• Document quarterly income of $26.0 billion, up 18% from This fall and up 262% from a 12 months in the past 
• Document quarterly Information Heart income of $22.6 billion, up 23% from This fall and up 427% from a 12 months in the past
• Ten-for-one ahead inventory cut up efficient June 7, 2024
• Quarterly money dividend raised 150% to $0.01 per share on a post-split foundation

NVIDIA (NASDAQ: NVDA) right now reported income for the primary quarter ended April 28, 2024, of $26.0 billion, up 18% from the earlier quarter and up 262% from a 12 months in the past.

For the quarter, GAAP earnings per diluted share was $5.98, up 21% from the earlier quarter and up 629% from a 12 months in the past. Non-GAAP earnings per diluted share was $6.12, up 19% from the earlier quarter and up 461% from a 12 months in the past.

“The subsequent industrial revolution has begun — corporations and international locations are partnering with NVIDIA to shift the trillion-dollar conventional information facilities to accelerated computing and construct a brand new sort of knowledge middle — AI factories — to provide a brand new commodity: synthetic intelligence,” mentioned Jensen Huang, founder and CEO of NVIDIA. “AI will convey vital productiveness beneficial properties to almost each business and assist corporations be extra cost- and energy-efficient, whereas increasing income alternatives.

“Our information middle development was fueled by robust and accelerating demand for generative AI coaching and inference on the Hopper platform. Past cloud service suppliers, generative AI has expanded to shopper web corporations, and enterprise, sovereign AI, automotive and healthcare clients, creating a number of multibillion-dollar vertical markets.

“We’re poised for our subsequent wave of development. The Blackwell platform is in full manufacturing and types the inspiration for trillion-parameter-scale generative AI. Spectrum-X opens a brand-new marketplace for us to convey large-scale AI to Ethernet-only information facilities. And NVIDIA NIM is our new software program providing that delivers enterprise-grade, optimized generative AI to run on CUDA in all places — from the cloud to on-prem information facilities and RTX AI PCs — via our expansive community of ecosystem companions.”

NVIDIA additionally introduced a ten-for-one ahead inventory cut up of NVIDIA’s issued widespread inventory to make inventory possession extra accessible to staff and traders. The cut up will likely be effected via an modification to NVIDIA’s Restated Certificates of Incorporation, which can lead to a proportionate improve within the variety of shares of licensed widespread inventory. Every report holder of widespread inventory as of the shut of market on Thursday, June 6, 2024, will obtain 9 extra shares of widespread inventory, to be distributed after the shut of market on Friday, June 7, 2024. Buying and selling is predicted to start on a split-adjusted foundation at market open on Monday, June 10, 2024.

NVIDIA is growing its quarterly money dividend by 150% from $0.04 per share to $0.10 per share of widespread inventory. The elevated dividend is equal to $0.01 per share on a post-split foundation and will likely be paid on Friday, June 28, 2024, to all shareholders of report on Tuesday, June 11, 2024.

Q1 Fiscal 2025 Abstract

GAAP
($ in hundreds of thousands, besides earnings per share)	Q1 FY25	This fall FY24	Q1 FY24	Q/Q	Y/Y
Income	$26,044	$22,103	$7,192	Up 18%	Up 262%
Gross margin	78.4%	76.0%	64.6%	Up 2.4 pts	Up 13.8 pts
Working bills	$3,497	$3,176	$2,508	Up 10%	Up 39%
Working earnings	$16,909	$13,615	$2,140	Up 24%	Up 690%
Internet earnings	$14,881	$12,285	$2,043	Up 21%	Up 628%
Diluted earnings per share	$5.98	$4.93	$0.82	Up 21%	Up 629%

 

Non-GAAP
($ in hundreds of thousands, besides earnings per share)	Q1 FY25	This fall FY24	Q1 FY24	Q/Q	Y/Y
Income	$26,044	$22,103	$7,192	Up 18%	Up 262%
Gross margin	78.9%	76.7%	66.8%	Up 2.2 pts	Up 12.1 pts
Working bills	$2,501	$2,210	$1,750	Up 13%	Up 43%
Working earnings	$18,059	$14,749	$3,052	Up 22%	Up 492%
Internet earnings	$15,238	$12,839	$2,713	Up 19%	Up 462%
Diluted earnings per share	$6.12	$5.16	$1.09	Up 19%	Up 461%

Outlook
NVIDIA’s outlook for the second quarter of fiscal 2025 is as follows:

• Income is predicted to be $28.0 billion, plus or minus 2%.
• GAAP and non-GAAP gross margins are anticipated to be 74.8% and 75.5%, respectively, plus or minus 50 foundation factors. For the total 12 months, gross margins are anticipated to be within the mid-70% vary.
• GAAP and non-GAAP working bills are anticipated to be roughly $4.0 billion and $2.8 billion, respectively. Full-year working bills are anticipated to develop within the low-40% vary.
• GAAP and non-GAAP different earnings and expense are anticipated to be an earnings of roughly $300 million, excluding beneficial properties and losses from non-affiliated investments.
• GAAP and non-GAAP tax charges are anticipated to be 17%, plus or minus 1%, excluding any discrete objects.

Highlights
NVIDIA achieved progress since its earlier earnings announcement in these areas: 

Information Heart

Gaming and AI PC

• First-quarter Gaming income was $2.6 billion, down 8% from the earlier quarter and up 18% from a 12 months in the past. 
• Launched new AI gaming applied sciences at GDC for NVIDIA ACE and Neural Graphics.
• Unveiled new AI efficiency optimizations and integrations for Home windows to ship most efficiency on NVIDIA GeForce RTX AI PCs and workstations.
• Introduced extra blockbuster video games that can incorporate RTX expertise, together with Star Wars Outlaws and Black Fable Wukong.
• Added help for brand spanking new fashions, together with Google’s Gemma, for ChatRTX, which brings chatbot capabilities to RTX-powered Home windows PCs and workstations.

Skilled Visualization

Automotive and Robotics

• First-quarter Automotive income was $329 million, up 17% from the earlier quarter and up 11% from a 12 months in the past.
• Introduced BYD, XPENG, GAC’s AION Hyper, Nuro and others have chosen the next-generation NVIDIA DRIVE Thor™ platform, which now options Blackwell GPU structure, to energy their next-generation shopper and business electrical automobile fleets.
• Revealed U.S. and China electrical automobile makers Lucid and IM Motors are utilizing the NVIDIA DRIVE Orin™ platform for automobile fashions focusing on the European market.
• Introduced an array of companions are utilizing NVIDIA generative AI applied sciences to remodel in-vehicle experiences.
• Launched the Undertaking GR00T basis mannequin for humanoid robots and main Isaac robotics platform updates.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s govt vp 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 traders to debate its first quarter fiscal 2025 monetary outcomes and present monetary prospects right now at 2 p.m. Pacific time (5 p.m. Jap time). A dwell webcast (listen-only mode) of the convention name will likely be accessible at NVIDIA’s investor relations web site, https://investor.nvidia.com. The webcast will likely be recorded and obtainable for replay till NVIDIA’s convention name to debate its monetary outcomes for its second quarter of fiscal 2025.

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), web, non-GAAP web earnings, non-GAAP web earnings, or earnings, per diluted share, and free money movement. For NVIDIA’s traders to be higher in a position to evaluate its present outcomes with these of earlier durations, the corporate has proven a reconciliation of GAAP to non-GAAP monetary measures. These reconciliations modify the associated GAAP monetary measures to exclude stock-based compensation expense, acquisition-related and different prices, different, beneficial properties and losses from non-affiliated investments, curiosity expense associated to amortization of debt low cost, and the related tax affect of these things the place relevant. Free money movement is calculated as GAAP web money supplied by working actions much less each purchases associated to 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 person’s general understanding of the corporate’s historic monetary efficiency. The presentation of the corporate’s non-GAAP monetary measures will not be 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 corporations.

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In hundreds of thousands, besides per share information)
(Unaudited)
			Three Months Ended
			April 28,				April 30,
			2024				2023
Income			$	26,044			$	7,192
Value of income				5,638				2,544
Gross revenue				20,406				4,648
Working bills
	Analysis and growth			2,720				1,875
	Gross sales, normal and administrative			777				633
		Complete working bills		3,497				2,508
Working Revenue				16,909				2,140
	Curiosity earnings			359				150
	Curiosity expense			(64	)			(66	)
	Different, web			75				(15	)
		Different earnings (expense), web		370				69
Revenue earlier than earnings tax				17,279				2,209
Revenue tax expense				2,398				166
Internet earnings			$	14,881			$	2,043
Internet earnings per share:
	Fundamental		$	6.04			$	0.83
	Diluted		$	5.98			$	0.82
Weighted common shares utilized in per share computation:
	Fundamental			2,462				2,470
	Diluted			2,489				2,490

 

NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In hundreds of thousands)
(Unaudited)
				April 28,			January 28,
				2024			2024
ASSETS
Present belongings:
	Money, money equivalents and marketable securities			$	31,438		$	25,984
	Accounts receivable, web				12,365			9,999
	Inventories				5,864			5,282
	Pay as you go bills and different present belongings				4,062			3,080
		Complete present belongings			53,729			44,345
Property and gear, web					4,006			3,914
Working lease belongings					1,532			1,346
Goodwill					4,453			4,430
Intangible belongings, web					986			1,112
Deferred earnings tax belongings					7,798			6,081
Different belongings					4,568			4,500
		Complete belongings		$	77,072		$	65,728
LIABILITIES AND SHAREHOLDERS’ EQUITY
Present liabilities:
	Accounts payable			$	2,715		$	2,699
	Accrued and different present liabilities				11,258			6,682
	Brief-term debt				1,250			1,250
		Complete present liabilities			15,223			10,631
Lengthy-term debt					8,460			8,459
Lengthy-term working lease liabilities					1,281			1,119
Different long-term liabilities					2,966			2,541
		Complete liabilities			27,930			22,750
Shareholders’ fairness					49,142			42,978
		Complete liabilities and shareholders’ fairness		$	77,072		$	65,728

 

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In hundreds of thousands)
(Unaudited)
		Three Months Ended
		April 28,				April 30,
		2024				2023
Money flows from working actions:
Internet earnings		$	14,881			$	2,043
Changes to reconcile web earnings to web money supplied by working actions:
	Inventory-based compensation expense		1,011				735
	Depreciation and amortization		410				384
	Realized and unrealized (beneficial properties) losses on investments in non-affiliated entities, web		(69	)			14
	Deferred earnings taxes		(1,577	)			(1,135	)
	Different		(145	)			(34	)
Adjustments in working belongings and liabilities, web of acquisitions:
	Accounts receivable		(2,366	)			(252	)
	Inventories		(577	)			566
	Pay as you go bills and different belongings		(726	)			(215	)
	Accounts payable		(22	)			11
	Accrued and different present liabilities		4,202				689
	Different long-term liabilities		323				105
Internet money supplied by working actions			15,345				2,911
Money flows from investing actions:
	Proceeds from maturities of marketable securities		4,004				2,512
	Proceeds from gross sales of marketable securities		149				–
	Purchases of marketable securities		(9,303	)			(2,801	)
	Buy associated to property and gear and intangible belongings		(369	)			(248	)
	Acquisitions, web of money acquired		(39	)			(83	)
	Investments in non-affiliated entities		(135	)			(221	)
Internet money utilized in investing actions			(5,693	)			(841	)
Money flows from financing actions:
	Proceeds associated to worker inventory plans		285				246
	Funds associated to repurchases of widespread inventory		(7,740	)			–
	Funds associated to tax on restricted inventory models		(1,752	)			(507	)
	Dividends paid		(98	)			(99	)
	Principal funds on property and gear and intangible belongings		(40	)			(20	)
Internet money utilized in financing actions			(9,345	)			(380	)
Change in money and money equivalents			307				1,690
Money and money equivalents at starting of interval			7,280				3,389
Money and money equivalents at finish of interval		$	7,587			$	5,079

 

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In hundreds of thousands, besides per share information)
(Unaudited)
			Three Months Ended
			April 28,				January 28,				April 30,
			2024				2024				2023
GAAP gross revenue			$	20,406			$	16,791			$	4,648
GAAP gross margin				78.4%				76.0%				64.6%
	Acquisition-related and different prices (A)			119				119				119
	Inventory-based compensation expense (B)			36				45				27
	Different (C)			(1	)			4				8
Non-GAAP gross revenue			$	20,560			$	16,959			$	4,802
Non-GAAP gross margin				78.9%				76.7%				66.8%
GAAP working bills			$	3,497			$	3,176			$	2,508
	Inventory-based compensation expense (B)			(975	)			(948	)			(708	)
	Acquisition-related and different prices (A)			(21	)			(18	)			(54	)
	Different (C)			–				–				4
Non-GAAP working bills			$	2,501			$	2,210			$	1,750
GAAP working earnings			$	16,909			$	13,615			$	2,140
	Complete affect of non-GAAP changes to working earnings			1,150				1,134				912
Non-GAAP working earnings			$	18,059			$	14,749			$	3,052
GAAP different earnings (expense), web			$	370			$	491			$	69
	(Positive aspects) losses from non-affiliated investments			(69	)			(260	)			14
	Curiosity expense associated to amortization of debt low cost			1				1				1
Non-GAAP different earnings (expense), web			$	302			$	232			$	84
GAAP web earnings			$	14,881			$	12,285			$	2,043
	Complete pre-tax affect of non-GAAP changes			1,082				875				927
	Revenue tax affect of non-GAAP changes (D)			(725	)			(321	)			(257	)
Non-GAAP web earnings			$	15,238			$	12,839			$	2,713
Diluted web earnings per share
	GAAP		$	5.98			$	4.93			$	0.82
	Non-GAAP		$	6.12			$	5.16			$	1.09
Weighted common shares utilized in diluted web earnings per share computation				2,489				2,490				2,490
GAAP web money supplied by working actions			$	15,345			$	11,499			$	2,911
	Purchases associated to property and gear and intangible belongings			(369	)			(253	)			(248	)
	Principal funds on property and gear and intangible belongings			(40	)			(29	)			(20	)
Free money movement			$	14,936			$	11,217			$	2,643
(A) Acquisition-related and different prices are comprised of amortization of intangible belongings and transaction prices, and are included within the following line objects:
			Three Months Ended
			April 28,				January 28,				April 30,
			2024				2024				2023
	Value of income		$	119			$	119			$	119
	Analysis and growth		$	12			$	12			$	12
	Gross sales, normal and administrative		$	8			$	6			$	42
(B) Inventory-based compensation consists of the next:
			Three Months Ended
			April 28,				January 28,				April 30,
			2024				2024				2023
	Value of income		$	36			$	45			$	27
	Analysis and growth		$	727			$	706			$	524
	Gross sales, normal and administrative		$	248			$	242			$	184
(C) Different consists of IP-related prices and belongings held on the market associated changes.
(D) Revenue tax affect of non-GAAP changes, together with the popularity of extra tax advantages or deficiencies associated to stock-based compensation below GAAP accounting normal (ASU 2016-09).

 

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
		Q2 FY2025 Outlook
		($ in hundreds of thousands)
GAAP gross margin			74.8	%
	Affect of stock-based compensation expense, acquisition-related prices, and different prices		0.7	%
Non-GAAP gross margin			75.5	%
GAAP working bills		$	3,950
	Inventory-based compensation expense, acquisition-related prices, and different prices		(1,150	)
Non-GAAP working bills		$	2,800