NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2021

February 25, 2021

Feb. 25, 2021 — NVIDIA has reported record revenue for the fourth quarter ended January 31, 2021, of $5.00 billion, up 61 percent from $3.11 billion a year earlier, and up 6 percent from $4.73 billion in the previous quarter. The company’s Gaming and Data Center platforms achieved record revenue for the quarter and year.GAAP earnings per diluted share for the quarter were a record $2.31, up 51 percent from $1.53 a year ago, and up 9 percent from $2.12 in the previous quarter. Non-GAAP earnings per diluted share were $3.10, up 64 percent from $1.89 a year earlier, and up 7 percent from $2.91 in the previous quarter.

NVIDIA_logoFor fiscal 2021, revenue was a record $16.68 billion, up 53 percent from $10.92 billion a year earlier. GAAP earnings per diluted share were a record $6.90, up 53 percent from $4.52 a year earlier. Non-GAAP earnings per diluted share were $10.00, up 73 percent from $5.79 a year earlier.

  • Record quarterly and full-year revenue for company, Gaming and Data Center
  • Company quarterly revenue of $5.00 billion, up 61 percent year on year
  • Company full-year revenue of $16.68 billion, up 53 percent

“Q4 was another record quarter, capping a breakout year for NVIDIA’s computing platforms,” said Jensen Huang, founder and CEO of NVIDIA. “Our pioneering work in accelerated computing has led to gaming becoming the world’s most popular entertainment, to supercomputing being democratized for all researchers, and to AI emerging as the most important force in technology.

“Demand for GeForce RTX 30 Series GPUs is incredible. NVIDIA RTX has started a major upgrade cycle as gamers jump to ray tracing, DLSS and AI.

“Our A100 universal AI data center GPUs are ramping strongly across cloud-service providers and vertical industries. Thousands of companies across the world are applying NVIDIA AI to create cloud-connected products with AI services that will transform the world’s largest industries. We are seeing the smartphone moment for every industry.

“Mellanox has expanded our footprint across the data center. And we are making good progress toward acquiring Arm, which will create enormous new opportunities for the entire ecosystem,” he said.

NVIDIA paid quarterly cash dividends of $99 million in the fourth quarter and $395 million in fiscal 2021. It will pay its next quarterly cash dividend of $0.16 per share on March 31, 2021, to all shareholders of record on March 10, 2021.

Q4 Fiscal 2021 Summary

GAAP
($ in millions, except earnings per share) Q4 FY21 Q3 FY21 Q4 FY20 Q/Q Y/Y
Revenue $5,003 $4,726 $3,105 Up 6% Up 61%
Gross margin 63.1 % 62.6 % 64.9 % Up 50 bps Down 180 bps
Operating expenses $1,650 $1,562 $1,025 Up 6% Up 61%
Operating income $1,507 $1,398 $990 Up 8% Up 52%
Net income $1,457 $1,336 $950 Up 9% Up 53%
Diluted earnings per share $2.31 $2.12 $1.53 Up 9% Up 51%

 

Non-GAAP
($ in millions, except earnings per share) Q4 FY21 Q3 FY21 Q4 FY20 Q/Q Y/Y
Revenue $5,003 $4,726 $3,105 Up 6% Up 61%
Gross margin 65.5 % 65.5 % 65.4 % Up 10 bps
Operating expenses $1,187 $1,101 $810 Up 8% Up 47%
Operating income $2,089 $1,993 $1,220 Up 5% Up 71%
Net income $1,957 $1,834 $1,172 Up 7% Up 67%
Diluted earnings per share $3.10 $2.91 $1.89 Up 7% Up 64%

Fiscal 2021 Summary

GAAP
($ in millions, except earnings per share) FY21 FY20 Y/Y
Revenue $16,675 $10,918 Up 53%
Gross margin 62.3 % 62.0 % Up 30 bps
Operating expenses $5,864 $3,922 Up 50%
Operating income $4,532 $2,846 Up 59%
Net income $4,332 $2,796 Up 55%
Diluted earnings per share $6.90 $4.52 Up 53%

 

Non-GAAP
($ in millions, except earnings per share) FY21 FY20 Y/Y
Revenue $16,675 $10,918 Up 53%
Gross margin 65.6 % 62.5 % Up 310 bps
Operating expenses $4,144 $3,086 Up 34%
Operating income $6,803 $3,735 Up 82%
Net income $6,277 $3,580 Up 75%
Diluted earnings per share $10.00 $5.79 Up 73%

 

NVIDIA’s outlook for the first quarter of fiscal 2022 is as follows:

  • Revenue is expected to be $5.30 billion, plus or minus 2 percent.
  • GAAP and non-GAAP gross margins are expected to be 63.8 percent and 66.0 percent, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $1.67 billion and $1.20 billion, respectively.
  • GAAP and non-GAAP other income and expense are both expected to be an expense of approximately $50 million.
  • GAAP and non-GAAP tax rates are both expected to be 10 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

NVIDIA achieved progress since its previous earnings announcement in these areas:

Data Center

Gaming

  • Fourth-quarter revenue was a record $2.50 billion, up 10 percent from the previous quarter and up 67 percent from a year earlier. Full-year revenue was a record $7.76 billion, up 41 percent.
  • Announced the company’s biggest-ever laptop launch, with 70+ new laptops for gamers and creators, powered by NVIDIA GeForce RTX 30 Series Laptop GPUs.
  • Expanded the GeForce RTX 30 Series GPUs with 60-class offerings — the most popular in the company’s gaming lineup — including the GeForce RTX 3060, starting at just $329, featuring NVIDIA RTX ray tracing, NVIDIA DLSS, NVIDIA Reflex and NVIDIA Broadcast.
  • Increased momentum for NVIDIA RTX adoption, now available in 36 new titles, including MinecraftFortnite and Cyberpunk 2077.
  • Announced that Overwatch and Tom Clancy’s Rainbow Six Siege are adopting NVIDIA Reflex, bringing this low-latency technology to seven of the top 10 competitive-shooter games.
  • Announced GeForce NOW has come to iOS Safari, giving over 6 million GeForce NOW members access to the service through Safari on iPhone or iPad.

Professional Visualization

  • Fourth-quarter revenue was $307 million, up 30 percent from the previous quarter and down 7 percent from a year earlier. Full-year revenue was $1.05 billion, down 13 percent.
  • Announced that NVIDIA Omniverse — a real-time simulation and collaboration platform for 3D production pipelines — is now in open beta.

Automotive

  • Fourth-quarter revenue was $145 million, up 16 percent from the previous quarter and down 11 percent from a year earlier. Full-year revenue was $536 million, down 23 percent.
  • Announced that NVIDIA DRIVE autonomous driving technology is powering a range of next-gen electric vehicles from carmakers SAIC and Nio; robotaxi-maker Zoox; and cabless truck-maker Einride.
  • Announced that NVIDIA is powering the new Mercedes-Benz AI cockpit, featuring the MBUX Hyperscreen, which will debut in the all-electric Mercedes-Benz EQS in the first half of 2021.
  • Expanded the NVIDIA DRIVE sensor ecosystem with new solutions from lidar makers Baraja, Hesai, Innoviz, Magna and Ouster.
 

NVIDIA CORPORATION 

 CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
 (In millions, except per share data)
 (Unaudited)
 Three Months Ended   Twelve Months Ended 
January 31, January 26, January 31, January 26,
2021 2020 2021 2020
Revenue $             5,003 $             3,105 $           16,675 $           10,918
Cost of revenue               1,846               1,090               6,279               4,150
Gross profit               3,157               2,015             10,396               6,768
Operating expenses
Research and development               1,147                  738               3,924               2,829
Sales, general and administrative                  503                  287               1,940               1,093
Total operating expenses               1,650               1,025               5,864               3,922
Income from operations               1,507                  990               4,532               2,846
Interest income                      6                    41                    57                  178
Interest expense                  (53)                  (12)                (184)                  (52)
Other, net                    10                    (3)                      4                    (2)
Other income (expense), net                  (37)                    26                (123)                  124
Income before income tax               1,470               1,016               4,409               2,970
Income tax expense                    13                    66                    77                  174
Net income $             1,457 $                950 $             4,332 $             2,796
Net income per share:
Basic $               2.35 $               1.55 $               7.02 $               4.59
Diluted $               2.31 $               1.53 $               6.90 $               4.52
Weighted average shares used in per share computation:
Basic                  619                  612                  617                  609
Diluted                  631                  621                  628                  618

 

Click here to read the full announcement.


Source: NVIDIA

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