NVIDIA Reports Financial Results for First Quarter Fiscal Year 2013

SANTA CLARA, CA -- (Marketwire) -- May 11, 2012 -- NVIDIA (NASDAQ: NVDA)

  • Revenue of $924.9 million.
  • GAAP net income was $60.4 million, or $0.10 per diluted share. Non-GAAP net income was $97.5 million, or $0.16 per diluted share.
  • GAAP gross margin was 50.1 percent. Non-GAAP gross margin was 50.4 percent.

NVIDIA (NASDAQ: NVDA) today reported revenue of $924.9 million for the first quarter of fiscal 2013 ended Apr. 29, 2012.

"Kepler GPUs are accelerating our business," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. "Our newly launched desktop products are winning some of the best reviews we've ever had. Notebook GPUs had a record quarter. And Tegra is on a growth track again, driven by great mobile device wins and the upcoming Windows on ARM launch.

"Graphics is more important than ever. Look for exciting news next week at the GPU Technology Conference as we reveal new ways that the GPU will enhance mobile and cloud computing," he said.

                                                                            
----------------------------------------------------------------------------
                                       Q1 FY13   Q4 FY12   Q1 FY13   Q4 FY12
                                                                            
 (in millions except per share data)    GAAP      GAAP    NON-GAAP  NON-GAAP
----------------------------------------------------------------------------
Revenue                                 $924.9    $953.2    $924.9    $953.2
----------------------------------------------------------------------------
Gross margin                             50.1%     51.4%     50.4%     52.5%
----------------------------------------------------------------------------
Operating expenses                      $390.5    $367.7    $348.0    $325.2
----------------------------------------------------------------------------
Net income                               $60.4    $116.0     $97.5    $158.1
----------------------------------------------------------------------------
Earnings per share                       $0.10     $0.19     $0.16     $0.26
----------------------------------------------------------------------------
                                                                            

Outlook

Our outlook for the second quarter of fiscal 2013 is as follows:

  • Revenue is expected to be between $990 million and $1.05 billion.

  • GAAP gross margin is expected to be 51.2 percent, plus or minus one percentage point. Non-GAAP gross margin is expected to be 51.5 percent, plus or minus one percentage point.

  • GAAP operating expenses are expected to be approximately $418 million. Non-GAAP operating expenses are expected to be approximately $354 million.

    GAAP operating expenses for the second quarter are expected to include a one-time charge related to a corporate donation to Stanford Hospital of $25 million, payable over a 10-year period. We are joining Stanford's initiative, along with other corporations in the high-tech community, including Apple, eBay, HP, Intel, Intuit and Oracle, to build a leading-edge health care institution.

  • GAAP and non-GAAP tax rates are expected to be approximately 20 percent, plus or minus one percent, for the second quarter and fiscal year, excluding any discrete tax events that may occur during the quarter, which, if realized, may increase or decrease our GAAP and non-GAAP tax rates. If the U.S. research tax credit is reinstated into tax law, we estimate our annual effective tax rate for the fiscal year 2013 to be approximately 16 percent.

We estimate depreciation and amortization for the second quarter to be approximately $55 million to $57 million. Capital expenditures are expected to be in the range of $35 to $45 million.

Diluted shares for the second quarter are expected to be approximately 628 million.

First Quarter Fiscal 2013 and Recent Highlights:

  • NVIDIA launched its new Kepler™-architecture GPUs to rave reviews. Products included the GeForce® GTX 670, GeForce GTX 680, the dual-GPU GeForce GTX 690, and the notebook range of GeForce 600M GPUs.

  • The first Ultrabook with an NVIDIA® GPU, the Acer Aspire Timeline M3, launched on March 6.

  • NVIDIA's first Tegra® 3 phone launched on Feb. 26, the HTC One X, to wide acclaim in the media. Tegra 3 phones are available from 22 carriers in Europe and Asia.

                                                                            
----------------------------------------------------------------------------
                     GAAP Quarterly Financial Comparison                    
----------------------------------------------------------------------------
   (in millions except per share data)     Q1 FY13   Q4 FY12        Q/Q     
----------------------------------------------------------------------------
Revenue                                     $924.9    $953.2         down 3%
----------------------------------------------------------------------------
Gross margin                                 50.1%     51.4%   down 1.3 p.p.
----------------------------------------------------------------------------
Operating expenses                          $390.5    $367.7         up 6.2%
----------------------------------------------------------------------------
Net income                                   $60.4    $116.0      down 47.9%
----------------------------------------------------------------------------
Earnings per share                                   $0.10          $0.19            down  47.4%
----------------------------------------------------------------------------
                                                                                                                                                        
                                                                                                                                          
---------------------------------------------------------------------
                              Non-GAAP  Quarterly  Financial  Comparison*                            
---------------------------------------------------------------------
(in  millions  except  per  share  data)    Q1  FY13      Q4  FY12              Q/Q          
---------------------------------------------------------------------
Revenue                                                              $924.9        $953.2                down  3%
---------------------------------------------------------------------
Gross  margin                                                      50.4%          52.5%      down  2.1  p.p
---------------------------------------------------------------------
Operating  expenses                                        $348.0        $325.2                    up  7%
---------------------------------------------------------------------
Net  income                                                          $97.5        $158.1          down  38.3%
---------------------------------------------------------------------
Earnings  per  share                                          $0.16          $0.26          down  38.5%
---------------------------------------------------------------------
                                                                                                                                          
*  Non-GAAP  earnings  excluded  stock-based  compensation,  amortization    
of  acquisition-related  intangible  assets,  other  acquisition-related    
costs,  a  legal  settlement  in  the  fourth  quarter  of  fiscal  2012,  and    
the  tax  impact  associated  with  such  items.                                                      
                                                                                                                                          
 

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