輝達 (NVDA) 2010 Q4 法說會逐字稿

Before we begin, I would like to remind you that today's call is being webcast live on NVIDIA's investor relations website and is also being recorded.

在開始之前，我想提醒您，今天的電話會議正在 NVIDIA 的投資者關係網站上進行網絡直播，並且正在錄製中。

A replay of the conference call will be available via telephone until February 24, 2010, and the webcast will be available for replay until our conference call to discuss our financial results for our first quarter of fiscal 2011.

電話會議的重播將在 2010 年 2 月 24 日之前通過電話提供，網絡廣播將在我們討論 2011 財年第一季度財務業績的電話會議之前進行重播。

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 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預期做出前瞻性陳述。

These forward-looking statements are subject to a number of significant risks and uncertainties and our actual results may differ materially.

這些前瞻性陳述受到許多重大風險和不確定性的影響，我們的實際結果可能存在重大差異。

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our Form 10-Q for the fiscal period ended October 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討論，請參閱今天的收益發布中的披露、我們截至 2009 年 10 月 25 日的財政期間的 10-Q 表格以及與證券交易委員會。

All of our statements are made as of today, February 17, 2010.

我們所有的聲明都是截至今天，2010 年 2 月 17 日。

Based on information available to us today and except as required by law, we assume no obligation to update any such statements.

根據我們今天可獲得的信息，除法律要求外，我們不承擔更新任何此類聲明的義務。

Unless otherwise noted, all references to research market and market share numbers throughout the call come from Ricker Research or John Petty 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字的所有引用均來自 Ricker Research 或 John Petty Research。

During this call we will discuss non-GAAP financial measures.

在本次電話會議中，我們將討論非 GAAP 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。

One final note, we have announced date of our financial analyst day, which is set for April 7th.

最後一點，我們已經宣布了我們的金融分析師日的日期，定於 4 月 7 日。

With that, let's begin.

有了這個，讓我們開始吧。

GPU demand increased throughout the quarter, with GeForce and Quadro revenues growing a combined 22% quarter on quarter and 97% over the same quarter a year ago.

GPU 需求在整個季度都在增長，GeForce 和 Quadro 的收入合計環比增長 22%，比去年同期增長 97%。

We were supply constrained from the beginning to the end of the quarter and expect the condition to persist.

從本季度開始到結束，我們一直受到供應限制，預計這種情況會持續下去。

We continue to invest to drive market growth and share gain.

我們繼續投資以推動市場增長和份額增長。

NVIDIA innovates around the basic PC platform to create differentiated solutions and experiences.

NVIDIA 圍繞基本 PC 平台進行創新，以創建差異化的解決方案和體驗。

Adding GeForce gives the PC great graphics for video games and multimedia.

添加 GeForce 可為 PC 提供出色的視頻遊戲和多媒體圖形。

Quadro transforms the PC into a work station for designers, adding Tesla turns a PC server into a supercomputer, Ion brings snappy graphics and multimedia to netbooks and Tegra is fueling the mobile competing revolution.

Quadro 將 PC 轉變為設計師的工作站，特斯拉將 PC 服務器轉變為超級計算機，Ion 為上網本帶來了活潑的圖形和多媒體，而 Tegra 正在推動移動競爭革命。

Each of our product lines enable a rich experience through architecture and ever growing composition of software.

我們的每條產品線都通過架構和不斷增長的軟件組合來實現豐富的體驗。

Momentum for Tesla and CUDA continues at a strong pace ahead the new Tesla 20.

特斯拉和 CUDA 的勢頭在新款 Tesla 20 之前繼續保持強勁勢頭。

In November CSIRO, Australia's premier supercomputer center, officially opened the GPU supercomputing cluster.

11月，澳大利亞首屈一指的超算中心CSIRO正式開通GPU超算集群。

Researchers in Australia will use GPUs to address emerging scientific challenges in astronomy, medical imaging and water resource management.

澳大利亞的研究人員將使用 GPU 來應對天文學、醫學成像和水資源管理中新出現的科學挑戰。

The Tesla group also had its biggest show of the year this quarter at Supercomputing '09.

特斯拉集團還在本季度的 Supercomputing '09 上舉辦了今年最大的展會。

The most significant news of Supercomputing '09 was the GPU cluster in Japan that won the prestigious Gordon Bell award.

Supercomputing '09 最重要的新聞是在日本獲得了著名的 Gordon Bell 獎的 GPU 集群。

In the category of price performance, a team lead by Tsuyoshi Hamada of Nagasaki University, in collaboration with the researchers at the University of Bristol and RIKEN conducted simulations used to study the evolution of star clusters with unprecedented efficiency.

在性價比方面，由長崎大學的 Tsuyoshi Hamada 領導的團隊與布里斯託大學和 RIKEN 的研究人員合作，以前所未有的效率進行了用於研究星團演化的模擬。

Supercomputing '09 was not a GPU conference, yet 12% of the papers presented and half of the posters used GPUs.

Supercomputing '09 不是 GPU 會議，但 12% 的論文和一半的海報使用了 GPU。

75 booths, which is one out of four, featured CUDA compared to 33 booths and one booth at SC08 and SC07 respectively.

CUDA 有 75 個展位，佔四分之一，而 SC08 和 SC07 分別有 33 個展位和 1 個展位。

HPCwire Reader's and Editors Choice Awards were presented at the conference and NVIDIA received an unprecedented five awards.

大會上頒發了 HPCwire 讀者和編輯選擇獎，NVIDIA 獲得了史無前例的五個獎項。

There are now approximately 3,500 CUDA citations on Google Scholar, nearly 1,000 CUDA videos on YouTube and 1,000 applications featured on CUDA Zone.

現在 Google Scholar 上有大約 3,500 條 CUDA 引用，YouTube 上有近 1,000 個 CUDA 視頻，CUDA Zone 上有 1,000 個應用程序。

Over 300 universities now teach CUDA, up from 40 just 18 months ago.

現在有 300 多所大學教授 CUDA，而 18 個月前只有 40 所。

That's a new university teaching CUDA every other day.

那是一所新的大學，每隔一天就教 CUDA。

For notebook PCs, users face an impossible choice between performance and battery life.

對於筆記本電腦，用戶在性能和電池壽命之間面臨著不可能的選擇。

GPUs give the PC great graphics and snappiness but consume more power.

GPU 為 PC 提供出色的圖形和敏捷性，但消耗更多的功率。

That's why we invented Optimus, a powerful combination of software and hardware innovation that provides the performance of discreet graphics while still delivering great battery life.

這就是我們發明 Optimus 的原因，它是軟件和硬件創新的強大組合，可提供隱蔽圖形的性能，同時仍可提供出色的電池壽命。

Unlike early attempts at hybrid solutions Optimus is seamless and transparent to the user.

與混合解決方案的早期嘗試不同，Optimus 對用戶來說是無縫且透明的。

Notebookcheck reported, "We are excited about Optimus.

Notebookcheck 報導說：“我們對 Optimus 感到很興奮。

Switchable graphics solutions will finally grow up and offer to end users in all laptop classes distinct advantages." Engadget stated, "We've always thought switchable graphics made a lot of sense on laptops and NVIDIA's new Optimus technology looks like it's going to bring it to the mainstream in a serious way." Seven models are available now and we expect more than 50 systems will be available by summer.

可切換顯卡解決方案最終會發展壯大，並為所有筆記本電腦類別的最終用戶提供明顯的優勢。”Engadget 表示，“我們一直認為可切換顯卡在筆記本電腦上很有意義，而 NVIDIA 的新 Optimus 技術看起來會帶來它以嚴肅的方式走向主流。”現在有七種型號可供選擇，我們預計到夏天將有超過 50 種系統可供使用。

Optimus is unprecedented and unique to NVIDIA.

Optimus 對 NVIDIA 來說是前所未有且獨一無二的。

We believe Optimus has the potential to expand the overall footprint for discreet GPUs by increasing the GPU attach rate in the notebook segment.

我們相信 Optimus 有可能通過提高筆記本電腦領域的 GPU 連接率來擴大獨立 GPU 的整體足跡。

Mobile commuting will be the next personal computer revolution and it's just at the beginning.

移動通勤將是下一次個人電腦革命，而這才剛剛開始。

This was clearly evident at this year's Consumer Electronics Show.

這在今年的消費電子展上表現得十分明顯。

The undeniable trend of computing is surely smaller and more mobile.

不可否認的計算趨勢肯定是更小、更移動。

CES was the coming out event for tablets and the perfect venue for us to unveil our next-generation Tegra mobile processor.

CES 是平板電腦的盛會，也是我們展示下一代 Tegra 移動處理器的理想場所。

It is the world's first processor for the mobile web, specifically designed for the high-resolution needs of tablets.

它是世界上第一款用於移動網絡的處理器，專為滿足平板電腦的高分辨率需求而設計。

Tegra combines lightning quick browsing, streaming 1080p video and Flash 10.1 acceleration, with an immersive 3D user interface and days of battery life.

Tegra 結合了閃電般的快速瀏覽、流式傳輸 1080p 視頻和 Flash 10.1 加速，以及身臨其境的 3D 用戶界面和數天的電池壽命。

The combination gives tablets access to the whole web, just as if you were at your desk.

這種組合使平板電腦可以訪問整個網絡，就像您在辦公桌前一樣。

The entire internet is an app store when you have a native web experience.

當您擁有原生網絡體驗時，整個互聯網就是一個應用商店。

Facebook alone has hosted more than 500,000 applications.

僅 Facebook 就託管了超過 500,000 個應用程序。

An uncompromised browsing experience is what Tegra -- makes Tegra so disruptive.

不妥協的瀏覽體驗是 Tegra 的本質——讓 Tegra 如此具有顛覆性。

For the typical consumer, a Tegra tablet will meet all of their computing needs in a more convenient form factor that's instant on, always connected and offer days of battery life.

對於普通消費者而言，Tegra 平板電腦將以更方便的外形滿足他們的所有計算需求，該外形尺寸可即時開啟、始終保持連接並提供數天的電池續航時間。

OEMs and carriers alike are equally excited about the potential of the tablet platform.

OEM 和運營商同樣對平板電腦平台的潛力感到興奮。

NVIDIA, Motorola and Verizon privately demonstrated streaming 1080p video, highlighting the combined capabilities of Tegra and a Motorola 4G wireless modem operating over the Verizon LTE precommercial network.

NVIDIA、摩托羅拉和威瑞森私下展示了流式傳輸 1080p 視頻，突出了 Tegra 和摩托羅拉 4G 無線調製解調器在威瑞森 LTE 預商用網絡上運行的綜合功能。

We have multiple next gen Tegra design wins in tablets, smartbooks and SmartPhones, with the first of these expected to ship in Q2.

我們在平板電腦、智能本和智能手機中贏得了多項下一代 Tegra 設計，其中第一個預計將在第二季度發貨。

3D stereo was the other big story at CES.

3D 立體是 CES 上的另一個大故事。

3D Blu-ray was everywhere and 3D TV's ubiquitous.

3D 藍光無處不在，3D 電視無處不在。

ESPN announced the first 3D network.

ESPN 宣布了第一個 3D 網絡。

NVIDIA has been a pioneering force in 3D stereo and this was clear at the show when we took 3D Vision to the next level with 3D Vision Surround.

NVIDIA 一直是 3D 立體的先驅力量，當我們通過 3D Vision Surround 將 3D Vision 提升到一個新的水平時，這一點在展會上很明顯。

3D Vision Surround is the world's first consumer multimedia -- multi-display 3D solution.

3D Vision Surround 是世界上第一個消費類多媒體——多顯示器3D 解決方案。

It allows users to span 3D consent across three high-definition monitors or projectors for a truly breathtaking and immersive gaming experience.

它允許用戶跨越三個高清顯示器或投影儀的 3D 同意，以獲得真正令人驚嘆和身臨其境的遊戲體驗。

3D Vision is a great fit for high-end notebooks.

3D Vision 非常適合高端筆記本電腦。

ASUS launched its first 3D notebook at CES with more OEMs following suit in Q2.

華碩在 CES 上推出了其首款 3D 筆記本電腦，第二季度更多的 OEM 廠商紛紛效仿。

Over 420 games now support NVIDIA 3D Vision.

現在有超過 420 款遊戲支持 NVIDIA 3D Vision。

SLI defined high-end gaming and we believe that 3D Stereo will do it again.

SLI 定義了高端遊戲，我們相信 3D Stereo 會再次做到這一點。

We are very excited about Q1.

我們對第一季度感到非常興奮。

[Permia]'s in production and we plan to launch many new GPU products in the coming months, but we'll save the details for later.

[Permia] 正在生產中，我們計劃在未來幾個月內推出許多新的 GPU 產品，但我們將保留詳細信息以備後用。

With that let me hand the call over to David.

有了這個，讓我把電話交給大衛。

Thanks, Mike.

謝謝，邁克。

Q4 was another good quarter driven by an improving PC market and better mix.

由於個人電腦市場的改善和更好的組合，第四季度是另一個好季度。

Revenue was $982.5 million, above guidance, and up 9% sequentially, marking the fourth consecutive quarter of strong results.

收入為 9.825 億美元，高於預期，環比增長 9%，連續第四個季度取得強勁業績。

GAAP gross margin was 44.7%, significantly higher than guidance, GAAP OpEx was $304.4 million, in line with guidance, and GAAP net income was $131.1 million, or $0.23 per diluted share.

GAAP 毛利率為 44.7%，顯著高於指引，GAAP OpEx 為 3.044 億美元，符合指引，GAAP 淨收入為 1.311 億美元，或每股攤薄收益 0.23 美元。

The core GPU business had another strong quarter.

核心 GPU 業務又一個強勁的季度。

Within that our desktop GPU business was up 19%, notebook was up 27%, and workstation graphics was up 25% in the quarter.

其中，我們的桌面 GPU 業務增長了 19%，筆記本電腦增長了 27%，工作站顯卡增長了 25%。

Demand was strong, but we were, again, constrained by supply across the board.

需求強勁，但我們再次受到全面供應的限制。

Gross margin improved sequentially as a result of several factors; cost reductions due to yield improvements and reduced waste; favorable mix from our professional business; better mix within the PC GPU business; and increased revenues.

由於多種因素，毛利率環比提高；由於產量提高和減少浪費而降低成本；來自我們專業業務的有利組合；更好地融合 PC GPU 業務；並增加收入。

Inventories at the end of the quarter were up 19% to $330.7 million, inventory days on hand was 60 at the end of the quarter.

本季度末庫存增加 19% 至 3.307 億美元，本季度末庫存天數為 60 天。

Inventory in the channel remains low at around five weeks.

渠道庫存保持在五週左右的低水平。

Cash and cash equivalents, marketable securities at the end of the quarter were approximately $1.73 billion, up approximately $94 million from the third quarter.

本季度末現金及現金等價物、有價證券約為 17.3 億美元，比第三季度增加約 9400 萬美元。

Our outlook for the first quarter of fiscal 2011, revenue's expected to be flat and strained by supply; GAAP gross margin is expected to be in the range of 44% to 45%; GAAP operating expenses are expected to be flat.

我們對 2011 財年第一季度的展望，預計收入將持平且供應緊張； GAAP毛利率預計在44%至45%之間； GAAP 運營費用預計將持平。

That concludes our prepared remarks and with that we'll now take questions.

我們準備好的發言到此結束，我們現在將回答問題。

Thank you.

謝謝你。

(Operator Instructions).

（操作員說明）。

And our first question comes from the line of Alex Gauna with JMP Securities.

我們的第一個問題來自 JMP Securities 的 Alex Gauna。

Please go ahead with your question.

請繼續你的問題。

Thanks very much.

非常感謝。

I was wondering if you could clarify a little bit on your supply constraint statement for the first quarter.

我想知道你能否澄清一下第一季度的供應限制聲明。

I'm assuming that means that you're going to see seasonality in legacy products and you can't get enough of the new to offset it, or maybe wrap some color around that, please?

我假設這意味著您將在舊產品中看到季節性，並且您無法獲得足夠的新產品來抵消它，或者可能會在其周圍加上一些顏色，好嗎？

I'm trying to figure out the seasonality question.

我試圖弄清楚季節性問題。

We -- the seasonality in the PC industry is that Q1 is generally a down quarter and if you take a look at -- if you look what most companies have guided, they've guided down sequentially.

我們——個人電腦行業的季節性因素是第一季度通常是一個下降的季度，如果你看一下——如果你看看大多數公司的指導方針，他們已經連續下降。

We're guiding flat, and if we had sufficient supply to support the ramps of the products that we're going into production with right now we would guide further up.

我們的指導是平的，如果我們有足夠的供應來支持我們現在要投入生產的產品的坡道，我們會進一步指導。

We -- we're -- our Company is currently in a growth phase.

我們——我們是——我們的公司目前處於增長階段。

There's new products in many new markets, as well as going into a new product generation, and so there's a lot of different reasons why we're expecting to grow and our suppliers are working as hard as they can for us, and their yields are improving; however, over -- we remain constrained.

許多新市場都有新產品，以及進入新一代產品，因此我們期望增長的原因有很多不同的原因，我們的供應商正在竭盡全力為我們工作，他們的產量是改善；但是，我們仍然受到限制。

Okay.

好的。

If I can get a follow up on your Optimus technology, when are you expecting that to ramp in force in the market and when do you see the earliest adoption occurring?

如果我可以跟進您的 Optimus 技術，您預計該技術何時會在市場上生效？您認為最早的採用何時發生？

Optimus is going to show up in notebooks and it's designed for notebooks, and you should expect to see it starting to ship in the April timeframe, I think we'll be the first laptop and then it'll just start ramping, about 50 models or so, and we're getting new models as we speak and we'll ramp throughout the year.

Optimus 將出現在筆記本電腦中，它是專為筆記本電腦設計的，你應該會看到它在 4 月的時間框架內開始發貨，我認為我們將成為第一台筆記本電腦，然後它會開始增長，大約 50 種型號左右，我們在說話時正在獲得新模型，我們將全年增加。

Okay, thanks very much.

好的，非常感謝。

Congratulations, nice quarter.

恭喜，美好的季度。

Yes, thanks a lot, Alex.

是的，非常感謝，亞歷克斯。

Our next question comes from the line of Suji DeSilva with Kaufman Brothers.

我們的下一個問題來自考夫曼兄弟的 Suji DeSilva。

Please proceed with your question.

請繼續您的問題。

Thanks.

謝謝。

Can you guys help us understand what the impact was in the quarter from the constraint to perhaps in the guidance, as well just to give a sense to understand where the 40-nanometer constraints come off at some point?

你們能否幫助我們了解本季度從約束到指導中的影響，以及只是為了讓我們了解 40 納米約束在某些時候會在哪裡消失？

Well, it's hard to figure out exactly how much we're constrained by.

嗯，很難弄清楚我們究竟受到了多少限制。

It's probably on the order of $100 million, a couple hundred million dollars, but the big picture is that 40-nanometer supply is constrained for the world.

它可能在 1 億美元、幾億美元的數量級上，但總體情況是全球 40 納米的供應受到限制。

You know that the markets snapped back a lot more quickly than people expected in the beginning of the year, and it surely appears that Windows 7 is doing very well, and I think it surely appears on top of that that GPU adoption is increasing.

你知道，今年年初市場回升的速度比人們預期的要快得多，而且 Windows 7 確實表現得非常好，而且我認為它肯定會出現在 GPU 採用率正在增加的基礎上。

People are -- we've always believed that, as you know, but we think that more and more people are enjoying their PC experience with GPUs and more and more PC manufacturers recognize the benefits of adding GPUs to their system.

人們是——正如你所知，我們一直相信這一點，但我們認為越來越多的人正在享受使用 GPU 的 PC 體驗，並且越來越多的 PC 製造商認識到在他們的系統中添加 GPU 的好處。

So we're seeing a pretty strong demand across the board, whether it's desktop PCs or notebook PCs.

因此，無論是台式電腦還是筆記本電腦，我們都看到了非常強勁的需求。

We're seeing increased demand in our workstation business, and on top of that, we're in the process of ramping a new architecture called Fermi that everybody's really excited about.

我們看到工作站業務的需求不斷增加，最重要的是，我們正在推出一種名為 Fermi 的新架構，每個人都非常興奮。

Fermi is going to sweep across GeForce and our Quadro business and across our Tesla business and so we just have a lot of growth drivers going right now and we could surely use more supply.

Fermi 將席捲 GeForce 和我們的 Quadro 業務以及我們的 Tesla 業務，因此我們現在有很多增長動力，我們肯定可以使用更多的供應。

Great, and then one other question.

太好了，然後是另一個問題。

On MCP, I know you're going to fold that into GPU going forward, but can you help us understand what the trajectory of that product by itself is, or should we not -- should we think of it more being truly folded into the GPU in terms of forward revenues?

在 MCP 上，我知道您將在未來將其折疊到 GPU 中，但是您能否幫助我們了解該產品本身的軌跡是什麼，或者我們是否應該 - 我們應該更多地考慮將它真正折疊到GPU 在遠期收入方面？

There's a -- let me just -- let me make a comment and then I will have David make some comments.

有一個- 讓我只是- 讓我發表評論，然後我會讓David 發表一些評論。

The first thing is that GPU -- MCP business was down quarter to quarter and we're expecting it to grow quarter to quarter for Q1, and we're in the process of ramping what is internally code named MCP-89, a 40-nanometer chip set, and we're really excited about that.

首先是 GPU——MCP 業務逐季度下降，我們預計第一季度它會逐季度增長，我們正在逐步擴大內部代號為 MCP-89 的 40-納米芯片組，我們對此感到非常興奮。

And so next year, the chip set business is going to do nicely for us.

所以明年，芯片組業務對我們來說會做得很好。

On top of that, we have created two new technologies that over time will supplement the MCP business that we're transitioning out of.

最重要的是，我們創造了兩項新技術，隨著時間的推移，它們將補充我們正在過渡的 MCP 業務。

One of them is called the ION.

其中之一稱為 ION。

ION will do for netbooks what GeForce does for PCs and we today had the -- I think Acer announced today -- well, I'm pretty sure Acer announced today at the Mobile World Conference our first second-generation ION design win.

ION 將為上網本做 GeForce 為 PC 做的事情，我們今天有 - 我認為宏碁今天宣布了 - 嗯，我很確定宏碁今天在移動世界大會上宣布了我們的第一個第二代 ION 設計勝利。

And so my sense is that over time the netbook market will segment, just as the PC market has, and there'll be basic netbooks based on [atom] and then there'll be netbooks that are premium netbooks that are designed to deliver the best possible experience and those people are called ION netbooks.

所以我的感覺是，隨著時間的推移，上網本市場將會細分，就像 PC 市場一樣，將會有基於 [atom] 的基本上網本，然後會有旨在提供優質上網本的上網本。最好的體驗，這些人被稱為 ION 上網本。

So if we can capture 10%, 25% of that marketplace, a market that is currently 40 million units and also the fastest growing segment of the PC industry that should -- ION should be a nice business for us.

因此，如果我們能夠佔領該市場的 10%、25%，這個市場目前有 4000 萬台，並且也是 PC 行業增長最快的部分，那麼 ION 對我們來說應該是一個不錯的業務。

And then the second technology Mike was talking about early, called Optimus, it's really a game changer for us and it solves the single largest issue that has kept GPUs from growing further into the notebook marketplace and that's power dissipation or battery life.

然後是邁克早期談到的第二項技術，稱為 Optimus，它對我們來說確實是一個改變遊戲規則的技術，它解決了阻礙 GPU 進一步進入筆記本市場的最大問題，那就是功耗或電池壽命。

So Optimus allows to us now to automatically, completely invisibly from the user, to switch off to completely zero power state and consume absolutely no power when it is not in use and whenever the user uses an application that can benefit from a GPU we instantly turn on and the user never knows the difference.

因此，Optimus 現在允許我們自動、完全不讓用戶看到，關閉到完全零電源狀態，並且在不使用時絕對不消耗電量，每當用戶使用可以從 GPU 中受益的應用程序時，我們會立即打開打開，用戶永遠不知道區別。

So you now have the best of battery life, as well as the benefits of a GPU, the performance of a GPU without any compromise.

因此，您現在擁有最好的電池壽命，以及 GPU 的優勢，GPU 的性能沒有任何妥協。

And so those two technologies I think not only will help us grow our opportunity in the marketplace and hopefully make up more than plenty of the MCP business that'll decline a couple of years from now.

因此，我認為這兩種技術不僅會幫助我們在市場上增加機會，而且有望在幾年後會下降的 MCP 業務中佔很大比重。

Thanks, that's it.

謝謝，就是這樣。

Thanks, Suji.

謝謝，蘇吉。

Our next question comes from the line of Rick Schafer with Oppenheimer and Company.

我們的下一個問題來自 Oppenheimer and Company 的 Rick Schafer。

Please proceed with your question.

請繼續您的問題。

Hi, guys, this is Dan Morris calling in for Rick.

嗨，伙計們，我是丹·莫里斯請來里克。

Thanks for taking my questions.

感謝您提出我的問題。

Just on the gross margin, you've expanded it pretty nicely over the last few quarters.

就毛利率而言，您在過去幾個季度中已經很好地擴大了它。

As I look at your -- some of your new products, such as Tesla and Tegra and Tesla ramping over the next few quarters it seems like you have a nice tailwind with mix.

當我看到你的一些新產品時，比如特斯拉和 Tegra 以及特斯拉在接下來的幾個季度中的增長，你似乎有一個很好的混合動力。

Can you talk to us a little bit about expectations for gross margins and further opportunities for margin expansion?

你能和我們談談對毛利率的預期和進一步擴大利潤率的機會嗎？

Well, the only thing I would add, Dan, is we don't typically give guidance out past the first quarter, but as we've talked about previously, we expect our Quadro, our Tesla and our Tegra business to become a greater part of our mix over time as those businesses ramp.

好吧，丹，我唯一要補充的是，我們通常不會在第一季度之後給出指導，但正如我們之前所說，我們希望我們的 Quadro、我們的特斯拉和我們的 Tegra 業務成為更大的一部分隨著這些業務的增長，我們的組合隨著時間的推移而增加。

Those three businesses all carry a gross margin that is above even our current corporate-weighted average and so as those products ramp and become a richer part of our mix, we would expect to see further lift in our gross margins.

這三項業務的毛利率都高於我們目前的企業加權平均水平，因此隨著這些產品的增長並成為我們組合中更豐富的一部分，我們預計我們的毛利率將進一步提升。

And we've indicated in the past that we expect Tegra to ramp substantially in the second half of the year.

我們過去曾表示，我們預計 Tegra 將在今年下半年大幅增長。

We would reiterate our belief of that and hopefully with that we'd see some margin expansion with it.

我們將重申我們對此的信念，並希望我們會看到一些利潤增長。

Okay, great.

好，太棒了。

And as follow up could you just talk about the pricing environment in GPU and what happens in the second half, assuming that 40-nanometer capacity issues abate?

作為後續，您能否談談 GPU 的定價環境以及下半年會發生什麼，假設 40 納米容量問題有所緩解？

Well, you're asking a question for a state of supply that we're all hoping for, which is when they abate.

嗯，你問的是我們都希望的供應狀態，也就是供應減少的時候。

My sense is that supply will remain constrained for at least the first half of the year, and as we ramp further new products into the marketplace I surely hope that the supply situation will be there to support it.

我的感覺是，至少在今年上半年，供應仍將受到限制，隨著我們將更多新產品推向市場，我當然希望供應情況能夠支持它。

In terms of pricing, we increasingly are shifting our focus towards products and markets where we have great differentiation, and if you look at the products that we offer today in mass markets, GeForce, for example, increasingly CUDA brings unique capabilities to it.

在定價方面，我們越來越多地將注意力轉移到我們有很大差異化的產品和市場上，如果你看看我們今天在大眾市場提供的產品，例如 GeForce，CUDA 越來越多地為其帶來了獨特的功能。

We're the only supplier of 3D stereo in the PC market and 3D Vision only works with GeForce.

我們是 PC 市場上唯一的 3D 立體供應商，而 3D Vision 僅適用於 GeForce。

And so we're increasingly developing capabilities that are very differentiated on top of our processor brands and so hopefully those differentiations will be valued in the marketplace and accordingly reward us with a price premium over time.

因此，我們越來越多地開發在我們的處理器品牌之上非常差異化的功能，因此希望這些差異化將在市場上得到重視，並因此隨著時間的推移以溢價回報我們。

All right, thanks.

好的，謝謝。

Thanks, guys.

多謝你們。

Yes, thanks a lot, Dan.

是的，非常感謝，丹。

Our next question comes from the line of Craig Berger with FBR Capital.

我們的下一個問題來自 FBR Capital 的 Craig Berger。

Please proceed with your question.

請繼續您的問題。

Hey, guys, nice job on the results.

嘿，伙計們，結果很好。

Can you talk a little bit about attach rates for GPUs, both in desktop and notebook, where were they, where are they, were do you think they can go?

您能否談談台式機和筆記本電腦中 GPU 的附加率，它們在哪裡，它們在哪裡，您認為它們可以去哪裡？

Well, I don't think this quarter the GPU attach rate changed substantially --

好吧，我不認為本季度 GPU 連接率有很大變化——

Pretty flat.

很平。

-- and so I'll review the numbers again, but my last look at the numbers it was relatively stable.

- 所以我會再次查看這些數字，但我最後一次查看的數字是相對穩定的。

If anything, on the notebook side, it increased slightly is my recollection.

如果有的話，在筆記本方面，它略有增加是我的回憶。

And so, yes, there you go.

所以，是的，你去。

Okay?

好的？

So on the des - so Chris just showed me some numbers.

所以在des - 所以克里斯只是給我看了一些數字。

On the desktop side they were flat and on the notebook side they were up about five points, and so my guess is that people are increasingly recognizing the importance of the GPU and there's so many things that you do now that the GPU adds value to.

在台式機方面它們是平的，在筆記本方面它們上升了大約 5 分，所以我的猜測是人們越來越認識到 GPU 的重要性，現在你做的事情太多了，GPU 增加了價值。

And the video game market is obviously still very large, the online game market is very, very large and people who are enjoying high-definition movies on their PC or just want snappy graphics where two processors simply does a better job than one for their PCs, they're just increasingly recognizing the benefits of PCs -- of GPUs.

視頻遊戲市場顯然仍然非常大，在線遊戲市場非常非常大，人們在 PC 上欣賞高清電影，或者只是想要兩個處理器比一個處理器更適合他們的 PC 的快速圖形，他們只是越來越認識到 PC 的好處——GPU 的好處。

The other thing is that in the consumer market the GPU attach rate is just much higher and the consumers -- the consumer segment is really the fastest growing segment right now.

另一件事是，在消費市場中，GPU 的附加率要高得多，而消費者——消費者細分市場確實是目前增長最快的細分市場。

And so our sense is that the GPU attach rate's going to continue to grow.

因此，我們的感覺是 GPU 連接率將繼續增長。

The separation between the integrated graphics, whether it's on a chip set or on a CPU, integrated is integrated, that comparison to a discreet GPU is -- in fact, the technology is growing further and further apart.

集成顯卡之間的分離，無論是在芯片組上還是在 CPU 上，集成的都是集成的，與獨立的 GPU 相比是——事實上，這項技術的差距越來越大。

The GPU is, in fact, becoming more and more advanced relative to integrated graphics versus previous years and so my sense is that this trend is going to continue.

事實上，與前幾年相比，GPU 相對於集成顯卡變得越來越先進，所以我的感覺是這種趨勢將繼續下去。

My -- thank you for preempting my follow up so I'll ask another one, which is, I guess, for David.

我的-- 謝謝你搶先跟進我，所以我會問另一個，我猜是大衛。

How do you see operating expenses tracking over the rest of this year, just generally?

您如何看待今年剩餘時間的運營費用跟踪？

Should it be sloping up, are you guys going to be increasing your investment levels?

如果它向上傾斜，你們會增加投資水平嗎？

Any color there would be great for the models.

那裡的任何顏色都非常適合模型。

Well, we guided flat, obviously, and I think as we talked about last quarter, our quarter just before just ended was a 14-week quarter and so we had more expenses in that quarter than what we would typically carry.

好吧，顯然，我們的指導持平，而且我認為正如我們上個季度所討論的那樣，我們剛剛結束的季度是一個為期 14 週的季度，因此我們在該季度的支出比我們通常承擔的要多。

We guided flat because we've -- as you'll recall, last year we had a number of temporary cost reduction measures in place, which we are restoring, some of which related to wage reductions and so forth that a lot of our employees were carrying, so those tended to offset one another.

我們指導持平是因為我們已經 - 你會記得，去年我們採取了一些臨時降低成本的措施，我們正在恢復這些措施，其中一些與減薪等有關，我們的很多員工正在攜帶，因此它們往往會相互抵消。

And as you see, we guided flat in Q1.

如您所見，我們在第一季度持平。

I would expect that we would be roughly flat in the first half of the year and we'll just have to wait and see how revenue shapes up for the second half to give you any further guidance beyond that.

我預計我們將在今年上半年大致持平，我們只需要等待，看看下半年的收入如何形成，以便為您提供除此之外的任何進一步指導。

Let me ask one more question, which is do you think your customers are building inventory, meaning, is any of the revenue strength you guys are seeing temporary inventory build and does that hamper second-half revenue seasonality?

讓我再問一個問題，您認為您的客戶是否正在建立庫存，意思是，你們看到臨時庫存增加的任何收入實力是否會阻礙下半年的收入季節性？

Thank you so much.

太感謝了。

If you look at our channel inventory, which is where we sell a lot of our -- the vast majority of our desktop GeForce business, that channel inventory has been roughly stable throughout the year.

如果您查看我們的渠道庫存，這是我們出售大量台式機 GeForce 業務的地方，該渠道庫存全年大致穩定。

It's been teetering in the three to four-week range.

它在三到四個星期的範圍內搖搖欲墜。

We had a one-week uptick in that in the fourth quarter which is probably the first sign we've seen of any uptick in channel inventory now this year.

我們在第四季度有一周的上升，這可能是我們今年看到的渠道庫存上升的第一個跡象。

But we still consider that pretty modest, certainly well below where it's been historically, and as a result of even those low levels we continue to have stock-out situations, which we try to obviously avoid.

但我們仍然認為這相當溫和，肯定遠低於歷史水平，而且即使是那些低水平的結果，我們仍然會出現缺貨情況，我們試圖明顯避免這種情況。

So right now, we don't -- I don't think we've got really any indicators that would tell us that we've got an inventory build going on, either in the channel or even at the OEM companies, that we sell to.

所以現在，我們沒有 - 我認為我們真的沒有任何指標可以告訴我們，無論是在渠道還是在 OEM 公司，我們都在進行庫存構建，我們賣給。

So at some point we know that supply will catch up with demand, and I think we just have to be very alert to make sure that we see the early indicators of that and respond as early as we can.

所以在某個時候，我們知道供應會趕上需求，我認為我們必須非常警惕，以確保我們看到早期指標並儘早做出反應。

Thank you very much.

非常感謝。

At the highest levels -- let me just make a comment on top of that, everything David said was right.

在最高級別——讓我在此基礎上發表評論，大衛所說的一切都是正確的。

At the highest level, the last couple of years we've invested in R&D pretty aggressively, and we invested in R&D so that we could drive our top-line growth.

在最高水平上，過去幾年我們非常積極地投資於研發，我們投資於研發是為了推動我們的收入增長。

And so if there's anything at all, we -- and because as we go into this year, we have so many new products, whether it's Tegra, or the Fermi architecture, or the Tesla product line, or some exciting new products that we're planning for Quadro, all of these growth opportunities are a result of the R&D investment that we've made.

因此，如果有什麼東西的話，我們——因為隨著我們進入今年，我們有很多新產品，無論是 Tegra、Fermi 架構、特斯拉產品線，還是一些令人興奮的新產品。重新規劃 Quadro，所有這些增長機會都是我們所做的研發投資的結果。

And so if there's anything at all, we would just love to have the supply to support the growth and so we're looking forward to that.

因此，如果有任何東西，我們只是希望有供應來支持增長，所以我們很期待。

Thank you.

謝謝你。

Our next question comes from the line of Daniel Berenbaum with Auriga SA.

我們的下一個問題來自 Auriga SA 的 Daniel Berenbaum。

Please proceed with your question.

請繼續您的問題。

Hi, good afternoon, thanks for taking the call.

您好，下午好，感謝您接聽電話。

David, I wanted to make sure I understand a comment that you made a little bit earlier, when you were talking about the supply constraints.

大衛，我想確保我理解你早些時候在談到供應限制時發表的評論。

You're saying that the order of the supply constraints, you -- if you didn't have the supply constraints you could have done another couple hundred million dollars in revenue.

你是說供應限制的順序，如果你沒有供應限制，你可以再創造幾億美元的收入。

First question, did I hear that correctly?

第一個問題，我沒聽錯嗎？

And second of all, can you help us understand a little bit, is that really just focused in GPU where you could have had that extra revenue?

其次，您能否幫助我們了解一下，這真的只是專注於 GPU，您可以獲得額外的收入嗎？

And can you help give us any color on who's not getting parts?

你能幫忙告訴我們誰沒有得到零件嗎？

Is it notebook is it the channel, can you give us a little bit of granularity there, if I did understand that correctly?

是筆記本還是頻道，如果我理解正確的話，你能給我們一點粒度嗎？

Well, I was trying not to give you an exact number and I probably shouldn't have given you a number at all, because we really don't know.

好吧，我試圖不給你一個確切的數字，我可能根本不應該給你一個數字，因為我們真的不知道。

When supply -- we knew that during -- let me tell you what we do know.

當供應時——我們知道這一點——讓我告訴你我們所知道的。

We knew that during the quarter channel inventory was too low.

我們知道本季度渠道庫存太低。

When David said that channel inventory was five weeks, five weeks average, in fact, means gap outs in many regions around the world.

當大衛說渠道庫存是五週時，平均五週，實際上意味著全球許多地區的差距。

And you can only measure channel inventory really in the final analysis to its averages, but we know that certain regions are much higher than other regions, and it's hard to keep them from stocking out.

而且你只能將渠道庫存歸根結底衡量為平均值，但我們知道某些地區比其他地區高得多，很難讓他們不缺貨。

Now, the second thing is, OEMs, without exception, notebook OEMs were hand-to-mouth the whole quarter, and we were fighting hard to keep them from gapping out throughout the quarter, and we weren't successful most of the time.

現在，第二件事是，OEM 廠商，無一例外，筆記本 OEM 廠商整個季度都在肉搏，我們在整個季度都在努力防止它們出現差距，而我們大部分時間都沒有成功。

And so there were challenges in fulfilling the demand that we did have throughout the quarter.

因此，在滿足我們整個季度的需求方面存在挑戰。

And so --

所以 -

And for -- am I correct in assuming you're talking about really GPU?

而對於 - 我假設你在談論真正的 GPU 是否正確？

There were no shortages in chip set or in Tegra or in Quadro?

芯片組、Tegra 或 Quadro 不缺？

Well, Tegra and Quadro, Tegra's production ramp is rather modest right now.

好吧，Tegra 和 Quadro，Tegra 的產量目前相當溫和。

Right.

正確的。

And Quadro's volume relative to GeForce is small, although --

Quadro 的體積相對於 GeForce 來說很小，儘管——

Okay.

好的。

-- the revenues are high, the actual units are relatively small.

——收入高，實際單位比較少。

And so the final analysis, with most -- whenever you have a gap out situation it'll be in your highest-volume products and in our case it would be GeForce.

因此，最終分析中，大多數情況下——無論何時出現缺口情況，它都會出現在你產量最高的產品中，在我們的例子中，它就是 GeForce。

Okay, and just to follow up on that.

好的，只是為了跟進。

Is this giving you any pricing power, or was there any contribution to the gross margin?

這會給你任何定價權，還是對毛利率有任何貢獻？

Obviously you are printing a good gross margin number, are you getting some pricing power because of this?

顯然，您正在打印一個不錯的毛利率數字，您是否因此獲得了一些定價權？

Well, we certainly haven't raised prices on the marketplace.

好吧，我們當然沒有提高市場價格。

The benefit of being this constrained is that you could make adjustments on product mix, but those adjustments are still rather hard to do because customers are lined up and we've made commitments to customers with respect to the products that we would ship them, and so to the best of our ability, we try to honor those commitments.

受到這種限制的好處是您可以對產品組合進行調整，但是這些調整仍然很難做到，因為客戶已經排好隊，而且我們已經向客戶做出了關於我們將要運送的產品的承諾，並且因此，我們盡最大努力履行這些承諾。

And so supply constraints are -- it takes -- it makes the market a little bit less disruptive from a pricing perspective, because people are mostly focused on fulfilling demand, but -- and it helps us with some amount of modest mix benefits, but overall we haven't raised prices on customers.

因此，供應限制是——它需要——從定價的角度來看，它使市場的破壞性降低了一點，因為人們主要專注於滿足需求，但是——它幫助我們獲得了一些適度的混合收益，但是總的來說，我們沒有提高客戶的價格。

Okay, great.

好，太棒了。

Thanks very much.

非常感謝。

Our next question comes from the line of Glen Yeung with Citigroup.

我們的下一個問題來自花旗集團的 Glen Yeung。

Please proceed with your question.

請繼續您的問題。

Thanks.

謝謝。

When you take into account all the moving parts at NVIDIA for this upcoming year, think about the MCP business versus things like Tegra, for example, when I look at what would be a seasonal year -- if we assume it would a seasonal year for PCs, should we expect, above, below or average seasonal growth for NVIDIA?

當您考慮到 NVIDIA 在即將到來的一年中的所有活動部分時，請考慮一下 MCP 業務與 Tegra 之類的業務，例如，當我考慮什麼是季節性年份時——如果我們假設它是一個季節性年份PC，我們應該期望 NVIDIA 的季節性增長高於、低於還是平均水平？

We -- well I was going say, right now we're constrained at least in the first half, right, so seasonality I don't think is going to have a significant bearing on what revenue we're going to put up on the top line.

我們——好吧，我要說的是，現在我們至少在上半年受到限制，對，所以我認為季節性不會對我們將提供的收入產生重大影響頂線。

Our top line's going to be more dictated by allocation than it is by normal end user seasonality.

我們的收入將更多地取決於分配，而不是正常的最終用戶季節性。

The second half is anyone's guess.

下半場是任何人的猜測。

Yes, okay.

是的，好的。

If you look at our -- if you look at the moving parts it kind of boils down to this.

如果您查看我們的 - 如果您查看移動部件，它可以歸結為這一點。

Fermi is going to be a growth driver for us.

Fermi 將成為我們的增長動力。

We've -- we're in mass production now with Fermi, and, Fermi not only ships into the GeForce market and brings incredible new capabilities to that market, Fermi also grows into two other markets.

我們已經——我們現在正在與 Fermi 一起進行大規模生產，而且，Fermi 不僅進入了 GeForce 市場並為該市場帶來了令人難以置信的新功能，Fermi 還發展到了另外兩個市場。

One is Tesla, and OEMs are lined up and designing servers and high-performance supercomputers dedicated to Tesla.

一個是特斯拉，整車廠都在排隊設計專門為特斯拉設計的服務器和高性能超級計算機。

Supercomputers are being built around the world, waiting for the new Tesla.

超級計算機正在世界各地建造，等待新的特斯拉。

And so this Fermi architecture grows into new markets.

因此，這種費米架構發展到了新的市場。

It also creates new types of products for our Quadro family, and so those are new growth drivers.

它還為我們的 Quadro 系列創造了新型產品，因此這些都是新的增長動力。

So the Fermi architecture is really important to us.

所以費米架構對我們來說真的很重要。

The second is 3D Vision.

第二個是3D視覺。

3D is going to be really big and it's going to be -- it's going to redefine, as Mike says, what a gaming notebook is going to be, just as -- or gaming PCs are going to be.

3D 將會非常大，而且將會——它會重新定義，正如 Mike 所說，遊戲筆記本將會是什麼，就像——或者遊戲 PC 將會是什麼一樣。

Just as SLI did a few years ago defined what a gaming PC is 3D Vision will now.

正如 SLI 幾年前所做的那樣，3D Vision 現在定義了遊戲 PC 是什麼。

And so we're seeing -- you've already seen the ASUS tech notebook, Acer has a product out.

所以我們看到——你已經看到了華碩科技筆記本，宏碁推出了一款產品。

Dell just announced their product today, and we're expecting 3D Vision to be adopted by nearly every PC OEM in the world.

戴爾今天剛剛發布了他們的產品，我們預計 3D Vision 將被世界上幾乎所有的 PC OEM 採用。

It'll also be adopted by the workstation market.

它也將被工作站市場採用。

So 3D Vision's going to be important.

所以 3D 視覺將很重要。

And then lastly, Tegra is a brand new product line for us.

最後，Tegra 對我們來說是一個全新的產品線。

Those are all good growth drivers.

這些都是良好的增長動力。

I think I said last time and I think this time I would reinforce that statement that the MCP product line will do well this year.

我想我上次說過，我想這次我會強調 MCP 產品線今年會做得很好的說法。

Although it's -- it is our last chip set for Intel processors we're expecting MCP-89 to be far, far superior for what you can get on an Arrandale or any integrated CPU from Intel today, and so I think we're going to see it do it quite nicely.

雖然它是我們最後一個用於英特爾處理器的芯片組，但我們預計 MCP-89 將遠遠優於你今天在 Arrandale 或英特爾的任何集成 CPU 上獲得的性能，所以我認為我們會看到它做得很好。

Thanks for that, Jen-Hsun.

謝謝你，仁勳。

One point of clarification and one other question.

一點澄清和另一個問題。

On a clarification perspective, you mentioned that obviously you're supply constrained and yet you were able to build inventory yourself, is that because you are foregoing sales this quarter in order to build the right inventory for next quarter?

從澄清的角度來看，您提到顯然您的供應受到限制，但您能夠自己建立庫存，是因為您本季度放棄銷售以便為下一季度建立正確的庫存嗎？

And then the question is just on the workstation side of the house, not withstanding your points made on Fermi right now, how sustainable do you think the workstation strength that you're seeing is as we look beyond the current quarter?

然後問題只是在房子的工作站方面，儘管你現在就費米提出的觀點，你認為你所看到的工作站實力在我們超越當前季度時的可持續性如何？

The inventory situation happened as a result of wafers that came in late in the quarter that we couldn't -- we could get through our back-end process and then ship to customers.

庫存情況是由於我們無法在本季度末進入的晶圓造成的——我們可以通過我們的後端流程，然後運送給客戶。

And so the back-end process includes Sord and TUF and with the complicity of the GPUs these days requires quite a substantial battery of tests to go along with it, and so we just couldn't get it through the back end to ship to customers.

因此，後端流程包括 Sord 和 TUF，而如今 GPU 的共謀需要進行相當多的測試，因此我們無法通過後端將其運送給客戶.

Customers were clamoring for parts all the way through the end of the quarter, so we ship it to them as soon as we can.

直到本季度末，客戶一直在要求零件，因此我們會盡快將其運送給他們。

We just couldn't get it through the back end.

我們只是無法通過後端。

The second -- your second question is about workstations.

第二個——你的第二個問題是關於工作站的。

I think the workstation market is going to continue to improve from this point forward.

我認為從這一點開始，工作站市場將繼續改善。

The vast majority of the world's industries held back on spending towards the latter part of the year before and the early part of this last year, and technology has really, really moved forward and until -- unless they invest in tools, unless they invest in computing, they really can't build products.

世界上絕大多數行業在去年下半年和去年年初都在抑制支出，而技術確實，真的向前發展，直到——除非他們投資於工具，除非他們投資於計算，他們真的不能製造產品。

And so the Quadro business has improved quarter on quarter.

因此，Quadro 業務季度環比有所改善。

I think it was some 20% or so.

我認為大約是 20% 左右。

My guess is that -- and it's still off of its historical highs.

我的猜測是——它仍然遠離歷史高位。

And it's historical highs, I think is going to be ultimately beaten.

這是歷史高點，我認為最終會被擊敗。

We'll exceed that in some period of time, because back when we had the historical high about two years ago, I think a year and a half ago --

我們會在一段時間內超過這個，因為大約兩年前我們達到歷史最高點時，我想一年半前——

Yes.

是的。

-- before the recession, the end -- the world was not nearly as globalized from an industrial design standpoint.

——在經濟衰退之前，結束之前——從工業設計的角度來看，世界還沒有那麼全球化。

China wasn't nearly as progressed from a design perspective.

從設計的角度來看，中國並沒有那麼進步。

It was a manufacturing powerhouse, but now it's turned into a design powerhouse, as well.

它曾經是一個製造強國，但現在它也變成了一個設計強國。

And so you're going to see that projects are being worked on by teams on the same project around the world and so it'd be people working in Europe, working with engineers in the United States, working with engineers in China, and to do that you have to use the same database and you have to use the same architecture.

所以你會看到世界各地的同一個項目的團隊正在開展項目，所以人們在歐洲工作，在美國和工程師一起工作，在中國和工程師一起工作，這樣做你必須使用相同的數據庫並且你必須使用相同的架構。

And so my belief is that the workstation market is going to do quite nicely over the next several years.

所以我相信工作站市場在接下來的幾年裡會做得很好。

Great, thanks.

太謝謝了。

Our next question comes from the line of James Schneider with Goldman Sachs.

我們的下一個問題來自 James Schneider 和 Goldman Sachs 的觀點。

Please proceed with your question.

請繼續您的問題。

Good afternoon and thanks for taking my question.

下午好，感謝您提出我的問題。

Could you talk a little bit about your customer order patterns at this point?

您現在能談談您的客戶訂單模式嗎？

And clearly you're supply constrained, but are customers putting as much backlog on you today as they were three months ago?

很明顯，您的供應受到限制，但今天客戶對您的積壓是否與三個月前一樣多？

And so in the context of that, plus the supply constraints, how should we think about what's likely to happen for Q2 in terms of revenues?

因此，在這種情況下，加上供應限制，我們應該如何考慮第二季度在收入方面可能發生的情況？

Yes, I think I can answer that, James.

是的，我想我可以回答這個問題，詹姆斯。

If you look at the last three quarters, we have opened each of the last three quarters with a fairly healthy shippable backlog at the start of each one.

如果您查看過去三個季度，我們在過去三個季度中的每一個都打開了，在每個季度開始時都有相當健康的可交付積壓。

In fact, that has been at near record levels, at least as far as I can tell, and that has helped significantly with linearity of product deliveries, linearity of collections, for example, et cetera, and has made our business a little bit more predictable than what it's been, as well, because we have less turns business to actually generate within a quarter.

事實上，至少據我所知，這已經接近創紀錄的水平，這對產品交付的線性、系列的線性等有很大幫助，並使我們的業務更上一層樓也比以往更可預測，因為我們在一個季度內實際產生的業務周轉次數減少了。

And as we go into Q1 that backlog -- the opening backlog position is in relatively the same position it was at the beginning of Q4, and so we're opening Q1 with a fair amount of our business already visible to us.

當我們進入第一季度的積壓工作時 - 開始的積壓位置與第四季度開始時的位置相對相同，因此我們在打開第一季度時已經可以看到相當多的業務。

And in terms of -- in terms of Q2, the benefit of Q2 is it's going to benefit from quite a few growth drivers that are firing at the same time.

就第二季度而言，第二季度的好處是它將受益於同時啟動的許多增長動力。

We've got new GeForce products, new Quadro products, new Tesla products and Tegra products and 3D Vision products all cranking.

我們推出了新的 GeForce 產品、新的 Quadro 產品、新的 Tesla 產品和 Tegra 產品以及 3D Vision 產品。

So this is -- we're in just the beginning now of a new product cycle and this new product cycle's driven by a revolutionary architecture called Fermi and so we're real excited about that and we can't get -- can't wait to get to it.

所以這是 - 我們現在才剛剛開始一個新產品週期，這個新產品週期是由一個名為 Fermi 的革命性架構驅動的，所以我們對此感到非常興奮，我們不能 - 不能等待得到它。

Thanks, that's very helpful.

謝謝，這很有幫助。

And then as a follow up, just briefly, I think you talked about 40-nanometer products being about 19% of shipments last quarter, can you give us an update on what that was this quarter?

然後作為跟進，簡單地說，我認為您談到 40 納米產品約佔上季度出貨量的 19%，您能告訴我們本季度的最新情況嗎？

We've really not broken that out this time.

這次我們真的沒有解決這個問題。

I think we've decided that it would be just better to show the vector and the vector was up 178% quarter to quarter.

我認為我們已經決定顯示向量會更好，並且向量每季度增長了 178%。

40-nanometer?

40納米？

40-nanometer.

40納米。

Great.

偉大的。

Thanks very much.

非常感謝。

Our next question comes from the line of Doug Freedman with Broadpoint.AmTech.

我們的下一個問題來自 Broadpoint.AmTech 的 Doug Freedman。

Please proceed with your questions.

請繼續您的問題。

Great and thanks for taking my question.

太好了，感謝您提出我的問題。

Congratulations on a strong quarter.

祝賀一個強勁的季度。

Can you guys talk a little bit about what drove the change in stock comp reporting?

你們能談談是什麼推動了股票報告報告的變化嗎？

Is there any underlying change to the compensation structure that you're working with the employees?

您與員工合作的薪酬結構是否有任何潛在的變化？

You mean the fact that our non-GAAP now includes stock-based compensation.

您的意思是，我們的非公認會計原則現在包括基於股票的薪酬。

Is that what you mean, Doug.

這就是你的意思嗎，道格。

Correct.

正確的。

There was really no change in compensation at all.

補償方面確實沒有任何變化。

In fact, if you look at the commentary and so forth I think you'd see that it's relatively flat quarter over quarter.

事實上，如果你看一下評論等等，我想你會發現它的季度環比相對持平。

What we really kind of guided is that we'd like to get closer to a GAAP reporting structure, and most of the analysts and so forth now report GAAP and non-GAAP numbers and so forth, and so our thought was that this would just remove one more layer of noise in our story by reporting GAAP when we can report GAAP and only have to talk about non-GAAP when there's an extraordinary item that we need to discuss.

我們真正的指導是，我們希望更接近 GAAP 報告結構，大多數分析師等現在報告 GAAP 和非 GAAP 數字等等，所以我們的想法是，這只會當我們可以報告 GAAP 時，通過報告 GAAP 來消除我們故事中的另一層噪音，並且只有在我們需要討論一個非凡的項目時才需要談論非 GAAP。

All right, great.

好的，太好了。

And if you could talk a little bit about use of cash and what your thinking is on the buy back of your shares.

如果你能談談現金的使用以及你對回購股票的想法。

We're now seeing dilution creep up every quarter and you're almost back to where you were.

我們現在看到稀釋度每季度都在攀升，你幾乎回到了原來的位置。

I believe when you were at this level in the past, you talked about wanting to hold dilution down, is that still something that you're thinking about.

我相信你過去在這個水平時，你談到想要保持稀釋，這仍然是你在考慮的事情。

Yes, it's certainly something we have discussions on and some time this year we'll probably be more -- be able to talk more openly about what it is we plan on doing with it.

是的，這當然是我們討論過的事情，今年的某個時候我們可能會更多——能夠更公開地談論我們計劃用它做什麼。

And then my last one is really the Fermi architecture, how quickly do you guys think you're going to be able to take that architecture to the full product line.

然後我的最後一個是真正的費米架構，你們認為你們能多快將這種架構帶入完整的產品線。

What is the -- what expectations should we have as far as getting those into the mainstream and if my understanding is correct, you're going to launch that at the high end?

什麼是我們應該有什麼期望，以使這些成為主流，如果我的理解是正確的，你將在高端推出它？

All of that just depends on 40-nanometer supply and we're trying to finesse it the best we possibly can.

所有這一切都取決於 40 納米的供應，我們正在盡我們所能做到最好。

For the entry level products, the truth is that the new architectures at the very, very, entry level GPUs are probably not extremely well appreciated anyhow.

對於入門級產品，事實是，非常非常入門級 GPU 的新架構可能無論如何都不是非常受歡迎。

The reasons why people buy the new architectures are tend to be early adopters and they tend to be game enthusiasts for workstation designers, or creative artists.

人們購買新架構的原因往往是早期採用者，他們往往是工作站設計師或創意藝術家的遊戲愛好者。

There are very specific reasons why it really enhances their experience.

有非常具體的原因可以真正增強他們的體驗。

Our current generation GPUs are fabulous at all of the things that mainstream compu -- consumers would use, use their computer for.

我們當前一代的 GPU 在主流計算機的所有方面都非常出色——消費者會使用、使用他們的計算機。

All of the high-definition videos, even plays 3D Blu-ray.

所有的高清視頻，甚至播放 3D 藍光。

We're the only GPU that processes 3-D Blu-ray completely in the GPU.

我們是唯一在 GPU 中完全處理 3-D 藍光的 GPU。

All of them have CUDA and they're all compatible with the Fermi architecture and now all of them have Optimus.

它們都具有 CUDA，並且都與 Fermi 架構兼容，現在它們都具有 Optimus。

I think the mainstream GPUs are really fabulous and have been enhanced recently with some really great features and so it makes sense that they're going to continue to do quite nicely in the marketplace and then we'll just transition as fast as we can.

我認為主流 GPU 非常棒，並且最近通過一些非常棒的功能得到了增強，因此它們將繼續在市場上表現出色是有道理的，然後我們將盡快過渡。

All right, terrific.

不錯，棒棒噠

And is there any change to your expectations in the ramp for Tegra during the year?

您對今年 Tegra 增長的期望有什麼變化嗎？

No, not much has changed.

不，沒有太大變化。

We're currently working on quite a few tablets and these tablets are -- some are tablets and some are tablets with keyboards and there's all kinds of different form factors.

我們目前正在開發相當多的平板電腦，這些平板電腦是——有些是平板電腦，有些是帶鍵盤的平板電腦，並且有各種不同的外形尺寸。

There's five-inch versions, there's seven-inch versions, there's ten-inch versions.

有五英寸版本，有七英寸版本，還有十英寸版本。

Some are being created by computer companies, some are being created by consumer electronics companies and some are created mobile companies and everybody has a slightly different perspective on how they would take it to market, so I'm really excited about that.

有些是由計算機公司創建的，有些是由消費電子公司創建的，有些是由移動公司創建的，每個人對如何將其推向市場的看法略有不同，所以我對此感到非常興奮。

Today -- I think it's just literally today in Barcelona, Adobe and NVIDIA demonstrated the world's first interactive reader on a mobile device and -- a magazine reader on a mobile device and the Wired magazine demonstrated an interactive version of Wired, and if you get a chance to see it on the web it's just really stunning, just completely stunning.

今天——我想這簡直就是今天在巴塞羅那，Adobe 和 NVIDIA 展示了世界上第一個移動設備上的交互式閱讀器——移動設備上的雜誌閱讀器和 Wired 雜誌展示了 Wired 的交互式版本，如果你得到有機會在網上看到它真是太棒了，簡直太棒了。

The experience of reading a magazine that comes to life when you touch it on the tablet -- on the Tegra tablet is just really something else.

當您在平板電腦上觸摸雜誌時，閱讀雜誌的體驗就變得栩栩如生——在 Tegra 平板電腦上真的是另一回事。

And so now we have the full Internet on Tegra.

所以現在我們在 Tegra 上擁有完整的互聯網。

Flash 10.1 is completely accelerated on our GPU so the 100 million websites around the world now just work.

Flash 10.1 在我們的 GPU 上完全加速，因此全球 1 億個網站現在可以正常工作。

You have multitasking, so you could read a magazine, close it, go look up something on the web, close that and come back to read your magazine exactly where you left off.

你有多項任務，所以你可以閱讀雜誌，關閉它，在網上查找一些東西，關閉它，然後回到你離開的地方閱讀你的雜誌。

You could also enjoy digital magazines and in the near future, digital books.

您還可以享受數字雜誌和在不久的將來，數字書籍。

So I think this form factor is really going to do nicely and we can't wait to start ramping it.

所以我認為這種外形尺寸真的會做得很好，我們迫不及待地想要開始升級它。

Great, thanks for taking my questions.

太好了，感謝您提出我的問題。

Yes, thanks a lot, Doug.

是的，非常感謝，道格。

Our next question comes from the line of Nicholas Aberle with Caris & Company.

我們的下一個問題來自 Caris & Company 的 Nicholas Aberle。

Please proceed with your question.

請繼續您的問題。

Good afternoon.

下午好。

My question is, so given a scenario where 40-nanometer supply is constrained throughout all of 2010, my guess is you guys will make some -- have to make some tough decisions on how to allocate the supply you do have.

我的問題是，考慮到 2010 年全年 40 納米供應受限的情況，我猜你們會做出一些決定——必須就如何分配現有供應做出一些艱難的決定。

Given you guys are transitioning GPU, desktop and notebook over to 40-nanometer, Tegra too, is 40-nanometer, Tesla, too, is 40-nanometer, how do you guys make those decisions as we roll through the year?

鑑於你們正在將 GPU、台式機和筆記本電腦過渡到 40 納米，Tegra 也是 40 納米，特斯拉也是 40 納米，你們如何在我們全年做出這些決定？

Well, I said that supply was going to be constrained, I didn't say supply was going to be constant.

好吧，我說供應會受到限制，我並沒有說供應會保持不變。

(LAUGHTER) We're expecting a big year, but, frankly, if we had more supply we'd have a bigger year and so we just have to keep working it.

（笑聲）我們期待一個重要的一年，但坦率地說，如果我們有更多的供應，我們會有一個更大的一年，所以我們必須繼續努力。

TSMC is just doing a fabulous job of improving their yields and if you look at from August, when we first started ramping, to now, the yield improvements that they've done and the execution that they -- their teams have gone through, it's just fabulous.

台積電在提高產量方面做得非常出色，如果你看一下從 8 月開始，到現在，他們所做的產量改進以及他們的團隊所經歷的執行，這是太棒了。

This is a really extraordinary company and what they have done with 40-nanometer yields over the last several months is really fabulous.

這是一家非常了不起的公司，他們在過去幾個月中在 40 納米產量方面所做的工作真是太棒了。

And so if the trend continues, things are going to look a lot better and so we're hoping for it to continue, we're working hard together to make it improve.

因此，如果這種趨勢繼續下去，事情看起來會好很多，所以我們希望它繼續下去，我們正在共同努力使其得到改善。

And so I'm hoping that supply will abate -- I think was the word I was using ear -- or used earlier -- sooner than later because we can certainly use the wafers to drive our growth.

所以我希望供應會減少——我認為這是我之前使用的詞——或者更早使用的詞——遲早，因為我們當然可以使用晶圓來推動我們的增長。

Got you.

得到你。

Well, I guess what I'm asking --

好吧，我猜我在問什麼——

Either way we're expecting a lot of wafers this year and improved yields and a lot more supply than obviously now.

無論哪種方式，我們都預計今年會有很多晶圓，並且產量會比現在明顯提高，供應量也會增加很多。

Yes, I just -- in the scenario that you guys don't get all that you want, which is sounds like you're at least not going to get all you want in the first half of the year, you guys got to make decisions on how to allocate that, I was just curious how you make those decisions to allocate that?

是的，我只是 - 在你們沒有得到你想要的一切的情況下，這聽起來像你至少不會在今年上半年得到你想要的一切，你們必須做出關於如何分配的決定，我只是好奇你是如何做出分配這些決定的？

We're making the decisions now.

我們現在正在做決定。

We made the decisions last quarter.

我們在上個季度做出了決定。

We are making decisions this quarter and every commitment that we make we need to fulfill and so we have to be thoughtful about the commitments we do make.

我們在本季度做出決定，我們做出的每一項承諾都需要履行，因此我們必須認真考慮我們所做的承諾。

Our customers are working very closely with us now.

我們的客戶現在正在與我們密切合作。

Everybody has just done a much, much better job aligning forecasts and I appreciate that, and so we are making those tradeoffs all the time now.

每個人都在調整預測方面做得更好，我對此表示讚賞，因此我們現在一直在進行這些權衡。

And so you -- I think one of the things that you give up on is you give up on any amount of inventory, and we don't have very much inventory at all in the grand scheme of things, considering the velocity of our business, and I -- so there's not much buffer and everything is hand to mouth.

所以你——我認為你放棄的一件事是你放棄了任何數量的庫存，考慮到我們業務的發展速度，從總體上看，我們根本沒有太多庫存，而我——所以沒有太多的緩衝，一切都是手到嘴的。

That's one of the challenges of being constrained.

這是受到約束的挑戰之一。

But we're -- our most important objective is to meet the commitments that we've made to our customers.

但我們——我們最重要的目標是履行我們對客戶做出的承諾。

Got you.

得到你。

We haven't really talked about PlayStation 3 much, I was curious, is that a little bit soft during the quarter.

我們還沒有真正談論過 PlayStation 3，我很好奇，這個季度是否有點軟。

What are your expectations for PS3 this year and given there's a transition coming up, do you expect to be part of that transition?

你對今年的 PS3 有什麼期望，鑑於即將到來的過渡，你是否希望成為過渡的一部分？

Seasonality they're lower in our fourth quarter, just the way they ramp for the holidays and so forth, so it was seasonally weaker in the fourth quarter.

季節性他們在我們的第四季度較低，就像他們在假期等的方式一樣，所以它在第四季度季節性較弱。

I think it'd be probably inappropriate for us to guide what we think Sony's business is going to do over the next year, so I'm not sure I want to answer the balance of that question.

我認為我們可能不適合指導我們認為索尼明年的業務將做什麼，所以我不確定我是否想回答這個問題的平衡。

Thanks, guys.

多謝你們。

Thanks, Nick.

謝謝，尼克。

Thanks a lot, Nick.

非常感謝，尼克。

Our next question comes from the line of Arnab Chanda with Roth Capital Partners.

我們的下一個問題來自 Roth Capital Partners 的 Arnab Chanda。

Please proceed with your question.

請繼續您的問題。

Thank you.

謝謝你。

I have a question about gross margins.

我有一個關於毛利率的問題。

This is basically, as far as I can tell, pretty much a record gross margin, maybe even better than your record if you assume this non-GAAP business excluded [stockcom].

據我所知，這基本上是創紀錄的毛利率，如果您假設不包括 [stockcom] 的非 GAAP 業務，可能甚至比您的記錄還要好。

It seems like your new products basically have a better gross margin than your current business so that mix improvement should only get better.

看起來您的新產品基本上比您當前的業務具有更好的毛利率，因此組合改進只會變得更好。

Is there a target that you'd like to let us think about longer term, where you think you can get to?

有沒有一個你想讓我們考慮長期的目標，你認為你可以達到什麼目標？

Let me answer it in pieces.

讓我分段回答。

First of all, I don't think this is our record.

首先，我不認為這是我們的記錄。

It's two points lower.

低了兩分。

And secondarily, it's not at the internal targets.

其次，它不在內部目標上。

Our business is increasingly moving from a great chip business to much more of a software-rich business.

我們的業務正越來越多地從一個偉大的芯片業務轉變為一個軟件豐富的業務。

If you look at our Quadro business it's nearly all software.

如果您查看我們的 Quadro 業務，它幾乎都是軟件。

The enormous R&D that we invest in Quadro and the technology we create for Quadro is all software, because it's -- in the final analysis, it's still built on video GPUs.

我們在 Quadro 上投入的巨大研發以及我們為 Quadro 創造的技術都是軟件，因為它——歸根結底，它仍然建立在視頻 GPU 之上。

So you see the same thing with GeForce now.

所以你現在在 GeForce 上看到了同樣的事情。

The work we did in 3D Vision, tons of software.

我們在 3D Vision 中所做的工作，大量的軟件。

The work that we did with 3D Blu-ray, tons of software.

我們使用 3D 藍光、大量軟件所做的工作。

So the work that we do with CUDA, the work we do with PhysX, tons of software.

所以我們用 CUDA 做的工作，我們用 PhysX 做的工作，大量的軟件。

So I think increasingly that's going to become the nature of our business.

所以我認為這將越來越多地成為我們業務的本質。

Tesla is just all software, right, software tools and software compilers and libraries and.

特斯拉只是所有的軟件，對，軟件工具和軟件編譯器和庫和。

These are profilers and debuggers.

這些是分析器和調試器。

It's a software, it's become increasingly a software-oriented-type business and that's where our differentiation really is and that's where NVIDIA has historically been really, really excellent.

它是一種軟件，它越來越成為一種以軟件為導向的業務，這就是我們真正與眾不同的地方，也是 NVIDIA 在歷史上一直非常非常出色的地方。

So in order for us to differentiate the basic commodity platform and turn it into an extraordinary experience for gamers or scientists or digital creators or for clouds or for netbooks or for tablets, it's increasingly a software business.

因此，為了讓我們區分基本商品平台並將其轉變為遊戲玩家、科學家或數字創作者或云、上網本或平板電腦的非凡體驗，它越來越成為一項軟件業務。

And so that's where a lot of our differentiation becomes and I think if you think of our business from that perspective, a gross margin of 40 -- the 44 points -- the 44.7% that we had this quarter should be far from our expectations.

這就是我們很多差異化的地方，我認為如果你從這個角度考慮我們的業務，我們本季度的 40 - 44 個點 - 44.7% 的毛利率應該遠低於我們的預期。

And it is.

它是。

Okay.

好的。

And then one question about your -- actually a couple of questions about your products.

然後是關於你的一個問題——實際上是關於你的產品的幾個問題。

So when you look at Tegra you talked a lot about your -- the tablet potential there, where do you see taking that business.

因此，當您查看 Tegra 時，您談到了很多關於您的平板電腦潛力，您認為該業務在哪裡。

Do you think that will be confined to tablets?

你認為這將僅限於平板電腦嗎？

Are you expecting to take it down to SmartPhones?

您是否希望將其歸結為智能手機？

And then with Fermi, is there a possibility with ASP growth that you could offset normal seasonality when it starts to launch significantly in the second quarter?

然後對於 Fermi，ASP 增長是否有可能在第二季度開始顯著推出時抵消正常的季節性？

I think Fermi will very substantially offset any seasonality, that's my expectation, because Q2 is going to be the quarter when Fermi is hitting full stride.

我認為費米將大大抵消任何季節性因素，這是我的預期，因為第二季度將是費米全力以赴的季度。

And it won't just be one Fermi product, it'll be a couple of Fermi products spanning many different price ranges, but also the Fermi products will span GeForce and Quadro and Tesla.

它不僅是一款 Fermi 產品，還將是幾個 Fermi 產品，跨越許多不同的價格範圍，而且 Fermi 產品將跨越 GeForce、Quadro 和 Tesla。

And so we're going to be hand-to-mouth on Fermi architecture products through Q2 and we're building a lot of it.

因此，我們將在第二季度就 Fermi 架構產品進行面對面的交流，並且我們正在構建大量此類產品。

And so I'm real excited about the upcoming launch of Fermi, and I think that it'll more than offset the seasonality we usually see in Q2.

因此，我對即將推出的 Fermi 感到非常興奮，我認為這將抵消我們通常在第二季度看到的季節性。

And then the question about Tegra, our focus on Tegra is initially on the markets where high resolution and snappy performance is really important.

然後是關於 Tegra 的問題，我們對 Tegra 的關注最初是針對高分辨率和快速性能非常重要的市場。

What NVIDIA's really great at is multimedia and great, snappy performance, high-performance computing, and so if you want a great experience with a touch tablet and the resolution is high and it's in high def, choosing NVIDIA, choosing Tegra is really your best choice.

NVIDIA 真正擅長的是多媒體和出色、快速的性能、高性能計算，因此，如果您想獲得出色的觸控平板體驗並且分辨率高且高清，選擇 NVIDIA，選擇 Tegra 真的是您的最佳選擇選擇。

So we're going to focus our energy on the marketplaces where we could add the most value and initially those are tablets.

因此，我們將把精力集中在可以增加最大價值的市場上，最初是平板電腦。

We're seeing a lot of over-the-top TV opportunities and engaged in a few of those.

我們看到了很多頂級電視機會並參與其中。

And You also heard that Audi has standardized the video graphics starting this year in America and in the year 2012 everywhere around in the world and we're just expanding from there.

你還聽說奧迪從今年開始在美國和 2012 年在世界各地對視頻圖形進行了標準化，我們只是從那裡擴展。

So I think the Tegra opportunity is quite large for us and we're just going focus on -- we're going to start from where we have the most value first.

所以我認為 Tegra 的機會對我們來說非常大，我們將專注於——我們將從我們最有價值的地方開始。

Thanks, Jen-Hsun.

謝謝，仁勳。

Yes, thanks, Arnab.

是的，謝謝，阿納布。

And gentlemen, there are no further questions at this time.

先生們，目前沒有進一步的問題。

I'll now turn the call back over to you.

我現在把電話轉給你。

Thank you, everyone.

謝謝大家。

We look forward to talking to you about our next quarter's results.

我們期待與您討論我們下一季度的業績。

And ladies and gentlemen, that does conclude the conference call for today.

女士們，先生們，今天的電話會議結束了。

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

我們感謝您的參與，並要求您斷開線路。

Have a nice day.

祝你今天過得愉快。