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1、Investor Presentation Q4 FY25March 2025Except for the historical information contained herein,certain matters in this presentation including,but not limited to,statements as to:expectations with respect to growth,performance and benefits of NVIDIAs products,services,and technologies,including Blackw

2、ell,and related trends and drivers;expectations with respect to supply and demand for NVIDIAs products,services,and technologies,including Blackwell,and related matters including inventory,production and distribution;our financial position;projected market growth and trends,market opportunity,demand

3、,and growth drivers;our financial and business outlook;our dividend program;expectations with respect to NVIDIAs third party arrangements,including with its collaborators and partners;third parties adopting our products and technologies;expectations with respect to technology developments and relate

4、d trends and drivers;expectations with respect to AI and related industries;and other statements that are not historical facts are forward-looking statements.These forward-looking statements and any other forward-looking statements that go beyond historical facts that are made in this presentation a

5、re subject to risks and uncertainties that may cause actual results to differ materially.Important factors that could cause actual results to differ materially include:global economic and political conditions;NVIDIAs reliance on third parties to manufacture,assemble,package and test NVIDIAs products

6、;the impact of technological development and competition;development of new products and technologies or enhancements to NVIDIAs existing product and technologies;market acceptance of NVIDIAs products or NVIDIAs partners products;design,manufacturing or software defects;changes in consumer preferenc

7、es and demands;changes in industry standards and interfaces;unexpected loss of performance of NVIDIAs products or technologies when integrated into systems and other factors;and changes in applicable laws and regulations.NVIDIA has based these forward-looking statements largely on its current expect

8、ations and projections about future events and trends that it believes may affect its financial condition,results of operations,business strategy,short-term and long-term business operations and objectives,and financial needs.These forward-looking statements are subject to a number of risks and unce

9、rtainties,and you should not rely upon the forward-looking statements as predictions of future events.The future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements

10、.Although NVIDIA believes that the expectations reflected in the forward-looking statements are reasonable,the company cannot guarantee that future results,levels of activity,performance,achievements or events and circumstances reflected in the forward-looking statements will occur.Except as require

11、d by law,NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.For a complete discussion of factors that could materially affect NVIDIAs financial results and operations,please refer to the reports we file from time to time with the SEC,

12、including NVIDIAs most recent Annual Report on Form 10-K,Quarterly Reports on Form 10-Q,and Current Reports on Form 8-K.Copies of reports we file with the SEC are posted on NVIDIAs website and are available from NVIDIA without charge.Many of the products and features described herein remain in vario

13、us stages and will be offered on a when-and-if-available basis.The statements within are not intended to be,and should not be interpreted as a commitment,promise,or legal obligation,and the development,release,and timing of any features or functionalities described for our products is subject to cha

14、nge and remains at the sole discretion of NVIDIA.NVIDIA will have no liability for failure to deliver or delay in the delivery of any of the products,features or functions set forth herein.NVIDIA uses certain non-GAAP measures in this presentation including non-GAAP gross margin,non-GAAP operating i

15、ncome,non-GAAP net income,and non-GAAP diluted earnings per share.NVIDIA believes the presentation of its non-GAAP financial measures enhances investors overall understanding of the companys historical financial performance.The presentation of the companys non-GAAP financial measures is not meant to

16、 be considered in isolation or as a substitute for the companys financial results prepared in accordance with GAAP,and the companys non-GAAP measures may be different from non-GAAP measures used by other companies.Further information relevant to the interpretation of non-GAAP financial measures,and

17、reconciliations of these non-GAAP financial measures to the most comparable GAAP measures,may be found in the slide titled“Reconciliation of Non-GAAP to GAAP Financial Measures”.Q4 FY25 Earnings SummaryKey Announcements This QuarterReconciliation of Non-GAAP to GAAP Financial MeasuresContentQ4 FY25E

18、arnings SummaryHighlightsRecord quarter driven primarily by strong Data Center growth Total revenue up 78%Y/Y to$39.3B,above outlook of$37.5B+/-2%Record Data Center up 93%Y/Y to$35.6B Gaming down 11%Y/Y to$2.5BData Center revenue driven by Blackwell ramp and H200 growth Delivered$11B of Blackwell re

19、venue;fastest product ramp in companys history Blackwell production in full gear across multiple configurations;increasing supply quickly to meet expanding customer adoption Customers racing to scale NVIDIA infrastructure to train next gen cutting-edge models,unlock next level of AI capabilities Pos

20、t training and model customization fueling demand for NVIDIA infrastructure and software Inference demand is accelerating,driven by test-time scaling and new reasoning modelsGaming end demand remained strong;shipments impacted by supply constraints Expect strong q/q growth in Q1 as supply increases

21、Launched new GeForce RTX 50 Series Desktop and Laptop GPUsQ4 FY25 Financial SummaryAll dollar figures are in millions other than EPS.Refer to Appendix for reconciliation of Non-GAAP measures.GAAPNon-GAAPQ4 FY25Y/YQ/QQ4 FY25Y/YQ/QRevenue$39,331+78%+12%$39,331+78%+12%Gross Margin73.0%-3.0 pts-1.6 pts7

22、3.5%-3.2 pts-1.5 ptsOperating Income$24,034+77%+10%$25,516+73%+10%Net Income$22,091+80%+14%$22,066+72%+10%Diluted EPS$0.89+82%+14%$0.89+71%+10%Cash Flow from Ops$16,628+45%-6%$16,628+45%-6%$22,103$26,044$30,040$35,082$39,33176.7%78.9%75.7%75.0%73.5%70.0%72.0%74.0%76.0%78.0%80.0%82.0%84.0%86.0%88.0%9

23、0.0%1,5006,50011,50016,50021,50026,50031,50036,50041,500Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Revenue($M)Non-GAAP GMHighlights Data center compute revenue jumped 18%q/q and over 2x y/y Large CSPs represented about half of Data Center revenue with sales up nearly 2x y/y Azure,GCP,AWS,and OCI some of the

24、 first to stand up Blackwell GB200 Blackwell has great demand for inference.Many early GB200 deployments are earmarked for inference,a first for a new architecture Regional clouds hosting NVIDIA GPUs increased as a percentage of Data Center revenue reflecting continued AI Factory buildouts Consumer

25、internet grew 3x y/y driven by an expanding set of generative AI and deep learning use cases Enterprise increased nearly 2x y/y on accelerating demand for model fine-tuning,RAG and agentic AI workflows,and data processing Spectrum-X and NVLink switch revenue increased and represents a major new grow

26、th vectorData CenterRevenue($M)$18,404$22,563$26,272$30,771$35,580Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY2593%Y/Yand 16%Q/QHighlights End demand remained strong throughout the holiday however shipments were impacted by supply constraints Expect strong q/q growth in Q1 as supply increases New GeForce RTX 5

27、0 Series Desktop and Laptop GPUs are here Feature up to 3,400 AI TOPS Deliver up to 2x performance leap and new AI-driven rendering New DLSS 4 boosts frame rates up to 8x AI-driven frame generation turns one rendered frame into three Industrys first real-time application of transformer models-2x mor

28、e parameters,4x the compute Announced a wave of GeForce Blackwell laptop GPUs new Max-Q technology extends battery life by up to 40%GamingRevenue($M)$2,865$2,647$2,880$3,279$2,544Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY2511%Y/Yand 22%Q/Q$463$427$454$486$511Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY2510%Y/Yand 5%Q/Q

29、Highlights Key industry verticals driving demand include automotive and healthcare NVIDIA technologies and gen AI are reshaping design,engineering and simulation workloads,and being leveraged in leading software platforms from Ansys,Cadence,and Siemens,fueling demand for NVIDIA RTX workstationsProfe

30、ssional VisualizationRevenue($M)$281$329$346$449$570Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Highlights Record Auto revenue-strong growth driven by continued ramp in autonomous vehicles including cars and robotaxis Toyota will build its next-generation vehicles on NVIDIA Orin Aurora and Continental will d

31、eploy driverless trucks at scale powered by NVIDIA DRIVE Thor Hyundai Motor Group adopting NVIDIA technologies to accelerate AV and robotics developmentAutomotiveRevenue($M)103%Y/Yand 27%Q/Q$11,499$15,345$14,489$17,629$16,628Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Highlights Q/Q decline driven by higher

32、accounts receivable balance due to shipment linearity and increased inventory to support Blackwell ramp Y/Y increase reflects higher revenue Utilized cash of$8.1B towards shareholder returns,including$7.8B in share repurchases and$245M in cash dividends Invested$1.1B in capex(includes principal paym

33、ents on PP&E)Ended the quarter with$43.2B in gross cash and$8.5B in debt;$34.7B in net cashSources&Uses of CashCash Flow from Operations($M)Gross cash is defined as cash/cash equivalents&marketable securities.Net cash is defined as gross cash less debt.Debt is defined as principal value of debt.45%Y

34、/Y6%Q/QQ1 FY26 OutlookRevenue$43.0 billion,plus or minus 2%Significant ramp of Blackwell expected in Q1Expect q/q growth in both Data Center and GamingWithin Data Center,expect q/q growth from both Compute and NetworkingGross Margins70.6%GAAP and 71.0%non-GAAP,plus or minus 50 basis pointsWhen fully

35、 ramped,expect Blackwell margins return to the mid 70sOperating ExpenseApproximately$5.2 billion GAAP and$3.6 billion non-GAAPExpect full year FY26 operating expenses growth to be in the mid-30sOther Income&ExpenseIncome of approximately$400 million for GAAP and non-GAAPExcluding gains and losses fr

36、om non-marketable investments and publicly-held equity securitiesTax Rate17.0%GAAP and non-GAAP,plus or minus 1%,excluding discrete itemsRefer to Appendix for reconciliation of Non-GAAP measures.Key Announcements This QuarterNVIDIA Blackwell GeForce RTX 50 Series Opens New World of AI Computer Graph

37、ics Announced new GeForce RTX 50 Series Desktop and Laptop GPUs for gamers,creators and developers Powered by NVIDIA Blackwell architecture,5th gen Tensor Cores and 4th gen RT Cores Features up to 3,400 AI TOPS Delivers up to 2x performance leap New DLSS 4 boosts frame rates up to 8x Industrys first

38、 real-time application of transformer models-2X more parameters,4x more compute Announced new GeForce Blackwell laptops New NVIDIA Max-Q technology extends battery life by up to 40%Available starting in March RTX 50 Series GPUs-first consumer GPUs to support FP4 precision Boosts AI inference perform

39、ance by 2x Enables gen AI models to run locally in a smaller memory footprintGeForce RTX 509092 billion transistors with 3,352 AI TOPS2x faster than RTX 4090 with DLSS 4Available starting on Jan.30 at$1,999GeForce RTX 50801,801 AI TOPSAvailable starting on Jan.30 at$999GeForce RTX 5070 Ti1,406 AI TO

40、PSAvailable starting in Feb.at$749GeForce RTX 5070988 AI TOPSAvailable starting in Feb.at$549NVIDIA Project DIGITS Puts Grace Blackwell on Every Desk and at Every AI Developers Fingertips NVIDIA Project DIGITS is a personal AI supercomputer that provides millions of AI researchers,data scientists an

41、d students with access to the power of the NVIDIA Grace Blackwell platform Runs the NVIDIA stack,features the new NVIDIA GB10 Grace Blackwell Superchip Offers a petaflop of AI computing for prototyping,fine-tuning and running large AI models A single system is capable of running up to 200B parameter

42、 LLMs,With NVIDIA ConnectX networking,two systems can be linked to run up to 405B parameter models Workloads can seamlessly be deployed on NVIDIA accelerated cloud instances or data center infrastructure Available in May from NVIDIA and top partners,starting at$3,000ConnectivityWi-Fi,Bluetooth,USBGB

43、10 SuperchipBlackwell GPU1 PFLOP FP4 AI ComputeGrace CPU20 Arm CoresHigh-Bandwidth Unified Memory128 GB Low-Power DDR5XConnectXNCCL,RDMA,GPUDirect4 TB SSDNVIDIA Launches Cosmos World Foundation Model Platform to Accelerate Physical AI and Robotics Development NVIDIA Cosmos is a platform optimized fo

44、r NVIDIA data center GPUs and purpose built to advance autonomous vehicle(AV)and robotics development Cosmos open world foundation model(WFM)can catalyze physical AI.It features:Generative world foundation models to generate massive amounts of photoreal,physics-based synthetic data to train and eval

45、uate existing models NVIDIA AI and CUDA-accelerated data processing pipeline-enables developers to process,curate and label 20M hours of videos in 14 days instead of 3.4 years using a CPU-only pipeline NVIDIA Cosmos tokenizer-visual tokenizer for converting images and videos into tokens.It delivers

46、12X faster processing vs todays leading tokenizers NVIDIA NeMo framework for highly efficient model training,customization and optimization Leading robotics and automotive companies,including ridesharing giant Uber among the first to adopt Cosmos Cosmos WFMs are available under NVIDIAs open model li

47、cense on Hugging Face and the NVIDIA NGC catalog.Cosmos models will soon be available as fully optimized NVIDIA NIM microservices“Pick up the piece of toast from the toaster and place it on the white plate to the right of the toaster.”TextTokensImage TokensWorld FoundationModelActionTokensNVIDIA Exp

48、ands Omniverse With Generative Physical AI Announced generative AI models and blueprints that expand NVIDIA Omniverse integration further into physical AI apps such as robotics,autonomous vehicles(AV)and vision AI The blueprints include:Mega-for developing and testing robot fleets at scale in an ind

49、ustrial factory or warehouse digital twin before deployment in real-world facilities AV Simulation-to accelerate development pipelines by replaying driving data,generating new ground-truth data and performing closed-loop testing Omniverse Spatial Streaming to Apple Vision Pro-to create applications

50、for immersive streaming of large-scale industrial digital twins to Apple Vision Pro Real-Time Digital Twins for Computer Aided Engineering(CAE)-enables real-time physics visualization Accenture,Altair,Ansys,Cadence,Foretellix,Microsoft,Neural Conceptare,Siemens,and others are using Omniverse to deve

51、lop new products and services that will accelerate the next era of industrial AIToyota Joins Expanding List of Partners on NVIDIA DRIVE Toyota,the worlds largest automaker,will build its next-generation vehicles on NVIDIA DRIVE AGX,running the safety-certified NVIDIA DriveOS operating system Announc

52、ed long-term strategic partnerships with Aurora and Continental to deploy driverless trucks at scale,powered by NVIDIA DRIVE The majority of todays global automotive ecosystem are developing on NVIDIA DRIVE AGX platform and technologies NVIDIA offers three core computing systems and the AI software

53、essential for end-to-end autonomous vehicle development NVIDIA DRIVE AGX is the in-vehicle computer NVIDIA DGX processes the data from the fleet and trains the AI models NVIDIA Omniverse and Cosmos running on NVIDIA OVX systems tests and validates self-driving systems in simulation NVIDIA end-to-end

54、 AV platform,DRIVE AGX Hyperion,passed industry-safety assessments by TV SD and TV Rheinlandtwo of the industrys foremost authorities for automotive-grade safety and cybersecurityNew NVIDIA Nemotron Model Families to Advance Agentic AI Open Llama Nemotron large language models and Cosmos Nemotron vi

55、sion language models supercharge AI agents help developers create and deploy AI agents Available as NVIDIA NIM microservices Applications include customer support,fraud detection,and product supply chain and inventory management optimization They come in three sizes:Nano:The most cost-effective mode

56、l optimized for real-time applications;ideal for deployment on PCs and edge devices Super:A high-accuracy model offering exceptional throughput on a single GPU Ultra:Designed for data-center-scale applications demanding the highest performance Leading AI agent platform providers including SAP and Se

57、rviceNow expected to be among the first to use the Llama Nemotron modelsNVIDIA Partners With Industry Leaders to Advance Genomics,Drug Discovery and Healthcare Healthcare leaders IQVIA,Illumina and Mayo Clinic,as well as Arc Institute are using NVIDIA AI and accelerated computing to speed drug disco

58、very,enhance genomic research and pioneer advanced healthcare services with generative and agentic AI to transform the$10 trillion healthcare and life sciences industry IQVIA is using NVIDIA AI Foundry to build language and multimodal foundational models to power AI agents for accelerating research,

59、clinical development and accessing new treatments Illumina is combining DNA sequencing and informatics technologies with NVIDIA Clara AI tools to develop foundation models for drug discovery and human health Mayo Clinic plans to deploy NVIDIA DGX Blackwell systems and healthcare imaging platform MON

60、AI to accelerate the development of next-generation multi-modal pathology foundation models Arc Institute,a Palo Alto,California-based research organization is using NVIDIA BioNeMo,DGX Cloud and NIM microservices and Blueprints to build foundation models that can generalize across different modaliti

61、es,like DNA,RNA and proteinsReconciliation of Non-GAAP to GAAP Financial MeasuresReconciliation of Non-GAAP to GAAP Financial MeasuresA.Consists of amortization of intangible assets,transaction costs,and certain compensation charges.B.Stock-based compensation charge was allocated to cost of goods so

62、ld,research and development expense,and sales,general and administrative expense.C.Other consists of gains from non-marketable equity securities and publicly-held equity securities,net,and interest expense related to amortization of debt discount.Non-GAAPAcquisition-Related and Other Costs(A)Stock-B

63、ased Compensation(B)Other(C)Tax Impact of AdjustmentsGAAPQ4FY25Gross margin($in million)$28,894(118)(53)$28,72373.5%(0.3)(0.2)73.0%Operating income($in million)$25,516(161)(1,321)$24,034Net income($in million)$22,066(161)(1,321)726781$22,091Shares used in diluted per share calculation(millions)24,70

64、624,706Diluted EPS$0.89(0.01)(0.05)0.030.03$0.89Reconciliation of Non-GAAP to GAAP Financial Measures(contd.)Gross MarginNon-GAAPAcquisition-Related and Other Costs(A)Stock-Based Compensation(B)GAAPQ4 FY 202476.7%(0.5)(0.2)76.0%Q1 FY 202578.9%(0.4)(0.1)78.4%Q2 FY 202575.7%(0.4)(0.2)75.1%Q3 FY 202575

65、.0%(0.3)(0.1)74.6%A.Consists of amortization of intangible assets.B.Stock-based compensation charge was allocated to cost of goods sold.Reconciliation of Non-GAAP to GAAP Financial Measures(contd.)($in Millions)Q1 FY26 OutlookNon-GAAP gross margin71.0%Impact of stock-based compensation expense,acquisition-related costs,and other costs(0.4%)GAAP gross margin70.6%Non-GAAP operating expenses$3,600Impact of stock-based compensation expense,acquisition-related costs,and other costs1,550GAAP operating expenses$5,150