NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2015

SANTA CLARA, CA -- (Marketwired) -- Feb 11, 2015 -- NVIDIA (NASDAQ: NVDA)

  • Record revenue in Q4 of $1.25 billion, up 9 percent from $1.14 billion a year earlier.
  • GAAP diluted EPS in Q4 of $0.35, up 40 percent from $0.25 a year earlier. Non-GAAP diluted EPS in Q4 of $0.43, up 34 percent from $0.32 a year earlier.
  • Record revenue in fiscal 2015 of $4.68 billion, up 13 percent from $4.13 billion a year earlier.
  • GAAP diluted EPS in fiscal 2015 of $1.12, up 51 percent from $0.74 a year earlier. Non-GAAP diluted EPS in fiscal 2015 of $1.42, up 43 percent from $0.99 a year earlier.

NVIDIA (NASDAQ: NVDA) today reported record revenue for the fourth quarter ended January 25, 2015, of $1.25 billion, up 9 percent from $1.14 billion a year earlier and up 2 percent from $1.23 billion the previous quarter.

Revenue for fiscal 2015 was a record $4.68 billion, up 13 percent from $4.13 billion a year earlier.

GAAP earnings per diluted share for the quarter were $0.35, up 40 percent from $0.25 a year earlier and up 13 percent from $0.31 in the previous quarter. Non-GAAP earnings per diluted share were $0.43, up 34 percent from $0.32 a year earlier and up 10 percent from $0.39 in the previous quarter.

GAAP earnings per diluted share for fiscal 2015 were $1.12, up 51 percent from $0.74 a year earlier. Non-GAAP earnings per diluted share were $1.42, up 43 percent from $0.99 a year earlier.

"Momentum is accelerating in each of our market-specialized platforms, driving record revenue in the quarter and full year," said Jen-Hsun Huang, president and chief executive officer of NVIDIA.

"GeForce and SHIELD are extending our reach in the rapidly growing global gaming market. Our DRIVE auto-computing platform is at the center of the advance toward self-driving cars. GRID is enabling enterprises to finally virtualize graphics-intensive applications. And our Tesla accelerated computing platform is helping to ignite the deep learning revolution.

"The success of these platforms highlights the growing importance of visual computing and the opportunities ahead for NVIDIA," he said.

During the fourth quarter, NVIDIA paid $46 million in cash dividends and repurchased 0.2 million shares. During fiscal 2015, the company paid $186 million in cash dividends and repurchased 44.4 million shares for $814 million. As a result, the company returned to shareholders $1.0 billion in fiscal 2015.

Since the restart of its capital return program in the fourth quarter of fiscal 2013, NVIDIA has returned approximately $2.22 billion to shareholders. This return represents 111 percent of the company's cumulative free cash flow for fiscal years 2013 through 2015, reflecting the acceleration of the capital return program from cash generated in previous years.

The company intends to return approximately $600 million to shareholders through ongoing quarterly cash dividends and share repurchases in fiscal 2016.

NVIDIA will pay its next quarterly cash dividend of $0.085 per share on March 19, 2015, to all shareholders of record on February 26, 2015. NVIDIA expects that a portion of this dividend payment may be considered a return of capital for U.S. federal income tax purposes.

                                                                            
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                     GAAP Quarterly Financial Comparison                    
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($ in millions                                                              
 except earnings                                                            
 per share)        Q4 FY15     Q3 FY15     Q4 FY14       Q/Q         Y/Y    
----------------------------------------------------------------------------
Revenue               $1,251      $1,225      $1,144       up 2%       up 9%
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Gross margin           55.9%       55.2%       54.1%   up 70 bps  up 180 bps
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Operating                                                                   
 expenses               $468        $463        $452       up 1%       up 4%
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Net income              $193        $173        $147      up 12%      up 31%
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Diluted earnings                                                            
 per share             $0.35       $0.31       $0.25      up 13%      up 40%
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----------------------------------------------------------------------------
                   Non-GAAP Quarterly Financial Comparison                  
----------------------------------------------------------------------------
($ in millions                                                              
 except earnings                                                            
 per share)        Q4 FY15     Q3 FY15     Q4 FY14       Q/Q          Y/Y        
----------------------------------------------------------------------------
Revenue                              $1,251            $1,225            $1,144              up  2%              up  9%
----------------------------------------------------------------------------
Gross  margin                      56.2%              55.5%              53.8%      up  70  bps    up  240  bps
----------------------------------------------------------------------------
Operating                                                                                                                                      
  expenses                              $420                $415                $408              up  1%              up  3%
----------------------------------------------------------------------------
Net  income                            $241                $220                $187            up  10%            up  29%
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Diluted  earnings                                                                                                                        
  per  share                          $0.43              $0.39              $0.32            up  10%            up  34%
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