conference call, dial (303) 223-2680; no password is required. A live webcast (listen-only mode) of the conference call will be accessible at the NVIDIA investor relations web site http://investor.nvidia.com/ and at www.streetevents.com. The webcast will be recorded and available for replay until the company's conference call to discuss its financial results for its third quarter fiscal 2015.

Non-GAAP Measures
To supplement NVIDIA's Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets 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 other income and expense, 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, legal settlements, acquisition-related costs, gains and losses from non-affiliated investments, interest expense related to the 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 our non-GAAP measures may be different from non-GAAP measures used by other companies.

To Keep Current on NVIDIA:

  • Keep up with the NVIDIA Blog.

  • Like NVIDIA on Facebook.

  • Connect with NVIDIA on LinkedIn.

  • Follow @NVIDIA on Twitter.

  • View NVIDIA videos on YouTube.

  • Use the Pulse news reader to subscribe to the NVIDIA Daily News feed.

                             NVIDIA CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                    (In thousands, except per share data)
                                 (Unaudited)


                             Three Months Ended         Six Months Ended
                         ------------------------- -------------------------
                           July 27,     July 28,     July 27,     July 28,
                             2014         2013         2014         2013
                         -----------  ------------ ------------ ------------

Revenue                  $ 1,102,824  $    977,238 $  2,205,611 $  1,931,977
Cost of revenue              483,850       431,700      982,435      867,871
                         -----------  ------------ ------------ ------------
Gross profit                 618,974       545,538    1,223,176    1,064,106
Operating expenses
 Research and
  development                337,124       331,738      671,387      658,899
 Sales, general and
  administrative             118,671       108,266      237,251      216,892
                         -----------  ------------ ------------ ------------
  Total operating
   expenses                  455,795       440,004      908,638      875,791
                         -----------  ------------ ------------ ------------
Operating income             163,179       105,534      314,538      188,315
 Interest income               6,829         3,865       12,539        8,941
 Interest expense             11,526           836       22,997        1,689
 Other income (expense),
  net                         (3,857)        3,257       13,827        4,315
                         -----------  ------------ ------------ ------------
Income before income tax
 expense                     154,625       111,820      317,907      199,882
Income tax expense            26,649        15,372       53,415       25,543
                         -----------  ------------ ------------ ------------
Net income               $   127,976  $     96,448 $    264,492 $    174,339
                         ===========  ============ ============ ============

Net income per share:
 Basic                   $      0.23  $       0.16 $       0.47 $       0.29
                         ===========  ============ ============ ============
 Diluted                 $      0.22  $       0.16 $       0.46 $       0.29
                         ===========  ============ ============ ============

Weighted average shares
 used in per share
 computation:
 Basic                       558,223       585,345      558,657      601,109
 Diluted                     570,572       592,006      570,599      606,051



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


                                                  July 27,      January 26,
                                                    2014           2014
                                               -------------- --------------
ASSETS

Current assets:
  Cash, cash equivalents and marketable
   securities                                  $    4,386,054 $    4,671,810
  Accounts receivable, net                            469,625        426,357
  Inventories                                         387,434        387,765
  Prepaid expenses and other current assets           134,473        138,779
                                               -------------- --------------
    Total current assets                            5,377,586      5,624,711

Property and equipment, net                           556,911        582,740
Goodwill                                              643,179        643,179
Intangible assets, net                                260,613        296,012
Other assets                                           95,430        104,252
                                               -------------- --------------
    Total assets                               $    6,933,719 $    7,250,894
                                               ============== ==============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                             $      261,627 $      324,391
  Accrued liabilities and other current
   liabilities                                        607,102        621,105
                                               -------------- --------------
    Total current liabilities                         868,729        945,496

Long-term debt                                      1,370,249      1,356,375
Other long-term liabilities                           374,113        475,125
Capital lease obligations, long-term                   15,842         17,500
Stockholders' equity                                4,304,786      4,456,398
                                               -------------- --------------
    Total liabilities and stockholders' equity $    6,933,719 $    7,250,894
                                               ============== ==============



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

                           Three Months Ended           Six Months Ended
                    -------------------------------  ----------------------
                     July 27,  April 27,   July 28,   July 27,    July 28,
                       2014       2014       2013       2014        2013
                    ---------  ---------  ---------  ----------  ----------

GAAP gross profit   $ 618,974  $ 604,202  $ 545,538  $1,223,176  $1,064,106
 GAAP gross margin       56.1%      54.8%      55.8%       55.5%       55.1%
   Stock-based
    compensation
    expense
    included in
    cost of revenue
    (A)                 2,656      2,919      2,168       5,575       4,821
   Legal settlement         -          -      2,290           -       2,290
                    ---------  ---------  ---------  ----------  ----------
Non-GAAP gross
 profit             $ 621,630  $ 607,121  $ 549,996  $1,228,751  $1,071,217
                    =========  =========  =========  ==========  ==========
 Non-GAAP gross
  margin                 56.4%      55.1%      56.3%       55.7%       55.4%

GAAP operating
 expenses           $ 455,795  $ 452,843  $ 440,004  $  908,638  $  875,791
 Stock-based
  compensation
  expense included
  in operating
  expense (A)         (35,759)   (32,602)   (30,227)    (68,361)    (60,971)
 Acquisition-
  related costs (B)    (9,173)    (9,441)    (8,964)    (18,614)    (17,825)
                    ---------  ---------  ---------  ----------  ----------
Non-GAAP operating
 expenses           $ 410,863  $ 410,800  $ 400,813  $  821,663  $  796,995
                    =========  =========  =========  ==========  ==========

GAAP other income
 (expense), net     $  (8,554) $  11,923  $   6,286  $    3,369  $   11,567
 Gains and losses
  from non-
  affiliated
  investments           2,500    (16,982)         -     (14,482)          -
 Interest expense
  related to
  amortization of
  debt discount         6,973      6,901          -      13,874           -
                    ---------  ---------  ---------  ----------  ----------
Non-GAAP other
 income (expense),
 net                $     919  $   1,842  $   6,286  $    2,761  $   11,567
                    =========  =========  =========  ==========  ==========

GAAP net income     $ 127,976  $ 136,516  $  96,448  $  264,492  $  174,339
 Total pre-tax
  impact of non-
  GAAP adjustments     57,061     34,881     43,649      91,942      85,907
 Income tax impact
  of non-GAAP
  adjustments         (11,606)    (5,342)    (6,767)    (16,948)    (13,115)
                    ---------  ---------  ---------  ----------  ----------
Non-GAAP net income $ 173,431  $ 166,055  $ 133,330  $  339,486  $  247,131
                    =========  =========  =========  ==========  ==========

Diluted net income
 per share
 GAAP               $    0.22  $    0.24  $    0.16  $     0.46  $     0.29
                    =========  =========  =========  ==========  ==========
 Non-GAAP           $    0.30  $    0.29  $    0.23  $     0.59  $     0.41
                    =========  =========  =========  ==========  ==========

Shares used in
 diluted net income
 per share
 computation          570,572    570,422    592,006     570,599     606,051

Metrics:

 GAAP net cash flow
  provided by
  operating
  activities        $  96,282  $ 151,022  $  96,469  $  247,304  $  272,119
 Purchase of
  property and
  equipment and
  intangible assets   (22,527)   (29,068)   (84,986)    (51,595)   (150,653)
                    ---------  ---------  ---------  ----------  ----------
 Free cash flow     $  73,755  $ 121,954  $  11,483  $  195,709  $  121,466
                    =========  =========  =========  ==========  ==========


----------------------------------------------------------------------------
(A) Excludes stock-
 based compensation
 as follows:               Three Months Ended            Six Months Ended
                    -------------------------------  ----------------------
                                  April
                     July 27,      27,     July 28,    July 27,    July 28,
                       2014       2014       2013        2014        2013
                    ---------  ---------  ---------  ----------  ----------
 Cost of revenue    $   2,656  $   2,919  $   2,168  $    5,575  $    4,821
 Research and
  development       $  21,462  $  20,494  $  18,555  $   41,956  $   40,490
 Sales, general and
  administrative    $  14,297  $  12,108  $  11,672  $   26,405  $   20,481

(B) Consists of amortization of acquisition-related intangible assets,
 transaction costs, compensation charges, and other credits related to
 acquisitions.
----------------------------------------------------------------------------



                             NVIDIA CORPORATION
                 RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

                                                         Q3 FY2015 Outlook
                                                        -------------------

GAAP gross margin                                                      55.2%
  Impact of stock-based compensation                                    0.3%
                                                        -------------------
Non-GAAP gross margin                                                  55.5%
                                                        ===================

                                                          Q3 FY2015 Outlook
                                                        -------------------
                                                            (In millions)

GAAP operating expenses                                 $               463
  Stock-based compensation expense and acquisition-
   related costs                                                        (47)
                                                        -------------------
Non-GAAP operating expenses                             $               416
                                                        ===================


About NVIDIA
Since 1993, NVIDIA (NASDAQ: NVDA) has pioneered the art and science of visual computing. The company's technologies are transforming a world of displays into a world of interactive discovery -- for everyone from gamers to scientists, and consumers to enterprise customers. More information at http://nvidianews.nvidia.com and http://blogs.nvidia.com.

Certain statements in this press release including, but not limited to statements as to: strong demand from cloud service providers; the company's growth stemming directly from investments in extending its visual computing leadership to the mobile-cloud revolution; the $1 billion the company intends to return to shareholders in fiscal 2015; a portion of the company's dividend payment being considered a return of capital; the company's financial outlook for the third quarter of fiscal 2015; and the company's tax rate for the third quarter and fiscal 2015 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 reports NVIDIA files with the Securities and Exchange Commission, or SEC, including its Form 10-Q for the fiscal period ended April 27, 2014. 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.

© 2014 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce Experience, Tegra, Tesla, NVIDIA GRID, and SHIELD 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.

For further information, contact:

Chris Evenden
Investor Relations
NVIDIA Corporation
(408) 627-0608
[email protected]

Robert Sherbin
Corporate Communications
NVIDIA Corporation
(408) 566-5150
[email protected]

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