• Quar­ter­ly reve­nue of $7.19 bil­li­on, up 19% from pre­vious quarter
• Record Data Cen­ter reve­nue of $4.28 billion
• Second quar­ter fis­cal 2024 reve­nue out­look of $11.00 billion

SANTA CLARA, Calif., May 24, 2023 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today repor­ted reve­nue for the first quar­ter ended April 30, 2023, of $7.19 bil­li­on, down 13% from a year ago and up 19% from the pre­vious quarter.

GAAP ear­nings per diluted share for the quar­ter were $0.82, up 28% from a year ago and up 44% from the pre­vious quar­ter. Non-GAAP ear­nings per diluted share were $1.09, down 20% from a year ago and up 24% from the pre­vious quarter.

“The com­pu­ter indus­try is going through two simul­ta­neous tran­si­ti­ons — acce­le­ra­ted com­pu­ting and gene­ra­ti­ve AI,” said Jen­sen Huang, foun­der and CEO of NVIDIA.

“A tril­li­on dol­lars of instal­led glo­bal data cen­ter infra­struc­tu­re will tran­si­ti­on from gene­ral pur­po­se to acce­le­ra­ted com­pu­ting as com­pa­nies race to app­ly gene­ra­ti­ve AI into every pro­duct, ser­vice and busi­ness process.

“Our enti­re data cen­ter fami­ly of pro­ducts — H100, Grace CPU, Grace Hop­per Super­chip, NVLink, Quan­tum 400 Infi­ni­Band and BlueField‑3 DPU — is in pro­duc­tion. We are signi­fi­cant­ly incre­asing our sup­p­ly to meet sur­ging demand for them,” he said.

During the first quar­ter of fis­cal 2024, NVIDIA retur­ned to share­hol­ders $99 mil­li­on in cash dividends.

NVIDIA will pay its next quar­ter­ly cash divi­dend of $0.04 per share on June 30, 2023, to all share­hol­ders of record on June 8, 2023.

Q1 Fis­cal 2024 Summary

GAAP
($ in mil­li­ons, except ear­nings per share)	Q1 FY24			Q4 FY23			Q1 FY23			Q/Q	Y/Y
Reve­nue	$	7,192		$	6,051		$	8,288		Up 19%	Down 13%
Gross mar­gin		64.6	%		63.3	%		65.5	%	Up 1.3 pts	Down 0.9 pts
Ope­ra­ting expenses	$	2,508		$	2,576		$	3,563		Down 3%	Down 30%
Ope­ra­ting income	$	2,140		$	1,257		$	1,868		Up 70%	Up 15%
Net inco­me	$	2,043		$	1,414		$	1,618		Up 44%	Up 26%
Diluted ear­nings per share	$	0.82		$	0.57		$	0.64		Up 44%	Up 28%

Non-GAAP
($ in mil­li­ons, except ear­nings per share)	Q1 FY24			Q4 FY23			Q1 FY23			Q/Q	Y/Y
Reve­nue	$	7,192		$	6,051		$	8,288		Up 19%	Down 13%
Gross mar­gin		66.8	%		66.1	%		67.1	%	Up 0.7 pts	Down 0.3 pts
Ope­ra­ting expenses	$	1,750		$	1,775		$	1,608		Down 1%	Up 9%
Ope­ra­ting income	$	3,052		$	2,224		$	3,955		Up 37%	Down 23%
Net inco­me	$	2,713		$	2,174		$	3,443		Up 25%	Down 21%
Diluted ear­nings per share	$	1.09		$	0.88		$	1.36		Up 24%	Down 20%

Out­look
NVIDIA’s out­look for the second quar­ter of fis­cal 2024 is as follows:

• Reve­nue is expec­ted to be $11.00 bil­li­on, plus or minus 2%.
• GAAP and non-GAAP gross mar­gins are expec­ted to be 68.6% and 70.0%, respec­tively, plus or minus 50 basis points.
• GAAP and non-GAAP ope­ra­ting expen­ses are expec­ted to be appro­xi­m­ate­ly $2.71 bil­li­on and $1.90 bil­li­on, respectively.
• GAAP and non-GAAP other inco­me and expen­se are expec­ted to be an inco­me of appro­xi­m­ate­ly $90 mil­li­on, exclu­ding gains and los­ses from non-affi­lia­ted investments.
• GAAP and non-GAAP tax rates are expec­ted to be 14.0%, plus or minus 1%, exclu­ding any dis­crete items.

High­lights

NVIDIA achie­ved pro­gress sin­ce its pre­vious ear­nings announce­ment in the­se areas: 

Data Cen­ter

• First-quar­ter reve­nue was a record $4.28 bil­li­on, up 14% from a year ago and up 18% from the pre­vious quarter.
• Laun­ched four infe­rence plat­forms that com­bi­ne the company’s full-stack infe­rence soft­ware with the latest NVIDIA Ada, NVIDIA Hop­per™ and NVIDIA Grace Hop­per™ processors.
• Announ­ced that Goog­le Cloud is the first cloud pro­vi­der offe­ring the new NVIDIA L4 Ten­sor Core GPU to acce­le­ra­te gene­ra­ti­ve AI applications.
• Intro­du­ced NVIDIA AI Foun­da­ti­ons to help busi­nesses crea­te and ope­ra­te cus­tom lar­ge lan­guage models and gene­ra­ti­ve AI models trai­ned with their own pro­prie­ta­ry data for domain-spe­ci­fic tasks.
• Unvei­led the NVIDIA cuLi­tho soft­ware libra­ry for com­pu­ta­tio­nal litho­gra­phy to acce­le­ra­te the design and manu­fac­tu­ring of next-gen semiconductors.
• Expan­ded its part­ners offe­ring new pro­ducts and ser­vices based on the NVIDIA H100 Ten­sor Core GPU — inclu­ding Ama­zon Web Ser­vices, Goog­le Cloud, Micro­soft Azu­re and Ora­cle Cloud Infra­struc­tu­re.
• Part­ne­red with Ser­viceNow to build gene­ra­ti­ve AI across enter­pri­se IT.
• Announ­ced a col­la­bo­ra­ti­on with Med­tro­nic to build an AI plat­form for medi­cal devices.
• Joi­n­ed with Dell Tech­no­lo­gies in Pro­ject Helix to deli­ver full-stack solu­ti­ons to help enter­pri­ses build and deploy trust­wor­t­hy gene­ra­ti­ve AI applications.
• Announ­ced it is inte­gra­ting NVIDIA AI Enter­pri­se soft­ware into Microsoft’s Azu­re Machi­ne Lear­ning to help enter­pri­ses acce­le­ra­te their AI initiatives.

Gam­ing

• First-quar­ter reve­nue was $2.24 bil­li­on, down 38% from a year ago and up 22% from the pre­vious quarter.
• Announ­ced the GeForce RTX™ 4060 fami­ly of GPUs, brin­ging the advance­ments of NVIDIA Ada Love­lace archi­tec­tu­re and DLSS, start­ing at $299.
• Laun­ched the GeForce RTX 4070 GPU based on the Ada archi­tec­tu­re, which enables DLSS 3, real-time ray-tra­cing and the abili­ty to run most modern games at over 100 frames per second at 1440p resolution.
• Added 36 DLSS gam­ing titles, brin­ging the total num­ber of games and apps to 300.
• Made path tra­cing available for the first time on a major gam­ing title through col­la­bo­ra­ti­on with CD PROJEKT RED on an update to Cyber­punk 2077. 
• Expan­ded GeForce NOW’s game titles to more than 1,600, inclu­ding the first Micro­soft Xbox game, Gears 5. 

Pro­fes­sio­nal Visualization

• First-quar­ter reve­nue was $295 mil­li­on, down 53% from a year ago and up 31% from the pre­vious quarter.
• Announ­ced NVIDIA Omni­ver­se™ Cloud, a ful­ly mana­ged ser­vice run­ning in Micro­soft Azu­re, for the deve­lo­p­ment and deploy­ment of indus­tri­al meta­ver­se applications.
• Expan­ded its col­la­bo­ra­ti­on with Micro­soft to con­nect Micro­soft 365 appli­ca­ti­ons with Omni­ver­se. 
• Announ­ced six new NVIDIA RTX™ GPUs for mobi­le and desk­top work­sta­tions based on the Ada architecture.

Auto­mo­ti­ve

• First-quar­ter reve­nue was a record $296 mil­li­on, up 114% from a year ago and up 1% from the pre­vious quarter.
• Announ­ced that its auto­mo­ti­ve design win pipe­line has grown to $14 bil­li­on over the next six years, up from $11 bil­li­on a year ago.
• Announ­ced that the world’s lea­ding elec­tric vehic­le maker BYD will extend its use of NVIDIA DRIVE Orin™ across new models.

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 first quar­ter fis­cal 2024 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 second quar­ter of fis­cal 2024.

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 net inco­me, non-GAAP net inco­me, or ear­nings, per diluted share, and free cash flow. 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 acqui­si­ti­on ter­mi­na­ti­on cos­ts, stock-based com­pen­sa­ti­on expen­se, acqui­si­ti­on-rela­ted and other cos­ts, IP-rela­ted cos­ts, legal sett­le­ment cos­ts, other, 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 both purcha­ses of pro­per­ty and equip­ment and intan­gi­ble assets and prin­ci­pal pay­ments on 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.

About NVIDIA
Sin­ce its foun­ding in 1993, NVIDIA (NASDAQ: NVDA) has been a pio­neer in acce­le­ra­ted com­pu­ting. The company’s inven­ti­on of the GPU in 1999 spark­ed the growth of the PC gam­ing mar­ket, rede­fi­ned com­pu­ter gra­phics, igni­ted the era of modern AI and is fue­ling the crea­ti­on of the indus­tri­al meta­ver­se. NVIDIA is now a full-stack com­pu­ting com­pa­ny with data-cen­ter-sca­le offe­rings that are res­ha­ping indus­try. More infor­ma­ti­on at https://nvidianews.nvidia.com/.

For fur­ther infor­ma­ti­on, contact:

Simo­na Jankowski		Robert Sher­bin
Inves­tor Relations		Cor­po­ra­te Communications
NVIDIA Cor­po­ra­ti­on		NVIDIA Cor­po­ra­ti­on
sjankowski@nvidia.com		rsherbin@nvidia.com

Cer­tain state­ments in this press release inclu­ding, but not limi­t­ed to, state­ments as to: the com­pu­ter indus­try going through two simul­ta­neous tran­si­ti­ons – acce­le­ra­ted com­pu­ting and gene­ra­ti­ve AI; instal­led glo­bal data cen­ter infra­struc­tu­re tran­si­tio­ning from gene­ral pur­po­se to acce­le­ra­ted com­pu­ting as com­pa­nies race to app­ly gene­ra­ti­ve AI into every pro­duct, ser­vice and busi­ness pro­cess; NVIDIA’s enti­re data cen­ter fami­ly of pro­ducts being in pro­duc­tion; NVIDIA signi­fi­cant­ly incre­asing sup­p­ly to meet sur­ging demand; NVIDIA’s next quar­ter­ly cash divi­dend; NVIDIA’s finan­cial out­look and expec­ted tax rates for the second quar­ter of fis­cal 2024; the bene­fits, impact, per­for­mance, fea­tures and avai­la­bi­li­ty of our pro­ducts and tech­no­lo­gies, inclu­ding NVIDIA Ada, NVIDIA Hop­per, NVIDIA Grace Hop­per CPU, NVIDIA L4 Ten­sor Core GPU, NVIDIA AI Foun­da­ti­ons, NVIDIA cuLi­tho soft­ware libra­ry, NVIDIA H100 Ten­sor Core GPU, NVIDIA AI Enter­pri­se, GeForce RTX GPUs, DLSS 3, GeForce NOW, NVIDIA Omni­ver­se Cloud, Omni­ver­se, NVIDIA RTX GPUs, and NVIDIA DRIVE Orin; and the bene­fits and impact of our col­la­bo­ra­ti­ons, inclu­ding with Goog­le Cloud, Ama­zon Web Ser­vices, Micro­soft Azu­re, Ora­cle Cloud Infra­struc­tu­re, Ser­viceNow, Med­tro­nic, Dell Tech­no­lo­gies, CD PROJEKT RED, Micro­soft, and BYD 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 most recent reports NVIDIA files with the Secu­ri­ties and Exch­an­ge Com­mis­si­on, or SEC, inclu­ding, but not limi­t­ed to, its annu­al report on Form 10‑K and quar­ter­ly reports on Form 10‑Q. 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.

© 2023 NVIDIA Cor­po­ra­ti­on. All rights reser­ved. NVIDIA, the NVIDIA logo, GeForce, GeForce NOW, GeForce RTX, NVIDIA DRIVE Orin, NVIDIA Grace Hop­per, NVIDIA Hop­per, NVIDIA Omni­ver­se, and NVIDIA RTX 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.

 

 

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In mil­li­ons, except per share data)
(Unau­di­ted)
			Three Months Ended
			April 30,				May 1,
				2023				2022
Reve­nue			$	7,192			$	8,288
Cost of revenue				2,544				2,857
Gross pro­fit				4,648				5,431
Ope­ra­ting expenses
	Rese­arch and development			1,875				1,618
	Sales, gene­ral and administrative			633				592
	Acqui­si­ti­on ter­mi­na­ti­on cost			-				1,353
		Total ope­ra­ting expenses		2,508				3,563
Inco­me from operations				2,140				1,868
	Inte­rest income			150				18
	Inte­rest expense			(66	)			(68	)
	Other, net			(15	)			(13	)
		Other inco­me (expen­se), net		69				(63	)
Inco­me befo­re inco­me tax				2,209				1,805
Inco­me tax expense				166				187
Net inco­me			$	2,043			$	1,618
Net inco­me per share:
	Basic		$	0.83			$	0.65
	Diluted		$	0.82			$	0.64
Weigh­ted avera­ge shares used in per share computation:
	Basic			2,470				2,506
	Diluted			2,490				2,537

NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In mil­li­ons)
(Unau­di­ted)
			April 30,			Janu­ary 29,
			2023			2023
ASSETS
Cur­rent assets:
	Cash, cash equi­va­lents and mar­ke­ta­ble securities		$	15,320		$	13,296
	Accounts receiva­ble, net			4,080			3,827
	Invent­ories			4,611			5,159
	Pre­paid expen­ses and other cur­rent assets			872			791
		Total cur­rent assets		24,883			23,073
Pro­per­ty and equip­ment, net				3,740			3,807
Ope­ra­ting lea­se assets				1,094			1,038
Good­will				4,430			4,372
Intan­gi­ble assets, net				1,541			1,676
Defer­red inco­me tax assets				4,568			3,396
Other assets				4,204			3,820
		Total assets	$	44,460		$	41,182
LIABILITIES AND SHAREHOLDERS’ EQUITY
Cur­rent liabilities:
	Accounts paya­ble		$	1,141		$	1,193
	Accrued and other cur­rent liabilities			4,869			4,120
	Short-term debt			1,250			1,250
		Total cur­rent liabilities		7,260			6,563
Long-term debt				9,704			9,703
Long-term ope­ra­ting lea­se liabilities				939			902
Other long-term liabilities				2,037			1,913
		Total lia­bi­li­ties		19,940			19,081
Share­hol­ders’ equity				24,520			22,101
		Total lia­bi­li­ties and share­hol­ders’ equity	$	44,460		$	41,182

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In mil­li­ons)
(Unau­di­ted)
		Three Months Ended
		April 30,				May 1,
			2023				2022
Cash flows from ope­ra­ting activities:
Net inco­me		$	2,043			$	1,618
Adjus­t­ments to recon­ci­le net inco­me to net cash
pro­vi­ded by ope­ra­ting activities:
	Stock based com­pen­sa­ti­on expense		735				578
	Depre­cia­ti­on and amortization		384				334
	Los­ses on invest­ments in non affi­lia­tes, net		14				17
	Defer­red inco­me taxes		(1,135	)			(542	)
	Acqui­si­ti­on ter­mi­na­ti­on cost		-				1,353
	Other		(34	)			23
Chan­ges in ope­ra­ting assets and lia­bi­li­ties, net of acquisitions:
	Accounts receiva­ble		(252	)			(788	)
	Invent­ories		566				(560	)
	Pre­paid expen­ses and other assets		(215	)			(1,261	)
	Accounts paya­ble		11				255
	Accrued lia­bi­li­ties and other cur­rent liabilities		689				634
	Other long-term liabilities		105				70
Net cash pro­vi­ded by ope­ra­ting activities			2,911				1,731
Cash flows from inves­t­ing activities:
	Pro­ceeds from matu­ri­ties of mar­ke­ta­ble securities		2,512				5,947
	Pro­ceeds from sales of mar­ke­ta­ble securities		-				1,029
	Purcha­ses of mar­ke­ta­ble securities		(2,801	)			(3,932	)
	Purcha­se rela­ted to pro­per­ty and equip­ment and intan­gi­ble assets		(248	)			(361	)
	Acqui­si­ti­ons, net of cash acquired		(83	)			(36	)
	Invest­ments and other, net		(221	)			(35	)
Net cash pro­vi­ded by (used in) inves­t­ing activities			(841	)			2,612
Cash flows from finan­cing activities:
	Pro­ceeds rela­ted to employee stock plans		246				204
	Pay­ments rela­ted to tax on rest­ric­ted stock units		(507	)			(532	)
	Divi­dends paid		(99	)			(100	)
	Prin­ci­pal pay­ments on pro­per­ty and equip­ment and intan­gi­ble assets		(20	)			(22	)
	Pay­ments rela­ted to repurcha­ses of com­mon stock		-				(1,996	)
Net cash pro­vi­ded by (used in) finan­cing activities			(380	)			(2,446	)
Chan­ge in cash and cash equivalents			1,690				1,897
Cash and cash equi­va­lents at begin­ning of period			3,389				1,990
Cash and cash equi­va­lents at end of period		$	5,079			$	3,887

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In mil­li­ons, except per share data)
(Unau­di­ted)
		Three Months Ended
		April 30,				Janu­ary 29,				May 1,
			2023				2023				2022
GAAP gross profit		$	4,648			$	3,833			$	5,431
GAAP gross margin			64.6	%			63.3	%			65.5	%
	Acqui­si­ti­on-rela­ted and other cos­ts (A)		119				120				94
	Stock-based com­pen­sa­ti­on expen­se (B)		27				30				38
	IP-rela­ted costs		8				16				-
Non-GAAP gross profit		$	4,802			$	3,999			$	5,563
Non-GAAP gross margin			66.8	%			66.1	%			67.1	%
GAAP ope­ra­ting expenses		$	2,508			$	2,576			$	3,563
	Stock-based com­pen­sa­ti­on expen­se (B)		(708	)			(709	)			(540	)
	Acqui­si­ti­on-rela­ted and other cos­ts (A)		(54	)			(54	)			(55	)
	Acqui­si­ti­on ter­mi­na­ti­on cost		-				-				(1,353	)
	Legal sett­le­ment costs		-				-				(7	)
	Other ©		4				(38	)			-
Non-GAAP ope­ra­ting expenses		$	1,750			$	1,775			$	1,608
GAAP inco­me from operations		$	2,140			$	1,257			$	1,868
	Total impact of non-GAAP adjus­t­ments to inco­me from operations		912				967				2,087
Non-GAAP inco­me from operations		$	3,052			$	2,224			$	3,955
GAAP other inco­me (expen­se), net		$	69			$	32			$	(63	)
	Los­ses from non-affi­lia­ted investments		14				10				17
	Inte­rest expen­se rela­ted to amor­tiza­ti­on of debt discount		1				1				1
Non-GAAP other inco­me (expen­se), net		$	84			$	43			$	(45	)
GAAP net income		$	2,043			$	1,414			$	1,618
	Total pre-tax impact of non-GAAP adjustments		927				978				2,105
	Inco­me tax impact of non-GAAP adjus­t­ments (D)		(257	)			(218	)			(280	)
Non-GAAP net income		$	2,713			$	2,174			$	3,443
Diluted net inco­me per share
	GAAP	$	0.82			$	0.57			$	0.64
	Non-GAAP	$	1.09			$	0.88			$	1.36
Weigh­ted avera­ge shares used in diluted net inco­me per share computation			2,490				2,477				2,537
GAAP net cash pro­vi­ded by ope­ra­ting activities		$	2,911			$	2,249			$	1,731
	Purcha­ses rela­ted to pro­per­ty and equip­ment and intan­gi­ble assets		(248	)			(509	)			(361	)
	Prin­ci­pal pay­ments on pro­per­ty and equip­ment and intan­gi­ble assets		(20	)			(4	)			(22	)
Free cash flow		$	2,643			$	1,736			$	1,348
(A) Acqui­si­ti­on-rela­ted and other cos­ts are com­pri­sed of amor­tiza­ti­on of intan­gi­ble assets, tran­sac­tion cos­ts, and cer­tain com­pen­sa­ti­on char­ges and are included in the fol­lo­wing line items:
		Three Months Ended
		April 30,				Janu­ary 29,				May 1,
			2023				2023				2022
	Cost of revenue	$	119			$	120			$	94
	Rese­arch and development	$	12			$	10			$	9
	Sales, gene­ral and administrative	$	42			$	44			$	46
(B) Stock-based com­pen­sa­ti­on con­sists of the following:
		Three Months Ended
		April 30,				Janu­ary 29,				May 1,
			2023				2023				2022
	Cost of revenue	$	27			$	30			$	38
	Rese­arch and development	$	524			$	527			$	384
	Sales, gene­ral and administrative	$	184			$	182			$	156
© Other con­sists of assets held for sale rela­ted adjustments.
(D) 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
		Q2 FY2024 Outlook
		($ in millions)
GAAP gross margin			68.6	%
	Impact of stock-based com­pen­sa­ti­on expen­se, acqui­si­ti­on-rela­ted cos­ts, and other costs		1.4	%
Non-GAAP gross margin			70.0	%
GAAP ope­ra­ting expenses		$	2,710
	Stock-based com­pen­sa­ti­on expen­se, acqui­si­ti­on-rela­ted cos­ts, and other costs		(810	)
Non-GAAP ope­ra­ting expenses		$	1,900

A pho­to accom­pany­ing this announce­ment is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/463fe102-9bba-4d9e-931c-3c5898b67a27