輝達 (NVDA) 2009 Q4 法說會逐字稿

Good afternoon.

下午好。

Thank you for holding.

謝謝你的捧場。

I would now like to turn the call over to Michael Hara, Vice President, Investor Relations.

我現在想將電話轉給投資者關係副總裁 Michael Hara。

Thank you.

謝謝你。

Sir, you may begin.

先生，您可以開始了。

Thanks, Will.

謝謝，威爾。

Good afternoon, and welcome to NVIDIA's conference call for the fourth quarter ended January 25, 2009.

下午好，歡迎參加 NVIDIA 於 2009 年 1 月 25 日結束的第四季度電話會議。

Today's call is being recorded.

今天的電話正在錄音。

If you have any questions, please disconnect at this time -- or I'm sorry -- if you have any objections.

如果您有任何問題，請在此時斷開連接——或者我很抱歉——如果您有任何異議。

On the call today for NVIDIA are Jen-Hsun Huang, NVIDIA's President and Chief Executive Officer, and Marv Burkett, NVIDIA's Chief Financial Officer.

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

Before we begin, I'd 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.

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美國證券交易委員會的文件、我們的收益發布以及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 first quarter of fiscal 2010.

在我們召開電話會議討論我們 2010 財年第一季度的財務業績之前，該網絡廣播將一直播放。

Also, shareholders can listen to a live webcast of today's call via the Investor Relations page of our website.

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網絡直播。

During this call, we will discuss some non-GAAP financial measures and diluted net income per share, tax rate and gross margin when talking about our results.

在本次電話會議中，我們將在談論我們的業績時討論一些非公認會計準則財務指標和稀釋後的每股淨收入、稅率和毛利率。

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.

您可以在我們網站上發布的財務發布中找到這些非公認會計原則財務指標與公認會計原則財務指標的對賬。

Unless otherwise noted, all references to research market and marketshare numbers throughout the call come from Mercury Research or Jon Peddie Research.

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據的所有引用均來自 Mercury Research 或 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.

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.

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。

These forward-looking statements are subject to a number of significant risks and uncertainties, including statements as of our financial outlook and projections; the important impact to performance and availability of and demand and usage for our products and technologies; our competitive position and marketshare; our cash conservation efforts; and our growth priorities, initiatives, innovations, advancements and strategies.

這些前瞻性陳述受到許多重大風險和不確定性的影響，包括關於我們財務前景和預測的陳述；對我們的產品和技術的性能和可用性以及需求和使用的重要影響；我們的競爭地位和市場份額；我們的現金保護工作；以及我們的增長重點、舉措、創新、進步和戰略。

Our actual results may differ materially from results discussed in any forward-looking statements.

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。

For a complete discussion of factors that could affect our future financial results and business, please refer to our Form 10-Q for the fiscal period ended October 26, 2008 and reports on Form 8-K filed with the Securities and Exchange Commission.

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，請參閱我們截至 2008 年 10 月 26 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, except as required by law, we assume no obligation to update any such statements.

所有前瞻性陳述均基於我們今天可獲得的信息，截至本協議日期作出，除法律要求外，我們不承擔更新任何此類陳述的義務。

The content of the webcast contains time-sensitive information that is accurate only as of February 10, 2009.

網絡廣播的內容包含截至 2009 年 2 月 10 日準確的時間敏感信息。

Consistent with the requirements under regulation FD, we'll be providing public guidance directly in the conference call and will be unable to provide significantly more information in off-line conversations or during the quarter.

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

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

因此，應在本次電話會議期間詢問有關我們財務預期的問題。

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

在我們準備好的評論結束時，您將有時間提問。

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

為了讓更多的人提問，請把自己限制在一個問題上。

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

在我們回復後，我們將允許一個後續問題。

With that, I will turn the call over to Jen-Hsun.

有了這個，我會把電話轉給仁勳。

Thanks, Mike.

謝謝，邁克。

Good afternoon, and thank you for joining us today.

下午好，感謝您今天加入我們。

Fiscal 2009 ended in an extraordinary fashion.

2009 財年以非凡的方式結束。

We reported revenue for the year of $3.4 billion and a GAAP loss of $0.05 per share.

我們報告了 34 億美元的年度收入和每股 0.05 美元的 GAAP 虧損。

The environment is clearly difficult and uncertain, so our first priority is to set an operating expense level that balances cash conservation, while allowing us to continue to invest in initiatives that are of great importance to the market and in which we lead the industry.

環境顯然是困難和不確定的，因此我們的首要任務是設定一個平衡現金節約的運營費用水平，同時讓我們能夠繼續投資於對市場非常重要且我們引領行業的舉措。

We have initiatives in all areas to reduce operating expenses.

我們在所有領域都採取了減少運營費用的舉措。

Our stretch goal is to reduce operating expense by $35 million from the current level of $300 million per quarter by the end of Q2.

我們的延伸目標是到第二季度末將運營費用從當前每季度 3 億美元的水平減少 3500 萬美元。

Although fiscal 2009 was extremely difficult, it was also one of our best years for innovation.

儘管 2009 財年極其困難，但它也是我們創新最好的年份之一。

We made important advances in many areas.

我們在許多領域取得了重要進展。

In graphics processing, after a stumble in Q2, we have regained our performance leadership position with the GeForce GTX 295, GTX 285 and the GTX 260.

在圖形處理方面，在第二季度遭遇挫折之後，我們憑藉 GeForce GTX 295、GTX 285 和 GTX 260 重新獲得了性能領先地位。

We introduced, PhysX, the industry's first GPU accelerated PhysX processing.

我們推出了業界首款 GPU 加速 PhysX 處理的 PhysX。

Major studios including Electronic Arts, THQ, and Take 2 have standardized on PhysX.

包括 Electronic Arts、THQ 和 Take 2 在內的主要工作室已經在 PhysX 上進行了標準化。

DriverHeaven noted that there are real visual benefits to be had from enabling PhysX in games such as Mirror's Edge.

DriverHeaven 指出，在 Mirror's Edge 等遊戲中啟用 PhysX 可以獲得真正的視覺效果。

Bid Tech said that the PhysX content enhances the gaming experience, giving a tangible benefit to being an NVIDIA card owner.

Bid Tech 表示，PhysX 內容增強了遊戲體驗，為成為 NVIDIA 卡擁有者帶來了實實在在的好處。

Gamers have been stunned by our 3D Vision full HD stereoscopic solution.

我們的 3D Vision 全高清立體解決方案讓遊戲玩家大吃一驚。

3D Vision is the first-ever high-resolution stereo 3D solution for the home.

3D Vision 是首個用於家庭的高分辨率立體 3D 解決方案。

Bjorn3D said that once you have it, you will never give it up.

Bjorn3D 說過，一旦擁有，就永遠不會放棄。

PC Magazine described it as a mind-blowing innovation.

PC Magazine 將其描述為一項令人興奮的創新。

In Q4, we recaptured marketshare in the Performance segment.

在第四季度，我們在性能領域重新奪回了市場份額。

We intend to continue share gains by offering the highest performance products, while differentiating with our advantages in PhysX, CUDA and 3D Vision.

我們打算通過提供最高性能的產品來繼續分享收益，同時利用我們在 PhysX、CUDA 和 3D Vision 方面的優勢進行差異化。

We shipped Tesla for revenues this year, and officially started the era of GPU computing, where our CUDA parallel processing architecture can accelerate compute-intensive applications by 100 times over a CPU alone.

我們今年交付了特斯拉，並正式開啟了 GPU 計算時代，在這個時代，我們的 CUDA 並行處理架構可以將計算密集型應用程序的速度提高 100 倍，僅是一個 CPU。

CUDA has well over 25,000 developers around the world.

CUDA 在全球擁有超過 25,000 名開發人員。

With CUDA, we're able to speed up general-purpose compute-intensive applications, like we do for 3D graphics processing.

借助 CUDA，我們能夠加速通用計算密集型應用程序，就像我們對 3D 圖形處理所做的那樣。

Developers are finding major speed-ups for algorithms ranging from nanomolecular dynamics to image processing, medical image reconstruction, and derivatives modeling for financial risk analysis.

開發人員正在發現從納米分子動力學到圖像處理、醫學圖像重建和金融風險分析衍生品建模等算法的重大加速。

Over 100 universities around the world, including DMIT, The University of Illinois at Urbana-Champaign, and The National Taiwan University, now teach parallel computing with CUDA.

全球 100 多所大學，包括 DMIT、伊利諾伊大學厄巴納-香檳分校和國立台灣大學，現在使用 CUDA 教授並行計算。

ASUS, Bull, Cray, Dell, HP and Lenovo now offer high-performance computing solutions with Tesla.

ASUS、Bull、Cray、Dell、HP 和 Lenovo 現在與 Tesla 一起提供高性能計算解決方案。

There are now over 1,000 customers around the world, including Motorola, Chevron, GE Healthcare, and even General Mills, the consumer products company.

現在全球有超過 1,000 家客戶，包括摩托羅拉、雪佛龍、GE Healthcare，甚至是消費品公司通用磨坊。

Tesla has become the first GPU used in super computing and now powers Japan's Tsubame, the 29th fastest supercomputer in the world.

Tesla 已成為第一個用於超級計算的 GPU，現在為日本 Tsubame 提供動力，它是世界上第 29 位最快的超級計算機。

And Wipro Technologies, responding to market demand, now offers CUDA programming services.

Wipro Technologies 響應市場需求，現在提供 CUDA 編程服務。

Aside from the thousands of researchers who have used CUDA to accelerate their time-to-discovery, popular off-the-shelf software packages, such as ANSIS, LabVIEW, and Mathematica are now CUDA-accelerated.

除了數以千計的研究人員使用 CUDA 來加快他們的發現時間之外，諸如 ANSIS、LabVIEW 和 Mathematica 等流行的現成軟件包現在也可以使用 CUDA 加速。

Symcor sells check scanners that use CUDA for image recognition to detect fraud.

Symcor 銷售使用 CUDA 進行圖像識別以檢測欺詐的支票掃描儀。

CyComp uses CUDA in their derivatives pricing software.

CyComp 在其衍生品定價軟件中使用 CUDA。

And medical equipment is now -- is available from Techniscan that uses CUDA to enhance early detection of breast cancer, reducing the analysis from a three-hour process to just 16 minutes, making single-visit diagnosis possible for the first time.

現在，Techniscan 提供了醫療設備，該設備使用 CUDA 來增強乳腺癌的早期檢測，將分析過程從 3 小時縮短到 16 分鐘，首次使單次訪問診斷成為可能。

We launched a Tesla personal supercomputer and enabled a 4 teraflop supercomputer at the price of a typical workstation.

我們推出了特斯拉個人超級計算機，並以典型工作站的價格啟用了 4 teraflop 的超級計算機。

We estimate 15 million scientists and engineers worldwide can benefit from this breakthrough.

我們估計全球有 1500 万科學家和工程師可以從這一突破中受益。

HPC, High Performance Computing Wire, described it as the biggest news of the Supercomputing '08 show.

HPC，High Performance Computing Wire，將其描述為 Supercomputing '08 展會的最大新聞。

Cray, with a CX1, was the first to ship a Tesla personal supercomputer.

擁有 CX1 的 Cray 率先推出了特斯拉個人超級計算機。

One of our major initiatives last year was to capture a significant position in mobile computing by introducing innovative and market-defining products.

去年我們的一項主要舉措是通過引入創新和市場定義的產品在移動計算領域佔據重要地位。

Notebook is the fastest-growing segment of the PC market, and one that we can offer a great deal of value.

筆記本電腦是 PC 市場中增長最快的部分，我們可以提供很大的價值。

Through low-power architecture innovation, our GPUs can simultaneously increase notebook performance, while extending battery life.

通過低功耗架構創新，我們的 GPU 可以同時提高筆記本電腦性能，同時延長電池壽命。

We announced Ion, a high-performance GPU that also incorporates all system, networking and IO functions into a single chip.

我們發布了 Ion，這是一款高性能 GPU，它還將所有系統、網絡和 IO 功能整合到一個芯片中。

Steve Jobs called it an incredible chip.

史蒂夫喬布斯稱其為令人難以置信的芯片。

Ion is at the core of every MacBook from the Air to the Pro.

從 Air 到 Pro，Ion 是每台 MacBook 的核心。

The Ion platform is now shipping, or will be soon, from virtually every major PC OEM.

Ion 平台現在或即將從幾乎所有主要的 PC OEM 處發貨。

At CES, we launched Ion for Intel's Atom CPU.

在 CES 上，我們為英特爾的 Atom CPU 推出了 Ion。

Even coupled with the smallest x86 CPU in the world, the performance is astounding.

即使再加上世界上最小的 x86 CPU，性能也是驚人的。

Techgage described the Ion PC as a potent little computer with almost limitless possibilities, and gave it a Best of CES award.

Techgage 將 Ion PC 描述為具有幾乎無限可能性的強大小型計算機，並授予它最佳 CES 獎。

It was also awarded the Best Enabling Technology by LAPTOP Magazine.

它還被 LAPTOP 雜誌評為最佳支持技術。

And Computer Reseller News described it as one of the top 10 biggest chip stories of 2008.

Computer Reseller News 將其描述為 2008 年十大最大的芯片故事之一。

We also made great progress with Tegra, our ultra-low-power mobile computing processor.

我們的超低功耗移動計算處理器 Tegra 也取得了很大進展。

Tegra is a single-chip mobile computer that delivers a full Internet experience, while consuming one-twentieth the power of even the lowest power x86 PCs.

Tegra 是一款單芯片移動數據終端，可提供完整的互聯網體驗，而功耗僅為最低功耗 x86 PC 的二十分之一。

Tegra enables a new class of mobile Internet computing devices that allow for many days of use, as opposed to the several hours of battery life for a notebook PC.

Tegra 實現了一種新的移動互聯網計算設備，可以使用很多天，而不是筆記本電腦的幾個小時的電池壽命。

Tegra has been designed into personal media players, personal navigation devices, Smartphones, and mobile Internet computers, and we'll see revenue ramping in the second half of this year.

Tegra 已被設計用於個人媒體播放器、個人導航設備、智能手機和移動互聯網電腦，我們將在今年下半年看到收入增長。

We have three major strategic objectives this year -- lead the industry in graphics processing, revolutionize computing with CUDA and Tesla, and establish NVIDIA as a low-power innovator by creating breakthrough products for mobile computing.

今年我們有三大戰略目標——引領圖形處理行業，與 CUDA 和 Tesla 一起革新計算，以及通過為移動計算創造突破性產品將 NVIDIA 確立為低功耗創新者。

I am pleased with the excellent achievements we made in each of these important areas.

我對我們在這些重要領域取得的卓越成就感到高興。

Let me turn the call over to Marv to discuss our financial results.

讓我把電話轉給 Marv 討論我們的財務業績。

I will return in a moment to talk of our future opportunities.

我稍後會回來談談我們未來的機會。

Thanks, Jen-Hsun.

謝謝，仁勳。

My comments today will cover both the full year and the fourth quarter of fiscal year 2009 that ended January 25, 2009, including comments on both GAAP and non-GAAP results.

我今天的評論將涵蓋截至 2009 年 1 月 25 日的 2009 財年全年和第四季度，包括對 GAAP 和非 GAAP 結果的評論。

A full reconciliation between GAAP and non-GAAP is included in our press release and on our website.

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。

Revenue for the fourth quarter was $481.1 million, which is down 46% from Q3, and is down 60% year-over-year.

第四季度收入為 4.811 億美元，比第三季度下降 46%，同比下降 60%。

Revenue for the full year was $3.4 billion, which is down from the prior year by 16%.

全年收入為 34 億美元，比上年下降 16%。

The weakness in demand for the fourth quarter was across-the-board.

第四季度的需求疲軟是全面的。

Compared to Q3, the GPU business was down 47%; the professional service business was down 44%; and the MCP business was down 51%.

GPU業務較Q3下降47%；專業服務業務下降44%； MCP業務下降了51%。

There were no safehavens.

沒有避風港。

Within the GPU business, desktop was down 34%, as we believe we regained some marketshare, particularly in the high-end, but the overall Ion market was very soft.

在 GPU 業務中，台式機下降了 34%，因為我們相信我們重新獲得了一些市場份額，尤其是在高端市場，但整體 Ion 市場非常疲軟。

Notebook was down 63%, reflecting the buying trend toward low-end systems with integrated graphics.

筆記本電腦下降了 63%，反映出購買低端集成顯卡系統的趨勢。

Memory was down to $7.2 million for the quarter from $22.3 million from prior quarter.

本季度內存從上一季度的 2230 萬美元降至 720 萬美元。

All of this was in the environment of the channel depleting inventory.

所有這一切都是在渠道耗盡庫存的環境中發生的。

Therefore, our sell-in was less than the channel's sell-out.

因此，我們的銷售量低於渠道的銷售量。

We believe current channel inventory is only slightly more than one month, down from almost three months last quarter.

我們認為目前的渠道庫存僅略高於一個多月，低於上一季度的近三個月。

ASP's across-the-board were relatively unchanged from the prior quarter, so the decline in revenue was primarily a reflection of the decline in unit volume.

平均售價與上一季度相比總體保持不變，因此收入下降主要反映了單位銷量的下降。

Gross margin for the quarter was 29.4% on a GAAP basis.

按公認會計原則計算，本季度的毛利率為 29.4%。

Included in the GAAP results were several items worth mentioning.

GAAP 結果中包括幾個值得一提的項目。

For the quarter, we took new inventory reserves of slightly more than $50 million.

本季度，我們的新庫存儲備略高於 5000 萬美元。

Normally, we take reserves of $5 million to $10 million.

通常，我們準備 500 萬到 1000 萬美元。

These additional reserves reflect the reduced demand in the marketplace.

這些額外的儲備反映了市場需求的減少。

These additional reserves cost us almost 10 percentage points in gross margin for the quarter.

這些額外的儲備使我們本季度的毛利率損失了近 10 個百分點。

Without these reserves, gross margins still would have declined quarter-to-quarter, but more in line with the market movement toward the low-end SKUs.

如果沒有這些儲備，毛利率仍會按季度下降，但更符合市場向低端 SKU 的趨勢。

Also included in the GAAP results is a small, initial insurance reimbursement for the weak die packaging material set warranty issue that we recognized in Q2.

GAAP 結果中還包括我們在第二季度確認的薄弱模具包裝材料組保修問題的小額初始保險報銷。

Since our estimate for the cost of this warranty issue is unchanged, most of the insurance proceeds were recognized as a reduction of cost of goods sold for GAAP purposes.

由於我們對該保修問題的成本估計沒有變化，因此大部分保險收益被確認為按公認會計原則出售的商品成本的減少。

Stock-based compensation allocated to cost of goods sold was approximately $2 million for the quarter.

本季度分配給已售商品成本的股票補償約為 200 萬美元。

Operating expenses included a non-recurring charge of $18.9 million associated with the termination of a development contract related to a new campus construction project that we have put on hold.

運營費用包括與終止與我們擱置的新校園建設項目相關的開發合同相關的 1890 萬美元的非經常性費用。

Without this charge, operating expenses would have been below our guidance.

如果沒有這項費用，運營費用將低於我們的指導。

As Jen-Hsun said, we have initiated many cost reduction efforts, and even in Q4, some of them began to take effect.

正如仁勳所說，我們已經發起了許多降本的努力，甚至在第四季度，其中一些已經開始生效。

Without stock-based compensation and the non-recurring charge, operating expenses were down from the third quarter.

在沒有基於股票的補償和非經常性費用的情況下，運營費用比第三季度有所下降。

Headcount for the quarter and the year ended at 5,420, which is up 127 from the third quarter and up 435 for the year.

本季度和年度的員工人數為 5,420 人，比第三季度增加了 127 人，全年增加了 435 人。

We essentially have a hiring freeze in place, with only the most critical positions being filled.

我們基本上已經凍結了招聘，只填補了最關鍵的職位。

The tax rate for the quarter was a credit of 13.3%, and for the year, it was a credit of 30%.

本季度的稅率為 13.3%，全年為 30%。

GAAP net loss for the quarter was $147.7 million and non-GAAP was a loss of $94.4 million.

本季度 GAAP 淨虧損為 1.477 億美元，非 GAAP 淨虧損為 9440 萬美元。

GAAP net loss for the year was $30 million and for non-GAAP, it was a net income of $303 million.

當年的 GAAP 淨虧損為 3000 萬美元，非 GAAP 的淨收入為 3.03 億美元。

On the balance sheet -- we ended the quarter with $1.26 billion in cash, cash equivalents and marketable securities.

在資產負債表上——我們在本季度末擁有 12.6 億美元的現金、現金等價物和有價證券。

This is down approximately $49 million from the prior quarter.

這比上一季度減少了約 4900 萬美元。

Operating activities in the quarter used only about $20 million in cash, which reflects good asset management in light of the significant decline in revenue.

本季度的經營活動僅使用了約 2000 萬美元的現金，這反映了在收入大幅下降的情況下良好的資產管理。

Accounts Receivable declined by $289 million quarter-to-quarter, reflecting the comparable revenue decline.

應收賬款按季下跌 2.89 億元，反映可比收入下跌。

The Days Sales Outstanding declined slightly quarter-to-quarter, and so far, Receivables appear to be in good shape.

未結銷售天數環比略有下降，到目前為止，應收賬款似乎狀況良好。

Inventories grew by $14 million quarter-to-quarter, even after the additional inventory reserves.

即使在額外的庫存儲備之後，庫存也比季度增長了 1400 萬美元。

Obviously, the significant decline in revenue left us with a lot of inventory.

顯然，收入的大幅下降給我們留下了大量的庫存。

We believe the inventory is good; there's just a lot of it.

我們認為庫存良好；有很多。

As a result, we have significantly reduced our manufacturing demands.

因此，我們大大降低了我們的製造需求。

We expect to deplete significant amounts of inventory going forward.

我們預計未來將消耗大量庫存。

Depreciation and amortization in the quarter was $50 million, flat with Q3.

本季度的折舊和攤銷為 5000 萬美元，與第三季度持平。

And capital expenditures were $43 million, down from $109 million last quarter.

資本支出為 4300 萬美元，低於上一季度的 1.09 億美元。

We have a focus on reducing capital expenditures and want them to be less than depreciation and amortization on a quarterly basis.

我們專注於減少資本支出，並希望它們低於每季度的折舊和攤銷。

Accounts Payable declined by $168 million, as we scaled back production levels.

由於我們縮減了生產水平，應付賬款減少了 1.68 億美元。

As for an outlook, in this environment, it's almost impossible to give a reasonable and confident forecast.

至於前景，在這種環境下，幾乎不可能給出合理而自信的預測。

We were very wrong last quarter.

上個季度我們錯了。

In retrospect, October was the last decent month.

回想起來，十月是最後一個體面的月份。

And unfortunately, it was not in our quarter.

不幸的是，它不在我們的區域。

But based on the fact that sell-out for the channel exceeded our sell-in and the very low inventory levels in the channel, we do not see further declines in revenue.

但基於渠道的售罄超過了我們的銷售以及渠道中非常低的庫存水平這一事實，我們認為收入不會進一步下降。

Today, we can't say confidently when and by how much revenue will increase; we can only say that we currently don't see further declines and our outlook is for flat to slightly up revenue for the first quarter.

今天，我們不能自信地說何時以及增加多少收入。我們只能說我們目前沒有看到進一步的下降，我們的前景是第一季度的收入持平或略有上升。

As for gross margins, we currently do not expect significant inventory write-offs in Q1, and margins should return to the mid-30s.

至於毛利率，我們目前預計第一季度不會出現大量庫存沖銷，毛利率應該會回到 30 年代中期。

The one thing we can control is our operating expenses.

我們可以控制的一件事是我們的運營費用。

And as Jen-Hsun said, we're instituting many actions to contain and reduce OpEx.

正如仁勳所說，我們正在採取許多行動來控制和減少運營支出。

Normally, in Q1, operating expenses would be up $15 million or more from Q4, merely because of the FICO we have to pay in the beginning of the year and the reduced amount of time-off that employees take in Q1 relative to Q4.

通常，在第一季度，運營費用將比第四季度增加 1500 萬美元或更多，這僅僅是因為我們必須在年初支付的 FICO 以及員工在第一季度相對於第四季度的休假時間減少。

Because of the actions we have already taken, and further actions that we are implementing, we believe OpEx for the first quarter will be flat to slightly down from the Q4 level, and that these actions will lead to further reductions in Q2 and Q3.

由於我們已經採取的行動以及我們正在實施的進一步行動，我們認為第一季度的運營支出將與第四季度持平或略有下降，並且這些行動將導致第二季度和第三季度的進一步減少。

With that, I'll turn it back over to Jen-Hsun.

有了這個，我會把它交給仁勳。

Thanks, Marv.

謝謝，馬夫。

The GPU is the new soul of the PC.

GPU 是 PC 的新靈魂。

In high-performance computing, our GPUs are accelerating time-to-discovery, in many cases, 100 times.

在高性能計算中，我們的 GPU 正在加速發現時間，在許多情況下，加速了 100 倍。

It would take Moore's Law nearly 10 years to improve the performance of a computer 100 times.

摩爾定律需要將近 10 年的時間才能將計算機的性能提高 100 倍。

This speed-up is truly revolutionary.

這種加速確實是革命性的。

For gamers, our GPU not only renders a beautiful and immersive world, but with PhysX, we also simulate the physical properties of the world to bring more dynamics of realism.

對於遊戲玩家來說，我們的 GPU 不僅渲染了一個美麗而身臨其境的世界，而且通過 PhysX，我們還模擬了世界的物理屬性，以帶來更多的真實感動態。

We are delighting visual content creators around the world, as our CUDA GPUs make it possible for them to manipulate high-resolution images with great ease, and reduce video editing process from hours to minutes.

我們正在取悅世界各地的視覺內容創作者，因為我們的 CUDA GPU 使他們能夠輕鬆處理高分辨率圖像，並將視頻編輯過程從幾小時縮短到幾分鐘。

And for mobile computers, our GPU brings a level of performance that is surprising, while enhancing battery life at the same time.

對於移動計算機，我們的 GPU 帶來了令人驚訝的性能水平，同時延長了電池壽命。

Whether for gamers or digital artists or researchers, and from workstations to supercomputers, to game PCs to notebook PCs, the GPU is making the critical difference.

無論是遊戲玩家、數字藝術家或研究人員，從工作站到超級計算機，從遊戲 PC 到筆記本電腦，GPU 都發揮著至關重要的作用。

The GPU is the new soul of the PC.

GPU 是 PC 的新靈魂。

The word is spreading fast.

這個詞正在迅速傳播。

Wired Magazine recently wrote -- like a wisecracking sidekick who winds up stealing the movie from too-bland lead actor.

《連線》雜誌最近寫道——就像一個說俏皮話的伙伴，最終從過於平淡的男主角那裡偷走了電影。

Graphics processing units are edging more general purpose, central-processing units out of the limelight.

圖形處理單元正在使更通用的中央處理單元遠離聚光燈。

USA today wrote -- separate graphics chips, sometimes called discrete graphics, can vastly improve a PC's performance by crunching images separately, instead of relying on the main processor to do it.

《今日美國》寫道——獨立的圖形芯片，有時稱為獨立顯卡，可以通過單獨處理圖像來極大地提高 PC 的性能，而不是依靠主處理器來完成。

And CNET News said -- when you start looking at a PC today, the central processor means less and less.

而CNET News 說——當你今天開始關注PC 時，中央處理器的意義越來越小。

The GPU is simply becoming a better way for PC makers to differentiate.

GPU 正在成為 PC 製造商實現差異化的更好方式。

As the inventor of the GPU, our objective this year is to continue to expand the use and proliferate the adoption of GPUs.

作為 GPU 的發明者，我們今年的目標是繼續擴大 GPU 的使用範圍並擴大其採用率。

From notebook PCs to netbooks to supercomputing workstations to servers, we have great opportunities ahead to grow our business.

從筆記本電腦到上網本，從超級計算工作站到服務器，我們有很大的機會來發展我們的業務。

We are in the position to take share with GeForce as we continue to highlight our advantages with CUDA, PhysX, and 3D Vision.

隨著我們繼續突出我們在 CUDA、PhysX 和 3D Vision 方面的優勢，我們有能力與 GeForce 分享。

Tesla is now shipping and interest around the world continues to build.

特斯拉現在正在發貨，世界各地的興趣不斷增加。

We will ship Tegra this year.

我們將在今年推出 Tegra。

Both Tesla and Tegra take us into new growth markets and will increase our [TAMT].

特斯拉和 Tegra 都將我們帶入了新的增長市場，並將增加我們的 [TAMT]。

And with Ion, we are going to revolutionize the small and affordable notebook PC market, giving us growth into the fastest growing PC segment.

通過 Ion，我們將徹底改變小型且價格合理的筆記本電腦市場，使我們成長為增長最快的個人電腦市場。

During the year, we also have operational challenges we must address.

在這一年中，我們還面臨著必須解決的運營挑戰。

To get gross margins improving again, we must tackle our inventory management.

為了再次提高毛利率，我們必須解決庫存管理問題。

This is one of our top priorities and we will surely address it.

這是我們的首要任務之一，我們一定會解決它。

We will also be highly discriminating on spending, so as to conserve cash while allowing us to continue to invest and realizing our vision for the era of the GPU.

我們還將在支出上進行高度區分，以節省現金，同時讓我們繼續投資並實現我們對 GPU 時代的願景。

These are surely challenging times, but we are also more excited than ever about the prospects of the GPU and the importance of our work.

這些無疑是充滿挑戰的時代，但我們也比以往任何時候都更加興奮 GPU 的前景和我們工作的重要性。

We are delighted to take questions now.

我們很高興現在回答問題。

(Operator Instructions).

（操作員說明）。

Patrick Wang, Wedbush Morgan Securities.

韋德布什摩根證券公司的 Patrick Wang。

First off, can you help us understand what makes you feel confident about your revenue guidance and that you're not looking for a sequential decline in the upcoming quarter?

首先，您能否幫助我們了解是什麼讓您對自己的收入指導充滿信心，並且您不希望下一季度出現連續下滑？

Well, I guess I'll comment and I'll let Marv comment.

好吧，我想我會發表評論，然後讓 Marv 發表評論。

We track sell-outs rigorously in the marketplace.

我們在市場上嚴格跟踪售罄情況。

And you have now heard this from nearly every computer company in the world, just about every electronics company in the world, that for whatever reason, October was a reasonable month but November fell off a cliff.

你現在已經從世界上幾乎每一家計算機公司，幾乎每一家電子公司那裡聽到了這樣的話，不管出於什麼原因，10 月是一個合理的月份，但 11 月卻一落千丈。

November was the beginning of our quarter.

十一月是我們季度的開始。

And so we experienced three consecutive difficult months.

因此，我們連續經歷了三個月的艱難。

As we monitor our sell-outs, we saw that -- that very effect, that the end markets just got weaker starting in November.

當我們監控我們的售罄情況時，我們看到了——正是這種影響，終端市場從 11 月開始變得疲軟。

And since then, it has more or less flattened out, if not slightly increased a bit.

從那以後，它或多或少地趨於平緩，如果不是略微增加的話。

And because we know what we're selling into our customers and because we know what they're selling out, we have a pretty good sense that inventory levels are depleting very quickly.

而且因為我們知道我們在向客戶銷售什麼，並且因為我們知道他們在銷售什麼，所以我們非常清楚庫存水平正在迅速耗盡。

So that's how we get a sense of where we are in the business and we believe we've hit a trough.

這就是我們如何了解我們在業務中所處的位置，並且我們相信我們已經跌入谷底。

But the important thing is that we don't know what we don't know.

但重要的是我們不知道我們不知道什麼。

And there's a lot of people in the world who don't know what they don't know right now.

世界上有很多人不知道他們現在不知道什麼。

And I don't think we stand alone here.

而且我認為我們在這裡並不孤單。

But that's our best estimate of our business, and therefore, our best guidance that we can offer you.

但這是我們對業務的最佳估計，因此也是我們可以為您提供的最佳指導。

Yes, I would emphasize exactly what Jen-Hsun said.

是的，我會強調仁勳所說的。

The sell-out, while it is weak, was definitely not as weak as our revenue in the quarter.

售罄雖然很弱，但絕對沒有我們本季度的收入那麼弱。

So, the depletion of inventory in the channel, coupled with the fact that we did not have a decent -- October was not in our quarter, says that unless demand continues to fall significantly from here, that our prospects are better than they were last quarter.

因此，渠道中庫存的枯竭，再加上我們沒有像 10 月這樣的季度，這表明除非需求從這裡繼續大幅下降，否則我們的前景比上次好四分之一。

Okay.

好的。

No, that's helpful.

不，這很有幫助。

Thanks so much.

非常感謝。

And then as a follow-up, just given the fact that we -- we're hearing chatter about new SKUs coming from you guys and your competitors and your friends over there in Santa Clara there and Sunnyvale.

然後作為後續行動，考慮到我們 - 我們聽到關於來自你們、你們的競爭對手和你們在聖克拉拉和桑尼維爾的朋友的新 SKU 的喋喋不休。

Any sense of a pricing war here or anything in terms of competitive pricing or advantages here?

這裡有任何定價戰的感覺，或者這裡有競爭定價或優勢方面的任何東西嗎？

Well, I don't think either company is holding any punches at the moment.

好吧，我認為這兩家公司目前都沒有採取任何措施。

So I'm not expecting the future competitive position to be more competitive than now.

所以我預計未來的競爭地位不會比現在更具競爭力。

There are plenty of opportunities for us to be competitive with each other and it's a very competitive market.

我們有很多機會相互競爭，這是一個競爭非常激烈的市場。

And there are always new SKUs coming out.

並且總是有新的 SKU 出現。

There's a -- they have new products and we have new products.

有一個 - 他們有新產品，我們有新產品。

We're not in the business of announcing future products.

我們不從事宣布未來產品的業務。

We have quite a strong position right now in the Performance segment again.

我們現在再次在性能領域擁有相當強大的地位。

And so we have no reason to announce future products.

所以我們沒有理由宣布未來的產品。

The competition is obviously different, so they're talking about future prospects all the time right now.

競爭明顯不同，所以他們現在一直在談論未來的前景。

It just serves to freeze their market.

它只是用來凍結他們的市場。

And so I think that announcing their next generation product long before it can ship is not a smart thing to do right now.

所以我認為，在他們的下一代產品上市之前很久就宣布它不是現在做的明智之舉。

Okay.

好的。

Thanks so much, guys.

非常感謝，伙計們。

Daniel Ernst, Hudson Square Research.

哈德遜廣場研究部的丹尼爾·恩斯特。

Thanks for taking my call.

感謝您接聽我的電話。

Two related questions on the downturn here.

這裡有兩個關於經濟衰退的相關問題。

How much of the current revenue weakness is the overall market decline versus a down-speccing of machines in the market where they're either going to a lower spec GPU or settling with the upgraded one -- so one is a sort of demand for PC overall going down, and the other is what they're speccing on that machine.

當前收入疲軟在多大程度上是整體市場下滑與市場上機器的規格下降相比，它們要么轉向規格較低的 GPU，要么適應升級的 GPU——所以這是對 PC 的一種需求整體下降，另一個是他們對該機器的預期。

And then related to that, as we look across this economic downturn, which none of us know how long it is, but the longer it is, do we run a greater risk of -- at least, for the mainstream part of the market, the integrated graphics chip improving to the point where it's good enough.

然後與此相關，當我們看到這場經濟衰退時，我們都不知道它會持續多久，但時間越長，我們是否面臨更大的風險——至少，對於市場的主流部分，集成圖形芯片改進到足夠好的程度。

So, if the downturn is one or two years, but in one or two years' time, that the integrated catches up to be good enough for the mainstream part of the market.

因此，如果低迷是一兩年，但在一兩年的時間裡，綜合趕上市場的主流部分就足夠了。

Thanks.

謝謝。

Yes.

是的。

Both fair questions, Daniel.

兩個公平的問題，丹尼爾。

Our ASP's were generally flat this quarter.

本季度我們的平均售價基本持平。

And so from that you could argue that people are not buying down, per se.

因此，您可能會爭辯說，人們本身並沒有買下它。

There is a very significant factor that is happening in the notebook segment, however.

然而，筆記本電腦領域正在發生一個非常重要的因素。

There's the surge of the netbook market.

上網本市場激增。

And you could characterize the netbook market as low-end.

你可以將上網本市場描述為低端市場。

And if I were to just, for the stake of my description right now, describe the market as high, mid, and low, our participation in the notebook market has been by and large about the upper half of mid and most of high.

如果我現在就我的描述而言，將市場描述為高、中、低，那麼我們在筆記本電腦市場的參與基本上是中上半部分和大部分高。

And we have no participation historically in the lower part of mid and the low-end market.

而且我們歷史上沒有參與中低端市場的低端市場。

All of a sudden, the Atom processor has driven a dramatic surge of network -- netbook PCs.

突然間，Atom 處理器推動了網絡——上網本 PC 的急劇增長。

Some people call it netbook PCs, but the fact of the matter is they're inexpensive PCs.

有些人稱它為上網本 PC，但事實上它們是廉價的 PC。

And during difficult times, many people who still need to have a PC or would like to have a PC, now has a very inexpensive version to buy.

在困難時期，許多仍然需要 PC 或想擁有 PC 的人現在可以購買非常便宜的版本。

And so the demand for Atom PCs in these netbooks, if you will, has really, really surged.

因此，如果您願意的話，這些上網本對 Atom PC 的需求真的非常非常大。

I think what's going to happen is that the low-end part of the marketplace is going to cannibalize the midrange part of the market.

我認為將會發生的事情是市場的低端部分將蠶食中端市場。

People who want performance still will go for performance; the netbook will heartily serve their needs.

想要表演的人還是會追求表演；上網本將竭誠滿足他們的需求。

But for a lot of people in the midrange part of the marketplace, the netbook is clearly, clearly going to disrupt that.

但對於市場中端市場的很多人來說，上網本顯然會顛覆這一點。

And so our strategy is Ion.

所以我們的策略是Ion。

We announced Ion for the ADAM processor at CES.

我們在 CES 上宣布了用於 ADAM 處理器的 Ion。

And the reception has been extraordinary.

接待非常出色。

And the reason for that is because Atom, with the Ion processor, creates a full-feature notebook.

原因是 Atom 使用 Ion 處理器創建了一個功能齊全的筆記本電腦。

It's fully capable of DX10, 3D graphics, high-definition video, Blu-ray disk.

它完全能夠處理DX10、3D圖形、高清視頻、藍光光盤。

Just about anything you want to do on your computer is possible with the Atom processor in an Ion.

使用 Ion 中的 Atom 處理器幾乎可以在計算機上執行任何操作。

And so this platform I think is a wonderful growth opportunity for us because it's the first time that we've really been able to enter into the lower-end segments of the marketplace.

所以我認為這個平台對我們來說是一個很好的增長機會，因為這是我們第一次真正能夠進入市場的低端領域。

But I think you're -- what you're thinking about, about the future of the PC industry certainly is true.

但我認為你是——你所想的，關於 PC 行業的未來，當然是正確的。

That I think -- or it's likely to happen, that the high-end marketplace will continue to be what it is, as people who want more performance can get it.

我認為 - 或者很可能會發生，高端市場將繼續保持現狀，因為想要更多性能的人可以獲得它。

And there's a lot of different reasons to bring performance to the high-end.

將性能帶到高端有很多不同的原因。

But the midrange part of the marketplace could very well become an extremely large low-end part of the marketplace.

但是市場的中端部分很可能會成為市場中非常大的低端部分。

Great.

偉大的。

Thanks for the answer.

感謝你的回答。

JoAnne Feeney, FTN.

喬安妮菲尼，FTN。

I was hoping to get a little bit of clarity about how you guys are thinking about the current environment -- what you're assuming when you draw that conclusion about hopefully flat or slightly up.

我希望對你們如何看待當前環境有一點清晰的了解——當你得出關於希望持平或略微上升的結論時，你所假設的是什麼。

So would we have to think that you're assuming that end market demand is going to be flat to slightly up?

那麼我們是否必須認為您假設最終市場需求將持平或略有上升？

Or that the channel might be rebuilding inventory this quarter and that's what could pull up your revenues?

或者渠道可能會在本季度重建庫存，這可能會拉動您的收入？

No, JoAnne, if you just assume that the market didn't get any better, our revenue has to go up.

不，喬安妮，如果你只是假設市場沒有好轉，我們的收入就必須增加。

Because remember, they depleted significant channel inventory last quarter.

因為請記住，他們在上個季度耗盡了大量渠道庫存。

Can you give us a sense of how much of that went down in your estimation, Marv?

你能告訴我們你的估計有多少下降了嗎，Marv？

You're talking about their inventory?

你說的是他們的庫存？

Yes.

是的。

I think that they went from two and a half to three months worth of inventory down to between one month and one and a half months of inventory.

我認為他們的庫存從兩個半月到三個月減少到一個月到一個半月。

(multiple speakers) That's my [guess].

（多位發言者）這是我的[猜測]。

Okay.

好的。

And then within your inventory, in-house, can you give us a sense of how much of that inventory, what share of it is the older 65 nanometer product and what's the newer stuff?

然後在您的內部庫存中，您能否告訴我們庫存中有多少，舊的 65 納米產品佔多少，新產品是什麼？

Well, we have more 65 nanometer parts than I thought we were going to have, but that's because the revenue was less than we thought.

好吧，我們擁有的 65 納米零件比我想像的要多，但那是因為收入比我們想像的要少。

But I would still say the majority of the product by far is 55 nanometer.

但我仍然會說，到目前為止，大部分產品都是 55 納米。

So we're going through the 65.

所以我們正在經歷65。

It's more than I would like to have, but it's not an intolerable amount.

這比我想要的要多，但這不是一個無法忍受的數量。

Tim Luke, Barclays Capital.

巴克萊資本的蒂姆·盧克。

A couple of quick things for you, Marv.

給你一些快速的東西，Marv。

Just firstly, following off on that inventory.

首先，跟進該庫存。

Your inventory is now like at 140 days on-hand.

您的庫存現在大約為 140 天。

Where do you think that goes directionally in the April quarter and what are you trying to target -- obviously while you've had success with moving the channel lower, the inventory on-hand seems somewhat higher in terms of just the revenue balance.

您認為 4 月季度的發展方向是什麼，您的目標是什麼——顯然，雖然您已經成功地將渠道調低，但就收入餘額而言，現有庫存似乎略高一些。

Separately, I was just wondering if you could just lay out for us some of the factors that you think may help the gross margin.

另外，我只是想知道您是否可以為我們列出一些您認為可能有助於毛利率的因素。

I think you're saying 35 or mid-30s going forward for April -- how do you see that going forward?

我想你說的是 4 月份的 35 歲或 30 歲左右——你如何看待未來的發展？

And then lastly, if I may, in planning your OpEx, which you are lowering by $35 million, how are you thinking about the revenue?

最後，如果可以的話，在計劃您的運營支出時，您將降低 3500 萬美元，您如何考慮收入？

Obviously, you're not at breakeven yet.

顯然，你還沒有達到收支平衡。

How are you thinking about the revenue shape for the back half of the year?

您如何看待下半年的收入形態？

And maybe that's more of a Jen-Hsun question.

也許這更像是一個仁勳的問題。

Or are you just suggesting that you've got to invest, irrespective of when you see the revenue come back.

或者你只是暗示你必須投資，不管你什麼時候看到收入回來。

And where is that revenue?

那收入在哪裡？

Is it mostly in the new products?

主要是在新產品中嗎？

Or how do you see desktop, for example?

或者，例如，您如何看待桌面？

Thank you.

謝謝你。

Well, let me take the inventory issue first.

好吧，讓我先解決庫存問題。

We have significantly cut back our wafer starts.

我們已經大幅減少了我們的晶圓開工量。

I don't think that's a surprise to anyone.

我不認為這對任何人來說都是一個驚喜。

When you have this inventory level, we don't need a lot more wafers.

當你有這個庫存水平時，我們不需要更多的晶圓。

So, based on the inventory that we have, if you look into Q1, I see a significant inventory reduction coming.

因此，根據我們擁有的庫存，如果您查看第一季度，我會看到庫存大幅減少。

I can't give you the magnitude of that until you give me the revenue number.

在你給我收入數字之前，我不能給你那個幅度。

But I would say something significantly reduced in Q1.

但我會說第一季度顯著減少。

Going forward, this inventory should last us into the Q2 and Q3 before we have to replenish at those levels.

展望未來，這種庫存應該會持續到第二季度和第三季度，然後我們必須在這些水平上進行補充。

So I think that our production buys are going to remain at a low level all the way through Q1, and it's going to take something into Q2 and Q3 with some other products and a slightly better market, before we have to reinstitute wafer buys.

因此，我認為我們的生產採購將在第一季度一直保持在低水平，並且在我們不得不重新開始晶圓採購之前，它將在第二季度和第三季度使用一些其他產品和稍微好一點的市場。

The last question that you have with regard to the OpEx, is that -- I go back to the goal that Jen-Hsun has established of getting the revenue down by $35 million on a quarterly basis, as what we can do without jeopardizing future revenue.

關於運營支出的最後一個問題是——我回到 Jen-Hsun 制定的目標，即每季度將收入減少 3500 萬美元，這是我們可以在不危及未來收入的情況下做的事情.

It is not based on us being able to break even at some revenue level.

這並不是基於我們能夠在某個收入水平上實現收支平衡。

It's on the basis of what we think we can do without jeopardizing the future.

這是基於我們認為我們可以在不危及未來的情況下做的事情。

Now at $500 million, even if you cut it off -- cut it by $35 million, we would not break even.

現在是 5 億美元，即使你砍掉它——砍掉 3500 萬美元，我們也不會收支平衡。

So the issue is when does revenue start to recover and how successful are we in bringing the OpEx down by the $35 million?

所以問題是收入何時開始恢復以及我們在將運營支出降低 3500 萬美元方面取得多大成功？

And also presumably, where do you think the growth is?

而且大概，你認為增長在哪裡？

Presumably, you're not spending a lot in the desktop GPU space, or are you, in terms of investment in OpEx?

據推測，您在桌面 GPU 領域並沒有花很多錢，或者您在 OpEx 的投資方面是嗎？

Is the spending mostly on the new products?

支出主要是在新產品上嗎？

Well, in the second half of the year, we have some areas of growth that we're relatively confident about.

好吧，在今年下半年，我們有一些我們相對有信心的增長領域。

And these are areas of new growth.

這些都是新的增長領域。

Tegra, our mobile computing device, mobile computing processor, will ship towards the second half of the year.

我們的移動計算設備、移動計算處理器 Tegra 將於今年下半年出貨。

And so we're confident there will be revenue contributing and profit contributing.

因此，我們相信將會有收入貢獻和利潤貢獻。

Tesla continues to ramp.

特斯拉繼續增長。

We are engaged with more customers all the time, and who are looking for Tesla in their servers to dramatically accelerate their computing needs.

我們一直在與更多的客戶打交道，他們正在他們的服務器中尋找 Tesla，以顯著加快他們的計算需求。

So we're expecting that to grow.

所以我們期待它會增長。

We're also expecting Ion to contribute greatly to our growth going forward.

我們還期待 Ion 為我們未來的增長做出巨大貢獻。

Ion is, as we talked about, both a really fabulous network -- a notebook processor, but also is a terrific in the entry-level part of the PC marketplace in companion with a very low-cost microprocessor.

正如我們所談到的，Ion 既是一個非常棒的網絡——一個筆記本處理器，也是一個非常棒的 PC 市場的入門級部分，並配有一個非常低成本的微處理器。

And so, we think that that could revolutionize the affordable PC market.

因此，我們認為這可能會徹底改變平價 PC 市場。

And so my sense is that we're going to continue to see growth in the Ion business.

所以我的感覺是，我們將繼續看到 Ion 業務的增長。

So those are (multiple speakers) -- I'm sorry?

所以那些是（多位發言者）——對不起？

I was just wondering if, Marv, separately you might be able to address the gross margin issue.

我只是想知道，Marv，您是否可以單獨解決毛利率問題。

Sorry.

對不起。

Yes.

是的。

If you look at the gross margin, Tim, last quarter, you would have what I would call a more normal inventory reserve position.

如果您查看上個季度的毛利率，蒂姆，您將擁有我所說的更正常的庫存儲備頭寸。

That would have added 8 to 10 percentage points to margin.

這將使利潤率增加 8 到 10 個百分點。

So, all you have to do is not write off a lot of inventory and the margins will return to the level that I outlined.

因此，您所要做的就是不要註銷大量庫存，利潤率將恢復到我概述的水平。

Lastly, 40 nanometer -- could you confirm the timeline that you're expecting for that transition?

最後，40 納米——您能確認一下您對這一轉變的預期時間線嗎？

Thank you so much.

太感謝了。

We have really fabulous products in the marketplace today.

我們今天在市場上擁有非常棒的產品。

And we don't announce future products.

我們不會宣布未來的產品。

Thank you and good luck.

謝謝你，祝你好運。

Doug Freedman, Broadpoint AmTech.

道格弗里德曼，Broadpoint AmTech。

Thanks, guys, for taking my question.

謝謝各位，接受我的提問。

Sorry about the background noise.

對不起背景噪音。

Marv, can you go through the new product segments and give us an idea of which ones are likely to be accretive to gross margins, and which ones should you be more successful or actually going to be a headwind?

Marv，您能否介紹一下新產品細分，讓我們了解哪些可能會增加毛利率，哪些您應該更成功或實際上會成為逆風？

And any comment that you guys can make about the gaming PC platforms would be helpful as well.

你們可以對遊戲 PC 平台發表的任何評論也會有所幫助。

Well, accretive gross margins -- which gross margin level are you talking about being accretive to?

好吧，增加的毛利率——你所說的毛利率水平是增加的？

The one for last quarter, it doesn't take much.

上個季度的那個，不需要太多。

Fair point.

有道理。

Well, let's take them somewhat in order.

好吧，讓我們按順序排列一下。

Tesla certainly is accretive to gross margin.

特斯拉肯定會增加毛利率。

I think Tegra is certainly not a drag.

我認為 Tegra 當然不是拖累。

It depends on what gross margin level that you're talking about.

這取決於您所說的毛利率水平。

It's not a drag.

這不是拖累。

If you're talking about the Ion platform, it's probably in the mid-30s, so if we're very successful there, it's not a huge improvement in the gross margin percentage, but certainly a significant improvement in gross margin dollars.

如果您談論的是 Ion 平台，它可能是在 30 年代中期，所以如果我們在那裡非常成功，那麼毛利率百分比不會有很大的提高，但毛利率肯定會顯著提高。

Which ones have I missed?

我錯過了哪些？

That's about it.

就是這樣。

Does that help?

這有幫助嗎？

And then can you talk about the gaming platforms and what's happening in the gaming market space?

然後你能談談遊戲平台以及遊戲市場領域正在發生的事情嗎？

What is the gaming platforms?

什麼是遊戲平台？

PSS Sony, PS3, and Royalty incomes.

PSS 索尼、PS3 和版稅收入。

I don't know what the question is.

我不知道問題是什麼。

I mean they --

我的意思是他們——

Do you want to know what the revenue was in the quarter or --?

您想知道本季度的收入是多少還是--？

Yes.

是的。

Yes, the revenue or what your outlook is for that market place.

是的，收入或您對該市場的展望。

Is that seeing the same type of conditions that you've seen in your market space.

是不是看到了與您在市場空間中看到的相同類型的條件。

Yes.

是的。

I think it -- certainly, with regard -- remember, a significant portion of the -- I'll call it the Sony royalty portion, is based on their unit production.

我認為它——當然，關於——記住，很大一部分——我稱之為索尼版稅部分，是基於他們的單位生產。

And so as their unit production drops, our revenue in that segment will drop.

因此，隨著他們的單位產量下降，我們在該領域的收入也會下降。

And I think that they're projecting much lower production levels in Q1 than they had in Q4.

而且我認為他們預計第一季度的生產水平要比第四季度低得多。

All right.

好的。

Thank you.

謝謝你。

Suji De Silva, Kaufman Brothers.

蘇吉·德席爾瓦，考夫曼兄弟。

On Ion, can you guys talk about what you think the pace and quantity of the ramp here, just in terms of your share, on the Intel platform, particularly?

在 Ion 上，你們能談談你們認為這裡斜坡的速度和數量，就你們的份額而言，尤其是在英特爾平台上？

I don't know how to characterize it for you, really, aside from the fact that we have notebook projects happening all over the world.

我不知道如何為你描述它，真的，除了我們在世界各地都有筆記本項目發生的事實。

A lot of this just depends on the success of our customers in these platforms.

這在很大程度上取決於我們的客戶在這些平台上的成功。

So there's still a lot of execution between now and then and lots of unknowns.

所以從現在到那時還有很多執行和很多未知數。

And so I'm reluctant to give you numbers that, frankly, I don't know how to project.

所以我不願意給你數字，坦率地說，我不知道如何預測。

I do know that the design activity around our chipset is increasing.

我知道圍繞我們芯片組的設計活動正在增加。

And I do know that we've announced a really exciting product.

而且我知道我們已經宣布了一個非常令人興奮的產品。

And so, I think if -- and the market is really resonating with it.

所以，我認為如果 - 市場真的對此產生了共鳴。

And I'm sure that if you follow this market, you've heard just about nothing but about Ion these days and the excitement that people have to build netbooks and low-end notebooks with it.

而且我敢肯定，如果您關注這個市場，那麼這些天您幾乎只聽說過 Ion 以及人們必須使用它來構建上網本和低端筆記本電腦的興奮。

And so -- so, I'm enthusiastic about the prospects and I look forward to reporting on it in a couple of quarters.

所以 - 所以，我對前景充滿熱情，我期待在幾個季度內報告它。

But Jen-Hsun, the timing would be back-half loaded?

但是仁勳，時機會被拖後腿嗎？

Or steady throughout the year?

還是全年穩定？

Any comment there you could give us?

你有什麼意見可以給我們嗎？

There are design wins that are being launched in just about every quarter.

幾乎每個季度都會推出設計勝利。

There's some this quarter; there will be some next quarter for sure.

本季度有一些；下個季度肯定會有一些。

And hopefully, they'll be fully all ramped up for Q3 and Q4.

並且希望它們將在第三季度和第四季度全面提升。

Okay, great.

好，太棒了。

And switching to your guidance in terms of the flat revenues, how do you see that and the notebook market versus the desktop market, given the different dynamics you cited for the current quarter?

考慮到您在本季度引用的不同動態，轉向您在收入持平方面的指導，您如何看待這一點以及筆記本市場與台式機市場？

We don't see significant change in any of them; [they're] relatively flat to slightly up, there's not a significant change in any of them.

我們沒有看到其中任何一個發生重大變化； [它們] 相對平坦到略微上升，它們中的任何一個都沒有顯著變化。

We don't think that the flatness derived from any one particular segment.

我們不認為平坦度來自任何一個特定的細分市場。

Okay.

好的。

And then on the OpEx cuts -- were there any particular areas that were kind of overly hit by those?

然後是運營支出削減——是否有任何特定領域受到過度打擊？

Or was it a broad-based effort on the part of the Company to do more maybe (inaudible) [some people's at].

或者它是公司方面的一項廣泛的努力，可能（聽不清）[有些人在]做更多的事情。

Is that the spirit of it, Jen-Hsun?

這就是它的精神嗎，仁勳？

We affected a lot of different areas, whether it's the executives of our Company took the largest and most significant cutbacks.

我們影響了很多不同的領域，無論是我們公司的高管們進行了最大和最顯著的裁員。

And -- but many of -- almost all of our employees will make a contribution.

而且——但其中很多——幾乎我們所有的員工都會做出貢獻。

There is travel reductions; there's just ideas all around the world and around the Company to reduce spending wherever it can be reduced without affecting the key investments that I've highlighted.

有旅行減少；世界各地和公司都在想盡一切辦法減少開支，但不影響我所強調的關鍵投資。

And so this is -- it's broad-based and it's everywhere.

所以這是 - 它是廣泛的，它無處不在。

One last quick question -- what's the pricing decline you're assuming in your guidance versus what typical pricing would decline?

最後一個快速的問題——你在指導中假設的價格下降與典型的價格下降是多少？

Thanks.

謝謝。

No change.

沒變。

Okay.

好的。

Thanks, guys.

多謝你們。

David Wu, Global Crown Capital.

環球皇冠資本戴維·吳。

Yes.

是的。

Can you talk a little bit about the -- on the breakeven, either on a pro forma basis or on a cash basis, what kind of revenues are we looking at from a breakeven standpoint on a quarterly basis?

你能談談 - 在盈虧平衡方面，無論是在備考基礎上還是在現金基礎上，我們從盈虧平衡的角度來看每個季度的收入是什麼樣的？

Well, that's a very complex question, David.

嗯，這是一個非常複雜的問題，大衛。

You have to tell me where the revenue is, what the gross margins are, how successful we are in getting our OpEx down to that targeted level.

你必須告訴我收入在哪裡，毛利率是多少，我們在將 OpEx 降低到目標水平方面有多成功。

If we achieve the targeted level OpEx and if we have gross margin in the mid to sort of mid-30s, what kind of cash breakeven, operating cash breakeven, are we looking at or pro forma breakeven are we looking at?

如果我們達到目標水平的運營支出，並且如果我們的毛利率在 30 年代中期到 30 多歲左右，那麼我們正在考慮什麼樣的現金盈虧平衡點、運營現金盈虧平衡點或備考盈虧平衡點？

Well, that's an easy calculation for you to do.

嗯，這對你來說很容易計算。

I'm not going to do it.

我不打算這樣做。

I mean, if you have operating expenses at the 265 level, that includes some stock-based compensation, which is non-cash.

我的意思是，如果您有 265 級別的運營費用，其中包括一些基於股票的補償，這是非現金的。

That includes some depreciation, which is non-cash.

這包括一些非現金折舊。

And so now you have [like] a gross margin on X dollars of revenue, it's an easy calculation to make.

所以現在你有 [like] X 美元收入的毛利率，計算起來很容易。

All right.

好的。

What about if I were to look at, let's say, the revenue -- $500 million is your first quarter roughly in-demand number and the peak of last year was about -- assuming that those are all in-demands, about $900 million.

如果我看一下收入，比如說，5 億美元是你第一季度的需求量，去年的峰值大約是——假設這些都是需求量，大約 9 億美元。

Whereabouts if you make the seasonal adjustment, where is in-demand?

如果進行季節性調整，需求在哪裡？

If Q1 is $500 million, assuming normal seasonality, how high would that number be on your best quarter of the year?

如果第一季度是 5 億美元，假設正常的季節性，那麼這個數字在你一年中最好的季度會有多高？

You know, David, I think it's -- and I don't think I'm saying something that's inconsistent with what you know -- that there's nothing that we're experiencing right now that is seasonal.

你知道，大衛，我認為這是——而且我不認為我在說什麼與你所知道的不一致——我們現在所經歷的一切都不是季節性的。

Or normal.

或者正常。

Maybe I'll ask a different question then.

也許我會問一個不同的問題。

(multiple speakers) in front of it normal seasonality.

（多位發言者）在它前面是正常的季節性。

It's neither normal nor seasonal.

這既不是正常的，也不是季節性的。

We don't mean to --.

我們並不是要--。

Normal nor seasonal.

正常也不是季節性的。

We don't (multiple speakers), but the environment is very difficult and uncertain.

我們沒有（多位發言者），但環境非常困難和不確定。

It's very difficult and uncertain not just for us, but it's very difficult and uncertain for everybody.

這不僅對我們來說非常困難和不確定，對每個人來說也是非常困難和不確定的。

Yes, I understand.

是的我明白。

And so, our strategy is to make sure that we eliminate and be as discriminating as we can on spending, but continue to invest in the things that we know are important to the marketplace, the things that we're world-class at doing, and continue to innovate and challenge our employees to build amazing things.

因此，我們的策略是確保我們在支出方面消除並儘可能有歧視性，但繼續投資於我們知道對市場很重要的事情，我們在做世界一流的事情，並繼續創新和挑戰我們的員工來創造令人驚嘆的東西。

Talking about innovation, there has been a number -- I guess the next round of game console design wins are coming up has been -- rumor has been awarded to different people.

談到創新，有很多——我猜下一輪遊戲機設計的勝利即將到來——謠言已經授予了不同的人。

How close are we actually in terms of competing for the next generation of PS4 or Xbox or Wii?

在競爭下一代 PS4、Xbox 或 Wii 方面，我們實際上有多接近？

We don't -- it makes no sense to comment on rumors.

我們不——對謠言發表評論是沒有意義的。

And it also would be terrible to comment on future products of our customers.

對我們客戶的未來產品發表評論也很糟糕。

It is not our job to do that.

這樣做不是我們的工作。

And so, it's just -- they're just rumors, David.

所以，這只是 - 他們只是謠言，大衛。

Okay, thank you.

好的謝謝你。

Shawn Webster, JPMorgan.

肖恩韋伯斯特，摩根大通。

Would you characterize the one to one and a half months of inventory as being normal or lean or still on the high end of normal?

您是否會將 1 到 1 個半月的庫存描述為正常、稀缺或仍處於正常的高端？

Very lean.

很瘦。

Very lean?

很瘦？

Okay.

好的。

And so, is your visibility now about the same or better than it was when you came into the January quarter?

那麼，您現在的知名度與您進入 1 月季度時的情況大致相同還是更好？

How do you mean that, the January quarter?

你是什麼意思，一月季度？

You mean our Q1?

你是說我們的Q1？

Would you say that you're setting the guidance at flattish or up slightly now?

你會說你現在將指導設置為持平還是略微上升？

Would you say your visibility now is better than where it was when you came into Q4 or the same?

你會說你現在的知名度比你進入第四季度時更好嗎？

I don't know how you characterize that, because when we went into Q4, the market had not dropped off a cliff.

我不知道你如何描述這一點，因為當我們進入第四季度時，市場並沒有跌落懸崖。

So, I should certainly hope that the visibility is better now than it was then.

所以，我當然應該希望現在的能見度比以前好。

Okay.

好的。

Can you give us an update on some of your new products then?

你能給我們介紹一下你們的一些新產品嗎？

What did Tesla represent for revenues for you in Q4 and Tegra, and your outlook for 2009 -- calendar 2009?

特斯拉在第四季度和 Tegra 對您的收入有何影響，以及您對 2009 年（2009 年日曆）的展望？

Let's see, Tesla in Q4 -- did we break that out?

讓我們看看，第四季度的特斯拉——我們打破了嗎？

We haven't broken it out in the past.

我們過去沒有打破它。

It was millions of dollars, several million dollars.

那是幾百萬美元，幾百萬美元。

I won't characterize it beyond that.

除此之外，我不會描述它。

When it gets to be significant, Shawn, we'll break it out.

當它變得重要時，肖恩，我們會打破它。

Tegra was insignificant.

Tegra 是微不足道的。

Tegra hasn't shipped yet.

Tegra 還沒有發貨。

It's really second half of the year.

真的是下半年了。

Uche Orji, UBS.

Uche Orji，瑞銀。

First question to you, Marv -- if I look at the guidance you've given for the current quarter, how much -- what should we expect for the workstation business within the guidance?

Marv 給你的第一個問題——如果我看一下你為本季度提供的指導，多少錢——我們應該對指導中的工作站業務有什麼期望？

And if you can just explain that in the context of what is a very challenging IT spending environment.

如果你能在一個非常具有挑戰性的 IT 支出環境的背景下解釋這一點。

I just want to be able to reconcile how much that will contribute to gross margin and just concerned with your guidance.

我只是想能夠調和這對毛利率有多大貢獻，並且只關心您的指導。

So if you can talk about what that makes you see in the workstation business, what you saw in the last quarter, and what you are implying within the guidance of the current quarter, that would be helpful.

因此，如果您可以談論您在工作站業務中看到的內容，您在上個季度看到的內容，以及您在當前季度的指導中所暗示的內容，那將會很有幫助。

Okay.

好的。

Now, the workstation business took a precipitous decline last quarter in Q4.

現在，工作站業務在第四季度的上個季度急劇下降。

It was down about 47% Q3 to Q4.

第三季度到第四季度下降了約 47%。

That was surprising.

這很令人驚訝。

I mean, it's a -- if it was any business that would be somewhat of a safe haven from this, you would have thought it was in the workstation area.

我的意思是，這是一個 - 如果它是任何可以從中獲得安全避風港的業務，你會認為它在工作站區域。

It didn't happen.

它沒有發生。

So, what the anticipation is, is relatively no change from the Q4 levels into Q1.

因此，預期是從第四季度到第一季度的水平相對沒有變化。

So, a continued weakness, I would call it.

所以，我會稱之為持續的弱點。

Right.

正確的。

And that is supported by what you have in the backlog currently?

這得到了您目前積壓的內容的支持嗎？

Or do you require terms business to make that flat revenue guidance?

或者您是否需要條款業務來製定固定的收入指導？

This is very important for your gross margins, that's the reason why I'm pressing on this.

這對您的毛利率非常重要，這就是我強調這一點的原因。

Well, we always require terms.

好吧，我們總是需要條款。

We are not a business or a -- our business model is not based on the significant backlog at the beginning of a quarter.

我們不是一家企業，也不是——我們的商業模式不是基於季度初的大量積壓。

Our whole business is based on significant terms within the quarter.

我們的整個業務都基於本季度的重要條款。

Okay.

好的。

Just one more question.

還有一個問題。

If I look at the high-end GPU business, what is happening with pricing right now?

如果我看看高端 GPU 業務，現在定價發生了什麼？

Is pricing stabilized at this point?

此時價格是否穩定？

Because late last year, AMD did try to make a push in that market.

因為去年底，AMD 確實試圖進軍該市場。

And so what is the outlook for pricing in that market for the current quarter?

那麼本季度該市場的定價前景如何？

In Q2 of last year, we did take a big step down in pricing.

去年第二季度，我們確實在定價方面邁出了一大步。

We had improperly priced our products too high.

我們對我們的產品定價過高。

But we corrected that almost right away.

但我們幾乎立即糾正了這一點。

The pricing that we're seeing out there are relatively stable at the moment.

目前我們看到的定價相對穩定。

We're gaining share and we have the best products.

我們正在獲得份額，我們擁有最好的產品。

And if we stay focused and continue to do our work and highlight our unique advantages with CUDA and PhysX and 3D Vision, I'm confident we'll continue to gain share.

如果我們保持專注並繼續開展工作，並通過 CUDA、PhysX 和 3D Vision 突出我們的獨特優勢，我相信我們將繼續獲得份額。

Okay.

好的。

And just one last question -- with Intel introducing some chipset product that will allow 720p -- I'm just trying to understand how you now position Ion, because 3D gaming, which is probably your key features, is not something that we've heard OEMs talk about as something consumers care about in a big way.

最後一個問題——英特爾推出了一些支持 720p 的芯片組產品——我只是想了解你現在如何定位 Ion，因為 3D 遊戲，這可能是你的主要功能，不是我們所擁有的聽到原始設備製造商談論消費者非常關心的事情。

So, how are you going to position Ion against [that one field]?

那麼，你將如何將 Ion 定位在 [那個領域] 上？

720p is not Blu-ray compatible, as you know.

如您所知，720p 不兼容藍光。

And 720p is the minimum requirement of high-def.

而720p是高清的最低要求。

And so, high-definition includes all the way to 1080p, for one.

因此，高清包括一路到 1080p。

The overall performance under Windows Vista and Vista Premium and the requirements for DX10 and Windows 7 coming out, and all of the transcoding and video editing and video processing capabilities of CUDA are available on the Ion platform.

Windows Vista 和 Vista Premium 下的整體性能和 DX10 和 Windows 7 的要求，以及 CUDA 的所有轉碼和視頻編輯和視頻處理能力都在 Ion 平台上可用。

And so, if you want the best possible experience while still be extremely affordable, Ion is really your way to go.

因此，如果您想要最好的體驗，同時又要非常實惠，Ion 確實是您的不二之選。

Okay.

好的。

Thank you very much.

非常感謝。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

To follow up on the gross margin question a little bit.

稍微跟進毛利率問題。

In the GPU space, specifically desktops and notebooks, can you talk about some of the pressuring you might see from pricing and inventory reductions in the out-quarters going into the second half, versus whatever benefits you might get from 55 nanometer and lower cost reductions?

在 GPU 領域，特別是台式機和筆記本電腦，您能否談談您可能會從下半年的季度定價和庫存減少中看到的一些壓力，以及您可能從 55 納米和更低的成本降低中獲得的任何好處?

Well, that's difficult to say.

嗯，這很難說。

I mean, all of our production now is on 55 nanometer and later in the year would be even smaller geometries.

我的意思是，我們現在所有的產品都是 55 納米的，而在今年晚些時候，幾何尺寸會更小。

But how that impacts the gross margin is difficult to say.

但很難說這對毛利率有何影響。

I think that the individual product gross margin, in my view, is not the issue.

我認為，在我看來，單個產品的毛利率不是問題。

It's the total volume.

是總體積。

And so, I think we'll do fine from a gross margin standpoint.

因此，我認為從毛利率的角度來看我們會做得很好。

So would you expect the GPU margins to continue to recover into the back half, after -- or early into Q2?

那麼，您是否預計 GPU 利潤率會在第二季度之後或第二季度初繼續恢復到後半段？

I think these gross margins in the GPU business will recover in Q1.

我認為 GPU 業務的這些毛利率將在第一季度恢復。

Remember, a significant portion of the -- that's, I'll call it the increased inventory write-off that we took in Q4 was in the GPU business.

請記住，很大一部分——也就是說，我將其稱為我們在第四季度增加的庫存沖銷是在 GPU 業務中。

So there should be significant recovery in GPU gross margins in Q1.

因此，第一季度 GPU 的毛利率應該會顯著恢復。

But no sense about beyond Q1?

但是對 Q1 之後沒有意義？

No.

不。

Okay.

好的。

And then just a follow-up.

然後只是跟進。

I think, Jen-Hsun, you mentioned Ion in reference to the chipset product on notebook platforms as well as it's paired with the Intel Atom processor.

我想，Jen-Hsun，您提到 Ion 是指筆記本平台上的芯片組產品以及它與 Intel Atom 處理器配對。

Could you talk about some of the design wins you got, specifically when paired with the Intel Atom, please?

您能否談談您獲得的一些設計勝利，特別是與英特爾凌動配對時，好嗎？

Well, I -- we shouldn't announce any design wins until the design wins ship.

好吧，我——在設計獲勝之前，我們不應該宣布任何設計獲勝。

And so, when it does ship, I'd be more than delighted to address it.

因此，當它發貨時，我會非常高興地解決它。

I can only tell you that there is an enthusiastic support and design activities all over the world.

我只能告訴你，全世界都有熱情的支持和設計活動。

So we'll see when they ship.

所以我們會看到他們什麼時候發貨。

When they do ship, hopefully, it's not too long, we'll be delighted to talk about it.

當他們發貨時，希望不會太長，我們會很高興談論它。

Thanks very much.

非常感謝。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Marv, I hear your point that you don't want to impair your future growth by reducing OpEx to too low a level, but one can argue, with sales down 60% year-on-year and with a pretty uncertain end market out there, the future growth is impaired anyways.

Marv，我聽到您的觀點，您不想通過將 OpEx 降低到太低的水平來損害您未來的增長，但有人可以爭辯說，銷售額同比下降 60%，而且終端市場非常不確定，無論如何，未來的增長都會受到損害。

So I guess when we think about your business going forward, what would you need to see?

所以我想當我們考慮您的業務發展時，您需要看到什麼？

I mean, is there some lack of growth element out there that says, geez, you know what?

我的意思是，那裡有一些缺乏增長元素的地方說，天哪，你知道嗎？

I've got to cut anyways because it's just so bad?

反正我必須剪掉，因為它太糟糕了？

Well, we're always looking at things like that.

嗯，我們一直在看這樣的事情。

That's the job of management to look at them.

管理人員的工作就是觀察它們。

If you were to tell me that the current economic environment is going to continue for the next 10 years, then lots of people, not only us, but other companies are going to have to restructure their businesses.

如果你告訴我當前的經濟環境將在未來 10 年持續下去，那麼很多人，不僅是我們，還有其他公司都將不得不重組他們的業務。

If you're telling me that the economic environment will change very quickly, that's merely holding on until it comes back.

如果你告訴我經濟環境將很快發生變化，那隻是堅持到它回來。

So, I don't know how long this economic environment is going to take.

所以，我不知道這種經濟環境會持續多久。

But I do know the only way out of recessions and significant recessions like this is not by cutting the future.

但我確實知道擺脫衰退和像這樣的重大衰退的唯一方法不是削減未來。

The way out of the recession is by investing in future revenues.

擺脫衰退的方法是投資於未來的收入。

So we want to continue to do that.

所以我們想繼續這樣做。

As long as we're not burning through significant cash, as long as we're investing in the right places, that's more significant to me.

只要我們不消耗大量現金，只要我們在正確的地方投資，這對我來說就更重要了。

I don't know what's going to in an economic environment.

我不知道在經濟環境中會發生什麼。

But --

但 -

That's a fair point, Marv.

這是一個公平的觀點，馬夫。

And the investments that we make, Glen.

還有我們所做的投資，格倫。

We want to make sure that -- we've scrutinized all of our investments.

我們想確保——我們已經審查了我們所有的投資。

And we've asked ourselves, are we investing in areas that's going to lead us to growth?

我們問自己，我們是否投資於能夠引領我們實現增長的領域？

And if it's not going to lead us to growth, there's no point investing in it.

如果它不能引導我們實現增長，那麼投資它是沒有意義的。

And so we have to believe in what we believe.

所以我們必須相信我們所相信的。

And once we believe it, we're going to stay committed to it.

一旦我們相信它，我們就會繼續致力於它。

Now, obviously, environments change and we'll continue to reevaluate.

現在，顯然，環境發生了變化，我們將繼續重新評估。

But based on what we see right now, we're making good decisions.

但根據我們現在看到的情況，我們正在做出正確的決定。

Fair enough.

很公平。

I also wanted to ask about the linearity in the reported quarter and the implication that has for the start of the quarter.

我還想詢問報告季度的線性度以及對季度開始的影響。

Because it sounds like November was really bad.

因為聽起來十一月真的很糟糕。

I would guess that December was probably worse.

我猜12月可能更糟。

Was January better -- and at the beginning of February -- because of the flat guidance, I'm just thinking about the pattern of the last quarter, it would sort of suggest February must have started off not that bad.

1 月份更好 - 並且在 2 月初 - 由於指導方針持平，我只是在考慮上個季度的模式，這有點暗示 2 月份的開局一定不是那麼糟糕。

And maybe if you could confirm or deny if that's true.

也許你可以確認或否認這是真的。

November started off bad, December was worse, and January wasn't a lot better.

11 月開局不好，12 月更糟，1 月也好不了多少。

It was very linear.

這是非常線性的。

So, Marv, if I think about that, going down from the first of the month -- the first month to the third month, if you want to be flat, don't you have to be going up from the first month to the third month in this quarter?

所以，Marv，如果我考慮一下，從第一個月下降到第三個月，如果你想持平，你不必從第一個月上升到第三個月嗎？本季度第三個月？

And doesn't that seem like an unlikely situation?

這似乎不是一個不太可能的情況嗎？

No, I don't think so.

不，我不這麼認為。

I think that you saw us being, I'll call it, a victim of the quarter, our quarter being November, December, January.

我想你看到我們是，我稱之為季度的受害者，我們的季度是 11 月、12 月、1 月。

I think that was a negative compared to some of the other guys out there that are on a calendar quarter.

我認為與日曆季度的其他一些人相比，這是一個負面因素。

I think that the depletion of the channel inventory was a negative for us relative to what's happening in the marketplace.

我認為相對於市場上正在發生的事情，渠道庫存的消耗對我們來說是負面的。

And those two factors alone tell me that they weren't normal, if you want to call it that, or the run rate of consumption out there is equal to or better than our revenue for the last quarter.

僅這兩個因素就告訴我它們不正常，如果你想這樣稱呼它，或者那裡的消費運行率等於或高於我們上一季度的收入。

Okay.

好的。

Fair enough.

很公平。

Thanks a lot.

非常感謝。

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

我現在將把電話轉給仁勳。

Please go ahead, sir.

請繼續，先生。

Thank you for joining us today.

感謝您今天加入我們。

We look forward to reporting our progress for Q1.

我們期待報告第一季度的進展。