輝達 (NVDA) 2016 Q1 法說會逐字稿

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

午安.我叫喬治，今天我將擔任你們的會議主持人。現在，我歡迎大家參加NVIDIA財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this call is being recorded Thursday, May 7, 2015. I will now turn the call over to the Mr. Arnab Chanda, Head of Investor Relations at NVIDIA. Mr. Chanda, you may begin your conference.

提醒一下，本次電話會議錄音時間為2015年5月7日星期四。現在我將把電話轉給NVIDIA投資人關係主管Arnab Chanda先生。 Chanda先生，您可以開始您的會議了。

Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the first quarter of FY16. With me on the call today from NVIDIA Jen-Hsun Huang, President and Chief Executive Officer, and Colette Kress, Executive Vice President and Chief Financial Officer.

謝謝。大家下午好，歡迎參加NVIDIA 2016財年第一季電話會議。今天與我一起參加電話會議的還有NVIDIA總裁兼執行長黃仁勳和執行副總裁兼財務長科萊特·克雷斯。

I'd like to remind you that today's call is being webcast live on NVIDIA's investor relations website. It is also being recorded. You can hear a replay by telephone until May 14, 2015. The webcast will be available for replay up until next quarter's conference call to discuss Q1 financial results. The content of today's call is NVIDIA's property. It cannot be reproduced or transcribed without our prior written consent.

謹此提醒您，今天的電話會議將在NVIDIA投資者關係網站上進行網路直播，並進行錄音。您可以在2015年5月14日之前透過電話收聽重播。重播將持續到下個季度討論第一季財務表現的電話會議。今天電話會議的內容屬於NVIDIA所有。未經我們事先書面許可，不得複製或轉錄。

During the course of this call, we may make forward-looking 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 most recent Form 10-K and the reports that we may file on Form 8-K with the Securities and Exchange Commission. All our statements are made as of today, May 7, 2015, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements.

在本次電話會議期間，我們可能會根據目前預期做出前瞻性陳述。這些前瞻性陳述受許多重大風險和不確定因素的影響，實際結果可能與預期有重大差異。有關可能影響我們未來財務表現和業務的因素的討論，請參閱今日收益報告中的揭露內容、我們最新的10-K表格以及我們可能向美國證券交易委員會提交的8-K表格報告。所有陳述均基於截至2015年5月7日目前掌握的資訊做出。除法律要求外，我們不承擔更新任何此類陳述的義務。

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 CFO commentary, which is posted on our website. With that, let me turn the call over to Colette.

在本次電話會議中，我們將討論非公認會計準則 (Non-GAAP) 財務指標。您可以在我們網站上發布的財務長評論中找到這些非公認會計準則 (Non-GAAP) 財務指標與公認會計準則 (GAAP) 財務指標的對帳表。現在，請科萊特發言。

Thanks, Arnab. First-quarter revenue increased 4% year-over-year to $1.15 billion. Growth was driven by the strength in gaming, high-performance computing and cloud, and automotive. Viewed from a segment perspective GPU revenue was $940 million, up 5% year-over-year. Tegra processor revenue was $145 million, up 4% year-over-year.

謝謝，Arnab。第一季營收年增4%，達11.5億美元。成長主要得益於遊戲、高效能運算和雲端運算以及汽車領域的強勁表現。從細分市場來看，GPU營收為9.4億美元，年增5%。 Tegra處理器營收為1.45億美元，年增4%。

NVIDIA's business performed within expectations within the quarter. Our strategy of crating specialized platforms for gaming, enterprise, high-performance computing and cloud, and automotive continues to gain traction, and we continue to reshape our organization to focus on them. In Q1, these four growth platforms contributed to more than 80% of revenue, up from 68% a year ago.

NVIDIA 的業務在本季表現符合預期。我們為遊戲、企業、高效能運算和雲端運算以及汽車打造專用平台的策略持續推進，我們也持續重塑組織架構，專注於這些業務。第一季度，這四大成長平台貢獻了超過 80% 的收入，高於去年同期的 68%。

Gaming revenue was $587 million, up 25% year-over-year, powered by the strength of our Maxwell GPU architecture. Helping our performance was a launch of Titan X, the world's fastest GPU. Titan X, introduced at the Game Developers Conference, sets a new standard, with the outstanding capabilities to drive 4K games and virtual reality titles. It delivers twice the performance and double the power efficiency of its predecessor.

遊戲業務收入達5.87億美元，年增25%，這得益於我們強大的Maxwell GPU架構。全球最快的GPU Titan X的發布也為我們的業績成長提供了助力。 Titan X在遊戲開發者大會上發布，它樹立了新的標桿，擁有驅動4K遊戲和虛擬實境遊戲的卓越性能。與上一代產品相比，它的性能和能源效率均翻了一番。

We also announced SHIELD, the world's first 4K smart TV device. Shield delivers video, music apps, and high-quality games, and uses Google voice search. It's powered by our Tegra X1 processor.

我們也發表了全球首款 4K 智慧電視設備 SHIELD。 Shield 提供影片、音樂應用程式和高品質遊戲，並使用 Google 語音搜尋。它搭載我們的 Tegra X1 處理器。

The gaming market continues to expand. In the second half, we look forward to multiple drivers, including 4K which quadruples the number of pixels to process, virtual reality and the launch of Windows 10.

遊戲市場持續擴張。下半年，我們期待多種驅動因素​​，包括4K（處理像素數量將增加四倍）、虛擬實境以及Windows 10的發布。

Enterprise revenue was $190 million, down 4% year-over-year, due to the weakness in European currencies. We continue to maintain strong market leadership with our Quadro products. During the quarter, we shared our vision for physically-based rendering, which allowed for the accurate simulation of real-life materials, and their interaction with light.

企業營收為1.9億美元，年減4%，原因是歐洲貨幣疲軟。憑藉Quadro產品，我們持續保持強勁的市場領先地位。在本季度，我們分享了基於物理的渲染願景，該技術能夠精確模擬真實材質及其與光線的相互作用。

In the enterprise data center, NVIDIA's GRID graphics virtualization platform continues to hit key milestones. We now have over 250 enterprise customer with production deployments, up from just over 30 customers one year ago. In March, VMware, the virtualization market leader, shipped the latest versions of Horizon and vSphere, with full support for NVIDIA GRID vGPU technology. More than 400 customers have signed on through the GRID early access program.

在企業資料中心領域，NVIDIA 的 GRID 圖形虛擬化平台持續取得重要里程碑。目前，我們擁有超過 250 家企業客戶進行生產部署，而一年前只有 30 多家。今年 3 月，虛擬化市場領導者 VMware 發布了最新版本的 Horizo​​n 和 vSphere，全面支援 NVIDIA GRID vGPU 技術。已有超過 400 家客戶透過 GRID 早期試用計畫簽約。

HPC and cloud revenue was $79 million, up 57% year on year, with continued strength in the HPC market, and among cloud service providers. Tesla products continued to benefit from widespread Internet, interest in deep learning. One indication of our traction was the success in March of the GPU Technology Conference, or GTC, where we drew a record 4,000 attendees. Two of the world's most renowned deep learning experts, Google's Jeff Dean, and Baidu's Andrew Ng delivered keynotes at the event.

高效能運算 (HPC) 和雲端收入達 7,900 萬美元，較去年同期成長 57%，HPC 市場和雲端服務供應商的業績持續強勁。 Tesla 產品繼續受益於互聯網和深度學習的廣泛關注。我們持續成長的一大亮點是 3 月 GPU 技術大會 (GTC) 的成功舉辦，吸引了創紀錄的 4,000 名與會者。兩位全球知名的深度學習專家——Google的 Jeff Dean 和百度的 Andrew Ng——在此次大會上發表了主題演講。

A growing number of companies are now using Tesla GPUs for deep learning, including the world's leading cloud service providers, like Baidu, Facebook, Flickr, Microsoft, and Twitter, as well as a broad range of start-ups. Another indication of our traction is the success of our library for developers who implement these neural networks. Since its March release, it has been downloaded by more than 5,000 deep learning developers.

越來越多的公司正在使用 Tesla GPU 進行深度學習，其中包括百度、Facebook、Flickr、微軟和 Twitter 等全球領先的雲端服務供應商，以及許多新創公司。我們備受青睞的另一個標誌是我們為實現這些神經網路的開發者提供的程式庫取得了成功。自三月發布以來，已有超過 5,000 名深度學習開發者下載了該程式庫。

During the quarter, we also hit a milestone for CUDA, our parallel computing platform. It's now been downloaded 3 million times since its 2006 launch, with 1 million downloads in the past 18 months alone.

本季度，我們的平行運算平台 CUDA 也取得了里程碑式的進展。自 2006 年推出以來，CUDA 的下載量已達 300 萬次，光是在過去的 18 個月中，下載量就達到了 100 萬次。

Automotive revenue had a record quarter at $77 million, growing 121% year-over-year. Our design wins in digital clusters and infotainment continue to ramp over multiple automotive OEMs. At GTC, 25 global automakers and Tier 1 suppliers were represented, including developers and researchers from such companies as Audi, BMW, Delphi, and Elektrobit. Their enthusiasm reflects the interest, increasing importance as visual computing for automotive, and our position as a key technology provider for this market.

汽車業務本季營收創紀錄，達 7,700 萬美元，年增 121%。我們在數位儀錶板和資訊娛樂系統方面的設計成果持續獲得眾多汽車原始設備製造商的青睞。 GTC 大會吸引了 25 家全球汽車製造商和一級供應商的代表，其中包括來自奧迪、寶馬、德爾福和 Elektrobit 等公司的開發人員和研究人員。他們的熱情體現了人們對汽車視覺運算日益增長的重要性的關注，以及我們作為該市場關鍵技術提供者的地位。

We also announced the availability of our DRIVE PX deep learning development platform. It will provide researchers with the computing platform and software tools to develop algorithms for self driving cars. We have started shipping DRIVE PX to developers around the world.

我們也宣布推出 DRIVE PX 深度學習開發平台。它將為研究人員提供計算平台和軟體工具，用於開發自動駕駛汽車演算法。我們已開始向全球開發者提供 DRIVE PX。

The OEM and IP platform had revenue of $218 million. Down 38% year-over-year, this reflected a combination of end of life for Tegra OEM design, as well as continued weakness in PC OEM sales the weakness in PC OEM has been broadly reported and attributed to foreign exchange rates and delays in purchasing, leading up to the launch of Windows 10.

OEM 和 IP 平台營收為 2.18 億美元，年減 38%，這反映了 Tegra OEM 設計生命週期的終止，以及 PC OEM 銷售持續疲軟的雙重影響。 PC OEM 銷售疲軟已被廣泛報道，並被歸咎於匯率波動以及 Windows 10 發布前採購延遲。

Regarding IP, our case is progressing against Samsung and Qualcomm. Last month, NVIDIA received a favorable pre-trial claim construction ruling in the case. The case is set to be heard at the US International Trade Commission beginning next month.

關於智慧財產權，我們針對三星和高通的案件正在推進中。上個月，NVIDIA 在該案中獲得了有利的審前權利要求解釋裁決。該案將於下個月在美國國際貿易委員會開庭審理。

Moving to gross margins, GAAP gross margins was a record 56.7%, above our outlook for the quarter, and up 80 basis points from the previous quarter. Non-GAAP gross margins was 56.9%, also above our outlook, and up 70 basis points sequentially. Our strong margins resulted from a richer product mix.

談到毛利率，GAAP毛利率創下56.7%的紀錄，高於我們本季的預期，季增80個基點。非GAAP毛利率為56.9%，同樣高於我們預期，季增70個基點。強勁的利潤率源自於更豐富的產品組合。

GAAP operating expenses for the first quarter were $477 million, non-GAAP operating spaces was $425 million, in line with our outlook and inclusive of $16 million of legal fees associated with our litigation against Samsung and Qualcomm. GAAP net income was $134 million, down 2% from a year ago. GAAP earnings per diluted share of $0.24 was similar to a year ago.

第一季度，GAAP 營運費用為 4.77 億美元，非 GAAP 營運費用為 4.25 億美元，與我們的預期一致，且包含與針對三星和高通的訴訟相關的 1,600 萬美元法律費用。 GAAP 淨利為 1.34 億美元，較去年同期下降 2%。 GAAP 每股攤薄收益為 0.24 美元，與去年同期持平。

Now, turning to some key balance sheet items. In Q1, our cash and marketable securities balance grew to $4.79 billion. During the first quarter we paid $46 million in cash dividends, and we repurchased 2.4 million shares. As a result, we returned an aggregate of $99 million to shareholders.

現在，我們來看看一些關鍵的資產負債表項目。第一季度，我們的現金和有價證券餘額增加至47.9億美元。第一季度，我們支付了4,600萬美元的現金股息，並回購了240萬股股票。因此，我們向股東累計返還了9,900萬美元。

Today we announced a 15% increase in our quarterly cash dividend, to $0.0975 per share. We have also announced our intent to increase our capital return to shareholders to $800 million in FY16 from $600 million through cash dividends and share repurchases. Further, our Board of Directors has extended the previously authorized repurchase program through to December 2018, and authorized an additional $1.62 billion, for an aggregate of $2 billion available for repurchase. We are committed to capital returns as an essential component in delivering shareholder value.

今天，我們宣布季度現金股利增加15%，至每股0.0975美元。我們也宣布，計劃透過現金股利和股票回購，將2016財年的股東資本回報從6億美元提高至8億美元。此外，董事會已將先前授權的回購計畫延長至2018年12月，並額外授權16.2億美元，使可供回購的總額達到20億美元。我們致力於將資本回報作為實現股東價值的重要組成部分。

Now, turning to the outlook for the second quarter of FY16. We expect revenue for the second quarter of 2016 to be $1.01 billion, plus or minus 2%.

現在，讓我們來展望一下2016財年第二季的業績。我們預計2016年第二季的營收為10.1億美元，上下浮動2%。

In addition to seasonality, two factors informed our Q2 guidance. European currency weakness is effecting overall demand. Also, as widely reported by OEMs, a combination of seasonality and a lull ahead of Windows 10 launch are impacting the PC market.

除了季節性因素外，還有兩個因素影響了我們第二季的業績預期。歐洲貨幣疲軟正在影響整體需求。此外，正如原始設備製造商（OEM）廣泛報導的那樣，季節性因素以及Windows 10發布前的市場低迷期正在影響PC市場。

The overall dynamics of our business are great. Gaming is expanding, and 4K, virtual reality and Windows 10 will lift it further. GPU accelerated data centers are expanding, and deep learning is a new, exciting application. And the market for car computers is expanding.

我們業務的整體發展勢頭良好。遊戲市場正在擴張，4K、虛擬實境和 Windows 10 將進一步推動其發展。 GPU 加速資料中心正在擴張，深度學習是令人興奮的全新應用。車載電腦市場也不斷擴大。

We have an excellent position in each of these growth markets. Our GAAP and non-GAAP gross margins are expected to be 55.7% and 56% respectively, plus or minus 50 basis points. This outlook is slightly below Q1 margins, reflecting our product mix. GAAP operating expenses are expected to be approximately $474 million, non-GAAP operating expenses are expected to be $425 million, flat with last quarter.

我們在這些成長市場中都佔有有利地位。我們的GAAP和非GAAP毛利率預計分別為55.7%和56%，上下浮動50個基點。這一預期略低於第一季的利潤率，這反映了我們產品組合的因素。 GAAP營運費用預估約4.74億美元，非GAAP營運費用預估為4.25億美元，與上季持平。

We announced earlier this week that we will begin to wind down our Icera modem operations in the second quarter of FY16. We are open to the sale of the technology or operations. We estimate restructuring charges to our GAAP results in the range of $100 million to $125 million, primarily during FY16. These charges will consist of severance and other employee termination benefits, tax expense items, and other costs associated with the wind down, if we are unable to sell the modem operations.

我們本週稍早宣布，將於2016財年第二季逐步關閉Icera調變解調器業務。我們願意出售該技術或業務。我們預計，重組費用將計入我們的GAAP業績，主要在2016財年，金額在1億美元至1.25億美元之間。這些費用將包括遣散費和其他員工離職福利、稅費項目以及如果我們無法出售調變解調器業務，與逐步關閉相關的其他成本。

The Icera wind down or sale is expected to benefit non-GAAP operating expenses in the second half of the year, and we will carefully invest in our growth initiatives of deep learning, self driving cars, and gaming. We expect our FY16 non-GAAP operating expenses to be approximately flat with FY15, excluding litigation costs. FY16 litigation costs are expected to be in the range of $70 million to $90 million, as we defend our intellectual property.

Icera 的停產或出售預計將對下半年的非 GAAP 營運支出產生正面影響，我們將謹慎投資於深度學習、自動駕駛汽車和遊戲等成長項目。我們預計 2016 財年的非 GAAP 營運支出（不含訴訟費用）將與 2015 財年基本持平。由於我們將致力於維護智慧財產權，2016 財年的訴訟費用預計在 7,000 萬美元至 9,000 萬美元之間。

GAAP and non-GAAP tax rates for the second quarter of FY16 are expected to be 23% and 21%, plus or minus 1%. The above GAAP amounts exclude restructuring charges associated with the wind down, if the company is unable to sell the modem operations.

2016財年第二季度，預計GAAP和非GAAP稅率分別為23%和21%，上下浮動1%。以上GAAP資料不包括公司無法出售數據機業務時產生的重組費用。

We will now open the call for questions. Operator, will you please poll for questions?

我們現在開始提問環節。接線員，請問可以輪流提問嗎？

(Operator Instructions)

（操作員指示）

Blayne Curtis with Barclays.

巴克萊銀行的布萊恩‧柯蒂斯。

Thanks for taking my question. Colette, just on the outlook, and I appreciate all the color by segments, it sounded like that you are still seeing weakness in the OEM segment. I was wondering if that read was right into June? And then on gross margin, in terms of the mix, what are the moving parts there?

感謝您回答我的問題。 Colette，就前景而言，我很欣賞您按細分市場進行細分，聽起來您仍然看到OEM細分市場疲軟。我想知道這個數據是否適用於6月？然後就毛利率而言，就產品組合而言，有哪些變化？

Yes, it is true that we are still seeing a decline in our PC OEM, and our Tegra OEM business, as we reported within our Q1 results. Again, we still see this as a business that we're going to still try our hardest, for the overall growth. But what we see going into Q2 is a very soft market with the PC OEMs, and we do see probably a seasonal decline, as we go into Q2.

是的，正如我們在第一季業績報告中所報告的，我們的PC OEM和Tegra OEM業務確實仍在下滑。我們仍然認為，為了整體成長，我們將竭盡全力。但進入第二季度，我們發現PC OEM市場非常疲軟，而且我們確實可能看到季節性下滑。

From a gross margin perspective on the outlook and what we see, it's really driven from a mix perspective, as a decline in revenue from Q1 to Q2. We still expect gaming to be great during that time, and add value to our gross margins. But just because of the overall mix of what else is in the portfolio, we do expect it to come down to about 56%.

從毛利率的前景和我們目前的情況來看，這實際上是由多種因素共同作用的結果，例如第一季到第二季的收入下降。我們仍然預計遊戲業務在此期間將表現良好，並提升我們的毛利率。但由於產品組合中其他業務的整體組合，我們預期毛利率將下降至56%左右。

Thanks, and just finally on Icera, is there any meaningful -- not meaningful, but is there any revenue that would be material if you did shut it down, that we need to be cognizant of?

謝謝，最後關於 Icera，如果您關閉它，是否有任何有意義的 - 雖然沒有意義，但是否有任何實質性的收入是我們需要注意的？

We wouldn't expect any material change to our revenue associated with the wind down of Icera, that is correct.

我們預計 Icera 的倒閉不會為我們的收入帶來任何實質的變化，這是正確的。

Thank you.

謝謝。

Sanjay Chaurasia with Nomura.

野村證券的 Sanjay Chaurasia。

Colette, my question is on OEM as well. EMD recently launched some new products in the OEM category. My question is, would you, if they are willing to take this business at a really low margin, would you be still interested in this space, or would you let it go? Is there a cutoff at below which you would not take this business?

科萊特，我的問題也與OEM有關。 EMD最近在OEM領域推出了一些新產品。我的問題是，如果他們願意以非常低的利潤率接手這項業務，你們還會對這個領域感興趣嗎？還是會放棄？低於這個利潤率，你們就不會接手這項業務了？

I think we are always going to work with the OEMs on how they want to position our products. We have probably some of the best GPUs available to them. So if we're really talking about an OEM that's looking just for a low-cost, they're probably not looking at us, for that type of configuration. So it's not that we would turn away business, but we are going to be trying to make sure the value of what we have, in terms of the GPU would be recognized by the OEMs.

我認為我們會一直與原始設備製造商合作，以了解他們如何定位我們的產品。我們可能擁有一些最好的GPU可供他們選擇。所以，如果我們談論的只是那些只追求低成本的原始設備製造商，他們可能不會考慮我們這種配置。所以，我們不會拒絕任何業務，但我們會努力確保我們GPU的價值能夠得到原始設備製造商的認可。

As a follow-up, could you talk about GPU pricing that you saw in the quarter and any channel inventory update that you could provide, because of these ForEx issues?

作為後續問題，您能否談談本季度看到的 GPU 定價以及由於這些外匯問題您可以提供的任何渠道庫存更新？

Right now, we have a pretty good understanding of our channel from what we can see, as we do have a good market position, in terms of our cards across the world. So we watch it carefully. I would deem them right now to be in a healthy position, as we exited the quarter. There are, of course, the FX concerns around the world, not just in Europe, but right now again, I think the channel is in a healthy position.

目前，就目前情況而言，我們對自己的管道有相當好的了解，因為我們在全球的信用卡業務方面確實佔據著良好的市場地位。因此，我們會密切注意。我認為，隨著本季的結束，我們的管道目前處於健康狀態。當然，全球各地都存在外匯方面的擔憂，不僅僅是在歐洲，但目前，我認為我們的管道仍然處於健康狀態。

Thank you.

謝謝。

Hans Mosesmann with Raymond James.

漢斯摩西曼 (Hans Mosesmann) 和雷蒙德詹姆斯 (Raymond James)。

Colette, can you give us some qualitative commentary on the outlook for automotive enterprise? I think you had mentioned gaming was going to be up, but if you could clarify that? Thanks.

科萊特，您能否就汽車產業的前景給我們一些定性評論？我記得您提到過遊戲產業將會蓬勃發展，能否解釋一下？謝謝。

Again, we didn't give specifics in our Q2 guidance on all of the different pieces of our markets. What we want to discuss is our markets are extremely healthy. Yes, gaming, automotive, high-performance computing, great leadership position, very healthy TAMs, how they're grow specifically quarter to quarter we'll see at the end of the quarter.

再次強調，我們在第二季的業績指引中沒有具體說明我們各個市場的具體情況。我們想討論的是，我們的市場非常健康。是的，遊戲、汽車、高效能運算等市場都處於良好的領導地位，潛在市場規模也非常健康，至於這些市場的具體季度環比增長情況，我們將在本季末拭目以待。

But we've talked about, we have a strong list of design wins for automotive. With that strong list of design wins, we can expect our revenue to grow in that area. If it grows specifically between Q1 and Q2, we will have to see, based on when the manufacturers want to pull the inventory for their lines, so that's not necessarily fully in our control. But long-term, this is a growth opportunity for us, as we outlined our growth platforms.

但我們之前提到過，我們擁有一系列汽車領域的設計訂單。憑藉這些訂單，我們預計該領域的收入將會成長。至於具體到第一季和第二季之間的成長，則取決於製造商何時需要為其生產線提取庫存，因此這不一定完全在我們的掌控之中。但從長遠來看，這對我們來說是一個成長機會，正如我們在成長平台中所概述的那樣。

On the enterprise side, again it's really tough to say. Where the currency will take us within the second quarter, we can all hope that it will improve. But right now, we're just going to have to see at the end of the quarter how it actually comes out in enterprise.

在企業方面，這仍然很難說。貨幣政策將在第二季為我們帶來什麼影響，我們都希望它能夠改善。但現在，我們只能在本季末看看它​​在企業領域的具體表現。

Thank you.

謝謝。

Rajvindra Gill with Needham.

Rajvindra Gill 和 Needham。

If you could just, Colette, maybe remind us, how much of your sales is denominated in Euro?

科萊特，您能否提醒我們一下，您的銷售額中有多少是以歐元計價的？

To remind you, as we talk about in our SEC filing, that most of our revenue is actually built in USD. That doesn't mean that we don't have the impact from FX rates, though, on our overall business. What it just means is any part of the channel, any part of the customer buying process has to think about the prices as they set in their regions in terms of were they are. So really, we don't have a direct translation impact, in terms of our overall business. Every part of the world is going to react differently, based on the FX positions.

需要提醒的是，正如我們在提交給美國證券交易委員會 (SEC) 的文件中所述，我們的大部分收入實際上是以美元計算的。但這並不意味著我們的整體業務不會受到匯率的影響。這意味著，通路的任何環節，客戶購買流程的任何環節，都必須考慮他們所在地區的定價。因此，就我們的整體業務而言，匯率實際上不會直接影響我們的整體業務。世界各地的匯率都會根據外匯情況做出不同的反應。

Right. If we assume there's some growth in Tegra sequentially in the June quarter and the world keeps saying the same, as it always does for the time being it would basically imply that the GPU business, including workstation, is going to be down something like 16% sequentially. So I just wanted to try to understand. That's a pretty big drop off, if that math is correct.

是的。如果我們假設Tegra在6月份季度環比有所增長，而外界也一直這麼說，就像目前的情況一樣，那麼這基本上意味著包括工作站在內的GPU業務將環比下降16%左右。所以我只是想試著理解一下。如果這個計算正確的話，這是一個相當大的下降。

Again, yet we're probably going to have to see at the end of the quarter. I want us to make sure we really start back with the health of many of these different markets, particularly gaming. We still expect gaming from a year-over-year perspective to definitely grow. How fast it will grow, we'll have to see at the end of Q2.

再說一次，但我們可能要到本季末才能看到結果。我希望我們能夠真正從這些不同市場，尤其是遊戲市場的健康狀況開始。我們仍然預期遊戲市場將年比肯定會成長。至於成長速度，我們得到第二季末才能知道。

But keep in mind, there is generally based sequential seasonal decline as we move into our Q2, that we're going to see. So we don't have a specific number at this time, in terms of our overall GPU business. We have got the weakness of the currencies right now that we have to consider in that Q2 quarter, and what we see in terms of low purchasing on the overall PC market, generally. So I think that is what is incorporated in our guidance, rather than very specific to the GPU or the Tegra business.

但請記住，隨著我們進入第二季度，我們會看到整體季度業績普遍出現季節性環比下滑。因此，就整體GPU業務而言，我們目前還沒有一個具體的數字。目前，我們必須考慮第二季貨幣的疲軟，以及整體PC市場普遍存在的低購買力。所以，我認為這些因素已經融入了我們的業績指引中，而不是具體到GPU或Tegra業務。

Great. Thank you.

太好了，謝謝。

(Operator Instructions)

（操作員指示）

Ross Seymore with Deutsche Bank.

德意志銀行的羅斯·西摩。

This is Giu calling in for Ross Seymore. Can you discuss any interest that you've seen for the Icera business for the technology and IP?

我是 Giu，代表 Ross Seymore 進行採訪。您能否談談，目前有哪些公司對 Icera 的技術和智慧財產權感興趣？

I'm sorry?

對不起？

The question was regarding the interest that we may have in the Icera business from outside.

問題是關於外界對我們可能對 Icera 業務的興趣。

We don't -- we have just started that business so we don't have much to report at this time.

我們沒有——我們剛開始這項業務，所以目前我們沒有太多可報告的資訊。

Got it. Thank you for giving the update on the increased return to shareholders. Can you give us an update on the level of cash onshore, and how does that factor into, if there's any offshore cash that needs to be repatriated?

明白了。感謝您更新股東報酬率提升的情況。能否更新一下境內現金水準？如果有境外現金需要匯回，這會如何影響？

Again, we are extremely comfortable with our decision to raise the capital return program to $800 million. And after much thought and consideration, in terms of looking at both our onshore and our offshore cash, and our overall cash flow that we expect for the rest of the year. So we are comfortable with that position, and again, our total cash is about the same as where we ended at FY15, a little bit up in Q1. And so we're going to return an additional portion of that to shareholders at this time.

再次強調，我們對將資本返還計畫提高至8億美元的決定感到非常滿意。這是經過深思熟慮和考慮後做出的，我們綜合考慮了我們在岸和離岸的現金流，以及我們預計今年剩餘時間的整體現金流。因此，我們對這一狀況感到滿意。我們的現金總額與2015財年末大致相同，在第一季略有增加。因此，我們這次將把其中的一部分還給股東。

Craig Ellis with B. Riley.

克雷格·埃利斯 (Craig Ellis) 和 B. Riley。

Thank you for taking the question. The first one, just a clarification. Colette, on the expense guidance for the year, it's clear what you're expecting legal to be, that $70 million to $90 million. What was it in FY15, and when we look at the year-on-year expense ex legal, is it ex-legal both years, or just ex-legal in FY16?

感謝您回答這個問題。第一個問題，我只是想澄清一下。科萊特，關於今年的支出指引，您預期的法律支出應該在7000萬到9000萬美元之間，這個數字很明確。 2015財年是多少？我們來看看扣除法律支出後的年比支出，是兩年都扣除法律支出，還是只有2016財年才扣除法律支出？

Yes, Craig. When you look at the timing of when we initiated our litigation against Samsung and Qualcomm, it was relatively at the latter, or the end of FY15, so there's not a material amount in FY15 associated with the legal expenses. The way you can look at it is, we have called out a potential range of what we see for FY16, to help you going forward. And so you should just use the baseline of FY15 as a total, for the rest of the OpEx to be flat.

是的，克雷格。我們發起針對三星和高通的訴訟的時間點，相對來說比較晚，也就是2015財年末，所以2015財年的法律費用並不大。你可以這樣看，我們列出了2016財年的潛在支出範圍，幫助你展望未來。所以你應該以2015財年的基數作為總支出，其餘的營運支出維持不變。

Okay. And in the follow-up to either you of Jen-Hsun, as you see more of the GRID trials move to production, and the year-over-year increase of AVEX is pretty impressive, up to 250. What does that mean for revenue? What's the revenue opportunity doing, as you go from a trial to a production situation?

好的。接下來，您或 Jen-Hsun 的提問也值得關注，隨著越來越多的 GRID 試驗進入量產階段，AVEX 的同比增長非常驚人，達到了 250 台。這對收入意味著什麼？從試驗到量產，收入機會如何？

Generally, every production is a little bit different, because every company is a different size. If you look at just the revenues year-over-year, the proportion is about the same as the number that goes to production. So it's grown. It is also grown proportionally, about the same.

一般來說，每部影片的製作都略有不同，因為每家公司的規模都不一樣。如果你只看同比收入，你會發現製作成本佔比與投入製作的資金大致相同。所以說，製作成本是成長的。而且，它的成長比例也大致相同。

And do you think that's fair as a way to think about what the future prospects will be, Jen-Hsun, or is there something different about the way new trials are going, that would cause that to deviate either higher or lower?

仁勳，您認為這樣思考未來前景是否公平，或者新試驗的進展方式是否存在不同，導致其偏離更高或更低？

My hope is that it actually increases, and the reason for that is because over time not only will we get new customers into production, but existing customers will deploy more broadly. And so my expectation is we should get growth on both sides of it. Once an IT department gets this, it's a network-based virtualization technology. And so of course, it's just enormously helpful that VMware has now integrated vGPU GRID into both Horizon as well as vSphere.

我希望它能真正成長，這是因為隨著時間的推移，我們不僅會讓新客戶投入生產，現有客戶也會更廣泛地部署。因此，我的期望是我們應該在兩個方面都實現成長。一旦IT部門掌握了它，它就是一種基於網路的虛擬化技術。當然，VMware現在將vGPU GRID整合到Horizo​​n和vSphere中，這非常有幫助。

And so from into end, we now have GRID certified in large corporations. VMware certified, Citrix is certified. Both of their sales force -- the sales force of the OEMs are all aligned with us, and we're working on engaging customers all over the world.

從頭到尾，我們現在已經獲得了大型企業的 GRID 認證。 VMware 和 Citrix 也都獲得了認證。他們的銷售團隊——包括原始設備製造商 (OEM) 的銷售團隊——都與我們保持一致，我們正在努力吸引世界各地的客戶。

And so the first thing that they do is of course to test all of their applications, and large companies have a lot of different applications in the works. It can be SolidWorks, it could be Autodesk AutoCAD, it could be Adobe Photoshop or Premiere or Aftereffects. It can be all kinds of applications that requires 3D graphics acceleration.

所以他們首先要做的當然是測試所有的應用程序，大公司有很多不同的應用程式正在開發中。可能是 SolidWorks，可能是 Autodesk AutoCAD，可能是 Adob​​e Photoshop、Premiere 或 Aftereffects。所有需要 3D 圖形加速的應用程式都有可能。

And so once they certify that in fact, qualify that in fact the applications are all perfectly compatible, which we largely expect them to be, then they start to deploy them over the network. And some networks need to be shored up because this is about virtualizing the whole PC, and so it's being streamed over the corporate network. So some of the networks need to be shored up, and then of course making sure that all of the end-users are satisfied with the experiences that they have, which largely, they've been more than delighted, because as you can imagine, having an accelerated -- GPU accelerated virtualization platform has got to be pretty exciting. And so far, we've seen that the trials have gone over nicely, and then as more people use it, the more people who will want to enjoy it, and we hope that not only will we increase the number of customers, but the number of seats within each customer, over time.

因此，一旦他們確認所有應用程式完全相容（我們基本上期望如此），他們就會開始在網路上部署這些應用程式。有些網路需要加強，因為這關係到整台PC的虛擬化，資料會透過企業網路進行傳輸。因此，有些網路需要加強，然後當然還要確保所有最終用戶對他們的體驗感到滿意，而他們大多都非常滿意，因為你可以想像，擁有一個加速的——GPU加速的虛擬化平台一定非常令人興奮。到目前為止，我們看到試驗進展順利，隨著越來越多的人使用它，也會有越來越多的人想要享受它。我們希望，隨著時間的推移，我們不僅會增加客戶數量，還會增加每位客戶的席次數量。

Thanks for taking the questions.

感謝您回答這些問題。

Vivek Arya with Bank of America.

美國銀行的 Vivek Arya。

Thank you for taking my question. Jen-Hsun, I think there is some skepticism that PC gaming, this is a longer-term question, that there is some skepticism that PC gaming is not really a growth market and that all the growth that you guys are seeing is really because of shortened product cycle or share gains against EMD. My question is what tangible data points can you point us to that say that the number of gamers is actually increasing, and that this is really a growth market for NVIDIA?

感謝您回答我的問題。 Jen-Hsun，我認為有些人懷疑PC遊戲市場並非真正的成長市場，這是一個長期問題，有些人懷疑PC遊戲市場的成長並非源自於產品週期縮短或相對於EMD的市佔率成長。我的問題是，您能提供哪些切實的數據來表明遊戲玩家數量確實在增長，以及這對NVIDIA來說確實是一個成長市場嗎？

Well, let's see. How do I answer that? I think we're getting a lot of anecdotal evidence from multiple directions, that suggest that PC gaming is growing. First of all, eSports. You know that eSports is largely PC gaming, and eSports has become so large now that it's even highlighted on ESPN2, ESPN. You know that the number of stadiums that have sold out as a result of eSport tournaments is growing over time.

好吧，讓我想想。我該怎麼回答呢？我認為我們從多個方向獲得了大量軼事證據，表明PC遊戲正在成長。首先是電子競技。你知道，電子競技主要是PC遊戲，而且現在電子競技已經發展得如此之大，甚至在ESPN2和ESPN上都有報導。你知道，隨著時間的推移，電子競技比賽門票售罄的體育場館數量也在增加。

There's a lot of anecdotal evidence that video games is growing. I think it's also pretty clear that almost every new human is a gamer. When the previous generation, before me, very few are gamers. My generation, I would say probably is 25% gamers. My kids generation is probably 75% gamers, and the generation after that has got to be 100% gamers.

有許多軼事證據表明電子遊戲正在蓬勃發展。我認為，幾乎每個新生代都是遊戲玩家，這一點也相當明顯。在我之前的上一代人，遊戲玩家很少。我這一代，大概只有25%的遊戲玩家。我的孩子這一代大概有75%的遊戲玩家，而之後的一代，必然是100%的遊戲玩家。

So games is no longer a niche. Game is really a pop-culture now. We expect that gaming to continue to expand.

所以遊戲不再是小眾市場。遊戲現在真的是一種流行文化。我們預計遊戲市場將繼續擴張。

The last thing is, the last reason why I would say we'll get multiple uplifts in gaming has to do with the new mediums that are coming out. 4K displays are becoming quite commoditized and quite affordable, and it has four times as many pixels to process. And so although the imagery is much richer, you need a much more powerful GPU to drive it.

最後一點，我認為遊戲體驗將獲得多重提升的最後一個原因與即將問世的新媒體有關。 4K 顯示器已經變得相當商品化，價格也相當實惠，而且它需要處理的像素數量是 4K 的四倍。因此，儘管影像更加豐富，但你需要更強大的 GPU 來驅動它。

We're looking forward to VR. VR is launching later this year, and VR is going to be launching on multiple platforms. In order to enjoy great VR, you need 90 frames per second in stereo on two eyes. Unless you have something along the lines of a GTX 980 or Titan at the moment, it's kind of hard to enjoy great VR.

我們期待 VR 的到來。 VR 將於今年稍後發布，並將在多個平台上推出。為了享受出色的 VR 體驗，你需要雙眼每秒 90 幀的立體影像。除非你目前擁有 GTX 980 或 Titan 之類的顯示卡，否則很難享受到出色的 VR 體驗。

And anybody who's tried VR is generally blown away by it. That explains the enthusiasm in the industry. So whether it's eSports or the fact that just more people are playing games that are growing up and are familiar with the format, and the new mediums that are coming out, 4K and VR and of course Windows 10 is going to really help.

任何嘗試過VR的人都會為之驚嘆。這也解釋了業界對VR的熱情。無論是電子競技，還是越來越多的人正在成長並熟悉VR格式，以及不斷湧現的新媒體、4K、VR，當然還有Windows 10，都將帶來巨大的推動作用。

Windows 10 is a great operating system has DX12 and DX12 is a fantastic new API. It's been a while since we've had a new 3D API, so we're excited about DX12. There's a lot of things going in gaming, and that explains the reason why it just continues to grow.

Windows 10 是一款出色的作業系統，它配備了 DX12，而 DX12 是一個非常棒的新 API。我們已經有一段時間沒有新的 3D API 了，所以我們對 DX12 感到非常興奮。遊戲領域正在發生很多變化，這也是它持續成長的原因。

Got it. Very helpful. And as my follow-up, I think I sort of understand the slowdown near-term. How should we think about the back half conceptually?

明白了。非常有幫助。接下來我想問的是，我想我大概了解短期內經濟放緩的情況。我們該如何從概念上看待下半年？

How much of the slowdown right now is because of temporary factors, and how much can be expected to recover in the back half? Should it be normal seasonality in the back half? I know it's a little early to give guidance, but conceptually, how are you thinking of the back half of the year? Thank you.

目前的經濟放緩有多少是暫時因素造成的？預計下半年經濟會恢復多少？下半年應該屬於正常的季節性因素嗎？我知道現在給出指引還為時過早，但從概念上講，您如何看待下半年的經濟狀況？謝謝。

I appreciate that. We give guidance once a quarter -- one quarter ahead. If you look at the overall market, we expect seasonality.

我很感激。我們每季發布一次業績指引－提前一個季度發布。如果你關注整體市場，我們預期會出現季節性因素。

But more importantly, our position in the growth markets are really great. First of all, gaming is growing, as we previously discussed. The second half of this year, you're going to see multiple growth drivers.

但更重要的是，我們在成長市場中的地位確實非常出色。首先，正如我們之前討論過的，遊戲業務正在成長。今年下半年，你將看到多個成長動力。

4K monitor pricing is really coming down. VR is launching in the second half, and Windows 10 with DirectX12 is launching in the second half, not to mention all the great games coming out. So that's a growth driver.

4K 顯示器的價格確實在下降。 VR 將在下半年推出，支援 DirectX 12 的 Windows 10 也將在下半年推出，更不用說各種精彩的遊戲即將問世。所以，這將成為成長動力。

We continue to see that our GPU business for accelerated data centers continues to grow. It grew more than 50% year over year. We expect it to continue to grow with the enthusiasm around this new application called deep learning. We're seeing artificial intelligence in every single country by every single computer company, and every single large application developer. The ability to predict the future for a better applications and smarter is pretty unbounded.

我們持續看到，用於加速資料中心的 GPU 業務持續成長，年成長超過 50%。我們預計，隨著人們對深度學習這項新應用的熱情高漲，該業務將繼續成長。我們看到，每個國家的每家電腦公司和每家大型應用程式開發商都在積極探索人工智慧。預測未來以開發更優、更聰明的應用程式的能力是無限的。

Lastly, we had a record quarter with our automotive business. We're growing now faster than doubling, and computing in cars, as you can imagine, is going to continue to expand. So these growth drivers, I think, are pretty fundamental to the market and we have great positions in all three of them.

最後，我們的汽車業務本季創下了紀錄。目前，我們的成長速度超過翻番，而且正如你所想像的，汽車運算業務還將持續成長。所以，我認為這些成長動力對市場至關重要，我們在這三個領域都佔有重要地位。

Thank you.

謝謝。

Ambrish Srivastava with BMO.

BMO 的 Ambrish Srivastava。

Two questions. One real quick one, Colette. In the charges that you laid out from Icera, how much is going to be cash and non-cash?

兩個問題。 Colette，我先問一個簡短的問題。您之前列出的 Icera 費用中，有多少是現金支付，有多少是非現金支付？

Thanks for the question. We are still in the super, super early stages of winding down this business, and the process associated with it. So we gave a top level range, in terms of looking at what is on the balance sheet, and the employment side. So we will probably get into that a little bit more at the end of Q2.

謝謝你的提問。我們目前仍處於逐步關閉這項業務及其相關流程的極早期階段。因此，我們根據資產負債表和就業情況給出了一個大致的預算範圍。我們可能會在第二季末進一步討論這個問題。

The way you should look at it is, there's a pretty good split, or a pretty good mix at this point, so it's not all cash. There is a significant amount of it that is non-cash. We want won't know the details of that until we end Q2.

你應該這樣看：目前的資產配置比例相當合理，或者說組合也相當合理，所以並非全部都是現金。其中很大一部分是非現金。我們希望在第二季結束前才能知道具體細節。

Thank you. And a question for you Jen-Hsun, core processors, GP GPU versus if the rumors are true, Intel is offering an astronomical valuation for what is a $1 billion market that Altera has claimed for FPGA coprocessor. So the question for you is, just remind us where does GP GPU fit into that, and how should we think about the market, Intel's DCG revenues are $14 billion-odd, and past that trajectory from what you had when you initially started the product out a few years ago, was slow to start but it's picked up. So five years out, how should we be thinking about the addressable market and just help us -- just remind us where does GP GPU fit in, and how we should think about coprocessors from FPGA, and where are the specific needs workloads-wise or whatever, however you can help us, enlighten us, would be great, Jen-Hsun. Thank you.

謝謝。 Jen-Hsun，我想問您一個問題，核心處理器、GP GPU，以及傳聞是否屬實？英特爾對Altera聲稱的10億美元FPGA協處理器市場給出了天文數字般的估值。所以，您的問題是，請您提醒我們GP GPU在這個市場中處於什麼位置，該如何看待這個市場？英特爾的DCG收入在140億美元左右，從幾年前您最初推出產品時的發展軌跡來看，起步比較慢，但現在已經回升了。那麼五年後，我們該如何看待潛在的市場呢？請您提醒我們GP GPU在這個市場中處於什麼位置，我們該如何看待FPGA協處理器，以及在工作負載方面的具體需求是什麼？ Jen-Hsun，如果您能幫助我們，給我們一些啟發，那就太好了。謝謝。

Sure. First of all, CUDA, the GP GPU technology that we invented, is growing more than 50% per year. The applications for CUDA ranges from deep learning, to image processing, to natural language processing, to weather simulations, fluid dynamics simulations, molecular dynamics simulations, quantum chemistry simulations, astrophysics simulations, gosh, ray tracing. The number of applications that we can spew off is pretty endless, and that is one of the reasons why nearly every single OEM in the world today has GPU accelerated servers.

當然。首先，我們發明的通用 GPU 技術 CUDA 每年的成長率超過 50%。 CUDA 的應用範圍廣泛，從深度學習、影像處理、自然語言處理，到天氣模擬、流體動力學模擬、分子動力學模擬、量子化學模擬、天體物理模擬，甚至光線追蹤。我們能夠開發的應用程式數量幾乎無窮無盡，這也是為什麼如今幾乎每家 OEM 廠商都擁有 GPU 加速伺服器的原因之一。

There's got to be some 200 different SKUs of GPU-accelerated servers being offered by OEMs around the world. I don't think one of them offer an FPGA server yet. And so that's one indication.

全球各地的 OEM 廠商大概有 200 種不同的 GPU 加速伺服器 SKU。我認為其中還沒有一家提供 FPGA 伺服器。所以這是一個跡象。

The number of applications, the number of OEMs, the number of industries we now serve with GP GPU, with Tesla if you will, is really quite large, and it explains why this segment, this business for us is growing over 50% per year, and is now off a relatively large base. So that, I think, is the way to think about, if you will, the evidence of success.

我們目前使用GP GPU（如果可以這麼說的話，也包括特斯拉）服務的應用數量、原始設備製造商數量以及行業數量都非常龐大，這也解釋了為什麼我們的這一細分市場、這項業務每年增長超過50%，而且現在基數相對較大。所以，我認為這就是衡量成功的證據。

The reason for that of course is that CUDA is a processor architecture. It's an instruction set architecture. It's completely software programmable. It has the support of tools and profilers, and all kinds of middlewares from around the industries. So it's a general-purpose parallel computing architecture, and its completely reprogrammable.

原因當然在於 CUDA 是處理器架構，是一種指令集架構，完全可以透過軟體編程。它擁有各種工具、分析器以及來自各行各業的各種中間件的支援。因此，它是一種通用的平行運算架構，並且完全可以重新編程。

Whereas an FPGA is like a reconfigurable ASIC, which means the person who designs it, the person who reprograms it if you will, reconfigures it, has to know how to design the chip. And there aren't that many people in the world who know how to design chips. There's got to be 1,000 times more software programmers than there are the number of chip designers.

而 FPGA 就像一個可重構 ASIC，這意味著設計它的人，或者說重新編程、重新配置它的人，必須懂得如何設計晶片。而世界上懂得如何設計晶片的人並不多。軟體程式設計師的數量肯定是晶片設計師數量的 1000 倍。

So one is reprogrammable, general-purpose programmable, the other one is reconfigurable, if you will, which explains the general purpose nature of Tesla, it explains the vast number of applications of it. It's taken a long time. It takes a long time to create a new computing architecture. In fact, aside from Tesla, aside from CUDA, I actually don't know of another new type of instruction set that has come to the world.

所以，一個是可重新編程的，通用可編程的，另一個是可重新配置的，如果你願意這麼說的話，這解釋了特斯拉的通用性，也解釋了它如此廣泛的應用。它花了很長時間。創建一個新的計算架構需要很長時間。事實上，除了特斯拉和CUDA之外，我其實不知道世界上還有什麼其他新型的指令集。

It's been a long time. The world has had DSPs now for a long time. It's got CPUs for a long time. Aside from GP GPU I don't know of another general-purpose programmable architecture has emerged into the world, in a very long time.

時間已經過了很久。 DSP 已經存在很久了，CPU 已經存在很久了。除了 GP GPU，我很久以來都不知道世界上還出現了其他通用可程式架構。

The niche that we discovered was parallel processing. That we believe there's a lot of problems in the world, a lot of applications in the world where you could process it massively in parallel. That expands the reason why you could create a supercomputer like the one at Oak Ridge that has 36 million, 38 million CUDA processor cores, all processing in parallel. 38 million cores all processing in parallel. Now the DoE has tasked us and IBM to partner together to build supercomputers that are going to be 100 times that. The parallel computing capability and the scalability of CUDA that we invented is really quite phenomenal, and it explains the reasons for its success. I appreciate the question.

我們發現的利基市場是並行處理。我們相信，世界上有很多問題，有很多應用程式可以大規模並行處理。這進一步解釋了為什麼可以建造像橡樹嶺那樣擁有3600萬到3800萬個CUDA處理器核心的超級計算機，所有核心都並行處理。 3800萬個核心都並行處理。現在，美國能源部委託我們和IBM合作，共同打造效能將是其100倍的超級電腦。我們發明的CUDA的平行運算能力和可擴展性確實非常驚人，這也解釋了它成功的原因。我很感謝你的提問。

Thanks, Jen-Hsun.

謝謝，Jen-Hsun。

Doug Freedman with RBC.

加拿大皇家銀行的 Doug Freedman。

Thanks for taking my question. In your recent filings, you disclosed that you're securing wafers from Samsung. Can you offer some color on what products you're actually building at Samsung, and maybe Colette, if you can help us understand the gross margin impact to a multi-source economy strategy?

感謝您回答我的問題。在最近的文件中，您揭露了您正在從三星採購晶圓。您能否介紹一下您在三星以及Colette實際生產的產品，並幫助我們了解這些產品對多源經濟策略的毛利率影響？

Yes Doug, first of all, we are constantly evaluating foundry suppliers. We largely purchase from TSMC. The vast majority of our wafers, we buy from TSMC. We're in 20 nanometer now, we're expecting to ramp 16. So we're deeply engaged with TSMC for many, many nodes to come, including 10. But we're always looking for -- looking for new foundry suppliers and competition keeps everybody sharp, but for all intents and purposes, TSMC is our primary partner.

是的，Doug，首先，我們一直在評估代工供應商。我們主要從台積電採購。我們絕大多數晶圓都從台積電採購。我們現在處於20奈米製程階段，預計將實現16奈米的量產。因此，我們與台積電在未來的許多節點，包括10奈米節點，都保持著深度合作。但我們一直在尋找新的代工供應商，競爭讓每個人都保持敏銳，但無論出於何種目的，台積電都是我們的主要合作夥伴。

If I could for my follow-up, when I look for your legal expenses, is there any sort of return on investment that we should look at from that level of spending? Is there some way that we can use that to derive maybe what it is that you're seeking, in terms of IT income, as a result of these lawsuits?

如果我接下來想問一下，當我查看您的法律費用時，我們是否應該從這筆支出中考慮一些投資回報？我們能否透過這些投資回報來推算出您期望透過這些訴訟獲得的IT收入？

I appreciate that question. We wouldn't invest $70 million to $90 million to defend our patents, unless we expect a substantial return on that investment. We don't go into litigation lightly. And in fact, quite frankly, I don't recall the last time that we asserted against somebody.

我很感謝你的提問。除非我們預期這筆投資能帶來豐厚的回報，否則我們不會投入7,000萬到9,000萬美元來捍衛我們的專利。我們不會輕易提起訴訟。事實上，坦白說，我都不記得上次我們起訴別人是什麼時候了。

And so, I think this is something we took with a great deal of consideration. At the highest level, the way to think about it is this: We've invented more in modern computer graphics and modern visual computing than just about any company, and in fact, all the companies combined. We invented a GPU that everybody, just about everybody in mobile today, large or small in volume, are utilizing in some way.

所以，我認為我們對此深思熟慮。從最高層面來看，我們應該這樣想：我們在現代電腦圖形學和現代視覺計算領域的發明比任何公司都要多，事實上，比所有公司的總和還要多。我們發明的GPU，幾乎當今所有行動領域，無論規模大小，都在以某種方式使用。

We invented a programmable shader and we invented, and a question that was just asked of me that I appreciated was we invented GP GPUs. These technologies are really fundamental to modern computer companies, whether it's mobile, car computers, supercomputers, you name it, our technology is pretty vital to it. And so it's necessary for us and for all of our shareholders that we defend this, for all of our employees that come here to do their life's work, so that they invent all this stuff, to the shareholders that have entrusted us to make these investments, we have to go and make sure that we get the appropriate return on investment.

我們發明了可程式著色器，而且，剛才有人問我一個問題，我很感激，那就是我們發明了GP GPU。這些技術對現代電腦公司至關重要，無論是行動裝置、車載電腦、超級計算機，或其他任何產品，我們的技術都至關重要。因此，我們和所有股東都必須捍衛這些技術，為了所有來到這裡工作、發明所有這些東西的員工，為了委託我們進行這些投資的股東，我們必須確保獲得適當的投資回報。

We also know that today's technology industry, the supply chain is much more complicated, if you will, than it used to be. At the core, NVIDIA is an IP company. We don't make steel, we don't make concrete, we don't even really make wafers. We are an IP company at our core, and so we're comfortable making our innovations and our work products available, whether it's in the servers or GPU, or add-in card or even an IP form.

我們也知道，現今的科技業，供應鏈比以往複雜得多。 NVIDIA 的核心是一家 IP 公司。我們不生產鋼鐵，不生產混凝土，甚至不生產晶圓。我們的核心是一家 IP 公司，因此我們樂於將我們的創新和工作成果提供給客戶，無論是伺服器、GPU、附加卡，還是 IP 形式。

And so is our expectation is that one, we have to defend it. Two, the return on that investment should be very, very high, because the exposure of the inventions that we've made in the industries that I mentioned just a moment ago, are quite large.

我們的期望是：第一，我們必須捍衛它。第二，這項投資的回報應該非常非常高，因為我們在剛才我提到的產業中的發明曝光度相當高。

Thank you for taking my questions.

感謝您回答我的問題。

Alex Gauna with JMP Securities.

JMP 證券的 Alex Gauna。

Thanks for taking my question. Jen-Hsun, I'm wondering if you can share any insights into both what's happening real-time, and what might be happening in the back half of the year, in terms of the Chrome systems, the Android systems, where your pairing yourself with ARM-based computing and your GPU capabilities? And any thoughts on if are moving toward the day when you get yourself free from the constraints of the x86 monopoly? Thanks.

感謝您回答我的問題。 Jen-Hsun，我想請問您能否分享一下目前以及下半年Chrome系統和Android系統方面的一些見解，看看你們如何結合基於ARM的運算和GPU能力？您是否想過，你們是否有一天能夠擺脫x86壟斷的束縛？謝謝。

I think of the highest level, a cloud-connected computer, whether it's an Android device or a Chrome device is going to become more and more popular, simply because we're connected more often than not. The power of cloud computing is pretty extraordinary. It's like everybody gets a supercomputer.

我認為最高等級的雲端連接計算機，無論是安卓設備還是Chrome設備，都會越來越流行，因為我們現在越來越頻繁地處於聯網狀態。雲端運算的力量非同凡響，就像每個人都擁有一台超級電腦。

More and more of our GPUs are now going into the cloud data centers, and so my expectation is that long-term, we likely will see more and more of these type of thin, delightfully small, and long battery life computers. And I think that trend is inevitable.

我們的GPU現在越來越多地進入雲端資料中心，因此我預計，從長遠來看，我們可能會看到越來越多這種輕薄、小巧、電池續航時間長的電腦。我認為這種趨勢是不可避免的。

However, x86 is really still quite important in so many industries, whether it's in high-performance computing, the energy efficiency of Intel CPUs in a data center is pretty hard to overcome. They've done an incredibly good job. The workstation industry CATIA, Autodesk's applications, Adobe applications, so many of these applications that large companies rely on, that legacy is 35 years old. It explains also the reason why our Quadro business is so sticky, and our position there is so strong, that the legacy is quite strong, and people rely on that platform to run their business.

然而，x86 在許多產業中仍然非常重要，無論是在高效能運算領域，還是在資料中心，英特爾 CPU 的能源效率問題都很難克服。他們做得非常出色。工作站行業，CATIA、Autodesk 的應用程式、Adobe 的應用程序，以及許多大型公司依賴的應用程序，這些傳統技術已有 35 年曆史。這也解釋了為什麼我們的 Quadro 業務如此穩固，我們在該領域的地位如此穩固，其傳統技術非常強大，人們依賴該平台來經營他們的業務。

So my expectation is that x86 and Intel architecture has its place in the world, and that ARM is also going to be, of course has the opportunity to bring computing to a large number of people, especially smaller devices that are connected to the cloud. So my -- you're talking to somebody who believes in computing, and you're talking to somebody who believes that the future of computing has really just started. And so, my sense is that there's a lot of great expansion to be done here.

因此，我期望 x86 和英特爾架構能夠在全球佔有一席之地，而 ARM 當然也有機會將運算帶給更多人，尤其是那些連接到雲端的小型裝置。所以，你正在與一位相信計算的人交談，你正在與一位相信計算的未來才剛開始的人交談。因此，我感覺這裡有很多偉大的擴展有待完成。

So if I'm hearing you right and you talked about this a little bit earlier when you talked about PC gaming, but if I'm thinking about gaming, and I'm thinking out the next year or two, for you to not be talking in a PC sense, it's really going to be a cloud driven model. You don't see any Android-based systems and the works that can do any heavy big iron local client-side gaming. Is that fair to say?

所以，如果我沒聽錯的話，你之前在討論PC遊戲的時候也提到過這個問題。但如果我考慮的是遊戲，考慮到未來一兩年，如果你不從PC的角度來談，那遊戲真的會是一個雲端驅動的模式。你看不到任何基於安卓的系統和設備能夠運行任何大型的本地客戶端遊戲。這樣說公平嗎？

Well, look, I think PC gaming is here to stay. It's here to stay because there are some genres of games that are just better with keyboard and mouse. You can play your game in your bedroom, and not have to share with anybody in the living room.

嗯，我覺得PC遊戲會繼續存在下去。它之所以會繼續存在，是因為有些類型的遊戲用鍵盤和滑鼠玩起來更爽。你可以在臥室玩遊戲，不用和客廳裡的任何人分享。

On the other hand, there's a billion people who have not had the benefit of enjoying the type of AAA games that are largely in game consoles, which is a little bit like a cable box if you will, a dedicated thing that people buy, to now be able to enjoy it broadly in living rooms all over the world. I think there's still ways to expand the reach of gaming, and that's why we're building SHIELD and that's why we're building GRID.

另一方面，有十億人還沒有享受過主要在遊戲機上玩的3A遊戲。遊戲機有點像有線電視機上盒，是人們購買的專用設備，如今卻可以在世界各地的客廳裡廣泛地享受這些遊戲。我認為仍有辦法擴大遊戲的覆蓋範圍，這就是我們打造SHIELD和GRID的原因。

We believe that long-term video games like video, like movies, will become democratized, and it would be well to virtualize and put into the cloud like Netflix, and for us to be able enjoy it all over the world. And so I believe that, and we've got to go lay the foundation necessary to go bring that to the world. I'm pretty excited about some the work that we're going to reveal this year, and I think we just have to push on all of those vectors.

我們相信，從長遠來看，電子遊戲就像視訊、電影一樣，會變得大眾化。如果能夠像Netflix一樣虛擬化並遷移到雲端，讓我們能夠在世界各地享受它，那將是一件好事。我堅信這一點，我們必須奠定必要的基礎，才能將這種趨勢推向世界。我對我們今年即將發布的一些作品感到非常興奮，我認為我們必須在所有這些方面都繼續努力。

I think all of those vectors are real. PC gaming is going to keep growing. Cloud gaming will come, and Android gaming on TVs will disrupt the market. I believe in all three things simultaneously.

我認為所有這些趨勢都是真實存在的。 PC遊戲將持續成長。雲端遊戲即將到來，而電視上的安卓遊戲也將顛覆市場。我同時相信這三件事。

Got you. Thank you.

明白了。謝謝。

David Wong with Wells Fargo.

富國銀行的 David Wong。

Thanks so much. Can you give us some idea of GPU production you might have in the pipeline, that might come out next year or two, and what your plans are for manufacturing technology?

非常感謝。您能否透露一下你們正在籌備的GPU生產計劃，這些計劃可能在明年或兩年內推出，你們在製造技術方面有什麼計劃？

David, I can't wait to tell you about the products that we have in the pipeline. There are more engineers at NVIDIA building the future of GPUs then just about anywhere else in the world. We're singularly focused on visual computing, as you know.

大衛，我迫不及待想跟你介紹一下我們正在研發的產品。 NVIDIA 的工程師正在建立 GPU 的未來，他們的人數幾乎比世界上任何其他地方都多。正如你所知，我們專注於視覺計算。

We have found over the years to be able to focus on just one thing, which is visual computing, and be able to leverage that one thing across PC, cloud, and mobile, and be able to address four very, very large markets with that one thing, gaming, enterprise, cloud and automotive. We can do this one thing, and now be able to enjoy all and deliver that capability to the market in all three major computing platforms and gain four vertical markets that are quite frankly very exciting. I can't wait to tell you all about it, David, you're just going to have to wait just a little longer.

多年來，我們發現，專注於視覺運算這一領域，並能夠在PC、雲端運算和行動領域充分利用它，從而能夠滿足四個非常龐大的市場：遊戲、企業、雲端運算和汽車市場的需求。我們能夠做到這一點，現在能夠充分利用所有優勢，並將這種能力推向三大運算平台的市場，從而贏得四個垂直市場，坦白說，這非常令人興奮。大衛，我迫不及待地想告訴你這一切，你只需要再等一會兒。

Great. One other then. With the wind down of you Icera, do you have many products that require modem technology, will you need to pay significant license fees in the future to use that party IP, or are your modem needs fairly small at this point?

太好了。那麼還有一件事。隨著 Icera 的逐漸關閉，你們的產品中是否有許多需要數據機技術的產品？將來是否需要支付高額的授權費用才能使用該方 IP？還是說，目前你們對數據機的需求還很小？

We're going to use i500, which has been qualified in largely the Western world, and for the foreseeable future, for the next couple of years. When the world moves to 5G, we hope that there is going to be, and our assessment is that there will be multiple suppliers in the marketplace, and we'll partner with them if it's necessary. But our primary focus is going to be focusing on visual computing products.

我們將使用 i500，它已在西方世界廣泛應用，並且在可預見的未來，未來幾年內都將如此。當世界邁向 5G 時，我們希望它能夠普及，而且我們預計市場上將有多家供應商，如有必要，我們會與他們合作。但我們的主要重點將放在視覺運算產品上。

Great, thanks.

太好了，謝謝。

C.J. Muse with Evercore ISI.

C.J. Muse 與 Evercore ISI。

Thank you for taking my question. I guess first question, as you look at PC gaming, can you talk through what normal seasonality looks like in July, and then also in terms of what you saw in this past quarter in terms of FX? I guess they're thinking through what the implications were in terms of pricing, any downward mix shift giving in particular what we saw in FX in Euro and Ruble?

感謝您回答我的問題。首先，就PC遊戲而言，您能否談談7月正常的季節性因素？此外，您能否談談上個季度的外匯情況？我想他們正在考慮這對定價的影響，特別是考慮到歐元和盧布匯率的變化，是否會對價格造成下行壓力？

I appreciate that question. I think if you back off and look at the larger dynamic of gaming, the larger dynamic of PC gaming, the primary driver of PC gaming comes from two areas. One, is amazing new games. That's number one.

我很感謝你的提問。我認為，如果你退一步，看看遊戲產業的更廣闊格局，看看PC遊戲的更廣闊格局，你會發現PC遊戲的主要驅動力來自兩個方面。第一，是精彩的新遊戲。這是最重要的。

Number two is brand-new technologies, whether it's a brand-new GPU, amazing new display technology, and 4K, I would characterize as amazing new display technology, and new technologies like VR. New technologies are the reasons why people come to upgrade. New games that are just amazing, and they need new GPUs, or just amazing new GPUs that cause the install base to upgrade. Those are the two primary reasons.

第二是全新的技術，無論是全新的GPU、令人驚嘆的新顯示技術、4K（我認為是令人驚嘆的新顯示技術）還是VR（虛擬實境）之類的新技術。新技術是人們升級的原因。一些非常棒的新遊戲需要新的GPU，或者只是令人驚嘆的新GPU促使現有用戶升級。這是兩個主要原因。

However, this year, and starting in Q1, and surely were experiencing some of it in Q2 as well is the currency disruption that's been broadly described. That, I think has a pretty significant impact. What it does is just makes all the GPUs more unaffordable, and so everything just got more expensive in Europe. That's something that hopefully will pass and I'm looking forward to what happens in the second quarter.

然而，今年，從第一季開始，我們在第二季度肯定也經歷了一些被廣泛描述的貨幣波動。我認為這造成了相當大的影響。它導致所有GPU的價格都變得更加昂貴，因此歐洲的所有產品都變得更加昂貴。希望這種情況能夠過去，我期待第二季的走勢。

VR is coming, and you know how excited everybody is about VR. There's good reason for that, from John Carmack and Tim Sweeney, and the leaders of the gaming industry. We all now recognize that VR is going to be the future of gaming. Although we're going to continue to use monitors for many types of games and many genres of games and we'll play on TV and such, but there will be a very large genre of games based around VR. And there's no question about that now.

VR即將到來，你知道大家對VR有多興奮。這有充分的理由，約翰·卡馬克、提姆·斯威尼以及遊戲產業的領導者都這麼說。我們現在都認識到VR將成為遊戲的未來。雖然我們將繼續使用顯示器來玩各種類型的遊戲，我們也會在電視上玩遊戲等等，但未來將會出現一個基於VR的遊戲類型。這一點現在毫無疑問。

And so I'm excited about the rollout of VR across the industry in the second half, and of course you can't not get excited about the X12 and Windows 10. I think it's going to be a pretty good deal. I think the second half should be exciting, and we're looking forward to it.

所以，我對下半年VR在業界的推廣感到興奮，當然，X12和Windows 10也令人興奮。我認為這會是一筆相當不錯的交易。我認為下半年應該會很精彩，我們對此充滿期待。

Very helpful. I guess as my follow-up, Colette, on the OpEx side, when you look at the wind down of Icera, what is the quarterly OpEx savings, and when should you get the full benefit of that?

非常有幫助。我想接下來問一下，Colette，關於營運支出方面，當您考慮 Icera 的逐步淘汰時，季度營運支出節省了多少？什麼時候才能充分享受這些好處？

We are in the early stages of Icera. Again, we're going to hopefully look for a buyer of it first. On the quarterly OpEx, the amount of that OpEx declining, we look for the opportunities in our growth areas for investment in the second half of the year. So essentially, we'll be about where we are right now in the second half of the year, after we wind down the Icera.

Icera 計畫目前處於早期階段。我們還是希望先找到買家。鑑於季度營運支出（OpEx）的下降趨勢，我們將在下半年尋找成長領域的投資機會。所以，在 Icera 計畫逐步關閉後，下半年的營運支出將基本上維持目前的水準。

Great. Very helpful. Thank you

太棒了！非常有幫助。謝謝

Srini Pajjuri with CLSA.

里昂證券的 Srini Pajjuri。

Thank you. Jen-Hsun, the currency issue is understandable. I'm just curious as to what sort of trench you are seeing in the US and China, where I think currency is less of an issue, and also obviously those are two of your biggest markets?

謝謝。 Jen-Hsun，金錢問題是可以理解的。我只是好奇，您在美國和中國看到了什麼樣的差距？我認為在美國和中國，貨幣問題比較不嚴重，而且顯然這兩個國家也是你們最大的市場。

Well, first of all Europe is a not insignificant market for PC gaming. Whether it's Russia, which is a very large market for PC gaming, you'll be surprised how large it is, and Germany, very large markets for PC gaming. But that notwithstanding, the US market and the -- well, the China market as you know also, was a little bit slow this last several months. Their economy is a little bit slower.

首先，歐洲的PC遊戲市場不容小覷。無論是俄羅斯，還是德國，它們都是一個非常大的PC遊戲市場，其規模之大令人驚嘆。但儘管如此，美國市場，以及——嗯，中國市場，正如你所知，在過去幾個月都略顯疲軟。他們的經濟確實略顯疲軟。

But I think none of that is very significant, compared to the FX implications. We're seeing robust activity in the channel now, and as you know, the exchange rate is improving, and so I'm hopeful that business will return to normal relatively soon. We'll see how it goes.

但我認為，與外匯影響相比，這些都不算什麼大事。我們現在看到通路活動強勁，正如你所知，匯率正在改善，所以我希望業務能相對較快地恢復正常。我們拭目以待。

And Colette, just a follow-up on the OpEx. You said $60 million to $70 million, or $80 million for the legal. Do you expect any seasonality? I guess what I'm asking is, as we exit this fiscal year, do you expect the run rate on a quarterly basis to decline? Thank you.

科萊特，我想問營運支出。您之前說的是6000萬到7000萬，或8000萬美元的法律支出。您預計會有季節性的影響嗎？我想問的是，隨著本財年結束，您預期季度營運率會下降嗎？謝謝。

Thanks for the question. We really wanted to, just to provide the transparency on how important this litigation is to us, and what we're doing to support that with the expenses and the range. We don't have a crystal ball of how this will go, so we know about what we're approximating for the full year in there.

謝謝你的提問。我們確實想公開這起訴訟對我們的重要性，以及我們將如何透過支出和範圍來支持它。我們無法預知事情的進展，所以我們大概知道全年的預期情況。

We indicated in Q1 we spent about $16 million, but we'll take it day by day at this point. It's a very, very important set of cases for us. And we'll keep you updated as it goes throughout the year.

我們在第一季就表示花費了大約1600萬美元，但目前我們會逐日推進。這對我們來說是一系列非常非常重要的案件。我們會在全年持續更新進度。

Thank you.

謝謝。

Jim Covello with Goldman Sachs.

高盛的 Jim Covello。

Thank you so much for taking the question. At AMD's analyst day yesterday they talked a lot about new technology they we're going to introduce in spaces where you've been pretty dominant from a market share and technology standpoint over the last couple of years, taking a lot of share from them. I'm not sure if you have had a chance to look at any of the things that they said, or if you have any thoughts that you could share with us on that?

非常感謝您回答這個問題。昨天在AMD的分析師日上，他們談論了很多我們將要推出的新技術，這些技術在過去幾年裡，從市場份額和技術角度來看，你們在這些領域一直佔據主導地位，並從AMD手中奪取了大量的市場份額。我不知道您是否有機會了解他們所說的內容，或者您​​是否有任何想法可以與我們分享？

They've been a strong competitor for as long as I remember and they remain a strong competitor. It's just that our strategy is very different now. We use to be much more of a component supplier, competing directly with other component suppliers, but increasingly, we're really a differentiated platform supplier. And so you find that the software investments that we've made over the years, you really increasingly define our product.

我記得他們一直都是我們強大的競爭對手，現在依然如此。只是我們現在的策略截然不同。我們過去更多地扮演著零件供應商的角色，與其他零件供應商直接競爭，但現在我們正逐漸成為真正的差異化平台供應商。所以你會發現，我們多年來在軟體方面的投入，實際上越來越定義了我們的產品。

If you think about Tesla, the amount of software that stacked on top of Tesla from all the tools that we created, the middleware, the libraries, the programming models, the robustness of all of it, the integration with all of the industry's software products, and everybody else's software that's built on top of Tesla, is pretty daunting. And so it's hardly just a GPU anymore.

想想特斯拉，你會發現，特斯拉上堆積的軟體數量之多，包括我們創建的所有工具、中間件、庫、編程模型，以及所有這些的穩健性、與業內所有軟體產品的集成，以及其他所有基於特斯拉構建的軟體，都相當令人望而生畏。所以它已經不再只是一個 GPU 了。

GRID is all about software. Otherwise, it's just another one of our GPUs. The GRID is largely about software, virtualization software, concurrency software, the ability to deal with very, very low latency streaming. The integration with all the tools in the world, and all the other platforms of the world.

GRID 的核心在於軟體。否則，它只不過是我們的另一個 GPU 而已。 GRID 的核心在於軟體，包括虛擬化軟體、並發軟體，以及處理極低延遲串流媒體的能力。它能夠與世界上所有工具以及所有其他平台進行整合。

So I think we think about our products and our platforms, it's really about the differentiated value that we built on top of our GPUs, number one, and number two, the deep integration with the large ecosystems around the world, to the point where other companies' capabilities are really glommed on to this platform, making this platform more valuable to customers. And so that's really what's changed about our company strategy and why increasingly, we look very different than other component suppliers.

所以我認為，當我們思考我們的產品和平台時，真正重要的是我們在GPU之上構建的差異化價值，首先是與全球大型生態系統的深度整合，以至於其他公司的能力能夠真正融入這個平台上，從而提升這個平台對客戶的價值。這正是我們公司策略改變的原因，也是我們與其他零件供應商越來越不同的原因。

That's very helpful. Thank you. For my follow-up, if I look back to the transcript on the last call there was a view expressed that some of the issues that were impacting the other companies' PC OEM business, maybe NVIDIA was a little bit more insulated than that. Is the view that the weakness in the PC space has broadened out a little bit, and that's why maybe we're seeing some of the follow-on effect into your business?

這很有幫助，謝謝。接下來，如果我回顧上次電話會議的記錄，會發現有人認為，一些影響其他公司PC OEM業務的問題，而NVIDIA可能受到的影響更小一些。這種觀點是否意味著PC領域的疲軟程度有所擴大，以至於我們可能看到了一些後續影響，影響了你們的業務？

I think first of all, we're one of the few companies that didn't miss last quarter, and Q1 was relatively fine for us. What we said was that we're going to let what is broadly impacting the rest of the industry inform us about Q2, and we think that when it comes down to enterprise, that's one of the factors. Enterprise does affect us. When enterprise slows down, because of FX issues or delays in purchase because of Windows 10, workstations is a part of enterprise, servers that they buy is part of enterprise, and so it affects us there.

首先，我認為我們是少數幾家上季度沒有業績下滑的公司之一，而且第一季對我們來說相對不錯。我們之前說過，我們會關注那些廣泛影響整個產業的因素，並以此來預測第二季的表現。我們認為，就企業業務而言，這的確是其中一個因素。企業業務確實會影響我們。當企業業務因為外匯問題或Windows 10導致採購延遲而放緩時，工作站是企業業務的一部分，他們購買的伺服器也是企業業務的一部分，因此這會影響到我們。

We still have a piece of our business that even though it's a rather small percentage of our business at this point, it's still non-zero. Our PC OEM business is affected by what's happening around the world. And so I would say that yes, our Q2 is informed by all of those factors, but I would say that also our core business is really doing well.

我們仍有一部分業務，儘管目前只占我們業務的一小部分，但仍然不為零。我們的PC OEM業務受到全球情勢的影響。所以，我想說，是的，我們的第二季業績受到了所有這些因素的影響，但我也要說，我們的核心業務也表現良好。

Gaming is robust, and I expect gaming to continue to grow. The work we're doing in accelerated data centers grew 50% year-over-year, and my expectation is that it's going to be a strong business for us going forward. And the success that we're seeing in automotive and the expansion of car computers has allowed us to double our business there. So our core businesses are growing very nicely, and largely independent of what is being experienced in PC OEMs globally.

遊戲業務發展勢頭強勁，我預計它將繼續成長。我們在加速資料中心的工作年增了50%，我預計這將成為我們未來強勁的業務。我們在汽車領域的成功以及車載電腦的擴張，使我們在該領域的業務翻了一番。因此，我們的核心業務成長非常強勁，並且在很大程度上不受全球PC OEM廠商業績的影響。

That's helpful. Thank you very much. Good luck.

這很有幫助。非常感謝。祝你好運。

Christopher Rolland with FBR Capital.

FBR Capital 的 Christopher Rolland。

Thanks for the question. This is Joe on for Chris. Just a follow-up with your competitors and what they've saying. It looks like they're going to 14 nanometer FinFET next year. I was just wondering how you viewed this change. Do you expect anything in the industry to change because of this, and then when might you get back to process leadership?

謝謝你的提問。我是 Joe，Chris 的節目主持人。我想跟進一下你們的競爭對手以及他們的說法。看起來他們明年會採用 14 奈米 FinFET 製程。我想知道你如何看待這項變化。你預期產業會因此發生什麼變化嗎？你們什麼時候才能重回工藝領先地位？

I'm not sure that we've ever had process leadership. We go to a new process when we're ready to go to a new process. And as you know, we could wring out new architectural efficiencies in exactly the same process technology for several generations with 28 nanometer

我不確定我們是否曾經擁有過工藝領先地位。當我們準備好採用新工藝時，我們才會採用。如你所知，我們能夠在幾代完全相同的製程技術中，利用28奈米技術，實現新的架構效率。

The difference between Kepler and Maxwell is pretty amazing. To be able to deliver twice the energy efficiency in one generation using exactly the same process is pretty exciting. And so I think there are many ways to skin a cat, and we surely expect, and we surely expect and look forward to going to next-generation nodes, but the GPU is a piece of the puzzle. The algorithms we put into the GPUs is a very important piece of the puzzle.

開普勒和麥克斯韋之間的差異非常驚人。能夠使用完全相同的工藝，在一代產品中實現兩倍的能效，這非常令人興奮。所以我認為，解決問題的方法很多，我們當然期待，也當然期待並期盼著邁向下一代節點，但GPU只是其中的一部分。我們植入GPU的演算法是其中非常重要的一環。

The software on top of it is a piece of the puzzle and the system design is a piece of the puzzle. There so many ways for us to deliver energy efficiency and performance. I wouldn't get too obsessed about the process technology all by itself.

其上的軟體是拼圖的一部分，系統設計也是拼圖的一部分。我們有很多方法可以提高能源效率和性能。我不會太糾結於製程技術本身。

Okay. That's helpful. Thank you. And as a quick follow-up I was hoping you guys could break out what percent notebook represents within PC GPU?

好的。這很有幫助。謝謝。接下來我想問一下，我希望你們能具體說說筆記型電腦在PC GPU 中所佔的百分比是多少？

Within our overall GPU business and how big is notebook?

在我們的整體 GPU 業務中，筆記型電腦佔比有多大？

Yes.

是的。

We don't give out that. I don't have it actually front of me right here on this side, but we are seeing definitely a good amount of growth in terms of our notebook for gaming. And we still have a very strong position as well, just in general PC notebooks. So they're both about equal in size, in terms of our total. It's a percentage of our PC number.

我們不透露這個數字。我這邊其實沒有這方面的數據，但我們的遊戲筆記型電腦確實成長了不少。而且，我們在普通PC筆記型電腦市場也仍然佔有非常強勁的地位。所以，就我們的整體規模而言，它們兩者的規模大致相當。這只是我們PC市場佔有率的一個百分比。

Okay. Thank you.

好的。謝謝。

Ladies and gentlemen, this does conclude the conference call for today. Mr. Arnab Chanda, I'll turn the call back over to you.

女士們，先生們，今天的電話會議到此結束。阿納布·錢達先生，我把電話轉回給您。

This is Jen-Hsun. First of all, I want to thank all of you for tuning in today. We're really pleased with the quarter. Our businesses are performing well.

我是Jen-Hsun。首先，感謝大家今天的收看。我們對本季的業績非常滿意。我們的業務表現良好。

Looking beyond the broad industry headwinds of Q2, we have a great growth drivers in our core platforms: gaming, HPC cloud, enterprise and auto. And in each market segment as we discussed, our position is differentiated and strong. We are excited that visual computing is more important than ever, and I look forward to talking to you next time.

撇開第二季面臨的廣泛產業逆風，我們的核心平台擁有強勁的成長動力：遊戲、高效能運算雲、企業和汽車。正如我們之前討論的，在每個細分市場中，我們都擁有差異化且強大的市場地位。我們很高興看到視覺計算比以往任何時候都更加重要，並期待下次與您交流。

Ladies and gentlemen we thank you for your participation, and ask that you please disconnect your lines.

女士們、先生們，我們感謝您的參與，並請您斷開線路。