Good afternoon, my name is Ash, and I'll be your conference operator today. I would like to welcome you to the NVIDIA Financial Results Conference Call. All lines have been placed on mute to prevent background noise. After the speakers' remarks, there will be a question-and-answer period. I will now turn the call over to Arnab Chanda, Vice President of Investor Relations at NVIDIA. You may begin your conference.

Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the fourth quarter of fiscal 2016. 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. 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 February 24, 2016. 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. 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 forms 10-K and 10-Q 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, February 17, 2016, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. 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. Colette M. Kress - Chief Financial Officer & Executive Vice President: Thanks, Arnab. Revenue reached a record in the fourth quarter totaling $1.4 billion, up 12% from a year earlier,…

Certainly. Our first question comes from the line of Vivek Arya with Bank of America Merrill Lynch. Please proceed with your question.

Thanks for taking my question, and congrats on the very good growth and execution. My first question, Jen-Hsun, is on the gaming segment. For the last two years it's grown at over 30% a year. I don't know if many other multi-billion-dollar businesses in semis that are growing at this pace. The question really is how sustainable is this growth? I understand the drivers, but could you help us ballpark that going forward over the next two years, three years, do you think of this as a 10%, 15%, 5% growth opportunity? Any guidance there would be extremely helpful. Jen-Hsun Huang - President, Chief Executive Officer & Director: Yeah. Thanks a lot, Vivek. First of all, I think you captured the essence of it in your question. GeForce is really not a chip business anymore; it's really a gaming platform business. And when you think about it from a gaming platform business, it has to be thought of in the context of the whole gaming ecosystem and the gaming industry. It's $100 billion large. And when you think about it that way and you drive the business that way and you create value that way, I think the prospects for our growth there is still quite significant. There's several different ways that we can grow with the market. First of all, when we introduced new game platforms and this year – the last couple of years, we've introduced Maxwell; it's the most successful gaming platform we've ever introduced. The install base of about 100 million GeForce gamers in the world has an opportunity to upgrade to a new platform. Another reason why we can grow is because the production value continues to increase; the graphics richness continues to increase. And we do that by inspiring the industry, providing a technology…

Got it. And as a follow-up, Jen-Hsun, on your automotive business. As you move from infotainment systems that are graphics-intensive to more advanced computing systems, do you think it changes the competitive environment? And what I'm referring to is we have seen Qualcomm and others enter the segment and they are making the case that they can integrate a lot of different piece parts and tie that to their processor. And I'm trying to draw a parallel with what you had on the smartphone side where you were specializing in one part, but others could integrate other parts and become more successful. Is there going to be a similar situation in auto? Or do you think that we should read it in a different way as to how your competitive situation can evolve in autos as computing becomes a bigger part of the application? Jen-Hsun Huang - President, Chief Executive Officer & Director: Well, we have to be mindful of competition. And there's a lot of different ways to compete, there's a lot of different ways to bring value; and surely what you described is one way to compete. Those aren't really the segments in the market that we'll address. The way that we think about infotainment is there are segments of the infotainment market, surely the parts of the market that we serve incredibly well. The richness of the displays, the number of displays and how the displays are going be used in the coming years are going to continue to expand. You know the display costs are coming down and OLED displays are become cheaper. There's so many different ways to bring visualization into the car to enhance the driving experience. You can also imagine how artificial intelligence technology could change the way infotainment systems are even used.…

Our next question comes from the line of Mark Lipacis with Jefferies. You may proceed with your question.

Hi. Thank you for taking my questions. First question, on the TDS business – I'm sorry, the Tegra Development Services – you noted that that was an important driver of growth. And can you give us a little bit more color on that business? How big is that? What end markets are you working with? What are you helping customers do? Hi. Can you hear me? Jen-Hsun Huang - President, Chief Executive Officer & Director: Actually, I'm just trying to figure out what your question was. Let me see. I guess I'd be reluctant to announce anything today, but there are semi-custom businesses that people need our help on. And we're open for business to help select partners develop proprietary systems that leverages the wealth of technologies that we have, whether it's in visual computing or deep learning or supercomputing, so that we can create systems and products and services that the world has never had before. And so that's an area that I think is of interest to us; and it's an area that we'll likely see a lot more success in the future. But there's not much to really announce today.

Okay. Fair enough. And the gross margins – second question on the gross margins – they've gone over the last three years from the low-50%s and pushing through 57% now. At what point do these asymptote out? How should we be thinking about that? Thank you. Jen-Hsun Huang - President, Chief Executive Officer & Director: So I appreciate that question. There are lot of moving parts in our gross margins business – gross margins. Of course, our enterprise businesses is richer in gross margins; our consumer business tends to be lower in gross margins. At the highest level, the way I would think of our company's gross margins is really the nature of our business model is changing. And if you think about our business model a long time ago, it used to be a chip business, but today we're really a differentiated specialty platform business. And what I mean by platform business is it's, of course, the chips, the systems, but it's largely about the differentiated software that's on top of it. And so, increasingly, you're going to find that our businesses is software-rich, it's services rich. And if that's the case, one would think that our business model would become increasingly of that nature; and I think you're just seeing the reflection of that. As our company continues to move towards our differentiated platforms, which was, call it, 50% just a few years ago and it's now reaching some 80% now; as we move into these specialty differentiated platforms, the software content is just much, much higher. And our customers who work with us are not buying chips for their systems, for their commodity systems, but they're looking for a platform to solve a particular problem. And the problems that we help to solve, the solution that we bring to bear, is so high-valued that I think that increasingly you should expect that – well, you should hope and I hope myself – that our gross margins continue to move along with the change in our business model.

Our next question comes from the line of Hans Mosesmann with Raymond James. You may proceed with your question. Hans C. Mosesmann - Raymond James & Associates, Inc.: Great. Thanks, and congratulations guys. Hey, Jen-Hsun, can you give us an update on the high-performance compute side of the business? How will Pascal compare to the upcoming other solutions in the market and specifically Intel's Knights Landing? And I have a follow-up. Thanks. Jen-Hsun Huang - President, Chief Executive Officer & Director: Yeah. Hans, thank you. Our high-performance computing business uses an architecture we call accelerated computing. Accelerated computing is a model of computing that we invented almost 10 years ago, and it's a very unique way of doing computing and it takes advantage of the strength of the CPU, as well as the advantage of the world's most parallel processor called the GPU. It is very software-intensive, it's very mathematics-intensive, it's very algorithm-intensive. And it's a problem that when applied to some verticals can accelerate computing dramatically. We see accelerations of 5x, 10x, 20x quite normally, quite regularly. And the way that you translate this benefit to a customer is that it reduces their costs. Instead of building a supercomputer that may cost as much as $500 million, the supercomputer would be the world's best at $100 million. That's a pretty substantial reduction in expenses. The power bill that they would spend on a regular basis would be dramatically reduced. And so datacenters and supercomputing centers save an enormous amount of money. On the other hand, the researchers see a substantial boost in their application throughput. And so that's one of the reasons why accelerated computing is doing really well. We're seeing a couple of different drivers for accelerated computing and high-performance computing, our datacenter business. Accelerated computing itself for…

Our next question comes from the line of Ambrish Srivastava of BMO Capital Markets. You may proceed with your question.

Hi. This is Gabriel Ho calling in for Ambrish. Thanks for taking my question. Just want to follow-up on your Tesla business. I think in the recent earnings call Cray actually iterated its expectation of over 50% of its $825 million revenue in the fourth quarter of this calendar year. And I think they cite its drivers one of the three supercomputers actually has used Pascal. So how should we think about the benefit to your Tesla business? Jen-Hsun Huang - President, Chief Executive Officer & Director: Well, Cray is a very important partner of ours. And the thing that's really exciting for me is to see them transition their business – not transition, but transform their business from one that is really focused on supercomputing centers to one that is also working on big data. This this an area where we can add a lot of value to them. We have a lot of expertise in this area. And as they continue to evolve their market footprint beyond supercomputing centers and now into large enterprises, I think they could find a lot of success. And so they're seeing a lot of success in this area. Big data analytics is – we're square in their bulls eye and I'm quite excited for them in the work that they're doing there. And so they're a good customer for us, a great partner of ours; and I'm excited to see their ongoing success. The thing that we're all seeing is that big data analytics – the most powerful weapon for big data analytics has recently been discovered. Deep learning is just a fantastic new computing model. It is able to discover insight that is provably now superhuman. Its dimensionality in thinking through data is unrivaled than any approach that we've learned in the past. And now that's one of the reasons why industries all over the world, from life sciences, to industry, to manufacturing, to supercomputing, are jumping onto deep learning bandwagon. And so I think their adoption of Tesla, the NVIDIA GPU, is going to be quite a successful one.

Okay. Thanks. As a follow-up, I think you seem to spend about $90 million in legal expense. And how should we think about in fiscal 2017? And also, can you give us an update where you are in the cases of Qualcomm and Samsung? Jen-Hsun Huang - President, Chief Executive Officer & Director: Well, just as a backdrop, we litigated against Samsung last year and the expenses was what you were referring to. At the core of it, fundamentally philosophically we believe that it is inappropriate and it's wrong for Samsung to use NVIDIA's technology, technology that has cost us billions of dollars to invent, and to use it without compensating us. At the core, I just think that's just wrong. And we think it's wrong; and that's the reason why we decided to litigate – to sue Samsung. The ITC has passed its early decisions, and we disagree with them. We're disappointed by them. It is unfortunate that the business courts couldn't see through the obviously complex data associated with the technology. But we're disappointed by it. We've appealed for a review. And hopefully in the near term, we'll discover what the ITC will do. Bu t I still believe that it was the wrong thing to for Samsung to use technology that companies who are specialized in these fields invent and to use it without compensation. And I'm disappointed with the decision from the ITC, but so be it. Next year, we have plenty of things to go invest in and we have plenty of growth drivers. You know that we have four powerful growth drivers in our company: gaming is one, VR is another, artificial intelligence and self-driving cars. And we have plenty of growth drivers to go focus our company on.

Our next question comes from the line of C.J. Muse with Evercore ISI. You may proceed with your question.

Yeah. Good afternoon. Thank you for taking my question. I guess first question on the auto side. Trying to get my arms around how we should think about growth here in calendar 2016 off the 75% growth in 2015. I guess, if you could kind of parse between your backlog for infotainment, your outlook there, as well as what kind of ramp you see with the product development contracts on the ADAS side? Jen-Hsun Huang - President, Chief Executive Officer & Director: So two questions there. First of all, our pipeline. We've talked about our pipeline several times. We've shipped probably 5 million, 6 million cars. We have another 20 million, 25 million cars to ship in our pipeline. And so these are design wins that took quite a few years to have won and quite a few years of engineering to ramp into production. So we have a pretty good visibility of the pipeline and the opportunities that are ahead of us. Probably there's some market dynamics that's helpful to some of the design wins, the segments that we serve. Of course, at the time, a long time ago, it's hard to tell, but it's very clear now that the computerization of cars is a highly desirable end user feature. And the customers, the partners that we worked with, the car companies we worked with, to computerize their cars, whether it's Audi or Tesla whose cars are heavily computerized, their growth prospects in the coming years are quite good. And so I think that that's one that we have a clear view of the pipeline, and I think the mega trends of the computerization of cars is in our favor. Now you mentioned – secondarily, we introduced this platform called DRIVE PX. It's our autonomous driving car computer platform. And the recent success of ADAS has really inspired just about every car company in the world to look beyond ADAS. And what's beyond ADAS is self-driving cars. And it could be partially assisted, it could be mostly assisted and it could be completely assisted. And in each one of those levels of autonomy, a different amount of computation would have to be deployed. And we've created a scalable architecture that allows car companies to develop cars that are partially assisted, all the way to completely assisted. We're working with quite a large number of customers now, car companies, start-up companies, companies that are largely cloud-based and have an enormous amount of data that they could transform into an automotive service, transportation as a service. And so we're working with a whole lot of different types of companies, and I think this is going to be an area of quite a significant industrial revolution; and arguably quite a gigantic society good in the long-term. So anyways we're working on a lot of projects there.

Our next question comes from the line of Stephen Chin with UBS. You may proceed with your question.

Hi, there. Thanks for taking the questions. Jen-Hsun, the first one for you, if I could. In terms of the deep learning, machine learning opportunity, I was wondering if you could help quantify sort of the longer-term silicon TAM for the opportunity both in datacenter and automotive? And I guess more of near-term, any thoughts on what kind of development revenues could be generated for these machine learning type platforms in the near-term? Jen-Hsun Huang - President, Chief Executive Officer & Director: Sure. Thanks. I think part of the answer is I'm not sure. Part of the answer is I'm not sure. So with that as a disclaimer, let me tell you why I'm so enthusiastic about it. There are many problems that computer science has been trying to solve, which algorithmically is just impossible to solve. There's no known way of a human-described algorithm that completely captures the noisy and long tail of society. And it could be almost any problem. It could be weather-related product type problems, it could be market-related type problems, it could be all kinds of purchasing-related challenges and all kinds of data. It could be life sciences, as we know that the human body is not in a perfect condition all the time. There's that randomness that plays a role in understanding molecular science. And so there are so many different types of areas where there is no simple Newtonian physics equation that can describe the nature. And so in that particular case, using an enormous amount of data to train a neural net, to train software, to rewrite the software, if you will, using an enormous amount of computation is an pretty exciting computation model. I think this is a brand new computing model, one that is going to augment the traditional model…

Okay. Appreciate that color, Jen-Hsun. And as a quick follow-up, I had one for Colette on the inventory levels. Colette, just given where inventories ended for the quarter – on a days and dollars basis it's roughly comparable to a number of quarters back when revenues were about 20% to 30% lower than where it is today. Is this a new level that the company can continue operating at just based on supply chain efficiencies? Or is this just sort of the seasonal volatility in this number or any other kind of average ASP of the products that you're carrying? Thanks. Colette M. Kress - Chief Financial Officer & Executive Vice President: Yeah. Stephen, thanks so much for the question. Our inventory levels that we are holding here, they're definitely going to swing a bit in terms of the mix, in terms of our platform. But what we have right now, we do have a very healthy level of inventory. And we have a great team of people managing all of those different pieces, both for the channel, for our partners and definitely for what we need to ship going forward. So I don't think we look at a number to exactly optimize in any single one quarter, as we do make sure that we are prepared for the platforms coming down the pipeline, as well as what customers need. But you're correct, it's probably at a fairly healthy low level at this time.

Our next question comes from the line of Sanjay Chaurasia with Nomura Securities. You may proceed with your question.

Hi, Jen-Hsun. One question on deep learning. I was wondering if you could talk about relative opportunity sizes in training and inference part of the deep learning? Clearly, you have a strong position on the training side. I would love to hear your thoughts on the inference side. My understanding is there's a lot of custom chips are being built in the industry on the inferencing side. So I would love to get your color on what competition you will see on that front? Jen-Hsun Huang - President, Chief Executive Officer & Director: Sure. Here's my guess. I think long-term, training will be half of the overall market. And the reason for that is because training is so heavyweight. And in the long-term – well, not long-term, now, you're training your network constantly. You create a network, you want to improve this network as fast as you can because you have so much valuable data and so much insight that you can go after. And you deploy the network for inferencing which collects brand new data, and the world looks completely different to you. You now collect that data and you use that data to train your network. I think that network training is going to be a continuous basis and we're seeing that absolutely. Also, there are more types of networks. The types of networks that are being created, the rate of revolution, the rate of innovation of networks, network styles, network types, network configurations, network depths; it's happening every single week. I'm actually not exactly sure how you would design a custom chip for it, which explains why there are only two chips today that are successful in inferencing. One of them is the Intel Xeon and the other one is the Tesla M40 and M4. And so…

Our next question comes from the line of Ross Seymore with Deutsche Bank. You may proceed with your question.

Thanks for letting me ask a question. One for either Jen-Hsun or Colette. In your first quarter guidance it looks like the down 10% has some seasonality to it, but you also have a lot of businesses that have secular trends behind them. So I was hoping that you could provide a little bit of color on kind of seasonality versus secular, or which of the drivers would be better or worse than that 10%, acknowledging also that you lose a week of business guiding into that April quarter. Jen-Hsun Huang - President, Chief Executive Officer & Director: Yeah. First of all, I appreciate the question. I think, first of all, it's just the guidance; and it's our best view today, it's our most prudent view today. And as we know, although there are many things we know, the worlds' a very uncertain place. There's a few things that we do know. The gaming market is quite vibrant and it continues to be quite vibrant. We monitor it literally every day, every week; and we monitor it all over the world, and it remains quite vibrant. In the coming months there are some really, really wonderful games that are coming out that we think are going be spectacularly successful, whether it's The Division or Tomb Raider or – the list goes on. And so I think the gaming market appears to be quite vibrant. Our automotive business is vibrant. And the work that we're doing in self-driving is really gaining traction and captured the imagination of just about every car company around the world. Our deep learning work and supercomputing work, high-performance computing work is accelerating. And so in a lot of ways I understand where you're coming from, but we don't want to ignore seasonality. Q1 is Q1. And we recognize that the market is uncertain, and we'll see how it plays out. At the end of the quarter, we'll come and report it again.

And our next question comes from the line of Harlan Sur with JPMorgan. You may proceed with your question.

Hi. Good afternoon and congratulations on another solid quarter. Jen-Hsun, you talked about the install base and the upgrade opportunity in gaming. I think last call you quantified it as around three-quarters of the install base that really needs a more updated GTX processor. Given the 37% growth in the gaming business last year and the success of Maxwell, it actually does appear that you did drive some meaningful upgrade in the install base. So the question for you is, is there any updates to your views on where the install base sits at from an upgrade opportunity? And then the second question is do you get a sense that the cadence of these upgrades will be accelerating, given the advancements you and your gaming engine partners are bringing to the market every year? Jen-Hsun Huang - President, Chief Executive Officer & Director: Yeah. Those are really good questions, and we monitor our install base pretty carefully. And currently in the install base, we basically have three architectures still in operation. We have the Maxwell architecture, and we have the Kepler architecture and we have the Tesla architecture. All of those – excuse me, the Fermi architecture. And those architectures are all running in the install base at the moment. We've managed to upgrade about a third of the install base. Meanwhile, it is the case that ASPs of our GPUs are going up because the graphics richness and the graphics production value is going up. The quality of games – because the market for games are so high, game developers can really create much, much more beautiful games and take the risk to do that. The developing markets are growing. The number of genres, like eSports, of games are growing. And so there's a lot of different growing vectors. And meanwhile, all of that is on top of our desire to upgrade our install base so that they can enjoy games the way that it ought to be enjoyed. And so I think there's still a fair amount of growth opportunity ahead of us; and we'll monitor it carefully and report it once a quarter.

Our next question comes from the line of Deepon Nag with Macquarie Capital. You may proceed with your question. Deepon Nag - Macquarie Capital (USA), Inc.: Yeah. Thanks a lot, guys. So Quadro grew for the first time I think in several quarters. Can you kind of describe what drove that growth and how we should think about the growth profile for the rest of this year? Is it possible that it could grow in the mid-single digits for all of 2017? Jen-Hsun Huang - President, Chief Executive Officer & Director: Yeah. Deepon, thanks for the question. I was delighted myself. I'll just put that out there. We worked really hard to improve our Quadro business. The team works incredibly hard. We've invented a new technology for rendering called Iray. It's the world's first physically modeled photorealistic renderer that is accelerated by GPU. The result of it is really quite remarkable, and they continue to add new capabilities to it. We, this last quarter, also benefited from the enthusiasm and excitement around VR, and we have VR SDKs and collaborations with just about every ISV in the world that is working on VR. And so I think there's a lot of good reasons to be enthusiastic about Quadro. We don't believe for a moment that the design quality and design production value of movies, or games, or architecture or manufacturing will continue. We believe absolutely that's going to continue to improve in visual realism and the productivity of the engineers that are involved, the artists that are involved needs to continue to increase. And so we think that this is going to be a vibrant growth area ahead. I think that what drove recently the uptick are the OEMs refreshing workstation cycle, and I think we should enjoy some of that for the coming quarters. But I still think long-term the real opportunity, surely the market is there. We know that more and more of design and creativity is done digitally. So at the core, the market is there. The opportunity for us is to bring new forms of rendering, new forms of design. And as you could see, Iray is for rendering and VR is for interacting with the design. These types of capabilities require just an enormous amount of GPU capability. And I think at the core that's going to be our long-term growth drivers.

Our next question comes from the line of Joe Moore with Morgan Stanley. You may proceed with your question. Joe L. Moore - Morgan Stanley & Co. LLC: Great. Thank you. Can you give us some color on what you're seeing in emerging markets, with a lot of macro concern about some of your end markets, notably China, and you guys keep putting up very good numbers. Can you sort of talk about that demand by geography and how you weigh the economic and currency risks over the course of this year? Jen-Hsun Huang - President, Chief Executive Officer & Director: Sure. For some reason I still kind of tend to believe that what drives the gaming market is great games. And I think that there's some evidence that the continued release of great games and great production value games – the vibrancy of eSports, the fact that eSports is really not just for competition, but drives the dynamic of sharing and social. Those kind of factors continue to drive our gaming business. I'm quite enthusiastic about the developing markets. Southeast Asia, for one, is really starting to adopt PC gaming quite rapidly, and it is a market that is extremely underserved. India is a market that is extremely underserved. They are underserved because broadband Internet hasn't been available to those marketplaces until just recently. And there are surely demographics in these markets that would love to jump onto gaming. And who doesn't need a PC? And so almost every market develops around PCs quite rapidly. And so I think the way of enjoying games is so affordable by adding a GeForce GTX to a PC that you already own. It is the most affordable form of entertainment if you think about it that way. And most of eSports are free to play, anyhow, and so much of it is, anyhow. And so it's a wonderfully affordable way to enjoy entertainment. And so I think the South – Southeast Asia, India are really quite exciting developing markets.

Our next question comes from the line of Matt Ramsay with Canaccord Genuity. You may proceed with your question.

Yes. Thank you very much. Jen-Hsun, there's been a lot of, I guess, speculation about how the emergence of VR, headsets in particular, for gaming would drive your GPU business. I guess I'd just like to hear your perspective on a couple of things. One, obviously, it requires high-end and high-ASP GPUs to support some of these applications, so of the early adopters, maybe a sense of which of those folks might already own those type of GPUs and which ones might have to upgrade in the near term. And second, how VR might penetrate the eSports phenomenon over time and drive more of those upgrades into the higher-volume mainstream parts of the gaming market. Thanks. Jen-Hsun Huang - President, Chief Executive Officer & Director: Yeah. Well, there are really two questions in your question. They're both good. And one question is how do I feel about VR and its impact on gaming. The second part is how will VR impact our business. Let me just tell you the second part first. We don't – we don't – we're not forecasting and not assuming any upside in VR. However, there is no way, but good, that VR will bring to our business and we'll take it a day at a time and we believe that it's going be an exciting growth driver. We believe that it's going to be helpful to our high-end GPU business. But when the time comes, it'll be a nice bonus. And so we're going to run our business as if we don't count on it. However, obviously, we care very deeply about it because we think that the experience of VR is quite amazing. Anybody who's tried it is surprised how immersive it is, how it takes you away from where you are and into…

Our next question comes from the line of Chris Hemmelgarn with Barclays. You may proceed with your question.

Thanks very much for taking my question, and congrats on the good quarter. Jen-Hsun Huang - President, Chief Executive Officer & Director: Thanks a lot, Chris.

Yeah, I guess, first of all, I wanted to – we've talked a lot about some of the really exciting businesses that have a lot of great growth prospects for you. I thought we'd look at, as well, some that have been a little more stagnant. And I was curious to your take of, for example, the OEM business. It looks like it may be finally stabilizing after declining. How do you look at that business in the coming fiscal year? Do you think it can even get back to growth or do you expect continued declines? Jen-Hsun Huang - President, Chief Executive Officer & Director: Well, my sense is that it will stabilize, and let me tell you why. Our OEM business is not about gaming because it's our Gaming business. And the OEMs are not about design because that's our Design business. But the thing that some OEMs do is they include our technology to differentiate a mainstream platform from a premium platform. And so by adding NVIDIA's technology, you turn a commodity PC into a premium PC. And the experience is better, the performance is better and everything just works. And so there's a real benefit in using it as a premium multimedia PC, if you will. And so we'll probably see continued interest in doing that. And we're delighted by that. We don't count on it, but we're delighted by it. And so my sense is that it will likely stabilize.

Our next question comes from the line of Chris Roland with FBR & Company. You may proceed with your question. Christopher Adam Jackson Rolland - FBR Capital Markets & Co.: Hey, guys, thanks for the question and great quarter. On... Jen-Hsun Huang - President, Chief Executive Officer & Director: How are you, Chris. Christopher Adam Jackson Rolland - FBR Capital Markets & Co.: Great. Thanks. Speaking about your installed base briefly, can you guys share with us your view on GPU replacement rates, kind of how fast are they or how long are they now, and whether they're kind of shrinking or speeding up here? And also perhaps how they might differ by geography? Jen-Hsun Huang - President, Chief Executive Officer & Director: I don't know that I have the precise – precise granularity by geography except for just a few countries, but let me address it overall. The installed base takes a couple of two years, three years to upgrade. And on the lower end, three years to four years. On the higher end, one year to two years. And so overall, I guess – because the lower end products are higher in volume, it would probably weigh the overall average to call it three-plus years. But the ASP, of course – if you look at it from an ASP perspective, it's a little bit different, it would probably drift up. The rate of upgrade appears to be increasing. And that might also explain that the ASP of the products can – the ASP of our overall portfolio increasing. I think the reason why it's increasing is because the size of the gaming market has now grown to a level that developers can take a fair amount of risk to add a rich content, rich production value in graphics,…

Our next question comes from the line of Rajvindra Gill with Needham & Company. You may proceed with your question. Rajvindra S. Gill - Needham & Co. LLC: Yeah, thanks, and congrats as well. Just a follow-up question on the virtual reality market and how you're looking at that. Can you talk a little bit about some of the PC requirements that are going to be necessary to use in a Facebook Oculus Rift headset when it comes out this quarter and the cost that's going to be needed for individual user? And kind of contrast that from the business model that Sony is employing, which is basically – based on my knowledge – a bundling strategy with their PlayStation 4, which wouldn't require an upgrade to the graphics card or buying a new desktop. Just wondering how you're thinking about those two different business models. Jen-Hsun Huang - President, Chief Executive Officer & Director: Yeah, there are two different questions in there. One question is what is the minimum requirement for VR today. Using today's graphics card as an example, the GTX 970, which is the most popular graphics card in the world, is the min spec for the Oculus Rift. And the reason why, of course, is because Oculus and their PC focus wants to have the best possible experience for the early adopters of VR. And I think that's a really prudent strategy. You want to delight all of your early adopters with the best possible experience. But the way to think about it long term is that as the market continues to grow and more content comes and VR moves into the mainstream, there's no question in my mind that our $100 and $150 GeForce GTX cards will in the future be able to play VR just perfectly. And so – so this is not a question about the availability of technology or the cost of technology. As we know, technology continues to advance and whatever experience today will continue to get more affordable long term. Whatever the Sony PlayStation does, I think, is just fantastic either way. What we would like to do is get people excited about VR. And in the final analysis, there are TV gamers and then there are – there are console gamers and there are PC gamers. And there are different genres and there are different applications and different styles, and very largely different customers. And so I think we're just enthusiastic about VR, period. And over time, the technology will get more and more affordable.

And our final question comes from the line of Brian Alger with ROTH Capital Partners. You may proceed with your question.

Thanks for squeezing me in here at the end. I'll be very brief. The opportunity in automotive obviously continues to grow and your unveiling at CES was impressive by anyone's standards. However, there seems to be two approaches to the automotive market. As we move forward, there's obviously the closed system approach that Mobileye seems to be pursuing, and what appears to be more of an open architecture approach that you seem to have. Can you maybe describe how things shape up for you as you look out over the horizon with sensor fusion and the various OEMs and getting things right from a safety standards basis, et cetera? Do we need the control of a closed system or can we get it done with collaboration with others? Jen-Hsun Huang - President, Chief Executive Officer & Director: Sure. I appreciate the question. It's really, really a good question. This is really a matter of philosophy. And philosophically, this is how we see the world. We believe that self-driving car is not a solved problem. And I say that as a statement of fact. I don't think anybody would dispute it. I also believe that self-driving cars is a field that's going to require the technological muscle of a very, very large industry and that no one company with a few hundred employees is going to solve it all by themselves. So the idea that a unsolved problem of such incredible, daunting levels that an entire computer industry is in the process of trying to solve could possibly be a closed system tied around a chip seems illogical to me. That's number one. Number two, I believe that long term, our car company – the soul of the car company is the driving experience of that car. The soul of the…

Ladies and gentlemen, that does conclude the call for today. We thank you for your participation and ask that you please disconnect your lines.