輝達 (NVDA) 2014 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Albert and I'll be your conference operator today.

我的名字是 Albert，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 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。

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 period.

演講者發言後，將進入問答環節。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Mr. Chris Evenden.

我現在將把電話轉給 Chris Evenden 先生。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thanks, Albert.

謝謝，阿爾伯特。

Good afternoon, everyone, and welcome to NVIDIA's conference call for the fourth quarter of FY14.

大家下午好，歡迎參加 NVIDIA 2014 財年第四季度的電話會議。

With me on the call today for NVIDIA are Jen-Hsun Huang, President and Chief Executive Officer, and Collette Kress, our CFO.

今天與我一起參加 NVIDIA 電話會議的還有總裁兼首席執行官黃仁勳和我們的首席財務官 Collette Kress。

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

在我們準備好發言之後，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'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 by telephone until February 19, 2014, and the webcast will be available for replay until our conference call to discuss our financial results for our first quarter of fiscal 2015.

電話會議的重播將在 2014 年 2 月 19 日之前通過電話提供，網絡廣播將在我們討論我們 2015 財年第一季度財務業績的電話會議之前提供重播。

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。

One important event I'd like to alert you to is our annual Investor Day, which is taking place on Tuesday, March 25 in San Jose.

我想提醒您注意的一個重要事件是我們的年度投資者日，該日將於 3 月 25 日星期二在聖何塞舉行。

Email me or check our website to register.

給我發電子郵件或查看我們的網站進行註冊。

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

在本次電話會議期間，我們可能會根據當前的預期做出前瞻性陳述。

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

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

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our Form 10-Q for the fiscal period ended October 27, 2013 and the reports we may file from time to time on Form 8-K 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 10 月 27 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證券交易委員會提交 8-K 表格。

All our statements are made as of today, February 12, 2014, based on information available to us as of today and, except as required by law, we assume no obligation to update any such statements.

我們所有的聲明都是在今天（2014 年 2 月 12 日）根據我們今天可獲得的信息作出的，除法律要求外，我們不承擔更新任何此類聲明的義務。

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

除非另有說明，否則整個電話會議中對市場研究和市場份額數字的所有引用均來自 Mercury Research 或 John 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 release which is posted on our website.

您可以在我們網站上發布的新聞稿中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬。

So let's begin.

那麼讓我們開始吧。

Revenue came in well above our outlook, driven by high-end PC gaming.

在高端 PC 遊戲的推動下，收入遠高於我們的預期。

Our GeForce business benefited from the launch of many excellent graphically intensive games, including Call of Duty Ghosts, Assassin's Creed 4 Black Flag, and Batman Arkham Origins.

我們的 GeForce 業務受益於許多出色的圖形密集型遊戲的推出，包括使命召喚幽靈、刺客信條 4 黑旗和蝙蝠俠阿卡姆起源。

In Asia, Blade and Soul has proved hugely popular.

在亞洲，Blade and Soul 已被證明非常受歡迎。

It has very high system requirements relative to the vast majority of games played in China, which is a very promising development that has driven GeForce GTX sales there.

與在中國玩的絕大多數遊戲相比，它對系統的要求非常高，這是一個非常有前景的發展，推動了 GeForce GTX 在中國的銷售。

The PC gaming market is now larger than console gaming or mobile gaming, according to DFC Intelligence.

據 DFC Intelligence 稱，PC 遊戲市場現在比主機遊戲或手機遊戲更大。

The same firm estimates revenue from graphics-intensive PC games will approach $20 billion this year.

同一家公司估計，今年圖形密集型 PC 遊戲的收入將接近 200 億美元。

We recently added a feature called ShadowPlay to enable gamers to save and share their best moments.

我們最近添加了一項名為 ShadowPlay 的功能，讓遊戲玩家能夠保存和分享他們的最佳時刻。

They've already saved over 3 million clips.

他們已經保存了超過 300 萬個剪輯。

If this seems like a niche application, consider that Twitch TV, which exists to stream game play to a global audience and leverages ShadowPlay, was actually the fourth largest generator of internet traffic in the US for the week ending February 3. That puts it behind Netflix, but ahead of Hulu and Amazon.

如果這看起來像是一個小眾應用程序，那麼想想 Twitch TV，它的存在是為了向全球觀眾流式傳輸遊戲並利用 ShadowPlay，它實際上是截至 2 月 3 日當周美國第四大互聯網流量產生者。這讓它落後了Netflix，但領先於 Hulu 和亞馬遜。

On the professional side of the business, Tesla has established its position at the center of the high performance computing market.

在業務的專業方面，特斯拉已經確立了其在高性能計算市場中心的地位。

This quarter, we inked a Tesla partnership with IBM; possibly the biggest name in supercomputing.

本季度，我們與 IBM 簽署了特斯拉的合作夥伴關係；可能是超級計算領域的大腕。

According to IDC, 32% of all HPC computing systems are built by IBM.

根據 IDC 的數據，32% 的 HPC 計算系統是由 IBM 構建的。

Having IBM's world-spanning sales force pitching Tesla is a natural consequence of the agreement, but perhaps it's more interesting that IBM is looking to apply GPU acceleration across its entire portfolio of enterprise applications, potentially opening up very significant new markets for us.

讓 IBM 的全球銷售團隊推銷特斯拉是該協議的自然結果，但更有趣的是，IBM 正在尋求在其整個企業應用程序組合中應用 GPU 加速，這可能為我們開闢非常重要的新市場。

The top 10 [graded] supercomputers are now powered by Tesla GPU accelerators, as is the fastest supercomputer in Europe.

排名前 10 位的超級計算機現在由 Tesla GPU 加速器驅動，歐洲最快的超級計算機也是如此。

Only this week, ANSYS announced that its FLUENT dynamics application is now accelerated by Tesla.

就在本週，ANSYS 宣布其 FLUENT 動力學應用程序現在由特斯拉加速。

ANSYS FLUENT is the world's most widely used commercial HPC application.

ANSYS FLUENT 是世界上使用最廣泛的商業 HPC 應用程序。

More than 40,000 companies worldwide depend on ANSYS in industries from consumer products to civil engineering.

從消費品到土木工程，全球有超過 40,000 家公司依賴 ANSYS。

We launched the Tesla K40 this quarter.

我們在本季度推出了 Tesla K40。

It has double the memory of past products and we're seeing a lot of interest from consumer internet companies, as we expand our market footprint into big data analytics; a topic we'll explore further at our investor day next month.

它的內存是過去產品的兩倍，隨著我們將市場足跡擴展到大數據分析，我們看到了消費者互聯網公司的濃厚興趣；我們將在下個月的投資者日進一步探討這個話題。

GRID is our GPU accelerated cloud-computing platform.

GRID 是我們的 GPU 加速雲計算平台。

Our invention of the virtual GPU gives OEMs a major weapon to help drive virtualization across every aspect of the enterprise, including desktop PC applications.

我們發明的虛擬 GPU 為 OEM 提供了一種主要武器，可以幫助推動企業各個方面的虛擬化，包括桌面 PC 應用程序。

The number of GRID trials continues to grow strongly, up 46% from last quarter.

GRID 試驗的數量繼續強勁增長，比上一季度增長 46%。

Enterprise IT purchases have a long buying process, but they are long-term and we're looking forward to sharing more when the time comes.

企業 IT 採購有一個漫長的購買過程，但它們是長期的，我們期待在時機成熟時分享更多。

In mobile, we launched our latest Tegra system-on-a-chip at the CES show in January.

在移動領域，我們在一月份的 CES 展會上推出了最新的 Tegra 系統級芯片。

Tegra K1 is our first mobile processor to incorporate the Kepler GPU architecture and is the first mobile processor to deliver PC class graphics.

Tegra K1 是我們第一款採用 Kepler GPU 架構的移動處理器，也是第一款提供 PC 級圖形的移動處理器。

This means we can leverage our investments and those of others in the PC and console ecosystems.

這意味著我們可以利用我們和其他人在 PC 和遊戲機生態系統中的投資。

For example, Epic's Unreal Engine 4 now runs on Tegra K1.

例如，Epic 的 Unreal Engine 4 現在可以在 Tegra K1 上運行。

PC and console game developers can now port modern AAA titles to Android platforms powered by Tegra.

PC 和主機遊戲開發人員現在可以將現代 AAA 遊戲移植到由 Tegra 提供支持的 Android 平台。

Developing Android is a major game platform.

開發Android是一個主要的遊戲平台。

It's an important element of our strategy and we're excited about Unreal Engine running on Tegra K1.

這是我們戰略的一個重要元素，我們對在 Tegra K1 上運行的虛幻引擎感到興奮。

So, too, is Tim Sweeney, founder of Epic games and developer of the Unreal Engine.

Epic 遊戲的創始人和虛幻引擎的開發者 Tim Sweeney 也是如此。

He said he didn't think the industry would be at this level of mobile for another three or four years.

他說，他認為該行業不會在未來三四年內達到這種移動水平。

Tegra K1 is, quite literally, game-changing.

從字面上看，Tegra K1 改變了遊戲規則。

During our CES event we showed Android running on a 64-bit Tegra K1.

在我們的 CES 活動中，我們展示了在 64 位 Tegra K1 上運行的 Android。

The CPU was our own custom Denver core and this was the first time anyone had publicly shown Android running on a 64-bit chip.

CPU 是我們自己定制的 Denver 內核，這是第一次有人公開展示運行在 64 位芯片上的 Android。

We expect devices based on the 32-bit version of Tegra K1 to ship in the first half of 2014 and 64-bit devices in the second half.

我們預計基於 32 位版本 Tegra K1 的設備將在 2014 年上半年出貨，而 64 位設備將在下半年出貨。

Along with PC graphic features, Tegra also brings CUDA to mobile with 192 fully programmable processor cores.

除了 PC 圖形功能外，Tegra 還通過 192 個完全可編程的處理器內核將 CUDA 帶入移動設備。

It could be used to greatly accelerate applications like image recognition or computation or photography.

它可用於極大地加速圖像識別或計算或攝影等應用程序。

For tablets and phones, we can only imagine a future with devices that see your face and adapt to your mood or open a browser in response to a gesture.

對於平板電腦和手機，我們只能想像未來的設備可以看到你的臉並適應你的心情或打開瀏覽器以響應手勢。

For [carts], however, the implications are quite startling.

然而，對於 [carts] 來說，其影響是相當驚人的。

At CES, we demonstrated K1 recognizing, in real-time, the white lines on a road from a video feed.

在 CES 上，我們演示了 K1 從視頻源中實時識別道路上的白線。

It simultaneously identified other vehicles ahead and traffic signs at the side of the road.

它同時識別前方的其他車輛和路邊的交通標誌。

These capabilities are the fundamental building blocks of the advanced driver assistance systems that manufacturers will include in future cars.

這些功能是製造商將在未來汽車中包含的高級駕駛員輔助系統的基本組成部分。

At Audi's CES keynote, where Jen-Hsun spoke, one of their vehicles drove itself onto the stage and Audi announced that Tegra K1 will power its piloted driving and self-parking initiatives.

在 Jen-Hsun 發言的奧迪 CES 主題演講中，他們的一輛車自動駛上舞台，奧迪宣布 Tegra K1 將為其自動駕駛和自動泊車計劃提供動力。

Strategy analytics expects the market for advanced driver assistance systems to be worth around $15 billion by 2016 with a CAGR of 23%.

Strategy Analytics 預計，到 2016 年，高級駕駛輔助系統的市場價值將達到 150 億美元左右，複合年增長率為 23%。

Audi also announced that its next generation in-vehicle systems will be powered by Tegra.

奧迪還宣布，其下一代車載系統將由 Tegra 提供動力。

These include a revolutionary, high-resolution digital cockpit with 3D graphical displays that will start shipping later this year, and an automotive grade smart display running Android for integrated passenger entertainment.

其中包括將於今年晚些時候開始發貨的具有 3D 圖形顯示器的革命性高分辨率數字駕駛艙，以及運行 Android 的汽車級智能顯示器，用於集成乘客娛樂。

Increasingly, the driver of a car is surrounded by pixels and the quality of those pixels communicates as much about the car as once did inlaid walnut and hand-stitched leather.

汽車的駕駛員越來越多地被像素包圍，這些像素的質量與汽車的聯繫程度與以往鑲嵌胡桃木和手工縫製皮革一樣多。

Graphics matters.

圖形很重要。

Ricky Hudi, Audi's Chief Engineer Electrics/Electronics noted that 90% of the innovation in automobiles today involves his field of electrics and electronics.

奧迪電氣/電子部首席工程師 Ricky Hudi 指出，當今汽車 90% 的創新都涉及他的電氣和電子領域。

NVIDIA's automotive initiative is focused squarely at this car revolution.

NVIDIA 的汽車計劃正是專注於這場汽車革命。

As we start fiscal 2015, we have 64% of the PC discrete graphics market, 81% of work station graphics units, and Tesla in pilot projects at 44% of all HPC sites.

從 2015 財年開始，我們擁有 64% 的 PC 獨立顯卡市場、81% 的工作站顯卡單元，而特斯拉在所有 HPC 站點的 44% 的試點項目中處於領先地位。

These numbers are from Mercury IDC and Intersect360, respectively.

這些數字分別來自 Mercury IDC 和 Intersect360。

Tegra 4 has shipped in phones in China and our motive has been certified by both AT&T and Vodafone.

Tegra 4 已在中國出貨，我們的動機已通過 AT&T 和 Vodafone 的認證。

Our automated business has a $2 billion pipeline and we've laid the foundation for the next generation of in-car electronics and advanced driver assistance.

我們的自動化業務擁有 20 億美元的管道，我們為下一代車載電子設備和高級駕駛輔助系統奠定了基礎。

GRID, our first product targeting the enterprise desktop, is being evaluated at hundreds of sites worldwide.

GRID 是我們針對企業桌面的第一個產品，正在全球數百個站點進行評估。

With that, I'd like to turn it over to Jen-Hsun.

有了這個，我想把它交給仁勳。

Before we turn it over to Collette, let me first make a comment about an organization change.

在我們把它交給科萊特之前，讓我先對組織變更發表評論。

Many of you know that Rob Csongor has been recently assigned by me to head up our automotive business.

你們中的許多人都知道 Rob Csongor 最近被我指派負責我們的汽車業務。

Rob Csongor was previously your contact, along with Chris, in IR.

Rob Csongor 之前是你的聯繫人，還有 Chris，在 IR。

I decided to put Rob Csongor in charge of automotive because it is becoming a very large business, and very fast growing business, and also a very important business.

我決定讓 Rob Csongor 負責汽車業務，因為它正在成為一項非常大、增長非常快的業務，也是一項非常重要的業務。

In fact, before I tasked Rob to head up NVIDIA's corporate marketing worldwide, Rob started the automotive business and he ran it for several years.

事實上，在我任命 Rob 領導 NVIDIA 的全球企業營銷之前，Rob 就開始了汽車業務，並經營了幾年。

Now that it is becoming quite a sizable business, with great importance to us and customers all over the world, I've asked Rob to take reigns back again and run our automotive business.

現在它正在成為一個相當大的業務，對我們和世界各地的客戶都非常重要，我已經要求 Rob 重新掌權並經營我們的汽車業務。

He will report directly to me with the new automotive group.

他將在新汽車集團直接向我匯報。

Chris will become the lead of IR.

Chris 將成為 IR 的負責人。

Many of you, most of you, in fact, know Chris very well.

事實上，你們中的許多人，大多數人都非常了解克里斯。

In addition to his masterful ability to read, I just love to listen to him read, he also is one of the people in the graphics industry with an extremely long tenure.

除了他高超的閱讀能力，我就是喜歡聽他看書，他也是圖形行業從業時間極長的人之一。

He knows this market like the back of his hands.

他對這個市場瞭如指掌。

He grew up with this market.

他是伴隨著這個市場長大的。

Long before he was in IR, he was in product marketing, and so he knows this industry very deeply and he knows our Company very deeply.

早在做IR之前，他就是做產品營銷的，所以對這個行業非常了解，對我們公司也非常了解。

I know that many of you have reached out to me and have, over the years, recognized how wonderful it is to work with Chris, and I think all of you would be delighted that he is heading up our IR team now.

我知道你們中的許多人已經聯繫了我，並且多年來認識到與 Chris 一起工作是多麼美妙，我想你們所有人都會很高興他現在領導我們的 IR 團隊。

Okay.

好的。

With that, I'll hand it over to Collette.

有了這個，我會把它交給科萊特。

Thanks, Chris and Jen-Hsun.

謝謝，克里斯和仁勳。

Hello, everyone.

大家好。

Let me provide some details on the quarter and full-year results.

讓我提供有關季度和全年業績的一些細節。

Revenue for the fourth quarter of fiscal 2014 was $1.14 billion, up 9% sequentially and 3% year over year.

2014 財年第四季度的收入為 11.4 億美元，環比增長 9%，同比增長 3%。

Revenue results were well above our outlook for the quarter, reflecting stronger than expected growth in GeForce, GTX, desktop, and notebook GPU sales.

收入結果遠高於我們對該季度的預期，反映出 GeForce、GTX、台式機和筆記本 GPU 銷售的增長強於預期。

The GPU business revenue was $947 million, up 8% from last quarter and 14% year over year.

GPU業務收入為9.47億美元，環比增長8%，同比增長14%。

The GPU revenue increased from last quarter, led by desktops and notebook GPU sales.

GPU 收入較上季度有所增長，主要是台式機和筆記本 GPU 的銷售。

On a year-over-year basis, the increase reflected nearly 50% growth in GeForce, GTX, and GPU sales, as our products were well-positioned for the overall gaming market segment demand.

與去年同期相比，這一增長反映了 GeForce、GTX 和 GPU 銷售額增長近 50%，因為我們的產品已為整體遊戲細分市場的需求做好了準備。

Also Quadro work stations grew 4% and Tesla, for high-performance computing, was up more than 20% year over year.

此外，Quadro 工作站增長了 4%，而用於高性能計算的特斯拉也同比增長了 20% 以上。

Customer evaluations of our GPU accelerated cloud technology, GRID, continued to grow at a fast pace.

客戶對我們的 GPU 加速雲技術 GRID 的評價繼續快速增長。

The Tegra processor business grew 18% from Q3 to $131 million, led by increased volumes for Tegra mobile devices, primarily from Tegra 4 sales to Xiaomi for their M3 smartphone.

Tegra 處理器業務從第三季度增長 18% 至 1.31 億美元，這主要得益於 Tegra 移動設備的銷量增長，主要是從 Tegra 4 向小米的 M3 智能手機銷售。

Tegra infotainment systems for auto increased more than 60% from the year-ago quarter.

用於汽車的 Tegra 信息娛樂系統比去年同期增長了 60% 以上。

Revenue for fiscal 2014 was $4.13 billion, down 3.5%.

2014財年收入為41.3億美元，下降3.5%。

Strength in our high-end GeForce GPUs, Quadro, Tesla, and Tegra for automotive products was partially offset by a decline in the market for desktop PCs and notebooks, which drove a decrease in volumes of our lower priced mainstream GPUs.

我們用於汽車產品的高端 GeForce GPU、Quadro、Tesla 和 Tegra 的優勢被台式 PC 和筆記本電腦市場的下滑部分抵消，這導致我們價格較低的主流 GPU 的銷量下降。

The transition from Tegra 3 generation to Tegra 4 generation of products also contributed to the decline.

從 Tegra 3 代到 Tegra 4 代產品的過渡也導致了下降。

For the quarter, GAAP gross margin was 54.1%.

本季度，GAAP 毛利率為 54.1%。

Non-GAAP gross margin was 53.8%.

非美國通用會計準則毛利率為 53.8%。

The gross margin percent was slightly below our outlook for the quarter, as the mix of Tegra and high margin GPU products was different, reflecting the higher than expected revenue.

毛利率百分比略低於我們對本季度的展望，因為 Tegra 和高利潤率 GPU 產品的組合不同，反映出高於預期的收入。

Gross margin continues to reflect the growth in volumes and stable average selling prices of higher margin GeForce, GTX, GPUs and strong sales of Quadro and Tesla.

毛利率繼續反映利潤率較高的 GeForce、GTX、GPU 的銷量增長和穩定的平均售價，以及 Quadro 和 Tesla 的強勁銷售。

Tegra platforms have lower gross margins than most of our GPUs, thus the mix can fluctuate of gross margin quarter to quarter.

Tegra 平台的毛利率低於我們的大多數 GPU，因此毛利率的組合可能會隨著季度的變化而波動。

For the full year, GAAP and non-GAAP gross margin reached record highs at 54.9% and 55.1%, respectively.

全年，美國通用會計準則和非美國通用會計準則毛利率分別創下 54.9% 和 55.1% 的歷史新高。

GAAP operating expenses for the fourth quarter were $452 million.

第四季度的 GAAP 運營費用為 4.52 億美元。

Non-GAAP operating expenses were $408 million.

非美國通用會計準則運營費用為 4.08 億美元。

Operating expenses came in below our outlook and incorporated leveraged expenses and a slowdown in employing/hiring for the quarter.

運營費用低於我們的預期，並納入了本季度的槓桿費用和僱傭/招聘放緩。

GAAP interest expense for the fourth quarter included an incremental $7 million related to the convertible debt offering, $2 million for the coupon interest and $5 million for the debt discount amortization.

第四季度的 GAAP 利息支出包括與可轉換債券發行相關的 700 萬美元增量、200 萬美元的票面利息和 500 萬美元的債務貼現攤銷。

We expect ongoing quarterly interest expense related to the convertible debt to be about $11 million per quarter, $4 million of coupon interest, and $7 million of debt discount amortization.

我們預計與可轉換債務相關的持續季度利息支出約為每季度 1100 萬美元、400 萬美元的票面利息和 700 萬美元的債務貼現攤銷。

GAAP net income and EPS for the quarter were $147 million and $0.25 per share, reflecting sequential growth of more than 25% as revenue increased and operating expenses were contained.

本季度的 GAAP 淨收入和每股收益為 1.47 億美元和每股 0.25 美元，反映出隨著收入增加和運營費用得到控制，環比增長超過 25%。

Now, turning to some key balance sheet items.

現在，轉向一些關鍵的資產負債表項目。

As previously announced, we completed a convertible debt offering in the fourth quarter of fiscal 2014 for $1.5 billion, with the net proceeds to be used primarily for the repurchase of common stock and quarterly dividend payments.

正如之前宣布的那樣，我們在 2014 財年第四季度完成了 15 億美元的可轉換債券發行，淨收益將主要用於回購普通股和支付季度股息。

We repurchased 2.3 million shares for $37 million in the fourth quarter and a total of 62 million shares for $887 million for the full fiscal year 2014.

我們在第四季度以 3700 萬美元的價格回購了 230 萬股股票，在 2014 年全年以 8.87 億美元的價格回購了 6200 萬股股票。

More than 10% of our shares outstanding have been repurchased since the beginning of fiscal 2014.

自 2014 財年初以來，我們已回購超過 10% 的流通股。

Cash dividends paid during the fiscal year totalled $181 million.

本財年支付的現金股息總額為 1.81 億美元。

Total capital returned to shareholders in fiscal 2014 was $1.068 billion.

2014 財年向股東返還的總資本為 10.68 億美元。

Cash flow from operating activities was $401 million in the fourth quarter of the full year and was $835 million for the full year.

全年第四季度經營活動產生的現金流為 4.01 億美元，全年為 8.35 億美元。

Depreciation and amortization expense for the fourth quarter amounted to $55 million.

第四季度的折舊和攤銷費用為 5500 萬美元。

Capital expenditures were $66 million.

資本支出為 6600 萬美元。

In FY14, we leased and occupied an office building within the boundaries of our main Santa Clara campus and it has balanced the work space needs for our current Santa Clara staff.

2014 財年，我們在聖克拉拉主校區的邊界內租賃並佔用了一座辦公樓，它平衡了我們當前聖克拉拉員工的工作空間需求。

Given that this additional space meets our present needs, this gives us the opportunity to refine the design for the previously announced new campus building to optimize for functionality and cost.

鑑於這個額外的空間滿足了我們目前的需求，這使我們有機會改進先前宣布的新校園建築的設計，以優化功能和成本。

Now, turning to the outlook for the first quarter of FY15, as you will recall, we provide guidance for just the next quarter out, which we believe is helpful to articulate where our future business growth opportunities are.

現在，轉向 2015 財年第一季度的展望，您會記得，我們僅提供下一季度的指導，我們認為這有助於闡明我們未來的業務增長機會在哪裡。

Following the strong revenue results in Q4, our outlook for the first quarter of FY15 is expected to be $1.05 billion, plus or minus 2%.

繼第四季度強勁的收入結果之後，我們對 FY15 第一季度的展望預計為 10.5 億美元，上下浮動 2%。

GAAP and non-GAAP gross margins are expected to be approximately 54.2% and 54.5%, respectively.

GAAP 和非 GAAP 毛利率預計分別約為 54.2% 和 54.5%。

GAAP operating expenses are expected to be approximately $454 million.

GAAP 運營費用預計約為 4.54 億美元。

Non-GAAP operating expenses are expected to be approximately $413 million, nearly flat with the levels of Q4, as we work to optimize and leverage the level of spend to address our growth initiatives.

非 GAAP 運營費用預計約為 4.13 億美元，與第四季度的水平幾乎持平，因為我們努力優化和利用支出水平來解決我們的增長計劃。

GAAP and non-GAAP tax rates for the first quarter and annual FY15 are both expected to be 20%, plus or minus 1%.

第一季度和 FY15 年度的 GAAP 和非 GAAP 稅率預計均為 20%，正負 1%。

If the US R&D tax credit is renewed, the tax rate is expected to be 16%.

如果美國研發稅收抵免續簽，稅率預計為16%。

As previously announced, our capital return strategy for FY15 includes a plan to return $1 billion to shareholders through stock repurchases and cash dividends.

正如之前宣布的，我們 2015 財年的資本回報戰略包括通過股票回購和現金股息向股東返還 10 億美元的計劃。

As in the first quarter, we intend to continue the repurchase of our outstanding shares.

與第一季度一樣，我們打算繼續回購我們的流通股。

With that, let me turn it back to Chris.

有了這個，讓我把它轉回給克里斯。

That concludes our prepared remarks.

我們準備好的發言到此結束。

We'll now take questions.

我們現在來提問。

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。

(Operator Instructions) Ian Ing, MKM Partners.

（操作員說明）Ian Ing，MKM Partners。

In GeForce, is it possible you're seeing some strength from console users switching to PC?

在 GeForce 中，您是否有可能從控制台用戶切換到 PC 時看到一些優勢？

There is this ongoing major console transition, not all backward compatible.

有這種正在進行的主要控制台過渡，並非全部向後兼容。

Seems like some of the game titles, if you listen to GameStop, might have disappointed.

似乎某些遊戲名稱，如果您聽過 GameStop，可能會感到失望。

Ian, I'm not sure about that, but I think that the mega trends associated with gaming is relatively clear now.

伊恩，我不確定，但我認為與遊戲相關的大趨勢現在相對清晰。

The PC platform is the only open platform for gaming and GeForce is obviously very strong within that.

PC 平台是唯一開放的遊戲平台，GeForce 顯然在這方面非常強大。

The open platform allows you to do things, to support genres that are massively online, that are free to play, that have microtransactions for in-game commerce and because it's an open platform, it's supported in every country.

開放平台允許您做事，支持大規模在線、免費遊戲、為遊戲內商業提供微交易的類型，並且由於它是一個開放平台，因此在每個國家/地區都受到支持。

It's supported in China.

在中國是支持的。

It's supported in Russia.

它在俄羅斯得到支持。

We know that there are people who love playing games globally.

我們知道在全球範圍內都有喜歡玩遊戲的人。

Also, because of the global ability to now develop games of different genres and different cultures, we're seeing that games is a global phenomenon now.

此外，由於現在開發不同類型和不同文化遊戲的全球能力，我們看到遊戲現在是一種全球現象。

There's a fair number of fundamental dynamics is that's driving PC gaming growth.

有相當多的基本動力推動了 PC 遊戲的增長。

Then the one that you mentioned recently is important, as well.

那麼你最近提到的那個也很重要。

It's important because for the first time, for the very first time in history, the architecture of a game console is exactly the same as the architecture of a PC.

這很重要，因為有史以來第一次，遊戲機的架構與 PC 的架構完全相同。

Although a PC is still more advanced and it's more open, it's more flexible, the game console titles that are developed, these AAA titles with such enormous production value, the developers can take them to the modern -- the state-of-the-art or next generation game consoles at the same time that they take it to PCs.

儘管PC仍然更先進，更開放，更靈活，但開發的遊戲機遊戲，這些具有巨大生產價值的AAA遊戲，開發人員可以將它們帶到現代--state-of-the-藝術或下一代遊戲機，同時將其帶到 PC 上。

It's great for them because there are only a couple of two, three million next-generation consoles, but there is already a couple of hundred million installed base of PCs.

這對他們來說很棒，因為只有兩三百萬台下一代遊戲機，但已經有幾億台 PC 安裝基數。

They protect themselves that way.

他們以這種方式保護自己。

This generation of transition is really much more friendly to the game developers and as a result, it's much better for PCs as well.

這一代的過渡對遊戲開發者來說確實更加友好，因此對 PC 來說也更好。

Great.

偉大的。

As we look past Chinese New Year, can you talk about Tegra 4's seasonality and diversification and when we can expect some Tegra 4i wins?

當我們回顧農曆新年時，您能談談 Tegra 4 的季節性和多樣化，以及我們什麼時候可以期待一些 Tegra 4i 的勝利？

The next catalyst for Tegra growth driver comes from two places.

Tegra 增長動力的下一個催化劑來自兩個地方。

One of them is TK1, Tegra K1.

其中之一是TK1、Tegra K1。

Tegra K1 is the first time that we've brought our save the yard GPO architecture to Tegra.

Tegra K1 是我們第一次將我們的 save the yard GPO 架構引入 Tegra。

It's such a great discontinuity with 192 fully programmable processor cores that we decided to rename it to Tegra K1 to reflect this continuity.

192 個完全可編程的處理器內核是如此的不連續，我們決定將其重命名為 Tegra K1 以反映這種連續性。

The other component of Tegra K1 is our 64-bit custom Denver processor.

Tegra K1 的另一個組件是我們的 64 位定制丹佛處理器。

People have been really excited about this processor for some time because they know what we're building, I guess, and at this point, based on what I know about the market and what's coming, Denver is likely to be the most advanced 64-bit ARM processor in the world.

一段時間以來，人們一直對這款處理器感到非常興奮，因為他們知道我們正在構建什麼，我猜，在這一點上，根據我對市場和未來的了解，丹佛很可能是最先進的 64-位 ARM 處理器世界第一。

Tegra K1 will, as Chris mentioned earlier, start to ramp in the first half and it will ramp further in the second half.

正如 Chris 之前提到的，Tegra K1 將在上半場開始加速，並在下半場進一步加速。

That's one growth catalyst.

這是一種增長催化劑。

The second is T4i and our modem products, devices with modem in it.

第二個是 T4i 和我們的調製解調器產品，帶有調製解調器的設備。

We're still on track on that.

我們仍在這方面的軌道上。

There is nothing new to report today.

今天沒有新的報導。

We had mentioned earlier that late Q1 or early Q2 was when we expect devices to be announced and I'm looking forward to that and it is still on track.

我們之前曾提到，第一季度末或第二季度初是我們預計將發佈設備的時間，我很期待這一點，而且它仍在進行中。

The third growth catalyst is our automotive business.

第三個增長催化劑是我們的汽車業務。

It has grown to be quite a large business and at a time when the car industry is really going through a Renaissance.

它已經發展成為一個相當大的企業，而且在汽車行業真正經歷復興的時候。

Just as the phone became a smartphone, TVs are becoming smart TVs, these cars are getting revolutionized by computing technology and we're seeing our applications processors being used initially in infotainment.

就像手機變成智能手機一樣，電視正在變成智能電視，這些汽車正在被計算技術徹底改變，我們看到我們的應用處理器最初被用於信息娛樂。

We recently made a big breakthrough and have our processors drive the digital cluster, which for the automotive industry, the cockpit is really important grounds.

我們最近取得了重大突破，我們的處理器驅動了數字集群，對於汽車行業來說，駕駛艙是非常重要的基礎。

Because it's so vital to the driver experience, they're very protective of it.

因為它對駕駛員體驗非常重要，所以他們非常保護它。

We have demonstrated our graphics technology and our software stack is capable of supporting such a mission critical application.

我們已經展示了我們的圖形技術和我們的軟件堆棧能夠支持這樣一個關鍵任務應用程序。

It became a second growth driver for us and now the third, which is using supercomputing technology and the CUDA GPGPU that we invented for autopilot and self-driving cars.

它成為我們的第二個增長動力，現在是第三個，它使用超級計算技術和我們為自動駕駛和自動駕駛汽車發明的 CUDA GPGPU。

Those are the near-term growth catalysts for the Tegra business and I'm looking forward to them.

這些是 Tegra 業務的近期增長催化劑，我很期待它們。

Patrick Wang, Evercore Partners.

帕特里克·王，Evercore Partners。

Jen-Hsun, I'm just curious, when you look at the Tegra-integrated SSC side of things, how do you view that?

Jen-Hsun，我只是好奇，當你看到集成 Tegra 的 SSC 方面時，你怎麼看？

How important is the integrated SSC with regards to your vision for Tegra going forward?

就您對 Tegra 未來的願景而言，集成的 SSC 有多重要？

First of all, mobile is more than phones.

首先，手機不僅僅是手機。

That's just really important to remember.

記住這一點非常重要。

We're starting to see it now.

我們現在開始看到了。

Mobile is both a device, a short for phones.

手機既是一種設備，又是手機的簡稱。

It's also a technology.

這也是一種技術。

People gave it the name of application processor.

人們給它起了應用處理器的名字。

That's an SOC built for low-power applications and people call that mobile, mobile technology.

那是為低功耗應用而構建的 SOC，人們稱之為移動、移動技術。

Mobile is more than phones.

手機不僅僅是手機。

Tegra is designed with a mobile technology sensibility, but it has an application space that's more than phones.

Tegra 的設計具有移動技術敏感性，但它的應用空間不僅僅是手機。

We've only really targeted the super phone segment, since the beginning; our core targets are tablets, gaming set top boxes, gaming smart TVs, and automotive.

從一開始，我們就只針對超級手機市場；我們的核心目標是平板電腦、遊戲機頂盒、遊戲智能電視和汽車。

Those are really our core target markets for Tegra.

這些確實是我們對 Tegra 的核心目標市場。

We'll build the right products for the right time for those markets.

我們將在合適的時間為這些市場打造合適的產品。

That's really our focus.

這確實是我們的重點。

Maybe another way of saying it is, what is our non-focus?

也許換一種說法是，我們的非焦點是什麼？

Our non-focus is mainstream phones.

我們的非重點是主流手機。

We've always been very clear about that.

我們一直很清楚這一點。

Our focus is plenty of growth opportunity for us and it's an area where we can add value and where the unique capabilities of our Company and now with Tegra K1, where we've brought the world's best GPU, it's years ahead of the competition, to the Tegra market, the Tegra opportunity.

我們的重點是我們的大量增長機會，這是我們可以增加價值的領域，也是我們公司的獨特能力以及現在的 Tegra K1，我們帶來了世界上最好的 GPU，它比競爭對手領先數年， Tegra 市場，Tegra 機會。

We're really excited about that.

我們對此感到非常興奮。

Got it.

知道了。

Makes sense.

說得通。

I wanted to talk a little bit about GRID.

我想談談 GRID。

I think it's probably the business line of yours, that's my favorite one.

我想這可能是你的業務線，這是我最喜歡的。

Can you give us some milestones that we should look forward to over the next couple of quarters here?

你能給我們一些里程碑，我們應該在接下來的幾個季度裡期待嗎？

Clearly, there is a lot of demand for virtualizing graphics and VDI.

顯然，對虛擬化圖形和 VDI 的需求很大。

But if you could just kind of maybe play on a couple things we should look for?

但是，如果您可以嘗試一些我們應該尋找的東西？

Thanks.

謝謝。

Yes, I appreciate that, Patrick.

是的，我很感激，帕特里克。

It's one of my favorites, too.

這也是我的最愛之一。

This is an invention that has taken about seven years to do.

這是一項花了大約七年時間完成的發明。

As you know, revolutionized enterprise computing is very, very hard.

如您所知，革命性的企業計算非常非常困難。

The software compatibility challenges, the infrastructure compatibility challenges are truly great and you have to be back where it's compatible since the beginning of time.

軟件兼容性挑戰，基礎設施兼容性挑戰確實很大，你必須回到從一開始就兼容的地方。

GRID has really achieved some really great milestones.

GRID 確實取得了一些非常偉大的里程碑。

In fact, you're seeing it all the time now.

事實上，你現在一直都在看到它。

Now, internally we're tracking trials.

現在，我們在內部跟踪試驗。

We have several hundred trials around the world.

我們在世界各地進行了數百次試驗。

It has grown a lot and it grows every single week.

它已經增長了很多，並且每週都在增長。

You know that the number of OEMs that are following it and supporting it around the world, is it today?

您知道在全球範圍內關注並支持它的 OEM 數量是今天嗎？

VMware and Google announced that they will be streaming desktop applications to devices.

VMware 和谷歌宣布他們將把桌面應用程序流式傳輸到設備上。

You could see that the industry wants to virtualize everything.

你可以看到這個行業想要虛擬化一切。

We've been able to virtualize storage.

我們已經能夠虛擬化存儲。

We've been able to virtualize networks.

我們已經能夠虛擬化網絡。

We've been able to virtualize servers.

我們已經能夠虛擬化服務器。

But we've not really been able to virtualize every aspect of desktop computing.

但是我們還沒有真正能夠虛擬化桌面計算的各個方面。

By being able to virtualize desktop computing, you could put applications of any kind in the cloud and make it available to anybody, anywhere.

通過能夠虛擬化桌面計算，您可以將任何類型的應用程序放在雲中，並使其可供任何人、任何地方使用。

Turning an enterprise PC, a commercial PC into a service, if you will, is quite liberating for enterprises around the world.

如果您願意，將企業 PC、商用 PC 轉變為服務，這對世界各地的企業來說是相當自由的。

I'm quite excited about this and you're seeing milestones being announced all the time.

我對此感到非常興奮，而且您一直在看到里程碑的消息。

This is, of course, a new area for us.

當然，這對我們來說是一個新領域。

It's taken us several years to get here.

我們花了好幾年才到這裡。

But this is really NVIDIA's first enterprise computing product and it's the first product that we've ever had the benefit of the global enterprise sales force of large enterprise companies selling on our behalf.

但這確實是 NVIDIA 的第一款企業計算產品，也是我們第一個受益於代表我們銷售的大型企業公司的全球企業銷售團隊的產品。

I think this is going to be a big opportunity for us.

我認為這對我們來說將是一個巨大的機會。

Mike McConnell, Pacific Crest Securities.

邁克·麥康奈爾，Pacific Crest 證券。

Collette, I'd like to ask about OpEx.

科萊特，我想問一下運營支出。

I think most of us are expecting, in our models for fiscal 2015, a double-digit increase in OpEx.

我想我們大多數人都預計，在我們的 2015 財年模型中，OpEx 會出現兩位數的增長。

It looks like you've shown some pretty good controls here, looking at guidance for the April quarter.

看起來您在這裡展示了一些非常好的控制，查看 4 月季度的指導。

Could you give us an update on how you think OpEx is going to trend for this fiscal year coming?

您能否向我們介紹一下您認為即將到來的本財年 OpEx 的趨勢？

As indicated, at this time we're really looking one quarter out and steady as we go.

如前所述，此時我們真的在尋找四分之一併且在我們前進的過程中保持穩定。

We do take a hard look at this, as we did both in Q4 and in Q1, to really start leveraging and thinking about how well we've done on the employees that we have hired and how we can utilize them well.

正如我們在第四季度和第一季度所做的那樣，我們確實認真研究了這一點，以真正開始利用和思考我們在僱用的員工方面做得如何以及如何很好地利用他們。

More to come later, but at this time, we just have guidance for Q1.

稍後會有更多內容，但此時，我們只有第一季度的指導。

Thank you.

謝謝你。

Okay.

好的。

Jen-Hsun, looking at growth in your desktop business, it looks like you guys put up the strongest year-over-year growth since fiscal 2008.

Jen-Hsun，看看你們台式機業務的增長情況，你們似乎實現了自 2008 財年以來最強勁的同比增長。

I know you've gone through some of the drivers for the gaming market overall.

我知道您已經了解了整個遊戲市場的一些驅動因素。

There had been some discussion, I think, going into the report concerning some shortages that your competitor was experiencing at the high-end of the market.

我認為，關於您的競爭對手在高端市場遇到的一些短缺問題，我認為在報告中進行了一些討論。

I wanted to know how much you think that benefited growth in fiscal Q4 or do you think it was mostly market driven?

我想知道您認為這對第四財季的增長有多大好處，還是您認為這主要是由市場驅動的？

Thanks.

謝謝。

Yes.

是的。

First of all, I'm not sure.

首先，我不確定。

On the other hand, our growth year-over-year is greater than their market share in that segment of the market and so we must be growing the market.

另一方面，我們的同比增長大於他們在該市場領域的市場份額，因此我們必須擴大市場。

Maybe that's the easiest way to think about it.

也許這是最簡單的思考方式。

I think for all intents and purposes, the anecdotal evidence is that we are growing the market; every market, whether it's China, the gaming market is growing.

我認為出於所有意圖和目的，軼事證據是我們正在擴大市場；每個市場，無論是中國，遊戲市場都在增長。

It's growing in two ways: more and more people are playing games, there are more games that are becoming free to play and even though it's free to play, you still need a gaming PC to enjoy it.

它以兩種方式增長：越來越多的人在玩遊戲，越來越多的遊戲變得免費，即使它是免費的，你仍然需要一台遊戲 PC 來享受它。

Also this quarter, the work that we did with the game developer, the largest game developer in the world, Tencent, to produce Blade and Soul was a huge success.

同樣在本季度，我們與遊戲開發商（全球最大的遊戲開發商騰訊）合作製作《劍靈》取得了巨大成功。

We found, together, in China that there is a market for high production value games.

我們一起發現，在中國有高產值遊戲的市場。

High production value usually translates to requiring a great deal of technology.

高產值通常意味著需要大量技術。

You're also, of course, seeing, this last holiday, three very important games show up on the PC; many of which are also available on game consoles because of the dynamic that I mentioned earlier.

當然，您還會看到，在最後一個假期，PC 上出現了三款非常重要的遊戲；由於我之前提到的動態，其中許多也可以在遊戲機上使用。

People are now talking about 100 brand-new games coming out to the new generation of game consoles next year.

人們現在正在談論明年將有 100 款全新遊戲出現在新一代遊戲機上。

Next year may very well be the year where we see more high-production value games than any time in history for the PC.

明年很可能是我們看到 PC 的高產值遊戲比歷史上任何時候都多的一年。

We're quite excited about the high-end segment.

我們對高端市場感到非常興奮。

Suji De Silva, Topeka Capital.

蘇吉·德席爾瓦，托皮卡資本。

Nice job on the quarter.

本季度幹得不錯。

A couple of clarification questions on the Tegra 4i, do you think the superphones will go within modem applications or more integrated -- and I know they'll be ramping up 64-bit, so I'm curious if the app processor alone is good in that market?

關於 Tegra 4i 的幾個澄清問題，你認為超級電話會進入調製解調器應用程序還是更集成 - 我知道它們會增加 64 位，所以我很好奇單獨的應用程序處理器是否很好在那個市場？

Is the 4i applicable to the other target Tegra markets that you described here beyond superphones?

除了超級電話，4i 是否適用於您在此處描述的其他 Tegra 目標市場？

Thanks.

謝謝。

The super phone market is really moving fast.

超級手機市場確實發展迅速。

Integration is sometimes a good thing and integration sometimes hurts you.

集成有時是一件好事，而集成有時會傷害您。

It's just higher risk to integrate four things that need to be state-of-the-art at the same time.

同時集成四個需要最先進技術的東西只會帶來更高的風險。

Some companies use things like tick-tock to articulate the benefit of strategies and methodologies to reduce your risks, some companies like us, we call them ping-pong and we try to reduce our risk by moving one piece at a time.

一些公司使用滴答聲之類的東西來表達降低風險的策略和方法的好處，一些像我們這樣的公司，我們稱之為乒乓球，我們試圖通過一次移動一件來降低風險。

Then you can innovate on a rhythmic and a continued basis, even though the market's moving dramatically.

然後，您可以有節奏地持續創新，即使市場波動劇烈。

Integration sometimes helps you, sometimes it doesn't help you and it's just hard to say.

集成有時對您有幫助，有時對您無濟於事，而且很難說。

Our focus for Tegra is pretty consistent.

我們對 Tegra 的關注非常一致。

We care very much about the superphone segment.

我們非常關心超級電話細分市場。

We care even more about the tablet segment, where we can add even more value because we're a performance-oriented company.

我們更關心平板電腦細分市場，因為我們是一家以性能為導向的公司，因此我們可以在其中增加更多價值。

Gaming, consoles, set top boxes, and of course, automotive where performance and functionality is so important.

遊戲、遊戲機、機頂盒，當然還有性能和功能如此重要的汽車。

Those are really our target markets.

這些確實是我們的目標市場。

Some of them can benefit from Tegra 4i.

其中一些可以從 Tegra 4i 中受益。

Most of them, the large catalyst for our Company going with Tegra has always been about bringing our state-of-the-art GPUs to Tegra.

其中大多數，我們公司與 Tegra 合作的主要催化劑一直是將我們最先進的 GPU 帶到 Tegra。

Finally, this season, this last quarter we were able to announce Tegra K1, which has been a huge endeavor of hours.

最後，在本賽季，也就是最後一個季度，我們能夠發布 Tegra K1，這是一個巨大的努力。

Now, we not only brought the state-of-the-art GPU to the mobile market, we also unified the architecture in our Company.

現在，我們不僅將最先進的 GPU 帶到了移動市場，還統一了公司的架構。

The effort of building Tegra is now even more leveraged than ever before.

構建 Tegra 的努力現在比以往任何時候都更加有效。

We use one unified architecture now, one unified software stack.

我們現在使用一個統一的架構，一個統一的軟件堆棧。

Everything is identical.

一切都是一樣的。

It's very powerful lever for us to expand our GPU market.

這是我們擴展 GPU 市場的非常強大的槓桿。

Okay.

好的。

The gross margin, I know you guys don't want to guide beyond one quarter, but you've done a great job of getting gross margin up here.

毛利率，我知道你們不想超過一個季度，但你們在提高毛利率方面做得很好。

Can you talk about the puts and takes going forward in terms of where gross margin could potentially go?

你能談談毛利率可能走向何方的看跌期權嗎？

Is it really just mix or are there other factors we should be aware of in terms of secular improvements?

真的只是混合，還是在長期改善方面我們應該注意其他因素？

Thanks.

謝謝。

Yes, let me comment about the gross margin.

是的，讓我評論一下毛利率。

As you can see, our businesses tend to differ quarter to quarter in terms of that mix.

如您所見，我們的業務在這種組合方面往往會因季度而異。

I think our ASPs have been extremely solid over a long period of time and we do expect that to continue.

我認為我們的 ASP 在很長一段時間內都非常穩定，我們確實希望這種情況繼續下去。

When we think about our high growth businesses, particularly in the professional, the enterprise, and the GRID, which have very nice margins above our overall company average and just seeing how those play out, as they can be influenced by very large deals.

當我們考慮我們的高增長業務時，特別是在專業、企業和 GRID 方面，它們的利潤率非常高，高於我們公司的整體平均水平，只是看看這些業務如何發揮作用，因為它們可能會受到非常大的交易的影響。

As you can see, just finishing the Q4 and our overall GeForce, GTX business and its tremendous success did have a change in terms of our overall gross margins.

如您所見，剛剛完成第四季度和我們的整體 GeForce、GTX 業務及其巨大成功確實對我們的整體毛利率產生了變化。

As I spoke, the overall Tegra business has slightly lower gross margins.

正如我所說，整體 Tegra 業務的毛利率略低。

Again, depending on the volumes of what percentage that business is of our total, we'll have an influence.

同樣，根據該業務占我們總數的百分比，我們將產生影響。

But we're extremely pleased in terms of the progress that we made on gross margins for the full year, FY14 and where it's leading.

但我們對我們在 2014 財年全年毛利率方面取得的進展及其領先水平感到非常高興。

Heading into Q1, I think it looks very solid as well.

進入第一季度，我認為它看起來也很穩固。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Congratulations on the strong results.

祝賀你取得了不錯的成績。

I was wondering if you could maybe address the Tegra business for a moment?

我想知道您是否可以暫時談談 Tegra 業務？

Could you talk about whether from here you'd expect it to decline more or less seasonally than the rest of the business into Q1?

您能否談談從這裡開始，您是否預計它會比第一季度的其他業務或多或少地季節性下降？

Do you think it's going to be likely the October quarter that we'd see a meaningful pickup by the new generation design wins or do you think it's possible it could happen in the July quarter?

您是否認為 10 月季度我們會看到新一代設計獲勝的有意義的回升，或者您認為這有可能發生在 7 月季度？

Yes, Jim.

是的，吉姆。

Thanks a lot.

非常感謝。

The growth drivers, the next catalyst for growth for us are the three that I mentioned.

增長驅動力，我們下一個增長催化劑是我提到的三個。

Tegra K1 and T4i devices coming to market and other modem devices coming to market and our automotive business.

即將上市的 Tegra K1 和 T4i 設備以及即將上市的其他調製解調器設備以及我們的汽車業務。

Those are the three near-term catalysts for growth.

這是增長的三個近期催化劑。

They really kick in starting in late Q1, mostly in Q2, and then very largely in Q3.

他們真正開始在第一季度末開始，主要是在第二季度，然後大部分是在第三季度。

That's kind of the way to think about it.

這是一種思考方式。

Overall, for our Q1 guidance, seasonality aside, we're growing Q1 year-over-year at 10%.

總體而言，對於我們的第一季度指導，除季節性因素外，我們第一季度的年增長率為 10%。

We're seeing nice growth across the board for the Company.

我們看到公司全面增長。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

I was wondering if you can maybe comment on, within the professional space, the Tesla piece, in particular, obviously, that can be lumpy driven by some specific data center and other large-scale deployments.

我想知道您是否可以在專業領域評論特斯拉的作品，特別是顯然，這可能會受到某些特定數據中心和其他大規模部署的影響。

What's your level of visibility on the Tesla piece of business as you head throughout the year?

在您全年的工作中，您對特斯拉業務的了解程度如何？

There's partly supercomputing business and they tend to be lumpy.

部分是超級計算業務，而且它們往往是塊狀的。

The second part of it is enterprise business and we tend to have visibility out quite a long time.

第二部分是企業業務，我們往往會在很長一段時間內保持知名度。

The third part of it is really about expanding Tesla into new fields of use; one of the most important commercial large-scale simulation software packages in the world is ANSYS FLUENT.

第三部分真的是關於將特斯拉擴展到新的使用領域；世界上最重要的商業大型仿真軟件包之一是 ANSYS FLUENT。

I don't know how many companies use it, but I surely know we use it and most manufacturing companies in the world use it and this is a piece of software that is vital to the industrial economy.

我不知道有多少公司在使用它，但我肯定知道我們在使用它，世界上大多數製造公司都在使用它，這是一款對工業經濟至關重要的軟件。

Finally, we've been able to accelerate and port FLUENT on to CUDA.

最後，我們能夠加速 FLUENT 並將其移植到 CUDA。

This is a multi-year effort for us.

這對我們來說是多年的努力。

This was a very, very significant announcement.

這是一個非常非常重要的公告。

We're super, super excited about it.

我們對此非常非常興奮。

This opens up a new field of use.

這開闢了一個新的使用領域。

There are applications like that, that are cropping out of the woodworks all over the place and the reason for that is because I think that accelerated computing with CUDA has really reached a tipping point; that it's no longer whether this computing model is viable.

有這樣的應用程序，到處都是木製品，其原因是因為我認為使用 CUDA 的加速計算確實達到了一個臨界點。不再是這種計算模型是否可行。

It's no longer whether this computing model is going to be around.

這種計算模型是否會存在不再是問題。

Those are foregone conclusions.

這些都是既定的結論。

It is now how quickly can I port my application so that I can accelerate it and have a competitive advantage?

現在，我可以多快移植我的應用程序，以便我可以加速它並擁有競爭優勢？

Chris Caso, Susquehanna Financial Group.

克里斯·卡索，薩斯奎漢納金融集團。

Given the comments about some of the Tegra drivers starting here in late Q1, are we to take that, that helps to offset some of the seasonality in the Tegra business, such that we take a look at your guidance, we should expect the GPU and the Tegra business down in about equal percentages as we look into the April quarter?

鑑於從第一季度末開始對一些 Tegra 驅動程序的評論，我們是否採取這種做法，這有助於抵消 Tegra 業務中的一些季節性因素，因此我們看看您的指導，我們應該期待 GPU 和在我們展望 4 月季度時，Tegra 業務的下降幅度大致相同？

Chris, you know we guide one quarter at a time and we're quite happy with the guidance that we provided.

克里斯，你知道我們一次指導一個季度，我們對我們提供的指導非常滿意。

When Q2 comes along, we'll guide that.

當第二季度到來時，我們將指導這一點。

No, I'm sorry, I was referring to the first quarter.

不，對不起，我指的是第一季度。

The first quarter is, Chris, what Collette just guided.

第一節是，克里斯，科萊特剛剛指導的。

What was the question?

問題是什麼？

Maybe Collette can handle it.

也許科萊特可以應付。

Yes.

是的。

As we look into Q1, the overall revenue guidance about a 10% growth over the prior year.

當我們查看第一季度時，整體收入指引比上一年增長約 10%。

We're seeing a definite strength year-over-year, particularly in our enterprise business, which we will definitely see continue, our GPU, in terms of what we've seen, in terms of GeForce.

就我們所見，就 GeForce 而言，我們每年都看到了一定的實力，尤其是在我們的企業業務中，我們肯定會看到我們的 GPU 繼續保持這種實力。

But we do expect there is a sequential decline from Q4 in overall desktop and notebook shipments.

但我們確實預計整體台式機和筆記本電腦的出貨量將從第四季度開始連續下降。

That is baked in there from a sequential standpoint.

從順序的角度來看，這是在那裡烘焙的。

We'll see how the quarter goes in terms of Tegra.

我們將看看本季度在 Tegra 方面的表現。

We feel pretty solid about the levels that we ended in Q4 and what we see heading into Q1.

我們對我們在第四季度結束的水平以及我們在第一季度看到的水平感到非常穩定。

But that's all taken into account into that guidance of [1050].

但這都考慮到了[1050]的指導。

All right.

好的。

That's very helpful.

這很有幫助。

I apologize if I was unclear with the question.

如果我不清楚這個問題，我很抱歉。

As I look forward with the buyback that you have right now, could you clarify where your onshore cash sits now after you've completed the convert?

當我期待您現在的回購時，您能否在完成轉換後澄清您的境內現金現在在哪裡？

The additional net aspect of the convert as we added $1.5 billion and we're sitting at about the same amount of US cash as we were before.

轉換的額外淨方面是我們增加了 15 億美元，我們的美國現金數量與以前大致相同。

We're now probably well over the $2 billion level in the US right now as we are entering into Q1.

隨著我們進入第一季度，我們現在可能遠遠超過美國 20 億美元的水平。

Thanks.

謝謝。

Kevin Cassidy, Stifel Nicolaus.

凱文·卡西迪，斯蒂菲爾·尼古拉斯。

Congratulations on a great quarter.

祝賀一個偉大的季度。

In the quarter, though, you had said Quadro business was down quarter-over-quarter.

不過，在本季度，您曾說過 Quadro 的業務環比下降。

Was that seasonality or was it just that the third quarter was such a strong quarter?

是季節性因素還是只是第三季度如此強勁的季度？

I think it can be a little bit of both.

我認為兩者都可以。

As you know, in the Q3, we did, at that time, Kevin, announced a new product launch at that point; extremely well received.

如您所知，在第三季度，我們確實在那個時候，凱文宣布了新產品的發布；非常受歡迎。

Also well received as we go into Q4.

在我們進入第四季度時也很受歡迎。

Not a material change in terms of that sequential decline and we feel very good going into the new year with it, as well.

就連續下降而言，這並沒有實質性的變化，我們在新的一年裡也感覺很好。

But thanks, Kevin.

但是，謝謝，凱文。

Okay.

好的。

Great, thanks.

太謝謝了。

As a follow-up, you've had the GPU licensing business open for awhile and I just want to know if you've got anything in the pipeline or any views you can give us for 2014 on the GPU licensing?

作為後續行動，您的 GPU 許可業務已經開放了一段時間，我只是想知道您是否有任何關於 2014 年 GPU 許可的計劃或意見？

Yes, Kevin.

是的，凱文。

Thanks for that question.

謝謝你的問題。

You know that NVIDIA is a core technology company and we invented the GPU.

你知道 NVIDIA 是一家核心技術公司，我們發明了 GPU。

We invented GPGPU and now we invented for virtualization of GPUs and our Company has over 7,000 patents granted and approved and granted and filed.

我們發明了 GPGPU，現在我們發明了用於 GPU 的虛擬化，我們公司擁有超過 7,000 項已授予和批准、授予和歸檔的專利。

Technology licensing is an important part of our Company's strategy and it's a part of our strategy that we've implemented for some time.

技術許可是我們公司戰略的重要組成部分，也是我們實施了一段時間的戰略的一部分。

These discussions take a long time and it's always unpredictable.

這些討論需要很長時間，而且總是不可預測的。

We're patient.

我們很有耐心。

We know how important GPUs are.

我們知道 GPU 的重要性。

We know how many companies in the world now utilize GPUs.

我們知道世界上有多少公司現在使用 GPU。

We know how fundamental our technology patents are.

我們知道我們的技術專利有多麼重要。

The question that you asked also includes the fact that we, in July, I think it was, of last year, we announced that we would also open up our GPU technology, GPU designs to be incorporated in the products of large third-party vertically integrated companies.

你問的問題還包括我們在 7 月，我想是，去年，我們宣布我們還將開放我們的 GPU 技術，GPU 設計將被整合到大型第三方的產品中綜合性公司。

That strategy is very important to us and we're making our latest generation GPUs available to them and discussions are happening and they'll take time.

該策略對我們非常重要，我們正在向他們提供最新一代的 GPU，並且正在進行討論，他們需要時間。

This is not something that happens very quickly because it includes people's methodologies and designing it into their workflow.

這不會很快發生，因為它包含了人們的方法並將其設計到他們的工作流程中。

But we add so much value here and this is something that I think we have a real great opportunity to find new growth venues for our Company.

但我們在這裡增加了很多價值，我認為這是我們為公司尋找新增長點的真正絕佳機會。

Okay.

好的。

Thank you.

謝謝你。

Blayne Curtis, Barclays.

布萊恩·柯蒂斯，巴克萊。

Congrats on a great quarter.

祝賀一個偉大的季度。

This is Chris Hemmelgarn on for Blayne Curtis.

這是 Blayne Curtis 的 Chris Hemmelgarn。

Just one quick question for you Jen-Hsun, could you rank, I think you did this last quarter, but just talk about how you would rank order your growth opportunities in 2014?

給你一個簡單的問題 Jen-Hsun，你能排名嗎，我想你在上個季度做了這個，但談談你如何對 2014 年的增長機會進行排名？

Yes.

是的。

Chris, first of all, thanks.

克里斯，首先，謝謝。

It depends on whether it's percentage or dollars and if it's dollars, I would say Tegra's up there.

這取決於是百分比還是美元，如果是美元，我會說 Tegra 在上面。

If it's percentage, GRID is up there.

如果是百分比，那麼 GRID 就在那裡。

If it's kind of between percentage and dollars, I would say Tesla is up there because Tesla is already a large business.

如果它介於百分比和美元之間，我會說特斯拉在那裡，因為特斯拉已經是一家大型企業。

Tesla and auto both are large businesses and have large growth opportunities.

特斯拉和汽車都是大企業，都有很大的增長機會。

That's kind of the way I would do it.

這就是我會做的方式。

In terms of absolute dollars, GTX is up there, too.

就絕對美元而言，GTX 也是如此。

Gaming is up there, too.

遊戲也在那裡。

It depends on whether we're talking about dollars or percentages.

這取決於我們談論的是美元還是百分比。

So things look pretty good across the board?

所以一切看起來都不錯？

That's helpful.

這很有幫助。

Could you just talk a little more about your long-term expectations for both SHIELD and then products like Ouya?

您能否多談談您對 SHIELD 和歐亞等產品的長期期望？

Tegra K1's pretty capable.

Tegra K1 非常有能力。

It certainly seems like there's some opportunity to displace console gaming your mobile chips.

似乎有一些機會可以取代您的移動芯片的控制台遊戲。

Your thoughts long-term there?

你的想法長期存在嗎？

Yes.

是的。

You know that SHIELD is core to our strategy to cultivate, to develop gaming on the Android platform.

您知道 SHIELD 是我們在 Android 平台上培養和開發遊戲的戰略的核心。

We believe that Android is going to be one of the most important computing platforms in the future, if not already now.

我們相信 Android 將成為未來最重要的計算平台之一，如果不是現在的話。

It's available in every country.

它在每個國家/地區都可用。

It's available on all kinds of devices.

它適用於各種設備。

Because it's an open platform, allows for open innovation in a lot of industries.

因為它是一個開放平台，允許在許多行業進行開放式創新。

Gaming is very important to us.

遊戲對我們來說非常重要。

Where there are high production value games, there typically is great demand for GPUs, great demand for visual computing expertise like ours.

在有高產值遊戲的地方，通常對 GPU 的需求很大，對像我們這樣的視覺計算專業知識的需求也很大。

We could add a lot of value in gaming.

我們可以在遊戲中增加很多價值。

The Android market has a lot of phones, but it doesn't have a lot of genuinely good gaming platforms.

Android 市場有很多手機，但沒有很多真正好的遊戲平台。

That's one of the reasons why we decided to build SHIELD.

這也是我們決定打造 SHIELD 的原因之一。

The reception of SHIELD is really fantastic.

SHIELD 的接待真的很棒。

People who have used it love it.

用過的人都喜歡。

I'm really delighted by the capabilities of our Company to build devices and people who have enjoyed it, love to build quality.

我對我們公司製造設備的能力感到非常高興，並且喜歡它的人喜歡製造質量。

We're modest about the revenues from it.

我們對它的收入持謙虛態度。

We're modest about its distribution, because it's something that we're still learning.

我們對其分佈持謙虛態度，因為它是我們仍在學習的東西。

But it's important to our strategy for gaming.

但這對我們的遊戲策略很重要。

At this point, there is more and more and more evidence that gaming is going to be very important for Android.

在這一點上，越來越多的證據表明遊戲對 Android 來說將非常重要。

I'm delighted that SHIELD has been the spear point, if you will, that makes great games available on Android.

我很高興 SHIELD 成為了在 Android 上提供出色遊戲的先鋒，如果您願意的話。

Ambrish Srivastava, BMO.

Ambrish Srivastava，BMO。

On GRID, could you just provide us with a frame of reference?

關於 GRID，您能給我們提供一個參考框架嗎？

When you started on this endeavor versus where you are today, has it surpassed all your wild expectations in terms of the trials you are having?

當您開始這項努力時，與您今天所處的位置相比，就您所面臨的考驗而言，它是否超出了您所有的瘋狂期望？

More importantly, on the revenue side, you mentioned percentage-wise it's going to grow.

更重要的是，在收入方面，您提到按百分比計算它會增長。

But just help us understand when does it become a meaningful portion and then just also in terms of size?

但只是幫助我們了解它何時成為有意義的部分，然後也只是在大小方面？

Thanks.

謝謝。

The market opportunity for GRID is several, several different applications.

GRID 的市場機會是多種不同的應用。

Probably the single largest application is enterprise virtualization.

可能最大的單一應用是企業虛擬化。

Enterprise virtualization is a major thrust and has been a major thrust in enterprise IT for the last 10 years.

企業虛擬化是一個主要推動力，並且在過去 10 年中一直是企業 IT 的主要推動力。

Not only is it great for productivity, it's great for cost effectiveness so that you can aggregate resources in the data center.

它不僅對生產力很有幫助，而且對成本效益也很有幫助，因此您可以在數據中心聚合資源。

It's great for manageability.

它非常適合可管理性。

It's great for security.

這對安全很有好處。

But there's one class of computing in all enterprises that's not been able to be virtualized and that's your desktop PC and all of the applications that are associated with it.

但在所有企業中，有一類計算無法實現虛擬化，那就是您的台式 PC 以及與之相關的所有應用程序。

GRID makes it possible for us now to virtualize desktop PC applications and literally stream it to you like we stream Netflix to you.

GRID 使我們現在可以虛擬化桌面 PC 應用程序並將其流式傳輸給您，就像我們將 Netflix 流式傳輸給您一樣。

We can stream it to you from anywhere.

我們可以從任何地方流式傳輸給您。

The wonderful thing about GRID is it's compatible with every and any PC application that we know of.

GRID 的美妙之處在於它與我們所知道的所有 PC 應用程序兼容。

That's one application.

那是一個應用程序。

Another application is cloud gaming.

另一個應用是雲遊戲。

We're delighted that cloud computing infrastructure is getting more capable.

我們很高興雲計算基礎設施的功能越來越強大。

Broadband is getting more available.

寬帶越來越可用。

Those things are becoming more and more commoditized.

這些東西正變得越來越商品化。

Over time, it stands to reason we should be able to enjoy even the most heavy of PC applications, which is games, on any device and anywhere you like to enjoy it.

隨著時間的推移，我們理所當然地應該能夠在任何設備上以及您喜歡的任何地方享受最繁重的 PC 應用程序，即遊戲。

The third has to do with GRID being used for computing in the cloud.

第三個與 GRID 用於雲計算有關。

It could be used for image processing as more and more videos and images are being uploaded into the cloud.

隨著越來越多的視頻和圖像被上傳到雲端，它可以用於圖像處理。

Our GPUs are incredible at image processing.

我們的 GPU 在圖像處理方面令人難以置信。

When you think about all of these different applications in aggregate, the GPU could be quite a successful processor for data centers and cloud.

當你綜合考慮所有這些不同的應用程序時，GPU 可能是一個非常成功的數據中心和雲處理器。

In time, it will be quite large.

隨著時間的推移，它會相當大。

But if you look at where it is today, it's probably a couple years behind Tesla.

但如果你看看它今天的位置，它可能比特斯拉落後幾年。

If you think about where we are with Tesla a couple years ago and now it's a multi-hundred million dollar business.

如果你想想幾年前我們與特斯拉的關係，現在它是一項價值數億美元的業務。

It's a couple years behind.

它落後了幾年。

But at some point, both businesses have the opportunity to be very, very large.

但在某些時候，兩家企業都有機會變得非常非常大。

That's helpful.

這很有幫助。

Its our data center initiatives.

這是我們的數據中心計劃。

Christopher Rolland, FBR Capital.

FBR Capital 的克里斯托弗·羅蘭。

Congrats on the strong results.

恭喜取得了不錯的成績。

Can you guys talk perhaps about your cash position?

你們能談談你的現金狀況嗎？

You guys had a ton of cash on your balance sheet before the convert.

在轉換之前，你們的資產負債表上有大量現金。

Perhaps there's not too much of a good thing.

也許沒有太多的好事。

But can you talk about your minimum cash needs?

但是你能談談你的最低現金需求嗎？

Why they might be so high?

為什麼他們可能這麼高？

Then talk about your appetite or strategy for acquisitions?

然後談談你對收購的興趣或策略？

Our cash position was influenced a little bit about where that cash was.

我們的現金頭寸受到現金在哪裡的影響。

Our cash position is about the same.

我們的現金狀況大致相同。

If you look at it as a net position, after looking at the convertible that we executed in Q4, the convertible was really to take care of the ability to be able to be able to use that cash in the US.

如果您將其視為淨頭寸，那麼在查看我們在第四季度執行的可轉換債券之後，可轉換債券實際上是要照顧能夠在美國使用該現金的能力。

We're sitting on the cash in the US with a full plan to return that to shareholders in FY15 and beyond; both through our share repurchases program, as well as also our cash dividends that we have from a quarterly basis.

我們在美國坐擁現金，併計劃在 2015 財年及以後將其返還給股東；通過我們的股票回購計劃，以及我們每季度獲得的現金股息。

We don't necessarily comment on our overall cash needs.

我們不一定評論我們的整體現金需求。

We don't really talk about our overall acquisition or if there was an acquisition at this time.

我們並沒有真正談論我們的整體收購或此時是否有收購。

Steady as we go.

我們走時穩住。

We feel that the $1 billion return to shareholders in FY15 is a very, very solid matching number to FY14 and we'll talk further after we get through the fiscal year.

我們認為2015財年10億美元的股東回報與2014財年非常、非常穩定，我們將在本財年結束後進一步討論。

Okay.

好的。

Great.

偉大的。

It kind of seems like maybe you're hinting at maybe something more than $1 billion for 2015?

似乎你在暗示 2015 年可能會超過 10 億美元？

Maybe some sort of an acceleration there given the cash?

考慮到現金，可能會有某種加速？

It seems like the sequential revenue drop in 1Q was a little more than many of us had expected.

第一季度收入的連續下降似乎比我們許多人的預期要多一些。

What's driving the delta there?

是什麼推動了那裡的三角洲？

Is it just a function of a maybe a weaker than expected PC market and perhaps even sub seasonal or is there something else going on there?

這僅僅是因為個人電腦市場可能比預期的要弱，甚至可能是次季節性的，還是那裡發生了其他事情？

Chris, I'll let Collette get back on and talk about the cash question again, but let me first comment about Q1.

克里斯，我會讓科萊特重新開始討論現金問題，但讓我先評論一下第一季度。

First of all, our GPU position is stronger than any time in our history.

首先，我們的 GPU 地位比我們歷史上任何時候都要強大。

Whether it's GeForce for gaming and all of the innovations we have there and all the ground-breaking work that we're doing there, whether it's GRID, where we invented virtual GPUs, and is now strike right in the middle of enterprise virtualization initiatives all over the world, to Tesla, which where we invented GPGPU and using our processors for massively parallel computing.

無論是用於遊戲的 GeForce，還是我們在那裡的所有創新，以及我們在那裡所做的所有突破性工作，無論是我們發明虛擬 GPU 的 GRID，還是現在正處於企業虛擬化計劃中間的所有在世界各地，到特斯拉，在那裡我們發明了 GPGPU 並使用我們的處理器進行大規模並行計算。

Our position and our contributions in visual computing is stronger than ever before.

我們在視覺計算方面的地位和貢獻比以往任何時候都要強大。

With Tegra K1, we brought that exact same state-of-the-art GPU architecture to mobile.

借助 Tegra K1，我們將完全相同的最先進 GPU 架構引入移動設備。

Our position in GPU is just stronger than ever before.

我們在 GPU 中的地位比以往任何時候都強。

We guided what we guided in Q1.

我們指導了我們在第一季度的指導。

We're growing relative to last year, 10%.

相對於去年，我們增長了 10%。

Then we'll come back and see how it turns out.

然後我們會回來看看結果如何。

You asked a question about acquisition.

你問了一個關於收購的問題。

If you take a look at our Company, we're comfortable acquiring.

如果你看看我們的公司，我們很樂意收購。

We're also extremely comfortable innovating.

我們也非常樂於創新。

This is one of the most inventive companies I'm sure that you see in technology.

我相信這是您在技術領域看到的最具創造力的公司之一。

We invented some very important and fundamental technologies that influences industries large and wide today.

我們發明了一些非常重要和基礎的技術，這些技術影響了當今廣泛而廣泛的行業。

We think about R&D and M&A in very similar ways, except unlike many companies, we have fundamental ability to be very inventive.

我們以非常相似的方式思考研發和併購，除了與許多公司不同的是，我們具有非常有創造力的基本能力。

That's one of the reasons why our R&D budget is a little higher.

這也是我們研發預算略高的原因之一。

In total aggregate, when you think about the investments that we've made in aggregate between R&D and M&A, we're right there with many companies.

總體而言，當您考慮我們在研發和併購之間進行的總體投資時，我們與許多公司在一起。

Our ratio for internal R&D, of course, is higher, but that's just because we have some of the world's best in visual computing.

當然，我們的內部研發比例更高，但這僅僅是因為我們擁有一些世界上最好的視覺計算。

We are the best visual computing company ever.

我們是有史以來最好的視覺計算公司。

The people who love doing this work want to do their life's work here on this platform.

喜歡做這項工作的人想在這個平台上做他們一生的工作。

We're very flexible with that.

我們對此非常靈活。

Lastly, I will hand it back to Collette.

最後，我會把它還給科萊特。

Yes.

是的。

Regarding the cash of whether or not we would change our plans, given it's really early in the fiscal year, I think we're comfortable with where we stand at $1 billion.

關於我們是否會改變我們的計劃的現金，鑑於現在真的是本財年的早期，我認為我們對我們目前的 10 億美元感到滿意。

But, Chris, we'll address it again as the year goes by.

但是，克里斯，隨著時間的流逝，我們將再次解決這個問題。

Okay.

好的。

Thanks, guys.

多謝你們。

Congrats, again.

再次恭喜。

Betsy Van Hees, Wedbush Securities.

Betsy Van Hees，韋德布什證券公司。

Congratulations on a great quarter and really strong guidance in what is always a seasonally down quarter.

祝賀一個偉大的季度，並在季節性下降的季度中提供了非常強大的指導。

There's been a lot of questions about the guidance, as I'm looking at it you guided revenue down 10% to 6%.

關於指導存在很多問題，因為我正在查看它，您指導收入下降了 10% 到 6%。

Given this is always a seasonally weak quarter for the entire industry, is it fair to say as we look at your GPU business, it's going to kind of be down not much more in the lower end of your range, the 6%, but given the seasonality of Tegra and the fact that it's so tied to the mobile devices and we're in this new lull as new products are going to be announced, that it's going to be greater than the 10%?

鑑於對於整個行業來說，這始終是一個季節性疲軟的季度，公平地說，當我們查看您的 GPU 業務時，它在您的範圍的下端（6%）不會下降太多，但考慮到Tegra 的季節性以及它與移動設備密切相關的事實，我們正處於新產品即將發布的新平靜中，它會超過 10%？

Is that kind of a fair way for us to look at it?

這是我們看待它的公平方式嗎？

As we look at Q1, again, the changes between those businesses could definitely occur.

當我們再次查看第一季度時，這些業務之間的變化肯定會發生。

You are correct to say that seasonally, on the GPU business, it usually does come down in Q1 associated with the general desktop and/or notebooks.

您說對了，季節性地，在 GPU 業務上，它通常會在與通用台式機和/或筆記本電腦相關的第一季度下降。

That's incorporated in there.

那是在裡面合併的。

We still have some high-growth businesses.

我們仍然有一些高增長的業務。

Those have been not necessarily following the seasonal trends.

這些不一定遵循季節性趨勢。

We do expect that in terms of on the GPU business.

我們確實希望在 GPU 業務方面做到這一點。

Then Tegra, as we see right now, steady as we go.

然後，正如我們現在所看到的，Tegra 在我們前進的過程中保持穩定。

We're not, at this time, providing very specific guidance on each of those as we have a couple of ranges for each of those businesses we look at our guidance.

目前，我們還沒有為每一個提供非常具體的指導，因為我們為我們所查看的指導中的每一個業務都有幾個範圍。

Okay.

好的。

Thanks, Collette.

謝謝，科萊特。

My next question, Collette, is for you on the balance sheet.

科萊特，我的下一個問題是關於資產負債表的。

You've been doing a great job there and especially with the days of inventory continue to go down.

你在那裡做得很好，尤其是隨著庫存天數繼續下降。

I was wondering if you could remind us what is a healthy level of days of inventory for you guys?

我想知道你能否提醒我們你們的庫存天數是多少？

You're at 67 days.

你67天了。

Is that where you want to run or do you want to be lower than that?

那是你想跑的地方還是你想低於那個地方？

You are correct, Betsy, that we are at some continued improvement in terms of our overall inventory levels.

Betsy，您說得對，我們的整體庫存水平正在持續改善。

We watch it quite closely.

我們非常仔細地觀察它。

It really just is a factor, a lot of times, in terms of when the availability of our chips are.

很多時候，就我們芯片的可用性而言，這實際上只是一個因素。

We do have to watch that carefully, that it may not just always go lower and lower and just based on when we come out with new products.

我們確實必須仔細觀察，它可能並不總是越來越低，而且只是基於我們何時推出新產品。

We're very pleased, at least, with where it is right now.

至少，我們對它現在的位置感到非常高興。

Yes, we do, as an overall finance team, watch that quite carefully.

是的，作為一個整體財務團隊，我們確實會非常仔細地觀察這一點。

Once again, congratulations on a great quarter and guidance.

再次祝賀您取得了出色的季度和指導。

Thanks everyone.

感謝大家。

We look forward to talking to you next time on our Q1 earnings call.

我們期待下次在第一季度財報電話會議上與您交談。

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 line.

我們感謝您的參與，並請您斷開您的線路。