NVIDIA Announces Financial Results for Third Quarter Fiscal 2018

November 10, 2017

Nov. 10, 2017 — NVIDIA has reported record revenue for the third quarter ended October 29, 2017, of $2.64 billion, up 32 percent from $2.00 billion a year earlier, and up 18 percent from $2.23 billion in the previous quarter, with growth across all its platforms.

GAAP earnings per diluted share for the quarter were a record $1.33, up 60 percent from $0.83 a year ago and up 45 percent from $0.92 in the previous quarter. Non-GAAP earnings per diluted share were $1.33, also a record, up 41 percent from $0.94 a year earlier and up 32 percent from $1.01 in the previous quarter.

“We had a great quarter across all of our growth drivers,” said Jensen Huang, founder and chief executive officer of NVIDIA. “Industries across the world are accelerating their adoption of AI.

“Our Volta GPU has been embraced by every major internet and cloud service provider and computer maker. Our new TensorRT inference acceleration platform opens us to growth in hyperscale datacenters. GeForce and Nintendo Switch are tapped into the strongest growth dynamics of gaming. And our new DRIVE PX Pegasus for robotaxis has been adopted by companies around the world. We are well positioned for continued growth,” he said.

Capital Return

During the first nine months of fiscal 2018, NVIDIA returned to shareholders $909 million in share repurchases and $250 million in cash dividends. As a result, the company returned an aggregate of $1.16 billion to shareholders in the first nine months of the fiscal year. The company intends to return $1.25 billion to shareholders in fiscal 2018.

For fiscal 2019, NVIDIA intends to return $1.25 billion to shareholders through ongoing quarterly cash dividends and share repurchases. The company announced a 7 percent increase in its quarterly cash dividend to $0.15 per share from $0.14 per share, to be paid with its next quarterly cash dividend on December 15, 2017, to all shareholders of record on November 24, 2017.

Q3 FY2018 Summary

GAAP
($ in millions except earnings per share) Q3 FY18 Q2 FY18 Q3 FY17 Q/Q Y/Y
Revenue $ 2,636 $ 2,230 $ 2,004 Up 18% Up 32%
Gross margin 59.5 % 58.4 % 59.0 % Up 110 bps Up 50 bps
Operating expenses $ 674 $ 614 $ 544 Up 10% Up 24%
Operating income $ 895 $ 688 $ 639 Up 30% Up 40%
Net income $ 838 $ 583 $ 542 Up 44% Up 55%
Diluted earnings per share $ 1.33 $ 0.92 $ 0.83 Up 45% Up 60%

 

Non-GAAP
($ in millions except earnings per share) Q3 FY18 Q2 FY18 Q3 FY17 Q/Q Y/Y
Revenue $ 2,636 $ 2,230 $ 2,004 Up 18% Up 32%
Gross margin 59.7 % 58.6 % 59.2 % Up 110 bps Up 50 bps
Operating expenses $ 570 $ 533 $ 478 Up 7% Up 19%
Operating income $ 1,005 $ 773 $ 708 Up 30% Up 42%
Net income $ 833 $ 638 $ 570 Up 31% Up 46%
Diluted earnings per share $ 1.33 $ 1.01 $ 0.94 Up 32% Up 41%

NVIDIA’s outlook for the fourth quarter of fiscal 2018 is as follows:

  • Revenue is expected to be $2.65 billion, plus or minus two percent.
  • GAAP and non-GAAP gross margins are expected to be 59.7 percent and 60.0 percent, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $722 million and $600 million, respectively.
  • GAAP and non-GAAP other income and expense are both expected to be nominal.
  • GAAP and non-GAAP tax rates are both expected to be 17.5 percent, plus or minus one percent, excluding any discrete items. GAAP discrete items include excess tax benefits or deficiencies related to stock-based compensation, which the company expects to generate variability on a quarter by quarter basis.

Third Quarter Fiscal 2018 Highlights

During the third quarter, NVIDIA achieved progress in these areas:

Datacenter

Gaming

Professional Visualization

Automotive

  • Announced NVIDIA DRIVE PX Pegasus, the world’s first auto-grade AI computer designed to enable a new class of driverless robotaxis without steering wheels, pedals or mirrors.

Autonomous Machines/AI Edge Computing


Source: NVIDIA

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