NVDA Q4 2023 Earnings

Call Details

• Call Title: Nvidia Q4 2023 Earnings Call
• Date: February 22, 2023 at 10:00 PM UTC
• Management Team:
  • Simona Jankowski (Director of Investor Relations)
  • Jensen Huang (President and Chief Executive Officer)
  • Colette Kress (Executive Vice President and Chief Financial Officer)

Call Summary

Financial Performance

• Q4 revenue was $6.05B, up 2% sequentially and down 21% year-on-year.
• Full-year revenue was $27.0B, flat versus the prior year.
• Data center revenue was $3.62B, down 6% sequentially and up 11% year-on-year, and fiscal year data center revenue was $15.0B, up 41% year-on-year.
• On a trailing four-quarter basis, CSP customers drove about 40% of NVIDIA's data center revenue.
• Gaming revenue was $1.83B, up 16% sequentially and down 46% year-on-year, with fiscal year gaming revenue of $9.07B, down 27% year-on-year.
• Automotive revenue was a record $294M, up 17% sequentially and up 135% year-on-year.
• Q4 GAAP gross margin was 63.3% and non-GAAP gross margin was 66.1%, while fiscal year GAAP and non-GAAP gross margins were 56.9% and 59.2%, respectively.
• Q4 GAAP operating expenses were up 21% year-on-year and non-GAAP operating expenses were up 23% year-on-year, with sequential GAAP op exp flat and non-GAAP op exp down 1%.

Guidance

• Revenue for Q1 fiscal 2024 is expected to be $6.5B, plus or minus 2%.
• GAAP gross margin is expected to be 64.1%, plus or minus 50 basis points, and non-GAAP gross margin is expected to be 66.5%, plus or minus 50 basis points.
• GAAP operating expenses are expected to be approximately $2.53B for Q1, and non-GAAP operating expenses are expected to be approximately $1.78B for Q1.
• GAAP and non-GAAP other income and expenses are expected to be an income of approximately $50M for Q1, excluding gains and losses of non-affiliated investments.
• GAAP and non-GAAP tax rates are expected to be 13%, plus or minus 1%, excluding any discrete items.
• Capital expenditures are expected to be approximately $350M to $400M for Q1 and in the range of $1.1B to $1.3B for the full fiscal year 2024.