Record quarterly income of $26.0 billion, up 18% from Q4 and up 262% from a year prior
Record quarterly Information Center income of $22.6 billion, up 23% from Q4 and up 427% from a year ago
Ten-for-one forward stock part successful June 7, 2024
Quarterly cash profit raised 150% to $0.01 per share on a post-split basis
NVIDIA (NASDAQ: NVDA) nowadays detailed income for the to begin with quarter finished April 28, 2024, of $26.0 billion, up 18% from the past quarter and up 262% from a year ago.
For the quarter, GAAP profit per weakened share was $5.98, up 21% from the past quarter and up 629% from a year prior. Non-GAAP profit per weakened share was $6.12, up 19% from the past quarter and up 461% from a year ago.
“The another mechanical transformation has started — companies and nations are joining forces with NVIDIA to move the trillion-dollar conventional information centers to quickened computing and construct a unused sort of information center — AI industrial facilities — to create a modern product: counterfeit intelligence,” said Jensen Huang, author and CEO of NVIDIA. “AI will bring critical efficiency picks up to about each industry and offer assistance companies be more fetched- and energy-efficient, whereas extending income opportunities.
“Our information center development was fueled by solid and quickening request for generative AI preparing and deduction on the Container stage. Past cloud benefit suppliers, generative AI has extended to buyer web companies, and endeavor, autonomous AI, car and healthcare clients, making numerous multibillion-dollar vertical markets.
“We are balanced for our another wave of development. The Blackwell stage is in full generation and shapes the establishment for trillion-parameter-scale generative AI. Spectrum-X opens a brand-new advertise for us to bring large-scale AI to Ethernet-only information centers. And NVIDIA NIM is our unused computer program advertising that conveys enterprise-grade, optimized generative AI to run on CUDA all over — from the cloud to on-prem information centers and RTX AI PCs — through our sweeping arrange of environment partners.”
NVIDIA too reported a ten-for-one forward stock part of NVIDIA’s issued common stock to make stock possession more open to workers and financial specialists. The part will be affected through an correction to NVIDIA’s Repeated Certificate of Joining, which will result in a proportionate increment in the number of offers of authorized common stock. Each record holder of common stock as of the near of advertise on Thursday, June 6, 2024, will get nine extra offers of common stock, to be disseminated after the near of showcase on Friday, June 7, 2024. Exchanging is anticipated to commence on a split-adjusted premise at advertise open on Monday, June 10, 2024.
NVIDIA is expanding its quarterly cash profit by 150% from $0.04 per share to $0.10 per share of common stock. The expanded profit is proportionate to $0.01 per share on a post-split premise and will be paid on Friday, June 28, 2024, to all shareholders of record on Tuesday, June 11, 2024
Q1 Financial 2025 Summary
GAAP
($ in millions, but earnings
per share) Q1 FY25 Q4 FY24 Q1 FY24 Q/Q Y/Y
Revenue $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
Operating expenses $3,497 $3,176 $2,508 Up 10% Up 39%
Operating income $16,909 $13,615 $2,140 Up 24% Up 690%
Net income $14,881 $12,285 $2,043 Up 21% Up 628%
Diluted profit per share $5.98 $4.93 $0.82 Up 21% Up 629%
Non-GAAP
($ in millions, but earnings
per share) Q1 FY25 Q4 FY24 Q1 FY24 Q/Q Y/Y
Revenue $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
Operating expenses $2,501 $2,210 $1,750 Up 13% Up 43%
Operating income $18,059 $14,749 $3,052 Up 22% Up 492%
Net income $15,238 $12,839 $2,713 Up 19% Up 462%
Diluted profit per share $6.12 $5.16 $1.09 Up 19% Up 461%
Outlook
NVIDIA’s viewpoint for the moment quarter of financial 2025 is as follows:
Revenue is anticipated to be $28.0 billion, furthermore or short 2%.
GAAP and non-GAAP net edges are anticipated to be 74.8% and 75.5%, individually, also or short 50 premise focuses. For the full year, net edges are anticipated to be in the mid-70% range.
GAAP and non-GAAP working costs are anticipated to be around $4.0 billion and $2.8 billion, individually. Full-year working costs are anticipated to develop in the low-40% range.
GAAP and non-GAAP other salary and cost are anticipated to be an salary of roughly $300 million, barring picks up and misfortunes from non-affiliated investments.
GAAP and non-GAAP charge rates are anticipated to be 17%, additionally or short 1%, barring any discrete items.
Highlights
NVIDIA accomplished advance since its past profit declaration in these regions:
Data Center
First-quarter income was a record $22.6 billion, up 23% from the past quarter and up 427% from a year ago.
Unveiled the NVIDIA Blackwell stage to fuel a unused period of AI computing at trillion-parameter scale and the Blackwell-powered DGX SuperPOD™ for generative AI supercomputing.
Announced NVIDIA Quantum and NVIDIA Spectrum™ X800 arrangement switches for InfiniBand and Ethernet, separately, optimized for trillion-parameter GPU computing and AI infrastructure.
Launched NVIDIA AI Endeavor 5.0 with NVIDIA NIM deduction microservices to speed endeavor app development.
Announced TSMC and Synopsys are going into generation with NVIDIA cuLitho to quicken computational lithography, the semiconductor fabricating industry’s most compute-intensive workload.
Announced that nine unused supercomputers around the world are utilizing Elegance Container Superchips to touch off modern time of AI supercomputing.
Unveiled that Beauty Container Superchips control the best three machines on the Green500 list of the world’s most energy-efficient supercomputers.
Expanded collaborations with AWS, Google Cloud, Microsoft and Prophet to progress generative AI innovation.
Worked with Johnson & Johnson MedTech to bring AI capabilities to bolster surgery.
Gaming and AI PC
First-quarter Gaming income was $2.6 billion, down 8% from the past quarter and up 18% from a year prior.
Introduced unused AI gaming advances at GDC for NVIDIA Expert and Neural Graphics.
Unveiled modern AI execution optimizations and integrative for Windows to convey most extreme execution on NVIDIA GeForce RTX AI PCs and workstations.
Announced more blockbuster recreations that will join RTX innovation, counting Star Wars Outlaws and Dark Myth Wukong.
Added back for modern models, counting Google’s Gemma, for ChatRTX, which brings chatbot capabilities to RTX-powered Windows PCs and workstations.
Proficient Visualization
First-quarter income was $427 million, down 8% from the past quarter and up 45% from a year ago.
Introduced NVIDIA RTX™ 500 and 1000 proficient Ada era portable workstation GPUs for AI-enhanced workflows.
Unveiled NVIDIA RTX A400 and A1000 GPUs for desktop workstations, based on the NVIDIA Ampere engineering, to bring AI to plan and efficiency workflows.
Introduced NVIDIA Omniverse™ Cloud APIs to control mechanical advanced twin computer program instruments, counting an extended Siemens association, and a unused system for the Apple Vision Pro.
Announced the selection of the modern Earth-2 cloud APIs by The Climate Company and the Central Climate Organization of Taiwan for high-resolution worldwide climate simulations.
Automotive and Robotics
First-quarter Car income was $329 million, up 17% from the past quarter and up 11% from a year ago.
Announced BYD, XPENG, GAC’s AION Hyper, Nuro and others have chosen the next-generation NVIDIA DRIVE Thor™ stage, which presently highlights Blackwell GPU design, to control their next-generation customer and commercial electric vehicle fleets.
Revealed U.S. and China electric vehicle creators Clear and IM Engines are utilizing the NVIDIA DRIVE Orin™ stage for vehicle models focusing on the European market.
Announced an cluster of accomplices are utilizing NVIDIA generative AI innovations to change in-vehicle experiences.
Introduced the Extend GR00T establishment demonstrate for humanoid robots and major Isaac mechanical autonomy stage updates.
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s official bad habit president and chief budgetary officer, is accessible at https://investor.nvidia.com.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with investigators and speculators to examine its to begin with quarter financial 2025 money related comes about and current budgetary prospects nowadays at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be open at NVIDIA’s speculator relations site, https://investor.nvidia.com. The webcast will be recorded and accessible for replay until NVIDIA’s conference call to talk about its money related comes about for its moment quarter of monetary 2025.
Non-GAAP Measures
To supplement NVIDIA’s condensed solidified money related explanations displayed in understanding with GAAP, the company employments non-GAAP measures of certain components of money related execution. These non-GAAP measures incorporate non-GAAP net benefit, non-GAAP net edge, non-GAAP working costs, non-GAAP wage from operations, non-GAAP other pay (cost), net, non-GAAP net salary, non-GAAP net wage, or profit, per weakened share, and free cash stream. For NVIDIA’s speculators to be way better able to compare its current comes about with those of past periods, the company has appeared a compromise of GAAP to non-GAAP budgetary measures. These compromises alter the related GAAP monetary measures to avoid stock-based remuneration cost, acquisition-related and other costs, other, picks up and misfortunes from non-affiliated speculations, intrigued cost related to amortization of obligation rebate, and the related assess affect of these things where appropriate. Free cash stream is calculated as GAAP net cash given by working exercises less both buys related to property and gear and intangible resources and vital installments on property and gear and intangible resources. NVIDIA accepts the introduction of its non-GAAP money related measures upgrades the user’s in general understanding of the company’s chronicled budgetary execution. The introduction of the company’s non-GAAP monetary measures is not implied to be considered in separation or as a substitute for the company’s monetary comes about arranged in understanding with GAAP, and the company’s non-GAAP measures may be distinctive from non-GAAP measures utilized by other companies.
NVIDIA CORPORATION
CONDENSED Solidified Explanations OF INCOME
(In millions, but per share data)
(Unaudited)
Three Months Ended
April 28, April 30,
2024 2023
Revenue $ 26,044 $ 7,192
Cost of revenue 5,638 2,544
Gross profit 20,406 4,648
Operating expenses
Research and development 2,720 1,875
Sales, common and administrative 777 633
Total working expenses 3,497 2,508
Operating Income 16,909 2,140
Interest income 359 150
Interest expense (64 ) (66 )
Other, net 75 (15 )
Other salary (cost), net 370 69
Income some time recently wage tax 17,279 2,209
Income charge expense 2,398 166
Net income $ 14,881 $ 2,043
Net salary per share:
Basic $ 6.04 $ 0.83
Diluted $ 5.98 $ 0.82
Weighted normal offers utilized in per share computation:
Basic 2,462 2,470
Diluted 2,489 2,490
NVIDIA CORPORATION
CONDENSED Solidified Adjust SHEETS
(In millions)
(Unaudited)
April 28, January 28,
2024 2024
ASSETS
Current assets:
Cash, cash counterparts and attractive securities $ 31,438 $ 25,984
Accounts receivable, net 12,365 9,999
Inventories 5,864 5,282
Prepaid costs and other current assets 4,062 3,080
Total current assets 53,729 44,345
Property and gear, net 4,006 3,914
Operating rent assets 1,532 1,346
Goodwill 4,453 4,430
Intangible resources, net 986 1,112
Deferred wage charge assets 7,798 6,081
Other assets 4,568 4,500
Total assets $ 77,072 $ 65,728
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,715 $ 2,699
Accrued and other current liabilities 11,258 6,682
Short-term debt 1,250 1,250
Total current liabilities 15,223 10,631
Long-term debt 8,460 8,459
Long-term working rent liabilities 1,281 1,119
Other long-term liabilities 2,966 2,541
Total liabilities 27,930 22,750
Shareholders' equity 49,142 42,978
Total liabilities and shareholders' equity $ 77,072 $ 65,728
NVIDIA CORPORATION
CONDENSED Solidified Articulations OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
April 28, April 30,
2024 2023
Cash streams from working activities:
Net income $ 14,881 $ 2,043
Adjustments to accommodate net pay to net cash given by working activities:
Stock-based emolument expense 1,011 735
Depreciation and amortization 410 384
Realized and unrealized (picks up) misfortunes on ventures in non-affiliated substances, net (69 ) 14
Deferred salary taxes (1,577 ) (1,135 )
Other (145 ) (34 )
Changes in working resources and liabilities, net of acquisitions:
Accounts receivable (2,366 ) (252 )
Inventories (577 ) 566
Prepaid costs and other assets (726 ) (215 )
Accounts payable (22 ) 11
Accrued and other current liabilities 4,202 689
Other long-term liabilities 323 105
Net cash given by working activities 15,345 2,911
Cash streams from contributing activities:
Proceeds from maturities of attractive securities 4,004 2,512
Proceeds from deals of attractive securities 149 -
Purchases of attractive securities (9,303 ) (2,801 )
Purchase related to property and hardware and intangible assets (369 ) (248 )
Acquisitions, net of cash acquired (39 ) (83 )
Investments in non-affiliated entities (135 ) (221 )
Net cash utilized in contributing activities (5,693 ) (841 )
Cash streams from financing activities:
Proceeds related to worker stock plans 285 246
Payments related to repurchases of common stock (7,740 ) -
Payments related to assess on confined stock units (1,752 ) (507 )
Dividends paid (98 ) (99 )
Principal installments on property and gear and intangible assets (40 ) (20 )
Net cash utilized in financing activities (9,345 ) (380 )
Change in cash and cash equivalents 307 1,690
Cash and cash reciprocals at starting of period 7,280 3,389
Cash and cash counterparts at conclusion of period $ 7,587 $ 5,079
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP Monetary MEASURES
(In millions, but per share data)
(Unaudited)
Three Months Ended
April 28, January 28, April 30,
2024 2024 2023
GAAP net benefit $ 20,406 $ 16,791 $ 4,648
GAAP net edge 78.4% 76.0% 64.6%
Acquisition-related and other costs (A) 119 119 119
Stock-based emolument cost (B) 36 45 27
Other (C) (1 ) 4 8
Non-GAAP net benefit $ 20,560 $ 16,959 $ 4,802
Non-GAAP net edge 78.9% 76.7% 66.8%
GAAP working costs $ 3,497 $ 3,176 $ 2,508
Stock-based emolument cost (B) (975 ) (948 ) (708 )
Acquisition-related and other costs (A) (21 ) (18 ) (54 )
Other (C) - - 4
Non-GAAP working costs $ 2,501 $ 2,210 $ 1,750
GAAP working wage $ 16,909 $ 13,615 $ 2,140
Total affect of non-GAAP alterations to working income 1,150 1,134 912
Non-GAAP working wage $ 18,059 $ 14,749 $ 3,052
GAAP other pay (cost), net $ 370 $ 491 $ 69
(Gains) misfortunes from non-affiliated investments (69 ) (260 ) 14
Interest cost related to amortization of obligation discount 1 1 1
Non-GAAP other wage (cost), net $ 302 $ 232 $ 84
GAAP net salary $ 14,881 $ 12,285 $ 2,043
Total pre-tax affect of non-GAAP adjustments 1,082 875 927
Income assess affect of non-GAAP alterations (D) (725 ) (321 ) (257 )
Non-GAAP net income $ 15,238 $ 12,839 $ 2,713
Diluted net pay per share
GAAP $ 5.98 $ 4.93 $ 0.82
Non-GAAP $ 6.12 $ 5.16 $ 1.09
Weighted normal offers utilized in weakened net pay per share computation 2,489 2,490 2,490
GAAP net cash given by working exercises $ 15,345 $ 11,499 $ 2,911
Purchases related to property and hardware and intangible assets (369 ) (253 ) (248 )
Principal installments on property and hardware and intangible assets (40 ) (29 ) (20 )
Free cash stream $ 14,936 $ 11,217 $ 2,643
(A) Acquisition-related and other costs are comprised of amortization of intangible resources and exchange costs, and are included in the taking after line items:
Three Months Ended
April 28, January 28, April 30,
2024 2024 2023
Cost of revenue $ 119 $ 119 $ 119
Research and development $ 12 $ 12 $ 12
Sales, common and administrative $ 8 $ 6 $ 42
(B) Stock-based recompense comprises of the taking after:
Three Months Ended
April 28, January 28, April 30,
2024 2024 2023
Cost of revenue $ 36 $ 45 $ 27
Research and development $ 727 $ 706 $ 524
Sales, common and administrative $ 248 $ 242 $ 184
(C) Other comprises of IP-related costs and resources held for deal related alterations.
(D) Salary charge affect of non-GAAP alterations, counting the acknowledgment of abundance charge benefits or lacks related to stock-based remuneration beneath GAAP bookkeeping standard (ASU 2016-09).
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
Q2 FY2025
Outlook
($ in millions)
GAAP net margin 74.8 %
Impact of stock-based stipend cost, acquisition-related costs, and other costs 0.7 %
Non-GAAP net margin 75.5 %
GAAP working expenses $ 3,950
Stock-based emolument cost, acquisition-related costs, and other costs (1,150 )
Non-GAAP working expenses $ 2,800
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