益華電腦 (CDNS) 2021 Q3 法說會逐字稿

Good afternoon.

下午好。

My name is Jamyria, and I will be your conference operator today.

我的名字是 Jamyria，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the Cadence Third Quarter 2021 Earnings Conference Call.

在這個時候，我想歡迎大家參加 Cadence 2021 年第三季度收益電話會議。

(Operator Instructions)

（操作員說明）

I will now turn the call over to Alan Lindstrom, Senior Group Director of Investor Relations for Cadence.

我現在將把電話轉給 Cadence 投資者關係高級集團總監 Alan Lindstrom。

Please go ahead.

請繼續。

Thank you, Jamyria.

謝謝你，賈米里亞。

I would like to welcome everyone to our third quarter 2021 earnings conference call.

我想歡迎大家參加我們的 2021 年第三季度收益電話會議。

I'm joined today by Lip-Bu Tan, Chief Executive Officer; Anirudh Devgan, President; and John Wall, Senior Vice President and Chief Financial Officer.

今天，首席執行官陳立武也加入了我的行列。 Anirudh Devgan，總裁；和高級副總裁兼首席財務官約翰·沃爾。

The webcast of this call is available through our website, cadence.com, and will be archived through December 17, 2021.

本次電話會議的網絡直播可通過我們的網站 cadence.com 收聽，並將存檔至 2021 年 12 月 17 日。

A copy of today's prepared remarks will also be available on our website at the conclusion of the call today.

今天電話會議結束時，我們的網站上也將提供今天準備好的講話的副本。

Please note that the discussion today will contain forward-looking statements.

請注意，今天的討論將包含前瞻性陳述。

Forward-looking statements include, but are not limited to, statements about our business outlook, product development, business strategy and plans, industry and regulatory trends, market size opportunities and positioning.

前瞻性陳述包括但不限於關於我們的業務前景、產品開發、業務戰略和計劃、行業和監管趨勢、市場規模機會和定位的陳述。

Due to known and unknown risks and actual uncertainties, results may differ materially from those projected or implied in today's discussion.

由於已知和未知的風險以及實際的不確定性，結果可能與今天討論中預測或暗示的結果大不相同。

For information on factors that could cause a difference in our results, please refer to our filings with the Securities and Exchange Commission.

有關可能導致我們結果差異的因素的信息，請參閱我們提交給證券交易委員會的文件。

These include Cadence's most recent reports on Form 10-K and Form 10-Q and the cautionary comments regarding forward-looking statements in today's earnings press release.

其中包括 Cadence 最近關於表格 10-K 和表格 10-Q 的報告，以及在今天的收益新聞稿中對前瞻性陳述的警示性評論。

You should not rely on our forward-looking statements as predictions of future events.

您不應依賴我們的前瞻性陳述作為對未來事件的預測。

All such statements are based on estimates and information available to us at this time, and Cadence disclaims any obligation to update any forward-looking statements, except as required by law.

所有此類陳述均基於我們目前可獲得的估計和信息，Cadence 不承擔更新任何前瞻性陳述的義務，除非法律要求。

In addition to financial results prepared in accordance with Generally Accepted Accounting Principles, or GAAP, we will also present certain non-GAAP financial measures today.

除了根據公認會計原則或 GAAP 編制的財務結果外，我們今天還將介紹某些非 GAAP 財務指標。

Cadence management believes that in addition to using GAAP results in evaluating our business, it can also be useful to review results using certain non-GAAP financial measures.

Cadence 管理層認為，除了使用 GAAP 結果評估我們的業務外，使用某些非 GAAP 財務指標來審查結果也很有用。

These non-GAAP financial measures should not be considered in isolation from or as a substitute for GAAP results.

這些非公認會計原則的財務措施不應與公認會計原則結果隔離或替代。

These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and may not be comparable to similarly titled measures from other companies.

這些非 GAAP 財務指標不基於 GAAP 規定的任何標準化方法，並且可能無法與其他公司類似標題的指標相比較。

Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures with their most direct comparable GAAP financial results in today's earnings press release.

鼓勵投資者和潛在投資者在今天的收益新聞稿中審查非 GAAP 財務指標與其最直接可比的 GAAP 財務結果的對賬情況。

Copies of today's earnings press release dated October 25, 2021, for the quarter ended October 2, 2021, related financial tables and the CFO commentary are also available on our website.

我們的網站上還提供了日期為 2021 年 10 月 25 日、截至 2021 年 10 月 2 日的季度的今日收益新聞稿副本、相關財務表格和首席財務官評論。

(Operator Instructions)

（操作員說明）

Now I'll turn the call over to Lip-Bu.

現在我將把電話轉給立布。

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

大家下午好，感謝您今天加入我們。

Cadence delivered strong financial results for the third quarter driven by accelerating customer demand for our innovative solutions and continued strong execution by the team.

由於客戶對我們創新解決方案的需求不斷增加，以及團隊持續強勁的執行力，Cadence 第三季度實現了強勁的財務業績。

Driven by the broad-based strength of our business, we are raising our financial outlook for the third time this year and are expecting about 11% revenue growth and 37% non-GAAP operating margin for 2021.

在我們業務的廣泛實力的推動下，我們今年第三次上調財務前景，預計 2021 年收入增長約 11%，非公認會計原則營業利潤率為 37%。

John will provide the details in a moment for both our Q3 results and the updated outlook for the year.

約翰將在稍後提供我們第三季度業績和年度最新展望的詳細信息。

The data-driven era is being fueled by generation trends, by 5G, hyperscale computing, autonomous driving and industrial IoT, that are accelerating the digital transformation of several industries.

5G、超大規模計算、自動駕駛和工業物聯網正在加速數據驅動時代，這些趨勢正在加速多個行業的數字化轉型。

This requires continued innovation in key areas such as compute, connectivity, storage and data analysis which is, in turn, driving secular semiconductor growth and design activity across a wide range of end markets.

這需要在計算、連接、存儲和數據分析等關鍵領域持續創新，這反過來又推動了廣泛終端市場的長期半導體增長和設計活動。

Before I ask Anirudh to go through the business and product highlights for the quarter, I would like to remind you that I will be transitioning to the role of Executive Chairman on December 15, with Anirudh becoming our President and CEO at that time.

在我請阿尼魯德介紹本季度的業務和產品亮點之前，我想提醒您，我將於 12 月 15 日轉任執行主席一職，屆時阿尼魯德將成為我們的總裁兼首席執行官。

It has truly been an honor leading Cadence for the past 13 years.

在過去的 13 年裡，領導 Cadence 確實是一種榮譽。

I'm very proud of the team's accomplishments and grateful for the confidence and trust that our customers and shareholders have placed in us.

我為團隊的成就感到非常自豪，並感謝我們的客戶和股東對我們的信任和信任。

Cadence is extremely well positioned.

Cadence的定位非常好。

And as I hand the baton over to Anirudh, I can't think of no other better to lead the company through next phase of growth.

當我將接力棒交給 Anirudh 時，我想不出其他更好的方法來帶領公司進入下一階段的增長。

And I eagerly looking forward to him taking Cadence to new heights.

我熱切期待他將 Cadence 帶到新的高度。

While I will remain engaged with shareholders, this will be my last earnings call.

雖然我將繼續與股東保持聯繫，但這將是我最後一次財報電話會議。

Thank you very much for your continued support.

非常感謝您一直以來的支持。

And I will now turn the call over to Anirudh.

我現在將把電話轉給 Anirudh。

Thank you, Lip-Bu.

謝謝你，立布。

Our Intelligent System Design strategy leverages our strong computational software expertise as we expand beyond EDA into new markets.

隨著我們從 EDA 擴展到新市場，我們的智能係統設計戰略利用了我們強大的計算軟件專業知識。

And we are uniquely positioned to capture the exciting opportunity that Lip-Bu talked about.

我們擁有得天獨厚的優勢來抓住立布所說的激動人心的機會。

As we execute to our strategy, we are especially pleased to see our EDA, IP and system solutions be increasingly adopted by a growing number of system companies.

隨著我們執行我們的戰略，我們特別高興地看到我們的 EDA、IP 和系統解決方案越來越多地被越來越多的系統公司採用。

For instance, Tesla utilized a broad set of Cadence EDA software solutions and hardware platforms to enable the successful delivery of their innovative Dojo system.

例如，特斯拉利用一系列廣泛的 Cadence EDA 軟件解決方案和硬件平台來成功交付其創新的 Dojo 系統。

Delighting customers and accelerating growth requires a relentless commitment to innovation.

取悅客戶並加速增長需要對創新的不懈承諾。

This quarter, we launched the Integrity 3D-IC Platform, Tensilica AI Platform, Midas Safety Platform and the Helium Virtual and Hybrid Studio.

本季度，我們推出了 Integrity 3D-IC 平台、Tensilica AI 平台、Midas 安全平台以及 Helium Virtual and Hybrid Studio。

We have now introduced 13 significant innovative products this year across all of our business groups, and these will be key drivers of our future growth.

今年，我們在所有業務部門推出了 13 款重要的創新產品，這些將成為我們未來增長的關鍵驅動力。

Let me share some of the business highlights, starting with Digital and Signoff, which had another strong quarter with 18% year-over-year revenue growth.

讓我分享一些業務亮點，從 Digital 和 Signoff 開始，這兩個季度的收入同比增長 18%。

Our digital full flow, delivering industry's leading quality of results at the most advanced nodes, continue to proliferate with market-shaping customers and was adopted by 13 new customers.

我們的數字化全流程在最先進的節點上提供行業領先的結果質量，繼續受到塑造市場的客戶的青睞，並被 13 家新客戶採用。

We are very pleased with the growing momentum of our transformative Cadence Cerebrus solution that incorporates unique reinforcement learning, AI/ML technology to deliver significant PPA, power performance and area, and productivity gains.

我們對變革性的 Cadence Cerebrus 解決方案的增長勢頭感到非常高興，該解決方案結合了獨特的強化學習、AI/ML 技術，可提供顯著的 PPA、功率性能和麵積以及生產力提升。

In addition to Samsung and Renesas endorsement at the time of launch, several market-shaping customers have added Cadence Cerebrus to their production flows and are realizing great benefits.

除了三星和瑞薩在發佈時的認可外，一些塑造市場的客戶已將 Cadence Cerebrus 添加到他們的生產流程中，並正在實現巨大的收益。

As an example, a global mobile semiconductor company used Cadence Cerebrus on their manually-tuned CPU design to reduce total power by almost 10% and improve timing by over 25% automatically in only 8 days.

例如，一家全球移動半導體公司在其手動調整的 CPU 設計中使用了 Cadence Cerebrus，僅在 8 天內將總功耗降低了近 10%，並將時序自動提高了 25% 以上。

Additionally, Cadence Cerebrus enabled a marquee mobile system company to reduce the power consumption of their 4-nanometer design by over 25% and get over 10x improvement in productivity.

此外，Cadence Cerebrus 使一家大型移動系統公司能夠將其 4 納米設計的功耗降低 25% 以上，並將生產力提高 10 倍以上。

We continued growing our business with hyperscaler customers, including a broad expansion of our EDA software with a marquee hyperscaler that included a significant commitment to our digital products.

我們繼續與超大規模客戶發展我們的業務，包括廣泛擴展我們的 EDA 軟件，其中包括對我們數字產品的重大承諾。

Next, I will talk about our verification business, which had a strong quarter with 13% year-over-year revenue growth.

接下來，我將談談我們的驗證業務，該業務季度表現強勁，收入同比增長 13%。

Growing system design complexity and need to get first-time right silicon continues to drive strong demand for our verification suite, which provides a comprehensive solution across IP, SoC and system verification, hardware/software regressions and early software development.

不斷增長的系統設計複雜性和首次獲得正確芯片的需求繼續推動對我們的驗證套件的強勁需求，該套件提供了涵蓋 IP、SoC 和系統驗證、硬件/軟件回歸和早期軟件開發的全面解決方案。

This momentum is especially noticeable in our hardware business where customers are deploying a significant additional capacity as they reap the performance, quality and productivity benefits of our industry-leading hardware platform.

這種勢頭在我們的硬件業務中尤為明顯，客戶正在部署大量額外的容量，因為他們獲得了我們行業領先的硬件平台的性能、質量和生產力優勢。

Accelerating adoption of our new dynamic duo, the Palladium Z2 and Protium X2, led by hyperscaler and global marquee customers drove the majority of hardware orders in this quarter.

加速採用我們新的動態組合 Palladium Z2 和 Protium X2，由超大規模和全球大型客戶引領，推動了本季度的大部分硬件訂單。

In verification software, Xcelium ML, our machine learning optimized logic simulator, delivered up to 5x faster regression, was adopted by marquee customers in North America and Asia.

在驗證軟件中，我們的機器學習優化邏輯模擬器 Xcelium ML 的回歸速度提高了 5 倍，被北美和亞洲的大型客戶採用。

We launched the Helium Virtual and Hybrid Studio, a new platform that accelerates the creation of hybrid and virtual prototypes of complex systems, enabling early software bring-up.

我們推出了 Helium Virtual and Hybrid Studio，這是一個新平台，可加速復雜系統的混合和虛擬原型的創建，實現早期軟件啟動。

Helium was endorsed by NVIDIA, and several other engagements with leading customers are underway.

Helium 得到了 NVIDIA 的認可，並且正在與主要客戶進行其他幾項合作。

We also announced the Midas Safety Platform, which is part of the comprehensive Cadence safety solution, featuring integrated digital and analog safety flows and engines for faster certification of safety critical automotive design.

我們還宣布了 Midas 安全平台，它是綜合 Cadence 安全解決方案的一部分，具有集成的數字和模擬安全流程和引擎，可更快地對安全關鍵型汽車設計進行認證。

Moving on to System Design and Analysis.

繼續進行系統設計和分析。

I'm particularly pleased that this segment, which is driving our market expansion beyond EDA, continues to deliver strong double-digit growth, increasing revenue by 17% year-over-year as we grow our footprint in several verticals, including aerospace and defense and 5G communications.

我特別高興的是，隨著我們在包括航空航天和國防在內的多個垂直領域的足跡不斷擴大，這一推動我們在 EDA 之外的市場擴張的細分市場繼續實現強勁的兩位數增長，收入同比增長 17%和 5G 通信。

With 5G and AI/ML applications pushing silicon reticle limits and transistor scaling slowing down, there is an accelerated move to disaggregate SoC into a heterogeneous set of discrete dies that can be integrated together with sophisticated packaging technology.

隨著 5G 和 AI/ML 應用推動矽光罩限制和晶體管縮放速度放緩，將 SoC 分解為可與復雜封裝技術集成在一起的異構離散芯片集的步伐加快。

Leveraging over 2 decades of pioneering packaging expertise, we are very excited to have launched Integrity 3D-IC, the industry's first and only comprehensive platform that ties together our best-in-class system planning, implementation and thermal timing and power analysis technology, along with a multi-technology database, all in a unified cockpit.

憑藉 2 多年的開創性封裝專業知識，我們很高興推出 Integrity 3D-IC，這是業界第一個也是唯一一個綜合平台，將我們一流的系統規劃、實施以及熱時序和功率分析技術與擁有一個多技術數據庫，所有這些都在一個統一的駕駛艙中。

This third-generation 3D-IC solution enables designers to achieve system-driven PPA with reduced design complexity and faster time to market.

這種第三代 3D-IC 解決方案使設計人員能夠實現系統驅動的 PPA，同時降低設計複雜性並加快上市時間。

And we are engaged with several leading semi and system houses, foundries and packaging companies.

我們與多家領先的半成品和系統製造商、鑄造廠和包裝公司合作。

Our organically-developed system analysis products continued to make good headway.

我們有機開發的系統分析產品繼續取得良好進展。

With Clarity, our electromagnetic 3D simulator displacing the incumbent solution and becoming plan of record at a marquee hyperscaler.

借助 Clarity，我們的電磁 3D 模擬器取代了現有解決方案，並成為大型超大規模生產商的記錄計劃。

And Celsius, our electrothermal 3D simulator, was deployed at a global marquee system customer.

我們的電熱 3D 模擬器 Celsius 已部署在全球選取框系統客戶處。

Our recently acquired CFD solutions also delivered strong results, winning new business with several automotive and aerospace and defense customers.

我們最近收購的 CFD 解決方案也取得了強勁的成果，贏得了多家汽車、航空航天和國防客戶的新業務。

And now before I turn it over to John, I want to say a few words about the upcoming CEO transition on December 15.

現在，在我把它交給 John 之前，我想就 12 月 15 日即將到來的 CEO 交接說幾句話。

On behalf of the Cadence Board and our employees, I want to thank Lip-Bu for his outstanding leadership and his numerous illustrious accomplishments over the past 13 years that have made a lasting impact on our industry and on Cadence.

我謹代表 Cadence 董事會和我們的員工感謝 Lip-Bu 在過去 13 年中的傑出領導和眾多傑出成就，這些成就對我們的行業和 Cadence 產生了持久的影響。

With his laser focus on creating a highly innovative and results-based culture, he drove a cultural transformation at Cadence that was rooted in customer and shareholder success, leading to trusted partnerships with leading customers and delivering shareholder return of over 3,500%.

他專注於創建高度創新和以結果為基礎的文化，他推動了 Cadence 的文化轉型，這種轉型植根於客戶和股東的成功，與領先客戶建立了值得信賴的合作夥伴關係，並為股東帶來了超過 3,500% 的回報。

I'm especially grateful to Lip-Bu for his mentorship and guidance and look forward to continuing our partnership in our new roles as, along with our talented team, we relentlessly drive to deliver strong business results and delight our customer and shareholders.

我特別感謝 Lip-Bu 的指導和指導，並期待在我們的新角色中繼續合作，與我們才華橫溢的團隊一起，我們不懈地推動實現強勁的業務成果並取悅我們的客戶和股東。

Now I will turn it over to John to go through the Q3 results and present our Q4 and updated 2021 outlook.

現在，我將把它交給約翰來查看第三季度的結果，並介紹我們的第四季度和更新的 2021 年展望。

Thank you, Anirudh, and thank you, Lip-Bu.

謝謝你，Anirudh，謝謝你，Lip-Bu。

They say values are like fingerprints.

他們說價值觀就像指紋。

Nobody's are the same, but you leave them all over everything you do.

沒有人是一樣的，但你做的每一件事都會讓他們留下來。

Your impact on Cadence has been significant and will last for many, many years to come.

您對 Cadence 的影響是巨大的，並且會持續很多很多年。

It's been a truly remarkable run over the past 13 years, and I feel blessed to have had the chance to work so closely with you.

在過去的 13 年裡，這是一次真正非凡的經歷，我很幸運有機會與您如此密切地合作。

I've also heard it said that legacy is not something you do for yourself, but it's something you leave for the benefit of the next generation.

我也聽說過，遺產不是你為自己做的事情，而是你為了下一代的利益而留下的事情。

And on behalf of all Cadence stakeholders, I'd like to thank you both for conducting such a smooth CEO transition.

我代表所有 Cadence 利益相關者，感謝你們兩位進行如此順利的 CEO 交接。

We haven't missed a beat.

我們沒有錯過任何一個節拍。

Focused execution by the entire Cadence team, combined with broad-based strength across our product portfolio and customer base, drove another strong quarter of top and bottom line results.

整個 Cadence 團隊的集中執行，加上我們產品組合和客戶群的廣泛實力，推動了又一個強勁的季度業績。

We exceeded our expectations for all key financial metrics, and we are raising our financial outlook for the year.

我們在所有關鍵財務指標上都超出了預期，我們正在提高今年的財務前景。

Now let's go through the key results for the third quarter, beginning with the P&L.

現在讓我們來看看第三季度的主要結果，從損益表開始。

Total revenue was $751 million, non-GAAP operating margin was 35.7%, GAAP EPS was $0.63 and non-GAAP EPS was $0.80.

總收入為 7.51 億美元，非 GAAP 營業利潤率為 35.7%，GAAP 每股收益為 0.63 美元，非 GAAP 每股收益為 0.80 美元。

For the balance sheet and cash flow, cash totaled $1.014 billion at quarter end, while the principal value of debt outstanding was $350 million.

在資產負債表和現金流方面，季度末現金總額為 10.14 億美元，而未償債務的本金為 3.5 億美元。

Operating cash flow was $296 million.

經營現金流為 2.96 億美元。

DSOs were 40 days, and we repurchased $110 million of Cadence shares during the quarter.

DSO 為 40 天，我們在本季度回購了 1.1 億美元的 Cadence 股票。

Next, let's turn to our updated outlook.

接下來，讓我們轉向我們更新的展望。

Our outlook continues to assume that there will be no changes to the export limitations that exist today.

我們的展望繼續假設目前存在的出口限制不會發生變化。

For fiscal 2021, we now expect revenue in the range of $2.96 billion to $2.98 in billion, non-GAAP operating margin of approximately 37%, GAAP EPS in the range of $2.36 to $2.40, non-GAAP EPS in the range of $3.24 to $3.28 and operating cash flow in the range of $975 million to $1.025 billion.

對於 2021 財年，我們現在預計收入在 29.6 億美元至 29.8 億美元之間，非 GAAP 營業利潤率約為 37%，GAAP 每股收益在 2.36 美元至 2.40 美元之間，非 GAAP 每股收益在 3.24 美元至 3.28 美元之間運營現金流在 9.75 億美元至 10.25 億美元之間。

For the fourth quarter, we expect revenue in the range of $745 million to $765 million, non-GAAP operating margin of approximately 35%, GAAP EPS in the range of $0.49 to $0.53, non-GAAP EPS in the range of $0.76 to $0.80 and we expect to repurchase $110 million of Cadence stock in Q4.

對於第四季度，我們預計收入在 7.45 億美元至 7.65 億美元之間，非 GAAP 營業利潤率約為 35%，GAAP 每股收益在 0.49 美元至 0.53 美元之間，非 GAAP 每股收益在 0.76 美元至 0.80 美元之間，以及我們預計將在第四季度回購 1.1 億美元的 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 closing, I am pleased that revenue growth continues to accelerate with our 3-year revenue CAGR now approximately 11.5% at the midpoint of guidance.

最後，我很高興收入增長繼續加速，我們的 3 年收入複合年增長率在指導中點約為 11.5%。

We are expecting approximately $1 billion of operating cash flow for 2021 at the midpoint, and we are on track to deliver over 50% incremental operating margin for the year.

我們預計 2021 年中期的運營現金流約為 10 億美元，我們有望在今年實現超過 50% 的增量運營利潤率。

As always, I want to thank our customers, partners and of course, our employees for their continued support.

一如既往，我要感謝我們的客戶、合作夥伴，當然還有我們的員工，感謝他們一直以來的支持。

And with that, operator, we will now take questions.

有了這個，接線員，我們現在將回答問題。

(Operator Instructions) Your first question will come from the line of Joe Vruwink with Baird.

（操作員說明）您的第一個問題將來自 Joe Vruwink 和 Baird。

Let me just start by extending my best to Lip-Bu.

讓我首先將我的最大努力擴展到立布。

Maybe I'll begin with the next-generation hardware with emulation and prototyping.

也許我將從具有仿真和原型設計的下一代硬件開始。

I'm wondering was component availability at all a factor in either meeting demand in the quarter?

我想知道組件可用性是否是滿足本季度需求的一個因素？

Or does component availability factor in at all to the forward outlook, either in a good way, catching up on maybe things that slipped this quarter, or considering maybe some demand getting extended into next year?

或者組件可用性是否完全影響了前瞻前景，或者以一種好的方式，趕上本季度可能下滑的事情，或者考慮到一些需求可能會延長到明年？

Joe, this is John.

喬，這是約翰。

Thanks for the question.

謝謝你的問題。

Yes, we're delighted with the demand for our hardware verification systems.

是的，我們對我們的硬件驗證系統的需求感到高興。

And we're building the systems as quick as we can to meet that demand.

我們正在盡可能快地構建系統以滿足這一需求。

We're very, very pleased with the customer reaction and like building the systems as quickly as we can.

我們對客戶的反應非常非常滿意，並且喜歡盡快構建系統。

I would say it's fair to say that demand is outstripping supply right now, but we're building as fast as we can.

我想說，現在需求超過供應是公平的，但我們正在盡可能快地建設。

And you can see it in the inventory number, the inventory slightly up.

而且你可以在庫存數量上看到它，庫存略有上升。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe more of a product or a strategy question.

然後可能更多的是產品或戰略問題。

When thinking about 3D-ICs and the co-design that needs to happen between package and chips being stacked, is it, when you think about the opportunity for Cadence, as simple as customers adopting the new Integrity platform?

在考慮 3D-IC 以及需要在封裝和堆疊芯片之間進行的協同設計時，當您考慮 Cadence 的機會時，是否就像客戶採用新的 Integrity 平台一樣簡單？

Or is it maybe broader than that and this trend across the industry actually happens to impact and benefit multiple areas of the Cadence product portfolio?

或者它可能比這更廣泛，整個行業的這種趨勢實際上恰好影響並受益於 Cadence 產品組合的多個領域？

Yes, that's a great question.

是的，這是一個很好的問題。

Let me take that.

讓我接受。

This is Anirudh.

這是阿尼魯德。

So we believe that 3D-IC is the future, right?

所以我們相信 3D-IC 是未來，對吧？

So the road to the future goes through 3D-IC for multiple reasons, which I mean putting multiple chips on a package, the ability to mix technology, ability to do bigger and bigger systems.

所以通向未來的道路通過 3D-IC 有多種原因，我的意思是把多個芯片放在一個封裝上，混合技術的能力，做越來越大的系統的能力。

And I do believe that Cadence is uniquely positioned for that.

我確實相信 Cadence 在這方面具有獨特的定位。

And it affects multiple technology.

它會影響多種技術。

Now some of it is because of our history.

現在有些是因為我們的歷史。

So we have had a leading platform in packaging for a while with Allegro and a leading platform in analog with Virtuoso for a while.

因此，我們在一段時間內使用 Allegro 擁有領先的封裝平台，並在一段時間內擁有領先的模擬平台 Virtuoso。

And then over the last 5 years, we have done very well in digital.

然後在過去的 5 年裡，我們在數字方面做得很好。

And then if you remember, over the last 2, 3 years, we have done a lot of investment in system analysis.

然後，如果您還記得，在過去的 2、3 年中，我們在系統分析方面進行了大量投資。

Like Clarity and Celsius are also critical for 3D-IC given that thermal is a big challenge when you put these things together.

像清晰度和攝氏溫度一樣，對於 3D-IC 來說也很重要，因為當你把這些東西放在一起時，熱量是一個巨大的挑戰。

So I believe Cadence is uniquely positioned.

所以我相信Cadence的定位是獨一無二的。

And with Integrity, we put this all together.

通過 Integrity，我們將這一切整合在一起。

And it's not just Integrity, it draws into the other parts of Cadence, like I mentioned.

就像我提到的那樣，它不僅僅是 Integrity，它還融入了 Cadence 的其他部分。

And then as a comparison, as we work with customers and leading foundries, to do something similar in other products, it's not even one company, you need 3 or 4 companies to do the same thing.

然後作為比較，當我們與客戶和領先的代工廠合作時，要在其他產品中做類似的事情，甚至不是一家公司，你需要 3 或 4 家公司來做同樣的事情。

Whereas if you come to Cadence, we have a comprehensive solution across multiple segments.

然而，如果您來到 Cadence，我們擁有跨多個細分市場的全面解決方案。

So I think as 3D-IC takes more momentum going forward, I believe we are well positioned.

因此，我認為隨著 3D-IC 的發展勢頭越來越大，我相信我們處於有利地位。

Your next question will come from the line of Jason Celino from KeyBanc.

您的下一個問題將來自 KeyBanc 的 Jason Celino。

Lip-Bu, it's been an absolute pleasure.

Lip-Bu，這絕對是一種享受。

Glad to have you on for one more earnings call.

很高興您再參加一次收益電話會議。

So my question, with the supply chain shortages, we've seen several different automakers, like Hyundai and Volkswagen, announce intentions to design some of their own semiconductors.

所以我的問題是，由於供應鏈短缺，我們已經看到幾家不同的汽車製造商，比如現代和大眾，宣布打算設計一些自己的半導體。

But we know that these design cycles are quite long and it's a multiyear investment.

但我們知道，這些設計週期相當長，而且需要多年投資。

So how do we think about this as maybe an incremental dollar opportunity versus just market shift from customers taking some of those workloads in-house?

那麼我們如何看待這可能是一個增量的美元機會，而不是客戶在內部承擔其中一些工作負載的市場轉變？

Yes, Jason, first of all, thank you so much for the kind words.

是的，傑森，首先，非常感謝你的客氣話。

In terms of the global supply chains, we're monitoring the semiconductor global supply chains very carefully.

在全球供應鏈方面，我們正在非常仔細地監控半導體全球供應鏈。

So far, we don't see any slowdown in our design activity across our customer base.

到目前為止，我們沒有看到我們整個客戶群的設計活動有任何放緩。

And then as you know, our product is very much focused on the R&D engineering, designing the chip system.

然後如你所知，我們的產品非常專注於研發工程，設計芯片系統。

And this is a multiyear approach.

這是一個多年的方法。

And I mentioned earlier, the generations drivers have been really driving a lot of increase in the design activity.

我之前提到過，幾代車手確實推動了設計活動的大量增加。

And then to answer your question in terms of automotive design cycle, yes, you're absolutely correct.

然後在汽車設計週期方面回答您的問題，是的，您是絕對正確的。

It's a multiple-year increment.

這是一個多年的增量。

And then lately because of more and more electronics in the automotive, so we see a lot of design activity like autonomous driving.

然後最近因為汽車中的電子設備越來越多，所以我們看到了很多設計活動，比如自動駕駛。

And I think Anirudh mentioned about Tesla in terms of driving their AI chips and using our broad-based Cadence tool.

我認為 Anirudh 在驅動他們的 AI 芯片和使用我們基礎廣泛的 Cadence 工具方面提到了特斯拉。

That's one good example and many more coming.

這是一個很好的例子，還有更多的例子。

And so I think clearly, we're excited about the automotive platform that will create opportunity in the multiyears to come.

所以我清楚地認為，我們對將在未來多年創造機會的汽車平台感到興奮。

Okay.

好的。

That was helpful.

那很有幫助。

And maybe my quick follow-up is, I think the automotive customers have been maybe more vocal, but are you seeing these type of trends in other industries as well in terms of that?

也許我的快速跟進是，我認為汽車客戶可能更加直言不諱，但您是否也看到其他行業的此類趨勢？

Yes.

是的。

I think it's a very interesting, challenging opportunity time in this whole supply chain.

我認為在整個供應鏈中，這是一個非常有趣且充滿挑戰的機會。

Clearly, for the automotive industry, it's starting to become very -- realize the whole visibility to the supply chain and become very important for them.

顯然，對於汽車行業來說，它開始變得非常 - 實現對供應鏈的整個可見性，並且對他們來說變得非常重要。

And so in different automotive companies, they experience different challenges in the supply chain.

所以在不同的汽車公司，他們在供應鏈中遇到了不同的挑戰。

And we are here to help them in terms of the design, automation and the whole system level complexity of design and then time to market.

我們在設計、自動化和設計的整個系統級複雜性以及上市時間方面為他們提供幫助。

And then so we try to be available and be helpful to them as a design partner and also support them throughout this period.

因此，作為設計合作夥伴，我們嘗試為他們提供幫助，並在此期間為他們提供支持。

So I think you're going to see more and more opportunity in the automotive.

所以我認為你會在汽車領域看到越來越多的機會。

It's a big platform for us.

對我們來說是一個很大的平台。

Your next question comes from the line of Jackson Ader from JPMorgan.

您的下一個問題來自摩根大通的 Jackson Ader。

And I'll just quickly echo all the kind words that have already been said about you, Lip-Bu.

我會很快回應所有已經說過的關於你的好話，立布。

Yes, congratulations and looking forward to continuing the relationship.

是的，恭喜並期待繼續這種關係。

So Anirudh, you mentioned that in the last few years, digital tools have been driving a lot of growth.

所以 Anirudh，你提到在過去幾年中，數字工具一直在推動大量增長。

And I think you also mentioned that a hyperscaler this past quarter significantly increased their digital footprint.

而且我認為您還提到，上個季度的超大規模企業顯著增加了他們的數字足跡。

I'm just curious what tools or at least what parts of the digital design flow, just from a high level, of synthesis, place and route, what have you, are actually driving the increased uptick, maybe in the last 12 to 18 months in digital.

我只是好奇什麼工具或至少數字設計流程的哪些部分，只是從高層次，綜合，佈局和佈線，你有什麼，實際上推動了上升的增加，可能在過去的 12 到 18 個月在數字。

Yes.

是的。

Thanks, Jackson, for the question.

謝謝，傑克遜，這個問題。

So I think as you know, like at lower nodes, we have always believed that integration of the whole digital full flow is critical.

所以我認為如你所知，就像在較低的節點上一樣，我們一直認為整個數字全流程的集成至關重要。

So that's synthesis, place and route and signoff.

這就是綜合、佈局佈線和簽核。

So what we are pleased to see, especially in the last, let's say 12 months, is wider deployment of our digital full flow.

所以我們很高興看到，特別是在過去的 12 個月裡，我們的數字全流程得到了更廣泛的部署。

So if we went back like a few years ago, the engagement would start with Innovus, and that was the leading kind of product that we would do well in.

因此，如果我們像幾年前那樣回到過去，參與將從 Innovus 開始，那是我們會做得很好的領先產品。

But now I think overall market has accepted our full flow, and we see more and more signs of that.

但現在我認為整個市場已經接受了我們的全部流量，而且我們看到了越來越多的跡象。

So that includes synthesis and signoff along with Innovus.

這包括與 Innovus 一起的綜合和簽核。

And that is becoming more the norm than anything else.

這正變得比其他任何事情都更加規範。

So to answer your question, not only Innovus does well, but now synthesis and signoff, which is Genus and Tempus and Voltus.

所以要回答你的問題，不僅 Innovus 做得好，而且現在綜合和簽收，即 Genus 和 Tempus 和 Voltus。

We are pretty happy with the proliferation.

我們對這種擴散非常滿意。

And I think that trend is here to stay.

我認為這種趨勢會持續下去。

All right.

好的。

Awesome.

驚人的。

And then a quick follow-up.

然後快速跟進。

John, can we just get -- what is going on with backlog and the implied booking that's really swung around a bunch this year?

約翰，我們能不能得到 - 積壓和隱含的預訂是怎麼回事，今年真的在很多地方搖擺不定？

Just curious if there were any duration impacts.

只是好奇是否有任何持續時間的影響。

Or what we should be reading into in terms of the implied bookings number this quarter?

或者我們應該根據本季度的隱含預訂數量來閱讀什麼？

Yes, Jackson, thanks for the question.

是的，傑克遜，謝謝你的提問。

But I wouldn't read too much into it.

但我不會讀太多。

Again, it's like the timing of contract renewals.

同樣，這就像續約的時間。

We had a similar phenomenon in Q1.

我們在第一季度也有類似的現象。

We would expect to end the year with a higher backlog in RPO than we started the year.

我們預計今年年底 RPO 的積壓量將高於年初。

And then that's reflected as well.

然後這也反映出來。

If you have a look at the margin guidance for Q4, margin guidance for Q4 is slightly down on what we achieved in Q3 because of the impact of some hiring and an expectation for higher sales commissions costs in Q4 because we expect a lot of bookings to come through in Q4.

如果您查看第四季度的利潤率指導，第四季度的利潤率指導略低於我們在第三季度實現的水平，因為一些招聘的影響以及對第四季度更高銷售佣金成本的預期，因為我們預計會有很多預訂在第四季度通過。

Your next question comes from the line of Pradeep Ramani from UBS.

您的下一個問題來自瑞銀的 Pradeep Ramani。

I just wanted to get some more insight on the verification piece.

我只是想對驗證部分有更多的了解。

It seems like the verification for September was flattish to down a little bit versus June.

與 6 月相比，9 月的驗證似乎持平或略有下降。

And yet, hardware seems to be doing well.

然而，硬件似乎做得很好。

So are we to sort of interpret that it's more on the software side that you're seeing maybe a little less growth than what might have been anticipated?

那麼我們是否可以解釋為，在軟件方面，您看到的增長可能比預期的要少一些？

Or are you being constrained on the hardware side?

還是您在硬件方面受到限制？

I just wanted to get a sense about the ramp on the hardware side as well.

我只是想了解硬件方面的坡道。

Pradeep, this is John.

普拉迪普，這是約翰。

We're actually delighted with the customer reaction to our new hardware systems.

實際上，我們很高興客戶對我們的新硬件系統的反應。

And we're building and installing inventory as fast as we can to meet their demands.

我們正在盡可能快地建立和安裝庫存以滿足他們的需求。

But I mean I'd remind you that Cadence is part of the design cycle.

但我的意思是我要提醒你，Cadence 是設計週期的一部分。

So I mean, it hasn't really impacted us too much with our customers.

所以我的意思是，它並沒有真正對我們的客戶產生太大影響。

And then in relation to your comments on growth, we raised guidance for the year.

然後，關於您對增長的評論，我們提出了今年的指導意見。

We're very happy with growth.

我們對增長感到非常滿意。

We were seeing accelerating growth.

我們看到了加速增長。

When you look at the 3-year CAGR, and I've called them out in the CFO commentary, it's rounding up to 12% now.

當你查看 3 年的複合年增長率時，我已經在首席財務官的評論中提到了它們，現在它的四捨五入到了 12%。

It's approximately 11.5%.

大約是 11.5%。

And that seems to continue to increase year after year.

而且這似乎還在逐年增加。

And that's reflecting strong demand across all lines of business.

這反映了所有業務線的強勁需求。

Okay.

好的。

And for my follow-up, on the digital IC piece, I mean it has been very strong.

對於我的後續行動，在數字 IC 方面，我的意思是它非常強大。

Are you seeing increasing competitive displacements?

您是否看到競爭日益加劇？

Or is it more of a market being strong?

還是市場表現強勁？

Can you speak maybe qualitatively on how you're sort of viewing digital IC going forward as well?

您能否定性地談談您對未來數字 IC 的看法？

Well, it continues to do well, like you saw.

嗯，它繼續做得很好，就像你看到的那樣。

And I think it's a combination of things.

我認為這是多種因素的結合。

I mean the market is definitely growing because of all this design activity, as you can see in these multiple domains.

我的意思是，由於所有這些設計活動，市場肯定在增長，正如您在這些多個領域中看到的那樣。

So the market is growing, and we believe that we are also taking market share.

所以市場正在增長，我們相信我們也在佔據市場份額。

So I would say it's a combination of both these things driving our digital growth.

所以我想說這是推動我們數字增長的這兩件事的結合。

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

您的下一個問題將來自格里芬證券公司的 Jay Vleeschhouwer。

Anirudh, both of my questions are for you.

Anirudh，我的兩個問題都是給你的。

But first, on a personal note, Lip-Bu, it's been a pleasure working with you for the last 13 years and certainly look forward to continuing the dialogue with Anirudh.

但首先，就個人而言，Lip-Bu，很高興在過去 13 年中與您合作，當然期待與 Anirudh 繼續對話。

So first question, Anirudh, at the Cadence Live Europe Conference a week or so ago, Cadence said, in one of your presentations, that Allegro had recently undergone a "major overhaul," which we certainly saw with Allegro X. The question is what's next in terms of anything you might be working on for an additional major overhaul?

所以第一個問題，Anirudh，在大約一周前的 Cadence Live Europe Conference 上，Cadence 在你的一次演講中說，Allegro 最近經歷了一次“大修”，我們當然在 Allegro X 中看到了這一點。問題是什麼下一步你可能會為額外的大修做些什麼？

We do see this periodically in EDA.

我們確實會在 EDA 中定期看到這一點。

For example, Synopsys a few years ago significantly ramped up its internal investments in synthesis, and they launched their new version of DC.

例如，Synopsys 幾年前顯著增加了其在綜合方面的內部投資，並推出了新版本的 DC。

And I'm wondering, based on what seems to be your internal investment patterns, if you're undergoing a rejuvenation or reinvestment cycle for your synthesis or what else you might be able to talk about in terms of any major overhauls.

而且我想知道，根據您的內部投資模式，您是否正在為您的合成進行複興或再投資週期，或者您可以談論任何重大改革方面的其他內容。

Secondly, with regard to the ingredients you need to succeed with the computational software strategy, there was an interesting announcement 2 weeks ago of a relationship between Synopsys and Dassault.

其次，關於成功實施計算軟件戰略所需的要素，兩週前有一個有趣的公告，即 Synopsys 和 Dassault 之間的關係。

And I'm wondering if you see you're having to partner more for both technical and channel expansion reasons to succeed in computational software.

而且我想知道您是否看到出於技術和渠道擴展的原因，您必須更多地合作才能在計算軟件方面取得成功。

Yes, Jay, those are both great questions.

是的，傑，這些都是很好的問題。

I think in terms of new kind of -- you said new products or revamp of existing products, so we are continuously looking at that in all the time.

我認為就新產品而言——你說的是新產品或現有產品的改造，所以我們一直在關注這一點。

We want to make sure all our products are doing well.

我們要確保我們所有的產品都運行良好。

As you can see this year, we have launched 13 new products.

如您所見，今年我們推出了 13 款新產品。

Several of them are improvement of existing products like Allegro X or Sigrity X. So I think this is a continuous process.

其中一些是對 Allegro X 或 Sigrity X 等現有產品的改進。所以我認為這是一個持續的過程。

As you know, we have a very high investment in R&D compared to our peers.

如您所知，與同行相比，我們在研發方面的投入非常高。

So we are constantly looking at that, and you will see more things come out, of course, as we go forward.

所以我們一直在關注這一點，當然，隨著我們的前進，你會看到更多的東西出來。

On the second one, we are confident in our computational software strategy.

在第二個方面，我們對我們的計算軟件戰略充滿信心。

That's delivering good results.

這會帶來很好的結果。

I think we have a lot of organic ability to innovate, which we demonstrated with Clarity and Celsius.

我認為我們有很多有機的創新能力，我們用 Clarity 和 Celsius 證明了這一點。

And at the same time, we are definitely looking at new partnerships that make sense, like you said, both on the product side and on the go-to-market side.

同時，我們肯定在尋找有意義的新合作夥伴關係，就像你說的那樣，無論是在產品方面還是在進入市場方面。

So I think we will talk about them when they're ready.

所以我想我們會在他們準備好時討論他們。

But Cadence always has a culture of partnering.

但 Cadence 始終擁有合作文化。

We partner, for example, with MATLAB.

例如，我們與 MATLAB 合作。

That was a great partnership at the system level.

這是在系統層面上的一次很好的合作。

We partnered with National Instruments when we bought AWR from them.

當我們從他們那裡購買 AWR 時，我們與 National Instruments 合作。

We have a partnership with Green Hills.

我們與 Green Hills 建立了合作夥伴關係。

So we are always looking for win-win partnerships, and that continues to be the case going forward.

因此，我們一直在尋找雙贏的合作夥伴關係，並且在未來繼續如此。

Your next question will come from the line of Gal Munda from Berenberg.

您的下一個問題將來自貝倫貝格的 Gal Munda。

Just the first one in terms of the strong margin outperformance again and then kind of thinking about for the rest of the year, maybe, John, to you.

就利潤率再次表現強勁而言，這只是第一個，然後是對今年餘下時間的思考，也許，約翰，對你來說。

You mentioned that a little bit has got to do with the timing, a little bit has got to do with investment.

你提到有點與時機有關，有點與投資有關。

But if we're thinking about kind of sustainability of the margin performance, how much is inability or maybe not being able to hire and invest as much as you'd like right now versus just the top line really driving the additional scale that you're seeing, if that makes sense?

但是，如果我們正在考慮利潤率表現的可持續性，那麼有多少是無法或可能無法像你現在想要的那樣僱傭和投資，而不是僅僅靠頂線真正推動你的額外規模。重新看到，如果這有意義嗎？

Yes, great question, Gal.

是的，很好的問題，蓋爾。

And we're back on track with hiring.

我們又回到了招聘的正軌。

I think our hiring performance has been really, really good.

我認為我們的招聘表現非常非常好。

And we're delighted to be recognized on so many of these top 100 places to work around the world.

我們很高興能在全球 100 強工作場所中的許多地方獲得認可。

That's certainly helping us with our hiring activity.

這肯定有助於我們的招聘活動。

Yes, on the margin side, it's really outperformance on the revenue side like right across all our lines of business.

是的，在利潤率方面，它在收入方面的表現確實優於我們所有的業務線。

We thought IP would have a soft middle to the year and it would recover toward the end of the year, started recovering a bit earlier.

我們認為 IP 在今年中期會有一個疲軟的趨勢，它將在年底前恢復，並開始恢復得更早一些。

But they had a strong finish to Q3, and we're expecting good things for them in Q4.

但他們在第三季度取得了強勁的成績，我們期待他們在第四季度取得好成績。

On the hardware side, again, demand, customer reaction has been tremendous and demand is really strong there.

在硬件方面，再次，需求，客戶的反應是巨大的，那裡的需求真的很強勁。

And on the software side, all lines of business are performing really, really well.

在軟件方面，所有業務線的表現都非常非常好。

And like you say, if you look over our contract cycle, over a 3-year CAGR basis, that we're continuing to see accelerated revenue growth.

就像你說的，如果你看看我們的合同周期，在 3 年的複合年增長率基礎上，我們將繼續看到加速的收入增長。

So on the operating leverage side, we're delighted with the operating margin performance.

因此，在經營槓桿方面，我們對經營利潤率的表現感到高興。

Second half of the year includes some double-up on expenses.

今年下半年包括一些費用翻倍。

We did an early retirement program.

我們做了一個提前退休計劃。

But I think the overall business is pretty much -- I mean if you take out the onetime things, we're operating pretty much at the guide we've given for the year, which is about 37%.

但我認為整體業務非常 - 我的意思是，如果你去掉一次性的東西，我們幾乎按照我們今年給出的指南運營，大約 37%。

Got you.

得到你。

And then as a follow-up, just on the top line again, you touched a little bit on the supply chain issues in the semi.

然後作為後續行動，再次在頂線上，您談到了半成品中的供應鏈問題。

And when you move kind of through the year, you said it's incrementally affecting the business on the royalties.

當你在一年中移動時，你說它正在逐漸影響版稅業務。

Now we're talking about the hardware demand being stronger than kind of the ability to supply.

現在我們談論的是硬件需求強於供應能力。

Is there a way to kind of quantify that from your perspective in order to kind of understand the magnitude of the impact, that kind of demand is there but were kind of limited by the supply side?

有沒有辦法從你的角度量化它，以便了解影響的程度，這種需求是存在的，但受到供應方面的限制？

Yes.

是的。

It's a very, very small impact to us.

這對我們的影響非常非常小。

Like I say, the majority of our revenue comes from part of the design cycle.

就像我說的，我們的大部分收入來自設計週期的一部分。

The chip capacity constraints that you're referring to has really impact the production side of the cycle.

您所指的芯片容量限制確實影響了周期的生產方面。

And that's where it touches us in terms of royalty revenue.

這就是版稅收入方面觸及我們的地方。

I think last year, royalty revenue for Cadence was around $50 million.

我認為去年，Cadence 的版稅收入約為 5000 萬美元。

But this year, it will be slightly lower than $50 million, but we expect that to recover again next year.

但今年，它將略低於 5000 萬美元，但我們預計明年會再次恢復。

Yes, so the impact is pretty small.

是的，所以影響很小。

And the same then on the hardware side, we're happy with our supply chain, and you see inventory growing a little bit.

在硬件方面也是如此，我們對我們的供應鏈感到滿意，您會看到庫存略有增長。

We talked a couple of years ago about moving from just in time to just in case in terms of our inventory management.

幾年前，我們談到在庫存管理方面從“及時”轉變為“以防萬一”。

So we carry a lot of inventory.

所以我們有很多庫存。

So I think we're well protected, certainly for the next few quarters, on the supply chain side.

所以我認為我們在供應鏈方面得到了很好的保護，當然在接下來的幾個季度裡。

But yes, we're very happy with where we're positioned right now.

但是，是的，我們對我們現在所處的位置非常滿意。

Right.

對。

I mean just to clarify, on the royalties, nothing has changed over the last couple of quarters, once you kind of said that the impact has been slightly down from last year, that's kind of consistent to what you see.

我的意思是澄清一下，關於版稅，過去幾個季度沒有任何變化，一旦你說影響比去年略有下降，這與你所看到的一致。

That's right.

那就對了。

I mean our IP business is a mix of licensing and royalty business.

我的意思是我們的知識產權業務是許可和版稅業務的混合體。

And chip capacity constraints from last year could feed into unit production this year and royalties are slightly down.

去年的芯片產能限制可能會影響今年的單位產量，並且特許權使用費略有下降。

But it's very, very small in terms of the impact to Cadence on our overall numbers.

但就 Cadence 對我們整體數據的影響而言，它非常非常小。

Your next question will come from the line of Gary Mobley from Wells Fargo Securities.

您的下一個問題將來自 Wells Fargo Securities 的 Gary Mobley。

For different reasons, let me extend my congratulations for the next chapter for Anirudh and Lip-Bu.

出於不同的原因，讓我對 Anirudh 和 Lip-Bu 的下一章表示祝賀。

I wanted to start out by asking about the X2, Z2 products and the step function increase in processing power that these new tools facilitate.

我想首先詢問 X2、Z2 產品以及這些新工具促進的處理能力的階躍函數增加。

And the way I understand it, it allows customers to not only bring up hardware but also, in parallel, bring up software.

我理解它的方式，它允許客戶不僅提出硬件，而且同時提出軟件。

And so my question is, can you give us a sense of the magnitude of how this increases the potential dollar opportunity with each customer engagement or how it improves your sort of available market with this new software bring-up capability?

所以我的問題是，你能否讓我們了解這如何增加每個客戶參與的潛在美元機會，或者它如何通過這種新的軟件啟動功能改善你的可用市場？

And I have a follow-up.

我有一個後續行動。

Yes, Gary, that's a great question.

是的，加里，這是一個很好的問題。

And you're absolutely right.

你是絕對正確的。

I mean the reason for doing also Protium X2 with having the same front end as Palladium is to expand our reach to more and more software build-up.

我的意思是使用與 Palladium 相同的前端來開發 Protium X2 的原因是為了將我們的範圍擴展到越來越多的軟件構建。

And this quarter, when we launched Helium, it's for the same reason.

本季度，當我們推出 Helium 時，也是出於同樣的原因。

So not only we can run RTL, but with Helium, we can run hybrid models, higher-level models with RTL.

所以我們不僅可以運行 RTL，而且使用 Helium，我們可以運行混合模型，使用 RTL 的更高級別的模型。

All this is for software bring-up.

所有這些都是為了軟件啟動。

And historically, I think Cadence has done well in RTL bring-up with Palladium, but not as well.

從歷史上看，我認為 Cadence 在使用 Palladium 的 RTL 啟動方面做得很好，但不是那麼好。

The market is growing more in the software bring-up.

市場在軟件啟動方面增長得更多。

And now we are doing pretty well with the combination of Palladium and Protium and Helium for software bring-up.

現在，我們在將 Palladium、Protium 和 Helium 組合用於軟件啟動方面做得很好。

So I think in terms of the market, of course, it's difficult to quantify.

所以我認為就市場而言，當然很難量化。

But at a high level, I think the market opportunity is maybe 1.5 to 2x larger once you combine the software and the hardware bring-up together.

但在高層次上，我認為一旦將軟件和硬件結合在一起，市場機會可能會大 1.5 到 2 倍。

Of course, it takes several years to fully realize all this.

當然，要完全實現這一切還需要幾年的時間。

But I think the market opportunity for Cadence with Protium, Palladium and Helium is much expanded because of the software.

但我認為 Cadence 與 Protium、Palladium 和 Helium 的市場機會因軟件而大大擴展。

I appreciate that, Anirudh.

我很感激，阿尼魯德。

And perhaps this is for John, but I want to ask about navigating the China export restrictions.

也許這是給約翰的，但我想問一下如何應對中國的出口限制。

And maybe if you can give us a sense of whether it's any more difficult or any easier to obtain licenses to service those customers based in China.

也許您可以讓我們了解獲得為中國客戶提供服務的許可證是否更難或更容易。

And then maybe give us a sense of what the various puts and takes are there for China revenue growth, or lack thereof, as we sit here in the second half of fiscal year '21.

然後也許讓我們了解在 21 財年下半年的情況下，中國收入增長或缺乏的各種投入和產出。

Yes, Gary, yes, good question.

是的，加里，是的，好問題。

Yes, when I look at China revenue, I think it's probably easier to look at China over a 2-year period because last year, with the pandemic impact and the 53rd week impact in Q4, I think if you look at where we're on track for 2021, it's probably a 30% CAGR in terms of growth in China since 2019.

是的，當我看中國的收入時，我認為在 2 年期間看中國可能更容易，因為去年，隨著大流行的影響和第四季度第 53 週的影響，我想如果你看看我們在哪裡在 2021 年的軌道上，自 2019 年以來中國的增長可能達到 30% 的複合年增長率。

We're working our way through all the export controls and everything and all the compliance that's required, and we have and we will continue to comply with all export control regulations.

我們正在努力通過所有的出口管制以及一切所需的合規性，我們已經並且我們將繼續遵守所有出口管制法規。

But the situation is fluid, and we have to continuously monitor it.

但情況瞬息萬變，我們必須持續監控。

But our outlook assumes everything that exists today remains in place today.

但我們的展望假設今天存在的一切今天仍然存在。

We haven't predicted any changes.

我們沒有預測到任何變化。

Of course, if there are changes, we would have to take another look at our outlook.

當然，如果有變化，我們將不得不重新審視我們的前景。

But essentially, for the sake of guidance, we just assumed that all export limitations that exist today for certain customers will remain in place for the remainder of the year.

但基本上，為了指導起見，我們只是假設今天對某些客戶存在的所有出口限制將在今年剩餘時間內保持不變。

And then for 2022, we'll update you all in 2022 when we give you our year-end results in February.

然後到 2022 年，我們將在 2022 年為您更新 2 月份的年終業績。

Your next question will come from the line of Tom Diffely from D.A. Davidson.

您的下一個問題將來自 D.A. 的 Tom Diffely。戴維森。

Yes.

是的。

So Lip-Bu, I guess I've only been around for the last 12 years.

所以 Lip-Bu，我想我在過去的 12 年裡才出現。

But since then, the stock has gone from $6 to $167.

但從那以後，該股已從 6 美元漲至 167 美元。

So obviously, very impressive, but I look forward to Anirudh taking it to $4,000 over the next 12, 13 years.

很明顯，非常令人印象深刻，但我期待 Anirudh 在接下來的 12 年、13 年將其提高到 4,000 美元。

So I guess a question on the supply chain from maybe a little different angle.

所以我從一個不同的角度猜測供應鏈上的一個問題。

What are you seeing in terms of capacity at the foundries?

您對代工廠的產能有何看法？

And just curious if you're taking steps to diversify foundry activity from either geographic or company-specific reasons.

只是好奇你是否正在採取措施使代工活動多樣化，無論是出於地理原因還是公司特定的原因。

Well, yes, that's a good question.

嗯，是的，這是一個好問題。

I think, like Lip-Bu and John mentioned, we are more on the design side.

我認為，就像 Lip-Bu 和 John 提到的那樣，我們更多的是在設計方面。

So we are trying to make sure that we can serve all our customers as they continue to do all these designs.

因此，我們正在努力確保我們能夠為所有客戶提供服務，因為他們繼續進行所有這些設計。

And in that process, we work with all the foundries, all the major foundries, of course, in U.S. and Asia and different parts of the world.

在這個過程中，我們與所有代工廠、所有主要代工廠合作，當然，在美國和亞洲以及世界不同地區。

So we have a pretty healthy relationship with all the major ones, and we are encouraged to see more investment in the U.S. So with our overall position, Tom, we are pretty active with all the major foundries, and we hope to continue that.

因此，我們與所有主要代工廠的關係都非常健康，我們很高興看到在美國有更多的投資。因此，就我們的整體地位而言，湯姆，我們與所有主要代工廠都非常活躍，我們希望繼續這樣做。

I was wondering more on just the manufacturing of your chips that you design and build and put in your Palladiums and what have you.

我想知道更多關於您設計和製造並放入您的鈀的芯片的製造以及您有什麼。

Okay.

好的。

Got it.

知道了。

Yes.

是的。

So I think the current set of Palladium chips, I mean the Palladium is a big system, so it has a lot of chips that goes into it.

所以我認為當前的 Palladium 芯片組，我的意思是 Palladium 是一個大系統，所以它有很多芯片進入其中。

Some of them we buy, and some of them we make ourselves.

有些是我們買的，有些是我們自己做的。

So the ones we make ourselves are made by TSMC, which is one of the leading foundries, and we continue to work with them.

因此，我們自己製造的那些是由領先的代工廠之一台積電製造的，我們將繼續與他們合作。

And we are designing new systems, the next generation of Z2 and all, and we always look at all the foundries.

我們正在設計新系統、下一代 Z2 等等，我們總是關注所有的代工廠。

But overall, we are very happy with our foundry partners for the Palladium Z2 system.

但總的來說，我們對 Palladium Z2 系統的代工合作夥伴非常滿意。

Okay.

好的。

Great.

偉大的。

And then curious, are you seeing an impact from COVID in any of the kind of many regions that you participate in around the world from just more of a manpower point of view?

然後很好奇，從人力的角度來看，您是否看到 COVID 對您在世界各地參與的許多地區中的任何一個地區產生了影響？

I think it's fair to say that the impact was more like a few months ago.

我認為公平地說，影響更像是幾個月前。

I mean we still have an impact and we are still mostly, of course, working from home in several parts of the world and we're slowly opening some offices.

我的意思是我們仍然有影響力，當然，我們仍然大部分時間在世界上的幾個地方在家工作，我們正在慢慢開設一些辦事處。

But in terms of -- we had a big impact in India a few months ago.

但就 - 幾個月前我們在印度產生了重大影響。

I think that has thankfully improved.

謝天謝地，我認為情況有所改善。

And so it's become more of the norm now, and we just continue to work through it.

所以它現在變得更加規範，我們只是繼續努力。

So no new things, I think, in the last 3 months.

所以我認為在過去的 3 個月裡沒有新的東西。

Our return to work was delayed a little bit because of Delta, so we hope to take that up early next year.

由於達美的原因，我們的複工有些延遲，所以我們希望在明年初著手處理。

But other than that, we are working through all the COVID issues.

但除此之外，我們正在解決所有 COVID 問題。

Your next question will come from the line of John Pitzer with Credit Suisse.

您的下一個問題將來自瑞士信貸的 John Pitzer。

I'll add my thanks and congratulations to Lip-Bu.

我將對立布表示感謝和祝賀。

My first question, John or Anirudh, is really on that 3-year CAGR acceleration.

我的第一個問題，John 或 Anirudh，真的是關於 3 年 CAGR 加速。

And John, I know we've got to wait another 90 days before you give us a full outlook for calendar year '22.

約翰，我知道我們還得再等 90 天，你才能給我們完整的 22 年展望。

But it's impressive that you guys have seen this acceleration over the last 2 years in the midst of sort of a global pandemic.

但令人印象深刻的是，你們在過去兩年中在全球大流行中看到了這種加速。

And if you look at Street consensus numbers for next year, they've got growth that goes back to that high-single digits.

如果你看看明年的街頭共識數字，他們的增長可以追溯到那個高個位數。

And yet you talked earlier about demand outstripping supply.

然而你之前談到需求超過供應。

Just wondering if you think these double-digit CAGRs are sort of here to stay.

只是想知道你是否認為這些兩位數的複合年增長率會繼續存在。

And if so, to what extent is this sort of the fruits of your labor and some of your SAM expansion efforts versus some of the dynamics on the core business?

如果是這樣，您的勞動成果和您的一些 SAM 擴展努力與核心業務的一些動態相比在多大程度上？

John, that's a great question.

約翰，這是一個很好的問題。

But yes, I think the nature of our revenue model is such that I wouldn't expect any dramatic changes in our 3-year revenue CAGRs because 85% to 90% of the revenue is recurring in nature.

但是，是的，我認為我們的收入模式的性質是這樣的，我預計我們的 3 年收入複合年增長率不會發生任何巨大變化，因為 85% 到 90% 的收入本質上是經常性的。

So I mean when we calculate 3-year CAGRs, by the end of '22, we'll be including '20 and '21 in that.

所以我的意思是，當我們計算 3 年復合年增長率時，到 22 年底，我們將包括 20 年和 21 年。

So you're not going to -- you shouldn't really have a dramatic change.

所以你不會——你不應該真的有一個戲劇性的變化。

And I think if you have a look at the CFO commentary, you'll see the kind of step function that we've seen over the last few years.

而且我認為，如果您看一下首席財務官的評論，您會看到我們在過去幾年中看到的那種階梯函數。

It's been slowly accelerating, but it's pleasing to see that it continues to accelerate.

它一直在緩慢加速，但很高興看到它繼續加速。

And that we're just up over 11.5% now, so rounding up to 12% this year.

而且我們現在的漲幅剛剛超過 11.5%，所以今年四捨五入到了 12%。

So yes, very pleased with the way the business is going.

所以，是的，對業務的發展方式非常滿意。

Again, we will refrain from talking anymore about '22.

同樣，我們將不再談論'22。

We need another 90 days just to get through Q4 for that.

我們還需要 90 天才能度過第四季度。

But yes, very, very pleased with the way it's going.

但是，是的，對它的發展方式非常非常滿意。

And because of the recurring revenue nature of so much of our business, I wouldn't expect the 3-year CAGR to change pretty much.

由於我們大部分業務的經常性收入性質，我不認為 3 年的複合年增長率會發生很大變化。

That's helpful.

這很有幫助。

And Anirudh, I'd love to get your thoughts.

還有阿尼魯德，我很想听聽你的想法。

Clearly, the U.S. and Europe have, I guess, rediscovered how strategically important the semiconductor business is.

顯然，我想，美國和歐洲已經重新發現了半導體業務的戰略重要性。

And you're seeing sort of this push to regionalization of supply.

你會看到這種對供應區域化的推動。

But it's not just about manufacturing, I think that world governments are going to incentivize sort of IP domestically as well.

但這不僅僅是製造業，我認為世界各國政府也會在國內激勵某種知識產權。

And so I'm kind of curious if you guys have kind of thought through or could help us think through what you think the impact to your business will be from things like the CHIPS Act and similar legislation that's trying to make its way through the EU right now?

所以我有點好奇你們是否已經深思熟慮或可以幫助我們思考你認為對你的業務的影響將來自諸如芯片法案和試圖通過歐盟的類似立法之類的東西現在？

Yes, that's a great point.

是的，這是一個很好的觀點。

And we are eagerly awaiting all the details.

我們正在熱切地等待所有細節。

But if you -- as you know, in the CHIPS Act, there is funding for manufacturing, but there's also funding for R&D.

但是，如果您——如您所知，在 CHIPS 法案中，有用於製造的資金，但也有用於研發的資金。

And then as you said, it's not just the hardware or the manufacturing movement, it's also the IP and the software that enables all these things.

然後正如你所說，不僅僅是硬件或製造運動，還有支持所有這些事情的 IP 和軟件。

So I think we are optimistic about all this investment in different parts of the world.

所以我認為我們對世界不同地區的所有這些投資持樂觀態度。

But I think the details, as you know, still have to be sorted out.

但我認為，如你所知，細節仍然需要整理。

But overall, we have a strong portfolio in multiple geographies.

但總體而言，我們在多個地區擁有強大的投資組合。

So as there is more investment in U.S. and Europe, I think that is systemically positive.

因此，隨著美國和歐洲的投資增加，我認為這在系統上是積極的。

Yes, John, that's a great indication of all the design activity that's going on.

是的，約翰，這很好地表明了正在進行的所有設計活動。

I mean we're seeing strong secular demand across all these generational drivers.

我的意思是，我們看到所有這些代際驅動因素都存在強勁的長期需求。

We have a great strategy, great portfolio and solid execution.

我們擁有出色的戰略、出色的投資組合和穩健的執行力。

And hence, everything you mentioned kind of just indicates more design activity globally, and that's good for Cadence.

因此，您提到的所有內容都表明全球範圍內有更多的設計活動，這對 Cadence 來說是件好事。

Your next question will come from the line of Charles Shi from Needham & Company.

您的下一個問題將來自 Needham & Company 的 Charles Shi。

So I want to go back to your prepared remarks, you mentioned about Integrity 3D-IC being the industry's first and only comprehensive platform for 3D-IC.

所以我想回到你準備好的評論，你提到 Integrity 3D-IC 是業界第一個也是唯一的 3D-IC 綜合平台。

But a few days ago, your competitor put out a press release.

但是幾天前，您的競爭對手發布了新聞稿。

They said their product is a complete end-to-end solution.

他們說他們的產品是一個完整的端到端解決方案。

I just wonder, how do I kind of reconcile the 2 different comments around these 2 competing products?

我只是想知道，我該如何調和圍繞這 2 種競爭產品的 2 種不同評論？

And in addition, your competitor, Synopsys, they announced a strategic collaboration with TSMC.

此外，您的競爭對手 Synopsys 宣布與台積電進行戰略合作。

Yet folks obviously did not see a similar press release coming from you guys right ahead of TSMC opening their Innovation Platform Forum which will start tomorrow.

然而，人們顯然沒有看到你們在台積電開啟將於明天開始的創新平台論壇之前發布類似的新聞稿。

So kind of wondered how you're positioning and what's the progress of Integrity 3D versus your computing platform?

有點想知道您是如何定位的，Integrity 3D 與您的計算平台相比有何進展？

Yes.

是的。

That's a good question.

這是個好問題。

So in terms of Integrity, like I said in my remarks, I think we are pretty confident of our position.

因此，就誠信而言，就像我在講話中所說的那樣，我認為我們對自己的立場非常有信心。

And a lot of the 3D-IC thing, it's not one thing, it's a combination of a lot of things.

還有很多 3D-IC 的東西，不是一回事，而是很多東西的組合。

So for example, some 3D-IC systems are more package-based.

例如，一些 3D-IC 系統更基於封裝。

Some are more packaged technology-based.

有些更基於封裝技術。

Some are more interposer-based, which is a more digital technology.

有些更基於中介層，這是一種更加數字化的技術。

But all in all, Cadence is the most unique platform.

但總而言之，Cadence 是最獨特的平台。

We have leadership in packaging with Allegro, with analog in Virtuoso, with digital in Innovus and all the analysis tools with Clarity and Celsius.

我們在 Allegro 封裝、Virtuoso 模擬、Innovus 數字以及 Clarity 和 Celsius 的所有分析工具方面處於領先地位。

And they're all integrated and best-of-class solutions, okay?

它們都是集成的一流解決方案，好嗎？

So we are pretty confident of our position and the response we are getting.

所以我們對我們的立場和我們得到的回應非常有信心。

And to your question with TSMC, TSMC is a great partner of Cadence.

對於您向台積電提出的問題，台積電是 Cadence 的重要合作夥伴。

And we are working with them on a variety of things, including Integrity 3D-IC.

我們正在與他們合作開展各種工作，包括 Integrity 3D-IC。

And actually, to give you example, one of the leading mobile customers did a 3D-IC solution with us and TSMC.

實際上，舉個例子，領先的移動客戶之一與我們和台積電合作開發了 3D-IC 解決方案。

And one of the key things there was the thermal profile, and they use Celsius to do silicon validation that Celsius is accurate for, for 3D-IC temperature simulation.

其中關鍵的事情之一是熱曲線，他們使用攝氏溫度進行矽驗證，攝氏溫度是準確的，用於 3D-IC 溫度模擬。

So I think 3D-IC is going to be big, and it requires multiple products and multiple implementation flows, and we are pretty confident in our position.

所以我認為 3D-IC 會很大，它需要多種產品和多種實施流程，我們對自己的位置很有信心。

And maybe a second question, I'm not sure if this has been asked before since I recently just started following you guys.

也許還有第二個問題，我不確定是否有人問過這個問題，因為我最近才開始關注你們。

I want to ask a question about Intel IDM 2.0 strategy.

我想問一個關於英特爾 IDM 2.0 策略的問題。

I know you probably don't want to be too customer-specific, but the turnaround effort by Intel is too material to ignore, in my opinion.

我知道您可能不想過於針對客戶，但在我看來，英特爾的轉型努力太重要了，不容忽視。

Any thoughts on how Cadence can do to support Intel's grand turnaround efforts over the coming years?

關於 Cadence 如何支持英特爾在未來幾年的重大轉型努力有什麼想法嗎？

And if you don't want to comment Cadence-specific, maybe give us some color at the industry level.

如果您不想評論特定於 Cadence 的內容，也許可以在行業層面上給我們一些顏色。

Yes.

是的。

Thank you for the question.

感謝你的提問。

I think we are glad to do more with Intel.

我認為我們很高興與英特爾一起做更多的事情。

Actually, they have the Intel foundry announcement and also some new programs like RAMP-C with the government.

實際上，他們有英特爾代工公告以及一些新的項目，如與政府合作的 RAMP-C。

And I'll just quote you what is already public by Randhir, who is the Head of Intel Foundry, he said, "Along with our customers and ecosystem partners, including IBM, Cadence, Synopsys and others, we will bolster the domestic semiconductor supply chain." So this is the official comment from Intel.

我只引用英特爾代工負責人 Randhir 已經公開的內容，他說：“與我們的客戶和生態系統合作夥伴，包括 IBM、Cadence、Synopsys 等，我們將加強國內半導體供應鏈。”所以這是英特爾的官方評論。

And I think we let them speak for their strategy, but we are glad to do more with Intel.

而且我認為我們讓他們為他們的戰略說話，但我們很高興與英特爾一起做更多的事情。

Thank you.

謝謝你。

Our final question will come from the line of Vivek Arya from Bank of America.

我們的最後一個問題將來自美國銀行的 Vivek Arya。

Congrats and best wishes to Lip-Bu and Anirudh from my side as well.

我也向 Lip-Bu 和 Anirudh 表示祝賀和最良好的祝愿。

For my first one, on your NUMECA and Pointwise acquisition and just kind of the general expansion into system analysis and CFD, could you give us a sense how big is it today?

對於我的第一個，關於您的 NUMECA 和 Pointwise 收購，以及對系統分析和 CFD 的一般擴展，您能告訴我們它今天有多大嗎？

How big can it be over the next 1, 2 years?

未來 1、2 年能有多大？

And importantly, when does that start becoming accretive, right, to the 11%, 11.5% kind of growth model that you have?

重要的是，什麼時候開始對你現有的 11%、11.5% 的增長模式產生增值作用？

Yes, we're very pleased with the M&A integration for NUMECA and Pointwise.

是的，我們對 NUMECA 和 Pointwise 的併購整合感到非常滿意。

They're not hugely significant from a revenue standpoint right now.

從收入的角度來看，它們現在並不是非常重要。

We would expect them to be accretive next year.

我們預計它們明年會增加。

Got it.

知道了。

And then maybe as a follow-up, I think, John, you mentioned some higher costs in Q4.

然後可能作為後續行動，我認為，約翰，你在第四季度提到了一些更高的成本。

Are they one-off costs?

它們是一次性費用嗎？

Or do they become kind of the baseline as we start thinking about OpEx for next year?

或者當我們開始考慮明年的運營支出時，它們是否會成為某種基準？

Yes.

是的。

Great question.

好問題。

I mean I expect slightly higher cost in Q4 versus Q3, partly due to -- we did a bit of catch-up in hiring in Q3.

我的意思是，我預計第四季度的成本會比第三季度略高，部分原因是——我們在第三季度的招聘方面做了一些追趕。

And of course, anyone we hired in the second half of Q3, we'll have a full quarter of their expense in Q4 where you didn't have a full quarter of expense in Q3.

當然，我們在第三季度下半年僱用的任何人，我們將在第四季度支付他們四分之一的費用，而在第三季度你沒有四分之一的費用。

So there's slight uptick to that.

所以有小幅上漲。

And then secondly, I expect a little bit more on commission cost because we expect bookings to be stronger in Q4 because I would anticipate that we will finish the year with a stronger RPO than we started the year.

其次，我預計佣金成本會增加一點，因為我們預計第四季度的預訂量會更強，因為我預計我們將以比年初更強的 RPO 結束這一年。

So expect a good bookings quarter in Q4, which will add a little bit of commissions expense.

因此，預計第四季度會有一個良好的預訂季度，這將增加一點佣金費用。

And then also, we have slightly higher T&E embedded in the forecast.

然後，我們在預測中嵌入了略高的 T&E。

That continues into Q1?

這會持續到第一季度嗎？

I know you're not giving Q1 guidance, but all else being equal, does that become kind of the baseline for going into Q1?

我知道你沒有給出第一季度的指導，但在其他條件相同的情況下，這會成為進入第一季度的基準嗎？

Yes.

是的。

I feel very good about the continuing operating leverage that, sorry, I don't think there's any near-term ceiling on operating leverage.

我對持續的經營槓桿感覺非常好，抱歉，我認為經營槓桿沒有任何近期上限。

I mean you'll see that we're up to 37% now, but it's the fifth year in a row that we've delivered more than 50% incremental margins.

我的意思是你會看到我們現在的利潤率高達 37%，但這是我們連續第五年實現超過 50% 的增量利潤率。

So every dollar of revenue growth from 2017 until now, we're dropping through more than $0.50 of that revenue growth through to operating income.

因此，從 2017 年到現在，每增加 1 美元的收入，我們就會將超過 0.50 美元的收入增長下降到營業收入。

So as long as we're delivering incremental margins of over 50%, that operating leverage should continue to rise.

因此，只要我們提供超過 50% 的增量利潤率，運營槓桿就應該繼續上升。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn it back over to Lip-Bu Tan for closing remarks.

我現在想把它交還給 Lip-Bu Tan 做閉幕詞。

Thank you all for joining us this afternoon.

感謝大家今天下午加入我們。

It is an exciting time for Cadence with the growing market opportunities and strong business momentum.

對於 Cadence 來說，這是一個激動人心的時刻，市場機會不斷增長，業務勢頭強勁。

Our Intelligent System Design strategy is playing out very nicely as we benefit from new opportunities in design excellence, system innovation and pervasive intelligence and an expanded total addressable market.

隨著我們從卓越設計、系統創新和無處不在的智能以及擴大的總目標市場中受益，我們的智能係統設計戰略正在發揮很好的作用。

We are proud of the innovative and inclusive culture that we built at Cadence.

我們為在 Cadence 建立的創新和包容性文化感到自豪。

We are grateful for the recognitions that we received over the years, including most recently being named as one of the World's Best Workplace for the sixth time by Fortune and Great Place to Work, as well as being named to Newsweek's List of Most Loved Workplaces for 2021.

我們感謝多年來獲得的認可，包括最近第六次被《財富》和 Great Place to Work 評為世界最佳工作場所之一，以及被《新聞周刊》評為最受喜愛的工作場所名單2021 年。

And lastly, on behalf of our employees and our Board of Directors, we thank our customers and partners for their continued trust and confidence during these unprecedented times.

最後，我們代表我們的員工和董事會，感謝我們的客戶和合作夥伴在這個前所未有的時期一直以來的信任和信心。

Thank you for participating in today's Cadence Third Quarter 2021 Earnings Conference Call.

感謝您參加今天的 Cadence 2021 年第三季度收益電話會議。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。