輝達 (NVDA) 2012 Q3 法說會逐字稿

Good afternoon.

下午好。

My name is Kristin, and I'll be your conference operator today.

我叫克里斯汀，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 financial results conference call.

在這個時候，我想歡迎大家參加 NVIDIA 財務業績電話會議。

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.

講者致辭後，將進行問答環節。

(Operator Instructions).

（操作員說明）。

At this time, I'd like to turn the call over to our host, Mr.

在這個時候，我想把電話轉給我們的主持人，先生。

Rob Csongor.

羅布·森戈爾。

Please go ahead.

請繼續。

Thank you.

謝謝你。

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

下午好，歡迎參加 NVIDIA 2012 財年第三季度電話會議。

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和臨時首席財務官凱倫伯恩斯今天與我通話。

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

在我們準備好發言之後，我們將打開電話問答環節。

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'd 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，並且也正在錄製中。

A replay of the conference call will be available via telephone until November 18, 2011 and the webcast will be available for replay until our conference call to discuss our financial results for our fourth quarter of fiscal 2012.

電話會議的重播將在 2011 年 11 月 18 日之前通過電話進行，網絡廣播將在我們討論 2012 財年第四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 quarterly period ended July 31, 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 7 月 31 日的季度期間的 10-Q 表格以及我們可能不時提交的報告表格 8-K，提交給證券交易委員會。

All our statements are made as of today, November 10, 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在今天（2011 年 11 月 10 日）根據我們今天可獲得的信息作出的，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 John Petty 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字的所有引用均來自 Mercury 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。

We're pleased to report a strong third quarter.

我們很高興報告強勁的第三季度。

Our results reflect solid growth in desktop and professional GPUs, as well as our mobile processors, while we executed on key growth drivers for next year.

我們的業績反映了台式機和專業 GPU 以及我們的移動處理器的穩健增長，同時我們執行了明年的關鍵增長驅動因素。

Desktop consumer graphics revenue rose beyond usual seasonal increases due to strong global demand from PC gamers, driven by highly anticipated blockbuster PC games just starting to hit the shelves.

由於 PC 遊戲玩家的強勁全球需求，在備受期待的重磅 PC 遊戲剛剛開始上架的推動下，桌面消費圖形收入的增長超過了通常的季節性增長。

Electronic Arts' Battlefield 3, which launched on October 25, sold 5 million units in the first week, amid critical acclaim in the press, particularly for the highly-advanced PC version.

電子藝界的《戰地風雲 3》於 10 月 25 日推出，首周售出 500 萬台，受到媒體的一致好評，尤其是高度先進的 PC 版本。

The latest installment of the highly-successful Call of Duty franchise from Activision, Call of Duty, Modern Warfare 3, launched on November 8.

來自 Activision、使命召喚、現代戰爭 3 的高度成功的使命召喚系列的最新一期，於 11 月 8 日推出。

Electronic Arts says pre-orders for Star Wars, The Old Republic, a PC-only online game, scheduled for release on December 20 are the highest they have ever seen.

藝電錶示，預定於 12 月 20 日發布的僅限 PC 的在線遊戲《星球大戰舊共和國》的預購量是他們所見過的最高的。

We believe this surge of PC gaming demand will drive increased demand for NVIDIA's GeForce products, despite the soft consumer PC market.

儘管消費 PC 市場疲軟，我們認為 PC 遊戲需求的激增將推動對 NVIDIA GeForce 產品的需求增加。

We expect a multi-year PC gaming cycle as the PC becomes increasingly more powerful than five- to six-year-old gaming consoles.

隨著 PC 變得比使用 5 到 6 年的遊戲機功能越來越強大，我們預計會有一個多年的 PC 遊戲週期。

We also kicked off the next generation of 3-D gaming with the NVIDIA 3-D Vision2 glasses with LightBoost technology.

我們還使用具有 LightBoost 技術的 NVIDIA 3-D Vision2 眼鏡開啟了下一代 3-D 遊戲。

The new glasses deliver a superior gaming experience, while NVIDIA's patented LightBoost technology delivers twice the brightness of our last-generation solution.

新眼鏡可提供卓越的遊戲體驗，而 NVIDIA 的專利 LightBoost 技術可提供兩倍於我們上一代解決方案的亮度。

While sell-out attach rates remain stable, NVIDIA discrete graphics notebook revenues were lower in Q3, reflecting a market share drop of 4%.

儘管售罄率保持穩定，但 NVIDIA 獨立顯卡筆記本的收入在第三季度有所下降，反映出市場份額下降了 4%。

We believe this is due primarily to some Intel loss of shares in CPUs, and our absence from Apple notebooks in this design cycle.

我們認為這主要是由於英特爾在 CPU 中的一些份額損失，以及我們在這個設計週期中沒有使用蘋果筆記本電腦。

With attach rates stable, we believe we are well-positioned with design wins in both Sandy Bridge and Ivy Bridge notebooks to regain market share in upcoming quarters.

在附加率穩定的情況下，我們相信我們在 Sandy Bridge 和 Ivy Bridge 筆記本電腦的設計上都處於有利地位，可以在未來幾個季度重新獲得市場份額。

Sandy Bridge continues to drive growth for our discrete GPU business.

Sandy Bridge 繼續推動我們的離散 GPU 業務增長。

According to the latest data from both Mercury Research and John Petty Research, average discrete GPU attach rates remain constant overall at 36%, while integrated CPU continues to erode integrated graphics chipset market share.

根據 Mercury Research 和 John Petty Research 的最新數據，獨立 GPU 的平均附加率總體上保持穩定在 36%，而集成 CPU 繼續蠶食集成顯卡芯片組的市場份額。

According to Mercury Data, average discrete GPU attach rates have now remained flat, within a 2% variation quarter-to-quarter, for the last eight quarters.

根據 Mercury Data 的數據，過去 8 個季度的平均獨立 GPU 連接率現在保持平穩，季度變化幅度在 2% 以內。

According to recent press reviews from Forbes to Hardware Canucks, discrete GPUs remain the PC market's first choice for a PC upgrade.

根據最近從福布斯到 Hardware Canucks 的新聞評論，離散 GPU 仍然是 PC 市場升級 PC 的首選。

While integrated CPU graphics continue to lag far behind the performance of discrete GPUs, for the demanding gamer and enthusiast markets.

雖然集成 CPU 圖形繼續遠遠落後於獨立 GPU 的性能，但對於要求苛刻的遊戲玩家和發燒友市場而言。

While Sandy Bridge graphics are far below the minimum requirements for today's modern games and applications, the combination of a Sandy Bridge CPU with a GeForce discrete GPU continues to deliver the best price-performance solution for today's PCs.

雖然 Sandy Bridge 顯卡遠低於當今現代遊戲和應用程序的最低要求，但 Sandy Bridge CPU 與 GeForce 獨立 GPU 的組合繼續為當今的 PC 提供最佳性價比解決方案。

Our professional GPU business had a record revenue quarter on strong professional graphics market demand, and continued adoption of the Fermi generation Quadros.

我們的專業 GPU 業務在強勁的專業圖形市場需求以及繼續採用 Fermi 一代 Quadros 的情況下實現了創紀錄的季度收入。

During the quarter, we also announced that Oak Ridge National Laboratories, which operates the world's premier open science computing facility for the US Department of Energy, will deploy a revolutionary new super computer, Titan, based on NVIDIA Tesla GPUs.

在本季度，我們還宣佈為美國能源部運營全球首屈一指的開放科學計算設施的橡樹嶺國家實驗室將部署基於 NVIDIA Tesla GPU 的革命性新型超級計算機 Titan。

Its 18,000 Tesla GPUs will deliver roughly 85% of the peak compute performance of Titan.

其 18,000 個 Tesla GPU 將提供 Titan 峰值計算性能的大約 85%。

With the potential to deliver over 20 petaflops of peak performance, Titan, a Cray XK6 super computer, would be more than two times faster and three times more energy efficient than today's fastest super computer, Japan's K Computer.

Cray XK6 超級計算機 Titan 有可能提供超過 20 petaflops 的峰值性能，其速度將是當今最快的超級計算機日本 K 計算機的兩倍多，能效提高三倍以上。

Our consumer products business, which includes Tegra processors, delivered solid growth in the quarter.

我們的消費品業務（包括 Tegra 處理器）在本季度實現了穩健增長。

NVIDIA and its partners added three more Tegra-based super phones to the eight already available.

NVIDIA 及其合作夥伴在現有的八款超級手機中又增加了三款基於 Tegra 的超級手機。

The LG Optimus EX, LG Optimus Q2, and Motorola Electrify.

LG Optimus EX、LG Optimus Q2 和摩托羅拉 Electrify。

We also added 13 new tablets for a total of 23 currently available, including the Asus Slider, Sony Tablet X, Sony Tablet P, Toshiba Thrive 7-inch, the Acer Iconia A-100, Sharp Galapagos E-Reader, Dell Streak 10, Lenovo ThinkPad, and Samsung's Galaxy Tab 8.9.

我們還添加了 13 款新平板電腦，目前共有 23 款可用，包括 Asus Slider、Sony Tablet X、Sony Tablet P、Toshiba Thrive 7-inch、Acer Iconia A-100、Sharp Galapagos E-Reader、Dell Streak 10、聯想 ThinkPad 和三星的 Galaxy Tab 8.9。

We are pleased to see exciting new Tegra 2 devices ramp into production, and we are particularly excited to have introduced two days ago the Tegra 3 processor and the first Tegra 3 tablet, the groundbreaking Asus EeePad Transformer Prime.

我們很高興看到令人興奮的新 Tegra 2 設備投入生產，我們特別高興在兩天前推出了 Tegra 3 處理器和第一款 Tegra 3 平板電腦，即開創性的華碩 EeePad Transformer Prime。

It will be on shelves in the US within a few weeks, in time for the holiday season.

它將在幾週內在美國上架，正好趕上假期。

Tegra 3 ushers in the next generation of mobile SmartPhones and tablets.

Tegra 3 迎來了下一代移動智能手機和平板電腦。

It is the world's first quad-core mobile processor, delivering PC-like performance to mobile devices while enabling ultra low power consumption.

它是世界上第一款四核移動處理器，可為移動設備提供類似 PC 的性能，同時實現超低功耗。

The Tegra 3 processor provides up to three times the graphics performance of Tegra 2, and up to 61% lower power consumption.

Tegra 3 處理器的圖形性能是 Tegra 2 的三倍，功耗降低了 61%。

This translates into an industry-leading 12 hours of battery life for HD video playback.

這轉化為業界領先的 12 小時高清視頻播放電池續航時間。

The Tegra 3 processor implements a new patent-pending technology, known as variable symmetric multiprocessing, or VSMP.

Tegra 3 處理器實現了一項正在申請專利的新技術，稱為可變對稱多處理或 VSMP。

VSMP includes a fifth CPU companion specifically designed for work requiring little power.

VSMP 包括第五個 CPU 伴侶，專為低功耗工作而設計。

The four main cores are designed for work requiring high performance, and generally consume less power than dual-core processors.

四個主要內核專為需要高性能的工作而設計，並且通常比雙核處理器消耗更少的功率。

With Tegra 3, we begin the next phase of growth for our mobile business.

借助 Tegra 3，我們開始了移動業務的下一階段增長。

While we are adding more tablet customers with Tegra 3, we are particularly excited to have more and higher volume SmartPhone design wins with Tegra 3 than we did at Tegra 2's production launch.

雖然我們正在通過 Tegra 3 增加更多的平板電腦客戶，但我們特別高興的是，與 Tegra 2 的量產發布相比，Tegra 3 獲得了更多、更高容量的智能手機設計。

We're pleased to officially be in production with Tegra 3, a fundamental growth driver for our mobile business next year.

我們很高興 Tegra 3 正式投入生產，這是我們明年移動業務的基本增長動力。

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

有了這個，讓我把電話交給凱倫。

Revenue for the third quarter was $1.07 billion, up 4.9% sequentially.

第三季度收入為 10.7 億美元，環比增長 4.9%。

Non-GAAP gross margin of 52.5% was a record for the fifth consecutive quarter.

Non-GAAP 毛利率為 52.5%，連續第五個季度創紀錄。

Gross margin exceeded our expectations for the quarter, primarily as a result of strong demand in the high-end segments of our desktop GPU products, and record sales in our Quadro professional graphics products.

本季度毛利率超出了我們的預期，主要是由於我們桌面 GPU 產品的高端市場需求強勁，以及我們的 Quadro 專業圖形產品創紀錄的銷售額。

Non-GAAP OpEx was $317.6 million, slightly below our estimates.

非 GAAP 運營支出為 3.176 億美元，略低於我們的估計。

Combined, these results generated a non-GAAP net income of $217 million, or $0.35 per diluted share, up 12.1% over the prior quarter.

綜合起來，這些結果產生了 2.17 億美元的非公認會計原則淨收入，即每股攤薄收益 0.35 美元，比上一季度增長 12.1%。

Revenue by business segment was as follows.

按業務分部劃分的收入如下。

Our GPU business was up 1% compared with the prior quarter.

我們的 GPU 業務與上一季度相比增長了 1%。

Desktop GPU revenue was up strongly by 23% in the quarter.

本季度桌面 GPU 收入強勁增長 23%。

This gain was despite a $47.3 million decline in our chipset revenue, as we end-of-life these products and exit the chipset business.

儘管我們的芯片組收入下降了 4730 萬美元，但隨著我們終止這些產品並退出芯片組業務，這一收益仍然存在。

Notebook GPU revenue decreased as compared with the prior quarter, for the reasons Rob has mentioned.

由於 Rob 提到的原因，筆記本 GPU 收入與上一季度相比有所下降。

Our professional business had record revenue in the third quarter, up 9.5%, at $230.3 million.

我們的專業業務在第三季度實現創紀錄的收入，增長 9.5%，達到 2.303 億美元。

This was largely driven by our record sales in our Quadro professional graphics products.

這主要是由我們的 Quadro 專業圖形產品創紀錄的銷售額推動的。

Our consumer business was up 14% over the prior quarter, primarily through growth in Tegra sales, together with seasonal strength in game console revenue.

我們的消費者業務比上一季度增長了 14%，主要得益於 Tegra 銷售額的增長以及遊戲機收入的季節性增長。

Turning to the balance sheet, cash, cash equivalents and marketable securities at the end of the quarter were at $2.75 billion, up 11% or $273.9 million sequentially.

轉向資產負債表，本季度末現金、現金等價物和有價證券為 27.5 億美元，環比增長 11% 或 2.739 億美元。

Cash flow from operating activities was $244.4 million.

經營活動產生的現金流為 2.444 億美元。

Both accounts receivables and inventories were down at the end of the quarter, with DSO improving by six days, down to 32 days, and DSI by 10 days, down to 57.

本季度末應收賬款和庫存均下降，DSO 改善 6 天，降至 32 天，DSI 改善 10 天，降至 57。

Our strong balance sheet position at the end of the quarter reflects the overall strength in our businesses.

我們在本季度末強勁的資產負債表狀況反映了我們業務的整體實力。

Strong demand and shipment linearity, strong collections and management of inventory.

強勁的需求和出貨線性，強大的庫存收集和管理。

Our outlook for the fourth quarter of fiscal 2012 is as follows.

我們對 2012 財年第四季度的展望如下。

Closing on a strong third quarter, we expect revenues to be relatively flat, plus or minus 2%.

在強勁的第三季度結束時，我們預計收入將相對持平，正負 2%。

We expect gross margins to be flat to up 0.5 percentage points from our record levels achieved in Q3, on both a GAAP and non-GAAP basis.

我們預計，在 GAAP 和非 GAAP 基礎上，毛利率將與我們在第三季度達到的創紀錄水平持平至 0.5 個百分點。

For operating expenses, we expect GAAP to be approximately $372 million, and non-GAAP approximately $330 million.

對於運營費用，我們預計 GAAP 約為 3.72 億美元，非 GAAP 約為 3.3 億美元。

The increase is primarily related to planned hiring in our strategic investment areas, as well as engineering costs related to new products as we bring them into production.

這一增長主要與我們戰略投資領域的計劃招聘以及與新產品投入生產相關的工程成本有關。

We expect the tax rate to be between 14% and 16%, on a GAAP and non-GAAP basis, excluding any discrete tax events that may occur during the quarter.

我們預計稅率在 14% 至 16% 之間，以 GAAP 和非 GAAP 為基礎，不包括本季度可能發生的任何離散稅務事件。

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).

（操作員說明）。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西莫爾。

Looking forward, could you give any color by your main segments as to any area that's going to be better or worse than the flat plus or minus guidance you provided overall?

展望未來，您能否根據您的主要部分給出任何顏色，以說明比您提供的整體正負指導更好或更差的任何區域？

We're expecting GeForce desktop to be up, and we're expecting that to be up nicely, driven by the hit games that Rob talked about.

我們期待 GeForce 桌面版能夠正常運行，並且在 Rob 談到的熱門遊戲的推動下，我們希望它能夠很好地啟動。

This is likely a multi-year cycle of growth for PC gaming.

這可能是 PC 遊戲的多年增長周期。

This happens every major game console cycle towards the second half of its product life, because PC technology advances on a regular basis, instead of once every seven to 10 years, and so you could imagine how PC technology is dramatically better than a game console today, and you're starting to see that now with the new generation of games that are coming out, such as Battlefield 3.

在其產品生命週期的後半段，每個主要遊戲機週期都會發生這種情況，因為 PC 技術會定期進步，而不是每 7 到 10 年一次，因此您可以想像 PC 技術如何比今天的遊戲機好得多，並且隨著新一代遊戲的問世，例如戰地 3，您現在開始看到這一點。

We're expecting notebook to be flat to slightly down.

我們預計筆記本將持平至略微下降。

We're expecting Quadro to be up.

我們期待 Quadro 能夠崛起。

We already had a record quarter this quarter.

本季度我們已經有了創紀錄的季度。

Quadro is benefiting from the Fermi adoption.

Quadro 受益於 Fermi 的採用。

It's also benefiting from the fact that China and India and other developing countries are increasingly moving to a design economy rather than just a manufacturing or second-sourcing economy.

它還受益於中國、印度和其他發展中國家越來越多地轉向設計經濟，而不僅僅是製造業或二次採購經濟。

And so when China and India particularly move to design economies, the single most important tool of modern design is a workstation, and our market share in workstations is very good, so we're going to benefit from that for quite some time.

所以當中國和印度特別轉向設計經濟時，現代設計最重要的工具就是工作站，我們在工作站的市場份額非常好，所以我們將在相當長的一段時間內從中受益。

Tesla is expected to be flat and mobile is expected to be flat, and we'll see how the devices that have gone into production this quarter do in the marketplace.

特斯拉預計持平，移動預計持平，我們將看看本季度投入生產的設備在市場上的表現如何。

I think we have something along the lines of about 17 or -- 16 or 17 new devices that went into production, many new tablets that Rob mentioned and new phones.

我認為我們有大約 17 或 - 16 或 17 台新設備投入生產，Rob 提到的許多新平板電腦和新手機。

And then a combined question.

然後是一個綜合問題。

Channel inventory and then what's your view on any impact included or otherwise in your guidance on the Thailand floods?

渠道庫存以及您對泰國洪水指南中包含或其他方面的任何影響有何看法？

Channel inventory is in good shape.

渠道庫存狀況良好。

In fact, for most of our high-end products, the ones that the PC gamers buy, are particularly low at the moment.

事實上，對於我們大多數高端產品，PC遊戲玩家購買的產品，目前特別低。

It reflects the demand that we're seeing.

它反映了我們所看到的需求。

With respect to Thailand, the projection that we gave reflects how we view the marketplace as of now.

關於泰國，我們給出的預測反映了我們目前對市場的看法。

If you look at the dynamics of the shortage, for some of our markets it's really a non-factor.

如果你看一下短缺的動態，對於我們的一些市場來說，這真的不是一個因素。

For example, mobile, obviously, because we don't use hard disc drive in mobile and you could argue that the money that isn't spent in mobile is in PCs could be spent in mobile.

例如，顯然是移動設備，因為我們在移動設備中不使用硬盤驅動器，您可能會爭辯說，沒有花在移動設備上的錢可以花在移動設備上。

You could also see that in some of our other segments where workstations, Tesla and the high-end PCs, because the value in the margins are so good for our PC OEMs in the times of shortage, those particular platforms and segments are prioritized.

您還可以看到，在我們的工作站、特斯拉和高端 PC 的其他一些細分市場中，因為在短缺時期，我們的 PC OEM 的利潤率價值非常好，因此這些特定平台和細分市場被優先考慮。

And so there's puts and gets and we'll see how it works out.

所以有puts和gets，我們會看看它是如何運作的。

But there's many favorable dynamics as well as negative.

但是有許多有利的動態以及消極的動態。

Raj Seth, Cowen and Company.

Raj Seth, Cowen and Company。

Can you talk a minute about your long-term ambitions in the handset space vis-a-vis sort of market segments?

您能否談談您在手機領域相對於細分市場的長期抱負？

You obviously come in at the high end of the market with Tegra.

顯然，您使用 Tegra 進入了高端市場。

I'm curious as you look out 18 months, maybe even a little bit more, how do you think about the other tiers, the mid-tier of the market?

我很好奇，當您展望 18 個月，甚至可能更多一點時，您如何看待市場的其他層級、中層級？

Is that something we should expect NVIDIA to target as you eventually start integrating Icera and Tegra and some of these things together?

當您最終開始將 Icera 和 Tegra 以及其中一些東西整合在一起時，我們是否應該期望 NVIDIA 瞄準這一目標？

Our first entry into the market is where performance and visual experience is very important and this is an area where we could add a lot of value.

我們第一次進入市場是性能和視覺體驗非常重要的領域，這是我們可以增加很多價值的領域。

Tegra 2 came into the segment that now people recognize to be quite an exciting segment and we called it the SuperPhone segment.

Tegra 2 進入了現在人們認為非常令人興奮的細分市場，我們將其稱為 SuperPhone 細分市場。

The SuperPhone segment is not insignificant, and as mobile devices become increasingly important to people's lives and they recognize in the second and the third SmartPhone that they bought how wonderful they are, they tend to buy up.

SuperPhone細分市場並非微不足道，隨著移動設備對人們的生活越來越重要，他們在第二款和第三款智能手機中認識到他們購買的智能手機有多棒，他們傾向於購買。

The characteristic is very consistent with that of people who buy cars to people who buy PCs.

這個特點很符合買車的人到買電腦的人的特點。

The first PC they buy, because they were not exactly sure how they would use it, they tend to buy in the mainstream segment and over time they buy a better and better one because they realize how much of their lives is involved in it.

他們購買的第一台個人電腦，因為他們不確定如何使用它，他們傾向於在主流市場購買，隨著時間的推移，他們會購買越來越好的個人電腦，因為他們意識到他們的生活中有多少參與其中。

We see the same thing in the SuperPhone segment, that this is likely to be a good growth segment for us.

我們在 SuperPhone 領域也看到了同樣的情況，這對我們來說可能是一個很好的增長領域。

We have more design wins in Tegra 3 today than we had at Tegra 2.

今天，我們在 Tegra 3 中獲得的設計勝利比在 Tegra 2 中獲得的更多。

We have more design wins, more devices, more OEMs.

我們有更多的設計勝利、更多的設備、更多的 OEM。

We didn't win them all; there's some that we lost.

我們並沒有贏得所有人。我們失去了一些。

Motorola was one that I'm personally disappointed in not winning this cycle around, but net, we have more designs and more OEMs going at the moment, going into next year.

摩托羅拉是我個人對沒有贏得這個週期感到失望的一個，但是淨，我們目前有更多的設計和更多的原始設備製造商，進入明年。

As a result, as related to the ultimate plan, our goal is to continue to drive the SuperPhone segment for information and features in the segment, but in addition to that with the Icera acquisition we're now able to integrate the application processor and (inaudible) into a single processor.

因此，與最終計劃相關，我們的目標是繼續推動 SuperPhone 細分市場的信息和功能，但除了收購 Icera 之外，我們現在能夠集成應用處理器和（聽不見）到單個處理器中。

This is a very large focus of our Company at the moment.

這是我們公司目前非常關注的一個重點。

Part of our increase in OpEx is related to our efforts in this area.

我們運營支出的增加部分與我們在該領域的努力有關。

We think we can add product value in bringing this capability into the mainstream segment and hopefully we'll be able to see the early examples of that towards the end of next year.

我們認為我們可以通過將這種能力帶入主流市場來增加產品價值，希望我們能夠在明年年底看到早期的例子。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

I was wondering if you could give us a little more color on the prior question.

我想知道你是否可以在前面的問題上給我們更多的顏色。

We've seen Texas Instruments be quite aggressive in some of the lower-end tablets and some of the lower-end SmartPhones, I think you just alluded to that in your answer to the previous question.

我們已經看到德州儀器在一些低端平板電腦和一些低端智能手機方面非常激進，我認為您在回答上一個問題時只是提到了這一點。

Can you talk about your plans for Tegra 2 versus Tegra 3?

你能談談你對 Tegra 2 和 Tegra 3 的計劃嗎？

Do you intend to continue with Tegra 2 production at a lower price to capture that low end of the market with Tegra 3 attacking the high end or do you, or do you just want to attack the SuperPhone market with Tegra 3 only?

您是否打算繼續以較低的價格生產 Tegra 2 以佔領低端市場，讓 Tegra 3 攻擊高端市場，還是您只想用 Tegra 3 攻擊 SuperPhone 市場？

There were a couple of tablets this year, if I look at overall the year, obviously our tablet design wins are numerous and beyond count at the moment.

今年有幾款平板電腦，如果我看一下今年的整體情況，顯然我們在平板電腦設計方面的勝利是數不勝數的。

There are many segments of the marketplace that we serve now, all the way from very high design content tablets in 10-inch to now increasingly many 7-inch tablets that are coming into the marketplace.

我們現在服務於市場的許多細分市場，從設計內容非常高的 10 英寸平板電腦到現在越來越多的 7 英寸平板電腦進入市場。

There are a couple of design wins that I wish we had this year that we didn't have.

我希望我們今年能獲得一些我們沒有的設計勝利。

I already mentioned Motorola.

我已經提到了摩托羅拉。

We were surprised by the Amazon Fire, but frankly, we're not going to be surprised again and so we're obviously very excited about Amazon, and we're going to do our best to be a partner of theirs someday and so I think those were the two main ones that I can really highlight.

我們對 Amazon Fire 感到驚訝，但坦率地說，我們不會再感到驚訝了，所以我們顯然對 Amazon 感到非常興奮，我們將盡最大努力成為他們的合作夥伴，所以我認為這是我真正可以強調的兩個主要問題。

With respect to Tegra 2 versus Tegra 3, Tegra 2 will continue to ship into the marketplace.

關於 Tegra 2 與 Tegra 3，Tegra 2 將繼續投放市場。

Three new phones were introduced just this week, or just this last quarter, and we're expecting to see those phones continue to ship.

本週或上個季度剛剛推出了三款新手機，我們預計這些手機將繼續出貨。

Tegra 3 is going to come into the marketplace in tablets ranging from 7-inch all the way to 10-inch, and the reason why Tegra 3 is such a -- both very high performance, as well as super affordable, is because the battery life that is made possible by the technologies that are inside Tegra 3 that we talked about.

Tegra 3 將從 7 英寸一直到 10 英寸的平板電腦進入市場，而 Tegra 3 之所以如此——既高性能又超級實惠，是因為電池我們談到的 Tegra 3 中的技術使生活成為可能。

Rob talked about variable SMP, this fifth core, which is essentially like an electric hybrid engine for Tegra 3.

Rob 談到了可變 SMP，這是第五個核心，它本質上就像 Tegra 3 的電動混合動力引擎。

It consumes so little energy that the battery life could be much, much longer for Tegra 3 tablets.

它消耗的能量如此之少，以至於 Tegra 3 平板電腦的電池壽命可能要長得多。

As a result, when battery life is long and the power is -- and the processor is very energy efficient, you can save enormous amount of cost around the system.

因此，當電池壽命長、功率高且處理器非常節能時，您可以節省大量系統成本。

There's a second great technology in Tegra 3.

Tegra 3 中還有第二項偉大的技術。

It's called [die dim] and it's the ability to per pixel, per frame, per scene, to modulate the backlight so quickly that we over a long period of time reduce the amount of backlight intensity, backlight energy by nearly half.

它被稱為 [die dim]，它能夠以每像素、每幀、每場景快速調製背光，從而在很長一段時間內將背光強度和背光能量降低近一半。

We save as much power in the backlight without changing the visual fidelity at all to save essentially the entire power used by our chip, and so saving power, energy efficiency translates to reduced system bill of material.

我們在不改變視覺保真度的情況下在背光中節省了盡可能多的功率，從而基本上節省了我們芯片使用的全部功率，因此節省功率，能源效率轉化為減少系統材料清單。

And as a result of those things people are finding that they could take the Tegra 3 tablets both into very high segments because of its performance, as well as into very affordable devices like 7-inch and such.

由於這些事情，人們發現他們可以將 Tegra 3 平板電腦帶入非常高的細分市場，因為它的性能，以及價格非常實惠的設備，如 7 英寸等。

And then of course, Tegra 3 is going to revolutionize the SmartPhone market again by bringing quad-core and a new level of capability this year and it's going to be pretty exciting year for us on SuperPhones.

當然，今年 Tegra 3 將通過帶來四核和新的功能水平再次徹底改變智能手機市場，這對我們來說將是 SuperPhones 令人興奮的一年。

On the OpEx trajectory, you're guiding that partly on the strategic new programs and partly, I assume, just on 28-nanometer new products and the normal course of things on GPUs.

在 OpEx 軌跡上，您部分地在戰略性新計劃上進行指導，我假設部分地僅在 28 納米新產品和 GPU 上的正常進程上進行指導。

Can you talk about how much is coming from each of those areas, and whether we should expect OpEx to continue to go up at a similar rate in future quarters?

您能否談談每個領域的收入，以及我們是否應該期望運營支出在未來幾個季度繼續以類似的速度增長？

The vast majority of the increase is coming from the very significant increase in design wins that we have in several areas.

絕大多數增長來自我們在幾個領域的設計勝利的顯著增長。

We have more notebook design wins for the Ivy Bridge cycle than we've ever had in notebooks.

我們在 Ivy Bridge 週期中獲得的筆記本設計勝出比我們以往在筆記本中獲得的更多。

And this is likely the most successful notebook cycle we've ever experienced, and so we've got a lot of engineers dedicated to getting those notebooks into production.

這可能是我們經歷過的最成功的筆記本週期，因此我們有很多工程師致力於將這些筆記本投入生產。

The reason for our success I believe is our Kepler generation of GPU was designed for intense energy efficiency, and with energy efficiency, we were able to translate that to simultaneously higher performance, as well as longer battery life.

我相信我們成功的原因是我們的 Kepler 一代 GPU 專為提高能源效率而設計，並且通過能源效率，我們能夠同時將其轉化為更高的性能和更長的電池壽命。

And so that's the first part.

這就是第一部分。

The second thing is, we have more SmartPhones in design as a result of Tegra 3.

第二件事是，由於 Tegra 3，我們在設計上有更多的智能手機。

We have more tablets in design as a result of Tegra 3 and on top of that, we have Windows 8 tablets and devices that we're building all over the world.

由於 Tegra 3，我們設計了更多的平板電腦，最重要的是，我們擁有 Windows 8 平板電腦和我們正在世界各地製造的設備。

All of those design wins translate to quite a bit of customer engineering, customer-facing engineering to build these exquisite devices, and then there's a portion of it is that is related to 28-nanometer tape-out of new processors that will go into production shortly.

所有這些設計勝利都轉化為相當多的客戶工程，面向客戶的工程來構建這些精美的設備，然後其中一部分與將投入生產的新處理器的 28 納米流片有關不久。

Romit Shah, Nomura.

Romit Shah，野村。

Good quarter, guys.

好季度，伙計們。

Was it a function of price or something else?

它是價格的函數還是其他什麼？

It's a couple of things, I think.

我認為這是幾件事。

Partly, you have to ask Motorola.

部分，你必須問摩托羅拉。

I think that, one, our rhythm is once every year, and Tegra 2 came into production a year ago.

我想，一個，我們的節奏是每年一次，而Tegra 2在一年前就投產了。

Tegra 3's in production now.

Tegra 3 現已投入生產。

And for Motorola, they had their own internal rhythm and OMAP 4 was right in between Tegra 2 and Tegra 3 and they felt that OMAP 4 was a better processor than Tegra 2.

對於摩托羅拉，他們有自己的內部節奏，OMAP 4 正好介於 Tegra 2 和 Tegra 3 之間，他們認為 OMAP 4 是比 Tegra 2 更好的處理器。

Obviously, I feel different, but Motorola made their choice.

顯然，我感覺不同，但摩托羅拉做出了他們的選擇。

Second thing is Tegra 3 is obviously more -- surely more value than OMAP 4 by a lot.

第二件事是 Tegra 3 顯然比 OMAP 4 更有價值——肯定比 OMAP 4 更有價值。

I think at this point it's very, very clear that Tegra 3 is in a completely different class than OMAP 4, so it was difficult for us to be price-competitive relative to OMAP 4, and I think those two things play a role.

我認為在這一點上，Tegra 3 與 OMAP 4 處於完全不同的類別中，因此我們很難在價格上與 OMAP 4 相比具有競爭力，我認為這兩件事發揮了作用。

We all have different perspectives on when new technology could be adopted in the marketplace and we felt that last year was the year of the dual core processor and dual core processors are dual core processors.

對於什麼時候可以在市場上採用新技術，我們都有不同的看法，我們覺得去年是雙核處理器的一年，雙核處理器是雙核處理器。

It's been done.

它已經完成了。

Tegra 3 is bringing a new level of capability with variable SMP, five processors on a chip, as well as energy efficiency that's never been seen before in the mobile world.

Tegra 3 通過可變 SMP、片上五個處理器以及移動世界前所未有的能效帶來了新的功能水平。

The combination of a much higher capability and performance, as well as much, much higher efficiency, and therefore battery life, we felt that we could bring a new capability to the mobile era, so that was our perspective.

更高的能力和性能，以及更高的效率和電池壽命的結合，我們認為我們可以為移動時代帶來新的能力，所以這就是我們的觀點。

I think it's becoming increasingly clear that by the early part of next year SuperPhones will have quad core and we'll see how it plays out from here.

我認為越來越清楚的是，到明年年初，SuperPhones 將擁有四核，我們將看看它是如何發揮作用的。

We'll work super hard to get back into Motorola, and obviously, a very important partner.

我們將非常努力地重返摩托羅拉，顯然，摩托羅拉是一個非常重要的合作夥伴。

They build amazing phones, and it would be a privilege and pleasure to be part of them again.

他們製造了令人驚嘆的手機，再次成為其中的一員將是一種榮幸和榮幸。

It's our understanding that GI's OMAP sells for about $12 to $14, where I believe NVIDIA said that Tegra ranges from $15 to $25 depending on the platform so I guess given OMAP's success on the ICS platform, would you expect any downward pressure to ASPs for mobile?

據我們了解，GI 的 OMAP 售價約為 12 至 14 美元，我相信 NVIDIA 表示 Tegra 的價格在 15 至 25 美元之間，具體取決於平台，所以我想鑑於 OMAP 在 ICS 平台上的成功，您是否預計移動 ASP 會面臨下行壓力?

I don't know which Tegra is $15.

我不知道哪個 Tegra 是 15 美元。

If we're still talking about Tegra 3, there is no Tegra 3 that's $15.

如果我們還在談論 Tegra 3，那麼沒有 15 美元的 Tegra 3。

It's higher than that.

比那個還高。

But Tegra 3 and OMAP 4 aren't targeting the same generation of devices, and we're not targeting the same market.

但是 Tegra 3 和 OMAP 4 並不是針對同一代設備，我們也不是針對同一個市場。

Tegra 3 is designed for SuperPhones.

Tegra 3 專為 SuperPhones 設計。

Tegra 3 is designed for next-generation tablets.

Tegra 3 專為下一代平板電腦而設計。

When you compare on a device-to-device level, processor-to-processor level, it's really hard to make that comparison.

當您在設備到設備級別、處理器到處理器級別進行比較時，很難進行這種比較。

When you compare it at a system level, Tegra 3 is about cost-equivalent, if sometimes cost advantaged relative to last generation devices including Tegra 2.

當您在系統級別進行比較時，Tegra 3 與包括 Tegra 2 在內的上一代設備相比有時具有成本優勢，但成本相當。

The reason for that is because Tegra 3 is so energy-efficient that it actually reduces your system BoM cost by a fair amount.

這樣做的原因是因為 Tegra 3 非常節能，它實際上可以相當多地降低您的系統 BoM 成本。

Variable SMP and die dim, our image processing technology, makes it possible for us to reduce some $10 worth of system reduction, relative to last generation, and still be higher performance and still be longer battery life.

可變 SMP 和 die dim 是我們的圖像處理技術，與上一代相比，我們可以減少大約 10 美元的系統成本，並且仍然具有更高的性能和更長的電池壽命。

Those things, when taken into consideration, is explaining why now that people understand what Tegra 3 can do, and they realize it's really the right platform to invest in going forward.

考慮到這些因素，可以解釋為什麼現在人們了解 Tegra 3 可以做什麼，並且他們意識到它確實是投資未來的正確平台。

The advantage of investing in Tegra 3 now is even more important when you consider the processor we have beyond it which is the integration of Tegra and LTE modem.

現在投資 Tegra 3 的優勢更加重要，因為您考慮到我們擁有的處理器超越它，即 Tegra 和 LTE 調製解調器的集成。

All of the software effort that is invested into Tegra 3 translates directly into the mainstream products and entry-level products towards the end of next year.

到明年年底，投入到 Tegra 3 的所有軟件工作都將直接轉化為主流產品和入門級產品。

Could you give us an update on the CFO search?

您能給我們介紹一下 CFO 搜索的最新情況嗎？

We're actively doing the CFO search.

我們正在積極尋找首席財務官。

We're working on it very hard.

我們正在非常努力地工作。

However, because we have such a great team on board and they're doing such a great job it gives me the luxury of looking for someone who is very seasoned, who understands the technology industry and someone who -- somebody completely world-class.

然而，因為我們擁有如此出色的團隊，而且他們的工作做得如此出色，這讓我有幸尋找經驗豐富、了解技術行業以及完全世界級的人。

So it buys me that luxury, which very few companies have.

所以它給我帶來了很少有公司擁有的奢侈品。

We have such a wonderful team in place that we can find the opportunity to go look for something -- somebody really truly great.

我們有一個非常棒的團隊，我們可以找到機會去尋找一些東西——一個真正偉大的人。

Alex Gauna, JMP Securities.

亞歷克斯·高納，JMP 證券。

Was wondering if you could give some color on the Tegra 3 SuperPhone wins that you're expecting.

想知道您是否可以為您所期待的 Tegra 3 SuperPhone 勝利提供一些顏色。

It sounds like in Q1 we might start seeing these.

聽起來我們可能會在第一季度開始看到這些。

And you mentioned a higher-volume opportunity.

你提到了一個更大的機會。

I was wondering if you could give some color on that, and if that's inclusive of anticipating Windows 8 in 2012?

我想知道您是否可以對此進行一些說明，如果這包括對 2012 年的 Windows 8 的預期？

I understand your first question.

我理解你的第一個問題。

I'm not sure I understand the second question.

我不確定我是否理解第二個問題。

What is the higher-volume opportunity?

什麼是更高容量的機會？

Where are you getting to your expectations for the higher volumes than what you did in SuperPhones with Tegra 2?

與使用 Tegra 2 的 SuperPhones 相比，您對更高音量的期望在哪裡？

Is that simply because you're including the Windows 8 opportunity in that?

這僅僅是因為您在其中包含了 Windows 8 的機會嗎？

We are working very, very hard right now on all of these devices.

我們現在在所有這些設備上都非常非常努力地工作。

I'll answer it backwards.

我會反著回答。

The reason we expect Tegra 3 to be more successful than Tegra 2 is, one, we have much, much more experience in building these mobile devices than we did before.

我們期望 Tegra 3 比 Tegra 2 更成功的原因是，第一，我們在構建這些移動設備方面的經驗比以前多得多。

And there's not a single mobile -- cell phone Company that I know who looks at us and say, do you know anything about building phones?

我認識的沒有一家移動電話公司會看著我們說，你對製造手機一無所知嗎？

Everybody is well past that.

每個人都已經過去了。

They think not only do we know how to build phones, we're fabulous at building phones with them.

他們認為我們不僅知道如何製造手機，而且我們非常擅長與他們一起製造手機。

I think that the velocity of engagement is much greater than it used to be.

我認為參與的速度比以前要快得多。

Both on our side, as well as on their side.

既站在我們這邊，也站在他們這邊。

We have more phones in development now than we did in Tegra 2.

我們現在開發的手機比 Tegra 2 中的要多。

We have more tablets in development.

我們有更多的平板電腦正在開發中。

We have more OEMs than we had in Tegra 2.

我們擁有比 Tegra 2 更多的 OEM。

And not to mention on top of that, Windows 8.

更不用說最重要的是，Windows 8。

But even in the absence of Windows 8 we have more -- far more OEMs and devices in development today than we did with Tegra 2.

但即使在沒有 Windows 8 的情況下，我們也擁有更多——今天正在開發的 OEM 和設備比我們使用 Tegra 2 時所做的要多得多。

And did I understand you correctly, you expect to see those phones emerging in Q1?

我對您的理解是否正確，您希望看到這些手機在第一季度出現嗎？

And then also with regard to your comments earlier around OMAP, how do you get the industry taking advantage of all quad cores, the quad core architecture, especially when the mainstream is going to be due core?

然後關於您之前關於 OMAP 的評論，您如何讓行業利用所有四核、四核架構，特別是當主流將成為應有的核心時？

And I get the power savings but beyond that, applications that take advantage of those capabilities.

我得到了省電，但除此之外，還有利用這些功能的應用程序。

We're working on these devices as hard as we can, but we're not the device makers.

我們正在盡最大努力開發這些設備，但我們不是設備製造商。

My expectation is that Q1 is an appropriate time for many of these devices to come to market, but we'll get there as quickly as we can.

我的期望是，第一季度是許多此類設備上市的合適時機，但我們會盡快到達那裡。

Quad core is already utilized by a lot of applications, and whether it's imaging applications, which as you know, is a very large reason why you would like to have snappiness and processing capability on a mobile device, whether it's computational photography or augmented reality, many of these type of new capabilities need to have a lot more processing.

四核已經被很多應用程序使用，無論是成像應用程序，如您所知，這都是您希望在移動設備上具有快速性和處理能力的一個非常重要的原因，無論是計算攝影還是增強現實，許多此類新功能需要進行更多處理。

The way that you load a website, it's multi-threaded.

您加載網站的方式是多線程的。

When you play a game, most of these high-end games are ported from engines that are developed already for game consoles and PCs.

當您玩遊戲時，這些高端遊戲中的大多數都是從已經為遊戲機和 PC 開發的引擎移植而來的。

Both of those platforms are already heavily multi-threaded.

這兩個平台都已經是多線程的。

I think there's six processors inside the Xbox, six threads, and I think inside a PlayStation 3, there's countless threads, I think something like 8 or 16 threads.

我認為 Xbox 內部有六個處理器，六個線程，我認為在 PlayStation 3 內部，有無數個線程，我認為大概是 8 或 16 個線程。

So four threads is very usable by many of these, will be consumed by many of these applications.

因此，其中許多線程非常有用，其中許多應用程序將消耗四個線程。

Patrick Wang, Evercore Partners.

帕特里克·王，Evercore Partners。

You did quite well last quarter in Quadro.

你上個季度在 Quadro 的表現相當不錯。

I was hoping you could talk a little bit more about that opportunity.

我希望你能多談談這個機會。

I guess in terms of the near term as well as where you're seeing growth in the emerging markets.

我想就近期以及新興市場的增長而言。

Well, the emerging markets are just going into the design economy.

嗯，新興市場剛剛進入設計經濟。

When you think about China and India, I think that most people would say that these are economies that have been driven by outsourcing from the United States and manufacturing revenues from opportunities from the west.

當你想到中國和印度時，我想大多數人會說這些經濟體是由美國的外包和來自西方機會的製造業收入推動的。

But increasingly, as the economy develops, and their local consumption increases, the local economy will move, and will transition to design economies as well.

但是，隨著經濟的發展和當地消費的增加，當地經濟將越來越多地發生變化，並將向設計經濟轉型。

Whereas you need factories to outsource, and you need PCs to outsource our IT jobs, in order to move into the design economy, whether it's Tata or just recently, one of the most ambitious digital projects in the history of India, Raw One, was done with NVIDIA's technology.

儘管您需要工廠進行外包，並且您需要 PC 來外包我們的 IT 工作，但為了進入設計經濟，無論是塔塔還是最近，印度歷史上最雄心勃勃的數字項目之一 Raw One 是使用 NVIDIA 的技術完成。

And as you know, Bollywood is many times larger than Hollywood in terms of the number of movies and the number of fans that support that industry, and that industry's moving completely to digital, as we have done here in the United States and in the west.

如你所知，就電影數量和支持該行業的粉絲數量而言，寶萊塢比好萊塢大很多倍，而且該行業正在完全轉向數字化，就像我們在美國和西方所做的那樣.

Tata the car Company.

塔塔汽車公司。

In China, the focus of their economy has moved toward much more indigenous IP design and indigenous industrial design and that requires workstations.

在中國，他們的經濟重心已經轉向本土知識產權設計和本土工業設計，這需要工作站。

Over time, I would expect that the size of the Quadro business will reflect the size of the economy.

隨著時間的推移，我預計 Quadro 業務的規模將反映經濟規模。

If China becomes as large as the United States in terms of the size of their economy, I would expect the Quadro opportunity in China would be as large as it is here in the United States.

如果中國在經濟規模方面變得與美國一樣大，我預計 Quadro 在中國的機會將與它在美國的機會一樣大。

And the same goes for India.

印度也是如此。

On Ivy Bridge you said that you expect to have much higher share on Ivy Bridge.

在常春藤橋上，您說您希望在常春藤橋上擁有更高的份額。

Was hoping you could talk a little bit about that.

希望你能談談這個。

And then also Project Denver, something that a lot of us are curious about.

然後還有丹佛計劃，我們很多人都對此感到好奇。

Hoping you could give us an update there.

希望你能在那裡給我們更新。

This cycle, our market share on the Intel platform was north of 50% overall.

這個週期，我們在英特爾平台上的市場份額總體上超過了 50%。

But we recognize that -- and the reason for that success was a technology called Optimus that invisibly and auto-magically makes it is so the GPU can be in high performance state or in extremely low state without intervention from the user.

但我們認識到這一點——成功的原因是一種名為 Optimus 的技術，它以無形和自動的方式使 GPU 可以在無需用戶干預的情況下處於高性能狀態或極低狀態。

It just figures it out by itself.

它只是自己弄清楚。

As a result you have very high performance when you need it and you have extremely long battery life when you need it.

因此，您在需要時擁有非常高的性能，並且在需要時擁有極長的電池壽命。

The thing that kept us from being even more successful is that our processor could have been more energy-efficient in itself.

使我們無法取得更大成功的是，我們的處理器本身本可以更節能。

so one of the things we dedicated ourselves to do with Kepler was focus an enormous amount of our energy on creating an architecture that was energy-efficient, and the result is just really fabulous and so our customers see that.

因此，我們致力於為 Kepler 做的一件事就是將我們的大量精力集中在創建一個節能的架構上，結果非常棒，我們的客戶也看到了這一點。

They understand the benefit of it, and in combination between Kepler and Optimus, we have a great solution, and we have a great solution and this is probably as competitive as we've ever been in the notebook segment.

他們了解它的好處，結合開普勒和擎天柱，我們有一個很好的解決方案，我們有一個很好的解決方案，這可能與我們在筆記本電腦領域的競爭力一樣。

Project Denver, our focus there is to supplement, add to ARM's capabilities by extending the ARM's architecture to segments in a marketplace that they are not themselves focused on, and there's some segments in the marketplace where single-threaded performance is still very important, and 64-bit is vital and so we dedicated ourselves to create a new architecture that extends the ARM instruction set, which is inherently very energy-efficient already and extend it to high performance segments that we need for our Company to grow our market.

Project Denver，我們的重點是通過將 ARM 的架構擴展到他們自己不關注的市場細分市場來補充和增加 ARM 的功能，並且在市場上的某些細分市場中，單線程性能仍然非常重要，並且64 位至關重要，因此我們致力於創建一個擴展 ARM 指令集的新架構，該指令集本質上已經非常節能，並將其擴展到我們公司發展市場所需的高性能細分市場。

And we're busily working on Denver.

我們正忙於在丹佛工作。

It is on track.

它正在走上正軌。

Our expectation is that we'll talk about it more, hopefully towards the end of next year and until then, I'm excited as you are.

我們的期望是我們會更多地談論它，希望在明年年底之前，直到那時，我和你一樣興奮。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

A few days ago a major flat screen controller vendor indicated that it saw some excess channel inventory in Android tablets.

幾天前，一家主要的平板控制器供應商表示，它在 Android 平板電腦中看到了一些多餘的渠道庫存。

what checks do you have in place to gauge sell-through in your tablet and SmartPhone products to make sure that product is not piling up in inventory somewhere?

您進行了哪些檢查來衡量平板電腦和智能手機產品的銷售情況，以確保該產品不會在某個地方堆積庫存？

I guess our channel checks are no more magical than others.

我想我們的頻道檢查並不比其他人更神奇。

I think Tegra 2 is the only device, it's a sole source device in the devices that we're in, so we have a relatively close relationship with our OEMs, and it is not second-sourced.

我認為 Tegra 2 是唯一的設備，它是我們所使用的設備中的唯一來源設備，因此我們與我們的 OEM 的關係相對密切，它不是第二來源的。

With respect to other components in a system, oftentimes they're second-sourced and they're cost reduced in the middle of the cycle and we put a lot of our energy working with our OEMs, improving the overall bill of material cost of the system, even throughout the entire product cycle.

對於系統中的其他組件，它們通常是二次採購的，並且在周期中間降低了成本，我們將大量精力與原始設備製造商合作，提高了整體材料成本系統，甚至貫穿整個產品週期。

I can't really speak for what other people see, but so far, what we see is relatively normal.

我真的不能代表別人看到什麼，但到目前為止，我們看到的還是比較正常的。

Can you give us a sense of what the unit or sales mix has been between SmartPhones and tablets this year and what do you think it's shaping up to be for next year?

您能否告訴我們今年智能手機和平板電腦之間的單位或銷售組合，以及您認為明年的情況如何？

My sense is a lot of people are still somewhat skeptical about the Android tablet opportunity, maybe even more so after the launch of Amazon Kindle Fire.

我的感覺是，很多人仍然對 Android 平板電腦的機會持懷疑態度，也許在亞馬遜 Kindle Fire 推出之後更是如此。

Any sense of how much of your growth prospects depend more on tablets rather than SmartPhones, I think are a useful indication for us.

任何關於你的增長前景在多大程度上取決於平板電腦而不是智能手機的感覺，我認為這對我們來說是一個有用的指標。

I think the overall mix is higher units in phones but about equal mix, relatively equal mix in terms of overall revenues.

我認為整體組合是手機中的更高單位，但在整體收入方面大致相等，相對相等。

In terms of Android tablets, I think that the early response was premature.

在安卓平板方面，我認為早期的反應還為時過早。

It is the case that there are many things that we could have done better, but it is also the case that the OEMs, ourselves, Google, really rolled up our sleeves and addressed many of the challenges that kept it from being more successful right out of the gate.

確實有很多事情我們本可以做得更好，但原始設備製造商、我們自己、谷歌也確實捲起袖子，解決了許多阻礙它取得更大成功的挑戰的大門。

You see now that these tablets are much more affordable.

您現在看到這些平板電腦更實惠。

They're available in multiple sizes, from 5-inch to 7-inch to 8-inch to 9-inch to 10-inch.

它們有多種尺寸可供選擇，從 5 英寸到 7 英寸到 8 英寸到 9 英寸到 10 英寸。

Some of them are foldable.

其中一些是可折疊的。

Some of them are transformable.

其中一些是可變形的。

There's all kinds of different types of manifestations and realizations of the Android tablet.

Android平板電腦有各種不同類型的表現和實現。

My understanding is that the Android tablet has now grown from approximately 0% in the March timeframe to now about a third of the overall tablet market and we represent about two-thirds of that.

我的理解是，Android 平板電腦現在已經從 3 月份的大約 0% 增長到現在大約佔整個平板電腦市場的三分之一，而我們約佔其中的三分之二。

And my sense is that's going to continue to grow.

我的感覺是這將繼續增長。

One of the things that I really love about Honeycomb 3.2, and even more so with Ice Cream Sandwich is that the applications that you have on your SmartPhone will work wonderfully on your tablet and vice versa and that the marketplace can now take advantage of the incredibly large installed base of Android phones to support applications that would benefit the tablet.

我真正喜歡 Honeycomb 3.2 的一件事，尤其是 Ice Cream Sandwich 更喜歡的是，您在智能手機上擁有的應用程序將在您的平板電腦上完美運行，反之亦然，並且市場現在可以利用令人難以置信的優勢大量安裝的 Android 手機，以支持有益於平板電腦的應用程序。

I think that strategy is ingenious and I think that the Android team has done a fabulous job implementing that strategy.

我認為該策略很巧妙，我認為 Android 團隊在實施該策略方面做得非常出色。

I think starting with Honeycomb 3.2 and surely all these various form factors and price points and device sizes and then Ice Cream Sandwich will surely accelerate that.

我認為從 Honeycomb 3.2 開始，當然還有所有這些不同的外形尺寸、價格點和設備尺寸，然後 Ice Cream Sandwich 肯定會加速這一進程。

I'm very enthusiastic about the Android tablets.

我對 Android 平板電腦非常感興趣。

Having said that, the Android phone, the market is just enormous and growing quickly.

話雖如此，Android 手機的市場非常龐大且增長迅速。

I think in the United States it's already the highest market share.

我認為在美國它已經是最高的市場份額。

I think the last month or last quarter, it reached something like 64% market share in the United States.

我認為上個月或上個季度，它在美國的市場份額達到了 64%。

Pretty extraordinary growth, and in China, Android or the base of Android surely is growing very quickly as well.

相當驚人的增長，在中國，Android 或 Android 的基礎肯定也在快速增長。

I think the SmartPhone market is going to continue to be very vibrant on Android, and that will only fuel and that will only feed the Android tablet market as well over time, and I think we're seeing all of those dynamics now.

我認為 Android 上的智能手機市場將繼續充滿活力，而且隨著時間的推移，這只會推動 Android 平板電腦市場的發展，我認為我們現在看到了所有這些動態。

So I'm much more enthusiastic about the tablet today than I was when it first launched and I think that results would suggest that's right.

所以我今天對這款平板電腦的熱情比剛推出時要高得多，我認為結果表明這是正確的。

You have quite a bit of cash, almost 30% or more of your market cap.

你有相當多的現金，幾乎是你市值的 30% 或更多。

You're also generating good levels of cash.

您還產生了良好的現金水平。

What will it take to start buying stock more actively at these levels?

在這些水平上開始更積極地購買股票需要什麼？

It's something we consider all the time.

這是我們一直在考慮的事情。

We just don't have anything to report today.

我們今天沒有什麼要報告的。

Uche Orji, UBS.

Uche Orji，瑞銀。

Help me understand how the economics of Tegra 3 works.

幫助我了解 Tegra 3 的經濟原理。

You talked about taking out $10 of BoM, but obviously in a market where we're seeing more and more low cost tablets being launched at ASP above $15, I just want to understand what are you taking out when you're talking about $10 worth of BoM?

您談到了從 BoM 中取出 10 美元，但顯然在我們看到越來越多的低成本平板電腦以高於 15 美元的 ASP 推出的市場中，我只是想了解當您談論價值 10 美元時您在取出什麼物料清單？

And to understand how, with $15 ASP or above, Tegra 3 can be economical within the lower-cost tablet market.

並且要了解在 15 美元或以上的平均售價下，Tegra 3 如何在低成本平板電腦市場中變得經濟。

Well, without being too specific, because I don't think it really matters.

好吧，不用太具體，因為我認為這並不重要。

I think the key is that the higher your power, the more you have to spend electronically to support it.

我認為關鍵是你的權力越高，你就越需要在電子上花費更多的錢來支持它。

And the lower your power, the more energy-efficient you are, the more you could reduce system cost.

而且您的功率越低，您的能源效率越高，您就越能降低系統成本。

Or use external devices that are much more affordable, but consumes a little bit more energy, because the core processor, which is where most of the energy is consumed, is so efficient.

或者使用更實惠但消耗更多能量的外部設備，因為消耗大部分能量的核心處理器非常高效。

When you're looking at a tablet, and then you think about an application processor that's about $20, it doesn't represent a very large percentage of the overall cost, and so the application processor is often not the issue.

當您查看平板電腦時，您會想到大約 20 美元的應用處理器，它並不佔總成本的很大比例，因此應用處理器通常不是問題。

The issue is everything else, and what we've done is we've taken a holistic system approach and we thought about the energy consumed by the backlight.

問題是其他一切，我們所做的是我們採用了整體系統方法，並考慮了背光所消耗的能量。

We thought about the energy consumed by the memory, and the rest of the system and we were able to dramatically reduce that through architecture, and that's implemented in Tegra 3.

我們考慮了內存和系統其餘部分消耗的能量，我們能夠通過架構顯著減少它，這在 Tegra 3 中實現。

So that's at the highest level, what we've done, and I think that our customers are really excited by the system cost reduction we were able to bring them.

這是我們所做的最高水平，我認為我們的客戶對我們能夠為他們帶來的系統成本降低感到非常興奮。

In terms of the handset design wins you're getting, Tegra 2 started off with quite a few handsets, and obviously, the revenue started out strong and flat lined for a while.

就您獲得的手機設計而言，Tegra 2 一開始就有不少手機，很明顯，收入開始時強勁且持平。

As we look at design wins for Tegra 3, I have two questions.

當我們看到 Tegra 3 的設計勝利時，我有兩個問題。

How much more confident are you that some of these design wins will suddenly translate to big revenue?

您對其中一些設計勝利會突然轉化為巨額收入更有信心嗎？

This is not something within your control.

這不在你的控制範圍內。

I'm trying to gauge your level of confidence.

我正在嘗試衡量你的自信程度。

With more design wins, do you have to spend more OpEx to support it?

隨著更多的設計勝利，您是否需要花費更多的 OpEx 來支持它？

If your revenue doesn't come through, is there any flexibility to being able to make model a little bit less saddled with higher fixed costs while the design wins are not necessarily shipping as aggressively.

如果您的收入沒有實現，是否有任何靈活性可以使模型少受較高固定成本的負擔，而設計獲勝不一定會如此積極地發貨。

I don't know if you understand what I'm trying to say.

我不知道你是否明白我想說什麼。

I'm just trying to understand, if I look at Tegra 2 into Tegra 3, how should I believe the revenue will come through?

我只是想了解，如果我將 Tegra 2 看成 Tegra 3，我應該如何相信收入會通過？

I'm more confident in Tegra 3 at this point than I was in Tegra 2 at this point a year ago.

在這一點上，我對 Tegra 3 比一年前對 Tegra 2 更有信心。

We have more design wins.

我們有更多的設計勝利。

We're better at it.

我們更擅長。

We surely are much better at it today than we were a year ago.

我們今天肯定比一年前做得更好。

We have a lot more engineers who are engaging with a lot more customers, working on a lot more devices that will enter into the marketplace earlier than we entered into this year.

我們有更多的工程師與更多的客戶打交道，他們正在開發比我們今年更早進入市場的更多設備。

By the time we started shipping, it was really dribbles and drabs in April, and I think we're going to go into this coming year with a pretty good running start.

到我們開始發貨時，四月份的運球真的很單調，我認為我們將以一個不錯的開端進入新的一年。

If you're asking me about my confidence, I'm surely more confident now with the year of building mobile devices behind me and the level of expertise that we've been able to develop over the years.

如果您要問我的信心，我現在肯定更有信心，因為我已經過去了一年構建移動設備以及我們多年來能夠發展的專業水平。

And I think the reputation of our Company, the trust that our OEMs have in us, and the leadership position we have with our processor, Tegra 3, is pretty unambiguous.

我認為我們公司的聲譽、原始設備製造商對我們的信任以及我們在處理器 Tegra 3 方面的領導地位是非常明確的。

I surely feel more confident today than I did on the Tegra 2 cycle.

我今天肯定比我在 Tegra 2 循環時更有信心。

With respect to investment, we're investing in both our notebook PC growth as well as our mobile devices growth, and we believe that we're addressing very large TAMs, and irrespective of whatever experience, albeit, I'm more confident right now in your scenario even in that scenario that you hypothesized about, I'm fully committed to this marketplace.

在投資方面，我們既投資於筆記本電腦的增長，也投資於移動設備的增長，我們相信我們正在解決非常大的 TAM，不管經驗如何，儘管我現在更有信心在您的場景中，即使在您假設的場景中，我也完全致力於這個市場。

I believe that the future is visual.

我相信未來是視覺的。

I believe that the future is mobile, and we're going to invest into it.

我相信未來是移動的，我們將對其進行投資。

We're looking at a $25 billion TAM in some four, five years, and we're going to go after it.

我們正在考慮在大約四五年內實現 250 億美元的 TAM，我們將繼續努力。

So I think irrespective of any unexpected hiccup in the short term, we're going to stay determined and focused on building a great Company.

因此，我認為，無論短期內出現任何意外的問題，我們都將保持決心並專注於建立一家偉大的公司。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

(inaudible) at the conference back in September you gave fiscal 2013 guidance.

（聽不清）在 9 月的會議上，您提供了 2013 財年的指導。

(inaudible) Going on in Europe, issues impacting hard disc drives, can you discuss whether there are any changes to your view, the guidance.

（聽不清）在歐洲進行，影響硬盤驅動器的問題，您能否討論您的觀點和指導是否有任何變化。

I have no change in my guidance, or in my projection, nor do I believe the short-term information that we have warrants it.

我的指導或預測沒有任何變化，我也不相信我們擁有的短期信息有保證。

It is really unfortunate what happened in Thailand and in some areas it would affect our business, in some areas it would benefit our business.

在泰國發生的事情真的很不幸，在某些領域它會影響我們的業務，在某些領域它會使我們的業務受益。

In some areas it would have no impact on our business and a big part of our business as you know is in after market retail purchase of graphics cards that people buy to enhance their PCs so that they can play the latest games.

在某些領域，它不會對我們的業務產生影響，正如您所知，我們業務的很大一部分是在售後市場零售購買顯卡，人們購買這些顯卡以增強他們的 PC，以便他們可以玩最新的遊戲。

That's a very large market because the game market is so large.

這是一個非常大的市場，因為遊戲市場是如此之大。

And I don't think that will be affected by the situation in Thailand.

我認為這不會受到泰國局勢的影響。

I don't think our mobile industry, mobile business will be affected by it.

我不認為我們的移動行業、移動業務會受到它的影響。

If anything, it will be affected by a positive way.

如果有的話，它將受到積極的影響。

I think our workstation business, which is very large and drives a larger part of our profit dollars will not be affected, and if anything it will be affected in a positive way.

我認為我們的工作站業務非常大，占我們利潤的大部分，不會受到影響，如果有的話，它會受到積極的影響。

And so I think that there are many areas where it's unaffected, some of it will be affected and some of it is positively affected, and so I think at the moment I wouldn't change anything.

所以我認為有很多領域沒有受到影響，有些會受到影響，有些會受到積極影響，所以我認為目前我不會改變任何事情。

Craig Berger, FBR Capital Markets.

Craig Berger，FBR 資本市場。

Can you just give us a brief update on Icera, when you expect to get into a handset with that product, and share with us your view of integrated architecture versus discrete architecture and how Tegra fits into the future there?

您能否簡單介紹一下 Icera 的最新情況，當您希望使用該產品的手機時，並與我們分享您對集成架構與離散架構的看法，以及 Tegra 如何適應那裡的未來？

Number one, I don't believe that it makes sense to integrate for tablets.

第一，我認為整合平板電腦沒有意義。

It doesn't make sense to integrate for clam shells and mostly doesn't make sense for SuperPhones.

集成蛤殼是沒有意義的，而且對於 SuperPhones 來說大多沒有意義。

However, for the mainstream and entry-level SmartPhones, I think it makes a lot of sense to integrate and our plan, we're actively working on an integrated product.

但是，對於主流和入門級的智能手機，我認為整合是很有意義的，我們的計劃是，我們正在積極開發整合產品。

We're actively working on many non-integrated products as well, for all of the segments that I described.

對於我描述的所有細分市場，我們也在積極開發許多非集成產品。

For the integrated product, I hope that we'll have something to sample next year.

對於集成產品，我希望我們明年能有一些樣品。

With respect to the first question, Icera phones, we have several Icera phones with Tegra processors actively in development and racing to market as we speak.

關於第一個問題，Icera 手機，我們有幾款配備 Tegra 處理器的 Icera 手機正在積極開發中，並在我們發言時競相上市。

In the meantime, and I think going forward as well, for our standalone application processors, the Tegra processors, we're delighted to and we continue to work with the standalone modem companies because there are many accounts and many customers where they have deep partnerships and a lot of experience with and there are many where we have a lot of experience with and I think that partnering with them is helpful to our combined partners and our combined customers and the market is growing so rapidly that collaboration is surely better.

與此同時，我也認為，對於我們的獨立應用處理器 Tegra 處理器，我們很高興並且繼續與獨立調製解調器公司合作，因為有許多客戶和許多客戶與他們建立了深厚的合作關係並且有很多經驗，我們有很多經驗，我認為與他們合作對我們的聯合合作夥伴和我們的聯合客戶有幫助，市場增長如此迅速，合作肯定會更好。

Ambrish Srivastava, BMO.

Ambrish Srivastava，BMO。

Jen-Hsun, you're absolutely right, you should actually go see Raw One, it was a great movie.

仁勳，你說得對，你真的應該去看 Raw One，那是一部很棒的電影。

Your marketing guys did a great job with the product placement, it was right front and center.

您的營銷人員在產品放置方面做得很好，它就在前面和中心。

My question, a little bit longer-term.

我的問題，有點長期。

You talked about it a little bit.

你談了一點。

What does ARM V8 give you?

ARM V8 給你什麼？

You talked about high-performance computing.

你談到了高性能計算。

Are you also hoping to take that into low power servers?

您是否也希望將其用於低功耗服務器？

How do the dynamics change because there's a lot of ARM licensees, but you are the lead licensee for ARM V8.

動態如何變化，因為有很多 ARM 被許可人，但您是 ARM V8 的主要被許可人。

The Denver architecture is intended to extend the ARM instruction set into segments where ARM is not naturally likely to go themselves.

Denver 架構旨在將 ARM 指令集擴展到 ARM 自然不可能自己去的部分。

And it's designed to bring a new level of performance and efficiency to the ARM instruction set beyond where they currently are.

它旨在將 ARM 指令集的性能和效率提升到一個新的水平，超越目前的水平。

And it's not because ARM is not able to design these things, it's because our market focus is perfectly aligned with ARM in some areas like mobile and tablets and clamshells.

這並不是因為 ARM 無法設計這些東西，而是因為我們的市場重點在某些領域與 ARM 完全一致，例如移動設備、平板電腦和翻蓋。

In some areas that are very important to us, they're rather non-markets for them today, and we, in partnering with them could bring value by bringing the ARM instruction set into segments of the marketplace that are very important to us.

在一些對我們非常重要的領域，它們對它們來說是相當非市場的，我們與它們合作可以通過將 ARM 指令集引入對我們非常重要的市場部分來帶來價值。

There are also segments in the marketplace, you mentioned high-performance computing, that desperately would like to see an energy-efficient instruction set architecture, like massively parallel processing in super computing or in very energy-efficient high throughput servers.

市場上也有一些細分市場，你提到了高性能計算，他們非常希望看到節能指令集架構，例如超級計算中的大規模並行處理或非常節能的高吞吐量服務器。

These are opportunities that are very interesting to us as well.

這些也是我們非常感興趣的機會。

As we get closer to the release of Denver, we'll reveal more and more of the strategies that are related to Denver, and I think you're going to be as blown away and as excited as I am.

隨著我們接近丹佛的發布，我們將揭示越來越多與丹佛相關的策略，我想你會像我一樣被震撼和興奮。

At this time, do you have any closing remarks?

在這個時候，你有什麼結束語嗎？

No, thank you.

不，謝謝。

Thank you everyone.

謝謝大家。

We look forward to talking to you about our Q4 results and we'll see you next time.

我們期待與您討論我們的第四季度業績，我們下次再見。

Thank you.

謝謝你。

Thank you.

謝謝你。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連接。