NVIDIA Announces Financial Results for the Fourth Quarter and Fiscal 2016

SANTA CLARA, CA -- (Marketwired) -- Feb 17, 2016 -- NVIDIA (NASDAQ: NVDA) --

  • Record quarterly revenue of $1.40 billion, up 12 percent from a year earlier
  • Record full-year revenue of $5.01 billion, up 7 percent from fiscal 2015
  • Growth across all market platforms - Gaming, Professional Visualization, Datacenter, Automotive
  • Sharply growing customer engagements in deep learning

NVIDIA (NASDAQ: NVDA) today reported record revenue for the fourth quarter ended January 31, 2016, of $1.40 billion, up 12 percent from $1.25 billion a year earlier, and up 7 percent from $1.30 billion in the previous quarter.

Revenue for fiscal 2016 was a record $5.01 billion, up 7 percent from $4.68 billion a year earlier.

GAAP earnings per diluted share for the quarter were $0.35, inclusive of a restructuring charge of $0.04 per diluted share. Non-GAAP earnings per diluted share were $0.52, up 21 percent from $0.43 a year earlier and up 13 percent from $0.46 in the previous quarter.

GAAP earnings per diluted share for the full year were $1.08, inclusive of restructuring charges of $0.15 per diluted share. Non-GAAP earnings per diluted share were $1.67, up 18 percent from $1.42 a year earlier.

"We had another record quarter, capping a record year," said Jen-Hsun Huang, co-founder and chief executive officer, NVIDIA. "Our strategy is to create specialized accelerated computing platforms for large growth markets that demand the 10x boost in performance we offer. Each platform leverages our focused investment in building the world's most advanced GPU technology.

"NVIDIA is at the center of four exciting growth opportunities -- PC gaming, VR, deep learning, and self-driving cars. We are especially excited about deep learning, a breakthrough in artificial intelligence algorithms that takes advantage of our GPU's ability to process data simultaneously.

"Deep learning is a new computing model that teaches computers to find patterns and make predictions, extracting powerful insights from massive quantities of data. We are working with thousands of companies that are applying the power of deep learning in fields ranging from life sciences and financial services to the Internet of Things," he said.

Capital Return
During the fourth quarter, NVIDIA paid $62 million in cash dividends and received 4.3 million shares in connection with an accelerated share repurchase agreement that it had entered into in the quarter. During fiscal 2016, the company returned to shareholders $800 million in quarterly cash dividends and share repurchases.

For fiscal 2017, NVIDIA intends to return approximately $1.0 billion to shareholders through ongoing quarterly cash dividends and share repurchases.

NVIDIA will pay its next quarterly cash dividend of $0.115 per share on March 23, 2016, to all shareholders of record on March 2, 2016.

Q4 FY2016 Summary

                                                                            
----------------------------------------------------------------------------
                                    GAAP                                    
----------------------------------------------------------------------------
($ in millions except                                                       
 earnings per share)           Q4 FY16  Q3 FY16  Q4 FY15    Q/Q       Y/Y   
----------------------------------------------------------------------------
Revenue                         $1,401   $1,305   $1,251     up 7%    up 12%
----------------------------------------------------------------------------
Gross margin                     56.5%    56.3%    55.9% up 20 bps up 60 bps
----------------------------------------------------------------------------
Operating expenses                $539     $489     $468    up 10%    up 15%
----------------------------------------------------------------------------
Operating income                  $252     $245     $231     up 3%     up 9%
----------------------------------------------------------------------------
Net income                        $207     $246     $193  down 16%     up 7%
----------------------------------------------------------------------------
Diluted earnings per share       $0.35    $0.44    $0.35  down 20%        --
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
                                  Non-GAAP                                  
----------------------------------------------------------------------------
($ in millions except                                                       
 earnings per share)       Q4 FY16   Q3 FY16   Q4 FY15     Q/Q        Y/Y   
----------------------------------------------------------------------------
Revenue                      $1,401    $1,305    $1,251     up 7%     up 12%
----------------------------------------------------------------------------
Gross margin                  57.2%     56.5%     56.2% up 70 bps up 100 bps
----------------------------------------------------------------------------
Operating expenses             $445      $430      $420     up 3%      up 6%
----------------------------------------------------------------------------
Operating income               $356      $308      $283    up 16%     up 26%
----------------------------------------------------------------------------
Net income                     $297      $255      $241    up 16%       up  23%
----------------------------------------------------------------------------
Diluted  earnings  per                    $0.52          $0.46          $0.43        up  13%          up  21%
  share                                                                                                                                            
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