Analyst Conference Summary

conference date: May 12, 2016 @ 2:00 PM Pacific Time
for quarter ending: May 1, 2016 (Q1, first quarter fiscal 2017)

But I own competitor AMD
Forward-looking statements

Overview: Now showing y/y strong growth led by datacenter and automotive segments.

Basic data (GAAP) :

Revenues were $1.3 billion, down 7% sequentially from $1.40 billion, and up 13% from $1.15 billion in the year-earlier quarter.

Net income was $196 million, down 5% sequentially from $207 million and up 46% from $134 million year-earlier.

EPS (earnings per share) were $0.33, down 6% sequentially from $0.35, and up 38% from $0.24 year-earlier.

Guidance:

Q2 2017 revenue expected within 2% of $1.35 billion. Gross margin 57.7% GAAP, 58.0% non-GAAP. Operating expenses $500 million GAAP, $445 million non-GAAP. Tax rate within 19% to 21%.

Conference Highlights:

The dividend of $0.115 will be paid on June 20, 2016 to shareholders of record as of May 26, 2016.

GPU segment revenue was $1.08 billion, down 8% sequentially from $1.18 billion, and up 15% y/y from $940 million.

Tegra segment revenue was $160 million, up 2% sequentially from $157 million and up 10% from $145 million year-earlier.

Other Segment revenue was $66 million, constant sequentially and y/y.

In addition to the segments, NVDA reports revenue by a number of market platforms:

Gaming revenue was $687 million, down 15% sequentially from $810 million, and up 17% from $587 million year-earlier.

Professional graphics revenue was $189 million, down 7% sequentially from $203 million, but up 4% from $181 million y/y.

Datacenter revenue was $143 million, up 47% sequentially from $97 million, and up 63% from $88 million y/y.

Automotive revenue was $113 million, up 22% sequentially from $93 million, and up 47% from $77 million y/y.

$173 million OEM and IP business, down 13% sequentially from $198 million and down 21% from $218 million year-earlier.

Non-GAAP numbers: Net income $263 million, down 11% sequentially from $297 million, and up 41% from $187 million year-earlier. EPS $0.46, down 12% sequentially from $0.52, and up 39% from $0.33 year-earlier. 58.6% gross margin.

Cash and equivalents balance was $4.75 billion, down sequentially from $5.04 billion. $309 million cash from operations. $55 million was used for capital expenditures. $254 million free cash flow. Repurchased shares using $500 million. $62 million was used for dividends. Short-term debt $1.4 billion.

GAAP cost of good sold was $554 million, leaving gross profit of $751 million. Operating expenses of $506 million consisted of $346 million for R&D and $159 million for Sales, General and Administrative expense, and $1 million for restructuring. Leaving operating income of $245 million. Interest and other expense $4 million. Income tax expense $45 million.

Q&A:

did not take notes on

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