輝達 (NVDA) 2014 Q2 法說會逐字稿

Good evening.

晚上好。

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

我的名字是麗莎，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 first-quarter earnings call.

在這個時候，我想歡迎大家參加 NVIDIA 第一季度財報電話會議。

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.

演講者發言後將進行問答環節。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

At this time I'd like to turn the conference over to Mr. Chris Evenden, Senior Director of Investor Relations.

此時，我想將會議轉交給投資者關係高級總監 Chris Evenden 先生。

You may begin, sir.

先生，您可以開始了。

Things, Lisa.

事情，麗莎。

Good afternoon, everyone, and welcome to NVIDIA's conference call for the second quarter of fiscal 2014.

大家下午好，歡迎參加 NVIDIA 2014 財年第二季度電話會議。

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

NVIDIA 總裁兼首席執行官黃仁勳和臨時首席財務官凱倫伯恩斯今天與我通話。

After our prepared remarks, we 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.

請把自己限制在一個初始問題和一個後續問題上。

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

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

A replay of the conference call will be available via telephone until August 15, 2013.

電話會議的重播將通過電話提供，直到 2013 年 8 月 15 日。

And the webcast will be available for replay until our conference call to discuss our financial results for our third quarter of fiscal 2014.

在我們召開電話會議討論我們 2014 財年第三季度的財務業績之前，該網絡廣播將一直播放。

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

今天通話的內容是 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 the 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, as 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，因為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 businesses, please refer to the disclosure in today's earnings release, our Form 10-Q form for the fiscal period ended April 28, 2013, 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 2013 年 4 月 28 日的財政期間的 10-Q 表格以及我們可能不時提交的報告向美國證券交易委員會提交的 8-K 表格上的時間。

All our statements are made as of today, August 8, 2013, based on information available to us as of today.

我們所有的聲明都是在今天（2013 年 8 月 8 日）根據我們今天獲得的信息作出的。

Except as required by law, we assume no obligation to update any such statements.

除法律要求外，我們不承擔更新任何此類聲明的義務。

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

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

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 in our financial release, which is posted on our website.

您可以在我們的財務發布中找到這些非公認會計原則財務措施與公認會計原則的對賬，該發佈在我們的網站上。

With that, let's begin.

有了這個，讓我們開始吧。

Our focus on visual computing enabled us to ride out a rough PC market this quarter, and is setting us up for growth in new markets.

我們對視覺計算的關注使我們能夠在本季度度過艱難的 PC 市場，並為新市場的增長做好準備。

Revenue came in at the middle of our outlook, driven by strength in GPU, offset by Tegra.

在 GPU 實力的推動下，收入在我們展望的中部出現，但被 Tegra 所抵消。

PC gaming performed particularly well, enriching our product mix, growing our share of GPU revenue, and driving margins to another record high.

PC 遊戲表現尤為出色，豐富了我們的產品組合，增加了我們在 GPU 收入中的份額，並將利潤率推至歷史新高。

The PC market is evolving as entry-level laptops face pressure from tablets.

隨著入門級筆記本電腦面臨來自平板電腦的壓力，個人電腦市場正在發展。

Yet sales in specialty PCs, like gaming systems and workstations, continue to grow.

然而，遊戲系統和工作站等專用 PC 的銷售額仍在繼續增長。

The disparity reflects how consumers use these different classes of PCs.

這種差異反映了消費者如何使用這些不同類別的個人電腦。

Many consumers look to a PC as a general-purpose device they can use for browsing, e-mail, social media and video.

許多消費者將 PC 視為可用於瀏覽、電子郵件、社交媒體和視頻的通用設備。

But much of this can be better served by a tablet.

但其中大部分可以通過平板電腦更好地服務。

In contrast, gamers are preparing their systems for a strong roster of games coming this fall, including blockbuster franchises such as, Call of Duty - Ghosts, Grand Theft Auto 5, and Assassins Creed 4. In a similar vein, for digital artists and designers, the workstation is the tool of their trade.

相比之下，遊戲玩家正在為今年秋季推出的一系列強大遊戲準備他們的系統，其中包括《使命召喚 - 幽靈》、《俠盜獵車手 5》和《刺客信條 4》等大片系列。同樣，對於數字藝術家和設計師來說，工作站是他們的交易工具。

They depend on increasing processing power to deliver results for their clients.

他們依靠提高處理能力來為客戶提供結果。

And the use of specialty PCs could become even more widespread with the growth of new applications, like 3-D printing.

隨著 3D 打印等新應用的發展，專用 PC 的使用可能會變得更加廣泛。

Open platforms, such as PC and Android, are outgrowing the walled gardens of the traditional console market.

PC 和 Android 等開放平台正在超越傳統遊戲機市場的圍牆花園。

They benefit from more innovation.

他們受益於更多的創新。

Nearly 50% of the developers surveyed at GDC recently were working on PC games, compared to only 11% on next-gen consoles.

最近在 GDC 接受調查的開發者中，近 50% 的開發者都在開發 PC 遊戲，而在次世代遊戲機上這一比例僅為 11%。

PC game revenues are expected to reach around $20 billion annually by 2015.

到 2015 年，PC 遊戲的年收入預計將達到 200 億美元左右。

Whereas the total for both PlayStations will be less than $10 billion.

而這兩款 PlayStation 的總額將不到 100 億美元。

And Xbox is only around 50% of that.

而 Xbox 僅佔其中的 50% 左右。

In mobile, games generate 80% of the revenues on Google's marketplace.

在移動領域，遊戲產生了谷歌市場 80% 的收入。

And two-thirds of the time spent on a tablet is spent playing games.

花在平板電腦上的時間有三分之二是花在玩遊戲上。

It's this innovation and energy that we are leveraging with SHIELD.

我們與 SHIELD 一起利用的正是這種創新和能量。

It started shipping July 31 and the critical reception has been excellent.

它於 7 月 31 日開始發貨，受到好評。

VentureBeat described it as a game geeks' dream device.

VentureBeat 將其描述為遊戲極客的夢想設備。

A writer at Forbes said it got him excited about gaming again.

福布斯的一位作家說，這讓他再次對遊戲感到興奮。

And CNET called it a high-quality device with stellar performance.

CNET 稱其為性能卓越的高品質設備。

Because SHIELD is an open platform, it can access anything available to an Android tablet.

因為 SHIELD 是一個開放平台，所以它可以訪問 Android 平板電腦可用的任何內容。

That means there were literally hundreds of thousands of games available for SHIELD the day it launched.

這意味著在 SHIELD 推出之日，就有數十萬款遊戲可供使用。

It's a web browser, and a way to update Facebook.

它是一個網絡瀏覽器，也是一種更新 Facebook 的方式。

It excels as a Netflix movie player and as an Internet radio or Pandora music player, thanks to the effort we into the loudspeaker and acoustic design.

由於我們在揚聲器和聲學設計方面的努力，它作為 Netflix 電影播放器、互聯網收音機或 Pandora 音樂播放器非常出色。

SHIELDS is the best way to play games, android games, and a key element to our strategy to generate a virtual circle in open gaming.

SHIELDS 是玩遊戲、安卓遊戲的最佳方式，也是我們在開放式遊戲中生成虛擬圈子戰略的關鍵要素。

It links to GeForce on PCs so gamers can play PC games from their couch.

它鏈接到 PC 上的 GeForce，因此遊戲玩家可以在沙發上玩 PC 遊戲。

One day it will be an excellent client for group gaming.

有一天，它將成為團體遊戲的優秀客戶。

We pad it with TegraZone, a curated collection of games, all tested on Tegra, and many of them optimized for Tegra.

我們使用 TegraZone 來填充它，這是一個精選的遊戲集合，所有遊戲都在 Tegra 上進行了測試，其中許多都針對 Tegra 進行了優化。

TegraZone has been installed over 7.5 million times already, and that number increases around 10% a quarter.

TegraZone 已經安裝了超過 750 萬次，而且這個數字每季度增長 10% 左右。

The model we are building for games is familiar from music and movies.

我們為遊戲構建的模型在音樂和電影中很熟悉。

You can buy a song from Amazon and download it to your device, or stream it directly from a service like Spotify, or even buy it and host it in a cloud at Google.

您可以從亞馬遜購買歌曲並將其下載到您的設備，或直接從 Spotify 等服務流式傳輸，甚至可以購買歌曲並將其託管在 Google 的雲中。

Similarly, a gamer can download games to SHIELD to play, play a game online, and soon stream it from GRID.

同樣，遊戲玩家可以將游戲下載到 SHIELD 來玩，在線玩遊戲，並很快從 GRID 流式傳輸遊戲。

Our content group helps develop to differentiate their games on our platforms, and this creates synergy across devices.

我們的內容小組幫助開發在我們的平台上區分他們的遊戲，這創造了跨設備的協同作用。

Games optimized for SHIELD will also look great on Tegra 4 devices like the HP SlateBook x2 or the Toshiba Pro, both of which shipped this quarter.

針對 SHIELD 優化的遊戲也將在 Tegra 4 設備上看起來很棒，例如 HP SlateBook x2 或 Toshiba Pro，這兩款設備都在本季度發貨。

Games optimize to GeForce will be excellent candidates for group gaming.

針對 GeForce 優化的遊戲將是團體遊戲的絕佳選擇。

In this way, SHIELD, GeForce and GRID each benefit the other.

通過這種方式，SHIELD、GeForce 和 GRID 互惠互利。

And gamers benefit from a dynamic ecosystem.

遊戲玩家受益於動態的生態系統。

Q2 is a trough quarter for Tegra.

第二季度是 Tegra 的低谷季度。

And you will see more Tegra 4 devices launched through the balance of this year.

您將看到更多 Tegra 4 設備在今年餘下時間推出。

Meanwhile, qualification on modems, both a standalone baseband i500 and the integrated application processor Tegra 4i is proceeding as expected.

與此同時，調製解調器、獨立基帶 i500 和集成應用處理器 Tegra 4i 的資格認證正在按預期進行。

And we are making steady progress towards certification at a number of carriers.

我們正在為多家運營商的認證取得穩步進展。

We previewed our next generation mobile processor, Project Logan, last night.

昨晚，我們預覽了我們的下一代移動處理器 Project Logan。

Logan includes our first mobile Kepler GPU, delivering what the technical press described as unambiguous mobile GPU leadership.

Logan 包括我們的第一個移動 Kepler GPU，提供了技術媒體所描述的明確的移動 GPU 領導地位。

Licensing our GPU cores, as we announced this quarter, allows us to generate revenue from markets previously inaccessibility such as vertically integrated smartphone area.

正如我們本季度宣布的那樣，授權我們的 GPU 內核使我們能夠從以前無法進入的市場（例如垂直集成的智能手機領域）中獲得收入。

The mobile Kepler in 5 Logan has around 3 times the performance per watt of the iPad 4 GPU.

5 Logan 中的移動 Kepler 的每瓦性能大約是 iPad 4 GPU 的 3 倍。

Yet performs like a new desktop part.

然而，它的表現就像一個新的桌面部件。

We showed it running Epic Games next generation game engine, Unreal Engine 4. And running Ira, the face demo that as recently as Investor Day in April was restricted to high-end gaming PCs.

我們展示了它運行 Epic Games 的下一代遊戲引擎 Unreal Engine 4。並運行 Ira，在 4 月的投資者日之前還僅限於高端遊戲 PC 的面部演示。

Forbes suggested that NVIDIA's Logan could be a mobile graphics disruptor.

福布斯認為 NVIDIA 的 Logan 可能是移動圖形的顛覆者。

(inaudible) said that if you get a new phone in 2014 with [cratey] battery life and an amazing on-screen performance, the Kepler GPU will be the reason.

（聽不清）說如果你在 2014 年買了一部電池壽命和屏幕性能驚人的新手機，Kepler GPU 將是原因。

Other press were similarly enthusiastic.

其他媒體也同樣熱情。

Last year we made the decision to pull in Tegra 4i and Logan.

去年我們決定引入 Tegra 4i 和 Logan。

This made us late to market with Tegra 4. However, with Project Logan we are early and well-positioned to capture key design wins.

這使我們遲到了 Tegra 4 的上市時間。但是，通過 Project Logan，我們早早地準備好獲得關鍵的設計勝利。

Moving onto our GPU server business, Tesla had an excellent quarter, very nearly its best ever.

轉向我們的 GPU 服務器業務，特斯拉有一個出色的季度，幾乎是有史以來最好的一個季度。

Notably, this quarter's revenue was driven by application-based deals.

值得注意的是，本季度的收入是由基於應用程序的交易推動的。

That is, customers using off-the-shelf applications are turning to Tesla GPUs to accelerate them.

也就是說，使用現成應用程序的客戶正在轉向 Tesla GPU 來加速它們。

This validates our continued investment in software.

這驗證了我們對軟件的持續投資。

For example, last week's acquisition of PGI, the leading developer of compilers for high-performance computing.

例如，上週收購了高性能計算編譯器的領先開發商 PGI。

Also, since this revenue passes through OEMs, it requires much less sales and support resources from us, and offers a more efficient route to scale for that business.

此外，由於該收入通過原始設備製造商獲得，因此它需要我們提供的銷售和支持資源要少得多，並為該業務的擴展提供了更有效的途徑。

In professional visualization, Quadro displayed a strong sequential and year-over-year growth.

在專業可視化方面，Quadro 顯示出強勁的連續和同比增長。

We launched the Quadro K6000 to complete the lineup of Kepler, top to bottom.

我們推出了 Quadro K6000 來完善 Kepler 的陣容，從上到下。

Prospects look good for future growth.

前景看好未來的增長。

80% of Quadro sales are driven by manufacturing.

Quadro 80% 的銷售額來自製造業。

And recent PMI and auto manufacturing data have been very encouraging.

最近的採購經理人指數和汽車製造業數據非常令人鼓舞。

GRID is showing increased traction in the ecosystem.

GRID 在生態系統中顯示出越來越大的吸引力。

We announced this quarter that GRID is now supported natively within XenDesktop 7. So Enterprise is considering Citrix virtualized infrastructures can easily also evaluate GPU acceleration.

我們本季度宣布，現在 XenDesktop 7 原生支持 GRID。因此，企業正在考慮 Citrix 虛擬化基礎架構也可以輕鬆評估 GPU 加速。

We have over 150 proof of concept trials underway.

我們正在進行 150 多項概念驗證試驗。

And a dozen Citrix fire partners working on active GRID opportunities.

十幾個 Citrix 解僱合作夥伴致力於積極的 GRID 機會。

Our focus on gaming visualization and compute generated growth in a turbulent market.

我們對遊戲可視化和計算的關注在動蕩的市場中產生了增長。

Leveraging our IP into new markets and applying GPUs to the cloud will accelerate that growth in the future.

將我們的 IP 用於新市場並將 GPU 應用到雲中將加速未來的增長。

With that, I'd like to hand it over to Karen.

有了這個，我想把它交給凱倫。

Thanks, Chris.

謝謝，克里斯。

Hello, everyone.

大家好。

I want to highlight some key points before we open up for Q&A.

在我們開始問答之前，我想強調一些關鍵點。

Overall results for the second quarter exceeded our original expectations, driven by strong demand in the high-end segments of our GPU business across desktop, workstation and server.

第二季度的總體業績超出了我們最初的預期，這得益於我們 GPU 業務的高端細分市場在台式機、工作站和服務器方面的強勁需求。

Gross margins are now in the 56% range, with Q2 being a fourth consecutive record quarter.

毛利率現在在 56% 的範圍內，第二季度是連續第四個創紀錄的季度。

The performance of our GPU business and intense focus on cost delivered EPS at $0.16 on a GAAP basis and $0.23 on a non-GAAP basis.

我們 GPU 業務的表現和對成本的高度關注使每股收益在 GAAP 基礎上為 0.16 美元，在非 GAAP 基礎上為 0.23 美元。

These were $0.04 above Street consensus estimates of $0.12 per GAAP and $0.19 for non-GAAP.

這些比華爾街共識估計的每 GAAP 0.12 美元和非 GAAP 0.19 美元高出 0.04 美元。

Revenue for the quarter of $977 million was at the midpoint of our outlook.

本季度 9.77 億美元的收入處於我們預期的中點。

The GPU business was very strong, with a 9% increase quarter over quarter and up 8% over the prior year.

GPU 業務非常強勁，環比增長 9%，同比增長 8%。

Growth was fueled by the release of new Kepler-based GPUs for the high-end and desktop.

面向高端和台式機的新型基於 Kepler 的 GPU 的發布推動了增長。

And with Kepler-based GPUs now available top to bottom for workstation and server.

現在，基於 Kepler 的 GPU 從上到下可用於工作站和服務器。

Revenue for the Tegra processor business was down 49% sequentially and 71% year over year.

Tegra 處理器業務的收入環比下降 49%，同比下降 71%。

We had expected a drop, as discussed last quarter, with the ramp down of Tegra 3 products and ahead of Tegra 4 shipments.

正如上個季度所討論的，我們曾預計隨著 Tegra 3 產品的下降和 Tegra 4 出貨量的下降而下降。

Nonetheless, we are disappointed with the size of the decline.

儘管如此，我們對下降幅度感到失望。

Due to current dynamics in the mobile space, we believe it will be challenging for Tegra revenue to remain flat year over year, as originally expected.

由於當前移動領域的動態，我們認為 Tegra 的收入要如最初預期的那樣保持同比持平將是一項挑戰。

That said, we anticipate Tegra revenue to be up significantly in Q3 from Q2 as we start to ship Tegra 4-based design and SHIELD, our NVIDIA-branded gaming and entertainment portable.

也就是說，隨著我們開始推出基於 Tegra 4 的設計和 SHIELD（我們的 NVIDIA 品牌遊戲和娛樂便攜式設備），我們預計第三季度 Tegra 的收入將比第二季度顯著增長。

And we expect further growth in Q4 as more Tegra 4 OEM products come to market.

隨著更多 Tegra 4 OEM 產品進入市場，我們預計第四季度將進一步增長。

Our revenue guidance for Q3 reflects these new expectations.

我們對第三季度的收入指導反映了這些新預期。

We expect revenue to be up approximately 7% from the prior quarter, with stable growth in the GPU business and significant growth in the Tegra processor.

我們預計收入將比上一季度增長約 7%，GPU 業務穩定增長，Tegra 處理器顯著增長。

We again achieved record growth margins this quarter.

本季度我們再次實現了創紀錄的利潤率增長。

The large increases you are seeing quarter over quarter and year over year reflect our strong market position in high-margin segments of our GPU business, particularly in desktop and workstation.

您看到的季度環比和同比大幅增長反映了我們在 GPU 業務的高利潤領域（尤其是台式機和工作站）的強大市場地位。

For Q3, we expect gross margins to maintain at current levels.

對於第三季度，我們預計毛利率將維持在當前水平。

OpEx this quarter of $401 million was below our outlook, at $7 million below the midpoint.

本季度 4.01 億美元的運營支出低於我們的預期，比中點低 700 萬美元。

Some of this investment shifted to Q3.

其中一些投資轉移到了第三季度。

For Q3 we expect OpEx of approximately $460 million for GAAP and $418 million for non-GAAP.

對於第三季度，我們預計 GAAP 的運營支出約為 4.6 億美元，非 GAAP 的運營支出約為 4.18 億美元。

Our OpEx investments remain tightly aligned to our key growth strategies.

我們的運營支出投資與我們的關鍵增長戰略保持緊密一致。

For visual computing, we are extending the technical leadership of our GPUs, growing GPU for accelerated computing, and engaging the market with our GRID GPU servers for enterprise BDI.

對於視覺計算，我們正在擴大我們 GPU 的技術領先地位，不斷發展用於加速計算的 GPU，並通過我們的 GRID GPU 服務器為企業 BDI 打入市場。

GRID servers are in production by Cisco, Dell, HP and IBM.

GRID 服務器由 Cisco、Dell、HP 和 IBM 生產。

For Tegra SoC, we are leveraging our core GPU investments to bring our visual computing leadership to industries that are being revolutionized by Android and ARM.

對於 Tegra SoC，我們正在利用我們的核心 GPU 投資將我們在視覺計算方面的領先地位帶入正在被 Android 和 ARM 徹底改變的行業。

We can make a contribution to many applications where a great GPU is desired.

我們可以為許多需要出色 GPU 的應用程序做出貢獻。

To date, we have established a proven market position for Tegra that we will build on.

迄今為止，我們已經為 Tegra 建立了成熟的市場地位，我們將在此基礎上繼續發展。

Largely with Tegra 2, we've generated $360 million in revenue in fiscal 2012 from smartphones and tablets alone.

主要是通過 Tegra 2，我們在 2012 財年僅通過智能手機和平板電腦就創造了 3.6 億美元的收入。

Largely with Tegra 3, we grew revenue 50% to $540 million from these devices in fiscal 2013.

2013 財年，我們主要通過 Tegra 3 將這些設備的收入增長了 50%，達到 5.4 億美元。

With Tegra 4, we are expanding our reach to other large markets where visual computing matters, such as auto navigation systems, TV set-top boxes, and new desktop form factors like all-in-one and smart monitors.

借助 Tegra 4，我們正在將我們的影響力擴展到視覺計算重要的其他大型市場，例如自動導航系統、電視機頂盒和新的桌面形式因素（如一體機和智能顯示器）。

With non-GAAP OpEx of $797 million in the first half of the year, and $418 million expected in Q3, we are tracking at the high end of our full-year expectations of approximately $1.6 billion.

今年上半年非美國通用會計準則運營支出為 7.97 億美元，第三季度預計為 4.18 億美元，我們正在跟踪我們全年預期約 16 億美元的高端。

We aim to reduce this amount as we remain intensely focused on operating costs.

我們的目標是減少這一數額，因為我們仍然高度關注運營成本。

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

轉向資產負債表，我們的整體狀況仍然非常強勁。

In the first half of the fiscal year we've generated $275 million in cash from operations and $122 million in free cash flow.

在本財年上半年，我們從運營中產生了 2.75 億美元的現金和 1.22 億美元的自由現金流。

Cash at the end of the quarter was $2.9 billion, a reduction of $778 million from Q1.

本季度末現金為 29 億美元，比第一季度減少 7.78 億美元。

This relates to our capital return allocation to shareholders of $793 million, consisting of $43 million in dividend payments and $750 million for share repurchases.

這與我們向股東分配的 7.93 億美元資本回報有關，其中包括 4300 萬美元的股息支付和 7.5 億美元的股票回購。

In Q2, we executed an accelerated share repurchase agreement to repurchase 750 million of shares.

第二季度，我們執行了加速股份回購協議，回購了7.5億股股份。

To date, we have received 40 million shares under this agreement, reducing our outstanding common stock.

迄今為止，我們根據該協議收到了 4000 萬股，減少了我們的流通普通股。

And we expect to receive additional shares when the contract ends in Q3.

我們希望在第三季度合同結束時獲得額外的股份。

In addition, year to date we have returned $190 million to shareholders, including $100 million in share repurchases and $90 million in quarterly dividend payments.

此外，今年迄今為止，我們已向股東返還 1.9 億美元，其中包括 1 億美元的股票回購和 9000 萬美元的季度股息支付。

With this capital allocation strategy, along with our quarterly dividend payments in the second half, we are on track to return capital to shareholders in excess of $1 billion.

通過這種資本分配策略，以及我們在下半年支付的季度股息，我們有望向股東返還超過 10 億美元的資本。

Thank you.

謝謝你。

Chris?

克里斯？

Thanks, Karen.

謝謝，凱倫。

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。

Please limit yourself to one question and one follow-up.

請把自己限制在一個問題和一個後續行動上。

Lisa?

麗莎？

(Operator Instructions)

（操作員說明）

Christopher Rolland.

克里斯托弗·羅蘭。

Hi, guys.

嗨，大家好。

How are you?

你好嗎？

Can you guys talk about initial sales, or at least shipments of SHIELD so far?

你們能談談最初的銷售，或者至少到目前為止 SHIELD 的出貨量嗎？

Is it above, below or in line with your estimates?

它是高於、低於還是符合您的估計？

Thanks.

謝謝。

Hi, Chris.

嗨，克里斯。

Thanks a lot.

非常感謝。

SHIELD is doing great.

神盾局做得很好。

The early reviews are fantastic.

早期的評論很棒。

You probably read some of the reviews online.

您可能在網上閱讀了一些評論。

People really love that it is a well-made device.

人們真的很喜歡它是一個製作精良的設備。

It feels exquisite and the performance is fantastic.

感覺很精緻，表演也很棒。

It's an open platform.

這是一個開放的平台。

And it does all the things that you wold expect an Android device to do, and more.

它可以做所有你希望 Android 設備做的事情，甚至更多。

People are really loving playing with the beta version of our PC streaming.

人們真的很喜歡玩我們的 PC 流媒體測試版。

And to be able to enjoy GeForce games that looks fantastic on a PC, on a small device like that, while you're sitting on the couch is pretty amazing.

坐在沙發上時，能夠在 PC 上、在這樣的小型設備上享受看起來很棒的 GeForce 遊戲真是太棒了。

Sales have been great.

銷量一直很好。

Everything that we've shipped so far has sold out.

到目前為止，我們發貨的所有東西都已售罄。

But we are just starting to ramp production.

但我們才剛剛開始增加產量。

We've shipped out to our partners only several thousand units.

我們只向我們的合作夥伴發貨了幾千台。

And so it still quite early to tell, but we are expecting to do quite well with SHIELD.

所以現在說還為時過早，但我們預計 SHIELD 會做得很好。

Okay, great.

好，太棒了。

And also on the Tegra segment, maybe you can give us a little bit more detail there.

還有關於 Tegra 部分，也許你可以在那裡給我們更多細節。

How should we think about console royalties, pachinko, auto, versus your regular mobile breakdown.

我們應該如何看待遊戲機版稅、彈珠機、汽車與您的常規移動故障。

And I guess SHIELD is going to be in there, too, for next order.

而且我猜 SHIELD 也將在那裡進行下一個訂單。

What might that look like this quarter as well as next?

這個季度和下一個季度會是什麼樣子？

Thank you.

謝謝你。

This was our Tegra trough quarter.

這是我們的 Tegra 低谷季度。

We had talked about that before, the transition between Tegra 3 and Tegra 4. Because we pulled in two very important projects -- Tegra 4i with our integrated 4G modem and Logan, which incorporated our mobile Kepler GPU.

我們之前討論過 Tegra 3 和 Tegra 4 之間的過渡。因為我們引入了兩個非常重要的項目——帶有集成 4G 調製解調器的 Tegra 4i 和集成了我們的移動 Kepler GPU 的 Logan。

As a result of that, Tegra 4 was a little later than our typical cycle.

因此，Tegra 4 比我們的典型週期晚了一點。

So we had a gap-out and we expected Q2 to be the trough.

所以我們有一個缺口，我們預計第二季度將是低谷。

We expect next quarter to be up substantially.

我們預計下一季度將大幅上漲。

And as Karen mentioned earlier, however, there were some disappointments this year.

然而，正如凱倫之前提到的，今年有些令人失望。

Some projects that we worked on that we had spent a lot of effort on, didn't pan out as we expected.

我們投入大量精力從事的一些項目並沒有像我們預期的那樣成功。

It is relatively well-known now, but nonetheless, it didn't meet our expectations.

它現在比較有名，但仍然沒有達到我們的預期。

But overall, I would say that Tegra 4 is going to ramp up very nicely this coming quarter.

但總的來說，我會說 Tegra 4 在下個季度將會非常好地增加。

There's tablets from ASUS, Toshiba and HP.

有華碩、東芝和惠普的平板電腦。

There's SHIELD that's ramping up.

神盾局正在崛起。

And there are new devices that are going into production that are quite exciting.

還有一些非常令人興奮的新設備正在投入生產。

I think, relative to your other question of auto, we had said earlier that auto is about $100 million for the year or so, roughly.

我認為，相對於您關於汽車的其他問題，我們之前說過，汽車大約一年左右的價值約為 1 億美元。

And last year was $50 million and we are expecting next year to be another 100% growth year.

去年是 5000 萬美元，我們預計明年將是另一個 100% 的增長年。

Auto, as you know, design cycles are quite long.

如您所知，汽車的設計週期相當長。

And so the product life is also quite long.

因此產品壽命也相當長。

But it takes some time to ramp up.

但需要一些時間來加速。

Great.

偉大的。

Thanks, guys.

多謝你們。

And you had just one last thing, you had mentioned something about game console royalties.

你只有最後一件事，你提到了一些關於遊戲機版稅的事情。

We are not accounting for much game console royalties.

我們沒有考慮太多的遊戲機版稅。

Okay, great.

好，太棒了。

Thank you, guys.

感謝你們。

Ambrish Srivastava, BMO.

Ambrish Srivastava，BMO。

Hi, this is Gabriel Ho calling in for Ambrish.

嗨，我是 Gabriel Ho 打電話給 Ambrish。

Thanks for taking my question.

感謝您提出我的問題。

Actually, can you give us more details on the licensing initiative for the graphics technology?

實際上，您能否為我們提供有關圖形技術許可計劃的更多詳細信息？

And also when should we expect that to translate into revenues?

還有，我們什麼時候應該期望它轉化為收入？

And, more importantly, help us understand the thinking behind that, what kind of customer pool where you are seeing the means to diversify yourself?

而且，更重要的是，幫助我們理解這背後的想法，你看到什麼樣的客戶群可以讓自己多樣化？

Sure.

當然。

We are a specialist in visual computing.

我們是視覺計算方面的專家。

This is our core business.

這是我們的核心業務。

Over the years we've enhanced and extended our business model from just chips to now chips and systems such as GRID, to system components such as GTX cards and Quadro cards and Tegra cards, to now including GPU IP.

多年來，我們增強和擴展了我們的商業模式，從單純的芯片到現在的芯片和系統（如 GRID），到系統組件（如 GTX 卡、Quadro 卡和 Tegra 卡），再到現在包括 GPU IP。

So, we are an end-to-end provider of GPU technologies to all of the applications that relate to visual computing.

因此，我們是所有與視覺計算相關的應用程序的端到端 GPU 技術提供商。

And the way that we go to market has everything to do with how the customers would enjoy incorporating our technology into their products.

我們進入市場的方式與客戶如何喜歡將我們的技術融入他們的產品有關。

In some customers, they would like to buy our chip and put it on their own motherboard.

在一些客戶中，他們想購買我們的芯片並將其放在自己的主板上。

With some customers, they would like to buy our system components with our software, and we integrate it into their servers or workstations.

對於一些客戶，他們想用我們的軟件購買我們的系統組件，然後我們將其集成到他們的服務器或工作站中。

Some customers would like to buy in retail, adding cards of GeForce.

一些客戶想在零售店購買，添加 GeForce 卡。

And some customers prefer to build their own chips, their own systems and take it to market themselves.

一些客戶更喜歡構建自己的芯片、自己的系統並將其推向市場。

So, in those vertically integrated opportunities, we have historically not had an opportunity to serve them with our technology.

因此，在那些垂直整合的機會中，我們歷來沒有機會用我們的技術為他們服務。

And now, with our mobile Kepler GPU that we revealed at [Zie-Graph], it took us some three years to mobilize the world's most advanced GPU.

現在，借助我們在 [Zie-Graph] 上展示的移動 Kepler GPU，我們花了大約三年的時間才調動了世界上最先進的 GPU。

Now the world's most advanced GPU is in a mobile format.

現在，世界上最先進的 GPU 採用移動格式。

It's the world's first [kud-edge] GPGPU in the market available for mobile.

這是世界上第一款可用於移動設備的 [kud-edge] GPGPU。

And it takes a huge advance in energy efficiency.

它需要在能源效率方面取得巨大進步。

And now, with this Kepler GPU, we could license our technology in a GPU core format to customers who would like to incorporate it into their own products and address their own vertically-integrated market with it.

現在，有了這款 Kepler GPU，我們可以將我們的技術以 GPU 核心格式授權給希望將其整合到自己的產品中並以此解決自己的垂直整合市場的客戶。

So that's basically the idea.

所以基本上就是這個想法。

Thanks.

謝謝。

As a follow-up, I just wanted to get an idea as, two of the three major game consoles being launched in the second half of year, how should we think about the PC gaming business?

作為後續，我只是想了解一下，下半年推出的三大遊戲機中的兩個，我們應該如何看待PC遊戲業務？

Or, what is your view on that?

或者，您對此有何看法？

Game consoles are fantastic and I'm looking forward to buying one myself.

遊戲機非常棒，我期待自己購買一台。

But today, just like in movies and music, you game on every computing platform.

但是今天，就像電影和音樂一樣，你可以在每個計算平台上玩遊戲。

And the fastest growing platforms in the world today are open platforms.

當今世界上發展最快的平台是開放平台。

PC is the fastest-growing and has now become the largest, some $20 billion worth of global software sales.

PC 是增長最快的，現在已成為最大的，價值約 200 億美元的全球軟件銷售額。

Obviously China is very large.

顯然中國很大。

But the United States is large, as well, Russia and Korea, you name it.

但是美國也很大，俄羅斯和韓國，你說的。

PC gaming has become very large.

PC 遊戲已經變得非常龐大。

The business models are vibrant, where there's multi-player online games, AAA titles who are now free to play games.

商業模式充滿活力，有多人在線遊戲，現在可以免費玩遊戲的 AAA 遊戲。

You could see that PC games is just really vibrant.

您可以看到 PC 遊戲非常有活力。

The fastest-growing -- so that's the largest -- the fastest-growing, and now the second largest, is mobile.

增長最快的——所以這是最大的——增長最快的，現在是第二大的是移動設備。

One of the reasons why we really feel that we can make a contribution in mobile is because video games is such a large part of the mobile experience.

我們真正覺得我們可以在移動領域做出貢獻的原因之一是因為視頻遊戲是移動體驗的重要組成部分。

And, in fact, it's the largest download of the world's largest digital store, Google Play.

而且，事實上，它是世界上最大的數字商店 Google Play 的最大下載量。

Video games is what people spend the most time actually doing on a tablet.

視頻遊戲是人們在平板電腦上花費最多的時間。

And video games and great computer graphics go hand in hand.

視頻遊戲和出色的計算機圖形是齊頭並進的。

This is an area where we can add a lot of value.

這是我們可以增加很多價值的領域。

So, these two platforms are the largest and now the fastest growing.

所以，這兩個平台是最大的，現在也是增長最快的。

I don't think there's anything that game consoles will do at this point that would disrupt that.

我不認為遊戲機在這一點上會做任何會破壞這一點的事情。

People just have too many PCs, and there are too many people with tablets and mobile devices.

人們只是擁有太多的個人電腦，太多的人擁有平板電腦和移動設備。

And people like to game wherever they happen to be, not just while they are sitting in front of their TV, sitting in front of the family room.

人們喜歡在任何地方玩遊戲，而不僅僅是坐在電視機前，坐在家庭活動室前。

Blayne Curtis with Barclays.

Blayne Curtis 與巴克萊銀行。

I wanted to follow up on the Tegra revenue.

我想跟進 Tegra 的收入。

If you could just talk about the delta.

如果你能談談三角洲。

You were looking at it flat, and now it's expected to be down 1. One, I was wondering if you just dial in, if you could give any sort of magnitude on how much you expect it to decline now.

你一直在看它，現在它預計會下降 1。第一，我想知道你是否只是撥入，如果你能給出任何關於你現在預計它會下降多少的幅度。

And then, you had some ramps that didn't pan out in the first half, but are you still looking at the same pipeline of stuff ramping in the second half for you?

然後，你有一些在上半場沒有成功的坡道，但你還在為下半場尋找同樣的東西坡道嗎？

Thanks.

謝謝。

I missed part of that question.

我錯過了那個問題的一部分。

Blayne said it so fast.

Blayne 說得太快了。

If you could dial in any -- you expect it to decline.

如果您可以撥打任何電話-您希望它會拒絕。

Do you have any range that you could provide as to how much it would decline?

你有什麼可以提供的範圍來說明它會下降多少？

Relative to last year?

相對於去年？

Yes.

是的。

Oh, relative to last year.

哦，相對於去年。

The decline comes from -- coming into the year we had pretty high expectations on one particular platform.

下降的原因是——進入這一年，我們對一個特定平台抱有很高的期望。

And there's no sense naming it.

而且命名它沒有任何意義。

But it is a very important platform that also derived from it a lot of design wins.

但它是一個非常重要的平台，也從中獲得了很多設計勝利。

And because this particular platform just didn't do as well as we or, frankly, anybody in the industry had hoped, we don't expect as much returns on that investment as we originally hoped.

而且由於這個特定平台的表現不如我們，或者坦率地說，該行業的任何人所希望的那樣，我們預計該投資的回報不會像我們最初希望的那樣多。

Our guess is that it is going to be down $200 million or so.

我們的猜測是，它將減少 2 億美元左右。

Maybe somewhere between $200 million to $300 million overall.

總體上可能在 2 億到 3 億美元之間。

And we don't expect it in the short term to come back.

而且我們預計它不會在短期內捲土重來。

But all the other platforms that we are talking about obviously are not affected by this one particular design win and all of its associated design wins.

但是我們正在談論的所有其他平台顯然都不受這一特定設計勝利及其所有相關設計勝利的影響。

Okay, thanks for that.

好的，謝謝。

And then on the GPU side, you expected growth into Q3.

然後在 GPU 方面，您預計第三季度會有增長。

Is that both desktops and notebooks?

是台式機和筆記本嗎？

And if you can just talk about the Haswell refresh.

如果你能談談 Haswell 的更新。

Your notebooks were down a little bit in Q2, the June quarter -- or July quarter.

您的筆記本在第二季度、六月季度或七月季度略有下降。

If you could talk about, are you expecting to see notebooks have a bit of a rebound with Haswell?

如果您能談談，您是否期望看到筆記本電腦與 Haswell 有一點反彈？

Thanks.

謝謝。

I think that our notebook was down very low single digits year over year.

我認為我們的筆記本同比下降了非常低的個位數。

And it was down single digits from Q2 in the last quarter.

它比上一季度的第二季度下降了個位數。

So it is slightly down.

所以略有下降。

The overall notebook PC marketplace, of course, is not as vibrant as people have hoped.

當然，整個筆記本電腦市場並不像人們希望的那樣充滿活力。

But you know that we are not really in the mainstream PC market.

但是你知道我們並不真正進入主流 PC 市場。

We are really into the specialty PC market, whether it is gaming PCs, or workstation PCs, or high-performance computing PCs, or premium consumer PCs, or PCs that are used for video editing and digital content creation.

我們真正進入了專業 PC 市場，無論是遊戲 PC、工作站 PC、高性能計算 PC、高級消費 PC，還是用於視頻編輯和數字內容創建的 PC。

That's primarily our target.

這主要是我們的目標。

The notebook part of it, of course, the consumer part of it, is not vibrant.

它的筆記本部分，當然，它的消費者部分，並不活躍。

And we are not expecting it to -- in our guidance we are not expecting big growth from it.

而且我們並不期望它 - 在我們的指導中，我們並不期望它會出現大的增長。

Our growth from GPU is primarily attributed to gaming, to workstations, the Quadro workstation GPU, and the Tesla GPU.

我們從 GPU 的增長主要歸功於遊戲、工作站、Quadro 工作站 GPU 和 Tesla GPU。

And that's relative to October, with that comment?

那是相對於 10 月的評論？

I'm sorry, Blayne?

對不起，布萊恩？

My question was, when you look into October, you talked about broad growth.

我的問題是，當你展望 10 月份時，你談到了廣泛的增長。

Is both desktops and notebooks growing into October?

台式機和筆記本電腦都在增長到 10 月份嗎？

Yes, that's the quarter for Q3.

是的，這是第三季度的季度。

That's where the growth we are expecting.

這就是我們所期待的增長。

I think that's your question.

我想這是你的問題。

Sorry if I'm being difficult.

對不起，如果我很難。

I'm just trying to figure out.

我只是想弄清楚。

I think you are answering it but when you mentioned all the drivers roll into October, you left out notebooks.

我認為您正在回答它，但是當您提到所有驅動程序都進入 10 月份時，您忽略了筆記本。

So I just wanted to clarify, do you also expect notebooks to see a bit of our rebound into October?

所以我只是想澄清一下，您是否也期望筆記本電腦在 10 月份看到我們的一些反彈？

We're not expecting much growth from notebook.

我們預計筆記本電腦不會有太大的增長。

Okay.

好的。

Thank you.

謝謝你。

Patrick Wang with Evercore.

Patrick Wang 與 Evercore。

(inaudible) for Patrick.

（聽不清）為帕特里克。

Sticking on GPU, could you talk about the pricing around GPUs now?

堅持 GPU，你能談談現在圍繞 GPU 的定價嗎？

And how will share trend in the second half, in your view?

您認為下半年的趨勢如何？

ASPs are up.

ASP 上升了。

But they've been on an upward trend for some time.

但一段時間以來，它們一直處於上升趨勢。

And that's one of the reasons why, also, because they are shifting towards premium products or specialty products, like gaming and workstations and high-performance computing, what we call GeForce, Quadro and Tesla, because of that, because of the growth of those segments, it improves ASP.

這也是為什麼他們正在轉向高端產品或專業產品的原因之一，比如游戲和工作站以及高性能計算，我們稱之為 GeForce、Quadro 和 Tesla，因為這些產品的增長細分市場，它提高了平均售價。

And it improves gross margins.

它提高了毛利率。

We haven't seen share movement substantially for some time.

我們已經有一段時間沒有看到股價大幅波動了。

And we are not expecting much later on this year.

我們對今年晚些時候的期望並不高。

All right.

好的。

Thanks for that.

感謝那。

And then maybe can you discuss the buyback plan you're looking for in 3Q and 4Q?

然後也許你能討論一下你在第三季度和第四季度尋找的回購計劃嗎？

We haven't announced any new buyback plan.

我們還沒有宣布任何新的回購計劃。

But we certainly have a commitment to capital return for the long term.

但我們當然有長期資本回報的承諾。

The contract that we are under right now does not end until the end of Q3.

我們現在簽訂的合同要到第三季度末才結束。

Is there any dollar amount we should think about for each quarter?

我們應該考慮每個季度的金額嗎？

It was an accelerated share repurchase.

這是一次加速的股票回購。

So, we are just waiting for the contract to complete.

所以，我們只是在等待合同完成。

Karen, do you want to just tell him what the whole thing was for the year.

凱倫，你想告訴他這一年的全部情況嗎？

Maybe he hasn't seen some of this stuff.

也許他還沒有看到這些東西。

The $750 million is what we are going to repurchase.

7.5億美元是我們要回購的。

And the bulk of it, the majority of it, 40 million shares, we have received.

其中大部分，大部分，4000萬股，我們已經收到了。

And we are expecting an incremental amount in Q3.

我們預計第三季度的數量會增加。

So it's effectively a share repurchase in Q3, as well.

因此，這實際上也是第三季度的股票回購。

Okay.

好的。

Would that be complete in Q3, is my question.

這會在第三季度完成，是我的問題。

That transaction will be complete in Q3.

該交易將在第三季度完成。

Any further repurchases we will announce in Q3.

我們將在第三季度宣布任何進一步的回購。

Sounds good, thank you.

聽起來不錯，謝謝。

Kevin Cassidy with Stifel Nicolaus.

凱文·卡西迪 (Kevin Cassidy) 與 Stifel Nicolaus。

Dean calling in for Kevin.

Dean打電話給Kevin。

Thank you very much for taking my call.

非常感謝您接聽我的電話。

Can you provide some extra color on the acceptance and progress in the GRID hardware area?

您能否為 GRID 硬件領域的接受和進展提供一些額外的說明？

We are seeing a number of software announcements.

我們看到了許多軟件公告。

I was wondering how the hardware may be coming along in terms of sale and potentials?

我想知道硬件在銷售和潛力方面會如何發展？

Thanks, Dean.

謝謝，院長。

GRID, just as a background for everybody, GRID is our data center GPU server initiative.

GRID，就像大家的背景一樣，GRID 是我們的數據中心 GPU 服務器計劃。

GRID has several attributes.

GRID 有幾個屬性。

One, of course, could be used for high-performance computing.

其中之一當然可以用於高性能計算。

One could be used for big data analysis, whether it is image recognition or image processing or audio processing or video processing.

一種可用於大數據分析，無論是圖像識別或圖像處理，還是音頻處理或視頻處理。

You know that more and more people are uploading just an enormous amount of multimedia data onto the web.

您知道越來越多的人將大量的多媒體數據上傳到網絡上。

And the third initiative is virtualization, enterprise virtualization.

第三個舉措是虛擬化，企業虛擬化。

One of the most challenging parts of enterprise virtualization is called VDI.

企業虛擬化中最具挑戰性的部分之一稱為 VDI。

So these are the major applications of GRID.

所以這些是 GRID 的主要應用。

All of our OEMs have now completed all of their server and data center certifications, and are now in production -- Cisco, Dell, and IBM.

我們所有的 OEM 現已完成所有服務器和數據中心認證，並且正在投入生產——思科、戴爾和 IBM。

There are trials going around all over the world.

世界各地都在進行試驗。

We see, we have visibility into some of them and we track about 150 all over the world -- in Japan, in Europe, and United States, and China.

我們看到，我們可以看到其中的一些，我們在世界各地追踪了大約 150 個——在日本、歐洲、美國和中國。

And this quarter we have just started shipping early samples.

本季度我們剛剛開始運送早期樣品。

So, we will see how it turns out.

所以，我們將看看結果如何。

But this is our first true enterprise computing application, our first true enterprise computing product.

但這是我們第一個真正的企業計算應用程序，我們第一個真正的企業計算產品。

And so we are quite excited about the prospects.

因此，我們對前景感到非常興奮。

If you can comment on this, is there primarily interest in customers building their own hardware, or in using the NVIDIA design?

如果您可以對此發表評論，客戶主要是對構建自己的硬件感興趣，還是對使用 NVIDIA 設計感興趣？

Or how is the interest shaping up in this area?

或者這個領域的興趣是如何形成的？

There are three ways to access GRID.

訪問 GRID 有三種方式。

One is buy it from our OEMs.

一種是從我們的原始設備製造商處購買。

So that's Cisco and Dell and HP and IBM.

這就是思科、戴爾、惠普和IBM。

And there's some over almost 30 different server platforms that are now available in the marketplace with NVIDIA GPUs in it.

現在市場上有大約 30 多種不同的服務器平台，其中包含 NVIDIA GPU。

The second way is to build their own data centers, and they would buy GPUs directly from us.

第二種方式是建立自己的數據中心，他們會直接從我們這裡購買 GPU。

These are data centers that they are not announced yet, but they are just large data centers that want to build their own data centers.

這些是尚未公佈的數據中心，但它們只是想要建立自己的數據中心的大型數據中心。

And the third way is for small and medium businesses, who would like to build -- whose customers are single-application customers, or don't have an IT department, or are not big enough to be served by large IT companies.

第三種方式適用於中小型企業，他們希望構建——他們的客戶是單一應用程序客戶，或者沒有 IT 部門，或者規模不足以為大型 IT 公司提供服務。

In which case they will buy a fully integrated appliance from us.

在這種情況下，他們將從我們這裡購買完全集成的設備。

The last, which is the GRID VCA appliance, is not in volume production yet.

最後一個是 GRID VCA 設備，尚未量產。

It's sampling in North America.

它在北美取樣。

But the first two are in production.

但前兩個正在生產中。

That's helpful, thank you very much.

這很有幫助，非常感謝。

Chris Caso with Susquehanna.

克里斯·卡索和薩斯奎漢娜。

Just the first question about OpEx.

只是關於 OpEx 的第一個問題。

You said that some OpEx was pushed forward into this quarter.

你說一些運營支出被推進到本季度。

But your comments also suggested that the OpEx, you're going to take some actions to reduce the OpEx going forward.

但是您的評論也暗示了運營支出，您將採取一些行動來減少未來的運營支出。

Could you expand on that a bit?

你能擴展一下嗎？

Actually, all Karen said was that we are going to target the $1.6 billion that we've said before.

實際上，凱倫所說的只是我們將瞄准我們之前說過的 16 億美元。

Okay.

好的。

So, going forward, even as we look over the longer term, I know you're making a lot of investments in the business at this point.

因此，展望未來，即使我們從長遠來看，我知道您目前正在對該業務進行大量投資。

Just some general guidance about the level of OpEx spending we should expect going forward.

只是一些關於我們應該期待的運營支出水平的一般指導。

I don't think the plan is to reduce OpEx below the current levels.

我不認為該計劃是將 OpEx 降低到當前水平以下。

We are investing in three very important initiatives.

我們正在投資三項非常重要的舉措。

One is GRID.

一個是網格。

GRID puts our GPUs in data centers, which powers cloud computing.

GRID 將我們的 GPU 置於為雲計算提供動力的數據中心。

I can't imagine a more important initiative.

我無法想像更重要的舉措。

The second is Tegra, which is going after the Android and ARM computing revolution.

第二個是 Tegra，它正在追隨 Android 和 ARM 計算革命。

Computing devices are cropping up everywhere.

計算設備無處不在。

Of course we know that's it's disrupted smart phones.

當然我們知道那是智能手機被打亂了。

It is in the process of disrupting computing with tablets.

它正在用平板電腦顛覆計算。

But its disruption will propagate out to consumer electronics, to gaming, to TVs, to automobiles, to just about anything with a computing device.

但它的顛覆性將傳播到消費電子產品、遊戲、電視、汽車，以及幾乎任何帶有計算設備的東西。

And wherever there's a computer there's an opportunity that some of them would require GPUs.

只要有計算機，就有可能其中一些需要 GPU。

And what Tegra is about, that initiative is about, is addressing those opportunities.

Tegra 的意義所在，該倡議的意義在於解決這些機會。

And wherever we can address those opportunities, the effort of Tegra, the focus of Tegra spins off because of that intense focus on energy efficiency and targeting mobile devices and small computing devices.

在我們可以抓住這些機會的地方，Tegra 的努力，Tegra 的重點分拆出來，因為我們高度關注能源效率和針對移動設備和小型計算設備。

It spins off GPU cores that we can now use as core IP.

它衍生出我們現在可以用作核心 IP 的 GPU 核心。

So our investment is really around these three areas -- GRID, Tegra and our core IP initiatives.

所以我們的投資實際上是圍繞這三個領域——GRID、Tegra 和我們的核心 IP 計劃。

And I think these are three very large and very important growth initiatives that are very important to invest in.

我認為這是三個非常大且非常重要的增長計劃，對投資非常重要。

So, we're not expecting to reduce OpEx.

因此，我們不希望減少運營支出。

What Karen is saying is that we are constantly focused on making sure that there are no waste in the Company.

凱倫所說的是，我們一直致力於確保公司沒有浪費。

And we are the largest visual computing company in the world.

我們是世界上最大的視覺計算公司。

And our investments are leveraged from visual computing and leveraged from our GPUs.

我們的投資來自視覺計算和我們的 GPU。

But these are still large investments, as you know.

但正如你所知，這些仍然是大筆投資。

Okay, great.

好，太棒了。

As a follow-up, I just want to make sure that I understood the comments earlier with regard to the Tegra expectations for the year.

作為後續行動，我只是想確保我理解了早些時候關於 Tegra 對今年的期望的評論。

I think what you said was $200 million to $300 million in Tegra revenues overall.

我認為你所說的 Tegra 總收入為 2 億到 3 億美元。

If you can just clarify that, and make sure I got it right.

如果你能澄清一下，並確保我做對了。

It is actually backwards.

它實際上是倒退的。

I think last year we had done something along the lines of $750 million in Tegra.

我認為去年我們在 Tegra 的投資額達到了 7.5 億美元。

In overall Tegra -- from smartphones to tablets to automobile to embedded entertainment.

總體而言，Tegra——從智能手機到平板電腦，從汽車到嵌入式娛樂。

Whether it Windows on ARM or -- excuse me, Win RT -- or Android.

無論是 ARM 上的 Windows 還是 - 對不起，Win RT - 或 Android。

All of that was under Tegra.

所有這些都在 Tegra 之下。

And last year was about $750 million.

去年大約是 7.5 億美元。

This year we are expecting it to be somewhere between $200 million to $300 million less than that.

今年，我們預計它會比這少 2 億到 3 億美元。

And even though the second half is going to be a big increase from the first half, we are not expecting the increase in the second half to make up for the full year last year.

儘管下半年將比上半年大幅增長，但我們預計下半年的增長不會彌補去年全年的增長。

Was that clear, Chris?

清楚嗎，克里斯？

Betsy Van Hees with Wedbush Securities.

韋德布什證券公司的 Betsy Van Hees。

Thank you for taking my question.

謝謝你接受我的問題。

You guys have done a really great job of growing gross margin quarter over quarter.

你們在逐季度增長毛利率方面做得非常出色。

And then I believe you guided it for 56% this quarter.

然後我相信你在本季度指導了 56%。

Are we going to continue to see, as we look forward, the continued strides in gross margin?

正如我們所期待的那樣，我們是否會繼續看到毛利率的持續增長？

Or are we plateauing out here?

還是我們在這裡停滯不前？

That's my first question.

這是我的第一個問題。

Thanks.

謝謝。

Hi, Betsy.

嗨，貝茜。

There are several drivers for gross margins.

毛利率有幾個驅動因素。

One is Quadro, our professional visualization products, is quite rich in gross margins because it is mostly a software product.

一個是Quadro，我們的專業可視化產品，毛利率相當豐厚，因為它主要是軟件產品。

Our value proposition in Quadro is very heavily related to all of the middleware and tools, and all the algorithm technologies that we incorporate into software packages all over the world, that are processed by Quadro.

我們在 Quadro 中的價值主張與 Quadro 處理的所有中間件和工具以及我們整合到世界各地軟件包中的所有算法技術密切相關。

Tesla is rich gross margins because, again, it is very much a computing platform product.

特斯拉的毛利率很高，因為它在很大程度上是一種計算平台產品。

It's not a chip product.

它不是芯片產品。

And it is about the programming model, it's about the programming Language, it is about compilers and tools and libraries.

它與編程模型、編程語言、編譯器、工具和庫有關。

And all about all the computational mathematicians that work with our super computing centers and research centers around the world to solve the world's most complex science problems.

以及與我們在世界各地的超級計算中心和研究中心合作解決世界上最複雜的科學問題的所有計算數學家。

What also drives our gross margins is GRID.

GRID 也推動了我們的毛利率。

GRID, again, is a heavily software product.

同樣，GRID 是一個高度軟件化的產品。

The GPU hypervisor, all of the compatibility that's integrated into all the hypervisors and to enterprise infrastructures around the world, the value proposition that it delivers.

GPU 管理程序，集成到所有管理程序和全球企業基礎設施中的所有兼容性，它提供的價值主張。

It's just very much a software product.

它只是一個軟件產品。

And, of course, in the future, if we were successful with our core, GPU core IP strategy, that would be a big lift on gross margins.

當然，在未來，如果我們的核心、GPU 核心 IP 戰略取得成功，那將大大提高毛利率。

So we have products that are very software intensive, very IP intensive.

所以我們的產品非常軟件密集，IP 密集。

And, therefore, very margin rich.

因此，利潤非常豐厚。

But we also have OEM products where we have to compete against other chip providers, and our margins are much more compressed there.

但我們也有 OEM 產品，我們必須與其他芯片供應商競爭，而我們的利潤在那裡被壓縮得多。

So it just depends on which one of these parts of our businesses grow faster.

因此，這僅取決於我們業務的這些部分中的哪一個增長更快。

I'm not exactly sure whether I'd be happier if the gross margins were to be richer and richer, or whether our revenues were to outpace our gross margin growth.

我不確定如果毛利率越來越高，或者我們的收入是否超過我們的毛利率增長，我是否會更快樂。

But we have the vehicles now, from IP to chips to very value-rich, software-rich system components and systems, to be able to drive our growth.

但我們現在擁有從 IP 到芯片到價值非常豐富、軟件豐富的系統組件和系統的工具，能夠推動我們的增長。

And yet we can be singularly focused on visual computing.

然而，我們可以專注於視覺計算。

We can be singularly focused in being the world's best GPU provider.

我們可以專注於成為世界上最好的 GPU 供應商。

And serve these markets that are growing quickly.

並服務於這些快速增長的市場。

Thanks.

謝謝。

That was very helpful.

這很有幫助。

As we look at the guidance and we look at the GPU business, and Tegra, and the licensing, is it fair to say that the GPU business is going to be in line with the midpoint of your guidance?

當我們查看指南並查看 GPU 業務、Tegra 和許可時，是否可以公平地說 GPU 業務將符合您的指南的中點？

And then you're going to have the significant growth in Tegra, but that's going to be offset because of some of the declines in the video game consoles.

然後你將在 Tegra 中獲得顯著增長，但這將被電子遊戲機的一些下滑所抵消。

Is that how we should be looked at the quarter?

我們應該這樣看待這個季度嗎？

I think that's a good approximation.

我認為這是一個很好的近似值。

Our GPU product line basically is midpoint of margins.

我們的GPU產品線基本上是利潤率的中點。

So, if you see Quadro growth faster than top line, if you see Tesla growth faster in top line, if you see GRID growth faster in top line, then I would expect our gross margins to increase.

因此，如果您看到 Quadro 的增長快於收入，如果您看到特斯拉的收入增長更快，如果您看到 GRID 的收入增長更快，那麼我預計我們的毛利率會增加。

If you see Tegra growth faster than top line, then you would see our gross margins come under some pressure.

如果您看到 Tegra 的增長速度快於頂線，那麼您會看到我們的毛利率面臨一些壓力。

And if they both grow at similar rates, then our gross margins would stay flat.

如果它們都以相似的速度增長，那麼我們的毛利率將保持不變。

Okay, thanks.

好的謝謝。

And I know I said that was my last question, but I do have one more.

我知道我說過這是我的最後一個問題，但我還有一個問題。

And that's, I know you don't give forward guidance, just the quarter, but as we look at the January quarter, what's typical seasonality in the January quarter?

那就是，我知道你不提供前瞻性指導，只是季度，但是當我們看一月季度時，一月季度的典型季節性是什麼？

I know things have changed a lot in the dynamics of the PC market.

我知道 PC 市場的動態發生了很大變化。

But how do you think we should be looking at seasonality for the January quarter?

但是您認為我們應該如何看待一月份季度的季節性？

I think there are seasonality factors, but I think there are product cycle factors that are greater than the seasonality factor.

我認為有季節性因素，但我認為有產品週期因素大於季節性因素。

Don't take this as a guidance for the January quarter, but we are just in the process of ramping Tegra 4 into all the devices that have been announced, and devices that have not yet been announced.

不要將此作為 1 月季度的指導，但我們正在將 Tegra 4 推廣到所有已發布的設備和尚未發布的設備中。

We are ramping SHIELD.

我們正在升級 SHIELD。

And the holiday season, of course, is a factor there.

當然，假期是其中的一個因素。

And SHIELD is a brand-new product for us.

SHIELD 對我們來說是一個全新的產品。

And we are ramping Logan.

我們正在加速洛根。

And so we were late to market with Tegra 4, and it was a bit of a scramble.

所以我們遲到了 Tegra 4 的上市時間，這有點混亂。

But I think that decisions were really good.

但我認為這些決定非常好。

We wanted to bring forward our modem technology so that we can start to engage the market, and start the long process of certification.

我們想提出我們的調製解調器技術，以便我們可以開始進入市場，並開始漫長的認證過程。

We also wanted to pull forward, very importantly, our mobile Kepler GPU.

我們還想推動我們的移動 Kepler GPU 向前發展，這一點非常重要。

It was a three-year endeavor to take the world's most advanced GPU and mobilizing it.

採用世界上最先進的 GPU 並將其調動起來，這是一項為期三年的努力。

The results are just really quite spectacular.

結果真的非常壯觀。

It is amazing to see the graphics that you see in a high-end PC, or even a super computer, for that matter, running in a little mobile processor.

看到您在高端 PC 甚至超級計算機上看到的圖形，在小型移動處理器中運行，真是令人驚嘆。

And the architecture and the efficiency is so exquisite that the energy efficiency is really a big discontinuity.

而且架構和效率如此精緻，以至於能源效率確實是一個很大的不連續性。

We've already demonstrated some 3 times better energy efficiency.

我們已經展示了大約 3 倍的能源效率。

And, as you know, energy efficiency in a constrained energy environment, like a mobile device, the most energy efficient processor is also the most high performance processor.

而且，如您所知，在受限能源環境中的能源效率，如移動設備，最節能的處理器也是最高性能的處理器。

So, I'm super excited about Logan.

所以，我對洛根感到非常興奮。

And now we can get into the marketplace well ahead of the competition.

現在我們可以在競爭之前進入市場。

Those factors, along with the work we are doing in GPUs, are likely to play a role.

這些因素，以及我們在 GPU 中所做的工作，很可能會發揮作用。

And so we will see how it turns out.

因此，我們將看到結果如何。

Thanks, Jen-Hsun.

謝謝，仁勳。

I really appreciate it.

對此，我真的非常感激。

Thank you.

謝謝你。

James Schneider with Goldman Sachs.

詹姆斯施耐德與高盛。

Good afternoon, thanks for taking my question.

下午好，感謝您提出我的問題。

I wanted to ask about the qualification at the carriers for the LTE modem.

我想詢問運營商對 LTE 調製解調器的資格。

You're still on track for AT&T qualification by the end of this year.

到今年年底，您仍有望獲得 AT&T 資格。

I was wondering if you could maybe give us some help to understand whether you might expect that the Tegra 4i product, or the LTE modem, might ship on other carriers before AT&T?

我想知道您是否可以幫助我們了解您是否期望 Tegra 4i 產品或 LTE 調製解調器可能會在 AT&T 之前在其他運營商上發貨？

First of all, our modem qualification comes in two different parts.

首先，我們的調製解調器資格來自兩個不同的部分。

And they are related but not the same.

它們是相關的，但並不相同。

First is the data service, which is important for all of our tablet products.

首先是數據服務，這對我們所有的平板產品都很重要。

Data modem cert is well ahead of the voice, and we are in the process of doing that, as we speak.

數據調製解調器證書遠遠領先於聲音，正如我們所說，我們正在這樣做。

And then there's the voice that goes with Tegra 4i.

然後是 Tegra 4i 的聲音。

That happens, the certification completes near the end of the year.

發生這種情況時，認證將在年底完成。

We are not expecting -- the reason why we do AT&T is because it is the most rigorous.

我們沒有期待——我們做AT&T的原因是因為它是最嚴格的。

And if we get through AT&T, you're pretty much set on just about vastly the Western world's open markets.

如果我們通過了 AT&T，那麼你就幾乎可以在西方世界的開放市場上大放異彩了。

That's the reason why we focus on AT&T first.

這就是我們首先關注 AT&T 的原因。

Thanks, that's helpful.

謝謝，這很有幫助。

And then just as a quick follow-up, on the gross margins you saw in Q2, was more of the improvement due to the mix up of the Quadro and Tesla businesses?

然後作為快速跟進，關於你在第二季度看到的毛利率，更多的改善是由於 Quadro 和特斯拉業務的混合嗎？

Or was more of that due to the increase in mix from the desktop GPU business?

或者更多是由於桌面 GPU 業務的混合增加？

All three.

三個都。

Chris mentioned that Tesla had an almost record quarter.

克里斯提到特斯拉有一個幾乎創紀錄的季度。

Most of that was from not one singular super computing center installation.

其中大部分來自不是一個單一的超級計算中心安裝。

It was all from open markets and smaller installations, and clusters being purchased to run off-the-shelf applications.

這一切都來自開放市場和較小的安裝，以及購買的集群以運行現成的應用程序。

So there's now just a current of business that appears to have developed around the world.

因此，現在似乎在全球範圍內發展了一種商業潮流。

That's really healthy for gross margins.

這對毛利率來說真的很健康。

Whenever we do well in high-end gaming, or in gaming, it helps our gross margins.

每當我們在高端遊戲或遊戲中表現出色時，它都會幫助我們提高毛利率。

You know that GeForce has two parts.

您知道 GeForce 有兩個部分。

There's the GeForce for OEMs and there's GeForce GTX for gaming.

有面向 OEM 的 GeForce，有面向遊戲的 GeForce GTX。

Usually when I say gaming, I just mean GeForce GTX, which happens to be most of the upper half of our GPU business, the GeForce business.

通常當我說遊戲時，我只是指 GeForce GTX，它恰好是我們 GPU 業務的上半部分，即 GeForce 業務。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

Craig Ellis with B. Riley.

克雷格·埃利斯和 B.萊利。

Thank you for taking the question.

感謝您提出問題。

Jen-Hsun, just to clarify the question that Chris had asked.

Jen-Hsun，只是為了澄清 Chris 提出的問題。

You had mentioned that you expect operating expense to stay at current levels.

您曾提到您預計運營費用將保持在當前水平。

When you refer to current levels, were you referring to the levels that you will be at with fiscal third-quarter guidance?

當您提到當前水平時，您指的是您將在第三財季指導下達到的水平嗎？

Or levels that you are at with the result that you had in fiscal 2Q?

或者您在第二財季的結果中所處的水平？

This coming quarter, plus or minus.

即將到來的這個季度，正負。

Okay, so annualized.

好吧，就這麼年化了。

If that's where OpEx is, then you'd be on something closer to a $1.84 billion annual OpEx run rate, correct?

如果這就是 OpEx 所在的位置，那麼您的年 OpEx 運行率將接近 18.4 億美元，對嗎？

No, that's not correct.

不，這是不正確的。

Go ahead, Karen.

來吧，凱倫。

I mentioned we are at just under $800 million for the first half.

我提到我們上半年的收入略低於 8 億美元。

And then if you add the $418 million guidance, and then on a path for Q4, if you do some trajectory, small, we are just above $1.6 billion.

然後，如果你加上 4.18 億美元的指導，然後在第四季度的道路上，如果你做一些小軌跡，我們的收入剛剛超過 16 億美元。

And in the classic range of plus or minus 2%.

並且在正負 2% 的經典範圍內。

Okay.

好的。

Got it.

知道了。

And then switching gears to the product n, a lot of discussion on GRID and SHIELD as they get started to ramp for revenues.

然後切換到產品 n，在 GRID 和 SHIELD 開始增加收入時進行了大量討論。

When you look out at the ramps that you have planned for those separate products, when do they start becoming material relative to total Company revenues?

當您查看您為這些單獨產品計劃的坡道時，它們何時開始相對於公司總收入變得重要？

For example, when would either of them start to move into that 3% to 5% of Company sales range?

例如，他們中的任何一個何時開始進入公司銷售額的 3% 到 5% 範圍？

I would really love to see GRID be able to contribute at a level like Tesla next year.

我真的很想看到 GRID 能夠在明年像特斯拉一樣做出貢獻。

Tesla contributes materially.

特斯拉做出了重大貢獻。

I think that SHIELD is just hard to say.

我認為神盾局很難說。

We have high expectations from a personal level, but we didn't set high expectations from a financial level.

我們從個人層面有很高的期望，但我們沒有從財務層面設定很高的期望。

We think it is just a really special and quite a distinguished product.

我們認為它只是一個非常特別且非常傑出的產品。

The more people that are playing with it and touching it and holding it and enjoying it, the more they become really passionate around it.

玩它、觸摸它、拿著它、享受它的人越多，他們就越對它充滿熱情。

It is a little bit like a gaming PC is to a PC.

這有點像遊戲 PC 之於 PC。

This is a gaming Android device to an Android device.

這是 Android 設備的遊戲 Android 設備。

It's a specialized Android device, just as our GeForce PCs are really a specialized PC for gaming.

它是一款專用的 Android 設備，正如我們的 GeForce PC 是一款真正的遊戲專用 PC。

And so I think the logic is relatively similar.

所以我認為邏輯是比較相似的。

We can deploy the Company's DNA expertise and graphics in gaming into SHIELD.

我們可以將公司在遊戲中的 DNA 專業知識和圖形部署到 SHIELD 中。

And so people understand it when NVIDIA brings a gaming product to market.

因此，當 NVIDIA 將游戲產品推向市場時，人們就會明白這一點。

They've known and grown up with GeForce for many of our -- I even meet many engineers at NVIDIA who grew up on NVIDIA's GPUs.

對於我們的許多人來說，他們已經認識並與 GeForce 一起長大——我什至在 NVIDIA 遇到了許多在 NVIDIA 的 GPU 上長大的工程師。

They know our gaming brands very well.

他們非常了解我們的遊戲品牌。

And they know what we can do in this field.

他們知道我們可以在這個領域做什麼。

So, I think it could be a really interesting outcome.

所以，我認為這可能是一個非常有趣的結果。

But we are modest with it right now, and we're just really grateful that everybody loves it so much.

但我們現在對它很謙虛，我們真的很感激每個人都這麼喜歡它。

So with the growth that you are seeing in the GRID initially --.

因此，隨著您最初在 GRID 中看到的增長——。

Craig, could we follow up with you afterwards?

克雷格，之後我們可以跟進你嗎？

We've only got a couple minutes left.

我們只剩下幾分鐘了。

And let's get one more question in, if possible.

如果可能的話，讓我們再提出一個問題。

Sure, Chris, thanks.

當然，克里斯，謝謝。

David Wong with Wells Fargo.

富國銀行的大衛王。

Thanks very much.

非常感謝。

Your notebook GPU sequential trend for July and October, is this purely a reflection of the overall notebook market?

你的筆記本GPU 7、10月的連續趨勢，這純粹是整體筆記本市場的反映嗎？

Or have you had any significant socket losses that would result in the market numbers showing a falling notebook GPU share for NVIDIA?

或者您是否有任何重大的插槽損失會導致市場數字顯示 NVIDIA 的筆記本 GPU 份額下降？

Our sequential and annual notebook decline is slower, dramatically slower, than the overall notebook decline.

我們連續和年度筆記本電腦的下降速度比筆記本電腦的整體下降速度要慢得多，速度要慢得多。

Okay, great.

好，太棒了。

And do you expect Tegra 4 sales might ramp to a peak equal or greater than Tegra 3?

您是否預計 Tegra 4 的銷量可能會達到等於或大於 Tegra 3 的峰值？

Or should we expect to lower crest for Tegra 4?

還是我們應該期望降低 Tegra 4 的峰值？

That's a tough question because -- two factors.

這是一個棘手的問題，因為 - 兩個因素。

One factor is it is hard to say exactly where SHIELD is going to be.

一個因素是很難確切地說 SHIELD 將在哪裡。

And we are just expecting it -- we're just trying to be modest at the moment.

我們只是在期待它——我們現在只是想保持謙虛。

Two, the separation between Tegra 4 and Tegra 3 -- or Tegra 3 and Tegra 4 -- is well over a year.

第二，Tegra 4 和 Tegra 3（或 Tegra 3 和 Tegra 4）之間的分離已經超過一年。

The separation between Tegra 4 and Tegra next is, as you know, relatively short because Logan is already sampling.

如您所知，Tegra 4 和 Tegra next 之間的間隔相對較短，因為 Logan 已經在採樣。

The sacrifice that we made on Tegra 4 to bring in Logan was really a good decision.

我們在 Tegra 4 上做出犧牲以引入 Logan 確實是一個不錯的決定。

Because we wanted to introduce the mobile world to the most advanced GPU in the world and what NVIDIA's core DNA is all about.

因為我們想向移動世界介紹世界上最先進的 GPU，以及 NVIDIA 的核心 DNA 是什麼。

And it is at a time when the market is really craving a great GPU.

正是在市場真正渴望出色 GPU 的時候。

The next generation Tegra or Logan has a lot more than a great GPU in it.

下一代 Tegra 或 Logan 不僅擁有出色的 GPU。

And there are many other surprises that we have in store, that I'm just super excited about.

我們還準備了許多其他驚喜，我對此感到非常興奮。

But at the very minimum it contains the most advanced GPU in the world -- binary compatible, architecturally compatible, but at a power envelope that's 100 times lower.

但至少它包含世界上最先進的 GPU——二進制兼容、架構兼容，但功耗低 100 倍。

It's the most efficient GPU that's ever been built for mobile.

它是有史以來為移動設備打造的最高效的 GPU。

Any energy or performance comparison against anything that's available or around the horizon is just off the charts.

任何與任何可用或即將到來的東西的能量或性能比較都在圖表之外。

And so we are going to take Logan to market as fast as we can.

因此，我們將盡快將 Logan 推向市場。

So those two factors, SHIELD and Logan, makes your question a little hard to answer.

所以這兩個因素，神盾局和洛根，讓你的問題有點難以回答。

I'd say the net of it is good business.

我會說它的網絡是一件好事。

Great.

偉大的。

Thanks very much.

非常感謝。

Thanks, everyone.

感謝大家。

We look forward to talking to you next time on our Q3 earnings call.

我們期待下次在第三季度財報電話會議上與您交談。

Anyone we haven't caught up with now, we'll catch up with you immediately after the call.

我們現在還沒有趕上的任何人，我們會在通話後立即與您聯繫。

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。