輝達 (NVDA) 2010 Q1 法說會逐字稿

Good afternoon, thank you for holding.

下午好，謝謝捧場。

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

我現在想把電話轉給投資者關係副總裁邁克爾哈里斯。

Thank you, sir.

謝謝你，先生。

You may begin.

你可以開始了。

Thank you, Shannon.

謝謝你，香農。

Good afternoon and welcome to NVIDIA's conference call for the first quarter of fiscal 2010, ended April 26, 2009.

下午好，歡迎參加 NVIDIA 於 2009 年 4 月 26 日結束的 2010 財年第一季度電話會議。

Today's call is being recorded.

今天的電話正在錄音。

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

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; David White, in NVIDIA's Chief Financial Officer; and Mark Burkett, Senior Adviser.

今天與 NVIDIA 通話的是 NVIDIA 總裁兼首席執行官黃仁勳； David White，英偉達首席財務官；和高級顧問 Mark Burkett。

Jen-Hsun is currently traveling on business in Europe and is conferencing in from there.

Jen-Hsun 目前正在歐洲出差，並從那裡開會。

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.

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 second quarter of fiscal 2010.

在我們召開電話會議討論我們 2010 財年第二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 non-GAAP financial measures about gross margin, operating expenses, free cash flow, tax rate, net income or loss and net income or loss per share.

在本次電話會議中，我們將討論有關毛利率、運營費用、自由現金流、稅率、淨收入或虧損以及每股淨收入或虧損的非公認會計原則財務指標。

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 [John Penney] 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 [John Penney] 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 of our financial outlook and projections; the importance, impact and benefits of our products and technologies; our competitive position and market share; our cash conservation efforts and our growth objectives, innovations 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，包括我們的財務前景和預測陳述；我們的產品和技術的重要性、影響和好處；我們的競爭地位和市場份額；我們的現金節約努力以及我們的增長目標、創新和戰略。

Our actual results may differ materially from the 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-K for fiscal year ended January 25, 2009, and the 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 2009 年 1 月 25 日的財政年度的 10-K 表格以及提交給證券交易委員會的 8-K 表格報告。

All forward-looking statements are made as of the date hereof, based on information available to us today and except as required by law, 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，截至本協議之日作出，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 May 7, 2009.

網絡廣播的內容包含截至 2009 年 5 月 7 日準確的時間敏感信息。

Consistent with the requirements under regulation FD, we will be providing our outlook for the second quarter directly on 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上提供第二季度的展望，並且無法在離線對話中或在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, let me turn the call over to Jen-Hsun.

有了這個，讓我把電話轉給仁勳。

Thanks, Mike.

謝謝，邁克。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

Today we reported revenue of $664.2 million and a GAAP net loss of $0.37 per share.

今天，我們報告的收入為 6.642 億美元，GAAP 淨虧損為每股 0.37 美元。

This included a one-time tender offer to purchase employee stock options that were significantly underwater.

這包括一次性要約收購明顯處於水下的員工股票期權。

On a non-GAAP basis we had a net loss of $0.09 per share.

按非公認會計原則計算，我們每股淨虧損 0.09 美元。

Revenues grew 38% over the previous quarter as we gained market share and both channel sellout and OEM replenishment increased.

由於我們獲得了市場份額並且渠道售罄和 OEM 補貨增加，收入比上一季度增長了 38%。

During the quarter we made good progress managing operating expenses and reducing inventory.

在本季度，我們在管理運營費用和減少庫存方面取得了良好進展。

We have ongoing initiatives to reduce operating expenses further while continuing to invest in our strategic initiatives, which are, one, maintaining our GPU leadership; two, driving the GPU computing revolution; three, increasing the adoption of GPU's in all segments of computing; and, four, leading the mobile computing revolution.

我們正在進行進一步降低運營費用的舉措，同時繼續投資於我們的戰略舉措，其中之一是保持我們在 GPU 方面的領先地位；二、推動GPU計算革命；三、增加GPU在所有計算領域的採用；第四，引領移動計算革命。

Our discrete desktop GPU share increased again this quarter.

本季度我們的獨立桌面 GPU 份額再次增加。

In the discrete desktop GPU segment we gained 6% to 69%.

在離散桌面 GPU 領域，我們增長了 6% 至 69%。

Our notebook and desktop GPU share are about the same, and the desktop GPU share has exceeded our previous record levels achieved during Q1 of 2008.

我們的筆記本電腦和台式機 GPU 份額大致相同，台式機 GPU 份額已經超過了我們之前在 2008 年第一季度創下的記錄水平。

In addition to graphics leadership, our strategy is to lead the industry to the next level with physics processing.

除了圖形方面的領先地位，我們的戰略是通過物理處理將行業引領到一個新的水平。

With our PhysX engine and general library, which is available for PC, PS3, Xbox 360, Wii and the iPhone, game developers can create amazing environments using PhysX simulations that are dynamic, realistic and interactive with the player.

借助我們適用於 PC、PS3、Xbox 360、Wii 和 iPhone 的 PhysX 引擎和通用庫，遊戲開發人員可以使用動態、逼真且與玩家互動的 PhysX 模擬來創建令人驚嘆的環境。

PhysX has been adopted by EA, THQ, 2K Games and, most recently, Sega.

PhysX 已被 EA、THQ、2K Games 以及最近的世嘉採用。

We have built up a rich pipeline of exciting games with PhysX support.

我們在 PhysX 支持下建立了豐富的激動人心的遊戲管道。

Mirror's Edge and Sacred 2 to have shipped and received rave reviews and we anticipate the release of Terminator Salvation, Dark Void, Darkest of Days, [E-Wars] and Cryostasis.

Mirror's Edge 和 Sacred 2 已發貨並收到好評如潮，我們預計將發布終結者拯救、黑暗虛空、最黑暗的日子、[電子戰爭] 和冷凍。

Each of these titles, when run over the 100 million NVIDIA CUDA GPU's in the market, will experience a dramatic speed up.

這些遊戲中的每一個，當在市場上運行超過 1 億個 NVIDIA CUDA GPU 時，都將經歷顯著的加速。

PhysX processing is extremely taxing even for the highest-end CPUs.

即使對於最高端的 CPU，PhysX 處理也非常繁重。

By offloading the processing to CUDA, the parallel computing mode of our GPU's, we can speed up PhysX processing by an astonishing five to 20 times.

通過將處理卸載到 CUDA（我們 GPU 的並行計算模式），我們可以將 PhysX 處理速度提高驚人的 5 到 20 倍。

And it's clear now that PhysX processing is becoming a must-have technology, just as programmable shading has been the last five years.

現在很明顯，PhysX 處理正在成為一項必備技術，就像過去五年可編程著色一樣。

Utilizing the GPU for parallel computing is one of our most important strategic initiatives.

利用 GPU 進行並行計算是我們最重要的戰略舉措之一。

We invented CUDA to harness the massive computational resources in a GPU that is otherwise used only for 3-D graphics.

我們發明了 CUDA 來利用 GPU 中的大量計算資源，而這些資源原本僅用於 3-D 圖形。

The adoption of CUDA is now global, and GPU computing has reached the tipping point.

CUDA 的採用現在是全球性的，GPU 計算已經達到了臨界點。

GPU computing will be incorporated into the two most important operating systems in the very near future -- Windows 7 with DX compute and OSX Snow Leopard with OpenCL -- will incorporate GPU computing into the core operating system and the GPU will become indispensable to achieve a great computing experience.

在不久的將來，GPU 計算將被整合到兩個最重要的操作系統中——帶有 DX 計算的 Windows 7 和帶有 OpenCL 的 OSX Snow Leopard——將 GPU 計算整合到核心操作系統中，GPU 將成為實現很棒的計算經驗。

This quarter we released our first OpenCL drivers to developers who participated in our OpenCL early access program and demonstrated DirectX Compute on Windows 7 at the game developer's conference.

本季度，我們向參與我們的 OpenCL 早期訪問計劃並在遊戲開發者大會上展示 Windows 7 上的 DirectX 計算的開發者發布了我們的第一個 OpenCL 驅動程序。

There's a growing list of consumer applications that are accelerated by CUDA.

由 CUDA 加速的消費者應用程序列表越來越多。

I spoke about PhysX processing that will be in nearly every game.

我談到了幾乎每款遊戲都會用到的 PhysX 處理。

This quarter, Motion DSP vReveal, ArcSoft's SimHD, CyberLink's Espresso, Nero Move It and Super LoiloScope announced support for CUDA.

本季度，Motion DSP vReveal、ArcSoft 的 SimHD、CyberLink 的 Espresso、Nero Move It 和 Super LoiloScope 宣布支持 CUDA。

CUDA has opened up the high-performance computing market to our GPU's.

CUDA 為我們的 GPU 開闢了高性能計算市場。

We serve this multibillion-dollar new growth market with a product line called Tesla.

我們通過名為 Tesla 的產品線服務於這個價值數十億美元的新增長市場。

This is a greenfield market for us, and our three-year effort has given us a significant lead to the competition.

這對我們來說是一個全新的市場，我們三年的努力使我們在競爭中取得了顯著的領先優勢。

We have traction in virtually every major high-performance computing category, from finance to oil and gas to medical imaging to supercomputing centers.

從金融到石油和天然氣，從醫學成像到超級計算中心，我們幾乎在每一個主要的高性能計算類別中都佔有一席之地。

We have significant projects throughout the US, Asia, Canada, Brazil, Australia, Europe, Eastern Europe and India.

我們在美國、亞洲、加拿大、巴西、澳大利亞、歐洲、東歐和印度都有重要項目。

Success stories are surfacing from all over the world.

成功的故事正從世界各地湧現。

This quarter in China, GeoStar is transforming the search for oil and gas using Tesla.

本季度在中國，GeoStar 正在使用特斯拉改變對石油和天然氣的搜索方式。

Working with the Institute of Geology and Geophysics at the Chinese Academy of Sciences, GeoStar has demonstrated its solution running 600 times faster than what was previously possible with a CPU-based cluster.

GeoStar 與中國科學院地質與地球物理研究所合作，展示了其解決方案的運行速度比以前基於 CPU 的集群快 600 倍。

French banking giant BNP Paribas Corporate and Investment Banking division recently replaced 500 CPU cores with just eight Tesla GPU's.

法國銀行業巨頭法國巴黎銀行企業和投資銀行部門最近用 8 個 Tesla GPU 替換了 500 個 CPU 內核。

They sped up response times by 15-X while consuming less than one-tenth the power.

他們將響應時間加快了 15 倍，而功耗不到十分之一。

BNP Paribas effectively reduced the energy consumption of performing the same calculation by nearly 200 times.

法國巴黎銀行有效地將執行相同計算的能耗降低了近 200 倍。

Increasing computation throughput while reducing cost and energy consumption has become a mission-critical imperative for nearly every company.

在降低成本和能耗的同時提高計算吞吐量已成為幾乎每家公司的關鍵任務。

We announced this week the Tesla GPU preconfigured cluster, which increases the accessibility of supercomputing clusters to the millions of engineers, scientists and researchers around the world.

我們本周宣布了 Tesla GPU 預配置集群，它為全球數百萬工程師、科學家和研究人員增加了超級計算集群的可訪問性。

The Tesla preconfigured clusters is a ready-to-install supercomputer that is available from a network of certified Tesla VARs, including Cray, Penguin, Appro, Colfax, James River and many others around the world.

Tesla 預配置集群是可立即安裝的超級計算機，可從經過認證的 Tesla VAR 網絡獲得，包括 Cray、Penguin、Appro、Colfax、James River 和世界各地的許多其他公司。

We believe a GPU can dramatically enhance the performance of a PC of any budget.

我們相信 GPU 可以顯著提高任何預算的 PC 的性能。

We created Ion to bring the benefits of the GPU to the smallest and most affordable PCs.

我們創建 Ion 是為了將 GPU 的優勢帶給最小且最實惠的 PC。

The recently announced Acer AspireRevo is a full Vista premium PC available at the price of a basic entry-level machine, yet it provides everything the mainstream consumer wants from a PC, including very high-quality Blu-ray playback and modern DX 10 games.

最近發布的 Acer AspireRevo 是一款完整的 Vista 高級 PC，以基本入門級機器的價格提供，但它提供了主流消費者想要從 PC 獲得的一切，包括非常高質量的藍光播放和現代 DX 10 遊戲。

Because of ultra-high integration and low power of Ion, Acer was able to create a small, quiet, provocative industrial design that is light enough to hang on the back of your display.

由於 Ion 的超高集成度和低功耗，Acer 能夠創造出小巧、安靜、引人入勝的工業設計，重量輕到可以掛在顯示器背面。

Last week the first 5000 Revos delivered to Germany's e-tail sold out in one day.

上週交付給德國電子零售店的首批 5000 輛 Revos 在一天之內就售罄。

The AspireRevo has been winning rave reviews.

AspireRevo 一直贏得好評如潮。

Digital Trends predicted that it should be one of the most successful desktop product released this year.

Digital Trends 預測它應該是今年發布的最成功的桌面產品之一。

Ion has forever changed what consumers can expect from a mainstream PC.

Ion 永遠改變了消費者對主流 PC 的期望。

Even affordable and small PCs can be wonderful and deliver the full PC experience.

即使是價格實惠的小型 PC 也可以非常出色，並提供完整的 PC 體驗。

More Ion-based platforms will be available from virtually every major PC OEM.

幾乎每個主要的 PC OEM 都將提供更多基於 Ion 的平台。

You can expect to hear a great deal in the months ahead about the many Ion design wins.

您可以期待在未來幾個月聽到很多關於 Ion 設計獲勝的消息。

At the World Mobile conference in February, we revealed our Tegra Netbook.

在二月份的世界移動大會上，我們展示了我們的 Tegra 上網本。

At less than 1 watt of power, Tegra can surf the web and present the full high-resolution experience to the Internet.

不到 1 瓦的功率，Tegra 可以在網上沖浪，並在互聯網上呈現完整的高分辨率體驗。

With Tegra we are enabling a new class of web-based computers that is high-resolution like a PC yet always on like a smart phone.

借助 Tegra，我們實現了一種新型的基於 Web 的計算機，它像 PC 一樣具有高分辨率，但又像智能手機一樣始終在線。

We now have Tegra design wins that range from portable media players, smart phones, netbooks and other new classes of mobile Internet devices.

我們現在在便攜式媒體播放器、智能手機、上網本和其他新型移動互聯網設備中贏得了 Tegra 設計大獎。

Research from i-SUPPLY projects shipments of Internet-enabled devices ranging from ultra-mobile PCs to portable media players to increase ninefold in the next four years.

i-SUPPLY 的研究預測，從超移動 PC 到便攜式媒體播放器等互聯網設備的出貨量將在未來四年內增長 9 倍。

More than 400 million of these devices will be shipped in 2012, an annual compound growth rate of better than 50%.

2012年這些設備出貨量將超過4億台，年復合增長率超過50%。

We look forward to announcing exciting Tegra devices in the coming months.

我們期待在未來幾個月內發布令人興奮的 Tegra 設備。

Our nearly four-year investment in Tegra has positioned us squarely at the center of the next computing revolution.

我們對 Tegra 近四年的投資使我們處於下一次計算革命的中心。

We estimate that Tegra has opened up an additional $10 billion growth market for us.

我們估計 Tegra 為我們開闢了一個額外的 100 億美元的增長市場。

Now let me introduce David White, who succeeded Mark Burkett earlier this year as CFO.

現在讓我介紹一下今年早些時候接替 Mark Burkett 擔任首席財務官的 David White。

David brings 25 years of experience to the role, most recently as CFO of Sanmina SCI.

David 為該職位帶來了 25 年的經驗，最近擔任 Sanmina SCI 的首席財務官。

He is already making a big impact here.

他已經在這裡產生了巨大的影響。

I want to take this opportunity to thank Mark for his enormous contributions to NVIDIA over the past six years.

我想藉此機會感謝 Mark 在過去六年中對 NVIDIA 的巨大貢獻。

Mark leaves a legacy that can be very proud of.

馬克留下了可以引以為豪的遺產。

He's continuing in an advisory role working with David and me to facilitate a smooth transition and taking on projects that can benefit from his expertise.

他繼續擔任顧問職務，與大衛和我一起工作，以促進平穩過渡並承擔可以從他的專業知識中受益的項目。

With that, let me turn the call over to David.

有了這個，讓我把電話轉給大衛。

Thanks, Jen-Hsun.

謝謝，仁勳。

My comments today will focus on a review of our first quarter results of operations, both on a GAAP and a non-GAAP basis along with a discussion of selected balance sheet accounts and cash flows.

我今天的評論將集中在審查我們第一季度的經營業績，包括 GAAP 和非 GAAP 基礎，以及對選定資產負債表賬戶和現金流量的討論。

I will then conclude with comments regarding our outlook for the second quarter of fiscal year 2010.

然後，我將對我們對 2010 財年第二季度的展望發表評論。

As Jen-Hsun indicated in his opening comments, revenue for the first quarter of fiscal 2010 was $664 million, which was up 38% from $481 million in the prior quarter and significantly higher than our estimate, which was flat to slightly up.

正如仁勳在開場白中指出的那樣，2010 財年第一季度的收入為 6.64 億美元，比上一季度的 4.81 億美元增長了 38%，大大高於我們持平至小幅增長的預期。

We reported a GAAP net loss of approximately $201 million or $0.37 per share.

我們報告的 GAAP 淨虧損約為 2.01 億美元或每股 0.37 美元。

Our GAAP net loss included a one-time charge of $140 million associated with a cash tender offer we previously announced to purchase certain employee stock options.

我們的 GAAP 淨虧損包括與我們之前宣布購買某些員工股票期權的現金要約收購相關的 1.4 億美元一次性費用。

This compares to a GAAP net loss of $0.27 per share in the prior quarter.

相比之下，上一季度的 GAAP 淨虧損為每股 0.27 美元。

Excluding the stock option tender offer as well as other stock-based compensation, we reported a non-GAAP net loss for the quarter of $47 million or a net loss of $0.09 per share.

不包括股票期權要約收購以及其他基於股票的補償，我們報告該季度非公認會計原則淨虧損 4700 萬美元或每股淨虧損 0.09 美元。

This compares with an $0.18 non-GAAP net loss per share in the prior quarter.

相比之下，上一季度的非公認會計原則每股淨虧損為 0.18 美元。

Let me now turn to our individual businesses.

現在讓我談談我們的個體企業。

Our GPU business, which includes desktop, notebook and memory, represented 53% of our total revenue and recorded a 44% revenue increase quarter over quarter.

我們的 GPU 業務（包括台式機、筆記本電腦和內存）占我們總收入的 53%，收入環比增長 44%。

Much of this increase was driven by the strength of the Desktop segment, which was up almost 50% quarter over quarter.

這一增長大部分是由桌面部門的強勁推動的，該部門的季度環比增長了近 50%。

You'll recall that last quarter's revenue in this segment was negatively impacted by low sell-in to the channel as our channel partners worked to aggressively deplete excess inventories.

您會記得上一季度該部門的收入受到渠道銷售量低的負面影響，因為我們的渠道合作夥伴努力積極消耗多餘的庫存。

Channel inventories now appear to have stabilized at slightly over one month's supply with our Q1 sales into the channel roughly approximating channel sales out.

渠道庫存現在似乎已經穩定在一個多月的供應量上，我們第一季度進入渠道的銷售量大致接近渠道銷售量。

As such, our desktop revenue figures in Q1 more closely approximated true end market demand than what we experienced in Q4.

因此，與我們在第四季度的經歷相比，我們在第一季度的桌面收入數據更接近真實的終端市場需求。

The notebook segment of our GPU business was up 28% quarter over quarter, driven primarily by increased OEM demand, which comprised the vast majority of this segment.

我們 GPU 業務的筆記本電腦部分環比增長 28%，主要受 OEM 需求增加的推動，該部分佔該部分的絕大部分。

Here also, fourth quarter revenues were abnormally impacted by OEM inventory corrections that have now abated.

在這裡，第四季度的收入也受到了現在已經減弱的 OEM 庫存修正的異常影響。

Our MCP business, which represented 28% of our total revenue during the quarter, was up approximately 94% quarter over quarter.

我們的 MCP 業務佔本季度總收入的 28%，環比增長約 94%。

Demand was primarily driven by our chipset products designed for the mainstream AMD integrated desktop segment as well as our chipset products designed for the Intel-based notebook segment.

需求主要由我們為主流 AMD 集成台式機市場設計的芯片組產品以及我們為基於英特爾的筆記本電腦市場設計的芯片組產品推動。

Revenue for our PSB business, which includes workstation graphics and computing, was essentially flat quarter over quarter and represented 16% of total revenue.

我們的 PSB 業務（包括工作站圖形和計算）的收入環比基本持平，佔總收入的 16%。

Our share in this segment remains stable.

我們在這一領域的份額保持穩定。

Corporate demand, which comprises a substantial percentage of this business, has not shown any signs of economic recovery at this point.

佔該業務很大比例的企業需求目前尚未顯示出任何經濟復甦的跡象。

This reflects constrained budgets and consumer redeployment and upgrade activity of older equipment.

這反映了預算受限以及消費者對舊設備的重新部署和升級活動。

Looking at the business as a whole, GAAP gross margin for the first quarter was 28.6%.

從整體業務來看，第一季度的 GAAP 毛利率為 28.6%。

Excluding charges associated with a stock-option tender offer as well as other stock-based compensation, non-GAAP gross margin was 30.6%.

不計與股票期權要約收購相關的費用以及其他基於股票的薪酬，非美國通用會計準則毛利率為 30.6%。

Our non-GAAP gross margin, which fell short of expectations and estimates, was impacted by several items.

我們的非公認會計原則毛利率低於預期和估計，受到多個項目的影響。

First, while revenue in our PSB business was flat quarter over quarter, as a percentage of total Company revenue it accounted for less of the total.

首先，雖然我們的 PSB 業務收入環比持平，但占公司總收入的百分比卻較少。

Because our PSB business is generally more profitable than the rest of our business, this had an overall negative impact of approximately 4 points on gross margin.

因為我們的 PSB 業務通常比我們的其他業務更有利可圖，這對毛利率產生了大約 4 個百分點的整體負面影響。

Second, gross margin was also negatively impacted by the selloff of some of our older 65-nanometer product, the effect of which was only partially offset by various reserve true-ups.

其次，毛利率也受到我們一些較舊的 65 納米產品拋售的負面影響，其影響僅被各種儲備調整部分抵消。

GAAP operating expenses for the first quarter were $421 million.

第一季度的 GAAP 運營費用為 4.21 億美元。

Non-GAAP operating expenses, which again excluded charges associated with the stock-option tender offer, as well as other stock-based compensation, amounted to $260 million, essentially flat quarter over quarter and consistent with our estimate.

非美國通用會計準則運營費用（再次不包括與股票期權要約收購相關的費用以及其他基於股票的薪酬）為 2.6 億美元，環比基本持平，與我們的估計一致。

Payroll-related expenses were up quarter over quarter due to the holiday shutdown in the fourth quarter and additional FICA-based payroll taxes we accrued in the first quarter.

由於第四季度的假期關閉以及我們在第一季度累積的基於 FICA 的額外工資稅，與工資相關的費用環比增加。

However, this increase was largely offset by cost reduction efforts that we realized elsewhere.

然而，這一增長在很大程度上被我們在其他地方實現的成本降低努力所抵消。

Our GAAP tax rate for the first quarter was a benefit of 10.4%, and our non-GAAP tax rate was a benefit of 7.5%.

我們第一季度的 GAAP 稅率為 10.4%，我們的非 GAAP 稅率為 7.5%。

NVIDIA's worldwide employment at the end of the quarter stood at 5480, up 60 from the fourth quarter.

NVIDIA 在本季度末的全球就業人數為 5480 人，比第四季度增加了 60 人。

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

我們基本上在美國凍結了招聘，只填補了最關鍵的職位。

Turning to the balance sheet, accounts receivable at the end of the quarter were $304 million, which equated to a DSO of approximately 42 days, an improvement of approximately 18 days from the prior quarter.

轉向資產負債表，本季度末的應收賬款為 3.04 億美元，相當於大約 42 天的 DSO，比上一季度增加了大約 18 天。

Inventories at the end of the quarter were $327 million, down $211 million or 39% quarter over quarter.

本季度末的庫存為 3.27 億美元，環比下降 2.11 億美元或 39%。

Inventory days at quarter end were 64.

季度末的庫存天數為 64。

This compares with 145 days at the end of the prior quarter.

相比之下，上一季度末為 145 天。

These reductions resulted from rescheduling actions we took in response to our high inventory carryover from Q4 as well as early implementation of the staging of inventories at a prefinished state just prior to custom configuration.

這些減少是由於我們為應對第四季度的高庫存結轉而採取的重新安排行動，以及在自定義配置之前提前實施的預先完成狀態的庫存分期。

We believe this latter change is important to us because it will enable us to better respond to changing market demand while at the same time maintaining lower overall inventory levels.

我們相信後一種變化對我們很重要，因為它將使我們能夠更好地應對不斷變化的市場需求，同時保持較低的整體庫存水平。

Depreciation and amortization expense for the first quarter amounted to approximately $51 million, slightly up from $48 million in the fourth quarter.

第一季度的折舊和攤銷費用約為 5100 萬美元，略高於第四季度的 4800 萬美元。

Capital expenditures for the quarter amounted to $21 million, which, as a result of our cost reduction efforts, was significantly down from the $43 million we spent in the prior quarter.

本季度的資本支出為 2100 萬美元，由於我們降低成本的努力，與上一季度的 4300 萬美元相比顯著下降。

Accounts payable at the end of the quarter were $226 million, up approximately $7 million from the prior quarter, and our free cash flow for the first quarter was a positive $121 million.

本季度末應付賬款為 2.26 億美元，比上一季度增加約 700 萬美元，我們第一季度的自由現金流為正 1.21 億美元。

Cash and cash equivalents, marketable securities at the end of the quarter were approximately $1.34 billion, up approximately $83 million quarter over quarter.

本季度末的現金和現金等價物、有價證券約為 13.4 億美元，環比增長約 8300 萬美元。

This figure is significant considering we paid out approximately $82 million associated with the stock-option tender offer we completed in March.

考慮到我們支付了與 3 月份完成的股票期權要約相關的約 8200 萬美元，這個數字非常重要。

In closing, let me briefly comment on our outlook for the second quarter of fiscal 2010.

最後，讓我簡要評論一下我們對 2010 財年第二季度的展望。

While it is particularly difficult during these economic times to place a high degree of certainty in market demand and the pricing environment we compete in, our outlook for the second quarter is as follows.

雖然在這些經濟時期特別難以高度確定市場需求和我們競爭的定價環境，但我們對第二季度的展望如下。

We expect revenue to be up quarter over quarter in the range of 5%.

我們預計收入將在 5% 的範圍內環比增長。

As for gross margin, while we are not expecting any near-term improvement in demand in the workstation market, we do believe cost reduction efforts will allow us to improve margins.

至於毛利率，雖然我們預計工作站市場的需求短期內不會有任何改善，但我們確實相信降低成本的努力將使我們能夠提高利潤率。

Accordingly, we expect our GAAP margins to be in the range of 32% to 34%.

因此，我們預計我們的 GAAP 利潤率將在 32% 至 34% 之間。

We expect GAAP operating expenses to be in the range of $280 million.

我們預計 GAAP 運營費用將在 2.8 億美元範圍內。

We estimate stock-based compensation expense in the second quarter to be $25 million and depreciation, amortization and capital expenditures to be approximately flat when compared to the first quarter.

我們估計第二季度基於股票的補償費用為 2500 萬美元，與第一季度相比，折舊、攤銷和資本支出大致持平。

Basic shares for the second quarter are expected to be 548 million.

第二季度基本股預計為5.48億股。

This concludes my remarks.

我的發言到此結束。

I thank you for your time.

我感謝你的時間。

And with that, I'd like to open the call up for questions.

有了這個，我想打開電話提問。

Operator, can we take questions at this point?

接線員，我們現在可以提問嗎？

(Operator instructions) Daniel Berenbaum, [Origa SA].

（操作員說明）Daniel Berenbaum，[Origa SA]。

Can we talk a little bit more about the inventory?

我們能多談談庫存嗎？

Can you talk -- can you give us a little more detail about -- were there any inventory write-downs and did you sell through any -- or you mentioned you sold through some previously reserved inventory.

你能談談 - 你能給我們更多的細節 - 是否有任何庫存減記並且你是否通過任何 - 或者你提到你通過一些以前保留的庫存進行銷售。

Can you quantify a little better what the write-offs were, how much of the reserves that there were that you sold through with essentially zero cost, and how much still had some cost associated with it?

你能更好地量化一下沖銷是什麼，有多少儲備是你以基本為零的成本出售的，還有多少與之相關的成本？

We have, actually, a couple of situations.

實際上，我們有幾種情況。

We have inventory that we completely wrote off in a prior period.

我們有在前期完全註銷的庫存。

We also have inventories that we wrote down to market value.

我們也有減記到市場價值的庫存。

Some of those inventories in both categories were sold during the quarter, some of which we had gains on, some of which we had losses on.

這兩個類別中的一些庫存在本季度售出，其中一些我們獲利，其中一些我們虧損。

It turns out that the losses we experienced on the sale of that inventory plus some of the other products actually offset that by a greater amount.

事實證明，我們在銷售該庫存加上其他一些產品時所遭受的損失實際上抵消了更多的損失。

And so -- and on a net basis it was actually a negative impact to the quarter.

所以 - 從淨額來看，這實際上對本季度產生了負面影響。

And was that basically because you -- of the amount that you had written down, you hadn't written it down enough?

這基本上是因為你——你寫下的金額，你寫得不夠多嗎？

That's correct, in some cases.

這是正確的，在某些情況下。

In some cases?

在某些情況下？

Did that then trigger any other accounting accruals on the balance sheet, and is that part of what explained the inventory (multiple speakers) drop as well?

這是否觸發了資產負債表上的任何其他會計應計項目，這是否也解釋了庫存（多個發言者）下降的原因？

There was also a modest amount of new lower-cost and market accruals as well.

還有少量新的低成本和市場應計項目。

On a net basis, it was negative, as I indicated.

正如我所指出的，在淨額基礎上，它是負面的。

When you talk about the gross margin improvement going into the next quarter, how much of -- number one, do you expect any additional inventory write-downs or do you expect to sell through any inventory that's previously been reserved for?

當您談到進入下一季度的毛利率改善時，第一，您是否預計會有任何額外的庫存減記，或者您是否希望通過之前保留的任何庫存進行銷售？

And then can you help qualify a little bit further what that improvement is coming from?

然後你能幫助進一步說明改進的來源嗎？

Is it just mix shift back to PSB, or is it mix shift within GPU as well?

它只是混合轉移回 PSB，還是在 GPU 內也混合轉移？

Perhaps some of the newer products like the 40-nanometer products?

也許是一些較新的產品，例如 40 納米產品？

So in the outlook for the second quarter, we'll repeat much, I think, of the same scenario we had in the first quarter.

因此，在第二季度的展望中，我認為我們將重複很多與第一季度相同的情況。

We'll continue to sell off some inventory that we've written off, and we'll continue to sell some inventory that we've written down to lower cost or market.

我們將繼續出售我們已註銷的一些庫存，我們將繼續出售我們已註銷的一些庫存以降低成本或降低市場。

Right now, I would anticipate that the net effect of those two would be roughly a wash.

現在，我預計這兩者的淨效應將大致是洗刷。

And then, what kind of improvement in gross margin do you expect from the mix shift to not just the professional solutions business, but also from the newer products -- the newer GPU products, I mean?

然後，您期望從混合轉變到專業解決方案業務以及更新產品（我的意思是更新的 GPU 產品）中的毛利率會有什麼樣的改善？

Obviously, we are ramping 40-nanometer very aggressively.

顯然，我們正在非常積極地推進 40 納米。

But we haven't announced any new products yet.

但是我們還沒有宣布任何新產品。

So it's not appropriate to talk about new products right now.

所以現在不適合談論新產品。

In terms of next quarter's gross margins, obviously we have consumed a lot more of our 65-nanometer inventory this quarter.

就下一季度的毛利率而言，顯然我們在本季度消耗了更多的 65 納米庫存。

And I think that the amount of our 65-nanometer inventory at this point is quite negligible.

而且我認為此時我們 65 納米的庫存量可以忽略不計。

And so that is going to help our gross margins going forward.

因此，這將有助於我們的毛利率向前發展。

Those are the biggest levers, and we are looking forward to having the PSB business coming back online as the enterprise starts to buy again.

這些是最大的槓桿，我們期待隨著企業再次開始購買，PSB 業務能夠重新上線。

We have really exciting new products for Quadro that we've launched and that the OEMs have already geared up.

我們為 Quadro 推出了非常令人興奮的新產品，並且 OEM 已經做好了準備。

And so, as soon as the end market comes back to life, I think that the workstation business is going to do really well for us once again.

因此，一旦終端市場恢復生機，我認為工作站業務將再次為我們做得很好。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

On the 40 nanometer, since you brought it up -- I know you're not going to talk about new products that are not announced, but can you give us an update on how the ramp is going relative to previous process nodes and in terms of the ramp, the volumes?

關於 40 納米，既然你提出來了——我知道你不會談論尚未公佈的新產品，但你能否向我們提供有關斜坡相對於先前工藝節點的進展情況的最新情況以及術語坡道，體積？

And can you give us an update, what percentage of the mix by the end of the year could be coming from that process node?

您能否告訴我們最新情況，到今年年底，該流程節點有多少比例可能來自該流程節點？

The ramp is going fine.

坡道進展順利。

We are ramping 40-nanometer probably harder than anybody.

我們正在加速 40 納米可能比任何人都更難。

And so we have three products in line now in 40-nanometer, and more going shortly.

因此，我們現在有 3 款 40 納米的產品在生產線，而且很快還會推出更多產品。

So this is a very important node.

所以這是一個非常重要的節點。

TSMC is working very hard.

台積電非常努力。

We have a vast majority of their line cranking right now with new products.

我們現在有絕大多數他們的生產線都在使用新產品。

And so we're monitoring yields, and they're improving nicely week to week to week.

因此，我們正在監測收益率，它們每週都在改善。

And so at this point there's really not much to report.

所以在這一點上真的沒有太多要報告的。

In terms of the mix towards the end of the year, let's see.

就年底的組合而言，讓我們拭目以待。

My rough math would suggest about 25%, is my guess.

我的粗略數學表明大約 25%，是我的猜測。

There are still going to be a lot of 55-nanometer products.

仍然會有很多 55 納米產品。

A lot of our MCP products -- Ion, for example, is still based on 55-nanometer.

我們的許多 MCP 產品——例如 Ion，仍然基於 55 納米。

And Ion is going to be running pretty hard.

Ion 將會非常努力地運行。

I think you heard in David's comments earlier that our Intel chipset product line is our fastest-growing business.

我想您之前在 David 的評論中聽說過我們的英特爾芯片組產品線是我們增長最快的業務。

And so my sense is that that's going to continue to be successful, and that's still in 55-nanometer.

所以我的感覺是，這將繼續取得成功，而且仍然是 55 納米。

So I would say roughly 25% to 30% is my rough estimate, going into the end of the year.

所以我會說大約 25% 到 30% 是我的粗略估計，到今年年底。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Could you just clarify again your OpEx guidance for the July quarter?

您能否再次澄清您對 7 月季度的運營支出指導？

Because I think I heard that it's going to be up Q on Q, and I just wanted to make sure I heard that right.

因為我想我聽說它會在 Q 上出現 Q，我只是想確保我沒聽錯。

It's not up; it's about $280 million on a GAAP basis.

還沒起來；按公認會計原則計算，約為 2.8 億美元。

And what would it be on a pro forma basis?

在備考基礎上會是什麼？

The guidance we are giving for [SBC] for next quarter is around $25 million.

我們為下一季度 [SBC] 提供的指導約為 2500 萬美元。

Can you give us a sense, Davis, when you look into the end of the fiscal year, for example, what are your thoughts about the kind of run rate of operating expenses you expect to be on at that point?

戴維斯，您能否給我們一個感覺，例如，當您展望財政年度末時，您對屆時您期望的運營費用運行率有何看法？

Or really what I'm asking -- you make the point in the comments that you've got OpEx programs in place.

或者真的是我要問的——您在評論中指出您已經實施了運營支出計劃。

I just wanted to get a sense as to maybe what those are and what the targets are for that program.

我只是想了解一下這些可能是什麼以及該計劃的目標是什麼。

So I think in that first quarter conference call we talked about a stretch goal for the Company of about $265 million, and we are still working aggressively to achieve that objective.

因此，我認為在第一季度電話會議中，我們談到了公司約 2.65 億美元的延伸目標，我們仍在積極努力實現這一目標。

We have a lot of programs, as Jen-Hsun talked about in his comments, that we absolutely want to maintain our investments in and we feel strongly about the return we'll ultimately achieve from those investments.

正如 Jen-Hsun 在他的評論中所說，我們有很多計劃，我們絕對希望保持我們的投資，並且我們對我們最終將從這些投資中獲得的回報感到強烈。

And so our cost reduction activities are trying to balance, maintaining all of the resources we can on those investments and still trying to spend our money as wisely as we possibly can.

因此，我們的成本削減活動正在努力平衡，保持我們可以在這些投資上的所有資源，並仍在努力盡可能明智地花錢。

And so we're focusing on a lot of ways in terms of how we manage our expenses and where our expenses are actually incurred and trying to influence them in ways that won't affect those programs.

因此，我們在如何管理我們的費用以及我們的費用實際發生在哪裡，並試圖以不會影響這些計劃的方式影響它們方面的很多方面。

So I think the $265 million target is still intact, and I assume we'll achieve that sometime in the next -- certainly, before the end of the calendar year and our fiscal year.

所以我認為 2.65 億美元的目標仍然完好無損，我認為我們會在下一個時間實現這一目標——當然，在日曆年和我們的財政年度結束之前。

Maybe talk about the pricing environment that you're seeing out there.

也許談談您在那裡看到的定價環境。

Obviously, we're in a unique demand environment here.

顯然，我們在這里處於一個獨特的需求環境中。

Any sense that you're seeing anything unique on pricing as a result?

有什麼感覺你在定價上看到了任何獨特的東西嗎？

Pricing I would characterize as aggressive.

定價我認為是激進的。

But we're at a point now with the pricing where we think that we're going to be relatively stable for some time.

但我們現在的定價是我們認為我們將在一段時間內相對穩定。

And our products gain a premium in the marketplace relative to the competition because of the reputation of our products and the performance of our product.

由於我們產品的聲譽和產品的性能，我們的產品在市場上獲得了相對於競爭對手的溢價。

And increasingly, the work that we do around PhysX and CUDA is being recognized as important.

越來越多地，我們圍繞 PhysX 和 CUDA 所做的工作被認為是重要的。

And I commented earlier the number of games that are coming out with PhysX in the games -- it's coming out in a really rich pipeline now, and we are seeing game titles coming out on a regular basis now with PhysX included.

我之前評論了在遊戲中使用 PhysX 推出的遊戲數量——它現在正在以非常豐富的渠道推出，而且我們現在經常看到包含 PhysX 的遊戲標題。

And when you compare a game with PhysX in it running on CUDA to one that's running on the CPU, the difference is so substantial that our GPU is just superior on so many different fronts.

當您將在 CUDA 上運行的帶有 PhysX 的遊戲與在 CPU 上運行的遊戲進行比較時，差異如此之大，以至於我們的 GPU 在許多不同方面都表現出色。

And so I think that we're going to leave our positioning in the marketplace with a premium to our products because it's a superior product, and I think the market is recognizing that.

因此，我認為我們將在市場上的定位中保持對我們產品的溢價，因為它是一種卓越的產品，我認為市場正在認識到這一點。

Uche Orji, UBS Investment Bank.

Uche Orji，瑞銀投資銀行。

Can I please ask you about how the quarter progressed?

我能問你這個季度進展如何嗎？

Because if I look at the DSO, it seems to have dropped off quite sharply.

因為如果我查看 DSO，它似乎已經急劇下降。

So can you just give me a sense of how, month by month, the quarter progressed in terms of demand?

那麼，您能否讓我了解該季度在需求方面的逐月進展情況？

Because looking at this one made me conclude that it looks like demand tailed off toward the end of the other quarter.

因為看著這個讓我得出結論，看起來需求在另一個季度末逐漸減少。

Is that the right conclusion?

這是正確的結論嗎？

Actually, it didn't.

事實上，它沒有。

The quarter was a pretty solid quarter, I would say.

我會說，這個季度是一個相當穩健的季度。

In fact, we had spot shortages of several products.

事實上，我們有幾種產品的現貨短缺。

And there are rumors of us pushing our supply chain really hard to get products out into the marketplace, and all of that is true.

有傳言說我們非常努力地推動我們的供應鏈將產品推向市場，所有這些都是真的。

And we came into the quarter looking pretty good.

我們進入這個季度看起來相當不錯。

So I think our -- the market is still uncertain, and we monitor sellout in every single geography for every single product like crazy these days.

所以我認為我們的 - 市場仍然不確定，這些天我們瘋狂地監控每一種產品在每個地區的銷售情況。

And so we'll continue to watch it.

因此，我們將繼續關注它。

But so far, so good.

但到目前為止，一切都很好。

Just going back to the margin, I think in the very first question you were explaining that the impact of the inventory, products that were sold that had been reserved, was negative.

回到邊際，我認為在第一個問題中，您解釋的是庫存的影響，即已保留的已售產品，是負面的。

So what is the clean gross margin?

那麼淨毛利率是多少？

So if I work off 30.6 and if I had to make adjustments for this inventory that was reserved and sold that had a negative impact, I'm trying to get a sense of what then is a clean gross margin for the quarter that just ended.

因此，如果我在 30.6 下工作，並且如果我必須對保留和出售的具有負面影響的庫存進行調整，我試圖了解剛剛結束的季度的淨毛利率是多少。

Well, I guess it depends on what your definition of clean is, I guess.

好吧，我想這取決於您對清潔的定義是什麼。

Probably the single largest item that impacted margins in the quarter really is the fact that our workstation business, our PSB business, as we call it, was a smaller percentage of total mix.

可能影響本季度利潤率的最大單一項目實際上是我們的工作站業務，我們所說的 PSB 業務在總組合中所佔的百分比較小。

And as I indicated in my comments, that's about a four-point hit on margins.

正如我在評論中指出的那樣，這對利潤率造成了大約四分的打擊。

And it overwhelms, actually, the other factors.

實際上，它壓倒了其他因素。

It is the single largest item.

它是單個最大的項目。

And as we gave our guidance, we're not anticipating at this point that's going to change anytime soon.

當我們給出指導時，我們目前並沒有預料到這種情況會很快改變。

So if you wanted to find a clean quarter, as our workstation business being back at the historical levels it's been, you could add four points to margin.

因此，如果您想找到一個乾淨的季度，因為我們的工作站業務回到了歷史水平，您可以在利潤率上增加 4 分。

I think other items that I indicated are of much smaller consequence.

我認為我指出的其他項目的影響要小得多。

Sure.

當然。

Last question, on the workstation business, obviously, watching the end markets (inaudible) looks like things will look pretty challenged for some time.

最後一個問題，關於工作站業務，顯然，觀察終端市場（聽不清）看起來事情在一段時間內看起來會很有挑戰。

Let me ask you about competition in this market.

讓我問你關於這個市場的競爭。

We've seen some of AMD's products getting designed into some HP workstations.

我們已經看到一些 AMD 的產品被設計到一些 HP 工作站中。

Are you starting to notice any signs of improved competition?

您是否開始注意到任何競爭改善的跡象？

Are these products getting any traction that may affect your longer-term market share in this area?

這些產品是否受到任何可能影響您在該領域的長期市場份額的牽引力？

We're frankly not seeing comparative pressure in our workstation business.

坦率地說，我們在工作站業務中沒有看到相對壓力。

I think the competition has repeatedly claimed design wins in the workstation business for years now.

我認為多年來，競爭已經一再聲稱在工作站業務中贏得了設計勝利。

And this is just not a chip business.

這不是芯片業務。

This is a chip and system solution, system software.

這是一個芯片和系統解決方案，系統軟件。

It's a complicated business and you are building products that need to not only be great at Windows, but Linux and just about every ancient operating system on the planet.

這是一項複雜的業務，您正在構建的產品不僅需要擅長 Windows，還需要擅長 Linux 以及地球上幾乎所有古老的操作系統。

And so it's a very, very complicated business.

所以這是一個非常非常複雜的業務。

And the reason why our market share is so high has a lot to do with investment that we put into it.

我們的市場份額之所以如此之高，與我們投入的投資有很大關係。

So this is a business that is about solving some of the most challenging problems in computing in the world, and we are really, really good at it.

所以這是一項旨在解決世界上一些最具挑戰性的計算問題的業務，我們真的非常擅長。

And so I think -- we read about press releases from the competition from time to time, and we take it all seriously.

所以我認為 - 我們不時閱讀比賽的新聞稿，我們認真對待這一切。

But the fact of the matter is, it just takes a lot more investment than that to be successful.

但事實是，要成功，只需要比這更多的投資。

[Reggie Gill], Needham & Co.

[雷吉·吉爾]，Needham & Co.

A quick question on the Ion revenue contribution.

關於 Ion 收入貢獻的快速問題。

You guys had a huge revenue upside in the first quarter.

你們在第一季度有巨大的收入增長。

A lot of it was due to improving [sellout demand].

其中很大一部分是由於[售罄需求]的改善。

How much was that related to the Ion business?

這與 Ion 業務有多大關係？

And a related question, what were the gross margins on the Ion business, and what were the pricing ASP's on the Ion?

還有一個相關的問題，Ion 業務的毛利率是多少，Ion 的 ASP 定價是多少？

So let's see.

那麼讓我們看看。

David, what was our Intel chipset business this quarter?

大衛，本季度我們的英特爾芯片組業務是什麼？

Do you have the numbers over there for the Intel chipset business?

你有英特爾芯片組業務的數據嗎？

We basically only have one Intel-based chipset that we are shipping in any reasonable amounts, any meaningful amounts.

我們基本上只有一個基於英特爾的芯片組，我們以任何合理數量、任何有意義的數量發貨。

I don't have it broken out, Jen-Hsun, between the two here with me.

Jen-Hsun 和我在這兒的兩個人之間，我沒有爆發。

What was the total?

總數是多少？

Was it about $200 million, of $180 million or so?

大約是 2 億美元，還是 1.8 億美元左右？

It was $180 million, is the total, (multiple speakers) [186].

總額為 1.8 億美元，（多位發言者）[186]。

So I would expect about, out of that $180 million, about two thirds of it, maybe a little bit less than that, comes from the Ion chipset.

所以我預計，在這 1.8 億美元中，大約三分之二，也許比這少一點，來自 Ion 芯片組。

And the way to think about that is in Q2 of last year, one year ago, that amount was approximately zero.

考慮這一點的方式是在去年第二季度，一年前，這個數字大約為零。

And so that gives you a sense for the adoption of our products in that segment.

因此，這讓您了解我們的產品在該細分市場中的採用情況。

But are you including the 9400M that you're selling to Apple as Ion, or is this actually two thirds of that $180 million design wins with other companies outside of Apple that are using Ion?

但是，您是否將您作為 Ion 出售給 Apple 的 9400M 包括在內，或者這實際上是與 Apple 以外的其他使用 Ion 的公司贏得的 1.8 億美元設計中的三分之二？

We don't distinguish the two.

我們不區分兩者。

It's the same processor, from our perspective.

從我們的角度來看，它是同一個處理器。

We call it the platform Ion, and increasingly people are calling the chip Ion.

我們將其稱為 Ion 平台，越來越多的人將其稱為 Ion 芯片。

And so we don't distinguish the two, whatever people want to call it.

所以我們不區分這兩者，不管人們想怎麼稱呼它。

When people buy the chipset from us, they call it Ion.

當人們從我們這裡購買芯片組時，他們稱其為 Ion。

When they put it into the box and they brand it from the outside, because GeForce has such a terrific brand and contributes so much to the brand value of the end product, people call it GeForce.

當他們把它放進盒子裡並從外面給它打上商標時，因為 GeForce 擁有如此出色的品牌，並且對最終產品的品牌價值貢獻如此之大，人們稱它為 GeForce。

Do you see what I'm saying?

你明白我在說什麼嗎？

Yes.

是的。

So people buy the Ion, but they sell it as a GeForce.

所以人們購買 Ion，但他們將其作為 GeForce 出售。

I'm just trying to get a better understanding of what additional design wins with other PC manufacturers outside of Apple are you getting with Ion.

我只是想更好地了解您使用 Ion 獲得的其他 PC 製造商在 Apple 之外的其他設計贏得了什麼。

Like I'm trying to get (inaudible) [gaining] the traction of Ion outside of just the Apple business that was announced a few quarters back.

就像我試圖在幾個季度前宣布的 Apple 業務之外獲得（聽不清）[獲得] Ion 的吸引力。

If you estimate that Apple represents a little bit north of 50% of that, then I think it's relatively correct.

如果你估計蘋果代表了其中的 50%，那麼我認為這是相對正確的。

So the traction is good.

所以牽引力很好。

And if you think about who the fastest-growing PC companies are in the world, I think that's Apple and Acer and ASUSTeK.

如果你想想世界上增長最快的個人電腦公司是誰，我認為那是蘋果、宏碁和華碩。

They are all huge Ion customers.

他們都是 Ion 的大客戶。

Any sense of what the gross margin or ASPs on that platform were in this quarter?

知道本季度該平台上的毛利率或 ASP 是多少嗎？

About or better than corporate average.

大約或優於企業平均水平。

The corporate average of this quarter of 30.6% or just what you've done historically?

本季度的公司平均水平為 30.6%，還是您過去所做的？

Better than this quarter.

比本季度好。

Can you give us any update in terms of the GT 300 architecture or the next-generation architecture?

您能給我們提供有關 GT 300 架構或下一代架構的任何更新嗎？

Is that on schedule for the second half of '09, or do you foresee any potential roadblocks with that rollout?

這是 09 年下半年的計劃，還是您預見到該推出的任何潛在障礙？

We don't comment about future products.

我們不對未來的產品發表評論。

Our current products are doing very, very nicely in the marketplace.

我們目前的產品在市場上的表現非常非常好。

What's the point of talking about future products?

談論未來的產品有什麼意義？

And just going on in terms of the revenue guidance of up 5%, how should we be looking at it in terms of like individual business units?

就收入增長 5% 而言，我們應該如何看待單個業務部門？

Should we be looking at normal seasonality across the different categories?

我們是否應該關注不同類別的正常季節性？

And then should we be looking at the workstation business getting back up to like, say, 20% of total revenue, which has historically been in that range?

然後我們是否應該關注工作站業務恢復到總收入的 20%，這在歷史上一直在這個範圍內？

If I was modeling it out, I would assume workstation as flat and apply the 5% ratably to the other businesses.

如果我進行建模，我會假設工作站是平坦的，並將 5% 的比例應用到其他業務。

So even with a flat workstation business, which carries a higher gross margin, you are still expecting 32%-34% of GAAP gross margin?

因此，即使是具有較高毛利率的平板工作站業務，您仍然期望 GAAP 毛利率為 32%-34%？

That's correct.

這是正確的。

Yes.

是的。

What is it on a non-GAAP basis?

在非公認會計原則的基礎上是什麼？

Are you able to break that out?

你能打破它嗎？

It's not much different.

沒什麼不同。

This PC is like 20 BPS, 0.2, small difference.

這台電腦就像 20 BPS，0.2，差別很小。

Cody Acree, Stifel Nicolaus.

科迪·阿克里，斯蒂菲爾·尼古拉斯。

This is Patrick Newton in for Cody Acree.

這是帕特里克牛頓在科迪阿克里。

This question goes to Dave.

這個問題問戴夫。

If you could speak a little bit -- if we started looking at long-term gross margin, what does it take to get us back into the 40% range?

如果你能說一點——如果我們開始考慮長期毛利率，我們需要什麼才能讓我們回到 40% 的範圍內？

And is this something that you guys think is achievable in the fiscal '11 time frame?

你們認為這是在 11 財年的時間框架內可以實現的嗎？

I guess I would throw in a couple things here.

我想我會在這里扔一些東西。

One is -- and Jen-Hsun, you can jump in here, obviously -- our business is -- and margins are heavily influenced by our high-end performance products.

一個是 - Jen-Hsun，你可以跳到這裡，顯然 - 我們的業務是 - 利潤率受到我們高端性能產品的嚴重影響。

And clearly, as we move forward in Tesla and Tegra and some of these other products that we've been talking about and we're continuing to invest in become part of our revenue mix and so forth, we believe that within that time period we can be getting our margins back up into that kind of arena.

很明顯，隨著我們在特斯拉和 Tegra 以及我們一直在談論的其他一些產品方面取得進展，我們將繼續投資成為我們收入組合的一部分等等，我們相信在這段時間內，我們可以讓我們的利潤回到那種舞台上。

If you look at our history, there was a time when we had rather low gross margins.

如果你看看我們的歷史，曾經有一段時間我們的毛利率相當低。

And I think it was as low as 28 points or something like that.

而且我認為它低至28分或類似的東西。

And we've, over the course of about a year and a half, methodically worked our gross margins back up and exceeded our record levels.

在大約一年半的時間裡，我們有條不紊地提高了我們的毛利率，並超過了我們的創紀錄水平。

I have every confidence that the operational initiatives that we have in place today that looked at the reasons why our gross margins are challenged right now and the new mix of products that we are bringing to the marketplace, and my full confidence that the industries will be revived and I [won't] need to buy tools for their engineers who are the heart and souls of all industries, will return.

我完全有信心，我們今天採取的運營舉措著眼於我們的毛利率現在受到挑戰的原因以及我們向市場推出的新產品組合，並且我完全相信這些行業將復活了，我 [不會] 需要為他們的工程師購買工具，他們是所有行業的核心和靈魂，將會回來。

And when that happens, our gross margin has every opportunity to return to its record levels and potentially beyond.

當這種情況發生時，我們的毛利率就有機會恢復到創紀錄的水平，甚至可能超過。

And so those are things that we're putting in place.

所以這些是我們正在實施的事情。

The teams are executing fabulously across the board.

團隊在各方面都表現出色。

And if you watched this the last time relentlessly march up our gross margins, we intend to do exactly the same this time.

如果你最後一次看到這一點，我們的毛利率不斷提高，我們這次打算做同樣的事情。

So, talking about some of these new products that you guys just touched on, Tesla and Tegra, could you talk about what kind of revenue you saw from Tesla in this quarter and maybe some kind of expectation throughout the remainder of the fiscal year?

那麼，談到你們剛剛提到的一些新產品，特斯拉和 Tegra，你們能否談談你們在本季度從特斯拉看到的收入類型，以及對本財年剩餘時間的某種預期？

And then also in regard to Tegra, if you could talk about if there's been any recent change in design win momentum and any expectations you have for Tegra in the back half of the year ramping, perhaps a target run rate exiting the fiscal year?

然後關於 Tegra，如果你能談談最近在設計獲胜勢頭方面是否有任何變化，以及你對 Tegra 在今年下半年的任何期望，也許是退出本財年的目標運行率？

Tesla was many millions of dollars and next quarter will be more, is my expectation.

特斯拉是數百萬美元，下個季度會更多，這是我的預期。

The traction that we're getting, designing them into clusters all over the world, as I mentioned in my comments, are really doing to terrifically.

正如我在評論中提到的那樣，我們正在獲得的牽引力，將它們設計成遍布世界各地的集群，確實做得非常好。

And the national labs around the world are all benefiting from stimulus packages as the various governments invest in energy exploration and investing in education.

隨著各國政府投資能源勘探和教育投資，世界各地的國家實驗室都從一攬子刺激計劃中受益。

And so I think those are all -- and Tesla is just in a fine spot at the right time.

所以我認為這些都是 - 特斯拉只是在正確的時間處於一個很好的位置。

And so my expectation is that Tesla is going to continue to do well, and we'll grow it into a rather nice business, hopefully within the next couple of years, into a business like Quadro, and potentially larger.

所以我的期望是，特斯拉將繼續表現良好，我們將把它發展成一個相當不錯的企業，希望在未來幾年內，發展成為像 Quadro 這樣的企業，甚至可能更大。

Tegra has -- we introduced a new category for Tegra at the World Mobile Conference, and this is a Tegra notebook.

Tegra —— 我們在世界移動大會上為 Tegra 引入了一個新類別，這就是 Tegra 筆記本。

Prior to that, we only had Tegra smart phones and Tegra portable media player design wins.

在此之前，我們只有 Tegra 智能手機和 Tegra 便攜式媒體播放器設計獲勝。

Those products are just reaching the final production, ready for final design phase and starting to ramp in production.

這些產品剛剛進入最終生產階段，準備進入最終設計階段並開始量產。

And so I'm expecting revenues this quarter and growing throughout the rest of the year.

因此，我預計本季度的收入將在今年剩餘時間內增長。

But this last quarter we introduced the Tegra netbook reference platform, and we have many ODMs and OEMs working with us to bring Tegra netbook to the marketplace.

但在上個季度，我們推出了 Tegra 上網本參考平台，我們有許多 ODM 和 OEM 與我們合作，將 Tegra 上網本推向市場。

The telcos have discovered that when they can give away a computer with a subscription and that computer is a couple of hundred dollars, they could really drive subscription rates.

電信公司發現，當他們可以通過訂閱贈送一台計算機並且這台計算機是幾百美元時，他們真的可以提高訂閱率。

And so we're pretty excited about this and the telcos are pretty excited about it as well.

因此，我們對此感到非常興奮，電信公司也對此感到非常興奮。

With 3G data modems becoming so affordable, this is really a terrific way for them to increase their revenues.

隨著 3G 數據調製解調器變得如此實惠，這確實是他們增加收入的絕佳方式。

And the ARPU for a netbook that is high-resolution and readily accessible, so that you can stream high-definition video or use Facebook wherever you are, the telcos are pretty enthusiastic about the type of ARPUs they'll generate from these type of devices.

以及高分辨率且易於訪問的上網本的 ARPU，以便您可以流式傳輸高清視頻或使用 Facebook，無論您身在何處，電信公司都非常熱衷於他們將從這些類型的設備中生成的 ARPU 類型.

So I think this is going to be a new growth category for us, and we're working really hard to get it into production.

所以我認為這對我們來說將是一個新的增長類別，我們正在努力將其投入生產。

And Jen-Hsun, when we think about Tegra ASPs, is it right to think of smart phones and then later on, maybe another $10 for mids and then some incremental, maybe $10, for netbooks on top of that?

Jen-Hsun，當我們考慮 Tegra ASP 時，是否應該先考慮智能手機，然後再考慮中端設備，然後再增加 10 美元，然後再考慮增加上網本，可能是 10 美元？

Help me understand your algorithm again.

幫助我再次理解你的算法。

If I think of ASPs for smart phones maybe being in the $10 to $15 range, mids being $10 more than that in a $25 type of range, and then netbooks a little bit more, is that the right way to think of the ASPs for Tegra?

如果我認為智能手機的 ASP 可能在 10 到 15 美元的範圍內，中端比 25 美元的範圍內高出 10 美元，然後上網本稍微高一點，那麼考慮 Tegra 的 ASP 是否正確?

I would think of the PNP's to be very similar to smart phones.

我認為 PNP 與智能手機非常相似。

I think the mids are higher than that.

我認為中頻比那個高。

I think your $10 is about right, and then I think netbooks on the high end of mids.

我認為你的 10 美元是正確的，然後我認為上網本是中高端的。

So, I agree with that.

所以，我同意這一點。

[Alex Gana], GMP Securities.

[Alex Gana]，GMP 證券。

I'm wondering about, on the Tesla platforms, how you get through or how you're working with potential customers to get some of the software that may be running on legacy hardware or standard hardware over to be Tesla compatible or adoptable in new systems.

我想知道，在特斯拉平台上，您如何通過或如何與潛在客戶合作，以使某些可能在舊硬件或標準硬件上運行的軟件與特斯拉兼容或可在新系統中採用.

The vast majority of the serious computing clusters in the world run proprietary software.

世界上絕大多數嚴肅的計算集群都運行專有軟件。

Oil and gas, proprietary; finance, proprietary.

石油和天然氣，專有的；金融，專有。

And so there's large internal development teams that protect these algorithms of theirs like we protect our algorithms.

因此，有大型內部開發團隊保護他們的這些算法，就像我們保護我們的算法一樣。

And so we work with each one of their engineering teams or development teams to port to Tesla.

因此，我們與他們的每個工程團隊或開發團隊合作，以移植到特斯拉。

And the porting process is just all over the world.

移植過程遍布世界各地。

And you could go -- and many of them, when they do a port, are so delighted by the results they publish a paper.

你可以去——他們中的許多人，當他們做移植時，對結果非常高興，他們發表了一篇論文。

And if you go to Google and Googled CUDA GPU or NVIDIA CUDA GPU, you're going to find just reams and reams of papers that show the speedups that we talked about.

如果你去谷歌和谷歌搜索 CUDA GPU 或 NVIDIA CUDA GPU，你會發現大量的論文顯示了我們討論的加速。

You can also come to CUDA Zone, do a search on CUDA Zone, and you'll see a whole bunch of applications that have been ported and the results that they're seeing.

你也可以來 CUDA Zone，在 CUDA Zone 上搜索，你會看到一大堆已經移植的應用程序和他們看到的結果。

So that's one method.

所以這是一種方法。

We also work with software developers that target the verticals, and so they could be a small consulting firm for computational finance.

我們還與針對垂直領域的軟件開發人員合作，因此他們可以成為一家小型計算金融諮詢公司。

It could be a small -- or a large consulting firm for oil and gas discovery.

它可能是一家小型或大型石油和天然氣發現諮詢公司。

So we work with them to develop software.

因此，我們與他們合作開發軟件。

We'll also port the major software packages like MATLAB, and so there's a piece of software that has been developed for MATLAB that accelerates MATLAB some 15-20 times and there are some being developed again further to accelerate even further than that.

我們還將移植主要的軟件包，如 MATLAB，因此有一個為 MATLAB 開發的軟件可以將 MATLAB 加速大約 15-20 倍，還有一些正在進一步開發以進一步加速。

So we approach these applications based on what we think has the greatest potential to serve the market and also the greatest potential for speedup.

因此，我們根據我們認為最有可能為市場服務以及最大的加速潛力來處理這些應用程序。

And so we work on all of them at the same time with a rather large devtech team, a developer relations team.

因此，我們與一個相當大的開發技術團隊，一個開發者關係團隊同時處理所有這些問題。

And we're working with the software developers all over the world.

我們正在與世界各地的軟件開發商合作。

And so you've just got to work on this one at a time.

所以你只需要一次處理這個。

Now, the exciting thing about all of this is many of them were refactoring and redeveloping their software to run on multicore CPUs.

現在，所有這一切令人興奮的是，他們中的許多人正在重構和重新開發他們的軟件以在多核 CPU 上運行。

And because they were so unsuccessful and frustrated by multicore CPUs, Tesla showed up at exactly the right time or CUDA showed up at exactly the right time.

由於他們對多核 CPU 如此不成功和沮喪，Tesla 在正確的時間出現，或者 CUDA 在正確的時間出現。

So this is really a perfect alignment of an industry that's run out of choices, but still needs to see significant speedup.

因此，這確實是一個已經沒有選擇的行業的完美結合，但仍需要看到顯著的加速。

Jim Schneider, Goldman Sachs.

吉姆施耐德，高盛。

I was wondering if you could start out on the notebook market a little bit and give us a sense of what you're seeing in that market with respect to mix of discrete and integrated GPU's and whether you see any shifts that would be permanent there.

我想知道您是否可以從筆記本市場開始一點點，讓我們了解您在該市場中看到的關於離散和集成 GPU 混合的情況，以及您是否看到任何永久性的變化。

Well, in the notebook market the discrete versus integrated has been relatively stable, I think.

好吧，我認為在筆記本電腦市場上，分立式與集成式相對穩定。

Probably about 25% of the notebooks are discrete.

大約 25% 的筆記本電腦是離散的。

It might have been a little lower this quarter.

本季度可能會低一些。

Well, it probably is lower this quarter because of the significant growth of netbooks.

好吧，由於上網本的顯著增長，本季度可能會更低。

And so if you excluded the netbooks, my sense is that discrete has probably gained relatively to integrated graphics.

因此，如果您排除上網本，我的感覺是離散可能相對於集成顯卡獲得了優勢。

But let's just assume that it's relatively flat.

但是讓我們假設它相對平坦。

And going forward, the interesting dynamic is -- and we are anxious to see this play out, but we are starting to hear from all over the world that integrated graphics don't have DX Compute.

展望未來，有趣的動態是——我們渴望看到這種情況發生，但我們開始從世界各地聽到集成顯卡沒有 DX 計算。

DX Compute is the single most important new API from Windows 7, and it helps you do amazing things.

DX Compute 是 Windows 7 中最重要的一個新 API，它可以幫助您完成令人驚嘆的事情。

If you've made a home movie and you put it on your PC and you wanted to do video editing and add some special effects to it and stitch a few photos and videos together and you want to render it back to a DVD so you can send it to grandparents, that process without GPU computing is horrific.

如果您製作了一部家庭電影並將其放在您的 PC 上，並且您想要進行視頻編輯並為其添加一些特殊效果並將幾張照片和視頻拼接在一起，並且您想要將其渲染回 DVD 以便您可以把它寄給祖父母，沒有 GPU 計算的過程是可怕的。

To make a one-hour movie, it will probably take you 10 hours to record it.

要製作一小時的電影，可能需要 10 個小時來錄製它。

And so with DX Compute that one hour has become one hour.

因此，使用 DX Compute，一小時變成了一小時。

And so it's just a revolutionary speedup when it comes down to certain types of applications that are very parallel and very data-intensive, very compute-intensive.

因此，當涉及到某些類型的應用程序時，這只是一個革命性的加速，這些應用程序非常並行、非常數據密集、非常計算密集。

And so I think, without DX Compute on integrated graphics chips, the question is, how will these PCs compete?

所以我認為，如果沒有集成圖形芯片上的 DX Compute，問題是，這些 PC 將如何競爭？

And so we're seeing a lot more interest in people who need to put GPU's in their notebooks and desktop computers when Windows 7 comes around.

因此，當 Windows 7 出現時，我們看到人們對需要在筆記本電腦和台式電腦中安裝 GPU 的人們產生了更多的興趣。

Maybe just as a follow-up, could you give us an update on the magnitude of revenues you expect from Tesla in the current fiscal year, please?

也許只是作為後續行動，請您向我們介紹一下您對特斯拉在本財年的預期收入規模的最新情況，好嗎？

It's really hard to say exactly, but if we did less than $50 million I'd be disappointed.

真的很難準確地說，但如果我們的收入少於 5000 萬美元，我會感到失望。

And I'd be delighted if we're on a run rate of north of $100 million going out of the year.

如果我們今年的運行率超過 1 億美元，我會很高興。

Craig Berger, FBR Capital Markets.

Craig Berger，FBR 資本市場。

This is Robert for Craig.

這是克雷格的羅伯特。

Thanks for taking my question.

感謝您提出我的問題。

Can you give us a better idea of what ASPs did in the quarter for desktops and notebooks for your chips?

您能否更好地了解 ASP 在本季度為您的芯片在台式機和筆記本電腦方面做了什麼？

David, you probably have that over there.

大衛，你可能有那個。

Probably most of our compression on ASP's probably came in the GPU line of our business, in select -- in some select particular models and so forth.

可能我們對 ASP 的大部分壓縮可能來自我們業務的 GPU 線，在某些特定模型中，等等。

It was a little bit higher this last quarter than what we've traditionally seen on some particular programs; on a quarter-over-quarter basis, that is.

上個季度比我們傳統上在某些特定節目上看到的要高一點；也就是說，按季度計算。

And if you look at ASP's quarter to quarter, it surely should have increased because we gained share, and most of our -- well, almost all their share gains came from the high end.

如果您查看 ASP 的季度與季度，它肯定應該增加，因為我們獲得了份額，而且我們的大部分——嗯，幾乎所有的份額收益都來自高端。

So we gained about 60% share quarter over quarter, and so all of that is high-end share.

因此，我們獲得了約 60% 的季度環比份額，所有這些都是高端份額。

So our ASPs should have gone up.

所以我們的平均售價應該上升了。

Going forward, do you expect your ISPs to be stable from here, I guess on the lower-and stuff?

展望未來，您是否希望您的 ISP 從這裡開始穩定，我猜在較低的方面？

I would say that ASPs are relatively stable right now, and we are focused on differentiating our products with PhysX and with CUDA with GPU computing.

我想說的是，現在 ASP 相對穩定，我們專注於將我們的產品與 PhysX 和 CUDA 與 GPU 計算區分開來。

And the competition's products are really graphics only and as more and more applications come out that have GPU computing capabilities and CUDA ports and as more and more games have PhysX, we're going to focus on differentiating that way.

比賽的產品實際上只是圖形，隨著越來越多的應用程序出現具有 GPU 計算能力和 CUDA 端口，以及越來越多的遊戲擁有 PhysX，我們將專注於以這種方式進行差異化。

Shawn Webster, JP Morgan.

肖恩韋伯斯特，摩根大通。

Just honing in on the gross margins for a second, can you clarify something?

只是磨練一下毛利率，你能澄清一下嗎？

Did you say that you had an inventory reserve benefit in Q1?

您是否說您在第一季度獲得了庫存儲備收益？

Did I hear that correctly?

我沒聽錯嗎？

What I indicated was that we had inventory true-up, some of which were unfavorable, some of which were favorable, the net of which, when you netted that against the products that they related to and we sold, was a net unfavorable impact on the quarter.

我的意思是我們有庫存調整，其中一些是不利的，其中一些是有利的，當你將其與我們銷售的產品相關聯時，其中的淨值是對淨不利的影響季度。

So it hurt gross margins?

所以它損害了毛利率？

Correct.

正確的。

Okay, and then on the segment level, if you ex out the options writedown, did your desktop and notebook gross margins fall sequentially?

好的，然後在細分市場層面，如果你剔除期權減記，你的台式機和筆記本電腦的毛利率是否依次下降？

GPU?

顯卡？

What was the first part of that, though?

但是，第一部分是什麼？

So can you repeat the first part of that?

所以你能重複第一部分嗎？

If you take out that $11 million charge to COGS and you just look at your segment gross margins -- desktop GPU, notebook GPU --

如果你從 COGS 中扣除 1100 萬美元的費用，然後看看你的細分市場毛利率——台式機 GPU、筆記本 GPU——

Oh, yes.

哦是的。

We don't typically look at that, included in there, anyway.

無論如何，我們通常不看那個，包括在那裡。

Yes, I understand what you're saying.

是的，我明白你在說什麼。

No, they did not.

不他們沒有。

They did not fall sequentially?

他們不是依次下降的嗎？

Correct.

正確的。

So circling back, then, to the reserves -- bad news.

如此循環，然後，回到儲備 - 壞消息。

What was the dollar magnitude of that?

那美元的規模是多少？

We've really not broken that out.

我們真的沒有打破它。

And then as options -- looking at options going forward, are they going to stay at the $25 million run rate?

然後作為選項——看看未來的選項，它們會保持在 2500 萬美元的運行速度嗎？

That's about right.

這差不多。

As far as the channel inventories, Jen-Hsun, earlier you mentioned that you believe that -- and this is what we're all trying to figure out, is what is end demand, what is catching up with end demand.

至於渠道庫存，Jen-Hsun，你之前提到你相信 - 這就是我們都試圖弄清楚的，什麼是最終需求，什麼是追趕最終需求。

How do you see channel inventories right now?

您現在如何看待渠道庫存？

And as you look at your various lines of business, including chipsets, desktop, notebook, which do you think still has some catch-up to do, and which do you think have caught up with end demand?

當你審視你的各種業務線時，包括芯片組、台式機、筆記本電腦，你認為哪些還有一些工作要做，你認為哪些已經趕上了終端需求？

It's harder for us to tell on notebooks because we don't monitor sellouts on notebooks.

我們很難在筆記本上進行判斷，因為我們不監控筆記本的售罄情況。

They're OEM products.

它們是 OEM 產品。

But in terms of desktop products we know that our channel inventory is near all-time lows.

但就桌面產品而言，我們知道我們的渠道庫存接近歷史最低點。

And so we continue to have spot shortages of products here and there.

因此，我們到處都存在產品現貨短缺的情況。

And so my sense is that, based on what we're selling in and based on -- and what is selling out and what we believe the channel inventory to be, the market looks relatively stable right now.

所以我的感覺是，基於我們銷售的產品和基於的產品——以及售罄的產品以及我們認為的渠道庫存，市場目前看起來相對穩定。

David Wu, Global Crown Capital.

環球皇冠資本戴維·吳。

I'm afraid I need some help on understanding gross margin guidance for Q2.

恐怕我需要一些幫助來理解第二季度的毛利率指導。

Since the workstation business is not moving up or down as a percentage of revenue, I see a significant bump in your gross margin guidance for Q2.

由於工作站業務佔收入的百分比沒有上升或下降，我看到你們對第二季度的毛利率指導有很大的提高。

Is that a function of the mix of 55-nanometer or any new products relative to 65-nanometer, to give you this meaningful lift in gross margin quarter on quarter?

這是 55 納米或任何相對於 65 納米的新產品的組合的功能，從而使您的毛利率季度環比大幅提升？

That is certainly a piece of it, yes, absolutely.

這當然是其中的一部分，是的，絕對的。

So that must be the biggest piece; right?

所以那一定是最大的一塊；正確的？

Because essentially we're not talking about major differences between workstation business and the rest of the company.

因為本質上我們不是在談論工作站業務與公司其他部門之間的主要區別。

Well, and other cost reduction measures that we've taken as a company.

好吧，以及我們作為一家公司採取的其他降低成本的措施。

I see, okay.

我明白了，好吧。

The other thing I was wondering is, if -- essentially, to expect a nice recovery in the professional solutions business, I guess just look to IT spending?

我想知道的另一件事是，如果——本質上，期望專業解決方案業務出現良好的複蘇，我想只看 IT 支出？

Is that the way to look at it?

是這樣看待它的嗎？

If we have an IT spending recovery in the second half of this calendar year, then the highest gross margin business would come back?

如果今年下半年我們的 IT 支出有所回升，那麼毛利率最高的業務會回來嗎？

I think that's not a bad surrogate.

我認為這不是一個糟糕的代理。

But we also have to think along the lines of creating new products that can save our customers money.

但我們還必須考慮創造可以為客戶節省資金的新產品。

We demonstrated at the National Association of Broadcasters the world's first digital-in graphics composite or digital-out product, and we call it Quadro DVP, digital video pipeline.

我們在全國廣播公司協會展示了世界上第一個數字輸入圖形複合或數字輸出產品，我們稱之為 Quadro DVP，數字視頻管道。

And it's the first of its kind ever built, and it replaces quite a large amount of servers and switches and video mixers.

它是同類產品中的第一款，它取代了大量的服務器、交換機和視頻混合器。

And the reception has been just fabulous.

接待非常棒。

And so what we need to do is get it into production.

所以我們需要做的就是把它投入生產。

As you know, more and more of the broadcasters are streaming off on the web.

如您所知，越來越多的廣播公司在網絡上進行流式傳輸。

And this product is designed to be able to record in real time and composite in real-time and stream it real time on the web.

該產品旨在能夠實時錄製和實時合成並在網絡上實時流式傳輸。

And so that's a growth market.

所以這是一個增長的市場。

And so we think that there are opportunities for us to innovate our way out of this, even if the IT spending doesn't come back in the near future.

因此，我們認為我們有機會通過創新方式擺脫這種局面，即使 IT 支出在不久的將來不會恢復。

And so we have all kinds of ideas that we're working on.

所以我們有各種各樣的想法，我們正在努力。

You've been following us a long time and we're a pretty relentless bunch of guys, and we have lots of good ideas.

你已經關注我們很長時間了，我們是一群非常無情的人，我們有很多好主意。

And in spite of challenges, there are always ways to grow.

儘管有挑戰，但總有成長的方法。

You look at Ion; it's our fastest-growing business because we've tapped into a movement towards low-end mass mainstream computing.

你看看離子；這是我們增長最快的業務，因為我們已經進入了低端大眾主流計算的運動。

You saw that we're gaining share.

你看到我們正在獲得份額。

You saw that we're creating new products like Tesla and Tegra, both of which saves money.

你看到我們正在創造像 Tesla 和 Tegra 這樣的新產品，這兩種產品都可以節省資金。

So we can find new ways to grow even if the economy is challenged.

因此，即使經濟受到挑戰，我們也可以找到新的增長方式。

Suji De Silva, Kaufman Brothers.

蘇吉·德席爾瓦，考夫曼兄弟。

Nice job on the quarter and inventories there.

本季度做得很好，那裡有庫存。

In the 5% sequential guidance, is that the linearity you are expecting that similar typical years or this year are any different [to now]?

在 5% 的連續指導中，您期望類似的典型年份或今年的線性度是否與 [到現在] 有任何不同？

Traditionally, our July quarter is seasonally the weaker quarter of the year, one of the weakest quarters of the year.

傳統上，我們的 7 月季度季節性地是一年中較弱的季度，是一年中最疲軟的季度之一。

I meant the linearity month to month.

我的意思是每月的線性度。

In terms of the second quarter or the first quarter?

二季度還是一季度？

Correct; no, the coming quarter.

正確的;不，下一季度。

I think the second quarter will be pretty close to the same linearity we had in the first quarter, which was better than average.

我認為第二季度將非常接近我們在第一季度的線性度，這好於平均水平。

Okay.

好的。

And then, as we look at the consumer ultra-low voltage, the ULV opportunity, is that neutral for you guys, Jen-Hsun, or do you think that's an opportunity in terms of your content?

然後，當我們看到消費級超低電壓、ULV 機會時，這對你們來說是中性的嗎，Jen-Hsun，或者您認為就您的內容而言這是一個機會？

That's neutral for us because we don't participate in the mid range of notebooks, anyhow.

這對我們來說是中性的，因為無論如何我們不參與中檔筆記本電腦。

If you look at our historical notebook participation, we have been only on the top third of the market.

如果您查看我們歷史上的筆記本參與情況，我們只在市場上排名前三分之一。

And the bottom two thirds of the market has been integrated for just about forever.

底部三分之二的市場已經被整合了幾乎永遠。

We entered into the low-end part of the marketplace recently with MCP 79, or Ion, and so we're taking share in the mainstream and the low-end part of the market.

我們最近使用 MCP 79 或 Ion 進入了市場的低端部分，因此我們在市場的主流和低端部分中佔有一席之地。

What's exciting to me is, come Windows 7 and come -- when DX Compute comes out, the difference between a computer that has DX Compute accelerated by a GPU versus one that does not, it's not a 10%, 15%, it's 10, 20, 30 times.

令我興奮的是，Windows 7 來了——當 DX Compute 出現時，具有 GPU 加速 DX Compute 的計算機與沒有 GPU 加速的計算機之間的區別不是 10%、15%，而是 10， 20、30次。

I just don't know how -- and it's not for games.

我只是不知道怎麼做——而且它不適合遊戲。

It's for making movies for your grandparents.

它是為你的祖父母製作電影的。

And we know that one of the fastest-growing consumer products right now is the flip video camera, video camcorder and the Sony Webbie.

我們知道，目前增長最快的消費產品之一是翻蓋攝像機、攝像機和索尼 Webbie。

Those things are selling like hotcakes, and they are HD camcorders.

那些東西賣得像熱蛋糕，它們是高清攝像機。

People are making home movies, and they want to create a home movie and post it on the web or burn a DVD.

人們正在製作家庭電影，他們想要製作家庭電影並將其發佈到網絡上或刻錄 DVD。

So I think finally it's possible to do video editing because of DX Compute and because of the GPU underneath it that's not excruciating.

所以我認為最終有可能進行視頻編輯，因為 DX Compute 和它下面的 GPU 並不令人痛苦。

It's a delightful experience.

這是一次愉快的經歷。

And one of these days, if you get a chance to drop by, we'll just show you how to do it.

在這些日子裡，如果你有機會順便過來，我們將向你展示如何去做。

It's just incredibly easy.

這非常容易。

When you can move a video file around and store it the way that you save files, it changes everything.

當您可以移動視頻文件並以保存文件的方式存儲它時，它會改變一切。

This is going to be one of the major usage models for Windows 7, so we're excited about that.

這將成為 Windows 7 的主要使用模式之一，因此我們對此感到興奮。

And I think that all computers -- and I made this comment in my remarks, that we believe and certainly I believe that every computer will benefit with GPU's in it.

我認為所有的計算機——我在我的評論中發表了這個評論，我們相信而且我當然相信每台計算機都會受益於 GPU。

It will reduce the power.

它會降低功率。

One of the most -- if you read reviews of the MacBook Air, that has a rather large GPU, a GeForce 9400, in an ultra-thin and light computer.

其中之一——如果你閱讀 MacBook Air 的評論，它有一個相當大的 GPU，一個 GeForce 9400，在一台超薄和輕的計算機中。

And the power is better than it was before with Intel integrated graphics.

並且功率比以前使用英特爾集成顯卡時更好。

People remark about that all over the web.

人們在整個網絡上都對此發表了評論。

So it's because GPU's, using the right tool to do the right job, saves power.

所以這是因為 GPU 使用正確的工具來完成正確的工作可以節省電力。

And when BNP Paribas and others discover that by using the GPU, you can save 200 times the energy because you run a process faster and it consumes less power, you save a lot of energy.

而當 BNP Paribas 和其他人發現使用 GPU 可以節省 200 倍的能源，因為你可以更快地運行一個流程並且它消耗更少的電力，你可以節省大量能源。

And energy consumption comes right out of the battery.

能源消耗直接來自電池。

So I think that more and more people are just starting to discover that adding another processor that does the right job, using the right tool for the right jobs, it really saves power, it really saves energy.

所以我認為越來越多的人剛剛開始發現，添加另一個可以完成正確工作的處理器，使用正確的工具完成正確的工作，它真的可以節省電力，真的可以節省能源。

Great, that's helpful color, and one last question if I can squeeze it in.

太好了，這是有用的顏色，如果我能擠進去，還有最後一個問題。

Jen-Hsun, in terms of Tegra versus Ion, which one do you think has the larger unit TAM?

Jen-Hsun，就 Tegra 與 Ion 而言，您認為哪一個具有更大的單位 TAM？

I'm assuming -- I think it's (technical difficulty) confirmed that.

我假設——我認為（技術難度）證實了這一點。

And which one do you think will have more units in the marketplace in, say, two to three years, Tegra or Ion?

你認為哪一個會在兩到三年內在市場上擁有更多的單位，Tegra 還是 Ion？

Oh, my gosh, Tegra.

哦，天哪，泰格拉。

Tegra -- of all the products in our Company, Tegra has, long-term, the largest TAM.

Tegra——在我們公司的所有產品中，Tegra 長期擁有最大的 TAM。

And the number of (multiple speakers) --

以及（多位發言者）的數量——

In two or three years, you believe there will be more Tegras out there?

兩三年後，你相信會有更多的 Tegras 嗎？

Oh, yes, I think, in two or three years -- yes, surely, surely.

哦，是的，我想，在兩三年內——是的，肯定的，肯定的。

I think the -- Tegra is -- we have been investing in Tegra now for about four years, and we have one of our best teams in the Company working on this.

我認為——Tegra 是——我們現在已經對 Tegra 進行了大約四年的投資，並且我們擁有公司中最好的團隊之一致力於此。

There's 500 people working on Tegra.

Tegra 有 500 人在工作。

And to build a computer completely from scratch that fits on the size of a penny and deliver a full high-definition experience, consume less than 1 watt, is just -- when you see it, it's just absolutely magical.

完全從零開始構建一台只有一分錢大小的計算機，並提供完整的高清體驗，功耗不到 1 瓦，這簡直就是——當你看到它時，這絕對是神奇的。

And it's possible to do that, and we're just blowing people away when we show it to them.

這樣做是有可能的，當我們向他們展示時，我們只是讓他們大吃一驚。

I really believe, this is the second personal computer revolution.

我真的相信，這是第二次個人電腦革命。

We happen to be fortunate to have, in our careers, experienced two computing revolutions.

我們很幸運，在我們的職業生涯中經歷了兩次計算革命。

This is it.

就是這個。

We want to be all over it.

我們想全力以赴。

So this is an exciting time for Tegra.

所以這對 Tegra 來說是一個激動人心的時刻。

There are no more questions at this time.

目前沒有更多問題。

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

我現在將把電話轉給仁勳。

Please go ahead.

請繼續。

Thank you for joining us today.

感謝您今天加入我們。

We look forward to reporting our progress in Q2.

我們期待在第二季度報告我們的進展。

Thank you.

謝謝你。

Ladies and gentlemen, that does conclude today's conference call.

女士們先生們，今天的電話會議到此結束。

We thank you very much for your participation and we ask that you please disconnect your lines.

我們非常感謝您的參與，我們要求您斷開您的線路。

Have a lovely afternoon, everyone.

祝大家有個愉快的下午。