- Record quarterly revenue of
$22.1 billion , up 22% from Q3, up 265% from year ago - Record quarterly Data Center revenue of
$18.4 billion , up 27% from Q3, up 409% from year ago - Record full-year revenue of
$60.9 billion , up 126%
For the quarter, GAAP earnings per diluted share was
For fiscal 2024, revenue was up 126% to
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said
“Our
“NVIDIA RTX, introduced less than six years ago, is now a massive PC platform for generative AI, enjoyed by 100 million gamers and creators. The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward. Come join us at next month’s GTC, where we and our rich ecosystem will reveal the exciting future ahead,” he said.
Q4 Fiscal 2024 Summary
GAAP | |||||||||||
($ in millions, except earnings per share) | Q4 FY24 | Q3 FY24 | Q4 FY23 | Q/Q | Y/Y | ||||||
Revenue | Up 22% | Up 265% | |||||||||
Gross margin | 76.0% | 74.0% | 63.3% | Up 2.0 pts | Up 12.7 pts | ||||||
Operating expenses | Up 6% | Up 23% | |||||||||
Operating income | Up 31% | Up 983% | |||||||||
Net income | Up 33% | Up 769% | |||||||||
Diluted earnings per share | Up 33% | Up 765% |
Non-GAAP | |||||||||||
($ in millions, except earnings per share) | Q4 FY24 | Q3 FY24 | Q4 FY23 | Q/Q | Y/Y | ||||||
Revenue | Up 22% | Up 265% | |||||||||
Gross margin | 76.7% | 75.0% | 66.1% | Up 1.7 pts | Up 10.6 pts | ||||||
Operating expenses | Up 9% | Up 25% | |||||||||
Operating income | Up 28% | Up 563% | |||||||||
Net income | Up 28% | Up 491% | |||||||||
Diluted earnings per share | Up 28% | Up 486% | |||||||||
Fiscal 2024 Summary
GAAP | |||||||
($ in millions, except earnings per share) | FY24 | FY23 | Y/Y | ||||
Revenue | Up 126% | ||||||
Gross margin | 72.7% | 56.9% | Up 15.8 pts | ||||
Operating expenses | Up 2% | ||||||
Operating income | Up 681% | ||||||
Net income | Up 581% | ||||||
Diluted earnings per share | Up 586% |
Non-GAAP | |||||||
($ in millions, except earnings per share) | FY24 | FY23 | Y/Y | ||||
Revenue | Up 126% | ||||||
Gross margin | 73.8% | 59.2% | Up 14.6 pts | ||||
Operating expenses | Up 13% | ||||||
Operating income | Up 311% | ||||||
Net income | Up 286% | ||||||
Diluted earnings per share | Up 288% | ||||||
Outlook
NVIDIA’s outlook for the first quarter of fiscal 2025 is as follows:
- Revenue is expected to be
$24.0 billion , plus or minus 2%. - GAAP and non-GAAP gross margins are expected to be 76.3% and 77.0%, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be approximately
$3.5 billion and$2.5 billion , respectively. - GAAP and non-GAAP other income and expense are expected to be an income of approximately
$250 million , excluding gains and losses from non-affiliated investments. - GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.
Highlights
Data Center
- Fourth-quarter revenue was a record
$18.4 billion , up 27% from the previous quarter and up 409% from a year ago. Full-year revenue rose 217% to a record$47.5 billion . - Launched, in collaboration with
Google , optimizations across NVIDIA’s data center and PC AI platforms for Gemma, Google’s groundbreaking open language models. - Expanded its strategic collaboration with
Amazon Web Services to hostNVIDIA ® DGX™ Cloud on AWS. - Announced that Amgen will use the
NVIDIA DGX SuperPOD™ to power insights into drug discovery, diagnostics and precision medicine. - Announced
NVIDIA NeMo™ Retriever, a generative AI microservice that lets enterprises connect custom large language models with enterprise data to deliver highly accurate responses for AI applications. - Introduced
NVIDIA MONAI™ cloud APIs to help developers and platform providers integrate AI into their medical-imaging offerings. - Announced that
Singtel will bring generative AI services toSingapore through energy-efficient data centers that the telco is building withNVIDIA Hopper™ architecture GPUs. - Introduced plans with Cisco to help enterprises quickly and easily deploy and manage secure AI infrastructure.
- Supported the National Artificial Intelligence Research Resource pilot program, a major step by the
U.S. government toward a shared national research infrastructure.
Gaming
- Fourth-quarter revenue was
$2.9 billion , flat from the previous quarter and up 56% from a year ago. Full-year revenue rose 15% to$10.4 billion . - Launched GeForce RTX™ 40 SUPER Series GPUs, starting at
$599 , which support the latestNVIDIA RTX™ technologies, including DLSS 3.5 Ray Reconstruction andNVIDIA Reflex. - Announced generative AI capabilities for its installed base of over 100 million RTX AI PCs, including Tensor-RT™ LLM to accelerate inference on large language models, and Chat with RTX, a tech demo that lets users personalize a chatbot with their own content.
- Introduced microservices for the
NVIDIA Avatar Cloud Engine, allowing game and application developers to integrate state-of-the-art generative AI models into non-playable characters. - Reached the milestone of 500 AI-powered RTX games and applications utilizing
NVIDIA DLSS, ray tracing and otherNVIDIA RTX technologies.
Professional Visualization
- Fourth-quarter revenue was
$463 million , up 11% from the previous quarter and up 105% from a year ago. Full-year revenue rose 1% to$1.6 billion . - Announced adoption of
NVIDIA Omniverse™ by the global automotive-configurator ecosystem. - Announced the
NVIDIA RTX 2000 Ada Generation GPU, bringing the latest AI, graphics and compute technology to compact workstations.
Automotive
- Fourth-quarter revenue was
$281 million , up 8% from the previous quarter and down 4% from a year ago. Full-year revenue rose 21% to$1.1 billion . - Announced further adoption of its
NVIDIA DRIVE® platform, withGreat Wall Motors , ZEEKR and Xiaomi using DRIVE Orin™ to power intelligent automated-driving systems and Li Auto selecting DRIVE Thor™ as its centralized car computer.
CFO Commentary
Commentary on the quarter by
Conference Call and Webcast Information
Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude acquisition termination costs, stock-based compensation expense, acquisition-related and other costs, IP-related costs, other, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets.
About
Since its founding in 1993,
For further information, contact: | |
Investor Relations | Corporate Communications |
sjankowski@nvidia.com | mmangalindan@nvidia.com |
Certain statements in this press release including, but not limited to, statements as to: demand for accelerated computing and generative AI surging worldwide across companies, industries and nations; our Data Center platform being powered by increasingly diverse drivers, including demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies; vertical industries led by auto, financial, services and healthcare now at a multibillion-dollar level;
© 2024
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
(In millions, except per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Revenue | $ | 22,103 | $ | 6,051 | $ | 60,922 | $ | 26,974 | |||||||||
Cost of revenue | 5,312 | 2,218 | 16,621 | 11,618 | |||||||||||||
Gross profit | 16,791 | 3,833 | 44,301 | 15,356 | |||||||||||||
Operating expenses | |||||||||||||||||
Research and development | 2,465 | 1,951 | 8,675 | 7,339 | |||||||||||||
Sales, general and administrative | 711 | 625 | 2,654 | 2,440 | |||||||||||||
Acquisition termination cost | - | - | - | 1,353 | |||||||||||||
Total operating expenses | 3,176 | 2,576 | 11,329 | 11,132 | |||||||||||||
Operating Income | 13,615 | 1,257 | 32,972 | 4,224 | |||||||||||||
Interest income | 294 | 115 | 866 | 267 | |||||||||||||
Interest expense | (63 | ) | (65 | ) | (257 | ) | (262 | ) | |||||||||
Other, net | 260 | (18 | ) | 237 | (48 | ) | |||||||||||
Other income (expense), net | 491 | 32 | 846 | (43 | ) | ||||||||||||
Income before income tax | 14,106 | 1,289 | 33,818 | 4,181 | |||||||||||||
Income tax expense (benefit) | 1,821 | (125 | ) | 4,058 | (187 | ) | |||||||||||
Net income | $ | 12,285 | $ | 1,414 | $ | 29,760 | $ | 4,368 | |||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 4.98 | $ | 0.57 | $ | 12.05 | $ | 1.76 | |||||||||
Diluted | $ | 4.93 | $ | 0.57 | $ | 11.93 | $ | 1.74 | |||||||||
Weighted average shares used in per share computation: | |||||||||||||||||
Basic | 2,466 | 2,464 | 2,469 | 2,487 | |||||||||||||
Diluted | 2,490 | 2,477 | 2,494 | 2,507 |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(In millions) | |||||||||
(Unaudited) | |||||||||
2024 | 2023 | ||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash, cash equivalents and marketable securities | $ | 25,984 | $ | 13,296 | |||||
Accounts receivable, net | 9,999 | 3,827 | |||||||
Inventories | 5,282 | 5,159 | |||||||
Prepaid expenses and other current assets | 3,080 | 791 | |||||||
Total current assets | 44,345 | 23,073 | |||||||
Property and equipment, net | 3,914 | 3,807 | |||||||
Operating lease assets | 1,346 | 1,038 | |||||||
4,430 | 4,372 | ||||||||
Intangible assets, net | 1,112 | 1,676 | |||||||
Deferred income tax assets | 6,081 | 3,396 | |||||||
Other assets | 4,500 | 3,820 | |||||||
Total assets | $ | 65,728 | $ | 41,182 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 2,699 | $ | 1,193 | |||||
Accrued and other current liabilities | 6,682 | 4,120 | |||||||
Short-term debt | 1,250 | 1,250 | |||||||
Total current liabilities | 10,631 | 6,563 | |||||||
Long-term debt | 8,459 | 9,703 | |||||||
Long-term operating lease liabilities | 1,119 | 902 | |||||||
Other long-term liabilities | 2,541 | 1,913 | |||||||
Total liabilities | 22,750 | 19,081 | |||||||
Shareholders' equity | 42,978 | 22,101 | |||||||
Total liabilities and shareholders' equity | $ | 65,728 | $ | 41,182 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
(In millions) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 12,285 | $ | 1,414 | $ | 29,760 | $ | 4,368 | |||||||||
Adjustments to reconcile net income to net cash | |||||||||||||||||
provided by operating activities: | |||||||||||||||||
Stock-based compensation expense | 993 | 738 | 3,549 | 2,709 | |||||||||||||
Depreciation and amortization | 387 | 426 | 1,508 | 1,544 | |||||||||||||
Deferred income taxes | (78 | ) | (647 | ) | (2,489 | ) | (2,164 | ) | |||||||||
(Gains) losses on investments in non-affiliated entities, net | (260 | ) | 10 | (238 | ) | 45 | |||||||||||
Acquisition termination cost | - | - | - | 1,353 | |||||||||||||
Other | (109 | ) | 20 | (278 | ) | (7 | ) | ||||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||||||
Accounts receivable | (1,690 | ) | 1,081 | (6,172 | ) | 822 | |||||||||||
Inventories | (503 | ) | (706 | ) | (98 | ) | (2,554 | ) | |||||||||
Prepaid expenses and other assets | (1,184 | ) | (210 | ) | (1,522 | ) | (1,517 | ) | |||||||||
Accounts payable | 281 | (193 | ) | 1,531 | (551 | ) | |||||||||||
Accrued and other current liabilities | 1,072 | 166 | 2,025 | 1,341 | |||||||||||||
Other long-term liabilities | 305 | 150 | 514 | 252 | |||||||||||||
Net cash provided by operating activities | 11,499 | 2,249 | 28,090 | 5,641 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Proceeds from maturities of marketable securities | 1,731 | 2,633 | 9,732 | 19,425 | |||||||||||||
Proceeds from sales of marketable securities | 50 | - | 50 | 1,806 | |||||||||||||
Purchases of marketable securities | (7,524 | ) | (2,133 | ) | (18,211 | ) | (11,897 | ) | |||||||||
Purchase related to property and equipment and intangible assets | (253 | ) | (509 | ) | (1,069 | ) | (1,833 | ) | |||||||||
Acquisitions, net of cash acquired | - | - | (83 | ) | (49 | ) | |||||||||||
Investments in non-affiliated entities and other, net | (113 | ) | 5 | (985 | ) | (77 | ) | ||||||||||
Net cash provided by (used in) investing activities | (6,109 | ) | (4 | ) | (10,566 | ) | 7,375 | ||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds related to employee stock plans | - | 5 | 403 | 355 | |||||||||||||
Payments related to repurchases of common stock | (2,660 | ) | (1,212 | ) | (9,533 | ) | (10,039 | ) | |||||||||
Payments related to tax on restricted stock units | (841 | ) | (344 | ) | (2,783 | ) | (1,475 | ) | |||||||||
Repayment of debt | - | - | (1,250 | ) | - | ||||||||||||
Dividends paid | (99 | ) | (98 | ) | (395 | ) | (398 | ) | |||||||||
Principal payments on property and equipment and intangible assets | (29 | ) | (4 | ) | (74 | ) | (58 | ) | |||||||||
Other | - | (3 | ) | (1 | ) | (2 | ) | ||||||||||
Net cash used in financing activities | (3,629 | ) | (1,656 | ) | (13,633 | ) | (11,617 | ) | |||||||||
Change in cash and cash equivalents | 1,761 | 589 | 3,891 | 1,399 | |||||||||||||
Cash and cash equivalents at beginning of period | 5,519 | 2,800 | 3,389 | 1,990 | |||||||||||||
Cash and cash equivalents at end of period | $ | 7,280 | $ | 3,389 | $ | 7,280 | $ | 3,389 | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||||
Cash paid for income taxes, net | $ | 1,874 | $ | 32 | $ | 6,549 | $ | 1,404 | |||||||||
Cash paid for interest | $ | 26 | $ | 28 | $ | 252 | $ | 254 |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||||||||
GAAP gross profit | $ | 16,791 | $ | 13,400 | $ | 3,833 | $ | 44,301 | $ | 15,356 | |||||||||||
GAAP gross margin | 76.0 | % | 74.0 | % | 63.3 | % | 72.7 | % | 56.9 | % | |||||||||||
Acquisition-related and other costs (A) | 119 | 119 | 120 | 477 | 455 | ||||||||||||||||
Stock-based compensation expense (B) | 45 | 38 | 30 | 141 | 138 | ||||||||||||||||
IP-related costs | 4 | 26 | 16 | 40 | 16 | ||||||||||||||||
Non-GAAP gross profit | $ | 16,959 | $ | 13,583 | $ | 3,999 | $ | 44,959 | $ | 15,965 | |||||||||||
Non-GAAP gross margin | 76.7 | % | 75.0 | % | 66.1 | % | 73.8 | % | 59.2 | % | |||||||||||
GAAP operating expenses | $ | 3,176 | $ | 2,983 | $ | 2,576 | $ | 11,329 | $ | 11,132 | |||||||||||
Stock-based compensation expense (B) | (948 | ) | (941 | ) | (709 | ) | (3,408 | ) | (2,572 | ) | |||||||||||
Acquisition-related and other costs (A) | (18 | ) | (16 | ) | (54 | ) | (106 | ) | (219 | ) | |||||||||||
Acquisition termination cost | - | - | - | - | (1,353 | ) | |||||||||||||||
Other (C) | - | - | (38 | ) | 10 | (63 | ) | ||||||||||||||
Non-GAAP operating expenses | $ | 2,210 | $ | 2,026 | $ | 1,775 | $ | 7,825 | $ | 6,925 | |||||||||||
GAAP operating income | $ | 13,615 | $ | 10,417 | $ | 1,257 | $ | 32,972 | $ | 4,224 | |||||||||||
Total impact of non-GAAP adjustments to operating income | 1,134 | 1,140 | 967 | 4,162 | 4,816 | ||||||||||||||||
Non-GAAP operating income | $ | 14,749 | $ | 11,557 | $ | 2,224 | $ | 37,134 | $ | 9,040 | |||||||||||
GAAP other income (expense), net | $ | 491 | $ | 105 | $ | 32 | $ | 846 | $ | (43 | ) | ||||||||||
(Gains) losses from non-affiliated investments | (260 | ) | 69 | 10 | (238 | ) | 45 | ||||||||||||||
Interest expense related to amortization of debt discount | 1 | 1 | 1 | 4 | 5 | ||||||||||||||||
Non-GAAP other income (expense), net | $ | 232 | $ | 175 | $ | 43 | $ | 612 | $ | 7 | |||||||||||
GAAP net income | $ | 12,285 | $ | 9,243 | $ | 1,414 | $ | 29,760 | $ | 4,368 | |||||||||||
Total pre-tax impact of non-GAAP adjustments | 875 | 1,210 | 978 | 3,928 | 4,865 | ||||||||||||||||
Income tax impact of non-GAAP adjustments (D) | (321 | ) | (433 | ) | (218 | ) | (1,376 | ) | (867 | ) | |||||||||||
Non-GAAP net income | $ | 12,839 | $ | 10,020 | $ | 2,174 | $ | 32,312 | $ | 8,366 | |||||||||||
Diluted net income per share | |||||||||||||||||||||
GAAP | $ | 4.93 | $ | 3.71 | $ | 0.57 | $ | 11.93 | $ | 1.74 | |||||||||||
Non-GAAP | $ | 5.16 | $ | 4.02 | $ | 0.88 | $ | 12.96 | $ | 3.34 | |||||||||||
Weighted average shares used in diluted net income per share computation | 2,490 | 2,494 | 2,477 | 2,494 | 2,507 | ||||||||||||||||
GAAP net cash provided by operating activities | $ | 11,499 | $ | 7,333 | $ | 2,249 | $ | 28,090 | $ | 5,641 | |||||||||||
Purchases related to property and equipment and intangible assets | (253 | ) | (278 | ) | (509 | ) | (1,069 | ) | (1,833 | ) | |||||||||||
Principal payments on property and equipment and intangible assets | (29 | ) | (13 | ) | (4 | ) | (74 | ) | (58 | ) | |||||||||||
Free cash flow | $ | 11,217 | $ | 7,042 | $ | 1,736 | $ | 26,947 | $ | 3,750 | |||||||||||
(A) Acquisition-related and other costs are comprised of amortization of intangible assets and transaction costs, and are included in the following line items: | |||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||||||||
Cost of revenue | $ | 119 | $ | 119 | $ | 120 | $ | 477 | $ | 455 | |||||||||||
Research and development | $ | 12 | $ | 12 | $ | 10 | $ | 49 | $ | 39 | |||||||||||
Sales, general and administrative | $ | 6 | $ | 4 | $ | 44 | $ | 57 | $ | 180 | |||||||||||
(B) Stock-based compensation consists of the following: | |||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
2024 | 2023 | 2023 | 2024 | 2023 | |||||||||||||||||
Cost of revenue | $ | 45 | $ | 38 | $ | 30 | $ | 141 | $ | 138 | |||||||||||
Research and development | $ | 706 | $ | 701 | $ | 527 | $ | 2,532 | $ | 1,892 | |||||||||||
Sales, general and administrative | $ | 242 | $ | 240 | $ | 182 | $ | 876 | $ | 680 | |||||||||||
(C) Other consists of costs related to | |||||||||||||||||||||
(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). | |||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK | ||||
Q1 FY2025 Outlook | ||||
($ in millions) | ||||
GAAP gross margin | 76.3 | % | ||
Impact of stock-based compensation expense, acquisition-related costs, and other costs | 0.7 | % | ||
Non-GAAP gross margin | 77.0 | % | ||
GAAP operating expenses | $ | 3,480 | ||
Stock-based compensation expense, acquisition-related costs, and other costs | (980 | ) | ||
Non-GAAP operating expenses | $ | 2,500 | ||
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NVIDIA Corporate Offices
NVIDIA's Silicon Valley campus in Santa Clara, Calif.
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