NVIDIA Reports Financial Results for Annual and Fourth Quarter Fiscal 2013

SANTA CLARA, CA -- (Marketwire) -- Feb 13, 2013 -- NVIDIA (NASDAQ: NVDA)

  • Full-year revenue increased 7.1 percent to a record $4.28 billion
  • Quarterly revenue decreased 8.1 percent sequentially to $1.11 billion; year on year, revenue was up 16.1 percent
  • Quarterly GAAP diluted EPS of $0.28, off from $0.33 in Q3; non-GAAP diluted EPS of $0.35, off from $0.39 in Q3
  • Quarterly GAAP gross margin of 52.9 percent; non-GAAP gross margin of 53.2 percent

NVIDIA (NASDAQ: NVDA) today reported revenue for fiscal 2013 ended Jan. 27, 2013, of a record $4.28 billion, up 7.1 percent from $4.00 billion in fiscal 2012.

GAAP earnings per share for the year were $0.90 per diluted share, a decrease of 4.3 percent from $0.94 in fiscal 2012. Non-GAAP earnings per diluted share were $1.17, down 1.7 percent from $1.19 in fiscal 2012.

During the quarter, NVIDIA repurchased $100.0 million of stock and paid a dividend of $0.075 per share, equivalent to $46.9 million.

"This year we did the best work in our company's history," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. "We achieved record revenues, margins and cash, despite significant market headwinds.

"We grew our GPU and Tegra Processor businesses. We are sampling production silicon of the Tegra 4 platform which includes our 4G LTE modem. And we created new pillars for long term growth with Project SHIELD and NVIDIA GRID -- first-of-their-kind devices that will extend our leadership in visual computing into mobile and the cloud."

                                                                            
----------------------------------------------------------------------------
                      GAAP Annual Financial Comparison                      
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  (in millions except per                                                   
        share data)            FY13        FY12        Y/Y$         Y/Y%    
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Revenue                       $4,280.2    $3,997.9   up $282.3       up 7.1%
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Gross Margin                     52.0%       51.4%      ------   up 0.6 p.p.
----------------------------------------------------------------------------
Operating Expenses            $1,578.1    $1,408.2   up $169.9      up 12.1%
----------------------------------------------------------------------------
Net Income                      $562.5      $581.1  down $18.6     down 3.2%
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Earnings Per Share               $0.90       $0.94  down $0.04     down 4.3%
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
----------------------------------------------------------------------------
                    Non-GAAP* Annual Financial Comparison                   
----------------------------------------------------------------------------
  (in millions except per                                                   
        share data)            FY13        FY12        Y/Y$         Y/Y%    
----------------------------------------------------------------------------
Revenue                       $4,280.2    $3,997.9   up $282.3       up 7.1%
----------------------------------------------------------------------------
Gross Margin                     52.3%       51.9%    ------     up 0.4 p.p.
----------------------------------------------------------------------------
Operating Expenses            $1,395.7    $1,245.7   up $150.0      up 12.0%
----------------------------------------------------------------------------
Net Income                      $728.4      $734.4   down $6.0     down 0.8%
----------------------------------------------------------------------------
Earnings Per Share               $1.17       $1.19  down $0.02     down 1.7%
----------------------------------------------------------------------------
                                                                            

*Non-GAAP earnings excluded stock-based compensation, amortization of acquisition-related intangible assets, other acquisition-related costs, a contribution expense in the second quarter of fiscal 2013, a legal settlement charge in the fourth quarter of fiscal 2012, and the tax impact associated with such items.

                                                                            
----------------------------------------------------------------------------
                     GAAP Quarterly Financial Comparison                            
----------------------------------------------------------------------------
  (in  millions                                                                                                                              
    except  per          Q4  FY13          Q3  FY13          Q4  FY12              Q/Q                      Y/Y        
    share  data)                                                                                                                              
----------------------------------------------------------------------------
Revenue                    $1,106.9        $1,204.1            $953.2        down  8.1%            up  16.1%
----------------------------------------------------------------------------
Gross  margin                52.9%              52.9%              51.4%                  flat        up  1.5  p.p
----------------------------------------------------------------------------
Operating                                                                                                                                      
  expenses                    $402.0            $384.4            $367.7            up  4.6%              up  9.3%
----------------------------------------------------------------------------
Net  income                  $174.0            $209.1            $116.0      down  16.8%            up  50.0%
----------------------------------------------------------------------------
Earnings  per                                                                                                                                
  share                            $0.28              $0.33              $0.19      down  15.2%            up  47.4%
----------------------------------------------------------------------------
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
----------------------------------------------------------------------------
                                    Non-GAAP*  Quarterly  Financial  Comparison                                    
----------------------------------------------------------------------------
  (in  millions                                                                                                                              
    except  per          Q4  FY13          Q3  FY13          Q4  FY12              Q/Q                      Y/Y        
    share  data)                                                                                                                              
----------------------------------------------------------------------------
Revenue                    $1,106.9        $1,204.1            $953.2        down  8.1%            up  16.1%
----------------------------------------------------------------------------
Gross  margin                53.2%              53.1%              52.5%      up  0.1  p.p        up  0.7  p.p
----------------------------------------------------------------------------
Operating                                                                                                                                      
  expenses                    $360.4            $344.8            $325.2            up  4.5%            up  10.8%
----------------------------------------------------------------------------
Net  income                  $214.9            $245.5            $158.1      down  12.5%            up  35.9%
----------------------------------------------------------------------------
Earnings  per                                                                                                                                
  share                            $0.35              $0.39              $0.26      down  10.3%            up  34.6%
----------------------------------------------------------------------------
                                                                                                                                                        
 

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