UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[x]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 28, 2019
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 0-23985
NVIDIA CORPORATION
(Exact name of registrant as specified in its charter)
Delaware | 94-3177549 |
(State or Other Jurisdiction of | (I.R.S. Employer |
Incorporation or Organization) | Identification No.) |
2788 San Tomas Expressway | |
Santa Clara, California 95051 | |
(408) 486-2000 | |
(Address, including zip code, and telephone number, | |
including area code, of principal executive offices) |
N/A
(Former name, former address and former fiscal year if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.001 par value per share | NVDA | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer x | Accelerated filer o | Non-acceleratedfiler o | Smaller reporting company o | Emerging growth company o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares of common stock, $0.001 par value, outstanding as of May 10, 2019 , was 609 million .
NVIDIA CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED April 28, 2019
TABLE OF CONTENTS
Page | ||
PART I : FINANCIAL INFORMATION | ||
Item 1. | Financial Statements (Unaudited) | |
a) Condensed Consolidated Statements of Income for the three months ended April 28, 2019 and April 29, 2018 | 3 | |
b) Condensed Consolidated Statements of Comprehensive Income for the three months ended April 28, 2019 and April | ||
29, 2018 | 4 | |
c) Condensed Consolidated Balance Sheets as of April 28, 2019 and January 27, 2019 | 5 | |
d) Condensed Consolidated Statements of Shareholders' Equity for the three months ended April 28, 2019 and April | ||
29, 2018 | 6 | |
e) Condensed Consolidated Statements of Cash Flows for the three months ended April 28, 2019 and April 29, 2018 | 7 | |
f) Notes to Condensed Consolidated Financial Statements | 8 | |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 23 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 29 |
Item 4. | Controls and Procedures | 30 |
PART II : OTHER INFORMATION | ||
Item 1. | Legal Proceedings | 30 |
Item 1A. | Risk Factors | 30 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 31 |
Item 6. | Exhibits | 33 |
Signature | 34 |
WHERE YOU CAN FIND MORE INFORMATION
Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We also use the following social media channels as a means of disclosing information about the company, our products, our planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters and for complying with our disclosure obligations under Regulation FD:
NVIDIA Twitter Account (https://twitter.com/nvidia)
NVIDIA Company Blog (http://blogs.nvidia.com)
NVIDIA Facebook Page (https://www.facebook.com/nvidia)
NVIDIA LinkedIn Page (http://www.linkedin.com/company/nvidia)
NVIDIA Instagram Page (https://www.instagram.com/nvidia)
In addition, investors and others can view NVIDIA videos on YouTube.
The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these accounts and the blog, in addition to following our press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this quarterly report on Form 10-Q. These channels may be updated from time to time on NVIDIA's investor relations website.
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
Three Months Ended | |||||
April 28, | April 29, | ||||
2019 | 2018 | ||||
Revenue | $ | 2,220 | $ | 3,207 | |
Cost of revenue | 924 | 1,139 | |||
Gross profit | 1,296 | 2,068 | |||
Operating expenses | |||||
Research and development | 674 | 542 | |||
Sales, general and administrative | 264 | 231 | |||
Total operating expenses | 938 | 773 | |||
Income from operations | 358 | 1,295 | |||
Interest income | 44 | 25 | |||
Interest expense | (13) | (15) | |||
Other, net | - | 6 | |||
Total other income (expense) | 31 | 16 | |||
Income before income tax | 389 | 1,311 | |||
Income tax expense (benefit) | (5) | 67 | |||
Net income | $ | 394 | $ | 1,244 | |
Net income per share: | |||||
Basic | $ | 0.65 | $ | 2.05 | |
Diluted | $ | 0.64 | $ | 1.98 | |
Weighted average shares used in per share computation: | |||||
Basic | 607 | 606 | |||
Diluted | 616 | 627 | |||
See accompanying Notes to Condensed Consolidated Financial Statements.
3
NVIDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
Three Months Ended | ||||||
April 28, | April 29, | |||||
2019 | 2018 | |||||
Net income | $ | 394 | $ | 1,244 | ||
Other comprehensive income (loss), net of tax | ||||||
Available-for-sale securities: | ||||||
Net change in unrealized gain (loss) | 7 | (3) | ||||
Cash flow hedges: | ||||||
Net unrealized gain (loss) | 4 | (3) | ||||
Reclassification adjustments for net realized gain (loss) included in net income | (1) | 1 | ||||
Net change in unrealized gain (loss) | 3 | (2) | ||||
Other comprehensive income (loss), net of tax | 10 | (5) | ||||
Total comprehensive income | $ | 404 | $ | 1,239 | ||
See accompanying Notes to Condensed Consolidated Financial Statements.
4
NVIDIA CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions)
(Unaudited)
April 28, | January 27, | ||||
2019 | 2019 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 2,772 | $ | 782 | |
Marketable securities | 5,030 | 6,640 | |||
Accounts receivable, net | 1,242 | 1,424 | |||
Inventories | 1,426 | 1,575 | |||
Prepaid expenses and other current assets | 159 | 136 | |||
Total current assets | 10,629 | 10,557 | |||
Property and equipment, net | 1,473 | 1,404 | |||
Operating lease assets | 536 | - | |||
Goodwill | 618 | 618 | |||
Intangible assets, net | 54 | 45 | |||
Deferred income tax assets | 601 | 560 | |||
Other assets | 110 | 108 | |||
Total assets | $ | 14,021 | $ | 13,292 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Accounts payable | $ | 368 | $ | 511 | |
Accrued and other current liabilities | 815 | 818 | |||
Total current liabilities | 1,183 | 1,329 | |||
Long-term debt | 1,988 | 1,988 | |||
Long-term operating lease liabilities | 486 | - | |||
Other long-term liabilities | 660 | 633 | |||
Total liabilities | 4,317 | 3,950 | |||
Commitments and contingencies - see Note 13 | |||||
Shareholders' equity: | |||||
Preferred stock | - | - | |||
Common stock | 1 | 1 | |||
Additional paid-in capital | 6,317 | 6,051 | |||
Treasury stock, at cost | (9,474) | (9,263) | |||
Accumulated other comprehensive loss | (2) | (12) | |||
Retained earnings | 12,862 | 12,565 | |||
Total shareholders' equity | 9,704 | 9,342 | |||
Total liabilities and shareholders' equity | $ | 14,021 | $ | 13,292 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Nvidia Corporation published this content on 16 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 May 2019 21:27:07 UTC