FOR IMMEDIATE RELEASE:
NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2020

SANTA CLARA, Calif.-Feb. 13, 2020
- NVIDIA (NASDAQ: NVDA) today 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 Moon, Wolfenstein: 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.
Data Center and Edge Computing
Unveiled the first scalable GPU-accelerated supercomputer in the cloud with Microsoft Azure, with access to up to 800 NVIDIA® V100 Tensor Core GPUs.
Announced that it is powering the world’s most powerful industrial supercomputer, HPC5, which has 7,280 NVIDIA V100 GPUs and is operated by Italian energy company Eni.
Announced that Alibaba’s and Baidu’s recommendation engines run on NVIDIA AI, boosting inference by orders of magnitude beyond CPUs.
Joined forces with AWS, using NVIDIA T4 Tensor Core GPUs to power AWS Outposts, bringing Amazon EC2 G4 instances to customers’ data centers.
Collaborated with Arm, Ampere Computing, Fujitsu and Marvell on a new reference design platform for GPU-accelerated Arm-based servers, and with Red Hat to bring GPU acceleration to Arm for HPC applications.
Introduced NVIDIA TensorRT™ 7, an inference software development kit, paving the way to smarter and faster conversational AI.
Unveiled NVIDIA Clara™ Federated Learning, a reference application that preserves patient privacy while improving global model accuracy, already in use by the American College of Radiology and UCLA Health.
Introduced Magnum IO, a software suite for data scientists and high performance computing researchers that is optimized to eliminate storage and input/output bottlenecks.
Released a new version of the NVIDIA Isaac™ software development kit, a unified robotic development platform to accelerate the development and testing of robots.






Professional Visualization
Brought RTX technology to new desktops and laptops from Acer and joined forces with Adobe to provide a complimentary three-month Adobe Creative Cloud membership with new RTX Studio purchases.
Introduced RTX capabilities to Autodesk’s Maya 2020, Dassault’s Catia 2020 and Siemens Ray-Trace Studio with the release of a new NVIDIA Quadro® Driver and NVIDIA Studio Driver.
Expanded the reach of RTX technology into Chaos Group’s V-Ray, Autodesk’s Arnold and Blender’s Cycles, enabling designers to create complex 3D visuals, accurate reflections and more.
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 http://investor.nvidia.com/.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2020 financial results and current financial prospects today at 2:30 p.m. Pacific time (5:30 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, http://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2021.
Non-GAAP Measures
To 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, non-GAAP income tax expense, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, non-GAAP diluted shares, and free cash flow. In order 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 stock-based compensation expense, legal settlement costs, acquisition-related and other costs, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items, where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less purchase of 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 NVIDIA
NVIDIA’s (NASDAQ: NVDA) 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 http://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
Certain statements in this press release including, but not limited to, statements as to: our initiatives achieving great success; the impacts of NVIDIA RTX ray tracing, NVIDIA AI and new NVIDIA computing applications in 5G, genomics, robotics, and autonomous vehicles; NVIDIA’s positioning for the greatest technology trends of our time; NVIDIA’s next quarterly cash dividend; the status of the China regulatory approval process and the expected timing of closing of the Mellanox acquisition; the ultimate effect of the coronavirus; NVIDIA’s financial outlook for the first quarter of fiscal 2021; NVIDIA’s expected tax rates for the first quarter of fiscal 2021; NVIDIA’s expectation to generate variability from excess tax benefits or deficiencies; and the benefits and impact of: GeForce NOW, Alibaba’s and Baidu’s recommendation engines running on NVIDIA AI, NVIDIA TensorRT7, NVIDIA Clara Federated Learning, Magnum IO, the new version of the NVIDIA Isaac software development kit, expanding the reach of RTX technology into Chaos Group’s V-Ray, Autodesk’s Arnold and Blender’s Cycles, and DRIVE AGX Orin 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.

© 2020 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, Quadro, DRIVE AGX Orin, GeForce NOW, GeForce RTX, G-SYNC, NVIDIA Clara, NVIDIA Isaac, NVIDIA RTX, and TensorRT 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
 
Twelve Months Ended
 
 
 
January 26,
 
January 27,
 
January 26,
 
January 27,
 
 
 
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
 
 
Revenue
$
3,105

 
$
2,205

 
$
10,918

 
$
11,716

Cost of revenue
1,090

 
998

 
4,150

 
4,545

Gross profit
2,015

 
1,207

 
6,768

 
7,171

Operating expenses
 
 
 
 
 
 
 
 
Research and development
738

 
647

 
2,829

 
2,376

 
Sales, general and administrative
287

 
266

 
1,093

 
991

 
 
Total operating expenses
1,025

 
913

 
3,922

 
3,367

Income from operations
990

 
294

 
2,846

 
3,804

 
Interest income
41

 
42

 
178

 
136

 
Interest expense
(12
)
 
(14
)
 
(52
)
 
(58
)
 
Other, net
(3
)
 
2

 
(2
)
 
14

 
 
Total other income
26

 
30

 
124

 
92

Income before income tax
1,016

 
324

 
2,970

 
3,896

Income tax expense (benefit)
66

 
(243
)
 
174

 
(245
)
Net income
$
950

 
$
567

 
$
2,796

 
$
4,141

 
 
 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
 
Basic
$
1.55

 
$
0.93

 
$
4.59

 
$
6.81

 
Diluted
$
1.53

 
$
0.92

 
$
4.52

 
$
6.63

 
 
 
 
 
 
 
 
 
 
Weighted average shares used in per share computation:
 
 
 
 
 
 
 
 
Basic
612

 
609

 
609

 
608

 
Diluted
621

 
619

 
618

 
625










NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
January 26,
 
January 27,
 
 
 
 
2020
 
2019
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash, cash equivalents and marketable securities
 
$
10,897

 
$
7,422

 
Accounts receivable, net
 
1,657

 
1,424

 
Inventories
 
979

 
1,575

 
Prepaid expenses and other current assets
 
157

 
136

 
 
Total current assets
 
13,690

 
10,557

 
 
 
 
 
 
 
Property and equipment, net
 
1,674

 
1,404

Operating lease assets
 
618

 

Goodwill
 
618

 
618

Intangible assets, net
 
49

 
45

Deferred income tax assets
 
548

 
560

Other assets
 
118

 
108

 
 
Total assets
 
$
17,315

 
$
13,292

 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
 
$
687

 
$
511

 
Accrued and other current liabilities
 
1,097

 
818

 
 
Total current liabilities
 
1,784

 
1,329

 
 
 
 
 
 
 
Long-term debt
 
1,991

 
1,988

Long-term operating lease liabilities
 
561

 

Other long-term liabilities
 
775

 
633

 
 
Total liabilities
 
5,111

 
3,950

 
 
 
 
 
 
 
Shareholders' equity
 
12,204

 
9,342

 
 
Total liabilities and shareholders' equity
 
$
17,315

 
$
13,292







NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
Three Months Ended
 
Twelve Months Ended
 
January 26,
 
January 27,
 
January 26,
 
January 27,
 
2020
 
2019
 
2020
 
2019
Cash flows from operating activities:
 
 
 
 
 
 
 
Net income
$
950

 
$
567

 
$
2,796

 
$
4,141

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
Stock-based compensation expense
220

 
156

 
844

 
557

Depreciation and amortization
106

 
78

 
381

 
262

Deferred income taxes
23

 
(345
)
 
18

 
(315
)
Other

 
(10
)
 
5

 
(45
)
Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Accounts receivable
(202
)
 
794

 
(233
)
 
(149
)
Inventories
66

 
(156
)
 
597

 
(776
)
Prepaid expenses and other assets
22

 
13

 
77

 
(55
)
Accounts payable
104

 
(359
)
 
194

 
(135
)
Accrued and other current liabilities
157

 
109

 
54

 
256

Other long-term liabilities
19

 
51

 
28

 
2

Net cash provided by operating activities
1,465

 
898

 
4,761

 
3,743

Cash flows from investing activities:
 
 
 
 
 
 
 
Proceeds from maturities of marketable securities

 
964

 
4,744

 
7,232

Proceeds from sales of marketable securities
2

 
314

 
3,365

 
428

Purchases of marketable securities

 
(1,036
)
 
(1,461
)
 
(11,148
)
Purchases of property and equipment and intangible assets
(144
)
 
(203
)
 
(489
)
 
(600
)
Investments and other, net
(9
)
 

 
(14
)
 
(9
)
Net cash provided by (used in) investing activities
(151
)
 
39

 
6,145

 
(4,097
)
Cash flows from financing activities:
 
 
 
 
 
 
 
Payments related to repurchases of common stock

 
(724
)
 

 
(1,579
)
Repayment of Convertible Notes

 
(3
)
 

 
(16
)
Dividends paid
(98
)
 
(98
)
 
(390
)
 
(371
)
Proceeds related to employee stock plans
2

 
3

 
149

 
137

Payments related to tax on restricted stock units
(87
)
 
(50
)
 
(551
)
 
(1,032
)
Other

 
(4
)
 

 
(5
)
Net cash used in financing activities
(183
)
 
(876
)
 
(792
)
 
(2,866
)
Change in cash and cash equivalents
1,131

 
61

 
10,114

 
(3,220
)
Cash and cash equivalents at beginning of period
9,765

 
721

 
782

 
4,002

Cash and cash equivalents at end of period
$
10,896

 
$
782

 
$
10,896

 
$
782







 
 NVIDIA CORPORATION
 
 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 
 (In millions, except per share data)
 
 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
 
January 26,
 
October 27,
 
January 27,
 
January 26,
 
January 27,
 
 
 
2020
 
2019
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
GAAP gross profit
 
$
2,015

 
$
1,916

 
$
1,207

 
$
6,768

 
$
7,171

  GAAP gross margin
 
64.9
%
 
63.6
%
 
54.7
%
 
62.0
%
 
61.2
%
 
Stock-based compensation expense (A)
 
12

 
15

 
6

 
39

 
27

 
Legal settlement costs
 
3

 

 
21

 
14

 
35

Non-GAAP gross profit
 
$
2,030

 
$
1,931

 
$
1,234

 
$
6,821

 
$
7,233

  Non-GAAP gross margin
 
65.4
%
 
64.1
%
 
56.0
%
 
62.5
%
 
61.7
%
 
 
 
 
 
 
 
 
 
 
 
 
GAAP operating expenses
 
$
1,025

 
$
989

 
$
913

 
$
3,922

 
$
3,367

 
Stock-based compensation expense (A)
 
(208
)
 
(208
)
 
(150
)
 
(805
)
 
(530
)
 
Acquisition-related and other costs
 
(7
)
 
(7
)
 
(1
)
 
(30
)
 
(2
)
 
Legal settlement costs
 

 

 
(7
)
 
(1
)
 
(9
)
Non-GAAP operating expenses
 
$
810

 
$
774

 
$
755

 
$
3,086

 
$
2,826

 
 
 
 
 
 
 
 
 
 
 
 
GAAP income from operations
 
$
990

 
$
927

 
$
294

 
$
2,846

 
$
3,804

 
Total impact of non-GAAP adjustments to income from operations
 
230

 
229

 
185

 
889

 
603

Non-GAAP income from operations
 
$
1,220

 
$
1,156

 
$
479

 
$
3,735

 
$
4,407

 
 
 
 
 
 
 
 
 
 
 
 
GAAP other income
 
$
26

 
$
32

 
$
30

 
$
124

 
$
92

 
Losses (Gains) from non-affiliated investments
 

 

 
(1
)
 
1

 
(12
)
 
Interest expense related to amortization of debt discount
 

 
1

 

 
2

 
2

Non-GAAP other income
 
$
26

 
$
33

 
$
29

 
$
127

 
$
82

 
 
 
 
 
 
 
 
 
 
 
 
GAAP net income
 
$
950

 
$
899

 
$
567

 
$
2,796

 
$
4,141

 
Total pre-tax impact of non-GAAP adjustments
 
230

 
230

 
184

 
890

 
593

 
Income tax impact of non-GAAP adjustments (B)
 
(8
)
 
(26
)
 
(25
)
 
(106
)
 
(223
)
 
Tax benefit from income tax reform
 

 

 
(230
)
 

 
(368
)
Non-GAAP net income
 
$
1,172

 
$
1,103

 
$
496

 
$
3,580

 
$
4,143








 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
 
January 26,
 
October 27,
 
January 27,
 
January 26,
 
January 27,
 
 
 
2020
 
2019
 
2019
 
2020
 
2019
Diluted net income per share
 
 
 
 
 
 
 
 
 
 
 
GAAP
 
$
1.53

 
$
1.45

 
$
0.92

 
$
4.52

 
$
6.63

 
Non-GAAP
 
$
1.89

 
$
1.78

 
$
0.80

 
$
5.79

 
$
6.64

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares used in diluted net income per share computation
 
 
 
 
 
 
 
 
 
 
 
GAAP
 
621

 
618

 
619

 
618

 
625

 
Anti-dilution impact from note hedge
 

 

 

 

 
(1
)
 
Non-GAAP
 
621

 
618

 
619

 
618

 
624

 
 
 
 
 
 
 
 
 
 
 
 
GAAP net cash provided by operating activities
 
$
1,465

 
$
1,640

 
$
898

 
$
4,761

 
$
3,743

 
Purchase of property and equipment and intangible assets
 
(144
)
 
(104
)
 
(203
)
 
(489
)
 
(600
)
Free cash flow
 
$
1,321

 
$
1,536

 
$
695

 
$
4,272

 
$
3,143



(A) Stock-based compensation consists of the following:
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
 
January 26,
 
October 27,
 
January 27,
 
January 26,
 
January 27,
 
 
 
2020
 
2019
 
2019
 
2020
 
2019
 
Cost of revenue
 
$
12

 
$
15

 
$
6

 
$
39

 
$
27

 
Research and development
 
$
140

 
$
141

 
$
99

 
$
540

 
$
336

 
Sales, general and administrative
 
$
68

 
$
67

 
$
51

 
$
265

 
$
194

 
 
 
 
 
 
 
 
 
 
 
 
(B) 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
 
 
 
 
 Q1 FY2021 Outlook
  GAAP gross margin
 
65.0
%
 
Impact of stock-based compensation expense
 
0.4
%
  Non-GAAP gross margin
 
65.4
%
 
 
 
 
 
 
 
 Q1 FY2021 Outlook
 
 
 
(In millions)
GAAP operating expenses
 
$
1,045

 
Stock-based compensation expense, acquisition-related costs, and other costs
(210
)
Non-GAAP operating expenses
 
$
835





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