輝達 (NVDA) 2013 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Endrica, and I will be your conference Operator today.

我的名字是 Endrica，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the NVIDIA fourth-quarter earnings conference call.

在這個時候，我想歡迎大家參加 NVIDIA 第四季度財報電話會議。

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）

Thank you.

謝謝你。

I would now like to turn the call over to your host, Mr. Rob Csongor.

我現在想將電話轉給您的主持人 Rob Csongor 先生。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you.

謝謝你。

Good afternoon, and welcome to NVIDIA's conference call on the annual and fourth quarter of fiscal 2013 results.

下午好，歡迎參加 NVIDIA 關於 2013 財年年度和第四季度業績的電話會議。

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 will 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.

請將自己限制在一個初始問題上，並進行一次跟進。

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

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

A replay of the conference call will be available via telephone until February 20, 2013, and the webcast will be available for replay until our conference call to discuss our financial results for our first quarter of fiscal 2014.

電話會議的重播將在 2013 年 2 月 20 日之前通過電話進行，網絡廣播將在我們討論 2014 財年第一季度財務業績的電話會議之前進行重播。

The content of today's conference call is NVIDIA's property and cannot be reproduced or transcribed without our prior written consent.

今天電話會議的內容是 NVIDIA 的財產，未經我們事先書面同意，不得複製或轉錄。

During the course of this call, we may make forward-looking statements based on current expectations.

在本次電話會議期間，我們可能會根據當前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 October 28, 2012, 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 2012 年 10 月 28 日的季度期間的 10-Q 表格以及我們可能不時提交的報告向美國證券交易委員會提交的 8-K 表格。

All our statements are made as of today, February 13, 2013, 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（2013 年 2 月 13 日）根據我們今天獲得的信息作出的；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。

With that, let's begin.

有了這個，讓我們開始吧。

We are pleased to report a record year for the Company.

我們很高興地報告公司創紀錄的一年。

Despite significant headwinds, we achieved record annual revenues and gross margins for fiscal year 2013.

儘管面臨重大不利因素，我們在 2013 財年實現了創紀錄的年收入和毛利率。

Excluding chipset revenue, which we exited, we grew our GPU business 8% last year and for the third consecutive year.

不包括我們退出的芯片組收入，我們去年的 GPU 業務增長了 8%，並且是連續第三年增長。

We increased overall GPU market share from 53% to 65%, and our notebook share by almost 20 percentage points, from 47% to 66%.

我們將整體 GPU 市場份額從 53% 提高到 65%，我們的筆記本電腦份額提高了近 20 個百分點，從 47% 提高到 66%。

Tegra, Tesla, and notebook GPUs all achieved record revenue.

Tegra、Tesla 和筆記本 GPU 均實現了創紀錄的收入。

We invested in new growth products that are now sampling, including Tegra 4, i500 4G LTE modem, Project SHIELD, and GRID, while controlling OpEx at target for the year.

我們投資了新的增長產品，包括 Tegra 4、i500 4G LTE 調製解調器、Project SHIELD 和 GRID，目前正在提供樣品，同時將年度運營支出控制在目標水平。

This year, we transitioned Kepler across our GPU businesses.

今年，我們在 GPU 業務中對 Kepler 進行了過渡。

Gaming was a key area to benefit.

遊戲是受益的關鍵領域。

Massively multi-player games, or MMOs, continued to drive a robust PC gaming market.

大型多人遊戲或 MMO 繼續推動強勁的 PC 遊戲市場。

Worldwide MMO revenues grew 21% last year to $13 billion, according to market research firm Newzoo.

根據市場研究公司 Newzoo 的數據，去年全球 MMO 收入增長了 21%，達到 130 億美元。

And GeForce is the gamer's choice of GPU by a margin of almost 2 to 1, according to gamers on [steam].

據 [steam] 上的遊戲玩家稱，GeForce 是遊戲玩家對 GPU 的選擇，幾乎是 2 比 1。

Our notebook share is near a record high.

我們的筆記本電腦份額接近歷史新高。

Kepler is also starting to ship into Quadro, with revenues up 10% this quarter.

Kepler 也開始向 Quadro 出貨，本季度收入增長 10%。

With Tesla, we are leveraging GPUs beyond graphics into massively parallel processing and super computers.

借助 Tesla，我們將 GPU 用於圖形之外的大規模並行處理和超級計算機。

Just three years after we entered the market, 50 of the world's top 500 fastest computers are now powered by NVIDIA GPUs, including the fastest and the most energy-efficient.

在我們進入市場僅僅三年後，世界上速度最快的 500 台計算機中的 50 台現在都採用了 NVIDIA GPU，其中包括速度最快、能效最高的計算機。

We introduced NVIDIA GRID visual computing appliances.

我們推出了 NVIDIA GRID 視覺計算設備。

GRID is a first-of-its-kind graphic system that serves graphics-intensive applications to many concurrent users at once.

GRID 是首創的圖形系統，可同時為許多並髮用戶提供圖形密集型應用程序。

One of the major applications is cloud gaming.

主要應用之一是雲遊戲。

More than a dozen cloud gaming trials are up and running around the world, and others will be announced by more telcos as the year progresses.

全球範圍內已經啟動並運行了十多個雲遊戲試驗，隨著時間的推移，更多的電信公司將宣布其他試驗。

At CES, we announced Tegra 4, the world's fastest mobile processor.

在 CES 上，我們發布了全球最快的移動處理器 Tegra 4。

It is the first [four plus one] quad core A15 processor, with an extra energy saving core and 72 graphics cores, compared with Tegra 3's 12 cores.

它是第一款[四加一]四核A15處理器，相比Tegra 3的12核，多了一個節能核心和72個圖形核心。

It delivers the world's fastest web browsing performance, and new, always-on, high dynamic range computational photography.

它提供了世界上最快的網頁瀏覽性能，以及全新的、永遠在線的、高動態範圍的計算攝影。

At this point in time, we already have more design wins with Tegra 4 than we had in total with Tegra 3.

在這個時間點上，我們使用 Tegra 4 獲得的設計勝利已經超過了使用 Tegra 3 的總和。

We see significant new growth opportunities in the LTE connected device market, which is projected to be 150 million units in 2013 and growing at 50% a year.

我們在 LTE 連接設備市場看到了重要的新增長機會，預計 2013 年將達到 1.5 億台，並以每年 50% 的速度增長。

We are now sampling our i500 4G LTE multi-band, multi-mode, voice and data modem.

我們現在正在對 i500 4G LTE 多頻段、多模式、語音和數據調製解調器進行採樣。

More efficient and 40% the size of conventional modems, i500 delivers four times the processing capability of its predecessor.

i500 效率更高，尺寸是傳統調製解調器的 40%，其處理能力是其前身的四倍。

This is the first result of our Icera acquisition.

這是我們收購 Icera 的第一個結果。

Icera is the first company to successfully create and commercialize a software-defined radio modem, and has been building modems since 2006.

Icera 是第一家成功創建軟件定義無線電調製解調器並將其商業化的公司，自 2006 年以來一直在製造調製解調器。

And we announced Project SHIELD, an NVIDIA branded open platform gaming device.

我們還宣布推出 NVIDIA 品牌的開放平台遊戲設備 Project SHIELD。

A pure Android device connected to the Google Play Store and TegraZone, Project SHIELD is able to play any Android application and game and can also stream PC games from a nearby GeForce GTX PC.

作為一款連接到 Google Play 商店和 TegraZone 的純 Android 設備，Project SHIELD 能夠玩任何 Android 應用程序和遊戲，還可以從附近的 GeForce GTX PC 流式傳輸 PC 遊戲。

Powered by a Tegra 4 processor, Project SHIELD integrates a five-inch retinal display, a console-grade game controller, and a first mobile tune port base reflex speakers.

Project SHIELD 由 Tegra 4 處理器提供動力，集成了 5 英寸視網膜顯示屏、控制台級遊戲控制器和第一個移動調諧端口底座反射揚聲器。

We believe SHIELD will be attractive to modern gamers who want to play on open platforms and have great gaming experiences, while untethered to their TVs or PCs.

我們相信 SHIELD 將吸引那些希望在開放平台上玩遊戲並擁有出色遊戲體驗，同時不受電視或 PC 束縛的現代遊戲玩家。

SHIELD will enhance the strategic position of Tegra.

SHIELD 將提升 Tegra 的戰略地位。

Besides highlighting the capabilities of Tegra, SHIELD will attract great games to TegraZone, which can then be enjoyed on every Tegra power device.

除了突出 Tegra 的功能外，SHIELD 還將吸引優秀的遊戲到 TegraZone，然後可以在每台 Tegra 電源設備上享受這些遊戲。

TegraZone has already been downloaded 6 million times.

TegraZone 已被下載 600 萬次。

Looking forward, our Company is shifting gears to accelerate.

展望未來，我們公司正在換擋加速。

Our GPU business remains strong, while we extend our visual computing technology leadership.

我們的 GPU 業務保持強勁，同時我們擴大了視覺計算技術的領先地位。

Tegra 4 is ramping into production for mobile devices this year, while growing into embedded devices such as cars and gaming devices.

Tegra 4 今年將投入移動設備的生產，同時發展為汽車和遊戲設備等嵌入式設備。

We will engage the LTE connected devices market aggressively this year, and we will add new system products incorporating our processors and software, the NVIDIA GRID graphics appliance, and SHIELD Android gaming device.

今年我們將積極參與 LTE 連接設備市場，我們將添加包含我們的處理器和軟件、NVIDIA GRID 圖形設備和 SHIELD Android 遊戲設備的新系統產品。

We are excited by the investments we are making into these very large markets, where our expertise in visual computing can make unique contributions.

我們對我們在這些非常大的市場進行的投資感到興奮，我們在視覺計算方面的專業知識可以做出獨特的貢獻。

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

有了這個，讓我把電話轉給凱倫。

Thanks, Rob.

謝謝，羅伯。

NVIDIA had record revenue for the year of $4.3 billion, up 7% from fiscal 2012.

NVIDIA 當年的收入達到創紀錄的 43 億美元，比 2012 財年增長 7%。

At the start of the year, we set out a number of financial objectives.

今年年初，我們制定了一些財務目標。

It's satisfying to note that we achieved many of them.

令人欣慰的是，我們取得了許多成就。

Among these goals were the following -- gain share in our GPU business.

這些目標包括：在我們的 GPU 業務中獲得份額。

Driven by the introduction of our new Kepler architecture, we gained share in both desktop and notebook, and delivered record revenue for our notebook products.

在我們推出新的 Kepler 架構的推動下，我們在台式機和筆記本電腦中都獲得了份額，並為我們的筆記本電腦產品創造了創紀錄的收入。

Grow Tegra revenue at least 50%.

將 Tegra 收入增長至少 50%。

Revenue for Tegra products sold into smartphones and tablets increased by $181 million to a record $541 million, up 50% year on year.

Tegra 產品銷售到智能手機和平板電腦的收入增加了 1.81 億美元，達到創紀錄的 5.41 億美元，同比增長 50%。

Grow Quadro and Tesla revenue.

增加 Quadro 和 Tesla 的收入。

Revenue for Tesla products increased 37% year on year, as we shipped our first Kepler products -- Tesla K10 in Q3 and Tesla K20 in Q4.

特斯拉產品的收入同比增長 37%，因為我們在第三季度出貨了第一款開普勒產品——特斯拉 K10 和第四季度的特斯拉 K20。

Quadro revenue was down roughly 6% year on year.

Quadro 收入同比下降約 6%。

In October, we shipped Quadro K5000, our first Kepler-based Quadro product, in limited volume.

10 月，我們限量發售了我們首款基於 Kepler 的 Quadro 產品 Quadro K5000。

This year, we will launch Kepler for Quadro in volume top to bottom into the professional market.

今年，我們將自上而下地向專業市場推出 Kepler for Quadro。

We expect Kepler for both Quadro and Tesla to do very well.

我們預計 Quadro 和 Tesla 的 Kepler 都會做得很好。

Exit the year with gross margin of approximately 52%.

以約 52% 的毛利率退出該年度。

We exceeded our target, exiting Q4 with a gross margin of 52.9% and non-GAAP of 53.2%.

我們超出了我們的目標，以 52.9% 的毛利率和 53.2% 的非公認會計原則退出第四季度。

We had record gross margin for the full year, with GAAP gross margin at 52% -- up 60 basis points from the previous year; and non-GAAP gross margin up 52.3%, up 40 basis points.

我們全年的毛利率創歷史新高，美國通用會計準則毛利率為 52%，比上一年提高了 60 個基點；非美國通用會計準則毛利率上升 52.3%，上升 40 個基點。

Manage our OpEx investment at approximately $1.56 billion on a GAAP basis and $1.4 billion for non-GAAP.

管理我們在 GAAP 基礎上大約 15.6 億美元和非 GAAP 基礎上的 14 億美元的運營支出投資。

GAAP OpEx was $1.58 billion, up $20 million from our original expectations.

GAAP 運營支出為 15.8 億美元，比我們最初的預期增加了 2000 萬美元。

This was due to a $20 million expense for corporate donation made in the second quarter.

這是由於第二季度的企業捐贈支出為 2000 萬美元。

On a non-GAAP basis, which excluded this $20 million charge as well as stock-based compensation and acquisition-related costs, we successfully managed to our target of $1.4 billion.

在非公認會計原則的基礎上，不包括這 2000 萬美元的費用以及股票薪酬和收購相關成本，我們成功地實現了 14 億美元的目標。

Before moving on, I would like to provide more background on OpEx as we continue to invest in our key growth strategy.

在繼續之前，我想提供更多關於 OpEx 的背景信息，因為我們將繼續投資於我們的關鍵增長戰略。

Our OpEx is comprised primarily of employee-related costs.

我們的運營支出主要包括與員工相關的成本。

This includes compensation and benefits, as well as other related expenses and supporting costs, largely infrastructure for facilities and IT equipment.

這包括薪酬和福利，以及其他相關費用和支持成本，主要是設施和 IT 設備的基礎設施。

GAAP and non-GAAP OpEx were both up 12% from fiscal 2012.

GAAP 和非 GAAP 運營支出均較 2012 財年增長 12%。

Of the year-on-year OpEx increase for GAAP, 86% related to these employee-related costs, 12% to a contribution expense for corporate donation, and 2% related to all other costs.

在 GAAP 的運營支出同比增長中，86% 與這些與員工相關的成本有關，12% 與企業捐贈的捐款費用有關，2% 與所有其他成本有關。

With non-GAAP OpEx, excluding the contribution expense as well as stock-based comp and acquisition-related costs, which were flat year-over-year, 98% of the increase came from employee and supporting infrastructure costs.

在非 GAAP 運營支出中，不包括貢獻費用以及與去年同期持平的基於股票的補償和收購相關成本，98% 的增長來自員工和支持基礎設施成本。

The remaining 2% related to all other operating expenses.

其餘 2% 與所有其他運營費用有關。

We are investing in the new products and major growth opportunities Rob talked about -- Icera i500, Project Grey and SHIELD, and NVIDIA GRID.

我們正在投資 Rob 談到的新產品和主要增長機會——Icera i500、Project Gray 和 SHIELD 以及 NVIDIA GRID。

We added about 840 new staff in fiscal 2013, giving us a total of nearly 8,000 employees at the end of the year.

我們在 2013 財年增加了大約 840 名新員工，到年底我們總共有近 8,000 名員工。

Of our new staff, 88% joined our engineering teams, 12% joined our operations and SG&A organization.

在我們的新員工中，88% 加入了我們的工程團隊，12% 加入了我們的運營和 SG&A 組織。

We also invested in an annual pay increase for existing employees and began a 401(k) match in Q4.

我們還投資了現有員工的年度加薪，並在第四季度開始了 401(k) 匹配。

We believe our focused investment and our growth strategies and our core businesses are critical to our future growth.

我們相信我們的重點投資和我們的增長戰略以及我們的核心業務對我們未來的增長至關重要。

Now, on to revenue by business segment for the full fiscal year.

現在，按業務部門劃分整個財年的收入。

Beginning this quarter, we changed our financial reporting segments to reflect the way we are now managing our business.

從本季度開始，我們更改了財務報告部門，以反映我們現在管理業務的方式。

We now have two primary reporting segments -- GPU and Tegra Processor.

我們現在有兩個主要的報告部分——GPU 和 Tegra 處理器。

This new segmentation recognizes that we have two fundamental technologies, GPUs and SOCs, which we leverage across several markets under different brands.

這種新的細分認識到我們擁有兩種基本技術，GPU 和 SOC，我們在不同品牌的多個市場中利用它們。

Revenue for the GPU business, which includes GeForce, Quadro, and Tesla-based GPUs, was at 2% year on year.

GPU 業務（包括 GeForce、Quadro 和基於 Tesla 的 GPU）的收入同比增長 2%。

This increase was achieved despite $173 million decline in chipset products, which we discontinued.

儘管我們停產的芯片組產品下降了 1.73 億美元，但仍實現了這一增長。

Excluding chipset product revenue, our GPU business grew 8%, representing our third consecutive year of GPU growth.

剔除芯片組產品收入，我們的 GPU 業務增長 8%，代表我們連續第三年 GPU 增長。

Revenue for the Tegra Processor business was up almost 30% from the previous year, driven by the 50% increase in revenue for Tegra sales shipped into smartphones and tablets, including Win RT devices referenced earlier.

Tegra 處理器業務的收入比上一年增長了近 30%，這得益於 Tegra 銷售到智能手機和平板電腦（包括前面提到的 Win RT 設備）的收入增長了 50%。

Full details of our new reporting segments, as well as historical revenue segmentation, can be found in my CFO commentary posted on our website.

有關我們新報告細分以及歷史收入細分的完整詳細信息，請參閱我在我們網站上發布的 CFO 評論。

Now I would like to talk briefly about the fourth quarter.

現在我想簡單談談第四季度。

Apart from our tax rate, Q4 results were in line with our expectations at the beginning of the quarter.

除了我們的稅率外，第四季度的業績符合我們在季度初的預期。

Revenue was $1.11 billion, down 8% sequentially and up 16% year on year.

收入為 11.1 億美元，環比下降 8%，同比增長 16%。

Gross margins remained at record levels.

毛利率保持在創紀錄水平。

GAAP gross margin was 52.9%, non-GAAP was 53.2%.

GAAP毛利率為52.9%，非GAAP毛利率為53.2%。

Operating expenses were $402 million for GAAP and $360 million for non-GAAP.

GAAP 的運營費用為 4.02 億美元，非 GAAP 的運營費用為 3.6 億美元。

GAAP and non-GAAP tax rates were both below our expectations at roughly 7% in Q4, as we benefited from the extension of the US research tax credit.

GAAP 和非 GAAP 稅率在第四季度均低於我們的預期，約為 7%，因為我們受益於美國研究稅收抵免的延長。

Extension of this credit was enacted during our fourth quarter, bringing our effective tax rates down for the year to roughly 15% for GAAP and non-GAAP, in line with our outlook with the inclusion of this credit.

我們在第四季度實施了此項抵免的延期，使我們的 GAAP 和非 GAAP 的全年有效稅率降低至約 15%，這與我們納入此項抵免後的展望一致。

Turning to the balance sheet, our position remains strong in the quarter and throughout the year.

轉向資產負債表，我們的頭寸在本季度和全年都保持強勁。

Cash increased each quarter, reaching a record $3.73 billion at Q4, up 9% sequentially and up 19% on fiscal 2012.

現金每個季度都在增加，第四季度達到創紀錄的 37.3 億美元，環比增長 9%，比 2012 財年增長 19%。

In Q4, we initiated quarterly cash dividends and extended our share repurchase program.

在第四季度，我們啟動了季度現金股息並延長了我們的股票回購計劃。

We returned $147 million of cash to shareholders in the quarter, with $100 million of stock repurchased and $47 million in dividends paid.

我們在本季度向股東返還了 1.47 億美元的現金，回購了 1 億美元的股票，支付了 4700 萬美元的股息。

Accounts receivable at Q4 was up $9 million over the prior quarter on slightly less shipment linearity.

第四季度的應收賬款比上一季度增加了 900 萬美元，原因是出貨線性度略有下降。

Conversely, inventory was down $9 million from the prior quarter, at $420 million.

相反，庫存比上一季度減少了 900 萬美元，為 4.2 億美元。

Regarding the first-quarter outlook for fiscal 2014, our expectations for GAAP are as follows.

關於 2014 財年第一季度的展望，我們對 GAAP 的預期如下。

Revenue is expected to be $940 million, plus or minus 2%.

收入預計為 9.4 億美元，正負 2%。

We expect revenue for the first quarter to be less than Q4, reflecting lower GPU sales, in line with expectations for the PC industry, and lower Tegra sales as customer devices based on Tegra 3 rampdown ahead of Tegra 4 production.

我們預計第一季度的收入將低於第四季度，這反映了 GPU 銷售額下降，這與 PC 行業的預期一致，以及基於 Tegra 3 的客戶設備在 Tegra 4 生產之前作為客戶設備的 Tegra 銷售額下降。

We expect gross margin of approximately 52.9%, flat from Q4; OpEx of approximately $430 million; and a tax rate of approximately 16%, plus or minus 1%.

我們預計毛利率約為 52.9%，與第四季度持平；運營支出約為 4.3 億美元；稅率約為 16%，正負 1%。

We expect the same for the annual effective tax rate for fiscal 2014.

我們預計 2014 財年的年度有效稅率也是如此。

For non-GAAP, we expect the following differences from our GAAP outlook -- gross margin of approximately 53.2%, flat from Q4, and OpEx of approximately $395 million.

對於非 GAAP，我們預計與我們的 GAAP 前景存在以下差異——毛利率約為 53.2%，與第四季度持平，運營支出約為 3.95 億美元。

This excludes stock-based compensation and certain charges related to acquisitions, in the aggregate of approximately $35 million.

這不包括基於股票的薪酬和與收購相關的某些費用，總計約 3500 萬美元。

The increase in OpEx for Q1 over the fourth quarter is primarily due to the employee-related costs, including planned hiring for our key growth businesses, with the addition of a large FICA tax reset that occurs each -- the first quarter.

與第四季度相比，第一季度運營支出的增加主要是由於與員工相關的成本，包括為我們的關鍵增長業務計劃的招聘，以及每個第一季度都會發生的大規模 FICA 稅收重置。

Depreciation and amortization are expected to be in the range of $59 million to $61 million, and capital expenditures of $55 million to $65 million.

折舊和攤銷預計在 5900 萬美元到 6100 萬美元之間，資本支出在 5500 萬美元到 6500 萬美元之間。

Diluted shares are expected to be approximately 619 million.

稀釋後的股份預計約為6.19億股。

Lastly, we will pay our next quarterly cash dividend of $0.075 per share in the first quarter of fiscal 2014.

最後，我們將在 2014 財年第一季度支付下一季度每股 0.075 美元的現金股息。

On an annual basis, this is equivalent to $0.30 per share and approximates an annual yield of about 2.4%, based on yesterday's closing price of $12.43.

按年計算，這相當於每股 0.30 美元，按昨天的收盤價 12.43 美元計算，年收益率約為 2.4%。

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。

Betsy Van Hees, Wedbush Morgan Securities.

Betsy Van Hees，韋德布什摩根證券。

I was wondering if you could help us understand, in terms of the guidance from the revenue, which business segment -- is it going to be equally down as a percentage basis?

我想知道你是否可以幫助我們了解，就收入的指導而言，哪個業務部門——它會以百分比的形式同樣下降嗎？

Or is one going to be down more than the other in your reporting segments?

或者在您的報告細分中，一個會比另一個下降更多？

So, as I mentioned, we expect that our GPU business will be down very much in line with the PC industry.

因此，正如我所提到的，我們預計我們的 GPU 業務將與 PC 行業非常一致。

And as you know, Intel, AMD, and other companies have already disclosed.

如您所知，英特爾、AMD 和其他公司已經披露。

And then, the other component will be Tegra-related, which will be larger; and that, again, is the transition effect from T3 to Tegra 4.

然後，另一個組件將與 Tegra 相關，它會更大；這也是從 T3 到 Tegra 4 的過渡效果。

Okay, thanks very much.

好的，非常感謝。

And so, my follow-up question has to do with OpEx.

因此，我的後續問題與運營支出有關。

So, that is a pretty big jump up in the GAAP OpEx of $430 million from your $402 million and then your $384 million in the prior quarter.

因此，GAAP 運營支出從您的 4.02 億美元和上一季度的 3.84 億美元大幅增長 4.3 億美元。

So, as we are looking at the July and October, are we going to see OpEx sort of flattening out?

那麼，當我們看到 7 月和 10 月時，我們會看到運營支出趨於平緩嗎？

Or are we going to continue to have these incremental increases?

還是我們會繼續保持這些增量增長？

And I was wondering if you could help us a little bit with the OpEx.

我想知道您是否可以在運營支出方面幫助我們一點。

Sure.

當然。

So, as you saw last year, we had a similar jump, and we have it every first quarter.

所以，正如你去年看到的那樣，我們也有類似的增長，我們每個第一季度都有。

And as I explained, it's really the FICA tax reset that hits us pretty hard in the first quarter.

正如我解釋的那樣，第一季度對我們造成很大打擊的是 FICA 稅收重置。

And just like in fiscal 2013, OpEx levels off for the rest of the year, so we expect a similar type of impact this year.

就像 2013 財年一樣，OpEx 在今年剩餘時間裡趨於平穩，所以我們預計今年也會產生類似的影響。

Okay, thanks for answering my questions.

好的，謝謝你回答我的問題。

Steve Eliscu, UBS.

瑞銀的史蒂夫·埃利斯庫。

Last year, just more specifically, you gave us full-year guidance for both OpEx and the percentage growth on Tegra, which was very helpful in terms of thinking about where NVIDIA was going to land in fiscal '13.

去年，更具體地說，您為我們提供了運營支出和 Tegra 百分比增長的全年指導，這對於思考 NVIDIA 在 13 財年將在何處登陸非常有幫助。

Slide 12 in your presentation talks about your growth drivers.

演示文稿中的幻燈片 12 討論了您的增長動力。

Can you give us a sense as to what Tegra will grow the OpEx number?

你能告訴我們什麼 Tegra 將增加 OpEx 數量嗎？

And just review some of those other growth drivers so we have a sense as to where you will end out for the full year.

並且只需回顧一些其他增長驅動因素，以便我們了解您全年的結局。

Well, Steve, first of all, thank you.

好吧，史蒂夫，首先，謝謝你。

I think the -- we haven't decided yet whether to guide the full year or not.

我認為 - 我們尚未決定是否指導全年。

At the moment, we have decided to guide a quarter out.

目前，我們決定引導四分之一出去。

And to tell you the truth, I am not sure how helpful it was to all of you that we guided the whole year.

說實話，我不確定我們全年指導對你們所有人有多大幫助。

And so, I think that at the moment, we are still thinking through it.

所以，我認為目前，我們仍在考慮它。

But some of the comments that you heard related to -- in Rob's comments were that specific to Tegra, at this point we have more design wins than we had at this point with Tegra 3.

但是你聽到的一些評論與——在 Rob 的評論中是特定於 Tegra 的，在這一點上，我們比 Tegra 3 獲得了更多的設計勝利。

You also heard that we are now sampling our 4G LTE modem, and this is a pretty large market.

您還聽說我們現在正在對 4G LTE 調製解調器進行採樣，這是一個相當大的市場。

It's still early in the modem -- overall modem market.

在調製解調器——整個調製解調器市場中，它還處於早期階段。

It's about 150 million units large projected this year, growing about 50% per year.

預計今年的銷量約為 1.5 億台，每年增長約 50%。

The overall connected device market is probably about 1 billion, north of 1 billion units.

整體連接設備市場可能約為 10 億台，超過 10 億台。

And so, there is still a lot of LTE 4G modems that need to be shipped.

因此，仍有大量 LTE 4G 調製解調器需要發貨。

And this is really the first year where we have the ability to engage that market.

這確實是我們有能力進入該市場的第一年。

So, we are really super excited about it, we are going to engage it very hard, and we are sampling modems around the world now.

所以，我們對此感到非常興奮，我們將非常努力地參與其中，我們現在正在世界各地採樣調製解調器。

And so, those are good growth indicators for Tegra 4. The first quarter, always, we ramp down Tegra 3 as we ramp up 4. And hopefully in the future, as we get more and more into lower-end devices where the life cycle is a little longer, this transitional effect would be a lot -- would be less pronounced.

因此，這些都是 Tegra 4 的良好增長指標。第一季度，我們總是在增加 Tegra 4 的同時減少 Tegra 3。希望在未來，隨著我們越來越多地進入生命週期低端設備再長一點，這種過渡效果就會很多——不會那麼明顯。

But this is something we expected, and it's something that we will transition into Tegra 4 as fast as we can.

但這是我們所期望的，我們將盡快過渡到 Tegra 4。

As far as feedback, as far as the guidance, the first time you provided it, it was probably a bit premature.

就反饋而言，就指導而言，您第一次提供它可能還為時過早。

But when you provided it a year ago for fiscal '13, it was extremely helpful, so we appreciate that.

但是，當您在一年前為 '13 財年提供它時，它非常有幫助，因此我們對此表示感謝。

Just as a follow-up question here, we have heard about one of your primary competitors in the [RM] processor area talk about cleaning clocks of Tegra.

就像這裡的後續問題一樣，我們聽說您在 [RM] 處理器領域的主要競爭對手之一談論清潔 Tegra 時鐘。

Can you give us a sense as to -- given some of the slippages that the trade press has reported with Tegra 4, that -- to give us confidence that indeed you will be able to maintain performance leadership when we see Tegra 4 come out?

你能給我們一個感覺——鑑於貿易媒體報導的 Tegra 4 的一些滑點——讓我們相信，當我們看到 Tegra 4 推出時，你確實能夠保持性能領先？

Well, I guess I won't comment on his comment, and I don't know how he could possibly know the performance of Tegra 4. No one outside the Company knows the performance of Tegra 4, so that is number one.

好吧，我想我不會評論他的評論，我也不知道他怎麼可能知道 Tegra 4 的性能。公司之外沒有人知道 Tegra 4 的性能，所以這是第一位的。

I will refrain from going any further.

我不會再進一步了。

I would like to.

我想。

But with respect to Tegra 4, I guess you are just going to have to wait just a little lodger, not much longer, and you will see performance evaluations of Tegra 4. And I think you will be quite pleased with them.

但是對於 Tegra 4，我想你只需要等待一個小房客，不會多長時間，你就會看到 Tegra 4 的性能評估。我想你會對它們感到非常滿意。

Tegra 4 is many times higher performance than Tegra 3 in many areas, and it's designed to be very high-performance.

Tegra 4 在許多方面的性能都比 Tegra 3 高很多倍，而且它的設計目的是非常高性能。

There is a lot of confidence in why we can deliver that performance leadership.

我們對我們為什麼能夠提供這種績效領先地位充滿信心。

We said that about Tegra 3, and I think we delivered on that.

我們說過 Tegra 3，我認為我們兌現了這一點。

This is an area that we are quite good at.

這是我們非常擅長的一個領域。

So, whether it's CPU performance or GPU performance, or camera performance, these are three areas that we made big breakthroughs on.

所以，無論是CPU性能還是GPU性能，還是攝像頭性能，這三個方面我們都取得了很大的突破。

But the two areas that are super important to our customers have to do with the battery life that we can sustain, despite the fact that our performance is really high.

但是，對我們的客戶來說非常重要的兩個領域與我們可以維持的電池壽命有關，儘管我們的性能確實很高。

And it has to do with two very unique features.

它與兩個非常獨特的功能有關。

One is our four plus one energy saving core.

一是我們的四加一節能芯。

We invented this technology, and we are still the only Company in the world shipping this technology.

我們發明了這項技術，而且我們仍然是世界上唯一一家提供這項技術的公司。

And none of our competitors have this technology as of yet, although some of them are talking about it in the future.

到目前為止，我們的競爭對手都沒有這項技術，儘管他們中的一些人將來會談論它。

Second is the technology that is related to modulating the backlight on a per-pixel per-frame level.

其次是與在每像素每幀級別上調製背光相關的技術。

That is something that is very unique to Tegra, and it saves hundreds of milliwatts.

這是 Tegra 非常獨特的東西，它可以節省數百毫瓦。

Because as you could imagine, how much a display backlight consumes, it's getting higher and higher because the resolutions are getting higher and the displays are getting brighter and people expect more from their display.

因為您可以想像，顯示器背光的消耗量會越來越高，因為分辨率越來越高，顯示器越來越亮，人們對顯示器的期望也越來越高。

This is a technology that is quite unique to us, and this is -- with Tegra 4, we have our second generation to that.

這是一項對我們來說非常獨特的技術，這就是——使用 Tegra 4，我們有了第二代。

And so, we have introduced not only performance capabilities, but as well as battery-saving capabilities and new functionalities like our camera.

因此，我們不僅引入了性能功能，還引入了省電功能和相機等新功能。

And so, I am looking forward to the reviewers, which ultimately the reviewers will tell us how their processor compares to ours.

因此，我期待著審稿人，最終審稿人會告訴我們他們的處理器與我們的處理器相比如何。

But based on everything we know about [Crate], I think our position of Tegra 4 is going to be pretty extraordinary.

但基於我們對 [Crate] 的了解，我認為我們在 Tegra 4 中的地位將非常不同尋常。

Great, thank you.

太好了謝謝。

Chris Caso, Susquehanna Financial.

克里斯·卡索，Susquehanna Financial。

Wondering if you could give a little more color about the Quadro business.

想知道您是否可以為 Quadro 業務提供更多信息。

I think in your last quarter comments, you were expecting some weakness in that business.

我認為在您上個季度的評論中，您預計該業務會出現一些疲軟。

And it looked like from the commentary that grew in the quarter, despite some of the limited quantities of the K5000.

從本季度增長的評論來看，儘管 K5000 的一些數量有限。

Can you talk about that a little bit, and what your expectations are of that for the April quarter?

您能否談談這一點，以及您對 4 月季度的期望是什麼？

I will let Karen talk about the April quarter, but what I will do is I will talk to you about the dynamics of that business.

我會讓凱倫談談 4 月季度，但我會和你談談該業務的動態。

We are gaining share in that business because our position in graphics is getting stronger than ever.

我們在該業務中獲得了份額，因為我們在圖形領域的地位比以往任何時候都更加強大。

Our technology leadership position is pulling ahead, whereas graphics is important and it continues to be.

我們的技術領先地位正在領先，而圖形很重要，而且仍然如此。

We have introduced new ways of rendering graphics, [Ray] tracing and other computational graphics capabilities.

我們引入了渲染圖形、[Ray] 跟踪和其他計算圖形功能的新方法。

We have added simulation technology related to -- made possible by GPU computing, so that you can simulate and visualize at the same time., So, the capabilities that we provide is increasing.

我們添加了與GPU計算相關的模擬技術，以便您可以同時進行模擬和可視化。因此，我們提供的功能正在增加。

We are just transitioning Kepler into our entire enterprise product line.

我們只是將 Kepler 轉變為我們的整個企業產品線。

And Kepler, as you know, is just a wonderful GPU.

如您所知，Kepler 只是一個出色的 GPU。

It's the best GPU we have ever built, it's the best GPU the industry has ever built.

它是我們構建過的最好的 GPU，它是業界構建過的最好的 GPU。

And we are in the process of transitioning that into Quadro.

我們正在將其轉換為 Quadro。

That has been offset.

那已經被抵消了。

There is some offsetting dynamics related to the weakness of the enterprise market in some areas around the world.

全球某些地區的企業市場疲軟存在一些抵消動力。

There were some delays related to the next-generation workstation motherboard from Intel, but I think their people are working through all of those issues and I think the dynamics will play out.

英特爾的下一代工作站主板出現了一些延遲，但我認為他們的員工正在解決所有這些問題，我認為動態將會發揮作用。

Yes, so to answer your second part of your question -- so for this quarter, Q4, we saw some nice strength in Quadro.

是的，所以回答你問題的第二部分——所以在本季度第四季度，我們看到了 Quadro 的一些不錯的實力。

Quarter over quarter, Quadro was up about 11%.

Quadro 季度環比增長約 11%。

So, as Jen-Hsun mentioned, we have great plans with Kepler and our market opportunity.

因此，正如 Jen-Hsun 所說，我們對 Kepler 和我們的市場機會有很好的計劃。

For next quarter, Q1, we are expecting relatively flat -- as Jen-Hsun mentioned again, there is some offsetting forces, and we are being a little bit conservative perhaps.

對於下一季度，第一季度，我們預計相對持平——正如仁勳再次提到的，有一些抵消力量，我們可能有點保守。

But we had a really strong quarter in Q4.

但我們在第四季度有一個非常強勁的季度。

Okay, great.

好，太棒了。

As a follow-up, could you help us to calibrate our expectations for the PC graphics business as we go through the year?

作為後續行動，您能否幫助我們調整對 PC 圖形業務的預期？

And understand you don't want to provide full-year guidance right now.

並且了解您現在不想提供全年指導。

But what you guys have told us in the past is that your growth in PC graphics is not necessarily mirroring what is happening in the PC market.

但是你們過去告訴我們的是，你們在 PC 圖形方面的增長不一定反映 PC 市場正在發生的事情。

There is gaming product cycles, your own product cycles there.

那裡有遊戲產品週期，你自己的產品週期。

Could you give us some color on that?

你能給我們一些顏色嗎？

And in addition, what your expectations are for market share?

此外，您對市場份額的期望是什麼？

Particularly in notebook side this year, where you have gained some market share last year.

特別是在今年的筆記本方面，去年你已經獲得了一些市場份額。

My expectation is that we will gain market share this year, or we will continue to gain market share this year.

我的預期是今年我們將獲得市場份額，或者今年我們將繼續獲得市場份額。

With respect to PC graphics, PC graphics has two components to it.

對於 PC 圖形，PC 圖形有兩個組成部分。

And I am excluding the Tesla GPU computing product line, I am excluding the workstation product line Quadro.

而且我不包括Tesla GPU計算產品線，我不包括工作站產品線Quadro。

But PC graphics, the consumer product line has really two components.

但是 PC 圖形，消費產品線實際上有兩個組成部分。

There is the OEM graphics, where the OEMs use our GPUs to differentiate their notebooks or differentiate their PCs.

還有 OEM 顯卡，OEM 使用我們的 GPU 來區分他們的筆記本電腦或區分他們的 PC。

They add our GPUs, and because it's clearly additive and the performance is so much better, they could provide the same basic platform with a premium [SKU].

他們添加了我們的 GPU，因為它顯然是附加的並且性能要好得多，所以他們可以為相同的基本平台提供高級 [SKU]。

That dynamic hasn't really changed, and my guess is that an OEM's desire to create premium products will continue to be there.

這種動態並沒有真正改變，我的猜測是，OEM 製造優質產品的願望將繼續存在。

The larger dynamic, the larger market for PC graphics, is related to PC gaming.

更大的動態、更大的 PC 圖形市場與 PC 遊戲有關。

We have always said that PC gaming is vibrant.

我們一直說 PC 遊戲充滿活力。

We have said that PC gaming is in fact growing.

我們已經說過，PC 遊戲實際上正在增長。

And the reason for that is because the PC platform is open and it allows for a lot of innovations -- not only for technology, but also for business models.

這樣做的原因是因為 PC 平台是開放的，它允許進行大量創新——不僅在技術方面，而且在商業模式方面。

One of the most important new growth dynamic has to do with free to play.

最重要的新增長動力之一與免費遊戲有關。

Free to play is really a wonderful business model, and it's a business model that doesn't serve us well, a proprietary and a closed platform model where royalties are -- where it's royalty bearing.

免費遊戲確實是一個很棒的商業模式，它是一個不能很好地為我們服務的商業模式，一個專有的和封閉的平台模式，版稅是 - 它是版稅承擔的地方。

And so, these free to play platforms are fabulous for PCs and it attracts new gamers.

因此，這些免費遊戲平台非常適合 PC，它吸引了新的遊戲玩家。

It costs nothing to try it, and unless you really enjoy the game, that is when you really get in and buy up virtual goods, where you can differentiate your outfit, your costume, differentiate your weapons, play new levels.

嘗試它是免費的，除非你真的喜歡這個遊戲，那就是當你真正進入併購買虛擬商品時，你可以區分你的裝備，你的服裝，區分你的武器，玩新的關卡。

And so, it's -- the more you enjoy the game, the more you are welcome to spend in the game.

因此，您越喜歡游戲，就越歡迎您在遊戲中消費。

And I think that that kind of a business model really tailors nicely to PCs.

我認為這種商業模式真的很適合個人電腦。

It's also much more associated with MMOs, massively multi-player online games.

它也更多地與 MMO、大型多人在線遊戲相關聯。

And so, these dynamics continue to help drive our PC graphics business -- the gaming graphics business.

因此，這些動態繼續幫助推動我們的 PC 圖形業務——遊戲圖形業務。

For the year, I think that these dynamics will remain true -- that the MMO and the free to play business models are going to continue to drive and help grow the PC graphics business.

就這一年而言，我認為這些動態將保持不變——MMO 和免費遊戲商業模式將繼續推動和幫助發展 PC 圖形業務。

Thank you.

謝謝你。

Doug Freedman, RBC Capital Markets.

道格弗里德曼，加拿大皇家銀行資本市場。

Gentlemen, when we look at the business model and the OpEx growth -- last year you grew OpEx at a rate above the revenue growth, but you were able to offset it with gross margin leverage.

先生們，當我們審視商業模式和運營支出增長時——去年你的運營支出增長速度高於收入增長，但你能夠用毛利率槓桿抵消它。

Looking forward, if I run the numbers, it looks like we are going to see about 15% OpEx growth year on year, even if you hold Q1's level pretty stable for the balance of the year.

展望未來，如果我計算這些數字，看起來我們將看到大約 15% 的 OpEx 同比增長，即使您在今年餘下時間保持第一季度的水平相當穩定。

How should we think about that going forward?

我們應該如何看待未來的發展？

Are you going to -- should we think about revenue leverage here?

你打算 - 我們應該在這裡考慮收入槓桿嗎？

Or is there a gross margin leverage potential to hold on to the earnings column?

或者是否存在毛利率槓桿潛力來保持收益列？

Yes, Doug, I appreciate the question.

是的，道格，我很欣賞這個問題。

I think first of all, we have to recognize that we are investing into a once in a lifetime and very large market opportunity.

我認為首先，我們必須認識到我們正在投資於千載難逢的巨大市場機會。

We weren't the first modem company in the world, but we need a modem, 4G LTE modem, to address the very large LTE connected devices market.

我們不是世界上第一家調製解調器公司，但我們需要一個調製解調器，即 4G LTE 調製解調器，以應對龐大的 LTE 連接設備市場。

And if we are able to deliver that, we are in a pretty special place.

如果我們能夠做到這一點，我們就處於一個非常特別的地方。

And the reason for that is because we have a great application processor, we have a great application processor road map, because we had the technology and capability to sustain it.

其原因是因為我們擁有出色的應用處理器，我們擁有出色的應用處理器路線圖，因為我們擁有維持它的技術和能力。

One of the most important areas -- one of the most important capabilities in the mobile market is the ability to have software.

最重要的領域之一——移動市場中最重要的能力之一是擁有軟件的能力。

There are so many different operating systems, and Microsoft does a great deal in the PC industry that is not afforded to in the rest of the embedded markets.

有這麼多不同的操作系統，微軟在 PC 行業做了很多其他嵌入式市場無法做到的事情。

And this is a market where in the connected device marketplace, where there is Android and Chrome and Win RT and Linux and QNX -- and all these different operating systems require a world-class system software team.

這是一個互聯設備市場，有安卓、Chrome、Win RT、Linux和QNX——所有這些不同的操作系統都需要世界級的系統軟件團隊。

And so, if we have those two things and we combine it with LTE which we are now sampling, the combination of these three things could put us in a very special place.

因此，如果我們擁有這兩件事，並將其與我們現在正在採樣的 LTE 結合起來，這三件事的結合可以讓我們處於一個非常特殊的位置。

And so, we want to go after that large and fast-growing LTE marketplace and the investment is necessary.

因此，我們想要追求龐大且快速增長的 LTE 市場，投資是必要的。

So, the answer to your question is revenue leverage.

因此，您的問題的答案是收入槓桿。

We are looking forward to revenue leverage.

我們期待收入槓桿。

Now, our GPU business, of course, is still growing as well.

現在，我們的 GPU 業務當然也在增長。

And there is opportunities to grow there.

那裡有發展的機會。

The last year we grew 8%, if you excluded the chipset business that we exited; and this year, we added a new type of GPU product.

如果排除我們退出的芯片組業務，去年我們增長了 8%；而今年，我們又增加了一種新型的 GPU 產品。

We incorporated our GPUs into a first-of-its-kind graphics appliance.

我們將我們的 GPU 整合到了首創的圖形設備中。

It's a graphics computing system, it's dedicated to doing graphics, and we have described a few applications for the NVIDIA GRID.

它是一個圖形計算系統，專用於做圖形，我們已經描述了一些適用於 NVIDIA GRID 的應用程序。

And I think that this type of a computing appliance, this graphics appliance, is for GPU, it's very similar to a router as for networking chips, or a network-attached storage is for [stata] chips.

我認為這種類型的計算設備，這種圖形設備，是用於 GPU 的，它非常類似於用於網絡芯片的路由器，或者網絡附加存儲用於 [stata] 芯片。

At some point when you want to share these resources with a larger work group or with a lot of different people, these graphics appliances, these computing appliances are really a perfect fit.

在某些時候，當您想與更大的工作組或許多不同的人共享這些資源時，這些圖形設備、這些計算設備確實是完美的選擇。

And we see a lot of people wanting to go to SAS, but they can't do it with graphics-intensive applications.

而且我們看到很多人想要使用 SAS，但他們無法使用圖形密集型應用程序。

And now with the NVIDIA GRID, they can finally do that.

現在有了 NVIDIA GRID，他們終於可以做到了。

And so, I am excited about the GPU growth opportunities still, but one of the areas where we are investing very heavily -- and that is the reason why you saw the investments from the last couple years, is to really -- to put us in a place where we can engage the LTE market.

因此，我仍然對 GPU 的增長機會感到興奮，但我們正在大力投資的領域之一——這就是你看到過去幾年投資的原因，真的——讓我們在一個我們可以參與 LTE 市場的地方。

And this year, we will aggressively do that.

今年，我們將積極地做到這一點。

I guess as my follow-up, I have a good understanding of where the growth is going to come from on the Tegra Processor; clearly, it sounds like with the LTE modem you want to grow on the handset side of the market to take advantage of that.

我想作為我的後續行動，我對 Tegra 處理器的增長將來自何處有一個很好的了解；顯然，這聽起來像是您希望在手機市場上發展的 LTE 調製解調器以利用這一點。

When you look at all the other investments that you are making as you just ran through a pretty healthy list there of new products that you have introduced recently, what is number two and three on the list, as far as revenue contribution?

當您查看您正在進行的所有其他投資時，您剛剛瀏覽了您最近推出的新產品的一個相當健康的列表，就收入貢獻而言，列表中的第二和第三位是什麼？

Well, I really listed two just now.

嗯，我剛才真的列出了兩個。

I listed LTE, and that is -- LTE, when I say LTE, I mean Tegra LTE.

我列出了 LTE，即 LTE，當我說 LTE 時，我指的是 Tegra LTE。

You have to invest in Tegra and you have to invest in LTE in order to engage that LTE connected device market.

你必須投資 Tegra，你必須投資 LTE，才能進入 LTE 連接設備市場。

There is no standalone modem business anymore, and many of these new 4G connected device marketplace and integrated approach is necessary.

不再有獨立的調製解調器業務，許多新的 4G 連接設備市場和集成方法是必要的。

And that is the reason why we bought Icera, and that is the reason we are investing in LTE.

這就是我們購買 Icera 的原因，也是我們投資 LTE 的原因。

So, that is really one investment.

所以，這確實是一項投資。

You have to do it altogether or you don't do it at all.

你必須完全這樣做，否則你根本不這樣做。

And so, that is one of the reasons why all of the standalone modem companies really have gotten out, and that is the reason why most of the standalone application processor companies have gotten out.

因此，這就是所有獨立調製解調器公司真正退出的原因之一，也是大多數獨立應用處理器公司退出的原因。

Because unless you have the combination of these three things -- the Tegra, something like a Tegra application processor, a 4G modem, and a software stack, you really can't play the big games.

因為除非你擁有這三樣東西的組合——Tegra、Tegra 應用處理器、4G 調製解調器和軟件堆棧，否則你真的無法玩大型遊戲。

And I think we are rather uniquely positioned to be a great challenger here.

而且我認為我們在這方面處於非常獨特的地位，可以成為一個偉大的挑戰者。

And then, number two is GRID.

然後，第二個是 GRID。

That particular investment is really about taking our GPU and taking it out of the box.

這項特別的投資實際上是為了讓我們的 GPU 開箱即用。

If you take the GPU out of the box, then you can grow independent of the box.

如果您將 GPU 開箱即用，那麼您就可以獨立成長。

And the GRID is going to make it possible for us to put our GPUs, if you will, on a network -- and whether it's a Mac network or a PC network or an Android network or whatever devices you have networked onto it.

如果您願意，GRID 將使我們能夠將我們的 GPU 置於網絡上——無論是 Mac 網絡、PC 網絡、Android 網絡，還是任何您已聯網的設備。

So, those were two investments that I have described, and both have exciting growth opportunities ahead.

因此，這就是我所描述的兩項投資，並且都具有令人興奮的增長機會。

Great, thank you.

太好了謝謝。

Blayne Curtis, Barclays Capital.

Blayne Curtis，巴克萊資本。

(Audio difficulties) for Tegra 4, I was wondering if you could provide anything as to makeup of that within tablets or smartphones or Windows versus Android.

（音頻困難）對於 Tegra 4，我想知道您是否可以提供任何關於平板電腦或智能手機或 Windows 與 Android 中的構成的內容。

Thanks.

謝謝。

Okay, I am sorry, that was really, really difficult for us to understand.

好吧，我很抱歉，這對我們來說真的，真的很難理解。

Could you try saying that again or calling in on a landline?

你可以試著再說一遍或撥打固定電話嗎？

Just try it one more time.

再試一次。

I apologize.

我道歉。

I am traveling.

我在旅行。

I was wondering if you could provide some color as to strong (inaudible) makeup of whether you see tablets or smartphones as a bigger driver for you, as well as Windows versus Android.

我想知道您是否可以提供一些顏色來說明您是否將平板電腦或智能手機視為更大的驅動力，以及 Windows 與 Android。

Okay, I am going to take a swing at that.

好的，我要嘗試一下。

I think you asked what is likely to be a larger growth driver for us, is it tablets or phones?

我想你問過什麼可能是我們更大的增長動力，是平板電腦還是手機？

And number two, is it Android or Win RT?

第二，是 Android 還是 Win RT？

That is a good question and let me see if I can try to dissect that.

這是一個很好的問題，讓我看看我是否可以嘗試剖析它。

First of all, on a yearly basis, although the quarters have been a little choppy, on an annual basis most of our growth -- not all of our growth, but the vast majority of our growth has come from tablets.

首先，按年計算，雖然每個季度都有點波動，但按年計算，我們的大部分增長——不是我們的全部增長，但我們的絕大多數增長來自平板電腦。

Whereas people were rather skeptical about Android tablets, we really stuck with it.

儘管人們對 Android 平板電腦持懷疑態度，但我們確實堅持了下來。

And we stuck with it because we believed, not in whether a tablet -- an Android tablet is going to be useful or not or successful or not, we believed in the Google cloud.

我們堅持它是因為我們相信，而不是平板電腦——Android平板電腦是否有用或成功與否，我們相信谷歌云。

We believed that people will buy books and music and games and movies and store their photographs up in the cloud.

我們相信人們會購買書籍、音樂、遊戲和電影，並將他們的照片存儲在雲端。

And when you put all your personal content in the cloud, you want to enjoy it on your phone, you want to enjoy it when your are home in a larger format, in which case an Android tablet.

當您將所有個人內容放在雲中時，您想在手機上欣賞它，您想在家時以更大的格式欣賞它，在這種情況下是 Android 平板電腦。

We also believe that you would want to enjoy it -- playing the games with a device that is design dedicated to play games, and that is the reason why we built SHIELD.

我們也相信您會想要享受它——使用專門為玩遊戲而設計的設備玩遊戲，這就是我們建造 SHIELD 的原因。

And so, I think the tablet market has turned out to exceed most people's expectations.

因此，我認為平板電腦市場的表現超出了大多數人的預期。

And we grew a lot in Android tablets this last year, and my expectation is that there will be more Android tablets built this next year.

去年我們在 Android 平板電腦上增長了很多，我預計明年會有更多的 Android 平板電腦。

And so, the first thing is -- yes, I believe in tablets.

所以，第一件事是——是的，我相信平板電腦。

I believe in tablets wholeheartedly.

我全心全意地相信平板電腦。

And it's an area, it's a segment of the marketplace that we are going to continue to invest in and be quite successful in.

這是一個領域，是我們將繼續投資並取得成功的市場的一部分。

Win RT -- I believe it is essential, strategically essential for Microsoft to be on all of the major processors in the world, surely the highest volume processor in the world, as a software company, and an operating system company.

Win RT——我認為微軟作為一家軟件公司和一家操作系統公司，在世界上所有主要處理器上，肯定是世界上產量最高的處理器上，這是必不可少的，具有戰略意義。

It's a market they can't afford to ignore.

這是一個他們不能忽視的市場。

And so, Win RT is surely going to be an important area for them.

因此，Win RT 肯定會成為他們的一個重要領域。

Now, whether people see Win RT as a consumer tablet or as a PC is yet to be determined.

現在，人們將 Win RT 視為消費平板電腦還是 PC 尚待確定。

But at the very minimum, if you extrapolate it forward by a few years, it's hard to imagine how Win RT can't possibly, won't possibly be a wonderful PC.

但至少，如果你往前推幾年，很難想像 Win RT 不可能，不可能成為一台出色的 PC。

We know exactly what it feels like on top of a Tegra 4, and it rocks.

我們確切地知道在 Tegra 4 上的感覺，並且它會搖擺不定。

It's fantastic.

這是夢幻般的。

And so, Win RT I think will be successful as well.

因此，我認為 Win RT 也會成功。

Microsoft will have no choice but to continue to invest in it, and it's a great company.

微軟別無選擇，只能繼續投資，這是一家偉大的公司。

They will do something great with it.

他們會用它做一些很棒的事情。

With respect to -- so, that is Android and Win RT.

關於--所以，那就是Android 和Win RT。

I already commented on tablets.

我已經評論過平板電腦。

Smartphones, super phones -- this is an area that we will likely need to have an LTE modem in order to be successful.

智能手機、超級手機——這是我們可能需要擁有 LTE 調製解調器才能成功的領域。

And that is the reason why we have worked so hard to accelerate our LTE modem to market.

這就是為什麼我們如此努力地加速將我們的 LTE 調製解調器推向市場的原因。

We are working around the clock, and this is -- with an LTE modem, the Tegra Processor and our software capability, we will be able to address a much larger phone opportunity going forward.

我們夜以繼日地工作，這就是——借助 LTE 調製解調器、Tegra 處理器和我們的軟件功能，我們將能夠應對未來更大的電話機會。

And so, we will have some phone success this year, but we are not expecting to have a whole lot of phone design wins until we have -- until we engage the market with LTE.

因此，今年我們將在手機上取得一些成功，但我們預計不會在手機設計上取得很多勝利，直到我們擁有 - 直到我們通過 LTE 進入市場。

Okay?

好的？

Thank you.

謝謝你。

Kevin Cassidy, Stifel Nicolaus.

凱文·卡西迪，斯蒂菲爾·尼古拉斯。

I wonder if you could give us more of a timeline on the GRID development, and when we could see significant revenue for that product.

我想知道您是否可以給我們更多關於 GRID 開發的時間表，以及我們何時可以看到該產品的可觀收入。

What are some of the obstacles in front of you still?

你面前還有哪些障礙？

Thanks a lot, Kevin.

非常感謝，凱文。

I think the GRID comes in three flavors.

我認為 GRID 有三種口味。

GRID the architecture comes in three flavors -- one, and the one that we developed first, is GRID for enterprise [VDI].

GRID 架構分為三種風格——一種，我們首先開發的一種，是企業級 GRID [VDI]。

We have been working with Citrix, VMware, and Microsoft for quite a long time.

我們已經與 Citrix、VMware 和 Microsoft 合作了很長時間。

And in that particular application, by installing our graphics cards, the GRID VGX graphics cards into a industry standard OEM server, you could deploy it in enterprises and accelerate the VDI installations that you have.

在該特定應用中，通過將我們的顯卡、GRID VGX 顯卡安裝到行業標準的 OEM 服務器中，您可以在企業中部署它並加速您擁有的 VDI 安裝。

And so, if you had a Citrix desktop, it would just be much snappier.

因此，如果您有一個 Citrix 桌面，它會更加快捷。

We could also address markets where the current VDI solutions aren't sufficiently good enough, because the graphics performance isn't good enough, it doesn't accelerate, it doesn't run certain applications like workstations.

我們還可以解決當前 VDI 解決方案不夠好的市場，因為圖形性能不夠好，不能加速，不能運行工作站等某些應用程序。

And so, we could expand the market for VDI.

因此，我們可以擴大 VDI 的市場。

Our three partnerships are going fabulously.

我們的三個夥伴關係進展順利。

Everybody is very excited about that, and that is likely the first area of growth this year for GRID.

每個人都對此感到非常興奮，這可能是 GRID 今年的第一個增長領域。

The second component of growth has to do with cloud gaming.

增長的第二個組成部分與雲遊戲有關。

We have about six partners, and we are evaluating new ones who are [middleware] partners who service telcos and MSOs around the world to provide cloud gaming to these telcos and MSOs.

我們有大約六個合作夥伴，我們正在評估新的 [中間件] 合作夥伴，他們為世界各地的電信公司和 MSO 提供服務，為這些電信公司和 MSO 提供雲遊戲。

You know, they would like to provide gaming as one of the channels of cable television.

你知道，他們想提供遊戲作為有線電視頻道之一。

And so, it's another way for them to monetize a subscriber base they already have, it's another way for telcos to provide content that could be enjoyed over the LTE networks.

因此，這是他們通過現有用戶群獲利的另一種方式，這是電信公司提供可通過 LTE 網絡享受的內容的另一種方式。

And so, you could imagine that this is -- creating new content, adding content inventory to their subscriber base, is something that of course every telco and every MSO would more than love to do.

因此，您可以想像這是——創建新內容，向他們的訂閱者群添加內容庫存，這當然是每個電信公司和每個 MSO 都非常願意做的事情。

And so, we have six partners, partner with us around the world.

因此，我們有六個合作夥伴，在世界各地與我們合作。

The trials are going on at 12 with the telcos -- at 12 telcos around the world, and there are more coming online as we speak.

試驗將在 12 家電信公司進行——在全球 12 家電信公司進行，而且在我們發言時還有更多的電信公司上線。

And so, that evaluation will take longer, because the quality of service has to be proven and these large networks have to be tested.

因此，評估將需要更長的時間，因為必須證明服務質量並且必須測試這些大型網絡。

And so, that is the second that we have started.

所以，這是我們開始的第二個。

I am not expecting large revenue contribution this year, but it's really, really important that we do proof of concepts and trials at every telco this year.

我預計今年不會有很大的收入貢獻，但今年我們在每家電信公司進行概念驗證和試驗是非常非常重要的。

And so, that is our primary focus.

因此，這是我們的主要關注點。

And the third has to do with SAS.

第三個與SAS有關。

There is, as you know, most of the software companies would like to move to a SAS model.

如您所知，大多數軟件公司都希望轉向 SAS 模型。

It is -- from whether it's monetization or just being able to access new customers more quickly, not having to install a heavyweight application in somebody's network is one of the fastest ways to capture new subscribers or new customers, new licensees.

它是——無論是貨幣化還是僅僅能夠更快地訪問新客戶，不必在某人的網絡中安裝重量級應用程序是獲取新訂戶或新客戶、新被許可人的最快方式之一。

And so, being able to just literally put a heavy weight application like an Adobe or an Autodesk or a SolidWorks application, a workstation application, as a little icon that you double click and boom, you are in that application because that application is being served on a network -- it's a real benefit to them.

因此，能夠將 Adobe、Autodesk 或 SolidWorks 應用程序、工作站應用程序等重量級應用程序作為一個小圖標，雙擊並啟動，您就在該應用程序中，因為該應用程序正在被服務在網絡上——這對他們來說是一個真正的好處。

And so, this is a new market as well for us.

因此，這對我們來說也是一個新市場。

Obviously, GRID is a first-of-its-kind device.

顯然，GRID 是首創的設備。

It's a graphics -- it's a GPU, it's a massive collection of GPUs in a computing device.

它是一個圖形——它是一個 GPU，它是計算設備中的大量 GPU 集合。

And so, we are very good at GPUs, of course, and all the software is in-house.

因此，當然，我們非常擅長 GPU，而且所有軟件都是內部的。

But we are cultivating that marketplace now and we will see how it goes.

但我們現在正在培育這個市場，我們將看看它會如何發展。

And so, I wish I had crisp answers on these -- on GRID, but this is a first-of-its-kind device.

所以，我希望我對這些有明確的答案——在 GRID 上，但這是首創的設備。

And we have enthusiastic partners, because it provides a benefit to [all] in the ecosystem.

我們有熱情的合作夥伴，因為它為生態系統中的[所有人]提供了好處。

And as soon as we can, we will report on the actual business component of it.

我們將盡快報告它的實際業務組成部分。

Okay, great.

好，太棒了。

Thanks for those details.

感謝您提供這些詳細信息。

How about -- have you seen any competition or any other alternative solutions for this type of application?

怎麼樣 - 您是否看到過此類應用程序的任何競爭或任何其他替代解決方案？

Well, GRID is the first of its kind, and my expectation is that it will be the only one of its kind for awhile.

好吧，GRID 是同類中的第一個，我的期望是它會在一段時間內成為同類中的唯一一個。

And the reason for that is because in order to create GRID, we had to create a new architecture for a GPU, create a new system architecture, create new system software architecture to virtualize, to share, to connect, to remotely render onto devices of all kinds.

原因是為了創建 GRID，我們必須為 GPU 創建一個新架構，創建一個新的系統架構，創建新的系統軟件架構來虛擬化、共享、連接、遠程渲染到設備上所有種類。

And so, this is -- we own the entire stack, and so it's easy for us to do it.

所以，這是 - 我們擁有整個堆棧，所以我們很容易做到這一點。

I don't really know how other people, somebody else would independently cut across that many layers of the architecture and system and system software to achieve it.

我真的不知道其他人，其他人如何獨立地跨越架構和系統以及系統軟件的多層來實現它。

But at the moment, everything I know and what I see in the horizon, GRID is really the only one in the market.

但目前，我所知道的一切以及我所看到的一切，GRID 確實是市場上唯一的一個。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Shawn Webster, Macquarie.

肖恩韋伯斯特，麥格理。

I was wondering if you could help me understand the gross margins, and you did a very good job keeping them stable in a down revenue environment.

我想知道您是否可以幫助我了解毛利率，並且您在收入下降的環境中保持穩定的工作做得非常好。

But it seems like you had a pretty healthy mix up in high-margin areas like workstations, and even going into Q1 where you are expecting flattish gross margins -- again, it sounds like workstations will be kind of flattish, where you will see declines elsewhere.

但看起來你在工作站等高利潤領域的組合相當健康，甚至進入第一季度，你預計毛利率會持平——再一次，聽起來工作站會有點持平，你會看到下降別處。

Are you seeing gross margin declines elsewhere or maybe price declines?

您是否看到其他地方的毛利率下降或價格下降？

Just help me understand that, thank you.

請幫助我理解這一點，謝謝。

I am sorry, I missed the first part of your question.

對不起，我錯過了你問題的第一部分。

Can you just -- the first part, please?

你能不能——請講第一部分？

I am trying to figure out the flat gross margins, where you have what seems like a positive mix effect happening underneath your revenues to the workstation?

我試圖找出平坦的毛利率，在你的收入對工作站的影響下，你有什麼似乎是積極的混合效應？

For this quarter or next?

這個季度還是下一個季度？

For both Q4, as well as your guidance for Q1.

對於第四季度以及您對第一季度的指導。

Okay.

好的。

So, the mix is quite -- as I explained in the commentary, it's really stable.

所以，混合是相當的——正如我在評論中解釋的那樣，它真的很穩定。

Yes, Quadro was up, but there is always some offsets.

是的，Quadro 上升了，但總有一些偏移。

Quadro was up in Q4, but probably one of the larger areas of memory, when memory moves around, that can basically drag our margins a bit.

Quadro 在第四季度有所上升，但可能是更大的內存區域之一，當內存移動時，這基本上會拖累我們的利潤。

So -- but overall, the blend is pretty stable and that is just how it is; and next quarter we are expecting about the same.

所以——但總的來說，這種混合非常穩定，就是這樣；下個季度我們的預期大致相同。

Okay.

好的。

As it relates to the desktop segment, you had pretty good share gains this year.

由於它與桌面細分市場有關，今年你的份額增長相當可觀。

Can you talk about what some of the dynamics are in the channel currently, as far as how inventories are looking and maybe what your expectations are in terms of market share for the full year?

您能否談談目前渠道中的一些動態，就庫存情況而言，以及您對全年市場份額的預期是什麼？

Well, inventory levels tend to be slightly up when the revenues are down, as you could imagine.

好吧，正如您可以想像的那樣，當收入下降時，庫存水平往往會略有上升。

And so, we are expecting next quarter, or this coming quarter, to be seasonal as well as consistent with the overall PC market.

因此，我們預計下一季度或下一季度將是季節性的，並且與整個 PC 市場保持一致。

And so, inventory will likely be slightly -- will be up a tad.

因此，庫存可能會略有增加 - 會增加一點。

But we watch it very, very closely.

但我們非常非常密切地觀察它。

The channel is very important to us and all of our partners, and the flow of goods is important to us.

渠道對我們和我們所有的合作夥伴都非常重要，貨流對我們也很重要。

And in order to control and manage your gross margins, it's vital not to have too much inventory, as you know.

如您所知，為了控制和管理您的毛利率，至關重要的是不要有太多庫存。

And so, we watch that like a hawk, and that is one of the reasons why our gross margins are stable and well-managed and improving.

因此，我們像鷹派一樣看待這一點，這就是我們的毛利率穩定、管理良好且不斷提高的原因之一。

As far as the year goes, our position in graphics is as good as it's ever been, and my expectation is that our position in graphics will improve this year.

就這一年而言，我們在圖形領域的地位與以往一樣好，我預計我們在圖形領域的地位今年會有所改善。

SHIELD will help GeForce.

SHIELD 將幫助 GeForce。

The ability to stream your -- remotely, your PC game and to be able to enjoy it on your SHIELD is quite a magical new experience.

遠程流式傳輸您的 PC 遊戲並能夠在 SHIELD 上享受它的能力是一種非常神奇的新體驗。

And the enthusiasm from our GeForce customers around the world is really quite spectacular.

來自世界各地的 GeForce 客戶的熱情確實非常驚人。

We have had more press written about SHIELD than just about anything in the history of our Company.

關於 SHIELD 的新聞報導比我們公司歷史上的任何事情都多。

And so, I think the enthusiasm is quite high, and SHIELD is intended to be -- one of its intentions is to be a companion device for GeForce.

因此，我認為人們的熱情很高，而 SHIELD 的目的是——它的目的之一是成為 GeForce 的配套設備。

And so, that is going to enhance our GeForce position.

因此，這將提升我們 GeForce 的地位。

And so, throughout the year, now my expectation is our position will continue to improve.

因此，在這一年中，我現在的期望是我們的地位將繼續提高。

But with respect to market share, we re just going to have to report that when we get there.

但就市場份額而言，當我們到達那裡時，我們將不得不報告這一點。

Thank you.

謝謝你。

Jim Schneider, Goldman Sachs.

吉姆施耐德，高盛。

I was wondering (inaudible) Tegra 4 (inaudible) throughout the year.

我全年都在想（聽不清）Tegra 4（聽不清）。

Should we expect any kind of meaningful increase in Tegra as we head into the July quarter?

當我們進入 7 月季度時，我們是否應該期待 Tegra 有任何有意義的增長？

(Inaudible)

（聽不見）

I am sorry, but it's impossible to hear you.

我很抱歉，但不可能聽到你的聲音。

At all.

完全沒有。

Hey -- yes, Jim, you are really faint.

嘿——是的，吉姆，你真的暈了。

Is there any way you can increase your volume somehow?

有什麼辦法可以增加音量嗎？

Yes, I can try.

是的，我可以試試。

I am just wondering, in terms of the [design win ramp] you see for Tegra 4 this year, do you think that will be increasing any in the July quarter, or do you expect that all to come in the back half of the year?

我只是想知道，就您今年看到的 Tegra 4 的 [設計獲勝坡度] 而言，您認為這會在 7 月季度有所增加，還是您預計所有這些都將在今年下半年出現?

The July quarter or the back half of the year.

七月季度或下半年。

We start -- we ship Tegra 4 starting in Q2.

我們開始——我們從第二季度開始發布 Tegra 4。

We are ramping production now, and we have full production release.

我們現在正在增加生產，並且我們有完整的生產版本。

And so, we are ramping production -- Q2 is when we ship to customers.

因此，我們正在提高產量——第二季度是我們向客戶發貨的時候。

Q2 is also when we ship the Tegra 4-based SHIELD device, and so we also start shipping in Q2.

Q2 也是我們發布基於 Tegra 4 的 SHIELD 設備的時間，因此我們也在 Q2 開始發貨。

Although it's in the latter part of Q2, it's going to be in Q2.

雖然是在第二季度的後期，但它會在第二季度。

Thank you.

謝謝你。

Just a follow-up, if we look at your R&D spending throughout the year, when you talked about modest increases as we head into the end of the year, can you talk about any new initiatives, whether that is for GRID or SHIELD or (inaudible)?

只是跟進，如果我們看看你全年的研發支出，當你談到我們進入年底時適度增加時，你能談談任何新舉措，無論是針對 GRID 還是 SHIELD 或（聽不見）？

Hey, Jim, this is Rob.

嘿，吉姆，這是羅伯。

Did you ask are there any new initiatives on OpEx other than GRID?

您是否問過除 GRID 之外的 OpEx 是否有任何新舉措？

Is that what you asked?

那是你問的嗎？

Yes, that would cause further increases for the year, yes.

是的，這將導致今年的進一步增長，是的。

There are three things that are new businesses, if you will -- not new businesses, but additions to our businesses this year.

如果你願意的話，有三件事是新業務——不是新業務，而是今年我們業務的新增內容。

The first addition is LTE modems.

第一個添加是 LTE 調製解調器。

LTE modems by itself is not a new business, but LTE modem will allow Tegra to enter into new markets where LTE is necessary.

LTE 調製解調器本身並不是一項新業務，但 LTE 調製解調器將使 Tegra 能夠進入需要 LTE 的新市場。

We already have many LTE design wins on i500, and our expectation is this is going to be quite a good trend for us.

我們已經在 i500 上贏得了許多 LTE 設計，我們預計這對我們來說將是一個非常好的趨勢。

So, that is one additive -- additional part of our business.

所以，這是一種添加劑——我們業務的附加部分。

The second additional part of our business is using our own Tegra Processor and utilizing our own proprietary technologies in software and such to build a Android device -- we call that SHIELD.

我們業務的第二個附加部分是使用我們自己的 Tegra 處理器並在軟件等方面利用我們自己的專有技術來構建 Android 設備——我們稱之為 SHIELD。

The third additional to our business -- addition to our business is GRID, which is a GPU.

我們業務的第三個附加項——除了我們的業務之外，還有 GRID，它是一個 GPU。

It's a network-attached GPU.

它是一個網絡連接的 GPU。

It's not a new business.

這不是一項新業務。

It's a GPU business.

這是一項 GPU 業務。

It's packed with GPUs, and it serves our existing marketplace, partnered with our existing partners, it's sold into the same ecosystems.

它包含 GPU，它服務於我們現有的市場，與我們現有的合作夥伴合作，它被出售到相同的生態系統中。

And so, we have three things this year -- LTE, Tegra LTE, number one; number two, SHIELD; and number three is our GRID graphics appliance.

所以，今年我們有三件事——LTE，Tegra LTE，第一；第二，盾牌；第三是我們的 GRID 圖形設備。

Jim, I hope we answered your question.

吉姆，我希望我們回答了你的問題。

We will follow up with you and make sure we got that.

我們將跟進您並確保我們得到了。

I think we have time for one more.

我想我們還有時間再來一次。

Patrick Wang, Evercore Partners.

帕特里克·王，Evercore Partners。

So, just two questions.

所以，只有兩個問題。

First off, I was hoping you could talk a little bit more about your design traction on your modem business here.

首先，我希望您能在這裡多談談您對調製解調器業務的設計吸引力。

You talked about i500, the Icera acquisition is definitely a key part of that.

您談到了 i500，收購 Icera 絕對是其中的關鍵部分。

Just curious if you could help us understand the shape of the growth this year and perhaps the sizing.

只是好奇您能否幫助我們了解今年的增長形式以及規模。

Is it something that grows to $100 million this year, or is it something that is a lot bigger than that?

今年是增長到 1 億美元，還是比這大得多？

$150 million for the year, it's a big [TAM].

一年 1.5 億美元，這是一個很大的 [TAM]。

So, just wanted to think about that the right way.

所以，只是想以正確的方式思考。

Well, the first thing is, it's important to note that the previous generation of our LTE modem, the i410, is the first and currently still the only Win RT LTE modem certified by AT&T.

首先，值得注意的是，我們的上一代 LTE 調製解調器 i410 是第一款也是目前唯一一款獲得 AT&T 認證的 Win RT LTE 調製解調器。

It is currently shipping in the ASUS Vivo tablet; and if you get a chance to try it, it's really wonderful.

它目前在華碩 Vivo 平板電腦中發貨；如果你有機會嘗試一下，那真的很棒。

It stands to reason that there are many other Win RT Tegra 4 tablets in development, and we would transition them to the i500 modem.

理所當然地，還有許多其他 Win RT Tegra 4 平板電腦正在開發中，我們會將它們過渡到 i500 調製解調器。

We don't sell the modem separately.

我們不單獨出售調製解調器。

It's sold as a kit.

它作為套件出售。

It's sold with Tegra 4, and so it's hard to break it out per se.

它與 Tegra 4 一起出售，因此它本身很難破解。

But more and more of our business will include LTE, because we had no LTE penetration in the past, and this year we are going to be shipping LTE modem.

但我們越來越多的業務將包括 LTE，因為過去我們沒有 LTE 滲透，今年我們將推出 LTE 調製解調器。

And so, I don't know exactly how much, we are trying to make it as much as possible.

所以，我不知道到底有多少，我們正在努力盡可能地做到這一點。

But at this point, we are not guiding the whole year.

但在這一點上，我們並沒有指導全年。

Got you.

得到你。

And then, just for my follow-up, I was curious -- when we take a look at the full year, you have a lot of great stuff happening with Tegra outside of handsets.

然後，就我的後續行動而言，我很好奇——當我們回顧全年時，Tegra 在手機之外發生了很多很棒的事情。

You have tablet traction, you have SHIELD, you have automotive that did well last quarter.

你有平板電腦的牽引力，你有 SHIELD，你有上個季度表現良好的汽車。

When we look at it full year here, you guys did a great job hitting 50% growth last year.

當我們在這裡查看全年時，你們做得很好，去年實現了 50% 的增長。

Could you care to give us some help in terms of -- ballpark, how much growth we should be thinking about this year in fiscal '14, given the transition and the fact that we are starting off a little bit light as we enter the April quarter?

考慮到過渡以及進入 4 月時我們開始有點輕鬆的事實，您能否在大體上給我們一些幫助，我們應該在 14 財年考慮今年的增長多少四分之一？

Well, the way we enter the April quarter is, I guess, similar during every transition.

好吧，我想，我們進入四月季度的方式在每次過渡期間都是相似的。

And I am hoping that over time, as we -- as our, although we have had this transition now for all three generations, each one of the transitions, the peaks have become much higher and the revenues of the whole business has become much larger.

我希望隨著時間的推移，作為我們——作為我們的，雖然我們現在已經經歷了三代人的這種轉變，但每一次轉變，高峰都變得更高，整個企業的收入也變得更大.

And so, our position in the marketplace is growing.

因此，我們在市場中的地位正在增長。

Our footprint is growing, and our position is more strategic to the marketplace than ever.

我們的足跡不斷擴大，我們的地位比以往任何時候都更具市場戰略意義。

But we haven't decided to guide the whole year.

但我們還沒有決定指導全年。

We are going to go through this transition one more time, and we will start shipping in Q2.

我們將再經歷一次這一過渡，我們將在第二季度開始發貨。

But we haven't decided to guide for the full year.

但我們還沒有決定全年指導。

What you recognize are the same things we observe as well; whereas before, we really only had Android tablets, now we have a much larger Android tablet market.

你所認識到的與我們所觀察到的相同；而以前，我們真的只有安卓平板電腦，現在我們有一個更大的安卓平板電腦市場。

We have Win RT PCs, we have SHIELD, and we have automotive.

我們有 Win RT PC，我們有 SHIELD，我們有汽車。

And so, Tegra is not just a smartphone.

因此，Tegra 不僅僅是一款智能手機。

And of course, we have Tegra LTE, which would be great for connected tablets as well as smartphones.

當然，我們有 Tegra LTE，它非常適合連接的平板電腦和智能手機。

And so, we have more than just Android application processors now.

因此，我們現在擁有的不僅僅是 Android 應用處理器。

We have much more than that.

我們擁有的遠不止這些。

But it's hard to say exactly how much for the year, and we are just going to go do as best we can.

但很難確切地說出這一年有多少，我們只會盡力而為。

Okay, great.

好，太棒了。

Thanks a lot.

非常感謝。

Okay, I think that will do it for today.

好的，我想今天就可以了。

We are going to have to wrap it up.

我們將不得不把它包起來。

Thank you, everyone.

謝謝大家。

We look forward to talking to you next quarter at our Q1 results.

我們期待在下一季度的第一季度業績中與您交談。

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。