益華電腦 (CDNS) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good afternoon. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cadence Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Thank you.

女士們，先生們，謝謝你們的支持。下午好。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Cadence 2022 年第二季度收益電話會議。 （操作員說明）謝謝。

I will now turn the call over to Richard Gu, Vice President of Investor Relations for Cadence. Please go ahead.

我現在將把電話轉給 Cadence 投資者關係副總裁 Richard Gu。請繼續。

Thank you, operator. I would like to welcome everyone to our second quarter of fiscal year 2022 earnings conference call. I'm joined today by Anirudh Devgan, President and Chief Executive Officer; and John Wall, Senior Vice President and Chief Financial Officer.

謝謝你，接線員。我想歡迎大家參加我們的 2022 財年第二季度收益電話會議。今天，總裁兼首席執行官 Anirudh Devgan 也加入了我的行列；和高級副總裁兼首席財務官約翰·沃爾。

The webcast of this call and a copy of today's prepared remarks will be available on our website, cadence.com.

我們的網站 cadence.com 將提供本次電話會議的網絡廣播和今天準備好的講話的副本。

Today's discussion will contain forward-looking statements, including our outlook on future business and operating results. Due to risks and uncertainties, actual results may differ materially from those projected or implied in today's discussion. For information on factors that could cause actual results to differ, please refer to our SEC filings, including our most recent Forms 10-K and 10-Q and today's earnings release. All forward-looking statements during this call are based on estimates and information available to us as of today, and we disclaim any obligation to update them.

今天的討論將包含前瞻性陳述，包括我們對未來業務和經營業績的展望。由於風險和不確定性，實際結果可能與今天討論的預測或暗示的結果大不相同。有關可能導致實際結果不同的因素的信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K 和 10-Q 表格以及今天的收益發布。本次電話會議期間的所有前瞻性陳述均基於我們截至今天可獲得的估計和信息，我們不承擔任何更新它們的義務。

In addition, we will present certain non-GAAP measures, which should not be considered in isolation from or as a substitute for GAAP results. Reconciliation of GAAP to non-GAAP measures are included in today's earnings release.

此外，我們將介紹某些非公認會計原則措施，不應將其與公認會計原則結果隔離或替代。 GAAP 與非 GAAP 措施的對賬包含在今天的收益發布中。

Today's earnings release for the second quarter of fiscal 2022, related financial tables and CFO commentary are also available on our website. (Operator Instructions)

今天發布的 2022 財年第二季度財報、相關財務表格和首席財務官評論也可在我們的網站上找到。 （操作員說明）

Now I'll turn the call over to Anirudh.

現在我將把電話轉給 Anirudh。

Thank you, Richard. Good afternoon, everyone, and thank you for joining us today.

謝謝你，理查德。大家下午好，感謝您今天加入我們。

Cadence delivered outstanding financial results for the second quarter, with accelerating broad-based demand for innovative solutions driving double-digit growth across all our business groups. We beat our guidance on all key metrics and are significantly raising our financial outlook for the year, resulting in 17% year-over-year revenue growth as well as exceeding the Rule of 55. John will provide the details in a moment on both our Q2 results and the updated outlook for the year.

Cadence 在第二季度取得了出色的財務業績，對創新解決方案的廣泛需求加速推動了我們所有業務部門的兩位數增長。我們在所有關鍵指標上都超過了我們的指導，並顯著提高了我們今年的財務前景，導致收入同比增長 17%，並超過了 55 規則。約翰將在稍後提供我們的兩個方面的詳細信息第二季度業績和年度更新展望。

Generational trends such as 5G, hyperscale computing and autonomous vehicles underpinned by AI, ML and data analytics are accelerating the digital transformation across multiple industries. Notwithstanding the macroeconomic uncertainties, our customers continue relentlessly investing in the next-generation innovation, with semiconductor companies benefiting from increasing silicon content and system companies investing in building custom silicon. These exciting trends are fueling robust design activity and driving a strong secular tailwind for end-to-end core EDA, IP and expanding systems portfolio.

以人工智能、機器學習和數據分析為基礎的 5G、超大規模計算和自動駕駛汽車等時代趨勢正在加速跨多個行業的數字化轉型。儘管宏觀經濟存在不確定性，但我們的客戶繼續不懈地投資於下一代創新，半導體公司從增加的矽含量中受益，系統公司投資於構建定制矽。這些令人興奮的趨勢正在推動穩健的設計活動，並為端到端核心 EDA、IP 和擴展系統產品組合帶來強大的長期順風。

In Q2, we significantly accelerated our Intelligent System Design growth strategy through the introduction of 5 new innovative products as well as through the transformative OpenEye Scientific and Future Facilities acquisitions that expand our TAM and position us well for future growth.

在第二季度，我們通過推出 5 款新的創新產品以及通過變革性的 OpenEye Scientific 和未來設施收購來顯著加快我們的智能係統設計增長戰略，這些收購擴大了我們的 TAM 並使我們為未來的增長做好了準備。

This morning, we announced our intent to acquire OpenEye Scientific, a leader in computational molecular design space. Over the past few years, we have successfully extended our multi-decade, chip-level simulation expertise to the system level, first, to finite element analysis, and more recently, to computational fluid dynamics. With OpenEye, we are now expanding into molecular modeling and simulation, an emerging area of growing interest as pharmaceutical and biotechnology companies accelerate their emphasis on software solutions for drug discovery.

今天早上，我們宣布有意收購計算分子設計領域的領導者 OpenEye Scientific。在過去的幾年中，我們成功地將我們數十年來的芯片級仿真專業知識擴展到了系統級，首先是有限元分析，最近又擴展到了計算流體動力學。借助 OpenEye，我們現在正在擴展到分子建模和模擬，隨著製藥和生物技術公司加速重視藥物發現的軟件解決方案，這一新興領域受到越來越多的關注。

The acquisition will allow us to leverage our solver and AI, ML leadership, along with large data management infrastructure, to significantly enhance the speed and accuracy of biosimulation. This will drive disruptive innovation in the life science market through increasing the efficiency and success rate of traditionally long and complex drug discovery process. Additionally, OpenEye market-leading, cloud-native SaaS platform can capitalize on our cloud expertise, thereby benefiting highly computationally intensive biosimulation.

此次收購將使我們能夠利用我們的求解器和人工智能、機器學習的領先地位，以及大數據管理基礎設施，顯著提高生物模擬的速度和準確性。這將通過提高傳統上漫長而復雜的藥物發現過程的效率和成功率來推動生命科學市場的顛覆性創新。此外，OpenEye 市場領先的雲原生 SaaS 平台可以利用我們的雲專業知識，從而使計算密集型生物模擬受益。

OpenEye's scientifically proven innovative solutions are used by 19 of the top 20 pharma companies, including Pfizer and AstraZeneca, as well as leading biotech firms, and we excitedly look forward to Dr. Anthony Nicholls and the OpenEye team with their deep science expertise and rich domain knowledge joining Cadence.

OpenEye 經科學驗證的創新解決方案已被輝瑞和阿斯利康等 20 大製藥公司中的 19 家以及領先的生物技術公司使用，我們非常期待 Anthony Nicholls 博士和 OpenEye 團隊以其深厚的科學專業知識和豐富的領域知識加入Cadence。

During the quarter, we also acquired Future Facilities, a pioneer in the data center digital twin space that expands our CFD portfolio and extends it to data centers. In addition to electronics cooling analysis, Future Facilities' innovative solutions enable customers such as HP Enterprise, Digital Realty and Equinix optimize the thermal and power efficiencies in the data center using physics-based 3D digital twins, thereby helping reduce their carbon footprint. We are excited to welcome Hassan Moezzi and his talented team to Cadence.

在本季度，我們還收購了數據中心數字孿生空間的先驅 Future Facilities，該公司擴展了我們的 CFD 產品組合併將其擴展到數據中心。除了電子冷卻分析之外，Future Facilities 的創新解決方案使 HP Enterprise、Digital Realty 和 Equinix 等客戶能夠使用基於物理的 3D 數字孿生模型優化數據中心的熱效率和電源效率，從而幫助減少他們的碳足跡。我們很高興歡迎 Hassan Moezzi 和他的才華橫溢的團隊加入 Cadence。

Now moving on to Q2 product and customer highlights. A key element of our approach has been to partner closely with market-shaping customers and win their confidence by providing leadership platform solution based on best-in-class engine. In Q2, we deepened our long-standing partnership with Samsung to a wide-ranging expansion of our core EDA system software and hardware solutions. And we are excited to have extended our collaboration with AMD to a far-reaching commitment to our innovative core EDA, hardware, design IP and system software solutions.

現在轉到第二季度產品和客戶亮點。我們方法的一個關鍵要素是與塑造市場的客戶密切合作，並通過提供基於一流引擎的領導平台解決方案來贏得他們的信心。在第二季度，我們深化了與三星的長期合作夥伴關係，以廣泛擴展我們的核心 EDA 系統軟件和硬件解決方案。我們很高興能將與 AMD 的合作擴大到對我們創新的核心 EDA、硬件、設計 IP 和系統軟件解決方案的深遠承諾。

Demand for our core EDA software remains strong and broad-based. Our digital business had another strong quarter, with 14% year-over-year growth fueled by key competitive displacement as well as significant expansion at several market-shaping customers.

對我們核心 EDA 軟件的需求仍然強勁且基礎廣泛。我們的數字業務又一個強勁的季度實現了 14% 的同比增長，這得益於關鍵的競爭優勢以及幾個塑造市場的客戶的顯著擴張。

Adoption of our digital full flow, delivering industry's leading quality of results at the most advanced nodes, continue to accelerate with close to 25 new wins in the first half of the year. Our innovative, automated and scalable Cadence Cerebrus solution with its unique self-learning capabilities allow users to explore the entire design space and intelligently optimize the digital full flow to meet their aggressive PPA schedule and productivity goals.

採用我們的數字全流程，在最先進的節點上提供行業領先的結果質量，繼續加速，在今年上半年取得近 25 項新勝利。我們創新、自動化和可擴展的 Cadence Cerebrus 解決方案具有獨特的自學習功能，允許用戶探索整個設計空間並智能優化數字化全流程，以滿足他們積極的 PPA 計劃和生產力目標。

Cadence Cerebrus continues to see accelerating proliferation, especially with market-shaping customers as they realized transformative results across a broad range of complex production designs and getting as much as 30% reduction in leakage power and up to 30x productivity improvement for design tasks ranging from design technology cooptimization, automated floor plan implementation and final PPA push.

Cadence Cerebrus 繼續加速擴散，特別是對於塑造市場的客戶，因為他們在廣泛的複雜生產設計中實現了變革性成果，洩漏功率降低多達 30%，設計任務的生產率提高多達 30 倍技術協同優化、自動化平面圖實施和最終的 PPA 推送。

At our recent CadenceLIVE Silicon Valley User Conference, Level 3 customers, including Intel, NVIDIA, Broadcom, Samsung and Renesas, presented their remarkable successes using Cadence Cerebrus.

在我們最近的 CadenceLIVE 矽谷用戶大會上，3 級客戶，包括英特爾、NVIDIA、博通、三星和瑞薩，展示了他們使用 Cadence Cerebrus 取得的非凡成功。

Functional verification is becoming a key differentiator as we enable our customers to improve system quality and speed up their time to market. In Q2, our business grew 13% year-over-year, led by strong growth in hardware and Jasper.

功能驗證正成為一個關鍵的差異化因素，因為我們使我們的客戶能夠提高系統質量並加快他們的上市時間。在第二季度，我們的業務同比增長 13%，這主要得益於硬件和 Jasper 的強勁增長。

Strong secular demand for our industry-leading Palladium Z2 and Protium X2 platforms, especially from hyperscale, AI, ML and server customers, led to our best Q2 ever for hardware. With 10 new customers and nearly 50 repeat orders, more than 2/3 of the orders during the quarter included both the platforms.

對我們行業領先的 Palladium Z2 和 Protium X2 平台的強勁長期需求，尤其是來自超大規模、AI、ML 和服務器客戶的需求，導致我們在硬件方面實現了有史以來最好的第二季度。憑藉 10 個新客戶和近 50 個重複訂單，本季度超過 2/3 的訂單包括兩個平台。

Our IP business had a very strong quarter, growing 30% year-over-year as the continuing IP outsourcing trend drove strong design and foundry activity for our star IP, especially at the most advanced nodes. Our leading DDR IP solution continues to proliferate strongly, especially at hyperscaler and memory customers, while our PCIe portfolio had significant wins with compute and automotive companies.

我們的 IP 業務有一個非常強勁的季度，同比增長 30%，因為持續的 IP 外包趨勢推動了我們明星 IP 的強勁設計和代工活動，特別是在最先進的節點上。我們領先的 DDR IP 解決方案繼續強勁增長，特別是在超大規模和內存客戶中，而我們的 PCIe 產品組合在計算和汽車公司中取得了重大勝利。

Tensilica continued to expand its footprint in true wireless stereo and Bluetooth headsets and had notable wins in automotive, mobile and AR/VR end markets.

Tensilica 繼續擴大其在真無線立體聲和藍牙耳機領域的足跡，並在汽車、移動和 AR/VR 終端市場取得顯著成績。

Our System Design & Analysis business that is driving expansion beyond EDA continued its strong momentum in Q2, delivering 29% year-over-year growth as we increase our footprint in several verticals, including high-tech electronics, hyperscalers, aerospace and defense and 5G communications.

我們的系統設計和分析業務正在推動超越 EDA 的擴張，在第二季度繼續保持強勁勢頭，隨著我們在高科技電子、超大規模、航空航天和國防以及 5G 等多個垂直領域的足跡增加，實現了 29% 的同比增長通訊。

In Q2, Ciena, a leader in intelligent networking, adopted our advanced node custom-design photonics, multiphysics analysis, and 2.5D/3D packaging solutions for their next-generation coherent optical solutions.

在第二季度，智能網絡領域的領導者 Ciena 為其下一代相干光學解決方案採用了我們先進的節點定制設計光子學、多物理場分析和 2.5D/3D 封裝解決方案。

Exploring design complexity, coupled with rising product development time and cost, is driving the need for innovative packaging solutions that can handle heterogeneous integration in a modular manner. We are seeing accelerating growth for our integrity 3D-IC solution, which is the industry's only comprehensive platform with all in-house technology that provides a truly tightly integrated optimized solution across system-level floor planning, implementation, packaging and system analysis.

探索設計的複雜性，加上不斷增加的產品開發時間和成本，推動了對能夠以模塊化方式處理異構集成的創新封裝解決方案的需求。我們的完整性 3D-IC 解決方案正在加速增長，它是業界唯一擁有所有內部技術的綜合平台，可提供跨系統級平面規劃、實施、封裝和系統分析的真正緊密集成的優化解決方案。

Our system analysis portfolio, delivering disruptive performance and capacity benefits without compromising accuracy, is proliferating nicely with both semiconductor and system companies. For example, in addition to multiple repeat orders, Clarity 3D Solver was adopted by leading companies, including a marquee U.S. semiconductor company, a market-leading U.S. company providing RF and mobile communication chips, and a global marquee hyperscaler.

我們的系統分析產品組合在不影響準確性的情況下提供顛覆性的性能和容量優勢，在半導體和系統公司中得到了很好的推廣。例如，除了多次重複訂單外，Clarity 3D Solver 還被領先的公司採用，包括一家大型美國半導體公司、一家市場領先的提供射頻和移動通信芯片的美國公司，以及一家全球大型超大規模生產商。

We also announced a new multiyear partnership with McLaren Racing, who will use our Fidelity CFD software to investigate airflow. We are also very excited to have introduced Optimality Explorer, which brings the revolutionary AI technology implemented in Cadence Cerebrus to the system space for the very first time. This solution enables the delivery of optimized designs, about 10x faster on average than traditional manual methods, with up to 100x speedup having been seen on some designs. Optimality is quickly ramping up with early adopter customers as they realize these compelling results, with Microsoft, MediaTek, Baidu and Ambarella having provided strong endorsement for the product.

我們還宣布與 McLaren Racing 建立新的多年合作夥伴關係，後者將使用我們的 Fidelity CFD 軟件來研究氣流。我們也很高興推出 Optimality Explorer，它首次將在 Cadence Cerebrus 中實施的革命性 AI 技術引入系統空間。該解決方案可實現優化設計的交付，平均比傳統手動方法快 10 倍左右，在某些設計中可以看到高達 100 倍的加速。隨著微軟、聯發科、百度和安霸對該產品的大力支持，早期採用者客戶意識到這些令人信服的結果後，優化度正在迅速提升。

As we innovate on our systems technology, we are also enhancing our go-to-market strategy. In Q2, we launched our transformational on-cloud SaaS and e-commerce platform, scalable solution offering, instant access, flexible use models for companies adopting a cloud-first approach. This new e-commerce platform is the industry's first and offers a consumption-based use model that's built upon the well-established Cadence CloudBurst task platform. Several customers, including Bombardier, Cisco and Amazon Web Services, have endorsed the significance of this game-changing platform.

隨著我們對系統技術進行創新，我們也在加強我們的上市戰略。在第二季度，我們為採用雲優先方法的公司推出了轉型的雲端 SaaS 和電子商務平台、可擴展的解決方案產品、即時訪問、靈活的使用模式。這個新的電子商務平台是業界首創，提供基於消費的使用模型，該模型建立在成熟的 Cadence CloudBurst 任務平台之上。包括龐巴迪、思科和亞馬遜網絡服務在內的一些客戶已經認可了這個改變遊戲規則的平台的重要性。

To summarize, semiconductor and system companies are relentlessly investing to accelerate their innovation, and this continues to drive secular tailwinds for our business. Q2 was an outstanding quarter as we raised the financial outlook for the year while advancing our Intelligent System Design strategy and setting us up well for future growth by expanding into new end markets with our OpenEye and Future Facilities acquisitions.

總而言之，半導體和系統公司正在不懈地投資以加速他們的創新，這將繼續為我們的業務帶來長期的順風。第二季度是一個出色的季度，因為我們提高了今年的財務前景，同時推進了我們的智能係統設計戰略，並通過我們的 OpenEye 和未來設施收購擴展到新的終端市場，為未來的增長做好了準備。

Now I will turn it over to John to provide more details on the Q2 results and our updated 2022 outlook.

現在我將把它交給約翰，以提供有關第二季度業績和我們更新的 2022 年展望的更多細節。

Thanks, Anirudh, and good afternoon, everyone.

謝謝，Anirudh，大家下午好。

Cadence achieved strong results for the second quarter of 2022 driven by broad-based strength across our technology portfolio. All of our product categories saw a double-digit year-over-year revenue growth, and we exceeded all key financial and operational metrics in Q2.

在我們技術組合的廣泛實力的推動下，Cadence 在 2022 年第二季度取得了強勁的業績。我們所有產品類別的收入都實現了兩位數的同比增長，並且我們在第二季度超過了所有關鍵的財務和運營指標。

Here are some of the financial highlights from the second quarter. Total revenue was $858 million. GAAP operating margin was 33% and non-GAAP operating margin was 42%. GAAP EPS was $0.68 and non-GAAP EPS was $1.08. Operating cash flow was $325 million. We used $350 million of cash to repurchase Cadence shares. And at the end of the quarter, our cash balance totaled $1.03 billion, while the principal value of debt outstanding was $350 million.

以下是第二季度的一些財務亮點。總收入為 8.58 億美元。 GAAP 營業利潤率為 33%，非 GAAP 營業利潤率為 42%。 GAAP EPS 為 0.68 美元，非 GAAP 每股收益為 1.08 美元。經營現金流為 3.25 億美元。我們用 3.5 億美元現金回購了 Cadence 的股票。在本季度末，我們的現金餘額總計 10.3 億美元，而未償債務的本金價值為 3.5 億美元。

Before I provide our updated outlook for fiscal 2022 and what we expect for Q3, I'd like to take a moment to share certain key assumptions embedded in our outlook. We assume the export limitations that exist today will remain in place for the remainder of the year. We have included the expected impact of both the Future Facilities and OpenEye acquisitions.

在我提供我們對 2022 財年的最新展望以及我們對第三季度的預期之前，我想花點時間分享我們展望中包含的某些關鍵假設。我們假設今天存在的出口限制將在今年剩餘時間內保持不變。我們已經包括了未來設施和 OpenEye 收購的預期影響。

At the midpoint of our fiscal 2022 outlook, we have included the following for these acquisitions: revenue of $15 million, that's 1-5, $15 million; and an operating cash outflow of $60 million, largely due to our expectation that some of the price paid for these acquisitions will flow through operating cash in the second half. Embedding these assumptions into our updated outlook for fiscal 2022, we now expect revenue in the range of $3.47 billion to $3.51 billion, GAAP operating margin in the range of 29.25% to 30.25%, non-GAAP operating margin of approximately 39.25% to 40.25%, GAAP EPS in the range of $2.59 to $2.65, non-GAAP EPS in the range of $4.06 to $4.12, operating cash flow of approximately $1.2 billion. And we expect to use our free cash flow to repurchase approximately $900 million of Cadence shares in 2022.

在我們 2022 財年展望的中點，我們為這些收購包括以下內容：收入 1500 萬美元，即 1-5，1500 萬美元；以及 6000 萬美元的運營現金流出，主要是由於我們預計為這些收購支付的部分價格將在下半年通過運營現金流動。將這些假設嵌入到我們更新的 2022 財年展望中，我們現在預計收入在 34.7 億美元至 35.1 億美元之間，GAAP 營業利潤率在 29.25% 至 30.25% 之間，非 GAAP 營業利潤率約為 39.25% 至 40.25% ，美國通用會計準則每股收益在 2.59 美元至 2.65 美元之間，非美國通用會計準則每股收益在 4.06 美元至 4.12 美元之間，經營現金流約為 12 億美元。我們預計將在 2022 年利用我們的自由現金流回購約 9 億美元的 Cadence 股票。

For Q3, we expect revenue in the range of $860 million to $880 million, GAAP operating margin in the range of 26% to 27%, non-GAAP operating margin of 37% to 38%, GAAP EPS in the range of $0.58 to $0.62, non-GAAP EPS in the range of $0.94 to $0.98. And we expect to use approximately $150 million of cash to repurchase Cadence shares in Q3.

對於第三季度，我們預計收入在 8.6 億美元到 8.8 億美元之間，GAAP 營業利潤率在 26% 到 27% 之間，非 GAAP 營業利潤率在 37% 到 38% 之間，GAAP 每股收益在 0.58 美元到 0.62 美元之間，非公認會計原則每股收益在 0.94 美元到 0.98 美元之間。我們預計將在第三季度使用約 1.5 億美元現金回購 Cadence 股票。

Our CFO commentary, which is available on our website, includes our outlook for additional items as well as further analysis and GAAP to non-GAAP reconciliations.

我們的 CFO 評論可在我們的網站上找到，其中包括我們對其他項目的展望以及進一步分析和 GAAP 與非 GAAP 對賬。

In conclusion, 2022 is shaping up to be another strong year for all of our businesses at Cadence. I am pleased that revenue growth and profitability continued to improve. At the midpoint of our annual outlook, we now expect revenue growth of 16.8%, non-GAAP operating margin of 39.25% and non-GAAP EPS growth of 24.3%.

總之，對於 Cadence 的所有業務來說，2022 年將成為又一個強勁的一年。我很高興收入增長和盈利能力持續改善。在我們年度展望的中點，我們現在預計收入增長 16.8%，非 GAAP 營業利潤率為 39.25%，非 GAAP 每股收益增長 24.3%。

As always, I'd like to close by thanking our customers, partners and our employees. And with that, operator, we'll now take questions.

與往常一樣，我要感謝我們的客戶、合作夥伴和我們的員工。有了這個，接線員，我們現在來回答問題。

(Operator Instructions) Your first question is from the line of Gary Mobley with Wells Fargo Securities.

（操作員說明）您的第一個問題來自 Wells Fargo Securities 的 Gary Mobley。

And let me extend my congratulations to a strong first half of the fiscal year. And wanted to start off by asking if you could give us some additional detail as to the -- how material multiphysics simulation software is becoming now as a portion of your systems analysis business. And then along the same lines, given that you're now moving into areas like aerospace, life sciences, data center infrastructure and other non-semiconductor end markets, maybe if you can share with us your view on how you need to build out your sales channel or your SaaS model to address these nontraditional customers for Cadence.

讓我對本財年上半年的強勁表現表示祝賀。並且想首先詢問您是否可以向我們提供一些關於材料多物理場仿真軟件現在如何成為您的系統分析業務的一部分的更多細節。然後沿著同樣的思路，鑑於您現在正在進入航空航天、生命科學、數據中心基礎設施和其他非半導體終端市場等領域，也許如果您可以與我們分享您對如何構建您的銷售渠道或您的 SaaS 模型來為 Cadence 解決這些非傳統客戶。

Gary, this is Anirudh. That's a great question. So first of all, we are very pleased with our execution to the Intelligent System Design strategy. And as you see, we are doing well applying computational software expertise to our core and then new areas. So all our businesses are doing well.

加里，這是阿尼魯德。這是一個很好的問題。因此，首先，我們對智能係統設計戰略的執行感到非常滿意。正如您所看到的，我們在將計算軟件專業知識應用到我們的核心領域和新領域方面做得很好。所以我們所有的業務都做得很好。

And as we expand into the system space, like we did with finite element and then CFD, I also think that it's very important to not just disrupt existing areas of simulation, but also get into new areas, emerging areas of simulation like we announced today with the molecular simulation. And that naturally adds to our customer base and expanding opportunities.

當我們擴展到系統空間時，就像我們使用有限元和 CFD 所做的那樣，我還認為不僅要破壞現有的仿真領域，而且要進入新的領域、新興的仿真領域，就像我們今天宣布的那樣用分子模擬。這自然會增加我們的客戶群並擴大機會。

Now in terms of OpenEye, it will operate as a -- when it closes later, it will operate as an independent business unit. But in general, like we have talked about in the past that we are focused on expanding our go-to-market. And if you look at that on-cloud, there's another way to reach the long tail and expanding customer base. And overall, we have structured our go-to-market to be slightly different in these new areas. That's only natural because it's not just the direct channel, but also the indirect channel and now the cloud and SaaS offerings.

現在就 OpenEye 而言，它將作為一個 - 稍後關閉時，它將作為一個獨立的業務部門運營。但總的來說，就像我們過去談到的那樣，我們專注於擴大我們的市場。如果你看一下云端，還有另一種方法可以到達長尾並擴大客戶群。總體而言，我們在這些新領域構建了我們的市場營銷方式略有不同。這是很自然的，因為它不僅僅是直接渠道，還有間接渠道，現在還有云和 SaaS 產品。

Okay. Appreciate that, Anirudh. If I could just ask some -- I guess maybe said differently, double-click on the backlog metric of $5.6 billion. Any notable changes to the average license duration? And maybe if you can speak to the diversity of the backlog growth.

好的。欣賞這一點，阿尼魯德。如果我可以問一些——我想可能會說不同，雙擊 56 億美元的積壓指標。平均許可期限有什麼顯著變化嗎？也許如果你能談談積壓增長的多樣性。

Yes. Sure. Gary, great question. But yes, of course, there's an element of time in that backlog number. I think if you look at the RPO number that excludes the $171 million from other arrangements with noncancelable commitments, it's about $5.4 billion in RPO, of which about 51% of that is backlog that's expected to revenue in the next 12 months. So it's your 12-month backlog.

是的。當然。加里，好問題。但是，是的，當然，該積壓數量中有一個時間因素。我認為，如果您查看將 1.71 億美元從具有不可取消承諾的其他安排中排除的 RPO 數字，則 RPO 約為 54 億美元，其中約 51% 的積壓訂單預計將在未來 12 個月內獲得收入。所以這是你 12 個月的積壓工作。

I think the annual value of that backlog -- I mean your backlog number of 5.4 -- or your RPO number 5.4 is a mix of your annual value and time. And we're very pleased that we've had -- it's roughly $2.75 billion in 1-year backlog now. Very pleased with that. The systems business itself is about 12% of revenue and probably a similar percent of that 1-year backlog.

我認為該積壓的年度價值——我的意思是你的積壓數量為 5.4——或者你的 RPO 數量為 5.4，是你的年度價值和時間的組合。我們很高興我們已經擁有 - 現在一年積壓大約 27.5 億美元。對此非常滿意。系統業務本身約佔收入的 12%，並且可能佔 1 年積壓的類似百分比。

Okay. And just to be clear, there wasn't 1 or 2 particular customers that drove the increase in the backlog?

好的。需要明確的是，沒有 1 或 2 個特定客戶推動了積壓訂單的增加？

Well, the first half was very strong for us. We had some big renewals in the first half. As you recall last quarter, we talked about a U.S. marquee semiconductor company in which we had a record contract. We had big renewals again in the second quarter. But I think the thing to focus on when you look at the backlog is certainly, the 1-year backlog, I think, reflects the quality of the backlog, and then the $5.4 billion reflects the amount of time that we've booked with customers.

嗯，上半場對我們來說非常強大。我們在上半年進行了一些大的續約。您還記得上個季度，我們談到了一家美國大型半導體公司，我們與該公司簽訂了創紀錄的合同。我們在第二季度再次進行了大規模續約。但我認為，當你查看積壓時，要關注的當然是，1 年的積壓反映了積壓的質量，然後 54 億美元反映了我們與客戶預訂的時間量.

Your next question is from the line of Vivek Arya with Bank of America Securities.

您的下一個問題來自美國銀行證券公司的 Vivek Arya。

If I go back to the start of the year when you reported Q4, you had suggested a 12% growth rate for the year. And now you're guiding to 17%. And I'm curious, what created this big 500-point delta? I don't remember the same kind of pace of upgrades of revenue through the year, especially if the business has recurring elements. So I'm just curious, what is driving this pace of upside surprise? And I guess part B of this is, what is the sustainable growth rate for Cadence? Is it the 10%, 11%, which is where -- what your exit Q4 revenue implies? Or is it now at this new baseline of mid-teens growth or so?

如果我回到你報告第四季度的年初，你曾建議今年的增長率為 12%。現在你正在指導 17%。我很好奇，是什麼造成了這個 500 點的大三角洲？我不記得全年收入升級的相同速度，特別是如果業務有經常性元素。所以我只是好奇，是什麼推動了這種上行驚喜的步伐？我想這其中的 B 部分是，Cadence 的可持續增長率是多少？是 10% 還是 11%，這就是你的退出 Q4 收入意味著什麼？還是現在處於青少年中期增長的新基線左右？

Vivek, all great questions. I'll take that, if you don't mind. The -- essentially, at the start of the year, we were guiding to 12% with an expectation that I think we expected 87% or 88% of our revenue to be recurring in nature. But it's been a great year -- certainly great first half for our functional verification, particularly the hardware business there. IP has done quite well in the first half, but -- so we've had a higher mix of upfront revenue in the first half, and that's driven up the percentage to a certain extent. I know you're rounding up to 17%.

Vivek，所有的好問題。如果你不介意的話，我會接受的。 - 基本上，在今年年初，我們的目標是 12%，我認為我們預計 87% 或 88% 的收入將在性質上重複出現。但這是很棒的一年——對於我們的功能驗證來說，上半年肯定很棒，尤其是那裡的硬件業務。 IP在上半年表現相當不錯，但是——所以我們上半年的前期收入組合更高，這在一定程度上推高了這個百分比。我知道你四捨五入到 17%。

I think if you extract the impact of inorganic revenue that we've included in our outlook for the remainder of the year, the 15 -- if you take the $15 million out, it's up to 16.5% now. And that's largely due to growth across all of our business lines. Our business lines are all performing really, really well. But there's also a higher mix of upfront revenue this year compared to what we expected at the start of the year and compared to last year.

我認為，如果您提取我們在今年餘下時間的展望中所包含的無機收入的影響，那麼 15 - 如果您取出 1500 萬美元，現在將高達 16.5%。這主要歸功於我們所有業務線的增長。我們的業務線都表現得非常非常好。但與我們在年初的預期和去年相比，今年的前期收入組合也更高。

But I guess then the part B of -- is this mid-teens growth, whether it is 15 or 16 or 17, is this the new baseline of growth for Cadence? Has something changed to get you into this higher tier of growth? Or is the 11%, right, that you had previously in the 3-year CAGR basis still the right way to think about Cadence from a longer-term perspective?

但我想那麼 B 部分 - 這是青少年中期的增長，無論是 15 歲、16 歲還是 17 歲，這是 Cadence 的新增長基線嗎？有什麼改變讓你進入這個更高的增長層次嗎？或者，您之前在 3 年 CAGR 基礎上的 11% 是否仍然是從長期角度考慮 Cadence 的正確方法？

And if I could just sneak in a quick one to that. What happens if there is a downturn? I know your business model is fairly resilient. But if there is a downturn in semis, which part of your business will see it first?

如果我能快速溜進去的話。如果出現低迷怎麼辦？我知道你的商業模式相當有彈性。但如果半成品出現低迷，你的哪一部分業務會首先看到呢？

Okay. Vivek, a number of questions in there. Let me unpack it a little bit. But I think if you're looking at the underlying growth rate in the business, I think a good way to look at it is to look at the 3-year CAGR because that reflects how well the business has done over one contract cycle. Typically, our customers sign up to 3-year contracts with us.

好的。 Vivek，裡面有很多問題。讓我稍微拆開包裝。但我認為，如果您正在查看業務的潛在增長率，我認為查看它的一個好方法是查看 3 年復合年增長率，因為這反映了業務在一個合同周期內的表現如何。通常，我們的客戶與我們簽訂長達 3 年的合同。

Now there has been more upfront revenue business this year. And if you look at our Q, we disclosed that in quite some detail. I think if you unpack that, you'll find that the recurring revenue business is probably growing at 12% to 13%. The upfront revenue business this year -- our upfront revenue this year compared to last year is up considerably, but the recurring revenue is much more sustainable going forward.

現在，今年有更多的前期收入業務。如果您查看我們的 Q，我們會非常詳細地披露這一點。我想如果你打開它，你會發現經常性收入業務可能以 12% 到 13% 的速度增長。今年的前期收入業務——與去年相比，我們今年的前期收入大幅增長，但經常性收入在未來更具可持續性。

The -- and then let me hand you over to Anirudh to talk about the impact to our business if there's a downturn. I think the recurring revenue is very, very sustainable.

- 然後讓我把你交給 Anirudh 來談談如果出現經濟衰退對我們業務的影響。我認為經常性收入非常非常可持續。

Yes. Vivek, that's a great point. But as you know, our business is very resilient. And I would say that's probably the main reason. One is we are critical to our customers' R&D. We're essential products for their current and future road maps. And the second reason is we are a highly ratable business, as you know, as John explained, so which gives some higher visibility and also traditionally, historically strong renewal rates. And the third thing I would like to highlight is that we are very diversified, both in terms of geographies and end markets.

是的。維韋克，這是一個很好的觀點。但如您所知，我們的業務非常有彈性。我想說這可能是主要原因。一是我們對客戶的研發至關重要。我們是他們當前和未來路線圖的重要產品。第二個原因是我們是一家高度評價的企業，正如你所知，正如約翰解釋的那樣，這提供了一些更高的知名度和傳統上歷史上強勁的續訂率。我想強調的第三件事是，我們在地域和終端市場方面都非常多元化。

So I mean we are carefully watching the macroeconomic environment. But overall, I feel we are in a good position to weather whatever uncertainty is in front of us.

所以我的意思是我們正在仔細觀察宏觀經濟環境。但總的來說，我覺得我們處於一個很好的位置，可以應對擺在我們面前的任何不確定性。

And the generational trends are intact, right? So like we always talk about the 3 big drivers for our business. One is the semiconductors and the growing need for semiconductors and digitization of all verticals. Second thing is the system companies doing more silicon and our growing relationship with the system companies. And then the third big megatrend being our own move beyond EDA into TAM expansion to System Design & Analysis to different kind of simulation and optimization. And that also brings more customers and more diversification.

代際趨勢是完整的，對吧？所以就像我們總是談論我們業務的三大驅動力一樣。一是半導體以及對半導體和所有垂直領域數字化的日益增長的需求。第二件事是系統公司做更多的矽片，以及我們與系統公司的關係日益密切。然後第三個大趨勢是我們自己超越 EDA 進入 TAM 擴展系統設計和分析到不同類型的模擬和優化。這也帶來了更多的客戶和更多的多樣化。

So overall, we feel good about where we are and -- but we are watching the environment very closely.

因此，總的來說，我們對自己所處的位置感覺良好——但我們正在密切關注環境。

Your next question is from the line of Jay Vleeschhouwer with Griffin Securities.

您的下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Anirudh, let me start with you, referring back to a couple of important points you made in your keynote addresses both at CadenceLIVE 2 months ago and at DAC 2 weeks ago. So you've said 2 things that are, I think, important. One is that AI-based EDA is, in effect, the next big thing in EDA. And the question there is, what are the implications for you in terms of your services model, and specifically the kind of AE capacity that you need to provide over time to support that for both your semi and systems customers. And then relatedly, you said 2 weeks ago, a very interesting point, that EDA needs a framework for optimizing multiple runs in the single-run history at EDA. So the question there is, do you, in fact, have that now? Or are you still working on getting to that point?

Anirudh，讓我從你開始，回顧你在 2 個月前的 CadenceLIVE 和 2 週前的 DAC 上的主題演講中提出的幾個重要觀點。所以你說了兩件事，我認為，很重要。一是基於 AI 的 EDA 實際上是 EDA 中的下一件大事。問題是，就您的服務模型而言，對您有什麼影響，特別是您需要隨著時間的推移為半導體和系統客戶提供支持的 AE 容量。然後相關地，你在兩週前說過，一個非常有趣的觀點，EDA 需要一個框架來優化 EDA 單次運行歷史中的多次運行。那麼問題來了，事實上，你現在有嗎？還是您仍在努力達到這一點？

And then second question for John. Excluding acquisitions, how are you thinking about headcount additions for the balance of the year? You, interestingly, as compared to other tech companies, maintained a fairly high level of open positions. So how are you thinking, again, ex acquisitions, about your ability to bring on both R&D and AEs for the rest of the year?

然後是約翰的第二個問題。不包括收購，您如何看待今年餘下的員工人數增加？有趣的是，與其他科技公司相比，你保持著相當高的空缺職位。那麼，在收購前，您如何看待您在今年剩餘時間裡同時引入研發和 AE 的能力？

Yes. Jay, first of all, thank you for attending the keynotes. That's great. Now in terms of -- like I always say, our strength is in computational software. And I want to highlight computational software, as you know, is not just simulation. Of course, we have big expertise in simulation. But it's also optimization and design. So EDA has a rich history of writing one of the most complicated optimization of design software. I mean, for example, things like place and route and digital implementation are probably the most complex optimization software that's available.

是的。傑，首先，感謝您參加主題演講。那太棒了。現在就 - 就像我經常說的那樣，我們的優勢在於計算軟件。我想強調計算軟件，如你所知，不僅僅是模擬。當然，我們在模擬方面擁有豐富的專業知識。但這也是優化和設計。因此，EDA 在編寫最複雜的優化設計軟件之一方面有著豐富的歷史。我的意思是，例如，佈局佈線和數字實施等可能是最複雜的優化軟件。

And what I'm really excited about use of AI is not just in simulation, but more importantly, in optimization. And you can see that in Cerebrus. Cerebrus, coupled with our digital flow with Innovus, can provide dramatic results. So I think this combination of inside out or simulation-based or science-based, physics-based simulation, whether it is in chip design or system level, combined with outside in AI for optimization, is a huge megatrend, okay? So the simulation plus AI, a combination of analysis plus optimization. And of course, we applied it to chip design with Cerebrus.

我真正對使用 AI 感到興奮的不僅僅是在模擬中，更重要的是，在優化方面。你可以在 Cerebrus 中看到這一點。 Cerebrus 與我們使用 Innovus 的數字流程相結合，可以提供顯著的結果。所以我認為這種由內而外或基於模擬或基於科學、基於物理的模擬的組合，無論是在芯片設計還是系統層面，結合外部人工智能進行優化，都是一個巨大的大趨勢，好嗎？所以模擬加AI，分析加優化的結合。當然，我們用 Cerebrus 將其應用於芯片設計。

And then recently, I'm also very excited about Optimality. We have dramatic results because similar technologies can be applied to system simulation. And to your point, Cerebrus and Optimality based on reinforcement learning requires this multi-run kind of optimization, which traditionally EDA hasn't done. So we are very pleased with the progress.

然後最近，我也對 Optimality 感到非常興奮。我們有顯著的結果，因為類似的技術可以應用於系統仿真。就您而言，基於強化學習的 Cerebrus 和 Optimality 需要這種多運行類型的優化，而傳統上 EDA 沒有這樣做。因此，我們對取得的進展感到非常高興。

I mean there's another area, as you can know, which is like verification, that also requires multi-run. So we will -- we are tying all these things together and applying this kind of multi-run data analytics and AI across our product portfolio.

我的意思是，正如您所知，還有另一個領域，就像驗證一樣，也需要多次運行。所以我們將——我們將所有這些東西結合在一起，並在我們的產品組合中應用這種多運行數據分析和人工智能。

And the benefit of that to our customers is, of course, they can do more with our software. And what I expect is that over time, we should be able to get more and more spend of their R&D to automation with things like Cerebrus, Optimality and, overall, automation.

當然，這對我們客戶的好處是，他們可以使用我們的軟件做更多事情。我期望的是，隨著時間的推移，我們應該能夠將越來越多的研發支出用於自動化，例如 Cerebrus、Optimality 以及總體上的自動化。

John, you can comment on the second.

約翰，你可以評論第二個。

Yes, yes. Jay, in relation to headcount, I think if you noticed the second half where our margins ticked down a little bit in comparison to the first half, that's all due to employee costs, really. But our merit cycle kicked in on July 1. So pay increases impact us in the second half of the year, and we expect to continue hiring at pace in the second half of the year. Chip design activity has been very strong, both with semiconductor and systems companies. And the market for talent is very competitive. With how we've performed on the Great Place to Work service for the last 6, 7 years, I think we've had no issues with attracting talent, and we're not slowing down our hiring activity. And of course, as you mentioned, we're bringing in headcount through M&A as well.

是的是的。傑伊，關於員工人數，我想如果你注意到下半年我們的利潤率與上半年相比略有下降，那都是由於員工成本，真的。但我們的績效週期於 7 月 1 日開始。因此，加薪會在下半年影響我們，我們預計下半年將繼續按步調招聘。半導體和系統公司的芯片設計活動一直非常活躍。人才市場競爭非常激烈。鑑於過去 6、7 年我們在 Great Place to Work 服務上的表現，我認為我們在吸引人才方面沒有任何問題，而且我們並沒有放慢招聘活動。當然，正如你所提到的，我們也通過併購來增加員工人數。

Your next question is from the line of Charles Shi with Needham & Company.

您的下一個問題來自於李約瑟公司的 Charles Shi。

Anirudh and John, I would like to ask how much of your business is kind of exposed to start-ups. The reason why I want to ask it is that over the last 2, 3 years, the VC funding going into semiconductor start-ups has been taken up very significantly. And I believe that probably benefit your business in some way over the last few years might have added to your growth. So with now the macroeconomic condition kind of worsening and the financial conditions kind of tightening, I think of some investors are starting to worry about the start of fundings and potentially impact their EDA spending.

Anirudh 和 John，我想問一下你們的業務有多少是接觸到初創企業的。我想問的原因是，在過去的 2、3 年中，用於半導體初創企業的 VC 資金已經被大量佔用。而且我相信在過去幾年中可能以某種方式使您的業務受益可能會增加您的增長。因此，隨著現在宏觀經濟狀況的惡化和金融狀況的收緊，我認為一些投資者開始擔心資金的啟動並可能影響他們的 EDA 支出。

Wanted to ask your thought, can you first quantify to us how much of your exposure into the start-ups, especially those are pre-revenue? And secondly, what do you think in terms of your impact to your business over the next 12 months in this part of the segment?

想問一下你的想法，你能先向我們量化一下你在初創企業中的曝光率，尤其是那些未有收入的企業嗎？其次，您認為您在未來 12 個月內對這部分業務的影響如何？

Charles, yes, great question. As I mentioned to Jay a few moments ago, I mean, chip design activity is very strong. I mean I think within the start of community, we probably observed more caution in spending, but demand is there right across the board.

查爾斯，是的，很好的問題。正如我剛才對傑伊提到的，我的意思是，芯片設計活動非常活躍。我的意思是，我認為在社區開始時，我們可能觀察到在支出方面更加謹慎，但需求全面存在。

In terms of quantifying our exposure, our exposure is quite small on the start-up side. If you recall back in -- I think it was Q2 2020 at the height of the original outbreak of COVID in that pandemic, I think at the peak, we reserved $70 million of bookings for -- and they were mainly small customers. And at that, we collected -- we probably collected half of that eventually. But -- so I don't think there's -- I don't think we have any significant exposure on the start-up community. And like I say, although they're being cautious, demand is there right across all our businesses.

在量化我們的風險敞口方面，我們在初創企業方面的風險敞口非常小。如果你回想一下——我認為那是 2020 年第二季度，那次大流行中 COVID 最初爆發的高峰期，我認為在高峰期，我們為他們預留了 7000 萬美元的預訂——他們主要是小客戶。在那，我們收集了——我們最終可能收集了一半。但是——所以我認為沒有——我認為我們對初創社區沒有任何重大影響。就像我說的那樣，儘管他們很謹慎，但我們所有的業務都有需求。

Also, Charles, everything we know is in the guidance. We've already -- I mean to the extent that there's been any impact in our pipeline, that's already included in the guidance.

另外，查爾斯，我們所知道的一切都在指導中。我們已經 - 我的意思是在我們的管道中有任何影響的範圍內，這已經包含在指南中。

Got it. Got it. So maybe a second question on the 3D-IC solutions. Congrats some of the new attractions certainly, including the adoption by the U.S. marquee customer. I want to ask a little bit high-level question. I believe it was TSMC who recently kind of introduced something called 3D blocks, and one of the things in their 3D blocks platform is the interoperability of the 3D-IC design tools across different vendors.

知道了。知道了。所以也許是關於 3D-IC 解決方案的第二個問題。當然祝賀一些新的吸引力，包括美國大客戶的採用。我想問一個有點高級的問題。我相信是台積電最近推出了一種叫做 3D 塊的東西，他們的 3D 塊平台中的一件事是 3D-IC 設計工具在不同供應商之間的互操作性。

And Anirudh and John, I know you guys have been working on this full flow solution all under one roof for 3D-IC. And obviously, it doesn't mean that they are not interoperable with other vendors' tools. But my question is whether your foundry customer, what they are trying to do, would that diminish some of your product differentiation there? Or you -- what do you see -- what does that mean to your 3D-IC strategy?

還有 Anirudh 和 John，我知道你們一直在為 3D-IC 開發這種全流程解決方案。顯然，這並不意味著它們不能與其他供應商的工具互操作。但我的問題是，您的代工客戶，他們正在嘗試做什麼，是否會削弱您的產品差異化？或者你——你看到了什麼——這對你的 3D-IC 戰略意味著什麼？

Charles, that's a good point. First of all, we are very happy, like you said, with the progress in 3D-IC. And I -- and we are glad to work with all the leading foundries, and we have a strong partnership given our position in the market.

查爾斯，這是一個很好的觀點。首先，正如您所說，我們對 3D-IC 的進展感到非常高興。我——我們很高興與所有領先的代工廠合作，鑑於我們在市場上的地位，我們建立了強大的合作夥伴關係。

Now I think this is not any different than traditional EDA, though. I mean, typically, the customer always has a choice to put flows together by multiple tools. But even if you look at traditional EDA, because of advanced node and design complexity, the integrated solution gives better results. But even our traditional EDA tools can be run as a mixture of other tools if the customer so chooses.

不過，現在我認為這與傳統的 EDA 沒有什麼不同。我的意思是，通常情況下，客戶總是可以選擇通過多種工具將流程放在一起。但即使您查看傳統 EDA，由於先進的節點和設計複雜性，集成解決方案也能提供更好的結果。但是，如果客戶願意，即使是我們傳統的 EDA 工具也可以作為其他工具的混合物運行。

So we will allow that flexibility in all our domains, but we always believe that a fully integrated solution like verification products or digital products, and same thing with 3D-IC gives the best results, the best PPA. And that's what we are all about. We want to deliver the best PPA productivity to our customers and work with the leading foundries to provide that. So I don't see any different from other areas. But at the same time, the focus on benefit of the full flow is even more critical.

因此，我們將在我們的所有領域中允許這種靈活性，但我們始終相信，像驗證產品或數字產品這樣的完全集成的解決方案，以及與 3D-IC 相同的東西可以提供最好的結果，最好的 PPA。這就是我們的全部目的。我們希望為我們的客戶提供最佳的 PPA 生產力，並與領先的代工廠合作來提供這一點。所以我看不出和其他地區有什麼不同。但同時，關注全流程的效益更為關鍵。

Your next question is from the line of Harlan Sur with JPMorgan.

您的下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the solid results and execution. A recent dynamic that your semiconductor companies are focused on and their customers are focused on given geopolitical, national defense, continuity of supply risk, diversification of manufacturing partners (inaudible) them are currently forced to particular foundry but are now putting in place to support one or more partners. So this is going to entail a new library development, new IP blocks where they're purchased organically developed and even (inaudible) for both leading-edge analog. I know that the chip companies have to add design engineers every time with a new foundry partner. So is this focused on manufacturing diversification of core (inaudible) EDA and IP businesses as well? I would think so but wanted to get your views.

祝賀取得了紮實的成果和執行。鑑於地緣政治、國防、供應風險的連續性、製造合作夥伴的多樣化（聽不清），您的半導體公司關注的最新動態和他們的客戶關注的動態，他們目前被迫轉向特定的代工廠，但現在正在實施支持一個或更多合作夥伴。所以這將需要一個新的庫開發，新的 IP 塊，它們是有機開發的，甚至（聽不清）用於前沿模擬。我知道芯片公司每次都必須與新的代工合作夥伴增加設計工程師。那麼，這是否也側重於核心（聽不清）EDA 和 IP 業務的製造多樣化？我會這麼認為，但想听聽你的意見。

That's a good point. As you know, we are very diversified and -- across all segments and geographies and also have the great privilege of working with all the leading foundries in the world through the strength of our products. And we are more focused on the design side than the manufacturing side because all our products are used on the design side. But that having been said, as there is more onshoring or investment by several governments now by -- to improve manufacturing, it does require more tool enablement, EDA enablement and IT work at all these foundries. So I think that drives more demand for our products. And we are glad to work with all these partners as we move forward.

那是個很好的觀點。如您所知，我們非常多元化，並且跨越所有細分市場和地區，並且有幸通過我們的產品實力與世界上所有領先的代工廠合作。而且我們更關注設計方面而不是製造方面，因為我們所有的產品都用於設計方面。但是話雖如此，由於現在有多個政府進行了更多的外包或投資——為了改善製造業，它確實需要在所有這些代工廠進行更多的工具支持、EDA 支持和 IT 工作。所以我認為這推動了對我們產品的更多需求。在我們前進的過程中，我們很高興與所有這些合作夥伴合作。

So at the macro level, we are focused on the design side and our end customers, right, to build their solutions. But any kind of manufacturing-driven uptick in enablement is good for our business.

所以在宏觀層面上，我們專注於設計方面和我們的最終客戶，對，構建他們的解決方案。但是，任何一種由製造業驅動的支持率上升都對我們的業務有利。

Yes. Exactly. Okay. And then on your IP business, in compute, I think you mentioned this in some of the remarks. But in compute, you've got Intel and AMD rolling out new processor platforms, right, supporting next-generation memory, storage interfaces. We've got DDR5, PCIe Gen 5, (inaudible). And then all of these processes are rolling out at the end of this year.

是的。確切地。好的。然後在您的 IP 業務中，在計算方面，我認為您在一些評論中提到了這一點。但在計算方面，英特爾和 AMD 推出了新的處理器平台，對，支持下一代內存、存儲接口。我們有 DDR5、PCIe Gen 5（聽不清）。然後所有這些流程都將在今年年底推出。

Additionally, in networking, we're kind of still early days in the adoption of 100-gig surveys for 200 and 400-gig optical. You guys obviously have a strong position here as well or in all of these segments. With all of these transpiring and customers looking to adopt these next-gen standard interfaces on their chip designs, the IP business continues to stay strong year-over-year growth from here?

此外，在網絡方面，我們對 200 和 400 吉格光學採用 100 吉格調查還處於早期階段。你們顯然在這里或在所有這些領域都有很強的地位。隨著所有這些正在發生並且客戶希望在他們的芯片設計中採用這些下一代標準接口，IP 業務從這裡繼續保持強勁的同比增長嗎？

Yes. That's a good point. I think we -- our IP business is doing well, just like you saw in our results even, Q2 results. And we always focus on star IP. And we have design IP portfolio, like you mentioned with DDR, PCIe, high-speed SerDes with (inaudible) platform. So right now, we're seeing strength across all those segments, and we are pleased with that.

是的。那是個很好的觀點。我認為我們 - 我們的 IP 業務做得很好，就像你在我們的結果中看到的，甚至是第二季度的結果。我們始終專注於明星IP。我們有設計 IP 組合，就像你提到的 DDR、PCIe、帶有（聽不清）平台的高速 SerDes。所以現在，我們看到所有這些領域的實力，我們對此感到高興。

And like I said, design activity is strong, and IP is a key part of the design activity. And so we are happy with the progress. But I would say that the strength is broad based across not only our different product lines, but also different customer segments.

就像我說的，設計活動很強大，IP 是設計活動的關鍵部分。所以我們對進展感到滿意。但我想說的是，這種優勢不僅基於我們不同的產品線，而且基於不同的客戶群。

And this overall trend in IP also -- I just wanted to say IP also benefits from the trend of outsourcing. As customers focus on their core expertise, as you know, they will outsource IP. So overall, I think it's a good business. And also, our focus on star IP has improved the profitability of our IP business in the last few years, and we are pleased with that trend.

IP 的整體趨勢也——我只想說 IP 也受益於外包趨勢。如您所知，隨著客戶專注於他們的核心專業知識，他們將外包 IP。所以總的來說，我認為這是一門好生意。此外，在過去幾年中，我們對明星 IP 的關注提高了我們 IP 業務的盈利能力，我們對這一趨勢感到滿意。

Your next question is from the line of Blair Abernethy with Rosenblatt Securities.

您的下一個問題來自 Rosenblatt Securities 的 Blair Abernethy。

Nice quarter, gentlemen. Just wanted to dig in a little more on the OpenEye acquisition, Anirudh. The -- it looks like this is more -- almost a platform play in the health care vertical. Is that the right way to be looking at it? It looks like they have a number of partnerships in a bunch of different areas. Wondering if you can just expand sort of where you see yourselves going with this product.

不錯的季度，先生們。只是想進一步了解 OpenEye 的收購，Anirudh。 - 看起來這更像是 - 幾乎是醫療保健垂直領域的平台遊戲。這是看待它的正確方式嗎？看起來他們在許多不同的領域都有許多合作夥伴關係。想知道您是否可以擴展您認為自己使用該產品的地方。

That's a good question. I mean, first of all, like I said, we believe we are best-in-class competition software, right? That includes simulation and design stimulation optimization. And then when we go into simulation space, system simulation, we want to do existing areas, which are well-established markets like finite element and CFD, and we have talked a lot about it over the last few years, but also new areas, which are emerging and will be important for the next 10 years. And I can't think of a better emerging area than molecular simulation.

這是個好問題。我的意思是，首先，就像我說的，我們相信我們是一流的競賽軟件，對吧？這包括模擬和設計刺激優化。然後當我們進入仿真領域，系統仿真時，我們想做現有的領域，像有限元和 CFD 一樣成熟的市場，過去幾年我們已經談了很多，但也有新的領域，這些正在出現，並將在未來 10 年發揮重要作用。我想不出比分子模擬更好的新興領域了。

And now it has multiple applications to materials and plastics and other things, but one of the exciting applications is, of course, life sciences and biosimulation. And so the thing I like about it is not only is it simulation and should have all the properties, the system simulation like FAE and CFD, it has application to a very important vertical, which will have to be more and more digitized over the next 10 years. So it has both those properties, the inherent R&D synergy and properties of simulation, but also in a very important vertical.

現在它在材料、塑料和其他東西上有多種應用，但令人興奮的應用之一當然是生命科學和生物模擬。所以我喜歡它的不僅是仿真而且應該具備所有的屬性，像 FAE 和 CFD 這樣的系統仿真，它可以應用於一個非常重要的垂直領域，未來必須越來越數字化10年。所以它既有這些特性，固有的研發協同作用和模擬特性，也有一個非常重要的垂直領域。

And same thing -- by the way, it's true for Future Facilities. If you think about it, the reason that like that acquisition and company, it's in a CFD area, which is, again, system simulation, but in a data center vertical, which is a huge thing for sustainability and power consumption. And I don't need to tell you how important cloud and data center is. So both of these acquisitions have inherent strength, which ties to our competition software expertise, but also good and important growing verticals, and they have strong positions in those.

同樣的事情——順便說一句，未來設施也是如此。如果你想一想，像那次收購和公司一樣，它是在 CFD 領域，也就是系統模擬，但在垂直數據中心，這對於可持續性和功耗來說是一件大事。我不需要告訴你雲和數據中心有多重要。因此，這兩項收購都具有內在優勢，這與我們的競爭軟件專業知識有關，但也與良好且重要的增長垂直領域相關，並且它們在這些領域擁有強大的地位。

Talking about OpenEye, they're used by 19 of the top 20 pharma companies and also a very broad portfolio and leadership in molecular design and simulation and also a very good go-to-market with SaaS. They are a first company in the space to go to SaaS and cloud-native applications. So it has multiple characteristics that we like, and at the same time, having a talented team. And the same thing is true for Future Facilities. So that gives you an idea of we want to go into strong horizontal capabilities in simulation, but also in exciting verticals there.

談到 OpenEye，它們被前 20 家製藥公司中的 19 家使用，並且在分子設計和模擬方面擁有非常廣泛的產品組合和領導地位，也是 SaaS 的一個非常好的市場推廣。他們是該領域第一家進入 SaaS 和雲原生應用程序的公司。因此，它具有我們喜歡的多個特徵，同時擁有一支才華橫溢的團隊。未來設施也是如此。因此，這讓您了解我們希望在模擬中進入強大的水平能力，但也在那裡令人興奮的垂直能力。

Your next question comes from the line of Joe Vruwink with Baird.

您的下一個問題來自於 Baird 的 Joe Vruwink。

I wanted to go back to the discussion on current RPO. If I did all my math correctly, it looks like the rate of growth has accelerated from the teams to this quarter was north of 30%. And John, if I look at that $2.7 billion number just against next 12-month revenue estimates, either your visibility on those NTM estimates is extremely high right now or the NTM estimates are too low. So I guess I'll just put the question to whether based on the level of bookings activity year-to-date, you do feel like your visibility looking ahead is particularly good and whether you might be able to actually say at this point in time so early on that your recurring revenue growth could actually even accelerate as we think about the next 12 months.

我想回到關於當前 RPO 的討論。如果我所有的數學計算都正確，那麼從團隊到本季度的增長率似乎已經超過了 30%。約翰，如果我將這個 27 億美元的數字與未來 12 個月的收入估計相比較，要么你現在對這些 NTM 估計的可見性非常高，要么 NTM 估計太低。所以我想我只想問一下，根據年初至今的預訂活動水平，您是否確實覺得您未來的知名度特別好，以及您是否能夠在這個時間點上真正說出來這麼早，當我們考慮未來 12 個月時，您的經常性收入增長實際上甚至會加速。

Yes. Joe, great question and great observation. Yes. We're very, very pleased the fact that the current backlog or the kind of 1-year backlog had gone up to about $2.75 billion. That reflects strength across all our businesses, but it also reflects the amount of hardware business we've signed up in the last few quarters.

是的。喬，很好的問題和很好的觀察。是的。我們非常非常高興的是，當前的積壓或 1 年的積壓已經上升到大約 27.5 億美元。這反映了我們所有業務的實力，但也反映了我們在過去幾個季度簽約的硬件業務量。

You might see that the second half of the year, we've taken up the second half of the year, I think, $52 million compared to where we thought we'd be this time last quarter. And a lot of that has been in the functional verification side because the amount of hardware business that we signed up.

你可能會看到下半年，我們已經佔用了下半年，我認為，與我們認為上個季度這個時候的水平相比，我們已經佔用了 5200 萬美元。其中很多都是在功能驗證方面，因為我們簽約的硬件業務量很大。

I think in the Q as well, you'll see some new disclosures for raw materials and finished goods in our inventory. We're building the systems as fast as we can to deliver to customers. But the $2.75 billion of current backlog or 1-year backlog probably has a bigger proportion of hardware in it this quarter than last quarter.

我認為在 Q 中，你也會在我們的庫存中看到一些關於原材料和成品的新披露。我們正在盡可能快地構建系統以交付給客戶。但本季度 27.5 億美元的積壓或 1 年積壓的硬件可能比上一季度更大。

Okay. Great. That's helpful. And then just on the topic of macro, and I think backlog is the answer. So it doesn't seem like design starts or just how your customers are thinking about the next 2 to 3 years that is changing for the worst at all. But just any details on that next level, like maybe engineering seats at customers, the ACV opportunity per seat. We've.

好的。偉大的。這很有幫助。然後只是關於宏觀的話題，我認為積壓就是答案。因此，設計似乎並沒有開始，或者您的客戶對未來 2 到 3 年的看法似乎根本沒有發生最壞的變化。但只是下一個級別的任何細節，比如客戶的工程座位，每個座位的 ACV 機會。我們已經。

been talking on this call a lot about the advanced design solutions, which I think actually give Cadence more revenue leverage per seat than maybe was true in the past. Is there anything there that might give you pause just on thinking about macro or customer spending? Or I hate to make at this time is different argument, but is some of the things you're seeing truly different relative to past down cycles?

在這次電話會議上討論了很多先進的設計解決方案，我認為這實際上為 Cadence 提供了比過去更多的每個座位的收入槓桿。有什麼可以讓你停下來思考宏觀或客戶支出的事情嗎？或者我不想在這個時候提出不同的論點，但是相對於過去的下行週期，你看到的一些事情真的不同嗎？

So Joe, I wouldn't tell you that this time is different at all. I think what I would highlight, though, is I would like to distinguish that we're part of the design cycle, not the manufacturing cycle or production cycle. And design continues unabated. I mean I have seen among the smaller kind of start-up companies a bit more caution on spending, but demand is still there across the board.

所以喬，我不會告訴你這次完全不同。不過，我想我要強調的是，我想區分我們是設計週期的一部分，而不是製造週期或生產週期。設計繼續有增無減。我的意思是，我看到小型初創公司在支出方面更加謹慎，但需求仍然全面存在。

I mean they may be cautious. There might be slightly longer lead times, but we're still seeing really strong demand across all lines of business. But that's -- again, we're in the design cycle. Typically, what we've seen in the past is people double down on design at times like this.

我的意思是他們可能很謹慎。交貨時間可能會稍長一些，但我們仍然看到所有業務領域的需求都非常強勁。但那是 - 再次，我們處於設計週期。通常，我們過去看到的是人們在這樣的時候加倍設計。

Your next question is from the line of Jason Celino with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Jason Celino。

Great. I wanted to ask about the new e-commerce or (inaudible) capability that you discussed in the prepared remarks. What products are available in that channel today? And then who are you specifically targeting to use this?

偉大的。我想詢問您在準備好的評論中討論的新電子商務或（聽不清）功能。現在該渠道有哪些產品可用？然後你專門針對誰來使用它？

Yes. Good question. We are pretty -- it's a busy quarter, right? We have a lot of exciting innovations this time, and all of them is on cloud, and we've been working on it for a while. As you know, we've been doing SaaS and cloud for a while for several years now. But I think the word we see opportunity with on-cloud is combining SaaS with e-commerce. And this is especially true for -- and it was built for the long tail of the market so that the reach can be higher of our go-to-market strategy.

是的。好問題。我們很漂亮——這是一個繁忙的季度，對吧？這次我們有很多激動人心的創新，而且都在雲端，我們已經為此努力了一段時間。如您所知，我們從事 SaaS 和雲計算已經有好幾年了。但我認為我們看到雲上的機會這個詞是將 SaaS 與電子商務結合起來。這尤其適用於 - 它是為市場的長尾而構建的，因此我們的市場進入戰略可以達到更高的範圍。

Now we are surprised that even some of the big customers want to use it, like you saw some of the big customers like Cisco and Bombardier and Amazon Web Services were referenced in our announcement. But the goal is to reach the long tail. And for that reason, the initial set of products are the systems product, our system analysis tools and Fidelity, Clarity, Celsius, PCB with OrCAD and Allegro. So that's the initial focus, and we'll see how that goes because these -- those products traditionally have a much higher number of customers than traditional EDA products. And so therefore, cloud and SaaS e-commerce platform is good for these kind of customers. And then we rolled it out to certain geographies, and we'll expand that over time.

現在我們感到驚訝的是，即使是一些大客戶也想使用它，就像您在我們的公告中看到思科和龐巴迪和亞馬遜網絡服務等大客戶一樣。但目標是到達長尾。因此，最初的產品集是系統產品、我們的系統分析工具和 Fidelity、Clarity、Celsius、帶有 OrCAD 和 Allegro 的 PCB。所以這是最初的重點，我們將看看情況如何，因為這些產品傳統上比傳統的 EDA 產品擁有更多的客戶。因此，雲和 SaaS 電子商務平台非常適合這類客戶。然後我們將其推廣到某些地區，我們會隨著時間的推移進行擴展。

So far, we have a lot of users over there, and we are closely monitoring how it goes. But so far, so good. And just to remind you, we also have the hardware cloud for Palladium and Protium, but the on-cloud focus is mostly for the system products into the long tail. So we are positively surprised by some big customers. Yes. Thanks.

到目前為止，我們在那裡有很多用戶，我們正在密切關注它的進展情況。但到目前為止，一切都很好。提醒一下，我們也有 Palladium 和 Protium 的硬件雲，但云上的重點主要是系統產品進入長尾。因此，我們對一些大客戶感到非常驚訝。是的。謝謝。

Yes. It's an interesting development. And then maybe just a quick one for John, just to clarify the nice raise through the second half. When we think about the visibility into the last 6 months, the hardware and IP strength that you talked about, is that expected to continue at the same pace as the first half? Or how should we think about that?

是的。這是一個有趣的發展。然後也許對約翰來說只是一個快速的，只是為了澄清下半場不錯的加薪。當我們考慮過去 6 個月的可見性時，您談到的硬件和 IP 實力，預計會以與上半年相同的速度繼續嗎？或者我們應該怎麼想？

Yes. So great question. I would say when -- I would characterize the second half raise has been very much driven by strength across all lines of business. There's been probably more of it for functional verification because of strength in the hardware business.

是的。這麼好的問題。我會說什麼時候——我認為下半年的加薪很大程度上是由所有業務線的實力推動的。由於硬件業務的實力，可能會有更多的功能驗證。

On the IP side, I still maintained low-teens growth in the outlook despite the fact that we had a really strong Q2. And part of that was because the boost to Q2 revenue that we saw, I think we landed at like 30% revenue growth year-over-year for IP in Q2. I was expecting mid-teens. But about $12 million, $13 million of IP revenue in Q2, I had originally forecast to happen later in the year in Q4, and that happened in Q2. But -- so I haven't taken the year up for that. But I mean we're seeing strength right across all lines of business. And -- but the raise, I would say most of it is hardware, but then the rest is split across all the other lines of business, and maybe IP is the smallest amount of the raise. And there's $15 million for the M&A, of course, right?

在知識產權方面，儘管我們第二季度的表現非常強勁，但我的前景仍然保持低增長。部分原因是我們看到第二季度收入的增長，我認為我們在第二季度的 IP 收入同比增長了 30%。我期待的是十幾歲的孩子。但是我最初預計第二季度大約 1200 萬美元，即 1300 萬美元的 IP 收入會在今年晚些時候的第四季度發生，而這發生在第二季度。但是——所以我沒有為此花上一年的時間。但我的意思是，我們在所有業務領域都看到了實力。而且--但是加薪，我想說大部分是硬件，但其餘的則分散在所有其他業務線中，也許IP是加薪的最小金額。當然，併購有 1500 萬美元，對吧？

There are no further questions at this time. I would now like to turn the call back over to the CEO, Anirudh Devgan.

目前沒有其他問題。我現在想將電話轉回給首席執行官 Anirudh Devgan。

Thank you, everyone, for joining us this afternoon. We are excited about our business momentum and the tremendous market opportunities ahead of us. On behalf of our employees and our Board of Directors, we thank our customers, partners and investors for their continued trust and confidence in Cadence. We look forward to speaking with you again on our Q3 2022 earnings call. Thank you, and have a great evening.

謝謝大家今天下午加入我們。我們對我們的業務發展勢頭和擺在我們面前的巨大市場機會感到興奮。我們代表我們的員工和董事會，感謝我們的客戶、合作夥伴和投資者對 Cadence 的持續信任和信心。我們期待在 2022 年第三季度財報電話會議上再次與您交談。謝謝你，祝你有個愉快的夜晚。

Thank you for participating in today's Cadence Second Quarter 2022 Earnings Conference Call. This concludes today's call. You may now disconnect.

感謝您參加今天的 Cadence 2022 年第二季度收益電話會議。今天的電話會議到此結束。您現在可以斷開連接。