Analyst Conference Summary

conference date: May 9, 2017 @ 2:00 PM Pacific Time
for quarter ending: April 30, 2017 (Q1, first quarter fiscal 2018)

But I own competitor AMD
Forward-looking statements

Overview: Solid quarter, but down sequentially on gaming GPU seasonality.

Basic data (GAAP) :

Revenues were $1.94 billion, down 11% sequentially from $2.17 billion, and up 48% from $1.30 billion in the year-earlier quarter.

Net income was $ million, up % sequentially from $655 million and up % from $ million year-earlier.

EPS (diluted earnings per share) were $0.79, down 20% sequentially from $0.99, and up126 % the $0.35 year-earlier.

Guidance:

For the July quarter (fiscal Q2 2018) revenue is expected at $1.95 billion, plus or minus 2%. GAAP gross margin 58.4%, non-GAAP 58.6%. Operating expenses $605 million GAAP, or $530 million non-GAAP. Other expense $8 million GAAP or $3 million non-GAAP. Tax rate 17%. Capital expenditures $55 to $65 million.

Conference Highlights:

Jensen Huang, CEO of Nvidia, said "The AI revolution is moving fast and continuing to accelerate. Our GPU deep learning platform is the instrument of choice for researchers, internet giants and startups as they invent the future. Our Datacenter GPU computing business nearly tripled from last year, as more of the world's computer scientists engage deep learning. One industry after another is awakening to the power of GPU deep learning and AI, the most important technology force of our time."

The dividend of $0.14 will be paid on June 14 to shareholders of record as of May 23, 2017.

For fiscal 2018 Nvidia intends to return $1.25 billion to shareholders through dividends and share repurchases.

GPU segment revenue was $ billion, up % sequentially from $1.85 billion, and up % y/y.

Tegra segment revenue was $ million, up % sequentially from $257 million and up % from year-earlier.

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

Gaming revenue was $ billion, up % sequentially from $1.35 million, and up % from year-earlier. E-sports is a major driver of growth. In the quarter announced the GeForce GTX 1080 Ti and TITAN Xp astop end GPUs.

Professional visualization (Quadro) revenue was $ million, up % sequentially from $225 million, and up % y/y.

Datacenter revenue was $ million, up % sequentially from $296 million, and more than tripled from year-earlier. "AI is transforming industries worldwide." Grid graphics virtualization doubled y/y.

Automotive revenue was $ million, up % sequentially from $128 million, and up % y/y.

OEM and IP business revenue was $ million , down % sequentially from $176 million and down % from year-earlier.

Nvidia's GPUs will become available in the Microsoft Azure cloud, Google , Tencent, IBM, and Baidu clouds.

Non-GAAP numbers: Net income $533 million, down 24% sequentially from $704 million, and up 103% from $263 million year-earlier. EPS $0.85, down 25% sequentially from $1.13, and up 85% from $0.46 year-earlier. 59.6% gross margin. Excludes $ million in stock-based compensation and other non-cash and one-time items.

Cash and equivalents balance was $6.2 billion, down sequentially from $6.80 billion. $ million cash from operations. $ million was used for capital expenditures. $ million free cash flow. Repurchased shares using $ million. $82 million was used for dividends. Long-term debt $2.0 billion.

GAAP cost of goods sold was $787 million, leaving gross profit of $1.15 billion. Operating expenses of $596 million consisted of $411 million for R&D and $185 million for Sales, General and Administrative expense. Leaving operating income of $554 million. Interest and other expense $18 million. Income tax expense $29 million.

Q&A:

missed the live confererce, recording not ready yet.

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