輝達 (NVDA) 2007 Q1 法說會逐字稿

Good afternoon and thank you for holding.

下午好，感謝您的支持。

I would now like to turn the call over to Mr. Michael Hara, NVIDIA's Vice President of Investor Relations.

我現在想將電話轉給 NVIDIA 投資者關係副總裁 Michael Hara 先生。

Thank you, sir.

謝謝你，先生。

You may begin your conference.

你可以開始你的會議了。

Thank you.

謝謝你。

Good afternoon and welcome to NVIDIA's conference call for the first fiscal quarter ended April 30, 2006.

下午好，歡迎參加 NVIDIA 於 2006 年 4 月 30 日結束的第一財季電話會議。

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.

今天與 NVIDIA 通話的有 NVIDIA 總裁兼首席執行官黃仁勳和 NVIDIA 首席財務官 Marv Burkett。

Before we begin today's call, I would like to take care of some general administrative items.

在我們開始今天的電話會議之前，我想先處理一些一般管理事項。

Your lines have been placed on a listen-only mode until the question-and-answer segment of today's call.

在今天通話的問答部分之前，您的線路一直處於只聽模式。

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.

在本次電話會議中，我們將在談論我們的業績時討論一些非公認會計原則的衡量標準，這些措施是關於淨收入、每股淨收入和毛利率以及我們合併損益表中的其他項目。

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.

您可以在我們發佈在我們網站 www.NVIDIA.com 的投資者關係頁面上的財務報告中將這些措施的完全對賬分配給 GAAP。

This call is being recorded.

正在錄製此通話。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

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.

請注意，如果您決定提出問題，它將包含在我們的實時傳輸以及將來對錄音的任何使用中。

Also, shareholders can listen to a live webcast of today's call and view our financial release at the NVIDIA Investor Relations website.

此外，股東可以收聽今天電話會議的網絡直播，並在 NVIDIA 投資者關係網站上查看我們的財務報告。

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.

在公司召開電話會議討論其 2007 財年第二季度的財務業績之前，該網絡廣播將一直播放。

This conference call is the property of NVIDIA.

本次電話會議是 NVIDIA 的財產。

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.

未經 NVIDIA 明確書面同意，嚴禁重新分發、轉播或轉播本次通話或其任何部分，否則可能會受到民事和刑事處罰。

During the course of this conference call, we may make forward-looking statements based on current expectations.

在本次電話會議期間，我們可能會根據當前的預期做出前瞻性陳述。

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.

前瞻性陳述，包括關於我們 2007 年第二季度展望、增長、增長動力、市場份額、投資、競爭地位、設計勝利、客戶需求、新產品和即將推出的產品以及與未來事件相關的產品和技術的陳述面臨許多重大風險和不確定性。

The Company's actual results may differ materially from results discussed in any forward-looking statements.

公司的實際結果可能與任何前瞻性陳述中討論的結果大不相同。

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.

有關可能影響公司未來財務業績和業務的因素的完整討論，請參閱公司的 10-K 表格和截至 2006 年 1 月 29 日的財政年度的年度報告、10-Q 表格的季度報告和向證券交易委員會提交的 8-K 表格。

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.

所有前瞻性陳述均基於我們今天可獲得的信息在本協議發布之日作出，公司不承擔更新任何此類陳述的義務。

The content of the webcast contains time-sensitive information that is accurate only as of May 11, 2006.

網絡廣播的內容包含截至 2006 年 5 月 11 日準確的時間敏感信息。

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.

根據 FD 條例的要求，我們將直接在電話會議中提供公共指導，並且無法在離線對話或本季度提供更多信息。

Therefore, questions around our financial expectations should be asked during this call.

因此，應在本次電話會議期間詢問有關我們財務預期的問題。

At the end of our remarks, there will be time for your questions.

在我們的發言結束時，您將有時間提問。

In order to allow more people to ask questions, please limit yourself to one question.

為了讓更多的人提問，請把自己限制在一個問題上。

After our response, we will allow one follow-up question.

在我們回復後，我們將允許一個後續問題。

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

我現在想把電話交給仁勳。

Thanks, Mike.

謝謝，邁克。

Good afternoon and welcome to NVIDIA's first-quarter conference call.

下午好，歡迎參加 NVIDIA 第一季度電話會議。

Today we're pleased to report record revenue of 681.8 million and net income of $0.23 per share for our first quarter.

今天，我們很高興地報告第一季度的創紀錄收入為 6.818 億美元，每股淨收入為 0.23 美元。

Year-over-year first-quarter revenue grew 17% and net income grew 41%.

第一季度收入同比增長 17%，淨收入增長 41%。

We experienced growth in each of our businesses -- GPU, MCP, handheld GPU and Consumer Electronics -- resulting in record revenue for the first quarter.

我們的每項業務——GPU、MCP、手持式 GPU 和消費電子產品——都實現了增長，第一季度的收入創歷史新高。

We also entered multiple new product cycles during the quarter, continuing our leadership in each of the markets we serve.

我們還在本季度進入了多個新產品週期，繼續在我們服務的每個市場中保持領先地位。

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.

隨著我們進一步進入新的財政年度，我們在 3 月份的分析師日上概述的增長驅動因素，包括採用 Microsoft Vista、高清視頻和索尼 PlayStation 3 的推出，將繼續加速並為我們提供又一個強勁增長的一年的機會。

Let me highlight some of our first-quarter fiscal 2007 results and achievements.

讓我重點介紹一下我們 2007 財年第一季度的一些業績和成就。

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.

Non-GAAP 毛利率達到公司最高的 42.5%，比 2006 財年第四季度環比增長 230 個基點，同比增長 650 個基點。

GAAP gross margin was 42.4% for the first quarter of fiscal 2007.

2007 財年第一季度的 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.

我們為台式機和筆記本電腦推出了八款新的 GeForce 7 系列 GPU，現在提供完整的從上到下的 GeForce 7 GPU 系列。

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.

Mercury Research 的第一季度 PC 報告顯示，從 2005 年第四季度到 2006 年第一季度，NVIDIA 在 Performance DX9 和綜合 DX9 桌面 GPU 領域的份額分別從 79% 增長到 83% 和從 57% 到 60% 2006 年圖形報告。

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.

NVIDIA nForce MCP 產品線連續第七個季度實現創紀錄的收入。根據 Mercury Research 的 2006 年第一季度全球芯片組報告，從 2005 年第四季度到 2006 年第一季度，nForce MCP 在 AMD 64 細分市場中的份額從 35% 增加到 42%。

We continued to advance our leadership position in multi-GPU technology.

我們繼續提升我們在多 GPU 技術方面的領先地位。

The Company shipped its first Quad SLI system for desktop PCs, enabling four GPUs per system.

該公司推出了第一款用於台式電腦的 Quad SLI 系統，每個系統支持四個 GPU。

We also brought our SLI technology to notebook PC enthusiasts.

我們還將 SLI 技術帶給了筆記本電腦愛好者。

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.

NVIDIA 在遊戲開發者大會上與遊戲行業領先的跨平台物理引擎中間件供應商 Havok 一起展示了世界上第一個 GPU 驅動的遊戲物理解決方案。

Life-like physics will bring a new dimension of realism and interactivity to games.

栩栩如生的物理將為遊戲帶來真實感和互動性的新維度。

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.

我們為基於 AMD 的筆記本電腦——GeForce Go 6100 GPU 和 nForce Go 430 MCP——交付了我們的第一款集成圖形處理器 IGP 核心邏輯解決方案。

The core-logic solution is the industry's first high-definition IGP to provide hardware accelerated H.264 high definition video playback.

核心邏輯解決方案是業界首個提供硬件加速H.264高清視頻播放的高清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.

專業解決方案部門推出了 11 款新的台式機和筆記本電腦工作站解決方案，旨在提高工作站圖形性能，並代表了業內最廣泛的專業圖形解決方案系列。

NVIDIA and Intel announced a collaboration to bring high-performance 3-D gaming and multimedia platform to handheld devices.

NVIDIA 和英特爾宣布合作將高性能 3-D 遊戲和多媒體平台引入手持設備。

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.

此次合作將 NVIDIA GoForce 系列手持式 GPU 與 Intel 最新的處理器系列（代號 Monahan's）相結合，該系列基於第三代 Intel XScale 架構，旨在為內容開發者開發強大的開發平台。

We successfully completed our acquisition of ULi Electronics, a leading developer of core-logic technology.

我們成功完成了對核心邏輯技術領先開發商 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.

最後，我們收購了用於手持設備的嵌入式 2-D 和 3-D 圖形軟件的領先開發商 Hybrid Graphics。

The acquisition will enable customers of both companies to deploy rich graphic solutions for the entire worldwide handheld market.

此次收購將使兩家公司的客戶能夠為整個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.

讓我把電話轉給 Marv，以更詳細地討論我們的財務業績。

I will return to discuss our progress and outlook.

我會回來討論我們的進展和展望。

Thank you.

謝謝你。

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.

我想先談談 2007 財年第一季度的損益表，然後再談資產負債表。

I will end with a few comments about the outlook for Q2.

最後，我將對第二季度的前景發表一些評論。

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.

正如仁勳早些時候所說，在損益表上，該季度的收入為 6.818 億美元，比第四季度增長 7.6%。

The growth of almost $50 million was led by the GPU business, which grew 21 million quarter to quarter.

GPU 業務帶動了近 5000 萬美元的增長，該業務季度環比增長 2100 萬美元。

Within the GPU business, notebook grew by 34% and achieved record revenue.

在 GPU 業務中，筆記本電腦增長了 34%，並實現了創紀錄的收入。

Desktop also grew slightly, in spite of a seasonally down first quarter for the PC industry.

儘管 PC 行業第一季度出現季節性下滑，但台式機也略有增長。

MCP grew only 4%, which was less than we anticipated but still achieved record revenue for the seventh consecutive quarter.

MCP 僅增長 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。

Handheld GPUs grew almost 20% and also achieved record revenue.

手持式 GPU 增長了近 20%，也實現了創紀錄的收入。

Memory and other also grew $12 million in the quarter.

內存和其他產品在本季度也增長了 1200 萬美元。

All of our business segments had some growth quarter to quarter.

我們所有的業務部門都有一定的季度增長。

Year-over-year our overall revenue grew by 17% led by MCP and GPU businesses.

在 MCP 和 GPU 業務的帶動下，我們的整體收入同比增長了 17%。

MCP grew 65% year-over-year and GPUs grew by 10%.

MCP 同比增長 65%，GPU 增長 10%。

Our handheld business almost quadrupled year-over-year but from a very low base last year.

我們的手持設備業務同比幾乎翻了兩番，但去年的基數很低。

Xbox contributed 44 million in revenue in last year's Q1; therefore, our core business grew 24% year-to-year.

Xbox 在去年第一季度貢獻了 4400 萬的收入；因此，我們的核心業務同比增長 24%。

For gross margins we achieved 42.5% on a non-GAAP basis, which exceeded even our expectations.

在非公認會計準則基礎上，我們實現了 42.5% 的毛利率，甚至超出了我們的預期。

The introduction and success of several new GeForce 7 products contributed significantly to the improvement.

幾款新 GeForce 7 產品的推出和成功為改進做出了重大貢獻。

The GeForce 7 family contributed approximately 245 million in revenue for the quarter at excellent gross margins.

GeForce 7 系列在本季度貢獻了大約 2.45 億美元的收入，毛利率很高。

This resulted in a notice increase in gross margin for our GPU business.

這導致我們 GPU 業務的毛利率明顯增加。

We also had very good margin improvements in our handheld GPU business, and it is now close to breakeven on an operating income level.

我們的手持 GPU 業務的利潤率也得到了很好的提升，現在在營業收入水平上已接近盈虧平衡。

Operating expenses were higher than we anticipated.

運營費用高於我們的預期。

There were many factors that contributed to this, and I will outline a few.

造成這種情況的因素有很多，我將概述其中的一些。

Going into the quarter, we had not anticipated the acquisition of Hybrid or the hiring of a significant number of employees from 3Dlabs.

進入本季度，我們沒有預料到會收購 Hybrid 或從 3Dlabs 僱用大量員工。

These two contributed approximately 2 million of expense in the quarter.

這兩個人在本季度貢獻了大約 200 萬美元的費用。

Also during the quarter, there were significant option exercises by employees.

同樣在本季度，員工進行了大量的期權行使。

This causes an expense for the company for FICA and other taxes that must be paid upon the exercise.

這會導致公司產生 FICA 費用和行使時必須支付的其他稅款。

This added about 4 million of unanticipated expense for the quarter.

這增加了本季度約 400 萬的意外費用。

We will get this back later in the year when these employees max out on FICA.

我們將在今年晚些時候讓這些員工在 FICA 上達到極限時收回這一點。

Exclusive of these items, operating expenses were still higher than we anticipated as we were able to hire aggressively in other areas.

除這些項目外，運營費用仍高於我們的預期，因為我們能夠在其他領域積極招聘。

We added 438 employees during the quarter.

我們在本季度增加了 438 名員工。

Approximately 200 of these were from ULi and another 70 were from Hybrid and 3Dlabs.

其中大約 200 個來自 ULi，另外 70 個來自 Hybrid 和 3Dlabs。

When you put that together with our normal hiring, the result was a significant increase in headcount.

當您將其與我們的正常招聘相結合時，結果是員工人數顯著增加。

Headcount at the end of the quarter was 3175.

本季度末的員工人數為 3175 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.

本季度的 GAAP 稅率為 17%，因為在國會更新之前，我們無法將研發稅收抵免的好處包括在內。

When it does get renewed, our tax rate will go down.

當它確實得到更新時，我們的稅率將會下降。

Our non-GAAP tax rate was 16%, and that was also negatively impacted by the lack of an R&D tax credit.

我們的非 GAAP 稅率為 16%，這也受到缺乏研發稅收抵免的負面影響。

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.

由於我們在本季度採用 SFAS 123R，2007 財年第一季度的 GAAP 淨收入包括基於股票的補償費用 2300 萬。

Our non-GAAP results adjust our GAAP results to exclude SFAS 123R stock-based compensation and related tax differences.

我們的非公認會計原則結果調整了我們的公認會計原則結果，以排除 SFAS 123R 基於股票的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.

最終結果是 GAAP 收益為 9070 萬美元或每股 0.23 美元（在完全稀釋的基礎上）。

The shares outstanding reflect the stock split which occurred on April 6 and also reflect the new accounting for dilution under 123R.

流通股反映了 4 月 6 日發生的股票分割，也反映了 123R 下稀釋的新會計處理。

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.

根據非公認會計原則，每股收益為 0.29 美元，根據 APB 25 的流通股會計處理，這與上一年一致。

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.

在資產負債表上，現金高達 9.55 億美元，反映出我們為收購 ULi 和 Hybrid 花費了大約 9000 萬美元。

We also repurchased 50 million of stock during the quarter.

我們還在本季度回購了 5000 萬股股票。

Operating cash flow in the quarter was 50 million.

本季度經營現金流為5000萬。

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.

應收賬款增加了 7300 萬，這反映出該季度由於新產品的增加而處於後端負載，所有這些產品現在都已全面投入生產。

The aging of the receivables remains very good.

應收賬款的賬齡仍然非常好。

Inventory was up 92 million as we started the production of several new GeForce 7 products.

隨著我們開始生產幾款新的 GeForce 7 產品，庫存增加了 9200 萬。

The increase in inventory can be accounted for by the new products.

新產品可以彌補庫存的增加。

Depreciation during the quarter was 24 million and capital additions were 21 million.

本季度折舊為 2400 萬，資本增加為 2100 萬。

On the outlook, Q2 is the most difficult quarter to forecast.

在展望方面，第二季度是最難預測的季度。

It is the seasonally lowest quarter of the year for the PC industry.

這是 PC 行業一年中季節性最低的季度。

In addition, our visibility is limited until later in the quarter.

此外，在本季度晚些時候之前，我們的知名度有限。

Our expectations for PCs are not substantially different from other companies in the industry.

我們對個人電腦的期望與業內其他公司沒有太大區別。

Normally in Q2 our desktop business declines along with the PC industry, and this has to be offset with growth in other areas.

通常在第二季度，我們的台式機業務隨著 PC 行業的下降而下降，這必須與其他領域的增長相抵消。

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.

對於本財年第二季度，我們相信我們可以實現筆記本電腦和 MCP 業務的增長，並相信這可以抵消任何其他下滑。

Because of our new products, we anticipate that our desktop business will be relatively flat.

由於我們的新產品，我們預計我們的桌面業務將相對平穩。

Overall we expect flat revenue.

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.

我想指出，在第二季度收入持平的情況下，我們的核心業務將同比增長 35%，因為去年第二季度包括 6990 萬的 Xbox 收入。

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.

對於毛利率，我們第一季度的業績超出了我們的預期，我們將非常努力地將第二季度的毛利率保持在這個水平。

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.

我們認為實際毛利率將取決於組合，任何下降都將來自顯著的收入增長和利潤率較低的業務。

Consistent with the relatively flat sales, we expect relatively flat gross margin on both a GAAP and a non-GAAP basis.

與相對持平的銷售額一致，我們預計 GAAP 和非 GAAP 基礎上的毛利率相對持平。

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.

GAAP 和非 GAAP 的運營費用將僅略有增長，儘管我們將在整個季度增加員工人數，因為第一季度的非經常性成本帶來了一些好處。

If the R&D tax credit is renewed, we should expect to see the GAAP tax rate reduced in the second quarter.

如果更新研發稅收抵免，我們應該預計第二季度的 GAAP 稅率會降低。

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

謝謝，我會把它轉回給仁勳。

During the quarter, we enhanced our leadership position in the market.

在本季度，我們加強了我們在市場上的領導地位。

In Q1 we successfully delivered our entire family of desktop and notebook GeForce 7 GPUs to our OEM and general partners.

在第一季度，我們成功地向我們的 OEM 和普通合作夥伴交付了整個台式機和筆記本電腦 GeForce 7 GPU 系列。

Our new GeForce 7900 GTX has captured design wins with nearly every major OEM offering enthusiast and performance PCs.

我們全新的 GeForce 7900 GTX 贏得了幾乎所有主要 OEM 提供的發燒友和高性能 PC 的設計勝利。

Our calendar Q1 marketshare of the performance GPU segment increased from 70% to 83% year-over-year.

我們在性能 GPU 領域的日曆 Q1 市場份額同比從 70% 增加到 83%。

SLI has become a standard feature in performance PCs.

SLI 已成為高性能 PC 的標準功能。

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.

已出貨超過 400 萬個支持 SLI 的 nForce MCP 和超過 1000 萬個支持 SLI 的 GeForce GPU，為遊戲玩家創建了一個可互操作的 SLI 組件的大型系統。

According to the valve steam engine, which reports users system configuration, we have over 98% share of the multi-GPU market.

根據報告用戶系統配置的閥門蒸汽機，我們擁有超過 98% 的多 GPU 市場份額。

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.

在本週的 E3 上，戴爾展示了由英特爾 [Condro] 微處理器和我們的下一代 nForce 和 GeForce 技術驅動的下一代旗艦 PC。

Also at E3, [NUWare] unveiled the world's first GeForce 7900 SLI notebook.

同樣在 E3 上，[NUWare] 推出了全球首款 GeForce 7900 SLI 筆記本電腦。

Over 22 system builders around the world now offer SLI notebooks.

現在，全球有超過 22 家系統製造商提供 SLI 筆記本電腦。

We look forward to their transition to the GeForce 7900.

我們期待他們過渡到 GeForce 7900。

In the mainstream segment, we have been focused on increasing our share.

在主流領域，我們一直專注於增加我們的份額。

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.

雖然我們幾乎沒有 OEM——去年沒有主流 PC OEM 獲勝，但我們正在戴爾、惠普、Gateway、Acer、Legend、三星、Medion、Packard Bell、TCO 和其他公司贏得設計勝利。

The result of our design win success is starting to reflect in our segment share.

我們的設計贏得成功的結果開始反映在我們的細分市場份額中。

Our calendar Q1 combined desktop DX9 GPU share increased from 54% to 60% year-over-year.

我們的日曆 Q1 合併桌面 DX9 GPU 份額同比從 54% 增加到 60%。

We are gaining share in the notebook segment as well.

我們也在筆記本領域獲得份額。

The production ramp of our Napa design win refresh is underway.

我們的納帕設計勝利更新的生產坡道正在進行中。

The notebook GPU productline achieved record revenue for Q1.

筆記本 GPU 產品線在第一季度實現了創紀錄的收入。

And as our OEM designs continue to roll out their new notebooks, we expect our revenue and share growth to continue throughout the year.

隨著我們的 OEM 設計繼續推出他們的新筆記本電腦，我們預計我們的收入和份額將在全年繼續增長。

The DX9 generation of GPUs is important to achieve the best experience with the new Microsoft Vista user interface called Aeroglass.

DX9 代 GPU 對於使用稱為 Aeroglass 的全新 Microsoft Vista 用戶界面獲得最佳體驗非常重要。

Enabled by programmable shaders, Aeroglass will feature transparencies, textures, lighting and shadows, making the windows and objects on your PC look virtually real.

在可編程著色器的支持下，Aeroglass 將具有透明度、紋理、照明和陰影，使您 PC 上的窗口和對像看起來幾乎是真實的。

John Petty Research recently produced a research piece discussing the impact of Vista Premiums Aeroglass on the market.

John Petty Research 最近製作了一篇研究文章，討論 Vista Premiums Aeroglass 對市場的影響。

Quoting the report, "Over 600 million PCs shipped in the last three years and are still in service.

引用該報告，“在過去三年中有超過 6 億台 PC 出貨並且仍在使用中。

These are the ones that are most logical to upgrade with the new Vista operating system.

這些是使用新的 Vista 操作系統升級最合乎邏輯的。

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."

由於大多數 PC 中集成圖形芯片的圖形性能較低，它們無法利用 Vista 新 Aeroglass GUI 的豐富性和優勢，並且基於圖形的操作系統在大多數 PC 上將無法使用。 "

It will take a performance level add-in board to pull out the richness built into Vista.

需要一個性能級別的插件板才能發揮 Vista 中內置的豐富性。

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."

當用戶在集成顯卡的 PC 上看到運行 Vista 的系統，然後在帶有強大顯卡的 PC 上運行 Vista 時，不會有任何討論，如果他們能負擔得起，他們會選擇更好看的系統。”

Those were quotes from the John Petty report.

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.

在接下來的幾個月中，我們將見證下一代高清視頻格式的推出。

The introduction of Blu-ray disc and HD DVD will bring high-definition movies to our homes.

藍光光盤和HD DVD的推出，將高清電影帶入我們的家。

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.

BD/HD 協會宣布，到今年年底，將有近 100 部影片以這些新的高清格式提供。

As a standard for PlayStation 3, millions of Blu-ray players will be available this year.

作為 PlayStation 3 的標準，今年將有數百萬藍光播放器可用。

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.

藍光光盤和高清 DVD 的分辨率是當今 DVD 的六倍，在分辨率和質量上比已有七年曆史的 DVD 格式有了重大進步。

The image processing requirement is nearly 30 times that of DVD and will require a special video processor to achieve full performance.

圖像處理要求是 DVD 的近 30 倍，並且需要特殊的視頻處理器才能實現全部性能。

Our investment in our PureVideo dedicated videoprocessors and algorithms will help us bring the HD experience to PC and media center users.

我們對 PureVideo 專用視頻處理器和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。

We believe we have won every major OEM, HD DVD and Blu-ray design win to date.

我們相信，迄今為止，我們贏得了所有主要的 OEM、HD DVD 和藍光設計大獎。

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.

配備藍光和高清 DVD 的台式機和筆記本電腦採用了我們的 GeForce 7 GPU 和 PureVideo 視頻播放技術，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.

我們繼續在 AMD 服務器、工作站、台式機和筆記本電腦領域獲得份額。

Our share of the AMD platform increased 6% to 42%.

我們在 AMD 平台的份額增加了 6% 至 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.

本週二，惠普宣布推出配備 GeForce Go 6150 和 nForce Go 430 的 HP Pavilion [DV2000] 和 Compaq Presario D3000 輕薄筆記本電腦，標誌著 NVIDIA 進入筆記本電腦集成芯片組業務。

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.

我們正在為即將推出的 Intel [Condro] 微處理器和 AMD Socket AM2 互連產品準備下一代 nForce 500 系列 MCP。

We will be introducing some new and exciting technologies in the 500 family that will raise the performance bar for the industry.

我們將在 500 系列中引入一些令人興奮的新技術，這些技術將提高行業的性能標準。

The digital media revolution is also driving the growth of our handheld GPU business.

數字媒體革命也在推動我們手持 GPU 業務的增長。

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.

下載的視頻（如情景電視節目）、用於體育和新聞的廣播數字電視以及用於豐富用戶界面和遊戲的高分辨率圖形正在推動對手持式 GPU 的需求。

Our target segments are 3G phones, smart phones and portable entertainment devices.

我們的目標細分市場是 3G 手機、智能手機和便攜式娛樂設備。

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.

我們相信，我們的手持 GPU 的圖形和多媒體功能使我們處於從智能手機不斷增長的多媒體需求中受益的完美位置，智能手機的多媒體需求在 2004 年僅為 1700 萬部，而在 2006 年增長到 1 億部。

The increasing availability of digital media content for 3G has driven demand of our handheld GPUs.

3G 數字媒體內容的日益普及推動了我們對手持式 GPU 的需求。

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.

我們在 3G 市場的份額從 2005 年的 7% 增長到今年的 12%，而這個市場已從去年的 7200 萬部手機增長到 2007 年估計的 2.1 億部。

Our newest handheld GoForce 5500 GPU has been designed into DVD.H phones in North America, Europe and ISDB-T phones in Japan.

我們最新的手持式 GoForce 5500 GPU 已設計用於北美、歐洲的 DVD.H 手機和日本的 ISDB-T 手機。

These are phones that are capable of receiving digital television.

這些是能夠接收數字電視的電話。

Two out of the first three DVD.H television service launches in the world are based on phones powered by NVIDIA's handheld GPU.

全球前三個 DVD.H 電視服務推出中有兩個是基於由 NVIDIA 手持 GPU 驅動的手機。

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.

由於我們的專用 H.264 和 WMD 處理器，我們能夠提供最高的圖像質量，並且能夠提供幾個小時的享受。

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.

在 E3 上，索尼宣布備受期待的 PlayStation 3 將於 11 月 11 日在日本上市，隨後一周後的 11 月 17 日將在北美、歐洲和澳大利亞同步上市。

Sony committed to ship 4 million PS3s by December 31st and another two million units by March 31, 2007.

索尼承諾在 12 月 31 日之前出貨 400 萬台 PS3，並在 2007 年 3 月 31 日之前再出貨 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.

今年出現了許多積極的行業動態，我們相信我們的產品路線圖和技術領先地位使我們能夠推動這些趨勢並實現又一年的強勁增長。

Thank you and we would be happy to take your questions now.

謝謝您，我們現在很樂意回答您的問題。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Tayyib Shah, Longbow Research.

Tayyib Shah，長弓研究中心。

Congratulations on the quarter.

祝賀本季度。

Can you talk about what was happening in the MCP business?

您能談談 MCP 業務中發生的事情嗎？

It seems like the share gains in the AMD platform were kind of lackluster.

似乎 AMD 平台的份額增長乏善可陳。

Is that likely to change in the fiscal second quarter?

這可能會在第二財季發生變化嗎？

First of all, thank you.

首先，謝謝你。

Our market share of the MCP business was below our expectation as well.

我們在 MCP 業務中的市場份額也低於我們的預期。

There's a variety of theories, and I think this one makes the most sense.

有各種各樣的理論，我認為這個最有道理。

We experienced that earlier in the quarter there were some obsolete inventory that were sold by one of our competitors in Asia.

我們在本季度早些時候體驗到，我們在亞洲的一個競爭對手出售了一些過時的庫存。

These were extremely low-cost products, and they were based with integrated graphics with AGP.

這些是極低成本的產品，它們基於帶有 AGP 的集成顯卡。

And so I think that that reduced the overall market for our products.

所以我認為這減少了我們產品的整體市場。

But it did increase the demand for GPUs because the integrated graphics in those products were simply too obsolete.

但它確實增加了對 GPU 的需求，因為這些產品中的集成顯卡實在是太過時了。

So we experienced an increase in demand of entry-level AGP GPUs as a result of that.

因此，我們經歷了入門級 AGP GPU 需求的增長。

My sense is that is not going to continue, but that is our estimation of what happened in Q1.

我的感覺是這不會繼續下去，但這是我們對第一季度發生的事情的估計。

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，如果我可以問一下利潤率，您能否談談您的 7300 產品線在價值領域取代您的 6200 產品的機會，這種轉變將有多快，以及這對您的整體利潤率有什麼影響？

Well, the easy answer is that it improves our margins.

嗯，簡單的答案是它提高了我們的利潤。

Because the margins on those types of products are better in the GeForce 7 family than they are in the GeForce 6 family.

因為這些類型的產品在 GeForce 7 系列中的利潤比在 GeForce 6 系列中要好。

How rapid we can make that transition, I don't think is much a matter of production as it is market acceptance.

我們能以多快的速度實現這一轉變，我認為這不是生產問題，而是市場接受度。

Randy Abrams, Credit Suisse.

蘭迪艾布拉姆斯，瑞士信貸。

I wanted to see if you could pull up on the revenue guidance.

我想看看你是否可以提高收入指導。

I think you mentioned flat desktops and then up notebooks and chipsets.

我認為您提到了平板台式機，然後是筆記本電腦和芯片組。

To get to flat overall, is that implying that some of the smaller business like handset and other declined?

整體持平，這是否意味著一些較小的業務，如手機和其他業務下降？

Maybe you can clarify that a little more.

也許你可以再澄清一點。

Yes, I don't think that you should take into that that we expect a decline in handsets.

是的，我認為您不應該考慮到我們預計手機會下降。

Remember the memory and other was a fairly large number in Q1.

請記住，內存和其他在第一季度是一個相當大的數字。

We don't know what is going to happen to that in Q2.

我們不知道第二季度會發生什麼。

If that number did not go down and desktop did not go down, I think that we could achieve revenue growth.

如果這個數字沒有下降，台式機沒有下降，我認為我們可以實現收入增長。

But there is just a lot of unknowns along those lines.

但是沿著這些路線只有很多未知數。

And maybe the follow-up question just on the inventory.

也許是關於庫存的後續問題。

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?

也許您想再次進入，我想您提到了新產品的增加，但是如果下一季度的收入軌跡大致持平，我想了解一下建立庫存的驅動因素？

Is there some motivation from tighter supply from foundry or back-end to build inventory at this stage?

在這個階段，代工廠或後端供應趨緊是否有一些動機來建立庫存？

You know, the way to think about that, Randy, is Q1 was our product transition quarter.

你知道，考慮到這一點，蘭迪，第一季度是我們的產品過渡季度。

We transition down our GeForce 6 family, and we ramped up our GeForce 7 family.

我們過渡到 GeForce 6 系列，並擴大了 GeForce 7 系列。

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.

通常，在產品量產初期，我們希望做好準備，盡可能多地向市場提供我們的產品，並讓渠道中的 OEM 有機會填補他們的管道。

And so that -- this is pretty typical stuff, and it is reflective of how we make product transitions.

所以 - 這是非常典型的東西，它反映了我們如何進行產品轉換。

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 供市場使用。

Mark Edelstone, Morgan Stanley.

馬克·埃德爾斯通，摩根士丹利。

Nice job on the gross margins, guys.

伙計們，毛利率做得很好。

Just a couple of quick ones first.

先來幾個快速的。

Can you give us what the NRE was in the quarter and what you expect NRE to do in Q2?

您能否告訴我們本季度的 NRE 是什麼，以及您期望 NRE 在第二季度做什麼？

Roughly 20 to 25 million in the quarter.

本季度大約為 20 到 2500 萬。

Round number is 23.

輪數為 23。

That was the Sony NRE and licensing together.

那是索尼 NRE 和許可一起使用。

Then your second question is, what do I expect it to do?

那麼你的第二個問題是，我希望它做什麼？

Roughly flat.

大致平坦。

Okay.

好的。

Great.

偉大的。

I certainly understand all the issues here that you would look for in the current quarter.

我當然了解您在本季度要尋找的所有問題。

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?

您能否告訴我們您認為下半年最重要的驅動因素是什麼，也許您可以嘗試將這些因素放在季節性的背景下？

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?

考慮到你現在正在接近的一些事情，看起來你實際上會有很多事情應該比季節性提升更好？

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.

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。

But we have a lot of good things going for us.

但是我們有很多好事要做。

GeForce 7 is really a terrific architecture, and we continue to ramp into the marketplace with GeForce 7.

GeForce 7 確實是一個了不起的架構，我們繼續通過 GeForce 7 進入市場。

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.

今年我們還贏得了很多 OEM 設計的勝利，而去年我們在台式機和筆記本電腦領域都沒有。

So we will be ramping into those OEM design wins.

因此，我們將努力爭取那些 OEM 設計的勝利。

We also have some pretty terrific handheld GPU products.

我們也有一些非常棒的手持 GPU 產品。

We have the benefits of the PlayStation 3 ramping.

我們擁有 PlayStation 3 升級帶來的好處。

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.

他們顯然已經宣佈在 11 月的時間範圍內相當廣泛的可用性和同時在全球範圍內發布，這意味著在這個時間點他們顯然正在全速生產。

So you have that going for us.

所以你對我們有幫助。

And then our MCP business continues to grow.

然後我們的 MCP 業務繼續增長。

Our expectation is that this year over last year we should be in a position to grow substantially in MCP.

我們的預期是，今年我們應該能夠在 MCP 中大幅增長。

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.

兩個原因，其中之一是當英特爾的 [Condro] 微處理器表現出色時，它創造了更大的性能細分市場，而我們在性能細分市場中佔有重要地位，如您所知。

So that should help us.

所以這應該對我們有幫助。

Secondarily, this is our first year with -- first full year with integrated graphics both on desktop, as well as notebook computers.

其次，這是我們在台式機和筆記本電腦上集成顯卡的第一年。

So this is very exciting.

所以這是非常令人興奮的。

And then the last one is not insignificant, it is Blu-ray disc and high-definition video.

然後最後一個也不是微不足道的，是藍光光盤和高清視頻。

You know this is the first major consumer electronic transition in seven years.

你知道這是七年來第一次重大的消費電子轉型。

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.

如果您看一下過去五年左右消費電子領域發生的事情，它確實與高清顯示器和平板顯示器有關。

Well, finally they have something that can really drive it, and that is Blu-ray disc and HD DVD.

好吧，他們終於有了可以真正驅動它的東西，那就是藍光光盤和高清 DVD。

The processing requirement for BD and HD are so high compared to DVD that you really need to have a dedicated video processor.

與 DVD 相比，BD 和 HD 的處理要求如此之高，以至於您確實需要一個專用的視頻處理器。

This is something that we have been talking about and offering to the marketplace.

這是我們一直在談論並提供給市場的東西。

Obviously with standard definition, it was kind of hard to demonstrate the value proposition.

顯然，使用標准定義，很難證明價值主張。

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.

但是現在隨著高清的到來，我們視頻處理器的價值是非常明顯的，它反映在我們為媒體中心、筆記本電腦和個人電腦所獲得的所有設計上，這些產品將與藍光和高清 DVD 一起使用。

So I think that we are better positioned than ever before.

所以我認為我們比以往任何時候都處於更好的位置。

We have more product drivers and market drivers than ever before.

我們擁有比以往更多的產品驅動力和市場驅動力。

And if we continue to execute, I think that we're going to have a pretty good year.

如果我們繼續執行，我認為我們將會有一個非常好的一年。

That is great.

這太棒了。

Just one last follow-up if I could.

如果可以的話，只是最後一次跟進。

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?

基於這些機會，我們是否應該預期本季度庫存會再次增加，因為您已基本為下半年做好準備？

You know our expectation is not.

你知道我們的期望不是。

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.

只是當我們推出新產品時，我們必須確保我們幫助我們的原始設備製造商並幫助我們的渠道合作夥伴填補他們的管道。

So there is always that initial surge of supply to just supply everybody with GeForce 7s.

所以總會有最初的供應激增，只是為每個人提供 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.

所以我的期望是，一旦我們通過 - 開始這裡，我們將採用典型的庫存管理方式。

David Wu, Global Crown.

大衛·吳，環球皇冠。

This is [Han Dei] calling for David Wu.

這是[韓代]呼喚吳大衛。

Thank you for taking my question.

謝謝你接受我的問題。

I have a few questions.

我有幾個問題。

Regarding you said for the gross margin upside it is primarily due to the GeForce 7 increase in sales.

關於您所說的毛利率上升，主要是由於 GeForce 7 的銷售額增加。

I have been checking up on a few on our websites, and I have seen some shortages.

我一直在我們的網站上查看一些，我發現有些短缺。

So that does not quite match the picture that you provide.

所以這與您提供的圖片不太匹配。

So could you please give some more clarity to that?

那麼您能否更清楚地說明這一點？

Well, at some level, I think it is perfectly aligned with the picture we provided.

嗯，在某種程度上，我認為它與我們提供的圖片完全一致。

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.

我們剛剛在第一季度進行了產品過渡，我們逐漸減少了 6800 和各種 GeForce 6 產品，並且我們逐漸進入了 GeForce 7 產品。

And the demand has been really strong.

需求非常強勁。

The 7900 has been a product that we have had a hard time catching up with.

7900 一直是我們很難趕上的產品。

That is one of the reasons why we are building aggressively to fill the market pipeline and to meet the market demand.

這就是我們積極建設以填補市場管道並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.

我認為正如我在準備好的評論中所說，我們的性能細分市場 GPU 市場份額正在增加。

So it reflects the fact that the demand for GeForce 77900 is quite high and that 7600 is incredibly high.

所以它反映了一個事實，即對 GeForce 77900 的需求是相當高的，而 7600 是非常高的。

So you have just got to take that into consideration.

所以你只需要考慮到這一點。

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.

另一件要記住的是，SLI 每台 PC 需要兩個 GPU，因此世界上的遊戲玩家數量、遊戲愛好者的數量並沒有下降。

In fact, they have probably grown, but now they consume two GPUs per PC.

事實上，它們可能已經增長，但現在每台 PC 消耗兩個 GPU。

We have always felt that SLI would increase our TAM, and I think in a lot of ways it has.

我們一直認為 SLI 會增加我們的 TAM，我認為它在很多方面都有。

Okay.

好的。

That makes a lot more sense to me now.

這對我來說現在更有意義了。

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?

另一個問題是關於你即將推出的 nForce 5 或趨勢，[Triton] 芯片組，你能評論一下它們的性能和毛利率嗎？

Thank you.

謝謝你。

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.

好吧，我們的下一代核心邏輯——我們的下一代 MCP nForce 5 無疑將成為世界上性能最高的核心邏輯，這就是他的設計目標，也是我們的期望。

It is intended to bring some new exciting features to the marketplace that the market has never seen.

它旨在為市場帶來一些市場從未見過的令人興奮的新功能。

Give me a chance to launch that product and I will come back next quarter to report on the things that we said.

給我一個發布該產品的機會，我將在下個季度回來報告我們所說的事情。

Sure.

當然。

And how about the gross margin?

毛利率如何？

You know are they going to be above, below or at the corporate level?

你知道他們會高於、低於還是在公司層面？

Above.

以上。

Jason Pflaum, Thomas Weisel Partners.

Jason Pflaum，Thomas Weisel 合夥人。

Good job, guys.

幹得好，伙計們。

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.

如果您可以再次幫助這些庫存的組成以及 MCP 的出現比您預期的要輕一點，那麼只需稍微回過頭來討論一下庫存。

Was that partly respective of the add build there as well?

這是否也與那裡的添加構建部分相關？

Yes, I think that you need to take a look at we grew inventory round numbers 90 million quarter to quarter.

是的，我認為您需要看看我們每季度增加了 9000 萬的庫存。

But on the new products, we grew inventory roughly 150 million.

但在新產品上，我們增加了大約 1.5 億的庫存。

So of the older GeForce 6 products, we decreased inventory commensurate with what we're trying to do.

因此，對於較舊的 GeForce 6 產品，我們減少了與我們正在嘗試做的事情相稱的庫存。

We did build a little bit more MCP inventory than we anticipated because the MCP sales did not achieve what we thought.

我們確實建立了比我們預期更多的 MCP 庫存，因為 MCP 的銷售沒有達到我們的預期。

So there's a little bit more there.

所以還有一點點。

But I think that what you should understand is that in general the growth in inventory was driven by the new products.

但我認為你應該理解的是，總體而言，庫存的增長是由新產品推動的。

Okay.

好的。

And then just can you give us a sense of what portion of your revenues are going through distribution this quarter?

然後，您能否告訴我們本季度您的收入中有多少部分通過了分配？

You continued to work that down, and was that also a contributor perhaps in holding a little bit more inventory?

你繼續把它壓低，這也是持有更多庫存的一個因素嗎？

Yes, it does contribute as we take customers more direct.

是的，它確實有助於我們更直接地吸引客戶。

I don't know that it was significant, though.

不過，我不知道這很重要。

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%.

每個人都為我們關注的兩個主要分銷商，[Edem] 和大西洋，合計不到我們業務的 12%，每個都低於 6%。

Okay.

好的。

And then just maybe a last question on the handset side of your business.

然後可能是您業務手機方面的最後一個問題。

Obviously you saw some nice growth there this quarter and good momentum.

顯然，您在本季度看到了一些不錯的增長和良好的勢頭。

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?

您能否描述一下您現在在下半場繪製的一些設計勝利的廣度或給我們一個感覺？

Maybe just give a flavor for how many of the top tiers you maybe shipped into there?

也許只是為您可能運往那裡的頂級數量提供一些風味？

I guess we have design wins with four to five top handset manufactures in the world.

我想我們已經贏得了世界上四到五家頂級手機製造商的設計勝利。

Most of our handset design wins are focused on 3G cellphones.

我們贏得的大部分手機設計都集中在 3G 手機上。

Many of the new handset design wins are now being designed into digital television cellphones and smart phones.

許多新的手機設計勝利現在都被設計到數字電視手機和智能手機中。

Those are really our target markets.

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.

我們在手機中的基本圖形 GPU 業務上並沒有發揮太多作用，原因是沒有太多的價值可以增加。

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.

我們傾向於將所有精力集中在真正豐富的多媒體功能上，例如數字電視或視頻播放或數碼攝像機功能或數碼相機，當然還有圖形。

So we tend to focus a lot of our efforts around those type of applications.

因此，我們傾向於將大量精力集中在這些類型的應用程序上。

We're trying to play into emerging and growing market trends.

我們正在努力適應新興和不斷增長的市場趨勢。

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.

這是 - 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計算機之一，並且越來越不被視為僅僅是調製解調器或手機或電話。

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.

我認為這個願景正在實現，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變得很重要，這確實是我們的重點。

Nicholas Aberle, Caris & Co.

Nicholas Aberle, Caris & Co.

I just wanted to touch base a little bit more on the performance mainstream segments for discrete desktops.

我只是想多談談離散台式機的性能主流細分市場。

Based on our analysis, it really seems like you guys have got a nice competitive advantage there, specifically on the 7600 products.

根據我們的分析，你們似乎真的在那裡獲得了不錯的競爭優勢，特別是在 7600 產品上。

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?

您能否談談該特定市場領域的戰略以及您對這一年市場份額增長的一些預期？

I guess our strategy is to build the living daylights out of it. (multiple speakers).

我想我們的策略是用它來建立生活的日光。 （多個揚聲器）。

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.

是的，這是一個相當大的市場，而且它是一個有趣的細分市場，因為數量很大，而且平均售價也很高。

But the technology requirements are pretty demanding, and the gamers want the absolute best.

但是技術要求非常苛刻，遊戲玩家想要絕對最好的。

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.

分銷渠道希望擁有最好的品牌，以及他們相信並且知道可以銷售的零件。

So the 7600 family is really perfect for that.

所以 7600 系列非常適合這一點。

It is a follow-on to our 6600 family.

它是我們 6600 系列的後續產品。

My expectation is that we will do better with 7600 than we did with 6600.

我的期望是我們使用 7600 會比使用 6600 做得更好。

Perfect.

完美的。

And then just one more quick follow-on.

然後再快速跟進。

You know you guys did touch base on the impact of the delay of the Vista operating system.

你知道你們確實接觸過Vista操作系統延遲的影響。

More chatter about that being pushed out even further into mid-'07.

更多關於這個被推到 07 年中期的討論。

Has that changed you guys' outlook on the effects of that operating system launch at all?

這是否改變了你們對該操作系統啟動影響的看法？

You know not really.

你真的不知道。

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.

我認為最終的宏偉計劃是——這是很長一段時間以來的第一次重大操作系統升級。

I think it is probably close to seven years, isn't it?

我想這可能接近七年，不是嗎？

This is the first operating system in the history of humanity that requires a GPU.

這是人類歷史上第一個需要 GPU 的操作系統。

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.

隨著越來越多的應用程序加載越來越多的小部件和越來越多的 Vista Aeroglass 功能，桌面上的圖形需求將繼續增加。

There has just not been a single person that has ever seen it that says I can go back.

只是沒有一個人見過它說我可以回去。

Everything is better.

一切都好起來了。

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.

字體更好，分辨率更好，窗口在桌面上滑動的方式就是——一切都令人愉快。

And so my sense is that Vista Aeroglass is going to create quite a bump for GPUs for quite some time.

所以我的感覺是，Vista Aeroglass 將在相當長的一段時間內為 GPU 帶來相當大的衝擊。

So we're looking forward to that.

所以我們很期待。

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

我們對它在今年滑落的任何人感到失望，但歸根結底，它並沒有真正從根本上改變任何事情。

Perfect.

完美的。

Good luck in Q2.

祝你第二季度好運。

Quinn Bolton, Needham Inc.

奎因·博爾頓，Needham Inc.

Let me add my congratulations on the great margins.

讓我對巨大的利潤表示祝賀。

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?

我想看看您是否只是回顧了各代 GeForce 處理器的歷史，你們是否傾向於在性能或整體台式機細分市場上達到最大市場份額？

You guys are getting pretty high, over 80% now in the performance segment, 60% of the discrete.

你們變得相當高，現在在性能領域超過 80%，在離散領域佔 60%。

Historically have you gotten a lot higher than that?

從歷史上看，你有沒有比這高得多？

I guess so.

大概吧。

I mean, you know I think that I am trying to think here.

我的意思是，你知道我認為我想在這裡思考。

Our focus really is not just share.

我們的重點真的不僅僅是分享。

We have always been since the beginning of our company focused, number one, on increasing the market.

自公司成立之初，我們就一直專注於擴大市場。

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.

它是關於為這個市場帶來新的想法、新技術和新的特性和功能，它也是關於擴大它的影響範圍。

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.

我們做過的最好的事情之一就是與微軟和雷德蒙德的人們一起討論 GPU 的重要性，並幫助他們了解它如何真正改變計算體驗。

That is going to increase the market reach of GPUs.

這將擴大 GPU 的市場範圍。

SLI increased the TAM of GPUs.

SLI 增加了 GPU 的 TAM。

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.

您知道，我們添加到 GPU 中的最新版本的一項功能稱為 Physics，它將使您的 SLI 系統更有價值。

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.

您可以將兩個圖形都用於兩個 GPU 進行遊戲渲染，或者如果特定遊戲具有大量物理，您可以使用其中一個 GPU 進行物理處理。

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.

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範圍。

So that has always been our focus, just continue to add more value.

所以這一直是我們的重點，只是繼續增加更多的價值。

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?

其次，我可能錯過了它，但我只是想知道您是否可以就工作站業務季度環比的表現發表任何評論？

Was that another record?

那是另一張唱片嗎？

We grew slightly and had a record quarter.

我們略有增長，並有一個創紀錄的季度。

[Franay Lehariat], Deutsche Bank.

[Franay Lehariat]，德意志銀行。

A question for you, Marv.

給你一個問題，馬夫。

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?

您能否按照您期望從這裡開始到 06 財年或 07 財年末在這些細分市場中看到的毛利率增長順序對您的 MCP、筆記本圖形、桌面圖形、工作站電話細分市場進行排名？

I think that was like six questions.

我認為這就像六個問題。

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

好的，我會縮寫。 （多位發言者）——從這裡開始毛利率增長的順序是什麼？

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

我什至不知道我們甚至在片段之間分解了它——（多位發言者）

Okay.

好的。

Just combine loan and GPU then.

然後將貸款和GPU結合起來。

They were good questions.

他們是很好的問題。

It is just --

這只是——

The desktop GPU business should increase gross margins because of the GeForce 7.

由於 GeForce 7，桌面 GPU 業務應該會增加毛利率。

The margins are excellent on GeForce 7.

GeForce 7 的利潤率非常高。

Beyond that, are we going to increase gross margins in workstation?

除此之外，我們是否會增加工作站的毛利率？

I don't know.

我不知道。

They are pretty high right now.

他們現在相當高。

Are we going to increase gross margins in notebook?

我們會增加筆記本的毛利率嗎？

Yes, because it is going to transition to GeForce 7.

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.

MCP 應該有一些毛利率，另一方面也有更深的市場滲透，這不利於毛利率。

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.

毛利率的提升來自顯然將要推出的新一代產品，另一方面，我們的集成顯卡正逐漸進入台式機和筆記本電腦。

The handset --

聽筒——

So you have got a lot of things going in different directions like Jen-Hsun.

所以你有很多事情朝著不同的方向發展，比如仁勳。

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.

MCP 的個別補充可能會增長，但如果我們提供更多的集成，將對整個業務部門產生負面影響。

Handheld gross margins have been pretty good.

手持設備的毛利率一直不錯。

Are we going to be able to sustain them?

我們能夠維持它們嗎？

We will see.

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.

但我認為你最終提出的問題是所有公司的基本動態中的一些亮點，這些公司同時推出有助於提高毛利率的新技術和新功能，並佔領更多市場，將技術帶給更多人，這往往會使技術商品化。

So we have those two fundamental tensions in our business like everybody else.

所以我們和其他人一樣，在我們的業務中存在這兩個基本的緊張局勢。

Hopefully overall we're improving gross margins in the Company.

希望總體而言，我們正在提高公司的毛利率。

Our gross margin improvement in the company is not just coming from new products.

我們公司毛利率的提高不僅僅來自新產品。

It is coming from just a corporatewide operational enhancement drive in the Company.

它僅來自公司的全公司範圍內的運營增強驅動。

Our business is extremely high velocity, so it is not easy to do what we're doing.

我們的業務速度非常快，所以做我們正在做的事情並不容易。

But we have to create a lot of new idea to enhance our operational performance.

但是我們必須創造很多新的想法來提高我們的運營績效。

So that is where we are great at those things, coming up with great ideas.

所以這就是我們擅長這些事情的地方，提出了很好的想法。

Okay, very good.

好的，非常好。

Just a quick follow-up if I may.

如果可以的話，只是一個快速的跟進。

I'm trying to reconcile some Vista impacts.

我試圖調和一些 Vista 的影響。

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.

似乎所有領先的集成顯卡供應商，包括您自己、ATI 甚至英特爾（音頻不清晰）都在聲明他們的芯片組——集成顯卡芯片組要么已經支持 Vista Premium，要么很快就會支持。

Despite these claims, it seems like you guys still think that the discrete graphics is going to take a bump up with Vista launch.

儘管有這些說法，但你們似乎仍然認為獨立顯卡會隨著 Vista 的推出而大放異彩。

Can you help me reconcile these two views?

你能幫我調和這兩種觀點嗎？

Are some of these Vista Premium capability claims just hollow or not up to mark?

這些 Vista Premium 功能聲明中的一些是否只是空洞的或不符合標準的？

Absolutely.

絕對地。

You ask a really good question.

你問了一個非常好的問題。

I'm glad you asked it.

我很高興你問了。

The way to think about it is this.

思考的方法是這樣的。

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.

今天在非Vista上，只是Windows XP，你的Windows體驗和我的Windows體驗的性能體驗是一樣的，我什至不知道你有什麼。

Everybody's Windows XP experience is identical because the graphics technology far exceeds anything that Windows XP requires.

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 的要求。

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.

然而，當 Windows Premium——Vista Premium 和 Aeroglass 出現時，擁有 GPU 的人將獲得明顯更好的體驗，明顯更好的體驗。

I mean you would have to have fallen asleep to not notice that you have a noticeably better experience.

我的意思是你必須睡著了才不會注意到你有明顯更好的體驗。

It is almost no different than videogames.

它與電子遊戲幾乎沒有什麼不同。

It is based on the same technology, so you would expect similar dynamics.

它基於相同的技術，因此您會期望類似的動態。

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.

與沒有良好圖形技術的人相比，擁有 GPU 的人在遊戲中的體驗會更好。

So you are going to have exactly the same thing.

所以你會得到完全相同的東西。

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.

當有人真正注意到差異時，當消費者可以通過 GPU 獲得明顯更好的體驗時，這些就是我們喜歡的動態類型。

It will encourage them to buy a better GPU.

這將鼓勵他們購買更好的 GPU。

It will encourage them to upgrade, and it will encourage them to buy a GPU from the retail market to enhance their computer.

它將鼓勵他們升級，並鼓勵他們從零售市場購買 GPU 來增強他們的計算機。

All of that is good for us.

所有這些對我們都有好處。

Rick Schafer, CIBC World Markets.

Rick Schafer，CIBC 世界市場。

This is [Dan Morris] calling in for Rick.

這是 [丹·莫里斯] 召喚瑞克。

First off, good quarter.

首先，好季度。

Just a little housekeeping question.

只是一個小家務問題。

You mentioned that Hybrid and 3dfx added about 2 million to OpEx.

您提到 Hybrid 和 3dfx 為 OpEx 增加了大約 200 萬。

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?

您能否量化一下您在本季度為運營支出增加了多少，以及收購對收入的貢獻是什麼？

Just as a quick clarification that was 3dlabs. (multiple speakers).

就像 3dlabs 的快速說明一樣。 （多個揚聲器）。

For you and for all of us (multiple speakers).

為您和我們所有人（多位發言人）。

Yes, it just brings back memories.

是的，它只是勾起回憶。

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.

是的，我們從那裡挑選的 Hybrid 和 3dlabs 以及與 Hybrid 相關的攤銷在本季度花費了我們大約 200 萬美元。

We acquired ULi some time in February, so we picked up roughly two months, a little over two months worth of ULi.

我們在 2 月份的某個時候收購了 ULi，因此我們獲得了大約兩個月，即兩個多月的 ULi。

It contributed somewhere around 8 to 10 million in revenue and about 3 to 4 million in expenses.

它貢獻了大約 8 到 1000 萬的收入和大約 3 到 400 萬的費用。

Okay, great.

好，太棒了。

And then as a follow-up, there has been a lot of press recently about Physics, specifically the Physics Processor.

然後作為後續，最近有很多關於物理的新聞，特別是物理處理器。

You have also had a few press releases and demos of your (indiscernible) and Hellgate.

你也有一些關於你的（聽不清）和地獄之門的新聞稿和演示。

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?

我想知道您是否可以更多地談談您對離散解決方案的看法，並詳細說明其中一些其他公告和物理計劃？

Sure.

當然。

I guess what I will do is I will elaborate on Physics and why it is so good.

我想我會做的是詳細說明物理學以及為什麼它這麼好。

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.

顯然，如果您看一下您在電子遊戲和其他遊戲中看到的大部分環境，那麼環境基本上是靜態的。

There is some movement of water or leaves, but they are contrived.

水或樹葉有一些運動，但它們是人為的。

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.

所以我認為物理學和將物理學應用於環境和世界中的所有這些物體只會讓世界看起來更加生動。

Whether it is the way you interact with it or just the way you look at it.

無論是您與之互動的方式，還是您看待它的方式。

So Physics is going to be terrific.

所以物理學會很棒。

The second thing is the more objects that you create, the more objects you'll have to render.

第二件事是您創建的對象越多，您必須渲染的對象就越多。

And so from a graphics perspective, that is really terrific as well.

所以從圖形的角度來看，這也非常棒。

It just creates more workload for us to have to go and overcome, and we like that.

它只會給我們帶來更多的工作量，讓我們不得不去克服，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.

至於物理處理器，很難說它是否有一個獨特的市場。

But that is not we are too concerned about.

但這並不是我們太在意的。

We wish those guys well and anybody who wants to build Physics Processors as well.

我們祝愿這些人以及任何想要構建物理處理器的人一切順利。

It is good for the game industry.

這對遊戲行業來說是好事。

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.

但從我們的角度來看，GPU 是一個完全可編程的設備，它處理浮點數和數學運算的速度可能比人類已知的任何處理器都快，自從計算開始以來，重新部署物理處理對我們來說是一個很好的投資，即已經製作好了。

Krishna Shankar, JMP Securities.

Krishna Shankar，JMP 證券公司。

You have alluded to the chipset business being somewhat weaker because of some IGP chipsets having adjusted pricing.

您曾提到由於一些 IGP 芯片組已調整定價，因此芯片組業務有些疲軟。

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?

您是否覺得那裡的過剩庫存已經被消除，並且它們正在恢復 AMD 平台市場的更正常的供需環境？

Or is this just the AMD platform for both Intel and AMD?

或者這只是英特爾和 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.

以那些價格 - 事實上它遠低於市場價格，坦率地說，遠低於成本。

I cannot imagine anybody enjoying that kind of business unless it's really just to get rid of the excess inventory.

我無法想像有人會享受這種業務，除非它真的只是為了擺脫多餘的庫存。

So my sense is that it is not going to happen on a regular basis.

所以我的感覺是它不會定期發生。

But we will have to keep our eyes on it.

但我們將不得不密切關注它。

But the important thing to realize is that we do not just offer core-logic as a company, we also are a GPU supplier.

但要意識到的重要一點是，我們不僅作為一家公司提供核心邏輯，我們還是一家 GPU 供應商。

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.

當這些集成顯卡出售時，它們往往是非常低端的，這為我們提供了銷售我們的獨立 GPU 的機會。

So it probably works itself out in the grand scheme of things.

所以它可能會在宏偉的計劃中發揮作用。

But on balance we still prefer people to go to market.

但總的來說，我們仍然更喜歡人們去市場。

Okay.

好的。

And then just a follow-up question.

然後只是一個後續問題。

You talked about the requirements for discrete graphics on Vista.

您談到了在 Vista 上對獨立顯卡的要求。

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?

您是否看到對台式機和筆記本電腦的迫切需求，或者筆記本電腦的電源要求是否仍會保持集成顯卡的趨勢？

I think you will have compelling desire in both.

我認為你對兩者都有強烈的渴望。

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.

我認為，如果您願意——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。

So the discrete GPU will do a wonderful job for you, as well as do a good job monitoring power as we go.

因此，獨立 GPU 將為您提供出色的工作，並在我們進行時很好地監控電源。

So my sense is that Vista is going to be good for GPUs all the way around.

所以我的感覺是，Vista 將一直對 GPU 有利。

Great.

偉大的。

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?

我的最後一個問題，Marv，你能給我們一些關於如何在 8 月和 11 月季度為 PS3 的許可和（聽不清）收入建模的意義嗎？

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.

好吧，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，以及我為您提供的展望數字，我們不包含任何對版稅的期望。

I would expect that we will receive royalty income in Q3.

我預計我們將在第三季度獲得特許權使用費收入。

The magnitude I could not give you a number right now.

我現在無法給你一個數字的幅度。

So Q3 would be more of the same plus royalty.

所以第三季度將是更多相同的加上版稅。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科夫斯基，高盛。

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剛結束的那個季度您的 GPU 銷售額中有多少來自 GeForce 7 系列，您是否估計過第二季度 GeForce 7 將佔 GPU 銷售額的百分比？

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

好吧，我想我在評論中說過，我們在第一季度的 GPU 業務中為 GeForce 7 帶來了超過 2.5 億美元的收入。

So that was well more than 50%.

所以這遠遠超過50%。

Okay.

好的。

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

您認為第二季度會有多少？

It should be a lot more.

它應該更多。

Okay.

好的。

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.

看起來，如果你建立了 1.5 億個新產品的庫存，如果你應用 45% 的毛利率，那麼新產品的總收入可能高達 3.3 億。

So would that be what you guys are looking for?

那會是你們正在尋找的嗎？

That seems like that would be a pretty aggressive number.

這似乎是一個非常激進的數字。

Well, I mean obviously it depends on the market, but there is nothing wrong with the kind of numbers that you laid out there.

嗯，我的意思是顯然這取決於市場，但你在那裡列出的那種數字並沒有錯。

The GeForce 7 is a very good product family.

GeForce 7 是一個非常好的產品系列。

Okay.

好的。

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?

也許只是有點相關，當您預計您的台式機業務大致持平並且 PC 環境可能會下降時，您是否預計這是份額收益或更高混合 ASP 或兩者兼而有之的函數？

Share gains.

分享收益。

Okay.

好的。

And then just lastly, so your gross margin guidance is flat.

最後一點，所以你的毛利率指導是持平的。

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?

看起來你的 GeForce 7 業務佔總數的百分比如此之大，然後在筆記本電腦中發生同樣的事情，是什麼導致它在第二季度以持平的毛利率下降？

Mix.

混合。

We expect MCP to do better.

我們預計 MCP 會做得更好。

Okay.

好的。

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

你認為這足以抵消所有其他因素，筆記本電腦和台式機 GPU 的過渡？

Yes.

是的。

So previously I had answered a question incorrectly.

所以之前我回答錯了一個問題。

I was asked whether workstation revenue was a record.

有人問我工作站的收入是否創紀錄。

We broke 100 million again, but it was not a record.

我們再次突破了 1 億，但這不是一個記錄。

It was down quarter to quarter by 1%.

季度環比下降 1%。

Yes, damn close.

是的，該死的接近。

So it was basically flat.

所以基本上是平的。

Ladies and gentlemen, we have reached the end of the allotted time for questions and answers this afternoon.

女士們，先生們，我們今天下午的問答時間已經結束。

I would now like to turn the call back over to Jen-Hsun Huang for closing remarks.

我現在想把電話轉回給黃仁勳做結束語。

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

感謝大家今天加入我們，我們期待著下次報告我們第二季度的進展。

Ladies and gentlemen, we do appreciate your joining us today.

女士們，先生們，我們非常感謝您今天加入我們。

This does conclude our conference call, and you may now disconnect.

這確實結束了我們的電話會議，您現在可以斷開連接。