NVIDIA Announces Financial Results for the Fourth Quarter and Fiscal 2016

FY2016 Summary

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                                    GAAP                                    
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($ in millions except earnings per share)            FY16    FY15     Y/Y   
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Revenue                                             $5,010  $4,682     up 7%
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Gross margin                                         56.1%   55.5% up 60 bps
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Operating expenses                                  $2,064  $1,840    up 12%
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Operating income                                      $747    $759   down 2%
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Net income                                            $614    $631   down 3%
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Diluted earnings per share                           $1.08   $1.12   down 4%
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                                  Non-GAAP                                  
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($ in millions except earnings per share)           FY16    FY15      Y/Y   
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Revenue                                            $5,010  $4,682      up 7%
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Gross margin                                        56.8%   55.8% up 100 bps
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Operating expenses                                 $1,721  $1,657      up 4%
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Operating income                                   $1,125    $954     up 18%
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Net income                                           $929    $801     up 16%
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Diluted earnings per share                          $1.67   $1.42     up 18%
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NVIDIA's outlook for the first quarter of fiscal 2017 is as follows:

  • Revenue is expected to be $1.26 billion, plus or minus two percent.

  • GAAP and non-GAAP gross margins are expected to be 57.2 percent and 57.5 percent, respectively, plus or minus 50 basis points.

  • GAAP operating expenses are expected to be approximately $500 million. Non-GAAP operating expenses are expected to be approximately $445 million.

  • GAAP and non-GAAP tax rates for the first quarter of fiscal 2017 are both expected to be 19 percent, plus or minus one percent.

  • Capital expenditures are expected to be approximately $35 million to $45 million.

Fourth Quarter Fiscal 2016 Highlights
During the fourth quarter, NVIDIA achieved progress in each of its platforms.

Gaming:

  • Announced the GeForce® GTX VR Ready program -- in conjunction with PC companies, notebook makers and add-in card providers - to help users discover systems that will provide great virtual reality experiences.

  • Released NVIDIA GameWorks™ VR, a software development kit for developers of VR software and headsets for gaming.

Professional Visualization:

Datacenter:

  • Introduced an end-to-end hyperscale datacenter deep learning platform -- consisting of two accelerators, the NVIDIA Tesla® M40 and NVIDIA Tesla M4 -- that lets web-services companies accelerate deep learning workloads.

  • Revealed new breakthroughs from leading web-services groups using NVIDIA GPUs:
    • Facebook is using the NVIDIA Tesla accelerated computing platform to power Big Sur, its next-generation computing system for machine learning applications.
    • Alibaba's AliCloud cloud computing business is working with NVIDIA to promote China's first GPU-accelerated, cloud-based, high performance computing platform.
    • IBM is adding support for NVIDIA GPU accelerators to its Watson cognitive computing platform.
    • Google is open-sourcing its TensorFlow deep-learning framework, which can be accelerated on GPUs.
    • Microsoft's Computational Network Toolkit was integrated with Azure GPU Lab, enabling neural nets for speech recognition that are up to 10x faster than their predecessors.

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