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NVIDIA Reports Financial Results for Annual and Fourth Quarter Fiscal 2013

SANTA CLARA, CA -- (Marketwire) -- 02/13/13 -- NVIDIA (NASDAQ: NVDA)

  • Full-year revenue increased 7.1 percent to a record $4.28 billion
  • Quarterly revenue decreased 8.1 percent sequentially to $1.11 billion; year on year, revenue was up 16.1 percent
  • Quarterly GAAP diluted EPS of $0.28, off from $0.33 in Q3; non-GAAP diluted EPS of $0.35, off from $0.39 in Q3
  • Quarterly GAAP gross margin of 52.9 percent; non-GAAP gross margin of 53.2 percent

NVIDIA (NASDAQ: NVDA) today reported revenue for fiscal 2013 ended Jan. 27, 2013, of a record $4.28 billion, up 7.1 percent from $4.00 billion in fiscal 2012.

GAAP earnings per share for the year were $0.90 per diluted share, a decrease of 4.3 percent from $0.94 in fiscal 2012. Non-GAAP earnings per diluted share were $1.17, down 1.7 percent from $1.19 in fiscal 2012.

During the quarter, NVIDIA repurchased $100.0 million of stock and paid a dividend of $0.075 per share, equivalent to $46.9 million.

"This year we did the best work in our company's history," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. "We achieved record revenues, margins and cash, despite significant market headwinds.

"We grew our GPU and Tegra Processor businesses. We are sampling production silicon of the Tegra 4 platform which includes our 4G LTE modem. And we created new pillars for long term growth with Project SHIELD and NVIDIA GRID -- first-of-their-kind devices that will extend our leadership in visual computing into mobile and the cloud."


----------------------------------------------------------------------------
                      GAAP Annual Financial Comparison
----------------------------------------------------------------------------
  (in millions except per
        share data)            FY13        FY12        Y/Y$         Y/Y%
----------------------------------------------------------------------------
Revenue                       $4,280.2    $3,997.9   up $282.3       up 7.1%
----------------------------------------------------------------------------
Gross Margin                     52.0%       51.4%      ------   up 0.6 p.p.
----------------------------------------------------------------------------
Operating Expenses            $1,578.1    $1,408.2   up $169.9      up 12.1%
----------------------------------------------------------------------------
Net Income                      $562.5      $581.1  down $18.6     down 3.2%
----------------------------------------------------------------------------
Earnings Per Share               $0.90       $0.94  down $0.04     down 4.3%
----------------------------------------------------------------------------



----------------------------------------------------------------------------
                    Non-GAAP* Annual Financial Comparison
----------------------------------------------------------------------------
  (in millions except per
        share data)            FY13        FY12        Y/Y$         Y/Y%
----------------------------------------------------------------------------
Revenue                       $4,280.2    $3,997.9   up $282.3       up 7.1%
----------------------------------------------------------------------------
Gross Margin                     52.3%       51.9%    ------     up 0.4 p.p.
----------------------------------------------------------------------------
Operating Expenses            $1,395.7    $1,245.7   up $150.0      up 12.0%
----------------------------------------------------------------------------
Net Income                      $728.4      $734.4   down $6.0     down 0.8%
----------------------------------------------------------------------------
Earnings Per Share               $1.17       $1.19  down $0.02     down 1.7%
----------------------------------------------------------------------------

*Non-GAAP earnings excluded stock-based compensation, amortization of acquisition-related intangible assets, other acquisition-related costs, a contribution expense in the second quarter of fiscal 2013, a legal settlement charge in the fourth quarter of fiscal 2012, and the tax impact associated with such items.


----------------------------------------------------------------------------
                     GAAP Quarterly Financial Comparison
----------------------------------------------------------------------------
 (in millions
  except per     Q4 FY13     Q3 FY13     Q4 FY12       Q/Q           Y/Y
  share data)
----------------------------------------------------------------------------
Revenue          $1,106.9    $1,204.1      $953.2    down 8.1%      up 16.1%
----------------------------------------------------------------------------
Gross margin        52.9%       52.9%       51.4%         flat    up 1.5 p.p
----------------------------------------------------------------------------
Operating
 expenses          $402.0      $384.4      $367.7      up 4.6%       up 9.3%
----------------------------------------------------------------------------
Net income         $174.0      $209.1      $116.0   down 16.8%      up 50.0%
----------------------------------------------------------------------------
Earnings per
 share              $0.28       $0.33       $0.19   down 15.2%      up 47.4%
----------------------------------------------------------------------------



----------------------------------------------------------------------------
                  Non-GAAP* Quarterly Financial Comparison
----------------------------------------------------------------------------
 (in millions
  except per     Q4 FY13     Q3 FY13     Q4 FY12       Q/Q           Y/Y
  share data)
----------------------------------------------------------------------------
Revenue          $1,106.9    $1,204.1      $953.2    down 8.1%      up 16.1%
----------------------------------------------------------------------------
Gross margin        53.2%       53.1%       52.5%   up 0.1 p.p    up 0.7 p.p
----------------------------------------------------------------------------
Operating
 expenses          $360.4      $344.8      $325.2      up 4.5%      up 10.8%
----------------------------------------------------------------------------
Net income         $214.9      $245.5      $158.1   down 12.5%      up 35.9%
----------------------------------------------------------------------------
Earnings per
 share              $0.35       $0.39       $0.26   down 10.3%      up 34.6%
----------------------------------------------------------------------------

*Non-GAAP earnings excluded stock-based compensation, amortization of acquisition-related intangible assets, other acquisition-related costs, a legal settlement charge in the fourth quarter of fiscal 2012, and the tax impact associated with such items.

Our outlook for the first quarter of fiscal 2014 is as follows:

  • Revenue is expected to be $940 million, plus or minus two percent.

  • GAAP and non-GAAP gross margins are expected to be flat relative to the prior quarter, at 52.9 percent and 53.2 percent, respectively.

  • GAAP operating expenses are expected to be approximately $430 million; non-GAAP operating expenses are expected to be approximately $395 million.

  • GAAP and non-GAAP tax rates for the first quarter and annual fiscal 2014 are both expected to be 16 percent, plus or minus one percentage point. This estimate excludes any discrete tax events that may occur during a quarter which, if realized, may increase or decrease our actual effective tax rates in such quarter.

We estimate depreciation and amortization for the first quarter to be approximately $59 million to $61 million. Capital expenditures are expected to be in the range of $55 million to $65 million.

Diluted shares for the first quarter are expected to be approximately 619 million.

Fourth Quarter Fiscal 2013 Highlights:

  • NVIDIA's customers brought three Windows RT devices to market -- Asus VivoTab RT, IdeaPad Yoga 11 from Lenovo, and Microsoft Surface RT
  • NVIDIA announced Project SHIELD™, a unique Android gaming device that will ship in the second quarter of fiscal 2014
  • NVIDIA launched Tegra® 4, the world's fastest mobile SOC and the first quad-core A15 SOC
  • NVIDIA continued to drive the streaming of gaming from the cloud by signing deals with six middleware providers that will supply GRID™ gaming technology to service operators worldwide
  • NVIDIA officially launched the Tesla® K20 family of GPU accelerators, making the technology behind the world's fastest supercomputer, Titan, available to all

Dividend
NVIDIA will pay its next quarterly cash dividend of $0.075 cents per share on March 21, 2013 to all stockholders of record on February 28, 2013.

Reporting Segments
During the fourth quarter of fiscal 2013, NVIDIA began reporting two primary financial reporting segments -- GPU and Tegra Processor. This change reflects the way NVIDIA is now managing its businesses internally. More information on this change is in NVIDIA's CFO Commentary.

CFO Commentary and Earnings Presentation
Commentary on the quarter by Karen Burns, NVIDIA interim chief financial officer, and a presentation, are available at www.nvidia.com/ir.

Conference Call and webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter fiscal 2013 financial results and current financial prospects today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). To listen to the call, please dial (706) 679 2572. A live webcast (listen-only mode) of the conference call will be accessible at the NVIDIA investor relations web site www.nvidia.com/ir and at www.streetevents.com. The webcast will be recorded and available for replay until the company's conference call to discuss its financial results for its first quarter fiscal 2014.

Non-GAAP Measures
To supplement NVIDIA's Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income tax expense, non-GAAP net income, non-GAAP net income, or earnings, per share, and free cash flow. In order 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. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation, amortization of acquisition-related intangible assets, other acquisition-related costs, a contribution expense, a legal settlement charge, and the associated tax impact of these items, where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less purchases of property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user's overall understanding of the company's historical financial performance. The presentation of the company's non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company's financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

About NVIDIA
NVIDIA (NASDAQ: NVDA) awakened the world to computer graphics when it invented the GPU in 1999. Today, its processors power a broad range of products from smart phones to supercomputers. NVIDIA's mobile processors are used in cell phones, tablets and auto infotainment systems. PC gamers rely on GPUs to enjoy spectacularly immersive worlds. Professionals use them to create visual effects in movies and design everything from golf clubs to jumbo jets. And researchers utilize GPUs to advance the frontiers of science with high-performance computing. The company holds more than 5,500 issued, allowed or filed patents worldwide, including ones covering ideas essential to modern computing. For more information, see www.nvidia.com.

Certain statements in this press release including, but not limited to statements as to: the company's financial outlook for the first quarter of fiscal 2014; the company's tax rate for the first quarter and fiscal year 2014; the anticipated shipment of Project SHIELD in the second quarter; the extension of the company's visual computing expertise; the growth of the cloud and mobile markets; and the effects of the company's patents on modern computing are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the reports NVIDIA files with the Securities and Exchange Commission, or SEC, including its Form 10-Q for the fiscal period ended October 28, 2012. Copies of reports filed with the SEC are posted on the company's website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

(C) 2013 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GRID, Tegra, SHIELD and Tesla are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.


                             NVIDIA CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                    (In thousands, except per share data)
                                 (Unaudited)


                                Three Months Ended     Twelve Months Ended
                             ----------------------- -----------------------
                             January 27, January 29, January 27, January 29,
                                 2013        2012        2013        2012
                             ----------- ----------- ----------- -----------

Revenue                      $ 1,106,902 $   953,194 $ 4,280,159 $ 3,997,930
Cost of revenue                  521,300     463,181   2,053,816   1,941,413
                             ----------- ----------- ----------- -----------
Gross profit                     585,602     490,013   2,226,343   2,056,517
Operating expenses
  Research and development       298,007     266,862   1,147,282   1,002,605
  Sales, general and
   administrative                104,022     100,834     430,822     405,613
                             ----------- ----------- ----------- -----------
    Total operating expenses     402,029     367,696   1,578,104   1,408,218
                             ----------- ----------- ----------- -----------
Operating income                 183,573     122,317     648,239     648,299
Interest and other income,
 net                               2,535       2,260      13,800      15,097
                             ----------- ----------- ----------- -----------
Income before income tax
 expense                         186,108     124,577     662,039     663,396
Income tax expense                12,135       8,552      99,503      82,306
                             ----------- ----------- ----------- -----------
Net income                   $   173,973 $   116,025 $   562,536 $   581,090
                             =========== =========== =========== ===========

Basic net income per share   $      0.28 $      0.19 $      0.91 $      0.96
                             =========== =========== =========== ===========
Diluted net income per share $      0.28 $      0.19 $      0.90 $      0.94
                             =========== =========== =========== ===========

Shares used in basic per
 share computation               620,169     611,432     619,324     603,646
Shares used in diluted per
 share computation               622,018     618,599     624,957     616,371



                             NVIDIA CORPORATION
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                               (In thousands)
                                 (Unaudited)


                                                 January 27,    January 29,
                                                    2013           2012
                                               -------------- --------------
ASSETS

Current assets:
  Cash, cash equivalents and marketable
   securities                                  $    3,727,883 $    3,129,576
  Accounts receivable, net                            454,252        336,143
  Inventories                                         419,686        340,297
  Prepaid expenses and other current assets           173,437         99,342
                                               -------------- --------------
    Total current assets                            4,775,258      3,905,358

Property and equipment, net                           576,144        560,072
Goodwill                                              641,030        641,030
Intangible assets, net                                312,332        326,136
Other assets                                          107,481        120,332
                                               -------------- --------------
    Total assets                               $    6,412,245 $    5,552,928
                                               ============== ==============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                             $      356,428 $      335,072
  Accrued liabilities and other current
   liabilities                                        619,795        594,886
                                               -------------- --------------
    Total current liabilities                         976,223        929,958

Other long-term liabilities                           589,321        455,807
Capital lease obligations, long term                   18,998         21,439

Stockholders' equity                                4,827,703      4,145,724
                                               -------------- --------------
    Total liabilities and stockholders' equity $    6,412,245 $    5,552,928
                                               ============== ==============



                             NVIDIA CORPORATION
           RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
                   (In thousands, except per share data)
                                (Unaudited)

                              Three Months Ended       Twelve Months Ended
                        ----------------------------- ---------------------
                         January   October   January    January    January
                           27,       28,       29,        27,        29,
                           2013      2012      2012      2013       2012
                        --------- --------- --------- ---------- ----------

GAAP gross profit       $ 585,602 $ 636,658 $ 490,013 $2,226,343 $2,056,517
  GAAP gross margin          52.9%     52.9%     51.4%      52.0%      51.4%

    Stock-based
     compensation
     expense included
     in cost of revenue
     (A)                    2,826     2,489     3,048     10,490     11,322
    Legal settlement
     (B)                        -         -     7,300          -      7,300
                        --------- --------- --------- ---------- ----------
Non-GAAP gross profit   $ 588,428 $ 639,147 $ 500,361 $2,236,833 $2,075,139
                        ========= ========= ========= ========== ==========
  Non-GAAP gross margin      53.2%     53.1%     52.5%      52.3%      51.9%

GAAP operating expenses $ 402,029 $ 384,441 $ 367,696 $1,578,104 $1,408,218
    Stock-based
     compensation
     expense included
     in operating
     expense (A)          (32,943)  (30,580)  (32,388)  (126,172)  (125,032)
    Amortization of
     acquisition-
     related intangible
     assets                (4,325)   (4,402)   (5,041)   (17,134)   (17,190)
    Other acquisition-
     related costs (C)     (4,373)   (4,666)   (5,052)   (19,004)   (20,282)
    Contribution
     expense (D)                -         -         -    (20,127)         -
                        --------- --------- --------- ---------- ----------
Non-GAAP operating
 expenses               $ 360,388 $ 344,793 $ 325,215 $1,395,667 $1,245,714
                        ========= ========= ========= ========== ==========

GAAP net income         $ 173,973 $ 209,080 $ 116,025 $  562,536 $  581,090
    Total pre-tax
     impact of non-GAAP
     adjustments           44,467    42,137    52,829    192,927    181,126
    Income tax impact
     of non-GAAP
     adjustments           (3,507)   (5,755)  (10,718)   (27,090)   (27,810)
                        --------- --------- --------- ---------- ----------
Non-GAAP net income     $ 214,933 $ 245,462 $ 158,136 $  728,373 $  734,406
                        ========= ========= ========= ========== ==========

Diluted net income per
 share
    GAAP                $    0.28 $    0.33 $    0.19 $     0.90 $     0.94
                        ========= ========= ========= ========== ==========
    Non-GAAP            $    0.35 $    0.39 $    0.26 $     1.17 $     1.19
                        ========= ========= ========= ========== ==========

Shares used in diluted
 net income per share
 computation              622,018   628,845   618,599    624,957    616,371

Metrics:

    GAAP net cash flow
     provided by
     operating
     activities         $ 451,009 $ 181,485 $ 410,518 $  824,172 $  909,156
    Purchase of
     property and
     equipment and
     intangible assets    (47,758)  (44,684)  (45,182)  (183,309)  (138,735)
                        --------- --------- --------- ---------- ----------
    Free cash flow      $ 403,251 $ 136,801 $ 365,336 $  640,863 $  770,421
                        ========= ========= ========= ========== ==========

    Graphics Processing
     Unit (GPU) revenue                               $3,251,712 $3,186,764
    Chipset product
     revenue                                             (24,309)  (197,417)
                                                      ---------- ----------
    GPU revenue
     excluding chipset
     products                                         $3,227,403 $2,989,347
                                                      ========== ==========


(A) Excludes stock-
based compensation as
follows:                      Three Months Ended       Twelve Months Ended
                        ----------------------------- ---------------------
                         January   October   January    January    January
                           27,       28,       29,        27,        29,
                           2013      2012      2012      2013       2012
                        --------- --------- --------- ---------- ----------
    Cost of revenue     $   2,826 $   2,489 $   3,048 $   10,490 $   11,322
    Research and
     development        $  22,009 $  20,056 $  20,908 $   82,157 $   80,502
    Sales, general and
     administrative     $  10,934 $  10,524 $  11,480 $   44,015 $   44,530

(B) On February 7, 2012, the Company and Rambus entered into a licensing
 agreement and both parties also agreed to settle all outstanding legal
 disputes. For accounting purposes, an additional charge of $7.3 million
 associated with the fair value prescribed to the settlement portion was
 recognized for the year ended January 29, 2012.

(C) Other acquisition-related costs are comprised of transaction costs,
 compensation charges and restructuring costs related to the acquisition of
 Icera, Inc. that was completed on June 10, 2011.

(D) Net present value of a $25 million charitable contribution pledged on
 June 12, 2012 to Stanford Hospital and Clinic, payable over a ten year
 period.



                             NVIDIA CORPORATION
                 RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

                                                         Q1 FY2014 Outlook
                                                        -------------------

GAAP gross margin                                                      52.9%
  Impact of stock-based compensation (A)                                0.3%
                                                        -------------------
Non-GAAP gross margin                                                  53.2%
                                                        ===================

                                                         Q1 FY2014 Outlook
                                                        -------------------
                                                           (In millions)

GAAP operating expenses                                 $             430.0
  Stock-based compensation expense included in
   operating expense                                                  (28.0)
  Amortization of acquisition-related intangible assets                (4.0)
  Other acquisition-related costs (B)                                  (3.0)
                                                        -------------------
Non-GAAP operating expenses                             $             395.0
                                                        ===================

(A) Represents $2.6 million of stock-based compensation expense included in
 cost of revenue.

(B) Other acquisition related costs are comprised primarily of compensation
 charges related to the acquisition of Icera, Inc. that was completed on
 June 10, 2011.


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The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.