輝達 (NVDA) 2015 Q2 法說會逐字稿

Good afternoon. My name is Colin and I will be your conference operator today. At this time, I would like to welcome everyone to the NVIDIA financial results conference call.

下午好。我叫 Colin，今天我將擔任您的會議接線員。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 would now turn the call over to Mr. Chris Evenden, Senior Director for Investor Relations with NVIDIA. Sir, you may begin your conference.

我現在將把電話轉給 NVIDIA 投資者關係高級總監 Chris Evenden 先生。先生，您可以開始您的會議了。

Thanks, Colin. Good afternoon, everyone, and welcome to NVIDIA's conference call for the second quarter of FY15. With me on the call today from NVIDIA are Jen-Hsun Huang, President and Chief Executive Officer; and Colette Kress, Executive Vice President and Chief Financial Officer. After our prepared remarks we'll open up the call to a question-and-answer session. Please limit yourself to one initial question with one follow-up.

謝謝，科林。大家下午好，歡迎參加 NVIDIA 2015 財年第二季度電話會議。 NVIDIA 總裁兼首席執行官黃仁勳今天與我通話；和 Colette Kress，執行副總裁兼首席財務官。在我們準備好發言之後，我們將打開電話問答環節。請把自己限制在一個初始問題和一個後續問題上。

Before we get 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. A replay of the conference call will be available via telephone until August 14, 2014. And the webcast will be available for replay until our conference call to discuss our financial results for the third quarter of FY15. The content of today's conference call is NVIDIA's property and can not be reproduced or transcribed without our prior written consent. Beginning in September, we will start to use our Company blog and Twitter to inform investors about our participation in upcoming investor and Industry conferences. The next conference for NVIDIA will be the Oppenheimer conference next week on August 12.

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。電話會議的重播將在 2014 年 8 月 14 日之前通過電話進行。網絡直播將在我們討論 FY15 財年第三季度財務業績的電話會議之前進行重播。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。從 9 月開始，我們將開始使用公司博客和 Twitter 向投資者通報我們參加即將舉行的投資者和行業會議的情況。 NVIDIA 的下一次會議將是下週 8 月 12 日的奧本海默會議。

During the course of the call we may make forward look statements based on current expectations. These forward-looking statements are subject to a number of significant risks and uncertainties and our actual results may differ materially. 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 April 27, 2014 and the reports we may file from time to time on Form 8-K, filed with the Securities and Exchange Commission.

在電話會議期間，我們可能會根據當前的預期做出前瞻性陳述。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。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 2014 年 4 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美國證券交易委員會提交的 8-K 表格。

All our statements are made as of today, August 7, 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. Unless otherwise noted, all references to market research and market share numbers throughout the call come Mercury Research or Jon Peddie Research. During this call we will discuss non-GAAP financial measures. 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.

我們所有的聲明都是在今天（2014 年 8 月 7 日）根據我們今天獲得的信息作出的。而且，除非法律要求，我們不承擔更新任何此類聲明的義務。除非另有說明，否則在整個電話會議中對市場研究和市場份額數字的所有引用均來自 Mercury Research 或 Jon Peddie Research。在本次電話會議中，我們將討論非 GAAP 財務指標。您可以在我們網站上發布的財務發布中找到這些非公認會計原則財務指標與公認會計原則財務指標的對賬。

So let's begin. Our revenue was $1.1 billion, up 13% year on year and in line with our outlook. Gross margin was a record 56.1% and we delivered EPS up 38% year on year. The quarter's gross margins and overall profitability were better than we had anticipated, driven by strength in our PC gaming GPUs and in data center and cloud platforms.

那麼讓我們開始吧。我們的收入為 11 億美元，同比增長 13%，符合我們的預期。毛利率達到創紀錄的 56.1%，每股收益同比增長 38%。由於我們的 PC 遊戲 GPU 以及數據中心和雲平台的實力，本季度的毛利率和整體盈利能力好於我們的預期。

PC gaming continued to deliver year-on-year growth in an expanding industry. GeForce sits at the center of the PC gaming ecosystem, now powering close to 100 million gaming PCs around the world. Our new entry-level GeForce GTX GPU delivers the performance of the latest generation consoles, making the GeForce gaming PC the largest target for developers of latest-generation games.

PC 遊戲在不斷擴大的行業中繼續實現同比增長。 GeForce 位於 PC 遊戲生態系統的中心，目前為全球近 1 億台遊戲 PC 提供動力。我們全新的入門級 GeForce GTX GPU 提供最新一代遊戲機的性能，使 GeForce 遊戲 PC 成為最新一代遊戲開發人員的最大目標。

There's no better place to look for evidence of the strength of PC gaming than eSports. Last month's Dota 2 tournament in Seattle was televised on ESPN and carried total prize money of over $10 million. More than the British Open Golf championship. The number of players playing League of Legends rose to about 67 million per month and they accumulated over 1 billion hours of playtime. There's a strong pipeline of AAA games launching on PC this fall, including new versions of Assassin's Creed, Far Cry and Call of Duty.

沒有比電子競技更能證明 PC 遊戲實力的地方了。上個月在西雅圖舉行的 Dota 2 錦標賽在 ESPN 上進行了轉播，總獎金超過 1000 萬美元。超過英國公開賽高爾夫錦標賽。玩英雄聯盟的玩家數量上升到每月約 6700 萬，他們累積的遊戲時間超過 10 億小時。今年秋天有大量 AAA 遊戲在 PC 上推出，包括新版本的刺客信條、孤島驚魂和使命召喚。

In the workstation market, Adobe continued to push the use of GPUs with addition of acceleration to Adobe Illustrator CC. Illustrator has millions of users worldwide. They could get up to a 10X performance boost by adding Quadro, making the experience silky smooth.

在工作站市場，Adobe 繼續推動 GPU 的使用，並為 Adobe Illustrator CC 添加了加速功能。 Illustrator 在全球擁有數百萬用戶。通過添加 Quadro，他們可以獲得高達 10 倍的性能提升，讓體驗如絲般順滑。

Tesla had a record quarter and demonstrated continued momentum in big data analytics and machine learning with some high-volume purchases from consumer web companies for image and voice processing. Tesla sales for high-performance computing also grew and several OEMs announced they will ship Tesla-based servers combined with ARM 64 SoCs. ARM 64 server processors were initially targeted at micro web service. But GPUs expand their market opportunity by providing the muscle to tackle HPC workloads. NVIDIA Tesla GPUs now power the world's 15 most energy-efficient supercomputers, as listed in the Green500 list. Tesla also powers the fastest computer in the US, the fastest in Europe and the world's fastest enterprise supercomputer.

特斯拉取得了創紀錄的季度業績，並展示了大數據分析和機器學習的持續發展勢頭，從消費者網絡公司購買了一些用於圖像和語音處理的大批量產品。 Tesla 高性能計算的銷量也有所增長，幾家 OEM 宣布他們將交付基於 Tesla 的服務器以及 ARM 64 SoC。 ARM 64 服務器處理器最初是針對微 Web 服務的。但 GPU 通過提供處理 HPC 工作負載的能力來擴大其市場機會。 NVIDIA Tesla GPU 現在為 Green500 列表中列出的全球 15 台最節能的超級計算機提供動力。特斯拉還為美國最快的計算機、歐洲最快的計算機和世界上最快的企業超級計算機提供動力。

GRID sales continue to ramp in Q2. Also during the quarter we launched GRID Test Drive to help enterprise IT professionals experience the benefits that GRID can bring to their virtual desktop infrastructures. The service has attracted more than 10,000 users in its first eight weeks. Companies are realizing quantifiable benefits by adopting GRID to virtualize demanding PC and workstation applications.

GRID 銷售額在第二季度繼續增長。同樣在本季度，我們推出了 GRID 試駕，以幫助企業 IT 專業人員體驗 GRID 可以為其虛擬桌面基礎架構帶來的好處。該服務在前八週吸引了超過 10,000 名用戶。通過採用 GRID 來虛擬化要求苛刻的 PC 和工作站應用程序，公司正在實現可量化的收益。

GRID enable Turkish Aerospace to rapidly scale its design team. Roger Williams University is providing students across its vast campus to architecture and engineering applications 24 by 7. Daewoo Shipbuilding is doubling the number of engineers who can collaborate live on their cloud-based system.

GRID 使土耳其航空航天公司能夠快速擴展其設計團隊。羅杰威廉姆斯大學在其廣闊的校園內為學生提供 24 小時 7 小時的建築和工程應用程序。大宇造船正在將可以在其基於雲的系統上進行實時協作的工程師數量增加一倍。

Moving now to mobile computing, this quarter we saw some major developments. We launched the next member of the Shield family, the Shield Tablet. Powered Tegra K1, the Shield Tablet is the highest performance tablet on the market. From top to bottom, processor, tablet, software and peripherals, the Shield Tablet is designed to be the ultimate tablet for gamers.

現在轉向移動計算，本季度我們看到了一些重大進展。我們推出了 Shield 家族的下一個成員 Shield 平板電腦。 Shield 平板電腦採用 Tegra K1，是市場上性能最高的平板電腦。從上到下，處理器、平板電腦、軟件和外圍設備，Shield 平板電腦旨在成為遊戲玩家的終極平板電腦。

To understand market for the Shield Tablet, consider that Newzoo, a research company, estimates there are 1.6 billion gamers in the world today. Many of them are looking to buy a tablet, an idea supported by the fact that 90% of Google Play revenue is generated by gaming. Press reaction has been great. Gizmodo described it as a gaming beast, but so much more. AnandTech said that it's incredibly important to get the controller right for gaming devices and NVIDIA has nailed it. SlashGear said that it's the new high-water mark for a well-rounded tablet, four star.

要了解 Shield 平板電腦的市場，請考慮一下研究公司 Newzoo 估計當今世界上有 16 億遊戲玩家。他們中的許多人正在考慮購買平板電腦，這一想法得到了 Google Play 收入的 90% 來自遊戲這一事實的支持。新聞反應很好。 Gizmodo 將其描述為遊戲野獸，但遠不止於此。 AnandTech 表示，讓控制器適合遊戲設備非常重要，而 NVIDIA 已經做到了這一點。 SlashGear 表示，這是一款全面的四星平板電腦的新高水位線。

There are 400-plus games optimized today for touch and controller on Tegra and more and more are leveraging the power of Tegra K1. For example, the Shield Tablet comes with Frozenbyte's Trine 2, a hit game on PlayStation 4. Portal and Half-Life 2, both from Valve Software have been optimized for Tegra K1. Half-Life 2 is the highest-rated PC game in history, having won over 50 Game of the Year awards and multiple Game of the Decade awards.

目前有 400 多款遊戲針對 Tegra 上的觸控和控制器進行了優化，越來越多的遊戲正在利用 Tegra K1 的強大功能。例如，Shield 平板電腦配備了 Frozenbyte 的 Trine 2，這是 PlayStation 4 上的熱門遊戲。Valve Software 的 Portal 和 Half-Life 2 都針對 Tegra K1 進行了優化。 《半條命 2》是歷史上收視率最高的 PC 遊戲，獲得了 50 多項年度最佳遊戲獎和多個十年最佳遊戲獎。

An interesting new development is cross-platform multiplayer. War Thunder to be launched on the Shield this fall by Gaijin Entertainment, will offer massively multiplayer combat across Tegra, PC and PlayStation 4. As with GeForce on Windows, our strategy with Shield is to build best game platform on Android, now one of the largest gaming platforms in the world. The Shield Tablet is one more important element of our gaming strategy.

一個有趣的新發展是跨平台多人遊戲。 Gaijin Entertainment 將於今年秋天在 Shield 上推出 War Thunder，它將在 Tegra、PC 和 PlayStation 4 上提供大規模多人戰鬥。與 Windows 上的 GeForce 一樣，我們與 Shield 的戰略是在 Android 上構建最佳遊戲平台，現在是 Android 平台之一。世界上最大的遊戲平台。 Shield 平板電腦是我們遊戲策略的另一個重要元素。

Google used its annual developer conference, Google I/O to announce the Android extension package for its next version of its operating system, Android L. It brings, in the Company's words, desktop-class gaming to Android. They leveraged Tegra K1 to demonstrate its capabilities, with epic state-of-the-art unreal engine 4. Tegra K1 also runs many other desktop-class engines, including Source, Unity, CryEngine and Intertech. Supporting these game engines makes it much easier for developers to bring games to Android on Tegra K1. Android TV was also launched at I/O and Google gave every attendee a development platform based on Tegra.

Google 利用其年度開發者大會 Google I/O 宣布了其下一版本操作系統 Android L 的 Android 擴展包。用公司的話說，它為 Android 帶來了桌面級遊戲。他們利用 Tegra K1 展示了它的功能，以及史詩般的最先進的虛幻引擎 4。Tegra K1 還運行許多其他桌面級引擎，包括 Source、Unity、CryEngine 和 Intertech。支持這些遊戲引擎使開發人員可以更輕鬆地將游戲帶到 Tegra K1 上的 Android 上。 Android TV 也在 I/O 上發布，谷歌為每位與會者提供了一個基於 Tegra 的開發平台。

Finally, Google used I/O to launch Android also, and demonstrated it with a Tegra-powered infotainment system in an Audi S3. Our automotive business grew more than 70% year on year. Volkswagen and absolutely upcoming Passat will use Tegra to power its infotainment system, following on from the Golf, which is already shipping with Tegra.

最後，谷歌也使用 I/O 推出了 Android，並在奧迪 S3 上使用基於 Tegra 的信息娛樂系統進行了演示。我們的汽車業務同比增長超過 70%。大眾汽車和即將推出的帕薩特將使用 Tegra 為其信息娛樂系統提供動力，繼高爾夫之後，它已經與 Tegra 一起發貨。

The new TT, which features two Tegra chips, has started production in Europe and Audi has upgraded the A7's infotainment system to include Tegra, evidence of the faster cycles possible with the use of our visual computing module. Separately, BMW has started shipping the i3 and announced its i8, both powered by Tegra.

具有兩個 Tegra 芯片的新 TT 已在歐洲開始生產，奧迪已升級 A7 的信息娛樂系統以包括 Tegra，這證明了使用我們的視覺計算模塊可以實現更快的循環。另外，寶馬已經開始發售 i3 並發布了 i8，兩者均由 Tegra 提供動力。

Xiaomi's MiPad, with the Tegra K1, started shipping in Q2, with the first 50,000 units selling out in four minutes. We expect the first Tegra K1 Chromebooks to start shipping this quarter and IDC expects the Chromebook market to triple over the next three years.

配備 Tegra K1 的小米 MiPad 於第二季度開始出貨，前 50,000 台在四分鐘內售罄。我們預計首批 Tegra K1 Chromebook 將於本季度開始發貨，IDC 預計 Chromebook 市場將在未來三年內增長兩倍。

In conclusion, our investments in differentiated platforms are delivering success in gaming, HPC, professional visualization and design and in automotive markets. We've leveraged our visual computing IP to set the stage for accelerated growth. With that, I'll hand over to Colette.

總之，我們對差異化平台的投資正在遊戲、HPC、專業可視化和設計以及汽車市場取得成功。我們利用我們的視覺計算 IP 為加速增長奠定了基礎。有了這個，我將交給科萊特。

Thanks, Chris. Hello, everyone. Let me provide some details on second quarter of FY15. Revenue of $1.1 billion grew 13% year over year. Growth was driven by Tegra processor sales, GeForce GPUs for gaming, Tesla and GRID for data center and cloud workload.

謝謝，克里斯。大家好。讓我提供 FY15 年第二季度的一些細節。收入為 11 億美元，同比增長 13%。 Tegra 處理器銷售、用於遊戲的 GeForce GPU、用於數據中心和雲工作負載的 Tesla 和 GRID 推動了增長。

Revenue from GeForce GPUs for gaming desktops and notebooks grew 10%, fueled by continued strength in the gaming market, including the recent released GeForce GTX 750 and GTX 750 Ti, Maxwell based GPUs. Tesla and GRID for data center and high-performance computing increased significantly from VDI deployment and large project wins with cloud service providers, as well as high-end education and government customers.

用於遊戲台式機和筆記本電腦的 GeForce GPU 收入增長了 10%，這得益於遊戲市場的持續強勁，包括最近發布的 GeForce GTX 750 和 GTX 750 Ti，基於 Maxwell 的 GPU。由於 VDI 部署和與雲服務提供商以及高端教育和政府客戶的大型項目中標，用於數據中心和高性能計算的 Tesla 和 GRID 顯著增加。

Quadro revenue increased, with particularly strong growth in mobile workstations. Tegra processor sales grew 200% from a year ago, led by mobile devices and automobile infotainment systems. Revenue from Tegra processors for automobiles grew 74% year over year. All key platforms for growth, gaming, data center and cloud and mobile, showed strong growth this quarter. Our transformation into visual computing systems and solutions allows us to realize the continued success in consumer PC and mobile gaming, as well as realize the growth in cloud data centers, supercomputers, professional design and automobiles.

Quadro 收入增加，其中移動工作站增長尤為強勁。在移動設備和汽車信息娛樂系統的帶動下，Tegra 處理器的銷售額比一年前增長了 200%。汽車用 Tegra 處理器的收入同比增長 74%。本季度所有增長的關鍵平台、遊戲、數據中心以及雲和移動都顯示出強勁的增長。我們向視覺計算系統和解決方案的轉型使我們能夠在消費類 PC 和移動遊戲領域實現持續成功，並在雲數據中心、超級計算機、專業設計和汽車領域實現增長。

The GPU business declined 2% consequentially, as we executed well during the seasonal decline of consumer desktop GPUs. We believe we out-performed the market for consumer PCs, led by our overall performance and ecosystem supporting PC gaming. Quadro, Tesla and GRID all grew sequentially as well.

GPU 業務因此下降了 2%，因為我們在消費類桌面 GPU 的季節性下降期間表現良好。我們相信，在我們的整體性能和支持 PC 遊戲的生態系統的引領下，我們的表現優於消費類 PC 市場。 Quadro、Tesla 和 GRID 也都按順序增長。

Moving to gross margin. GAAP gross margin was 56.1%, up 130 basis points sequentially. Non-GAAP gross margin was 56.4%, up 130 basis points sequentially. These margins were both records and better than our outlook. The increases reflected continued strength in our GPU margins for PC platforms, data center and cloud, and partially offset by the increased volume in Tegra processors. Compared to our outlook, the higher gross margin levels were driven by strong, absolute average selling prices for consumer GPUs and aided by our record quarter for Tesla and data center solutions.

轉向毛利率。 GAAP 毛利率為 56.1%，環比增長 130 個基點。非美國通用會計準則毛利率為 56.4%，環比增長 130 個基點。這些利潤率都是創紀錄的，而且好於我們的預期。這一增長反映了我們在 PC 平台、數據中心和雲計算方面的 GPU 利潤率持續強勁，但部分被 Tegra 處理器數量的增加所抵消。與我們的展望相比，較高的毛利率水平是由消費級 GPU 強勁的絕對平均售價推動的，並得益於我們創紀錄的季度特斯拉和數據中心解決方案。

GAAP operating expenses for the second quarter were $456 million, in line with our outlook and essentially flat from the prior quarter's $453 million. Non-GAAP operating expenses were $411 million, flat from the prior quarter. With continued management of our investments, through alignment to a single unified architecture, we've reduced a third consecutive quarter of flat operating expenses.

第二季度的 GAAP 運營費用為 4.56 億美元，與我們的預期一致，與上一季度的 4.53 億美元基本持平。非美國通用會計準則運營費用為 4.11 億美元，與上一季度持平。通過繼續管理我們的投資，通過與單一統一架構保持一致，我們已經連續第三個季度減少了固定運營費用。

Operating expenses grew slightly year over year due to employee additions, employee compensation increases and related costs, partially offset by lower engineering development costs. GAAP operating income was $163 million, up 55% from the prior year's second quarter, reflecting strong revenue growth from higher-margin GPUs and contained operating expenses.

由於員工增加、員工薪酬增加和相關成本，運營費用同比略有增長，部分被較低的工程開發成本所抵消。 GAAP 營業收入為 1.63 億美元，比去年第二季度增長 55%，這反映了利潤率較高的 GPU 帶來的強勁收入增長以及運營費用得到控制。

GAAP net income was $128 million, up 33% from a year earlier, driven by increased operating profit from strong revenue and margins. GAAP diluted earnings per share of $0.22 increased 38% from $0.16 per diluted share in the year-ago quarter, reflecting net income growth and share repurchases.

GAAP 淨收入為 1.28 億美元，同比增長 33%，主要得益於強勁的收入和利潤率帶來的營業利潤增長。 GAAP 每股攤薄收益為 0.22 美元，較去年同期的每股攤薄收益 0.16 美元增長 38%，反映了淨收入增長和股票回購。

Now, turning to some key balance sheet items. During the second quarter, we paid $47 million in cash dividends and received 6.8 million shares under the $500 million structured repurchase agreement we entered into in the first quarter. During the first quarter, we had paid $47 million in cash dividends and received 20.6 million shares under the agreement. As a result, during the first half we have returned $594 million of the $1 billion we intend to return to shareholders in FY15.

現在，轉向一些關鍵的資產負債表項目。在第二季度，我們支付了 4700 萬美元的現金股息，並根據我們在第一季度簽訂的 5 億美元結構性回購協議獲得了 680 萬股股票。在第一季度，我們根據協議支付了 4700 萬美元的現金股息並收到了 2060 萬股。因此，在我們打算在 2015 財年返還給股東的 10 億美元中，我們在上半年返還了 5.94 億美元。

Accounts receivable at the end of the quarter were $470 million, up $74 million from the prior quarter. The increase was primarily due to less linear second-quarter shipments compared to the first quarter.

本季度末應收賬款為 4.7 億美元，比上一季度增加 7400 萬美元。這一增長主要是由於與第一季度相比，第二季度的出貨量線性下降。

DSO at the quarter-end was 39 days, up from 33 days in the prior quarter and flat from the second quarter of FY14. Inventory at the end of the quarter was $387 million, down $6 million from the prior quarter. The sequential decrease includes the ramping of Tegra processor products and products based on new GPU architectures, which were more than offset by decreases in products based on our previous-generation architectures. DSI at the quarter-end was 73 days, up from 72 days in the prior quarter.

季度末的 DSO 為 39 天，高於上一季度的 33 天，與 2014 財年第二季度持平。本季度末的庫存為 3.87 億美元，比上一季度減少 600 萬美元。連續下降包括 Tegra 處理器產品和基於新 GPU 架構的產品的增加，這被基於我們上一代架構的產品減少所抵消。季度末的 DSI 為 73 天，高於上一季度的 72 天。

Cash flow from operating activities was $96 million, down from $151 million in the prior quarter and flat from $96 million a year earlier. The sequential decrease was primarily due to higher levels of account receivables and lower payables than the prior quarter.

經營活動產生的現金流為 9600 萬美元，低於上一季度的 1.51 億美元，與去年同期的 9600 萬美元持平。環比下降主要是由於應收賬款水平高於上一季度，應付賬款低於上一季度。

Compared to the year-ago quarter, the operating cash flow reflected higher net income from improved gross profit and contained operating expenses, offset by lower payables outstanding. Free cash flow was $74 million in the second quarter, depreciation and amortization expense amounted to $56 million. Capital expenditures were $23 million, lower than our outlook of $40 million.

與去年同期相比，經營現金流反映了毛利潤增加帶來的淨收入增加，並控制了經營費用，但被未償還的應付賬款減少所抵消。第二季度的自由現金流為 7400 萬美元，折舊和攤銷費用為 5600 萬美元。資本支出為 2300 萬美元，低於我們預期的 4000 萬美元。

Now turning to the outlook for the third quarter FY15. Following our $1.1 billion in the second quarter, we expect revenue for the third quarter to be $1.2 billion, plus or minus 2%. The sequential revenue growth of 9% is reflective of our continued strength in gaming for PC and mobile platforms, data center and cloud solutions and automobiles.

現在轉向 2015 財年第三季度的展望。繼第二季度的 11 億美元之後，我們預計第三季度的收入為 12 億美元，上下浮動 2%。連續 9% 的收入增長反映了我們在 PC 和移動平台、數據中心和雲解決方案以及汽車遊戲方面的持續實力。

We expect our consumer GPU business to be up seasonally in the third quarter. Our Tegra business is also expected to grow sequentially. Our GAAP and non-GAAP gross margins are expected to be 55.2% and 55.5%, respectively, plus or minus 50 basis points.

我們預計我們的消費者 GPU 業務將在第三季度出現季節性增長。我們的 Tegra 業務也有望連續增長。我們的 GAAP 和非 GAAP 毛利率預計分別為 55.2% 和 55.5%，上下浮動 50 個基點。

The gross margin outlook reflects higher expected Tegra processor revenue, which has overall lower margins than our Company total, a greater mix of devices versus SoCs with Tegra, compared to the second quarter, and expected growth in volumes of consumer GPUs.

毛利率前景反映了更高的預期 Tegra 處理器收入，與第二季度相比，Tegra 處理器的整體利潤率低於我們公司的總收入，與第二季度相比，設備組合與 Tegra 的 SoC 相比更大，以及消費 GPU 數量的預期增長。

GAAP operating expenses are expected to be approximately $463 million. Non-GAAP operating expenses are expected to be approximately $416 million, nearly flat with expense levels for Q2. Our operating expenses in the third quarter will reflect an onset of our annual compensation increases and expenses associated with our higher revenue. We will continue to manage through our fourth consecutive quarter of maintaining operating expense levels.

GAAP 運營費用預計約為 4.63 億美元。非 GAAP 運營費用預計約為 4.16 億美元，與第二季度的費用水平幾乎持平。我們第三季度的運營費用將反映我們年度薪酬增長的開始以及與我們更高收入相關的費用。我們將繼續管理我們連續第四個季度保持運營費用水平。

GAAP and non-GAAP tax rates for the third quarter and annual 2015 are both expected to be 19%, plus or minus 1%. This estimate is a percentage point lower than our previous outlook, and is consistent with our tax rate in the second quarter, excluding any discrete tax events. With that, I'm going to turn it back to Chris, and we'll open up for questions.

2015 年第三季度和年度的 GAAP 和非 GAAP 稅率預計均為 19%，正負 1%。這一估計比我們之前的展望低了一個百分點，並且與我們第二季度的稅率一致，不包括任何離散的稅務事件。有了這個，我將把它轉回給克里斯，我們會提出問題。

Thanks. That concludes our prepared remarks. We will take questions. Please limit yourself to one question and one follow-up. Colin, over to you please.

謝謝。我們準備好的發言到此結束。我們會回答問題。請把自己限制在一個問題和一個後續行動上。科林，請交給你。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

James Covello, Goldman Sachs.

詹姆斯·科維羅，高盛。

Congrats on the strong results. This is Gabriela Borges on behalf of Jim. I was hoping you could talk about relative to guidance you mentioned a number business lines that are doing well right now. Maybe you could talk about which one of those you would highlight, in terms of main issues driving the strength in the quarter? Thanks.

恭喜取得了不錯的成績。我是 Gabriela Borges 代表 Jim。我希望你能談談你提到的一些目前表現良好的業務線的指導。就推動本季度實力的主要問題而言，也許你可以談談你會強調哪一個？謝謝。

In terms of how we did versus the quarter in Q2 versus our guidance? Is that the statement?

就我們與第二季度的季度與我們的指導而言，我們的表現如何？是這樣的說法嗎？

Sorry, within the guidance for the October quarter.

抱歉，在 10 月季度的指導範圍內。

Correct. In terms of where we think the growth will stem from, from a revenue perspective, again, it is usually a seasonally up-tick in terms of our overall consumer GPUs that are therefore for gaming as we get ready for the second half of the year on the high gaming season.

正確的。就我們認為增長的來源而言，從收入的角度來看，這通常是我們整體消費 GPU 的季節性上升，因此我們為下半年做好準備，因此用於遊戲在遊戲旺季。

So that we do expect to be a significant contributor to our overall revenue growth sequentially of 9%. Additionally, we also expect our overall Tegra business to also grow sequentially, associated with both our SOCs, particularly for auto will increase, and also what we expect for our devices as well.

因此，我們確實預計將成為我們整體收入連續增長 9% 的重要貢獻者。此外，我們還預計我們的整體 Tegra 業務也將連續增長，這與我們的 SOC 相關，尤其是汽車方面的增長，以及我們對設備的預期。

That's helpful, thank you. As a follow-up, if I may, on the gross margin guidance. Maybe give us a sense of what you think longer-term as what level is sustainable with some of the tailwinds that you have from richer mix shift over the next few quarters or so. Thank you very much.

這很有幫助，謝謝。作為後續，如果可以的話，關於毛利率指導。也許讓我們了解您認為長期可持續的水平，以及您在未來幾個季度左右從更豐富的混合轉變中獲得的一些順風。非常感謝。

So we talked quite a bit about what will contribute to our gross margins going forward. We do expect in any one quarter to see seasonal increases or potentially large projects completed in some of our enterprise businesses.

所以我們談了很多關於什麼將有助於我們未來的毛利率。我們確實預計在任何一個季度都會看到我們的一些企業業務出現季節性增長或可能完成的大型項目。

It's really a nature of the overall mix over a longer-term period of time, which will influence our gross margins long term. When you think about our overall enterprise businesses from Tesla, GRID and overall Quadro, which carries slightly higher gross margins than the overall Company average. Depending on the seasonality of some of those businesses, as well as large projects that we may complete, you will see our gross margins be very strong.

這實際上是長期整體組合的一種性質，這將長期影響我們的毛利率。當您考慮特斯拉、GRID 和整體 Quadro 的整體企業業務時，它們的毛利率略高於公司整體平均水平。根據其中一些業務的季節性，以及我們可能完成的大型項目，您會看到我們的毛利率非常強勁。

Our overall consumer GPUs, we've done a very solid job in keeping our overall gross margins with solid ASPs, and that should contribute as well in the quarters which we have strong growth. Thirdly, when you think about our overall Tegra business, it is a case in terms of volumes.

我們的整體消費級 GPU 在保持我們的整體毛利率和穩定的 ASP 方面做得非常好，這在我們增長強勁的季度也應該有所貢獻。第三，當您考慮我們的整體 Tegra 業務時，就數量而言，這是一個案例。

We do know these are lower overall gross margins than our Company average. Depending on when those volumes hit, it can also affect the overall Company's gross margin.

我們確實知道這些總毛利率低於我們公司的平均水平。根據這些銷量何時出現，它也會影響整個公司的毛利率。

At this time, it is hard to say in precise, every single quarter, in terms of what we think that guidance will be. But those are generally the factors that will influence our gross margin ranges going forward.

目前，就我們認為的指導方針而言，很難準確地說出每個季度的情況。但這些通常是影響我們未來毛利率範圍的因素。

Vivek Arya, Bank of America Merrill Lynch.

Vivek Arya，美國銀行美林證券。

Thank you for taking my question. I think you had mentioned about 10% growth in gaming revenues. I'm curious, how much of that growth is coming from unit growth versus just stronger ASPs or share gains from AMD?

謝謝你接受我的問題。我想你提到了大約 10% 的遊戲收入增長。我很好奇，這種增長中有多少來自單位增長，而不是更強勁的 ASP 或 AMD 的份額收益？

Hi, Vivek, this is Jen-Hsun. If you take a look at the overall gaming market, it is surely growing. Depending on which one of the analysts you follow, the vast majority of them see that global gaming market as growing about 10%, a little bit over 10%.

嗨，維韋克，我是仁勳。如果你看看整個遊戲市場，它肯定在增長。根據您關注的分析師中的哪一位，他們中的絕大多數人認為全球遊戲市場增長約 10%，略高於 10%。

If you take a look at the largest gaming franchise today, they're mostly associated with massively online battle arena games, called MOBA games. Whether it is League of Legends or Dota 2, the two combined has nearly 100 million gamers. Each day there is some 10 million gamers playing these two games.

如果你看看當今最大的遊戲系列，它們主要與大型在線戰鬥競技場遊戲相關，稱為 MOBA 遊戲。無論是《英雄聯盟》還是《Dota 2》，兩者加起來擁有近 1 億玩家。每天有大約 1000 萬玩家在玩這兩款遊戲。

The size of the eSports competitive sports associated with these two games is becoming quite a large industry in itself. China is still growing; Southeast Asia is extremely underexposed. Those markets are growing.

與這兩款遊戲相關的電子競技競技體育的規模本身正在成為一個相當大的產業。中國仍在增長；東南亞曝光率極低。這些市場正在增長。

I think that it's fair to say that the gaming market, overall, is still growing. ASP is increasing. The reason why ASP is increasing is because the production value of games are increasing.

我認為可以公平地說，總體而言，遊戲市場仍在增長。 ASP正在增加。 ASP之所以在增加，是因為遊戲的產值在增加。

The latest-generation game consoles are now out. The entry-level, GTX, GeForce GTX, with a street price of about $100, is consistent and is comparable in performance to a next-generation game console.

最新一代的遊戲機現已推出。入門級，GTX，GeForce GTX，街價100美元左右，性能一致，性能堪比次世代遊戲機。

If the market shifts to even that level, our ASP has quite a lot of room to still grow. As the production value of games continue to grow, I think we are going to see our ASPs grow.

如果市場甚至轉向那個水平，我們的 ASP 還有很大的增長空間。隨著遊戲產值的持續增長，我認為我們的 ASP 將會增長。

I would say that the dynamics of the gaming industry, PC gaming industry, is really quite healthy, both in more and more players playing and ASPs increasing because of production value. When you think about it in terms of our own platform, there's almost -- I would say there's about 100 million GeForce gamers around the world. They're active gamers around the world.

我想說的是，遊戲行業、PC 遊戲行業的動態非常健康，無論是越來越多的玩家玩遊戲，還是因為產值而增加了 ASP。當您從我們自己的平台考慮時，幾乎——我會說全世界大約有 1 億 GeForce 遊戲玩家。他們是世界各地的活躍遊戲玩家。

Yet we know there are several hundred million gamers all together. PC gaming is becoming more and more popular for the reasons that I have mentioned already, and others. My sense is that we still have quite a bit of penetration to go. These are dynamics that are helping us.

然而，我們知道總共有數億遊戲玩家。由於我已經提到的原因以及其他原因，PC 遊戲變得越來越流行。我的感覺是，我們還有相當多的滲透要走。這些都是幫助我們的動力。

Got it. Thanks, Jen-Hsun, very helpful. As my follow-up, there has been a lot of discussion or concern about the royalty payments from Intel since they are a very important part of your EPS and domestic cash.

知道了。謝謝，仁勳，很有幫助。作為我的後續，有很多關於英特爾的版稅支付的討論或擔憂，因為它們是你的每股收益和國內現金的一個非常重要的部分。

I do realize the agreement runs for a few years, but when do you need to start to renegotiate? Do you think the new agreement will be flat, up or down from what you have right now? Thank you.

我確實意識到該協議會持續幾年，但你什麼時候需要開始重新談判？你認為新協議會與你現在的協議持平、上升還是下降？謝謝你。

It's hard to predict the future, but there are some things that we know. NVIDIA invents more in modern computer graphics than just about all of the world's companies combined.

未來很難預測，但有些事情我們是知道的。 NVIDIA 在現代計算機圖形方面的發明比世界上幾乎所有公司的總和還要多。

We invented the GPU, we invented GPGPU, we invented the ability for GPUs to be virtualized so that you can put it in the cloud. That's one of the reasons why our cloud computing business is growing so fast now.

我們發明了 GPU，我們發明了 GPGPU，我們發明了將 GPU 虛擬化的能力，以便您可以將其放在雲中。這就是為什麼我們的雲計算業務現在增長如此之快的原因之一。

We're going to continue to focus in this one specialized field of computing that's becoming more and more important. I don't know of too many technology companies in the world today who doesn't rely on technologies that we've invented.

我們將繼續專注於這一日益重要的專業計算領域。我不知道當今世界上有多少科技公司不依賴我們發明的技術。

Technology licensing is an important part of our business. Long before there was Intel licensing our technology, there were other companies licensing our technology. We've had licensing revenues as a component of our business now for 15-plus years. My expectation is that licensing revenues will continue to be an important part of our income for quite some time to come.

技術許可是我們業務的重要組成部分。早在英特爾授權我們的技術之前，就有其他公司授權我們的技術。 15 多年來，我們一直將許可收入作為我們業務的一部分。我的預期是，在未來相當長的一段時間內，許可收入將繼續成為我們收入的重要組成部分。

There is a second component that's really important which is, whereas we -- historically, we're able to license to mostly PC companies, we can now license to mobile and cloud companies. Those are new opportunities for us.

還有第二個非常重要的組成部分，而我們——從歷史上看，我們能夠向大多數 PC 公司授權，我們現在可以向移動和雲公司授權。這些對我們來說都是新的機會。

Lastly, we no longer just license IP as in patents. We have productized our design into a core. That core could be licensed. That makes it easier for companies who would like to innovate and build their own products to be able to license our technology. We have now more ways to engage customers in IP licensing.

最後，我們不再像在專利中那樣僅僅許可知識產權。我們已經將我們的設計產品化為核心。該核心可以獲得許可。這使得想要創新和構建自己的產品的公司更容易獲得我們的技術許可。我們現在有更多方式讓客戶參與 IP 許可。

We're serious about this business. We're actively working on these matters. They take time. But I am very confident that licensing will continue to be an important part of our business going forward.

我們對這項業務是認真的。我們正在積極處理這些問題。他們需要時間。但我非常有信心，許可將繼續成為我們未來業務的重要組成部分。

Harlan Sur, JPMorgan Chase.

Harlan Sur，摩根大通。

Good afternoon. Thank you for taking my question. Congrats on the solid quarterly execution.

下午好。謝謝你接受我的問題。祝賀穩健的季度執行。

Thanks a lot, Harlan.

非常感謝，哈蘭。

The Q3 guidance you provided as revenue growth of 14% on a year-over-year basis. Your GPU business, in particular, that grew double-digits year over year in Q1 and took a bit of a pause in Q2. I'm assuming weaker consumer PCs.

您提供的第三季度指導是收入同比增長 14%。尤其是您的 GPU 業務，在第一季度同比增長兩位數，並在第二季度稍作停頓。我假設較弱的消費PC。

Question is, are you looking for the GPU business to return to double-digits year-over-year growth in Q3? If you are, if you could highlight some of the drivers?

問題是，您是否希望 GPU 業務在第三季度恢復到兩位數的同比增長？如果是，能否突出顯示一些驅動因素？

Yes, thanks a lot, Harlan. First of all, Q2 is seasonally slower than all of the other quarters. Considering the performance that we had, it was actually quite extraordinary. Our expectation is that Q3 will return to its traditional seasonal growth era.

是的，非常感謝，哈蘭。首先，第二季度的季節性低於所有其他季度。考慮到我們的表現，這實際上是非常非凡的。我們的預期是第三季度將回到傳統的季節性增長時代。

There is a couple of other dynamics that is going on now. There is some really big titles coming this fall. I don't remember a time when PC gaming is going to benefit from the huge titles that are coming out this fall at the pace that it is. Partly the reason for that is because this is the first year, first major year, first full year of next-generation game consoles. These new large-franchise titles like Call of Duty and Assassin's Creed are going to hit the market.

現在還有其他一些動態正在發生。今年秋天會有一些非常大的標題。我不記得 PC 遊戲有什麼時候會從今年秋天以這樣的速度推出的大型遊戲中受益。部分原因是因為這是下一代遊戲機的第一年，第一年，第一年。 《使命召喚》和《刺客信條》等新的大型系列遊戲即將上市。

Ultimately, what drives our business -- some seasonality, of course Christmas matters, of course back to school matters, of course Chinese New Year matters. Ultimately, what really drives our business are huge games. This fall, we are going to see some really, really huge titles.

歸根結底，是什麼推動了我們的業務——一些季節性因素，當然聖誕節很重要，當然返校很重要，當然中國新年也很重要。最終，真正推動我們業務發展的是大型遊戲。今年秋天，我們將看到一些非常非常大的遊戲。

Our position in the marketplace is fantastic. GeForce is really the best gaming platform for PCs today. It's not even close anymore. I think that because of the technology, we know that Kepler has been a fantastic platform for us. Maxwell is even better than that.

我們在市場上的地位非常好。 GeForce 確實是當今最好的 PC 遊戲平台。它甚至不再接近了。我認為由於技術的原因，我們知道開普勒對我們來說是一個很棒的平台。麥克斯韋甚至比這更好。

All of the software and all of the application technology that we've put around GeForce has really changed its profile for gamers. Not only can you play great games now, you could use our GeForce Experience which has been installed some 40 million times. There are 40 million PCs around the world that now has GeForce Experience inside.

我們圍繞 GeForce 部署的所有軟件和所有應用技術確實改變了它在遊戲玩家心中的形象。您現在不僅可以玩出色的遊戲，還可以使用我們已安裝約 4000 萬次的 GeForce Experience。現在，全球有 4000 萬台 PC 內置了 GeForce Experience。

You could record, completely in the background, without affecting your game play and stream it to Twitch, which as you probably know very well at this point, is the largest realtime video platform in the world. A lot of those gamers are streaming using GeForce. The number of concurrent viewers is really quite amazing.

您可以在不影響您玩遊戲的情況下完全在後台錄製並將其流式傳輸到 Twitch，您可能現在非常清楚，它是世界上最大的實時視頻平台。許多遊戲玩家都在使用 GeForce 進行流式傳輸。並發觀眾的數量真的很驚人。

GeForce, as a gaming platform, has really reached a level that is pretty substantial. My expectation is that this holiday season, this fall is going to be pretty big.

GeForce 作為一個遊戲平台，確實達到了相當可觀的水平。我的期望是這個假期，今年秋天將會非常大。

Okay, thanks for that, Jen-Hsun. Colette, on the OpEx front, obviously the team is certainly delivering to its target of $1.65 billion in OpEx this year.

好的，謝謝，仁勳。 Colette 在運營支出方面，顯然該團隊今年肯定會實現 16.5 億美元的運營支出目標。

It seems clear that the team is going to continue to drive an OpEx profile that is below your revenue run rate. Any way to help us quantify OpEx growth versus revenue growth from a longer-term perspective?

很明顯，該團隊將繼續推動低於您的收入運行率的 OpEx 配置文件。有什麼方法可以幫助我們從長期的角度量化運營支出增長與收入增長？

I think we are looking quite nicely at how we've executed over the last three quarters. It's definitely been through a lot of work, thinking about how much better we can execute as a Company with our overall business groups. And working on reallocating investments across.

我認為我們對過去三個季度的執行情況非常滿意。它肯定經歷了很多工作，思考我們作為一家公司與我們的整體業務團隊一起可以做得更好。並致力於重新分配投資。

And to look farther, there is continued day-to-day conversations about where those growth opportunities are in the top line. And are we the best-positioned at this time with our investments for those? Right now, I'd like to get through the rest of the fiscal year. I think we'll reassess. What does that look like going forward?

更長遠地看，關於這些增長機會在哪裡是最重要的，每天都有持續的對話。我們是否是此時對這些投資的最佳定位？現在，我想度過本財年的剩餘時間。我想我們會重新評估。這看起來像什麼？

I don't have anything at this time to give on a longer-term perspective. I thank you for recognizing the great work on growing the top line and maintaining a very consistent OpEx space to improve the profitability.

我目前沒有任何東西可以從長遠的角度給出。我感謝您認可在增加收入和保持非常一致的運營支出空間以提高盈利能力方面所做的出色工作。

Okay. Thank you.

好的。謝謝你。

Thanks, Harlan.

謝謝，哈蘭。

Ross Seymore, Deutsche Bank Securities.

德意志銀行證券公司羅斯·西莫爾。

Your primary competitor had some issues with channel inventory on their side. It doesn't appear to be impacting you guys at all. Jen-Hsun, could you give us some color, a little commentary on what you see going on in the channel right now for the GPU business, please?

您的主要競爭對手在渠道庫存方面存在一些問題。好像對你們一點影響都沒有。 Jen-Hsun，您能否給我們一些顏色，對您在頻道中看到的 GPU 業務目前正在發生的事情進行一點評論，好嗎？

You're going to have to ask them for commentary about their channel inventory. In our case, we have seen spot shortages around the world.

您將不得不向他們詢問有關其頻道庫存的評論。就我們而言，我們已經看到世界各地的現貨短缺。

We are really, really super focused on making sure that GeForce is the world's best gaming platform for PCs. It doesn't mean alone that it has to be -- just being the world's best GPU is not enough.

我們非常非常專注於確保 GeForce 成為世界上最好的 PC 遊戲平台。這並不意味著它必須是——僅僅成為世界上最好的 GPU 是不夠的。

We're surely the best GPU, but being the GPU is just the first bar, if you will, for being a great gaming platform. For us today, GeForce, all of the technology that we put into GameWorks, all the work that we do with game developers around the world, GeForce Experience, which as I mentioned earlier has been installed some 40 million times, has really turned GeForce into one of the largest gaming platforms in the world.

我們無疑是最好的 GPU，但如果您願意的話，成為 GPU 只是成為出色遊戲平台的第一條標準。對於今天的我們來說，GeForce，我們在 GameWorks 中投入的所有技術，我們與世界各地的遊戲開發者所做的所有工作，GeForce Experience，正如我之前提到的，已經安裝了大約 4000 萬次，真正將 GeForce 變成世界上最大的遊戲平台之一。

If you're a gamer and you have GeForce in your system, you can be assured you are going to have a great experience. We're incredibly dedicated to the user experience. We're incredibly dedicated to making sure that every single game works perfectly and works marvelously as it can be in your PC.

如果您是一名遊戲玩家，並且您的系統中安裝了 GeForce，那麼您可以放心，您將獲得出色的體驗。我們非常專注於用戶體驗。我們非常致力於確保每款遊戲都能完美運行，並且在您的 PC 中運行得非常出色。

The amount of dedication that we put into this platform, this living, breathing platform that's evolving and changing, literally every day, is something that we've really mastered. And is something that has taken us well over a decade to do. I think people are starting to recognize that.

我們在這個平台上投入的投入，這個活生生的、會呼吸的平台，每天都在發展和變化，是我們真正掌握的東西。這是我們花了十多年才完成的事情。我認為人們開始認識到這一點。

As the PC market continues to become the most important gaming platform, because of its open nature. You don't pay royalties to proprietary platforms. The install base is really quite large now, as you could imagine.

隨著PC市場繼續成為最重要的遊戲平台，由於其開放性。您無需向專有平台支付版稅。正如您可以想像的那樣，安裝基礎現在確實非常大。

For most people, outside of the United States, where disposable income is still rather challenging, a PC is necessary for most of them. Everything else is a luxury.

對於美國以外的大多數人來說，可支配收入仍然相當具有挑戰性，他們中的大多數人都需要一台個人電腦。其他一切都是奢侈品。

The fact that GeForce is extended inside a PC, on a platform that you already know you need, makes it quite a unique gaming platform. I think the comments that we've made over the years, and as you've followed us over the years, we have been consistently dedicated to this game platform. I think it's starting to pay off now.

GeForce 在您已經知道自己需要的平台上在 PC 內部進行擴展，這一事實使其成為一個非常獨特的遊戲平台。我認為我們多年來所做的評論，以及您多年來一直關注我們的情況，我們一直致力於這個遊戲平台。我認為它現在開始得到回報。

Great, thanks for that. One is my follow-up for Colette. On the cash return side, you guys are nicely ahead of the $1 billion run rate. That's working out well.

太好了，謝謝。一個是我對 Colette 的跟進。在現金回報方面，你們遠遠領先於 10 億美元的運行率。效果很好。

Just wondered, is the ASR now complete? If so, in the back half of the year, to get up to that $1 billion number, is the plan to be much more of an organic day-by-day buyback plan? Or is there something more that you have in the plan for us?

只是想知道，ASR 現在完成了嗎？如果是這樣，在今年下半年，為了達到 10 億美元的數字，該計劃是否更像是一個有機的日常回購計劃？或者您在我們的計劃中還有其他內容嗎？

In the end of Q2, yes, we had completed the outstanding ASR that we began shortly after our Q1 earnings release. In the second half of the year, we are committed to meeting the full-year plan for $1 billion.

是的，在第二季度末，我們完成了在第一季度收益發布後不久開始的出色 ASR。下半年，我們致力於實現10億美元的全年計劃。

Breaking that down, the dividend payments are still in the second half of the year, a part of the remaining balance to go. And then the amount of repurchasing as well.

細分來看，股息支付仍在下半年，剩餘餘額的一部分。然後是回購的數量。

We're still assessing what that best method is, overall, to do that. We'll have something for you at the next earnings call, definitely, on how we executed within that quarter.

總體而言，我們仍在評估最佳方法是什麼。在下一次財報電話會議上，我們肯定會為您提供一些關於我們在該季度內的執行情況的信息。

Great, thank you.

太好了謝謝。

Blayne Curtis, Barclays Capital.

Blayne Curtis，巴克萊資本。

Good afternoon. Thanks for taking the question and nice results. I was wondering -- a couple questions. One, if you could quantify -- you mentioned gaming up 10%. How much is that of the overall GPU business? Then if you could talk about if overall ASPs were up in the July quarter as well?

下午好。感謝您提出問題和良好的結果。我想知道——幾個問題。一，如果你可以量化——你提到遊戲增長了 10%。整個 GPU 業務有多少？那麼，您能否談談 7 月季度的整體 ASP 是否也有所上升？

It's a very good percentage of our overall consumer GPU business. We've talked about that, remember our professional workstation GPUs are also in the overall GPU business, as well as what we have for the overall data center with Tesla, and our overall cloud in terms of GRID. As a percentage of our overall consumer, it is a significant proportion of our overall consumer GPU.

這是我們整個消費級 GPU 業務的一個很好的比例。我們已經討論過這一點，請記住，我們的專業工作站 GPU 也在整個 GPU 業務中，以及我們為特斯拉的整體數據中心所擁有的東西，以及我們在 GRID 方面的整體雲。作為我們整體消費者的百分比，它在我們的整體消費者 GPU 中佔很大比例。

Okay. And then if you could just -- the ASP trends overall in July and then your expectations into October, are you looking for another step-up in ASPs? Thanks.

好的。然後，如果您可以 - 7 月份的整體 ASP 趨勢以及您對 10 月份的預期，您是否正在尋找 ASP 的另一個提升？謝謝。

The ASPs are definitely a lot of different factors, in terms of how certain things sell in to the channel with certain OEMs, or in terms of any overall add-in market. It's real hard for us to blend that next perfectly over that.

ASP 肯定是很多不同的因素，就某些東西如何通過某些 OEM 向渠道銷售而言，或者就任何整體附加市場而言。我們真的很難將下一個完美地融合在一起。

We believe what we've seen right now is extremely stable, if not from year over year, overall increases in our overall average ASPs over that period of time. We'll get to see what that looks like as we go into the gaming season in the second half of the year. You are correct that our overall gaming portfolio GPUs do carry overall higher than the average, across our overall consumer GPUs.

我們相信，我們現在所看到的情況非常穩定，即使不是同比增長，我們的整體平均 ASP 在這段時間裡也會整體增長。當我們進入下半年的遊戲季節時，我們將看到它的樣子。您說得對，我們的整體遊戲產品組合 GPU 在我們的整體消費級 GPU 中的整體性能確實高於平均水平。

Yes, Blayne, you know what? Just to add to that, one of the things that surely everyone is noticing now is that our business is really moving away from being a components business to being much more of a platform business that's obviously built on top of a processor.

是的，布萊恩，你知道嗎？除此之外，現在每個人肯定都注意到的一件事是，我們的業務正在真正從組件業務轉變為更多明顯建立在處理器之上的平台業務。

Our ASPs for data centers and for the cloud computing platforms are much, much higher than our ASPs for PCs. Not only because the processors themselves are much more complex, because it has to be shared by many people. It's virtualized.

我們用於數據中心和雲計算平台的 ASP 比我們的 PC ASP 高得多。不僅因為處理器本身要復雜得多，還因為它必須由許多人共享。它是虛擬化的。

It's designed for data center and so the robustness for it, the reliability of it, the quality of it, has to be at a level that is able to sustain 24/7 operations.

它是為數據中心設計的，因此它的穩健性、可靠性和質量必須達到能夠維持 24/7 運營的水平。

Mostly, the reason is because the software stacked on top of it is really complex. Most of our data center business, most of our cloud computing business is really a software business anymore.

大多數情況下，原因是因為堆疊在它上面的軟件非常複雜。我們的大部分數據中心業務，我們的大部分雲計算業務實際上不再是軟件業務。

It's really about GPU virtualization; it's really about high performance computing; it's really about the ability to serve accelerated cloud computing. Our ASP profile is going to have to start changing over time. Tracking PC sales and then multiplying that by some ASP is not a logical way to think about our business anymore. Because of cloud computing platforms; because increasingly, our business is really a platform business. I hope that's helpful.

這真的是關於 GPU 虛擬化；這真的是關於高性能計算；這實際上與服務加速雲計算的能力有關。隨著時間的推移，我們的 ASP 配置文件將不得不開始改變。跟踪 PC 銷售然後將其乘以某個 ASP 不再是考慮我們業務的合乎邏輯的方式。因為雲計算平台；因為越來越多，我們的業務真的是一個平台業務。我希望這會有所幫助。

Thanks for that.

感謝那。

Yes. Thanks a lot, Blayne.

是的。非常感謝，布萊恩。

Matt Ramsay, Canaccord Genuity.

馬特拉姆齊，Canaccord Genuity。

Yes, thank you very much for taking my question. In the prepared remarks there was some mention, and Jen-Hsun, you just mentioned it as well, of the longer-term growth in the data center for cloud computing in HPC around your GPU and the platform.

是的，非常感謝您提出我的問題。在準備好的評論中有一些提到，Jen-Hsun，你剛才也提到了，圍繞你的 GPU 和平台的 HPC 雲計算數據中心的長期增長。

I would be interested, it seemed like there was some developments relatively recently around your partnerships with other ARM 64-bit vendors versus your own internally-developed solution. Maybe you could give us an update about what the strategy is going forward for attacking that market?

我會感興趣的，相對於您自己內部開發的解決方案，您與其他 ARM 64 位供應商的合作關係似乎是相對最近的一些發展。也許您可以向我們提供有關進攻該市場的戰略的最新信息？

Is the general-purpose compute engine that sits next to your GPU and those applications of paramount importance to you? Or does your GPU really drive the value? Thanks.

位於您的 GPU 旁邊的通用計算引擎和那些對您來說最重要的應用程序是否重要？或者您的 GPU 是否真的推動了價值？謝謝。

Thanks a lot, Matt. First of all, I think I have said this before and I continue to believe it, and more so every day, that data center and accelerated cloud computing will likely be the largest opportunity that the Company is following today.

非常感謝，馬特。首先，我想我之前已經說過了，我仍然相信它，而且每天都更相信，數據中心和加速雲計算很可能是公司今天追隨的最大機會。

Our ASPs there are many, many, many times higher than our ASPs in average. The gross margins are obviously a lot higher, primarily because it's a software business.

我們的平均售價比我們的平均售價高出很多很多很多倍。毛利率顯然要高得多，主要是因為它是一項軟件業務。

Now, at the center of that platform strategy is recognizing that data centers, Internet service providers, cloud service providers, even countries who have their own supercomputing interests, have rather different opinions about what kind of CPUs they use. They don't all want exactly the same instruction set architecture.

現在，該平台戰略的核心是認識到數據中心、互聯網服務提供商、雲服務提供商，甚至是擁有自己超級計算興趣的國家，對他們使用哪種 CPU 都有相當不同的看法。他們並不都想要完全相同的指令集架構。

What we've done with Tesla is -- and what we've done with our GPUs, GRID and Tesla, is established a bit of an ISO-neutral attitude about what data centers can and can not use. We believe that people ought to use whatever instruction set architecture they would like to use.

我們對 Tesla 所做的事情是——以及我們對 GPU、GRID 和 Tesla 所做的事情，都建立了一種關於數據中心可以使用和不可以使用什麼的 ISO 中立態度。我們相信人們應該使用他們想使用的任何指令集架構。

We've created the ability to support X86. We support Power with our announcements with IBM, a very deep and quite a broad strategic alliance to bring accelerated computing to the Power platform.

我們已經創建了支持 X86 的能力。我們通過與 IBM 的聲明來支持 Power，這是一個非常深入和廣泛的戰略聯盟，旨在將加速計算帶入 Power 平台。

Also ARM, of course we care about ARM. ARM is one of the most pervasive CPU ISOs in the world. It is very accessible. It's available to anybody who would like to build CPUs around them.

還有ARM，當然我們關心ARM。 ARM 是世界上最普遍的 CPU ISO 之一。它非常方便。任何想圍繞它們構建 CPU 的人都可以使用它。

Our first philosophy is focus on building a platform for accelerated cloud computing, accelerated computing. Our second is to be ISO-neutral, so that Tesla could be a platform that any service provider, any data center, can build around.

我們的第一個理念是專注於構建加速雲計算、加速計算的平台。我們的第二個是 ISO 中立，這樣特斯拉就可以成為任何服務提供商、任何數據中心都可以圍繞其構建的平台。

Third, if it makes sense for us to build CPUs for those platforms ourselves, we'll consider doing so. It kind of goes in that particular order, if that's helpful.

第三，如果我們自己為這些平台構建 CPU 有意義，我們會考慮這樣做。如果有幫助的話，它會按照特定的順序進行。

That's really helpful perspective, thank you. As my follow-up, for Colette, there's been a lot of conversation on the call here about the progress on capital returns.

這個觀點真的很有幫助，謝謝。作為我的後續行動，對於 Colette，這裡有很多關於資本回報進展的電話會議。

Maybe you could give us -- one question is an update on the domestic cash balance. And then going forward, after the $1 billion is completed through the year, you could give an update on your longer-term philosophy about capital returns relative to that domestic cash position. Thanks.

也許你可以給我們——一個問題是關於國內現金餘額的更新。然後展望未來，在 10 億美元全年完成後，你可以更新關於相對於國內現金頭寸的資本回報的長期理念。謝謝。

Okay. Thanks for the question. We've been pretty clear that when you look at our overall cash balance and our overall cash flow, a good percentage of our cash flow extends from our international operations, and the overall revenue that we receive from a good percentage of our business.

好的。謝謝你的問題。我們非常清楚，當您查看我們的整體現金餘額和整體現金流時，我們很大一部分現金流來自我們的國際業務，以及我們從很大一部分業務中獲得的整體收入。

From time to time, we'll have a little bit of peak in the US, in terms of some of the providers that we do business with in the US. I would say more than the majority, or a significant amount of the earnings, are earned overseas.

就我們在美國開展業務的一些供應商而言，我們有時會在美國遇到一些高峰。我想說的不僅僅是大部分或大部分收入是在海外賺取的。

Overall cash balance, about November a year ago we infused with the overall convertible debt, which added $1.5 billion. Right now, outside of the Intel payments as well, that come once a year, it's pretty steady. It may grow a little bit from time to time, but I'd say it's right now at about a steady level.

整體現金餘額，大約一年前的 11 月，我們注入了整體可轉換債券，增加了 15 億美元。現在，除了每年一次的英特爾付款之外，它非常穩定。它可能會不時增長一點，但我會說它現在處於一個穩定的水平。

Secondly, when talking about our overall capital return from a long-term perspective, we are really trying to look at our overall growth this year. We've executed strongly to the $1 billion that we put out for the fiscal year. We're just about halfway through that right now. We'll continue to look what is the appropriate levels for long term.

其次，當從長期的角度談論我們的整體資本回報時，我們確實在嘗試著眼於我們今年的整體增長。我們在本財年投入的 10 億美元的執行力很強。我們現在剛剛完成了一半。我們將繼續研究長期的適當水平。

As you know, we're executing to return more than 100% of our free cash flow that you've seen in this quarter and the last quarter. Over the last three years, we've probably been executing, on average, anywhere from about 70% to 80% of our free cash flow.

如您所知，我們正在執行返還您在本季度和上一季度看到的超過 100% 的自由現金流。在過去三年中，我們可能平均執行了大約 70% 到 80% 的自由現金流。

So stay tuned. Let us get through this year in terms of the $1 billion, and we will look in terms of what the future will lie after we look at the overall cash balance and the options that we can do.

所以請繼續關注。讓我們以 10 億美元來度過今年，在我們查看整體現金餘額和我們可以做的選擇之後，我們將看看未來會怎樣。

Joseph Moore, Morgan Stanley. Once again, Mr. Moore, your line is live. Please proceed with your question.

約瑟夫摩爾，摩根士丹利。再一次，摩爾先生，你的台詞已經上線了。請繼續您的問題。

We might have to come back to Joe.

我們可能不得不回到喬身邊。

David Wong, Wells Fargo.

大衛王，富國銀行。

Thanks very much. To push a bit further on a couple of the earlier questions. Your GPU segments are growing at the higher ASP segments. So year over year, GPU sales grew 2% but ASPs also rose a fair amount, didn't they? Did your unit shipments for GPUs overall actually decline on a year-over-year basis in June?

非常感謝。進一步推動前面的幾個問題。您的 GPU 細分市場在更高的 ASP 細分市場中增長。因此，GPU 銷量同比增長 2%，但 ASP 也有相當大的增長，不是嗎？ 6 月份，您的 GPU 整體出貨量實際上是否同比下降？

I would think so. I would think that it declined a little. The reason, of course, has to do with the fact the consumer PC market overall declined. You know very well that our consumer PC business is a component system. Those component ASPs are rather low and the margins are lower.

我會這麼認為。我認為它下降了一點。當然，原因與消費 PC 市場整體下滑的事實有關。您很清楚我們的消費 PC 業務是一個組件系統。這些組件的平均售價相當低，利潤率也較低。

Although we care about that business very much, components business and volume business does provide scale. It leverages our R&D anyhow. We surely appreciate the business.

儘管我們非常關心該業務，但組件業務和批量業務確實提供了規模。無論如何，它利用了我們的研發。我們當然很欣賞這項業務。

In the final analysis, the consumer PC market was down. I think that the consumer PC market is expected to be more stable now. We'll see how it turns out.

歸根結底，消費PC市場是下跌的。我認為現在消費PC市場預計會更加穩定。我們會看看結果如何。

Okay, great. My other question, what portion of total Tegra sales is Tegra for automotive at the moment? Did your current level of R&D spending have meaningful spending on Tegra for Smartphones and tablets? Or is the Tegra R&D primarily on automotive products?

好，太棒了。我的另一個問題是，目前 Tegra 佔汽車總銷售額的多少？您目前的研發支出水平是否對用於智能手機和平板電腦的 Tegra 進行了有意義的支出？還是 Tegra 主要針對汽車產品進行研發？

Our Tegra strategy is really centered around several areas. One is automotive, as you've mentioned. A business that has grown to be quite sizable. I think Colette mentioned earlier that it grew 70% year over year.

我們的 Tegra 戰略真正集中在幾個領域。正如您所提到的，一種是汽車。一個已經發展到相當大的企業。我認為 Colette 早些時候提到它同比增長了 70%。

We're expecting the growth to continue for the next several years. The pipeline of projects that we know that we're already working on that will go into production, is relatively well understood now.

我們預計未來幾年將繼續增長。我們知道我們已經在進行的將投入生產的項目管道現在相對較好。

The second is gaming. Android is the world's largest computing platform. And gaming we have shortened to computer gaming. With a great computing platform like Windows, we were able to build a new franchise called GeForce on top of it.

二是遊戲。 Android是世界上最大的計算平台。而遊戲，我們將其簡稱為電腦遊戲。借助像 Windows 這樣的出色計算平台，我們能夠在其之上構建一個名為 GeForce 的新系列。

Our strategy with Shield is exactly the same as that, to leverage the Android platform, which is now the world's largest computing platform, and build a gaming platform out of it. We call that shield.

我們與 Shield 的策略完全一樣，就是利用現在世界上最大的計算平台 Android 平台，並以此構建一個遊戲平台。我們稱之為盾牌。

The mobile platform is now extended beyond phones and has gone into tablets, as you know, of course, but recently, also into television. This fall, I'm looking forward to seeing some exciting products for Android TVs and hopefully NVIDIA can be part of some of those.

移動平台現在已經超越了手機，並進入了平板電腦，當然，正如你所知道的，但最近，也進入了電視領域。今年秋天，我期待看到一些令人興奮的 Android 電視產品，並希望 NVIDIA 能夠成為其中的一部分。

Our focus is primarily there. The vast majority of our focus, automotive, consoles, if you will, Android TV consoles, gaming.

我們的重點主要在那裡。我們的絕大多數重點，汽車，遊戲機，如果你願意的話，Android TV 遊戲機，遊戲。

And, wherever we can, wherever it makes sense, continue to engage with OEMs like Xiaomi and others, who are building exciting devices where Tegra could be a differentiator for them. That's basically our strategy and where we are focusing our R&D.

而且，只要我們可以，只要有意義，就繼續與小米等 OEM 合作，他們正在製造令人興奮的設備，Tegra 可以成為他們的差異化因素。這基本上是我們的戰略，也是我們專注於研發的地方。

Great, thanks.

太謝謝了。

Rajvindra Gill, Needham & Company.

Rajvindra Gill，Needham & Company。

Thank you and congrats on the good results. Given the changing mix of your business, could you talk a little bit about seasonality in the fiscal fourth quarter? How do you see that relative to historical patterns?

謝謝你，祝賀你的好結果。鑑於您的業務組合不斷變化，您能否談談第四財季的季節性因素？相對於歷史模式，您如何看待這一點？

We are talking about fiscal third quarter. I appreciate it, Raji.

我們談論的是第三財季。我很感激，拉吉。

(Laughter) I understand. I'm trying to get a sense of how the patterns are changing, given the mix of the business, the changing trends of the business.

（笑聲） 我明白。我試圖了解模式是如何變化的，考慮到業務的組合，業務的變化趨勢。

I appreciate that. I was just kidding. Consumer business is still a large part of our business. GeForce is -- for PC gaming, is a large part of our business. For the foreseeable future, I expect it to be a large part of our business.

我很感激。我剛才是開玩笑的。消費者業務仍然是我們業務的重要組成部分。 GeForce 是——對於 PC 遊戲，是我們業務的很大一部分。在可預見的未來，我預計它將成為我們業務的很大一部分。

Consumer business is important to us because consumers drive a lot of computing technology today. Obviously the volumes are much, much higher. It's important to have high-volume business to drive the flywheel of R&D.

消費者業務對我們很重要，因為當今消費者推動了大量的計算技術。顯然，數量要高得多。重要的是要有大批量的業務來驅動研發的飛輪。

I appreciate the seasonality. GeForce is going to benefit from that in the third and fourth quarter. But increasingly over time, and one of the things you're highlighting here, is that our data center business, our cloud computing business, our high-performance computing business, are not affected by those kind of seasonality. People buy those platforms when they need those platforms.

我欣賞季節性。 GeForce 將在第三季度和第四季度從中受益。但隨著時間的推移，你在這裡強調的一件事是，我們的數據中心業務、雲計算業務、高性能計算業務不受這些季節性影響。人們在需要這些平台時會購買這些平台。

The dynamic trends of those businesses are several. One, the more mobile devices in the world, the more pictures people take, the more videos they upload, the more they talk into their phones for search, the more of those applications, those consumer applications are going to be accelerated by GPU in the cloud. Those are great opportunities for us.

這些業務的動態趨勢有幾個。一，世界上的移動設備越多，人們拍攝的照片越多，他們上傳的視頻越多，他們對手機進行搜索的次數越多，這些應用程序越多，這些消費類應用程序將被 GPU 加速雲。這些對我們來說都是很好的機會。

I think it's pretty clear now the dynamic trends of consumer-generated media as it's sent through the cloud, shared and processed and otherwise, is growing, I guess, at least exponentially. I think that that's one of the dynamics, major dynamics, driving our GPU success in the cloud.

我認為現在消費者生成的媒體的動態趨勢非常清楚，因為它通過雲發送、共享和處理等等，我猜它正在增長，至少呈指數級增長。我認為這是推動我們的 GPU 在雲中取得成功的主要動力之一。

The second has to do with the fact that more and more of companies are using high-performance computing to drive their business. Some companies call it big data analytics; some you hear them refer to machine learning to understand what is happening to the dynamics of their business. High performance computing is more and more important in enterprise than ever.

第二個與越來越多的公司正在使用高性能計算來推動他們的業務有關。一些公司稱之為大數據分析；有些你聽到他們提到機器學習來了解他們的業務動態正在發生什麼。高性能計算在企業中比以往任何時候都更加重要。

Those two dynamic trends, then maybe if I could add the last one, is enterprise virtualization. Our GPUs on GRID, makes it possible for you to virtualize your enterprise beyond the walls of the data center and all the way out to the fringe where the clients are. We can virtualize very, very computer-intensive PC applications for the very first time.

這兩個動態趨勢，如果我可以添加最後一個，也許是企業虛擬化。我們基於 GRID 的 GPU 使您能夠將您的企業虛擬化到數據中心之外，並一直延伸到客戶所在的邊緣。我們第一次可以虛擬化非常非常計算機密集型的 PC 應用程序。

These three dynamics are really important to the future of our data center and cloud business. As those continue to grow, our business will become increasingly less seasonal, if you will.

這三種動態對我們數據中心和雲業務的未來非常重要。隨著這些業務的持續增長，如果您願意，我們的業務將變得越來越不那麼季節性。

That's helpful. As my follow-up, to your point about the enterprise and the virtualization that you're seeing there, your design engagements with GRID are accelerating pretty rapidly. That appears to continue as enterprises begin to realize the leverage that they can get from cloud-based visual computing.

這很有幫助。作為我的後續，就您所看到的企業和虛擬化而言，您與 GRID 的設計合作正在迅速加速。隨著企業開始意識到他們可以從基於雲的視覺計算中獲得的影響力，這種情況似乎還在繼續。

You talked in the past about the install base being around over 500 million units. Can you talk a little bit about how, systematically, you're going to be able to convert that install base to a virtualized platform?

您過去曾談到安裝基數超過 5 億台。您能否談談如何系統地將該安裝基礎轉換為虛擬化平台？

Yes, good question. The most important partners, number one, starts with the hypervisor companies. The companies that build the core of virtualization. Of course, VMware is a very important part of that, Microsoft is, Citrix is.

是的，好問題。最重要的合作夥伴，第一，從管理程序公司開始。構建虛擬化核心的公司。當然，VMware 是其中非常重要的一部分，Microsoft 是，Citrix 是。

I think it was at GTC, I guess it's in May, VMware waltzed on stage with me to announce that they were adopting GRID, integrating GRID into ESX and enabling virtual GPUs for their hypervisor stack. I'm anxiously waiting for them to go to beta. Let's watch this space. I think that has probably the single greatest near-term turbo-charger to the GRID business.

我想是在 GTC 上，我猜是在 5 月，VMware 和我一起在舞台上跳華爾茲，宣布他們正在採用 GRID，將 GRID 集成到 ESX 中，並為他們的管理程序堆棧啟用虛擬 GPU。我焦急地等待他們進入測試版。讓我們看看這個空間。我認為這可能是 GRID 業務中最大的近期渦輪增壓器。

Beyond that, the ecosystem partners that we'll go to market with are all the OEMs. They have the largest sales forces in the world and they're engaging enterprises from financial services, to government, to education, to industry. Those sales forces are being trained on a constant basis and enabling OEMs to be able to take GRID to market is a very big part of the overall strategy.

除此之外，我們將與之一起進入市場的生態系統合作夥伴都是 OEM。他們擁有世界上最大的銷售隊伍，他們與金融服務、政府、教育和工業等企業合作。這些銷售人員正在不斷接受培訓，使 OEM 能夠將 GRID 推向市場是整體戰略的重要組成部分。

We now have every single OEM in the world supporting us. There's some 70, 80 servers that have been certified and qualified for GRID. OEMs from HP and Dell and IBM and Cisco and Hitachi and Fujitsu, every OEM in every corner of the world has been enthusiastic supporters of GRID. Partnering with VMware and partnering with Citrix and partnering with Microsoft over time, that's how we're going to convert and virtualize all of the enterprises around the world.

現在，世界上每一家 OEM 都在為我們提供支持。大約有 70 到 80 台服務器已通過 GRID 認證並獲得資格。來自HP、Dell、IBM、Cisco、Hitachi、Fujitsu 的OEM，世界各個角落的每一個OEM 都是GRID 的熱心支持者。隨著時間的推移，與 VMware、Citrix 和 Microsoft 合作，這就是我們將如何轉換和虛擬化全球所有企業的方式。

Doug Freedman, RBC Capital Markets.

道格弗里德曼，加拿大皇家銀行資本市場。

Great. Thanks for taking my question and congratulations on the strong results. If I could, Jen-Hsun, dig into GRID just a little bit more. In the past you guys gave out a number for the number of engagements that you were tracking that, I believe, last quarter it was 600. Just to have a like for like, what is that number this quarter?

偉大的。感謝您提出我的問題並祝賀您取得了不錯的成績。如果可以的話，Jen-Hsun，再深入研究一下 GRID。過去，你們給出了一個數字，表示你們跟踪的參與次數，我相信上個季度是 600 次。只是為了點贊，這個季度這個數字是多少？

We stopped mentioning it because the numbers are getting kind of large. Maybe we just got kind of bored talking about it. But it's almost a thousand, Doug. I appreciate you asking.

我們不再提及它，因為數字越來越大。也許我們只是有點無聊地談論它。但它幾乎是一千，道格。我很感激你問。

Terrific, that's great to hear. If I could, one of the areas that I believe one of your competitors hit a speed bump on was the fact that GPUs were being used for cryptocurrency algorithms. Is this a market that you view as something that NVIDIA should be servicing? Are you targeting your products at it? Is it something that we should take into our thinking?

太棒了，很高興聽到。如果可以的話，我相信你的一個競爭對手遇到的一個障礙是 GPU 被用於加密貨幣算法這一事實。您認為這是一個需要 NVIDIA 服務的市場嗎？你的目標是你的產品嗎？這是我們應該考慮的事情嗎？

Yes, there's several things about that event that's really interesting. First, the fact that you could run an arbitrary and newly-developed cryptocurrency algorithm on a GPU says something about the programmability of a GPU now.

是的，關於那個事件有幾件事非常有趣。首先，您可以在 GPU 上運行任意和新開發的加密貨幣算法這一事實說明了現在 GPU 的可編程性。

That's one of the things that, of course, cryptography is very important. Of course encryption and decryption for security long-term will be very important. GPUs will increasingly become important in the development of those algorithms.

當然，這是密碼學非常重要的事情之一。當然，長期安全的加密和解密將非常重要。 GPU 在這些算法的開發中將變得越來越重要。

However, we really didn't benefit very much from people who were doing, I guess, bitcoin mining. The reason for that is because if it's just one application, if it is somebody that's using that one application, they don't really care about the gaming experience. They didn't buy the platform for gaming. They didn't buy the platform for workstations or design.

然而，我猜，我們並沒有從那些從事比特幣挖礦的人那裡獲得太多好處。這樣做的原因是因為如果它只是一個應用程序，如果有人在使用那個應用程序，他們並不真正關心遊戲體驗。他們沒有購買遊戲平台。他們沒有為工作站或設計購買平台。

I would say that NVIDIA GPUs are not the most performance per dollar efficient in the market. As a component, if you will, as a commodity component, we're not the most competitive in that way. Maybe that was a blessing, maybe it wasn't.

我會說 NVIDIA GPU 並不是市場上性價比最高的。作為一個組件，如果你願意的話，作為一個商品組件，我們在這方面並不是最具競爭力的。也許這是一種祝福，也許不是。

I think in the final analysis, I don't think we were particularly the best choice for somebody who would like to bitcoin mine. When they were done they re-sold the graphic cards in the marketplace. I guess, in a lot of ways, I'm happy that that didn't happen to us.

我認為歸根結底，我不認為我們特別適合那些想開採比特幣的人。完成後，他們在市場上重新出售圖形卡。我想，在很多方面，我很高興這沒有發生在我們身上。

Okay, great. I appreciate the color there. My last one for you is really having to do with the structure of the Company. You've been reliant on a single source for your foundry since inception.

好，太棒了。我很欣賞那裡的顏色。我給您的最後一個問題實際上與公司的結構有關。自成立以來，您的鑄造廠一直依賴單一來源。

You're pretty much at a scale now that might make you say, we really should have a second source supplier here. Is there some sort of a catalyst that makes you, or some level at which you feel you really do need to bring on a second supplier of wafers?

你現在的規模可能會讓你說，我們真的應該在這裡有第二個來源供應商。是否有某種催化劑使您，或者您覺得確實需要引入第二個晶圓供應商？

We look at every foundry that's available in the world. There aren't that many that is competitive enough to be able to earn our business. We competitively look at every single opportunity, every single time.

我們關注世界上所有可用的代工廠。沒有那麼多有競爭力的企業能夠贏得我們的業務。我們競爭性地看待每一個機會，每一次。

We have been fortunate to have partnered with TSMC for a very long time. They are a fantastic, fantastic partner; they continue to be. Quite frankly, we have been well-served by that partnership.

我們有幸與台積電合作了很長時間。他們是一個很棒的、很棒的合作夥伴；他們繼續存在。坦率地說，這種夥伴關係為我們提供了良好的服務。

We look at the competitive landscape on a note-by-note basis. We have our eyes wide open. We keep all of our partners as competitive as they can be.

我們逐條分析競爭格局。我們睜大了眼睛。我們盡可能讓所有合作夥伴保持競爭力。

Congratulations again. Thanks, guys.

再次祝賀。多謝你們。

Thanks a lot, Doug. We appreciate that.

非常感謝，道格。我們對此表示讚賞。

Thanks, Doug. Thanks, everyone. We look forward to talking to you next time on our Q3 earnings call. Thanks, Colin.

謝謝，道格。感謝大家。我們期待下次在第三季度財報電話會議上與您交談。謝謝，科林。

Ladies and gentlemen, that does conclude the conference call for today. We thank you all for your participation. You are now free to disconnect your lines.

女士們先生們，今天的電話會議到此結束。我們感謝大家的參與。您現在可以自由地斷開您的線路。