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，感謝您的支持。我現在想將電話轉給 NVIDIA 投資者關係副總裁 Michael Hara 先生。謝謝你。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.

謝謝你，接線員。下午好，感謝您的支持。下午好，歡迎參加 NVIDIA 於 2007 年 1 月 28 日結束的第四財季電話會議。NVIDIA 總裁兼首席執行官黃仁勳和 NVIDIA 首席財務官 Marv Burkett 今天參加 NVIDIA 電話會議。

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.

在我們開始今天的電話會議之前，我想先處理一些一般行政事項。 （操作員說明）。在本次電話會議中，我們將討論一些關於淨收入、每股淨收入和毛利率的非 GAAP 指標，以及我們的合併損益表中的其他項目，以討論我們的業績。您可以在我們的財務新聞稿中找到這些措施與 GAAP 的完整對照，該新聞稿發佈在我們網站 www.NVIDIA.com 的投資者關係頁面上。

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.

正在錄製此通話。如果您有任何異議，您可以在此時斷開連接。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. 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.

股東還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。在公司召開電話會議討論其 2008 財年第一季度的財務業績之前，該網絡廣播將一直播放。

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，我們可能會根據當前的預期做出前瞻性陳述。前瞻性陳述，包括關於我們的前景、使用非公認會計原則措施、收購的好處和影響、我們的產品和技術、設計勝利、關鍵目標、增長和增長驅動因素、市場份額和 Windows Vista 的陳述， DX10 和 HD Blu-ray DVD 與未來事件有關，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.

公司的實際結果可能與任何前瞻性聲明中討論的結果大不相同。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 日的財政年度的 10-KA 表格、表格 10-Q 和 10-QA 的季度報告，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我們今天可獲得的信息，截至本協議日期作出，除法律要求外，本公司不承擔更新任何此類陳述的義務。網絡廣播的內容包含截至 2007 年 2 月 13 日準確的時間敏感信息。

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

在我們的發言結束時，您將有時間提問。為了讓更多的人提問，請把自己限制在一個問題上。在我們回復後，我們將允許提出一個後續問題。我現在將把電話交給仁勳。

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，感謝您加入我們。今天，我們很高興地報告第四季度的創紀錄收入為 8.789 億美元。這是我們連續第四個創紀錄的季度。第四季度收入同比增長 39%。這一年，我們實現了創紀錄的 30.7 億美元收入，比上一年增長了 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%.

讓我強調一下我們 2007 年第四季度和財政年度的一些結果和成就。請注意，除非另有說明，否則引用的所有股票編號均來自 Mercury Research。非美國通用會計準則年度毛利率達到公司最高的 43.2%，同比增長 490 個基點。 GAAP 年度毛利率為 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%.

第四季度非美國通用會計準則毛利率達到公司最高的 44.2%，比 2007 財年第三季度環比增長 130 個基點，同比增長 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.

非美國通用會計準則淨收入為 5.779 億美元，同比增長 91%。 GAAP 淨收入達到創紀錄的 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.

我們在這一年推出了多個行業定義產品——革命性的 GeForce 8800，業界最強大的 GPU，以及第一款 DX10 統一著色器 GPU； nForce 400系列，業界首款單芯片主板GPU芯片組； PureVideo HD，業界首個全高清藍光處理解決方案； Quadro Plex，全球首個超高密度視覺計算系統；以及用於 GPU 計算的革命性 CUDA 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 中保持了第一的位置。桌面 GPU 業務創造了創紀錄的一年，收入為 12.4 億美元，同比增長 11%。我們在績效領域的份額從一年前的 79% 增長到 85% 以上。

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.

我們佔據了筆記本 GPU 第一的位置，我們的份額增加到 58%，比上一年增加了 20%。筆記本 GPU 收入同比增長 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.

我們的整體 PC 圖形份額從一年前的 18% 增加到今天的 29%。 nForce MCP 產品線連續第十個季度實現創紀錄的收入。收入較第三季度環比增長 16% 以上，同比增長 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 財年季度（2006 財年第四季度）增長了 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.

手持式 GPU 產品線的收入為 1.08 億美元，比上一年增長 85%。索尼推出了帶有我們的 RSX GPU 的 PlayStation 3。我們完成了對 PortalPlayer 的收購，後者是蘋果 iPod 等移動設備軟件和 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.

NVIDIA 被 Fabless Semiconductor Association 的成員評為最受尊敬的上市公司。最後，隨著 AMD 收購 ATI，NVIDIA 成為了全球唯一一家獨立的 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滿意。特別是我們對我們進入 2008 財年的戰略地位感到非常滿意。讓我把電話轉給 Marv，以更詳細地討論我們的財務業績。我稍後會回來討論我們的增長機會。

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，我們報告了第四季度和 07 財年的 GAAP 和非 GAAP 損益。正如仁勳所說，第四季度的收入為 8.79 億美元，比第三季度增長 7.1% 或 5800 萬美元。本財年收入為 30.7 億美元，同比增長 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.

第四季度增長由 MCP 產品引領，環比增長 16%。正如仁勳所說，這是連續第十個季度創下的紀錄。整個財年的 MCP 總收入增長了 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.

專業解決方案產品環比增長 14%，收入也創下紀錄。在桌面 GPU 業務中，GeForce 8800 產品增長超過 5000 萬美元，但被部分 GeForce 7 產品的疲軟所抵消，特別是在渠道方面。

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.

內存每季度增長了 1000 萬美元。我們的消費電子產品收入環比增長 40%，這主要得益於特許權使用費的貢獻顯著增加，抵消了 NRE 的下降。桌面 GPU 的 ASP 略有下降，其他地方則相對持平。

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

我們於 1 月 5 日完成了對 PortalPlayer 的收購，但 Portal 的收入貢獻並不顯著，約為 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.

對於本季度的毛利率，我們報告的非 GAAP 毛利率為 44.2%，GAAP 毛利率為 43.9%。我們 45% 的目標正在接近。

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 和手持業務部門的毛利率均按季度提高。作為一家公司，我們將繼續努力改進。

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.

按公認會計原則計算，本季度的運營費用為 2.47 億美元，按非公認會計原則計算為 2.03 億美元。非公認會計原則消除了稅前 3400 萬美元的股票補償，並消除了與收購 PortalPlayer 相關的 1340 萬美元的正在進行的研發。 2.03 億美元包括 PortalPlayer 一個月的費用，總計約 500 萬美元。它還包括與重述約 400 萬美元相關的法律和會計費用。 12月提交的重述。

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，我們在本季度增加了 456 名新員工，並以 4,083 名員工退出了本年度。這一年，我們增加了 1,300 多名新員工。

Depreciation in the quarter was $30 million.

本季度折舊為 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.

本財年和第四季度的稅率包括國會通過追溯至 2006 日曆年初的研發稅收抵免的好處。這導致我們的 GAAP 和非 GAAP 稅率降低。它將GAAP稅率降低了7個百分點至略高於9%，第四季度顯然負稅率為8%。對於非公認會計原則，它將我們 07 財年的稅率降低了 6 個百分點至 10%，並導致本季度的負稅率為 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.

所有這一切導致該季度 GAAP 淨收入為 1.64 億美元，即每股攤薄收益 0.41 美元，非 GAAP 淨收益為 2.06 億美元，或每股攤薄收益 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.

在資產負債表上，我們以 11.2 億美元的現金和有價證券退出了這一年，比上一季度減少了 5600 萬美元。這是在為收購 PortalPlayer 支付了大約 1.6 億美元的現金和有價證券淨額，並回購了價值 1 億美元的股票之後。這一年，我們以平均 26.80 美元的價格回購了價值 2.76 億美元的股票。

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

作為一家公司，我們在這一年中產生了超過 5 億美元的運營現金流。

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.

應收賬款季度環比增長了 7900 萬美元，因為第四季度的後端負載。我們的應收款項是流動的。 DSO 為 53.7 天。存貨減少了 1900 萬美元，導致存貨銷售天數為 65 天。我們增加了 GeForce 8 系列的庫存並減少了舊產品的庫存。應付賬款季度環比減少 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.

現在是 08 財年第一季度的展望。對於收入，我們預計與 PC 業務相關的正常季節性下降約為 5%。儘管我們相信我們在每個業務部門的市場和競爭地位仍然非常強勁，但沒有顯著的行業增長動力來抵消季節性因素。

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 對我們業務的影響充滿熱情，但我們將在第一季度保持謹慎。我們預計內存將從第四季度的水平下降。我們預計 PortalPlayer 本季度的收入貢獻將低於 1000 萬美元。對於毛利率，我們將繼續努力使它們保持平穩，甚至可能略有改善。

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.

在運營費用方面，我們必須吸收整個季度的 PortalPlayer，這將導致比第四季度增加約 1000 萬美元。然而，我們認為，即使有額外的費用，我們也可以使運營費用與第四季度持平，因為我們專注於費用控制並限制員工人數的增加。

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.

我們將在 08 財年第一季度的稅率上獲得少量收益，因為我們預計 GAAP 和非 GAAP 的稅率均為 14%。

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

有了這個，我會把它轉回給仁勳。

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，我們對影響我們每個產品線的眾多增長動力感到非常興奮。讓我詳細討論它們中的每一個。

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，我們的 GeForce 台式機和筆記本 GPU 業務。 GeForce 8800 是全球首款 DX10 統一著色架構 GPU。它還集成了 PureVideo HD，這是適用於 PC 的最高視覺質量視頻處理器，也是唯一適用於 HD 和藍光 DVD 的全高清視頻處理解決方案。

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 現在可從全球幾乎所有 PC OEM 系統製造商處以及大多數電子零售店和零售店購買。自 10 月以來，我們出貨了近 400,000 台 GeForce 8800。我們對桌面 GPU 的關注是利用我們在 GeForce 8 中的領先地位進入主流市場。

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.

我們正在加大 GeForce 8 系列筆記本電腦 GPU 的產量，這是業界首款用於筆記本電腦的 DX10 和高清視頻 GPU。 GeForce 8 將是即將推出的 Santa Rosa 筆記本電腦中唯一出貨的 DX10 GPU。我們預計我們的筆記本 GPU 份額將在今年春季過渡之後再上一個台階。

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 已發貨。這是第一個將 GPU 的功能作為標準呈現給所有應用程序的操作系統。從 Office 應用程序到 Web 2.0 應用程序現在可以合併漂亮的 3D 效果，因為數以億計的 PC 將擁有 Vista。

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.

隨著 Vista、DX10 和 HD Blu-ray DVD [作為] 今年 PC 的突出技術，3D 圖形將成為我們計算體驗的核心部分，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。在最廣泛的基於 AMD 的芯片組產品線的推動下，支持 8P 商用服務器到消費台式機和筆記本電腦，我們已成為基於 AMD 的 PC 的第一大 MCP 供應商。我們在這一日曆年結束時成為業界第二大芯片組供應商，我們的份額比兩年前增加了兩倍多。

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 採用了我們獨特的策略，即提供專為減少空間和功耗而設計的單芯片 MCP，同時提供出色的質量和性能。

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.

我們的主板 GPU 產品線受到全球 PC 製造商的青睞。這些客戶突出展示了我們的 GeForce 品牌，以將他們的 PC 與基本的集成顯卡區分開來。

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

我們的 Graphics by NVIDIA 徽標自豪地展示在世界各地零售貨架上的新型 Windows Vista PC 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.

在第四季度，我們發布了用於 Intel CPU 的新 nForce 680i SLI。我們的新產品線受到全球客戶和評論家的熱烈歡迎，並迅速成為多個電子零售和零售連鎖店中最暢銷的高端主板。

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 品牌被公認為性能 PC 的最佳芯片組，並在全球大多數行業主板評論中佔據前 10 名。

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.

對於 2008 財年，我們的主要增長目標是為英特爾 CPU 領域提供令人興奮的新主板 GPU 產品，並保持我們在 AMD 平台上的領先地位。我們相信，基於英特爾的客戶將需要 NVIDIA GeForce 品牌的主板 GPU。我們預計今年晚些時候我們的發布會引起熱烈的反響。

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.

現在是我們的 Quadro 專業解決方案集團業務。 NVIDIA 的 Quadro Professional 業務表現出色。與 2006 財年相比，年收入增長了 21%。NVIDIA Quadro 被公認為是解決製造、娛樂、醫療、科學和航空航天行業中世界上最複雜的視覺計算挑戰所需的專業圖形解決方案的標準。

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.

今年我們推出了全新類別的視覺計算解決方案 Quadro Plex。 Quadro Plex 帶來了前所未有的圖形可擴展性和處理密度。在第四季度，我們開始用我們的 GeForce 8 GPU 為行業播種，並啟用了 CUDA，這是一種革命性的技術和編譯器，它首次允許程序員為 GPU 編寫 C 語言應用程序。 GeForce 8 和 CUDA 將支持一種新的高性能計算，我們稱之為 GPU 計算。

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.

借助支持 CUDA 的 GPU，PC 將使工程師和科學家能夠利用可編程 GPU 的強大功能來解決以前成本高昂的數學密集型問題。根據我們從程序員、科學家和工程師那裡得到的早期反應，很明顯，我們正在提供一種支持技術，它將深刻改變許多計算密集型行業。

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 計算將迎來個人超級計算機時代，並將極大地加速從計算化學到計算金融再到計算基因組學的新方法的採用。這是可編程 GPU 的一個令人興奮的新應用。我們期待在來年向您介紹更多有關 GPU 計算的信息。

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 移動應用處理器和 GPU 業務。在 2007 財年，我們的移動業務收入增長到 1.08 億美元，增幅超過 85%。今年夏天，該移動集團在歐洲取得了巨大成功，成功推出了世界上最大的 DVB-H 試驗。三星 P910 設備向超過 50 萬消費者提供世界杯內容。

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.

我們的移動電視繼續在亞太地區取得成功，本月推出了兩款令人興奮的日本新手機。京瓷 W51K 和 W52K 均支持 ISDB-T 日本移動電視標準。

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 日完成了對 PortalPlayer 的收購，這標誌著我們進入了 SoC 應用處理器業務。到目前為止，我們的移動戰略一直專注於利用我們在圖形、視頻和圖像處理方面的深厚專業知識，在移動市場上確立自己作為多媒體技術領導者的地位。憑藉 PortalPlayer 在為個人媒體播放器構建極低功耗應用處理器方面的專業知識，我們現在能夠提供結合了我們世界級應用處理器和 GPU 的令人驚嘆的 SoC。

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.

我們在移動業務組的目標是構建一種新的應用處理器，為 Apple 的 iPhone、Blackberry Pro 和其他令人興奮的智能手機和 PnP 等下一代設備提供動力，並幫助推動我相信的下一代設備計算機革命，移動設備不再只是一部電話，而是成為我們最個人的計算機。

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.

（操作員說明）。馬克·埃德爾斯通，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.

（技術難度）在接下來的 6 個月左右。然後我對應用處理器進行了跟進。

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

你的問題在第一部分被刪掉了。您可以再重複一遍嗎？

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?

對不起。我只是想看看 Jen-Hsun 是否可以在這裡談談 GeForce 8000 系列的其他產品在接下來的幾個季度中的推出？

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.

要知道，我們業務的核心是從構建基礎架構本身開始的。它通常從愛好者部分開始。 GeForce 8800 已經在市場競爭中領先了六個多月，而且還在不斷增加。因此，它是我們構建筆記本 GPU 家族、台式機 GPU 家族的其餘部分、我們的專業圖形解決方案、我們的 GPU 計算產品以及我們的主板 GPU 產品的核心，我們稱之為 - 其他人稱之為集成顯卡。因此，它是我們今天所處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.

如您所知，GeForce 8800 的升級非常好。目前，我剛剛提到的每一項業務都在將 GeForce 8 核心應用到他們的業務中。因此，我們今天還沒有準備好宣布任何產品，但我可以向您保證，這些企業中的每一個都在其產品中使用 GeForce 8，並且要么已經在加速生產，要么即將投入生產。

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?

您能否告訴我們您預計何時會看到跨界，以便 GeForce 8 系列整體成為您最高單位體積的產品？

Unit volume?

單位體積？

Unit volume or revenue?

單位數量或收入？

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

無論您想解決哪一個問題都可以。

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.

我認為就單位而言，即使不是明年初，它也將持續到今年下半年。原因在於 GeForce 7 是一種非常高效的架構，它是我們所知道的成本最低的 Vista Premium 解決方案。所以我的感覺是，對於那些希望組裝成本最低的 Vista Premium 機器的人來說，我們將繼續在 GeForce 7 中取得相當大的成功。

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 系列的銷量將持續到今年，並且可能會持續到明年。那 - 所以那裡的單位體積應該相當高。

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.

在收入交叉方面，我會讓 Marv 和我都猜測，但我的猜測是它可能會在 Q4、Q3——Q3、Q4 的時間框架下。

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?

偉大的。就在最後，我本週在巴塞羅那看到了你們的 6100。並且只是想看看您是否可以提供一些額外的想法，說明您需要多長時間才能真正將應用處理器策略帶到您想要的地方，以及您認為該業務在未來幾年內的潛力是什麼？

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.

我們今天或本週推出了我們的第一個應用處理器。而這個應用處理器，我希望你同意，絕對是驚人的。這確實是我們收購 PortalPlayer 的核心原因。他們有一個非常非常有才華的團隊，可以說是建造了世界上第一台芯片上的計算機。這就是蘋果工程師用它來製造 iPod 的原因，它實際上是一台具有操作系統、文件系統和連接性的計算機，專門用於媒體處理。

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痴迷確實使他們能夠製造出一些令人驚嘆的產品。他們在後面的房間裡有這個應用處理器，而您現在看到的 6100 是同類產品中的第一款。

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.

我們的公司現在 - 我們的兩個工程團隊現在完全合併，路線圖已經整合。我們於 1 月 5 日讓公司加入。在很短的時間內，我們重新調整了戰略。所以現在我們要構建應用處理器，結合他們構建 SoC 的專業知識和我們構建 GPU 的專業知識。

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.

我希望今年我們將在年底推出一款令人驚嘆的產品。明年我們 - 我希望我們因此獲得很多業務牽引力。這是迄今為止我們公司已經發展成為的最大的新 TAM。很難確切地說這個 TAM 會有多大，但你可以——你知道，應用處理器的規模可能已經接近 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.

由於所有智能手機和便攜式媒體播放器以及我們看到的這兩種設備的結合，這個特殊的市場正在迅速過渡到多媒體和圖形處理。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非常令人興奮的發展。

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?

幾個問題。首先，就基於英特爾的芯片組而言，您能否更新我們的路線圖？當我們回顧這一年時，您認為銷量會在哪裡增加？

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.

我們還沒有真正宣布我們的任何產品。我認為市場一直在非常直言不諱地邀請我們，如果你願意的話，來參與這個市場。其原因是，即使在英特爾市場，也需要有品牌主板 GPU 替代品，供消費者細分市場和圖形非常重要的多媒體豐富類型細分市場使用。

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，以及所有以 3D 形式推出的應用程序，確保您的 GPU 軟件和架構盡可能出色非常重要。

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很大的需求。我們只是盡可能快地到達那裡。我今天沒有什麼要向您宣布的，但我們在公司內部有很多重點來為該細分市場開發產品。

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?

我的第二個問題是與 AMD 談論 Fusion，以及英特爾正在尋求在離散 GPU 線上做點什麼的大討論，你認為你將如何收縮這項工作？有沒有想過您可能希望在微處理器前端做點什麼？

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.

我們對未來的產品開發有各種計劃。我並沒有真正看到告訴市場或競爭對手的好處，尤其是我們幾年後正在建設的東西。我不知道他們為什麼會這樣，說實話，除非他們對某事感到恐慌，或者對其他事感到有些抱歉。我認為我們應該把所有的產品路線圖都留給自己。

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.

最終我所知道的就是這個。我們非常擅長構建你們知道我們擅長構建的技術。作為一家公司，我們專注於通過打造消費者想要購買的產品來實現差異化。我的感覺是，如果市場想要購買這些產品，我們將提前了解，我們將為市場打造合適的產品。我看不出有什麼特別的原因——嗯，我想我們只是——沒有對路線圖發表評論。

Satya Chillara, Pacific Growth Equities.

Satya Chillara，太平洋成長股票。

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?

您能談談 08 財年的手機牽引力嗎？在上一個分析師日，您似乎非常看好手機的牽引力，包括 2G 和 3G 等等。那麼你在哪裡——你認為收入從大約 1 億美元的水平增長到你在這裡可以期待什麼樣的收入增長？

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。我仍然非常看好我們在移動方面的努力。在 2.5G 方面，我們絕對實現了我們想要獲得的設計勝利的目標。

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.

不幸的是，我們的很多注意力都集中在摩托羅拉上。正如你已經在一些報告中看到的那樣，我們設計的一些手機並沒有我們想要的那麼成功。我們全年的淨收入為 1.08 億美元，同比增長 85%。我很確定，根據我們現在獲得的所有設計勝利，來年將超過 1.08 億美元。問題是還有多少。

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，我們現在的重點是我們將繼續投資於 GPU。但我們的主要關注點是將 GPU 和應用處理器組件放入 SoC 中。我們的客戶都要求我們這樣做。根據手機行業向我們所有人傳達的願景類型，以及正在談論的一些令人興奮的新手機，技術類型非常明確。圖形處理將很重要。

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，讓你可以做Vista那種類型的用戶界面，除了在手機上做是很刺激的。以及視頻處理和編碼。因此，手機製造商希望在明年將各種新功能推向市場。

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。我們只需要執行並取得這些設計勝利——將這些設計勝利轉化為業務。

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?

後續，Intel低端策略是單芯片策略，還是單芯片進入？或者您在英特爾低端戰略、芯片組戰略方面的想法和戰略是什麼？

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.

我們開始了構建單芯片主板 GPU 的趨勢。它是將核心邏輯、所有連接性、所有圖形、所有平台技術都集成到一個芯片中。

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.

市場真的，真的很喜歡它。這樣做的原因是因為計算機想要比以往更小，並且想要降低功耗。而且系統中的芯片越少，成本越低，空間要求越低，功耗越低。從我們的角度來看，更少的籌碼可以讓我們提高利潤率。

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.

所以從技術上講，這是非常複雜的，因為你必須在同一個過程中獲得混合信號技術和 I/O 技術，以及你所有的連接技術，這對於 GPU 來說往往是很早的，你知道的，都在同一個過程中過程。所以在技術上這是一個巨大的挑戰。但我認為我們恰好是那些真正知道如何將這一切整合在一起的公司之一。因此，我們將繼續利用這一領導地位。

Jason Pflaum, Thomas Weisel Partners.

Jason Pflaum，Thomas Weisel 合夥人。

Operator, go ahead and go to the next question.

接線員，繼續下一個問題。

Krishna Shankar, JMP Securities.

Krishna Shankar，JMP 證券公司。

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，我想知道您是否可以談談 Vista 的獨立顯卡的附加率，以及您在 Vista 的初始需求方面所看到的情況，以及對操作系統的更高級版本與基本版本的需求，哪些會真正推動您對 8800 GPU 的要求？

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.

我可以告訴你什麼邏輯會強迫，我們相信什麼。而就實際體驗而言，真的很難告訴你，因為 Vista 才剛剛開始出貨。但從邏輯上來說，Vista 是第一個完全基於 GPU 的可編程性和著色能力以及圖形渲染處理能力的操作系統。它不僅向用戶界面公開了這種能力，而且向所有應用程序公開了這種能力。

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，令人信服的邏輯是，如果 GPU 更多、更多[徵稅]，並且所有應用程序都使用更多 3D 圖形功能，您會認為 GPU 將更相關。我認為毫無疑問，當您使用 Vista 時，使用 GPU 的體驗比不使用時要好得多。它更活潑。這只是用戶界面。所有的操作系統——所有使用 3D 圖形的應用程序還沒有真正接觸到這一點。

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.

我們知道有許多正在開發的應用程序，其中 3D 圖形將使應用程序更豐富，許多 Web 2.0 應用程序。我們已經看到許多來自 Microsoft 的產品真正利用了 3D 的功能。即使是 iTunes，現在也可以 3D 呈現專輯封面。因此，將出現各種利用 3D 圖形的應用程序。所以邏輯肯定會迫使我們相信 GPU 將被更普遍地使用。

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，我們在進入第一季度時保持謹慎。但我們相信，GPU 將變得比以往任何時候都更加重要。

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?

但是您是否也看到筆記本電腦的趨勢，顯然英特爾將成為迅馳平台，我猜他們擁有該市場的 70%，所以您是否看到這種趨勢正在逆轉到您看到的（聽不清）您的分立筆記本電腦解決方案以及您的筆記本電腦市場的 MCP？

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.

我們看到它的方式是，筆記本確實是一個外形問題。因此，我們將進入市場，如果外形尺寸允許使用獨立 GPU，我們將為市場提供獨立 GPU。但是如果市場想要主板GPU，也就是通常所說的集成圖形芯片，如果主板GPU是他們想要驅動Vista的方式，我們也很高興。

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.

而且，事實上，如果你看到我們的核心邏輯業務，即 MCP 業務，它每年都在顯著增長。而這種增長很大程度上是因為主板顯卡。我認為有一些證據表明主板 GPU——它只是訪問 GPU 功能的另一種方式，我們將在那裡看到一些持續的增長。

Devan Moodley, Scotia Capital.

Devan Moodley，斯科舍資本。

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?

只是一個後續問題，我猜是在 Vista 上。如果我查看 Mercury Research 目前對台式機離散的預測，他們正在尋找 07 年的個位數下降。但令人驚訝的是，他們正在尋找台式機市場近 20% 到 30% 的 ASP 增長。你能告訴我你對你正在尋找什麼的看法，或者今年 Vista 對 GF8 系列的影響是什麼？

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

我不確定我是否接聽了你的問題。

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?

只是 ASP，我猜 Mercury 正在尋找今年台式機離散 ASP 的顯著增長。您對您在該領域的 ASP 將走向何方有何看法？

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.

多年來，我們的 ASP 一直在穩步增長。而且我認為這對我來說是合乎邏輯的，因為我們越來越多的計算體驗圍繞著視覺體驗。我們所知道的所有最令人興奮的應用程序，或許多最令人興奮的應用程序，都非常非常豐富的圖形。顯示器的分辨率由摩爾定律驅動。

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.

而顏色深度，在另一個維度上，每個像素的移動速度都比摩爾定律快，因為像素的數量——我們在每個像素上渲染的對像數量以及每個像素的顏色保真度確實在急劇上升.

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.

所以理所當然的，越來越多的工作需要在 GPU 上完成。如果是這樣的話，而且你更多的計算經驗依賴於 GPU，如果是這樣的話，那麼 ASP 應該會繼續增長。因此，如果有人告訴我 ASP 將在接下來的幾年中穩步增長，我想我不會對此感到驚訝，因為歷史證據表明情況確實如此。

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

只是一個快速的家政問題。本季度和當年的資本支出是多少？

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.

我們本季度的資本支出約為 7000 萬美元，7100 萬美元。但是，您應該注意其中的幾個因素。我所說的正常資本支出中大約有 3700 萬美元，即我們購買的設備和軟件。我們的投資產生了價值約 1400 萬美元的知識產權無形資產。大約有 2000 萬美元從長期資產重新分類到該賬戶。所以我想說正常的資本支出是 3700 萬美元。

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

你預計到明年這種情況會發生顯著變化嗎？

No.

不。

Arnab Chanda, Lehman Brothers.

Arnab Chanda，雷曼兄弟。

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.

只是幾個問題。首先，如果你看看你的 MCP 業務，在你的新英特爾芯片組推出之前，它會增長嗎？還是在今年上半年它會是季節性的？然後請跟進。

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.

我們預計第一季度會出現季節性變化。有一些——我們確實有我們宣布的英特爾核心邏輯，正如我之前提到的，680i。並且 680i 有我們正在介紹的其他部分。因此，我們將在第一季度實現英特爾核心邏輯業務的增長。我不知道它是否會彌補季節性下降，但我們目前不指望它。然後隨著時間的推移，隨著我們推出基於英特爾 CPU 的主板 GPU，我們預計會有相當多的增長。

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?

關於您的最後一個問題 - 計算 GPU 產品，我可能不太了解它。但它是對您的工作站業務有所幫助的東西，還是一個新的類別？這會給你們帶來什麼樣的額外市場機會？

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 計算計劃絕對是附加的。我認為這個行業已經出現了真空，或者說超級計算危機已經有一段時間了。很長一段時間以來，科學家和研究人員一直在呼籲提高計算能力。然而，尚不存在使他們能夠執行某些方法的技術——他們想嘗試的計算方法。所以 GPU 計算真的會幫助解決這個問題。

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.

我坦率地認為，一個 CPU 和一個 GPU 的結合，加上 GPU 的計算能力，真的會創造出一個新的工作站。一種不一定用於設計，但一種用於計算。它幾乎就像是研究人員和科學家可以利用的個人超級計算機。

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.

這絕對是一個新的計算類別，對我們來說是一個新的舉措。與我們交談過的人以及金融行業中的許多人對我們的早期反應非常熱情。我們對此感到非常興奮。

Naser Iqbal, Salman Partners.

薩爾曼合夥人納賽爾·伊克巴爾。

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，只是對 Portal 的影響進行了真正的澄清。如果我沒聽錯的話，就研發和費用而言，你的收入是 500 萬美元，400 萬美元，但淨收入貢獻約為 100 萬美元。本季度是否也有任何收入？

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.

第四季度的收入約為 100 萬美元。因此，大約有 500 萬美元的費用和 100 萬美元的收入。當您查看第一季度時，我們看到的收入略低於 1000 萬美元，支出約為 1500 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?

這是我就您談到本季度前景的後續行動，您預計 1000 萬美元將來自 Portal。但是我是否正確地聽到了您認為您的整體運營支出可能與季度持平？

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。我們認為我們可以 - 顯然我們在第四季度有重述的一次性成本。第四季度還有一些其他一次性成本。我認為我們現在非常注重成本。公司在應對這些情況方面做得非常好。所以我認為我們很有可能保持運營支出持平，即使我們將不得不吸收 PortalPlayer 增加的 1000 萬美元。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科夫斯基，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?

還對指導進行了澄清。 5% 的季節性下降是針對您業務中面向 PC 的部分的評論，還是針對您的整體收入預期？

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%.

我認為它更全面。但我認為我們預計記憶力會下降。在我看來，這可能是這 5% 中最大的一個組成部分。但如果你必須選擇一個點估計，我們說的是整體收入下降了 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?

了不起。其次，Marv 或 Jen-Hsun，您能否評論一下您現在如何看待您的渠道庫存，包括顯卡和主板？

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.

渠道銷售正在回升。第三季度和第四季度的波動比——我想你們所有人都看到了——比我們所有人預期的要波動。我認為其中一些與頻道中的 AM2 間隙有關。但我們看到 AM2 又回來了，而且還有很多 Conroes。這兩個 CPU 都是非常棒的 CPU。當它們在頻道中可用時，它確實有助於我們的 GPU 業務。我們現在看到業務銷售肯定非常活躍。

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。至於通道中主板的實際構建，現在是否已經完成並結束，現在 CPU 可用，還是我們還有一些可能需要幾週時間才能完成的備份？

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.

這取決於我們正在談論的細分市場。例如，我們的英特爾主板仍在增長，我們的英特爾主板業務仍然做得很好。我還沒有真正檢查過它的 AMD 方面，但是現在 CPU 回來了——正如你所知，很多 CPU 被從通道中取出——所以 CPU 的回歸真的非常非常對我們所有人來說都是好事。

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.

如果可以的話，那就給我最後一個快速的。關於第一季度非常好的毛利率改善，您能否評論一下其中的各種看跌期權？換句話說，我知道現在的 API 或 AMD 曾評論過艱難的定價環境。考慮到你們的定位，這似乎並沒有影響到你們。所以這只是我想看看你是否可以評論的一個方面。

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，台積電的定價在本季度似乎是有利的，這是否對您本季度的利潤率有可量化的好處？

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.

讓我從它開始。在 GPU 業務中，我們逐季提高了毛利率。其中一些改善來自工作站業務在本季度增長得非常好這一事實。因此，我們從 GPU 業務中受益。

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 MCP 中，他們提高了毛利率和收入增長。它只是繼續關注提高毛利率。儘管收入相對持平，但手持設備的毛利率有所提高。

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.

內存在本季度有所增加，這將拖累毛利率。所以我想說，每個業務部門都為毛利率的提高做出了貢獻。內存的增加對它有輕微的拖累。

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

台積電的問題，不知道你要不要評論，仁勳。

It is nothing special.

這沒什麼特別的。

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

是的。我不認為有什麼不尋常的地方。

David Wu, Global Crown Capital.

環球皇冠資本戴維·吳。

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，我想你能談談——提醒我們你的毛利率目標，新水平，因為 44% 不再是問題，45% 看起來觸手可及？

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?

我有一個問題要問仁勳。 PortalPlayer 應用處理器，他們的應用處理器和這些基於 ARM 的應用處理器有什麼區別？

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.

您能否評論一下您是否會以這些形式看到來自 DX86 的競爭，他們稱之為超移動 PC。

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.

我將從毛利率開始。大約一年前，仁勳確立了 45% 的毛利率目標。而且我認為那裡有很多懷疑論者，甚至可能是我，誰知道呢。但我們已經取得了很大進展，事情進展順利。

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.

我認為我們將不得不坐下來建立一個新的目標。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，我們可以從目前的水平提高毛利率。

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

但是在這一點上，您無法詳細說明那可能是什麼？

Our public target is still 45%.

我們的公共目標仍然是 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，您能談談PortalPlayer 的應用處理器嗎？與所有其他基於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 的重點一直是個人媒體播放器市場。在那個市場中，數字媒體處理非常重要。而極低的功耗是極其重要的。因此，如果您有機會看到新的 6100，並觀看它——觀看它對 VGA 分辨率視頻的解碼，並且觀看它幾乎不費吹灰之力地完成它，這真的非常非常了不起。

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.

因此，他們的重點是在能夠以極低功耗水平進行多媒體處理的芯片上構建完整的計算機。這確實是他們的重點所在。

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.

相對於我們來說，PortalPlayer 之所以對我們如此有價值，是因為我們沒有應用處理器。結合——但多年來我們確實對 GPU 技術進行了非常深入的投資，我們的圖形、視頻和圖像處理能力與其應用處理器的結合確實使我們在市場上處於獨特的地位。

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.

所以我想說他們在移動市場的定位很好，但由於他們可以真正投資的研發數量而具有挑戰性。而且我們在高端市場的定位很好，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.

結合起來，現在我們可以構建一些絕對令人驚嘆的 SoC。這就是我們決定的原因，我們的兩個管理團隊決定合併這些公司。

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

除了德州儀器，您認為誰是該領域的競爭對手？

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.

我會說TI是一個競爭對手。顯然，三星是競爭對手。三星在那裡非常成功。英特爾出售給 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.

但這也是我們所知道的半導體行業最大的市場之一。而且有很多細分市場。有些細分市場是——只想要你的基本的、快速的微處理器。您的某些細分市場希望為您的基本智能手機提供最低、最低成本的 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.

他們中的一些人需要豐富的圖形和豐富的多媒體來滿足您需要的消費者應用程序——您希望您的手機也可以是您的電子郵件設備、音樂播放器和視頻播放器等。這就是我認為 NVIDIA 將真正大放異彩的地方。

Doug Freedman, AmTech Research.

道格·弗里德曼，美國科技研究部。

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?

Jen-Hsun 給你一個簡單的問題。如果你可以談論，你現在已經從你最接近的競爭對手那裡獲得了相當多的市場份額，後者被 AMD 收購。你能談談你認為他們的反應是什麼，如果你能做些什麼來抵消它或繼續你已經提出的跟踪記錄？

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，這是一個非常好的問題，我希望我不要回答，無論如何不要公開回答。所以請不要鼓勵我。你知道我要說的是，我們的市場份額實際上是，雖然逐年提高，但我認為我們去年的整體圖形市場份額約為 18%，即 19%。我們是 29%。

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.

就我而言，無論是獨立GPU還是主板GPU，它們都是GPU。我們相信，市場上的某些細分市場確實更喜歡擁有更好的 GPU。我們的 GPU 品牌 GeForce 品牌非常強大，我認為我們仍然有很多機會。

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，我們是世界上唯一一家完全專注於排名第一的 GPU 公司，同時也參與構建和銷售 GPU 到兩個微處理器市場，包括 AMD 市場和英特爾市場。我們是這兩個平台的顯著品牌。所以我對此很興奮。我們的工作是將我們的整體 GPU 業務從 29% 增長到更高的水平。

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?

如果可以的話，Marv，請稍等一下。我猜仁勳也在其中扮演了一個角色。您對股票回購有何看法？我們應該在股票稀釋水平上考慮什麼？很明顯，本季度你們保持不變——股票數量幾乎沒有變化。您可以就我們應該考慮的未來提供任何指導嗎？

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.

我們每季度對其進行評估。我們仍然獲得董事會的授權進行股票回購。我可能看不出有任何理由偏離我們在當前環境中的做法。但我們每個季度都會對其進行評估。

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.

與此完全不同的是，我所說的總額基礎上的年度稀釋水平，即我們發行的股票數量，是由薪酬委員會確定的。所以我們已經把它降低了好幾年了。去年大約是3%。這不包括股票回購。而且我認為這將低於 08 財年。但這不包括任何回購。

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?

關於芯片組業務，您能否向我們簡要介紹一下英特爾與 AMD 芯片組在單位和/或收入方面的組合情況？

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.

我想說的是，今天它非常廣泛——到目前為止主要是 AMD。我們剛剛以 680i 進入英特爾芯片組市場，我猜是在第三季度末。我們正在加速。我們在第三季度做得很好。我們在第四季度增加了更多，我們預計在第一季度會增加更多，並在第二季度增加。

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 繼續進入市場，我們希望我們的 680i 系列能夠效仿。因此，我認為（聽不清）這是我們現在的核心英特爾芯片組產品，希望在不久的將來，我們會嘗試在我們的主板 GPU 上為英特爾處理器添加一些東西。

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

我懂了。那麼對於您在第四季度的整體 GPU 業務，您能告訴我們您的單位和 APS 依次做了什麼嗎？

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.

整體單位非常、非常、非常輕微地上漲。 ASP 小幅下降。我在評論中指出，本季度桌面 ASP 略有下降。

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

Marv，您能給我們一些關於您 08 財年全年有效稅率的指導嗎？

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.

我們現在最好的猜測是 GAAP 和非 GAAP 均為 14%。但我們將在這一年中對其進行評估。我們獲得了研發稅收抵免的好處，我們在第四季度獲得了全年的價值。這是能夠將明年或今年的稅率降至 14% 的驅動因素之一。

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.

我們今天下午的問答時間已經結束。我現在想把電話轉回給黃仁勳做結束語。

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.

謝謝你。我們的目標是通過成為視覺計算技術和解決方案的主要供應商，成為世界上最具影響力和最受尊敬的技術公司之一。我們相信可編程 GPU 正在成為數字時代最重要的技術之一，因為它為越來越多的消費類設備上的多媒體豐富應用提供支持。

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.

作為世界上唯一的 GPU 公司，我們致力於將這一願景變為現實。 2007 財年對於 NVIDIA 來說是具有里程碑意義的一年。由於我們去年啟動的增長和技術計劃的數量，我們相信我們已經準備好迎接另一個強勁的一年。

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

感謝您今天加入我們。我們期待報告第一季度的進展。

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

今天的電話會議到此結束。您現在可以斷開連接。