NVIDIA Reports Record Results for Fourth Quarter and Fiscal Year 2008

Copyright (C) 2008 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, Tesla, Hybrid SLI, CUDA, PureVideo, and Quadro are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated.

     Michael Hara                         Calisa Cole
     Investor Relations                   Corporate Communications
     NVIDIA Corporation                   NVIDIA Corporation
     (408) 486-2511                       (408) 486-6263
     
Email Contact                     
Email Contact



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

                               Three Months Ended        Twelve Months Ended
                            January 27,  January 28,   January 27, January 28,
                                2008         2007          2008        2007

    Revenue                 $1,202,730     $878,873    $4,097,860  $3,068,771
    Cost of revenue            653,133      493,167     2,228,580   1,768,322
    Gross profit               549,597      385,706     1,869,280   1,300,449
    Operating expenses:
     Research and
      development              195,835      162,276       691,637     553,467
     Sales, general and
      administrative            91,263       84,916       341,297     293,530
         Total operating
          expenses             287,098      247,192     1,032,934     846,997
    Operating income           262,499      138,514       836,346     453,452
    Interest and other income,
     net                        17,403       13,045        64,995      41,028
    Income before income tax
     expense                   279,902      151,559       901,341     494,480
    Income tax expense /
     (benefit) (A)              22,909      (11,947)      103,696      46,350
    Income before change in
     accounting principle      256,993      163,506       797,645     448,130
    Cumulative effect of change
     in accounting principle,
     net of income tax (B)           -            -             -         704
    Net income                $256,993     $163,506      $797,645    $448,834
    Basic net income
     per share                   $0.46        $0.30         $1.45       $0.85
    Diluted net income
     per share                   $0.42        $0.27         $1.31       $0.76
    Shares used in basic per
     share computation (C)     557,143      538,172       550,108     528,606
    Shares used in diluted
     per share computation (C) 609,173      598,491       606,732     587,256



    (A) The effective income tax rate for the three and twelve months ended
        January 27, 2008 was 8.2% and 11.5%, respectively. The effective
        income tax (benefit)/expense rate for the three and twelve months
        ended January 28, 2007 was (7.9%) and 9.4%, respectively.
    (B) Reflects the net cumulative impact of estimating forfeitures as a
        result of adoption of SFAS 123R.
    (C) Reflects a three-for-two stock split on September 10, 2007.



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

                             Three Months Ended          Twelve Months Ended
                         January 27,    January  28,        January  27,  January  28,
                                                          2008                      2007                      2008                2007

        GAAP  gross  profit            $549,597              $385,706          $1,869,280    $1,300,449
            Stock-based
              compensation
              expense  included
              in  cost  of  revenue          2,809                    2,922                  10,886              8,200
            Patent  license  fee
              for  past  usage
              included  in  cost
              of  revenue                                  -                            -                            -            16,000
        Non-GAAP  gross  profit    $552,406              $388,628          $1,880,166    $1,324,649
        GAAP  net  income                $256,993              $163,506              $797,645        $448,834
            Stock-based
              compensation
              expense  (A)                      34,497                  33,909                133,365          116,735
            Income  tax  impact  of
              non-GAAP  adjustments    (2,902)                (5,239)              (15,755)        (17,862)
            Patent  license  fees
              for  past  usage                          -                            -                            -            17,500
            In-process  research  &
              development  charges
              related  to
              acquisitions                      4,000                  13,400                    4,000            13,400
            Cumulative  effect  of
              change  in  accounting
              principle,  net  (B)                  -                            -                            -                (704)
        Non-GAAP  net  income        $292,588              $205,576              $919,255        $577,903
        Diluted  net  income
          per  share
            GAAP                                        $0.42                    $0.27                    $1.31              $0.76
            Non-GAAP                                $0.49                    $0.35                    $1.56              $1.00
        Shares  used  in  GAAP
          diluted  net  income
          per  share
          computation  (C)                609,173                598,491                606,732          587,256
            Cumulative  impact  of
            non-GAAP
            adjustments  (D)              (15,837)              (11,220)              (16,148)        (10,752)
        Shares  used  in
          non-GAAP  diluted  net
          income  per  share
          computation  (C)                593,336                587,271                590,584          576,504



        (A)  Results  include  stock-based  compensation  expense  as  follows  (in
                thousands):

                                                              Three  Months  Ended              Twelve  Months  Ended
                                                          January  27,  January  28,      January  27,  January  28,
                                                                  2008                2007                    2008                2007

            Cost  of  revenue                        $2,809            $2,922          $10,886            $8,200
            Research  and
              development                            $19,146          $20,333          $76,617          $70,077
            Sales,  general  and
              administrative                      $12,542          $10,654          $45,862          $38,458



        (B)  Reflects  the  net  cumulative  impact  of  estimating  forfeitures  as  a
                  result  of  adoption  of  SFAS  123R.
        (C)  Reflects  a  three-for-two  stock  split  on  September  10,  2007.
        (D)  Reflects  an  adjustment  to  the  diluted  outstanding  shares  calculated
                under  SFAS  123R  to  conform  to  diluted  outstanding  shares  calculated
                under  prior  accounting  standards  (APB  25).



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

                                                                                        January  27,              January  28,
                                                                                                2008                            2007
        ASSETS
        Current  assets:
            Cash,  cash  equivalents  and
              marketable  securities                                $1,809,478                $1,117,850
            Accounts  receivable,  net                                  666,494                      518,680
            Inventories                                                            358,521                      354,680
            Prepaid  expenses  and  other  current
              assets                                                                      54,336                        40,560
                Total  current  assets                                  2,888,829                  2,031,770
        Property  and  equipment,  net                                359,808                      260,828
        Goodwill                                                                      354,057                      301,425
        Intangible  assets,  net                                          106,926                        45,511
        Deposits  and  other  assets                                      38,051                        35,729
                Total  assets                                                $3,747,671                $2,675,263



        LIABILITIES  AND  STOCKHOLDERS'  EQUITY
        Current  liabilities:
            Accounts  payable                                                $492,099                    $272,075
            Accrued  liabilities                                            475,062                      366,732
                Total  current  liabilities                            967,161                      638,807
        Other  long-term  liabilities                                162,598                        29,537
        Stockholders'  equity                                          2,617,912                  2,006,919
                Total  liabilities  and
                  stockholders'  equity                              $3,747,671                $2,675,263
 

Web site: http://www.nvidia.com/



« Previous Page 1 | 2             



Review Article Be the first to review this article
CST Webinar Series

EMA:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Retail Therapy: Jump starting Black Friday
Peggy AycinenaIP Showcase
by Peggy Aycinena
REUSE 2016: Addressing the Four Freedoms
More Editorial  
Jobs
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
Upcoming Events
Zuken Innovation World 2017, April 24 - 26, 2017, Hilton Head Marriott Resort & Spa in Hilton Head Island, SC at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
CST Webinar Series



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy