NVIDIA Announces Financial Results for Third Quarter Fiscal 2016

SANTA CLARA, CA -- (Marketwired) -- Nov 05, 2015 -- NVIDIA (NASDAQ: NVDA)

  • Record revenue of $1.305 billion, up 7 percent from a year ago, up 13 percent sequentially
  • GAAP operating income of $245 million, up 15 percent from a year ago
  • Quarterly cash dividend raised 18 percent to $0.115 per share. Company to return $1 billion to shareholders in fiscal 2017

NVIDIA (NASDAQ: NVDA) today reported record revenue for the third quarter ended October 25, 2015, of $1.305 billion, up 7 percent from $1.225 billion a year earlier, and up 13 percent from $1.153 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $0.44, up 42 percent from $0.31 a year earlier and up from $0.05 in the previous quarter. Non-GAAP earnings per diluted share were $0.46, up 18 percent from $0.39 a year earlier, and up 35 percent from $0.34 in the previous quarter.

"Our record revenue highlights NVIDIA's position at the center of forces that are reshaping our industry," said Jen-Hsun Huang, co-founder and chief executive officer, NVIDIA. "Virtual reality, deep learning, cloud computing and autonomous driving are developing with incredible speed, and we are playing an important role in all of them.

"We continue to make great headway in our strategy of creating specialized visual computing platforms targeted at important growth markets. The opportunities ahead of us have never been more promising," he said.

Capital Return
During the third quarter, NVIDIA paid $53 million in cash dividends and received an additional 4.6 million shares at the close of the accelerated share repurchase agreement that it had entered into in the previous quarter. As a result, the company has returned an aggregate of $604 million to shareholders in the first nine months of the fiscal year. The company intends to return $800 million to shareholders in fiscal 2016.

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

The company announced an 18 percent increase in its quarterly cash dividend to $0.115 per share from $0.0975 per share. NVIDIA will pay this next quarterly cash dividend on December 14, 2015, to all shareholders of record on November 20, 2015.

                                                                            
                                                                            
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                     GAAP Quarterly Financial Comparison                    
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     ($ in millions except                                                  
      earnings per share)      Q3 FY16 Q2 FY16 Q3 FY15     Q/Q        Y/Y   
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Revenue                         $1,305  $1,153  $1,225     up 13%      up 7%
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Gross margin                     56.3%   55.0%   55.2% up 130 bps up 110 bps
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Operating expenses                $489    $558    $463   down 12%      up 6%
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Operating income                  $245     $76    $213    up 222%     up 15%
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Net income                        $246     $26    $173    up 846%     up 42%
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Diluted earnings per share       $0.44   $0.05   $0.31    up 780%     up 42%
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                   Non-GAAP Quarterly Financial Comparison                  
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     ($ in millions except                                                  
      earnings per share)      Q3 FY16 Q2 FY16 Q3 FY15     Q/Q        Y/Y   
----------------------------------------------------------------------------
Revenue                         $1,305  $1,153  $1,225     up 13%      up 7%
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Gross margin                     56.5%   56.6%   55.5%    down 10 up 100 bps
                                                              bps           
----------------------------------------------------------------------------
Operating expenses                $430    $421    $415      up 2%      up 4%
----------------------------------------------------------------------------
Operating income                  $308    $231    $264     up 33%     up 17%
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Net income                        $255    $190    $220     up 34%     up 16%
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Diluted earnings  per  share              $0.46      $0.34      $0.39          up  35%          up  18%
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