輝達 (NVDA) 2014 Q3 法說會逐字稿

Good afternoon my name is Paul and I will be our conference operator today.

下午好，我叫 Paul，今天我將擔任我們的會議主持人。

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

在這個時候，我想歡迎大家參加 NVIDIA 財務業績電話會議。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Mr. Rob Csongor, Vice President of Investor Relations.

我現在將把電話轉給投資者關係副總裁 Rob Csongor 先生。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you.

謝謝你。

Good afternoon everyone and welcome to NVIDIA's conference call on third quarter of fiscal 2014 results.

大家下午好，歡迎參加 NVIDIA 關於 2014 財年第三季度業績的電話會議。

With me on the call today from NVIDIA are Jen-Hsun Huang.

今天與我通話的來自 NVIDIA 的是 Jen-Hsun Huang。

President and Chief Executive Officer, and Colette Kress, Chief Financial Officer.

總裁兼首席執行官，以及首席財務官 Colette Kress。

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

在我們準備好發言後，我們將開啟問答環節。

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

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

A replay of the conference call will be available via telephone until November 14, 2013.

電話會議的重播將通過電話提供，直到 2013 年 11 月 14 日。

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

在我們召開電話會議討論我們 2014 財年第四季度的財務業績之前，該網絡廣播將可供重播。

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-Q for the fiscal period ended July 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 7 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。

All our statements are made as of today, November 7, 2013 based on information available to us as of today.

我們所有的聲明都是根據今天（2013 年 11 月 7 日）我們今天可獲得的信息作出的。

And 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 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報告中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬。

With that, let's begin.

有了這個，讓我們開始吧。

NVIDIA's focus on advancing the GPU and targeting specialty segments of the PC and mobile markets where visual computing matters resulted in revenue growth in line with our outlook and near record gross margins.

NVIDIA 專注於推進 GPU 並瞄準個人電腦和移動市場的專業細分市場，在這些市場中視覺計算很重要，導致收入增長符合我們的預期，毛利率接近創紀錄水平。

A strong PC gaming market, together with record Quadro and Tesla results and renewed Tegra revenues from Tegra 4 in new Android devices offset declines in mainstream PC units.

強勁的 PC 遊戲市場，加上創紀錄的 Quadro 和 Tesla 業績，以及 Tegra 4 在新的 Android 設備中的新收入，抵消了主流 PC 設備的下滑。

While the PC market overall declined 9% year-on-year according to Gartner, NVIDIA's year-to-date overall GPU business is up 4% versus the same time period.

根據 Gartner 的數據，雖然 PC 市場整體同比下降 9%，但 NVIDIA 年初至今的整體 GPU 業務同比增長 4%。

PC gaming continues to grow.

PC 遊戲繼續增長。

Led by PC MMO growth at 14% according to market research firm Nuzu, PC gaming represents almost 40% of the worldwide gaming market.

根據市場研究公司 Nuzu 的數據，在 PC MMO 增長 14% 的帶動下，PC 遊戲佔全球遊戲市場的近 40%。

Larger than console, phone, tablet, or any other gaming markets.

比遊戲機、手機、平板電腦或任何其他遊戲市場都要大。

PC gaming is also becoming a huge spectator sport.

PC 遊戲也正在成為一項巨大的觀眾運動。

As more than 8.3 million people watched last years League of Legends championship final online.

去年有超過 830 萬人在線觀看了英雄聯盟總決賽。

More than the number of people who watched the 2013 Stanley Cup hockey final.

超過了觀看 2013 年斯坦利杯曲棍球決賽的人數。

This quarter we launched exciting new products to feed the demand of PC gamers and spectators alike.

本季度我們推出了令人興奮的新產品，以滿足 PC 遊戲玩家和觀眾的需求。

We recently unveiled our fastest gaming GPU ever, the GeForce GTX 780 Ti, which this morning, received the following assessment from Maximum PC and I quote, The GTX 780 Ti is just in a league all by itself, end quote.

我們最近推出了我們有史以來最快的遊戲 GPU，GeForce GTX 780 Ti，今天早上，它收到了來自 Maximum PC 的以下評估，我引用，GTX 780 Ti 只是在一個聯盟中，結束引用。

We launched NVIDIA G-SYNC technology, which for the first time, enables near perfect synchronization between the GPU and the display, solving the decades old problem of on-screen tearing, stuttering and lag.

我們推出了 NVIDIA G-SYNC 技術，該技術首次實現了 GPU 和顯示器之間近乎完美的同步，解決了數十年的屏幕撕裂、卡頓和滯後問題。

And we introduced GeForce Shadow Play, a software platform that lets gamers record, stream and share their best gaming moments.

我們還推出了 GeForce Shadow Play，這是一個軟件平台，可讓遊戲玩家記錄、流式傳輸和分享他們最好的遊戲時刻。

Think of it as a DVR and video chat for gaming highlights built-in to your GeForce GPU.

將其視為 GeForce GPU 內置的遊戲亮點的 DVR 和視頻聊天。

The growth of PC gaming has bolstered our GPU gaming revenues despite changes in the PC market.

儘管 PC 市場發生了變化，但 PC 遊戲的增長提高了我們的 GPU 遊戲收入。

NVIDIA's GPU gaming revenues are up 6% year-to-date compared to the same period last year.

與去年同期相比，NVIDIA 的 GPU 遊戲收入今年迄今增長了 6%。

While notebook GPU gaming revenues have doubled the last two years.

而筆記本 GPU 遊戲收入在過去兩年翻了一番。

While we saw declines in our mainstream PC OEM business consistent with the overall market, the decline in mainstream units came out of our lowest gross margin products, while the stronger gross margin notebook GTX lines grew.

雖然我們看到主流 PC OEM 業務的下滑與整體市場一致，但主流單位的下滑來自我們最低毛利率的產品，而毛利率較高的筆記本 GTX 產品線則有所增長。

The result was favorable revenue and gross margin mix with financial performance better than the overall PC market.

結果是有利的收入和毛利率組合，財務表現優於整體 PC 市場。

Quadro posted record revenues and record gross margins.

Quadro 公佈了創紀錄的收入和毛利率。

Driven by strong sales of our new K6000 product.

受我們新 K6000 產品強勁銷售的推動。

Tesla revenue also hit a new high driven by steadily ramping demand for Tesla product in high performance compute applications particularly for big data analysis.

特斯拉的收入也創下新高，這得益於高性能計算應用中對特斯拉產品的需求穩步增長，尤其是大數據分析。

Evidence of increasing industry compute momentum this quarter included an announcement by IBM that they are working on accelerating Java with CUDA.

本季度行業計算勢頭增加的證據包括 IBM 宣布他們正在努力使用 CUDA 加速 Java。

Our recent HPC site survey from the Intersect 360 Research Group showed that accelerators are now at 44% of high performance computing sites, up from 24% two years ago.

我們最近來自 Intersect 360 Research Group 的 HPC 站點調查顯示，加速器現在佔高性能計算站點的 44%，高於兩年前的 24%。

85% of the HPC sites using accelerators are using NVIDIA Tesla GPUs.

使用加速器的 HPC 站點中有 85% 使用的是 NVIDIA Tesla GPU。

Our GRID platform, which virtualizes graphics by deploying GPUs in the data center to accelerate enterprise power applications continues to gain momentum.

我們的 GRID 平台通過在數據中心部署 GPU 來虛擬化圖形以加速企業電源應用程序繼續獲得動力。

With 212 GRID customer trials now in progress, up from 150 last quarter.

目前正在進行 212 次 GRID 客戶試驗，高於上一季度的 150 次。

All major server OEMs, including Cisco, Dell, Fujitsu, Hitachi, HP, IBM, and Lenovo are now promoting GRID for enterprise PC virtualization.

包括 Cisco、Dell、Fujitsu、Hitachi、HP、IBM 和 Lenovo 在內的所有主要服務器 OEM 現在都在為企業 PC 虛擬化推廣 GRID。

This quarter VMware announced that VMware Horizon View now supports GRID, enabling graphics acceleration for users of their virtual desktop environment.

本季度，VMware 宣布 VMware Horizon View 現在支持 GRID，從而為其虛擬桌面環境的用戶實現圖形加速。

GRID this quarter won the Best of Show Judges Choice Award at VMware's VM World Conference.

GRID 本季度在 VMware 的 VM 世界大會上獲得了最佳表演評委選擇獎。

And this week Amazon Web Services announced that they are deploying GRID servers delivering GPU acceleration to users running graphics intensive applications and games in the cloud.

本週，亞馬遜網絡服務宣布他們正在部署 GRID 服務器，為在雲中運行圖形密集型應用程序和遊戲的用戶提供 GPU 加速。

Tegra revenue more than doubled this quarter.

Tegra 本季度的收入增長了一倍多。

Tegra 4 shipped in over 15 different mobile devices, including XiaoMi, HP, Microsoft, Asus, Toshiba, Acer and others.

Tegra 4 在超過 15 種不同的移動設備中發貨，包括小米、惠普、微軟、華碩、東芝、宏碁等。

Android devices with Tegra this quarter included Asus's new 2,500 by 1,600 transformer convertible tablet, three new HP tablets, a new Acer all-in-one PC, ViewSonic's new Android intelligent display and a number of Android micro game consoles.

本季度搭載 Tegra 的 Android 設備包括華碩新的 2,500 x 1,600 變壓器可轉換平板電腦、三款新的惠普平板電腦、新的 Acer 一體機 PC、ViewSonic 的新 Android 智能顯示器和一些 Android 微型遊戲機。

Tegra in automotive continues to ramp delivering another record revenue quarter.

汽車領域的 Tegra 繼續增長，創造了另一個創紀錄的收入季度。

SHIELD is the ultimate portable game console and continues to garner critical acclaim and reviews.

SHIELD 是終極便攜式遊戲機，並繼續獲得好評和評論。

Last week we launched Game Stream technology which allows streaming of GeForce PC games to SHIELD and Game Pad Mapper which allows hundreds of Android games to take advantage of the SHIELD's physical controller.

上週我們推出了允許將 GeForce PC 遊戲流式傳輸到 SHIELD 的 Game Stream 技術和允許數百款 Android 遊戲利用 SHIELD 的物理控制器的 Game Pad Mapper。

More than ten worldwide partners have announced Tegra note products to ship this year.

十多個全球合作夥伴已宣布今年將推出 Tegra note 產品。

And finally XiaoMi, the hot smartphone maker from China which recently surpassed Apple's share in that region launched what the Chinese press has referred to as the fastest super phone in the world.

最後，來自中國的熱門智能手機製造商小米最近在該地區的份額超過了蘋果，推出了中國媒體所說的世界上最快的超級手機。

The MI3 super phone powered by Tegra 4. The first 100,000 units sold out in 86 seconds.

由 Tegra 4 驅動的 MI3 超級手機。前 100,000 部在 86 秒內售罄。

Subsequent production builds of 200,000 also sold out within minutes.

隨後生產的 200,000 台也在幾分鐘內售罄。

In summary, visual computing, in gaming, professional graphics, compute, and the data center drove solid financial results this quarter despite a changing PC market, while positioning us to capitalize on growth opportunities in the coming year.

總而言之，儘管 PC 市場發生了變化，但遊戲、專業圖形、計算和數據中心的視覺計算在本季度推動了穩健的財務業績，同時使我們能夠利用來年的增長機會。

With that, I would like to hand the call over to Jen-Hsun.

有了這個，我想把電話交給仁勳。

Thanks Rob.

謝謝羅布。

Hello, everyone.

大家好。

I am very pleased to introduce Colette Kress, who took over the role of NVIDIA's CFO in September.

我很高興向大家介紹 Colette Kress，她於 9 月接任 NVIDIA 首席財務官一職。

Colette has nearly 25 years of finance experience at major technology companies.

Colette 在大型科技公司擁有近 25 年的財務經驗。

She previously served for three years as Senior Vice President and CFO at Cisco's business technology and operations finance organization.

此前，她曾在思科的業務技術和運營財務部門擔任了三年的高級副總裁兼首席財務官。

Where she was responsible for financial strategy, planning, reporting, and business development for all business segments, engineering and operations.

她負責所有業務部門、工程和運營的財務戰略、規劃、報告和業務發展。

Prior to that, Colette spent 13 years at Microsoft including four years as CFO of the server and tools division and held senior roles in corporate planning and finance.

在此之前，Colette 在微軟工作了 13 年，其中四年擔任服務器和工具部門的首席財務官，並在企業規劃和財務部門擔任高級職務。

She has also earlier served at Texas Instruments in a variety of finance positions.

她還曾在德州儀器 (TI) 擔任過各種財務職位。

She is already making a big impact and we're thrilled to have her at NVIDIA.

她已經產生了巨大的影響，我們很高興她能加入 NVIDIA。

I want to take this opportunity to thank Karen Burns for her tremendous contributions to NVIDIA while acting as our interim CFO during our search.

我想藉此機會感謝 Karen Burns 在我們搜索期間擔任我們的臨時 CFO 期間對 NVIDIA 做出的巨大貢獻。

During her tenure as interim CFO, NVIDIA's financial performance grew and prospered, highlighted by consistent gross margin growth and the initiation of our capital return program to shareholders.

在她擔任臨時首席財務官期間，英偉達的財務業績不斷增長和繁榮，其中毛利率的持續增長和我們向股東啟動的資本回報計劃突顯了這一點。

With a solid foundation provided by Karen and her team we had the ability to search for the right candidate for this critical position.

憑藉凱倫和她的團隊提供的堅實基礎，我們有能力為這個關鍵職位尋找合適的候選人。

Karen will continue in her role as Vice President of Finance, reporting to Colette.

Karen 將繼續擔任財務副總裁，向 Colette 匯報工作。

With that let me turn the call over to NVIDIA's new Chief Financial Officer, Colette Kress.

有了這個，讓我把電話轉給 NVIDIA 的新任首席財務官 Colette Kress。

Thank you very much Jen-Hsun.

非常感謝仁勳。

It's a pleasure to be here.

很高興來到這裡。

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

大家好，在我們開始問答之前，我想強調一些關鍵點。

Overall results for the third quarter were in line with our overall expectations for the quarter as continued demand for high-end desktop GPUs, Tegra, Quadro and Tesla platforms drove our results.

第三季度的總體業績符合我們對該季度的總體預期，因為對高端桌面 GPU、Tegra、Quadro 和 Tesla 平台的持續需求推動了我們的業績。

Revenue for the quarter was $1.054 billion, slightly below -- slightly above our outlook and up 8% sequentially.

本季度收入為 10.54 億美元，略低於 - 略高於我們的預期，環比增長 8%。

We delivered EPS of $0.20 on a GAAP basis, and $0.26 on a non-GAAP basis.

我們在 GAAP 基礎上交付了 0.20 美元的每股收益，在非 GAAP 基礎上交付了 0.26 美元。

These results compare to Street consensus estimates of $0.19 for GAAP and $0.26 for non-GAAP.

這些結果與 GAAP 0.19 美元和非 GAAP 0.26 美元的街道共識估計值相比。

Revenue for the quarter reflected solid results in our GPU business.

本季度的收入反映了我們 GPU 業務的穩健業績。

The GPU business grew $18 million or 2% quarter-over-quarter and was down 2% year-over-year.

GPU 業務環比增長 1800 萬美元或 2%，同比下降 2%。

Desktop GeForce GPU revenue grew slightly compared to last quarter due to a stronger mix of the mainstream segment in addition to price repositioning of our high-end GeForce products.

桌面 GeForce GPU 收入與上一季度相比略有增長，原因是主流細分市場的組合更加強勁，此外我們對高端 GeForce 產品進行了價格重新定位。

The year ago quarter for desktop GPU revenue was particularly strong as the increased available supply of Kepler high-end GPUs drove results.

由於 Kepler 高端 GPU 的可用供應增加推動了業績的增長，桌面 GPU 收入的上一季度尤為強勁。

Our notebook GPU revenue declined as volumes in our low end notebooks decreased.

我們的筆記本 GPU 收入隨著我們低端筆記本的銷量下降而下降。

However, high-end gaming notebooks had strong growth as mentioned earlier.

然而，如前所述，高端遊戲筆記本增長強勁。

In our gaming segment, inclusive of our GeForce gaming GPUs and high-end notebook GPUs, our revenue has grown 6% year-to-date driven by healthy gaming mark-up.

在我們的遊戲領域，包括我們的 GeForce 遊戲 GPU 和高端筆記本 GPU，我們的收入今年迄今增長了 6%，這得益於健康的遊戲加價。

Quadro enterprise revenue increased 5% quarter-over-quarter and 24% year-over-year setting another record quarter fueled by a strong demand for Kepler-based Quadro products.

由於對基於 Kepler 的 Quadro 產品的強勁需求，Quadro 企業收入環比增長 5%，同比增長 24%，創造了另一個創紀錄的季度。

Our Tesla revenue increased 6% quarter-over-quarter and 43% year-to-date.

我們的特斯拉收入環比增長 6%，年初至今增長 43%。

Also setting another record quarter as accelerated computing gains momentum.

隨著加速計算的發展勢頭強勁，這也創造了另一個創紀錄的季度。

Revenue for the Tegra business more than doubled sequentially as our Tegra 4 shipments in mobile surged.

隨著我們在移動領域的 Tegra 4 出貨量激增，Tegra 業務的收入環比增長了一倍以上。

Our growth in Tegra, including strong revenue from new smartphone releases by XiaoMi and growth in our tablet products across several platforms.

我們在 Tegra 的增長，包括來自小米新智能手機發布的強勁收入以及我們在多個平台上的平板電腦產品的增長。

Additionally, our Tegra sales benefited from Microsoft Surface 2 shipments and our new NVIDIA branded SHIELD gaming and entertainment portables.

此外，我們的 Tegra 銷售受益於 Microsoft Surface 2 的出貨量和我們新的 NVIDIA 品牌 SHIELD 遊戲和娛樂便攜式設備。

As we move to Q4 we expect our Tegra revenue will further grow compared to Q3 and we continue to ramp these devices into market and our customers introduce new designs.

隨著我們進入第四季度，我們預計我們的 Tegra 收入將與第三季度相比進一步增長，我們將繼續將這些設備推向市場，我們的客戶將推出新設計。

GAAP gross margins in Q3 were 55.4% and our non-GAAP gross margins were 55.7%.

第三季度 GAAP 毛利率為 55.4%，我們的非 GAAP 毛利率為 55.7%。

Influenced by our success in our Tegra processor business revenue for the quarter and by the most recent price changes in our high-end GeForce desktop products.

受我們本季度 Tegra 處理器業務收入的成功以及我們高端 GeForce 台式機產品的最新價格變化的影響。

GAAP operating expenses this quarter were $443 million which was $17 million below our outlook as we worked on optimizing our resources and spending.

本季度 GAAP 運營費用為 4.43 億美元，比我們的預期低 1700 萬美元，因為我們致力於優化資源和支出。

On a non-GAAP basis operating expenses were $405 million.

按非公認會計原則計算，運營費用為 4.05 億美元。

Moving to Q4 outlook.

轉向第四季度展望。

We expect total revenue to be approximately $1.050 billion, about flat with Q3.

我們預計總收入約為 10.5 億美元，與第三季度持平。

With continued success in our GPU business, offset by decline in mainstream GPUs.

隨著我們 GPU 業務的持續成功，被主流 GPU 的下降所抵消。

We expect strong sequential growth in Tegra.

我們預計 Tegra 將出現強勁的連續增長。

We anticipate GPU business gross margins to remain stable and to experience continued strong growth in Tegra sales.

我們預計 GPU 業務毛利率將保持穩定，Tegra 銷售將持續強勁增長。

We expect our GAAP gross margins to be approximately 54.2% and non-GAAP gross margins to be approximately 54.5% in the fourth quarter.

我們預計第四季度我們的 GAAP 毛利率約為 54.2%，非 GAAP 毛利率約為 54.5%。

On a GAAP basis operating expenses should be about $450 million in the fourth quarter.

根據公認會計原則，第四季度的運營費用應約為 4.5 億美元。

Our non-GAAP operating expenses in Q4 should be about $410 million.

我們在第四季度的非公認會計原則運營費用應約為 4.1 億美元。

The slight increase from Q3 reflecting growth in headcount related expenses.

與第三季度相比略有增加，反映了員工相關費用的增長。

The full-year should come in slightly over $1.6 billion non-GAAP.

全年按非公認會計原則計算應略高於 16 億美元。

Moving to our capital return strategies, our $750 million accelerated stock repurchase was complete on October 22 with the return of an additional 14.6 million shares.

轉向我們的資本回報策略，我們 7.5 億美元的加速股票回購於 10 月 22 日完成，額外返還了 1460 萬股股票。

In total we have repurchased 59.5 million shares year-to-date.

迄今為止，我們總共回購了 5950 萬股股票。

For the quarter our dividend was $43 million.

本季度，我們的股息為 4300 萬美元。

Year-to-date, we have returned a total of $983 million through capital return allocation to shareholders.

年初至今，我們通過向股東分配資本回報共返還了 9.83 億美元。

Consisting of $133 million in quarterly dividend payments and $850 million through share repurchases.

包括 1.33 億美元的季度股息支付和 8.5 億美元的股票回購。

Reflecting continued confidence in the company's outlook and the focus on providing a strong consistent return to shareholders, we are pleased to announce a 13% increase in our quarterly dividend from $0.075 per share to $0.085 per share.

反映對公司前景的持續信心以及對為股東提供強勁持續回報的關注，我們很高興地宣布我們的季度股息從每股 0.075 美元增加 13% 至每股 0.085 美元。

This dividend increase will be effective in the current Q4 of fiscal year 2014.

此次股息增加將在 2014 財年第四季度生效。

Our Board has also authorized an additional $1 billion of common stock repurchases for a total authorization of $1.286 billion available through the end of fiscal year 2016.

我們的董事會還授權額外 10 億美元的普通股回購，到 2016 財年末的總授權為 12.86 億美元。

We plan to continue our capital return to shareholders, and with the increase in regular dividends and stock repurchase authorizations, we are pleased to announce that we intend to return up to $1 billion of capital to shareholders within fiscal year 2015.

我們計劃繼續向股東返還資本，隨著定期股息和股票回購授權的增加，我們很高興地宣布，我們打算在 2015 財年向股東返還高達 10 億美元的資本。

Turning to other balance sheet items, our overall financial position remains very strong.

轉向其他資產負債表項目，我們的整體財務狀況仍然非常強勁。

For the quarter, we generated $162 million in cash from operations and $124 million in cash from free cash flows.

本季度，我們從運營中產生了 1.62 億美元的現金，從自由現金流中產生了 1.24 億美元的現金。

Year-to-date we have generated $434 million in cash from operations and $246 million in free cash flow.

年初至今，我們已經從運營中產生了 4.34 億美元的現金和 2.46 億美元的自由現金流。

Cash, inclusive of marketable securities, at the end of the quarter was $3 billion.

本季度末，包括有價證券在內的現金為 30 億美元。

With that, let me turn the call back over to Rob.

有了這個，讓我把電話轉回給 Rob。

Thanks Colette.

謝謝科萊特。

That concludes our prepared remarks.

我們準備好的發言到此結束。

At this time we would like to open up the call to take questions.

在這個時候，我們想打開電話回答問題。

Again, please limit yourself to one question and one follow-up so we can accommodate as many questions as possible.

同樣，請限制自己一個問題和一個後續問題，以便我們可以容納盡可能多的問題。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Romit Shah with Nomura.

Romit Shah 與野村。

Thanks and congrats on a good quarter.

感謝並祝賀一個好的季度。

Jen-Hsun, licensed revenue was $66 million in the quarter.

Jen-Hsun，本季度的許可收入為 6600 萬美元。

It is still a meaningful portion of operating profit.

它仍然是營業利潤的重要部分。

I know the agreement with Intel is set to expire in 2017 but I was wondering if that is still the right way to look at it?

我知道與英特爾的協議將於 2017 年到期，但我想知道這是否仍然是正確的看待它的方式？

Should we assume that the revenue stream goes away in 2017, or is there potential for Intel to re-up that agreement?

我們應該假設收入流在 2017 年消失，還是英特爾有可能重新達成該協議？

You know that technology licensing is an important part of our company's strategy.

您知道技術許可是我們公司戰略的重要組成部分。

We licensed our technology to Sony for the PlayStation.

我們將我們的技術授權給索尼用於 PlayStation。

We licensed our technology to Intel for their integrated graphics products.

我們將我們的技術授權給英特爾，用於他們的集成顯卡產品。

In the time that we have done these agreements, we have increased our activities around technology licensing.

在我們簽訂這些協議時，我們增加了圍繞技術許可的活動。

In July, as you probably remembered, we announced that we would license our GPU core which is at the heart of the Logan -- Project Logan which is a next-generation Tegra processor and its architecture is based on the worlds best GPU called Kepler.

您可能還記得，在 7 月，我們宣布將授權我們的 GPU 內核，它是 Logan 的核心——Project Logan，它是下一代 Tegra 處理器，其架構基於世界上最好的 GPU，稱為 Kepler。

Our intentions are to continue to invest in technology licensing, and make this an important part of our business going forward.

我們的意圖是繼續投資於技術許可，並將其作為我們未來業務的重要組成部分。

So whether it is Intel, or others, this is an opportunity that is very important to us.

所以無論是英特爾，還是其他，這對我們來說都是一個非常重要的機會。

As one of the most important innovators around the GPU, and as you know, the GPU is more important than ever.

作為 GPU 領域最重要的創新者之一，正如您所知，GPU 比以往任何時候都更加重要。

The GPU, when we started the industry, was available only on PCs and workstations and now it is available on mobile devices and tablets and cars and cloud and servers.

當我們開始這個行業時，GPU 只能在個人電腦和工作站上使用，現在它可以在移動設備、平板電腦、汽車、雲和服務器上使用。

So this is an area that we are going to continue to invest in and this is an area that we're going to try to monetize in a lot of different ways.

因此，這是我們將繼續投資的領域，也是我們將嘗試以多種不同方式獲利的領域。

Because business models change and business models are different in all these different segments.

因為商業模式在變化，商業模式在所有這些不同的領域都不同。

Sometimes it makes sense for us to sell chips, sometimes it makes sense for us to offer systems and sometimes it makes sense for us to offer systems, and sometimes it makes sense for us to license cores in our technology.

有時我們銷售芯片是有意義的，有時我們提供系統是有意義的，有時我們提供系統是有意義的，有時我們的技術中授權內核是有意義的。

And so I think that the way you should think about our technology licensing is that Intel is one of the opportunities for us, but this is a much larger opportunity for us than ever before.

所以我認為你應該考慮我們的技術許可的方式是英特爾是我們的機會之一，但這對我們來說是一個比以往任何時候都大得多的機會。

This is an area that we have a lot of activity around.

這是一個我們有很多活動的領域。

Thanks for the color on that.

謝謝你的顏色。

As a follow-up, you mentioned that automotive generated a record amount of revenue for that segment.

作為後續行動，您提到汽車為該細分市場創造了創紀錄的收入。

Could you give us a sense of how big automotive is now as a percentage of Tegra?

您能否讓我們了解一下現在汽車佔 Tegra 的比例有多大？

I would say that it's probably about 25% of Tegra and accelerating.

我會說它可能是 Tegra 的 25% 並且正在加速。

By -- the way to think about automotive is the automotive -- the modern car is a connected car.

通過 - 思考汽車的方式是汽車 - 現代汽車是聯網汽車。

And so visual computing matters more than ever.

因此，視覺計算比以往任何時候都更重要。

And instead of using traditional mechanical instrumentation, digital clusters provide them the opportunity to modernize the driving experience.

而不是使用傳統的機械儀表，數字儀表組為他們提供了現代化駕駛體驗的機會。

The GPU, because of the GP GPU, the programmable GPU inside our processors, make possible all kinds of new driver assistance capability, because of computer vision, because of driver assistance, artificial intelligence type of capabilities, we make cars safer and we make cars funner to drive.

GPU，因為 GP GPU，我們處理器內部的可編程 GPU，使各種新的駕駛員輔助能力成為可能，因為計算機視覺，因為駕駛員輔助，人工智能類型的能力，我們讓汽車更安全，我們製造汽車開車更有趣。

From digital clusters to infotainment systems, to in the future, driver assistance, the car is going to be an opportunity for more than just one GPU.

從數字集群到信息娛樂系統，再到未來的駕駛輔助，汽車將不僅僅是一個 GPU 的機會。

And as we see the success of the Tesla electric car, I think you are going to see more and more car companies follow suit and be much more aggressive in adding mobile computing into the car.

隨著我們看到特斯拉電動汽車的成功，我想你會看到越來越多的汽車公司效仿，並且更加積極地將移動計算添加到汽車中。

This is an area that we have invested quite a lot of effort over the years, and our expectation is to see continued success here.

多年來，我們在這個領域投入了大量精力，我們期望在這裡看到持續的成功。

Design wins --

設計勝出——

Thank you.

謝謝你。

Hans Mosesmann with Raymond James.

漢斯·摩西曼與雷蒙德·詹姆斯。

Thanks and congrats on a good quarter.

感謝並祝賀一個好的季度。

My first question, Jen-Hsun can you give us an update on the Tegra 4i and that road map as it relates to certification and what you may see in terms of sales in the next several quarters?

我的第一個問題，Jen-Hsun，您能否向我們介紹一下 Tegra 4i 的最新情況以及與認證相關的路線圖，以及您在未來幾個季度的銷售情況？

And I have a follow-up.

我有一個後續行動。

Thanks, Hans, I appreciate that.

謝謝，漢斯，我很感激。

We had said earlier previously that Tegra 4i projects are in development and that we expect them likely to be announced in Q1 and ship no later than Q2.

我們之前曾說過，Tegra 4i 項目正在開發中，我們預計它們可能會在第一季度公佈，並且不遲於第二季度發貨。

I appreciate you asking, and we did not announce it, but Tegra 4i has now been certified through AT&T, and we're really excited about that.

感謝您的提問，我們沒有宣布，但 Tegra 4i 現在已通過 AT&T 認證，我們對此感到非常興奮。

So we're going to continue to wait to announce devices but it has been certified for voice and data.

因此，我們將繼續等待發佈設備，但它已通過語音和數據認證。

Okay, that's great to hear.

好的，很高興聽到。

And then as a follow-up, because the Tegra 4i is implementing a software defined approach in terms of the modem, what do you suppose would be the implications of this type of an approach compared to some of your potential rivals that are struggling with using just traditional hardware approaches?

然後作為後續行動，因為 Tegra 4i 在調製解調器方面實施了一種軟件定義的方法，你認為與你的一些正在努力使用的潛在競爭對手相比，這種方法的含義是什麼？只是傳統的硬件方法？

Thanks.

謝謝。

The benefit of software defined radios is to be able to reuse that processor for many different protocols.

軟件定義無線電的好處是能夠為許多不同的協議重用該處理器。

And if the processor is designed with enough headroom we will be able to support higher bit rates and an ever-changing landscape of protocols.

如果處理器設計有足夠的餘量，我們將能夠支持更高的比特率和不斷變化的協議格局。

So if you look at our progress, our progress with respect to getting Tegra 4i certified and the i500 has also, by the way, been certified for voice and data, our speed of getting our modem certified certainly is an indication of the flexibility of SDR.

所以如果你看看我們的進展，我們在獲得 Tegra 4i 認證方面的進展，順便說一下，i500 也獲得了語音和數據認證，我們獲得調製解調器認證的速度肯定是 SDR 靈活性的一個指標.

Now one of the historical challenges of SDR is thought to be power consumption.

現在，SDR 的歷史挑戰之一被認為是功耗。

Those are not fundamental problems.

這些都不是根本問題。

Those are architectural and technology challenges.

這些都是架構和技術挑戰。

And with the right technology, the right architecture, and a lot of great care, we have been able to make Tegra 4i and the i500 modems fit within very aggressive and competitive power envelopes.

憑藉正確的技術、正確的架構和大量的精心呵護，我們已經能夠使 Tegra 4i 和 i500 調製解調器適應非常激進和具有競爭力的功率範圍。

We're in pretty great shape there and I am looking for to launching devices with them.

我們在那裡的狀態非常好，我正在尋找與他們一起推出設備。

Great, thank you.

太好了謝謝。

Thanks, Hans.

謝謝，漢斯。

Ross Seymore with Deutsche Bank Securities.

德意志銀行證券公司的羅斯·西莫爾。

Just wondering for a little bit more color for the fourth quarter, Colette you mentioned a little bit about Tegra being up strongly.

只是想知道第四季度的顏色更多一點，科萊特你提到了一點關於 Tegra 的強勢上漲。

On the GPU side can you say again what you expect that to do?

在 GPU 方面，你能再說一遍你期望它做什麼嗎？

And any more color underneath the surface there on the professional side versus desktop notebook et cetera would be appreciated.

專業方面與桌面筆記本等相比，表面下方的任何更多顏色將不勝感激。

Thank you.

謝謝你。

We are indicating in our guidance for Q4 that we will be essentially flat in Q4 versus Q3.

我們在第四季度的指導中指出，我們將在第四季度與第三季度基本持平。

We did articulate that our Tegra business would be up sequentially.

我們確實明確表示我們的 Tegra 業務將按順序增長。

So therefore our overall GPU business will be slightly down from Q3 in total.

因此，我們的整體 GPU 業務總體上將比第三季度略有下降。

We still believe strong growth in terms of the overall gaming side of that will continue as we go into Q4.

我們仍然相信，隨著我們進入第四季度，整體遊戲方面的強勁增長將繼續。

But overall, the PC market, and our low-end PC GPUs are probably expected to continue what we have been seeing in Q3.

但總體而言，PC 市場和我們的低端 PC GPU 可能會繼續我們在第三季度看到的情況。

Can you give any color on within the GPU segment what percent you talk about as gaming?

您能否在 GPU 細分市場中給出任何顏色，您所說的遊戲百分比是多少？

I think you said that overall is up about 6% year-to-date year-over-year.

我想你說總體上比去年同期增長了大約 6%。

Which is impressive growth, but just to give us an idea of how much of your GPU segment that represents.

這是令人印象深刻的增長，但只是為了讓我們了解您的 GPU 細分市場代表了多少。

It represents about 400 give or take on the individual quarter.

它代表了每個季度大約 400 次給予或接受。

Our overall gaming segment.

我們的整體遊戲部門。

And my last question very quickly, what sort of seasonality should we expect in your Tegra business?

我的最後一個問題很快，我們應該在您的 Tegra 業務中期待什麼樣的季節性？

I know you have a multitude of things ramping and even with the Tegra 4i coming, how should we think about the launches of new products offsetting seasonality and whatever that seasonality may be.

我知道你有很多事情正在發展，即使 Tegra 4i 即將推出，我們應該如何考慮推出新產品來抵消季節性以及可能是什麼季節性。

Any color on that would be great, and then I will go away.

上面的任何顏色都會很棒，然後我會離開。

Thank you.

謝謝你。

I'm not sure there is a seasonality in the Tegra business that we could point to at this stage.

我不確定在這個階段我們可以指出 Tegra 業務是否存在季節性。

I think it's going to take a little while to better understand that even all the way through fiscal year 2015.

我認為，即使到 2015 財年，也需要一段時間才能更好地理解這一點。

I'm not sure we can add any color at this time in terms of when those volumes on each of the designs would come through.

我不確定我們現在是否可以添加任何顏色，以了解每個設計上的這些體積何時會通過。

Thank you.

謝謝你。

JoAnne Feeney with ABR Investment Strategies.

JoAnne Feeney 與 ABR 投資策略。

Thanks, nice quarter.

謝謝，不錯的季度。

Just a question about the graphic situation on the Quadro side, you had nice growth last quarter.

只是關於 Quadro 方面的圖形情況的問題，上個季度你有很好的增長。

I'm wondering what you see for an outlook for that product line for the longer-term and what you think the positive drivers have been to date.

我想知道您對該產品線的長期前景有何看法，以及您認為迄今為止的積極驅動因素是什麼。

Thanks JoAnne.

謝謝喬安妮。

The Quadro growth drivers are fundamentally related to the fact that more and more companies are using digital design approaches for every aspect of their product designs.

Quadro 的增長動力從根本上與越來越多的公司在其產品設計的各個方面使用數字設計方法這一事實相關。

There are so many companies who still use mechanical prototyping, actual prototyping.

有很多公司仍在使用機械原型，實際原型。

But today, unless -- if you really want to be able to stay state-of-the-art, create devices that are as exquisite as what we see in the market place today, or it is that you like to do more 3-D virtual prototyping, all of that is going to require you to invest in designing in 3-D.

但是今天，除非——如果你真的想保持最先進的水平，創造出與我們今天在市場上看到的一樣精緻的設備，或者你喜歡做更多 3- D 虛擬原型，所有這些都需要您投資於 3-D 設計。

And so we're just seeing greater and greater adoption of 3-D design in all aspects of product design.

因此，我們只是看到越來越多地採用 3-D 設計在產品設計的各個方面。

The second growth factor has to do with the fact that we are able to now, because of our rendering techniques, able to -- we are able to add value to a larger part of the workflow.

第二個增長因素與我們現在能夠做到這一點有關，因為我們的渲染技術能夠——我們能夠為大部分工作流程增加價值。

Whereas before we were used for design we are now used largely -- we are also used largely for styling because our visualization and our rendering is photorealistic now.

而在我們被用於設計之前，我們現在主要用於 - 我們也主要用於造型，因為我們的可視化和渲染現在是照片級的。

We can capture real materials, so as a result you can actually render using computers the ability to prototype devices that are photorealistic.

我們可以捕捉真實的材料，因此您可以使用計算機實際渲染具有照片級真實感的原型設備的能力。

We are also increasingly being used in product lifetime management, and so PLM.

我們也越來越多地用於產品生命週期管理，PLM 也是如此。

That's just an increase in the number of people inside companies that would need to use 3-D assets, whether it is in training or documentation or managing their supply chain, managing their subcontractors, inventory management, parts repairs.

這只是公司內部需要使用 3-D 資產的人數的增加，無論是在培訓或文檔方面，還是在管理他們的供應鏈、管理他們的分包商、庫存管理、零件維修方面。

More and more of the entire product lifetime includes 3-D where Quadro could be useful.

整個產品生命週期中越來越多的內容包括 Quadro 可能有用的 3-D。

And lastly, more and more countries are continuing to adopt manufacturing, not just for -- not jut at the supply chain level, but at the design level.

最後，越來越多的國家繼續採用製造業，不僅僅是為了——不僅僅是在供應鏈層面，而是在設計層面。

And so Quadro continues to surprise us with the size of the overall market.

因此，Quadro 繼續以整個市場的規模讓我們感到驚訝。

And I think when we innovate, we discover that the market is larger than people had ever expected.

而且我認為，當我們進行創新時，我們會發現市場比人們預期的要大。

Okay, so all good drivers, and in the past you have been talking about Quadro as growing at a rate of GDP and then we saw that very sharp pickup.

好的，所有優秀的驅動程序，過去你一直在談論 Quadro 以 GDP 的速度增長，然後我們看到了非常急劇的回升。

I wondering if you think the increase in sequential growth that we have seen in the last few quarters is sustainable or if we have perhaps seen a new adoption wave that is likely to settle down.

我想知道您是否認為我們在過去幾個季度中看到的連續增長的增長是可持續的，或者我們是否可能已經看到可能會穩定下來的新的採用浪潮。

How do you view the future in this?

您如何看待這方面的未來？

I don't know that I could be particularly precise about it.

我不知道我能不能說得特別準確。

The thing that I do know is this, our market share in Quadro is very high.

我所知道的是，我們在 Quadro 的市場份額非常高。

I really don't know of any car company or movie studio or digital broadcast station or oil or gas company that doesn't use Quadro in a large part of their entire workflow.

我真的不知道有哪家汽車公司、電影製片廠、數字廣播站或石油或天然氣公司在其整個工作流程的很大一部分中不使用 Quadro。

And so I think the real opportunity for us is of course continue to expand globally and work with OEMs around the world to see their workstations be adopted by the various industries.

所以我認為我們真正的機會當然是繼續在全球擴張，並與世界各地的原始設備製造商合作，以看到他們的工作站被各個行業採用。

That is a deliberate effort on our part and we have OEM partnerships in every geography to expand their reach and their understanding of workstations in the local industries.

這是我們的一項深思熟慮的努力，我們在每個地區都有 OEM 合作夥伴關係，以擴大他們的影響力和他們對當地行業工作站的理解。

And then secondarily, to continue to create new ways for workstations to be useful to more people, to more professionals inside the company, expanding our reach of their workflow.

其次，繼續創造新的方式讓工作站對更多人有用，對公司內部的更多專業人士有用，擴大我們對他們工作流程的影響。

In those two dimensions if we continue to innovate and we continue to drive hard, I think we have every opportunity to outgrow the GDP.

在這兩個方面，如果我們繼續創新並繼續努力，我認為我們有機會超過 GDP。

We will see how it turns out that, but that is our deliberate strategy now.

我們將看到結果如何，但這是我們現在深思熟慮的策略。

Okay, great, that is helpful.

好的，太好了，這很有幫助。

If I could ask a question on the gross margin.

如果我可以問一個關於毛利率的問題。

For this quarter it looks like a fairly notable decline in the gross margin and I'm wondering about the drivers, especially since what you are seeing on the notebook graphic side as you said is a decline in your lowest margin business.

對於本季度，毛利率似乎出現了相當顯著的下降，我想知道驅動因素，特別是因為您在筆記本電腦圖形方面看到的是您所說的最低利潤業務的下降。

It would suggest that the gross margin ought to be moving higher.

這表明毛利率應該會更高。

Is that the price cuts recently that is driving those gross margins down this quarter or is it more broadly a shift in mix?

是最近的降價導致本季度毛利率下降，還是更廣泛地改變了組合？

There is three components that were notable this quarter.

本季度有三個值得注意的組成部分。

We made pricing changes that were planned at the end of the quarter, but it affected our pricing for the entire quarter, that is one,

我們進行了本季度末計劃的定價更改，但它影響了我們整個季度的定價，也就是說，

I'm talking about the out quarter, for the January quarter, the decline that we are anticipating, I'm wondering what is driving that.

我說的是第一季度的季度，我們預期的下降，我想知道是什麼推動了這一點。

Well, I guess it would number one be Tegra.

好吧，我想它會是第一名是 Tegra。

It would -- we are expecting to be more successful with Tegra.

它會——我們期待在 Tegra 上取得更大的成功。

And Tegra's gross margins are below the corporate average and the success there is good.

Tegra 的毛利率低於公司平均水平，而且取得了很好的成功。

The success there is good and is welcomed, and so it will have an impact on our gross margins.

那裡的成功是好的並且受到歡迎，因此它將對我們的毛利率產生影響。

Okay, that makes a lot of sense.

好吧，這很有意義。

And then on the pricing front, those price cuts that you sent through just recently, is there any need that you will have at some point to offer rebates to your card partners for them to sell those products that they bought the GPUs from you at the older prices?

然後在定價方面，您最近發送的那些降價，您是否需要在某個時候向您的卡合作夥伴提供回扣，以便他們出售他們從您那裡購買 GPU 的產品舊價格？

I'm wondering if there's any kind of concern that there may be an inventory problem or a rebate that you will need to give the card partners at some point.

我想知道是否有任何擔心可能存在庫存問題或您需要在某個時候給卡合作夥伴的回扣。

We planned for this move for quite some time.

我們為這一舉措計劃了相當長的一段時間。

And we have been thoughtful about this move for quite some time.

我們已經對這一舉措深思熟慮了很長一段時間。

And everything that we have announced and everything that is out in a marketplace have been planned and with our partners.

我們宣布的所有內容以及市場上出現的所有內容都是與我們的合作夥伴一起計劃好的。

And so I think we're in pretty good shape.

所以我認為我們的狀態非常好。

Okay, great.

好，太棒了。

Thanks so much.

非常感謝。

Alex Gauna with JMP Securities.

JMP 證券公司的 Alex Gauna。

Thanks very much for taking my question.

非常感謝您提出我的問題。

Jen-Hsun, if I heard you correctly earlier, you said that automotive is about 25% of Tegra.

Jen-Hsun，如果我之前沒聽錯的話，你說汽車約佔 Tegra 的 25%。

Can you give us an idea of the percentage exposure perhaps to Windows, to Android, to also Chrome?

您能否告訴我們可能對 Windows、Android 和 Chrome 的曝光百分比？

And then maybe could you give us an idea of how you see your Android and even Windows ecosystem expanding beyond tablets here in the new HP 21-inch all-in-one, a pretty amazing machine at a pretty amazing price.

然後也許你能告訴我們你如何看待你的 Android 甚至 Windows 生態系統在新的 HP 21 英寸一體機中擴展到平板電腦之外，這是一款非常棒的機器，價格非常驚人。

What's the outlook there in getting beyond phones, beyond tablets with Tegra?

Tegra 超越手機、平板電腦的前景如何？

Thank you.

謝謝你。

Thanks Alex.

謝謝亞歷克斯。

Almost -- vastly everything else is Android.

幾乎 - 幾乎所有其他東西都是Android。

We have some for Win RT or Surface.

我們有一些適用於 Win RT 或 Surface。

But our focus is going forward the vast majority of Windows on ARM will be Surface.

但我們的重點是，ARM 上的絕大多數 Windows 將是 Surface。

And so we are -- most of -- the vast majority of everything else in Tegra is Android.

因此，我們——大部分——Tegra 中的絕大多數其他東西都是 Android。

With respect to Android, you're absolutely right.

關於Android，你是絕對正確的。

Android is not just about phones.

Android 不僅僅與手機有關。

Android is the most disruptive operating system that we have seen in a few decades, in a couple of decades.

Android 是我們在幾十年、幾十年裡見過的最具顛覆性的操作系統。

This time because of the open-source nature of Android, it could be adapted to all kinds of devices.

這一次，由於 Android 的開源特性，它可以適應各種設備。

You see that all of a sudden, not only is Android in smart phones, it was in tablets, it is now in all-in-one PCs, I think three all-in-one PCs based on Tegra was announced this last quarter, you are going to see more of them.

您會發現，突然之間，不僅是智能手機中的 Android，它還出現在平板電腦中，現在還出現在一體機中，我認為上個季度發布了三款基於 Tegra 的一體機，你會看到更多。

It is quite delightful to be able to buy a monitor, bring it home and plug it in and it's already a computer.

能夠買一台顯示器，把它帶回家並插上電源，它已經是一台電腦，真是令人愉快。

If you like you can still connect it to HDMI to a PC and use it as a PC.

如果您願意，您仍然可以將其連接到 HDMI 到 PC 並將其用作 PC。

You are going to see Android in all kinds of other computing devices including set-top box and others.

您將在各種其他計算設備中看到 Android，包括機頂盒和其他設備。

And so Android is probably the most versatile operating system that we have ever known.

因此，Android 可能是我們所知道的最通用的操作系統。

And has the benefit of also being connected to the cloud, and so the day that you turn it on, it is incredibly useful with all kinds of applications already on it.

並且還具有連接到雲的好處，因此在您打開它的那一天，它對於已經在其上的各種應用程序非常有用。

That is Android.

那就是安卓。

Chrome, we have no exposure to Chrome today, but it is proven to be quite an important operating system.

Chrome，我們今天沒有接觸過 Chrome，但它被證明是一個相當重要的操作系統。

We have known all along that technologically it is incredibly robust, resilient and high quality, and now we are seeing quite strong adoptions all over the world.

我們一直都知道它在技術上非常強大、有彈性和高質量，現在我們看到全世界都在大力採用。

And so this is an area that warrants focus on our part and we will put some energy around it to go see if we can make a contribution in this space as well.

因此，這是一個值得我們關注的領域，我們將圍繞它投入一些精力，看看我們是否也可以在這個領域做出貢獻。

Two-part follow-up if I could, Jen-Hsun.

如果可以的話，分兩部分跟進，Jen-Hsun。

I'm sorry, Alex, I'm sorry, let's keep it at two if we can.

對不起，亞歷克斯，對不起，如果可以的話，讓我們保持在兩點。

Let's keep it at two per person, we're starting to spread out beyond that.

讓我們保持在每人兩個，我們開始在這個範圍之外擴展。

Could we take -- let's move onto our next caller.

我們可以接受 - 讓我們轉到下一個呼叫者。

Sorry Alex, we will pick it up next time, we'll follow-up with you.

對不起亞歷克斯，我們下次會去取，我們會跟進你。

Harlan Sur with JPMorgan.

摩根大通的哈蘭蘇爾。

Nice traction on GRID.

對 GRID 的牽引力很好。

212 trials, I think that's about a 40% increase from the prior quarter.

212 次試驗，我認為這比上一季度增加了 40%。

Of that incremental growth, what types of customers and applications did you bring on?

在這種增量增長中，您帶來了哪些類型的客戶和應用程序？

And when do you guys expect these trials to start to materialize into significant revenues?

你們預計這些試驗何時開始實現可觀的收入？

Harlan, thank you.

哈蘭，謝謝。

We announced GRID, it is pretty -- it is probably one of the most successful product launches for enterprise that we have ever had.

我們發布了 GRID，它很漂亮——它可能是我們所擁有的最成功的企業產品發布之一。

And you could argue that this is really NVIDIA's first enterprise product.

你可以說這真的是 NVIDIA 的第一款企業產品。

Workstations isn't in the sweet spot of enterprise computing, it's a specialized part of enterprise computing.

工作站不是企業計算的最佳選擇，它是企業計算的一個專門部分。

And Tesla is for high performance computing which is not in the sweet spot of enterprise computing.

特斯拉是針對高性能計算的，而這並不是企業計算的最佳選擇。

This is the first time that we have been in the sweet spot of enterprise computing and had the benefit of the sales force of every major OEM in the world supporting its launch.

這是我們第一次處於企業計算的最佳位置，並受益於支持其發布的全球各大 OEM 的銷售團隊。

From Cisco to Dell to HP to IBM, Fujitsu, Hitachi, I don't know of any global enterprise IT Company who isn't supporting GRID and taking it to market.

從思科到戴爾，從惠普到 IBM、富士通、日立，我不知道有任何一家全球企業 IT 公司不支持 GRID 並將其推向市場。

The type of applications that -- we have the support of Citrix and VMware.

我們得到 Citrix 和 VMware 支持的應用程序類型。

Citrix we announced in Q2 I think it was, and VMware announced this last quarter.

我認為是我們在第二季度宣布的 Citrix，而 VMware 在上個季度宣布了這一消息。

And so we have sales force, we have the largest extended sales force of any product that we have ever had.

所以我們有銷售隊伍，我們擁有有史以來任何產品中最大的擴展銷售隊伍。

The type of applications of people are using it for are really essentially taking their PC and virtualizing it and putting it in a data center.

人們使用它的應用程序類型實際上是把他們的 PC 虛擬化並將其放入數據中心。

And the power of doing that is you can now access your PC from anywhere on any device.

這樣做的好處是您現在可以從任何設備上的任何位置訪問您的 PC。

With a Citrix receiver client or the VMware receiver client, you can now have your PC literally anywhere.

借助 Citrix 接收器客戶端或 VMware 接收器客戶端，您現在幾乎可以在任何地方擁有您的 PC。

Now there are several powerful benefits to that.

現在有幾個強大的好處。

For the people who are designing and working on large data sets the benefit is that you have moved your computer closer to the data, so instead of moving the data to the computer you are moving the computer to the data.

對於設計和處理大型數據集的人來說，好處是您將計算機移到更靠近數據的位置，因此不是將數據移到計算機上，而是將計算機移到數據上。

For big data problems, large data sets, projects where you are collaborating with a lot of other people, you now have -- you now don't have a whole lot of different copies of data.

對於大數據問題、大數據集、與很多其他人合作的項目，你現在擁有——你現在沒有很多不同的數據副本。

You also have the benefit of mobility.

您還可以享受機動性的好處。

People are using more and more mobile devices and people working from customer sites and working from home or out giving demos.

人們正在使用越來越多的移動設備，人們在客戶站點工作，在家工作或進行演示。

The benefit of having mobility is really incredible.

擁有機動性的好處確實令人難以置信。

There is a lot of different benefits associated with it and then now, with the cost of storage continuing to reduce and the cost of networking continuing to reduce you can now make these virtualized PC environments much more cost effective.

與它相關的許多不同的好處現在，隨著存儲成本的不斷降低和網絡成本的不斷降低，您現在可以使這些虛擬化 PC 環境更具成本效益。

I think our timing is good.

我認為我們的時機很好。

Your question about adoption, about trial to ramp, these are enterprise trials.

你關於採用的問題，關於試驗的問題，這些都是企業試驗。

And my sense is that somewhere between six months to nine months is what we are experiencing.

我的感覺是，我們正在經歷的介於 6 個月到 9 個月之間。

And so we will see how it turns out.

因此，我們將看到結果如何。

But the trials that we have going around the world are large important customers who have significant deployment to do.

但我們在世界各地進行的試驗是需要大量部署的重要客戶。

And the early response has been really fantastic.

早期的反應非常棒。

Thanks for that Jen-Hsun.

謝謝仁勳。

Just quick housekeeping question.

只是快速的家政問題。

Historically the team has seen about a $25 million, $30 million increase in OpEx in fiscal Q1 due to the fringe benefit step up.

從歷史上看，由於附加福利的增加，該團隊在第一財季的運營支出增加了約 2500 萬美元，3000 萬美元。

Is that how we should be thinking about it for Q1 of next year?

這是我們應該如何考慮明年第一季度的問題嗎？

Not necessarily here to talk about our Q1 in Q1.

這裡不一定要講我們的Q1在Q1。

Primarily it's regarding our payroll taxes.

主要是關於我們的工資稅。

That can drive an increase, but at this time we are not giving a full look in terms of fiscal year 2015 or Q1.

這可以推動增長，但目前我們並未全面了解 2015 財年或第一季度的情況。

Okay, thank you.

好的謝謝你。

Thanks a lot, Harlan.

非常感謝，哈蘭。

Daniel Amir with Lazard Capital Markets.

拉扎德資本市場的丹尼爾·阿米爾。

A couple questions here.

這裡有幾個問題。

On the Tegra, what type of milestone should we be looking at here in the next few quarters in terms of really seeing how successful the 4 and 4i is going to be compared to the 3 when that launched and the traction that you had initially with that product?

在 Tegra 上，我們應該在接下來的幾個季度中看到什麼樣的里程碑，以真正看到 4 和 4i 與 3 推出時的成功程度以及最初的牽引力產品？

I would look at several things.

我會看幾件事。

I think at this time the strategy that I have laid out for you guys before basically says several things.

我認為此時我之前為你們制定的策略基本上說明了幾件事。

One, we believe that Tegra 4, we delayed Tegra 4 so that we could pull in our Logan project and also our modems.

一，我們相信 Tegra 4，我們推遲了 Tegra 4，以便我們可以引入我們的 Logan 項目以及我們的調製解調器。

I am delighted with that decision.

我對這個決定感到高興。

It put a trough in this year.

它在今年出現了低谷。

However we have bounced back from that.

然而，我們已經從中反彈。

I think that what you will see is several things.

我認為你會看到幾件事。

One, there will be more devices ramped with Tegra 4. Tegra 4 should continue to contribute to our momentum recovering in Tegra.

一，Tegra 4 將會有更多的設備。Tegra 4 應該繼續為我們在 Tegra 恢復的勢頭做出貢獻。

You should see that Tegra is adopted in more than just phones.

您應該看到 Tegra 不僅被手機採用。

They're will be phones and tablets and other devices, automotive and other devices.

它們將是手機、平板電腦和其他設備、汽車和其他設備。

And then third, and you should see our modems come to market.

然後是第三個，您應該會看到我們的調製解調器上市。

With important devices that I think people would love using.

使用我認為人們會喜歡使用的重要設備。

And then lastly, the gap between Tegra 4 and our next-generation processor, Project Logan, should be a lot shorter than one year.

最後，Tegra 4 與我們的下一代處理器 Project Logan 之間的差距應該比一年短得多。

And so I think all of that is on track and we will keep an eye on it.

所以我認為所有這一切都在軌道上，我們會密切關注它。

But those would be the major differences between Tegra 4, Tegra 4i and Logan versus Tegra 3.

但這將是 Tegra 4、Tegra 4i 和 Logan 與 Tegra 3 之間的主要區別。

Great, and just one follow-up on the OpEx.

太好了，而且只是對 OpEx 的一項後續行動。

I know that you're not giving full look guidance on to next year but just to understand in terms of the Tegra spending, how should we be looking at that on a year-over-year basis?

我知道您並沒有對明年給出全面的指導，而只是為了了解 Tegra 的支出，我們應該如何看待這一點？

I guess that does have an impact in terms of how we should look at next year's R&D expense to some extent.

我想這確實在某種程度上對我們應該如何看待明年的研發費用產生了影響。

Thanks.

謝謝。

Well, in the beginning of the year we said that we are targeting $1.6 billion for our total OpEx for the year, and based on what Colette just described, we are right on target at $1.6 billion.

嗯，在年初我們說過，我們今年的總運營支出目標是 16 億美元，根據科萊特剛剛描述的內容，我們的目標是 16 億美元。

If you looked at the growth quarter-to-quarter, by and large I think we are -- we have said before, that when a tick up in investment to support our modem projects, and our modem projects has two different pieces.

如果您查看季度間的增長，總的來說，我認為我們是 - 我們之前說過，當投資支持我們的調製解調器項目時，我們的調製解調器項目有兩個不同的部分。

One piece is data modem which I don't think anyone disputes is important in many of our market segments.

一件是數據調製解調器，我認為在我們的許多細分市場中，沒有人會爭論它是重要的。

Nor is anybody particularly concerned that SDR is a great platform for data modem, there was a question about our voice modem.

也沒有人特別擔心 SDR 是數據調製解調器的一個很好的平台，我們的語音調製解調器有一個問題。

We had invested -- we have ticked up our investment to support those two things.

我們已經投資了——我們已經加大了投資以支持這兩件事。

I think we are done at those levels.

我認為我們已經完成了這些水平。

So when the time comes for Q1 guidance, we will tell you surely more.

因此，當第一季度的指導時間到來時，我們肯定會告訴你更多。

But we are invested into the markets that we believe we want to be invested in.

但我們投資於我們認為自己想要投資的市場。

Thanks.

謝謝。

Doug Freedman with RBC Capital Markets.

加拿大皇家銀行資本市場的道格·弗里德曼。

Welcome Colette.

歡迎科萊特。

Can you talk a little bit about what you're seeing in terms of Tegra?

您能談談您對 Tegra 的看法嗎？

You have got a few different go to market strategies there with your SHIELD and the Note project.

您的 SHIELD 和 Note 項目在那裡有一些不同的進入市場策略。

Can you give us an update on how both of those are doing and what percentage of Tegra revenues are coming from each?

您能否向我們介紹一下兩者的最新情況以及各自在 Tegra 收入中所佔的百分比？

First of all, thanks a lot Doug, I appreciate the question.

首先，非常感謝道格，我很欣賞這個問題。

Tegra Note is a reference platform.

Tegra Note 是一個參考平台。

Tegra Note is a reference platform albeit very complete.

Tegra Note 是一個參考平台，雖然非常完整。

It has the additional qualities that the software is very polished.

它具有軟件非常精美的附加品質。

And that it includes features like Stylus, the world's first high-performance passive stylus that is unique.

而且它還包括 Stylus 等功能，這是世界上第一款獨一無二的高性能無源觸控筆。

It has the world's first always on HDR that is unique.

它擁有世界上第一個獨特的始終在 HDR 上。

So it has capabilities that no other tablets have.

因此，它具有其他平板電腦所沒有的功能。

No other devices have.

其他設備都沒有。

And it has the benefit of having software that is completely polished and refined.

它的好處是擁有完全完善和完善的軟件。

But otherwise it is a reference platform and we direct our partners, particularly local brand holders around the world who don't have the ability to invest in building such a great device at the ODMs that we partner with to have these devices built.

但除此之外，它是一個參考平台，我們指導我們的合作夥伴，特別是世界各地的本地品牌持有者，他們沒有能力在我們合作的 ODM 上投資構建如此出色的設備來構建這些設備。

But in the end, our business model there is to sell and ship, and we partner with local brand holders around the world to take these devices to market.

但最終，我們的商業模式是銷售和運輸，我們與世界各地的本地品牌持有者合作，將這些設備推向市場。

With respect to SHIELD, it is our initiative to cultivate the gaming market place for Android.

在 SHIELD 方面，我們主動為 Android 開發遊戲市場。

We believe that Android is going to be a very important platform for gaming in the future.

我們相信，Android 將成為未來非常重要的遊戲平台。

And to do so, we have to create devices that enable great gaming to happen on Android.

為此，我們必須創建能夠在 Android 上進行精彩遊戲的設備。

Our investment there is modest, our expectations are modest, and our distribution is modest.

我們在那裡的投資是適度的，我們的期望是適度的，我們的分配是適度的。

We built these devices, they are in the hands of every developer in the world now, and the reviews have been fantastic.

我們製造了這些設備，它們現在掌握在世界上每個開發人員的手中，並且評論非常棒。

And we are going to let the market tell us how they like it, and then we will take it from there.

我們要讓市場告訴我們他們喜歡它，然後我們會從那裡拿走它。

And so for Tegra Note the business model ultimately is to sell chips, partner with partners, like we do with GeForce, and in the case of SHIELD it is an NVIDIA branded product but we are approaching it modestly and carefully.

因此，對於 Tegra Note 而言，最終的商業模式是銷售芯片，與合作夥伴合作，就像我們與 GeForce 所做的一樣，而對於 SHIELD，它是一個 NVIDIA 品牌產品，但我們正在謙虛謹慎地接近它。

Great.

偉大的。

If you could maybe offer us a little bit of insight into the progress you are having with 4i, it is great to hear that it has been certified.

如果您可以向我們提供一些關於您使用 4i 的進展情況的見解，很高興聽到它已通過認證。

What type of launch and how big a breadth of launch do you expect 4i to have on the business for Tegra?

您希望 4i 對 Tegra 的業務有什麼類型的發布以及發布的廣度有多大？

It is our first voice modem product and so my expectations are that the device -- the devices will be quite terrific.

這是我們的第一款語音調製解調器產品，所以我的期望是該設備——這些設備將非常棒。

And I think people will be delighted by the OEM that it comes from.

而且我認為人們會對它來自的 OEM 感到高興。

It will likely be global, but not US.

它可能是全球性的，但不是美國的。

You really need to have CDMA in the US to be successful, so we're not targeting US with respect to phones, we are targeting outside US.

你真的需要在美國擁有 CDMA 才能成功，所以我們在手機方面不是針對美國，而是針對美國以外的地區。

And so let's go ahead and wait and see until Q2 timeframe or Q1 timeframe when it gets launched and Q2 when it gets shipped, but my expectation is that it should be really wonderful.

因此，讓我們繼續拭目以待，直到第二季度或第一季度推出，以及第二季度發貨，但我的期望是它應該真的很棒。

Great, thank you.

太好了謝謝。

Thanks a lot, Doug.

非常感謝，道格。

Rajvindra Gill with Needham & Company.

與 Needham & Company 的 Rajvindra Gill。

Jen-Hsun, just on the competitive landscape in the handset market, and to a lesser extent the tablet market for Tegra, going forward, as you know the competition has intensified from players like Mediatech and Spectrum on the low-end but also other players.

Jen-Hsun，僅談手機市場的競爭格局，其次是 Tegra 的平板電腦市場，正如你所知，低端的 Mediatech 和 Spectrum 等廠商以及其他廠商的競爭已經加劇.

And you have seen a Broadcomm face a lot of challenges trying to break into this market.

你已經看到博通在試圖打入這個市場時面臨許多挑戰。

Just wondering if you could speak to that a little bit and how do you think about the competitive landscape going forward?

只是想知道你是否可以談談這個問題，你如何看待未來的競爭格局？

Thank you.

謝謝你。

I appreciate the question, Raji.

我很欣賞這個問題，拉吉。

First of all Tegra is not just about phones.

首先，Tegra 不僅僅與手機有關。

Although we have found success with XiaoMi, and we have found success with others, and we have participated in building some of the most exciting super phones in the marketplace, and we will continue to do that, Tegra is not just about phones.

儘管我們在小米取得了成功，我們也與其他人取得了成功，並且我們參與了市場上一些最令人興奮的超級手機的構建，我們將繼續這樣做，但 Tegra 不僅僅是手機。

Unlike the companies that you have named, NVIDIA's application processors can be successful and very successful without modems.

與您提到的公司不同，NVIDIA 的應用處理器可以在沒有調製解調器的情況下取得成功並且非常成功。

However, there are many segments of our market going forward where a data modem is important to have.

然而，在我們市場的許多細分市場中，數據調製解調器很重要。

And Icera gives us a platform to build the data modem, which we are very successful at already.

Icera 為我們提供了一個構建數據調製解調器的平台，我們已經非常成功。

I think the risk of our data modem success is not at all a concern, and in fact, we're incredibly proud of the performance of our data modem.

我認為我們的數據調製解調器成功的風險根本不是問題，事實上，我們為我們的數據調製解調器的性能感到無比自豪。

It is a piece of technology and a companion part of our technology offering that is really important for us to have.

它是一項技術，也是我們技術產品的配套部分，對我們來說非常重要。

If you look at Tegra therefore, whether it is in phones were tablets or cars, set-top boxes, gaming devices, all-in-one PCs, Chrome PCs, they all require the same application processor.

因此，如果您看一下 Tegra，無論是手機、平板電腦還是汽車、機頂盒、遊戲設備、一體機 PC、Chrome PC，它們都需要相同的應用處理器。

And so Tegra is more than just phones.

因此，Tegra 不僅僅是手機。

And in many of those segments, a data modem is very important to have.

在許多這些領域中，擁有數據調製解調器非常重要。

And in one segment, a voice modem is very important to have.

在一個細分市場中，擁有語音調製解調器非常重要。

And so the way to think about our position -- the way to think about our position, you have to think about the whole Android, the whole mobile technology market.

所以考慮我們的立場的方式——考慮我們的立場的方式，你必須考慮整個Android，整個移動技術市場。

You can't just think about phones.

你不能只考慮手機。

Which is very unlike the two companies that you mentioned earlier.

這與您之前提到的兩家公司非常不同。

They tend to be very phone centric, we are just simply not.

他們往往以電話為中心，而我們根本不是。

I understand that last couple of years, that the only conversation has been around phones.

我知道在過去的幾年裡，唯一的對話是圍繞電話進行的。

But we all know that the conversation around Android is going to expand far beyond phones.

但我們都知道，圍繞 Android 的討論將遠遠超出手機。

And this is an area that we can add a lot to the conversation.

這是一個我們可以在對話中添加很多內容的領域。

I appreciate the insight.

我很欣賞這種洞察力。

Thank you.

謝謝你。

Thanks, Raji.

謝謝，拉吉。

Glen Yeung with Citi.

Glen Yeung 與花旗。

This is [Stan Romein] on behalf of Glen Yeung.

我是代表 Glen Yeung 的 [Stan Romein]。

Another question by automotive, perhaps longer term in nature.

汽車的另一個問題，也許是長期的。

Are you still on track to reach your stated goal of $450 million in sales contribution by fiscal 2016?

您是否仍有望在 2016 財年實現 4.5 億美元的銷售貢獻的既定目標？

We are still on track doubling that business every year, so the answer to your question is yes.

我們仍有望每年將該業務翻一番，因此您的問題的答案是肯定的。

We continue to capture design wins, and computing and automotive is increasing in performance, increasing in importance every year.

我們繼續贏得設計勝利，計算和汽車的性能也在不斷提高，其重要性每年都在增加。

Can you speak on the design wins at automotive OEMs that is needed to get that current business from $30 million a quarter currently to that $450 million target?

您能否談談汽車原始設備製造商的設計勝利，這是將當前業務從目前的每季度 3000 萬美元提高到 4.5 億美元目標所需的設計勝利？

We are ready have it.

我們準備好了。

Design wins to shipping is many years as you know in a car.

正如您在汽車中所知道的那樣，設計贏得運輸需要很多年。

And so it is multi-years.

所以它是多年的。

You have to work on a project for a couple, two to three years before you ship it.

你必須在一個項目上工作兩到三年，然後才能發貨。

So we already have it.

所以我們已經有了。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Thanks.

謝謝。

Vivek Arya with Bank of America.

美國銀行的 Vivek Arya。

Jen-Hsun how should we conceptually think about NVIDIA's growth drivers in 2014 if the PC market stays somewhat weak?

如果個人電腦市場仍然有些疲軟，我們應該如何從概念上考慮 2014 年 NVIDIA 的增長動力？

Or the smartphone market remains competitive and I think you mentioned GRID could take some time to ramp.

或者智能手機市場仍然具有競爭力，我認為你提到 GRID 可能需要一些時間才能提升。

How would you rank order your growth drivers for next year?

您如何為明年的增長動力排序？

Thank you, I appreciate that, Vivek.

謝謝你，我很感激，維韋克。

I would say in terms of absolute dollars, number one would be Tegra.

我想說就絕對美元而言，排名第一的是 Tegra。

In terms of -- that is number one.

就 - 這是第一。

Number two, would be Tesla.

第二，將是特斯拉。

Number three would be PC gaming, which is GeForce, GTX.

第三位是 PC 遊戲，即 GeForce、GTX。

Number four, although the buildup of potential is likely the greatest with GRID, you are right, that is off to a small pace today.

第四，雖然 GRID 的潛力積累可能是最大的，但你是對的，今天的速度很小。

I would say number four is GRID.

我想說第四個是網格。

But the following year, GRID could very will be the larger growth driver.

但接下來的一年，GRID 很可能會成為更大的增長動力。

Got it, and then as a follow-up for Colette, your onshore cash is about $600 million.

明白了，然後作為 Colette 的後續行動，您的境內現金約為 6 億美元。

It used to be about $1.5 billion before.

以前大約是 15 億美元。

Wondering what is the minimum that you need to maintain to run the business?

想知道運營業務所需的最低限度是多少？

And off the quarterly free cash flow that you generate, how much is domestic so we can think about what is the coverage of dividends and then whatever is left in terms of the buybacks that you have announced.

根據您產生的季度自由現金流量，有多少是國內的，因此我們可以考慮股息的覆蓋範圍，然後就您宣布的回購而言，剩下多少。

Yes, you're correct in terms of the amount of cash that we have in the overall US basis, which is generally about what we need for our overall dividend.

是的，就我們在美國整體擁有的現金數量而言，您是正確的，這通常與我們對整體股息的需求有關。

So with our intent going forward to return a bit more to shareholders, $1 billion in fiscal year 2015, but will emphasize that we will come back with the options in terms of how we will do that going forward.

因此，我們打算在 2015 財年為股東提供更多回報，即 10 億美元，但會強調我們將在未來如何實現這一目標方面提供選擇權。

But at this time we're not here to really break down the cash flow between US base and international base, or those pieces.

但此時我們並不是要真正分解美國基地和國際基地之間的現金流，或者那些部分。

But we will come back to you in about a quarter and give you a little bit more detail on those plans.

但我們將在大約四分之一後回复您，並為您提供有關這些計劃的更多詳細信息。

But of the quarterly cash flow that you generate, Colette, just looking at the last four quarters, how much was onshore as a percentage?

但是，在您產生的季度現金流中，科萊特，僅查看過去四個季度，境內的百分比是多少？

Is it 25%, 30%, any number would be helpful.

是 25% 還是 30%，任何數字都會有所幫助。

Thank you.

謝謝你。

Yes, not something we talk about.

是的，不是我們談論的東西。

I think it's something that's not necessarily overly consistent in terms of every single quarter.

我認為就每個季度而言，這不一定過於一致。

So just looking at the last quarter, is not necessarily a clear indicator given where our capital expenditures are and/or where some of the new revenue pieces come in.

因此，鑑於我們的資本支出在哪里和/或一些新的收入來自哪裡，僅僅看最後一個季度並不一定是一個明確的指標。

So we will just come back to in a quarter with a little more detail.

因此，我們將在一個季度後返回更多細節。

Okay?

好的？

Okay, thank you.

好的謝謝你。

Everyone I think we are out of time.

每個人，我認為我們已經過時了。

I would like to thank everyone for participating in the call today.

我要感謝大家參加今天的電話會議。

We look forward to talking to you next time on our Q4 earnings call.

我們期待下次在第四季度財報電話會議上與您交談。

Thank you.

謝謝你。

Ladies and gentlemen, that does conclude the conference call for today.

女士們先生們，今天的電話會議到此結束。

We thank you for your participation and ask that you please disconnect your lines.

我們感謝您的參與，並要求您斷開線路。