- Quarterly income of $6.70 billion, up 3% from a 12 months in the past
- Knowledge Heart income of $3.81 billion, up 61% from a 12 months in the past
- Quarterly return to shareholders of $3.44 billion
NVIDIA right this moment reported income for the second quarter ended July 31, 2022, of $6.70 billion, up 3% from a 12 months in the past and down 19% from the earlier quarter.
GAAP earnings per diluted share for the quarter had been $0.26, down 72% from a 12 months in the past and down 59% from the earlier quarter. Non-GAAP earnings per diluted share had been $0.51, down 51% from a 12 months in the past and down 63% from the earlier quarter.
“We’re navigating our provide chain transitions in a difficult macro surroundings and we’ll get by means of this,” mentioned Jensen Huang, founder and CEO of NVIDIA.
“Accelerated computing and AI, the pioneering work of our firm, are reworking industries. Automotive is changing into a tech business and is on monitor to be our subsequent billion-dollar enterprise. Advances in AI are driving our Knowledge Heart enterprise whereas accelerating breakthroughs in fields from drug discovery to local weather science to robotics.
“I sit up for subsequent month’s GTC convention, the place we’ll share new advances in RTX, in addition to breakthroughs in AI and the metaverse, the subsequent evolution of the web. Be a part of us,” he mentioned.
In the course of the second quarter of fiscal 2023, NVIDIA returned to shareholders $3.44 billion in share repurchases and money dividends, following a return of $2.10 billion within the first quarter. The corporate has $11.93 billion remaining underneath its share repurchase authorization by means of December 2023. NVIDIA plans to proceed share repurchases this fiscal 12 months.
NVIDIA pays its subsequent quarterly money dividend of $0.04 per share on September 29, 2022, to all shareholders of report on September 8, 2022.
Q2 Fiscal 2023 Abstract
| GAAP | |||||||||||
| ($ in tens of millions, besides earnings per share) | Q2 FY23 | Q1 FY23 | Q2 FY22 | Q/Q | Y/Y | ||||||
| Income | $6,704 | $8,288 | $6,507 | Down 19% | Up 3% | ||||||
| Gross margin | 43.5% | 65.5% | 64.8% | Down 22.0 pts | Down 21.3 pts | ||||||
| Working bills | $2,416 | $3,563 | $1,771 | Down 32% | Up 36% | ||||||
| Working earnings | $499 | $1,868 | $2,444 | Down 73% | Down 80% | ||||||
| Web earnings | $656 | $1,618 | $2,374 | Down 59% | Down 72% | ||||||
| Diluted earnings per share | $0.26 | $0.64 | $0.94 | Down 59% | Down 72% | ||||||
| Non-GAAP | |||||||||||
| ($ in tens of millions, besides earnings per share) | Q2 FY23 | Q1 FY23 | Q2 FY22 | Q/Q | Y/Y | ||||||
| Income | $6,704 | $8,288 | $6,507 | Down 19% | Up 3% | ||||||
| Gross margin | 45.9% | 67.1% | 66.7% | Down 21.2 pts | Down 20.8 pts | ||||||
| Working bills | $1,749 | $1,608 | $1,266 | Up 9% | Up 38% | ||||||
| Working earnings | $1,325 | $3,955 | $3,071 | Down 66% | Down 57% | ||||||
| Web earnings | $1,292 | $3,443 | $2,623 | Down 62% | Down 51% | ||||||
| Diluted earnings per share | $0.51 | $1.36 | $1.04 | Down 63% | Down 51% | ||||||
Outlook
NVIDIA’s outlook for the third quarter of fiscal 2023 is as follows:
- Income is predicted to be $5.90 billion, plus or minus 2%. Gaming and Skilled Visualization income are anticipated to say no sequentially, as OEMs and channel companions scale back stock ranges to align with present ranges of demand and put together for NVIDIA’s new product technology. The corporate expects that decline to be partially offset by sequential progress in Knowledge Heart and Automotive.
- GAAP and non-GAAP gross margins are anticipated to be 62.4% and 65.0%, respectively, plus or minus 50 foundation factors.
- GAAP and non-GAAP working bills are anticipated to be roughly $2.59 billion and $1.82 billion, respectively.
- GAAP and non-GAAP different earnings and expense are anticipated to be an expense of roughly $10 million, excluding good points and losses from non-affiliated investments.
- GAAP and non-GAAP tax charges are anticipated to be 9.5%, plus or minus 1%, excluding any discrete gadgets.
Highlights
NVIDIA achieved progress since its earlier earnings announcement in these areas:
Knowledge Heart
- Second-quarter income was $3.81 billion, up 61% from a 12 months in the past and up 1% from the earlier quarter.
- Introduced that NVIDIA Grace™ superchips are getting used to create HGX™ techniques by a few of the world’s main pc makers — together with Atos, Dell Applied sciences, GIGABYTE, HPE, Inspur, Lenovo and Supermicro.
- Unveiled QODA™, the NVIDIA Quantum Optimized Gadget Structure, a unified computing platform for rushing breakthroughs in quantum analysis and improvement throughout AI, HPC, well being, finance and different disciplines.
- Supplied updates for the NeMo™ Megatron giant language mannequin framework that allow coaching speedups of as much as 30%.
- Expanded NVIDIA Fleet Command™ — a cloud service for deploying, managing and scaling AI functions on the edge — with options that improve the seamless administration of edge AI deployments.
- Shared that, within the newest MLPerf coaching benchmark submissions, NVIDIA and its companions continued to supply one of the best total AI coaching efficiency and essentially the most submissions throughout all benchmarks.
Gaming
- Second-quarter income was $2.04 billion, down 33% from a 12 months in the past and down 44% from the earlier quarter.
- Added 30 RTX ON video games and apps — together with A Plague Story: Requiem, Evil Lifeless: The Sport and F1 22 — bringing the entire obtainable to 280+.
- Elevated the variety of GeForce® RTX™ and NVIDIA Studio™ laptops to a report 180+, together with introduction of the fastest-ever laptops with GeForce RTX 3080 Ti, 2-in-1 convertible gaming laptops and a broad vary of Studio laptops.
- Expanded the GeForce NOW™ library with 80 further video games — together with Genshin Affect, Evil Lifeless the Sport, Mass Impact Legendary Version and Loopmancer with RTX — bringing the entire to over 1,350.
Skilled Visualization
- Second-quarter income was $496 million, down 4% from a 12 months in the past and down 20% from the earlier quarter.
- Expanded its partnership with Siemens to allow the commercial metaverse and enhance use of AI-driven digital twin expertise.
- Introduced Omniverse™ Avatar Cloud Engine, a set of cloud-native AI fashions and companies that make it simpler to construct and customise lifelike digital assistants and digital people.
- Launched a broad initiative to evolve Common Scene Description, the open-source and extensible language of 3D worlds, to turn into a basis of the open metaverse.
- Introduced a significant launch of Omniverse with new frameworks, instruments, apps and plugins, together with 11 new connectors to the Omniverse USD ecosystem that carry the entire to 112.
- Co-founded the Metaverse Requirements Discussion board to align with different members on one of the best methods to construct the foundations of the metaverse.
Automotive
- Second-quarter income was $220 million, up 45% from a 12 months in the past and up 59% from the earlier quarter.
- Introduced rollout plans of latest mannequin autos utilizing the DRIVE Orin™ compute platform by companions NIO, Li Auto, JIDU, and Human Horizons, in addition to Pony.ai’s use of DRIVE Orin throughout its line of self-driving vans and robotaxis.
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s govt vice chairman and chief monetary officer, is obtainable at https://investor.nvidia.com/.
Convention Name and Webcast Data
NVIDIA will conduct a convention name with analysts and buyers to debate its second quarter fiscal 2023 monetary outcomes and present monetary prospects right this moment at 2 p.m. Pacific time (5 p.m. Japanese time). A stay webcast (listen-only mode) of the convention name might be accessible at NVIDIA’s investor relations web site, https://investor.nvidia.com. The webcast might be recorded and obtainable for replay till NVIDIA’s convention name to debate its monetary outcomes for its third quarter of fiscal 2023.
Non-GAAP Measures
To complement NVIDIA’s condensed consolidated monetary statements introduced in accordance with GAAP, the corporate makes use of non-GAAP measures of sure parts of economic efficiency. These non-GAAP measures embody non-GAAP gross revenue, non-GAAP gross margin, non-GAAP working bills, non-GAAP earnings from operations, non-GAAP different earnings (expense), internet, non-GAAP internet earnings, non-GAAP internet earnings, or earnings, per diluted share, and free money stream. For NVIDIA’s buyers to be higher capable of evaluate its present outcomes with these of earlier durations, the corporate has proven a reconciliation of GAAP to non-GAAP monetary measures. These reconciliations regulate the associated GAAP monetary measures to exclude acquisition termination prices, stock-based compensation expense, acquisition-related and different prices, contributions, IP-related prices, authorized settlement prices, good points and losses from non-affiliated investments, curiosity expense associated to amortization of debt low cost, the related tax affect of these things the place relevant, domestication tax profit, and overseas tax profit. Free money stream is calculated as GAAP internet money offered by working actions much less each purchases of property and gear and intangible belongings and principal funds on property and gear and intangible belongings. NVIDIA believes the presentation of its non-GAAP monetary measures enhances the consumer’s total understanding of the corporate’s historic monetary efficiency. The presentation of the corporate’s non-GAAP monetary measures just isn’t meant to be thought-about in isolation or as an alternative choice to the corporate’s monetary outcomes ready in accordance with GAAP, and the corporate’s non-GAAP measures could also be completely different from non-GAAP measures utilized by different firms.
| NVIDIA CORPORATION | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
| (In tens of millions, besides per share knowledge) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| July 31, | August 1, | July 31, | August 1, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Income | $ | 6,704 | $ | 6,507 | $ | 14,992 | $ | 12,168 | |||||||||
| Value of income | 3,789 | 2,292 | 6,646 | 4,324 | |||||||||||||
| Gross revenue | 2,915 | 4,215 | 8,346 | 7,844 | |||||||||||||
| Working bills | |||||||||||||||||
| Analysis and improvement | 1,824 | 1,245 | 3,443 | 2,398 | |||||||||||||
| Gross sales, normal and administrative | 592 | 526 | 1,183 | 1,046 | |||||||||||||
| Acquisition termination value | – | – | 1,353 | – | |||||||||||||
| Complete working bills | 2,416 | 1,771 | 5,979 | 3,444 | |||||||||||||
| Earnings from operations | 499 | 2,444 | 2,367 | 4,400 | |||||||||||||
| Curiosity earnings | 46 | 6 | 64 | 13 | |||||||||||||
| Curiosity expense | (65 | ) | (60 | ) | (132 | ) | (113 | ) | |||||||||
| Different, internet | (5 | ) | 4 | (19 | ) | 138 | |||||||||||
| Different earnings (expense), internet | (24 | ) | (50 | ) | (87 | ) | 38 | ||||||||||
| Earnings earlier than earnings tax | 475 | 2,394 | 2,280 | 4,438 | |||||||||||||
| Earnings tax expense (profit) | (181 | ) | 20 | 6 | 153 | ||||||||||||
| Web earnings | $ | 656 | $ | 2,374 | $ | 2,274 | $ | 4,285 | |||||||||
| Web earnings per share: | |||||||||||||||||
| Fundamental | $ | 0.26 | $ | 0.95 | $ | 0.91 | $ | 1.72 | |||||||||
| Diluted | $ | 0.26 | $ | 0.94 | $ | 0.90 | $ | 1.69 | |||||||||
| Weighted common shares utilized in per share computation: | |||||||||||||||||
| Fundamental | 2,495 | 2,493 | 2,500 | 2,489 | |||||||||||||
| Diluted | 2,516 | 2,532 | 2,526 | 2,529 | |||||||||||||
| NVIDIA CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In tens of millions) | ||||||||
| (Unaudited) | ||||||||
| July 31, | January 30, | |||||||
| 2022 | 2022 | |||||||
| ASSETS | ||||||||
| Present belongings: | ||||||||
| Money, money equivalents and marketable securities | $ | 17,037 | $ | 21,208 | ||||
| Accounts receivable, internet | 5,317 | 4,650 | ||||||
| Inventories | 3,889 | 2,605 | ||||||
| Pay as you go bills and different present belongings | 1,175 | 366 | ||||||
| Complete present belongings | 27,418 | 28,829 | ||||||
| Property and gear, internet | 3,233 | 2,778 | ||||||
| Working lease belongings | 852 | 829 | ||||||
| Goodwill | 4,372 | 4,349 | ||||||
| Intangible belongings, internet | 2,036 | 2,339 | ||||||
| Deferred earnings tax belongings | 2,225 | 1,222 | ||||||
| Different belongings | 3,340 | 3,841 | ||||||
| Complete belongings | $ | 43,476 | $ | 44,187 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Present liabilities: | ||||||||
| Accounts payable | $ | 2,421 | $ | 1,783 | ||||
| Accrued and different present liabilities | 3,903 | 2,552 | ||||||
| Quick-term debt | 1,249 | – | ||||||
| Complete present liabilities | 7,573 | 4,335 | ||||||
| Lengthy-term debt | 9,700 | 10,946 | ||||||
| Lengthy-term working lease liabilities | 743 | 741 | ||||||
| Different long-term liabilities | 1,609 | 1,553 | ||||||
| Complete liabilities | 19,625 | 17,575 | ||||||
| Shareholders’ fairness | 23,851 | 26,612 | ||||||
| Complete liabilities and shareholders’ fairness | $ | 43,476 | $ | 44,187 | ||||
| NVIDIA CORPORATION | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| (In tens of millions) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| July 31, | August 1, | July 31, | August 1, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Money flows from working actions: | |||||||||||||||||
| Web earnings | $ | 656 | $ | 2,374 | $ | 2,274 | $ | 4,285 | |||||||||
| Changes to reconcile internet earnings to internet money | |||||||||||||||||
| offered by working actions: | |||||||||||||||||
| Inventory-based compensation expense | 648 | 465 | 1,226 | 894 | |||||||||||||
| Depreciation and amortization | 378 | 286 | 712 | 567 | |||||||||||||
| Losses (good points) on investments in non associates, internet | 7 | 1 | 24 | (133 | ) | ||||||||||||
| Deferred earnings taxes | (443 | ) | (185 | ) | (985 | ) | (161 | ) | |||||||||
| Acquisition termination value | – | – | 1,353 | – | |||||||||||||
| Different | (5 | ) | 18 | 18 | 16 | ||||||||||||
| Adjustments in working belongings and liabilities, internet of acquisitions: | |||||||||||||||||
| Accounts receivable | 120 | (563 | ) | (668 | ) | (1,157 | ) | ||||||||||
| Inventories | (725 | ) | (123 | ) | (1,285 | ) | (282 | ) | |||||||||
| Pay as you go bills and different belongings | (293 | ) | 16 | (1,554 | ) | 18 | |||||||||||
| Accounts payable | 304 | 209 | 559 | 245 | |||||||||||||
| Accrued and different present liabilities | 633 | 133 | 1,267 | 166 | |||||||||||||
| Different long-term liabilities | (10 | ) | 51 | 60 | 98 | ||||||||||||
| Web money offered by working actions | 1,270 | 2,682 | 3,001 | 4,556 | |||||||||||||
| Money flows from investing actions: | |||||||||||||||||
| Proceeds from maturities of marketable securities | 5,036 | 2,096 | 10,983 | 5,236 | |||||||||||||
| Proceeds from gross sales of marketable securities | 702 | 347 | 1,731 | 705 | |||||||||||||
| Purchases of marketable securities | (3,644 | ) | (4,798 | ) | (7,576 | ) | (9,268 | ) | |||||||||
| Purchases associated to property and gear and intangible belongings | (433 | ) | (183 | ) | (794 | ) | (481 | ) | |||||||||
| Acquisitions, internet of money acquired | (13 | ) | – | (49 | ) | – | |||||||||||
| Investments and different, internet | (30 | ) | 5 | (65 | ) | 3 | |||||||||||
| Web money offered by (utilized in) investing actions | 1,618 | (2,533 | ) | 4,230 | (3,805 | ) | |||||||||||
| Money flows from financing actions: | |||||||||||||||||
| Proceeds associated to worker inventory plans | 1 | 2 | 205 | 128 | |||||||||||||
| Funds associated to repurchases of frequent inventory | (3,345 | ) | – | (5,341 | ) | – | |||||||||||
| Funds associated to tax on restricted inventory models | (305 | ) | (365 | ) | (837 | ) | (843 | ) | |||||||||
| Dividends paid | (100 | ) | (100 | ) | (200 | ) | (198 | ) | |||||||||
| Principal funds on property and gear and intangible belongings | (14 | ) | (21 | ) | (36 | ) | (40 | ) | |||||||||
| Issuance of debt, internet of issuance prices | – | 4,985 | – | 4,985 | |||||||||||||
| Different | 1 | – | 1 | (2 | ) | ||||||||||||
| Web money offered by (utilized in) financing actions | (3,762 | ) | 4,501 | (6,208 | ) | 4,030 | |||||||||||
| Change in money and money equivalents | (874 | ) | 4,650 | 1,023 | 4,781 | ||||||||||||
| Money and money equivalents at starting of interval | 3,887 | 978 | 1,990 | 847 | |||||||||||||
| Money and money equivalents at finish of interval | $ | 3,013 | $ | 5,628 | $ | 3,013 | $ | 5,628 | |||||||||
| NVIDIA CORPORATION | |||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
| (In tens of millions, besides per share knowledge) | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| July 31, | Might 1, | August 1, | July 31, | August 1, | |||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| GAAP gross revenue | $ | 2,915 | $ | 5,431 | $ | 4,215 | $ | 8,346 | $ | 7,844 | |||||||||||||
| GAAP gross margin | 43.5 | % | 65.5 | % | 64.8 | % | 55.7 | % | 64.5 | % | |||||||||||||
| Acquisition-related and different prices (A) | 121 | 94 | 86 | 214 | 173 | ||||||||||||||||||
| Inventory-based compensation expense (B) | 38 | 38 | 32 | 76 | 57 | ||||||||||||||||||
| IP-related prices | – | – | 4 | – | 9 | ||||||||||||||||||
| Non-GAAP gross revenue | $ | 3,074 | $ | 5,563 | $ | 4,337 | $ | 8,636 | $ | 8,083 | |||||||||||||
| Non-GAAP gross margin | 45.9 | % | 67.1 | % | 66.7 | % | 57.6 | % | 66.4 | % | |||||||||||||
| GAAP working bills | $ | 2,416 | $ | 3,563 | $ | 1,771 | $ | 5,979 | $ | 3,444 | |||||||||||||
| Inventory-based compensation expense (B) | (611 | ) | (540 | ) | (433 | ) | (1,151 | ) | (837 | ) | |||||||||||||
| Acquisition-related and different prices (A) | (54 | ) | (55 | ) | (72 | ) | (110 | ) | (152 | ) | |||||||||||||
| Contributions | (2 | ) | – | – | (2 | ) | – | ||||||||||||||||
| Acquisition termination value | – | (1,353 | ) | – | (1,353 | ) | – | ||||||||||||||||
| Authorized settlement prices | – | (7 | ) | – | (7 | ) | – | ||||||||||||||||
| Non-GAAP working bills | $ | 1,749 | $ | 1,608 | $ | 1,266 | $ | 3,356 | $ | 2,455 | |||||||||||||
| GAAP earnings from operations | $ | 499 | $ | 1,868 | $ | 2,444 | $ | 2,367 | $ | 4,400 | |||||||||||||
| Complete affect of non-GAAP changes to earnings from operations | 826 | 2,087 | 627 | 2,913 | 1,228 | ||||||||||||||||||
| Non-GAAP earnings from operations | $ | 1,325 | $ | 3,955 | $ | 3,071 | $ | 5,280 | $ | 5,628 | |||||||||||||
| GAAP different earnings (expense), internet | $ | (24 | ) | $ | (63 | ) | $ | (50 | ) | $ | (87 | ) | $ | 38 | |||||||||
| (Positive factors) losses from non-affiliated investments | 7 | 17 | – | 24 | (133 | ) | |||||||||||||||||
| Curiosity expense associated to amortization of debt low cost | 1 | 1 | 1 | 2 | 2 | ||||||||||||||||||
| Non-GAAP different earnings (expense), internet | $ | (16 | ) | $ | (45 | ) | $ | (49 | ) | $ | (61 | ) | $ | (93 | ) | ||||||||
| GAAP internet earnings | $ | 656 | $ | 1,618 | $ | 2,374 | $ | 2,274 | $ | 4,285 | |||||||||||||
| Complete pre-tax affect of non-GAAP changes | 833 | 2,105 | 628 | 2,940 | 1,097 | ||||||||||||||||||
| Earnings tax affect of non-GAAP changes (C) | (197 | ) | (280 | ) | (127 | ) | (478 | ) | (194 | ) | |||||||||||||
| Domestication tax changes | – | – | (252 | ) | – | (252 | ) | ||||||||||||||||
| Non-GAAP internet earnings | $ | 1,292 | $ | 3,443 | $ | 2,623 | $ | 4,736 | $ | 4,936 | |||||||||||||
| Diluted internet earnings per share | |||||||||||||||||||||||
| GAAP | $ | 0.26 | $ | 0.64 | $ | 0.94 | $ | 0.90 | $ | 1.69 | |||||||||||||
| Non-GAAP | $ | 0.51 | $ | 1.36 | $ | 1.04 | $ | 1.87 | $ | 1.95 | |||||||||||||
| Weighted common shares utilized in diluted internet earnings per share computation | 2,516 | 2,537 | 2,532 | 2,527 | 2,529 | ||||||||||||||||||
| GAAP internet money offered by working actions | $ | 1,271 | $ | 1,731 | $ | 2,682 | $ | 3,001 | $ | 4,556 | |||||||||||||
| Purchases associated to property and gear and intangible belongings | (432 | ) | (361 | ) | (183 | ) | (794 | ) | (481 | ) | |||||||||||||
| Principal funds on property and gear | (15 | ) | (22 | ) | (21 | ) | (36 | ) | (40 | ) | |||||||||||||
| Free money stream | $ | 824 | $ | 1,348 | $ | 2,478 | $ | 2,171 | $ | 4,035 | |||||||||||||
| (A) Acquisition-related and different prices are comprised of amortization of intangible belongings, transaction prices and sure compensation expenses introduced within the following line gadgets: | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| July 31, | Might 1, | August 1, | July 31, | August 1, | |||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Value of income | $ | 121 | $ | 94 | $ | 86 | $ | 214 | $ | 173 | |||||||||||||
| Analysis and improvement | $ | 10 | $ | 9 | $ | 1 | $ | 19 | $ | 4 | |||||||||||||
| Gross sales, normal and administrative | $ | 44 | $ | 46 | $ | 71 | $ | 91 | $ | 148 | |||||||||||||
| (B) Inventory-based compensation consists of the next: | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| July 31, | Might 1, | August 1, | July 31, | August 1, | |||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Value of income | $ | 38 | $ | 38 | $ | 32 | $ | 76 | $ | 57 | |||||||||||||
| Analysis and improvement | $ | 452 | $ | 384 | $ | 297 | $ | 836 | $ | 573 | |||||||||||||
| Gross sales, normal and administrative | $ | 159 | $ | 156 | $ | 136 | $ | 315 | $ | 264 | |||||||||||||
| (C) Earnings tax affect of non-GAAP changes, together with the popularity of extra tax advantages or deficiencies associated to stock-based compensation underneath GAAP accounting normal (ASU 2016-09). | |||||||||||||||||||||||
| NVIDIA CORPORATION | |||||
| RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK | |||||
| Q3 FY2023 Outlook | |||||
| ($ in tens of millions) | |||||
| GAAP gross margin | 62.4 | % | |||
| Affect of stock-based compensation expense, acquisition-related prices, and different prices | 2.6 | % | |||
| Non-GAAP gross margin | 65.0 | % | |||
| GAAP working bills | $ | 2,590 | |||
| Inventory-based compensation expense and acquisition-related prices | (770 | ) | |||
| Non-GAAP working bills | $ | 1,820 | |||
