輝達 (NVDA) 2009 Q3 法說會逐字稿

Good afternoon. Thank you for holding. I would now like to turn the call over to Michael Hara, Vice President, Investor Relations. Thank you sir. You may begin.

下午好。謝謝你的捧場。我現在想將電話轉給投資者關係副總裁 Michael Hara。謝謝你，先生。你可以開始了。

Thank you Tim. Good afternoon and welcome to NVIDIA's conference call for the third quarter ended October 26, 2008. Today's call is being recorded. If you have any objections, please disconnect at this time.

謝謝蒂姆。下午好，歡迎參加 NVIDIA 於 2008 年 10 月 26 日結束的第三季度電話會議。今天的電話會議正在錄音中。如果您有任何異議，請在此時斷開連接。

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. Before we begin, I would like to remind you that you can find copies of our SEC filings, our earnings release and a replay of this webcast on the investor relations page of our website at www.NVIDIA.com.

今天與 NVIDIA 通話的是 NVIDIA 總裁兼首席執行官黃仁勳；和 NVIDIA 首席財務官 Marv Burkett。在我們開始之前，我想提醒您，您可以在我們網站 www.NVIDIA.com 的投資者關係頁面上找到我們提交給 SEC 的文件、我們的收益發布和該網絡廣播的重播的副本。

The webcast will be available for replay until our conference call to discuss our financial results for the fourth quarter of fiscal 2009. Also, shareholders can listen to a live webcast of today's call via the investor relations page of our website.

在我們召開電話會議討論我們 2009 財年第四季度的財務業績之前，該網絡廣播將一直播放。此外，股東可以通過我們網站的投資者關係頁面收聽今天電話會議的現場網絡廣播。

During this call we will discuss some non-GAAP financial measures about diluted net income per share, tax rate and gross margin when talking about our results. You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our financial release which is posted on our website.

在本次電話會議中，我們將在討論我們的業績時討論一些關於稀釋每股淨收入、稅率和毛利率的非公認會計準則財務指標。您可以在我們網站上發布的財務報告中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬。

Unless otherwise noted, all references to research market and market share numbers throughout the call come from Mercury Research or Jon Peddie Research. The content of today's conference call is NVIDIA's property and cannot be reproduced or transcribed without our prior written consent.

除非另有說明，否則在整個電話會議中對研究市場和市場份額數字的所有引用均來自 Mercury Research 或 Jon Peddie Research。今天電話會議的內容是 NVIDIA 的財產，未經我們事先書面同意，不得複製或轉錄。

During the course of this conference call, we may make forward-looking statements based on current expectations. These forward-looking statements are subject to a number of significant risks and uncertainties including statements about our financial outlook and projections, importance of and uses for the GPU and CUDA, the impact, performance and availability of and demand for our products and technologies, our competitive position and our growth and strategies.

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。這些前瞻性陳述受到許多重大風險和不確定性的影響，包括關於我們的財務前景和預測、GPU 和 CUDA 的重要性和用途、我們的產品和技術的影響、性能和可用性以及需求的陳述，我們的競爭地位以及我們的增長和戰略。

Our actual results may differ materially from results discussed in any forward-looking statements. For a complete discussion of factors that could affect our future financial results and business, please refer to Form 10-Q for the fiscal period ended July 27, 2008 and the reports on Form 8-K filed with the Securities and Exchange Commission.

我們的實際結果可能與任何前瞻性陳述中討論的結果大不相同。有關可能影響我們未來財務業績和業務的因素的完整討論，請參閱截至 2008 年 7 月 27 日的財政期間的 10-Q 表和提交給證券交易委員會的 8-K 表報告。

All forward-looking statements are made as of the date hereof based on information available to us today and that, except as required by law, we assume no obligation to update any such statements. The content of the webcast contains time-sensitive information and is accurate only as of November 6, 2008.

所有前瞻性陳述均基於我們今天可獲得的信息作出，除法律要求外，我們不承擔更新任何此類陳述的義務。網絡廣播的內容包含時間敏感信息，並且僅在 2008 年 11 月 6 日之前是準確的。

Consistent with the requirements under regulation FD, we will provide you public guidance directly in the conference call and will be unable to provide significantly more information in offline conversations or during the quarter. Therefore questions around our financial expectations should be asked during this call.

根據 FD 規定的要求，我們將直接在電話會議中為您提供公開指導，並且無法在離線對話中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 prepared 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. With that I will hand the call over to Jen-Hsun.

在我們準備好的評論結束時，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，我們將允許一個後續問題。有了這個，我會把電話交給仁勳。

Thanks Mike. Good afternoon and thank you for joining us. We reported revenue of $898 million and GAAP diluted earnings per share of $0.11, in line with our expectations. Non-GAAP diluted EPS was $0.20.

謝謝邁克。下午好，感謝您加入我們。我們報告的收入為 8.98 億美元，GAAP 攤薄後每股收益為 0.11 美元，符合我們的預期。非公認會計原則攤薄後每股收益為 0.20 美元。

During the quarter we accomplished several important objectives that positioned us to return to growth. We improved our financial performance by increasing our non-GAAP gross margins from 39.1% to 41.9% while managing our operating expenses tightly. We transitioned our performance segment GPUs to 55 nm and now have the fastest products at each price point, positioning us to recapture share.

在本季度，我們完成了幾個重要目標，使我們能夠恢復增長。我們通過將我們的非公認會計原則毛利率從 39.1% 提高到 41.9% 來改善我們的財務業績，同時嚴格管理我們的運營費用。我們將性能段 GPU 轉換為 55 nm，現在在每個價位都有最快的產品，使我們能夠重新奪回市場份額。

Together with Apple, NVIDIA launched a new GeForce 9400M motherboard GPU for its new lineup of Mac notebooks. The GeForce 9400M is the industry's first processor to integrate three complex chips -- the northbridge, the IO/network processor, and a GeForce GPU into a single chip and it delivers up to five times performance improvement over Intel integrated graphics in one-half the space.

NVIDIA 與 Apple 一起為其新的 Mac 筆記本系列推出了新的 GeForce 9400M 主板 GPU。 GeForce 9400M 是業界首款將三個複雜芯片（北橋、IO/網絡處理器和 GeForce GPU）集成到單個芯片中的處理器，與英特爾集成顯卡相比，它的性能提高了一半，性能提高了一半。空間。

The MacBook and MacBook Air come standard with the 9400M. The MacBook Pro comes standard with a hybrid combination of two GeForce GPU's where the 9400M is used for maximum battery life and a GeForce 9600M GT for high-performance mode.

MacBook 和 MacBook Air 標配 9400M。 MacBook Pro 標配兩個 GeForce GPU 的混合組合，其中 9400M 用於最大限度地延長電池壽命，而 GeForce 9600M GT 用於高性能模式。

We announced the NVIDIA Quadro CX, the industry's first accelerator for Adobe's Creative Suite 4 content creation software. NVIDIA specifically designed and optimized the Quadro CX to enhance the performance of the CS4 productline and give creative professionals the ultimate in performance and productivity.

我們宣布推出 NVIDIA Quadro CX，這是業界首款用於 Adobe Creative Suite 4 內容創建軟件的加速器。 NVIDIA 專門設計和優化了 Quadro CX，以增強 CS4 產品線的性能，並為創意專業人士提供極致的性能和生產力。

CUDA continues to gain momentum all over the world. There are now well over 750 research papers published on how GPU computing with CUDA can dramatically accelerate computing intensive algorithms such as n-body simulations for molecular dynamics and astrophysics, linear algebra, CT imagery construction, image and video processing such as image recognition and search, stream processing for gene sequencing and string search and so on.

CUDA 繼續在世界範圍內獲得動力。現在有超過 750 篇關於 GPU 計算與 CUDA 如何顯著加速計算密集型算法的研究論文發表，例如分子動力學和天體物理學的 n 體模擬、線性代數、CT 圖像構建、圖像和視頻處理（例如圖像識別和搜索） ，基因測序和字符串搜索等的流處理。

CUDA has received PC Magazine's Technical Excellence award. There are now over 50 universities around the world teaching CUDA in their computer science curriculum. And we have now shipped over 100 million GPU's with CUDA.

CUDA 獲得了 PC Magazine 的技術卓越獎。現在全世界有 50 多所大學在其計算機科學課程中教授 CUDA。我們現在已經交付了超過 1 億個帶有 CUDA 的 GPU。

At this year's SIGGRAPH, NVIDIA set a new milestone in computer graphics by demonstrating the world's first real-time fully-interactive ray tracer. Our interactive ray tracing solution adds a new capability to our Quadro visual computing solutions and will enable customers like the auto industry to preview car designs and demonstrate new cars to customers.

在今年的 SIGGRAPH 上，NVIDIA 展示了世界上第一個實時全交互式光線追踪器，在計算機圖形學領域樹立了一個新的里程碑。我們的交互式光線追踪解決方案為我們的 Quadro 視覺計算解決方案增加了一項新功能，將使汽車行業等客戶能夠預覽汽車設計並向客戶展示新車。

Visual computing took center stage during the presidential election television coverage. Every dynamic graphic was rendered live on NVIDIA Quadro.

視覺計算在總統選舉電視報導中佔據了中心位置。每個動態圖形都在 NVIDIA Quadro 上實時渲染。

The underlying applications from our close ISV partners, Vizrt, Brainstorm and [Reality Check] used NVIDIA technologies including CGFX for shader effects and NVIDIA Scene Graph to deliver what broadcast experts are calling one of the most successful election broadcasts in history.

我們密切的 ISV 合作夥伴 Vizrt、Brainstorm 和 [Reality Check] 的底層應用程序使用了 NVIDIA 技術，包括用於著色器效果的 CGFX 和 NVIDIA 場景圖，以提供廣播專家所稱的歷史上最成功的選舉廣播之一。

Perceptive Pixels interactive touch displays were even the highlight of a skit on Saturday Night Live. CNN pushed the boundary even further with holographic projections of its newscasters from remote locations.

Perceptive Pixels 交互式觸摸屏甚至是《週六夜現場》短劇的亮點。 CNN 通過遠程位置的新聞播音員的全息投影進一步推動了邊界。

Leveraging camera tracking technology used in sports and film, they composited NVIDIA real-time rendered virtual sets with live video to enable effects never seen before. All of these effects and experiences were made possible by Quadro.

利用體育和電影中使用的攝像頭跟踪技術，他們將 NVIDIA 實時渲染的虛擬場景與實時視頻合成，以實現前所未有的效果。 Quadro 使所有這些效果和體驗成為可能。

Visual computing is revolutionizing many aspects of our lives from broadcasting to the PC to mobile devices and to the Internet. NVIDIA is at the center of this revolution. I will return later to highlight a number of our key initiatives later in the call. Let me now turn the call over to Marv to discuss our financial results.

視覺計算正在徹底改變我們生活的方方面面，從廣播到 PC 到移動設備和互聯網。 NVIDIA 處於這場革命的中心。我稍後會回來強調我們稍後在電話會議中的一些關鍵舉措。現在讓我把電話轉給 Marv 討論我們的財務業績。

Thanks Jen-Hsun. My comments today will cover the third fiscal quarter of fiscal year '09 that ended October 26 including comments on both GAAP and non-GAAP results. A full reconciliation between GAAP and non-GAAP is included in our press release and on our website.

謝謝仁勳。我今天的評論將涵蓋截至 10 月 26 日的 09 財年第三財季，包括對 GAAP 和非 GAAP 結果的評論。 GAAP 和非 GAAP 之間的全面對賬包含在我們的新聞稿和我們的網站上。

As Jen-Hsun stated earlier, revenue for the quarter was $898 million, up $5 million or less than 1% from the second quarter. With all the turbulence in the financial markets in Q3, we might have expected our business to be even more impacted.

正如仁勳早些時候所說，該季度的收入為 8.98 億美元，比第二季度增長 500 萬美元或不到 1%。由於第三季度金融市場的所有動盪，我們可能預計我們的業務會受到更大的影響。

That is not to say that our business wasn't impacted, it's merely to say that our markets showed some resiliency in the face of disruptions in the financial markets. Revenue in our GPU business which includes desktop, notebook and memory was down 8% quarter to quarter or $42 million.

這並不是說我們的業務沒有受到影響，只是說我們的市場在面對金融市場的混亂時表現出一定的彈性。我們的 GPU 業務（包括台式機、筆記本電腦和內存）的收入環比下降 8% 或 4200 萬美元。

Desktop was down 12% and notebook was down 4%. Within desktop, the softness was unit related as ASP's actually increased slightly from the second quarter. As we transitioned our performance segment GPU's to 55 nm, we re-established performance leadership which helped ASP's. Within notebook it was the reverse as units increased but there was a slight decrease in ASP's.

台式機下降 12%，筆記本下降 4%。在台式機中，由於平均售價實際上比第二季度略有增加，因此疲軟與單位相關。隨著我們將性能段 GPU 過渡到 55 nm，我們重新建立了性能領先地位，這有助於 ASP。在筆記本中，隨著單位的增加，情況正好相反，但平均售價略有下降。

ASP's for the Montevina refresh are lower in general but gross margin is still good. GPU gross margin improved in the quarter from the low levels in Q2.

Montevina 更新的 ASP 普遍較低，但毛利率仍然不錯。本季度 GPU 毛利率從第二季度的低水平有所改善。

MCP showed strong growth of nearly 19% quarter-to-quarter or $31 million as we ramped volume production of MCP79 which is the GeForce 9300 and 9400 series. Total MCP79 revenue was more than $75 million in the quarter.

由於我們增加了 MCP79（GeForce 9300 和 9400 系列）的量產，MCP 顯示出季度環比增長近 19% 或 3100 萬美元的強勁增長。本季度 MCP79 的總收入超過 7500 萬美元。

Professional solutions including our workstation business grew by 11% or $20 million quarter to quarter. The consumer business was relatively flat quarter to quarter and had growth in the Sony royalties offset by a decline in the mobile business.

包括我們的工作站業務在內的專業解決方案季度環比增長了 11% 或 2000 萬美元。消費者業務季度與季度相對持平，索尼特許權使用費的增長被移動業務的下滑所抵消。

For gross margin we improved our GAAP gross margin to 41% and our non-GAAP to 41.9%. The difference between GAAP and non-GAAP is stock based compensation of $3.6 million and $4.5 million for our royalty dispute.

對於毛利率，我們將 GAAP 毛利率提高到 41%，將非 GAAP 毛利率提高到 41.9%。 GAAP 和非 GAAP 之間的區別在於我們的特許權使用費糾紛的股票補償為 360 萬美元和 450 萬美元。

Operating expenses in the quarter were $311 million which includes $8.3 million of restructuring cost. We're pleased with our progress in restraining our OpEx. Headcount at the end of the quarter was 5293 which is down by 260 from the end of the second quarter.

本季度的運營費用為 3.11 億美元，其中包括 830 萬美元的重組成本。我們對我們在限制運營支出方面取得的進展感到滿意。本季度末的員工人數為 5293 人，比第二季度末減少了 260 人。

Depreciation was $49.3 million up $3 million from Q2 and capital expenditures were $109 million. That includes the [transmittal] license.

折舊為 4930 萬美元，比第二季度增加 300 萬美元，資本支出為 1.09 億美元。這包括[傳輸]許可證。

Within the interest and other income, there were three discrete items that caused an impairment charge totaling $8.8 million. On the tax rate, the renewal of the R&D tax credit resulted in a tax benefit for the quarter of $745,000 and a year-to-date tax rate of 7.7%. The result of all of this is that GAAP diluted earnings per share was $0.11 for the quarter and non-GAAP diluted earnings per share was $0.20.

在利息和其他收入中，有三個離散項目導致減值費用總計 880 萬美元。在稅率方面，R&D 稅收抵免的更新使本季度的稅收優惠為 745,000 美元，年初至今的稅率為 7.7%。所有這一切的結果是，本季度 GAAP 攤薄後每股收益為 0.11 美元，非 GAAP 攤薄後每股收益為 0.20 美元。

On the balance sheet, cash and equivalents and marketable securities were $1.3 billion which is down by $352 million from the second quarter. We repurchased $300 million worth of stock during the quarter.

在資產負債表上，現金及等價物和有價證券為 13 億美元，比第二季度減少 3.52 億美元。我們在本季度回購了價值 3 億美元的股票。

The operating cash flow was a positive $43 million for the quarter. Accounts Receivable were $608 million which is down $72 million from the second quarter and DSO was 62 days, also an improvement from the second quarter.

本季度的經營現金流為正 4300 萬美元。應收賬款為 6.08 億美元，比第二季度減少 7200 萬美元，DSO 為 62 天，也比第二季度有所改善。

Inventory grew by $92 million quarter to quarter and the DSI grew to 90 days. The growth in inventory was primarily in new GPU products and in MCP79 as we ramped volume.

庫存每季度增加了 9200 萬美元，DSI 增長到 90 天。隨著我們增加數量，庫存的增長主要是在新的 GPU 產品和 MCP79 中。

We believe the channel inventory decreased slightly from Q2. And 90 days of DSi is about as high as we would want and we will work to bring down the inventory levels in Q4. Accounts payable and accrued liabilities declined by $131 million during the quarter.

我們認為渠道庫存較二季度略有下降。 90 天的 DSi 大約是我們想要的，我們將努力降低第四季度的庫存水平。本季度應付賬款和應計負債減少了 1.31 億美元。

On the outlook. Given the economic uncertainty, it is probably unrealistic to give any outlook at all and certainly a precise one. So I would caveat our outlook that there can be a wide range on the outcome.

關於前景。鑑於經濟的不確定性，給出任何展望，當然也包括準確的展望，可能是不現實的。因此，我要警告我們的觀點，即結果可能會有很大範圍。

I also believe it is unrealistic to expect any sort of robust Christmas spending on the part of the consumer. Therefore we believe our revenue will be down for the fourth quarter and a point estimate with a wide range of approximately 5%.

我還認為，期望消費者有任何形式的強勁聖誕節支出是不現實的。因此，我們認為我們的收入將在第四季度下降，點估計範圍很廣，約為 5%。

The revenue line is the most difficult to forecast. We believe gross margin will be relatively flat and operating expenses will also be relatively flat.

收入線是最難預測的。我們認為毛利率將相對持平，運營費用也將相對持平。

This means a gross margin in the range of 41% and operating expenses of approximately $310 million. Other income should improve over Q3 and the tax rate for the fourth quarter should be approximately 13%. With that, I will turn it back over Jen-Hsun.

這意味著毛利率在 41% 範圍內，運營費用約為 3.1 億美元。其他收入應該會比第三季度有所改善，第四季度的稅率應該在 13% 左右。有了這個，我會把它轉回到仁勳身上。

We are driving several initiatives to strengthen our competitive position while expanding into new segments and markets. First, we captured lost share in the performance segment. We have superior performance and market-changing differentiators like CUDA. With our efforts this quarter we're now properly cost positioned as well.

我們正在推動多項舉措，以加強我們的競爭地位，同時擴展到新的細分市場和市場。首先，我們在業績細分市場中獲得了失去的份額。我們擁有卓越的性能和改變市場的差異化優勢，例如 CUDA。通過本季度的努力，我們現在也可以正確定位成本。

Second, increase our exposure to the notebook market by using our new motherboard GPU to bring five times better graphics performance to Intel notebook platforms, the fastest-growing segment of the PC market. Third, with the announcement of Adobe's Creative Suite 4 and our Quadro CX accelerator for CS4, we have expanded our market footprint beyond gamers and industrial designers to include the creative generation.

其次，通過使用我們的新主板 GPU 為英特爾筆記本平台（PC 市場增長最快的部分）帶來五倍的圖形性能，增加我們在筆記本市場的曝光率。第三，隨著 Adobe Creative Suite 4 和我們用於 CS4 的 Quadro CX 加速器的發布，我們的市場足跡已從遊戲玩家和工業設計師擴展到創意一代。

Gamers want performance and with the GeForce GTX 280 and 260 and the recently announced three-way SLI, GeForce delivers the best performance at each price point. And gamers buy new GPUs to play the latest games. The top games this fall are Crisis Warhead, Far Cry 2, Call of Duty, World at War, Fallout 3, and Deadspace. Gamers will experience up to 30% faster frame rates with GeForce GTX GPU's.

遊戲玩家需要性能，借助 GeForce GTX 280 和 260 以及最近發布的三路 SLI，GeForce 可在每個價位提供最佳性能。遊戲玩家購買新的 GPU 來玩最新的遊戲。今年秋季的熱門遊戲是危機彈頭、孤島驚魂 2、使命召喚、戰爭世界、輻射 3 和死亡空間。使用 GeForce GTX GPU，遊戲玩家將體驗到最高 30% 的幀速率。

Enthusiasts want the fastest machines. This fall that machine is built on Intel's new Core i7 Bloomfield CPU and our new three-way SLI technology. And for the first time, SLI is available on SLI licensed Intel x58 motherboards as well as nForce.

愛好者想要最快的機器。今年秋天，該機器基於英特爾新的 Core i7 Bloomfield CPU 和我們新的三路 SLI 技術構建。 SLI 首次在 SLI 許可的 Intel x58 主板和 nForce 上可用。

Reviewers all over the world have concluded that a three-way SLI configuration with GeForce GTX 280 is unambiguously the fastest. Fast 3-D graphics is important but the market wants and needs more than just more of the same, more than just graphics.

世界各地的評論家都得出結論，配備 GeForce GTX 280 的三路 SLI 配置無疑是最快的。快速的 3-D 圖形很重要，但市場想要和需要的不僅僅是更多相同的東西，不僅僅是圖形。

We believe the industry must deliver new and surprising capabilities that delight and awe the world again. To do so requires revolutionary technology.

我們相信，該行業必須提供新的、令人驚訝的能力，再次讓世界感到高興和敬畏。要做到這一點，需要革命性的技術。

With NVIDIA's CUDA parallel computing architecture inside every new GeForce, we believe we can. There are amazing software algorithms for applications like computer vision, image recognition, physical world simulations that are possible but only of computers are 100 times faster. With CUDA, those capabilities are possible today.

借助每款新 GeForce 中的 NVIDIA CUDA 並行計算架構，我們相信我們可以做到。計算機視覺、圖像識別、物理世界模擬等應用程序有驚人的軟件算法，但只有計算機才能快 100 倍。借助 CUDA，這些功能在今天成為可能。

In this new GPU era, the GPU does more than just graphics. Whereas the competition has just graphics, GeForce with CUDA gives you graphics plus.

在這個新的 GPU 時代，GPU 不僅僅是圖形。競爭對手只有圖形，而帶有 CUDA 的 GeForce 可為您提供圖形附加功能。

Graphics plus means that your GeForce has lightning fast graphics and because of CUDA, you get much more. You get physics processing on the GPU.

Graphics plus 意味著您的 GeForce 擁有閃電般的圖形速度，並且由於 CUDA，您可以獲得更多。您可以在 GPU 上進行物理處理。

Our PhysX physics engine enables games to do realistic simulations of physical properties in a world 20 times faster than the CPU alone, like dust blowing in the wind, water running in a stream and natural looking cloth. The PhysX engine has been adopted by game studios all over the world.

我們的 PhysX 物理引擎使遊戲能夠以比 CPU 單獨快 20 倍的速度對世界中的物理屬性進行逼真的模擬，例如風中飄揚的灰塵、溪流中流動的水和看起來很自然的布料。 PhysX 引擎已被世界各地的遊戲工作室採用。

It's incorporated into the number one game engine in the world, Epic's Unreal Engine. PhysX is free to developers and is the only physics engine that is accelerated by the 100 million GeForces in the world. A pipeline of developers and games supporting PhysX will be announced in the near future.

它被整合到世界排名第一的遊戲引擎 Epic 的虛幻引擎中。 PhysX 對開發人員免費，是唯一一個由全球 1 億個 GeForce 加速的物理引擎。支持 PhysX 的開發者和遊戲管道將在不久的將來公佈。

With graphics plus you get image and video processing. There is a ground swell of new applications enabled by CUDA from digital photography to the excruciating process of converting movies for your iPod.

借助圖形加上您可以進行圖像和視頻處理。從數碼攝影到為您的 iPod 轉換電影的艱鉅過程，CUDA 支持的新應用程序如雨後春筍般湧現。

Users are performing more processing intensive tasks than ever. Elemental Technologies announced their BadaBOOM transcoder. Pegasus, Nero, CoreCodec have announced plans or demonstrated CUDA acceleration in their video processing players.

用戶正在執行比以往更多的處理密集型任務。 Elemental Technologies 宣布了他們的 BadaBOOM 轉碼器。 Pegasus、Nero、CoreCodec 已宣布計劃或在其視頻處理播放器中展示 CUDA 加速。

RSoft, CyberLink and Corel have announced applications that utilize the massively parallel array of CUDA processors in our GPU's to do sophisticated computational super resolution algorithms to magically enhance DVDs to 1080p HD resolution. The result is simply awesome and frankly surprising.

RSoft、CyberLink 和 Corel 已宣布利用我們 GPU 中的大規模並行 CUDA 處理器陣列執行複雜的計算超分辨率算法以神奇地將 DVD 增強到 1080p 高清分辨率的應用程序。結果簡直太棒了，坦率地說令人驚訝。

Finally, this quarter we will announce a groundbreaking product that is starting to create buzz throughout the industry -- stereoscopic 3-D glasses for GeForce. This is a product we have been working on for over three years.

最後，本季度我們將宣布一款開創性的產品，該產品開始在整個行業引起轟動——用於 GeForce 的立體 3-D 眼鏡。這是我們三年多來一直在開發的產品。

We're going to bring the 3-D experience that is sweeping the movie industry to PCs. We will reserve the exciting details for launch but we previewed this at NVISION and the enthusiast press was entranced.

我們將把席捲電影業的 3D 體驗帶到 PC 上。我們將保留發佈時的激動人心的細節，但我們在 NVISION 上進行了預覽，發燒友們被迷住了。

BizTech wrote that 'I have to say, the effect is amazing. I seriously did not want to stop playing.' GotGame said that what they were seeing was pure, undiluted awesome.

BizTech 寫道：“我不得不說，效果是驚人的。我真的不想停止比賽。 GotGame 說他們看到的東西是純淨的，未經稀釋的真棒。

Software developers are thrilled too. Mark Rein, the CEO of Epic Games, stated that the Age of Empires stereoscopic 3-D demo they showed in the NVISION keynote looked absolutely amazing. Stereoscopic 3-D is a great example of how consumers continue to demand more of graphics hardware. With our graphics plus initiative, we're moving the industry forward and bringing new and exciting innovations to delight the world again in a way that just graphics simply can't.

軟件開發人員也很興奮。 Epic Games 首席執行官 Mark Rein 表示，他們在 NVISION 主題演講中展示的帝國時代立體 3-D 演示看起來絕對令人驚嘆。立體 3-D 是消費者如何繼續要求更多圖形硬件的一個很好的例子。憑藉我們的圖形加計劃，我們正在推動行業向前發展，並帶來令人興奮的新創新，以一種只有圖形根本無法做到的方式再次取悅世界。

The fastest-growing segment in the PC market today is notebooks. Notebooks are now 55% of all PCs shipped, 140 million units this year and growing at 25%. Although visual computing is also important for notebook users, the tight space and power constraints have caused the adoptions of GPU in notebooks to lag desktop PCs.

當今 PC 市場中增長最快的部分是筆記本電腦。筆記本電腦現在佔所有 PC 出貨量的 55%，今年為 1.4 億台，並以 25% 的速度增長。儘管視覺計算對筆記本用戶也很重要，但空間和功耗的限制導致筆記本電腦對 GPU 的採用落後於台式電腦。

We are addressing this by creating ever more power efficient GPU's and by integrating all of the chipset functionalities into the GPU that conserve space. A couple of weeks ago, Apple was the first company to announce our new GeForce 9400M designed for Intel processors and which integrated three chips into one for amazing space savings.

我們正在通過創建更節能的 GPU 並將所有芯片組功能集成到 GPU 中來解決這個問題，從而節省空間。幾週前，Apple 是第一家宣佈為英特爾處理器設計的全新 GeForce 9400M 的公司，它將三個芯片集成到一個芯片中，以節省空間。

It performs five times faster than current integrated graphics. Apple was the first company to announce and today Toshiba announced new notebooks based on the 9400M. Toshiba announced a gaming notebook that has three NVIDIA GPU's inside of them, the 9400M and two 9800 GT's in SLI.

它的執行速度是當前集成顯卡的五倍。 Apple 是第一家宣布推出的公司，今天東芝宣布推出基於 9400M 的新筆記本電腦。東芝宣布了一款遊戲筆記本，其中包含三個 NVIDIA GPU，即 SLI 中的 9400M 和兩個 9800 GT。

There is a pipeline of design wins and new design win momentum for the 9400M is extremely strong. With the 9400M and others on our roadmap, we now have exposure to the growing notebook market like we have never had before.

9400M 的設計勝出和新設計勝出勢頭非常強勁。隨著我們路線圖中的 9400M 和其他產品，我們現在以前所未有的方式接觸到不斷增長的筆記本電腦市場。

Another brand-new market for us is the creative professionals and consumers. These are professionals who use Adobe's award-winning tools to create digital content such as movies, commercials, ads, games and websites or consumers making home movies -- digital photo albums, or the millions of movies that are being shared on YouTube.

對我們來說，另一個全新的市場是創意專業人士和消費者。這些專業人士使用 Adobe 屢獲殊榮的工具來創建數字內容，例如電影、商業廣告、廣告、遊戲和網站，或製作家庭電影的消費者——數字相冊或在 YouTube 上共享的數百萬部電影。

As the resolution of images and movies increase, and as the image processing effects become ever more sophisticated, the editing experience is painful even with the fastest quad core CPUs. That's why Adobe and NVIDIA engineers worked so closely for the past several years to GPU accelerate all of the CS4 applications. The result is amazing.

隨著圖像和電影分辨率的提高，以及圖像處理效果變得越來越複雜，即使使用最快的四核 CPU，編輯體驗也很痛苦。這就是為什麼 Adobe 和 NVIDIA 工程師在過去幾年密切合作以 GPU 加速所有 CS4 應用程序的原因。結果是驚人的。

John Loiacono, Senior Vice President of Creative Solutions at Adobe said that a critical element of CS4 was to capture the enormous power of the GPU. The difference is astounding.

Adobe 創意解決方案高級副總裁 John Loiacono 表示，CS4 的一個關鍵要素是捕捉 GPU 的強大功能。差異是驚人的。

Performance is important to creative professionals and with the NVIDIA GPU they are sure to be able to interact with images and videos in a much faster, smoother more engaging way. The creative generation is a significant expansion of our TAM.

性能對於創意專業人士來說很重要，借助 NVIDIA GPU，他們肯定能夠以更快、更流暢、更具吸引力的方式與圖像和視頻進行交互。創意一代是我們 TAM 的重要擴展。

Adobe estimates the addressable market to be 6 million creative professionals and over 38 million creative nonprofessionals. To put these numbers in context, the total Quadro professional industrial design TAM today is only 4 million units. So another 44 million potential new users represents a very significant addition.

Adobe 估計潛在市場將是 600 萬創意專業人士和超過 3800 萬創意非專業人士。將這些數字放在上下文中，今天的 Quadro 專業工業設計 TAM 總數只有 400 萬台。因此，另外 4400 萬潛在的新用戶代表了一個非常重要的增加。

We still have much work to do to be where we would like to be. But we made great strides this quarter. We transitioned to 55 nm and have a great lineup with graphics plus.

我們還有很多工作要做，才能達到我們想要達到的水平。但是本季度我們取得了長足的進步。我們過渡到 55 nm，並擁有出色的圖形加陣容。

With our single chip notebook GPU, we have a market changing offering for notebooks, the fastest-growing segment of the PC market. And with Adobe and Quadro CX, we have expanded our TAM by over 40 million people, 40 million new visual computing users.

憑藉我們的單芯片筆記本 GPU，我們為筆記本電腦（PC 市場中增長最快的部分）提供了改變市場的產品。借助 Adobe 和 Quadro CX，我們的 TAM 擴大了超過 4000 萬人，新增了 4000 萬視覺計算用戶。

We're happy to take your questions now.

我們很高興現在回答您的問題。

(Operator Instructions) Glen Yeung, Citigroup.

（操作員說明）花旗集團的 Glen Yeung。

I guess my first question is around your gross margin outlook; Marv, maybe a question for you. We've been hearing a lot about 55 nm and a lot of discussion about what the yields look like. I wonder if you can address that issue and also talk about what your ASP assumptions are in the gross margin outlook?

我想我的第一個問題是關於您的毛利率前景； Marv，也許是你的問題。我們聽到了很多關於 55 nm 的消息，也聽到了很多關於良率的討論。我想知道您是否可以解決這個問題並談談您在毛利率前景中的 ASP 假設是什麼？

Well we're doing just fine with 55 nm. The yields are just fine. The assumption with regard to ASP's is that I think it's exactly like we told you last quarter. We don't see major changes in ASP's in any particular segment going forward.

好吧，我們在 55 nm 上做得很好。產量剛剛好。關於 ASP 的假設是，我認為這與我們上個季度告訴您的完全一樣。我們認為未來任何特定領域的 ASP 都不會發生重大變化。

The issue is what is the volume of each of those segments. Now I said with regard to the outlook [that there's] probably a lot of variability in those segments. I think that Jen-Hsun would tell you that we are focused on regaining some market share in what I would call the performance and high-end portion of the desktop GPU market that would enhance ASP's. So I guess I feel comfortable with our outlook on ASP's.

問題是每個部分的數量是多少。現在我說關於前景 [that there] 在這些細分市場中可能存在很多可變性。我認為 Jen-Hsun 會告訴你，我們專注於在桌面 GPU 市場的性能和高端部分重新獲得一些市場份額，這將提高 ASP。所以我想我對我們對 ASP 的展望感到滿意。

Maybe as a follow-up also for you Marv, as you look out over the next four quarters or so, pick a timeframe, what is the potential for NVIDIA to do incremental cost cutting versus what you've already announced and beyond what's just the potential, what's the intention?

也許作為你 Marv 的後續行動，當你展望接下來的四個季度左右時，選擇一個時間框架，與你已經宣布的相比，NVIDIA 進行增量成本削減的潛力是什麼，以及超出的範圍。潛力，目的是什麼？

The intention is to hold the line on operating expenses and grow revenue. We're totally focused on our opportunities to grow revenue. We have some significant opportunities and we don't want to jeopardize those by doing something foolish in cutting operating expenses. I'm happy with the job we have done so far, but I'm not focused on further cuts in operating expenses. I'm focused on revenue growth.

目的是控制運營費用並增加收入。我們完全專注於增加收入的機會。我們有一些重要的機會，我們不想在削減運營費用方面做一些愚蠢的事情來危及這些機會。我對我們迄今為止所做的工作感到滿意，但我並不專注於進一步削減運營費用。我專注於收入增長。

Okay, thanks.

好的謝謝。

James Schneider.

詹姆斯施耐德。

Maybe just as a follow-up to the gross margin question, could you talk about your progress in the 55 nm ramp? When do you feel you will be fully on production of 55 nm and how much 55 nm inventory do you have remaining?

也許只是作為毛利率問題的後續，你能談談你在 55 nm 斜坡上的進展嗎？你覺得你什麼時候會完全投入生產 55 nm，你還有多少 55 nm 庫存？

We have 65 nm inventory remaining, but everything we are ramping now is 55 and everything on the high-end that we're shipping now is 55.

我們還有 65 nm 的庫存，但我們現在正在增加的所有產品都是 55，我們現在正在運送的高端產品是 55。

Okay, fair enough. I guess as a follow-up, in terms of the market [data] we've seen over the last few quarters, notwithstanding the macro weakness affecting desktop GPU demand, there seems to be a pretty precipitous share shift between desktops and notebooks. Can you address your outlook over the next several quarters, whether you think that there is some kind of break point where the rate of desktop share continues or doesn't decline as much going forward?

好吧，夠公平的。我想作為後續行動，就我們在過去幾個季度看到的市場 [數據] 而言，儘管宏觀疲軟影響了台式機 GPU 需求，但台式機和筆記本電腦之間的份額似乎發生了相當急劇的轉變。您能否談談您對未來幾個季度的展望，您是否認為桌面份額的比率會繼續或不會下降那麼多？

The desktop -- what the market shows is the desktop units are relatively flat and that the growth is coming from notebooks. It's not so much that the total units are flat and there is a shifting of units from desktop to notebooks.

台式機——市場顯示台式機相對平穩，增長來自筆記本電腦。與其說總單位持平，而且單位從台式機轉移到筆記本電腦，倒不如說是。

So desktop units are relatively flattish and notebook growth is clearly much more significant. And our focus on the desktop is continuing to bring exciting new products and ideas to the marketplace that causes people to want to come back and buy new PCs.

所以台式機相對平淡，而筆記本電腦的增長顯然要顯著得多。我們對台式機的關注繼續為市場帶來令人興奮的新產品和創意，使人們想要回來購買新的 PC。

We have to recapture our share. We lost some market share recently and as we were transitioning. But those things are all behind us now and we are focused on going after the share that we lost.

我們必須奪回我們的份額。我們最近失去了一些市場份額，因為我們正在轉型。但是這些事情現在都已經過去了，我們專注於追求我們失去的份額。

In terms of the notebook market, we recently introduced the 9400M. This is the chip that was in the MacBook and the MacBook Air and also the MacBook Pro. And this particular chip is really amazing. It integrates three chips into one, a lot less real estate on the motherboard; much, much lower power.

在筆記本市場方面，我們最近推出了9400M。這是 MacBook 和 MacBook Air 以及 MacBook Pro 中的芯片。這個特殊的芯片真的很神奇。它將三個芯片合二為一，大大減少了主板上的空間；低得多的功率。

And as a result -- and it's also our first Intel processor notebook GPU, the first one we have ever built for a motherboard GPU. So this is a very new market for us that we're growing into.

因此，它也是我們的第一款英特爾處理器筆記本 GPU，也是我們為主板 GPU 打造的第一款。所以這對我們來說是一個非常新的市場，我們正在成長。

You already saw the initial success that we've announced and there are many more that we would like to announce in the near future. But this is a very important growth opportunity for us. So for the first time, we have exposure to the vast majority of the fastest-growing segment in the PC industry.

您已經看到了我們宣布的初步成功，我們還想在不久的將來宣布更多。但這對我們來說是一個非常重要的增長機會。因此，我們第一次接觸到了 PC 行業中絕大多數增長最快的細分市場。

Mark Lipacis, Morgan Stanley.

馬克·利帕西斯，摩根士丹利。

First question perhaps for Marv. Can you give us a sense of a more normalized gross margin and operating margin target that you guys have and if you care to take a stab at when you might be able to reach that?

第一個問題也許是給 Marv 的。你能給我們一個更正常的毛利率和營業利潤率目標的感覺嗎？你們是否願意嘗試一下什麼時候可以達到這個目標？

No, I won't take a stab as to when we might be able to reach it. I don't see anything long-term that is an impediment for us getting back to where we were before in the mid to higher 40% range. Obviously we are focused on that.

不，我不知道我們什麼時候可以到達它。我看不出有任何長期阻礙我們回到中高 40% 範圍內的水平。顯然，我們專注於這一點。

In Q2 we took a step backwards. Now we have to recover. Part of that recovery is going to be regaining market share in the performance and enthusiast segments. Part of that recovery is going to be transitioning to 55 nm and beyond. So we are focused on gross margin improvement, but I don't have a timetable for when we get back.

在第二季度，我們倒退了一步。現在我們必須恢復。這種複甦的一部分將是在性能和發燒友領域重新獲得市場份額。部分恢復將過渡到 55 nm 及以上。所以我們專注於毛利率的提高，但我沒有一個時間表來確定我們什麼時候回來。

Fair enough. Second question -- you're successfully transitioning to 55 nm now. When would be a reasonable time to expect to see 40 nm products hit the market? Thank you.

很公平。第二個問題——您現在成功過渡到 55 nm。什麼時候是預計 40 納米產品上市的合理時機？謝謝你。

We haven't announced any 40 nm products yet.

我們還沒有宣布任何 40 nm 產品。

Krishna Shankar, JMP Securities.

Krishna Shankar，JMP 證券公司。

Yes, Marv, can you give us the revenue mix in the quarter between desktop, notebook and CPs and professional solutions just as approximate percentages?

是的，Marv，您能否提供本季度台式機、筆記本電腦和 CP 以及專業解決方案之間的收入組合以及大概百分比？

Wow. I think I did that because we said that the total GPU business was down quarter to quarter and the MCP business was up. So if you'll take your base line that you had last quarter in that data and put those growth rates or decline rates on them, you'll come to the breakout of the revenue for the quarter. I don't have the percentage of the revenue within those that totals up to 100%.

哇。我想我這樣做是因為我們說 GPU 業務總量逐季度下降，而 MCP 業務增長。因此，如果您將上個季度在該數據中的基準線放在這些數據上，並將這些增長率或下降率放在上面，您將得出該季度收入的突破。我沒有總收入高達 100% 的收入百分比。

Then your guidance for the January quarter, are you saying basically flattish to plus or minus 5% for revenues?

那麼您對 1 月季度的指導，您是說收入基本持平到正負 5% 嗎？

No, I think I said the point estimate was a decline of 5%.

不，我想我說的點估計是下降了 5%。

Okay, all right. And then just a final question on the performance and enthusiast graphics, with the new product line on 55 nm, do you feel that you can continue to gain market share here in the January quarter and what is the outlook for that segment of the market given consumer spending patterns?

好吧，好吧。然後是關於性能和發燒友圖形的最後一個問題，隨著新產品線採用 55 nm，您是否認為您可以在 1 月季度繼續獲得市場份額，以及該市場的前景如何？消費者消費模式？

We absolutely will regain market share and we have -- this is a segment where technology matters, performance matters, architecture matters and we have the best lineup. Our challenge was never architectural leadership. Our challenge was that we were caught flat footed at 65 and our chip and board solution was just too expensive. And so we have made that transition in Q2 and we are in Q3 and we are through that transition and we are off and running.

我們絕對會重新獲得市場份額，而且我們擁有——這是一個技術很重要、性能很重要、架構很重要的細分市場，我們擁有最好的陣容。我們的挑戰從來不是架構領導力。我們面臨的挑戰是，我們在 65 歲時措手不及，而且我們的芯片和電路板解決方案太貴了。所以我們已經在第二季度進行了過渡，我們在第三季度，我們正在經歷這個過渡，我們已經開始運行了。

With respect to the robustness of the segment, historically this segment has responded to new games. Gamers buy graphics cards to play new games and this Christmas we're going to have five very, very exciting new games coming out. And if you were fortunate to have a GeForce GTX, your experience would be the best. And that is our focus now is to ship all these GeForces and get back to taking back share.

關於該細分市場的穩健性，從歷史上看，該細分市場一直對新遊戲做出反應。遊戲玩家購買顯卡來玩新遊戲，今年聖誕節我們將推出五款非常非常令人興奮的新遊戲。如果您有幸擁有 GeForce GTX，您的體驗將是最好的。我們現在的重點是交付所有這些 GeForce 並重新奪回份額。

Brian Piccioni, BMO Capital Markets.

BMO資本市場的Brian Piccioni。

I noticed that your days receivable seems to be contracting and of course one of the concerns that many people have in this environment is bad debt expense from customers being unable to pay. We have had some -- we have seen some smaller companies reporting similar type experiences. Are you making an effort to tighten your exposure to customers or is it basically business as usual?

我注意到您的應收賬款似乎正在減少，當然，在這種環境下，許多人的擔憂之一是客戶無法支付的壞賬費用。我們有一些——我們看到一些較小的公司報告了類似的經歷。您是在努力加強與客戶的接觸，還是基本上照常營業？

We've always watched our receivables very, very closely, been very diligent about credit terms and payments. So I would say it's business as usual. We're not doing anything any differently. Our receivables even in this environment are in very good shape, very current, no overdue receivables.

我們一直非常非常密切地關注我們的應收賬款，對信貸條款和付款非常勤奮。所以我會說這是照常營業。我們沒有做任何不同的事情。即使在這種環境下，我們的應收賬款也處於非常好的狀態，非常及時，沒有逾期的應收賬款。

I see. And you mentioned a fairly sizable impairment to your interest and other income. Would that be related to your portfolio management efforts or were these just other sort of charges that jumped out of nowhere?

我懂了。你提到了對你的利息和其他收入的相當大的損害。這是否與您的投資組合管理工作有關，或者這些只是其他類型的突然出現的費用？

No, I mean it's a little bit of everything. There was some impairment on some investments that we made. There was some impairment on some of our cash investments and there were some realized losses. But each of them individually was not significant.

不，我的意思是所有的東西都有一點。我們所做的一些投資出現了一些減值。我們的一些現金投資出現了一些減值，並且出現了一些已實現的虧損。但他們每個人單獨並不重要。

Just as a final comment I guess, more or less to be viewed as hopefully nonrecurring.

就像我猜的最後評論一樣，或多或少被視為希望不會再發生。

I certainly hope so.

我當然希望如此。

Uche Orji, UBS Investment Bank.

Uche Orji，瑞銀投資銀行。

Marv, let me just go back to the subject of the guidance. I know you said the midpoint is down five. Just considering the way most people are -- companies are guiding recently, can you give us some color as to what could drive the range?

Marv，讓我回到指導的主題。我知道你說中點下降了五。考慮到大多數人的方式——公司最近在指導，你能給我們一些關於什麼可以推動這個範圍的顏色嗎？

I know you're not disclosing what that range is but give us some color as to what could drive the range because it's really tough to understand how because with minus five midpoint, that's coming out much better than most of companies within the industry or even anywhere within the tech sector is guiding. Can you just give us a little bit of color as to how to handicap that range please?

我知道您並沒有透露該範圍是什麼，而是給我們一些關於什麼可以推動該範圍的顏色，因為很難理解如何因為負五中點，這比業內大多數公司甚至更好科技行業的任何地方都在指導。你能給我們一點關於如何限制這個範圍的顏色嗎？

You have got to understand that there's some businesses that are less impacted by the volatility out there today. Our workstation business is very solid and obviously had a very good quarter last quarter. So I view that as solid going forward.

您必須了解，今天有一些企業受波動性的影響較小。我們的工作站業務非常穩固，顯然上個季度的表現非常好。所以我認為這是堅實的未來。

I would expect another solid area to be our MCP business with the products that Jen-Hsun talked about, the 9300, 9400M products. Those will do well and could even indicate some sort of revenue growth.

我希望另一個穩固的領域是我們的 MCP 業務，其中包括 Jen-Hsun 談到的產品，即 9300、9400M 產品。這些會做得很好，甚至可能表明某種收入增長。

The big swing factor in all of this is what happens to desktop revenue. And as Jen-Hsun says, we're focused on regaining some market share in that area. But my caution tells me that it could be a weak market in the fourth quarter. So those are sort of the factors driving that outlook.

所有這一切的最大搖擺因素是台式機收入的變化。正如仁勳所說，我們專注於在該領域重新獲得一些市場份額。但我的謹慎告訴我，第四季度可能是一個疲軟的市場。因此，這些都是推動這一前景的因素。

That's helpful. Let me just ask you another question. Was there any impact from licensing SLI for the x58 motherboard within this quarter?

這很有幫助。讓我再問你一個問題。本季度 x58 主板的 SLI 許可是否有任何影響？

There was no revenue impact.

沒有收入影響。

And then just another question. This is for Jen-Hsun. With the three GPU notebook announced today by Toshiba, how much more of this type of notebook should we expect to see? Is there any pipeline for such coming Jen-Hsun please?

然後只是另一個問題。這是給仁勳的。有了東芝今天宣布的三款 GPU 筆記本，我們還應該期待看到多少這種類型的筆記本呢？請問這樣來的仁勳有什麼渠道嗎？

We probably shouldn't announce our customers' products on their behalf. But the basic technology is combining SLI and hybrid GPU into one system. So in one mode the 9400M is a chipset, it's an SLI chipset and it communicates with the external dual GeForce 9800 GT GPU's. In another mode, the 9400M is a graphics chip so that the two 9800 GT's could be shut off and conserve battery power.

我們可能不應該代表他們公佈客戶的產品。但基本技術是將 SLI 和混合 GPU 結合到一個系統中。所以在一種模式下，9400M 是一個芯片組，它是一個 SLI 芯片組，它與外部雙 GeForce 9800 GT GPU 通信。在另一種模式下，9400M 是一個圖形芯片，因此可以關閉兩個 9800 GT 並節省電池電量。

And so this is a way -- this technique is a way to both get very, very high performance for gamers while conserving -- considering the battery life whenever they're not playing games. So it's a really fabulous technique for delivering that discontinuity, if you will. So this is a technique I think other people may decide to adopt.

所以這是一種方式——這種技術既可以為遊戲玩家獲得非常非常高的性能，又可以節省——考慮到他們不玩遊戲時的電池壽命。所以如果你願意的話，它是一種非常棒的技術來提供這種不連續性。所以這是一種我認為其他人可能會決定採用的技術。

One last question, Marv. Your inventory exiting next quarter if you do hit the minus five midpoint guidance, how should we think about inventory given the jump we have seen in the current quarter to 91 days? What should we be -- is there a target for where we should model inventory for next quarter?

最後一個問題，馬夫。如果您確實達到負五中點指導，您的庫存將在下個季度退出，鑑於我們在本季度看到的躍升至 91 天，我們應該如何看待庫存？我們應該是什麼——我們應該為下個季度的庫存建模有目標嗎？

I don't know about the end of next quarter. If we achieve that target, we would see inventory coming down probably. We still have the same target of inventory in the 60 to 75 days DSi. That is still our target.

不知道下個季度末。如果我們實現了這個目標，我們可能會看到庫存下降。在 60 至 75 天的 DSi 中，我們仍然有相同的庫存目標。這仍然是我們的目標。

Shawn Webster, JPMorgan Securities.

肖恩韋伯斯特，摩根大通證券。

I would like to I guess poke around on gross margins a little bit more. What percentage of your mix in Q3 was 55 nm GPU's? You mentioned the high end you were moving over aggressively. I'm just trying to get a quantitative sense of the mix now and for Q4.

我想我想在毛利率上多花點心思。 Q3 中，55 納米 GPU 的比例是多少？你提到了你正在積極進取的高端。我只是想對現在和第四季度的組合有一個定量的認識。

Most of our high-end was 65 nm in Q3.

在第三季度，我們的大部分高端產品是 65 nm。

I would say across the board, most of our volume was 65 nm. You're talking about what we shipped?

我想說的是，我們的大部分體積都是 65 nm。你說的是我們運送的東西？

That's right.

這是正確的。

What we shipped was 65. What was built was all 55 and what we're shipping now is mostly 55.

我們發貨的是 65 個。建造的都是 55 個，我們現在發貨的大部分是 55 個。

Is it true that the chipset gross margins right now are greater than your desktop gross margins?

現在的芯片組毛利率是否真的高於您的台式機毛利率？

They're close.

他們很近。

They're close?

他們很近？

I would say that you're probably right but it's not a huge difference.

我會說你可能是對的，但這並沒有太大的不同。

(multiple speakers) backward looking for the quarter.

（多位發言者）向後尋找四分之一。

For Q3.

對於第三季度。

Backward looking for the quarter. I would be surprised if forward-looking it is the same way.

向後尋找季度。如果前瞻性是相同的方式，我會感到驚訝。

(multiple speakers) expects improvement in the GPU margins going forward and the MCP margins are going to be relatively flat.

（多位發言者）預計未來 GPU 利潤率會有所提高，而 MCP 利潤率將相對持平。

And as it relates to the sequential change in your gross margins, is that mostly mix or is there a segment by segment unit cost reduction or changes in things sequentially? Can you kind of walk us through the moving pieces?

由於它與您的毛利率的連續變化有關，主要是混合還是逐段降低單位成本或按順序發生變化？你能帶我們看看移動的部分嗎？

There's all of the above. In some cases you are getting transition, more 55 nm, less 65 nm, that helps. In other cases you're ramping up and experiencing revenue growth in a lower gross margin line, i.e. MCP. You're going to have lower revenue in a high gross margin line, Sony royalties. And so it's all mixed together.

以上都有。在某些情況下，您正在獲得過渡，更多 55 nm，更少 65 nm，這會有所幫助。在其他情況下，您正在增加並在較低的毛利率線（即 MCP）中體驗收入增長。在高毛利率的情況下，您將獲得較低的收入，即索尼特許權使用費。所以這一切都混合在一起。

Okay and what were your memory sales in Q3?

好的，您在第三季度的內存銷售額是多少？

$22.3 million.

2230 萬美元。

Okay and then last one for me. When you look at your order book and your visibility right now, is it at the same, better or worse than this time when you set your guidance last quarter?

好的，然後給我最後一個。當您現在查看您的訂單簿和您的知名度時，與您在上個季度設定指導時的這次相比，它是相同、更好還是更差？

No visibility in either case.

在任何一種情況下都沒有可見性。

So no change then? Thank you.

那麼就沒有變化了嗎？謝謝你。

David Wu, Global Crown Capital.

環球皇冠資本戴維·吳。

Yes, I was just curious that you haven't really talked about a lot of products but we haven't talked about consumer products and in particular Tegra. Can you talk about -- those kind of products tend to have a good Christmas. Maybe this year is different and I was wondering when Tegra will begin to contribute to revenue and what about design win activities, that kind of stuff.

是的，我只是好奇你還沒有真正談論過很多產品，但我們還沒有談論過消費品，尤其是 Tegra。你能談談 - 那些產品往往有一個美好的聖誕節。也許今年有所不同，我想知道 Tegra 什麼時候會開始為收入做出貢獻，以及設計贏得活動，諸如此類的事情。

Tegra is doing really well and I have said that Tegra was not ready for production this year because the design win process tends to be longer and I also have said that Tegra's coming out party is really spring of next year and so I look forward to talking to you much more about that spring of next year.

Tegra 做得非常好，我說 Tegra 今年還沒有準備好生產，因為設計獲勝過程往往更長，我也說過 Tegra 的亮相派對真的是明年春天，所以我很期待談話給你更多關於明年春天的信息。

How is the consumer business in the mean time?

與此同時，消費者業務如何？

What do you mean by consumer business?

消費業務是什麼意思？

You folks still have some graphics business with Motorola?

你們和摩托羅拉還有一些圖形業務嗎？

It's insignificant (multiple speakers)

無關緊要（多位發言者）

Essentially I shouldn't worry about that at all in Q4?

基本上我不應該在第四季度擔心這個？

No, it's been insignificant for a long time.

不，它已經微不足道了很長時間。

Marv, if I look at next year, your different segment of the business, I would assume that I should get growth out of your chipset. That's the highest probably of absolute revenue growth and then Tegra should be behind that. In a difficult economic environment if you execute well on the GPU side, can you actually grow revenue at all?

Marv，如果我看看明年，你的不同業務部門，我會假設我應該從你的芯片組中獲得增長。這可能是絕對收入增長的最高值，然後 Tegra 應該落後。在困難的經濟環境中，如果你在 GPU 方面表現出色，你真的能增加收入嗎？

My answer I think is yes. But don't forget Tesla. In terms of significant revenue growth, obviously Tegra and the MCP business, but Tesla is also in that same category.

我認為我的答案是肯定的。但不要忘記特斯拉。就收入顯著增長而言，顯然是 Tegra 和 MCP 業務，但特斯拉也屬於同一類別。

That's tens of millions of dollars.

那是數千萬美元。

We hope it's more than that. Here's the way I think would break it down. GeForce desktop, our growth opportunity comes from capturing share back. Our MCP business, obviously greater exposure to notebook is a wonderful thing. And then Quadro is a growth business, Tesla is a growth business and Tegra is a growth business. We know those three product lines are all going to grow next year.

我們希望它不止於此。這是我認為可以打破它的方式。 GeForce 台式機，我們的增長機會來自於奪回份額。我們的MCP業務，顯然更多地接觸筆記本是一件美妙的事情。然後 Quadro 是一家成長型企業，特斯拉是一家成長型企業，Tegra 是一家成長型企業。我們知道這三個產品線明年都會增長。

Doug Freedman, American Technology Research.

Doug Freedman，美國技術研究所。

Last quarter you made a significant comment about the demand you were seeing in the marketplace regarding mix shift. Can you tell us if you've seen a continuation there, any changes and just an update?

上個季度，您對市場上關於混合轉變的需求發表了重要評論。你能告訴我們你是否在那裡看到了延續，任何變化，只是一個更新？

I don't think I have seen any change. Are you referring to, Doug, what we call the sort of disappearance of the low-end of the discrete desktop?

我認為我沒有看到任何變化。 Doug，您指的是我們所說的低端獨立台式機的消失嗎？

Correct.

正確的。

I don't think we've seen any change to that. That's becoming in our view a mobile market.

我認為我們沒有看到任何變化。在我們看來，這正在成為一個移動市場。

A lot of people have called it the carving out of the mid-range and where there is the mid-range PC market and mid-range other markets. And what we're seeing is that the mid-range PC market is either moving to lower end or it's moving to notebooks. And that's why it's so important for us to have the 9400M Intel notebook platform exposure because that's a lot of the growth is in notebooks right now as you know.

很多人稱其為中檔市場的開拓，其中有中檔 PC 市場和中檔其他市場。我們看到的是，中端個人電腦市場要么正在轉向低端，要么正在轉向筆記本電腦。這就是為什麼讓 9400M 英特爾筆記本平台曝光對我們如此重要的原因，因為如您所知，這就是筆記本電腦的大部分增長。

Can you update us as far as ongoing negotiations to secure capacity at leading-edge nodes going forward? I know there was some concern about your partner committing enough capital to meet the demands of a $4 billion company. Can you discuss any progress you may have had there?

您能否更新我們正在進行的談判以確保未來領先節點的容量？我知道有人擔心你的合作夥伴投入足夠的資金來滿足一家 40 億美元公司的需求。你能談談你在那裡可能取得的任何進展嗎？

I would think that with -- I'm hoping that we grow next year and I think we have a good shot at growing next year. But considering there are so many people who are backing out of orders and reducing inventory and slowing wafer starts and things like that, I would think that getting capacity would be a lesser concern now than before.

我會認為——我希望我們明年能成長，我認為我們明年有很好的成長機會。但考慮到有這麼多人退出訂單、減少庫存、減緩晶圓開工等等，我認為現在獲得產能的問題將比以前少。

And 40 nm is a solid node but so is 55 nm and we will use as much of both as we can. So we will continue to work with TSMC and they're a wonderful partner and we both obviously want to make sure that whatever opportunities are there in the marketplace for us, that we're both thoughtful about going after it. So I think we're both on the same side of the table.

40 nm 是一個實心節點，但 55 nm 也是如此，我們將盡可能多地使用兩者。因此，我們將繼續與台積電合作，他們是一個很好的合作夥伴，我們顯然都希望確保市場上對我們來說有任何機會，我們都在考慮如何去追求它。所以我認為我們都在桌子的同一邊。

My last one, Marv, just a little bit of a housekeeping question for you. You spent $300 million buying back shares. Did you have an average share price to that or can you offer us some guidance on where you think the share count will be next quarter?

我的最後一個，Marv，對你來說只是一個家務問題。你花了 3 億美元回購股票。您是否對此有平均股價，或者您能否就您認為下一季度的股票數量向我們提供一些指導？

The price was $12.99. I thought it was a bargain at the time. No, I have no comment about the shares going forward. That would be a function of a lot of different things -- options issued, people leaving, repurchasing, anything.

價格為 12.99 美元。我當時覺得這很划算。不，我對未來的股票沒有評論。這將是許多不同事物的功能——發行期權、人們離開、回購等等。

What is left on the repurchase authorization?

回購授權還剩下什麼？

About 1.3 billion.

約13億。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

Jen-Hsun, how defensible is a single chipset as you guys are doing it? How long will it take for the competition to do that? It seems to me it kind of locks you in in a way that it's very difficult for some of your competitors to do multi-GPU type functionality on a notebook. Thanks.

Jen-Hsun，你們這樣做的單個芯片組的防禦性如何？比賽需要多長時間才能做到這一點？在我看來，它以某種方式鎖定了您，您的一些競爭對手很難在筆記本電腦上執行多 GPU 類型的功能。謝謝。

It's really, really hard to do. If you think about the current PC architecture, to deliver that functionality requires four chips and now with the new laptops with the 9400M, it only requires two chips, the CPU and the GPU.

真的，真的很難做到。如果您考慮當前的 PC 架構，則提供該功能需要四個芯片，而現在使用配備 9400M 的新筆記本電腦，它只需要兩個芯片，即 CPU 和 GPU。

We know that Intel is working towards a two-chip architecture as well, the CPU and then the chipset. And as you know by now, that project has been delayed by a year now. And so it is hard to do.

我們知道英特爾也在努力開發雙芯片架構，即 CPU 和芯片組。正如你現在所知道的，這個項目現在已經推遲了一年。所以很難做到。

It's a lot of functionality to integrate into one chip and it took us a fair amount of work to build something like that for the notebook as well. And so now we have a chassis. It sits next to an amazing processor, the Core 2 Duo, the best processor that frankly anybody in the world has ever built. And it is fast and it's low-power and so between the Core 2 Duo and 9400M, it makes a wonderful notebook.

將很多功能集成到一個芯片中，我們也花費了大量的工作來為筆記本構建類似的東西。所以現在我們有了一個底盤。它與令人驚嘆的處理器 Core 2 Duo 相鄰，坦率地說，這是世界上任何人製造的最好的處理器。它速度快、功耗低，介於 Core 2 Duo 和 9400M 之間，是一款出色的筆記本電腦。

And so our intention is to introduce a few more versions of this chassis and continue to enhance the experience of notebooks going forward. So I am really, really excited about 9400M. This was a very, very hard project for us and for anybody in the world to have accomplished. And so I think this is an investment that is going to pay off for several years.

因此，我們打算推出更多此機箱的版本，並繼續提升筆記本電腦的體驗。所以我對 9400M 感到非常非常興奮。對於我們和世界上任何人來說，這是一個非常非常艱鉅的項目。所以我認為這是一項將在幾年內獲得回報的投資。

As a quick follow-up, is there any update or status on the notebook GPU recall that you guys took a charge for last quarter? Is there any risk to a desktop recall on that same topic?

作為快速跟進，你們上個季度負責的筆記本 GPU 召回是否有任何更新或狀態？在同一主題上召回桌面是否有任何風險？

It's been relatively quiet actually. We're working with all the OEMs still. Nothing has really changed. And so I don't know that there is anything new to report.

其實一直比較安靜。我們仍在與所有原始設備製造商合作。什麼都沒有真正改變。所以我不知道有什麼新東西要報告。

We're working -- everything was -- so far things are consistent with our model if not a little bit better than that. So we're just working with our OEMs and making sure that, number one, they understand the issues and that they are taking immediate and appropriate steps to improve whatever thermal management techniques are available in the notebooks and then working with them to support the end users if an end user were to report a problem.

我們正在努力——一切都是——到目前為止，一切都與我們的模型一致，即使不是比這更好一點。因此，我們只是與我們的 OEM 合作，並確保第一，他們了解問題，並立即採取適當的措施來改進筆記本電腦中可用的任何熱管理技術，然後與他們合作以支持最終用戶，如果最終用戶要報告問題。

So that is our strategy and we're focused on that. Nothing has really changed this quarter.

這就是我們的戰略，我們專注於此。本季度沒有什麼真正改變。

Tim Luke, Barclays Capital.

巴克萊資本的蒂姆·盧克。

Could you, this conference, just remind us with respect to the new architecture what sort of timeline you're looking at in terms of introducing that next year? And then just a follow-up on the prior question, what are the key milestones in terms of getting through the clearance associated with any of the issues lingering from the recall or the issues that you had in terms of the write-down that you've already taken of I think $196 million?

您能否在本次會議上提醒我們關於新架構的問題，您正在考慮明年推出新架構的時間表？然後只是對上一個問題的跟進，在通過與召回相關的任何問題或您在減記方面遇到的問題相關的許可方面的關鍵里程碑是什麼？已經拿走了我想的 1.96 億美元？

I have to admit, I didn't completely understand your English, the first part of it. I'm sorry about that.

我不得不承認，我沒有完全理解你的英語，它的第一部分。對此我很抱歉。

The second question I think I do know the answer to. We have completely transitioned out of that material set. All of our OEMs are perfectly comfortable with the new material set and we're seeing no impediments and issues anywhere as a result of that.

第二個問題我想我知道答案。我們已經完全脫離了那個材料集。我們所有的原始設備製造商都對新材料集感到非常滿意，因此我們沒有看到任何障礙和問題。

If anything at all, our OEMs are pleased that we stand behind our products and that we're working with them to overcome the issue for both of us. (multiple speakers) question?

如果有的話，我們的原始設備製造商很高興我們支持我們的產品，並且我們正在與他們合作為我們雙方解決這個問題。 （多位發言者）問題？

So you think that the $196 million is going to cover it for sure?

所以你認為 1.96 億美元肯定會覆蓋它嗎？

We don't know until we are done but our -- nothing that we have seen so far would suggest that we should change it at this time. What was the first question?

在我們完成之前我們不知道，但我們的 - 到目前為止我們所看到的任何內容都不會表明我們應該在這個時候改變它。第一個問題是什麼？

The first question was in terms of the major offering initiative, you go from 65 to 55 then down to 40. You have in terms of new products, a new architecture I believe that's likely to come out in the middle of calendar '09. Do you have any outlays there in terms of, A, timeline; and to, B, what some of the milestones may be for that offering?

第一個問題是關於主要產品計劃，從 65 到 55，然後下降到 40。就新產品而言，我相信新架構可能會在 09 年中期出現。 A、時間表方面是否有任何支出？ B，該產品的一些里程碑可能是什麼？

I see, if I told you, then the competition would know too. I find myself -- I want to tell you, I can't wait to tell you. It's going to be a fabulous processor. We're working really hard on it. It's a very, very large undertaking and building a new architecture of this magnitude is a multi-hundred million dollar undertaking anymore. So it's a big, big deal. I'm very excited about it and I can't wait to tell you about it hopefully next year.

我明白了，如果我告訴你，那麼競爭對手也會知道的。我發現自己——我想告訴你，我迫不及待地想告訴你。這將是一個很棒的處理器。我們正在努力工作。這是一項非常非常大的事業，建造如此規模的新架構不再是一項價值數億美元的事業。所以這是一件大事，大事。我對此感到非常興奮，我迫不及待地希望明年告訴你。

Do you think that that is the key point in terms of shares either increasing again for you? Or do you think the 40 nm introduction before that may be a turning point in terms of market share dynamics?

你認為這對你來說是股價再次上漲的關鍵嗎？或者您認為之前的 40 nm 引入可能是市場份額動態的轉折點？

We lost some share recently because of our transition and our competition surprised us with a significantly lower cost and we were caught off guard and we shouldn't have been. But we're not caught off guard now and it's time for us to go get our market share back.

由於我們的過渡，我們最近失去了一些份額，而我們的競爭以顯著降低的成本讓我們感到驚訝，我們措手不及，我們不應該如此。但我們現在並沒有措手不及，現在是我們奪回市場份額的時候了。

We have better architecture and our architecture is much, much more robust in a lot of different ways; much more features, it's not just graphics. It has physics processing and has image processing and video processing. And I mentioned earlier that we're going to introduce a really amazing new capability called stereoscopic 3-D.

我們有更好的架構，而且我們的架構在很多方面都更加健壯；更多功能，不僅僅是圖形。它有物理處理，有圖像處理和視頻處理。我之前提到過，我們將引入一種非常驚人的新功能，稱為立體 3-D。

Those capabilities are simply not available when you just have a graphics chip. So our focus as a company is to expand the GPU market. We're trying to expand the GPU market by enabling the GPU to do more than just graphics.

當您只有一個圖形芯片時，這些功能根本不可用。因此，作為一家公司，我們的重點是擴大 GPU 市場。我們正試圖通過讓 GPU 做的不僅僅是圖形來擴大 GPU 市場。

And so we're going to continue to do that. Over the years we've increased the size of the GPU market beyond anyone's expectations. And I think that our imagination surely at the moment exceeds everybody's expectation in the world today.

所以我們將繼續這樣做。多年來，我們擴大了 GPU 市場的規模，超出了所有人的預期。而且我認為我們此刻的想像肯定超出了當今世界上每個人的期望。

So I think that you're going to find GPU's in supercomputing clusters. You're going to find GPU's, multiple GPU's in your workstations, some of it for graphics, the some of it for computing.

所以我認為你會在超級計算集群中找到 GPU。你會在你的工作站中找到 GPU，多個 GPU，其中一些用於圖形，一些用於計算。

You're going to see GPU's used for video editing and image processing and physics simulations. And so GPU's will become more and more valuable and do more and more computation for your PC. So I think that that is our primary focus. I expect we're going to continue to grow our GPU business and grow the overall GPU TAM because of our innovations.

您將看到 GPU 用於視頻編輯和圖像處理以及物理模擬。因此，GPU 將變得越來越有價值，並為您的 PC 進行越來越多的計算。所以我認為這是我們的主要關注點。由於我們的創新，我預計我們將繼續發展我們的 GPU 業務並發展整體 GPU TAM。

We have no more time for questions. I'll now turn the call back over to Jen-Hsun. Please go ahead.

我們沒有時間提問了。我現在將電話轉回給仁勳。請繼續。

Thank you for joining us today. We look forward to reporting our progress for Q4.

感謝您今天加入我們。我們期待報告第四季度的進展。

Ladies and gentlemen, that does conclude the conference call for today. We thank you all for your participation and ask that you please disconnect your lines. Have a great day everyone.

女士們先生們，今天的電話會議到此結束。我們感謝大家的參與，並要求您斷開線路。祝大家有個美好的一天。