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Nvidia announces financial results for first quarter fiscal 2025

SANTA CLARA, Calif. -- NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 28, 2024, of $26.0 billion, up 18% from the previous quarter and up 262% from a year ago.

The split will be effected through an amendment to NVIDIA’s Restated Certificate of Incorporation, which will result in a proportionate increase in the number of shares of authorized common stock. 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. NVIDIA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME(In millions, except per share data)(Unaudited) Three Months EndedApril 28,April 30,20242023 Revenue$26,044$7,192Cost of revenue5,6382,544 Gross profit20,4064,648 Operating expensesResearch and development2,7201,875Sales, general and administrative777633 Total operating expenses3,4972,508 Operating Income16,9092,140Interest income359150Interest expense(64)(66)Other, net75(15) Other income (expense), net37069 Income before income tax17,2792,209Income tax expense2,398166 Net income$14,881$2,043 Net income per share:Basic$6.04$0.83Diluted$5.98$0.82Weighted average shares used in per share computation:Basic2,4622,470Diluted2,4892,490 NVIDIA CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited) April 28,January 28,20242024ASSETS Current assets:Cash, cash equivalents and marketable securities$31,438$25,984Accounts receivable, net12,3659,999Inventories5,8645,282Prepaid expenses and other current assets4,0623,080 Total current assets53,72944,345 Property and equipment, net4,0063,914Operating lease assets1,5321,346Goodwill4,4534,430Intangible assets, net9861,112Deferred income tax assets7,7986,081Other assets4,5684,500 Total assets$77,072$65,728LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:Accounts payable$2,715$2,699Accrued and other current liabilities11,2586,682Short-term debt1,2501,250 Total current liabilities15,22310,631 Long-term debt8,4608,459Long-term operating lease liabilities1,2811,119Other long-term liabilities2,9662,541 Total liabilities27,93022,750 Shareholders' equity49,14242,978 Total liabilities and shareholders' equity$77,072$65,728NVIDIA CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited) Three Months EndedApril 28,April 30,20242023 Cash flows from operating activities:Net income$14,881$2,043Adjustments to reconcile net income to net cash provided by operating activities:Stock-based compensation expense1,011735Depreciation and amortization410384Realized and unrealized (gains) losses on investments in non-affiliated entities, net(69)14Deferred income taxes(1,577)(1,135)Other(145)(34)Changes in operating assets and liabilities, net of acquisitions:Accounts receivable(2,366)(252)Inventories(577)566Prepaid expenses and other assets(726)(215)Accounts payable(22)11Accrued and other current liabilities4,202689Other long-term liabilities323105 Net cash provided by operating activities15,3452,911 Cash flows from investing activities:Proceeds from maturities of marketable securities4,0042,512Proceeds from sales of marketable securities149-Purchases of marketable securities(9,303)(2,801)Purchase related to property and equipment and intangible assets(369)(248)Acquisitions, net of cash acquired(39)(83)Investments in non-affiliated entities(135)(221) Net cash used in investing activities(5,693)(841) Cash flows from financing activities:Proceeds related to employee stock plans285246Payments related to repurchases of common stock(7,740)-Payments related to tax on restricted stock units(1,752)(507)Dividends paid(98)(99)Principal payments on property and equipment and intangible assets(40)(20) Net cash used in financing activities(9,345)(380) Change in cash and cash equivalents3071,690Cash and cash equivalents at beginning of period7,2803,389 Cash and cash equivalents at end of period$7,587$5,079NVIDIA CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(In millions, except per share data)(Unaudited) Three Months EndedApril 28,January 28,April 30,202420242023 GAAP gross profit $20,406$16,791$4,648 GAAP gross margin78.4%76.0%64.6% Acquisition-related and other costs (A)119119119Stock-based compensation expense (B)364527Other (C)(1)48 Non-GAAP gross profit$20,560$16,959$4,802 Non-GAAP gross margin78.9%76.7%66.8% GAAP operating expenses $3,497$3,176$2,508Stock-based compensation expense (B)(975)(948)(708)Acquisition-related and other costs (A)(21)(18)(54)Other (C)--4 Non-GAAP operating expenses$2,501$2,210$1,750 GAAP operating income $16,909$13,615$2,140Total impact of non-GAAP adjustments to operating income1,1501,134912 Non-GAAP operating income$18,059$14,749$3,052 GAAP other income (expense), net $370$491$69(Gains) losses from non-affiliated investments(69)(260)14Interest expense related to amortization of debt discount111 Non-GAAP other income (expense), net$302$232$84 GAAP net income $14,881$12,285$2,043Total pre-tax impact of non-GAAP adjustments1,082875927Income tax impact of non-GAAP adjustments (D)(725)(321)(257) Non-GAAP net income$15,238$12,839$2,713 Diluted net income per share GAAP$5.98$4.93$0.82Non-GAAP$6.12$5.16$1.09Weighted average shares used in diluted net income per share computation 2,4892,4902,490GAAP net cash provided by operating activities $15,345$11,499$2,911Purchases related to property and equipment and intangible assets(369)(253)(248)Principal payments on property and equipment and intangible assets(40)(29)(20) Free cash flow$14,936$11,217$2,643(A) Acquisition-related and other costs are comprised of amortization of intangible assets and transaction costs, and are included in the following line items: Three Months EndedApril 28,January 28,April 30,202420242023 Cost of revenue$119$119$119Research and development$12$12$12Sales, general and administrative$8$6$42(B) Stock-based compensation consists of the following: Three Months EndedApril 28,January 28,April 30,202420242023 Cost of revenue$36$45$27Research and development$727$706$524Sales, general and administrative$248$242$184(C) Other consists of IP-related costs and assets held for sale related adjustments.

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