輝達 (NVDA) 2007 Q1 法說會逐字稿

Good afternoon and thank you for holding. I would now like to turn the call over to Mr. Michael Hara, NVIDIA's Vice President of Investor Relations. Thank you, sir. You may begin your conference.

下午好，感謝您的出席。現在，我想將電話轉給 NVIDIA 投資者關係副總裁 Michael Hara 先生。謝謝您，先生。您可以開始您的會議了。

Thank you. Good afternoon and welcome to NVIDIA's conference call for the first fiscal quarter ended April 30, 2006. On the call today for NVIDIA are Jen-Hsun Huang, NVIDIA's President and Chief Executive Officer, and Marv Burkett, NVIDIA's Chief Financial Officer.

謝謝。下午好，歡迎參加 NVIDIA 截至 2006 年 4 月 30 日的第一個財政季度電話會議。今天參加 NVIDIA 電話會議的有 NVIDIA 總裁兼執行長黃仁勳和 NVIDIA 財務長 Marv Burkett。

Before we begin today's call, I would like to take care of some general administrative items. Your lines have been placed on a listen-only mode until the question-and-answer segment of today's call. During this call we will discuss some non-GAAP measures about net income, net income per share and gross margin and other line items from our consolidated statements of income when talking about our results. You can assign the full reconciliation of these measures to GAAP in our financial release, which is posted on the Investor Relations page of our website at www.NVIDIA.com. This call is being recorded. If you have any objections, you may disconnect at this time.

在我們開始今天的電話會議之前，我想處理一些一般行政事務。在今天電話會議的問答環節之前，您的電話線路將處於只聽模式。在本次電話會議中，我們將討論一些非公認會計準則指標，包括淨收入、每股淨收入、毛利率以及合併損益表中的其他項目。您可以在我們的財務報告中將這些指標與 GAAP 的完整對帳指定給該報告，該報告發佈在我們網站 www.NVIDIA.com 的投資者關係頁面上。本次通話正在錄音。如果您有任何異議，此時您可以斷開連接。

Please be aware that if you decide to ask a question, it will be included in both our live transmission, as well as any future use of the recording. Also, shareholders can listen to a live webcast of today's call and view our financial release at the NVIDIA Investor Relations website. The webcast will be available for replay until the Company's conference call to discuss its financial results for the second quarter of fiscal 2007.

請注意，如果您決定提出問題，它將包含在我們的現場直播以及將來的錄音使用中。此外，股東還可以收聽今天電話會議的現場網路直播，並在 NVIDIA 投資者關係網站上查看我們的財務報告。在公司召開討論2007財年第二季財務表現的電話會議之前，網路直播將可供重播。

This conference call is the property of NVIDIA. Any redistribution, retransmission or rebroadcast of this call or any portion of it without the express written consent of NVIDIA is strictly prohibited and may result in civil and criminal penalties.

本次電話會議由 NVIDIA 所有。未經 NVIDIA 明確書面同意，嚴禁對本次通話或其任何部分進行任何重新分發、重新傳輸或重新廣播，否則可能導致民事和刑事處罰。

During the course of this conference call, we may make forward-looking statements based on current expectations. Forward-looking statements, including statements as to our second-quarter 2007 outlook, growth, growth drivers, market share, investments, competitive positions, design wins, customer demands, new and forthcoming products, and products and technologies pertaining to future events are subject to a number of significant risks and uncertainties. The Company's actual results may differ materially from results discussed in any forward-looking statements. For a complete discussion of factors that could affect the Company's future financial results and business, please refer to the Company's Form 10-K and annual report for the fiscal year ended January 29, 2006, quarterly reports on Form 10-Q and the reports on Form 8-K filed with the Securities and Exchange Commission. All forward-looking statements are made as of the date hereof based on information available to us today, and the Company assumes no obligation to update any such statements. The content of the webcast contains time-sensitive information that is accurate only as of May 11, 2006.

在本次電話會議期間，我們可能會根據目前預期做出前瞻性陳述。前瞻性陳述，包括有關 2007 年第二季度的展望、成長、成長動力、市場份額、投資、競爭地位、設計成果、客戶需求、新產品和即將推出的產品以及與未來事件有關的產品和技術的陳述，都受許多重大風險和不確定因素的影響。本公司的實際結果可能與任何前瞻性陳述中討論的結果有重大差異。有關可能影響公司未來財務表現和業務的因素的完整討論，請參閱公司的 10-K 表和截至 2006 年 1 月 29 日的財政年度的年度報告、10-Q 表的季度報告和向美國證券交易委員會提交的 8-K 表報告。所有前瞻性陳述均根據我們今天掌握的資訊於本新聞稿發布之日做出，本公司不承擔更新任何此類陳述的義務。網路廣播的內容包含時間敏感訊息，僅截至 2006 年 5 月 11 日的準確資訊。

Consistent with the requirements under Regulation FD, we will be providing public guidance directly in the conference call and will be unable to provide significantly more information in off-line conversations or during the quarter. Therefore, questions around our financial expectations should be asked during this call. At the end of our remarks, there will be time for your questions. In order to allow more people to ask questions, please limit yourself to one question. After our response, we will allow one follow-up question.

根據公平揭露規則的要求，我們將在電話會議中直接提供公共指導，並且無法在線下對話或本季度內提供更多資訊。因此，在本次電話會議中應該詢問有關我們的財務預期的問題。在我們發言結束時，將留時間回答大家的提問。為了讓更多人提問，請將問題限制在一個範圍內。在我們的答覆之後，將允許提出一個後續問題。

I would now like to hand the call over to Jen-Hsun.

現在我想把電話交給 Jen-Hsun。

Thanks, Mike. Good afternoon and welcome to NVIDIA's first-quarter conference call. Today we're pleased to report record revenue of 681.8 million and net income of $0.23 per share for our first quarter. Year-over-year first-quarter revenue grew 17% and net income grew 41%. We experienced growth in each of our businesses -- GPU, MCP, handheld GPU and Consumer Electronics -- resulting in record revenue for the first quarter.

謝謝，麥克。下午好，歡迎參加 NVIDIA 第一季電話會議。今天，我們很高興地報告第一季的創紀錄收入 6.818 億美元和每股淨收入 0.23 美元。第一季營收年增17%，淨收入成長41%。我們的各項業務（GPU、MCP、手持式GPU和消費性電子產品）均實現了成長，使得第一季的營收創下了歷史新高。

We also entered multiple new product cycles during the quarter, continuing our leadership in each of the markets we serve. As we move further into the new fiscal year, the growth drivers we outlined at our Analyst Day in March, which included the adoption of Microsoft Vista, high-definition video, and the launch of Sony PlayStation 3, will continue to accelerate and give us the opportunity for another strong year of growth.

我們還在本季進入了多個新的產品週期，繼續在我們所服務的每個市場中保持領先地位。隨著我們進入新的財年，我們在 3 月分析師日上概述的成長動力（包括 Microsoft Vista 的採用、高清視訊以及 Sony PlayStation 3 的推出）將繼續加速，並為我們帶來另一個強勁增長年度的機會。

Let me highlight some of our first-quarter fiscal 2007 results and achievements. Non-GAAP gross margin reached a company high of 42.5%, an increase of 230 basis points sequentially from the fourth quarter of fiscal 2006, and 650 basis points year-over-year. GAAP gross margin was 42.4% for the first quarter of fiscal 2007.

讓我重點介紹一下我們 2007 財年第一季的一些業績和成就。非公認會計準則毛利率達到公司最高的42.5%，比2006財年第四季增加230個基點，比去年同期增加650個基點。2007財年第一季的GAAP毛利率為42.4%。

We shipped eight new GeForce 7 series GPUs for desktop and notebook PCs and now offer a complete top to bottom family of GeForce 7 GPUs. NVIDIA grew share in the Performance DX9 and combined DX9 desktop GPU segments from 79% to 83% and from 57% to 60% respectively from the fourth quarter of calendar 2005 to the first quarter of calendar 2006 as reported in Mercury Research's first-quarter PC Graphics report of 2006. The NVIDIA nForce MCP productline achieved record revenue for its seventh consecutive quarter. nForce MCPs increased their share of the AMD 64 segment from 35% to 42% from the fourth quarter of calendar 2005 to the first quarter of calendar 2006 as reported in Mercury Research's first-quarter worldwide chipset report 2006.

我們為桌上型電腦和筆記型電腦推出了八款新型 GeForce 7 系列 GPU，現已提供完整的 GeForce 7 GPU 系列。根據 Mercury Research 2006 年第一季 PC 圖形報告顯示，從 2005 年第四季到 2006 年第一季度，NVIDIA 在效能 DX9 和綜合 DX9 桌面 GPU 領域的份額分別從 79% 成長到 83% 和從 57% 成長到 60%。NVIDIA nForce MCP產品線連續第七個季度實現創紀錄的營收。根據 Mercury Research 2006 年第一季全球晶片組報告，從 2005 年第四季到 2006 年第一季度，nForce MCP 在 AMD 64 市場的佔有率從 35% 上升到了 42%。

We continued to advance our leadership position in multi-GPU technology. The Company shipped its first Quad SLI system for desktop PCs, enabling four GPUs per system. We also brought our SLI technology to notebook PC enthusiasts. NVIDIA demonstrated the world's first GPU-Powered Game Physics Solution at the Games Developers Conference with Havok, the game industry's leading supplier of cross-platform physics engine middleware. Life-like physics will bring a new dimension of realism and interactivity to games.

我們持續提昇在多 GPU 技術領域的領導地位。該公司推出了首款用於桌上型電腦的 Quad SLI 系統，每個系統配備四個 GPU。我們也將我們的 SLI 技術帶給筆記型電腦愛好者。NVIDIA 在遊戲開發者大會上與遊戲產業領先的跨平台實體引擎中間件供應商 Havok 合作展示了全球首款基於 GPU 的遊戲實體解決方案。逼真的物理特性將為遊戲帶來新的真實感和互動性維度。

We shipped our first integrated graphics processor, IGP core-logic solution, for AMD-based notebook PCs -- the GeForce Go 6100 GPU and nForce Go 430 MCP. The core-logic solution is the industry's first high-definition IGP to provide hardware accelerated H.264 high definition video playback.

我們針對基於 AMD 的筆記型電腦推出了首款整合式圖形處理器 IGP 核心邏輯解決方案 — — GeForce Go 6100 GPU 和 nForce Go 430 MCP。此核心邏輯解決方案是業界首款提供硬體加速H.264高畫質影片播放的高清IGP。

The Professional Solutions group introduced 11 new desktop and notebook workstation solutions, designed to improve workstation graphics performance and representing the most extensive line of professional graphic solutions in the industry. NVIDIA and Intel announced a collaboration to bring high-performance 3-D gaming and multimedia platform to handheld devices. The collaboration combines the NVIDIA GoForce family of handheld GPUs with Intel's newest processor family code-named Monahan's, which is based on third generation Intel XScale architecture to develop a powerful development platform to content developers. We successfully completed our acquisition of ULi Electronics, a leading developer of core-logic technology.

專業解決方案集團推出了 11 款全新桌上型電腦和筆記型電腦工作站解決方案，旨在提高工作站圖形效能，代表了業界最廣泛的專業圖形解決方案系列。NVIDIA 與英特爾宣布合作，為手持裝置帶來高效能 3-D 遊戲和多媒體平台。此次合作將NVIDIA GoForce系列手持GPU與英特爾最新的代號為Monahan的處理器系列結合起來，後者基於第三代英特爾XScale架構，旨在為內容開發人員打造一個強大的開發平台。我們成功完成領先核心邏輯技術開發商ULi Electronics的收購。

And finally, we acquired Hybrid Graphics, the leading developer of embedded 2-D and 3-D graphics software for handheld devices. The acquisition will enable customers of both companies to deploy rich graphic solutions for the entire worldwide handheld market.

最後，我們收購了 Hybrid Graphics，這是一家手持設備嵌入式 2-D 和 3-D 圖形軟體的領先開發人員。此次收購將使兩家公司的客戶能夠為全球手持設備市場部署豐富的圖形解決方案。

Let me turn the call over to Marv to discuss our financial results in more detail. I will return to discuss our progress and outlook.

讓我將電話轉給 Marv，以更詳細地討論我們的財務結果。我將回來討論我們的進展和前景。

Thank you. I would like to begin with some comments about the P&L for the first quarter of fiscal year 2007 and then move to the balance sheet. I will end with a few comments about the outlook for Q2.

謝謝。我想先對 2007 財年第一季的損益表發表一些評論，然後再討論資產負債表。最後，我想談一些關於第二季前景的評論。

On the P&L, as Jen-Hsun stated earlier, revenue for the quarter was 681.8 million, which is up 7.6% from the fourth quarter. The growth of almost $50 million was led by the GPU business, which grew 21 million quarter to quarter. Within the GPU business, notebook grew by 34% and achieved record revenue. Desktop also grew slightly, in spite of a seasonally down first quarter for the PC industry. MCP grew only 4%, which was less than we anticipated but still achieved record revenue for the seventh consecutive quarter. Handheld GPUs grew almost 20% and also achieved record revenue. Memory and other also grew $12 million in the quarter.

在損益表方面，如 Jen-Hsun 先前所述，本季營收為 6.818 億美元，較第四季成長 7.6%。近 5000 萬美元的成長是由 GPU 業務推動的，該業務環比增長了 2100 萬美元。在GPU業務中，筆記型電腦成長了34％，並取得了創紀錄的收入。儘管第一季個人電腦產業受到季節性下滑的影響，但桌上型電腦市場也略有成長。MCP僅成長4％，低於我們的預期，但仍連續第七個季度實現創紀錄的收入。手持式GPU成長近20％，並實現了創紀錄的收入。內存和其他部分在本季度也增長了 1200 萬美元。

All of our business segments had some growth quarter to quarter. Year-over-year our overall revenue grew by 17% led by MCP and GPU businesses. MCP grew 65% year-over-year and GPUs grew by 10%. Our handheld business almost quadrupled year-over-year but from a very low base last year. Xbox contributed 44 million in revenue in last year's Q1; therefore, our core business grew 24% year-to-year.

我們的所有業務部門都實現了季度環比增長。在 MCP 和 GPU 業務的推動下，我們的整體營收年增了 17%。MCP 年成長 65%，GPU 成長 10%。我們的手持設備業務年增了近四倍，但去年的基數很低。Xbox在去年Q1貢獻了4,400萬美元的營收；因此，我們的核心業務年增了24%。

For gross margins we achieved 42.5% on a non-GAAP basis, which exceeded even our expectations. The introduction and success of several new GeForce 7 products contributed significantly to the improvement. The GeForce 7 family contributed approximately 245 million in revenue for the quarter at excellent gross margins. This resulted in a notice increase in gross margin for our GPU business. We also had very good margin improvements in our handheld GPU business, and it is now close to breakeven on an operating income level.

以非公認會計準則計算，我們的毛利率達到了 42.5%，甚至超出了我們的預期。幾款新的 GeForce 7 產品的推出和成功為這項改進做出了重大貢獻。GeForce 7系列以優異的毛利率為本季貢獻了約2.45億美元的營收。這導致我們的 GPU 業務的毛利率顯著增加。我們的手持式 GPU 業務的利潤率也得到了很好的提升，目前已接近營業收入的損益平衡。

Operating expenses were higher than we anticipated. There were many factors that contributed to this, and I will outline a few. Going into the quarter, we had not anticipated the acquisition of Hybrid or the hiring of a significant number of employees from 3Dlabs. These two contributed approximately 2 million of expense in the quarter.

營運費用高於我們的預期。造成這種情況的因素有很多，我將概述其中的幾個。進入本季度，我們並沒有預料到會收購 Hybrid 或從 3Dlabs 僱用大量員工。這兩項費用在本季貢獻了約200萬美元。

Also during the quarter, there were significant option exercises by employees. This causes an expense for the company for FICA and other taxes that must be paid upon the exercise. This added about 4 million of unanticipated expense for the quarter. We will get this back later in the year when these employees max out on FICA. Exclusive of these items, operating expenses were still higher than we anticipated as we were able to hire aggressively in other areas. We added 438 employees during the quarter. Approximately 200 of these were from ULi and another 70 were from Hybrid and 3Dlabs. When you put that together with our normal hiring, the result was a significant increase in headcount. Headcount at the end of the quarter was 3175.

本季度，員工也進行了大規模選擇權行使。這會導致公司在行使權利時產生 FICA 和其他必須繳納的稅費。這導致本季增加了約400萬的意外支出。今年晚些時候，當這些員工的 FICA 達到最高限額時，我們將收回這筆錢。除這些項目外，由於我們能夠在其他領域積極招聘，因此營運費用仍然高於我們的預期。本季我們增加了 438 名員工。其中約 200 個來自 ULi，另外 70 個來自 Hybrid 和 3Dlabs。如果將此與我們的正常招聘結合起來，結果就是員工人數顯著增加。本季末員工總數為3,175人。

The GAAP tax rate for the quarter was 17% as we were not able to include the benefit of the R&D tax credit until it is renewed by Congress. When it does get renewed, our tax rate will go down. Our non-GAAP tax rate was 16%, and that was also negatively impacted by the lack of an R&D tax credit. GAAP net income for the first quarter of fiscal 2007 includes stock-based compensation expense of 23.0 million as a result of our adoption of SFAS 123R during the quarter. Our non-GAAP results adjust our GAAP results to exclude SFAS 123R stock-based compensation and related tax differences.

本季的 GAAP 稅率為 17%，因為我們無法將研發稅收抵免的優惠納入其中，直到國會對其進行續約。當它更新時，我們的稅率就會下降。我們的非公認會計準則稅率為 16%，缺乏研發稅收抵免也產生了負面影響。2007 財年第一季的 GAAP 淨收入包括 2,300 萬美元的股票薪酬費用，這是我們在本季採用 SFAS 123R 的結果。我們的非 GAAP 結果調整了我們的 GAAP 結果以排除 SFAS 123R 股票薪酬和相關稅收差異。

The net result was GAAP earnings of $90.7 million or $0.23 per share on a fully diluted basis. The shares outstanding reflect the stock split which occurred on April 6 and also reflect the new accounting for dilution under 123R. Under the non-GAAP, earnings were $0.29 per share with the shares outstanding accounting under APB 25, which is consistent with the prior year.

淨結果是 GAAP 收益為 9,070 萬美元，或全面攤薄後每股收益 0.23 美元。流通股數反映了 4 月 6 日發生的股票分割，也反映了 123R 下新的稀釋會計處理。根據非公認會計準則，每股收益為 0.29 美元，依照 APB 25 會計流通股，與前一年一致。

On the balance sheet, cash was up to 955 million and reflects that we spent approximately 90 million for the acquisitions of ULi and Hybrid. We also repurchased 50 million of stock during the quarter.

在資產負債表上，現金高達 9.55 億，反映出我們花了約 9,000 萬美元收購 ULi 和 Hybrid。我們也在本季回購了 5,000 萬股股票。

Operating cash flow in the quarter was 50 million. Accounts Receivable was up by 73 million and reflects that the quarter was back-end loaded due to the new product ramps, all of which are now in full production.

本季經營現金流為5000萬。應收帳款增加了 7,300 萬美元，反映出由於新產品的增加，本季後端負荷增加，目前所有新產品均已全面投入生產。

The aging of the receivables remains very good. Inventory was up 92 million as we started the production of several new GeForce 7 products. The increase in inventory can be accounted for by the new products. Depreciation during the quarter was 24 million and capital additions were 21 million.

應收帳款賬齡狀況依然良好。隨著我們開始生產幾款新的 GeForce 7 產品，庫存增加了 9,200 萬。庫存的增加可以用新產品來解釋。本季折舊為 2,400 萬美元，資本增加為 2,100 萬美元。

On the outlook, Q2 is the most difficult quarter to forecast. It is the seasonally lowest quarter of the year for the PC industry. In addition, our visibility is limited until later in the quarter.

從前景來看，第二季是最難預測的一個季度。這是個人電腦產業一年中季節性最差的一個季度。此外，我們的可見性直到本季後期才會顯現出來。

Our expectations for PCs are not substantially different from other companies in the industry. Normally in Q2 our desktop business declines along with the PC industry, and this has to be offset with growth in other areas. For Q2 this fiscal year we believe we can achieve growth in the notebook and MCP businesses and believe this can offset any other declines. Because of our new products, we anticipate that our desktop business will be relatively flat. Overall we expect flat revenue.

我們對個人電腦的期望與業內其他公司並沒有太大差異。通常在第二季度我們的桌面業務會隨著個人電腦產業的下滑而下滑，而這必須透過其他領域的成長來抵銷。對於本財年第二季度，我們相信筆記型電腦和MCP業務能夠實現成長，並相信這可以抵消任何其他方面的下滑。由於我們推出了新產品，我們預計桌面業務將相對穩定。總體而言，我們預計收入持平。

I would like to point out that with flat revenue in Q2, our core businesses would growth 35% year-over-year because last year's Q2 included 69.9 million of Xbox revenue. For gross margin, our results for the first quarter exceeded our expectations, and we will work very hard to hold gross margins at this level for the second quarter. We believe the actual gross margin will be a function of mix and any decline would come from significant revenue growth and lower margin businesses. Consistent with the relatively flat sales, we expect relatively flat gross margin on both a GAAP and a non-GAAP basis. Operating expenses, both GAAP and non-GAAP, will grow only slightly, even though we will have the additional headcount for the entire quarter because of some benefit from the nonrecurring costs that were in Q1. If the R&D tax credit is renewed, we should expect to see the GAAP tax rate reduced in the second quarter.

我想指出的是，在第二季營收持平的情況下，我們的核心業務將比去年同期成長 35%，因為去年第二季 Xbox 的營收為 6,990 萬美元。就毛利率而言，我們第一季的業績超出了我們的預期，我們將努力將第二季的毛利率維持在這個水平。我們認為，實際毛利率將由產品組合決定，任何下降都將來自大幅的收入成長和利潤率較低的業務。與相對平穩的銷售額一致，我們預計 GAAP 和非 GAAP 基礎上的毛利率將相對穩定。儘管我們整個季度的員工人數都會增加，但由於第一季的非經常性成本帶來一些好處，但 GAAP 和非 GAAP 的營業費用都只會略有增加。如果研發稅收抵免得到續簽，我們應該預期第二季 GAAP 稅率將會降低。

Thanks and I will turn it back to Jen-Hsun.

謝謝，我會把它還給 Jen-Hsun。

During the quarter, we enhanced our leadership position in the market. In Q1 we successfully delivered our entire family of desktop and notebook GeForce 7 GPUs to our OEM and general partners. Our new GeForce 7900 GTX has captured design wins with nearly every major OEM offering enthusiast and performance PCs. Our calendar Q1 marketshare of the performance GPU segment increased from 70% to 83% year-over-year.

本季度，我們增強了在市場上的領導地位。第一季度，我們成功向 OEM 和普通合作夥伴交付了全系列桌上型電腦和筆記型電腦 GeForce 7 GPU。我們的新款 GeForce 7900 GTX 已獲得幾乎所有主要 OEM 廠商的設計青睞，這些廠商均提供發燒級和高效能 PC。我們第一季在效能 GPU 領域的市佔率年增率從 70% 增加到 83%。

SLI has become a standard feature in performance PCs. Over four million SLI-enabled nForce MCPs and over 10 million SLI-enabled GeForce GPUs have been shipped, creating a large system of interoperable SLI components for gamers. According to the valve steam engine, which reports users system configuration, we have over 98% share of the multi-GPU market.

SLI 已成為高效能 PC 的標準功能。目前，支援 SLI 技術的 nForce MCP 和 GeForce GPU 的出貨量已分別超過 400 萬和 1000 萬，為遊戲玩家建立了一個龐大的可互通 SLI 組件系統。根據報告使用者係統配置的 Valve Steam Engine，我們佔據了多 GPU 市場的 98% 以上的份額。

At E3 this week, Dell demonstrated their Next Generation flagship PC powered by Intel's [Condro] microprocessor and our Next Generation nForce and GeForce technology. Also at E3, [NUWare] unveiled the world's first GeForce 7900 SLI notebook. Over 22 system builders around the world now offer SLI notebooks. We look forward to their transition to the GeForce 7900.

在本週的 E3 上，戴爾展示了搭載英特爾 [Condro] 微處理器和我們的下一代 nForce 和 GeForce 技術的下一代旗艦 PC。同樣在 E3 上，[NUWare] 推出了世界上第一款 GeForce 7900 SLI 筆記型電腦。目前全球有超過 22 家系統製造商提供 SLI 筆記型電腦。我們期待他們過渡到 GeForce 7900。

In the mainstream segment, we have been focused on increasing our share. Whereas we had virtually no OEM -- no mainstream PC OEM wins last year, we're ramping design wins at Dell, HP, Gateway, Acer, Legend, Samsung, Medion, Packard Bell, TCO and others. The result of our design win success is starting to reflect in our segment share. Our calendar Q1 combined desktop DX9 GPU share increased from 54% to 60% year-over-year.

在主流領域，我們一直致力於增加我們的份額。儘管我們去年幾乎沒有贏得任何 OEM——沒有贏得任何主流 PC OEM 訂單，但我們卻在不斷贏得戴爾、惠普、Gateway、宏碁、聯想、三星、Medion、Packard Bell、TCO 等公司的設計訂單。我們的設計成功的結果開始反映在我們的市場份額上。我們第一季的桌上型 DX9 GPU 份額同比增長從 54% 到 60%。

We are gaining share in the notebook segment as well. The production ramp of our Napa design win refresh is underway. The notebook GPU productline achieved record revenue for Q1. And as our OEM designs continue to roll out their new notebooks, we expect our revenue and share growth to continue throughout the year.

我們在筆記型電腦領域的份額也在增加。我們 Napa 設計勝利更新的生產進度正在進行中。筆電GPU產品線第一季實現了創紀錄的收入。隨著我們的 OEM 設計繼續推出新的筆記型電腦，我們預計我們的收入和份額將在全年持續成長。

The DX9 generation of GPUs is important to achieve the best experience with the new Microsoft Vista user interface called Aeroglass. Enabled by programmable shaders, Aeroglass will feature transparencies, textures, lighting and shadows, making the windows and objects on your PC look virtually real. John Petty Research recently produced a research piece discussing the impact of Vista Premiums Aeroglass on the market. Quoting the report, "Over 600 million PCs shipped in the last three years and are still in service. These are the ones that are most logical to upgrade with the new Vista operating system. Because of the low graphics performance of integrated graphics chips found in most of the PCs, they would not be able to take advantage of the richness and benefits of Vista's new Aeroglass GUI, and graphics-based operating system would be unusable on most of them." It will take a performance level add-in board to pull out the richness built into Vista. When users see a system running Vista on a PC with integrated graphics and then Vista on a PC with a powerful graphics add-in card in it, there will be no discussion, they will go for the better looking system if they can possibly afford it." Those were quotes from the John Petty report.

DX9 代 GPU 對於實現名為 Aeroglass 的全新 Microsoft Vista 使用者介面的最佳體驗至關重要。在可程式著色器的支援下，Aeroglass 將具有透明度、紋理、燈光和陰影，使您的電腦上的視窗和物體看起來非常真實。John Petty Research 最近發表了一篇研究文章，討論 Vista Premiums Aeroglass 對市場的影響。報告稱，「過去三年內，全球個人電腦出貨量超過 6 億台，目前仍在使用中。這些是使用新 Vista 作業系統進行升級最合理的。由於大多數 PC 中的整合式顯示卡效能較低，它們無法利用 Vista 的新 Aeroglass GUI 的豐富功能和優勢，並且基於圖形的作業系統在大多數 PC 上都無法使用。 」需要一塊效能等級的附加板來發揮 Vista 的豐富內建功能。當用戶看到在整合顯示卡的電腦上執行 Vista 的系統，然後在具有強大顯示卡附加卡的電腦上執行 Vista 的系統時，他們不會再爭論，如果他們能負擔得起，他們就會選擇外觀更好的系統。 」這些是約翰佩蒂報告中的引述。

In the coming months, we will witness the launch of the Next Generation high-definition video formats. The introduction of Blu-ray disc and HD DVD will bring high-definition movies to our homes. The BD/HD associations have announced that nearly 100 movie titles will be available in these new HD formats by the end of the year.

在未來的幾個月裡，我們將見證下一代高清視訊格式的推出。藍光光碟和 HD DVD 的推出將把高清電影帶入我們的家庭。BD/HD 協會宣布，到今年年底，將有近 100 部電影採用這些新的高清格式推出。

As a standard for PlayStation 3, millions of Blu-ray players will be available this year. With six times the resolution of today's DVD, Blu-ray disc and HD DVD is a major advance in resolution and quality from the seven-year-old DVD format. The image processing requirement is nearly 30 times that of DVD and will require a special video processor to achieve full performance. Our investment in our PureVideo dedicated videoprocessors and algorithms will help us bring the HD experience to PC and media center users. We believe we have won every major OEM, HD DVD and Blu-ray design win to date. Blu-ray and HD DVD equip desktops and notebook PCs that incorporate our GeForce 7 GPU and PureVideo video playback technology are going to deliver incredible high-definition movies.

作為PlayStation 3的標準，今年將會有數百萬台藍光播放機上市。藍光光碟和 HD DVD 的解析度是當今 DVD 的六倍，與已有七年歷史的 DVD 格式相比，其解析度和品質有了重大進步。影像處理要求幾乎是 DVD 的 30 倍，並且需要特殊的視訊處理器才能實現全部效能。我們對 PureVideo 專用視訊處理器和演算法的投資將幫助我們為 PC 和媒體中心用戶帶來高清體驗。我們相信，迄今為止，我們已經贏得了每項重要的 OEM、HD DVD 和藍光設計訂單。配備藍光和高清 DVD 的桌上型電腦和筆記型電腦採用了我們的 GeForce 7 GPU 和 PureVideo 視訊播放技術，將提供令人難以置信的高清電影。

We continued to gain share in the AMD server, workstation, desktop and notebook segments. Our share of the AMD platform increased 6% to 42%. On Tuesday this week HP announced the HP Pavilion [DV2000] and Compaq Presario D3000 thin and light notebooks with the GeForce Go 6150 and nForce Go 430, marking NVIDIA's entry into notebook integrated chipset business.

我們在 AMD 伺服器、工作站、桌上型電腦和筆記型電腦領域的份額持續成長。我們在AMD平台的市佔率增加了6%，達到42%。本週二，惠普宣布推出搭載 GeForce Go 6150 和 nForce Go 430 的 HP Pavilion [DV2000] 和 Compaq Presario D3000 輕薄筆記型電腦，標誌著 NVIDIA 進軍筆記型電腦整合晶片組業務。

We are preparing our Next Generation nForce 500 series MCP for the upcoming launches of both the Intel [Condro] microprocessor and AMD Socket AM2 interconnect. We will be introducing some new and exciting technologies in the 500 family that will raise the performance bar for the industry.

我們正在為即將推出的英特爾 [Condro] 微處理器和 AMD Socket AM2 互連準備下一代 nForce 500 系列 MCP。我們將在 500 系列中引入一些令人興奮的新技術，以提高業界的性能標準。

The digital media revolution is also driving the growth of our handheld GPU business. Downloaded video like episodic TV shows, broadcast digital TV for sports and news, and high-resolution graphics for rich user interfaces and games are driving the demand for handheld GPUs. Our target segments are 3G phones, smart phones and portable entertainment devices. We believe that the graphics and multimedia capability of our handheld GPUs has put us in the perfect position to benefit from the increasing multimedia demands of smart phones, which was only 17 million units in 2004 and growing to 100 million units in 2006.

數位媒體革命也推動了我們的手持 GPU 業務的成長。下載的影片（如連續劇）和體育及新聞廣播數位電視以及用於豐富用戶介面和遊戲的高解析度圖形正在推動對手持 GPU 的需求。我們的目標市場是3G手機、智慧型手機和便攜式娛樂設備。我們相信，我們的手持式 GPU 的圖形和多媒體功能使我們處於完美的位置，可以從智慧型手機日益增長的多媒體需求中獲益，2004 年智慧型手機的數量僅為 1700 萬部，而 2006 年增長到 1 億部。

The increasing availability of digital media content for 3G has driven demand of our handheld GPUs. Our share of the 3G market grew from 7% in 2005 to 12% this year in a market that has grown from 72 million handsets last year to an estimated 210 million in 2007. Our newest handheld GoForce 5500 GPU has been designed into DVD.H phones in North America, Europe and ISDB-T phones in Japan. These are phones that are capable of receiving digital television.

3G數位媒體內容的日益普及推動了我們的手持式GPU的需求。我們在 3G 市場的份額從 2005 年的 7% 增長到今年的 12%，而整個 3G 市場手機數量已從去年的 7,200 萬部增長到 2007 年預計的 2.1 億部。我們最新的手持 GoForce 5500 GPU 已被設計用於北美和歐洲的 DVD.H 手機以及日本的 ISDB-T 手機。這些是能夠接收數位電視的手機。

Two out of the first three DVD.H television service launches in the world are based on phones powered by NVIDIA's handheld GPU. Because of our dedicated H.264 and WMD processors, we are able to deliver the highest image quality at a power level that will enable several hours of enjoyment.

全球最早推出的三項 DVD.H 電視服務中，有兩項是基於搭載 NVIDIA 手持 GPU 的手機推出的。由於我們專用的 H.264 和 WMD 處理器，我們能夠以可帶來數小時享受的功率等級提供最高的影像品質。

And at E3, Sony announced that the highly anticipated PlayStation 3 will be available in Japan on November 11, followed by simultaneous availability in North America, Europe and Australia one week later on November 17. Sony committed to ship 4 million PS3s by December 31st and another two million units by March 31, 2007.

而在E3展上，索尼宣布備受期待的PlayStation 3將於11月11日在日本上市，並於一週後的11月17日在北美、歐洲和澳洲同步發售。索尼承諾在 12 月 31 日前售出 400 萬台 PS3，並在 2007 年 3 月 31 日前售出另外 200 萬台。

There are a number of positive industry dynamics taking place this year, and we believe our product roadmaps and technology leadership uniquely positions us to drive these trends and produce another year of strong growth. Thank you and we would be happy to take your questions now.

今年產業出現了許多積極的動態，我們相信，我們的產品路線圖和技術領導地位使我們能夠推動這些趨勢並實現另一年的強勁成長。謝謝您，我們很樂意現在回答您的問題。

(OPERATOR INSTRUCTIONS). Tayyib Shah, Longbow Research.

（操作員指令）。塔伊布·沙阿（Tayyib Shah），長弓研究公司。

Congratulations on the quarter. Can you talk about what was happening in the MCP business? It seems like the share gains in the AMD platform were kind of lackluster. Is that likely to change in the fiscal second quarter?

恭喜本季取得佳績。您能談談 MCP 業務的情況嗎？看起來AMD平台的市佔率成長有些乏善可陳。這種情況在第二財季會改變嗎？

First of all, thank you. Our market share of the MCP business was below our expectation as well. There's a variety of theories, and I think this one makes the most sense. We experienced that earlier in the quarter there were some obsolete inventory that were sold by one of our competitors in Asia. These were extremely low-cost products, and they were based with integrated graphics with AGP. And so I think that that reduced the overall market for our products. But it did increase the demand for GPUs because the integrated graphics in those products were simply too obsolete. So we experienced an increase in demand of entry-level AGP GPUs as a result of that. My sense is that is not going to continue, but that is our estimation of what happened in Q1.

首先謝謝你。我們的MCP業務的市佔率也低於我們的預期。有多種理論，我認為這個最有道理。我們發現本季早些時候我們的一個亞洲競爭對手出售了一些過時的庫存。這些都是極其低成本的產品，並且基於具有 AGP 的整合式顯示卡。所以我認為這會降低我們產品的整體市場規模。但它確實增加了對 GPU 的需求，因為這些產品中的整合式顯示卡實在是太過時了。因此，我們對入門級 AGP GPU 的需求增加。我的感覺是這種情況不會持續下去，但這是我們對第一季發生情況的估計。

And then if I can ask about the margins, can you talk about the opportunity for your 7300 productline in the value segment replacing your 6200 products, how rapid that transition is going to be, and what does that do for your overall margins?

然後，如果我可以問到利潤率，您能否談談您的 7300 產品線在價值領域取代 6200 產品的機會，這種轉變的速度有多快，以及這對您的整體利潤率有何影響？

Well, the easy answer is that it improves our margins. Because the margins on those types of products are better in the GeForce 7 family than they are in the GeForce 6 family. How rapid we can make that transition, I don't think is much a matter of production as it is market acceptance.

嗯，簡單的答案是它提高了我們的利潤率。因為 GeForce 7 系列這類產品的利潤率比 GeForce 6 系列更高。我認為，我們能夠多快實現這一轉變，這並不是生產的問題，而是市場接受度的問題。

Randy Abrams, Credit Suisse.

瑞士信貸的蘭迪·艾布拉姆斯（Randy Abrams）。

I wanted to see if you could pull up on the revenue guidance. I think you mentioned flat desktops and then up notebooks and chipsets. To get to flat overall, is that implying that some of the smaller business like handset and other declined? Maybe you can clarify that a little more.

我想看看您是否能提供一下收入指引。我想您提到了平板桌上型電腦，然後是筆記型電腦和晶片組。整體持平，是否意味著手機等一些較小的業務有所下滑？也許您可以進一步澄清一下。

Yes, I don't think that you should take into that that we expect a decline in handsets. Remember the memory and other was a fairly large number in Q1. We don't know what is going to happen to that in Q2. If that number did not go down and desktop did not go down, I think that we could achieve revenue growth. But there is just a lot of unknowns along those lines.

是的，我認為你不應該考慮到我們預計手機銷量會下降。請記住，在第一季度，記憶體和其他部分的數量相當大。我們不知道第二季度會發生什麼事。如果這個數字沒有下降且桌面數量沒有減少，我認為我們可以實現收入成長。但這些方面仍有許多未知數。

And maybe the follow-up question just on the inventory. Maybe you wanted to go into again I think you mentioned new product ramping, but I want to kind of understand just the driver of building inventory if the revenue trajectory is roughly flat in the coming quarter? Is there some motivation from tighter supply from foundry or back-end to build inventory at this stage?

也許後續問題只是關於庫存。也許您想再次深入討論，我想您提到了新產品的增加，但我想了解如果下一季的收入軌跡大致持平，那麼建立庫存的驅動因素是什麼？現階段，代工廠或後端供應收緊是否有促使建立庫存的動機？

You know, the way to think about that, Randy, is Q1 was our product transition quarter. We transition down our GeForce 6 family, and we ramped up our GeForce 7 family. Typically in the beginning of a product ramp, we want to be prepared to make available as much of our products to the marketplace as possible and give our OEMs in the channel the opportunity to fill their pipelines. And so that -- this is pretty typical stuff, and it is reflective of how we make product transitions.

蘭迪，您知道，思考這個問題的方式是，第一季是我們的產品轉型季度。我們逐漸淘汰了 GeForce 6 系列，並增加了 GeForce 7 系列。通常在產品量產初期，我們希望做好準備，向市場提供盡可能多的產品，並為通路中的原始設備製造商 (OEM) 提供填補其產品線的機會。所以 — — 這是非常典型的東西，它反映了我們如何進行產品轉型。

The most important thing is just to make sure that we have enough 7900s, 7600s and 7300s for the marketplace.

最重要的是確保我們有足夠的 7900、7600 和 7300 供應市場。

Mark Edelstone, Morgan Stanley.

摩根士丹利的馬克·埃德爾斯頓。

Nice job on the gross margins, guys. Just a couple of quick ones first. Can you give us what the NRE was in the quarter and what you expect NRE to do in Q2?

夥計們，你們的毛利率做得很好。首先簡單說幾個。您能否告訴我們本季的 NRE 情況以及您預計第二季的 NRE 情況如何？

Roughly 20 to 25 million in the quarter. Round number is 23. That was the Sony NRE and licensing together. Then your second question is, what do I expect it to do? Roughly flat.

本季約2000萬至2500萬。整數是 23。那是索尼 NRE 和許可的結合。那你的第二個問題是，我希望它做什麼？大致平坦。

Okay. Great. I certainly understand all the issues here that you would look for in the current quarter. Can you give us your sense as to what you see are the most important drivers as you look at the second half of the year, and maybe you can try to put those in the context of seasonality? It would seem like you would actually have quite a few things that ought to give you a better than seasonal lift given some of the things you are approaching right now?

好的。偉大的。我當然了解您在本季所尋找的所有問題。您能否告訴我們，您認為下半年最重要的驅動因素是什麼？您是否可以嘗試將它們放在季節性的背景之下？考慮到您目前正在處理的一些事情，似乎實際上您會遇到很多事情，這些事情應該會為您帶來比季節性更好的提升？

Yes, we enter Q2 -- we always enter Q2 with caution, and it is just there is a lot of markets that are taking a pause. But we have a lot of good things going for us. GeForce 7 is really a terrific architecture, and we continue to ramp into the marketplace with GeForce 7. We have the benefit this year of also winning a lot of the OEM design wins that we simply did not have last year both on the desktop, as well as the notebook segments. So we will be ramping into those OEM design wins.

是的，我們進入第二季度——我們總是謹慎地進入第二季度，只是有很多市場正在暫停。但我們還有很多好事發生。GeForce 7 確實是個了不起的架構，我們將繼續以 GeForce 7 進軍市場。今年，我們還獲得了許多 OEM 設計訂單，這是我們去年沒有獲得的優勢，無論是在桌上型電腦領域，還是在筆記型電腦領域。因此我們將加強贏得這些 OEM 設計勝利。

We also have some pretty terrific handheld GPU products. We have the benefits of the PlayStation 3 ramping. They have obviously announced pretty wide availability and simultaneous worldwide launches in the November timeframe, which means that at this time point they are clearly manufacturing at full throttle. So you have that going for us.

我們還有一些非常出色的手持 GPU 產品。我們受惠於 PlayStation 3 的不斷發展。他們顯然已經宣布將在 11 月期間廣泛普及並在全球同步推出該產品，這意味著此時他們顯然正在全力生產。所以你對我們而言是有利的。

And then our MCP business continues to grow. Our expectation is that this year over last year we should be in a position to grow substantially in MCP. Two reasons, one of which is when Intel's [Condro] microprocessor does well, it creates a larger performance segment, and we have a strong presence in the performance segment as you know. So that should help us. Secondarily, this is our first year with -- first full year with integrated graphics both on desktop, as well as notebook computers. So this is very exciting.

然後我們的 MCP 業務繼續成長。我們的預期是，今年的 MCP 將比去年大幅成長。原因有二，其一是，當英特爾 [Condro] 微處理器表現出色時，它會創造更大的性能細分市場，而正如你所知，我們在性能細分市場佔有強大的地位。這應該對我們有幫助。其次，這是我們在桌上型電腦和筆記型電腦上採用整合式顯示卡的第一年。這非常令人興奮。

And then the last one is not insignificant, it is Blu-ray disc and high-definition video. You know this is the first major consumer electronic transition in seven years. If you take a look at what has been going on in the Consumer Electronics world over the last five years or so, it has really been about high-definition displays and flat displays. Well, finally they have something that can really drive it, and that is Blu-ray disc and HD DVD. The processing requirement for BD and HD are so high compared to DVD that you really need to have a dedicated video processor. This is something that we have been talking about and offering to the marketplace.

最後一個也同樣重要，那就是藍光盤和高畫質影片。你知道這是七年來首次重大的消費性電子產品轉型。如果你看一下過去五年左右消費電子領域發生的事情，你會發現它實際上是關於高清顯示器和平板顯示器的。現在，他們終於有了可以真正驅動它的東西，那就是藍光盤和 HD DVD。與 DVD 相比，BD 和 HD 的處理要求非常高，因此您確實需要專用的視訊處理器。這是我們一直在談論並向市場提供的東西。

Obviously with standard definition, it was kind of hard to demonstrate the value proposition. But now with HD coming, the value of our video processor is crystal clear, and it is reflected in all the design wins we have for media centers and notebooks and PCs that are going to go out with Blu-ray and HD DVD.

顯然，透過標準定義來展示價值主張有點困難。但現在隨著高清技術的出現，我們的視訊處理器的價值已一目了然，這在我們為媒體中心、筆記型電腦和即將推出的配備藍光和高清 DVD 的個人電腦所取得的所有設計勝利中都有所體現。

So I think that we are better positioned than ever before. We have more product drivers and market drivers than ever before. And if we continue to execute, I think that we're going to have a pretty good year.

因此我認為我們的地位比以往任何時候都要好。我們擁有比以往更多的產品驅動因素和市場驅動因素。如果我們繼續執行，我認為我們將會度過相當不錯的一年。

That is great. Just one last follow-up if I could. Based on those opportunities, should we expect inventories to increase again in this quarter as you basically get prepared for the second half of the year?

那太棒了。如果可以的話我只想最後一次跟進。基於這些機會，我們是否應該預期本季庫存將再次增加，因為您基本上已經為下半年做好了準備？

You know our expectation is not. It is just that when we're ramping new products, we have to make sure that we help our OEMs and help our channel partners fill their pipeline. So there is always that initial surge of supply to just supply everybody with GeForce 7s. And so my expectation is that once we get through -- get going here, we're going to level out to typical ways of managing our inventory.

你知道我們的期望並非如此。只是，當我們推出新產品時，我們必須確保幫助我們的 OEM 並幫助我們的通路合作夥伴填補他們的產品線。因此，最初的供應量總是激增，為每個人提供 GeForce 7。因此，我的期望是，一旦我們完成—開始行動，我們就會平穩地採用典型的庫存管理方式。

David Wu, Global Crown.

大衛吳 (David Wu)，Global Crown。

This is [Han Dei] calling for David Wu. Thank you for taking my question. I have a few questions. Regarding you said for the gross margin upside it is primarily due to the GeForce 7 increase in sales. I have been checking up on a few on our websites, and I have seen some shortages. So that does not quite match the picture that you provide. So could you please give some more clarity to that?

我是 [韓黛] 找 David Wu。感謝您回答我的問題。我有幾個問題。至於您所說的毛利率上升主要是由於 GeForce 7 銷售的成長。我已經檢查了我們網站上的一些內容，發現存在一些缺陷。所以這與您提供的圖片不太相符。那麼您能否進一步解釋一下這一點呢？

Well, at some level, I think it is perfectly aligned with the picture we provided. We just went through a product transition in Q1, and we ramped down the 6800 and the various GeForce 6 products, and we ramped into the GeForce 7 products. And the demand has been really strong. The 7900 has been a product that we have had a hard time catching up with. That is one of the reasons why we are building aggressively to fill the market pipeline and to meet the market demand.

嗯，在某種程度上，我認為它與我們提供的圖片完全一致。我們在第一季剛經歷了產品轉型，我們減少了 6800 和各種 GeForce 6 產品的產量，並開始生產 GeForce 7 產品。而且需求一直非常強勁。7900 是一款我們一直難以跟上的產品。這就是我們積極建立以填補市場通路和滿足市場需求的原因之一。

I think as I said in the prepared comments that our performance segment GPU marketshare is increasing. So it reflects the fact that the demand for GeForce 77900 is quite high and that 7600 is incredibly high. So you have just got to take that into consideration.

我認為，正如我在準備好的評論中所說的那樣，我們的性能部分 GPU 市場份額正在增加。所以這反映了對 GeForce 77900 的需求相當高，而 7600 的需求也高得驚人。所以你必須考慮到這一點。

The other thing to remember is that SLI takes two GPUs per PC, and so the number of gamers in the world, the number of game enthusiasts have not declined. In fact, they have probably grown, but now they consume two GPUs per PC. We have always felt that SLI would increase our TAM, and I think in a lot of ways it has.

要記住的另一件事是，每台 PC 需要 SLI 兩個 GPU，因此世界上的遊戲玩家數量和遊戲愛好者的數量並沒有下降。事實上，它們可能已經成長了，但現在每台 PC 消耗兩個 GPU。我們一直認為 SLI 會增加我們的 TAM，而且我認為在很多方面它確實做到了。

Okay. That makes a lot more sense to me now. And another question is for your upcoming nForce 5 or the trend, the [Triton] chipset, could you please comment a little bit about their performance and the gross margin for those? Thank you.

好的。現在我明白了這一點。另一個問題是，對於您即將推出的 nForce 5 或趨勢 [Triton] 晶片組，您能否評論一下它們的性能和毛利率？謝謝。

Well, our next generation core-logic -- our next generation MCP nForce 5 will unambiguously be the highest performance core-logic in the world and that is what he was designed to do and that is our expectation. It is intended to bring some new exciting features to the marketplace that the market has never seen. Give me a chance to launch that product and I will come back next quarter to report on the things that we said.

嗯，我們的下一代核心邏輯——我們的下一代 MCP nForce 5 毫無疑問將是世界上表現最高的核心邏輯，這就是他的設計目的，也是我們的期望。其旨在為市場帶來一些前所未有的令人興奮的新功能。給我一個機會來推出該產品，我將在下個季度回來報告我們所說的內容。

Sure. And how about the gross margin? You know are they going to be above, below or at the corporate level?

當然。毛利率如何？您知道他們是在公司層面之上、之下還是之內嗎？

Above.

多於。

Jason Pflaum, Thomas Weisel Partners.

傑森·普弗勞姆（Jason Pflaum），Thomas Weisel Partners。

Good job, guys. Just does to circle back again on the inventories a little bit, if you could just help on the composition of those inventories again and the fact that MCPs came out a little bit lighter than you expected. Was that partly respective of the add build there as well?

幹得好，夥計們。只是稍微回顧一下庫存，如果你能再次幫助說明這些庫存的組成，以及 MCP 比你預期的要輕一點的事實。這是否也部分地對應於那裡添加的構建？

Yes, I think that you need to take a look at we grew inventory round numbers 90 million quarter to quarter. But on the new products, we grew inventory roughly 150 million. So of the older GeForce 6 products, we decreased inventory commensurate with what we're trying to do.

是的，我認為您需要看看我們每季的庫存成長情況，大約增加了 9,000 萬。但在新產品方面，我們的庫存增加了約 1.5 億。因此，對於舊款 GeForce 6 產品，我們根據自己的努力減少了庫存。

We did build a little bit more MCP inventory than we anticipated because the MCP sales did not achieve what we thought. So there's a little bit more there. But I think that what you should understand is that in general the growth in inventory was driven by the new products.

我們確實建立了比預期多一點的 MCP 庫存，因為 MCP 的銷售並沒有達到我們的期望。因此那裡還有更多內容。但我認為你應該明白的是，整體來說庫存的成長是由新產品所推動的。

Okay. And then just can you give us a sense of what portion of your revenues are going through distribution this quarter? You continued to work that down, and was that also a contributor perhaps in holding a little bit more inventory?

好的。那麼您能否告訴我們本季您的營收中有多少部分是透過分銷獲得的？您繼續努力降低這筆成本，這是否也是持有更多庫存的因素？

Yes, it does contribute as we take customers more direct. I don't know that it was significant, though. The two major distributors that everyone focuses on for us, [Edem] and Atlantic, were below 12% of our business together, each of them below 6%.

是的，它確實有所貢獻，因為我們更直接地接待客戶。但我不知道這是否重要。我們關注的兩大經銷商 Edem 和 Atlantic 合計占我們業務的比重不到 12%，每家的比重都不到 6%。

Okay. And then just maybe a last question on the handset side of your business. Obviously you saw some nice growth there this quarter and good momentum. Can you just characterize or give us a sense for the breadth of some of the design wins that you have now painted into the second half? Maybe just give a flavor for how many of the top tiers you maybe shipped into there?

好的。最後還有一個問題，是關於你們手機生意的。顯然，本季你看到了一些良好的成長和良好的勢頭。您能否簡單描述一下或讓我們了解一下您在下半部所取得的一些設計成果的廣度？也許只是讓您了解一下您可能運送到那裡的頂級物品數量？

I guess we have design wins with four to five top handset manufactures in the world. Most of our handset design wins are focused on 3G cellphones. Many of the new handset design wins are now being designed into digital television cellphones and smart phones. Those are really our target markets.

我想我們已經與世界上四到五家頂級手機製造商簽訂了設計合約。我們贏得的大多數手機設計都集中在 3G 手機上。目前，許多新手機設計成果被應用於數位電視手機和智慧型手機。這些確實是我們的目標市場。

We have not played much in the basic graphics GPU business in handsets, and there the reason for that is there's not much value to add. We tend to focus all of our energy on the really rich multimedia capabilities like digital television or video playback or digital camcorder functionality or digital cameras and, of course, graphics. So we tend to focus a lot of our efforts around those type of applications. We're trying to play into emerging and growing market trends. This is -- we have been talking about how we believe that your handset device is going to become one of your most important computers in your lives and increasingly becoming less perceived as just a modem or just as a handset or as a telephone. I think that that vision is really playing out, and if you believe in that vision, then you have to believe that graphics and multimedia technologies are going to be important, and that is really our focus.

我們在手機基礎圖形GPU業務方面還未投入太多精力，原因是它沒有太多可增加的價值。我們傾向於將所有精力集中在真正豐富的多媒體功能上，例如數位電視或視訊播放或數位攝影機功能或數位相機，當然還有圖形。因此，我們傾向於將大量精力集中在這些類型的應用上。我們正努力融入新興和不斷增長的市場趨勢。這就是——我們一直在談論我們如何相信您的手機設備將成為您生活中最重要的電腦之一，而越來越不再僅僅被視為一個調製解調器、一個手機或一部電話。我認為這個願景正在真正實現，如果你相信這個願景，那麼你必須相信圖形和多媒體技術將會變得重要，而這確實是我們的重點。

Nicholas Aberle, Caris & Co.

阿伯爾（Nicholas Aberle），Caris＆Co.

I just wanted to touch base a little bit more on the performance mainstream segments for discrete desktops. Based on our analysis, it really seems like you guys have got a nice competitive advantage there, specifically on the 7600 products. Can you talk a little bit about the strategy in that particular segment of the market and some of your expectations for marketshare gain there over the course of the year?

我只是想進一步了解獨立桌上型電腦的性能主流部分。根據我們的分析，看起來你們確實在那裡具有良好的競爭優勢，特別是在 7600 產品方面。您能否談談該特定細分市場的策略，以及對該市場在今年的市佔率成長的一些預期？

I guess our strategy is to build the living daylights out of it. (multiple speakers). Yes, that -- it is a pretty sizable market, and it is an interesting segment because the volumes are large and also the ASPs are high. But the technology requirements are pretty demanding, and the gamers want the absolute best. The distribution channel wants to have the best brand and the one that -- the parts that they believe in and they know that they can sell. So the 7600 family is really perfect for that. It is a follow-on to our 6600 family. My expectation is that we will do better with 7600 than we did with 6600.

我想我們的策略就是盡其所能。 （多位發言者）。是的，這是一個相當大的市場，也是一個有趣的領域，因為其規模很大，而且平均售價也很高。但技術要求相當高，遊戲玩家想要絕對最好的。分銷管道希望擁有最好的品牌和他們信賴的、知道可以銷售的零件的品牌。因此 7600 系列確實非常適合這一點。它是我們 6600 系列的後續產品。我的期望是，7600 的表現會比 6600 更好。

Perfect. And then just one more quick follow-on. You know you guys did touch base on the impact of the delay of the Vista operating system. More chatter about that being pushed out even further into mid-'07. Has that changed you guys' outlook on the effects of that operating system launch at all?

完美的。然後再快速跟進。你知道你們確實談到了 Vista 作業系統延遲的影響。有更多傳言稱這項計劃將被推遲到 2007 年中期。這是否改變了你們對該作業系統發布影響的看法？

You know not really. I think that in the end in the grand scheme of things this is what -- this is the first major operating system upgrade in quite a long time. I think it is probably close to seven years, isn't it? This is the first operating system in the history of humanity that requires a GPU. And as more and more applications get loaded with more and more widgets and more and more of the Vista Aeroglass capabilities, the graphics demand on your desktop is going to just continue to increase.

你其實不知道。我認為，從總體上看，這是相當長一段時間以來首次重大的作業系統升級。我想可能接近七年了，不是嗎？這是人類史上第一個需要GPU的作業系統。隨著越來越多的應用程式載入越來越多的小部件以及越來越多的 Vista Aeroglass 功能，桌面上的圖形需求將會持續增加。

There has just not been a single person that has ever seen it that says I can go back. Everything is better. The fonts are better, the resolution is better, the way that the window glides across your desktop is just -- everything is just delightful about it. And so my sense is that Vista Aeroglass is going to create quite a bump for GPUs for quite some time. So we're looking forward to that.

從來沒有一個見過它的人說我可以回去。一切都變得更好了。字體更好，解析度更好，視窗在桌面上滑動的方式——一切都令人愉悅。因此我的感覺是 Vista Aeroglass 將會在相當長的一段時間內為 GPU 帶來相當大的衝擊。所以我們對此充滿期待。

We're disappointed as anybody that it slipped out past this year, but it does not really fundamentally change anything in the final analysis.

我們和其他人一樣對它在今年稍後未能推出感到失望，但從最終分析來看，它並沒有從根本上改變任何事情。

Perfect. Good luck in Q2.

完美的。祝你第二季好運。

Quinn Bolton, Needham Inc.

博爾頓（Quinn Bolton），Needham Inc.

Let me add my congratulations on the great margins. I wanted to see if you just looked back historically over the various generations of GeForce processors, have you guys tended to max out at sort of a max marketshare either in the performance or the overall desktop segment? You guys are getting pretty high, over 80% now in the performance segment, 60% of the discrete. Historically have you gotten a lot higher than that?

讓我也對您所取得的巨大利潤表示祝賀。我想知道，如果您回顧一下 GeForce 處理器的歷史，您是否傾向於在效能或整個桌面領域達到最大的市場份額？你們的份額已經相當高了，現在性能部分已經超過 80%，分立部分已經達到 60%。從歷史上看，您的成績有沒有比這更高呢？

I guess so. I mean, you know I think that I am trying to think here. Our focus really is not just share. We have always been since the beginning of our company focused, number one, on increasing the market. It is about bringing new ideas and new technologies and new features and capabilities to this marketplace, and it is also about expanding the reach of it.

大概吧。我的意思是，你知道我認為我正在這裡思考。我們的重點其實不僅僅是分享。自公司成立以來，我們的首要任務就是擴大市場。其目的是為這個市場帶來新理念、新技術、新特性和新能力，同時也是為了擴大它的影響力。

One of the best things that we ever did was working with Microsoft and the folks up in Redmond to talk about the importance of the GPU and helping them understand how it could really transform the computing experience. That is going to increase the market reach of GPUs. SLI increased the TAM of GPUs. This recent edition of a feature that we added to our GPUs called Physics, you know, is going to make your SLI system that much more valuable. You could either use both graphics for both GPUs for game rendering, or if a particular game has a great deal of physics, you can use one of the GPUs for Physics processing. So the versatility and the new capability that we bring to the marketplace will just continue to increase the scope and the reach of the marketplace. So that has always been our focus, just continue to add more value.

我們做過的最好的事情之一就是與微軟以及雷德蒙的人們合作，討論 GPU 的重要性，並幫助他們理解 GPU 如何真正改變運算體驗。這將增加 GPU 的市場覆蓋範圍。SLI 增加了 GPU 的 TAM。我們最近在 GPU 中新增了一項名為「實體」的功能，它將使您的 SLI 系統更有價值。您可以同時使用兩個 GPU 的圖形進行遊戲渲染，或者如果某個遊戲具有大量物理，則可以使用其中一個 GPU 進行物理處理。因此，我們為市場帶來的多功能性和新功能將繼續擴大市場的範圍和影響力。所以這一直是我們的重點，只是繼續增加更多價值。

And then second, I might have missed it, but I was just wondering if you could make any comment sort of how the workstation business did quarter-over-quarter? Was that another record?

其次，我可能錯過了，但我只是想知道您是否可以對工作站業務的季度環比表現發表任何評論？那是另一項紀錄嗎？

We grew slightly and had a record quarter.

我們略有成長並創下了季度記錄。

[Franay Lehariat], Deutsche Bank.

[Franay Lehariat]，德意志銀行。

A question for you, Marv. Can you please write rank your segments of MCPs, notebook graphics, desktop graphics, workstation telephones in the order of gross margin growth that you expect to see in those segments from here onward through the end of fiscal '06 or fiscal '07?

馬夫，我問你一個問題。您能否依您預計從現在起到 2006 財年或 2007 財年末的毛利率成長順序，對 MCP、筆記本顯示卡、桌上型電腦顯示卡和工作站電話等細分市場進行排序？

I think that was like six questions.

我認為那大概有六個問題。

Okay, I will abbreviate that. (multiple speakers) -- the order of gross margin growth from here onward?

好的，我會縮寫它。 （多位發言者）－從現在開始毛利率的成長順序是怎樣的？

I don't even know that we even broke it down between segments -- (multiple speakers)

我甚至不知道我們是否將其分為不同的部分——（多位發言者）

Okay. Just combine loan and GPU then.

好的。只需將貸款和 GPU 結合起來即可。

They were good questions. It is just --

這些都是很好的問題。這只是——

The desktop GPU business should increase gross margins because of the GeForce 7. The margins are excellent on GeForce 7. Beyond that, are we going to increase gross margins in workstation? I don't know. They are pretty high right now. Are we going to increase gross margins in notebook? Yes, because it is going to transition to GeForce 7.

由於 GeForce 7，桌面 GPU 業務的毛利率應該會增加。GeForce 7 的利潤率非常高。除此之外，我們還會提高工作站的毛利率嗎？我不知道。目前它們處於相當高的高度。我們會提高筆記型電腦的毛利率嗎？是的，因為它將過渡到 GeForce 7。

MCP should have some gross margin left and also on the other hand has deeper market penetration, which works against gross margins. The gross margin lift comes from a new generation of products that will be launching obviously, and then on the other hand, you have got our integrated graphics ramping into desktop and notebooks. The handset --

MCP 應該還剩餘一些毛利率，另一方面又有更深的市場滲透率，這對毛利率不利。毛利率的提升顯然來自於即將推出的新一代產品，另一方面，我們的整合式顯示卡也正在進入桌上型電腦和筆記型電腦領域。智慧型手機--

So you have got a lot of things going in different directions like Jen-Hsun. The individual complements of MCP might be growing, but if we ship more of the integrated, it will have a negative effect on the whole business unit. Handheld gross margins have been pretty good. Are we going to be able to sustain them? We will see.

所以，你們已經像 Jen-Hsun 一樣，朝著不同的方向發展了很多事情。MCP 的單一補充可能會不斷成長，但如果我們運送更多整合的產品，這將對整個業務部門產生負面影響。手持設備的毛利率一直相當不錯。我們有能力維持他們嗎？我們會看到。

But I think that the question that you asked ultimately is some highlights in the fundamental dynamic for all companies who are simultaneously pushing out new technologies and new features which helps gross margins, as well as capturing more of the market, bringing that technology to more people, which tends to commoditize the technology. So we have those two fundamental tensions in our business like everybody else. Hopefully overall we're improving gross margins in the Company.

但我認為，你最終提出的問題是關於所有公司基本動態的一些亮點，這些公司同時推出新技術和新功能，這有助於提高毛利率，並佔領更多的市場，將技術帶給更多的人，這往往會使技術商品化。因此，和其他人一樣，我們的業務中也存在這兩種根本矛盾。希望我們整體上能夠提高公司的毛利率。

Our gross margin improvement in the company is not just coming from new products. It is coming from just a corporatewide operational enhancement drive in the Company. Our business is extremely high velocity, so it is not easy to do what we're doing. But we have to create a lot of new idea to enhance our operational performance. So that is where we are great at those things, coming up with great ideas.

我們公司的毛利率提高不僅來自於新產品。它只是源自於公司整個公司的營運增強活動。我們的業務發展速度極快，因此做我們所做的事情並不容易。但我們必須創造許多新想法來提高我們的營運績效。這就是我們擅長的事情，能夠提出絕妙的想法。

Okay, very good. Just a quick follow-up if I may. I'm trying to reconcile some Vista impacts. It seem like all the leading integrated graphics vendors including yourself, ATI and even Intel with (indiscernible) are stating that their chipsets -- integrated graphics chipsets are either already Vista Premium capable or they will be very very soon. Despite these claims, it seems like you guys still think that the discrete graphics is going to take a bump up with Vista launch. Can you help me reconcile these two views? Are some of these Vista Premium capability claims just hollow or not up to mark?

好的，非常好。如果可以的話我只是想快速跟進。我正在嘗試消除一些 Vista 的影響。似乎所有領先的整合式顯示卡供應商，包括您自己、ATI 甚至英特爾 (音訊難以聽清) 都在聲明他們的晶片組 — — 整合式顯示卡晶片組要么已經支援 Vista Premium，要么很快就會支援。儘管有這些說法，但你們似乎仍然認為獨立顯示卡將隨著 Vista 的推出而提升。你能幫我調和這兩種觀點嗎？難道這些 Vista Premium 功能宣稱只是空洞的或沒有達到標準嗎？

Absolutely. You ask a really good question. I'm glad you asked it. The way to think about it is this. Today on non-Vista, just Windows XP, the performance experience of your Windows experience and my Windows experience is identical, and I don't even know what you have. Everybody's Windows XP experience is identical because the graphics technology far exceeds anything that Windows XP requires.

絕對地。你問了一個非常好的問題。我很高興你問這個問題。思考這個問題的方式是這樣的。如今，在非 Vista 上，只有 Windows XP，您的 Windows 體驗和我的 Windows 體驗的效能體驗是相同的，我甚至不知道您擁有什麼。每個人的 Windows XP 體驗都是相同的，因為圖形技術遠遠超出了 Windows XP 所需的任何技術。

However, the moment that Windows Premium -- Vista Premium and Aeroglass comes out, people who have GPUs will have a noticeably better experience, noticeably better experience. I mean you would have to have fallen asleep to not notice that you have a noticeably better experience. It is almost no different than videogames. It is based on the same technology, so you would expect similar dynamics. That somebody with a GPU is just going to have a better experience with that game than somebody who does not have a good graphics technology.

然而，一旦 Windows Premium——Vista Premium 和 Aeroglass 問世，擁有 GPU 的用戶將會獲得明顯更好的體驗，明顯更好的體驗。我的意思是，你一定要睡著了才會沒有註意到你有明顯更好的體驗。它與電子遊戲幾乎沒有什麼區別。它基於相同的技術，因此你會期待類似的動態。與沒有良好圖形技術的人相比，擁有 GPU 的人在玩遊戲時會獲得更好的體驗。

So you are going to have exactly the same thing. When somebody can actually notice the difference, when a consumer can get an appreciable better experience with a GPU, those are the type of dynamics that we love. It will encourage them to buy a better GPU. It will encourage them to upgrade, and it will encourage them to buy a GPU from the retail market to enhance their computer. All of that is good for us.

所以你將會得到完全相同的東西。當人們能夠真正注意到差異時，當消費者能夠透過 GPU 獲得明顯更好的體驗時，這就是我們喜歡的動態類型。這將鼓勵他們購買更好的 GPU。這將鼓勵他們升級，並鼓勵他們從零售市場購買 GPU 來增強他們的電腦。這一切對我們都有益處。

Rick Schafer, CIBC World Markets.

加拿大帝國商業銀行全球市場部 (CIBC World Markets) 的里克·謝弗 (Rick Schafer)。

This is [Dan Morris] calling in for Rick. First off, good quarter. Just a little housekeeping question. You mentioned that Hybrid and 3dfx added about 2 million to OpEx. Could you also quantify how much you added to OpEx in the quarter and what contribution there was on the top line from the acquisition?

我是 [Dan Morris] 代表 Rick 打來的。首先，本季表現良好。這只是一個小小的問題。您提到 Hybrid 和 3dfx 增加了約 200 萬美元的營運支出。您能否量化本季的營運支出增加了多少，以及收購對營收的貢獻是多少？

Just as a quick clarification that was 3dlabs. (multiple speakers). For you and for all of us (multiple speakers). Yes, it just brings back memories.

需要快速澄清的是，那是 3dlabs。 （多位發言者）。為了您和我們大家（多位發言者）。是的，它讓我回想起往事。

Yes, Hybrid and 3dlabs, the people that we picked up from there, plus the amortization associated with Hybrid cost us about $2 million in the quarter. We acquired ULi some time in February, so we picked up roughly two months, a little over two months worth of ULi. It contributed somewhere around 8 to 10 million in revenue and about 3 to 4 million in expenses.

是的，Hybrid 和 3dlabs，我們從那裡招募的人員，加上與 Hybrid 相關的攤銷，在本季度花費了我們大約 200 萬美元。我們在二月的某個時候收購了 ULi，因此我們獲得了大約兩個月的 ULi，略多於兩個月的 ULi 價值。它貢獻了大約800萬至1000萬的收入和大約300萬至400萬的支出。

Okay, great. And then as a follow-up, there has been a lot of press recently about Physics, specifically the Physics Processor. You have also had a few press releases and demos of your (indiscernible) and Hellgate. I was wondering if you could talk more about your views on a discrete solution and also elaborate on some of these other announcements and Physics plans?

好的，太好了。接下來，作為後續，最近有很多關於物理學，特別是物理處理器的報告。您還發布了一些關於（音訊不清楚）和《地獄之門》的新聞稿和演示。我想知道您是否可以進一步談談您對分立解決方案的看法，並詳細說明其他一些公告和實體計劃？

Sure. I guess what I will do is I will elaborate on Physics and why it is so good. Obviously if you take a look at most of the environment that you see in videogames and others, the environment is by and large static. There is some movement of water or leaves, but they are contrived. So I think that Physics and applying Physics to all of those objects in the environment and the world will just make the world look a lot more alive. Whether it is the way you interact with it or just the way you look at it. So Physics is going to be terrific.

當然。我想我會詳細闡述物理學以及為什麼它如此優秀。顯然，如果你觀察一下電子遊戲和其他遊戲中看到的大多數環境，你會發現這些環境基本上是靜態的。有一些水或樹葉的運動，但它們是人為的。所以我認為物理學以及將物理學應用於環境和世界上的所有物體將使世界看起來更加生動。無論是您與它互動的方式，還是您看待它的方式。所以物理學將會非常棒。

The second thing is the more objects that you create, the more objects you'll have to render. And so from a graphics perspective, that is really terrific as well. It just creates more workload for us to have to go and overcome, and we like that.

第二件事是，您創建的物件越多，您需要渲染的物件就越多。從圖形角度來看，這也確實非常棒。這只會給我們帶來更多的工作量並讓我們必須去克服困難，我們喜歡這樣。

With respect to Physics Processors, it is hard to say exactly whether there is a unique market for it. But that is not we are too concerned about. We wish those guys well and anybody who wants to build Physics Processors as well. It is good for the game industry. But from our perspective, the GPU is a completely programmable device, and it does floating point and mathematics probably faster than any processor known to man since the beginning of computing, and for us to redeploy the Physics processing is a wonderful used of the investment that has already been made.

就實體處理器而言，很難確切地說它是否存在一個獨特的市場。但這並不是我們太關心的。我們祝福這些人以及任何想要建立實體處理器的人一切順利。這對遊戲產業來說是好事。但從我們的角度來看，GPU 是一個完全可編程的設備，它進行浮點和數學運算的速度可能比自計算開始以來人類已知的任何處理器都要快，而對於我們來說，重新部署物理處理是對已經進行的投資的絕佳利用。

Krishna Shankar, JMP Securities.

Krishna Shankar，JMP證券。

You have alluded to the chipset business being somewhat weaker because of some IGP chipsets having adjusted pricing. Do you feel that the excess inventories there have been worked off and they are returning to a more normal demand/supply environment in the AMD platform market? Or is this just the AMD platform for both Intel and AMD?

您曾提到，由於一些 IGP 晶片組調整了價格，晶片組業務會減弱。您是否認為那裡的過剩庫存已經消化並且 AMD 平台市場的供需環境正在恢復正常？或者這只是適用於 Intel 和 AMD 的 AMD 平台？

At the price that those -- the fact that it was so far below market price and, frankly, so far below cost. I cannot imagine anybody enjoying that kind of business unless it's really just to get rid of the excess inventory. So my sense is that it is not going to happen on a regular basis. But we will have to keep our eyes on it.

這個價格——事實上它遠低於市場價格，坦白說，遠低於成本。我無法想像有人會喜歡這種生意，除非真的只是為了清除過剩庫存。所以我的感覺是，這種事情不會常常發生。但我們必須持續關注。

But the important thing to realize is that we do not just offer core-logic as a company, we also are a GPU supplier. And when those integrated graphics are sold, they tend to be very very low-end, and it creates an opportunity for us to sell our discrete GPU. So it probably works itself out in the grand scheme of things. But on balance we still prefer people to go to market.

但要認知到的重要一點是，我們不只是一家提供核心邏輯的公司，我們也是 GPU 供應商。當這些整合式顯示卡出售時，它們往往非常低端，這為我們銷售獨立 GPU 創造了機會。因此，從總體上看，它可能會自行解決。但總的來說，我們仍然希望人們去市場。

Okay. And then just a follow-up question. You talked about the requirements for discrete graphics on Vista. Do you see any compelling need for the desktops and notebooks, or will the power requirements of notebooks still keep the trend towards integrated graphics going there?

好的。接下來是一個後續問題。您談到了 Vista 對獨立顯示卡的要求。您是否認為桌上型電腦和筆記型電腦有任何迫切的需求，或者筆記型電腦的電源需求仍會保持整合顯示卡的趨勢？

I think you will have compelling desire in both. I think if you want to -- a dedicated processor at something always will do a better job than a general-purpose processor in a power environment, power sensitive environment. So the discrete GPU will do a wonderful job for you, as well as do a good job monitoring power as we go. So my sense is that Vista is going to be good for GPUs all the way around.

我認為你對兩者都會有強烈的渴望。我認為，如果你願意的話——在電源環境、電源敏感環境中，專用處理器總是比通用處理器做得更好。因此，獨立 GPU 將為您提供出色的服務，同時也能很好地監控電源。因此我的感覺是 Vista 對 GPU 來說將是一個全面有利的作業系統。

Great. And my final question, Marv, can you give us some sense for how to model the licensing and (indiscernible) revenues going forward for PS3 in the August and November quarter?

偉大的。我的最後一個問題是，Marv，您能否向我們介紹一下，在 8 月和 11 月季度，PS3 的授權和（音頻不清楚）收入的未來走向？

Well, certainly for Q2 we expect that Q2 will just be a combination of NRE and license fee, and the numbers that I had gave you for outlook, we do not incorporate any expectations for royalty. I would expect that we will receive royalty income in Q3. The magnitude I could not give you a number right now. So Q3 would be more of the same plus royalty.

嗯，當然對於第二季度，我們預計第二季度將只是 NRE 和許可費的組合，而且我給您的展望數字中，我們沒有包含任何對版稅的預期。我預計我們將在第三季收到特許權使用費收入。我現在無法給出其嚴重程度的數字。因此 Q3 將會是同樣的情況，外加特許權使用費。

Simona Jankowski, Goldman Sachs.

高盛的西蒙娜·揚科夫斯基（Simona Jankowski）。

Can you tell us what percent of your GPU sales in the quarter that just ended was from the GeForce 7 family, and do you have an estimate of what percent of sales for GPUs is going to be GeForce 7 in the second quarter?

您能否告訴我們，在剛結束的這個季度，GeForce 7 系列的 GPU 銷售量佔比是多少？您能估計一下第二季 GeForce 7 的 GPU 銷售佔比是多少嗎？

Well, I think I said in my comments that we did more than $250 million in GeForce 7 in the GPU business in Q1. So that was well more than 50%.

嗯，我想我在評論中說過，我們在第一季的 GeForce 7 GPU 業務中賺了 2.5 億美元。所以這個比例遠超過 50%了。

Okay. And how much do you think that will be in the second quarter?

好的。您認為第二季的數字會是多少？

It should be a lot more.

應該還會更多。

Okay. It just seems that with your inventory build of 150 million of the new products, that would kind of gross up to maybe 330 millions in revenues of the new products if you kind of apply a 45% gross margin. So would that be what you guys are looking for? That seems like that would be a pretty aggressive number.

好的。看來，如果你採用 45% 的毛利率，那麼如果你建立了 1.5 億件新產品的庫存，那麼新產品的總收入可能會達到 3.3 億美元。那麼這就是你們所尋找的嗎？這似乎是一個相當激進的數字。

Well, I mean obviously it depends on the market, but there is nothing wrong with the kind of numbers that you laid out there. The GeForce 7 is a very good product family.

嗯，我的意思是這顯然取決於市場，但你列出的數字並沒有錯。GeForce 7是一個非常優秀的產品系列。

Okay. And maybe just somewhat relatedly, when you are expecting your desktop business to be roughly flat and the PC environment is likely going to be down, are you expecting that to be a function of share gains or higher blended ASPs or both?

好的。也許只是有點相關的，當您預計您的桌面業務大致持平並且 PC 環境可能會下滑時，您是否預計這將是份額增長或更高的混合 ASP 或兩者的結果？

Share gains.

分享收益。

Okay. And then just lastly, so your gross margin guidance is flat. It seems like with such a significant mix of your GeForce 7 business as a percent of the total and then the same thing happening in notebooks, what is going to be driving it down to kind at a flat gross margin in the second quarter?

好的。最後，您的毛利率預期保持不變。看起來，由於 GeForce 7 業務在總業務中所佔比例如此之大，而筆記型電腦業務也出現同樣的情況，那麼什麼原因會使其在第二季度的毛利率下降至持平呢？

Mix. We expect MCP to do better.

混合。我們期待 MCP 表現得更好。

Okay. And you think that is going to be enough to offset all the other, the notebooks and the desktop GPU transition?

好的。您認為這足以抵消所有其他筆記型電腦和桌上型電腦 GPU 的轉變嗎？

Yes.

是的。

So previously I had answered a question incorrectly. I was asked whether workstation revenue was a record. We broke 100 million again, but it was not a record. It was down quarter to quarter by 1%.

所以我之前回答錯了一個問題。有人問我工作站的收入是否創下了紀錄。我們再次突破了1億，但是這並不是一個記錄。與上一季相比，下降了 1%。

Yes, damn close.

是的，非常接近。

So it was basically flat.

因此基本上是持平的。

Ladies and gentlemen, we have reached the end of the allotted time for questions and answers this afternoon. I would now like to turn the call back over to Jen-Hsun Huang for closing remarks.

女士們、先生們，今天下午的問答時間已經結束。現在我想將電話轉回給黃仁勳，請他作最後發言。

Thank you all for joining us today, and we look forward to reporting our progress for Q2 next time.

感謝大家今天的加入我們，我們期待下次報告第二季的進展。

Ladies and gentlemen, we do appreciate your joining us today. This does conclude our conference call, and you may now disconnect.

女士們、先生們，我們非常感謝你們今天的出席。我們的電話會議到此結束，您現在可以掛斷電話了。