輝達 (NVDA) 2012 Q1 法說會逐字稿

Good afternoon.

下午好。

My name is Doris and I will be your conference operator today.

我叫 Doris，今天我將擔任您的會議接線員。

At this time I would like to welcome everyone to the NVIDIA earnings conference call.

在這個時候，我想歡迎大家參加 NVIDIA 收益電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks there will be a question-and-answer session.

演講者發言後將進行問答環節。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Mr.

我現在將把電話轉給先生。

Michael Hara, Senior Vice President of Investor Relations.

Michael Hara，投資者關係高級副總裁。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you, Doris.

謝謝你，多麗絲。

Good afternoon and welcome to NVIDIA's conference call for the first quarter of fiscal 2012.

下午好，歡迎參加 NVIDIA 2012 財年第一季度電話會議。

With me on the call today from NVIDIA are Jen-Hsun Huang, President and Chief Executive Officer; and Karen Burns, Interim Chief Financial Officer.

NVIDIA 總裁兼首席執行官黃仁勳今天與我通話；和臨時首席財務官 Karen Burns。

After our prepared remarks, we will open up call to a question-and-answer session.

在我們準備好的發言之後，我們將開啟問答環節。

Please limit yourself to one initial question with one follow-up.

請把自己限制在一個初始問題和一個後續問題上。

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 May 19, 2011 and the webcast will be available for replay until our conference call to discuss our financial results for our second quarter fiscal 2012.

電話會議的重播將在 2011 年 5 月 19 日之前通過電話提供，網絡廣播將在我們召開電話會議討論我們 2012 財年第二季度的財務業績之前提供重播。

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的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 January 30, 2011 and the reports we may file from time to time 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 2011 年 1 月 30 日的財政期間的 10-Q 表格以及我們可能不時提交的報告向證券交易委員會提交的 8-K 表格。

All of our statements are made as of today May 12, 2011 based on information available to us as of today and except as required by law, we assume no obligation to update any such statements.

我們所有的聲明都是根據我們今天可獲得的信息於 2011 年 5 月 12 日作出的，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 market research and market share numbers throughout the call come from Mercury Research or Jon Peddie Research.

除非另有說明，否則在整個電話會議中對市場研究和市場份額數據的所有引用均來自 Mercury Research 或 Jon Peddie Research。

With that, let's begin.

有了這個，讓我們開始吧。

Our desktop and notebook GPU product lines exceeded internal expectations for Q1.

我們的台式機和筆記本 GPU 產品線超出了第一季度的內部預期。

In our desktop business we continue to be well-positioned in the performance and enthusiast categories and continue to see good momentum in China.

在我們的台式機業務中，我們繼續在性能和發燒友類別中處於有利地位，並繼續在中國看到良好的勢頭。

We added to both ends of our product lineup with the additions of the GeForce GTX 550 Ti and the GeForce GTX 590.

我們增加了 GeForce GTX 550 Ti 和 GeForce GTX 590 的產品陣容。

The GeForce GTX 550 Ti is the best entry-level gaming GPU for the next-generation Intel systems.

GeForce GTX 550 Ti 是下一代英特爾系統的最佳入門級遊戲 GPU。

And the GTX 590 is simply the fastest little GPU adding card for enthusiasts.

而GTX 590簡直就是發燒友最快的小GPU加卡。

John Peddie stated in TechWatch quote the GeForce GTX 590 is the best overall add-in board in every parameter we measure.

John Peddie 在 TechWatch 引用中表示，GeForce GTX 590 是我們測量的每個參數中最好的整體插件板。

Compared to other dual GPU add-in boards and dual add-in GPU boards, it has the highest performance per watt, the highest performance per dollar, the lowest power consumption, the lowest noise, the biggest gain from overclocking and the best Pmark, regular or over-clocked, end quote.

與其他雙GPU外掛板和雙外掛GPU板相比，它具有最高的每瓦性能、最高的每美元性能、最低的功耗、最低的噪音、最大的超頻增益和最好的Pmark，常規或超頻，結束報價。

The X11 GPU has continued to experience good growth driven by a wave of great new games such as the recent release of Crysis 2.

X11 GPU 在最近發布的孤島危機 2 等一波出色的新遊戲的推動下繼續保持良好的增長勢頭。

And we still have many highly anticipated titles yet to be released this year.

而且我們今年仍有許多備受期待的遊戲尚未發布。

In the discrete notebook GPUs we expect to increase share on the Sandy Bridge platform.

在獨立的筆記本 GPU 中，我們預計會增加 Sandy Bridge 平台的份額。

We felt this growth as Sandy Bridge started to ramp in April.

隨著 Sandy Bridge 於 4 月開始爬坡，我們感受到了這種增長。

The Sandy Bridge transition is expected to reach the 75% crossover point exiting the second quarter and should drive another increase of both our revenue and share of the notebook GPU segment as a result.

Sandy Bridge 的過渡預計將在第二季度達到 75% 的交叉點，從而推動我們的收入和筆記本 GPU 市場份額的進一步增長。

Our consumer products business which includes Tegra processors and embedded products achieved record revenue of over $122 million.

我們的消費產品業務（包括 Tegra 處理器和嵌入式產品）實現了創紀錄的超過 1.22 億美元的收入。

The record performance was due to our first group of Tegra 2 based Android products hitting the market.

創紀錄的表現歸功於我們第一批基於 Tegra 2 的 Android 產品上市。

Among them are the Motorola Atrix LG Optimus 2X Superphone as well as tablets like the Motorola XOOM, LG Optimus Pad and G-Slate, Asus EE Transformer, Dell Streak and the Acer ICONIA A500.

其中包括摩托羅拉 Atrix LG Optimus 2X Superphone 以及摩托羅拉 XOOM、LG Optimus Pad 和 G-Slate、Asus EE Transformer、Dell Streak 和 Acer ICONIA A500 等平板電腦。

The second wave of superphones and tablets from Acer, Motorola, Toshiba and Samsung are expected to ship in Q2.

宏碁、摩托羅拉、東芝和三星的第二波超級手機和平板電腦預計將在第二季度出貨。

In addition, Sony announced that their S1 and S2 tablet projects will be using Tegra 2.

此外，索尼宣布他們的 S1 和 S2 平板電腦項目將使用 Tegra 2。

Based on market research from In-Stat, tablets represent the fastest growing segment for mobile processors with a compound annual growth rate of 124% from 2009 to 2014.

根據 In-Stat 的市場研究，平板電腦是移動處理器增長最快的部分，2009 年至 2014 年的複合年增長率為 124%。

We continue to drive the lead role in the Android tablet market and expect to further solidify that position with our next-generation project KAL-EL based tablets hitting consumer shelves later this year.

我們將繼續在 Android 平板電腦市場中發揮領導作用，並期望通過我們的下一代項目 KAL-EL 平板電腦在今年晚些時候上架消費者貨架，進一步鞏固這一地位。

We announced this week that we will acquire Icera, a baseband and RF technology leader.

我們本周宣布，我們將收購基帶和射頻技術領導者 Icera。

We believe this move will further accelerate our Tegra momentum and enhance our position in mobile computing while providing another major growth driver for our Company.

我們相信，此舉將進一步加快我們的 Tegra 發展勢頭，提升我們在移動計算領域的地位，同時為我們公司提供另一個主要增長動力。

Icera is the pioneer in next-generation wireless modem technologies software-defined radio or SDR technology.

Icera 是下一代無線調製解調器技術軟件定義無線電或 SDR 技術的先驅。

They've created an ultralow power, high-performance processors especially designed for processing multiple modem protocols.

他們創造了一種超低功耗、高性能的處理器，專為處理多種調製解調器協議而設計。

Icera's deep execution processor known as DXP is a programmable processor designed to execute communications algorithms at extremely low power and is super elegant and is much smaller than conventional basebands.

Icera 的深度執行處理器（稱為 DXP）是一種可編程處理器，旨在以極低的功耗執行通信算法，並且非常優雅且比傳統基帶小得多。

In a way, DXP is the technical equivalent of the programmable shaders we invented for GPUs which revolutionized the graphics industry.

在某種程度上，DXP 是我們為 GPU 發明的可編程著色器的技術等價物，它徹底改變了圖形行業。

Icera has more than 550 patents granted or pending worldwide and those products have been approved by more than 50 carriers across the globe.

Icera 在全球擁有 550 多項已授予或正在申請的專利，這些產品已獲得全球 50 多家運營商的批准。

By combining the companies products and technologies including our Tegra processor, we expect to enhance our position as a leading player in the growing phone and tablet markets.

通過結合公司的產品和技術，包括我們的 Tegra 處理器，我們希望加強我們在不斷增長的手機和平板電腦市場中的領先地位。

The market for baseband processors is one of the fastest growing segments of the technology industry with an estimated $15 billion a year.

基帶處理器市場是技術行業增長最快的部分之一，估計每年達到 150 億美元。

Our immediate plans are to accelerate Icera's entry into the voice basebands followed by the introduction of 4G LTE basebands.

我們近期的計劃是加速 Icera 進入語音基帶，隨後推出 4G LTE 基帶。

Together we will offer the two most important processors that make up the modern mobile computer.

我們將一起提供構成現代移動數據終端的兩個最重要的處理器。

Not only is this combination strategically powerful in the market, we expect it will also drive growth for Tegra processors and Icera basebands.

這種組合不僅在市場上具有強大的戰略意義，我們預計它還將推動 Tegra 處理器和 Icera 基帶的增長。

Icera will leverage Tegra's momentum and deep customer engagements globally.

Icera 將利用 Tegra 在全球的發展勢頭和深入的客戶參與。

We're very excited to welcome the Icera team to NVIDIA.

我們非常高興地歡迎 Icera 團隊加入 NVIDIA。

They posses a great entrepreneurial spirit, engineering focus with great people and great technology.

他們擁有偉大的企業家精神、工程重點、優秀的人才和優秀的技術。

They make a perfect fit with the NVIDIA team.

他們與 NVIDIA 團隊完美契合。

This is a key step in our plans to be a major player in the mobile computing revolution.

這是我們計劃成為移動計算革命主要參與者的關鍵一步。

With that, let me hand the call over to Karen.

有了這個，讓我把電話交給凱倫。

Thanks, Mike.

謝謝，邁克。

Revenue for the first quarter was $962 million, up 8.5% sequentially.

第一季度收入為 9.62 億美元，環比增長 8.5%。

GAAP gross margins of 50.4% was a record for the third consecutive quarter.

GAAP 毛利率為 50.4%，連續第三個季度創紀錄。

Gross margin exceeded our expectations we had at the beginning of the quarter primarily as a result of richer product mix within our GPU business.

毛利率超出了我們在本季度初的預期，這主要是因為我們的 GPU 業務中產品組合更加豐富。

GAAP OpEx was $329.6 million, in line with our estimates.

GAAP 運營支出為 3.296 億美元，符合我們的估計。

Combined, these results generated a GAAP net income of $135.2 million or $0.22 per diluted share.

綜合起來，這些結果產生了 1.352 億美元或稀釋後每股 0.22 美元的 GAAP 淨收入。

Revenue by business segment was as follows.

按業務分部劃分的收入如下。

Our GPU business was up 3.8%.

我們的 GPU 業務增長了 3.8%。

Our MCP revenue was down significantly as we entered the final phase of that business but this was more than offset by a strong growth in notebook discrete.

隨著我們進入該業務的最後階段，我們的 MCP 收入顯著下降，但這被筆記本離散的強勁增長所抵消。

Demand for notebook GPUs increased significantly as OEMs ramped production of Sandy Bridge notebooks.

隨著 OEM 增加 Sandy Bridge 筆記本的產量，對筆記本 GPU 的需求顯著增加。

Our professionals business was relatively flat.

我們的專業人員業務相對平穩。

Quadro increased sequentially, however, our Tesla business was down relative to the prior quarter as the fourth quarter benefited from a particular large transaction.

Quadro 環比增長，然而，我們的特斯拉業務相對於上一季度有所下降，因為第四季度受益於一項特定的大宗交易。

And our consumer business achieved record revenue driven by our Tegra customers bringing their first Android products to the market.

在我們的 Tegra 客戶將他們的第一款 Android 產品推向市場的推動下，我們的消費者業務實現了創紀錄的收入。

Turning to the balance sheet, our inventory levels continue to be at target levels.

轉向資產負債表，我們的庫存水平繼續處於目標水平。

Inventory at the end of the quarter was $381 million.

本季度末的庫存為 3.81 億美元。

Our view of the channel shows inventory within our target.

我們的渠道視圖顯示了我們目標範圍內的庫存。

Cash, cash equivalents and marketable securities at the end of the quarter were $2.73 billion, up $236 million over the prior quarter.

本季度末現金、現金等價物和有價證券為 27.3 億美元，比上一季度增加 2.36 億美元。

Excluding the Icera acquisition, our outlook for the second quarter of fiscal 2012 is as follows.

不包括對 Icera 的收購，我們對 2012 財年第二季度的展望如下。

Revenue is expected to be up 4% to 6% from the first quarter.

預計收入將比第一季度增長 4% 至 6%。

GAAP gross margin is expected to be between 50.5% and 51.5%.

GAAP 毛利率預計在 50.5% 至 51.5% 之間。

We believe this is the right level for gross margin for now.

我們認為這是目前毛利率的正確水平。

This level allows us to maintain a healthy balance between growth and profitability.

這一水平使我們能夠在增長和盈利能力之間保持健康的平衡。

GAAP operating expenses are expected to be between $332 million and $336 million.

GAAP 運營費用預計在 3.32 億美元至 3.36 億美元之間。

GAAP tax rate is expected to be 14% to 16%.

GAAP 稅率預計為 14% 至 16%。

That concludes our prepared remarks.

我們準備好的發言到此結束。

We will now take questions.

我們現在將回答問題。

(Operator Instructions) Alex Gauna.

（操作員說明）亞歷克斯·高納。

Congratulations on the nice result.

祝賀你取得了不錯的成績。

I was wondering, there's an investor concern out there that some of the first-generation tablets are perhaps mispositioned or mispriced.

我想知道，投資者擔心某些第一代平板電腦可能定位錯誤或定價錯誤。

Could you maybe describe how your Tegra business is being driven, smartphone versus tablet and as we look through the year, what percentage we should expect to come from next-gen platforms versus current generation?

您能否描述一下您的 Tegra 業務是如何被驅動的，智能手機與平板電腦，以及我們展望這一年，與當前一代相比，我們應該期望來自下一代平台的百分比是多少？

A large part of our Tegra business comes from phones.

我們的 Tegra 業務很大一部分來自手機。

The first generation of tablets initially came out from carriers and with 3G.

第一代平板電腦最初來自運營商和 3G。

I think that is recognized that the vast majority of tablet users are actually buying it on retail and wi-fi only.

我認為這是公認的，絕大多數平板電腦用戶實際上只是在零售和無線網絡上購買它。

And without 3G, obviously the tablets would be much more affordable.

如果沒有 3G，平板電腦顯然會更實惠。

So I think that's one of the factors that affected the initial reviews of the early waves of tablets.

所以我認為這是影響早期平板電腦浪潮最初評論的因素之一。

But those concerns have been largely addressed at this point and now you can buy tablets from retail stores all over America.

但此時這些擔憂已基本得到解決，現在您可以從美國各地的零售店購買平板電腦。

And a new wave of tablets are now ramping up and are even more affordable and available on retail channels with WiFi configurations all over the world.

新一波平板電腦正在興起，而且價格更加實惠，並且可以通過全球 WiFi 配置的零售渠道購買。

You're also starting to see a lot of different shade of platforms, from devices that are like the Asus transformer where it is a tablet in one configuration and has a detachable keyboard in another configuration.

您還開始看到許多不同的平台陰影，從像華碩變壓器這樣的設備開始，它在一種配置中是平板電腦，在另一種配置中具有可拆卸鍵盤。

And so those kind of devices are getting a lot of interest and available in computer channels all over the world.

因此，這類設備引起了極大的興趣，並在世界各地的計算機渠道中可用。

We're going to expect another wave of tablets that are coming out to the marketplace now, ones that are even thinner and even lighter than the best offerings from anyplace, any supplier in the world.

我們將期待新一波平板電腦現在上市，這些平板電腦比世界上任何地方、任何供應商的最佳產品更薄、更輕。

And those devices are just in the process of ramping.

而這些設備正處於起步階段。

There's the really exciting new build of Honeycomb called Honeycomb 3.1 that Google just demonstrated the other day at Google I/O.

谷歌剛剛在谷歌 I/O 上展示了真正令人興奮的 Honeycomb 新版本 Honeycomb 3.1。

We are basically stitching that up now.

我們現在基本上正在縫合。

It is available -- it will be available to end-users as a over-the-air download in the very near future.

它是可用的——它將在不久的將來以無線下載的形式提供給最終用戶。

And so you'll get music services, cloud music services, cloud video services, cloud book services, and there will be cloud magazine services and all kinds of really interesting offerings to be used on these tablets in the very near future.

因此，在不久的將來，您將獲得音樂服務、雲音樂服務、雲視頻服務、雲圖書服務，以及雲雜誌服務和各種非常有趣的產品。

And so I think that the -- another wave of these tablets are now starting to show up around the world.

所以我認為——這些平板電腦的另一波浪潮現在開始出現在世界各地。

But the first generation of tablets with the over-the-air Honeycomb 3.1 that is coming out imminently are really, really fabulous and they are selling really well.

但是即將推出的帶有無線蜂窩 3.1 的第一代平板電腦真的非常棒，而且賣得非常好。

Not to get too far ahead is my follow-up, gents, and I was wondering in addition to 3.1 at Google I/O, Ice Cream Sandwich was center stage.

紳士們，不要走得太遠，我想知道除了 Google I/O 上的 3.1 之外，Ice Cream Sandwich 是中心舞台。

And I was wondering how that does or does not intersect with your quad-core KAL-EL chip and the complexities of what Google is trying to do and what that means for your quad-core technology?

我想知道這與您的四核 KAL-EL 芯片有什麼交叉或不交叉，以及 Google 正在嘗試做的事情的複雜性以及這對您的四核技術意味著什麼？

We're really excited about the work they were doing on Ice Cream and I can't comment too much more on it than that, but we're working very closely with their teams on Ice Cream Sandwich.

我們對他們在冰淇淋方面所做的工作感到非常興奮，對此我不能發表更多評論，但我們正在與他們的團隊在冰淇淋三明治方面密切合作。

As is all of these products, they come to the market when they're great and I'm certainly expecting them to be great later on this year.

就像所有這些產品一樣，它們會在它們很棒的時候進入市場，我當然希望它們在今年晚些時候會很棒。

Thank you.

謝謝你。

Congratulations again.

再次祝賀。

Romit Shah.

羅密特·沙阿。

With respect to guidance for the second quarter, can you give us a sense at least directionally how you see the three businesses trending and also what sort of contribution we are going to see from licensing in the July quarter?

關於第二季度的指導，您能否至少從方向上告訴我們您如何看待這三項業務的趨勢，以及我們將從 7 月季度的許可中看到什麼樣的貢獻？

What was the second part -- let me answer the first part.

第二部分是什麼——讓我回答第一部分。

The GPU business, about flattish; the professional business, about flattish; and the consumer business, uppish.

GPU業務，基本持平；專業業務，基本平淡；和消費者業務，向上。

And as a result of that, we are able to overcome the Q2 which tends to be seasonally down.

因此，我們能夠克服季節性下降的第二季度。

And if you look at other people's guidances in the computer industry, Q2 was seasonally down.

如果你看看其他人對計算機行業的指導，第二季度是季節性下降的。

And so you are starting to see expansion in our core businesses, core GPU businesses, and you're also seeing growth in our consumer business or consumer mobile business.

因此，您開始看到我們的核心業務、核心 GPU 業務的擴張，您也看到我們的消費者業務或消費者移動業務的增長。

And that is making up for the decline, the expected decline of our MCP business that we've talked about now for quite some time.

這正在彌補下降，我們現在已經談論了一段時間的 MCP 業務的預期下降。

If you looked at our MCP business year over year, it declined about $150 million and we made up for that through the growth of our core GPU business and Tegra business this quarter.

如果您查看我們的 MCP 業務同比下降約 1.5 億美元，我們通過本季度核心 GPU 業務和 Tegra 業務的增長來彌補這一點。

We expect another decline in our MCP business next quarter, and we're expecting to make up a lot of that again with the rest of our business.

我們預計下個季度我們的 MCP 業務將再次下滑，並且我們預計將在我們的其他業務中再次彌補其中的大部分。

The second part of the question was?

問題的第二部分是？

Just on licensing, how much licensing revenue are you guys going to see this quarter?

就許可而言，你們本季度將看到多少許可收入？

Incrementally about $40 million more.

增加約 4000 萬美元。

We had $20 million (multiple speakers)

我們有 2000 萬美元（多位發言人）

Okay great.

好，太棒了。

Just a follow-up, I think you guys haven't given official guidance for Tegra for this year, but I believe publicly you've endorsed $400 million to $600 million as a reasonable range.

只是一個後續，我認為你們今年沒有對 Tegra 給出官方指導，但我相信你們公開認可了 4 億到 6 億美元的合理範圍。

Is that still on the table?

那還在桌子上嗎？

Well, we provided guidance for the next quarter and it looks like it's going to be pretty good.

好吧，我們為下一季度提供了指導，看起來它會非常好。

And so we are looking forward to the new products coming to market with Tegra in the later half of the year.

因此，我們期待著今年下半年與 Tegra 一起上市的新產品。

And then also we have the introduction of our next generation quad-core processor called Project KAL-EL.

然後我們還推出了名為 Project KAL-EL 的下一代四核處理器。

And so that should also contribute later in the year.

因此，這也應該在今年晚些時候做出貢獻。

So I think we are -- I would characterize the Tegra business as lifted off and so we'll see how it goes and then we'll report its progress as we go.

所以我認為我們是 - 我會將 Tegra 業務描述為起飛，所以我們將看看它是如何進行的，然後我們會在我們進行時報告它的進展。

James Schneider.

詹姆斯施耐德。

Good afternoon and thanks for taking my question.

下午好，感謝您提出我的問題。

First of all on the Icera acquisition, could you give us a little bit of color around the accretion expectations you provided in the earlier press release?

首先關於對 Icera 的收購，您能否就您在之前的新聞稿中提供的增長預期給我們一些色彩？

What revenue assumption you are assuming to make that accretive by the end of next year?

您假設什麼收入假設可以在明年年底之前實現增長？

And then can you talk about at what point you will plan on introducing an integrated Tegra plus modem in one chip or if you plan on doing that at all?

然後你能談談你打算在什麼時候在一個芯片中引入集成的 Tegra plus 調製解調器，或者你是否打算這樣做？

The answer to your first question is we expect the acquisition to be slightly dilutive for the remaining part of the year.

您的第一個問題的答案是，我們預計此次收購將在今年剩餘時間內略微稀釋。

With respect to revenue contributions, we obviously haven't completed the the acquisition yet, and so we should probably comment on that one when we are done with that.

關於收入貢獻，我們顯然還沒有完成收購，所以當我們完成收購後，我們可能應該評論一下。

With respect to the integration, we have no current plans to integrate their modem.

關於整合，我們目前沒有整合他們的調製解調器的計劃。

We think that the ability to offer both processors and they're the two most important processors for mobile computing gives us the opportunity to leverage the momentum of Tegra and also the quite broad penetration they've already achieved with carriers all over the world to increase the momentum of both processors.

我們認為，提供這兩種處理器的能力，它們是移動計算中最重要的兩個處理器，這使我們有機會利用 Tegra 的勢頭，以及他們已經在世界各地的運營商中實現的相當廣泛的滲透，以增加兩個處理器的勢頭。

We also see that in the vast majority of the projects we're working on whether it's tablets or superphones, the ability to keep the two processors separate allows us to mix and match the best processors for the devices that we are in.

我們還看到，在我們正在開發的絕大多數項目中，無論是平板電腦還是超級手機，將兩個處理器分開的能力使我們能夠為我們所在的設備混合和匹配最好的處理器。

So if you look at most of the superphones in the world today and most of the tablets in the world today, the application processor and the baseband processors are in fact separate.

因此，如果您查看當今世界上的大多數超級手機和當今世界上的大多數平板電腦，應用處理器和基帶處理器實際上是分開的。

And so the ability -- and then finally the ability to integrate the two, we surely have that capability and we will look at the market and look at where the technology makes sense to integrate, to operate either the smallest footprint or the lowest cost.

所以能力 - 最後是整合兩者的能力，我們肯定有這種能力，我們將著眼於市場，看看技術在哪裡整合是有意義的，以最小的足跡或最低的成本運行。

And we will do so when the timing is right and we surely have the capability to do that now.

我們會在時機合適的時候這樣做，而且我們現在肯定有能力這樣做。

Great, thanks, that's helpful.

太好了，謝謝，很有幫助。

And then as a follow-up, with the incremental $40 million of licensing in Q2, I think that contributes about 180 basis points to gross margins if I'm doing my math correctly.

然後作為後續行動，隨著第二季度增加 4000 萬美元的許可，我認為如果我的數學計算正確的話，這將為毛利率貢獻大約 180 個基點。

But you are guiding up your gross margins a little bit less than that.

但是你正在引導你的毛利率比這少一點。

Can you talk about what is going on in terms of the business mix or pricing going into Q2 that would make that happen?

您能否談談進入第二季度的業務組合或定價方面發生了什麼？

Well that's our guidance for now and Q2 obviously there's still a lot of the quarter to do yet.

這就是我們現在的指導，第二季度顯然還有很多工作要做。

So we'll come back and report on the quarter when it's over but that's our guidance for now.

因此，我們將在季度結束時回來報告本季度，但這是我們目前的指導。

Thanks very much.

非常感謝。

Hey, Jim, let me add on that -- this is Jen-Hsun Huang -- question also.

嘿，吉姆，讓我補充一下——我是黃仁勳——也是一個問題。

Q1 we had a nice lift from the launch of the dual GTX 590, so that basically was a benefit to Q1.

第一季度我們從雙 GTX 590 的推出中獲得了不錯的提升，所以這對第一季度來說基本上是一個好處。

That helps mix, I understand, thank you.

這有助於混合，我明白了，謝謝。

Mike McConnell.

邁克·麥康奈爾。

Yes, just on that note, thinking about the gross margin guide, should we also think, Mike, with respect to the notebook business since that's going to be the growth driver within GPU and now the GTX 590 was a driver in Q1, we should probably expect then a pretty significant drop in the GPU gross margins for fiscal Q2?

是的，就這一點而言，考慮到毛利率指南，我們是否也應該考慮一下，邁克，關於筆記本電腦業務，因為這將成為 GPU 的增長驅動力，而現在 GTX 590 是第一季度的驅動力，我們應該可能預計第二財季 GPU 毛利率會大幅下降？

Is that what's kind of implied behind that?

這背後有什麼暗示嗎？

No, actually you know, the notebook margins are actually pretty decent.

不，實際上你知道，筆記本的利潤實際上相當不錯。

The costs are coming down, and the margins are traveling back up.

成本正在下降，利潤正在回升。

But as the notebook business grows, it actually doesn't have as much of an effect as you think.

但隨著筆記本業務的增長，它實際上並沒有你想像的那麼大的影響。

Okay, so it's mostly then just the GTX 590 like you talked about.

好的，所以它主要是像你所說的那樣只是 GTX 590。

So it's just more of a normalization of the mix as we move into FQ2.

因此，當我們進入 FQ2 時，這只是混合的正常化。

That's right.

這是正確的。

Okay and then Jen-Hsun, just kind of a longer-term one.

好的，然後是仁勳，只是一種長期的。

When we think about Project Denver and a lot of people think your company is going to be the company that's going to be moving ARM potentially into traditional PCs, and we talk to the incumbents that's in the traditional PC market, they make an argument that it -- to be very difficult for NVIDIA and the ARM ecosystem to move into traditional PCs because of the standardization, the lack of standardization, the fragmented nature of the market and the ARM ecosystem.

當我們想到丹佛計劃時，很多人認為貴公司將成為可能將 ARM 轉移到傳統 PC 中的公司，而我們與傳統 PC 市場的老牌企業交談時，他們認為它——由於標準化、缺乏標準化、市場和 ARM 生態系統的分散性，NVIDIA 和 ARM 生態系統很難進入傳統 PC。

Could you talk about those hurdles and looking at Project Denver how those will be overcome?

您能否談談這些障礙並看看丹佛計劃將如何克服這些障礙？

Well, first of all, Project Denver is --

嗯，首先，丹佛計劃是——

Tegra 2, sorry.

Tegra 2，對不起。

Is two generations away for our SOCs, our Tegra SOCs.

對於我們的 SOC，我們的 Tegra SOC，還有兩代人。

And so there's still plenty of -- a lot of time between now and the time that Project Denver will enter the market.

因此，從現在到丹佛計劃進入市場還有很多時間。

But obviously it has to be competitive, and the things that we do that we're really good at it has to matter.

但很明顯，它必須具有競爭力，我們所做的我們真正擅長的事情必須很重要。

And so computer graphics have to matter, parallel computing has to matter, GPU computing has to matter.

所以計算機圖形學很重要，並行計算很重要，GPU 計算也很重要。

And we have to build a product that really makes a difference in the marketplace.

我們必須打造一款真正在市場上有所作為的產品。

There's still a lot of ideas that we haven't introduced in Project Denver.

在 Project Denver 中還有很多我們沒有引入的想法。

It's probably a little bit too early.

這可能有點太早了。

But suffice to say that we wouldn't build a me-too product.

但只要說我們不會建立一個模仿的產品就足夠了。

You've known our Company a long time and when we introduce a product, there's usually something pretty special about it and we expect Project Denver to carry on that tradition of delivering something innovative and special.

您已經認識我們公司很長時間了，當我們推出產品時，通常會有一些非常特別的地方，我們希望 Project Denver 能夠繼承提供創新和特別產品的傳統。

With respect to standardization, standardization comes from compatibility with software.

關於標準化，標準化來自與軟件的兼容性。

And the thing to keep in mind today is that the vast majority of the software developers around the world for consumer computing are increasingly developing on ARM processors.

今天要記住的是，全球絕大多數消費計算軟件開發人員正在越來越多地使用 ARM 處理器進行開發。

And, if you take a look at the number of devices that are being shipped today, there are far, far, far more ARMs computers being shipped than there are x86 computers being shipped.

而且，如果你看看今天出貨的設備數量，出貨的 ARM 計算機數量遠遠多於出貨的 x86 計算機。

And if that attracts more software developers, then there's more rich software being developed for ARM that over time you would think that ARM becomes the most valuable platform for enjoying software.

如果這能吸引更多的軟件開發人員，那麼就會有更多豐富的軟件正在為 ARM 開發，隨著時間的推移，你會認為 ARM 會成為享受軟件的最有價值的平台。

And so that's how standardization happens and you know how fast mobile computing and the Internet and these application stores is causing new platforms to make a difference.

標準化就是這樣發生的，你知道移動計算、互聯網和這些應用程序商店的速度有多快，從而使新平台產生了影響。

It was only a few years ago that these ARM-based either iPhones or Android phones came to the marketplace, and just look at how many applications have been downloading, how many gigabytes have been downloaded of applications.

僅僅在幾年前，這些基於 ARM 的 iPhone 或 Android 手機才進入市場，看看下載了多少應用程序，下載了多少 GB 的應用程序。

And this is just the first few years.

而這只是最初的幾年。

The next few years is about to happen to us and it's growing at exponential rates.

接下來的幾年即將發生在我們身上，而且它正以指數級的速度增長。

And so I think that's what standardization is all about.

所以我認為這就是標準化的全部意義所在。

And I think it's pretty much a foregone conclusion that ARM is just going to be probably the most important standard for applications for consumers anyhow.

而且我認為，無論如何，ARM 將可能成為消費者應用程序的最重要標準，這幾乎已成定局。

Arnab Chanda.

阿納布昌達。

Just a couple of questions.

只是幾個問題。

First of all, historically you have been basically on the digital side, Icera is more on the physical layer side and they have never succeeded in voice.

首先，從歷史上看，你基本上一直在數字方面，Icera 更多的是在物理層方面，他們從未在語音方面取得成功。

Can you talk to why you think you'll be able to take that or are you going to have to start a design from scratch to migrate that?

你能談談為什麼你認為你能夠接受它，還是你必須從頭開始設計才能遷移它？

As soon as we figure out what you said, I'm going to answer it.

等我們弄清楚你說什麼，我就會回答它。

You broke up.

你分手了。

Okay, sorry, I was just saying you know in the Icera acquisition, historically you've been more on the digital side, they are more of a baseband physical supplier, never been in the voice market which is a lot harder than data.

好吧，對不起，我只是說你知道在收購 Icera 的過程中，從歷史上看，你更多的是在數字方面，他們更多的是基帶物理供應商，從來沒有進入比數據更難的語音市場。

What are you going to do to take them in there?

你打算怎麼做才能把他們帶進去？

Do you have to design a new chip or can you talk a little bit about that?

你是否必須設計一個新的芯片，或者你能談談這個嗎？

That's a good question, I mean that's what's really special about the Icera architecture.

這是一個很好的問題，我的意思是這就是 Icera 架構的真正特別之處。

This is one of the world's if not the world's first unified software-defined radio-based baseband.

這是世界上第一個統一的軟件定義的基於無線電的基帶之一。

The way they've designed baseband processors, this multiprotocol baseband processors the same way we have designed our GPUs that allows for multiple effect shading.

他們設計基帶處理器的方式，這種多協議基帶處理器與我們設計允許多種效果著色的 GPU 的方式相同。

And as a result of that through software upgrades, they are able to provide voice capabilities.

因此，通過軟件升級，他們能夠提供語音功能。

They have the full TPP comm stack for voice.

他們擁有完整的 TPP 語音通信堆棧。

This isn't being done from scratch.

這不是從頭開始的。

The Icera team based in France is one of the reputed teams in voice.

位於法國的 Icera 團隊是著名的語音團隊之一。

And these guys have done it for years and years and they're starting from the baseband -- the software stack of TPP comm which is the starting point for a lot of basebands today for voice.

這些傢伙已經做了很多年了，他們從基帶開始——TPP comm 的軟件堆棧，它是當今許多語音基帶的起點。

And also they are making -- they've made incredible progress already.

而且他們正在取得 - 他們已經取得了令人難以置信的進步。

We haven't introduced the product yet but we expect that the path to getting there is pretty well known at this point.

我們還沒有推出該產品，但我們希望實現這一目標的途徑在這一點上是眾所周知的。

There's still a lot of development to be done and surely this is -- there's a lot of execution to do.

還有很多開發工作要做，當然這是 - 有很多執行要做。

But it's not easy but that's kind of the exciting stuff.

但這並不容易，但這是令人興奮的事情。

Icera has invested nearly $300 million between -- in all of their different rounds of financing and have created a pretty terrific starting point for us.

Icera 在其所有不同輪次的融資中投資了近 3 億美元，並為我們創造了一個非常棒的起點。

And so between these two processors now, the Tegra processor and the Icera baseband and their RF, we have two of the most important pieces for mobile computing and we will start it from there.

所以現在在這兩個處理器之間，Tegra 處理器和 Icera 基帶及其 RF，我們有兩個最重要的移動計算部分，我們將從那裡開始。

Just a follow-up on the Tegra business.

只是對 Tegra 業務的跟進。

You are obviously the lead partner for Honeycomb.

您顯然是 Honeycomb 的主要合作夥伴。

It sounds like for Ice Cream, maybe TI is.

聽起來像是冰淇淋，也許 TI 是。

Now is that going to to put you at a disadvantage or maybe you are ahead in quad core and that helps you?

現在這會讓你處於劣勢，或者你可能在四核方面領先，這對你有幫助嗎？

Can you talk a little bit about what happens in the next generation?

你能談談下一代會發生什麼嗎？

Well, I'm not exactly sure what TI is talking about but they're obviously making a lot of for nothing.

好吧，我不太確定 TI 在說什麼，但他們顯然是白白賺了很多錢。

But we're working very closely with Google on Ice Cream Sandwich and it's a very important new generation of operating system based on -- starting from the Honeycomb base.

但是我們正在與穀歌在冰淇淋三明治上密切合作，它是基於 Honeycomb 基礎的非常重要的新一代操作系統。

And I'm expecting it to be really terrific.

我期待它真的很棒。

So we are working really closely with the Google team and Tegra will surely be wonderful for Ice Cream when it comes.

因此，我們正在與 Google 團隊密切合作，Tegra 肯定會成為 Ice Cream 的絕佳選擇。

And then just last question on ARM in Windows.

然後是關於 Windows 中 ARM 的最後一個問題。

Should we expect that to happen reasonably soon and what time should we be looking for that and is that even likely?

我們是否應該期望這會很快發生，我們應該在什麼時候尋找它，甚至有可能嗎？

ARM for Windows, I can't report on the Windows plan, that will have to come from Microsoft.

ARM for Windows，我無法報告 Windows 計劃，它必須來自微軟。

But we're working very closely with their teams.

但我們正在與他們的團隊密切合作。

The progress is fabulous and you know that we have one of the best Windows software development teams in the world anywhere.

進展非常好，您知道我們擁有世界上最好的 Windows 軟件開發團隊之一。

And this team is not only experienced, they have a starting point of quite a bit of assets that has been created over the years and it's also very, very large in scale.

這個團隊不僅經驗豐富，而且他們的起點是多年來創建的相當多的資產，而且規模也非常非常大。

This is a software team that has the ability to support a few hundred notebook designs per cycle in OEMs all over the world and it's the -- aside from us, Intel and AMD, that such a team does not exist.

這是一個軟件團隊，有能力在全球 OEM 的每個週期中支持數百個筆記本電腦設計，而且除了我們、英特爾和 AMD，這樣的團隊並不存在。

And so we have -- we're beneficial and able to bring this team to the Windows on ARM and this is one of our ways to -- one of our differentiators really for the PC OEMs and mobile companies who would like to get into this space.

所以我們 - 我們是有益的，並且能夠將這個團隊帶到 ARM 上的 Windows，這是我們的方式之一 - 我們的差異化因素之一，真正為想要進入這個領域的 PC OEM 和移動公司空間。

So I'm expecting Windows 8 to be fabulous and we're working very closely with Microsoft on it.

所以我期待 Windows 8 非常棒，我們正在與微軟密切合作。

Thank you, gentlemen, it seems like the future I've been waiting for is getting closer and closer.

謝謝各位，看來我一直在等待的未來越來越近了。

You're absolutely right.

你是絕對正確的。

Thanks a lot, Arnab.

非常感謝，阿納布。

Vivek Arya.

維維克·艾莉亞。

Jen-Hsun, I'm curious, what's driving the flattish trends in the professional solutions business?

Jen-Hsun，我很好奇，是什麼推動了專業解決方案業務的平緩趨勢？

Is it just the timing of projects, is it something else?

只是項目的時間安排，還有別的嗎？

What will it take to sort of reinvigorate growth in that segment?

怎樣才能重振該領域的增長？

Frankly I wish our professional business was growing faster too and we're spending a lot of time on that particular topic ourselves.

坦率地說，我希望我們的專業業務也能更快地增長，我們自己也在這個特定主題上花費大量時間。

There's several reasons for that.

有幾個原因。

One, the workstation industry needs to be reinvigorated with new capabilities.

一，工作站行業需要用新的能力重振活力。

That's one of the reasons why we built Fermi.

這就是我們建造費米的原因之一。

The Fermi GPU brings a level of capability and functionality to the workstation industry it never had before.

Fermi GPU 為工作站行業帶來了前所未有的能力和功能。

And we are in the process of rolling out those capabilities into the marketplace.

我們正在將這些功能推向市場。

We call it internally the Fermi transition.

我們內部稱其為費米躍遷。

By making computer graphics not just about OpenGL but about CUDA and computational capabilities, we can bring things like -- capabilities like photorealistic rendering, the ability to do simulation and visualization at the same time, the ability to do image processing at a much, much higher rate.

通過使計算機圖形不僅與 OpenGL 有關，而且與 CUDA 和計算能力有關，我們可以帶來諸如照片級渲染之類的能力，同時進行模擬和可視化的能力，進行圖像處理的能力。率較高。

So in a large group of industries from design to styling to broadcast to seismic analysis, whether you are in oil and gas to imaging for medical, there's all kinds of applications where Fermi is really transformative.

因此，在從設計到造型再到廣播再到地震分析的眾多行業中，無論是石油和天然氣行業還是醫學成像，Fermi 都具有真正的變革性應用。

And so we're in the process of introducing these capabilities into the professional markets, and that is what we call the Fermi transition.

因此，我們正在將這些能力引入專業市場，這就是我們所說的費米轉變。

Until we do that, I think that the workstation marketplace is growing basically at the rate of GDPs.

在我們這樣做之前，我認為工作站市場基本上以 GDP 的速度增長。

And so we need to reinvigorate that growth through new capability.

因此，我們需要通過新能力重振這種增長。

So that's one.

所以這是一個。

The second is the Tesla business needs to continue to get application adoption and continue to get those applications accelerated through CUDA and we're making excellent progress there and the OEMs are now engaging customers all over the world with what we call proof of concepts, and there's a large number of projects in the pipeline.

第二個是特斯拉業務需要繼續獲得應用程序的採用，並繼續通過 CUDA 加速這些應用程序，我們在這方面取得了出色的進展，OEM 現在正在通過我們所謂的概念驗證來吸引世界各地的客戶，以及有大量的項目正在籌備中。

So HP, Dell, IBM, Supermicro and many others are working with large companies to get these projects certified, qualified and then ramped up.

因此，HP、Dell、IBM、Supermicro 和許多其他公司正在與大公司合作，以使這些項目獲得認證、合格，然後加速。

So I think part of that just simply has to do with the time that it takes a large enterprise to understand the capabilities of the supercomputing workstations and supercomputing servers and then also to get it certified and rolled out into their companies.

因此，我認為其中一部分只是與大型企業了解超級計算工作站和超級計算服務器的功能，然後還需要獲得認證並將其推廣到他們的公司所需的時間有關。

But I certainly expect that to happen.

但我當然希望這會發生。

Is that you think something that is standing between the gross margin outlook you have in the near term versus getting to sort of the mid-50s gross margin that I think has been alluded to before from an overall Company perspective?

您是否認為介於短期內的毛利率前景與我認為從整體公司的角度提到的 50 年代中期的毛利率之間？

There's no question that unless the professional business grows, our gross margin will not grow with it.

毫無疑問，除非專業業務增長，否則我們的毛利率不會隨之增長。

And so that is -- the NVIDIA professional solutions group is completely aware of this and everybody is working hard to get growth happening.

這就是——NVIDIA 專業解決方案團隊完全意識到這一點，每個人都在努力實現增長。

This is something that the growth is not -- no competition is in the path of our growth.

這是增長所沒有的——在我們的增長道路上沒有競爭。

This is innovation that will be necessary to grow this business for us and grow this business for all of the OEMs around the world.

這是為我們發展這項業務並為全球所有原始設備製造商發展這項業務所必需的創新。

The workstation business is frankly waiting for us to bring the innovation that had been designed into Fermi in CAD tools from (inaudible) and Autodesk and medical imaging companies all over the world.

工作站業務坦率地等待我們將來自（聽不清）和 Autodesk 以及世界各地的醫學成像公司的 CAD 工具中的 Fermi 設計的創新引入。

They're waiting for us to roll this out into the world and when we do that, that growth will happen for us, it will happen for the OEMs.

他們正在等待我們將其推廣到世界各地，當我們這樣做時，這種增長將會發生在我們身上，也會發生在原始設備製造商身上。

And the same thing for Tesla.

特斯拉也是如此。

When the proof of concept is complete and all of these projects in the pipeline are rolled down into production, it will generate growth for us and it will generate growth for the OEMs.

當概念驗證完成並且所有這些正在籌備中的項目都投入生產時，它將為我們帶來增長，也將為原始設備製造商帶來增長。

So both us and all of our OEM partners and all of our software partners are all intensely focused on bringing this level of innovation to the marketplace so we can all grow.

因此，我們以及我們所有的 OEM 合作夥伴和我們所有的軟件合作夥伴都非常專注於將這種創新水平帶入市場，以便我們都能成長。

One last question if I may.

如果可以的話，最後一個問題。

Do you think Tri-Gate technology is a viable technology for mobile?

您認為 Tri-Gate 技術是一種可行的移動技術嗎？

And could it even become table stakes next year?

它甚至會成為明年的賭注嗎？

And if yes, how do you think you or your foundry partners are positioned to deliver it?

如果是，您認為您或您的代工合作夥伴將如何交付它？

Well, the FIN [fed] which is the industry technical term for what is now a marketing term called the 3-D Gate has been on the horizon now for many semiconductor companies for sometime.

好吧，FIN [fed] 是現在被稱為 3-D Gate 的營銷術語的行業技術術語，對於許多半導體公司來說已經出現了一段時間。

And this is then one of the next steps in the advancement of semiconductors.

這是半導體發展的下一步。

There were talks of [having your own] technology is now I guess yesterday and metal gate and all of those things are needed to advanced semiconductor technology and many others.

我想昨天有人談論[擁有自己的]技術，金屬柵極和所有這些東西都是先進的半導體技術和許多其他技術所需要的。

And so this is just one of the next-generation technologies and semiconductor companies around the world from TSMC to global foundries to others -- Samsung to others obviously has to continue to innovate in order to make semiconductor technology continue to advance.

所以這只是全球下一代技術和半導體公司之一，從台積電到全球代工廠再到其他人——三星對其他人顯然必須繼續創新，以使半導體技術不斷進步。

And I fully expect it to.

我完全期待它。

And in terms of in the case of -- your question actually has a larger question which is how important is semiconductor technology to mobile advance.

在這種情況下，您的問題實際上有一個更大的問題，即半導體技術對移動發展的重要性。

And the answer is a great deal.

答案很重要。

I mean without semiconductor technology, how could we have any advance?

我的意思是，沒有半導體技術，我們怎麼會有進步？

Whether it is desktop computers or workstations or servers or cell phones.

無論是台式電腦、工作站、服務器還是手機。

The answer is of course very important.

答案當然非常重要。

But, for mobile processors, by far the greatest contributor to low-power and efficient performance is architecture.

但是，對於移動處理器，到目前為止，低功耗和高效性能的最大貢獻者是架構。

It is the un-core, it is the SOC.

它是非核心的，它是 SOC。

It is everything that is not the CPU core as well as the CPU core and the process technology and the software technology and the operating system, and everything above that.

它是除了 CPU 核心之外的一切，也包括 CPU 核心、工藝技術、軟件技術和操作系統，以及高於此的一切。

All of it has to come together to deliver on an extraordinary experience, not just the transistor.

所有這些都必須結合在一起才能提供非凡的體驗，而不僅僅是晶體管。

It's important, but it is just one part of the overall equation.

這很重要，但它只是整個方程式的一部分。

Thanks and good luck.

謝謝，祝你好運。

Daniel Berenbaum.

丹尼爾·貝倫鮑姆。

I was hoping you could calibrate me a little bit on the graphics segment compared to where it was.

我希望你能在圖形部分與它的位置相比對我進行一些校準。

If I look back at where -- your GPU plus chipset back when you used to break it out, that peaked at around $900 million on a quarterly basis.

如果我回頭看看你的 GPU 和芯片組，當你過去打破它時，它的峰值達到了每季度約 9 億美元。

And right now that segment if I back out the royalties seems to be at about $615 million or so.

現在，如果我退出版稅，那部分似乎約為 6.15 億美元。

Do you ever expect to get back to that $900 million?

你有沒有期望回到那 9 億美元？

As chipset goes away, you expect that segment to get back to that $700 million standalone GPU number?

隨著芯片組的消失，您預計該細分市場將恢復到 7 億美元的獨立 GPU 數量嗎？

Or are we sort of asymptotically approaching something below that?

或者我們是在漸近地接近低於它的東西嗎？

Well, maybe the easier question to answer is do we expect growth from our GPU business and the answer is first of all, yes.

好吧，也許更容易回答的問題是我們是否期望我們的 GPU 業務增長，答案首先是肯定的。

And the reason why it is yes is as you guys may remember, we were not as fast to the DX11 generation as our competition.

之所以是肯定的，你們可能還記得，我們在 DX11 一代中的速度不如我們的競爭對手。

We lost a step there.

我們在那裡失去了一步。

And we paid for it earlier on a couple of years ago, if you recall.

如果您還記得的話，我們在幾年前就已經支付了費用。

So it took us a while to recover from that position with Fermi.

所以我們花了一段時間才從費米的位置上恢復過來。

And the first implementation of Fermi as you recall wasn't as graceful as we all wanted it to be.

你還記得，Fermi 的第一個實現並不像我們都希望的那樣優雅。

And so we had a lot of catching up to do and we reevaluated the way that we design our chips, we reorganized our engineering so that we could be more efficient, and we came back really, really strong with the second generation of Fermi and started to gain share again.

所以我們有很多事情要做，我們重新評估了我們設計芯片的方式，我們重組了我們的工程，以便我們可以更有效率，我們回來了，非常非常強大的第二代 Fermi 並開始再次獲得份額。

In the notebook space, the DX11 notebook space, we have been gaining share from our low a couple of quarters ago, and we should improve this quarter, we are going to improve next quarter and improve even more the quarter after that.

在筆記本電腦領域，DX11 筆記本電腦領域，我們已經從幾個季度前的低位中獲得了份額，我們應該在這個季度改進，我們將在下一個季度改進，然後在之後的一個季度進一步改進。

So I think that our GPU business has every opportunity for growth and we are expecting it to grow and we have to.

所以我認為我們的 GPU 業務有每一個增長機會，我們期待它增長，我們必須這樣做。

It's digital computing (multiple speakers)

這是數字計算（多揚聲器）

Okay, and that kind of address the share point and clearly you guys have executed well in technology to regain market share there.

好的，那種解決份額問題的方法很明顯，你們在技術方面表現出色，從而重新獲得了市場份額。

Maybe comment on the market side.

也許在市場方面發表評論。

And I guess I mean do you think just realistically that the market ever could be big enough with your share gains to get you back to above that $700 million level on a quarterly basis?

而且我想我的意思是，您是否真的認為市場可能足夠大，您的股票收益足以讓您每季度回到 7 億美元以上的水平？

On an overall level of GPUs, I think the answer is it's likely that the overall GPU market is larger than it ever was.

在 GPU 的整體水平上，我認為答案是整個 GPU 市場可能比以往任何時候都要大。

GeForce -- the GeForce consumer side has -- the GPU attach has stabilized and the fastest growing part of GPU attach is China which also happens to be the fastest-growing segment of PCs.

GeForce——GeForce消費者端——GPU附加已經穩定，GPU附加增長最快的部分是中國，而中國恰好也是PC增長最快的部分。

So that's a positive factor.

所以這是一個積極因素。

In the workstation space, we want to reinvent and redefine the workstation and bring visual computing to a new level there with CUDA and computational computer graphics.

在工作站領域，我們希望重新發明和重新定義工作站，並通過 CUDA 和計算計算機圖形將視覺計算提升到一個新的水平。

And of course in the servers where we invented a technology called CUDA and used in servers for accelerating applications, numerically intensive applications, and so the server market becomes a large business opportunity for us.

當然，在服務器中，我們發明了一種稱為 CUDA 的技術，並將其用於加速應用程序、數字密集型應用程序的服務器中，因此服務器市場對我們來說是一個巨大的商機。

And we have several ideas yet that we're going to introduce to the world to increase the adoption of GPUs.

我們還有幾個想法要介紹給世界，以增加 GPU 的採用率。

So I think if you look at the overall GPU market, there's no question it has an opportunity to grow yet.

所以我認為，如果你看看整個 GPU 市場，毫無疑問它還有增長的機會。

Okay, great, thanks.

好的，太好了，謝謝。

If I could just follow up with one mechanical question.

如果我能跟進一個機械問題。

Would you guys care to hazard a guess on tax rate for the remainder of the year?

你們願意冒險猜測今年剩餘時間的稅率嗎？

For the remainder of the year we have guided at 15%.

在今年剩下的時間裡，我們的指導價是 15%。

So that will be the full year, 15%?

那麼這將是全年，15%？

That's right.

這是正確的。

Uche Orji.

烏切奧吉。

First question here (multiple speakers) this is Steve Eliscu.

這裡的第一個問題（多位發言者）是 Steve Eliscu。

First question is on the Quadro business, in the past you had looked to the creative professional as one of the growth drivers.

第一個問題是關於 Quadro 業務的，過去您曾將創意專業人士視為增長動力之一。

Can you give us a sense of what is happening with GPUs in the Adobe Creative Suite world?

您能否讓我們了解一下 Adobe Creative Suite 世界中的 GPU 正在發生什麼？

And given that you showed some pretty compelling demos in the past, why do you think the uptake is not driving that type of growth that you had talked about in the past?

鑑於您過去展示了一些非常引人注目的演示，為什麼您認為這種吸收並沒有推動您過去談到的那種類型的增長？

We think there's about 1 million or so digital video professionals or creative professionals that use video and probably another 3 million or so that are prosumers and those 3 million prosumers, probably a whole lot of them are already use GeForce.

我們認為大約有 100 萬左右的數字視頻專業人士或創意專業人士使用視頻，可能還有 300 萬左右是專業消費者，而這 300 萬專業消費者中，可能很多人已經在使用 GeForce。

And we just have to keep evangelizing so that they understand how to get the best possible performance from it.

我們只需要繼續宣傳，以便他們了解如何從中獲得最佳表現。

Of the 1 million, some of them use Final Cut Pro and that hasn't been optimized for CUDA.

在這 100 萬個中，其中一些使用 Final Cut Pro，並且尚未針對 CUDA 進行優化。

And a lot of them use Adobe and some of them use Sony and some of them use Avid.

他們中的許多人使用 Adobe，其中一些使用 Sony，其中一些使用 Avid。

And so GPU acceleration is being incorporated into almost all of them in the near future.

因此，在不久的將來，GPU 加速將被納入幾乎所有這些領域。

So as more and more of the different suites becomes GPU accelerated, my expectation and our expectation is that the consumers will -- the creative professionals will incorporate.

因此，隨著越來越多的不同套件變得 GPU 加速，我的期望和我們的期望是消費者將——創意專業人士將納入。

So I think it's just a matter of time and that -- I just gave you the scope of the overall market opportunity.

所以我認為這只是時間問題——我只是給了你整個市場機會的範圍。

But over time, I expect those 4 million video users, video editing users, professionals are all going to be GPU accelerated and that is one of the reasons why we expect Quadro and GeForce to continue to grow.

但隨著時間的推移，我預計這 400 萬視頻用戶、視頻編輯用戶、專業人士都將獲得 GPU 加速，這也是我們預計 Quadro 和 GeForce 將繼續增長的原因之一。

Because it's just such a compelling benefit to use GPU acceleration in video editing.

因為在視頻編輯中使用 GPU 加速是一個非常引人注目的好處。

Hopeful.

充滿希望。

Just following along on that in PSP with Tesla, I know there was a prior question.

跟著特斯拉在 PSP 中的做法，我知道有一個先前的問題。

But I think about the lumpiness of the business that you refer to in the commentaries suggests that we're still in the early adopter phase.

但我認為您在評論中提到的業務的塊狀表明我們仍處於早期採用者階段。

What are some of the milestones you are looking towards to really crossing the chasm here into the commercial space such that we get a less lumpy type of business?

您希望真正跨越鴻溝進入商業領域的一些里程碑，以便我們獲得不那麼笨拙的業務類型？

That's the perfect observation.

這是完美的觀察。

We are still in the early adoption phase with a foundation of industry by industry by industry by industry that is being built up.

我們仍處於早期採用階段，一個行業一個行業一個行業一個行業的基礎正在建立。

There is an overlay if you will of baseline business at Tesla that is just strong.

如果你願意，特斯拉的基線業務就很強大。

It's not huge yet, but it is building.

它還不是很大，但它正在建設中。

We feel it every single month that there's sellthrough every single month, it's in every single geography.

我們每個月都感覺到每個月都有銷售，在每個地理區域都有銷售。

And there's pickup every single month, just steady pickup every single month overlaid with some very large deals every now and then as data centers get built out for high-performance computer and today you just really can't build out a supercomputer without GPU acceleration because otherwise the computational capability is just so low relative to anything else that's being built, it's really not possible to have something like that built.

每個月都有提貨，每個月都有穩定的提貨，偶爾會有一些非常大的交易，隨著數據中心為高性能計算機而構建，而今天你真的無法在沒有 GPU 加速的情況下構建超級計算機，因為否則計算能力相對於正在建造的任何其他東西來說太低了，真的不可能建造這樣的東西。

So I think that those supercomputing centers distort if you will the basic baseline run rate of the business.

因此，我認為，如果您將業務的基本基線運行率計算在內，那麼這些超級計算中心就會扭曲。

But that still says that the baseline run rate business from each industry still needs to be developed and we still need to continue to port applications which we're actively doing, and the industry is working with us very, very hard to make sure that their applications are accelerated by our GPUs because the benefits are just so overwhelming.

但這仍然表明，每個行業的基準運行率業務仍然需要開發，我們仍然需要繼續移植我們正在積極開展的應用程序，並且該行業正在與我們非常非常努力地合作，以確保他們的應用程序由我們的 GPU 加速，因為好處實在是太多了。

When you see five to 10 times acceleration of an application by porting a small part of the code, you port 10% of the code and you get five, 10 times acceleration.

當您通過移植一小部分代碼看到應用程序加速 5 到 10 倍時，您移植了 10% 的代碼，您將獲得 5 到 10 倍的加速。

That's just really, really too compelling to ignore especially for people who use their workstations to advance research or advanced time-to-market of product development.

這實在是太吸引人了，不容忽視，尤其是對於那些使用工作站來推進研究或加快產品開發上市時間的人來說。

And so one industry after another we're porting those applications.

因此，我們正在一個接一個地移植這些應用程序。

And then there is the idea of -- and more and more people are seeing their workstations becoming really not just for visualization but for simulation as well.

然後有一個想法——越來越多的人看到他們的工作站不僅用於可視化，還用於模擬。

And I think that's going to be a large opportunity for us.

我認為這對我們來說將是一個巨大的機會。

There's several million workstations sold period year.

每年有幾百萬台工作站售出。

Windows workstations become supercomputing workstations and are used for simulation as well as visualization.

Windows 工作站成為超級計算工作站，用於模擬和可視化。

I think we're going to see a really significant market opportunity for us.

我認為我們將看到一個非常重要的市場機會。

And that's what we are driving towards.

這就是我們正在努力的方向。

Last quick question here.

最後一個快速問題在這裡。

Just now that you're going to have a baseband shortly, do you see the need to acquire connectivity or NFC or GPS that some of your competitors have?

剛剛您將很快擁有基帶，您是否認為需要獲得一些競爭對手擁有的連接性或 NFC 或 GPS？

Our focus is to make sure that we have the most important pieces of the mobile platform.

我們的重點是確保我們擁有移動平台中最重要的部分。

The application processor and the baseband for the wireless communications processor are the two by far the most important processors on the mobile platform.

應用處理器和無線通信處理器的基帶是迄今為止移動平台上最重要的兩個處理器。

And the reason for that is because there's so much software to do.

這樣做的原因是因為有很多軟件要做。

The rest of the connectivity devices are important surely, no doubt.

毫無疑問，其餘的連接設備肯定很重要。

But it's available from a lot of different players.

但它可以從許多不同的玩家那裡獲得。

They are basically standards, the software stack is pretty standardized and it's -- there's a great deal of interoperability.

它們基本上是標準，軟件堆棧非常標準化，而且有大量的互操作性。

So I think these two processes are by far the most important processors and that's our focus.

所以我認為這兩個過程是迄今為止最重要的處理器，這是我們的重點。

Glen Yeung.

格倫·楊。

Jen-Hsun, somewhere in your discussion you mentioned China and the attach rates there.

Jen-Hsun，在你的討論中，你提到了中國和那裡的附加費率。

There seems to be some controversy over what we're seeing in emerging markets in general and what the overall PC environment looks like.

對於我們在新興市場所看到的總體情況以及整體 PC 環境的樣子，似乎存在一些爭議。

I wonder if you can just shed any light you may have on the overall PC environment.

我想知道您是否可以對整個 PC 環境有所了解。

I don't know that we have any new insight over what's happening in the emerging markets.

我不知道我們對新興市場正在發生的事情有什麼新見解。

China is very different than other emerging markets though.

不過，中國與其他新興市場有很大不同。

The dynamics of China versus those in India of Brazil are very, very different.

中國的動態與巴西的印度的動態非常、非常不同。

China has -- is the home of some of the -- most gamers in the world and is the fastest growing game market and the game market is growing incredibly fast with virtual goods on top of that.

中國擁有 - 是世界上大多數遊戲玩家的故鄉，並且是增長最快的遊戲市場，並且遊戲市場的增長速度令人難以置信，並且在此之上還有虛擬商品。

And it's just a very, very fast developing marketplace for gamers and they're not just playing leftover games from the West, but they're really revolutionizing new business models.

對於遊戲玩家來說，這只是一個發展非常非常快速的市場，他們不僅在玩西方的剩餘遊戲，而且在真正徹底改變新的商業模式。

When games are free and they are as enjoyable as they are, obviously it's going to attract a lot of new players.

當遊戲是免費的，並且它們很有趣時，顯然它會吸引很多新玩家。

Okay, thanks for that, and then thinking about the relationship you have with Sandy Bridge which in the April quarter was quite good, as Intel migrates that down the stack of its processors, how do you think your attach rates will trend?

好的，謝謝您，然後考慮一下您與 Sandy Bridge 的關係，在 4 月的這個季度非常好，因為英特爾將其遷移到其處理器堆棧中，您認為您的連接率將如何變化？

Or another way of saying that is did you happen to see a very strong attach rate out of the gate because it was a very high-end oriented chip out of the gate?

或者換一種說法，您是否碰巧看到門外的附加率非常高，因為它是門外面向高端的芯片？

I think that the important thing is to realize that there's more than just technology at play and our CPU technology at play.

我認為重要的是要認識到，不僅僅是技術和我們的 CPU 技術在發揮作用。

There's a segment of the marketplace that really prefers to have the best graphics performance and the best graphics experience and just as there are baseline cars and premium cars, there are going to be baseline PCs and premium PCs.

有一部分市場確實更喜歡擁有最佳圖形性能和最佳圖形體驗，就像有基準汽車和高級汽車一樣，也會有基準 PC 和高級 PC。

And in the premium PCs, the best way to create a premium PC and deliver a premium experience that is a meaningful step up from the baseline PC is to add a GPU.

在高級 PC 中，創建高級 PC 並提供比基準 PC 有意義的高級體驗的最佳方法是添加 GPU。

Higher resolution displays and a state-of-the-art GPU with our Optimus technology is really the best way to create a premium experience and create a premium PC.

更高分辨率的顯示器和採用我們 Optimus 技術的最先進的 GPU 確實是創造優質體驗和打造優質 PC 的最佳方式。

And so I think that that method of creating great products is not going to go away.

所以我認為創造偉大產品的方法不會消失。

I think just as there are some consumers who would like to have a premium platform given a choice, there are OEMs that would like to create premium platforms to serve that marketplace and I think the GPU is known all over the world to be by far the best way to do that.

我認為就像有些消費者希望擁有一個可以選擇的優質平台一樣，也有一些 OEM 願意創建優質平台來服務於該市場，我認為 GPU 是全世界都知道的最好的方法。

Can I actually just follow up on that comment?

我實際上可以跟進該評論嗎？

Because I agree with you, I think we can see in high-end notebooks today a real premium paid for having a GPU, a discrete GPU and having better screen technology and not.

因為我同意你的觀點，我認為我們可以在今天的高端筆記本電腦中看到，擁有 GPU、獨立 GPU 和擁有更好的屏幕技術而不是真正的溢價。

But are you seeing a scenario now where people are -- to sort of maintain the wallet for the PC build are actually downscaling the CPU in favor of an architecture that favors the GPU and screen technology a bit more?

但是，您現在是否看到人們的場景——為了維護 PC 構建的錢包，實際上是在縮小 CPU 的尺寸以支持更支持 GPU 和屏幕技術的架構？

We see a lot of different architectures around the world.

我們在世界各地看到了許多不同的架構。

There are people who use Core i7s with the GeForce, there are people who use Core i5s with the GeForce.

有些人將 Core i7s 與 GeForce 一起使用，有些人將 Core i5s 與 GeForce 一起使用。

There are people who use the Pentium Dual Core with the GeForce.

有些人將奔騰雙核與 GeForce 一起使用。

And so what you just described is characteristic of the different architectures all over the world.

所以你剛才描述的是世界各地不同架構的特徵。

And that's how the PC industry differentiates, by creating the best product for certain niches in the marketplace and there's a lot of different niches, a lot of different geographies with very, very different tastes.

這就是個人電腦行業的差異化方式，通過為市場上的某些利基市場創造最好的產品，並且有許多不同的利基市場，許多不同的地域，有著非常非常不同的品味。

And so I think what you described there is exactly what happens.

所以我認為你所描述的正是發生的事情。

Craig Berger.

克雷格·伯傑。

On the Icera acquisition, I mean getting into baseband and addressing all of the global standards and countries is a pretty large undertaking.

關於對 Icera 的收購，我的意思是進入基帶並解決所有全球標準和國家的問題是一項艱鉅的任務。

So how do you think that changes your R&D investment profile over the coming years?

那麼，您認為這將如何改變您未來幾年的研發投資狀況？

How many heads might you have to scale into this effort?

您可能需要多少人參與這項工作？

That's a good question.

這是個好問題。

That's exactly the reason why we decided not to start an effort from scratch.

這正是我們決定不從頭開始努力的原因。

Icera is -- has carrier relationships all over the world.

Icera 是——在世界各地都有運營商關係。

As you know, they already sell millions of modems and growing very, very fast.

如您所知，他們已經售出了數百萬個調製解調器，並且增長非常非常快。

And so this is a team that has relationships with Nokia and GTE and Samsung.

所以這是一個與諾基亞、GTE 和三星有關係的團隊。

They have carrier relationships with AT&T and Vodafone and Orange.

他們與 AT&T、沃達丰和 Orange 有運營商關係。

So the list is pretty broad, and so that's exactly the reason why we decided to acquire Icera, a company that has invested nearly $300 million of investment into it.

所以名單相當廣泛，這正是我們決定收購 Icera 的原因，這家公司已投資近 3 億美元。

So we'll have to wait on the more specifics.

因此，我們將不得不等待更多細節。

Can you talk about -- ?

你能談談——嗎？

Craig, I also told you with respect to additional investment, we expect the Icera acquisition to be slightly -- but very slightly diluted, which tells you how we think about the growth of the business and the additional investment we have to make to it.

克雷格，關於額外投資，我還告訴過你，我們預計對 Icera 的收購會略微 - 但會略微稀釋，這告訴你我們如何看待業務的增長以及我們必須對其進行的額外投資。

Okay, thanks for that.

好的，謝謝。

Can you give us some color on the state of Tegra design wins lately and what that tells you about that business opportunity say 12 months from now?

您能否為我們提供一些關於 Tegra 設計最近獲勝的狀態以及從現在起 12 個月後的商業機會告訴我們的信息？

We're still engaged in design wins on both Tegra 2 and Tegra -- or Project KAL-EL.

我們仍在參與 Tegra 2 和 Tegra（或 KAL-EL 項目）的設計勝利。

We have quite a large number of Project KAL-EL design wins for tablets and phones.

我們為平板電腦和手機贏得了相當多的 Project KAL-EL 設計獎。

And simultaneously we are doing refreshes of Tegra 2 Superphones while we're also developing new more affordable mainstream phones.

與此同時，我們正在更新 Tegra 2 Superphones，同時我們也在開發新的更實惠的主流手機。

So all of those things are happening at the same time.

所以所有這些事情都是同時發生的。

We are also getting designed into more and more cars which is an important growth opportunity starting with next year and looking at a larger and larger number of smart TV opportunities which requires the software stack, the rich software stack we have developed for Tegra.

我們也被設計成越來越多的汽車，這是從明年開始的一個重要增長機會，並且正在尋找越來越多的智能電視機會，這需要軟件堆棧，我們為 Tegra 開發的豐富的軟件堆棧。

So design wins are going all the time.

所以設計勝利一直在進行。

Last question.

最後一個問題。

Are you guys able to provide cash from operations?

你們能提供運營現金嗎？

Usually you guys have the cash flow in the report.

通常你們在報告中有現金流。

And also do you consider stock comp expense to be part of your core operations or not?

而且您是否認為庫存補償費用是您核心業務的一部分？

Thank you.

謝謝你。

While Karen looks for the cash from operations, surely we think about stock-based compensation or the use of RSUs and stock options very, very carefully.

雖然凱倫從運營中尋找現金，但我們肯定會非常非常仔細地考慮基於股票的薪酬或 RSU 和股票期權的使用。

And the reason for that is because of dilution factors and because it does have value to the employees.

原因是稀釋因素，因為它確實對員工有價值。

And then, Karen, on cash flow?

然後，凱倫，關於現金流？

I recall it was something like $180 million or so plus or minus, something like that.

我記得大約是 1.8 億美元左右，加減，類似的。

Well, for the year it was $235 million.

嗯，這一年是2.35億美元。

From operations, I'll have to get that from the cash flow statement.

從運營中，我必須從現金流量表中得到它。

Thanks, guys.

多謝你們。

We will get that.

我們會得到的。

Chris Caso.

克里斯·卡索。

I just wondered if you could clarify back on some of the opening comments with the gross margin, and I think the comment was you think that was the right range for now.

我只是想知道你是否可以用毛利率澄清一些開場評論，我認為評論是你認為現在是正確的範圍。

Could you give a little more color on that?

你能多給點顏色嗎？

And then perhaps as we go through the year, just remind us where the mix levers are with respect to those gross margins.

然後也許當我們度過這一年時，只需提醒我們相對於這些毛利率的混合槓桿在哪裡。

I think Karen wants to answer a question real quick and then I'll get to that one.

我認為凱倫想快速回答一個問題，然後我會回答那個問題。

Cash flows from operations $199 million.

運營現金流為 1.99 億美元。

Okay and then with respect to gross margins, at this point, we feel pretty comfortable with the gross margins where it is.

好的，然後關於毛利率，在這一點上，我們對毛利率感到非常滿意。

It's always a balance between that, more profitability and more growth.

這始終是在更高的盈利能力和更多的增長之間取得平衡。

And we think that we are in positions in the marketplace which allows us to grow quite rapidly.

我們認為我們在市場上的地位使我們能夠迅速增長。

So we want to get there as quickly as we can.

所以我們希望盡快到達那裡。

And so there's always a fine balance but this is a good balance for now.

所以總有一個很好的平衡，但現在這是一個很好的平衡。

Some of the areas that could accelerate our gross margins further are our professional solutions businesses, both Quattro and Tesla.

可以進一步提高我們毛利率的一些領域是我們的專業解決方案業務，包括 Quattro 和特斯拉。

If we can get those two businesses growing as we expect to, when it does at a much more significant rate, it will contribute to gross margin improvement in a much more significant way.

如果我們能讓這兩項業務按預期增長，當它以更顯著的速度增長時，它將以更顯著的方式促進毛利率的提高。

So those are two of the businesses we're counting on for growth and we're working incredibly hard to get the new technologies that we have created into the marketplace so that the market can embrace it and drive our next generation of growth for PSG.

因此，這是我們指望增長的兩項業務，我們正在努力將我們創造的新技術推向市場，以便市場能夠接受它並推動我們對 PSG 的下一代增長。

Okay?

好的？

All right, and just as a follow-up, and it sounded like with regard to the Tegra business, the majority of that revenue I guess for the first half of the year is coming from the cell phone space.

好吧，作為後續行動，聽起來就 Tegra 業務而言，我猜今年上半年的大部分收入來自手機領域。

How do you see that -- well if you can confirm that -- and just as you go through the year, what you see as the mix between tablets and smartphones and tablets become a substantial part of the mix as you go into the second half?

您如何看待這一點——好吧，如果你能證實這一點——就像你度過這一年一樣，你所看到的平板電腦和智能手機之間的混合以及平板電腦在你進入下半年時成為混合的重要組成部分?

We expect phones and tablets to both contribute to Tegra's growth.

我們預計手機和平板電腦都將為 Tegra 的增長做出貢獻。

And so the exact percentages are hard to say and they'll change from quarter to quarter depending on whether it's a full cycle or a computing cycle.

所以確切的百分比很難說，它們會隨著一個季度的變化而變化，這取決於它是一個完整的周期還是一個計算週期。

And so I think that suffice to say that tablets is one of the fastest growing segments of the computer industry.

因此，我認為平板電腦是計算機行業增長最快的部分之一就足夠了。

And whether a tablet is a notebook or a notebook is a detachable tablet or a transformable tablet is really increasingly hard to say.

而平板到底是筆記本，還是筆記本是可拆卸平板，還是可變形平板，真的越來越難說了。

And so I think the growth opportunities for tablets, obviously still quite significant ahead of it and this is an area where we can make a large contribution.

所以我認為平板電腦的增長機會，顯然仍然相當重要，這是我們可以做出巨大貢獻的領域。

On the other hand, the smartphone marketplace has really just begun.

另一方面，智能手機市場才剛剛開始。

It only represents the top tier of the overall phone marketplace today and yet we all know that someday every single phone will be a smartphone.

它只代表了當今整個手機市場的頂級產品，但我們都知道有一天每部手機都將成為智能手機。

Instead of just a couple hundred million smartphones a year, it ought to represent the full billion units of phones around the world that are sold every year.

它應該代表全球每年售出的整十億部手機，而不是每年只有幾億部智能手機。

Every phone in the world in the near future will have the ability to access the Internet and enjoy content and otherwise.

在不久的將來，世界上的每部手機都將能夠訪問互聯網並享受內容等。

So that's an enormous growth opportunity and one of the reasons why Icera is so important to us.

所以這是一個巨大的增長機會，也是 Icera 對我們如此重要的原因之一。

Okay?

好的？

Okay, thank you.

好的謝謝你。

Thank you very much.

非常感謝。

That's all the time we have for questions.

這就是我們提出問題的所有時間。

Mr.

先生。

Hara, do you have any final thoughts?

原，你有什麼最後的想法嗎？

Thanks, everyone, for joining us.

謝謝大家加入我們。

We look forward to talking to you next quarter about our Q2 results.

我們期待在下個季度與您討論我們的第二季度業績。

Thank you.

謝謝你。

This does conclude today's conference call, you may now disconnect.

這確實結束了今天的電話會議，您現在可以斷開連接。