• Document quarterly income of $26.0 billion, up 18% from This autumn and up 262% from a yr in the past 
• Document quarterly Knowledge Heart income of $22.6 billion, up 23% from This autumn and up 427% from a yr 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) immediately 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 yr 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 yr in the past. Non-GAAP earnings per diluted share was $6.12, up 19% from the earlier quarter and up 461% from a yr in the past.

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

“Our knowledge 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 prospects, 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 kinds 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 knowledge facilities. And NVIDIA NIM is our new software program providing that delivers enterprise-grade, optimized generative AI to run on CUDA in every single place — from the cloud to on-prem knowledge facilities and RTX AI PCs — by our expansive community of ecosystem companions.”

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

NVIDIA is rising its quarterly money dividend by 150% from $0.04 per share to $0.10 per share of frequent inventory. The elevated dividend is equal to $0.01 per share on a post-split foundation and can 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 autumn 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 revenue	$16,909	$13,615	$2,140	Up 24%	Up 690%
Internet revenue	$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 autumn 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 revenue	$18,059	$14,749	$3,052	Up 22%	Up 492%
Internet revenue	$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 anticipated 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 yr, 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 revenue and expense are anticipated to be an revenue of roughly $300 million, excluding positive factors 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: 

Knowledge Heart

Gaming and AI PC

• First-quarter Gaming income was $2.6 billion, down 8% from the earlier quarter and up 18% from a yr 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 may incorporate RTX expertise, together with Star Wars Outlaws and Black Fantasy Wukong.
• Added help for brand 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 yr 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 rework in-vehicle experiences.
• Launched the Venture 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 accessible at https://investor.nvidia.com.

Convention Name and Webcast Info
NVIDIA will conduct a convention name with analysts and buyers to debate its first quarter fiscal 2025 monetary outcomes and present monetary prospects immediately at 2 p.m. Pacific time (5 p.m. Jap time). A dwell webcast (listen-only mode) of the convention name can be accessible at NVIDIA’s investor relations web site, https://investor.nvidia.com. The webcast can be recorded and out there 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 offered in accordance with GAAP, the corporate makes use of non-GAAP measures of sure elements of economic efficiency. These non-GAAP measures embrace non-GAAP gross revenue, non-GAAP gross margin, non-GAAP working bills, non-GAAP revenue from operations, non-GAAP different revenue (expense), web, non-GAAP web revenue, non-GAAP web revenue, or earnings, per diluted share, and free money circulate. For NVIDIA’s buyers to be higher capable of examine its present outcomes with these of earlier durations, the corporate has proven a reconciliation of GAAP to non-GAAP monetary measures. These reconciliations regulate the associated GAAP monetary measures to exclude stock-based compensation expense, acquisition-related and different prices, different, positive factors and losses from non-affiliated investments, curiosity expense associated to amortization of debt low cost, and the related tax influence of these things the place relevant. Free money circulate is calculated as GAAP web money offered by working actions much less each purchases associated to property and gear and intangible property and principal funds on property and gear and intangible property. 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 of in isolation or as an alternative to the corporate’s monetary outcomes ready in accordance with GAAP, and the corporate’s non-GAAP measures could also be totally different from non-GAAP measures utilized by different corporations.

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In hundreds of thousands, besides per share knowledge)
(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, common and administrative			777				633
		Complete working bills		3,497				2,508
Working Earnings				16,909				2,140
	Curiosity revenue			359				150
	Curiosity expense			(64	)			(66	)
	Different, web			75				(15	)
		Different revenue (expense), web		370				69
Earnings earlier than revenue tax				17,279				2,209
Earnings tax expense				2,398				166
Internet revenue			$	14,881			$	2,043
Internet revenue per share:
	Primary		$	6.04			$	0.83
	Diluted		$	5.98			$	0.82
Weighted common shares utilized in per share computation:
	Primary			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 property:
	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 property				4,062			3,080
		Complete present property			53,729			44,345
Property and gear, web					4,006			3,914
Working lease property					1,532			1,346
Goodwill					4,453			4,430
Intangible property, web					986			1,112
Deferred revenue tax property					7,798			6,081
Different property					4,568			4,500
		Complete property		$	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 revenue		$	14,881			$	2,043
Changes to reconcile web revenue to web money offered by working actions:
	Inventory-based compensation expense		1,011				735
	Depreciation and amortization		410				384
	Realized and unrealized (positive factors) losses on investments in non-affiliated entities, web		(69	)			14
	Deferred revenue taxes		(1,577	)			(1,135	)
	Different		(145	)			(34	)
Modifications in working property and liabilities, web of acquisitions:
	Accounts receivable		(2,366	)			(252	)
	Inventories		(577	)			566
	Pay as you go bills and different property		(726	)			(215	)
	Accounts payable		(22	)			11
	Accrued and different present liabilities		4,202				689
	Different long-term liabilities		323				105
Internet money offered 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 property		(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 frequent 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 property		(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 knowledge)
(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 revenue			$	16,909			$	13,615			$	2,140
	Complete influence of non-GAAP changes to working revenue			1,150				1,134				912
Non-GAAP working revenue			$	18,059			$	14,749			$	3,052
GAAP different revenue (expense), web			$	370			$	491			$	69
	(Features) losses from non-affiliated investments			(69	)			(260	)			14
	Curiosity expense associated to amortization of debt low cost			1				1				1
Non-GAAP different revenue (expense), web			$	302			$	232			$	84
GAAP web revenue			$	14,881			$	12,285			$	2,043
	Complete pre-tax influence of non-GAAP changes			1,082				875				927
	Earnings tax influence of non-GAAP changes (D)			(725	)			(321	)			(257	)
Non-GAAP web revenue			$	15,238			$	12,839			$	2,713
Diluted web revenue per share
	GAAP		$	5.98			$	4.93			$	0.82
	Non-GAAP		$	6.12			$	5.16			$	1.09
Weighted common shares utilized in diluted web revenue per share computation				2,489				2,490				2,490
GAAP web money offered by working actions			$	15,345			$	11,499			$	2,911
	Purchases associated to property and gear and intangible property			(369	)			(253	)			(248	)
	Principal funds on property and gear and intangible property			(40	)			(29	)			(20	)
Free money circulate			$	14,936			$	11,217			$	2,643
(A) Acquisition-related and different prices are comprised of amortization of intangible property 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, common 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, common and administrative		$	248			$	242			$	184
(C) Different consists of IP-related prices and property held on the market associated changes.
(D) Earnings tax influence of non-GAAP changes, together with the popularity of extra tax advantages or deficiencies associated to stock-based compensation underneath GAAP accounting commonplace (ASU 2016-09).

 

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
		Q2 FY2025 Outlook
		($ in hundreds of thousands)
GAAP gross margin			74.8	%
	Influence 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