NVIDIA (NASDAQ: NVDA) today reported revenue for the third quarter ended October 30, 2022, of $5.93 billion, down 17% from a year ago and down 12% from the previous quarter.

GAAP earnings per diluted share for the quarter were $0.27, down 72% from a year ago and up 4% from the previous quarter. Non-GAAP earnings per diluted share were $0.58, down 50% from a year ago and up 14% from the previous quarter.

“We are quickly adapting to the macro environment, correcting inventory levels and paving the way for new products,” said Jensen Huang, founder and CEO of NVIDIA.

“The ramp of our new platforms ― Ada Lovelace RTX graphics, Hopper AI computing, BlueField and Quantum networking, Orin for autonomous vehicles and robotics, and Omniverse ― is off to a great start and forms the foundation of our next phase of growth.

“NVIDIA’s pioneering work in accelerated computing is more vital than ever. Limited by physics, general purpose computing has slowed to a crawl, just as AI demands more computing. Accelerated computing lets companies achieve orders-of-magnitude increases in productivity while saving money and the environment,” he said.

During the third quarter of fiscal 2023, NVIDIA returned to shareholders $3.75 billion in share repurchases and cash dividends, bringing the return in the first three quarters to $9.29 billion. As of October 30, 2022, the company had $8.28 billion remaining under its share repurchase authorization through December 2023.

NVIDIA will pay its next quarterly cash dividend of $0.04 per share on December 22, 2022, to all shareholders of record on December 1, 2022.

Q3 Fiscal 2023 Summary

GAAP
($ in millions, except earnings per share) Q3 FY23 Q2 FY23 Q3 FY22 Q/Q Y/Y
Revenue $5,931   $6,704   $7,103   Down 12% Down 17%
Gross margin 53.6 %   43.5 %   65.2 % Up 10.1 pts Down 11.6 pts
Operating expenses $2,576   $2,416   $1,960   Up 7% Up 31%
Operating income $601   $499   $2,671   Up 20% Down 77%
Net income $680   $656   $2,464   Up 4% Down 72%
Diluted earnings per share $0.27   $0.26   $0.97   Up 4% Down 72%
Non-GAAP
($ in millions, except earnings per share) Q3 FY23 Q2 FY23 Q3 FY22 Q/Q Y/Y
Revenue $5,931   $6,704   $7,103   Down 12% Down 17%
Gross margin 56.1 %   45.9 %   67.0 % Up 10.2 pts Down 10.9 pts
Operating expenses $1,793   $1,749   $1,375   Up 3% Up 30%
Operating income $1,536   $1,325   $3,386   Up 16% Down 55%
Net income $1,456   $1,292   $2,973   Up 13% Down 51%
Diluted earnings per share $0.58   $0.51   $1.17   Up 14% Down 50%

OutlookNVIDIA’s outlook for the fourth quarter of fiscal 2023 is as follows:

  • Revenue is expected to be $6.00 billion, plus or minus 2%.
  • GAAP and non-GAAP gross margins are expected to be 63.2% and 66.0%, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $2.56 billion and $1.78 billion, respectively.
  • GAAP and non-GAAP other income and expense are expected to be an income of approximately $40 million, excluding gains and losses from non-affiliated investments.
  • GAAP and non-GAAP tax rates are expected to be 9.0%, plus or minus 1%, excluding any discrete items.

Highlights

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

Data Center

  • Third-quarter revenue was $3.83 billion, up 31% from a year ago and up 1% from the previous quarter.
  • Began shipping the NVIDIA® H100 Tensor Core GPU based on the new NVIDIA Hopper™ architecture, with first systems available now.
  • Announced at the SC22 supercomputing conference that NVIDIA H100 and Quantum-2 systems are being broadly adopted; that NVIDIA Omniverse™ connects to leading scientific computing visualization software; and that NVIDIA powers 90% of the new systems in the latest TOP500 list of the world’s fastest supercomputers, including the H100-powered system deployed at the Flatiron Institute, in the U.S, which topped the Green500 list of the most-efficient systems.
  • Announced a multi-year collaboration with Microsoft to help enterprises train, deploy and scale AI, including state-of-the-art models, through Microsoft Azure, which is deploying tens of thousands of A100 and H100 GPUs.
  • Announced a multi-year partnership with Oracle to bring NVIDIA’s full accelerated computing stack to Oracle Cloud Infrastructure, which is deploying tens of thousands more NVIDIA GPUs, including A100 and H100 accelerators.
  • Announced a partnership with Nuance Communications to bring AI-based diagnostic tools to clinical radiologists.
  • Announced that Rescale is integrating NVIDIA AI Enterprise software into its HPC-as-a-service offering.
  • Announced two new large language model cloud AI services — NVIDIA NeMo™ LLM and NVIDIA BioNeMo™ LLM — enabling developers to easily adapt LLMs and deploy customized AI applications for content generation, text summarization, protein structure and biomolecular property predictions, and more.
  • Announced that NVIDIA H100 Tensor Core GPUs set records in both AI inference and AI training on all workloads in their first appearances on the MLPerf AI benchmarks.
  • Unveiled the second generation of NVIDIA OVX™, powered by the Ada Lovelace GPU architecture and enhanced networking technology, enabling the creation of 3D worlds with groundbreaking real-time graphics, AI and digital-twin simulation capabilities.
  • Announced a new data center solution delivering zero-trust security optimized for VMware vSphere 8 combining Dell PowerEdge servers with NVIDIA BlueField® DPUs, NVIDIA GPUs and NVIDIA AI Enterprise software.

Gaming

  • Third-quarter revenue was $1.57 billion, down 51% from a year ago and down 23% from the previous quarter.
  • Launched GeForce RTX™ 4090, the first Ada Lovelace architecture GPU for gamers and creators, which quickly sold out in many locations. Sales began today of the RTX 4080.
  • Introduced NVIDIA DLSS 3, an AI-powered performance multiplier for a new era of NVIDIA RTX™ neural rendering. More than 240 DLSS games and applications are now available, and 35 have announced support for DLSS 3, including Marvel’s Spider-Man Remastered, Cyberpunk 2077 and Microsoft Flight Simulator.
  • Shipped 37 new RTX games and apps, pushing up the total available to more than 360.
  • Expanded the GeForce NOW™ library with 85+ games, bringing the total available games to 1,400+.

Professional Visualization

  • Third-quarter revenue was $200 million, down 65% from a year ago and down 60% from the previous quarter.
  • Introduced NVIDIA Omniverse™ Cloud, the company’s first software- and infrastructure-as-a-service offering, with a comprehensive suite of cloud services for artists, developers and enterprise teams to access metaverse applications.

Automotive and Embedded

  • Third-quarter revenue was $251 million, up 86% from a year ago and up 14% from the previous quarter.
  • Introduced NVIDIA DRIVE Thor™, the company’s 2,000 TFLOPS next-generation centralized computer for safe and secure autonomous vehicles, with Geely-owned ZEEKR integrating it into electric vehicles in 2025.
  • Marked the launch of the all-electric Volvo EX90, powered by NVIDIA DRIVE Orin and Xavier™, and Polestar 3, the brand’s first SUV, which runs on the NVIDIA DRIVE™ platform.
  • Announced that Hozon Auto’s Neta brand will build future electric vehicles on the NVIDIA DRIVE Orin™ platform, enabling automated driving and intelligent features.
  • Announced new DRIVE IX ecosystem partners that are building on the company’s open AI cockpit software stack to deliver interactive features for vehicles.
  • Launched Jetson Orin Nano™ system-on-modules that deliver up to 80x the performance over the prior generation for entry-level edge AI and robotics.

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

Conference Call and Webcast InformationNVIDIA will conduct a conference call with analysts and investors to discuss its third quarter fiscal 2023 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its fourth quarter and fiscal 2023.

Non-GAAP MeasuresTo 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, contributions, IP-related costs, legal settlement costs, restructuring costs, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, the associated tax impact of these items where applicable and domestication tax benefit. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases of property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

About NVIDIASince its founding in 1993, NVIDIA (NASDAQ: NVDA) has been a pioneer in accelerated computing. The company’s invention of the GPU in 1999 sparked the growth of the PC gaming market, redefined computer graphics, ignited the era of modern AI and is fueling the creation of the metaverse. NVIDIA is now a full-stack computing company with data-center-scale offerings that are reshaping industry. More information at https://nvidianews.nvidia.com/.

For further information, contact:

Simona Jankowski Robert Sherbin
Investor Relations Corporate Communications
NVIDIA Corporation NVIDIA Corporation
sjankowski@nvidia.com rsherbin@nvidia.com
   

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b2b7b7d-12bb-4da3-a570-cce517e9f884

Certain statements in this press release including, but not limited to, statements as to: NVIDIA quickly adapting to the macro environment, correcting inventory levels and paving the way for new products; the ramp of NVIDIA’s new platforms forming the foundation of NVIDIA’s next phase of growth; NVIDIA’s pioneering work in accelerated computing being more vital than ever; AI demanding more computing; accelerated computing letting companies achieve orders-of-magnitude increases in productivity while saving money and the environment; NVIDIA’s next quarterly cash dividend; NVIDIA’s financial outlook for the fourth quarter of fiscal 2023; NVIDIA’s expected tax rates for the fourth quarter of fiscal 2023; the benefits, impact, performance, and availabilities of our products and technologies; NVIDIA H100 and Quantum-2 systems being broadly adopted; the multi-year collaboration with Microsoft to help enterprises train, deploy and scale AI, including state-of-the-art models; the multi-year partnership with Oracle to bring NVIDIA’s full accelerated computing stack to Oracle Cloud Infrastructure; the partnership with Nuance Communications to bring AI-based diagnostic tools to clinical radiologists; Rescale integrating NVIDIA AI Enterprise into its HPC-as-a-service offering; NVIDIA NeMo LLM and NVIDIA BioNeMo LLM enabling developers to easily adapt LLMs and deploy customized AI applications for content generation, text summarization, protein structure, biomolecular property predictions, and more; the second generation of NVIDIA OVX enabling the creation of 3D worlds with groundbreaking real-time graphics, AI and digital-twin simulation capabilities; the new data center solution delivering zero-trust security optimized for VMware vSphere 8 combining Dell PowerEdge servers with NVIDIA BlueField DPUs, NVIDIA GPUs and NVIDIA AI Enterprise software; NVIDIA Omniverse Cloud providing a comprehensive suite of cloud services for artists, developers and enterprise teams to access metaverse applications; ZEEKR integrating NVIDIA DRIVE Thor into electric vehicles in 2025; Hozon Auto’s Neta brand building future electric vehicles on the NVIDIA DRIVE Orin platform, enabling automated driving and intelligent features; new DRIVE IX ecosystem partners building on the company’s open AI cockpit software stack to deliver interactive features for vehicles; and the Jetson Orin Nano system-on-modules delivering up to 80x the performance over the prior generation for entry-level edge AI and robotics are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2022 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, GeForce NOW, GeForce RTX, Jetson Orin Nano, NVIDIA BioNeMo, NVIDIA BlueField, NVIDIA DRIVE, NVIDIA DRIVE Orin, NVIDIA DRIVE Thor, NVIDIA Hopper, NVIDIA NeMo, NVIDIA RTX, NVIDIA OVX and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.

 

 
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
                   
                   
      Three Months Ended   Nine Months Ended
      October 30,   October 31,   October 30,   October 31,
        2022       2021       2022       2021  
                   
Revenue $ 5,931     $ 7,103     $ 20,923     $ 19,271  
Cost of revenue   2,754       2,472       9,400       6,795  
Gross profit   3,177       4,631       11,523       12,476  
Operating expenses              
  Research and development   1,945       1,403       5,387       3,802  
  Sales, general and administrative   631       557       1,815       1,603  
  Acquisition termination cost   -       -       1,353       -  
    Total operating expenses   2,576       1,960       8,555       5,405  
Income from operations   601       2,671       2,968       7,071  
  Interest income   88       7       152       20  
  Interest expense   (65 )     (62 )     (198 )     (175 )
  Other, net   (11 )     22       (29 )     160  
    Other income (expense), net   12       (33 )     (75 )     5  
Income before income tax   613       2,638       2,893       7,076  
Income tax expense (benefit)   (67 )     174       (61 )     327  
Net income $ 680     $ 2,464     $ 2,954     $ 6,749  
                   
Net income per share:              
  Basic $ 0.27     $ 0.99     $ 1.18     $ 2.71  
  Diluted $ 0.27     $ 0.97     $ 1.17     $ 2.67  
                   
Weighted average shares used in per share computation:            
  Basic   2,483       2,499       2,495       2,493  
  Diluted   2,499       2,538       2,517       2,532  
                   
                   
               
                   
NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
             
             
        October 30,   January 30,
          2022       2022  
ASSETS        
             
Current assets:        
  Cash, cash equivalents and marketable securities   $ 13,143     $ 21,208  
  Accounts receivable, net     4,908       4,650  
  Inventories     4,454       2,605  
  Prepaid expenses and other current assets     718       366  
    Total current assets     23,223       28,829  
             
Property and equipment, net     3,774       2,778  
Operating lease assets     927       829  
Goodwill     4,372       4,349  
Intangible assets, net     1,850       2,339  
Deferred income tax assets     2,762       1,222  
Other assets     3,580       3,841  
    Total assets   $ 40,488     $ 44,187  
             
LIABILITIES AND SHAREHOLDERS' EQUITY
             
Current liabilities:        
  Accounts payable   $ 1,491     $ 1,783  
  Accrued and other current liabilities     4,115       2,552  
  Short-term debt     1,249       -  
    Total current liabilities     6,855       4,335  
             
Long-term debt     9,701       10,946  
Long-term operating lease liabilities     798       741  
Other long-term liabilities     1,785       1,553  
    Total liabilities     19,139       17,575  
             
Shareholders' equity     21,349       26,612  
    Total liabilities and shareholders' equity   $ 40,488     $ 44,187  
             
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
                   
                   
      Three Months Ended   Nine Months Ended
      October 30, October 31, October 30, October 31,
        2022       2021       2022       2021  
                   
Cash flows from operating activities:              
Net income $ 680     $ 2,464     $ 2,954     $ 6,749  
Adjustments to reconcile net income to net cash              
provided by operating activities:              
  Stock-based compensation expense   745       559       1,971       1,453  
  Depreciation and amortization   406       298       1,118       865  
  Losses (gains) on investments in non affiliates, net   11       (21 )     35       (152 )
  Deferred income taxes   (532 )     (20 )     (1,517 )     (182 )
  Acquisition termination cost   -       -       1,353       -  
  Other   (45 )     10       (27 )     25  
Changes in operating assets and liabilities, net of acquisitions:              
  Accounts receivable   410       (366 )     (258 )     (1,523 )
  Inventories   (563 )     (118 )     (1,848 )     (400 )
  Prepaid expenses and other assets   247       (1,575 )     (1,307 )     (1,557 )
  Accounts payable   (917 )     141       (358 )     385  
  Accrued and other current liabilities   (92 )     (8 )     1,175       159  
  Other long-term liabilities   42       155       102       253  
Net cash provided by operating activities   392       1,519       3,393       6,075  
Cash flows from investing activities:              
  Proceeds from maturities of marketable securities   5,809       2,545       16,792       7,780  
  Proceeds from sales of marketable securities   75       211       1,806       916  
  Purchases of marketable securities   (2,188 )     (6,752 )     (9,764 )     (16,020 )
  Purchases related to property and equipment and intangible assets     (530 )     (221 )     (1,324 )     (703 )
  Acquisitions, net of cash acquired   -       (203 )     (49 )     (203 )
  Investments and other, net   (18 )     (18 )     (83 )     (14 )
Net cash provided by (used in) investing activities   3,148       (4,438 )     7,378       (8,244 )
Cash flows from financing activities:              
  Proceeds related to employee stock plans   143       149       349       277  
  Payments related to repurchases of common stock   (3,485 )     -       (8,826 )     -  
  Payments related to tax on restricted stock units   (294 )     (440 )     (1,131 )     (1,282 )
  Dividends paid   (100 )     (100 )     (300 )     (298 )
  Principal payments on property and equipment and intangible assets     (18 )     (22 )     (54 )     (62 )
  Issuance of debt, net of issuance costs   -       (8 )     -       4,977  
  Repayment of debt   -       (1,000 )     -       (1,000 )
  Other   1       -       1       (2 )
Net cash provided by (used in) financing activities   (3,753 )     (1,421 )     (9,961 )     2,610  
Change in cash and cash equivalents   (213 )     (4,340 )     810       441  
Cash and cash equivalents at beginning of period   3,013       5,628       1,990       847  
Cash and cash equivalents at end of period $ 2,800     $ 1,288     $ 2,800     $ 1,288  
                   
  NVIDIA CORPORATION
  RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
  (In millions, except per share data)
  (Unaudited)
                     
        Three Months Ended   Nine Months Ended
        October 30,   July 31,   October 31,   October 30,   October 31,
          2022       2022       2021       2022       2021  
                         
  GAAP gross profit $ 3,177     $ 2,915     $ 4,631     $ 11,523     $ 12,476  
  GAAP gross margin   53.6 %     43.5 %     65.2 %     55.1 %     64.7 %
    Acquisition-related and other costs (A)   120       121       86       335       258  
    Stock-based compensation expense (B)   32       38       44       108       102  
    IP-related costs     -       -       -       -       8  
  Non-GAAP gross profit $ 3,329     $ 3,074     $ 4,761     $ 11,966     $ 12,844  
    Non-GAAP gross margin     56.1 %     45.9 %     67.0 %     57.2 %     66.6 %
                         
  GAAP operating expenses $ 2,576     $ 2,416     $ 1,960     $ 8,555     $ 5,405  
    Stock-based compensation expense (B)   (713 )     (611 )     (515 )     (1,863 )     (1,351 )
    Acquisition-related and other costs (A)   (54 )     (54 )     (70 )     (164 )     (224 )
    Restructuring costs (C)   (16 )     -       -       (16 )     -  
    Contributions     -       (2 )     -       (2 )     -  
    Acquisition termination cost   -       -       -       (1,353 )     -  
    Legal settlement costs   -       -       -       (7 )     -  
  Non-GAAP operating expenses $ 1,793     $ 1,749     $ 1,375     $ 5,150     $ 3,830  
                         
  GAAP income from operations $ 601     $ 499     $ 2,671     $ 2,968     $ 7,071  
    Total impact of non-GAAP adjustments to income from operations   935       826       715       3,848       1,943  
  Non-GAAP income from operations $ 1,536     $ 1,325     $ 3,386     $ 6,816     $ 9,014  
                         
  GAAP other income (expense), net $ 12     $ (24 )   $ (33 )   $ (75 )   $ 5  
    (Gains) losses from non-affiliated investments   11       7       (20 )     36       (153 )
    Interest expense related to amortization of debt discount   1       1       1       3       3  
  Non-GAAP other income (expense), net $ 24     $ (16 )   $ (52 )   $ (36 )   $ (145 )
                         
  GAAP net income   $ 680     $ 656     $ 2,464     $ 2,954     $ 6,749  
    Total pre-tax impact of non-GAAP adjustments   947       833       696       3,887       1,793  
    Income tax impact of non-GAAP adjustments (D)   (171 )     (197 )     (187 )     (649 )     (381 )
    Domestication tax adjustments   -       -       -       -       (252 )
  Non-GAAP net income $ 1,456     $ 1,292     $ 2,973     $ 6,192     $ 7,909  
                         
  Diluted net income per share                  
    GAAP   $ 0.27     $ 0.26     $ 0.97     $ 1.17     $ 2.67  
    Non-GAAP   $ 0.58     $ 0.51     $ 1.17     $ 2.46     $ 3.12  
                         
  Weighted average shares used in diluted net income per share computation   2,499       2,516       2,538       2,517       2,532  
                         
  GAAP net cash provided by operating activities $ 392     $ 1,271     $ 1,519     $ 3,393     $ 6,075  
    Purchases related to property and equipment and intangible assets   (530 )     (432 )     (221 )     (1,324 )     (703 )
    Principal payments on property and equipment   (18 )     (15 )     (22 )     (54 )     (62 )
  Free cash flow   $ (156 )   $ 824     $ 1,276     $ 2,015     $ 5,310  
                         
   
                         
  (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
        Three Months Ended   Nine Months Ended
        October 30,   July 31,   October 31,   October 30,   October 31,
          2022       2022       2021       2022       2021  
    Cost of revenue $ 120     $ 121     $ 86     $ 335     $ 258  
    Research and development $ 10     $ 10     $ 7     $ 29     $ 10  
    Sales, general and administrative $ 44     $ 44     $ 63     $ 135     $ 214  
                         
  (B) Stock-based compensation consists of the following:      
        Three Months Ended   Nine Months Ended
        October 30,   July 31,   October 31,   October 30,   October 31,
          2022       2022       2021       2022       2021  
    Cost of revenue $ 32     $ 38     $ 44     $ 108     $ 102  
    Research and development $ 530     $ 452     $ 363     $ 1,365     $ 935  
    Sales, general and administrative $ 183     $ 159     $ 152     $ 498     $ 416  
                         
  (C) Costs related to Russia branch office closure.                  
                         
  (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).
 
                         
NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
     
 
    Q4 FY2023 Outlook
    ($ in millions)
     
GAAP gross margin   63.2 %
  Impact of stock-based compensation expense, acquisition-related costs, and other costs   2.8 %
Non-GAAP gross margin   66.0 %
     
GAAP operating expenses $ 2,560  
  Stock-based compensation expense, acquisition-related costs, and other costs   (780 )
Non-GAAP operating expenses $ 1,780  
     
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