NVDA Q4 2021 Earnings

Call Details

• Call Title: Nvidia Q4 2021 Earnings Call
• Date: February 24, 2021 at 10:00 PM UTC
• Management Team:
  • Jensen Huang (President and Chief Executive Officer)
  • Colette Kress (Executive Vice President and Chief Financial Officer)
  • Simona Jankowski (Vice President of Investor Relations and Strategic Finance)

Call Summary

Financial Performance

• Q4 revenue exceeded $5B, representing year-on-year growth of 61%.
• Full fiscal year revenue was a record $16.7B, up 53% year-on-year.
• Gaming revenue was $2.5B in Q4, up 10% sequentially and up 67% year-on-year, with full-year gaming revenue of $7.8B, up 41% year-on-year.
• Data center revenue was $1.9B in Q4, comparable to the prior quarter and up 97% year-on-year, while data center compute revenue was up 45% year-on-year.
• Q4 GAAP gross margin was 63.1% and non-GAAP gross margin was 65.5%, with non-GAAP gross margin up 10 basis points year-on-year and flat sequentially.
• Q4 GAAP EPS was $2.31, up 51% year-on-year, and non-GAAP EPS was $3.10, up 64% year-on-year.
• Q4 cash from operations was a record $2.07B and full-year data center revenue was a record $6.7B, up 125% year-on-year.

Guidance

• Q1 revenue is expected to be $5.3B, plus or minus 2%, with most sequential growth driven by gaming.
• Q1 GAAP gross margin is expected to be 63.8% and non-GAAP gross margin is expected to be 66%, each plus or minus 50 basis points.
• Q1 GAAP operating expenses are expected to be approximately $1.67B and non-GAAP operating expenses approximately $1.2B.
• Full-year non-GAAP OpEx is expected to grow in the mid-20% range year-on-year.
• GAAP and non-GAAP other income and expense are each expected to be an expense of approximately $50M in Q1.
• Q1 tax rates are expected to be 10%, plus or minus 1%, excluding discrete items, and capital expenditures are expected to be $300M to $325M.