GAAP earnings per diluted share for the quarter were $0.57, down 52% from a year ago and up 111% from the previous quarter. Non-GAAP earnings per diluted share were $0.88, down 33% from a year ago and up 52% from the previous quarter.
For fiscal 2023, revenue was $26.97 billion, flat from a year ago. GAAP earnings per diluted share were $1.74, down 55% from a year ago. Non-GAAP earnings per diluted share were $3.34, down 25% from a year ago.
"AI is at an inflection point, setting up for broad adoption reaching into every industry,” said Jensen Huang, founder and CEO of NVIDIA. “From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI.
“We are set to help customers take advantage of breakthroughs in generative AI and large language models. Our new AI supercomputer, with H100 and its Transformer Engine and Quantum-2 networking fabric, is in full production.
“Gaming is recovering from the post-pandemic downturn, with gamers enthusiastically embracing the new Ada architecture GPUs with AI neural rendering,” he said.
NVIDIA AI Cloud Service Offerings
NVIDIA is partnering with leading cloud service providers to offer AI-as-a-service that provides enterprises access to NVIDIA’s world-leading AI platform.
Customers will be able to engage each layer of NVIDIA AI – the AI supercomputer, acceleration libraries software or pretrained generative AI models – as a cloud service.
Using their browser, they will be able to engage an NVIDIA DGX™ AI supercomputer through the NVIDIA DGX Cloud, which is already offered on Oracle Cloud Infrastructure, with Microsoft Azure, Google Cloud Platform and others expected soon. At the AI platform software layer, they will be able to access NVIDIA AI Enterprise for training and deploying large language models or other AI workloads. And at the AI-model-as-a-service layer, NVIDIA will offer its NeMo™ and BioNeMo™ customizable AI models to enterprise customers who want to build proprietary generative AI models and services for their businesses.
Further details will be shared at the company’sGTC developer conference, taking place virtually March 20-23.
Return to Shareholders
During the fourth quarter of fiscal 2023, NVIDIA returned to shareholders $1.15 billion in share repurchases and cash dividends, bringing the return in the fiscal year to $10.44 billion.
NVIDIA will pay its next quarterly cash dividend of $0.04 per share on March 29, 2023, to all shareholders of record on March 8, 2023.
Q4 Fiscal 2023 Summary
GAAP | ||||||||
($ in millions, except earnings per share) | Q4 FY23 | Q3 FY23 | Q4 FY22 | Q/Q | Y/Y | |||
Revenue | $6,051 | $5,931 | $7,643 | Up 2% | Down 21% | |||
Gross margin | 63.3% | 53.6% | 65.4% | Up 9.7 pts | Down 2.1 pts | |||
Operating expenses | $2,576 | $2,576 | $2,029 | -- | Up 27% | |||
Operating income | $1,257 | $601 | $2,970 | Up 109% | Down 58% | |||
Net income | $1,414 | $680 | $3,003 | Up 108% | Down 53% | |||
Diluted earnings per share | $0.57 | $0.27 | $1.18 | Up 111% | Down 52% |
Non-GAAP | ||||||||
($ in millions, except earnings per share) | Q4 FY23 | Q3 FY23 | Q4 FY22 | Q/Q | Y/Y | |||
Revenue | $6,051 | $5,931 | $7,643 | Up 2% | Down 21% | |||
Gross margin | 66.1% | 56.1% | 67.0% | Up 10.0 pts | Down 0.9 pts | |||
Operating expenses | $1,775 | $1,793 | $1,447 | Down 1% | Up 23% | |||
Operating income | $2,224 | $1,536 | $3,677 | Up 45% | Down 40% | |||
Net income | $2,174 | $1,456 | $3,350 | Up 49% | Down 35% | |||
Diluted earnings per share | $0.88 | $0.58 | $1.32 | Up 52% | Down 33% |
Fiscal 2023 Summary
GAAP | |||||
($ in millions, except earnings per share) | FY23 | FY22 | Y/Y | ||
Revenue | -- | ||||
Gross margin | |||||
Operating expenses | |||||
Operating income | Down 58% | ||||
Net income | |||||
Diluted earnings per share |
Non-GAAP | |||||
($ in millions, except earnings per share) | FY23 | FY22 | Y/Y | ||
Revenue | -- | ||||
Gross margin | |||||
Operating expenses | |||||
Operating income | |||||
Net income | |||||
Diluted earnings per share |
Revenue | ||||||||||||||||||
Operating expenses | ||||||||||||||||||
Net income | ||||||||||||||||||
Net income | ||||||||||||||||||
Investments and other, net | 5 | (11 | (77 | (24 | ||||||||||||||
Net cash provided by (used in) investing activities | (4 | (1,587 | 7,375 | (9,830 | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||
Proceeds related to employee stock plans | 5 | 4 | 355 | 281 | ||||||||||||||
Payments related to repurchases of common stock | (1,212 | (10,039 | ||||||||||||||||
Payments related to tax on restricted stock units | (344 | (622 | (1,475 | (1,904 | ||||||||||||||
Dividends paid | (98 | (398 | (399 | |||||||||||||||
Principal payments on property and equipment and intangible assets | (4 | (21 | (58 | (83 | ||||||||||||||
Issuance of debt, net of issuance costs | 4,977 | |||||||||||||||||
Repayment of debt | (1,000 | |||||||||||||||||
(3 | (5 | (2 | ||||||||||||||||
Net cash provided by (used in) financing activities | (1,656 | (744 | (11,617 | 1,865 | ||||||||||||||
Change in cash and cash equivalents | 589 | 702 | 1,399 | 1,143 | ||||||||||||||
Cash and cash equivalents at beginning of period | 2,800 | 1,288 | 1,990 | 847 | ||||||||||||||
Cash and cash equivalents at end of period | 3,389 | 1,990 | 3,389 | 1,990 |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||
October 30, | ||||||||||||||||||||||
GAAP gross profit | 3,177 | |||||||||||||||||||||
63.3% | 53.6% | 65.4% | 56.9% | 64.9% | ||||||||||||||||||
Acquisition-related and other costs (A) | 120 | 120 | 86 | 455 | 344 | |||||||||||||||||
Stock-based compensation expense (B) | 30 | 39 | 138 | 141 | ||||||||||||||||||
IP-related costs | 16 | 16 | ||||||||||||||||||||
Non-GAAP gross profit | 3,999 | 3,329 | 5,124 | 15,965 | 17,969 | |||||||||||||||||
66.1% | 56.1% | 67.0% | 59.2% | 66.8% | ||||||||||||||||||
GAAP operating expenses | ||||||||||||||||||||||
Stock-based compensation expense (B) | (709 | (713 | (512 | (2,572 | (1,863 | |||||||||||||||||
Acquisition-related and other costs (A) | (54 | (54 | (70 | (219 | (292 | |||||||||||||||||
Restructuring costs and other | (38 | (16 | (54 | |||||||||||||||||||
(1,353 | ||||||||||||||||||||||
Legal settlement costs | ||||||||||||||||||||||
Contributions | (2 | |||||||||||||||||||||
Non-GAAP operating expenses | 1,775 | 1,793 | 1,447 | 6,925 | 5,279 | |||||||||||||||||
GAAP income from operations | 601 | |||||||||||||||||||||
Total impact of non-GAAP adjustments to income from operations | 967 | 935 | 707 | 4,816 | 2,649 | |||||||||||||||||
Non-GAAP income from operations | 2,224 | 1,536 | 3,677 | 9,040 | 12,690 | |||||||||||||||||
GAAP other income (expense), net | 12 | |||||||||||||||||||||
(Gains) losses from non-affiliated investments | 11 | (99 | ||||||||||||||||||||
Interest expense related to amortization of debt discount | 1 | 1 | 5 | 3 | ||||||||||||||||||
Non-GAAP other income (expense), net | 43 | 24 | (52 | 7 | (196 | |||||||||||||||||
GAAP net income | 680 | |||||||||||||||||||||
Total pre-tax impact of non-GAAP adjustments | 978 | 947 | 760 | 4,865 | 2,553 | |||||||||||||||||
Income tax impact of non-GAAP adjustments (C) | (218 | (171 | (330 | (867 | (712 | |||||||||||||||||
Domestication tax adjustments | 7 | (244 | ||||||||||||||||||||
Foreign tax benefit | (90 | (90 | ||||||||||||||||||||
Non-GAAP net income | 2,174 | 1,456 | 3,350 | 8,366 | 11,259 | |||||||||||||||||
Diluted net income per share | ||||||||||||||||||||||
GAAP | 0.27 | |||||||||||||||||||||
Non-GAAP | 0.88 | 0.58 | 1.32 | 3.34 | 4.44 | |||||||||||||||||
Weighted average shares used in diluted net income per share computation | 2,499 | |||||||||||||||||||||
GAAP net cash provided by operating activities | 392 | |||||||||||||||||||||
Purchases related to property and equipment and intangible assets | (530 | |||||||||||||||||||||
Principal payments on property and equipment and intangible assets | (4 | (21 | (58 | (83 | ||||||||||||||||||
Free cash flow | ||||||||||||||||||||||
October 30, | ||||||||||||||||||||||
120 | 120 | 86 | 455 | 344 | ||||||||||||||||||
39 | ||||||||||||||||||||||
October 30, | ||||||||||||||||||||||
30 | 39 | 138 | 141 | |||||||||||||||||||
680 | ||||||||||||||||||||||
GAAP operating expenses | |||||
Non-GAAP operating expenses | 1,775 | ||||
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