輝達 (NVDA) 2007 Q4 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，感謝您的耐心等待。現在我將把電話交給英偉達投資者關係副總裁麥可‧哈拉先生。謝謝。先生，您可以開始您的會議了。

Thank you, operator. Good afternoon and thank you for holding. Good afternoon and welcome to NVIDIA's conference call for the fourth fiscal quarter ended January 28, 2007. 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.

謝謝接線生。下午好，感謝您的等待。下午好，歡迎參加英偉達2007財年第四季（截至2007年1月28日）業績電話會議。今天出席英偉達電話會議的有英偉達總裁兼執行長黃仁勳和英偉達財務長馬夫·伯克特。

Before we begin today's call I would like to take care of some general administrative items. (OPERATOR INSTRUCTIONS). 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 in talking about our results. You can find a 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.

在今天的電話會議開始之前，我想先說明一些一般性管理事項。 （操作說明）。在本次電話會議中，我們將討論一些非GAAP指標，包括淨利潤、每股淨利潤和毛利率，以及合併損益表中的其他項目，以闡述我們的業績。您可以在我們網站www.NVIDIA.com的投資者關係頁面找到這些指標與GAAP指標的完整調節表。

This call is being recorded. If you have any objections, you may disconnect at this time. 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.

本次通話正在錄音。如果您有任何異議，可以立即掛斷。請注意，如果您提出問題，您的提問將同時包含在我們的即時通話中，以及錄音的任何後續使用中。

Also shareholders can listen to a live webcast of today's call and view our financial release at the NVIDIA Investor Relations website. The webcast will be available for replay until the Company's conference call to discuss its financial results for its first quarter of fiscal 2008.

此外，股東們還可以透過英偉達投資者關係網站收聽今天電話會議的即時網路直播，並查看我們的財務報告。網路直播將提供回放，直至公司召開電話會議討論2008財年第一季財務業績為止。

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 outlook, the use of non-GAAP measures, the benefit and impact of acquisitions, our products and technologies, design wins, key objectives, growth and growth drivers, marketshare, and Windows' Vista, DX10, and HD Blu-ray DVD pertain to future events and are subject to a number of significant risks and uncertainties.

在本次電話會議期間，我們可能會根據目前的預期做出前瞻性陳述。前瞻性陳述，包括關於我們展望、非GAAP財務指標的使用、收購的益處和影響、我們的產品和技術、設計訂單、關鍵目標、成長和成長驅動因素、市場份額以及Windows Vista、DX10和高清藍光DVD的陳述，均涉及未來事件，並受到許多重大風險和不確定性的影響。

The Company's actual results may differ materially from results discussed in any forward-looking statement. 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-KA for the fiscal year ended January 29, 2006, the quarterly reports on Forms 10-Q and 10-QA, and the reports on Form 8-K filed with the Securities and Exchange Commission.

本公司的實際業績可能與任何前瞻性聲明中討論的業績有重大差異。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，請參閱公司截至2006年1月29日止財政年度的10-KA表格、季度報告（10-Q和10-QA表格）以及向美國證券交易委員會提交的8-K表格報告。

All forward-looking statements are made as of the date hereof, based on information available to us today, and, except as required by law, 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 February 13, 2007.

所有前瞻性陳述均基於截至本新聞稿發布之日我們所掌握的資訊作出，除法律另有規定外，本公司不承擔更新任何此類陳述的義務。網路直播內容包含時效性訊息，此資訊僅截至2007年2月13日有效。

Consistent with the requirements under Regulation FD, we will be providing public guidance directly on 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.

根據《公平揭露條例》(Regulation FD) 的要求，我們將在電話會議上直接提供公開指引，無法在非公開場合或本季內提供更多資訊。因此，有關我們財務預期的問題請在本次電話會議上提出。

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. I will now hand the call over to Jen-Hsun.

發言結束後，我們將留時間回答各位的問題。為了讓更多人有機會提問，請每位聽眾只提出一個問題。在我們的回答結束後，我們將允許一位聽眾提出後續問題。現在，我將把電話交給Jen-Hsun。

Good afternoon, and thank you for joining us. Today we are pleased to report record revenue of $878.9 million for our fourth quarter. This is our fourth consecutive record quarter. Year-over-year fourth quarter revenue grew 39%. For the year we delivered record revenue of $3.07 billion, an increase of 29% over the previous year.

下午好，感謝各位蒞臨。今天我們很高興地宣布，第四季營收達到創紀錄的8.789億美元。這是我們連續第四個季度創下營收新高。第四季營收年增39%。全年營收達到創紀錄的30.7億美元，較上年成長29%。

Let me highlight some of our fourth quarter and fiscal year 2007 results and achievements. As a note, all share numbers quoted are from Mercury Research, unless otherwise noted. Non-GAAP annual gross margin for the year reached a Company high of 43.2%, an increase of 490 basis points year-over-year. GAAP annual gross margin was 42.4%.

讓我重點介紹一下我們2007財年第四季和全年的部分業績和成就。需要說明的是，除非另有說明，所有引用的股票數據均來自Mercury Research。本年度非GAAP毛利率達到公司歷史新高43.2%，較去年同期成長490個基點。 GAAP毛利率為42.4%。

Non-GAAP gross margin for the fourth quarter reached a Company high of 44.2%, an increase of 130 basis points sequentially from the third quarter of fiscal 2007, and 400 basis points year-over-year. GAAP gross margin was 43.9%.

第四季非GAAP毛利率達到公司歷史新高44.2%，較2007財年第三季較上季成長130個基點，較去年同期成長400個基點。 GAAP毛利率為43.9%。

Non-GAAP net income of $577.9 million, an increase of 91% year-over-year. GAAP net income was a record $448.8 million.

非GAAP淨利為5.779億美元，年增91%。 GAAP淨利創歷史新高，達到4.488億美元。

We launched multiple industry defining products during the year -- the revolutionary GeForce 8800, the industry's most powerful GPU, and the first DX10 unified shader GPU; nForce 400 family, the industry's first single chip motherboard GPU chipset; PureVideo HD, the industry's first solution for full HD Blu-ray processing; Quadro Plex, the world's first ultra high-density visual computing system; and the revolutionary CUDA architecture for GPU computing.

我們在這一年中推出了多款行業標竿產品——革命性的 GeForce 8800，業界最強大的 GPU，也是首款 DX10 統一著色器 GPU；nForce 400 系列，業界首款單晶片主機板 GPU 晶片組；PureVideo HD，業界首個全高清藍光處理解決方案；QuadroBlex 架構。

We maintained our number one position in desktop GPUs. The desktop GPU business delivered a record year, with $1.24 billion in revenue, growing 11% year-over-year. Our share in the performance segment grew to over 85%, up from 79% a year earlier.

我們在桌面GPU領域維持了領先地位。桌面GPU業務創下歷史新高，營收達12.4億美元，年增11%。我們在高性能GPU領域的市佔率成長至85%以上，高於一年前的79%。

We captured the number one notebook GPU position with our share increasing to 58%, up 20% from the previous year. Notebook GPU revenue grew 122% year-over-year.

我們以58%的市佔率佔據了筆記型電腦GPU市場的第一位置，比去年成長了20%。筆記型電腦GPU營收年增了122%。

Our overall PC graphics share increased from 18% a year ago to 29% today. The nForce MCP productline achieved record revenue for its tenth consecutive quarter. Revenue grew over 16% sequentially from the third quarter, and 89% year-over-year.

我們的PC圖形市佔率從一年前的18%成長到目前的29%。 nForce MCP產品線連續第十個季度創下營收新高。營收季增超過16%，較去年同期成長89%。

The Quadro Professional productline achieved a record revenue, an increase of 24% from the fiscal quarter 2006 -- fourth quarter fiscal 2006.

Quadro Professional 產品線實現了創紀錄的收入，比 2006 財年第一季（2006 財年第四季）成長了 24%。

The handheld GPU productline delivered $108 million in revenues, an increase of 85% from the previous year. Sony launched the PlayStation 3 with our RSX GPU. We completed the acquisition of PortalPlayer, a leading supplier of software and SoC application processors for mobile devices, like Apple's iPod.

掌上型GPU產品線營收達1.08億美元，較上年成長85%。索尼推出的PlayStation 3遊戲機搭載了我們的RSX GPU。我們完成了對PortalPlayer的收購，該公司是行動裝置（例如蘋果iPod）軟體和SoC應用處理器的領先供應商。

NVIDIA was named the most respected public company by the members of the Fabless Semiconductor Association. And finally, with AMD's acquisition of ATI, NVIDIA became the only independent GPU Company in the world.

英偉達被無晶圓半導體協會的成員評為最受尊敬的上市公司。最終，隨著AMD收購ATI，英偉達成為全球唯一獨立的GPU公司。

We are pleased with our record year. Particularly we are very pleased with our strategic position going into fiscal 2008. Let me turn the call over to Marv to discuss our financial results in more detail. I will return in a moment to address our growth opportunities.

我們對創紀錄的一年感到非常滿意。尤其令我們欣喜的是，我們對進入2008財年的戰略地位感到非常滿意。現在，我將把電話交給馬夫，讓他更詳細地討論我們的財務表現。稍後我將回來談談我們的成長機會。

Today we are reporting both GAAP and non-GAAP P&Ls for our Q4 and fiscal year '07. As Jen-Hsun said, revenue for the fourth quarter was $879 million, which is up 7.1% or $58 million from the third quarter. Revenue for the fiscal year was $3.07 billion, which is up 29% year-over-year.

今天，我們將公佈2007財年第四季和全年的GAAP和非GAAP損益表。正如Jen-Hsun所說，第四季營收為8.79億美元，較第三季成長7.1%，即5,800萬美元。全年營收為30.7億美元，年增29%。

In the fourth quarter growth was led by MCP products, which increased by 16% quarter to quarter. And as Jen-Hsun said, was a record for the tenth consecutive quarter. Total MCP revenue grew 88% for the whole fiscal year.

第四季成長主要由MCP產品帶動，季增16%。正如Jen-Hsun所說，這已是連續第十個季度創下紀錄。整個財年MCP總營收成長88%。

Professional solutions products grew by 14% sequentially, and also set a record for revenue. In the desktop GPU business, the GeForce 8800 products grew by more than $50 million, but were offset by weakness in some of the GeForce 7 products, particularly in the channel.

專業解決方案產品較上季成長14%，營收也創下新高。在桌面GPU業務方面，GeForce 8800產品銷售額成長超過5,000萬美元，但部分GeForce 7產品（尤其是在通路銷售方面）的疲軟抵銷了這一成長。

Memory grew by $10 million quarter to quarter. Our Consumer Electronics revenue increased 40% sequentially, driven by significantly higher contributions of royalty payments, which more than offset a decline in NRE. ASPs were slightly down in desktop GPUs, and relatively flat everywhere else.

內存業務環比增長1000萬美元。消費性電子業務收入較上季成長40%，主要得益於特許權使用費收入的大幅成長，足以抵銷非經常性工程費用（NRE）的下降。桌面GPU的平均售價略有下降，其他產品的平均售價則基本持平。

We closed the purchase of PortalPlayer on January 5, but the revenue contribution from Portal was not significant, approximately $1 million.

我們在 1 月 5 日完成了對 PortalPlayer 的收購，但 Portal 帶來的營收貢獻並不顯著，約 100 萬美元。

For gross margin in the quarter we reported non-GAAP gross margin of 44.2% and GAAP gross margin of 43.9%. Our 45% target is getting close.

本季毛利率方面，我們公佈的非GAAP毛利率為44.2%，GAAP毛利率為43.9%。我們45%的目標正在接近中。

GPUs, MCPs and handheld business units all improved gross margin quarter to quarter. As a Company we continue to work hard on improvement.

GPU、MCP 和手持設備業務部門的毛利率均較上季成長。公司將繼續努力提升業績。

Operating expenses for the quarter were $247 million on a GAAP basis, and $203 million on a non-GAAP. The non-GAAP eliminated stock-based compensation of $34 million before tax effect, and it eliminated $13.4 million of in-process R&D associated with the PortalPlayer acquisition. The $203 million included one month of PortalPlayer expenses, which totaled approximately $5 million. And it also included legal and accounting fees associated with the restatement of approximately $4 million. The restatement which was filed in December.

本季營運費用以美國通用會計準則 (GAAP) 計算為 2.47 億美元，以非美國通用會計準則 (non-GAAP) 計算為 2.03 億美元。非美國通用會計準則剔除了稅前 3,400 萬美元的股權激勵支出，以及與收購 PortalPlayer 相關的 1,340 萬美元在研研發費用。 2.03 億美元中包含 PortalPlayer 一個月的支出，總計約 500 萬美元，以及與重述財務報表相關的約 400 萬美元的法律和會計費用。該重述財務報表已於 12 月提交。

Including PortalPlayer, we added 456 new employees during the quarter and exited the year with 4,083 employees. For the year we added over 1,300 new employees.

包括 PortalPlayer 在內，本季我們新增了 456 名員工，年底員工總數達到 4,083 人。全年新增員工超過 1,300 人。

Depreciation in the quarter was $30 million.

本季折舊額為3000萬美元。

The tax rate for the fiscal year and for the fourth quarter included the benefit of Congress passing the R&D tax credit retroactive to the beginning of calendar year 2006. This resulted in lowering both our GAAP and non-GAAP tax rates. It lowered the GAAP tax rate by 7 percentage points to slightly over 9% for the year, and obviously a negative tax rate of 8% for the fourth quarter. For non-GAAP it lowered our fiscal year '07 rate by 6 percentage points to 10%, and resulted in a negative tax rate of 3% for the quarter.

本財年及第四季的稅率均包含國會通過的研發稅收抵免政策所帶來的收益，該政策追溯至2006年初。這導致我們的GAAP和非GAAP稅率都有所下降。 GAAP稅率下降了7個百分點，至略高於9%，第四季稅率為負8%。非GAAP稅率下降了6個百分點，至10%，第四季稅率為負3%。

All of this resulted in GAAP net income for the quarter of $164 million, or $0.41 per diluted share, and a non-GAAP net income of $206 million, or $0.53 per diluted share.

所有這些因素導致該季度 GAAP 淨收入為 1.64 億美元，即每股攤薄收益 0.41 美元；非 GAAP 淨收入為 2.06 億美元，即每股攤薄收益 0.53 美元。

On the balance sheet, we exited the year with $1.12 billion in cash and marketable securities, which was down $56 million from the prior quarter. This is after paying approximately $160 million net of cash and marketable securities for the acquisition of PortalPlayer, and repurchasing $100 million worth of stock. For the year we repurchased $276 million worth of shares at an average cost of $26.80.

資產負債表顯示，截至年底，我們持有現金及有價證券11.2億美元，較上一季減少5,600萬美元。這主要是因為我們支付了約1.6億美元的現金及有價證券淨額用於收購PortalPlayer，以及回購了價值1億美元的股票。本年度，我們共回購了價值2.76億美元的股票，平均每股成本為26.80美元。

As a Company we generated more than $500 million in operating cash flow during the year.

公司本年度的經營現金流超過 5 億美元。

Accounts receivable grew by $79 million quarter to quarter, as Q4 was back end loaded. Our receivables are current. And DSO was at 53.7 days. Inventory declined by $19 million, and resulted in days sales of inventory of 65 days. We grew inventory of the GeForce 8 family and decreased the inventory of older products. Accounts Payable decreased by $52 million quarter to quarter.

應收帳款季增7,900萬美元，第四季主要集中在下半年。目前應收帳款均已結清。平均應收帳款週轉天數（DSO）為53.7天。庫存減少1900萬美元，庫存週轉天數為65天。我們增加了GeForce 8系列顯示卡的庫存，並減少了舊款產品的庫存。應付帳款季減5200萬美元。

Now for the outlook for Q1 fiscal year '08. For revenue we expect a normal seasonal decline associated with the PC business of approximately 5%. Although we believe our market and competitive position in each of our business units continues to be very strong, there are no significant industry growth drivers to offset seasonality.

現在來看看2008財年第一季的展望。營收方面，我們預期會受到個人電腦業務季節性下滑的影響，下滑幅度約5%。儘管我們相信我們在各個業務部門的市場地位和競爭優勢依然非常強勁，但目前尚無顯著的產業成長動力能夠抵銷季節性因素的影響。

Although we are enthusiastic about Vista's impact on our business, we will be cautious in the first quarter. We expect a decline in memory from the Q4 levels. We expect a revenue contribution from PortalPlayer of less than $10 million in the quarter. For gross margin, we will continue to work hard to keep them flat to perhaps slightly improving.

儘管我們對Vista對業務的影響感到樂觀，但第一季我們將保持謹慎。我們預計記憶體使用量將低於第四季水準。我們預計PortalPlayer在本季的營收貢獻將低於1,000萬美元。至於毛利率，我們將繼續努力保持其穩定，並爭取略有提升。

On operating expenses, we have to absorb a full quarter of PortalPlayer, which will cause an increase of approximately $10 million from Q4. However, we believe that even with the additional expense, we may be able to keep operating expenses flat with Q4, as we focus on expense controls and restrict headcount additions.

在營運費用方面，我們需要承擔 PortalPlayer 一整季的費用，這將比第四季增加約 1,000 萬美元。但是，我們相信，即使加上這筆額外費用，我們仍然能夠將營運費用與第四季度持平，因為我們將專注於費用控制並限制人員增減。

We will get a small benefit in tax rate for the first quarter of fiscal year '08, as we're projecting a tax rate of 14% for both GAAP and non-GAAP.

由於我們預計 2008 財年第一季的 GAAP 和非 GAAP 稅率均為 14%，因此我們將獲得稅率方面的小幅優惠。

With that, I will turn it back to Jen-Hsun.

這樣，我就把麥克風交還給Jen-Hsun了。

As we look ahead at fiscal 2008, we are very excited about numerous growth drivers impacting each of our productlines. Let me discuss each of them in detail.

展望2008財年，我們對眾多將推動我們所有產品線成長的因素感到非常振奮。下面我將詳細介紹每一項因素。

First, our GeForce desktop and notebook GPU business. GeForce 8800 is the world's first DX10 unified shader architecture GPU. It also incorporates PureVideo HD, the highest visual quality video processor for PCs, and the only full HD video processing solution for HD and Blu-ray DVD.

首先，我們來談談GeForce桌上型電腦和筆記型電腦GPU業務。 GeForce 8800是全球首款採用DX10統一著色器架構的GPU。它還整合了PureVideo HD，這是目前PC端視覺品質最高的視訊處理器，也是唯一支援高清和藍光DVD的全高清視訊處理解決方案。

GeForce 8800 is now available from virtually every PC OEM system builder worldwide, and in most e-tail and retail outlets. Since October we shipped nearly 400,000 GeForce 8800's. Our focus for desktop GPU is to leverage our leadership position with GeForce 8 into the mainstream market.

GeForce 8800 現已在全球幾乎所有 PC OEM 系統整合商處以及大多數電商和零售店有售。自 10 月以來，我們已售出近 40 萬塊 GeForce 8800。我們桌面 GPU 的發展重點是利用 GeForce 8 的領先地位，將其推向主流市場。

We are ramping production on our GeForce 8 family of notebook GPUs, the industry's first DX10 and High-Definition video GPU for notebooks. GeForce 8 will be the only DX10 GPU shipping in the upcoming Santa Rosa notebook launch. We expect our share of notebook GPUs to take another step up after this spring transition.

我們正在加緊生產GeForce 8系列筆電GPU，這是業界首款支援DX10和高畫質影片的筆電GPU。 GeForce 8將是即將發布的Santa Rosa系列筆記型電腦中唯一一款支援DX10的GPU。我們預計，經過今年春季的過渡期，我們在筆電GPU領域的市佔率將進一步提升。

We're looking forward to an exciting year for our GPU business. Vista has shipped. This is the first operating system to present as a standard the power of the GPU to all applications. Applications from Office to Web 2.0 applications can now incorporate beautiful 3D effects because hundreds of millions of PCs will have Vista.

我們期待GPU業務迎來激動人心的一年。 Vista作業系統已經上市。這是第一個將GPU強大效能作為標準功能引入所有應用程式的作業系統。從Office辦公室軟體到Web 2.0應用，現在都可以融入精美的3D特效，因為數億台PC都將搭載Vista系統。

With Vista, DX10 and HD Blu-ray DVD [as] the highlighted technologies for PC this year, 3D graphics will become an ever central part of our computing experience, and the GPU will be more important than ever.

今年，Vista、DX10 和高清藍光 DVD 成為 PC 領域的重點技術，3D 圖形將成為我們運算體驗中越來越重要的組成部分，而 GPU 將比以往任何時候都更加重要。

Our nForce MCP business. Driven by the broadest productline of AMD-based chipsets, supporting 8P commercial servers to consumer desktops and notebooks, we have become the number one supplier of MCPs for AMD-based PCs. We ended the calendar year as the industry's second largest supplier of chipsets, having more than tripled our share from just two years ago.

我們的nForce MCP業務。憑藉最廣泛的基於AMD晶片組的產品線（支援從8路商用伺服器到消費級桌上型電腦和筆記型電腦），我們已成為AMD PC領域最大的MCP供應商。年底，我們成為業界第二大晶片組供應商，市佔率比兩年前增加了三倍多。

OEMs have embraced our unique strategy of offering single chip MCPs designed specifically to reduce space and power consumption, while offering outstanding quality and performance.

OEM廠商已經接受了我們獨特的策略，即提供專門設計的單晶片MCP，以減少空間和功耗，同時提供卓越的品質和性能。

Our motherboard GPU productline is favored by PC manufacturers around the world. These customers prominently feature our GeForce brand to differentiate their PCs from basic integrated graphics.

我們的主機板GPU產品線深受全球PC製造商的青睞。這些客戶顯著採用我們的GeForce品牌，以區別於普通的整合式顯示卡。

Our Graphics by NVIDIA logo is proudly on display on new Windows' Vista PCs on retail shelves all around the world.

我們的 NVIDIA 圖形標誌醒目地展示在世界各地零售貨架上的新款 Windows Vista 電腦上。

In Q4 we announced our new nForce 680i SLI for Intel CPUs. Our new productline was received enthusiastically by customers and reviewers around the world, and quickly became the top-selling, high-end motherboard in multiple e-tail and retail chains.

第四季度，我們發布了適用於英特爾CPU的全新nForce 680i SLI主機板。這款新產品受到了全球客戶和評測人員的熱烈歡迎，並迅速成為多家電商和零售連鎖店最暢銷的高端主機板。

The NVIDIA nForce brand is unambiguously recognized as the best chipset for performance PCs, and dominates the top 10 rankings in the majority of industry motherboard reviews worldwide.

NVIDIA nForce 品牌被公認為高效能 PC 的最佳晶片組，並在全球大多數產業主機板評測中佔據前 10 名的領先地位。

For fiscal 2008 our key growth objectives are to deliver exciting new motherboard GPU products for the Intel CPU segment, and maintain our leadership position on the AMD platforms. We believe that Intel-based customers will demand the NVIDIA GeForce branded motherboard GPUs. And we expect an enthusiastic response to our launch later this year.

2008財年，我們主要的成長目標是為英特爾CPU市場推出令人振奮的全新主機板GPU產品，並維持我們在AMD平台上的領先地位。我們相信，基於英特爾平台的客戶將會對NVIDIA GeForce品牌的主機板GPU有需求。我們預計今年稍後的產品發表會獲得市場的熱烈反響。

Now our Quadro Professional Solutions Group business. NVIDIA's Quadro Professional business had an outstanding year. Annual revenue grew 21% versus fiscal 2006. NVIDIA Quadro is recognized as the standard for professional graphics solutions needed to solve the world's most complex visual computing challenges in the manufacturing, entertainment, medical, science and aerospace industries.

現在來談談我們的Quadro專業解決方案業務。 NVIDIA的Quadro專業業務在過去一年表現出色，年收入較2006財年成長了21%。 NVIDIA Quadro被公認為專業圖形解決方案的行業標準，能夠幫助製造業、娛樂業、醫療業、科學和航空航太業解決全球最複雜的視覺運算挑戰。

This year we introduced Quadro Plex, an entirely new category of visual computing solutions. Quadro Plex brings a level of graphics scalability and processing density that was simply not possible before. In Q4 we began seeding the industry with our GeForce 8 GPU, enabled with CUDA, a revolutionary technology and compiler that for the first time allows programmers to write C language applications for GPUs. GeForce 8 and CUDA will enable a new class of high performance computing we call GPU computing.

今年我們推出了 Quadro Plex，全新的視覺運算解決方案。 Quadro Plex 帶來了前所未有的圖形可擴展性和處理密度。第四季度，我們開始向業界推廣搭載 CUDA 的 GeForce 8 GPU。 CUDA 是一項革命性的技術和編譯器，它首次允許程式設計師使用 C 語言為 GPU 編寫應用程式。 GeForce 8 和 CUDA 將催生一種我們稱為 GPU 運算的新型高效能運算方式。

With a CUDA-enabled GPU, the PC will enable engineers and scientists to harness the awesome power of programmable GPUs to solve mathematically intensive problems that were previously cost prohibitive. Based on the early response we are getting from programmers, scientists and engineers it is apparent that we're delivering an enabling technology that will profoundly change a number of computing intensive industries.

憑藉支援 CUDA 的 GPU，這款 PC 將使工程師和科學家能夠利用可編程 GPU 的強大算力來解決以前成本高昂、難以解決的數學密集型問題。從我們目前收到的程式設計師、科學家和工程師的回饋來看，我們顯然正在提供一項能夠深刻改變眾多運算密集產業的賦能技術。

We believe GPU computing will usher in an era of the personal supercomputer, and will dramatically accelerate the adoption of new methods from computational chemistry to computational finance to computational genomics. This is an exciting new application of the programmable GPU. We look forward to telling you more about GPU computing throughout the coming year.

我們相信，GPU 運算將開啟個人超級電腦時代，並大幅加速從計算化學、計算金融到計算基因組學等領域新方法的應用。這是可程式 GPU 的一個令人興奮的新應用。我們期待在未來一年與您分享更多關於 GPU 運算的資訊。

Our GoForce mobile application processor and GPU business. In the fiscal year 2007 our mobile business grew revenue to $108 million, an increase of over 85%. The mobile group enjoyed tremendous success in Europe this summer with the successful rollout of the world's largest DVB-H trial. The Samsung P910 device delivered World Cup content to well over 0.5 million consumers.

我們的GoForce行動應用處理器和GPU業務。 2007財年，我們的行動業務營收成長至1.08億美元，增幅超過85%。今年夏天，行動業務團隊在歐洲取得了巨大成功，成功推出了全球最大規模的DVB-H試用計畫。三星P910設備為超過50萬用戶提供了世界盃內容。

Our mobile TV success continues in the APAC region with two exciting new handsets coming from Japan this month. The Kyocera W51K and W52K both support the ISDB-T Japanese mobile TV standard.

我們在亞太地區的行動電視業務持續取得成功，本月將推出兩款來自日本的全新手機。京瓷 W51K 和 W52K 皆支援 ISDB-T 日本行動電視標準。

We completed the PortalPlayer acquisition on January 5, and it marks our entry into the SoC application processor business. Up to now our mobile strategy has been to focus on establishing ourselves in the mobile market as the leader of multimedia technologies, leveraging our deep expertise in graphics, video and image processing. With PortalPlayer's expertise in building extremely low-power application processors for personal media players, we're now positioned to deliver amazing SoCs that combine our world-class application processors and GPUs.

我們於1月5日完成了PortalPlayer的收購，這標誌著我們正式進軍SoC應用處理器業務。先前，我們的行動策略一直專注於鞏固我們在行動市場的多媒體技術領導地位，充分利用我們在圖形、視訊和影像處理領域的深厚專業知識。憑藉PortalPlayer在建構用於個人媒體播放器的超低功耗應用處理器方面的專長，我們現在有能力提供融合世界一流應用處理器和GPU的卓越SoC產品。

Our objective in the mobile business group is to build a new class of application processors that will power next generation devices like Apple's iPhone, the Blackberry Pro, and other exciting smartphones and PnPs over the horizon, and help drive what I believe will be the next computer revolution where the mobile device is no longer just a phone, but becomes our most personal computer.

我們在行動業務部門的目標是打造新一代應用處理器，為下一代設備（如蘋果 iPhone、黑莓 Pro 以及其他令人興奮的智慧型手機和即插即用設備）提供動力，並推動我認為即將到來的下一場電腦革命，屆時行動裝置將不再只是一部手機，而是成為我們最個人的電腦。

We would be happy to take your questions now.

我們現在很樂意回答您的問題。

(OPERATOR INSTRUCTIONS). Mark Edelstone, Morgan Stanley.

（操作說明）馬克‧艾德爾斯通，摩根士丹利。

(technical difficulty) here over the next 6 months or so. And then I had a follow-up on the application processor.

在接下來的六個月左右時間裡，這裡會遇到一些技術難題。之後，我又跟進了應用程式處理方面的問題。

Your question got cut out in the first part. Can you repeat it please?

你的問題在第一部分被截斷了，請你再說一次好嗎？

Sorry. I just wanted to see if Jen-Hsun could talk a little about the rollout of the rest of the GeForce 8000 family here over say the next several quarters?

抱歉。我只是想問仁勳能否談談未來幾季GeForce 8000系列其他產品的上市計畫？

You know, the core of our business starts from first building the basic architecture itself. And it usually starts at the enthusiasts segment. The GeForce 8800 has beat the competition to market by well over six months and counting. And so it is the core by which we build our notebook GPU family, the rest of our desktop GPU family, our professional graphics solutions, our GPU computing products, as well as our motherboard GPU products, what we call -- what other people call integrated graphics. So it is the core to a lot of other businesses that we're in today.

你知道，我們業務的核心始於建立基礎架構本身。而這通常是從發燒友市場開始的。 GeForce 8800 比競爭對手提前六個多月上市，而且持續領先。因此，它是我們建立筆記型電腦 GPU 系列、桌上型 GPU 系列、專業圖形解決方案、GPU 運算產品以及主機板 GPU 產品（我們稱之為——其他人稱之為整合顯示卡）的核心。所以，它也是我們如今涉足的許多其他業務的核心。

GeForce 8800 has ramped up very nicely, as you know. And at the moment every single one of the businesses I just mentioned are in the process of taking that GeForce 8 core and driving it deep into their business. And so we're not ready to announce any products today, but I can assure you that every single one of those businesses have GeForce 8 throughout their product and are either ramping already or on the verge of ramping production.

如你所知，GeForce 8800 的產能提升非常順利。目前，我剛才提到的所有企業都在積極地將 GeForce 8 核心技術融入各自的業務中。因此，我們今天還不便發布任何產品，但我可以向您保證，所有這些企業都已在其產品線中全面應用了 GeForce 8 技術，並且要么已經開始量產，要么即將開始量產。

Can you just give us a sense as to when you would expect to see the crossover so that the GeForce 8 family overall becomes your highest unit volume product?

您能否大致說明一下，您預計何時會看到 GeForce 8 系列顯示卡成為您銷售量最高的產品？

Unit volume?

單位體積？

Unit volume or revenue?

銷售還是收入？

Which ever one you would like to address would be fine.

你想討論哪個問題都可以。

I think in terms of units, it is going to take well into the later part of the year, if not early next year. And the reason for that is because the GeForce 7 is such an incredibly efficient architecture, and it is the lowest cost Vista Premium solution that we know. So my sense is that we're going to continue to see quite a bit of success in GeForce 7 for people who would like to put together the lowest cost Vista Premium machine.

我認為就銷售量而言，GeForce 7 的銷售動能可能會持續到今年下半年，甚至明年年初。原因在於 GeForce 7 的架構效率極高，而且是我們目前所知的 Vista Premium 系統下成本最低的解決方案。因此，我認為 GeForce 7 將會繼續受到使用者的青睞，成為他們組裝低成本 Vista Premium 電腦的理想選擇。

And so the volumes of the GeForce 7 family is going to continue well through this year, and probably well through next year. And that -- so the unit volume should be pretty high there.

因此，GeForce 7 系列顯示卡的銷售將在今年持續走高，甚至可能延續到明年。也就是說，其銷量應該會相當可觀。

In terms of the revenue crossover, I will let Marv and I both guess at it, but my guess is that it is probably going to be Q4, Q3 -- late Q3, Q4 time frame.

至於營收交叉點，我和 Marv 都會猜測，但我猜測可能是在第四季、第三季——第三季末到第四季的時間段內。

Great. Just lastly, I saw your 6100 in Barcelona here this week. And just wanted to see if you could provide some additional thoughts on how long it takes you to really get the application processor strategy going to where you would like it, and what you see as the potential here for that business over the next several years?

太好了。最後，我這週在巴塞隆納看到了你們的6100。我想問您，從開始實施應用程式處理器策略到達到預期目標，需要多長時間？以及您認為未來幾年這項業務的發展潛力如何？

We introduced our first application processor today, or this week. And this application processor, I hope you agree, is absolutely amazing. And it was really the core reason why we acquired PortalPlayer. They have a really, really talented team that arguably built the world's first computer on a chip. And then was the reason why the Apple engineers used it to build the iPod, which is really a computer with an operating system and a file system and connectivity, and was dedicated to media processing.

我們今天，或者說本週，推出了首款應用處理器。我相信您也會認同，這款應用處理器絕對令人驚艷。而這正是我們收購 PortalPlayer 的核心原因。他們擁有一支才華洋溢的團隊，可以說是打造了世界上第一台晶片計算機。也因為如此，蘋果工程師才得以利用它打造 iPod——iPod 其實就是一台擁有作業系統、檔案系統和連接功能的計算機，並且專用於媒體處理。

And their obsession about low-power design has really enabled them to build some amazing products. They have this application processor in the back room, and what you're seeing now, the 6100, is the first of its kind.

他們對低功耗設計的執著追求，確實讓他們創造了一些令人驚嘆的產品。他們後台一直在研發這款應用處理器，而你現在看到的這款 6100，就是同類產品中的首款。

Our companies are now -- our two engineering groups are now completely combined, and the roadmap has been integrated. We brought the company on board on January 5. And in a very short period of time we realigned our strategies. So now we're going to go build application processors that combine their expertise of building SoC's and our expertise of building GPUs.

我們兩家公司－我們兩個工程團隊現在已經完全合併，產品路線圖也已經整合。我們於1月5日正式收購了這家公司。在很短的時間內，我們就重新調整了戰略。現在，我們將致力於打造應用處理器，結合他們在SoC製造方面的專長和我們在GPU製造方面的專長。

My hope is that this year we will introduce an amazing product towards the end of the year. And next year we -- I hope that we get a lot of business traction as a result of that. This is by far the single largest new TAM that our Company has grown into. It is hard to say exactly how big this TAM is going to be, but you can -- you know, application processors is probably close to $4 billion to $6 billion in size already.

我希望今年底前我們能推出一款令人驚豔的產品。明年，我希望這款產品能為我們帶來顯著的業務成長。這是我們公司迄今為止拓展到的最大新市場。雖然很難準確預測這個市場規模究竟有多大，但應用處理器市場目前可能已經接近40億到60億美元。

And this particular marketplace is quickly transitioning to multimedia and graphics processing because of all the smartphones and portable media players and the combining of these two type of devices that we are seeing out there. My sense is that we're going to be right in the epicenter of a lot of exciting new devices pretty soon. This is a very, very exciting development for our Company.

由於智慧型手機和便攜式媒體播放器的普及，以及這兩種設備功能的融合，這個市場正在迅速向多媒體和圖形處理領域轉型。我的感覺是，我們很快就會成為許多令人興奮的新設備的中心。這對我們公司來說是一個非常令人振奮的發展。

Gurinder Kalra, Bear Stearns.

Gurinder Kalra，貝爾斯登。

A couple of questions. Firstly, can you update us on your roadmap as far as Intel-based chipsets is concerned? And where do you see volume ramp of that as we look through the year?

我有幾個問題。首先，能否介紹一下貴公司基於英特爾晶片組的路線圖？展望今年，您預期該晶片組的銷售成長如何？

We haven't really announced any of our products yet. I think the market has been very vocal about inviting us, if you will, to come and participate in this marketplace. And the reason for that is because, even in the Intel market there needs to be a branded motherboard GPU alternative for the consumer segments and the multimedia rich type segments where graphics is real important.

我們目前還沒有正式發布任何產品。我認為市場已經強烈呼籲我們進入這個市場。原因在於，即使在英特爾市場，也需要有品牌的獨立顯示卡來滿足消費級市場和對圖形性能要求極高的多媒體應用領域的需求。

And now with Vista Premium coming out, and all the applications that are coming out in 3D, it is really important to make sure that your GPU software and architecture is as terrific as possible.

現在隨著 Vista Premium 的推出，以及各種 3D 應用程式的湧現，確保您的 GPU 軟體和架構盡可能出色就顯得尤為重要。

We know that the market has a significant demand for our product. And we're just racing as fast as we can to get there. I don't have anything to announce to you today, but we have a lot of focus inside the Company to develop products for that segment.

我們知道市場對我們的產品有著巨大的需求。我們正在全力以赴，爭取盡快滿足市場需求。今天我沒有什麼可以宣布的，但公司內部正專注於開發面向該細分市場的產品。

My second question is with AMD talking about the Fusion, and with the big talk that Intel is looking to do something on the discrete GPU lines, how do you suppose you're going to contract that effort? Is there any thought that you might be looking to do something on the microprocessor front?

我的第二個問題是關於AMD正在談論Fusion，以及英特爾正在大力宣傳其獨立顯示卡產品線，您認為您將如何應對？您是否考慮過在微處理器領域有所作為？

We have all kinds of plans for developing products in the future. I don't really see the benefit of telling the market or the competition particularly what we're building several years out. And I don't know why they are, to tell you the truth, unless they are panicked about something, or feel somewhat apologetic about something else. I think we ought to keep all of our product roadmaps to ourselves.

我們未來有很多產品開發計劃。我實在看不出提前幾年告訴市場或競爭對手我們具體在研發什麼有什麼好處。說實話，我也不知道他們為什麼要這麼做，除非他們有什麼事感到恐慌，或是有什麼事讓他們感到愧疚。我認為我們應該把所有產品路線圖都保密。

Ultimately the thing that I do know is this. We are really good at building the technologies that you guys know we're great at building. And we're focused as a Company to differentiate by building products that consumers want to buy. And my sense is that if the market wants to buy those products, we're going to know well in advance and we will build the right products for the marketplace. I don't see any particular reason why -- well, I guess we just -- no comment on the roadmap.

最終，我確信的是，我們非常擅長開發你們都知道我們引以為傲的技術。作為一家公司，我們專注於打造消費者真正想買的產品，從而實現差異化。我的感覺是，如果市場需要這些產品，我們會事先知曉，並會為市場打造合適的產品。至於產品路線圖，我看不出有什麼特別的原因——好吧，我想我們只是——對此不予置評。

Satya Chillara, Pacific Growth Equities.

Satya Chillara，太平洋成長股權公司。

Can you talk about the cell phone traction in fiscal '08? It seems in the last analyst day you were pretty bullish on the cell phone traction, with 2G as well as the 3G and so on. So where are you -- where do you see the revenues growing from about a $100 million level to what kind of revenue growth can you expect here?

能談談2008財年手機業務的成長情況嗎？在上次分析師日上，您似乎對手機業務的成長非常樂觀，包括2G、3G等等。那麼，您認為手機業務的營收會從目前的1億美元左右成長到什麼程度？您預計會達到怎樣的成長水準？

Yes. I still remain incredibly bullish about our mobile efforts. In terms of 2.5G, we absolutely achieved our objective of capturing the design wins we wanted to capture.

是的，我依然對我們的行動業務充滿信心。就2.5G而言，我們完全實現了既定目標，贏得了我們想要的所有設計訂單。

Unfortunately a lot of our focus was on Motorola. And as you saw in some of the reports already, some of the phones that we were designed into weren't as successful as we would like. Net net we ended up at $108 million for the year, and grew 85% year-over-year. I am pretty sure based on all the design wins that we have now that this coming year is going to be more than $108 million. The question is how much more.

遺憾的是，我們大部分的精力都放在了摩托羅拉身上。正如您在之前的一些報告中看到的，我們參與設計的部分手機並沒有達到預期的成功。最終，我們全年的營收為1.08億美元，年增85%。我非常確信，基於我們目前獲得的所有設計訂單，明年的收入將超過1.08億美元。問題是，究竟能超過多少。

And secondarily our focus now is we're going to continue to invest in GPUs. But our primary focus is going to be in taking the GPU and the application processor components and putting them into an SoC. And our customers are all asking us for that. And based on the type of vision that the phone industry has conveyed to all of us, and some of the exciting new phones that are being talked about, the type of technology is very clear. Graphics processing is going to be important.

其次，我們目前的重點是持續投資GPU。但我們的主要目標是將GPU和應用處理器元件整合到SoC中。我們的客戶也都在向我們提出這樣的要求。基於手機產業向我們傳達的願景，以及一些令人興奮的新手機的討論，科技的發展方向非常明確：圖形處理將至關重要。

3D graphics processing, so that you could do the type of user interface like Vista, except doing it on the phone is very exciting. And video processing and encoding. So there's all kinds of new capabilities that the phone manufacturers want to bring to the marketplace next year.

3D圖形處理，這樣你就可以在手機上實現類似Vista的使用者介面，這非常令人興奮。還有視訊處理和編碼。所以，手機製造商明年想把各種新的功能推向市場。

And so I think we're strategically extremely well positioned. We just need to go execute and make those design wins -- turn those design wins into business.

所以我認為我們在戰略上處於非常有利的位置。我們只需要執行到位，拿下那些設計上的成功──把這些設計上的成功轉化為實際的業務。

As a follow-up, in terms of Intel low end strategy, is that a single chip strategy, or only with single chip would you enter the market? Or what is your thinking and strategy in terms of the Intel low end strategy, chipset strategy?

作為後續問題，關於英特爾的低端戰略，是指單晶片戰略，還是只打算以單晶片進入市場？或者說，您在英特爾低端策略，特別是晶片組策略方面，有什麼想法和策略？

We started this trend of building a single chip motherboard GPU. And it is the core logic, all the connectivity, all the graphics, all the platform technologies, all integrated into one chip.

我們開創了將GPU整合到主機板上的單晶片技術的先河。它將核心邏輯、所有連接功能、所有圖形處理能力、所有平台技術全部整合到一顆晶片中。

The marketplace really, really likes it. And reason for that is because computers want to be smaller than ever, and want to drive the power down. And the fewer chips you have in the system, the lower the cost, the lower the space requirement, the lower the power. And from our perspective fewer chips allows us to improve our margins.

市場對此非常青睞。原因在於，電腦需要比以往任何時候都更加小型化，並盡可能降低功耗。系統中的晶片越少，成本就越低，佔用空間就越小，功耗就越低。從我們的角度來看，更少的晶片意味著我們可以提高利潤率。

So technically it is extremely complicated in the sense that you have to get mixed signal technology and I/O technology, and all your connectivity technology on the same process, which tends to be very early on for GPUs, you know, all into the same process. So technologically it is a great challenge. But I think we happen to be one of those companies that really know how to pull it all together. And so we're going to continue to take advantage of that leadership position.

從技術角度來說，這極其複雜，因為你必須把混合訊號技術、I/O技術以及所有連接技術都整合到同一個製程流程中，而這對GPU來說往往是早期階段才能實現的。所以，從技術角度來看，這是一個巨大的挑戰。但我認為我們恰好是少數幾家真正懂得如何將所有技術整合在一起的公司之一。因此，我們將繼續發揮我們的領先優勢。

Jason Pflaum, Thomas Weisel Partners.

賈森‧普夫勞姆，湯瑪斯‧韋塞爾合夥人。

Operator, go ahead and go to the next question.

操作員，請繼續，進入下一題。

Krishna Shankar, JMP Securities.

克里希納·香卡 (Krishna Shankar)，JMP 證券。

I was wondering if you can, Jen-Hsun, talk about the attach rate of discrete graphics for Vista, and what you're seeing in terms of initial Vista demand, and the demand for the more premium version of the operating system versus basic, which will really drive requirements for your 8800 GPU?

Jen-Hsun，我想請您談談 Vista 獨立顯示卡的安裝率，以及您觀察到的 Vista 初期需求情況，還有用戶對高級版作業系統和基礎版作業系統的需求情況，這將真正推動對 8800 GPU 的需求？

I can tell you what logic would compel, and what we believe. And in terms of real experience, it is really hard to tell you because Vista has really just started shipping. But what logic would compel is that Vista is the first operating system that is fully based on the programmability and the shading capability and the graphics rendering processing capability of a GPU. And it exposes this capability to not just the user interface, but it exposes this capability to all applications.

我可以告訴你邏輯如何解釋，以及我們所秉持的信念。至於實際體驗，由於Vista才剛開始發售，所以很難給出確切的結論。但邏輯上可以肯定的是，Vista是第一個完全基於GPU的可程式性、著色能力和圖形渲染處理能力的作業系統。而且，它不僅將這種能力開放給用戶介面，還開放給所有應用程式。

And so the compelling logic is that if the GPU is much more, much more [taxed], and all of the applications use more 3D graphics capability, you would think that the GPU will be more relevant. I think that there's no question as you use Vista, the experience is just far better with the GPU than when it is not. It is snappier. And that is just the user interface. All of the operating system -- all of the applications that use 3D graphics haven't really been exposed to this yet.

因此，顯而易見的邏輯是，如果GPU的負載大幅增加，所有應用程式都使用更多的3D圖形功能，那麼GPU的作用就會更加顯著。我認為，在使用Vista系統時，啟用GPU的體驗遠勝於禁用GPU的情況，這點毋庸置疑。系統運作速度更快。而這僅僅是使用者介面。整個作業系統——所有使用3D圖形的應用程式——都還沒有真正體驗到這一點。

We know that there are many applications that are being developed where 3D graphics is going to make the application richer, many Web 2.0 applications. And we see many from Microsoft already that really exploits the capability of 3D. Even iTunes, renders the album covers in 3D now. And so there are all kind of applications that are coming that takes advantage of 3D graphics. So logic would certainly compel us to believe that GPUs will be more prevalently used.

我們知道，許多正在開發中的應用程序，尤其是Web 2.0應用程序，都將利用3D圖形技術來豐富其功能。我們已經看到微軟的許多產品充分利用了3D技術。甚至iTunes現在也開始渲染3D專輯封面了。因此，各種各樣的應用程式都將受益於3D圖形技術。由此可見，GPU的使用將會更加普及。

We believe that to be the case. And so we are cautious in the first quarter as we go into it. But our belief is that GPUs will become more important than ever before.

我們認為情況確實如此。因此，我們在第一季會保持謹慎。但我們堅信，GPU的重要性將比以往任何時候都更加突出。

But do you see the trend for notebooks also where, obviously Intel would be Centrino platform, they have I guess 70% of that market, so do you see that trend reversing to where you see (indiscernible) for your discrete notebook solution and also your MCPs for the notebook market?

但是您是否也看到了筆記型電腦的趨勢？顯然，英特爾的迅馳平台佔據了大約 70% 的市場份額，那麼您認為這種趨勢是否會逆轉，導致您的獨立顯示卡筆記型電腦解決方案以及您的筆記型電腦多處理器 (MCP) 佔據更大的市場份額？

The way we see it is that the notebook is really, really a form factor issue. And so we're going to go to the marketplace, if the form factor allows for a discrete GPU, we would offer the market a discrete GPU. But if the market would like a motherboard GPU, what is commonly called an integrated graphics chip, if the motherboard GPU is the way they would like to power Vista, we are delighted by that as well.

我們認為筆記型電腦的關鍵在於外形尺寸。因此，如果外形尺寸允許，我們會向市場提供獨立顯示卡。但如果市場更喜歡主機板整合顯示卡（通常稱為整合式顯示卡），如果他們希望使用主機板整合顯示卡來運行Vista系統，我們也同樣樂見其成。

And, in fact, if you see our core logic business, the MCP business, it has grown dramatically year-over-year. And a lot of that growth is because of motherboard graphics. I think that there's some evidence that motherboard GPUs -- it is just another way of accessing the capabilities of GPUs, and we are going to see some continuous growth there.

事實上，如果你看看我們的核心邏輯業務，也就是MCP業務，你會發現它實現了逐年顯著成長。而這其中很大一部分成長都歸功於主機板顯示卡。我認為有證據表明，主機板GPU——它只是另一種利用GPU效能的方式——將會持續成長。

Devan Moodley, Scotia Capital.

Devan Moodley，豐業資本。

Just a follow-up question, I guess on Vista. If I look at the Mercury Research forecast currently for desktop discrete, they're looking for a single digit decline in '07. But surprisingly they're looking for almost 20 to 30% ASP growth in the desktop segment. Can you give me your perspective on what you're looking for, or what would be the impact of Vista on the GF8 family this year?

我還有一個關於Vista的後續問題。如果我查看Mercury Research目前對桌面獨立顯示卡的預測，他們預計2007年桌面顯示卡市場將出現個位數的下滑。但令人驚訝的是，他們預期桌面顯示卡市場的平均售價（ASP）將成長近20%到30%。您能否談談您的預測，或者Vista今年會對GF8系列顯示卡產生什麼影響？

I'm not sure I picked up on your question.

我不太明白你的問題。

Just ASPs, I guess Mercury is looking for ASPs to be up significantly this year in desktop discrete. And what is your perspective of where your ASPs in that area will go?

就平均售價而言，我猜Mercury預計今年桌面獨立顯示卡的平均售價將大幅成長。您認為貴公司在該領域的平均售價會如何改變？

Our ASP has been kind of growing pretty steadily over the years. And I think it is logical to me because more and more of our computing experience is around the visual experience. And all of the most exciting applications, or many of the most exciting applications, that we know, are really, really graphics rich. The resolution to the display is being driven by Moore's Law.

這些年來，我們的平均售價 (ASP) 一直穩定成長。我認為這很合乎邏輯，因為我們越來越多的運算體驗都圍繞著視覺體驗。我們所知道的許多最令人興奮的應用程序，或者說很多最令人興奮的應用程序，都非常注重圖形效果。顯示器的解析度正受到摩爾定律的驅動。

And the color depth, on the other dimension, each pixel is moving faster than Moore's Law in the sense that the number of pixels -- the number of objects we render on each pixel and the color fidelity of each pixel is really going up quite dramatically.

而從另一個維度來看，色彩深度方面，每個像素的發展速度都超過了摩爾定律，因為像素數量——我們在每個像素上渲染的物件數量以及每個像素的色彩保真度都在急劇上升。

So it stands to reason that more and more work needs to be done on the GPU. And if that is the case, and more of your computing experience is depending on a GPU, if that is the case then ASPs ought to continue to grow. So if somebody told me that ASP is going to grow steadily over the next so years, I guess I'm not going to be surprised by that, because historical evidence would suggest that is the case.

因此，越來越多的運算工作需要在GPU上完成也就不足為奇了。如果真是如此，而你的運算體驗越來越依賴GPU，那麼平均售價（ASP）應該會繼續成長。所以，如果有人告訴我未來幾年平均售價會穩定成長，我想我不會感到驚訝，因為歷史數據顯示情況確實如此。

Just a quick housekeeping question. What was CapEx for the quarter and the year?

問個簡單的例行問題。本季和年度的資本支出分別是多少？

Our CapEx in the quarter was roughly $70 million, $71 million. However, there's a couple of factors in there that you should be aware of. There was roughly $37 million of what I would call the normal CapEx, which is equipment and software that we bought. There's about $14 million worth of IP intangibles from investments that we made. And there's about $20 million of a reclass from long-term assets into that account. So I would say that the normal CapEx was $37 million.

本季我們的資本支出約為7000萬美元至7100萬美元。但是，其中有幾個因素需要注意。大約3700萬美元是我所說的正常資本支出，包括我們購買的設備和軟體。還有價值約1400萬美元的智慧財產權無形資產，來自我們的投資。此外，還有約2,000萬美元的長期資產重新分類到該帳戶。因此，我認為正常的資本支出約為3700萬美元。

And do you expect that to change significantly going into next year?

你認為這種情況明年會顯著改變嗎？

No.

不。

Arnab Chanda, Lehman Brothers.

阿納布錢達，雷曼兄弟公司。

Just a couple of questions. First of all, if you look at your MCP business, would that grow until your new Intel chipset is launched, or was it going to be sort of seasonal in the first part of the year? And then a follow-up please.

我有幾個問題。首先，就您的MCP業務而言，它會一直成長到您的新英特爾晶片組發佈為止，還是說在年初會受到季節性因素的影響？然後請再補充一點。

We are expecting seasonal dynamics in the first quarter. There are some -- we do have Intel core logic that we announced, as I mentioned earlier, the 680i. And the 680i has other segments that we are introducing. So we're going to grow in the Intel core logic business through Q1. I don't know whether it is going to make up for the seasonal decline, but we're not counting on it at the moment. Then later as the year progresses, and as we launch our Intel CPU-based motherboard GPUs, we are expecting quite a bit of growth from that.

我們預計第一季會受到季節性因素的影響。正如我之前提到的，我們發布了英特爾酷睿680i晶片。 680i晶片也衍生出其他一些產品系列。因此，我們預計第一季英特爾酷睿晶片業務將實現成長。我不知道這能否彌補季節性下滑，但我們目前並沒有寄予厚望。隨著時間的推移，以及我們推出基於英特爾CPU的GPU主機板，我們預計這部分業務將迎來顯著成長。

Last question on your -- the computing GPU product that maybe I didn't quite understand it properly. But is it something that will be sort of additive to your workstation business, or is it a new category? What type of additional market opportunity does that get for you guys?

關於你們的GPU運算產品，我可能沒完全理解，最後一個問題。它是你們工作站業務的補充，還是一個全新的產品類別？它能為你們帶來哪些額外的市場機會？

The GPU computing initiative is absolutely additive. And I would argue that the industry has had a vacuum, or a super computing crisis for sometime. Scientists and researchers have been clamoring for more computing horsepower for quite a bit of time. And yet the technology hasn't existed that enables them to do some of the methods -- computational methods that they want to try. So GPU computing is really going to help address that.

GPU 運算計畫絕對是重要的補充。我認為，業界長期以來一直存在著運算能力的真空，或者說超級運算危機。科學家和研究人員長期以來一直呼籲提升運算能力。然而，現有的技術卻無法讓他們實現某些他們想要嘗試的計算方法。因此，GPU 運算將真正有助於解決這個問題。

I frankly think that the combination between a CPU and a GPU, with GPU computing capabilities, will really create a new class of workstations. One not for necessarily design, but one for computation. It is almost like a personal super computer that the researchers and the scientists will get to leverage.

坦白說，我認為CPU和GPU的結合，再加上GPU的運算能力，將真正催生一種新型工作站。這種工作站未必是用於設計，而是用於計算。它幾乎就像一台個人超級計算機，供研究人員和科學家使用。

This is absolutely a new class of computing, and it is a new initiative for us. And our early response from the people we have spoken to, and many of them in the financial industry, are just incredibly enthusiastic. We're very excited about it.

這絕對是一種全新的計算方式，對我們來說也是一項全新的嘗試。我們與一些人進行了交流，其中許多人來自金融業，他們最初的回饋都非常熱情。我們對此感到非常興奮。

Naser Iqbal, Salman Partners.

納賽爾·伊克巴爾，薩爾曼合夥公司。

Marv, just really a clarification on the impact of Portal. And if I heard you correctly that in terms of the R&D and expenses you had a $5 million hit, a $4 million hit, but a net income contribution of about $1 million. Was there any revenues also for the quarter?

Marv，我只是想確認Portal專案的影響。如果我理解沒錯的話，研發和支出方面你們分別損失了500萬美元和400萬美元，但淨收入貢獻約為100萬美元。這個季度你們有收入嗎？

The revenue in Q4 was roughly $1 million. So there was roughly $5 million worth of expenses and $1 million worth of revenue. When you look into Q1, we're looking at something slightly less than $10 million in revenue and approximately $15 million in expenses.

第四季營收約100萬美元。因此，當季支出約500萬美元，營收約100萬美元。第一季度，營收略低於1,000萬美元，支出約1,500萬美元。

Which is my follow-up in terms of what you talked about the outlook for the quarter that you expected that $10 million to come from Portal. But did I hear you correctly that you think your overall OpEx could be flat quarter on quarter?

關於您之前提到的本季前景，您預計Portal將帶來1000萬美元的收入，我想跟進一下。但我理解的沒錯吧，您認為整體營運支出可能與上一季持平？

Yes. We think that we can -- obviously we had the onetime cost in Q4 for the restatement. And there are some other onetime costs in Q4. I think that we're very cost-conscious right now. And the Company does a very good job of responding to those circumstances. So I think we have a very good chance of holding OpEx flat, even though we're going to have to absorb the $10 million increase in the PortalPlayer.

是的。我們認為可以做到——當然，第四季重述財務報表產生了一次性成本。第四季還有其他一些一次性成本。我認為我們目前非常注重成本控制。公司在應對這些情況方面也做得非常好。所以我認為，即使我們需要承擔 PortalPlayer 增加的 1000 萬美元成本，我們也有很大機會將營運支出保持在水平。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科斯基，高盛。

Also a clarification on the guidance. Was the 5% seasonal decline, was that a comment just on the PC-facing segments of your business, or was that for your overall revenue expectations?

另外，關於業績指引，我想澄清一下。 5%的下滑是季節性因素造成的嗎？是指貴公司面向個人電腦的業務板塊，還是指整體營收預期？

I think it was more overall. But I would classify that we expect memory to decline. And that would be probably, in my view, the single largest component of that 5%. But if you had to pick a point estimate, we are saying overall revenue decline 5%.

我認為影響更為全面。但我認為我們預期記憶體使用量會下降。在我看來，這可能是造成這5%降幅的最大單一因素。但如果要給出一個具體的估計值，我們預期整體收入將下降5%。

Terrific. And then secondly, Marv or Jen-Hsun, can you comment on how you see your channel inventories right now, both for graphics cards and also motherboards?

太好了。其次，Marv 或 Jen-Hsun，你們能否談談目前你們頻道的顯示卡和主機板庫存狀況？

Channel sell through is picking up. The Q3 and Q4 were a bit choppier than -- and I think all of you saw that -- a bit choppier than we all expected. I think some of that had to do with AM2 gap out in the channel. But we are seeing AM2s are back, and there's plenty of Conroes as well. And both of those CPUs are really wonderful CPUs. And when they're available in the channel, it really helps our GPU business. We are seeing business sell through certainly very quite brisk right now.

通路銷售正在回升。第三季和第四季的銷售波動比預期要大一些——我想大家都看到了——這部分原因在於AM2處理器在通路的供應缺口。但我們看到AM2處理器已經回歸，Conroe處理器的供應也很充足。這兩款CPU都非常出色。當它們在通路有售時，確實能大大促進我們的GPU業務。目前，我們的銷售勢頭非常強勁。

That is very helpful. As far as the actual buildup though of motherboards in the channel, is that now done and over with, now that the CPUs are available, or do we still have a bit of a backup that maybe takes a couple more weeks to get through?

這很有幫助。不過，就通路中主機板的實際積壓情況而言，既然CPU已經到貨，積壓工作是否已經完成？還是說我們還是會有一些積壓，可能還需要幾週才能消化掉？

It depends on what segments we're talking about. And our Intel motherboards, for example, are still ramping, and we're still doing quite well with our Intel motherboard business. I haven't really checked on the AMD side of it, but now that the CPUs are back -- and quite a few CPUs were taken out of the channel, as you know -- so the return of the CPUs is really, really a good thing for all of us.

這取決於我們討論的是哪個細分市場。例如，我們的英特爾主機板仍在逐步恢復生產，而且我們的英特爾主機板業務仍然發展良好。我還沒有真正關注AMD方面的情況，但現在CPU已經恢復供應——正如您所知，之前有相當多的CPU從渠道撤出——所以CPU的回歸對我們所有人來說都是一件非常好的事情。

Then just a last quick one for me, if I could. On the gross margin improvement, which was very nice in the first quarter, can you can just comment on the various puts and takes within that? In other words, I know API, or AMD now, had commented on the tough pricing environment. It didn't seem to have affected you guys, given your positioning. So that is just one aspect I wanted to see if you can comment on.

最後，如果可以的話，我想問最後一個問題。關於第一季非常好的毛利率提升，您能否談談其中的各種優缺點？換句話說，我知道API（現在的AMD）曾經提到過嚴峻的定價環境。但鑑於貴公司的市場定位，這似乎並沒有對貴公司造成影響。所以我想請您就此方面談談我的看法。

And then just secondly on the TSMC pricing which seems to have been favorable in the quarter, is that a quantifiable benefit to your margins in the quarter?

其次，關於台積電本季的定價似乎比較有利，這是否對貴公司本季的利潤率產生了可量化的影響？

Let me start through it. In the GPU business we improved gross margins quarter to quarter. Some of that improvement came from the fact that the workstation business grew very nicely during the quarter. So we benefited in the GPU business because of that.

讓我來詳細說明一下。在GPU業務方面，我們的毛利率環比有所提高。部分原因是工作站業務在本季度實現了良好的成長。因此，我們的GPU業務也從中受益。

In MCPs they improved the gross margin and the revenue increase. It is just a continued focus there on improving gross margins. Handheld improved gross margins, even though revenue was relatively flat.

在多用途產品（MCP）方面，他們提高了毛利率和營收。目前，他們仍專注於提升毛利率。手持設備業務的毛利率也有所提高，儘管營收相對持平。

Memory went up during the quarter, which would have had a drag on gross margins. So I would say that each of the business units contributed to gross margin improvement. The increase in memory was a slight drag on it.

本季記憶體需求增加，可能會對毛利率造成一定影響。因此，我認為每個業務部門都對毛利率的提升做出了貢獻。記憶體需求的成長略微拖累了毛利率。

The TSMC issue, I don't know if you want to comment, Jen-Hsun.

關於台積電的問題，我不知道你是否想發表評論，Jen-Hsun。

It is nothing special.

沒什麼特別的。

Yes. I don't think there was anything out of the ordinary.

是的，我覺得沒什麼異常的。

David Wu, Global Crown Capital.

David Wu，Global Crown Capital。

Mark, on the subject of gross margin, I guess can you talk about -- remind us of what your gross margin target, the new level, is since 44% is no longer an issue anymore and 45% looks like within reach?

馬克，關於毛利率，我想請你談談──提醒我們一下你的毛利率目標，新的水準是多少？因為 44% 已經不再是問題了，45% 看起來也觸手可及了。

And I have got a question for Jen-Hsun. The PortalPlayer application processor, what is the difference between their application processor and a whole ream of these ARM-based application processors out there?

我還有一個問題想問Jen-Hsun。 PortalPlayer的應用處理器，與市面上眾多基於ARM的應用處理器相比，有什麼不同？

And can you also comment on the likelihood you are going to see some competition from DX86 ones in the form of these, what they call the ultra mobile PCs.

您能否也談談您認為DX86產品（也就是他們所說的超行動PC）是否會構成競爭的可能性？

I will start with the gross margin. Jen-Hsun established the target of a 45% gross margin, just about a year ago. And I think there were a lot of skeptics out there, maybe even me, who knows. But we have made a lot of progress and things have gone well.

我先來說說毛利率。大約一年前，Jen-Hsun 設定了 45% 的毛利率目標。我想當時很多人都持懷疑態度，或許也包括我自己，誰知道呢。但我們取得了很大的進展，一切進展順利。

I think that we're going to have to sit down and establish a new goal. Because, yes, I agree 45% is achievable. Now the question is, we can't let up, we can improve gross margins from the current level.

我認為我們必須坐下來設定一個新的目標。因為，是的，我同意45%是可以實現的。現在的問題是，我們不能鬆懈，我們必須在現有水準的基礎上進一步提高毛利率。

But at this point you can't elaborate what that might be?

但目前你還無法詳細說明那可能是什麼？

Our public target is still 45%.

我們的公開目標仍然是 45%。

Jen-Hsun, can you talk about application processor for that PortalPlayer, and what is different from all these other ARM-based application products out there?

Jen-Hsun，可以談談 PortalPlayer 的應用處理器嗎？它與其他基於 ARM 的應用產品有什麼不同？

Sure. First of all, PortalPlayer's focus has always been in the personal media player market. And in that marketplace the digital media processing is really important. And extreme low-power is extremely important. So if you get a chance to see the new 6100, and watch it do -- see it do decoding VGA resolution video, and watch it doing it at just barely, barely a sweat, it is really, really amazing.

當然。首先，PortalPlayer 一直專注於個人媒體播放器市場。在這個市場中，數位媒體處理能力至關重要，而極低的功耗更是重中之重。所以，如果你有機會親眼看看新款 6100，看看它解碼 VGA 解析度影片時的表現——而且它幾乎毫不費力，你一定會感到非常驚艷。

So their focus is building a complete computer on a chip that is capable of doing multimedia processing at extremely low-power levels. That is really where their focus was.

所以他們的重點是打造一款能夠在極低功耗下進行多媒體處理的完整晶片計算機。這才是他們真正的關注點。

Relative to us, the reason why PortalPlayer is so valuable to us is because we don't have an application processor. And in combination with -- but we do have a very deep investment in GPU technologies over the years, and the combination of our graphics and video and image processing capabilities in combination with their application processor really gives us a unique position in the marketplace.

對我們而言，PortalPlayer之所以如此寶貴，是因為我們本身沒有應用程式處理器。但多年來，我們在GPU技術方面投入巨資，將我們的圖形、視訊和影像處理能力與他們的應用程式處理器結合，確實使我們在市場上佔據了獨特的地位。

So I would say that their positioning in the mobile marketplace was good, but challenging because of the amount of R&D they could really invest. And our positioning was good in the high-end markets, where the flagship phones really needed the multimedia capabilities we brought.

所以我認為他們在行動市場的定位不錯，但也面臨挑戰，因為他們真正能投入的研發資金有限。而我們在高階市場的定位很好，旗艦手機確實需要我們帶來的多媒體功能。

In combination, now we can build some SoCs that are absolutely amazing. And that is the reason why we decided, our two management teams decided to combine the companies.

合併之後，我們現在可以打造出一些性能卓越的SoC晶片。正因如此，我們兩家公司的管理團隊決定合併。

Who do you see as competitors in that space, besides Texas Instruments?

除了德州儀器之外，您認為該領域的競爭對手還有哪些？

I would say TI's a competitor. Obviously, Samsung is a competitor. Samsung has been very successful there. The XScale business that Intel sold to Marvell. These are all competitors in the marketplace.

我認為德州儀器（TI）是競爭對手。當然，三星也是競爭對手，而且三星在該領域非常成功。還有英特爾賣給Marvell的XScale業務。這些都是市場上的競爭對手。

But this is also one of the largest markets that we know of in the semiconductor industry. And there are a whole lot of segments. Some of the segments are -- just want your basic, fast microprocessor. Some of your segments want the lowest, lowest cost SoC for your basic smartphone.

但這也是半導體產業中我們所知的最大市場之一。而且細分市場非常多。有些細分市場只需要基本的、速度快的微處理器。有些細分市場則需要用於基本智慧型手機的、成本最低的SoC。

And some of them need rich graphics and rich multimedia for consumer applications where you need -- where you want to have your phone also be your e-mail device and music player and video player and such. That is where I think NVIDIA will really shine.

有些應用程式需要強大的圖形處理能力和豐富的多媒體功能，例如，使用者希望手機還能充當電子郵件工具、音樂播放器、影片播放器等等。我認為，這正是英偉達能夠大放異彩的領域。

Doug Freedman, AmTech Research.

道格·弗里德曼，AmTech Research。

A quick question for you, Jen-Hsun. If you could talk about, you have taken quite a bit of share in several of the markets now from your closest competitor, that was acquired by AMD. Can you talk about what you think might be their response, and if there's anything that you can do to offset it or continue the track record that you have put up?

仁勳，我有個問題想問您。您目前已從最接近的競爭對手（已被AMD收購）手中奪取了不少市場份額。您能否談談您認為他們會如何應對？您又能做些什麼來抵銷這種影響，或是繼續保持目前所取得的良好表現？

First of all, that is a really good question and I hope I don't answer it, not publicly anyhow. So please don't encourage me. You know what I would say is that our marketshare is in fact, although improving year-over-year, I think we came out of the year last year at about 18, 19% overall graphics marketshare. We're at 29%.

首先，這確實是個好問題，但我希望我不用回答，至少不要公開回答。所以請不要鼓勵我。我想說的是，雖然我們的市佔率逐年成長，但實際上，去年我們整體圖形市佔率大約在18%到19%之間。現在我們已經達到29%了。

As far as I'm concerned, whether it is a discrete GPU or a motherboard GPU, they are both GPUs. And we believe that there are segments of the marketplace that really prefer to have a better GPU than not. And our GPU brand, the GeForce brand, is just so strong that I think we still have at a lot of opportunity.

在我看來，無論是獨立顯示卡還是整合顯示卡，它們都是顯示卡。我們相信，市場上的確存在一些使用者群體，他們更傾向於選擇表現更好的顯示卡。而我們的顯示卡品牌——GeForce品牌——實力雄厚，我認為我們仍然擁有巨大的發展空間。

Now we're the only GPU Company in the world that is completely focused, number one, but also participates in building and selling GPUs into both microprocessor markets, both the AMD market as well as the Intel market. And we are the distinguishing brand of both platforms. So I'm excited about that. Our job is to grow our overall GPU business from 29% to something much higher than that.

現在，我們是全球唯一完全專注於GPU研發，同時又同時參與AMD和Intel兩大微處理器市場GPU設計與銷售的公司。我們是這兩個平台上的標誌性品牌。對此我感到非常興奮。我們的目標是將GPU業務的整體比例從29%提升到遠高於這個數字。

If I could, Marv, turn to you for a quick second. And I guess Jen-Hsun also plays a role in this. What is your view on the -- on share buyback? And what should we be thinking about on the stock dilution level? Clearly this quarter you guys kept -- the share count came in very close to unchanged. Any guidance you can offer on what we should think about going forward?

馬夫，如果可以的話，我想問你一個問題。我想讓-勳也參與其中。你對股票回購有什麼看法？我們該如何看待股票稀釋的問題？顯然，本季你們的股票數量幾乎沒有變化。你能否就我們未來的發展方向提供一些指導？

We evaluate it every quarter. We still have authorization from the Board to do stock buybacks. I probably don't see any reason to deviate from our practices in the current environment. But we evaluate it every quarter.

我們每季都會進行評估。我們仍然擁有董事會授權進行股票回購。在當前環境下，我認為沒有理由改變我們的做法。但我們每季都會進行評估。

Totally separate from that, the annual dilution level on what I call a gross basis, meaning how many shares we issue, is established by the comp committee. And so we have been bringing that down for several years now. It was roughly 3% last year. That is excluding stock buybacks. And I think it will be less than that in fiscal year '08. But that is exclusive of any buybacks.

完全獨立於此的是，我稱之為「總額」的年度股權稀釋水平，也就是我們發行的股份數量，是由薪酬委員會決定的。因此，我們已經連續幾年降低這個比例。去年大約是3%。這還不包括股票回購。我認為2008財年會更低。但這仍然不包括任何股票回購。

Shawn Webster, JP Morgan.

肖恩·韋伯斯特，摩根大通。

On the chipset business, can you give us a quick update on what the mix is in terms of units and/or revenues on Intel versus AMD chipsets?

關於晶片組業務，您能否簡單介紹一下英特爾晶片組與 AMD 晶片組的出貨量和/或收入狀況？

I would say that today it is vastly -- it is mostly by far AMD. And we had just entered the Intel chipset marketplace with a 680i, I guess late Q3. And we're ramping. We did well in Q3. We ramped more in Q4, and we're expecting to ramp even more in Q1, and ramp it into Q2.

我認為目前市場格局幾乎完全被AMD主導。我們大概在第三季末憑藉680i晶片組才剛進入英特爾晶片組市場。我們正在加速產能擴張。第三季我們表現不錯，第四季產能進一步提升，預計第一季和第二季產能將進一步成長。

As Conroe continues to grow into the marketplace, we expect our 680i family to do -- to follow that. And so I think that (inaudible) that is our core Intel chipset product right now, and hopefully in the near future we will try to add something to that with our motherboards GPUs for the Intel processor.

隨著 Conroe 晶片組在市場上的持續發展，我們預計我們的 680i 系列晶片組也將隨之發展。因此，我認為（聽不清楚）這是我們目前的核心英特爾晶片組產品，希望在不久的將來，我們能夠為英特爾處理器的主機板 GPU 添加一些新功能。

I see. Then for your overall GPU business in Q4, can you tell us what your units and APSs did sequentially?

我明白了。那麼，關於您第四季的整體GPU業務，您能否告訴我們您的出貨量和APS季比表現如何？

Overall units were very, very, very slightly up. And ASP was very slightly down. I indicated that in my comments that the desktop ASP declined slightly in the quarter.

整體銷售略有成長，但增幅非常非常非常小。平均售價則略有下降。我在先前的評論中已經提到，本季桌上型電腦平均售價略有下降。

Marv, can you give us some guidance on your effective tax rate for the full year fiscal '08?

馬夫，你能否告知我們你 2008 財政年度全年的實際稅率？

Our best guess right now is 14% for both GAAP and non-GAAP. But we will evaluate that as we go through the year. We get the benefit of the R&D tax credit, which we got a full year's worth in the fourth quarter. And that is one of the drivers in being able to reduce the tax rate down to 14% for next year, or this year.

我們目前的最佳預估是，GAAP和非GAAP準則的稅率均為14%。但我們會根據年內情況進行評估。我們受惠於研發稅收抵免，第四季已獲得全年抵免額。這正是我們能夠將明年（或今年）的稅率降至14%的原因之一。

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.

今天下午的問答環節時間已到。現在我將把電話交還給黃仁勳先生，請他作總結發言。

Thank you. Our goal is to be one of the most influential and respected technology companies in the world by being the premier supplier of visual computing technologies and solutions. We believe the programmable GPU is becoming one of the most important technologies of the digital era, as it powers multimedia rich applications on a growing number of consumer devices.

謝謝。我們的目標是成為全球最具影響力和最受尊敬的科技公司之一，成為視覺運算技術和解決方案的領先供應商。我們相信，可程式設計GPU正成為數位時代最重要的技術之一，因為它為越來越多的消費性電子設備上的多媒體應用提供強大動力。

As the only GPU Company in the world, we have dedicated ourselves to making this vision a reality. Fiscal 2007 was a milestone year for NVIDIA. Because of the number of growth and technology initiatives that we have set in motion last year, we believe we are well positioned to have another strong year.

身為全球唯一一家GPU公司，我們始終致力於將此願景變成現實。 2007財年是NVIDIA的里程碑年。憑藉去年啟動的眾多成長和技術創新舉措，我們相信我們已做好充分準備，迎接另一個強勁的年份。

Thank you for joining us today. We look forward to reporting on our progress for Q1.

感謝您今天蒞臨。我們期待向您報告第一季的進度。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您可以掛斷電話了。