輝達 (NVDA) 2014 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是希娜，今天我將成為您的會議接線員。

At this time I would like to welcome everyone to NVIDIA's financial results conference call.

在這個時候，我想歡迎大家參加 NVIDIA 的財務業績電話會議。

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

所有線路都已靜音，以防止任何背景噪音。

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

演講者發言後將進行問答環節。

(Operator Instructions)

（操作員說明）

Thank you, Mr. Rob Csongor, Vice President of Investor Relations, you may begin your conference.

謝謝投資者關係副總裁 Rob Csongor 先生，您可以開始您的會議了。

Thank you.

謝謝你。

Good afternoon, everyone.

大家下午好。

Welcome to NVIDIA's conference call on the first quarter 2014 results.

歡迎參加 NVIDIA 關於 2014 年第一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今天與我通話；和臨時首席財務官 Karen Burns。

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

在我們準備好發言之後，我們將打開電話問答環節。

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

請把自己限制在一個初始問題和一個後續問題上。

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

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

A replay of the conference call will be available via telephone until May 15, 2013, and the webcast will be available for replay until our conference call to discuss our financial results for our second quarter of fiscal 2014.

電話會議的重播將在 2013 年 5 月 15 日之前通過電話進行，網絡廣播將在我們討論 2014 財年第二季度財務業績的電話會議之前進行重播。

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

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

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

在本次電話會議期間，我們可能會根據當前預期做出前瞻性陳述。

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

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

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our Form 10-K for the fiscal year ended January 27, 2013, and 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 2013 年 1 月 27 日的財政年度的 10-K 表格以及我們可能不時提交的報告向證券交易委員會提交的 8-K 表格。

All our statements are made as of today, May 9, 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 5 月 9 日）根據我們今天可獲得的信息作出的，除法律要求外，我們不承擔更新任何此類聲明的義務。

Unless otherwise noted all references to market research and market share numbers throughout the call come from Mercury Research or Jon Peddie Research.

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據的所有引用均來自 Mercury Research 或 Jon Peddie 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 will 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新聞稿中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬。

With that let's begin.

讓我們開始吧。

Our results this quarter came in at the upper end of our guidance, driven by strong sales of higher-end GPU products for PC gaming.

由於 PC 遊戲高端 GPU 產品的強勁銷售，我們本季度的業績處於我們指導的上限。

We made good progress on our key strategies as the Kepler GPU architecture, which delivers outstanding performance and energy efficiency, drove strong GeForce demand with PC gamers and began to flow through our Quadro and Tesla businesses in new products.

我們在關鍵戰略上取得了良好進展，因為 Kepler GPU 架構提供了出色的性能和能源效率，推動了 PC 遊戲玩家對 GeForce 的強勁需求，並開始在我們的 Quadro 和 Tesla 業務中推出新產品。

The PC gaming software market which is forecasted to grow from $17 billion in 2012 to over $20 billion by 2015, continues to be fueled by new great content.

PC 遊戲軟件市場預計將從 2012 年的 170 億美元增長到 2015 年的超過 200 億美元，繼續受到新內容的推動。

Q1 saw the continued growth of free-to-play games and the release of three hot titles, Crysis 3, Tomb Raider and BioShock Ultimate.

第一季度，免費遊戲的持續增長以及三款熱門遊戲的發布，即孤島危機 3、古墓麗影和生化奇兵終極版。

To enable our customers to experience these games at their visual best we launched GeForce GTX Titan.

為了讓我們的客戶能夠以最佳視覺體驗這些遊戲，我們推出了 GeForce GTX Titan。

Our best indicator of future success is customer demand, and since its launch in February, Titan continues to sell out as fast as it's delivered.

我們未來成功的最佳指標是客戶需求，自 2 月推出以來，Titan 繼續以最快的速度售罄。

It packs into a quiet elegant form Factor 7 billion transistors using the same Kepler architecture that powers the world's fastest supercomputer, the Titan at Oakridge National Laboratory.

它採用與世界上最快的超級計算機——奧克里奇國家實驗室的 Titan 相同的開普勒架構，將 70 億個晶體管封裝在一個安靜優雅的外形中。

Strong press reviews have reinforced the value of Titan.

強大的媒體評論強化了 Titan 的價值。

A non-tech described it this way, it's simply in a league of its own right now.

一個非技術人員這樣描述它，它現在只是在自己的聯盟中。

Titan delivers the kind of awe-inspiring performance we have come to expect from NVIDIA's most powerful video cards.

Titan 提供了我們對 NVIDIA 最強大的顯卡所期望的那種令人驚嘆的性能。

And Eurogamer said, Titan is a unique remarkable product, a serious statement of intent from NVIDIA on the future of rendering technology.

Eurogamer 表示，Titan 是一款獨一無二的卓越產品，是 NVIDIA 對渲染技術未來的嚴肅聲明。

This quarter we also brought Kepler fully into the enterprise Workstation market launching four new Quadro K Series professional graphics products.

本季度，我們還將 Kepler 全面帶入了企業工作站市場，推出了四款全新的 Quadro K 系列專業圖形產品。

They deliver up to 50% faster visualization performance and twice the compute horsepower of previous-generation Quadro products.

它們的可視化性能提高了 50%，計算能力是上一代 Quadro 產品的兩倍。

The Quadro K Series is now available from key OEM Workstation suppliers including Dell, HP, Lenovo and Fujitsu, and it is supported in key professional software applications.

Quadro K 系列現在可從包括戴爾、惠普、聯想和富士通在內的主要 OEM 工作站供應商處獲得，並在主要的專業軟件應用程序中得到支持。

As they roll out this year to customers worldwide, we expect Quadro to drive unprecedented performance and power efficiency for the design, manufacturing and media and entertainment industries.

隨著今年向全球客戶推出，我們希望 Quadro 能夠為設計、製造以及媒體和娛樂行業帶來前所未有的性能和能效。

As you know, one of our key strategies is to extend the GPU beyond the PC.

如您所知，我們的關鍵策略之一是將 GPU 擴展到 PC 之外。

At our recent GPU technology conference we introduced GRID for the enterprise market taking Kepler beyond the PC into the data center.

在我們最近的 GPU 技術會議上，我們介紹了面向企業市場的 GRID，將 Kepler 從 PC 引入數據中心。

In the short time since we began taking GRID to market this quarter, we've engaged over 100 GRID VGX and GRID VCA trial customers, and signed many of the top Adobe, Autodesk and SolidWorks resellers to take GRID VCA to market.

自從我們在本季度開始將 GRID 推向市場以來的短時間內，我們已經吸引了 100 多個 GRID VGX 和 GRID VCA 試用客戶，並與許多頂級 Adobe、Autodesk 和 SolidWorks 經銷商簽約以將 GRID VCA 推向市場。

The world's first visual computing appliance, NVIDIA GRID VCA, is a powerful GPU-based system.

世界上第一款視覺計算設備 NVIDIA GRID VCA 是一個強大的基於 GPU 的系統。

It runs complex applications, such as those from Adobe, Autodesk and Dassault Systems, and sends their graphics output over the network to be displayed on a client computer.

它運行複雜的應用程序，例如來自 Adobe、Autodesk 和 Dassault Systems 的應用程序，並通過網絡發送它們的圖形輸出以顯示在客戶端計算機上。

This remote GPU acceleration gives users the same rich graphics experience they would get from a powerful dedicated Workstation under their desk.

這種遠程 GPU 加速為用戶提供了與桌面下強大的專用工作站相同的豐富圖形體驗。

We believe GRID VCA represents a potential $3 billion market opportunity.

我們認為 GRID VCA 代表著一個潛在的 30 億美元的市場機會。

With an estimated base of 10 million users of Adobe, Autodesk and SolidWorks software, design firms and other creative businesses can now give their teams access to graphics-intensive applications with uncompromised performance flexibility, and for the first time ever, mobility.

憑藉 Adobe、Autodesk 和 SolidWorks 軟件的估計用戶群約 1000 萬，設計公司和其他創意企業現在可以讓他們的團隊訪問圖形密集型應用程序，並提供無與倫比的性能靈活性，以及有史以來第一次的移動性。

This quarter we also continued our work to bring world class visual computing to new mobile computing devices.

本季度我們還繼續努力將世界一流的視覺計算引入新的移動計算設備。

In a key announcement, we introduced our first integrated Tegra LTE processor, Tegra 4i, which delivers three times higher performance than the competing Qualcomm S400 solutions.

在一項重要公告中，我們推出了我們的第一款集成 Tegra LTE 處理器 Tegra 4i，它提供的性能是競爭性 Qualcomm S400 解決方案的三倍。

Computer graphics in mobile matters more than ever, as evidenced by the growing importance of visual fidelity in the many new phones and tablets launched over the past year.

移動設備中的計算機圖形比以往任何時候都更加重要，這一點從過去一年推出的許多新手機和平板電腦中視覺保真度的重要性就可以看出。

To that end, Tegra 4i has five times the number of GPU cores as Tegra 3, enabling high-quality console-quality gaming experiences and full 1080p HD displays.

為此，Tegra 4i 的 GPU 內核數量是 Tegra 3 的五倍，可實現高質量的遊戲機品質遊戲體驗和全 1080p 高清顯示。

In addition, it integrates an optimized version of the NVIDIA i500 Software Defined Radio 4G Cat 3 and 4 multi-mode LTE modem.

此外，它還集成了 NVIDIA i500 軟件定義無線電 4G Cat 3 和 4 多模 LTE 調製解調器的優化版本。

At our Investor Day you saw Tegra 4i making phone calls on the AT&T network, streaming Hi-Definition movies across LTE at a maximum 100 megabits per second, and running the latest high-end Android games.

在我們的投資者日，您看到 Tegra 4i 在 AT&T 網絡上撥打電話，通過 LTE 以最高 100 兆比特/秒的速度流式傳輸高清電影，並運行最新的高端 Android 遊戲。

We've made significant headway in certifying our lineup of LTE modem-based solutions, the i500 discrete LTE modem and the single-chip Tegra 4i integrated LTE applications processor.

我們在認證基於 LTE 調製解調器的解決方案系列、i500 分立 LTE 調製解調器和單芯片 Tegra 4i 集成 LTE 應用處理器方面取得了重大進展。

We continue to expect LTE data certification by early Q3 and Tegra 4i certification in Q4.

我們繼續期待第三季度初的 LTE 數據認證和第四季度的 Tegra 4i 認證。

In addition, this quarter we're working closely with our customers in preparing new Tegra 4 devices for launch in the second half of the year, and several will be announced over the coming weeks.

此外，本季度我們正與我們的客戶密切合作，為下半年推出的新 Tegra 4 設備做準備，未來幾週將公佈一些新設備。

Looking to the second quarter of the fiscal year, we anticipate continued strength in consumer gaming, particularly in the higher end of our GeForce product line.

展望本財年第二季度，我們預計消費類游戲將繼續走強，尤其是在我們的 GeForce 產品線的高端領域。

Quadro and Tesla will benefit as Kepler-based products continue to drive in the professional graphics and high performance computing segments.

隨著基於 Kepler 的產品繼續在專業圖形和高性能計算領域發展，Quadro 和 Tesla 將受益。

And our GRID Enterprise products will engage the market where our focus remains on growing our GRID BGX trial customers and ramping channel sales for our GRID VCA product.

我們的 GRID Enterprise 產品將進入市場，我們的重點仍然是發展我們的 GRID BGX 試用客戶並增加我們的 GRID VCA 產品的渠道銷售。

We anticipate customer announcements of new Tegra 4 devices starting in the second quarter, and we look forward to bringing our Project SHIELD open platform gaming device to market with great anticipation.

我們預計客戶將從第二季度開始發布新的 Tegra 4 設備，我們期待著將我們的 Project SHIELD 開放平台遊戲設備推向市場。

As we discussed during the recent Investor Day, while the Company continues to be very focused on prudent investments leading to profitable growth, it is also committed to regular return of capital to shareholders.

正如我們在最近的投資者日所討論的那樣，雖然公司繼續非常專注於實現盈利增長的審慎投資，但它也致力於定期向股東返還資本。

Karen will provide an update on this topic in her section.

Karen 將在她的部分中提供有關此主題的更新。

To summarize, our investments in Kepler are opening up new markets.

總而言之，我們對開普勒的投資正在開闢新市場。

We're driving share among gamers, strengthening our Workstation and Supercomputing segments and extending our GPUs into servers and data centers.

我們正在提高遊戲玩家之間的份額，加強我們的工作站和超級計算領域，並將我們的 GPU 擴展到服務器和數據中心。

As main stream PCs continue to be disrupted by tablets, we're using Tegra to leverage our world-class GPU assets to lead that disruption.

隨著主流 PC 繼續被平板電腦顛覆，我們正在使用 Tegra 來利用我們世界級的 GPU 資產來引領這種顛覆。

And with Tegra 4 devices and Tegra 4i certification on the way, we're gearing up to return to growth in the second half of the year.

隨著 Tegra 4 設備和 Tegra 4i 認證的進行，我們正準備在下半年恢復增長。

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。

Hello, everyone.

大家好。

You have my full summary in the CFO commentary.

您在 CFO 評論中有我的完整摘要。

I want to highlight for you some key areas before we take your questions.

在我們回答您的問題之前，我想為您強調一些關鍵領域。

Revenue.

收入。

First quarter revenue was $955 million, at the high end of our outlook.

第一季度收入為 9.55 億美元，處於我們展望的高端。

GPU revenue was down 5.6% from Q1 and up 8.1% from a year earlier.

GPU 收入較第一季度下降 5.6%，較去年同期增長 8.1%。

By comparison, the consumer PC market declined roughly 15% over the same time period.

相比之下，消費個人電腦市場在同一時期下降了大約 15%。

We believe our out-performance stems from the success of our growth and targeted investment strategy.

我們相信我們的出色表現源於我們的增長和有針對性的投資策略的成功。

Rob talked about one of our key target markets for growth, gaming.

Rob 談到了我們增長的主要目標市場之一，即遊戲。

Revenue from our gaming GPUs was up 24% year over year.

我們的遊戲 GPU 收入同比增長 24%。

GTX Titan, our highest performance single GPU, which retails for $1,000 was launched three months ago and continues to sell out as fast as it becomes available.

GTX Titan 是我們性能最高的單 GPU，零售價為 1,000 美元，三個月前推出，並在上市後繼續以最快的速度售罄。

Our investments are directed not only at advancing the GPU, but also at extending its reach.

我們的投資不僅針對推進 GPU，還針對擴大其覆蓋範圍。

Our focus on CUDA and general-purpose computing are continuing to gain traction in the marketplace, as evidenced by our Tesla revenue growth of 55% year over year.

我們對 CUDA 和通用計算的關注繼續在市場上獲得牽引力，我們的特斯拉收入同比增長 55% 就是證明。

In the Tegra Processor segment, revenue was down 50.5% from the previous quarter and down 22.2% year over year.

在 Tegra 處理器部門，收入比上一季度下降 50.5%，同比下降 22.2%。

As mentioned on our Q4 earnings call, and reiterated at last month's Analyst Day, we made a strategic decision to push up the schedule for Tegra 4 by about a quarter, enabling us to pull in the introduction of Tegra 4i, our first mobile processor with an integrated modem.

正如我們在第四季度財報電話會議中提到的，並在上個月的分析師日重申，我們做出了一項戰略決定，將 Tegra 4 的時間表推遲了大約四分之一，使我們能夠引入 Tegra 4i，這是我們的第一款移動處理器，具有集成調製解調器。

This allowed to us engage the LTE phone market six months earlier with an integrated processor that is significantly differentiated.

這使我們能夠在六個月前通過顯著差異化的集成處理器進入 LTE 電話市場。

The revenue decline over both periods reflects this impact.

兩個時期的收入下降反映了這種影響。

Sales volume of Tegra 3 processors declined as customers began to ramp down production of Tegra 3-based smartphones and tablets.

隨著客戶開始減少基於 Tegra 3 的智能手機和平板電腦的產量，Tegra 3 處理器的銷量下降。

We expect this to continue into the next quarter as customers start to announce Tegra 4 designs with further new designs and falling ramp starting in the second half of the year.

我們預計這種情況將持續到下個季度，因為客戶開始宣布 Tegra 4 設計，並在今年下半年開始推出更多新設計和下降坡道。

Our Q2 revenue guidance reflects this, with revenue expected to be up about 2% quarter over quarter.

我們的第二季度收入指引反映了這一點，預計收入將比上一季度增長約 2%。

We expect the GPU segment to do better than this and the Tegra processor segment to be lower, due to the volume for Tegra 4 starting in Q3.

由於 Tegra 4 從第三季度開始的銷量，我們預計 GPU 部分會比這做得更好，而 Tegra 處理器部分會更低。

Gross margins.

毛利率。

We achieved record gross margins this quarter, now in the 54% range, up 1.4 percentage points sequentially and up 4.2 percentage points year over year.

我們本季度實現了創紀錄的毛利率，目前在 54% 的範圍內，環比增長 1.4 個百分點，同比增長 4.2 個百分點。

There are always puts and takes, but this improvement reflects our rich mix of higher margin products as well as the underlying value of our GPUs in the marketplace and our focus on costs.

總有投入和投入，但這種改進反映了我們豐富的高利潤產品組合以及我們 GPU 在市場上的潛在價值以及我們對成本的關注。

For Q2 we expect margins to remain within the same 54% range as Q1, with a high mix of our higher margin products.

對於第二季度，我們預計利潤率將保持在與第一季度相同的 54% 範圍內，我們的高利潤率產品的高度組合。

OpEx.

運營支出。

OpEx this quarter was in line with our outlook.

本季度的運營支出符合我們的預期。

Our investments support our growth strategies which are -- to lead in visual computing, extend the GPU beyond PC, and with Tegra, leverage our visual computing assets into the fast growing market for new computing devices.

我們的投資支持我們的增長戰略——引領視覺計算，將 GPU 擴展到 PC 之外，並與 Tegra 一起，利用我們的視覺計算資產進入快速增長的新計算設備市場。

For Q2 we expect GAAP OpEx to be approximately $448 million, and non-GAAP OpEx to be approximately $408 million.

對於第二季度，我們預計 GAAP 運營支出約為 4.48 億美元，非 GAAP 運營支出約為 4.08 億美元。

Non-GAAP OpEx excludes stock-based compensation and certain other charges related to acquisitions, and the aggregate of approximately $40 million.

Non-GAAP OpEx 不包括基於股票的薪酬和與收購相關的某些其他費用，總計約 4000 萬美元。

The increase in our expectations for Q2 OpEx is primarily related to hiring for our strategic initiatives and due to the tape-out and related engineering costs for new products we are bringing up this quarter.

我們對第二季度運營支出的預期增加主要與我們的戰略計劃招聘有關，並且由於我們在本季度提出的新產品的流片和相關工程成本。

We are very focused on managing OpEx to balance the strategic objective of increasing TAM, growing revenue and doing so profitably.

我們非常專注於管理運營支出，以平衡增加 TAM、增加收入和實現盈利的戰略目標。

For the fiscal year we expect GAAP OpEx to be approximately $1.76 billion with non-GAAP OpEx of $396 million in Q1 and $408 million in Q2.

在本財年，我們預計 GAAP 運營支出約為 17.6 億美元，第一季度非 GAAP 運營支出為 3.96 億美元，第二季度為 4.08 億美元。

This results in $804 million for the first half of the year, in line with our expectations of approximately $1.6 billion for the year.

這導致今年上半年的收入為 8.04 億美元，符合我們對今年約 16 億美元的預期。

EPS.

每股收益。

GAAP EPS of $0.13 per share and non-GAAP of $0.18 per share was an increase of 30% and 12.5%, respectively, over the prior year, and above Street consensus estimates for GAAP of $0.10 per share.

GAAP 每股收益為 0.13 美元，非 GAAP 每股收益為 0.18 美元，分別比上年增長 30% 和 12.5%，高於華爾街對 GAAP 每股 0.10 美元的普遍預期。

Revenue was certainly a component, increasing 3.2% year over year with growth largely attributable to our gross margin improvement demonstrating the underlying lift that is possible in our business.

收入當然是一個組成部分，同比增長 3.2%，增長主要歸因於我們的毛利率提高，這表明我們的業務可能存在潛在的提升。

Turning to the balance sheet, our cash position remains very strong.

轉向資產負債表，我們的現金狀況仍然非常強勁。

Cash at end of the quarter was $3.71 billion.

本季度末的現金為 37.1 億美元。

We generated $175.7 million in cash from operations and $110 million in free cash flow.

我們從運營中產生了 1.757 億美元的現金和 1.1 億美元的自由現金流。

As announced at our recent Analyst Day, we plan to return in excess of $1 billion this fiscal year in the form of share repurchases and quarterly dividend payments.

正如我們最近的分析師日所宣布的那樣，我們計劃在本財年以股票回購和季度股息支付的形式回報超過 10 億美元。

During the first quarter, we returned $146.3 million to shareholders by repurchasing $100 million of shares, retiring $8 million of shares and paying $46.3 million of dividends at $0.75 per share.

在第一季度，我們通過回購 1 億美元的股票、退市 800 萬美元的股票並以每股 0.75 美元的價格支付 4630 萬美元的股息，向股東返還了 1.463 億美元。

This represents a total return of 188% on GAAP net income and 133% return on free cash flow.

這代表 GAAP 淨收入的總回報率為 188%，自由現金流的回報率為 133%。

As part of this capital return program, NVIDIA plans to continue its quarterly dividend at $0.075 per share, excuse me for that error earlier, and expects to enter into a $750 million structured share repurchase this fiscal year.

作為該資本回報計劃的一部分，NVIDIA 計劃繼續以每股 0.075 美元的季度派息，請原諒我之前的錯誤，並預計本財年將進行 7.5 億美元的結構性股票回購。

The broadening of our capital return program underscores our confidence and attraction of our strategies in the market and our long term cash flow outlook.

擴大我們的資本回報計劃突顯了我們對市場戰略的信心和吸引力以及我們的長期現金流前景。

Returning cash in the form of repurchasing shares also underscores our belief that buying our shares at current prices is an attractive use of capital.

以回購股票的形式返還現金也強調了我們的信念，即以當前價格購買我們的股票是一種有吸引力的資本使用方式。

As we look beyond the current fiscal year, we expect quarterly dividends to remain a key component of our strategy, which the Board plans to review annually for potential increases.

隨著我們展望當前財政年度，我們預計季度股息仍將是我們戰略的一個關鍵組成部分，董事會計劃每年對其進行審查，以了解潛在的增長。

In addition, we expect to continue the use of share repurchases as a means of capital return to our shareholders with the amount a function of certain factors, such as market condition, our share price, level and availability of domestic cash, an ability to access off-share cash in a tax-efficient manner, among other things.

此外，我們預計將繼續使用股票回購作為向股東返還資本的一種手段，其金額取決於某些因素，例如市場狀況、我們的股價、國內現金的水平和可用性、獲得資金的能力除其他外，以節稅的方式出售現金。

Thank you.

謝謝你。

Rob?

搶？

That concludes our prepared remarks.

我們準備好的發言到此結束。

We'll now take questions.

我們現在來提問。

(Operator Instructions)

（操作員說明）

Glen Yeung with Citi.

Glen Yeung 與花旗。

Thanks for letting me ask the question.

謝謝你讓我問這個問題。

In the prepared CFO commentary online, you talk about Haswell being an impact to Notebook strength that we're seeing now.

在準備好的 CFO 在線評論中，您談到 Haswell 對我們現在看到的 Notebook 實力的影響。

I wonder if you could just elaborate on that as we enter the July quarter.

我想知道您是否可以在我們進入 7 月季度時詳細說明這一點。

Haswell's Notebook will be launched sometime in the quarter.

Haswell 的筆記本電腦將在本季度的某個時候推出。

Do you expect, therefore, that business will improve and how does that set you up there for the second half of the year?

因此，您是否期望該業務會有所改善，這對您下半年有何影響？

I think Karen's comments were related to the fact that as people gear up for Haswell, they tend to be leaner on inventory.

我認為凱倫的評論與這樣一個事實有關，即隨著人們為 Haswell 做準備，他們往往更傾向於庫存。

We're expecting to be quite successful on Haswell.

我們期待在 Haswell 上取得相當大的成功。

And we're expecting to gain share on Haswell and continue our leadership in the GPU business.

我們期望在 Haswell 上獲得份額並繼續我們在 GPU 業務中的領導地位。

Okay, Jen-Hsun, fair enough.

好吧，仁勳，夠公平的。

Just as a follow-up, I'm trying to get a sense, seems to me we've had this piece, to be fair, and for all I know we're wrong, that the growth in high-end Tablets and smartphones may, in fact, be slowing in the market and reverting more to low-end.

作為後續行動，我試圖了解一下，在我看來，我們已經擁有了這一塊，公平地說，據我所知，我們錯了，高端平板電腦和智能手機的增長事實上，市場可能會放緩並更多地轉向低端。

I wonder, in the work that you do in the market, do you see that?

我想知道，在你在市場上所做的工作中，你看到了嗎？

And to the extent that you do, how do you think NVIDIA best serves that market?

就您而言，您認為 NVIDIA 如何最好地服務於該市場？

Did you guys hear the first part?

你們聽到第一部分了嗎？

Something cut out.

有什麼被剪掉了。

High-end versus low-end Tablet.

高端與低端平板電腦。

I'm sorry, the first part was just referencing the potential that the high-end Smartphone and Tablet market may be slowing in favor of low-end.

對不起，第一部分只是提到高端智能手機和平板電腦市場可能放緩向低端市場傾斜的潛力。

Well, it's slowing, but it's a very large market.

嗯，它正在放緩，但這是一個非常大的市場。

If we were the dominant player in those segments today, then our business would be slowing.

如果我們今天是這些領域的主導者，那麼我們的業務將會放緩。

But we're a new entrant in these markets, and so my sense is that the market is quite large and it gives us a lot of opportunities.

但是我們是這些市場的新進入者，所以我的感覺是這個市場很大，它給了我們很多機會。

I think at the high end or the mid-range or the low end, Android is really quite disruptive and is going to continue to become more popular over time.

我認為在高端、中端或低端，Android 確實非常具有顛覆性，並且會隨著時間的推移繼續變得更加流行。

People who enjoy Android phones are going to want to enjoy Android Tablets and Android this and that's.

喜歡 Android 手機的人會想要喜歡 Android 平板電腦和 Android 這個那個那個。

And the reason for that is, of course, once you get your content in the cloud and once you have all of your applications on the Google play store, you're going to want to employ more of those applications on all the devices that you own.

這樣做的原因當然是，一旦您將內容放到雲中，並且一旦您在 Google Play 商店中擁有所有應用程序，您就會希望在您的所有設備上使用更多這些應用程序自己的。

And so my sense is that there's still great opportunities to continue to grow the Android market, and it's going to reflect the Android phone shares over time.

所以我的感覺是，Android 市場仍有很大的機會繼續增長，並且隨著時間的推移，它將反映 Android 手機的份額。

And so, my belief is that the opportunities are quite exciting for us still.

因此，我相信這些機會對我們來說仍然非常令人興奮。

Good point.

好點子。

Thanks, Jen-Hsun.

謝謝，仁勳。

Yes, thanks a lot.

是的，非常感謝。

Vivic Aria, Bank of America Merrill Lynch.

Vivic Aria，美銀美林。

Question on the discreet graphics market, if I were to make the assumption that PCs decline over the next few years, is it fair to think that the discreet graphics market has peaked and that will also decline from the next year onwards?

關於獨立顯卡市場的問題，如果我假設個人電腦在未來幾年會下降，那麼認為獨立顯卡市場已經達到頂峰並且從明年開始也會下降是否公平？

Because if I look at the last five years, the discreet market has stayed flattish in the $3 billion or so range with periodic share shifts between yourself and ATI.

因為如果我回顧過去五年，謹慎的市場一直在 30 億美元左右的範圍內持平，您和 ATI 之間的份額會定期轉移。

But now as PCs start declining then would the discreet graphics market also start declining substantially?

但是現在隨著個人電腦開始下滑，那麼獨立顯卡市場是否也會開始大幅下滑？

Well, first of all, I would correct some assumptions.

好吧，首先，我會糾正一些假設。

The discreet GPU market has been growing for us 12% CAGR over the last four or five years.

在過去的四五年裡，謹慎的 GPU 市場一直在以 12% 的複合年增長率增長。

We see no reason why it's going to stop, and the reason for that is because we're making the GPU more useful over time.

我們看不出它為什麼會停止，原因是我們正在讓 GPU 變得越來越有用。

Four years ago no one spoke of using GPUs for general purpose computing.

四年前，沒有人談到將 GPU 用於通用計算。

Four years ago no one spoke of using GPUs to accelerate digital content creation applications.

四年前，沒有人談到使用 GPU 來加速數字內容創建應用程序。

Four years ago no one spoke about putting GPUs in servers.

四年前，沒有人談到將 GPU 放入服務器中。

Now Cisco, IBM, Dell, HP, all are shipping servers with GPUs inside.

現在思科、IBM、戴爾、惠普都在出貨內置 GPU 的服務器。

They're shipping it for accelerated VDI.

他們正在運送它以加速 VDI。

They're shipping it for cloud computing.

他們正在為雲計算運送它。

You can do it probably from a GTC conference.

你可以從 GTC 會議上做到這一點。

Shazam and many others are starting to develop their software on GPUs so that they could deal with the big data problems that are happening as a result of more and more mobile devices and the use of cloud computing.

Shazam 和許多其他人開始在 GPU 上開發他們的軟件，以便他們能夠處理由於越來越多的移動設備和雲計算的使用而出現的大數據問題。

Four years ago none of that stuff happened, and I think our investment in making the GPU more flexible and our investment in CUDA has made the GPU a really terrific parallel processing device.

四年前，這些事情都沒有發生，我認為我們對使 GPU 更加靈活的投資以及我們對 CUDA 的投資使 GPU 成為一個非常了不起的並行處理設備。

And so we've expanded the reach of GPUs into non-PC devices.

因此，我們將 GPU 的範圍擴展到了非 PC 設備。

Meanwhile, PC is really one of the most important gaming platforms today.

同時，PC 確實是當今最重要的遊戲平台之一。

It's one of the most important gaming platforms because it's open.

它是最重要的遊戲平台之一，因為它是開放的。

And if you were developing free to play games where the economics were in (technical difficulty), the PC is really a terrific platform for that.

而且，如果您正在開發免費的遊戲以玩經濟（技術難度），那麼 PC 確實是一個了不起的平台。

There are many markets outside of the United States where the game console is just not as popular.

在美國以外的許多市場，遊戲機並不那麼受歡迎。

For example, China, Korea, many of the regions outside of the United States, particularly in Asia, which happens to be the fastest growing markets for us, the PC is really the preferred gaming platform and we're seeing a lot of growth there.

例如，中國、韓國、美國以外的許多地區，尤其是亞洲，這恰好是我們增長最快的市場，PC 確實是首選的遊戲平台，我們在那裡看到了很多增長.

And so there's a lot of reasons to be enthusiastic about the continued growth of GPUs.

因此，有很多理由對 GPU 的持續增長充滿熱情。

And so, I would say the assumptions needs to be corrected, number one.

所以，我會說假設需要糾正，第一。

Number two, Tablets disrupt the PC, it disrupts the PC for casual PC use.

第二，平板電腦顛覆了個人電腦，它顛覆了個人電腦的休閒使用。

You can't really use a Tablet to design a car yet, and it really doesn't make sense to use a phone to create a movie.

您還不能真正使用平板電腦來設計汽車，使用手機製作電影確實沒有意義。

So, for a lot of people (technical difficulty) activity, and the keyboard is important, large storage is important, and a mouse is important and a large display is important.

所以，對於很多人（技術難度）活動來說，鍵盤很重要，大容量存儲很重要，鼠標很重要，大顯示屏很重要。

For a lot of us, the PC continues to be very important, and those are not being disrupted by the Tablet really.

對於我們很多人來說，PC 仍然非常重要，而這些並沒有真正被平板電腦所破壞。

And where those segments of the market that's being disrupted by the Tablet today, we're not really players, as you know.

在今天被平板電腦顛覆的那些市場領域，我們並不是真正的參與者，正如你所知。

The bottom half the PC market is a non-market for NVIDIA for a long time.

長期以來，PC 市場的下半部分是 NVIDIA 的非市場。

It's probably gone on five, six, seven years where we've not been in the segment of the marketplace and that's the reason why we invested in Tegra, so that we could participate in these new computing devices disrupting the entry level PC.

它可能已經過去了五、六、七年，我們沒有進入市場領域，這就是我們投資 Tegra 的原因，以便我們可以參與這些顛覆入門級 PC 的新計算設備。

A great Tablet is surely better than a cheap PC.

出色的平板電腦肯定比便宜的 PC 更好。

Very helpful.

非常有幫助。

As my follow-up, Jen-Hsun, just wanted to get your perspective on the competitive landscape in both the 4G LTE and high-end processors.

作為我的後續，Jen-Hsun 只是想了解您對 4G LTE 和高端處理器的競爭格局的看法。

I think previously you made the comparison with Qualcomm's S400, I believe.

我認為您之前與高通的 S400 進行了比較，我相信。

How do you think your products compare with the S600, S800 and especially as I look forward, a number of ARM's partners are coming out with the Codex 815 products using big.

您認為您的產品與 S600、S800 相比如何，尤其是在我期待的情況下，許多 ARM 的合作夥伴正在推出使用 big 的 Codex 815 產品。

LITTLE architectures, et cetera.

LITTLE 架構等。

How do you see this playing out and what do you think your competitive differentiators will be in this market?

您如何看待這種情況，您認為您在這個市場上的競爭優勢將是什麼？

We see the phone market and the rest of the new computing devices market to be very different.

我們看到手機市場和其他新的計算設備市場有很大的不同。

Let me talk about the phone market first.

我先說一下手機市場。

The high-end phone market is dominated really by two players, Apple and Samsung, and both of them have their own application processors.

高端手機市場實際上由蘋果和三星這兩家公司主導，而且它們都有自己的應用處理器。

We don't really think that we could add a whole lot of value there.

我們真的不認為我們可以在那裡增加很多價值。

and so our target is the next segment down.

所以我們的目標是下一段。

We believe that we can add value to the phone market by building an application processor that has the features and the capability of a Superphone but the price of a mainstream phone, and that's the reason why we targeted the segment that is currently Snapdragon 400.

我們相信，我們可以通過構建具有 Superphone 特性和功能但價格與主流手機相同的應用處理器來為手機市場增加價值，這就是我們瞄準當前 Snapdragon 400 細分市場的原因。

From that perspective you could see that Tegra 4i is incredibly well-positioned.

從這個角度來看，您可以看到 Tegra 4i 的定位非常好。

It brings a level of capabilities and features and performance that that segment's just never seen.

它帶來了該細分市場從未見過的功能、特性和性能水平。

We launched it early in the year, a couple months ago.

幾個月前，我們在年初推出了它。

We see a lot of excitement.

我們看到了很多興奮。

We have customer projects going now and hopefully we can get to market as soon as possible.

我們現在有客戶項目，希望我們能盡快進入市場。

We pulled in the Tegra 4i by about six months.

我們將 Tegra 4i 推出了大約六個月。

That was a decision that we made.

這是我們做出的決定。

We felt that it was good for us to engage the LTE market as soon as possible.

我們認為盡快進入 LTE 市場對我們有好處。

This is a market that's still doubling every year.

這是一個每年仍在翻倍的市場。

The sooner we engage it, the better off we're going to be and so that's the phone market.

我們越早參與它，我們就會變得越好，這就是電話市場。

Outside of the phone market we think it's fair to say that you would recognize this as well, that there's a lot of licensees of ARM, something like 80 licensees of ARMs.

在電話市場之外，我們認為公平地說，您也會認識到這一點，有很多 ARM 的被許可人，大約有 80 個 ARM 被許可人。

I don't even know who isn't a licensee of ARM.

我什至不知道誰不是 ARM 的被許可人。

Maybe that's a better way of saying it.

也許這是一種更好的表達方式。

But yet there aren't that many people that are contenders for the performance segment.

但是，沒有那麼多人是性能領域的競爭者。

Tegra 2 was the world's first dual-core.

Tegra 2 是世界上第一個雙核。

Tegra 3 was the world's first Quad-Core with a 4-PLUS-1 architecture.

Tegra 3 是世界上第一款採用 4-PLUS-1 架構的四核處理器。

And Tegra 4 is the highest performance application processor in the marketplace today.

Tegra 4 是當今市場上性能最高的應用處理器。

My sense is that performance is a combination of architecture.

我的感覺是性能是架構的結合。

Obviously the ARM processor makes a big difference, your GPU, your system architecture, and also, of course, software, and that's an area that we can add a lot of value to.

顯然，ARM 處理器對您的 GPU、您的系統架構，當然還有軟件，都有很大的不同，這是我們可以增加很多價值的領域。

Outside of phones, where these new computing devices are becoming increasingly like your entry-level personal computer, performance matters, and this is an area we can add a lot of value.

在手機之外，這些新的計算設備越來越像你的入門級個人電腦，性能很重要，這是我們可以增加很多價值的領域。

Thank you.

謝謝你。

Yes, thanks, Vivic.

是的，謝謝，維維克。

Romit Shah, Nomura Securities.

Romit Shah，野村證券。

Yes.

是的。

Hello, Jen-Hsun, on Tegra, and my question is what trajectory should we expect for the back half the year?

你好，仁勳，在 Tegra，我的問題是我們應該期待下半年的軌跡是什麼？

I think you said previously that for the full year you are targeting a flattish number.

我想你之前說過，全年你的目標是一個持平的數字。

From your sense, is that still a realistic target?

在您看來，這仍然是一個現實的目標嗎？

That's what we're expecting.

這就是我們所期待的。

If you look at last year, Tegra 3 had a couple of high-profile devices.

如果您查看去年，Tegra 3 有幾個備受矚目的設備。

And those have a lot of time in the marketplace, about a year.

這些人在市場上有很多時間，大約一年。

And because we decided to pull in Tegra 4i by six months, as a result we slipped out Tegra 4 by about three months.

由於我們決定提前六個月推出 Tegra 4i，結果我們提前三個月推出了 Tegra 4。

We're going to have a trough in Q2 this year.

我們將在今年第二季度出現低谷。

But, Tegra 4 is a great device.

但是，Tegra 4 是一款出色的設備。

It's a great processor and this time around, although we have fewer phones, fewer high profile phones, there are more Android devices being built around the world than you could imagine.

這是一個很棒的處理器，這一次，雖然我們的手機更少，高端手機更少，但世界各地正在建造的 Android 設備比你想像的要多。

There's all kinds of new types of devices coming to market.

有各種新型設備進入市場。

We have Tablets, obviously, in development.

顯然，我們有平板電腦正在開發中。

We have other types of computing devices that we will also announce.

我們還將宣布其他類型的計算設備。

A couple will be starting in late Q2 and ramping strongly in Q3 and Q4.

一對夫婦將在第二季度末開始，並在第三季度和第四季度強勁增長。

But one of the areas that is becoming more prominent is our Automotive business.

但越來越突出的領域之一是我們的汽車業務。

It doubles every year.

它每年翻倍。

It's going to double this year again, and it will continue to double with the current design wins that we have in FY '16, should peak at about $450 million or so.

今年它將再次翻倍，並且隨著我們在 16 財年獲得的當前設計勝利，它將繼續翻倍，應該達到大約 4.5 億美元左右的峰值。

This is an important business for us and we're just becoming more diversified in our Tegra business.

這對我們來說是一項重要的業務，我們的 Tegra 業務正變得更加多元化。

Okay, that's great.

好的，那太好了。

Great job on gross margins.

毛利率方面做得很好。

As Tegra ramps as a percentage of the business over the course of the year, how might that influence gross margins?

隨著 Tegra 在一年中佔業務的百分比上升，這將如何影響毛利率？

On balance Tegra is lower than 54%.

總的來說，Tegra 低於 54%。

However, GRID and Tesla are much higher than 54%, and so the two of them are both going to grow, and we'll see how it shakes out.

但是，GRID 和特斯拉的比例遠高於 54%，因此它們兩者都將增長，我們將拭目以待。

Hopefully they both grow really fast and then the gross margins will just be where the gross margins are.

希望它們都增長得非常快，然後毛利率將與毛利率相同。

Yes, all right.

嗯，好。

Thanks for taking my question.

感謝您提出我的問題。

Yes.

是的。

Thanks a lot, Romit.

非常感謝，羅密特。

David Wong, Wells Fargo.

大衛王，富國銀行。

Thank you very much.

非常感謝。

Could you give us any feel for the relative proportions of GPU revenues in Desktops versus Notebooks?

您能否對台式機與筆記本電腦中 GPU 收入的相對比例有什麼看法？

And given the trend you're seeing, do you expect Desktops to grow faster than Notebooks, or vice versa, over the next few years for you?

鑑於您所看到的趨勢，您是否期望台式機在未來幾年內的增長速度超過筆記本電腦，反之亦然？

First of all, Desktop includes Workstations.

首先，桌麵包括工作站。

Desktop includes gaming.

桌麵包括遊戲。

And then, of course, discrete graphics also includes data centers, includes servers, includes supercomputers.

然後，當然，獨立顯卡還包括數據中心，包括服務器，包括超級計算機。

And then there's Notebook.

然後是筆記本。

And so did you want me to compare Notebook versus all of the other discrete GPUs?

那麼，您想讓我將 Notebook 與所有其他獨立 GPU 進行比較嗎？

Or specifically Notebook versus low-end Desktop or Notebook versus --

或者特別是筆記本電腦與低端台式機或筆記本電腦與--

Yes.

是的。

I mean the low-end Desktop business is not very large to start.

我的意思是，低端台式機業務起步並不大。

Well, I'm talking about Desktops for personal use, right?

好吧，我說的是供個人使用的台式機，對嗎？

Individuals buying Desktops for gaming and other things.

個人購買台式機用於遊戲和其他用途。

Well, gaming PCs are still growing.

好吧，遊戲PC仍在增長。

Notebooks is about flattish.

筆記本是關於扁平化的。

So, I would expect Notebook gaming PCs to continue to grow.

因此，我預計筆記本遊戲 PC 將繼續增長。

So your revenues, GPU revenue into gaming PCs, you would expect to outstrip GPU revenues into Notebooks over the next few years?

那麼你的收入，遊戲 PC 的 GPU 收入，你會期望在未來幾年內超過筆記本電腦的 GPU 收入嗎？

I would think so.

我會這麼認為。

I would think so.

我會這麼認為。

And can you give us any feel for the --

你能給我們一點感覺嗎——

David, the Notebook market in general is flattish, right?

大衛，筆記本市場總體上是平淡的，對吧？

The high-end Notebook market is about flattish.

高端筆記本市場基本持平。

The overall Notebook market is declining some, but that's because the low end part of the Notebook market, which we don't participate in, is being disrupted by Tablets.

整個筆記本電腦市場正在下滑，但那是因為我們不參與的筆記本電腦市場的低端部分正在被平板電腦打亂。

But we're not in that market anyways.

但無論如何，我們不在那個市場。

We're not in that market anyways.

反正我們不在那個市場。

And you could argue that the more disruptive Tablets are of the low-end PC market, the better off it is for us, and I think it is.

你可能會爭辯說，低端 PC 市場的平板電腦越具有顛覆性，對我們來說就越好，我認為確實如此。

More people enjoy Tablets, the better off it is.

越多人喜歡平板電腦，它就越好。

But the people who build these high end gaming PCs and people who are enthusiasts and who enjoy having the most performance on their Desktop, or people who are building these PCs for their own video editing hobbies, or the makers, people who are designing 3D objects and then printing it at home, they print their own jewelry, they print their own, I don't know what, telephones.

但是製造這些高端遊戲 PC 的人，以及喜歡在桌面上獲得最高性能的愛好者，或者為自己的視頻編輯愛好而製造這些 PC 的人，或者製造商，設計 3D 對象的人然後在家裡打印，他們打印自己的珠寶，他們自己打印，我不知道是什麼，電話。

They need to be designed in 3D somehow and those PCs tend to have GPUs inside.

它們需要以某種方式以 3D 形式設計，而這些 PC 往往內部裝有 GPU。

And that's a movement that's really growing fast.

這是一個真正快速發展的運動。

And so I would say that the Desktop PC market that we target, that we serve, is quite a vibrant market.

所以我想說，我們瞄準的、我們服務的台式電腦市場是一個充滿活力的市場。

Great.

偉大的。

Thanks.

謝謝。

You're welcome, David.

不客氣，大衛。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

Mark Peterson in for Hans.

馬克彼得森代替漢斯。

Just a clarification question on the certification timeline for Tegra 4i.

只是關於 Tegra 4i 認證時間表的澄清問題。

Is that just with one US carrier, or are there broader carrier certifications expected by 4Q?

是只有一家美國運營商，還是第四季度有望獲得更廣泛的運營商認證？

It tends to be broader, but you really should start with AT&T, because if you get certified at AT&T, you're pretty much certifying a superset for just about every country.

它往往更廣泛，但你真的應該從 AT&T 開始，因為如果你在 AT&T 獲得認證，你幾乎可以為每個國家/地區認證一個超集。

If you're good at AT&T, you're pretty good in Italy or Turkey or a bunch of global markets.

如果你擅長 AT&T，那麼你在意大利、土耳其或許多全球市場上也很出色。

Okay.

好的。

As a follow-up, can you talk about the 2Q guidance and what areas of the GPU business you expect to grow sequentially?

作為後續，您能否談談第二季度的指導以及您預計 GPU 業務的哪些領域將連續增長？

Thanks.

謝謝。

Well, we said that, I think the first question was relating to Notebook.

好吧，我們說過，我認為第一個問題與筆記本有關。

Notebook is likely to be slightly down as people are cautious with them into the second half.

由於人們對它們持謹慎態度，筆記本電腦可能會略微下跌。

So, we still see the second half to be quite vibrant or quite seasonal for the PC, but other than that everything else is growing, but overall, I think the GPU marketplace, our GPU business is going to grow 7% sequentially.

因此，我們仍然認為 PC 的下半年充滿活力或季節性，但除此之外，其他一切都在增長，但總的來說，我認為 GPU 市場，我們的 GPU 業務將連續增長 7%。

Mike McConnell, Pacific Crest Securities.

邁克·麥康奈爾，Pacific Crest 證券。

Wanted to just talk a little bit, going back to Glenn's earlier question about market share on Haswell, and you had talked about your expectations to take share on Haswell.

想談談一點，回到格倫之前關於 Haswell 市場份額的問題，你已經談到了你對在 Haswell 上佔有份額的期望。

If we just look at your Q1 results and compare it to your competitor, it does look like, looking at the numbers that you did see some share in Q1 for the first time in quite a while in the traditional GPU market.

如果我們僅查看您的第一季度結果並將其與您的競爭對手進行比較，它看起來確實像，看看您在第一季度確實看到在傳統 GPU 市場中的一些份額，這是很長一段時間以來的第一次。

So just wanted to understand, I understand it's just one quarter, but what happened in the quarter.

所以只是想了解一下，我了解這只是一個季度，但該季度發生了什麼。

And then looking forward more importantly, what's giving you the confidence that to take some share back from your competitor, both in Desktop and Notebook?

然後展望更重要的是，是什麼讓您有信心從競爭對手那里奪回一些份額，無論是台式機還是筆記本電腦？

Well, in Notebook, you have a pretty good sense of your share because of design wins.

好吧，在 Notebook 中，由於設計獲勝，您對自己的份額有很好的認識。

Our share could fluctuate a little bit depending on sell-in versus sell-out of Notebooks, and when Mercury Research takes the poll, takes the snapshot.

我們的份額可能會略有波動，具體取決於筆記本電腦的銷售與銷售情況，當 Mercury Research 進行民意調查時，會進行快照。

That's one factor.

這是一個因素。

And the other factor is if Intel versus AMD loses share.

另一個因素是英特爾與 AMD 是否會失去份額。

On balance our share is higher on Intel than it is on AMD, as you could imagine.

總的來說，我們在英特爾上的份額比在 AMD 上的份額高，你可以想像。

I mean AMD CPUs.

我的意思是AMD CPU。

So if Intel were to lose share to AMD, it would affect our share, but so long as Intel's share relative to AMD is stable, or if Intel were to gain share, then our share would reflect that.

所以如果英特爾的份額輸給了AMD，那會影響我們的份額，但是只要英特爾相對於AMD的份額是穩定的，或者如果英特爾獲得份額，那麼我們的份額就會反映出來。

Mike, this is Rob.

邁克，這是羅伯。

When you said that you saw numbers that saw the change in share, what numbers are you referring to?

當你說你看到了看到份額變化的數字時，你指的是什麼數字？

The Mercury numbers aren't out as far as I know, right?

據我所知，水星的數字還沒有出來，對吧？

Oh, I'm just looking at your competitor's results in Q1 for sequential growth in their GPU business, comparing it to the high single-digit decline you saw in your April quarter, understanding that there's a time gap there in terms of one being off versus one being counted for.

哦，我只是在查看您的競爭對手在第一季度的 GPU 業務連續增長的結果，將其與您在 4 月季度看到的高個位數下降進行比較，了解在關閉方面存在時間差距與一個被計算在內。

Okay.

好的。

That's -- there's no evidence that we're losing share.

那是 - 沒有證據表明我們正在失去份額。

Okay, the Mercury data will be out soon, anyhow.

好的，無論如何，水星數據很快就會出來。

Yes.

是的。

The data will be out soon.

數據很快就會出來。

Let's wait till then.

讓我們等到那時。

Okay, fair enough.

好吧，夠公平的。

On the Tegra business, how much of that $103 million, if you can provide it, was traditional mobile, I guess, wireless of the $103 million?

在 Tegra 業務中，如果你能提供的話，這 1.03 億美元中有多少是傳統移動設備，我猜這 1.03 億美元是無線的？

I'm sorry?

對不起？

How much of Tegra is --

Tegra 有多少——

If you know the answer, go ahead and answer it.

如果您知道答案，請繼續回答。

Okay, sure.

好的，當然。

Well, as Jen-Hsun explained, though, our Tegra processor is going into many different devices.

不過，正如 Jen-Hsun 解釋的那樣，我們的 Tegra 處理器正在進入許多不同的設備。

You're going to see that go into Auto and Smartphones and Tablets, so you really should think about the whole Tegra processor segment.

你會看到它進入汽車、智能手機和平板電腦，所以你真的應該考慮整個 Tegra 處理器領域。

We shifted it that way so you could clearly see what our processor, the SoC is doing in the market.

我們以這種方式改變了它，因此您可以清楚地看到我們的處理器，SoC 在市場上的表現。

Now we have some residual GPU-related businesses with consoles, Sony consoles, but that's really winding down.

現在我們有一些與遊戲機、索尼遊戲機相關的剩餘 GPU 相關業務，但這確實正在逐漸減少。

And then there is some embedded, the same thing, that pretty much stays pretty stable right now until, again, we'll take our Tegra processor and put it into embedded products.

還有一些嵌入式，同樣的東西，現在幾乎保持相當穩定，直到我們再次將我們的 Tegra 處理器放入嵌入式產品中。

So my preference is for you to look at Tegra processor as a whole as where we're going to with our actual device, the processor itself.

所以我的偏好是讓您將 Tegra 處理器作為一個整體來看待，因為我們將使用我們的實際設備，即處理器本身。

Fair to assume, though, that a majority is still the Mobile business, though, I guess without --

不過，可以公平地假設，大多數仍然是移動業務，但我想沒有——

Yes, absolutely.

是的，一點沒錯。

If you consider mobile to be Smartphone and Tablet, yes.

如果您認為手機是智能手機和平板電腦，是的。

We look at it as broader.

我們認為它更廣泛。

The car is the biggest mobile device.

汽車是最大的移動設備。

Okay.

好的。

And -- okay, understood.

而且——好吧，明白了。

And then just a clarification on one last thing, it said $1.6 billion for OpEx.

然後只是澄清最後一件事，它說運營支出為 16 億美元。

That's a non-GAAP number, so would the GAAP number be closer to like $1.75 billion?

這是一個非 GAAP 數字，那麼 GAAP 數字會更接近 17.5 億美元嗎？

What would be the GAAP number?

GAAP 數字是多少？

Yes.

是的。

Actually that's exactly right.

其實這完全正確。

I said $1.76 billion for GAAP.

我說 GAAP 為 17.6 億美元。

Oh, I missed that.

哦，我錯過了。

Okay, thank you.

好的謝謝你。

No problem.

沒問題。

Craig Ellis with B. Reilly.

Craig Ellis 和 B. Reilly。

Thanks for taking the questions.

感謝您提出問題。

Nice job on the gross margins and the quarter and outlook.

在毛利率、季度和前景方面做得很好。

Jen-Hsun, maybe a more forward-looking view at the market share question in Notebooks, you said that you expect to gain share in Haswell.

Jen-Hsun，也許是對筆記本市場份額問題的更前瞻性看法，你說你希望在 Haswell 中獲得份額。

I think last year, though the year, you had a nice tick-up in share in the back-to-school season.

我認為去年，儘管這一年，你在返校季的份額有了不錯的增長。

You saw another nice tick-up in share on the Notebook side in the holiday-selling season.

在假期銷售旺季，您看到筆記本電腦方面的份額又一次不錯的上漲。

Is that the pattern you expect this year?

這是你今年所期望的模式嗎？

Or said differently, where and when do you see the share gain coming in this year in that business?

或者換一種說法，您認為該業務今年在何處以及何時會獲得份額增長？

Well, probably not as big of change this year.

嗯，今年可能沒有那麼大的變化。

Because if you look at it this way, suppose Intel was 80% of the market and AMD was 20%, and on most AMD platforms there are not really opportunities for us.

因為如果你這樣看，假設英特爾佔市場的 80%，AMD 佔 20%，在大多數 AMD 平台上，我們沒有真正的機會。

On Intel platforms, out of that 80%, if we were to have the vast majority of that, say 80% of that, that results in a market share of some 64% overall.

在英特爾平台上，在這 80% 中，如果我們要擁有其中的絕大多數，比如 80%，那麼總體市場份額約為 64%。

And so that tells you something about our market share.

這樣就可以告訴您有關我們市場份額的一些信息。

We're -- on the Intel platforms we're quite successful.

我們——在英特爾平台上我們非常成功。

On the AMD platforms, there are not really opportunities for us.

在 AMD 平台上，我們沒有真正的機會。

Now if AMD were to gain share by 5%, we'll tick up a little bit.

現在，如果 AMD 要獲得 5% 的份額，我們會稍微提高一點。

If AMD loses share or Intel loses share, we would lose overall share.

如果 AMD 失去份額或英特爾失去份額，我們將失去整體份額。

And so at this point, I think that our market share on Notebooks is relatively stable and it could be, from season to season, then the model to model, to OEM to OEM, we may win or lose a little bit.

所以在這一點上，我認為我們在筆記本電腦上的市場份額是相對穩定的，可能會隨著季節的變化，然後是型號，型號，OEM 到 OEM，我們可能會贏或輸一點。

But I think overall, that's just not a factor in our overall business that much anymore.

但我認為總的來說，這不再是我們整體業務的一個因素。

We're going to keep working hard to win share there.

我們將繼續努力在那裡贏得份額。

But if you look at our growth prospects, gaming PC is very important, the Workstation marketplace as the industries around the world continue to develop, and as more economies become a design economy instead of just a manufacturing economy, our Workstation business continues to grow.

但如果你看看我們的增長前景，遊戲 PC 非常重要，工作站市場隨著世界各地的行業不斷發展，隨著更多的經濟體成為設計經濟而不僅僅是製造經濟，我們的工作站業務繼續增長。

More and more people are using and creating with digital content and when they create with digital content, it helps our Workstation business.

越來越多的人正在使用數字內容並進行創作，當他們使用數字內容進行創作時，這有助於我們的工作站業務。

And then all of our GRID initiatives, to take GRID into accelerated VDI, accelerating Citrix applications, if you will, accelerating VMWare, VDI applications, to GRID in the cloud, to GRID being used for cloud computing, dealing with big data, that's really where the really exciting GPU growth opportunities are.

然後我們所有的 GRID 計劃，將 GRID 帶入加速 VDI，加速 Citrix 應用程序，如果你願意的話，加速 VMWare、VDI 應用程序，到雲中的 GRID，到 GRID 用於雲計算，處理大數據，這真的是真正令人興奮的 GPU 增長機會在哪裡。

That's helpful.

這很有幫助。

And then to follow up on that point, as you look at GRID and as you look at SHIELD, are you at a point where you can quantify what the contribution of those two businesses would be for the business this year?

然後跟進這一點，當您查看 GRID 和 SHIELD 時，您是否可以量化這兩項業務今年對業務的貢獻？

And if not, when do you think you'll get there?

如果沒有，你認為你什麼時候能到達那裡？

For GRID and SHIELD I am really hopeful that at the end of the year as we look back, when we're done with this fiscal year and we look back, that both of them contributed to our earnings.

對於 GRID 和 SHIELD，我真的希望在今年年底當我們回顧過去時，當我們完成本財年並回顧時，他們倆都為我們的收入做出了貢獻。

Raji Gill, Needham & Company.

Raji Gill，Needham & Company。

A question on Tegra.

關於 Tegra 的問題。

You talked about Tegra troughing in the second quarter, mainly because of the transition to 4i.

您談到了 Tegra 在第二季度的低谷，主要是因為過渡到 4i。

Was there any inventory correction also contributing to that trough or market share loss, which contributed to that massive decline in Q1 and then also declining again in Q2 off that base?

是否有任何庫存修正也導致了低谷或市場份額的損失，這導致了第一季度的大幅下滑，然後在第二季度又在該基礎上再次下滑？

Well, first of all, last year we had a trough in Q1.

好吧，首先，去年我們在第一季度遇到了低谷。

This year we're going to have our trough in Q2.

今年我們將在第二季度達到低谷。

The overall market is doing quite well.

整體市場表現相當不錯。

So if we had a trough, we must have lost share.

因此，如果我們有一個低谷，我們一定會失去份額。

And we lose share momentarily in our trough, and when we grow back, we're going to gain share.

我們在低谷中暫時失去份額，當我們重新成長時，我們將獲得份額。

We're still a relatively small player in the overall mobile space.

在整個移動領域，我們仍然是一個相對較小的參與者。

Our position is becoming more and more clear to people.

我們的立場越來越為人們所清楚。

The partners that we work with are enthusiastic about the products that we're building.

與我們合作的合作夥伴對我們正在構建的產品充滿熱情。

But we have the trough because we decided to pull in Tegra 4i and we pulled in Tegra 4i by about six months, and as a result, we weren't able to hold onto our schedule on Tegra 4. And so Tegra 4, instead of ramping in Q2 like Tegra 3 ramped in Q2 last year, Tegra 4 is going to ramp in Q3.

但是我們有一個低谷，因為我們決定引入 Tegra 4i，我們將 Tegra 4i 引入了大約六個月，結果，我們無法在 Tegra 4 上堅持我們的時間表。所以 Tegra 4，而不是就像去年第二季度的 Tegra 3 在第二季度一樣，Tegra 4 將在第三季度增長。

Right, I understand.

對，我明白了。

And as we go into the second half for Tegra, excluding GRID and excluding SHIELD, but just looking at the Tegra business exclusively because now you're lumping everything into Tegra now, what about how many design wins do you have on Tegra 4i, that would give you some confidence that you're starting to penetrate, and I would assume that would be on the handset side.

當我們進入 Tegra 的下半場時，不包括 GRID 和 SHIELD，但只關注 Tegra 業務，因為現在你將所有東西都歸入 Tegra，那麼你在 Tegra 4i 上贏得了多少設計勝利呢？會給你一些你開始滲透的信心，我認為那將是在手機方面。

And along those lines, I mean against the competitive landscape is more intense than it was say two years ago, particularly in China with Media Tech and Spreadtrum.

沿著這些思路，我的意思是，競爭格局比兩年前更加激烈，尤其是在中國，媒體科技和展訊。

So I'm just wondering if you could maybe talk about where you could grow in the handset.

所以我只是想知道你是否可以談談你可以在手機中成長的地方。

I know you talked about where Qualcomm, Snapdragon 400 plays into, but if you could elaborate on that, that would be great.

我知道你談到了高通、Snapdragon 400 的應用，但如果你能詳細說明一下，那就太好了。

Thanks a lot, Jen-Hsun.

非常感謝，仁勳。

Let's see.

讓我們來看看。

That was a whole lot of questions lumped into one and I'm going to just tease it apart real quick.

那是一大堆問題集中在一起，我將很快將其分開。

Number one, GRID is not lumped into Tegra.

第一，GRID 沒有歸入 Tegra。

GRID is part of GPUs, and so that's just a first clarification.

GRID 是 GPU 的一部分，因此這只是第一個說明。

Tegra includes -- Tegra is our new computing devices business.

Tegra 包括——Tegra 是我們新的計算設備業務。

It includes phones, it includes Tablets, it includes everything Android, it includes Automotive, it includes SHIELD.

它包括手機，包括平板電腦，包括所有 Android 設備，包括汽車，包括 SHIELD。

Because Tegra is a chip, it's not a business.

因為 Tegra 是一種芯片，所以它不是一項業務。

We lump it all together for the simplicity of understanding, and because we highly leverage everything.

為了便於理解，我們將它們放在一起，因為我們高度利用了一切。

These mobile devices are becoming, these new computing devices are becoming more and more similar.

這些移動設備正在變得，這些新的計算設備變得越來越相似。

They all have ARM CPUs.

他們都有ARM CPU。

They all have Android.

他們都有安卓。

They all have wi-fi and 4G and USB and HDMI and all these things that are kind of becoming universal computing platforms, whether it's a car or a television or a Tablet.

它們都有 wi-fi、4G、USB 和 HDMI 以及所有這些正在成為通用計算平台的東西，無論是汽車、電視還是平板電腦。

It's becoming very similar.

它變得非常相似。

And that's one of the reasons why Android is becoming so successful.

這就是 Android 變得如此成功的原因之一。

It really embodies all of the spirit of Linux.

它真正體現了 Linux 的所有精神。

It's open and if you want to be on an Android device, devices like Tegra are going to be quite useful.

它是開放的，如果你想使用 Android 設備，像 Tegra 這樣的設備將非常有用。

So we lump all that together for simplicity.

因此，為了簡單起見，我們將所有這些放在一起。

In the case of phones, in the case of Tegra, there are two devices that we're selling now.

就手機而言，就 Tegra 而言，我們現在正在銷售兩種設備。

There's Tegra 4 and then there's Tegra 4i.

有 Tegra 4，然後是 Tegra 4i。

Tegra 4 is the high-end processor and Tegra 4i has an integrated modem.

Tegra 4 是高端處理器，Tegra 4i 具有集成調製解調器。

Tegra 4i is much more targeted at phones.

Tegra 4i 更針對手機。

Tegra 4 is much more targeted at Tablets, Set-Top Boxes, cars, clamshell devices, et cetera.

Tegra 4 更針對平板電腦、機頂盒、汽車、翻蓋設備等。

And so we have a lot more Tegra 4 design wins than we have Tegra 4is, because we just announced Tegra 4i.

因此，我們獲得的 Tegra 4 設計勝利比 Tegra 4is 多得多，因為我們剛剛發布了 Tegra 4i。

We pulled it in by six months, surprised the customers.

我們把它拖了六個月，讓客戶感到驚訝。

We surprised the market, which is all good.

我們讓市場感到驚訝，這一切都很好。

I was talking about the positioning of Tegra 4i earlier.

前面講了 Tegra 4i 的定位。

That it was really targeted at the mainstream with Superphone features.

它確實針對具有 Superphone 功能的主流。

And we have customer projects ongoing now and our expectation is that the design cycle would take about nine months to about a year, which is relatively typical for phones.

我們現在有客戶項目正在進行，我們的預期是設計週期大約需要九個月到一年左右，這對於手機來說是相對典型的。

And so we announced it in Q1.

所以我們在第一季度宣布了它。

My expectation is that we would have phones completed in late Q4, and then be in production, hopefully be in shelves by Q1 of next year.

我的期望是我們將在第四季度末完成手機，然後投入生產，希望在明年第一季度上架。

Tegra 4, Tablets and clamshells and TVs and Set-Top Boxes and that kind of stuff, cars and that kind of stuff, we hope to announce, we hope our customers announce devices in late Q2 and we would like to be ramping quite hard by Q3.

Tegra 4、平板電腦和翻蓋、電視和機頂盒以及諸如此類的東西、汽車和諸如此類的東西，我們希望宣布，我們希望我們的客戶在第二季度末宣佈設備，我們希望通過Q3。

I hope that clarifies it for you.

我希望這可以為您澄清。

It does and I appreciate that.

確實如此，我對此表示讚賞。

Just to make sure, so 4i you're really not going to see much revenue until obviously into Q1 of next year, so the Tegra revenue that's going to be ramping in the second half is really going to come from either SHIELD or Tegra 4 in Tablets or Automotive or whatever it is?

只是為了確保，所以 4i 顯然要到明年第一季度才能看到太多收入，所以下半年將增加的 Tegra 收入實際上將來自 SHIELD 或 Tegra 4平板電腦或汽車或其他什麼？

Yes.

是的。

Mostly Tegra 4 in Tablets, in Auto or in SHIELD or Set-Top Boxes, right.

主要是平板電腦、自動或 SHIELD 或機頂盒中的 Tegra 4，對吧。

Okay, got it.

好，知道了。

Thanks a lot.

非常感謝。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Gross margins is an area where you've done very, very well over the past couple years.

毛利率是您在過去幾年中做得非常非常好的一個領域。

I wanted to ask relative to the Q1 and Q2, can you break apart for us how much of the improvement was due to the enterprise mix, in other words, Quadro and Tesla and things like that, and how much of that was mixed in the core gaming and other GPU business?

我想問相對於 Q1 和 Q2，您能否為我們分解一下，有多少改進是由於企業組合，換句話說，Quadro 和特斯拉之類的東西，以及其中有多少是混合在核心遊戲和其他GPU業務？

And whether you think that mix in the core gaming part of the business is sustainable as we go into the back half of the year?

您是否認為在我們進入下半年時，業務核心遊戲部分的混合是可持續的？

Let me break it down this way.

讓我以這種方式分解它。

So whenever our gaming business improves, it helps gross margins.

因此，每當我們的遊戲業務有所改善時，都會對毛利率有所幫助。

Whenever GTX improves, it helps gross margins.

每當 GTX 改善時，它都會幫助提高毛利率。

When Tesla grows, it helps gross margins.

當特斯拉增長時，它有助於提高毛利率。

When Quadro grows, it helps gross margins.

當 Quadro 增長時，它有助於提高毛利率。

Relative to the corporate average, I'm talking about relative to the corporate average.

相對於公司平均水平，我說的是相對於公司平均水平。

When GRID grows it helps relative to gross margins.

當 GRID 增長時，它相對於毛利率有所幫助。

Notebook obviously drags the gross margins because they tend to be a more competitive business.

筆記本電腦顯然拖累了毛利率，因為它們往往是一個更具競爭力的業務。

Low-end Desktop PC business tends to drag gross margins, but that's not a very large business anyhow, okay?

低端台式電腦業務往往會拖累毛利率，但這不是一個很大的業務，好嗎？

So if you just think about at the highest level, simplistically like that, every quarter is of course, is a little bit different, but if you simplistically think of it that way, the GRID, Tesla, Quadro and GTX are good for margins.

因此，如果您只是在最高級別上簡單地考慮，那麼每個季度當然會有些不同，但是如果您以這種方式簡單地考慮，則 GRID、特斯拉、Quadro 和 GTX 對利潤率有好處。

Improving those businesses are good for margins.

改善這些業務有利於利潤率。

Okay.

好的。

Fair enough.

很公平。

And then just as a follow-up.

然後只是作為後續行動。

Is there any way, and this is another market-sizing or opportunity-sizing thing, for this year can you talk about, roughly, what contribution you expect from your nontraditional Enterprise business?

有什麼辦法嗎，這是另一個市場規模或機會規模的事情，對於今年，您能否大致談談您對非傳統企業業務的期望貢獻？

That's things like Tesla, things like GRID for Enterprise fixed as you have it.

這就是特斯拉之類的東西，就像你擁有的企業網格之類的東西。

Any commentary there would be helpful, that is Enterprise outside of Quadro.

任何評論都會有所幫助，即 Quadro 之外的 Enterprise。

I believe that the vast majority of our Enterprise growth will come outside of Quadro.

我相信，我們企業的絕大部分增長將來自 Quadro 之外。

Quadro is stable and slightly growing, but the growth, the really significant growth, should be coming out of Tesla and GRID.

Quadro 穩定且略有增長，但真正顯著的增長應該來自特斯拉和 GRID。

That's for Enterprise.

那是給企業的。

Any sense of how big it would be in absolute dollar terms?

以絕對美元計算它有多大？

I would guess several hundred million dollars, year over year.

我猜每年有幾億美元。

Great.

偉大的。

That's very helpful.

這很有幫助。

Thank you.

謝謝你。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Shawn Webster, Macquarie.

肖恩韋伯斯特，麥格理。

Back on the gross margin subject, good job there.

回到毛利率主題，那裡做得很好。

I was just curious what went better than expected in the quarter, relative to when you came into the quarter?

我只是好奇，相對於您進入本季度時，本季度的情況比預期好？

Was it a pricing event?

是定價事件嗎？

Did you get some unexpected cost reduction?

您是否得到了一些意想不到的成本降低？

What were some of the moving parts versus what you expected?

與您的預期相比，有哪些變動的部分？

Well, you know the PC market declined 10% quarter over quarter, but we declined only 6% quarter over quarter.

好吧，您知道 PC 市場環比下降了 10%，但我們的環比僅下降了 6%。

That difference comes from growth in the non-commodity PC space, of course.

當然，這種差異來自非商品 PC 領域的增長。

And wherever that growth is, that's non-commodity PC space will tend to be Tesla and Quadro and GTX, and those growth are always good for us.

無論增長在哪裡，非商品 PC 空間往往是特斯拉、Quadro 和 GTX，這些增長總是對我們有利。

And that helps gross margins.

這有助於毛利率。

But that's also where we're putting most of our energy.

但這也是我們投入大部分精力的地方。

Most of our energy related to GP, GPU, related to extending our GPU beyond the PC into data centers and servers.

我們的大部分精力都與 GP、GPU 有關，與將我們的 GPU 擴展到 PC 之外的數據中心和服務器有關。

All the work that has led to the announcement of Cisco and IBM and Dell and HP launching their GPU servers, all of that kind of growth is good and I think we're just gearing up for GRID becoming a larger and larger component of our Business, and that's good for our margins.

導致思科和 IBM 以及戴爾和惠普宣布推出其 GPU 服務器的所有工作，所有這些增長都很好，我認為我們正在為 GRID 成為我們業務中越來越大的組成部分做準備，這對我們的利潤有好處。

I see.

我懂了。

And on pricing for your Notebook GPUs and your Desktop GPUs, did your pricing increase sequentially?

關於筆記本 GPU 和台式機 GPU 的定價，您的定價是否按順序上漲？

No.

不。

Those kind of pricing is known quite long ago.

這種定價在很久以前就為人所知。

We get design wins six months, nine months before the quarter, and so those kind of pricing action are done long ago.

我們在本季度前 6 個月、9 個月獲得了設計勝利，所以這些定價行動很久以前就完成了。

Okay.

好的。

Well, going into the Q2, I think you said you expected the Notebooks to be down sequentially.

好吧，進入第二季度，我想你說過你預計筆記本電腦會連續下降。

Is that right, Notebook GPU?

對嗎，筆記本GPU？

Yes.

是的。

Okay.

好的。

So if I'm doing the math right, then I'm seeing double-digit increases in Workstation, Tesla and/or your Desktop business.

因此，如果我計算正確，那麼我會看到 Workstation、Tesla 和/或您的桌面業務出現兩位數的增長。

Can you help me understand what's going to drive the big growth you're expecting in the other parts of the GPU business for Q2?

你能幫我理解什麼將推動你對第二季度 GPU 業務其他部分的巨大增長的預期嗎？

Karen, did you want to answer that?

凱倫，你想回答這個問題嗎？

Sure.

當然。

Desktop, GPUs, GTX is probably one of the biggest drivers.

台式機、GPU、GTX 可能是最大的驅動因素之一。

And what is that?

那是什麼？

Is there something that you're expecting in terms of new games driving demand, or what's the driver of it?

在新遊戲推動需求方面，您有什麼期待嗎？或者它的驅動力是什麼？

Well, we'd like to wait (laughter) and tell you about that.

好吧，我們想等一下（笑聲）然後告訴你。

Shawn, give us 90 days.

肖恩，給我們90天。

We'll come back and report on that.

我們會回來報告的。

Okay.

好的。

Fair enough.

很公平。

Thanks, guys.

多謝你們。

Okay.

好的。

Thank you.

謝謝你。

All right.

好的。

I think that's all we have time for today.

我想這就是我們今天的全部時間。

Thanks very much, everyone.

非常感謝大家。

Look forward to talking to you next time at our Q2 earnings call.

期待下次在我們的第二季度財報電話會議上與您交談。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。