輝達 (NVDA) 2013 Q1 法說會逐字稿

Good morning. My name is Ashley and I'll be your Conference Operator today. At this time, I would like to welcome everyone to the NVIDIA financial results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions). Thank you. Mr. Christopher Evenden, Senior Director of Investor Relations, you may begin your conference.

早上好。我的名字是 Ashley，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 NVIDIA 財務業績電話會議。所有線路都已靜音，以防止任何背景噪音。講者致辭後，將進行問答環節。 （操作員說明）。謝謝你。投資者關係高級總監 Christopher Evenden 先生，您可以開始您的會議了。

Thanks, Ashley. Good morning and welcome NVIDIA's conference call on the first quarter of fiscal 2013 results. With me on the call today from NVIDIA are Jen-Hsun Huang, President and Chief Executive Officer, and Karen Burns, Interim Chief Financial Officer. After our prepared remarks we will open up the call to a question-and-answer session. Please limit yourself to one initial question with one follow-up.

謝謝，阿什利。早上好，歡迎 NVIDIA 關於 2013 財年第一季度業績的電話會議。 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。在我們準備好發言後，我們將開啟問答環節。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. A replay of the conference call will be available via telephone until May 15, 2012. And the Webcast will be available for replay until our conference call to discuss our financial results for our second quarter of fiscal 2013. The content of today's conference call is NVIDIA's property and cannot be reproduced or transcribed without our prior written consent.

在我們開始之前，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。電話會議的重播將在 2012 年 5 月 15 日之前通過電話提供。網絡廣播將在我們討論 2013 財年第二季度財務業績的電話會議之前進行重播。今天電話會議的內容是 NVIDIA 的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. These forward-looking statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially. 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-K for the fiscal year ended January 29, 2012, and the reports we may file from time to time on Form 8-K, filed with the Securities and Exchange Commission.

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。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。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、我們截至 2012 年 1 月 29 日的財政年度的 10-K 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, May 11, 2012 based on the information available to us as of today. And except as required by law, we assume no obligation to update any such statements. Unless otherwise noted all references to market research and market share numbers throughout the call come from Mercury Research or John Petty Research.

我們所有的聲明都是根據我們截至今天可獲得的信息於 2012 年 5 月 11 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。除非另有說明，否則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 may discuss non-GAAP financial measures. 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. Or, in the case of our fiscal year 2013 outlook, the reconciliation is posted on our Investor Relations website.

在本次電話會議中，我們可能會討論非公認會計原則的財務措施。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。或者，就我們的 2013 財年展望而言，對賬將發佈在我們的投資者關係網站上。

With that, let me begin. Each of NVIDIA's businesses performed at least in line with expectations for the quarter, with Notebook Graphics and Tegra coming in slightly higher than we had anticipated. As expected, we faced headwinds from the soft economy and high hard drive prices, which passed the PC mix away from the channel in favor of OEMs. However, our competitive position was enhanced in mid-March with the launch of our new Kepler GPU architecture. Kepler is more powerful, more compact, and more efficient than anything before it. Kepler is also our first architecture to include virtualization technology built right into the GPU. And we'll talk more about what that means at our GPU Technology Conference next week, and at our upcoming Analyst Day on May the 24th.

讓我開始吧。 NVIDIA 的每項業務在本季度的表現至少符合預期，筆記本顯卡和 Tegra 的表現略高於我們的預期。正如預期的那樣，我們面臨經濟疲軟和硬盤價格高的不利因素，這使 PC 組合遠離渠道，有利於 OEM。然而，隨著我們新的 Kepler GPU 架構的推出，我們在 3 月中旬的競爭地位得到了加強。開普勒比之前的任何東西都更強大、更緊湊、更高效。 Kepler 也是我們第一個在 GPU 中內置虛擬化技術的架構。我們將在下週的 GPU 技術大會和即將到來的 5 月 24 日分析師日上更多地討論這意味著什麼。

Our first Kepler product was the GeForce GTX 680, which is 10% faster, 20% smaller and 22% more power efficient than its direct competitor. Of more than 130 media reviews published so far, each and every one of them recommended our GeForce GTX 680 over the competition. Kepler is the most efficient GPU architecture we've ever created and we expect this to translate into more market share and higher margins.

我們的第一款 Kepler 產品是 GeForce GTX 680，它比直接競爭對手快 10%，體積小 20%，能效提高 22%。在迄今為止發布的 130 多篇媒體評論中，每一篇都推薦我們的 GeForce GTX 680 勝過競爭。 Kepler 是我們創建的最高效的 GPU 架構，我們預計這將轉化為更多的市場份額和更高的利潤。

Less than two weeks ago we launched our second GeForce Kepler product, the GeForce GTX 690, which uses two Kepler GPUs, to set a new bar for performance. The 690 is a gorgeous piece of engineering and industrial design, and this was widely noted by the press. The public reaction speaks to the degree of craftsmanship and pride our engineers and designers put into their products. PC Magazine, which is a mainstream technology publication, described it as the Card to Cherish. Enthusiast sites went even further with HardOCP calling it the most perfect card they've ever tested. Their reviewer found it to be, and I quote, the finest-looking, best-performing, most efficient dual-GPU card in the world, with unsurpassed design and engineering.

不到兩週前，我們推出了第二款 GeForce Kepler 產品 GeForce GTX 690，它使用兩個 Kepler GPU，為性能樹立了新標杆。 690 是一項華麗的工程和工業設計，這被媒體廣泛關注。公眾的反應反映了我們的工程師和設計師對他們產品的工藝水平和自豪感。主流科技刊物《PC Magazine》將其描述為“值得珍惜的卡片”。愛好者網站更進一步，將 HardOCP 稱為他們測試過的最完美的卡。他們的評論員發現它是世界上最漂亮、性能最好、最高效的雙 GPU 卡，具有無與倫比的設計和工程。

And yesterday we launched the GTX 670 to even better reviews. These cards enter a healthy PC gaming market. We launched the 690 at our GeForce LAN and Video Gaming Festival in Shanghai. The event had 8,000 live attendees competing with a passion that has to be seen to be believed. And more than 1 million people viewed the two-day contest online.

昨天我們推出了 GTX 670 以獲得更好的評價。這些卡進入了健康的 PC 遊戲市場。我們在上海的 GeForce LAN 和視頻遊戲節上推出了 690。該活動有 8,000 名現場參與者以一種必須親眼所見才能相信的熱情進行競爭。超過 100 萬人在線觀看了為期兩天的比賽。

Notebook revenue hit a record in the first quarter, as we refreshed our notebook GPUs top to bottom with the launch of the GeForce 600M series. The unprecedented power efficiency of GeForce 600M Notebook GPUs has enabled new notebook form factors like that of the Acer Aspire Ultrabook M3. Putting a GeForce 600M GPU In an Ultrabook makes the Ultrabook truly worthy of the ultra tag.

隨著 GeForce 600M 系列的推出，我們從上到下更新了我們的筆記本 GPU，筆記本電腦的收入在第一季度創下了歷史新高。 GeForce 600M Notebook GPU 前所未有的能效使新的筆記本外形尺寸成為可能，例如 Acer Aspire Ultrabook M3。將 GeForce 600M GPU 放入超極本使超極本真正配得上超極本。

All indicators are that strong growth will continue for our Notebook business through Q2 and Q3, driven by Kepler design wins on the Ivy Bridge platform. Our visibility into OEM builds suggests that the attach rate, stable for the last three years, will remain strong. We'll be introducing more Kepler GPUs in the coming quarters. Demand is high for Kepler. And, although supply will continue to improve, we are not able to meet all our OEM and channel demand in Q2. We do not expect the 28-nanometer supply situation to resolve itself until later this year. This is factored into our current outlook. At this point, we can sell everything we can get.

所有指標都表明，在 Ivy Bridge 平台上的 Kepler 設計獲勝的推動下，我們的筆記本電腦業務將在第二季度和第三季度繼續強勁增長。我們對 OEM 構建的了解表明，過去三年穩定的附加率將保持強勁。我們將在未來幾個季度推出更多的 Kepler GPU。對開普勒的需求很高。而且，儘管供應將繼續改善，但我們無法在第二季度滿足我們所有的 OEM 和渠道需求。我們預計 28 納米供應情況要到今年晚些時候才能自行解決。這是我們當前展望的因素。在這一點上，我們可以賣掉我們能得到的一切。

I'll now turn to our Tegra business. The world's first Tegra 3 phone was launched in February by HTC. The HTC 1X is their new flagship product and has delighted reviewers worldwide. This is the first phone we've had that launched day one across multiple carriers. Tegra 3 gives a long battery life, thanks to the 4-PLUS-1 quad-core architecture, console quality gaming, and fast web browsing. Because Tegra 3 utilizes a specially enhanced 40-nanometer process, it's not affected by 28-nanometer supply constraints.

我現在將轉向我們的 Tegra 業務。 HTC 於 2 月推出了世界上第一款 Tegra 3 手機。 HTC 1X 是他們的新旗艦產品，讓全世界的評論家都很高興。這是我們在多家運營商推出第一天的第一款手機。得益於 4-PLUS-1 四核架構、遊戲機品質的遊戲和快速的網頁瀏覽，Tegra 3 的電池續航時間更長。由於 Tegra 3 採用了特別增強的 40 納米工藝，因此不受 28 納米供應限制的影響。

Other phone wins announced at Mobile World Congress include VGE with the first Tegra plus Icera phones. Fujitsu, LG and K-Touch. Tegra 3 phones are now shipping from 22 carriers in Europe and Asia and more will follow shortly. The launch this past quarter of the first two phones with our Icera baseband processors signals a new opportunity for NVIDIA to penetrate the mainstream smartphone market and to capture a greater share of the silicon BOM in each phone.

在世界移動大會上宣布的其他手機勝利包括 VGE 與第一款 Tegra 和 Icera 手機。富士通、LG 和 K-Touch。 Tegra 3 手機現已從歐洲和亞洲的 22 家運營商發貨，不久之後還會有更多。上個季度推出的前兩款配備我們的 Icera 基帶處理器的手機標誌著 NVIDIA 進入主流智能手機市場並在每部手機中佔據更大矽 BOM 份額的新機會。

Looking forward, you'll see Tegra 3 LTE phones with partners' baseband processors in the second half of this year. And then next year with our own LT baseband processors, as well. Additionally, we remain very excited about Tegra's opportunity in Windows on ARM. Progress continued this quarter with Microsoft shipping development PCs powered by NVIDIA's Tegra 3 mobile processor to Windows 8 developers and to device makers.

展望未來，您將在今年下半年看到配備合作夥伴基帶處理器的 Tegra 3 LTE 手機。然後明年我們也將使用我們自己的 LT 基帶處理器。此外，我們仍然對 Tegra 在 Windows on ARM 中的機會感到非常興奮。本季度繼續取得進展，微軟向 Windows 8 開發人員和設備製造商交付了搭載 NVIDIA Tegra 3 移動處理器的開發 PC。

Microsoft itself has made some important recent announcements about Windows on ARM, particularly those referring to its flexibility for enterprise applications. And related, Forrester has predicted that 375 million tablets will ship in 2016 and almost one-third of these will be bought directly by business. Even for the rest, Forrester believes that most consumers will use them for work, as well as at home.

微軟自己最近發布了一些關於 ARM 上的 Windows 的重要公告，尤其是那些提到其對企業應用程序的靈活性的公告。與此相關的是，Forrester 預測 2016 年將出貨 3.75 億台平板電腦，其中近三分之一將由企業直接購買。即使對於其餘部分，Forrester 相信大多數消費者會將它們用於工作以及在家中。

Before handing things over to Karen, I'd like to remind everyone that our annual GPU Technology Conference takes place next week. We're bringing together several thousand scientists, engineers and academics together to share, learn and network. Jen-Hsun will be presenting a major keynote at 10.30 AM on May 15. And it's well worth listening online if you can't be there in person. We'll also have keynotes from a Princeton researcher using GPUs to model collective behavior. And the leader of a team competing for the Lunar X-PRIZE. Many of the best minds in computing will be there. Finally, I want to highlight our annual Investor Day on May 24. If you'd like to attend, please email me, or visit our Website at NVIDIA.com/IR to register.

在將事情交給 Karen 之前，我想提醒大家，我們的年度 GPU 技術大會將於下週舉行。我們將數千名科學家、工程師和學者聚集在一起，共同分享、學習和建立網絡。 Jen-Hsun 將於 5 月 15 日上午 10 點 30 分發表重要主題演講。如果您不能親自到場，也值得在線聆聽。我們還將聽取來自普林斯頓大學研究人員的主題演講，他們使用 GPU 對集體行為進行建模。以及爭奪 Lunar X-PRIZE 的團隊的領導者。許多計算機領域最優秀的人才將在那裡。最後，我想強調一下 5 月 24 日的年度投資者日。如果您想參加，請給我發電子郵件，或訪問我們的網站 NVIDIA.com/IR 進行註冊。

Now, over to Karen.

現在，交給凱倫。

Thanks, Chris.

謝謝，克里斯。

Revenue was at the high end of our outlook at $924.9 million, on the strength of our new Kepler GPUs we launched in the quarter, as well as from strong performances in our Notebook and Tegra businesses. GAAP gross margin for the quarter was 50.1%. Non-GAAP was 50.4%. Both at the high end of our outlook. Again, on the strength of our new Kepler GPUs and desktop and notebook. Our GAAP and non-GAAP gross margins were 1.3 and 2.1 percentage points lower than the prior quarter, respectively. Largely due to the impact of 28-nanometer supply shortages we experienced for our new Kepler products.

由於我們在本季度推出的新 Kepler GPU 以及我們的筆記本電腦和 Tegra 業務的強勁表現，收入處於我們預期的高端，為 9.249 億美元。本季度 GAAP 毛利率為 50.1%。非公認會計原則為 50.4%。兩者都處於我們前景的高端。再次，憑藉我們新的 Kepler GPU 以及台式機和筆記本電腦的優勢。我們的 GAAP 和非 GAAP 毛利率分別比上一季度低 1.3 和 2.1 個百分點。很大程度上是由於我們新開普勒產品遇到的 28 納米供應短缺的影響。

GAAP OpEx was $390.5 million, non-GAAP was $348 million. Both slightly above our outlook. The quarter-on-quarter increase was largely attributable to planned hiring and related infrastructure spending to support our strategic businesses. As well as the impact of the payroll FICA tax reset that affects every first quarter. These results contributed to a GAAP net income of $60.4 million for the quarter, or $0.10 per diluted share. And non-GAAP net income of $97.5 million or $0.16 per diluted share. Both slightly above the midpoint of our expectations.

GAAP OpEx 為 3.905 億美元，非 GAAP 為 3.48 億美元。兩者均略高於我們的預期。環比增長主要歸因於為支持我們的戰略業務而計劃的招聘和相關基礎設施支出。以及影響每個第一季度的工資單 FICA 稅收重置的影響。這些結果促成了本季度 6040 萬美元的 GAAP 淨收入，即每股攤薄收益 0.10 美元。非 GAAP 淨收入為 9750 萬美元或每股攤薄收益 0.16 美元。兩者都略高於我們預期的中點。

Revenue results by business segment were as follows. Our GPU business was down 6.7% quarter-on-quarter, due to the 28-nanometer supply shortage, which largely impacted our high-end Desktop business, as well as shorted supply for our new Kepler GPUs for notebook. Our Professional business was down slightly at 4.2% from the fourth quarter, within normal seasonality. Our Consumer business was up 20.8% on the strength of our Tegra business, as we launched Tegra 3 for smartphones and tablets, offset by a decrease in our Embedded business.

按業務分部劃分的收入結果如下。我們的 GPU 業務環比下降 6.7%，原因是 28 納米供應短缺，這在很大程度上影響了我們的高端台式機業務，以及我們用於筆記本電腦的新開普勒 GPU 的供應短缺。在正常的季節性範圍內，我們的專業業務較第四季度小幅下降 4.2%。由於我們推出了用於智能手機和平板電腦的 Tegra 3，我們的消費業務增長了 20.8%，這被我們嵌入式業務的下降所抵消。

For GAAP, our outlook for the second quarter is as follows. Revenue of $990 million to $1.05 billion. Gross margin of 51.2%, plus or minus 1 percentage point. OpEx of approximately $418 million. Our GAAP OpEx outlook for Q2 includes a one-time charge related to our corporate donation to Stanford Hospital of $25 million, payable over a 10-year period. We approximate our tax rate for the quarter at 20%, plus or minus 1 percentage point.

對於 GAAP，我們對第二季度的展望如下。收入為 9.9 億美元至 10.5 億美元。毛利率為51.2%，上下浮動1個百分點。運營支出約為 4.18 億美元。我們對第二季度的 GAAP 運營支出展望包括與我們向斯坦福醫院捐贈的 2500 萬美元相關的一次性費用，在 10 年內支付。我們將本季度的稅率近似為 20%，正負 1 個百分點。

For non-GAAP, we expect the following differences from our GAAP outlook. Gross margin of 51.5%, plus or minus 1 percentage point. OpEx of approximately $354 million, which excludes the $25 million one-time charge related to our contribution to Stanford, as well as stock-based compensation and certain other charges related to acquisitions. Outlook for the second-quarter depreciation and amortization are expected in the range of $55 million to $57 million. And capital expenditures of $35 million to $45 million. Diluted shares are expected to be approximately 628 million.

對於非 GAAP，我們預計與我們的 GAAP 展望存在以下差異。毛利率為51.5%，上下浮動1個百分點。運營支出約為 3.54 億美元，其中不包括與我們對斯坦福大學的貢獻相關的 2500 萬美元一次性費用，以及基於股票的薪酬和與收購相關的某些其他費用。第二季度折舊和攤銷的前景預計在 5500 萬美元至 5700 萬美元之間。以及 3500 萬至 4500 萬美元的資本支出。稀釋後的股份預計約為6.28億股。

Thanks, Karen. That concludes our prepared remarks. We'll now take questions. Ashley?

謝謝，凱倫。我們準備好的發言到此結束。我們現在來提問。阿什利？

(Operator Instructions). Ross Seymore of Deutsche Bank.

（操作員說明）。德意志銀行的羅斯·西莫爾。

Congrats on the strong quarter and guide. Just looking for the forward guidance. What are your segments doing specifically between the three main segments of your business?

祝賀強大的季度和指導。只是在尋找前瞻指導。您的部門在業務的三個主要部門之間具體做什麼？

Well, I guess they're all up.

好吧，我想他們都起來了。

Are there any specific drivers --? I thought you were done. Go ahead.

是否有任何特定的驅動程序--？我以為你已經完成了。前進。

We're expecting them to be all up. Supply is still constrained and our manufacturer is working their hearts out to catch up to our demand. But at the moment demand still continues to exceed supply. And we expect that to happen throughout the year, as Chris was saying earlier. But Kepler's a fantastic GPU. This is arguably the best we've ever made, and we've made some pretty fantastic GPUs over the years. And we're just in the process of rolling out Kepler into each and every one of our businesses, starting with desktop. There's still many, many segments within desktop that we're expecting to transition into Kepler throughout the year and throughout next year. There's notebook, that's in the process of rolling out now. We started shipping this last quarter and that explains the big jump-up. And we're expecting another jump-up this coming quarter.

我們期待他們全力以赴。供應仍然有限，我們的製造商正在竭盡全力滿足我們的需求。但目前需求仍繼續超過供應。正如克里斯早些時候所說，我們預計全年都會發生這種情況。但是 Kepler 是一個很棒的 GPU。這可以說是我們做過的最好的，多年來我們已經製造了一些非常棒的 GPU。我們正在將 Kepler 推廣到我們的每一項業務中，從桌面開始。我們預計在今年和明年全年，桌面內仍有很多很多部分將過渡到 Kepler。有筆記本，現在正在推出。我們在上個季度開始發貨，這解釋了大幅上漲。我們預計下個季度會再次出現增長。

But Kepler is our GPU that goes into GeForce and Quadro and Tesla. This upcoming week at GTC, I'd love to tell you about some of the new ideas around GPUs. Kepler is the core of many of our businesses. When our GPU architecture is incredibly successful, you could see it drive all of our businesses for several years. So, my guess is that this will do, again, the same. And of course, Tegra 3 is ramping, as we talked about before. Although we don't have LTE at the moment, LTE is predominantly a US-centric phenomenon. Outside of the United States, the big super phone upgrade is quad core. Tegra 3 is the world's first quad core, and it's even a special quad core at that, with 4-PLUS-1. It's got NVIDIA's branded graphics and all of our style of doing wonderful graphics and the video games, and the content really shows. So, Tegra 3 is the next major upgrade for super phones in Europe and in China and elsewhere. Then towards the end of the year we hope to bring Tegra 3 with LTE phones to the United States.

但 Kepler 是我們用於 GeForce、Quadro 和 Tesla 的 GPU。即將在 GTC 舉行的這一周，我很樂意向您介紹有關 GPU 的一些新想法。開普勒是我們許多業務的核心。當我們的 GPU 架構取得令人難以置信的成功時，您可以看到它在幾年內推動了我們所有的業務。所以，我的猜測是，這將再次相同。當然，正如我們之前談到的，Tegra 3 正在加速發展。雖然我們目前沒有 LTE，但 LTE 主要是一種以美國為中心的現象。在美國以外，超級手機的大升級是四核。 Tegra 3 是世界上第一個四核，它甚至是一個特殊的四核，帶有 4-PLUS-1。它擁有 NVIDIA 的品牌圖形和我們所有的出色圖形和視頻遊戲風格，並且內容真實展示。因此，Tegra 3 是歐洲、中國和其他地方超級手機的下一個重大升級。然後到今年年底，我們希望將配備 LTE 手機的 Tegra 3 帶到美國。

I guess as my one follow-up, on that 28-nanometer shortage side of things, do you expect the solution to that problem to be more yield-driven by your primary supplier? I think in the past you've talked about looking to potentially diversify to additional foundries. So would the supply coming on from those potential suppliers fix the problem, as well?

我想作為我的後續行動，在 28 納米短缺方面，您是否希望該問題的解決方案更多地由您的主要供應商驅動？我認為您過去曾談到尋求潛在的多元化以增加代工廠。那麼來自這些潛在供應商的供應是否也能解決問題？

Yields of 28 are probably the best of any new node that TSMC has ever done. They've done a great job with 28. And I think that it also explains the demand on their 28. It's yielding wonderfully at this point in its ramp. The performance is fabulous. The efficiency, energy efficiency is terrific. So I think it explains the reason why the demand is so great for this particular node. I think the increased supply will have to come from increased capacity. We're short now, and every chip that they can come out of their fab is being shipped instantaneously. We've reduced cycle time dramatically between us and our customers and we're trying to get the products to market as quickly as possible. So, I expect us to be supply constrained from wafers, at the wafers level, and we'll continue that way throughout the end of the year.

28 的產量可能是台積電做過的任何新節點中最好的。他們在 28 上做得很好。而且我認為這也解釋了對 28 的需求。在這一點上，它的產量非常好。表演很棒。效率，能源效率是了不起的。所以我認為它解釋了為什麼這個特定節點的需求如此之大。我認為供應的增加必須來自產能的增加。我們現在很短缺，他們可以從他們的晶圓廠生產出來的每一個芯片都是即時發貨的。我們已經大大縮短了我們與客戶之間的周期時間，並且我們正在努力盡快將產品推向市場。因此，我預計我們將在晶圓層面受到晶圓供應的限制，並且我們將在整個年底繼續這種方式。

Great. Thank you.

偉大的。謝謝你。

Daniel Berenbaum with MKM Partners.

MKM Partners 的 Daniel Berenbaum。

Maybe just a follow-up on Ross's question a little bit. So your 28-nanometer yields are good. And we've heard this from some of your peers as well, who are also constrained by TSMC supply. Was the problem that the customers of Taiwan Semi just didn't give bullish enough forecasts so that TSMC didn't add sufficient capacity? Or was there a misunderstanding in the planning process? Or can you maybe help us understand a little bit of the dynamic that's going on between you and your supplier?

也許只是對羅斯問題的一點跟進。所以你的 28 納米產量很好。我們也從您的一些同行那裡聽到了這一點，他們也受到台積電供應的限制。是台積電的客戶預測不夠樂觀，導致台積電沒有增加足夠的產能嗎？還是在規劃過程中存在誤解？或者您能否幫助我們了解您和您的供應商之間正在發生的一些動態？

I think clearly there just isn't enough capacity. We've expected a really, really successful Kepler launch. And the reason for that is because we've known for some time that Kepler is going to be a fantastic GPU. We've had big plans for Kepler. We invested last year rather aggressively on the various designs of Kepler and all of the capabilities that people are starting to learn about Kepler and there are many more to come. We made those investments because we expected to be able to grow the market, and there's every evidence that we're growing the market. There's just not enough capacity. The planning process, when we think about these new nodes, it just simply needs to be better. I don't think there's any way around that. In combination between us and TSMC, we under-planned for the supply of 28-nanometer and we need to fix that in the future.

我認為顯然沒有足夠的容量。我們期待著一次非常非常成功的開普勒發射。其原因是因為我們已經知道 Kepler 將成為出色的 GPU 已有一段時間了。我們為開普勒制定了宏偉的計劃。去年，我們在 Kepler 的各種設計以及人們開始了解 Kepler 的所有功能上進行了相當積極的投資，而且還會有更多。我們進行這些投資是因為我們希望能夠發展市場，並且有充分的證據表明我們正在發展市場。只是容量不夠。規劃過程，當我們考慮這些新節點時，它只是需要更好。我不認為有任何解決辦法。在我們和台積電之間，我們計劃不足的 28 納米供應，我們需要在未來解決這個問題。

So is this something that can simply be fixed by better planning or is there really a more structural change where TSMC is the only option at 28 nanometer, at least for some period of time? And getting to 20-nanometer will clearly have a lead among the other foundries at 20-nanometers? Is that a structural change where you're seeing potentially lower margins because you're much more tied to just the one supplier?

那麼這是可以通過更好的規劃來解決的問題，還是真的有更多的結構變化，台積電是 28 納米的唯一選擇，至少在一段時間內？而達到 20 納米顯然會在 20 納米的其他代工廠中處於領先地位？這是一種結構性變化，您會看到可能會降低利潤率，因為您更多地依賴於一個供應商？

I don't know that it's a structural change in the sense that if TSMC and ourselves were to have properly planned for this ramp, we wouldn't be shorting our customers so severely at the moment. If we can make plenty of high-end GPUs like Kepler's, our margins would be fine. So, it's really a shortage of supply that is causing our margins to be compressed at the moment. But we expect that to be cured as we go through the year. In terms of planning and building capacity, that's something that only TSMC can decide. And ultimately the industry will sort itself out.

我不知道這是一種結構性變化，如果台積電和我們自己為這個斜坡做好了適當的計劃，我們目前就不會如此嚴重地做空我們的客戶。如果我們能製造出大量像 Kepler 這樣的高端 GPU，我們的利潤就會很好。因此，目前確實是供應短缺導致我們的利潤受到壓縮。但我們希望隨著這一年的過去，這種情況會得到治愈。在規劃和建設能力方面，這是只有台積電才能決定的事情。最終，該行業將自行解決。

Okay. Great. Thanks very much.

好的。偉大的。非常感謝。

Harlan Sur with JPMorgan.

摩根大通的哈蘭蘇爾。

How much did the Tegra business grow in the first quarter? I know you were expecting it to grow at least 50%. And I'm assuming Tegra's going to contribute to the growth in the July quarter. Is the growth there going to be more driven by customers ramping new smartphones or new tablets or a combination of both? And then I have a follow-up.

Tegra 業務在第一季度增長了多少？我知道你期望它至少增長 50%。我假設 Tegra 將為 7 月季度的增長做出貢獻。客戶購買新智能手機或新平板電腦或兩者兼而有之，是否會更多地推動增長？然後我有一個跟進。

Tegra grew 50% or more, as we expected, this last quarter, and we're expecting it to grow again this coming quarter. We launched the first phone in one region. The first phone was HTC's 1X and the region was in Europe. Now it's expanding in Europe and we're expecting to go through more regions with HTC. There are many other Tegra 3 phones that are teed up and coming to market. So, we're expecting the phone segment of Tegra 3 to continue to grow. There's also tablets. Tablets are doing very well for us. It represents about half of the overall demand at the moment. And there's some pretty exciting tablets that are about to come out throughout this year that we're working on. One particularly is, of course, Windows on ARM, and the enthusiasm behind it is growing every day. It's a fantastic tablet and I can't wait to show it to you. I think the answer to your question is yes to both. We're expecting to see growth in both tablets as well as phones.

正如我們預期的那樣，Tegra 在上個季度增長了 50% 或更多，我們預計它會在下個季度再次增長。我們在一個地區推出了第一款手機。第一部手機是 HTC 的 1X，該地區在歐洲。現在它正在歐洲擴張，我們期待與 HTC 一起進入更多地區。還有許多其他 Tegra 3 手機已經準備好上市。因此，我們預計 Tegra 3 的手機部分將繼續增長。還有平板電腦。平板電腦對我們來說做得很好。它約佔目前總需求的一半。我們正在努力在今年全年推出一些非常令人興奮的平板電腦。其中一個當然是 ARM 上的 Windows，其背後的熱情與日俱增。這是一款出色的平板電腦，我迫不及待地想向您展示它。我認為你的問題的答案對兩者都是肯定的。我們預計平板電腦和手機都會出現增長。

Great, thanks for the detail. And then obviously you mentioned in your prepared remarks about under-shipping demand in both the desktop and notebook segments in Q1. Can you just quantify roughly dollar-wise how much more revenue you could have shipped in Q1? And, given obviously the constraints here in Q2, what the rough dollar impact on July sales could be, as well. Thank you.

太好了，謝謝你的詳細信息。然後很明顯，您在準備好的評論中提到了第一季度台式機和筆記本電腦市場的出貨量不足。你能粗略地量化一下你在第一季度可以增加多少收入嗎？而且，顯然考慮到第二季度的限制，美元對 7 月銷售的粗略影響也可能是什麼。謝謝你。

We haven't broken it out, but it's a lot.

我們還沒有打破它，但它很多。

Thanks, Jen-Hsun.

謝謝，仁勳。

C.J. Muse with Barclays.

C.J. 與巴克萊銀行的繆斯。

First question, trying to understand both the impact of the shortage of 28-nanometer, but also you guys moving from good die to full wafer pricing. How should we think about the impact to gross margins today and literally through the year?

第一個問題，試圖了解 28 納米短缺的影響，以及你們從優質芯片轉向全晶圓定價的影響。我們應該如何考慮對今天和全年毛利率的影響？

When we don't have enough of our premium products, then that will hurt our margins the most. So, I think at the moment it's safe to say that supply is what's constraining, what's holding our margins back. As supply improves, and yields will be improving throughout the year, I think we have every chance and every possibility of delivering great margins again. I think the number one issue for us right now is just to make sure that we have enough supply of Kepler GPUs. And if that comes through, the margins will take care of itself.

當我們沒有足夠的優質產品時，這將最大程度地損害我們的利潤。所以，我認為目前可以肯定地說，供應是製約因素，是阻礙我們利潤率的因素。隨著供應的改善，全年的產量都將提高，我認為我們有一切機會和一切可能再次提供可觀的利潤。我認為我們現在的頭號問題就是確保我們有足夠的 Kepler GPU 供應。如果這通過，利潤將自行解決。

That's helpful. And as my follow-up, can you talk about the attach rates with Ivy Bridge ramping? You usually talk about design wins. Would love to get some color there.

這很有幫助。作為我的後續，你能談談 Ivy Bridge 的附加率嗎？你通常談論設計勝利。很想在那裡得到一些顏色。

We expect to gain share in Ivy Bridge. And we expect Ivy Bridge to likely be the best node, if you will, best processor platform that we've ever participated in. Primarily the reason for that is because Kepler is such an energy-efficient GPU. And the performance and the energy efficiency of the performance is just the best in the world, and I think that people are recognizing that. Ivy Bridge hasn't really changed anything, from our perspective. The market structure seems to be consistent, as it was before. Consumer demand continues to be quite high. And consumers -- one of the most important applications for it is video games, and video games still prefer to have GeForce. So, I think all of those dynamics are still consistent.

我們預計將在 Ivy Bridge 中獲得份額。我們預計 Ivy Bridge 可能是我們參與過的最好的節點，如果你願意的話，最好的處理器平台。主要的原因是因為 Kepler 是一個非常節能的 GPU。性能和性能的能源效率是世界上最好的，我認為人們正在認識到這一點。從我們的角度來看，Ivy Bridge 並沒有真正改變任何東西。與以前一樣，市場結構似乎是一致的。消費者需求仍然很高。而消費者——它最重要的應用之一是視頻遊戲，而視頻遊戲仍然更喜歡 GeForce。所以，我認為所有這些動態仍然是一致的。

OEMs still would like to have ways to differentiate their products. And adding the GeForce processor has been one of the best ways to differentiate and create a premium segment, and it remains that way. So, whether it's thinner notebooks or Ivy Bridge, I don't think that that's really changed the dynamics. We're expecting attach rates to be quite healthy and consistent with past.

原始設備製造商仍然希望有方法來區分他們的產品。添加 GeForce 處理器是區分和創建高端細分市場的最佳方式之一，並且一直如此。所以，無論是更薄的筆記本電腦還是 Ivy Bridge，我認為這並沒有真正改變動態。我們預計附加率將非常健康並與過去保持一致。

Thank you.

謝謝你。

David Wong with Wells Fargo.

富國銀行的大衛王。

When you talked about yields on 28-nanometers being so good at the moment, so as you do ramp Kepler and it matures somewhat, do you expect to get higher gross margins of this than prior generation 40-nanometer chips? And also, are the shortages you're seeing on 28-nanometers translating into any upward pressure on wafer prices? Or have you got pricing locked in for the Kepler generation?

當您談到目前 28 納米芯片的良率非常好時，隨著您對 Kepler 的提升並且它已經有些成熟，您是否期望獲得比上一代 40 納米芯片更高的毛利率？此外，您在 28 納米上看到的短缺是否會轉化為晶圓價格的上行壓力？或者您是否為開普勒一代鎖定了定價？

The second question I lost a couple of bits. What did he say?

第二個問題我丟失了一些位。他說什麼？

Because supply is short, are wafer prices going to go up, or are prices locked in?

因為供應短缺，矽片價格會上漲，還是價格被鎖定？

I think the second question I have a better answer on. We have an understanding about wafer prices from TSMC. And we negotiate with them and we now both understand where the pricing is. So I don't expect pricing increase and I surely hope it doesn't happen.

我認為第二個問題我有更好的答案。我們對台積電的晶圓價格有所了解。我們與他們談判，我們現在都知道定價在哪裡。所以我不期望價格上漲，我當然希望它不會發生。

With respect to margins, the reason why margins are great on Kepler is because it's a really efficient GPU. It's higher performance, it's lower power and for every performance level, it's also very efficient in terms of die size. And if that's the case, then our margins would lift.

關於邊距，Kepler 的邊距很大的原因是因為它是一個非常高效的 GPU。它具有更高的性能，更低的功耗，並且對於每個性能級別，它在芯片尺寸方面也非常有效。如果是這樣的話，那麼我們的利潤率就會提高。

It is the most efficient architecture we've ever done. And certainly relative to Fermi, our last generation GPU, Kepler is much more efficient. As you know, efficiency drives productivity, and in this particular case productivity is margins. So, I expect that the more Kepler we ship, the higher our margins would lift. Really, the big focus for us is just to continue to ship as many Keplers as we can.

這是我們做過的最有效的架構。當然，相對於我們的上一代 GPU Fermi，Kepler 的效率要高得多。如您所知，效率推動生產力，在這種特殊情況下，生產力就是利潤。所以，我預計我們運送的開普勒越多，我們的利潤率就會越高。真的，我們的重點是繼續盡可能多地運送開普勒。

That's great. And also on Tegra 3 you said it's roughly 50/50 smartphones and tablets. Given your current design wins, again, as the year progresses, do you expect that to stay 50/50 or is it going to be more skewed towards either smartphones or tablets?

那太棒了。在 Tegra 3 上，你說它大約是 50/50 的智能手機和平板電腦。鑑於您當前的設計再次獲勝，隨著時間的推移，您是否希望保持 50/50，還是會更傾向於智能手機或平板電腦？

Windows on ARM is going to be the big variable on that. At the moment it's running 50/50, about. And throughout the next quarter, my expectation is that phones would exceed tablets. But towards the end of the year, latter half of the year, the question is how does Windows on ARM do. So, that's the biggest lever and we can report on that a little bit later.

ARM 上的 Windows 將成為這方面的最大變量。目前它的運行速度大約為 50/50。在整個下個季度，我的預期是手機將超過平板電腦。但是到了年底，下半年，問題是Windows on ARM怎麼做。所以，這是最大的槓桿，我們可以稍後再報告。

Thanks very much.

非常感謝。

Brendan Furlong with Miller Tabak.

布倫丹弗隆與米勒塔巴克。

A follow-on on the handset business, if you could. Just maybe as the year progresses here, give us some indications on your baseband business and particularly the LTE part of that. Thank you.

如果可以的話，是手機業務的後續。也許隨著時間的推移，給我們一些關於您的基帶業務的跡象，特別是其中的 LTE 部分。謝謝你。

We're really targeting the superphone segment of the marketplace. When you look at the superphone segment of the marketplace, call it 100-million-plus units a year, or so, that part of the marketplace really is shared by, from a merchant semiconductor perspective, two players. Our focus, because we didn't start from the modem business, we really focused on computing and graphics, we focused on segments of the marketplace where LTE isn't necessary at the moment or it's just not ready for LTE. So, Europe, Asia, basically everywhere outside of United States has been our primary focus. Towards the end of this year, starting in Q3-ish, we're working with LTE vendors, LTE partners to bring Tegra 3 and LTE phones to the rest of the markets. So, our primary focus at the moment is outside of United States. In the second half of the United States we'll bring LTE and Tegra devices into the United States.

我們真正的目標是市場的超級電話部分。當您查看市場的超級電話細分市場時，可以稱其為每年 1 億多台，從商業半導體的角度來看，這部分市場實際上是由兩個參與者共享的。我們的重點，因為我們沒有從調製解調器業務開始，我們真正專注於計算和圖形，我們專注於目前不需要 LTE 或尚未為 LTE 做好準備的市場領域。因此，歐洲、亞洲，基本上除美國以外的所有地方都是我們的主要關注點。到今年年底，從第三季度開始，我們正在與 LTE 供應商、LTE 合作夥伴合作，將 Tegra 3 和 LTE 手機推向其他市場。因此，我們目前的主要關注點在美國以外。在美國的下半年，我們將把 LTE 和 Tegra 設備引入美國。

Excellent. My second question would be on the consumer side. If you could give any indication on what the royalty portion of that is in the quarter. Thank you.

出色的。我的第二個問題是關於消費者方面的。如果您能說明本季度的版稅部分是多少。謝謝你。

You're talking about Sony there, Brendan?

你在說索尼，布倫丹？

Yes.

是的。

We don't disclose that.

我們不透露這一點。

Yes, we don't break it out.

是的，我們不會打破它。

Okay. Thank you.

好的。謝謝你。

Romit Shah with Nomura.

Romit Shah 與野村。

Jen-Hsun, if you look at the PC guys that reported in April, they guided up a few percent, which was certainly better than seasonal. My question is on your consumer GPU business. How much of the strength are you seeing is really driven by the channel restocking versus some of the share gains you've outlined with Kepler?

Jen-Hsun，如果你看看 4 月份報告的 PC 人員，他們引導了幾個百分點，這肯定比季節性要好。我的問題是關於你的消費者 GPU 業務。您看到的實力有多少真正是由渠道補貨驅動的，而不是您在開普勒概述的一些份額收益？

There's really two factors that's driving our growth, and one is 28-nanometer supply. There's just more of it than last quarter. I would say last quarter was not a typical quarter for us. I would characterize last quarter as a difficult quarter. It was completely supply-constrained and this coming quarter we're still supply-constrained. And although it's a significant growth quarter, it's still difficult from our perspective. And the supply is still far short of demand.

真正推動我們增長的因素有兩個，一個是 28 納米供應。比上一季度還要多。我想說上個季度對我們來說不是一個典型的季度。我會將上個季度描述為一個困難的季度。它完全受到供應限制，下個季度我們仍然受到供應限制。儘管這是一個顯著的增長季度，但從我們的角度來看仍然很困難。而且供不應求。

The second part of our growth comes from Tegra 3's ramp. We're really fortunate with Tegra 3 to have chosen an enhanced version of the 40-nanometer process. This is a technology called LPG and we're the only one in the world using it. It is a balance between high performance as well as extremely low power. TSMC did a fabulous job with us on that, and I really appreciate it because now we can support Tegra 3's ramp without consuming more than 28-nanometer wafers that we can allocate to Kepler. So I think the answer is quite simply more supply, and more supply of 28-nanometer and Tegra 3's ramp that's contributed to the growth.

我們增長的第二部分來自 Tegra 3 的增長。我們真的很幸運 Tegra 3 選擇了 40 納米工藝的增強版本。這是一種稱為液化石油氣的技術，我們是世界上唯一使用它的技術。它是高性能和極低功耗之間的平衡。台積電在這方面與我們一起做了出色的工作，我真的很感激，因為現在我們可以支持 Tegra 3 的斜坡，而無需消耗我們可以分配給 Kepler 的超過 28 納米晶圓。所以我認為答案很簡單，就是更多的供應，更多的 28 納米和 Tegra 3 的供應，這對增長做出了貢獻。

All right. Thanks for that. My follow-up is on the cash balance. If you consider how the stock performed during the quarter and how much cash you generated on your balance sheet, if the cash balance is about 40% of your total market cap. My question is, are you managing or do you plan to manage the cash to a certain level, considering the valuation? What are your thoughts around doing a share repurchase program or instituting a dividend?

好的。感謝那。我的後續行動是現金餘額。如果您考慮股票在本季度的表現以及您在資產負債表上產生了多少現金，如果現金餘額約佔您總市值的 40%。我的問題是，考慮到估值，您是在管理還是計劃將現金管理到一定水平？您對執行股票回購計劃或製定股息有何想法？

We don't have anything to announce today and that's a topic that we have with the Board on a regular basis. But we don't anything to announce today.

我們今天沒有要宣布的內容，這是我們與董事會定期討論的話題。但是我們今天沒有要宣布的事情。

Just if I may, I'd like to give a little more clarity on the previous question from Brendan. On CPB, the royalties were flat and embedded, as you know in our CFO commentary, is down. So if directionally that helps you. Thanks.

如果可以的話，我想更清楚地說明 Brendan 的上一個問題。正如您在我們的首席財務官評論中所知道的那樣，在 CPB 上，特許權使用費是固定的且嵌入的，並且下降了。因此，如果在方向上對您有所幫助。謝謝。

Ambrish Srivastava, BMO.

Ambrish Srivastava，BMO。

Jen-Hsun, I had actually two questions for you. The first one was, we were all in a room all day yesterday at a small company in Santa Clara. And there was a lot of talk about the structural advantage that Intel has going down in nodes. So just wanted your perspective since you too are one of the fabless companies that uses leading-edge technology and always the first.

仁勳，我實際上有兩個問題要問你。第一個是，我們昨天整天都在聖克拉拉的一家小公司的一個房間裡。並且有很多關於英特爾在節點方面的結構優勢的討論。所以只是想要你的觀點，因為你也是使用領先技術的無晶圓廠公司之一，而且總是第一個。

The follow-up to that, related to that, as we go down in nodes, and some of the fabless companies have talked about going down in 20-nanometer and what does that do to potentially margin or OpEx headwinds. So what is your perspective on both those topics? Thanks.

與此相關的後續行動，隨著我們在節點上的下降，一些無晶圓廠公司已經談到在 20 納米上下降，以及這對潛在的利潤或運營支出不利因素有什麼影響。那麼您對這兩個主題有何看法？謝謝。

I think our partner for advanced nodes is doing quite a nice job, I think. And I expect TSMC to continue to be able to advance their capabilities on an ongoing basis. There's nothing that would suggest that TSMC doesn't have the scale or the capabilities to do so. They're manufacturing an enormous number of wafers, by anyone's standards. So I think the availability of leading-edge wafers is not something that I'm overly concerned about.

我認為我們的高級節點合作夥伴做得很好，我認為。我希望台積電能夠繼續不斷提升他們的能力。沒有任何跡象表明台積電不具備這樣做的規模或能力。按照任何人的標準，他們正在製造大量的晶圓。所以我認為前沿晶圓的可用性並不是我過分擔心的事情。

In terms of process technology, it's also important to recognize that CPUs' needs for process technology and SOC's needs for process technology is similar, but not the same. And TSMC's leadership in density is something that can't be ignored. People always talk about one dimension of the semiconductor process, which is the transistor, but the metallization is increasingly, especially for SOCs, by far the most important variable. I think that we just need to be careful not to drink too much marketing bath water when we think about the technology variable, because it's so complicated and SOCs are very different than CPUs.

在製程技術方面，同樣重要的是要認識到 CPU 對製程技術的需求和 SOC 對製程技術的需求是相似的，但又不一樣。而台積電在密度方面的領先地位也是不容忽視的。人們總是談論半導體工藝的一個維度，即晶體管，但金屬化越來越成為迄今為止最重要的變量，特別是對於 SOC 而言。我認為，當我們考慮技術變量時，我們只需要注意不要喝太多營銷洗澡水，因為它是如此復雜，而且 SOC 與 CPU 非常不同。

Let's see, the second is margins. Our job is to make sure that we continue to create efficient architectures that are highly valued. I think that if we continue to do and create GPUs like Kepler, I think we're going to be doing just fine.

讓我們看看，第二個是利潤。我們的工作是確保我們繼續創建具有高度價值的高效架構。我認為，如果我們繼續開發像 Kepler 這樣的 GPU，我認為我們會做得很好。

Thanks.

謝謝。

Doug Freedman with RBC Capital Markets.

加拿大皇家銀行資本市場的道格·弗里德曼。

Could you help us understand the dependency on 28-nanometer. What percent of your mix is it now and at what point do you think we'll cross over, say, the 50% of your output coming from 28? And I have a follow-up.

您能否幫助我們了解對 28 納米的依賴性。你現在的混合比例是多少？你認為我們會在什麼時候跨越，比如說，你的輸出的 50% 來自 28？我有一個後續行動。

I think we're expecting it to be about 30% this coming quarter. We'd like it to be a lot more.

我認為我們預計下個季度將達到 30% 左右。我們希望它更多。

And can you give us any idea when you think you can reach 50%?

當你認為你可以達到 50% 時，你能給我們一些想法嗎？

This coming quarter is about 30%, is my estimate. Next quarter will be more than that, and the quarter after that will be even more than that. So, hopefully we cross 50% as soon as possible. We would like to cross that as soon as possible.

下個季度大約是 30%，這是我的估計。下個季度會更多，之後的季度會更多。所以，希望我們能盡快超過 50%。我們想盡快越過它。

My follow-up is really an add-on to the previous question. And that relates to the efficiency that you're gaining at the advanced nodes. I share your commentary that there isn't much risk of development of advanced process technology. I think the question comes into the economic advantage that the advanced technology is going to deliver. Are you getting the cost reduction? Clearly 28 appears to be delivering that. Is the forecast for the next node going to give you an equal cost to benefit ratio? Or are you starting to see a slowing of benefit as we go to these advanced nodes because they are so complex?

我的跟進實際上是對上一個問題的補充。這與您在高級節點上獲得的效率有關。我同意你的評論，即開發先進工藝技術的風險不大。我認為問題在於先進技術將帶來的經濟優勢。你得到成本降低了嗎？顯然，28 似乎正在實現這一點。下一個節點的預測是否會為您提供相等的成本收益比？或者當我們進入這些高級節點時，您是否開始看到收益放緩，因為它們太複雜了？

By the way, every node is complex. This is a conversation that we have at every node. And we take every node seriously and there's no evidence that anyone is becoming increasingly complacent. I think these are typical conversations to have. With respect to efficiency or productivity of each node, we will go into the node when it delivers value for the products that we need to create. So if it makes no sense to go to a new node, we wait until it makes sense to go to a new node. There isn't anything that -- nobody is in automatic cruise control. We look at each node carefully with TSMC and we try to adjust each node if we can improve it for our products and otherwise. And then based on those analyses, we decide which products and when should go into the new nodes.

順便說一句，每個節點都很複雜。這是我們在每個節點上進行的對話。我們認真對待每個節點，沒有證據表明任何人變得越來越自滿。我認為這些是典型的對話。關於每個節點的效率或生產力，當它為我們需要創造的產品提供價值時，我們將進入該節點。因此，如果去一個新節點沒有意義，我們會等到去一個新節點有意義。沒有任何東西——沒有人處於自動巡航控制中。我們與台積電一起仔細研究每個節點，如果我們可以為我們的產品改進它，我們會嘗試調整每個節點。然後根據這些分析，我們決定哪些產品以及何時應該進入新節點。

It just simply needs to be analyzed. There's nothing that suggests that the next node is going to be unproductive. If it's unproductive, it won't get used, and so my expectation is that it will be productive.

它只是需要分析。沒有任何跡象表明下一個節點將是非生產性的。如果它沒有生產力，它就不會被使用，所以我的期望是它會是有生產力的。

Great. Thanks for that color.

偉大的。謝謝你的顏色。

Uche Orji with UBS.

Uche Orji 與瑞銀合作。

Jen-Hsun, first of all, congratulations on the numbers. Just real quick, as we look at the gross margin issues, can you talk about -- because one of the areas you've highlighted in the past is PSB, and the future opportunities that brings. What are the gross margin drivers going down the line? I'm talking about looking at other areas, if you can talk specifically on PSBs.

Jen-Hsun，首先祝賀這些數字。很快，當我們看到毛利率問題時，你能談談 - 因為你過去強調的領域之一是 PSB，以及帶來的未來機會。毛利率驅動因素是什麼？我說的是看看其他領域，如果你能具體談談 PSB。

And also on Tegra, as these constraints happen across the group, I know Qualcomm talked about it, do you see yourself increasingly gaining share going down the line on Tegra 3? That's my first question, please.

在 Tegra 上，由於這些限制在整個集團中發生，我知道高通談到了它，你是否認為自己在 Tegra 3 上越來越多地獲得份額？這是我的第一個問題，拜託。

Okay. First, I'll answer the question backwards. The answer is yes, we're gaining share. And the reason for that is because we were a very small player before, and as a discrete application processor, provider, we've gained quite a bit of share. If you look at their market, our competitor's business around discrete application processors, I think that you'll find that our share is growing quite rapidly. So, my expectation is that, as we grow throughout the year, that we're doing so because we're growing share. Number one.

好的。首先，我將向後回答這個問題。答案是肯定的，我們正在獲得份額。這樣做的原因是因為我們以前是一個非常小的參與者，作為一個獨立的應用處理器提供商，我們已經獲得了相當多的份額。如果你看看他們的市場，我們的競爭對手圍繞離散應用處理器的業務，我想你會發現我們的份額正在迅速增長。所以，我的期望是，隨著我們全年的增長，我們這樣做是因為我們的份額正在增長。第一。

Number two, PSB's gross margins are healthy and slightly improving. And the reason for that is because we continue to add more value to the high end of the visual computing market. Digital content creation is a growing market and more and more of design is moving to digital forms. This is an area that we are world leaders at and this is an area that we continue to add a lot of value to the industry on. As we increase value to the marketplace, we're rewarded with higher margins. Our focus is to make sure that PSB, where we have extremely high share already, that we continue to help grow the market. And that's one of the focus next week of GTC. If you all have a chance to either tune in or come even down to GTC, you're going to find some really fantastic work being done around the world by our partners and content developers who are using our technology to create wonderful assets, and create wonderful things, and discovery of new science.

第二，PSB 的毛利率健康且略有改善。原因是我們繼續為高端視覺計算市場增加更多價值。數字內容創作是一個不斷增長的市場，越來越多的設計正在轉向數字形式。這是我們在世界領先的領域，也是我們繼續為行業增加很多價值的領域。隨著我們增加對市場的價值，我們獲得了更高的利潤。我們的重點是確保我們已經擁有極高份額的 PSB 繼續幫助發展市場。這是下週 GTC 的焦點之一。如果你們都有機會收聽 GTC，您會發現我們的合作夥伴和內容開發人員正在世界各地完成一些非常棒的工作，他們正在使用我們的技術來創造精彩的資產，並創造奇妙的事物，以及新科學的發現。

Let me just ask a second question. Can you give us any updates on Windows on ARM, as well as the efforts in terms of timing and products coming, especially as Intel is making a big push in that category as well on the tablet front? So any commentary on development on the PC form factor and tablets and Windows 8 and regards timing, that would be helpful. That's one question.

讓我問第二個問題。您能否向我們提供有關 ARM 上 Windows 的任何更新，以及在時間和產品方面的努力，尤其是在英特爾正在大力推動該類別以及平板電腦方面的情況下？因此，任何關於 PC 外形、平板電腦和 Windows 8 的開發以及時間方面的評論都會有所幫助。這是一個問題。

And then, two, Kepler, it's been said that you will need Kepler in volume to be able to increase discrete attach rates in ultrabooks. Any commentary as to the attach rate in ultrabooks, in general, and how much of that is going to be Kepler and how much of that will be your current products. That will be helpful. Thank you.

然後，二，開普勒，據說你需要開普勒的體積才能提高超極本的離散附加率。任何關於超極本附加率的評論，一般來說，其中有多少將是開普勒，有多少將是您當前的產品。這會很有幫助。謝謝你。

Windows 8 tablets and Windows RT tablets are very different things. Windows 8 X86 tablets and Windows on ARM tablets are very different things. As Microsoft goes to market, people will understand why we're so enthusiastic about Windows on ARM. They're just very different things. I'll let Microsoft tell you about their plans, but I'm very enthusiastic about it. I think it makes a lot of sense for enterprise. Anybody who has a large part of their work around Windows would really benefit from Windows on ARM tablets. And all the Windows on ARM devices, range of devices that we'll be following after that.

Windows 8 平板電腦和 Windows RT 平板電腦是非常不同的東西。 Windows 8 X86 平板電腦和 ARM 平板電腦上的 Windows 是完全不同的東西。隨著微軟進入市場，人們會明白為什麼我們如此熱衷於 ARM 上的 Windows。它們只是非常不同的東西。我會讓微軟告訴你他們的計劃，但我對此非常感興趣。我認為這對企業來說很有意義。任何在 Windows 上有很大一部分工作的人都會真正受益於 ARM 平板電腦上的 Windows。以及 ARM 設備上的所有 Windows，以及之後我們將關注的一系列設備。

We've shipped about 1,000, maybe more than 1,000 Tegra Windows on ARM -- or Microsoft has shipped more than 1,000 Tegra Windows on ARM tablets for software developers. And that number is growing very rapidly. So, we're working very closely with them to march to market with an exciting product as quickly as we can.

我們已經交付了大約 1,000 個，可能超過 1,000 個基於 ARM 的 Tegra Windows——或者微軟已經為軟件開發人員交付了超過 1,000 個基於 ARM 平板電腦的 Tegra Windows。而且這個數字正在迅速增長。因此，我們正在與他們密切合作，以盡快將令人興奮的產品推向市場。

Ultrabook -- we see no difference between an ultrabook and a PC. It's a thinner PC, but PCs have been getting thinner. And there's plenty of room from a thermal or mechanical or electrical perspective to support a GPU. The reason why people put GPUs in their notebooks is because it helps them deliver a premium device. It also enables consumers the ability to enjoy multimedia better. So I don't see any difference relative to attach rates when it comes to ultrabooks.

超極本——我們認為超極本和 PC 沒有區別。這是一台更薄的 PC，但 PC 一直在變得更薄。從熱、機械或電氣的角度來看，還有足夠的空間來支持 GPU。人們將 GPU 放入筆記本電腦的原因是因為它可以幫助他們提供優質設備。它還使消費者能夠更好地享受多媒體。因此，在談到超極本時，我看不出與附加費率有任何區別。

And then with respect to Kepler, Kepler is our primary focus for next generation notebooks and we're trying to build as much as we can. The more that our supply catches up to demand, the more our customers can ship Kepler GPUs. Everybody is really, really anxious to get more and so we need to just make more.

然後就 Kepler 而言，Kepler 是我們下一代筆記本電腦的主要關注點，我們正在努力構建盡可能多的產品。我們的供應越能滿足需求，我們的客戶就越能運送開普勒 GPU。每個人都非常非常渴望得到更多，所以我們需要做得更多。

Terrific. Thank you very much.

了不起。非常感謝。

Suji De Silva with ThinkEquity.

ThinkEquity 的 Suji De Silva。

Suji, are you there? Can we go to the next caller?

蘇吉，你在嗎？我們可以轉到下一個呼叫者嗎？

Daniel Gelbtuch with Cantor.

Daniel Gelbtuch 與康托爾。

Congratulations on a very good guide and results. Just digging a little deeper into Tegra, I was just wondering if you could compare and contrast how Tegra really, not only from a efficiency perspective, how it compares with the current status quo in the market. Number one.

恭喜您獲得了非常好的指導和結果。只是深入研究一下 Tegra，我只是想知道你是否可以比較和對比 Tegra 的真實情況，不僅從效率的角度來看，它與市場現狀的比較。第一。

And number two, with regard to SDR, or software defined radios in Icera, how do you think that changes the landscape for LTE next year and beyond?

第二，關於 SDR 或 Icera 中的軟件定義無線電，您認為這將如何改變 LTE 明年及以後的格局？

Tegra 3 is the world's first quad core processor and it's not only quad core, as you might know. It has a really energy efficiency dual core, as well. So, not only does it deliver higher performance, it's also more energy efficient than the status quo. And of course, with all NVIDIA products, the graphics and the video games are just so much better. I think, based on the demand and the reception in the marketplace for the first Tegra 3 phone, I think it's safe to say that Tegra 3 is really the standard by which everything is being compared. Number one.

Tegra 3 是世界上第一款四核處理器，而且您可能知道它不僅僅是四核。它還具有真正的能效雙核。因此，它不僅提供更高的性能，而且比現狀更節能。當然，對於所有 NVIDIA 產品，圖形和視頻遊戲都好得多。我認為，基於第一款 Tegra 3 手機在市場上的需求和接受度，我認為可以肯定地說 Tegra 3 確實是比較所有產品的標準。第一。

Number two. Software defined radio, there's no question that SDR allows us to deliver a much smaller and efficient and cost-efficient modem. And with LTE it is very clear that the die size is smaller. The energy efficiency is excellent. And that's really going to help especially with capacity being so constrained, having a very small modem and very small LTE modem is going to be a big differentiator for us. Not only will we be able to make more of integrated versions of application processors and LTE modems, we'll also be able to bring more cost-effective solutions to the marketplace. We're really, really gunning for that and running as hard as we can.

第二。軟件定義無線電，毫無疑問，SDR 使我們能夠提供更小、更高效且具有成本效益的調製解調器。對於 LTE，很明顯裸片尺寸更小。能源效率非常好。這真的會有所幫助，尤其是在容量如此受限的情況下，擁有一個非常小的調製解調器和非常小的 LTE 調製解調器對我們來說將是一個很大的差異化因素。我們不僅能夠生產更多集成版本的應用處理器和 LTE 調製解調器，我們還能夠為市場帶來更具成本效益的解決方案。我們真的，真的在為此努力，並儘可能努力地奔跑。

Is it fair to say that once you get this integration of SDR rolling, this would be perhaps the first time that the current incumbent in the AP space is going to be seeing some serious -- a real competitor?

公平地說，一旦你得到了 SDR 滾動的集成，這可能是 AP 領域當前的老牌企業第一次看到一些嚴肅的 - 一個真正的競爭對手？

The incumbent is a really good company and they're very competitive. This is new for us and we still have a lot to learn, and we're learning as fast as we can. But the Icera SDR modem is really revolutionary. And when we can combine that -- and there's every evidence it works great. We're shipping phones now. People said that we couldn't get that modem to market. People said that we couldn't get voice to work, but obviously, all wrong. We're now certified on LTE and we're in the process of getting products to market. These are all barriers that we have to overcome. But we're ticking it off one at a time and I'm cautious but very enthusiastic about the technology we're bringing to the market.

現任是一家非常好的公司，他們非常有競爭力。這對我們來說是新的，我們還有很多東西要學，我們正在盡可能快地學習。但 Icera SDR 調製解調器確實具有革命性。當我們可以將其結合起來時——並且有所有證據表明它很有效。我們現在正在運送手機。人們說我們無法將這種調製解調器推向市場。人們說我們無法讓聲音正常工作，但顯然，一切都錯了。我們現在通過了 LTE 認證，並且正在將產品推向市場。這些都是我們必須克服的障礙。但我們一次只打勾，我對我們將推向市場的技術持謹慎態度但非常熱情。

All right. Thank you very much.

好的。非常感謝。

Suji De Silva with ThinkEquity.

ThinkEquity 的 Suji De Silva。

Sorry about that. First question, Jen-Hsun, on this Kepler architecture and the energy efficiency of it, as you describe it. How do you monetize that? Is that a smaller die or is that a value proposition that customers pay for or just allows you to get guys to upgrade?

對於那個很抱歉。第一個問題，Jen-Hsun，關於這個開普勒架構及其能源效率，正如你所描述的那樣。你如何通過它獲利？這是一個更小的模具，還是客戶支付的價值主張，或者只是允許你讓人們升級？

Absolutely both. Absolutely both. Kepler is the most energy efficient. It's also the most die size efficient GPU we've ever made. The performance per watt and the performance per millimeter are both the best that we've ever done. It was a huge drive for our Company to transform ourselves in just about every single dimension, from architecture to design to implementation to software. We pulled everything together for Kepler.

絕對兩者兼而有之。絕對兩者兼而有之。開普勒是最節能的。它也是我們製造的芯片尺寸效率最高的 GPU。每瓦性能和每毫米性能都是我們做過的最好的。對於我們公司來說，從架構到設計到實施再到軟件的幾乎每一個方面都進行了轉型，這是一個巨大的推動力。我們為開普勒整合了一切。

When you're more energy efficient, at any level of power that the system can provide will be higher performance. If the system can provide 300 watts, we're higher performance. If the system can provide for only 10 watts, we're higher performance. If the system can provide 1 watt in the future, we'll be higher performance. So energy efficiency is very important. And, of course, at any price point in the marketplace, if we are efficient with respect to die size, that can only help our gross margins. Whatever gross margins we had at the Fermi generation, so long as market dynamics remain similar, I expect our gross margins to be higher than the Fermi generation, wherever that happens to be. That explains why I'm so impatient to get Kepler in the lineup and why we need so much more Kepler supply from TSMC.

當您的能源效率更高時，系統可以提供的任何功率水平都將具有更高的性能。如果系統可以提供 300 瓦的功率，我們的性能就更高了。如果系統只能提供 10 瓦的功率，我們的性能就更高了。如果系統將來可以提供 1 瓦，我們將獲得更高的性能。所以能源效率非常重要。而且，當然，在市場上的任何價位，如果我們在芯片尺寸方面有效率，那隻會有助於我們的毛利率。無論我們在費米一代的毛利率如何，只要市場動態保持相似，我預計我們的毛利率將高於費米一代，無論發生在哪裡。這就解釋了為什麼我這麼急於讓開普勒加入陣容，以及為什麼我們需要台積電提供更多的開普勒供應。

Understood. My other question, Jen-Hsun, is in January you had a Microsoft representative in CES and you asked him how Microsoft would avoid confusion as Windows on ARM came out. You may defer this question to Microsoft. But what's your update on that thought as we look ahead to Microsoft tablets?

明白了。我的另一個問題，Jen-Hsun，1 月份你在 CES 上有一位微軟代表，你問他微軟如何避免在 ARM 上的 Windows 出現時引起混淆。您可以將此問題推遲到 Microsoft。但是，當我們展望 Microsoft 平板電腦時，您對這一想法有何更新？

I think you guys are going to really like the answer. They've been very thoughtful about the segmentation of the Windows, the next Windows generation. There are different customers with different needs. I think you're going to find their answer rather thoughtful. I'm very pleased with where they ended up. And I think it's going to really, really, really help the positioning of the Windows on ARM tablets, because they're very different than X86. It's a new product category. I think you're going to find that they're really desirable and they're going to bring a lot of value to the marketplace.

我想你們會非常喜歡這個答案。他們對下一代 Windows 的分割非常周到。有不同的客戶有不同的需求。我想你會發現他們的回答相當周到。我對他們最終的結果感到非常滿意。而且我認為這將非常非常非常有助於 Windows 在 ARM 平板電腦上的定位，因為它們與 X86 非常不同。這是一個新的產品類別。我想你會發現它們真的很受歡迎，它們會為市場帶來很多價值。

For people who wear Windows, and Office is still a very central part of their digital experience, I think you're going to find that this is really the best tablet on the planet.

對於使用 Windows 的人來說，Office 仍然是他們數字體驗的核心部分，我想你會發現這確實是這個星球上最好的平板電腦。

Okay. Thanks, guys.

好的。多謝你們。

Rajiv Gill with Needham & Company.

與 Needham & Company 的 Rajiv Gill。

Thanks and congrats again on good results and guidance. The question I have is on Tegra. Just wondering if you could update us on the annual guidance that you had given us at the start of the year. Any changes to that, any additional color.

再次感謝並祝賀良好的結果和指導。我的問題是關於 Tegra。只是想知道您是否可以向我們更新您在年初給我們的年度指導。任何改變，任何額外的顏色。

Thank you. No change to that. No additional color. The three growth drivers for Tegra are, one, phone design wins. And, two, because we've successfully reduced the cost of tablets, we're starting to reach price points of Android tablets that are really resonating with the market.

謝謝你。沒有改變。沒有額外的顏色。 Tegra 的三個增長動力是，一是手機設計獲勝。而且，第二，由於我們成功地降低了平板電腦的成本，我們開始達到真正引起市場共鳴的 Android 平板電腦的價格點。

And of course the Android tablets are just getting better and better all the time. Tegra 3 Android tablets are really delightful. There's a whole bunch of new tablets that are coming starting now and towards the end of the year.

當然，Android 平板電腦一直在變得越來越好。 Tegra 3 Android 平板電腦非常令人愉快。從現在開始到年底，會有一大堆新的平板電腦問世。

The third driver is Windows on ARM. That's coming together really nicely and I think that people are going to be quite delighted by it. Those are really the three primary drivers and they all three remain drivers at the moment.

第三個驅動程序是 ARM 上的 Windows。這真的很好地結合在一起，我認為人們會對此感到非常高興。這些是真正的三個主要驅動因素，他們三個目前仍然是驅動因素。

Maybe just a question on the OpEx. The OpEx went up about 7% sequentially. Looks like it's being guided up again. So now we're at the high end of your OpEx range. How should we look at the OpEx throughout this year? Will we go past that range? How do you think we should look at it next year? And along those same lines, are we starting to get a return on investment on the Icera?

也許只是關於 OpEx 的一個問題。運營支出環比增長約 7%。好像又被引導了。所以現在我們處於您運營支出範圍的高端。我們應該如何看待今年全年的運營支出？我們會超過這個範圍嗎？你認為我們明年應該如何看待它？沿著同樣的思路，我們是否開始在 Icera 上獲得投資回報？

We are going to do the best we can to stay at the guidance level that we provided previously. If some of the new initiatives in our Company starts to gain traction, we'll increase the level of investment to take that to market. But we'll play that as we go. But at the moment our current plan is to stay as close as we can to the guidance that we provided before.

我們將盡最大努力保持我們之前提供的指導水平。如果我們公司的一些新舉措開始受到關注，我們將增加投資水平以將其推向市場。但我們會邊玩邊玩。但目前我們目前的計劃是盡可能接近我們之前提供的指導。

Thank you.

謝謝你。

Craig Berger with FBR Capital Markets.

FBR Capital Markets 的 Craig Berger。

Can you help us understand the impact Kepler is having on GPU ASPs and what ASPs did in desktop and notebook in the first quarter? And then I have a follow up. Thanks.

您能否幫助我們了解 Kepler 對 GPU ASP 的影響以及 ASP 在第一季度對台式機和筆記本電腦的影響？然後我有一個跟進。謝謝。

Because Kepler comes in through the performance segment and the enthusiast segment, it naturally lifts ASPs. The more we ship, the higher our ASPs will be. Kepler ASPs are higher than Fermi ASPs, because they target the premium segments. Kepler margins are better than Fermi margins because they're in the enthusiast segment and the performance segments. Also because they're so much more energy efficient and so much more die size efficient.

因為開普勒是通過性能細分市場和發燒友細分市場進入的，它自然會提升 ASP。我們出貨的越多，我們的 ASP 就會越高。 Kepler ASP 高於 Fermi ASP，因為它們針對的是高端市場。開普勒利潤率優於費米利潤率，因為它們屬於發燒友細分市場和性能細分市場。還因為它們的能源效率更高，芯片尺寸效率更高。

I think the simple answer is we need a lot more Keplers. The demand for Kepler is really, really high in desktops, in notebooks. The gamers come out and refresh their PCs once every few years. And on all accounts Kepler has been a complete home run. It's pulling people out to refresh their PCs. And PC gaming is really vibrant right now. I think those factors are really driving Kepler. So the more we can build, the higher ASPs we will be, and surely the much higher margins we will be.

我認為簡單的答案是我們需要更多的開普勒。台式機和筆記本電腦對開普勒的需求非常非常高。遊戲玩家每隔幾年就會出來更新他們的 PC。無論如何，開普勒一直是一個完整的本壘打。它把人們拉出來更新他們的電腦。 PC 遊戲現在非常活躍。我認為這些因素確實在推動開普勒。因此，我們可以建造的越多，我們的平均售價就會越高，當然我們的利潤率也會更高。

As the follow-up, can you update us on your CFO search? And then, really, I wanted to ask again on the OpEx, I know it was just asked but can you just reiterate what was your guidance? You said you might spend more. Is that more than you're spending now? More than your guidance? And what's the time line there? Because from my perspective, you did better on revenues, you did better on gross margins, and my model is still challenged because of the OpEx. And so that's disappointing.

作為後續行動，您能否向我們介紹您的 CFO 搜索情況？然後，真的，我想再次詢問 OpEx，我知道這只是被問到，但你能重申一下你的指導嗎？你說你可能會花更多的錢。這比你現在花的還多嗎？超過你的指導？那裡的時間線是什麼？因為從我的角度來看，你在收入上做得更好，在毛利率上做得更好，而我的模式仍然因為運營支出而受到挑戰。所以這令人失望。

The guidance that we gave you on OpEx is exactly the guidance we gave you on OpEx. So, we just provided the guidance and that's what it was. And that's what we're planning. With respect to -- what was the first point? CFO search? I think my CFO's doing fabulously. She's doing a fantastic job with the business. We're looking and if there's a world-class CFO that we fall in love with, certainly we'll consider. But Karen's doing a fabulous job.

我們為您提供的關於 OpEx 的指導正是我們為您提供的關於 OpEx 的指導。所以，我們只是提供了指導，就是這樣。這就是我們的計劃。關於——第一點是什麼？首席財務官搜索？我認為我的首席財務官做得非常好。她在這項業務上做得非常出色。我們正在尋找，如果有我們愛上的世界級 CFO，我們當然會考慮。但凱倫做得很棒。

Ashley, can we just have one more question and then finish then?

Ashley，我們可以再問一個問題然後結束嗎？

At this time, there are no further questions.

此時，沒有進一步的問題。

All right. Thanks, Ashley. Thanks everyone for listening in and we look forward to talking to you soon about our second-quarter results.

好的。謝謝，阿什利。感謝大家的收聽，我們期待很快與您討論我們的第二季度業績。

That concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連接。