Advanced Computing in the Age of AI|Monday, February 17, 2020
  • Subscribe to EnterpriseAI Weekly Updates:  Subscribe by email

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2020 

SANTA CLARA, Calif., Feb. 14, 2020 -- NVIDIA reported revenue for the fourth quarter ended Jan. 26, 2020, of $3.11 billion, up 41 percent from $2.21 billion a year earlier, and up 3 percent from $3.01 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $1.53, up 66 percent from $0.92 a year ago, and up 6 percent from $1.45 in the previous quarter. Non-GAAP earnings per diluted share were $1.89, up 136 percent from $0.80 a year earlier, and up 6 percent from $1.78 in the previous quarter.

For fiscal 2020, revenue was $10.92 billion, down 7 percent from $11.72 billion a year earlier. GAAP earnings per diluted share were $4.52, down 32 percent from $6.63 a year earlier. Non-GAAP earnings per diluted share were $5.79, down 13 percent from $6.64 a year earlier.

“Adoption of NVIDIA accelerated computing drove excellent results, with record data center revenue,” said Jensen Huang, founder and CEO of NVIDIA. “Our initiatives are achieving great success.

“NVIDIA RTX ray tracing is reinventing computer graphics, driving powerful adoption across gaming, VR and design markets, while opening new opportunities in rendering and cloud gaming. NVIDIA AI is enabling breakthroughs in language understanding, conversational AI and recommendation engines ― the core algorithms that power the internet today. And new NVIDIA computing applications in 5G, genomics, robotics and autonomous vehicles enable us to continue important work that has great impact.

“We are well positioned for the greatest technology trends of our time,” he said.

NVIDIA will pay its next quarterly cash dividend of $0.16 per share on March 20, 2020, to all shareholders of record on Feb. 28, 2020.

Q4 Fiscal 2020 Summary

GAAP
($ in millions, except earnings per share) Q4 FY20 Q3 FY20 Q4 FY19 Q/Q Y/Y
Revenue $3,105 $3,014 $2,205 Up 3% Up 41%
Gross margin 64.9% 63.6% 54.7% Up 130 bps Up 1,020 bps
Operating expenses $1,025 $989 $913 Up 4% Up 12%
Operating income $990 $927 $294 Up 7% Up 237%
Net income $950 $899 $567 Up 6% Up 68%
Diluted earnings per share $1.53 $1.45 $0.92 Up 6% Up 66%
Non-GAAP
($ in millions, except earnings per share) Q4 FY20 Q3 FY20 Q4 FY19 Q/Q Y/Y
Revenue $3,105 $3,014 $2,205 Up 3% Up 41%
Gross margin 65.4% 64.1% 56.0% Up 130 bps Up 940 bps
Operating expenses $810 $774 $755 Up 5% Up 7%
Operating income $1,220 $1,156 $479 Up 6% Up 155%
Net income $1,172 $1,103 $496 Up 6% Up 136%
Diluted earnings per share $1.89 $1.78 $0.80 Up 6% Up 136%

Fiscal 2020 Summary

GAAP
($ in millions except earnings per share) FY20 FY19 Y/Y
Revenue $10,918 $11,716 Down 7%
Gross margin 62.0% 61.2% Up 80 bps
Operating expenses $3,922 $3,367 Up 16%
Operating income $2,846 $3,804 Down 25%
Net income $2,796 $4,141 Down 32%
Diluted earnings per share $4.52 $6.63 Down 32%
Non-GAAP
($ in millions except earnings per share) FY20 FY19 Y/Y
Revenue $10,918 $11,716 Down 7%
Gross margin 62.5% 61.7% Up 80 bps
Operating expenses $3,086 $2,826 Up 9%
Operating income $3,735 $4,407 Down 15%
Net income $3,580 $4,143 Down 14%
Diluted earnings per share $5.79 $6.64 Down 13%

NVIDIA’s outlook for the first quarter of fiscal 2021 does not include any contribution from the pending acquisition of Mellanox Technologies, Ltd. Discussions with China’s regulatory agency, the State Administration for Market Regulation, are progressing, and NVIDIA believes the acquisition will likely close in the early part of calendar 2020.

While the ultimate effect of the coronavirus is difficult to estimate, the company has reduced its revenue outlook for the first quarter of fiscal 2021 by $100 million to account for its potential impact.

  • Revenue is expected to be $3.00 billion, plus or minus 2 percent.
  • GAAP and non-GAAP gross margins are expected to be 65.0 percent and 65.4 percent, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $1.05 billion and $835 million, respectively.
  • GAAP and non-GAAP other income and expense are both expected to be income of approximately $25 million.
  • GAAP and non-GAAP tax rates are both expected to be 9 percent, plus or minus 1 percent, excluding any discrete items. GAAP discrete items include excess tax benefits or deficiencies related to stock-based compensation, which are expected to generate variability on a quarter by quarter basis.

Highlights

Since the end of the third quarter of fiscal 2020, NVIDIA has achieved progress in these areas:

Gaming

  • Grew momentum for ray tracing with the launch of such RTX-enabled games as Deliver Us The MoonWolfenstein: Youngblood and Bright Memory.
  • Brought its GeForce NOW cloud gaming service out of beta, opening up PC gaming to hundreds of millions of consumers who can now add a virtual GeForce graphics card to their device and play games they own, as well as free-to-play games.
  • Brought its number of gaming laptops to a record 125 models, including the world’s first 14-inch GeForce RTX laptop, the ASUS ROG Zephyrus G14.
  • Continued to build G-SYNC momentum at CES, with the launch of the ASUS ROG Swift 360, the world’s fastest monitor, with a 360Hz refresh rate; and with LG adopting G-SYNC in its new lineup of OLED TVs.

Datacenter and Edge Computing

Professional Visualization

Automotive

  • Announced DRIVE AGX Orin, an advanced software-defined platform for autonomous vehicles capable of achieving 200 TOPS, nearly 7x that of the previous generation SoC.

CFO Commentary

Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com/home/default.aspx.

Read the full details here: https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-fourth-quarter-and-fiscal-2020

About NVIDIA

NVIDIA’s invention of the GPU in 1999 sparked the growth of the PC gaming market, redefined modern computer graphics and revolutionized parallel computing. More recently, GPU deep learning ignited modern AI ― the next era of computing ― with the GPU acting as the brain of computers, robots and self-driving cars that can perceive and understand the world. More information at https://nvidianews.nvidia.com/.


Source: NVIDIA 

Add a Comment

Do NOT follow this link or you will be banned from the site!
Share This