益華電腦 (CDNS) 2021 Q2 法說會逐字稿

Good afternoon. My name is Jamaira, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cadence Second Quarter 2021 Earnings Conference Call. (Operator Instructions) I will now turn the call over to Alan Lindstrom, Senior Group Director of Investor Relations for Cadence. Please go ahead.

下午好。我的名字是 Jamaira，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 2021 年第二季度收益電話會議。 （操作員說明）我現在將把電話轉給 Cadence 投資者關係高級集團總監 Alan Lindstrom。請繼續。

Thank you, Jamaira. I would like to welcome everyone to our second quarter 2021 earnings conference call. I am joined today by Lip-bu Tan, Chief Executive Officer; Anna Ru Devgan, President; and John Wall, Senior Vice President and Chief Financial Officer.

謝謝你，賈邁拉。我想歡迎大家參加我們的 2021 年第二季度收益電話會議。今天，首席執行官陳立武加入了我的行列； Anna Ru 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 September 17, 2021. A copy of today's prepared remarks will also be available on our website at the conclusion of the call today. Please note that the discussion today will contain forward-looking statements. 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. Due to known and unknown risks and uncertainties. Actual results may differ materially from those projected or implied in today's discussion. For information on those factors that could cause a difference in our results, please refer to our filings with the Securities and Exchange Commission. 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. And by the way, our second quarter 10-Q was filed about 1 -- 4:15 Eastern time today, so it's out there. You should not rely on our forward-looking statements as predictions of future events. All such statements are based on estimates and information available at this time and cages disclaims any obligation to update any forward-looking statements, except as required by law.

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 9 月 17 日。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。請注意，今天的討論將包含前瞻性陳述。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。由於已知和未知的風險和不確定性。實際結果可能與今天討論中預測或暗示的結果大不相同。有關可能導致我們結果差異的因素的信息，請參閱我們向美國證券交易委員會提交的文件。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。順便說一句，我們的第二季度 10-Q 是在今天東部時間 1 點到 4 點 15 分提交的，所以它就在那裡。您不應依賴我們的前瞻性陳述作為對未來事件的預測。所有此類陳述均基於此時可用的估計和信息，並且除法律要求外，Cages 不承擔更新任何前瞻性陳述的任何義務。

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. 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. These non-GAAP financial measures should not be considered in isolation from or as a substitute for GAAP results. 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. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures with their most direct comparable financial results -- GAAP financial results in today's earnings press release.

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 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。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。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。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 財務指標與他們最直接可比的財務結果——GAAP 財務結果的對賬情況。

Copies of today's press release dated July 26, 2021, for the quarter ended July 3, 2021, related financial tables and the CFO commentary are also available on our website. For the Q&A session today, we would ask that you observe a limit of one question and one follow-up, and you may requeue if you would like to ask additional questions and time permits.

今天的新聞稿日期為 2021 年 7 月 26 日，截至 2021 年 7 月 3 日的季度，相關財務表格和首席財務官評論也可在我們的網站上獲得。對於今天的問答環節，我們要求您遵守一個問題和一個跟進的限制，如果您想問更多問題並且時間允許，您可以重新排隊。

Now I will 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. Cadence delivered outstanding financial results for the second quarter as broad-based customer demand for our innovative solutions drove stronger-than-expected revenue growth, profitability and cash flow. We are significantly raising our financial outlook for the year, highlighted by a $14 million increase in revenue guidance or 10% year-over-year revenue growth. John will provide the details in a moment for both our Q2 results and the updated outlook for the year.

大家下午好，感謝您今天加入我們。由於客戶對我們創新解決方案的廣泛需求推動了強於預期的收入增長、盈利能力和現金流，Cadence 第二季度取得了出色的財務業績。我們正在顯著提高我們今年的財務前景，其中收入指導增加了 1400 萬美元或收入同比增長 10%。約翰將在稍後提供我們的第二季度業績和年度更新展望的詳細信息。

Before I get into more details for the quarter -- about the quarter, I would like to talk about CEO transition news that we announced earlier this afternoon. We announced Anirudh Devgan, our President, will take over as CEO on December 15, 2021, and I will transition to the role of Executive Chairman at that time. It has been a privilege to serve as the CEO of Cadence for the past 12-plus years. Over that period, I'm very pleased that we instilled a sustainable culture center on leapfrog innovation and customer delight, forged very close partnership with our customers and partners and built an extremely talented Cadence team of over 9,000 employees.

在我了解本季度的更多細節之前 - 關於本季度，我想談談我們今天下午早些時候宣布的 CEO 過渡新聞。我們宣布，我們的總裁 Anirudh Devgan 將於 2021 年 12 月 15 日接任首席執行官，屆時我將轉任執行主席一職。在過去 12 年多的時間裡，擔任 Cadence 的首席執行官是一種榮幸。在此期間，我很高興我們灌輸了一個關於跨越式創新和客戶滿意度的可持續文化中心，與我們的客戶和合作夥伴建立了非常密切的合作夥伴關係，並建立了一支由 9,000 多名員工組成的極具才華的 Cadence 團隊。

Cadence is now firmly established, not just as a top end-to-end EDA provider of choice, but a company that is well on its way and expanding beyond EDA by executing our exciting ISD strategy that triples our TAM to 30 billion. The Board and I are very excited that Anirudh will become CEO in December, and we cannot think of anyone more uniquely qualified to lead Cadence to even higher heights. He's a proven leader with both strategy vision, a relentless focus on innovation and execution, and passion for driving customer success.

Cadence 現在已經牢固確立，不僅是首選的頂級端到端 EDA 提供商，而且是一家通過執行我們令人興奮的 ISD 戰略，將我們的 TAM 增加三倍至 300 億的公司，它正在順利發展並超越 EDA。董事會和我對 Anirudh 將在 12 月成為 CEO 感到非常興奮，我們想不出還有誰比任何人更有資格帶領 Cadence 達到更高的高度。他是一位久經考驗的領導者，擁有戰略遠見、對創新和執行的不懈關注以及對推動客戶成功的熱情。

Over the past 4 years, since he became President, Anirudh and I have jointly led the company, and the Board and I think this is the right time to execute the next phase of our succession plan and hand over the baton to him. You can expect to see a lot of continuity going forward. As we view this transition as more of a formalization of our current responsibilities.

在過去的 4 年裡，自從他成為總裁以來，我和 Anirudh 共同領導了公司，董事會和我認為現在是執行我們下一階段繼任計劃並將接力棒交給他的合適時機。您可以期待看到很多連續性。我們認為這種轉變更多是對我們當前職責的正式化。

As Executive Chairman, I will focus more on new market opportunities, key strategic initiatives and deepening our relationship with customers and partners and on maximizing shareholder value. And now let me move on to the business highlights.

作為執行主席，我將更多地關注新的市場機遇、關鍵戰略舉措、深化我們與客戶和合作夥伴的關係以及最大化股東價值。現在讓我繼續討論業務亮點。

Generation trends, such as 5G, hyperscaler and autonomous vehicles underpinned by AI, machine learning and data analytics are accelerating a digital transformation across multiple industries. With semiconductors at its foundation, these trends are driving strong design activity across a growing spectrum of semi and system companies, and we are very well positioned for this to be a sustainable long-term growth driver for us.

以人工智能、機器學習和數據分析為基礎的 5G、超大規模和自動駕駛汽車等新一代趨勢正在加速跨多個行業的數字化轉型。以半導體為基礎，這些趨勢正在推動越來越多的半導體和系統公司進行強大的設計活動，我們已經做好準備，成為我們可持續的長期增長動力。

Delighting customers and accelerating growth requires a relentless commitment to innovation. With the launch of the 4 new products, we have now introduced 8 significant innovative products so far this year across all the business groups, and will contribute to future growth. We continue to expand our business with market-shaping customers and our differentiated solution that to a broad-based expansion of our partnership with Samsung, including proliferation of our digital full flow.

取悅客戶並加速增長需要對創新的不懈承諾。隨著 4 款新產品的推出，我們今年迄今已在所有業務集團推出了 8 款重要的創新產品，並將為未來的增長做出貢獻。我們繼續與塑造市場的客戶和我們的差異化解決方案擴展我們的業務，以擴大我們與三星的合作夥伴關係，包括擴大我們的數字全流程。

It was an outstanding quarter for our digital and signoff business, with revenue growing 16% year-over-year. Our digital full flow delivering industry-leading quality of results at the most advanced nodes, adding 13 new customers that included key competitive displacements while expanding significantly at several market-shaping customers. Noteworthy, among them, were a large U.S. data infrastructure company, further expansion of a marquee U.S. aerospace and defense firm, a major Asia Pacific hyperscaler and an exciting AI start-up.

對於我們的數字和簽收業務來說，這是一個出色的季度，收入同比增長 16%。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，增加了 13 個新客戶，其中包括關鍵的競爭替代品，同時在幾個塑造市場的客戶中顯著擴展。值得注意的是，其中包括一家大型美國數據基礎設施公司、一家大型美國航空航天和國防公司的進一步擴張、一家主要的亞太超大規模企業和一家令人興奮的人工智能初創公司。

We have been steadily incorporating cutting-edge AIML technology into our solutions. And we significantly advanced that with last week's introduction of new Cerebrus Intelligent Chip Explorer. Cerebrus' unique reinforcement learning model increase effectiveness with each use and enables to 20% PPA improvement and 10x productivity gain. Cerebrus was endorsed by Samsung and Renesas, and several customers have realized meaningful benefits across multiple process nodes and end applications.

我們一直在穩步將尖端的 AIML 技術融入我們的解決方案。我們在上週推出了新的 Cerebrus 智能芯片資源管理器後，顯著提升了這一點。 Cerebrus 獨特的強化學習模型可提高每次使用的效率，並使 PPA 提高 20%，生產力提高 10 倍。 Cerebrus 得到了三星和瑞薩電子的認可，一些客戶已經在多個工藝節點和終端應用中實現了有意義的好處。

It was also a great quarter for our verification business, with 23% year-over-year revenue growth. Our verification suite comprising of best-in-class engines and delivering the best verification throughput saw continued strong customer adoption and expansion at several leading customers. Circular demand for our hardware continued unabated, leading to best Q2-ever for our Palladium and Protium platforms.

對於我們的驗證業務來說，這也是一個很好的季度，收入同比增長 23%。我們的驗證套件由一流的引擎組成，並提供最佳的驗證吞吐量，在多家領先客戶中持續獲得強勁的客戶採用和擴展。對我們硬件的循環需求持續有增無減，為我們的 Palladium 和 Protium 平台帶來了有史以來最好的第二季度。

There is a robust customer interest in the new Z2 and X2 system, with sales ramping nicely while sales of Z1 and X1 remained strong. Our hardware family had 15 new orders and over 65 repeat orders in the quarter, with the 3 largest transactions being with hyperscalers and included our largest Protium transaction to date, which was for new X2.

客戶對新的 Z2 和 X2 系統有著濃厚的興趣，銷量增長良好，而 Z1 和 X1 的銷量依然強勁。我們的硬件系列在本季度有 15 個新訂單和超過 65 個重複訂單，其中 3 筆最大的交易是與超大規模的，其中包括我們迄今為止最大的 Protium 交易，這是針對新 X2 的。

Strong momentum continue for our system design and analysis segment, with 20% year-over-year revenue growth. We expanded our system footprint with multiple verticals, including aerospace and defense, 5G wireless and communications. Growing system complexity for high-frequency applications is driving the need for an integrated platform solution across system design, simulation and analysis. As we continue building our system portfolio, we are pleased to see earlier indication of customers increasingly choosing a broader set of our solutions across this domain.

我們的系統設計和分析部門繼續保持強勁勢頭，收入同比增長 20%。我們將系統足跡擴展到多個垂直領域，包括航空航天和國防、5G 無線和通信。高頻應用的系統複雜性不斷提高，推動了對跨系統設計、仿真和分析的集成平台解決方案的需求。隨著我們繼續構建我們的系統組合，我們很高興看到早期跡象表明客戶越來越多地選擇我們在該領域的更廣泛的解決方案。

For instance, in Q2, a large U.S. data infrastructure company, made a significant commitment to our PCB, IC packaging, RF and system analysis solutions. We introduced our next-generation PCB and IC packaging design platform, Allegro X, that provides a unified engineering platform incorporating innovative machine-learning techniques and delivering up to 4x improvement in overall design team productivity.

例如，在第二季度，一家大型美國數據基礎設施公司對我們的 PCB、IC 封裝、射頻和系統分析解決方案做出了重大承諾。我們推出了我們的下一代 PCB 和 IC 封裝設計平台 Allegro X，它提供了一個統一的工程平台，結合了創新的機器學習技術，並將整體設計團隊的生產力提高了 4 倍。

AWR and Integrand had a record quarter, and the integration of our recent NUMECA and Pointwise acquisitions are progressing well. We have added several hundred system customers as we enhance our go-to-market and channel organization to help accelerate our business.

AWR 和 Integrand 取得了創紀錄的季度業績，我們最近收購的 NUMECA 和 Pointwise 的整合進展順利。隨著我們加強進入市場和渠道組織以幫助加速我們的業務，我們增加了數百個系統客戶。

Next, I want to make a few macro-level comments. We continue to monitor the ongoing semiconductor supply chain situation. As I reported last quarter, so far, we are not seeing any slowdown in design activity across our customer base. Unfortunately, the COVID-19 dynamic continues to evolve in our unpredictable manner -- in an unpredictable manner, with overall progress being threatened by new variants. As always, the health and safety of our employees, customers and partners is paramount, and we will continue doing what is in their best interest while working closely with local regulatory agencies. Now I will turn it over to Anirudh to say a few words.

接下來，我想發表一些宏觀層面的評論。我們將繼續監控持續的半導體供應鏈情況。正如我上個季度報告的那樣，到目前為止，我們的客戶群中的設計活動沒有任何放緩。不幸的是，COVID-19 動態繼續以我們不可預測的方式發展——以不可預測的方式，整體進展受到新變體的威脅。與往常一樣，我們的員工、客戶和合作夥伴的健康和安全至關重要，我們將在與當地監管機構密切合作的同時繼續做符合他們最大利益的事情。現在我將把它交給阿尼魯德說幾句話。

Thank you, Lip-Bu. I'm very honored and humbled to be appointed the next CEO of Cadence, and I'm deeply grateful to the Board and Lip-Bu for their confidence in me. I'm also very thankful to Lip-Bu for his mentorship and guidance over the years, and I'm excited to continuing partnering with him in our new roles. Generational industry drivers and rapidly unfolding digital transformation across several industries presents an enormous opportunity for Cadence. And I strongly believe we couldn't be better positioned to seize this opportunity.

謝謝你，立布。我非常榮幸和謙卑地被任命為 Cadence 的下一任首席執行官，我非常感謝董事會和立布對我的信任。我也非常感謝立布多年來的指導和指導，我很高興能在我們的新角色中繼續與他合作。代際行業驅動因素和跨多個行業迅速展開的數字化轉型為 Cadence 提供了巨大的機遇。我堅信我們不能更好地抓住這個機會。

Our Intelligent System Design strategy plays out a very exciting growth path as we enhance our portfolio to serve a growing set of customers. Our highly innovative solutions have led to a very strong foundation in core EDA and IP and to our early success in the system and AIML segments of our strategy as we expand into large, fast-growing adjacencies.

隨著我們增強我們的產品組合以服務於不斷增長的客戶群，我們的智能係統設計戰略開闢了一條非常令人興奮的增長道路。我們高度創新的解決方案為核心 EDA 和 IP 打下了非常堅實的基礎，並在我們擴展到大型、快速增長的鄰域時，在我們戰略的系統和 AIML 部分取得了早期成功。

I enthusiastically look forward to working with our talented team to accelerate our growth strategy while relentlessly driving to deliver strong business results and delight our customers with breakthrough innovation, execution and unparalleled support. I also look forward to furthering our collaborations with customers and ecosystem partners and deepening the engagements with you, our valued shareholders. Thank you.

我熱切期待與我們才華橫溢的團隊合作，加速我們的增長戰略，同時堅持不懈地推動實現強勁的業務成果，並以突破性的創新、執行力和無與倫比的支持取悅我們的客戶。我也期待與客戶和生態系統合作夥伴進一步合作，並加深與我們尊貴的股東們的合作。謝謝你。

And I will now hand it over to John to go over the financial highlights.

我現在將把它交給約翰來回顧財務亮點。

Thanks, Anirudh, and congratulations to you and Lip-Bu in your new roles. This is a great day for Cadence.

謝謝，Anirudh，並祝賀你和 Lip-Bu 擔任新職務。對於 Cadence 來說，這是美好的一天。

Good afternoon, everyone. I'm pleased to report that we exceeded all of our key financial metrics for the quarter, with broad-based demand for our innovative solutions driving stronger-than-expected revenue growth, profitability and cash flow. As a result, we are raising our financial outlook for the year across all key metrics.

大家下午好。我很高興地報告，我們超過了本季度的所有關鍵財務指標，對我們創新解決方案的廣泛需求推動了強於預期的收入增長、盈利能力和現金流。因此，我們在所有關鍵指標上提高了今年的財務前景。

Before getting into the numbers, I'd like to say a particular thank you to our India team. As we all know, India was particularly hard-hit by the pandemic in Q2, and we are deeply grateful to our India leaders for going above and beyond the call of Judy to put people first. We commend them for their heroic work in helping the local relief efforts, and it's reassuring to see the situation in India improve over the past few weeks.

在進入數字之前，我想特別感謝我們的印度團隊。眾所周知，印度在第二季度受到疫情的打擊尤為嚴重，我們非常感謝印度領導人超越朱迪的號召，以人為本。我們讚揚他們在幫助當地救援工作方面的英勇工作，看到印度的局勢在過去幾周有所改善，令人欣慰。

Now let's go through the key results for the second quarter, beginning with the P&L. Total revenue was $728 million. Non-GAAP operating margin was 39.5%. GAAP EPS was $0.56, and non-GAAP EPS was $0.86.

現在讓我們來看看第二季度的主要結果，從損益表開始。總收入為 7.28 億美元。非美國通用會計準則營業利潤率為 39.5%。 GAAP EPS 為 0.56 美元，非 GAAP 每股收益為 0.86 美元。

Next, turning to the balance sheet and cash flow. At quarter end, cash totaling $847 million, while the principal -- cash totaled $847 million, while the principal value of debt outstanding was $350 million. Operating cash flow for Q2 was $380 million. DSOs were 49 days. And during Q2, we repurchased $220 million of Cadence shares.

接下來，轉向資產負債表和現金流。在季度末，現金總額為 8.47 億美元，而本金現金總額為 8.47 億美元，而未償債務的本金價值為 3.5 億美元。第二季度的經營現金流為 3.8 億美元。 DSO 為 49 天。在第二季度，我們回購了 2.2 億美元的 Cadence 股票。

Before I provide our updated outlook for fiscal 2021, I'd like to take a moment to share the assumptions embedded in our outlook. We continue to expect that our NUMECA and Pointwise acquisitions will be slightly dilutive this year before becoming accretive next year. Our hiring plans in the first half were delayed by the COVID situation in India, but our outlook currently assumes we catch up on much of that delayed hiring activity in the second half.

在我提供我們對 2021 財年的最新展望之前，我想花點時間分享我們展望中的假設。我們繼續預計今年我們的 NUMECA 和 Pointwise 收購將略微稀釋，然後在明年變得增值。我們上半年的招聘計劃因印度的新冠疫情而推遲，但我們目前的展望假設我們在下半年趕上了大部分延遲的招聘活動。

Our outlook for the second half includes the cost of salary and promotion increases for the broad employee base. Those salary increases and promotions were generally affected from July 1. And finally, our outlook assumes there will be no changes to the export limitations that exist today. Embedding these assumptions into our outlook for fiscal 2021, we expect revenue in the range of $2.925 billion to $2.965 billion; non-GAAP operating margin in the range of to 36% to 36.75%. GAAP EPS in the range of $2.15 to $2.21. Non-GAAP EPS in the range of $3.14 to $3.20. Operating cash flow in the range of $925 million to $975 million. And we expect to use at least 50% of our free cash flow to repurchase Cadence shares in 2021.

我們對下半年的展望包括廣大員工基礎的工資和晉升成本增加。從 7 月 1 日起，這些加薪和晉升普遍受到影響。最後，我們的展望假設今天存在的出口限制不會發生變化。將這些假設納入我們對 2021 財年的展望，我們預計收入在 29.25 億美元至 29.65 億美元之間；非美國通用會計準則營業利潤率在 36% 至 36.75% 之間。公認會計原則每股收益在 2.15 美元至 2.21 美元之間。非公認會計原則每股收益在 3.14 美元至 3.20 美元之間。經營現金流在 9.25 億美元至 9.75 億美元之間。我們預計在 2021 年將至少 50% 的自由現金流用於回購 Cadence 股票。

For Q3 2021, we expect revenue in the range of $730 million to $750 million, non-GAAP operating margin of approximately 34%. GAAP EPS in the range of $0.48 to $0.50, and non-GAAP EPS in the range of $0.74 to $0.76. 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.

對於 2021 年第三季度，我們預計收入在 7.3 億美元至 7.5 億美元之間，非美國通用會計準則營業利潤率約為 34%。 GAAP 每股收益在 0.48 美元到 0.50 美元之間，非 GAAP 每股收益在 0.74 美元到 0.76 美元之間。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, Cadence delivered another quarter of strong revenue growth and expanding profitability, and we're pleased to raise our outlook for the year. I would like to close by thanking our customers, partners and our hard-working employees for all that they do, and I'd like to remind them all that their health and safety continues to be our first priority.

總之，Cadence 實現了又一個季度的強勁收入增長和不斷擴大的盈利能力，我們很高興上調今年的展望。最後，我要感謝我們的客戶、合作夥伴和辛勤工作的員工所做的一切，我想提醒他們所有人，他們的健康和安全仍然是我們的首要任務。

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 comes from Jay Vleeschhouwer with Griffin Securities.

（操作員說明）您的第一個問題來自 Griffin 證券公司的 Jay Vleeschhouwer。

Anirudh, let me start with you and then my follow-up for Lip-Bu. With regard to last week's product announcement of Cerebrus, the application of AIML to EDA, it would seem fair to say that perhaps the most significant methodological advance in EDA since the days that synthesis, place and route 20 years or so ago.

Anirudh，讓我從你開始，然後是我對 Lip-Bu 的跟進。關於上週 Cerebrus 的產品發布，AIML 在 EDA 中的應用，公平地說，這似乎是自 20 年前綜合、佈局和佈線以來 EDA 最重要的方法學進步。

The question I have for you, is Cerebrus extensible to your nondigital businesses such as custom and PCB and your new computational software ambitions and similarly, to the extent that there's a growing design trend towards specialty or domain-specific designs because Cerebrus have to be tuned to an increasingly specialty chip market?

我要問你的問題是，Cerebrus 是否可以擴展到您的非數字業務（例如定制和 PCB）以及您的新計算軟件野心，並且類似地，由於必須調整 Cerebrus，因此朝著專業或特定領域設計的設計趨勢不斷增長走向日益專業化的芯片市場？

And then for Lip-Bu, the follow-up is, in your keynote last month at Cadence sight, you listed all your market opportunities such as 5G, IoT and so forth. Interestingly, you referred to hyperscaler market as "the most exciting". Could you explain why you said that? And was that just circumstantial to Q2? Or is that an ongoing view of world?

然後對於立布來說，後續行動是，在您上個月在 CadenceSight 的主題演講中，您列出了您所有的市場機會，例如 5G、物聯網等。有趣的是，您將超大規模市場稱為“最令人興奮的”。你能解釋一下你為什麼這麼說嗎？這只是第二季度的情況嗎？或者那是一種持續的世界觀？

Jay, let me start. Thanks for the question. And we are really truly excited about Cerebrus. I believe Cerebrus is a fundamental breakthrough using reinforcement learning to basically drive our digital full flow. So I mean Genus, Innovus, Tempus can give great quality of results, but the design are still, run them, and based on their intuition run them again and you do the design that way. And Cerebrus can do that much more -- in a much more mathematical way to explore the design options and parameters.

傑，讓我開始吧。謝謝你的問題。我們真的對 Cerebrus 感到非常興奮。我相信 Cerebrus 是使用強化學習來推動我們的數字化全流程的根本性突破。所以我的意思是 Genus、Innovus、Tempus 可以提供高質量的結果，但是設計仍然存在，運行它們，然後根據他們的直覺再次運行它們，然後你就可以按照這種方式進行設計。而 Cerebrus 可以做得更多——以更數學的方式來探索設計選項和參數。

And we announced that last week, as you said, and some of the results or some of the endorsement, for example, Samsung said they got 8% power improvement, and this could be done in days versus months. And Renesas said that they've got 10% improvement in frequency. So these are definitely very promising results. I mean it's still early. We are continuing to work with more and more customers. But so far, we are happy with how well Cerebrus is performing.

正如你所說，我們上周宣布了一些結果或一些認可，例如，三星表示他們獲得了 8% 的功率提升，這可以在幾天而不是幾個月內完成。瑞薩表示，他們的頻率提高了 10%。所以這些絕對是非常有希望的結果。我的意思是現在還早。我們將繼續與越來越多的客戶合作。但到目前為止，我們對 Cerebrus 的表現感到滿意。

And these are based on fundamental kind of new optimization methods. And one thing I would like to remind you is that we have a lot of expertise in computational software, and a lot of it can be applied to AI. So it's still early days, and I think these can be definitely applied to other areas. So for example, we also announced Allegro X a couple of months ago, and that also has new machine learning technology to try and more automate place and route for PCB. So I think it's still early days, but we are very pleased by what Cerebrus can do and the application of AIML in general to EDA and to simulation and system design.

這些都是基於基本的一種新的優化方法。我想提醒你的一件事是，我們在計算軟件方面擁有很多專業知識，其中很多可以應用於人工智能。所以現在還處於早期階段，我認為這些絕對可以應用於其他領域。例如，幾個月前我們還發布了 Allegro X，它還擁有新的機器學習技術，可以嘗試更加自動化 PCB 的佈局和佈線。所以我認為現在還處於早期階段，但我們對 Cerebrus 的能力以及 AIML 在 EDA 以及仿真和系統設計中的一般應用感到非常高興。

Yes, Jay, the second question that you have in terms of my keynote on the -- we are very excited about this PI generation wave that drives a lot of cyclical design and activity, and I call it the silicon renaissance. And because I think clearly, this PI generation are driving a lot of innovation. And one particular one I call out is hyperscalers, because, as you know, data is explosive. And then the hyperscalers, they are really trying to scale their infrastructure in terms of network, storage, and the workloads have changed and moved towards more in the domain-specific, application-specific application.

是的，Jay，關於我的主題演講的第二個問題——我們對推動大量週期性設計和活動的 PI 一代浪潮感到非常興奮，我稱之為矽復興。因為我清楚地認為，這一代 PI 正在推動大量創新。我特別提到的一個是超大規模，因為如你所知，數據是爆炸性的。然後是超大規模的，他們真的在嘗試在網絡、存儲方面擴展他們的基礎設施，工作負載已經發生變化，並且更多地轉向特定於領域、特定於應用程序的應用程序。

So there's a lot of different processors required, and that drives a lot of innovation, a lot of design activity. And that's feeding very well with our Cadence ISD, Intelligent System Design, strategy that besides the silicon, besides the IP, the move up into the system innovation that tie in very well that Anirudh mentioned about this whole system modeling, system analysis and RF packaging, and all of this is going to be a lot of new requirements. And that's why we are very well positioned to capture this opportunity, and it's a double-digit growth opportunity for us.

所以需要很多不同的處理器，這推動了很多創新，很多設計活動。這與我們的 Cadence ISD（智能係統設計）戰略相得益彰，除了芯片之外，除了 IP 之外，Anirudh 提到的整個系統建模、系統分析和射頻封裝都非常適合系統創新。 ，所有這些都將是很多新的要求。這就是為什麼我們非常有能力抓住這個機會，這對我們來說是一個兩位數的增長機會。

Your next question is with Gary Mobley with Wells Fargo Securities.

您的下一個問題是富國銀行證券公司的 Gary Mobley。

Let me start off by congratulating Lip-Bu and Anirudh for all that you've accomplished in your careers at Cadence as a team and as well your next role. My -- I want to start with a multi-part question on the backlog metric. It was nice to see the improvement. And I think you were expecting an improvement from where it ended in the first quarter. Might we see some further improvement for the balance of the year in that backlog metric?

首先讓我祝賀 Lip-Bu 和 Anirudh 在 Cadence 作為一個團隊的職業生涯以及你的下一個角色所取得的成就。我的——我想從關於積壓指標的多部分問題開始。很高興看到改進。而且我認為您預計會比第一季度結束時有所改善。我們是否會在該積壓指標中看到今年餘額的進一步改善？

And to what extent was that backlog metric helped or hurt by average license terms or, in other words, duration-adjusted backlog metric? And to what extent has it been held back by some -- your decision back in late 2019, early 2020 to renew some key accounts prior to expiration?

平均許可條款或換句話說，持續時間調整的積壓指標對積壓指標有多大幫助或損害？一些人在多大程度上阻礙了它——您在 2019 年底、2020 年初決定在到期前更新一些關鍵賬戶？

Yes, Gary, I can take that one. And taking the last part of your question first, that I don't think our decision to renew some business early back at this -- like the start of 2020 has an impact because typically, our customers are on, like, a 3-year renewal cycle for their base contract.

是的，加里，我可以拿那個。先回答你問題的最後一部分，我不認為我們在此之前提前更新一些業務的決定——比如 2020 年初會產生影響，因為通常情況下，我們的客戶會持續 3 年基礎合同的續訂週期。

In relation to RPOs, I think that's what you're referring to, RPOs bounced back a little bit. But as you recall, Q1 was a light renewal quarter for software, Q2 was a heavier renewal quarter for software, but the annual value of those contracts in Q2 jumped and that allowed us to raise our guidance for revenue for the year. But yes, so all lines of business were performing really well. And I think I said on the last call that we thought that the decline in RPOs in Q1 was a temporary phenomenon, and we expect it to climb back and improve throughout the year.

關於RPO，我認為這就是您所指的，RPO 反彈了一點。但正如你所記得的，第一季度是軟件續訂的輕量季度，第二季度是軟件續訂量較大的季度，但這些合同在第二季度的年度價值躍升，這使我們能夠提高對今年收入的指導。但是，是的，所以所有業務線都表現得非常好。我想我在上次電話會議上說過，我們認為第一季度 RPO 的下降是暫時的現象，我們預計它會在全年回升並有所改善。

Okay. And my second question relates to China. John, I think you mentioned last earnings call that you would expect sort of a normalized level for China-related revenue, about 12% of this year's revenue, which would imply really a low double-digit percent year-over-year decline in your China business. But it trended well in the second quarter. So my question to you is are you still a little bit cautious with respect to your China revenue this year? Or is that 14% China mix in the second quarter, perhaps indicative of where you might land for the full year?

好的。我的第二個問題與中國有關。約翰，我認為你在上次財報電話會議上提到，你預計中國相關收入將達到正常水平，約佔今年收入的 12%，這意味著你的收入同比下降幅度實際上是兩位數。中國業務。但它在第二季度的趨勢很好。所以我的問題是，對於今年在中國的收入，您是否仍然有點謹慎？還是說第二季度中國占 14% 的比例，或許預示著你全年可能登陸的地方？

Yes. I think it's the latter, Gary. I think we saw a very solid second quarter and an uptick in China business. I was cautious in the first quarter because last year, we benefited from higher-than-average upfront revenue mix in the second half in China, and that contributed to, I think, close to 70% growth last year, which is a really tough comp to lap. So I was being careful with the guide.

是的。我認為是後者，加里。我認為我們看到了非常穩健的第二季度和中國業務的增長。第一季度我很謹慎，因為去年我們受益於中國下半年高於平均水平的前期收入組合，我認為這促成了去年接近 70% 的增長，這真的很艱難比較一圈。所以我對導遊很小心。

But now having seen the strength in Q2, I think one of the sales guys told me that Q2 was the best Q4 we've ever had, and that they were really impressed with the strength of bookings that were coming through, but I think we feel much more confident in the region. And there's broad-based strength across all the bookings activity in Q2. So yes, I think that the year is probably going to be more like Q2 than Q1.

但現在看到第二季度的強勁勢頭，我想其中一位銷售人員告訴我，第二季度是我們有史以來最好的第四季度，他們對即將到來的預訂強度印象深刻，但我認為我們對該地區更有信心。第二季度的所有預訂活動都有廣泛的優勢。所以是的，我認為今年可能更像是第二季度而不是第一季度。

Your next question is with Gal Munda from Berenberg.

您的下一個問題是來自 Berenberg 的 Gal Munda。

So the first one is you've kind of touched a little bit on this trend that you've seen on the digital side. Specifically, you mentioned 30 new customers. You mentioned some competitive displacements. I guess I want to kind of -- if you zoom out a little bit and think about what's really driving the growth between there between the competitive displacements and just a very, very healthy design activity in terms of the market, could you help us understand that?

所以第一個是你已經對你在數字方面看到的這種趨勢有所了解。具體來說，您提到了 30 個新客戶。你提到了一些競爭性的置換。我想我想有點——如果你稍微縮小一點，想想是什麼真正推動了競爭性置換和市場方面非常、非常健康的設計活動之間的增長，你能幫助我們理解嗎？那？

This is Anirudh. I'll take that question. So I think your question is regarding the digital and signoff growth, right? So yes, we are very pleased with the digital group performing well, the -- like Lip-Bu mentioned, it grew about 16% from last Q2 and I believe, faster than market. And there is a lot of design activity, which continues to accelerate, especially at advanced node where we do particularly well. So we see a lot of design activity at -- increasing at N5 and N3 and some early work with foundries at N2. So I think the whole trend of people moving to more advanced nodes is continuing at a strong pace. And I think that helps us in our digital business.

這是阿尼魯德。我會回答這個問題。所以我認為你的問題是關於數字和簽核增長的，對嗎？所以是的，我們對數字集團表現良好感到非常滿意，就像 Lip-Bu 提到的，它比去年第二季度增長了約 16%，我相信，比市場更快。並且有很多設計活動繼續加速，特別是在我們做得特別好的高級節點。因此，我們在 N5 和 N3 看到了很多設計活動，以及在 N2 與代工廠的一些早期工作。所以我認為人們轉向更高級節點的整個趨勢正在以強勁的速度繼續。我認為這有助於我們的數字業務。

And also, we are getting more full flow adoption, not just place and route, the full flow means synthesis, place and route, signoff. So customers are more and more comfortable running our entire flow. And that's, again, a trend that we have worked on for a while to give a full integrated flow to our digital customers.

而且，我們越來越多地採用全流程，而不僅僅是佈局和佈線，全流程意味著綜合、佈局和佈線、簽核。因此，客戶對運行我們的整個流程越來越感到自在。這也是我們已經努力了一段時間的趨勢，旨在為我們的數字客戶提供完整的集成流程。

And then there are other trends like 3D-IC becoming more prevalent and, of course, mixed signal, we are always strong in mixed signal. So overall, we are confident in our digital position. And then on top of that, we can have Cerebrus to perform -- to give even better results than just using a regular digital flow. So I think the summary is that the design activity is strong, and we are glad to work with our customers for these designs.

然後還有其他趨勢，例如 3D-IC 變得越來越流行，當然還有混合信號，我們總是擅長混合信號。總的來說，我們對我們的數字化地位充滿信心。然後最重要的是，我們可以讓 Cerebrus 執行——提供比僅使用常規數字流程更好的結果。所以我認為總結是設計活動很強大，我們很高興與我們的客戶合作進行這些設計。

Got you. That's very helpful. And then maybe as a follow-up, Anirudh maybe for you or even John maybe. When I think about kind of the way Q2 came in extremely strong, it enables you to kind of go above and beyond the beat in order to kind of raise the guidance for the year. What gives you that confidence? Is it the fact that you weren't able to derive Q1 because of the fact that there's still a lot of hardware tough comp from last year and stuff, but now you're kind of another 3 months in and seeing more of it? Or what's behind kind of the same thing to be a little bit more keen to reflect the outperformance in the quarter and beyond in the guidance?

得到你。這很有幫助。然後可能作為後續行動，Anirudh 可能適合你，甚至可能適合 John。當我想到第二季度的表現非常強勁時，它使你能夠超越節拍，以提高今年的指導。是什麼讓你有這種信心？是不是因為去年還有很多硬件強硬的組合和其他東西，所以你無法推導出 Q1，但現在你又過了 3 個月，看到了更多？或者，在指導方針中更熱衷於反映本季度及以後的優異表現的背後是什麼？

That's a great question, Gal. But yes, I can take that. The -- essentially, the annual value of the contracts that we booked in Q2, in a lot of cases, were significantly higher than the contracts that were expiring. And that gives us great confidence that, along with, I guess, the visibility into the second half that we have now that we -- it becomes clearer and clearer as you get closer to the start of the second half. But that helps us a lot.

這是一個很好的問題，蓋爾。但是，是的，我可以接受。 - 從本質上講，我們在第二季度預訂的合同的年度價值在很多情況下都明顯高於即將到期的合同。這給了我們很大的信心，我想，隨著我們現在對下半場的可見性 - 隨著你接近下半場開始，它變得越來越清晰。但這對我們幫助很大。

I would advise anyone not to look at any 1 quarter, but maybe focus on the year's numbers. But because the quarter -- since the pandemic started, the quarters can be distorted. I mean digital was great growth this quarter over last Q2 2020, but I would like to remind you that in Q2 2020, we did back out some revenue for expected bad debt. But that -- and some of that we later recovered in Q4. So some of the quarters have been a bit distorted. So I've been trying to focus on the year. And when we look at the year, the annual value of contracts has increased considerably and enough for us to raise the guidance by $40 million at the midpoint for revenue.

我會建議任何人不要看任何一個季度，但也許關註一年的數字。但是因為季度——自從大流行開始以來，季度可能會被扭曲。我的意思是，與 2020 年第二季度相比，本季度數字業務實現了巨大增長，但我想提醒您，在 2020 年第二季度，我們確實為預期的壞賬收回了一些收入。但那 - 我們後來在第四季度恢復了其中的一些。所以有些部分有點扭曲。所以我一直在努力專注於這一年。當我們回顧這一年時，合同的年度價值已經大大增加，足以讓我們在收入的中點將指導值提高 4000 萬美元。

Next question is with Jackson Ader from JPMorgan.

下一個問題是來自摩根大通的傑克遜·阿德。

Can we just touch on the subpoena that was disclosed in the 10-Q. So just from reading the language, it sounds like you received this in February, and so I'm just curious why was it something that was disclosed in this quarter and not in the previous Q. And does that -- what kind of risk or whether it's operationally or any kind of penalties does this really imply?

我們能否談談 10-Q 中披露的傳票。所以僅僅從閱讀語言來看，聽起來你是在 2 月份收到的，所以我很好奇為什麼它是在本季度而不是在上一季度披露的。而且這樣做 - 什麼樣的風險或無論是操作上還是任何形式的懲罰，這真的意味著嗎？

Yes, that's -- yes, the -- that was really just a bit of housework, really, I guess, in terms of the nature of the subpoena became more clear to us in -- during the last quarter, and we wanted to make sure that investors were aware of it. We don't think it's hugely significant, but we wanted to document it in the Q in the interest of full transparency.

是的，那是 - 是的，那 - 這實際上只是一些家務活，真的，我想，就傳票的性質而言，我們在上個季度變得更加清楚，我們想要製作確保投資者意識到這一點。我們認為這並不重要，但為了完全透明，我們想在 Q 中記錄它。

Okay. Fair enough. And then on the hardware side, a lot those -- was it 15 new orders and 65 repeat orders of -- I'm sorry, of hardware orders, how many of those were Z1, X1 versus Z2, X2 if we have that breakdown?

好的。很公平。然後在硬件方面，很多 - 是 15 個新訂單和 65 個重複訂單 - 對不起，硬件訂單，如果我們有這個故障，有多少是 Z1、X1 與 Z2、X2 ?

Yes. I think I will let Anirudh answer the question, and I will chip in later on.

是的。我想我會讓 Anirudh 回答這個問題，稍後我會加入。

Yes. Thanks, Lip-Bu. That's a good question. So I mean we are pretty pleased with the performance of Z2 and X2, Palladium and Protium. And more and more of our business is transitioning to the new systems, which is Z2 and X2. And we still have -- Z1s and X1s still perform well so we are continuing to sell them depending on the customer situation.

是的。謝謝，立布。這是個好問題。所以我的意思是我們對 Z2 和 X2、Palladium 和 Protium 的性能非常滿意。我們越來越多的業務正在過渡到新系統，即 Z2 和 X2。而且我們仍然有 - Z1s 和 X1s 仍然表現良好，因此我們將根據客戶情況繼續銷售它們。

But more and more, we are selling the new systems, which are performing well. And I think John mentioned last time, we expect about 6 months of overlap with the 2 systems. So we are a few months into that. So I think that trend will continue, but more of it is the new systems and should be -- and I would expect by end of year, most of it will be the new systems.

但是越來越多的，我們正在銷售表現良好的新系統。我認為約翰上次提到，我們預計這兩個系統有大約 6 個月的重疊時間。所以我們已經進入了幾個月。所以我認為這種趨勢將繼續下去，但更多的是新系統，而且應該是——我預計到年底，大部分將是新系統。

Yes, we're very happy with the X2 and Z2 ramp, and we're building inventory as fast as we can to meet demand.

是的，我們對 X2 和 Z2 坡道非常滿意，我們正在盡快建立庫存以滿足需求。

Your next question will come from Joe Vruwink with Baird.

您的下一個問題將來自 Joe Vruwink 和 Baird。

And first of all, best wishes and congrats to Lip-Bu and Anirudh. Just, I wouldn't expect, I suppose, much change in the strategy. I think Lip-Bu mentioned continuity. That certainly seems to be the case. But I'll still ask the question just given the leadership changes. If maybe you do see an opportunity in particular areas of the business to accelerate what growth has been. Certainly the product announcement last week on AI-driven design seems to be a big trend, not just for Cadence, but the industry. Are there things like that where, over the next few years, you would expect these to be much bigger contributors and ultimately, help accelerate the growth profile of the company?

首先，向 Lip-Bu 和 Anirudh 致以最良好的祝愿和祝賀。只是，我不希望，我想，戰略會發生很大變化。我認為立布提到了連續性。情況似乎確實如此。但鑑於領導層的變化，我仍然會問這個問題。如果您確實在特定業務領域看到了加速增長的機會。當然，上週關於人工智能驅動設計的產品公告似乎是一個大趨勢，不僅對 Cadence，而且對整個行業而言。有沒有這樣的事情，在接下來的幾年裡，你會期望這些會成為更大的貢獻者，並最終幫助公司加速增長？

Yes. Thank you, Joe. And I think I would like to say that Cadence is in a very strong position, right, as you guys see, and I worked closely with Lip-Bu over the last 4 years ever since I became President of the company and so there is a lot of continuity going forward, and we are very confident in our Intelligent System Design strategy.

是的。謝謝你，喬。我想我想說的是，Cadence 處於非常有利的地位，對，正如你們所看到的，自從我成為公司總裁以來，我在過去的 4 年裡與立布密切合作，所以有一個未來有很多連續性，我們對我們的智能係統設計戰略非常有信心。

I'm a big believer that computational software is our growth trend. EDA has done that for decades. And this is the right time to, not only do well in our core business of EDA and IP, but also expand it to other adjacencies, one of them being system design and analysis. And as you know, we have a big effort in that. And then the second one being AI and machine learning, which are also inherently computational.

我堅信計算軟件是我們的增長趨勢。 EDA 已經這樣做了幾十年。現在是時候，不僅要做好我們的 EDA 和 IP 核心業務，還要將其擴展到其他相鄰領域，其中之一就是系統設計和分析。如您所知，我們在這方面付出了巨大的努力。第二個是人工智能和機器學習，它們本質上也是計算的。

So I think EDA and IP have been a good business. We think it will continue to be a good business, but added with system design and analysis and AI and machine learning, it provides other adjacencies we can grow into. So we are truly excited. I think we are in a great position, and we look -- going forward, look at all these. We work very hard to accelerate all these trends and accelerate the growth and opportunities that we see and take Cadence to new heights.

所以我認為EDA和IP一直是一門好生意。我們認為這將繼續是一個很好的業務，但加上系統設計和分析以及人工智能和機器學習，它提供了我們可以成長的其他鄰接。所以我們真的很興奮。我認為我們處於一個很好的位置，我們期待 - 展望未來，看看所有這些。我們非常努力地加速所有這些趨勢，加速我們看到的增長和機遇，並將 Cadence 推向新的高度。

That's great. And then just a follow-up on the anticipated margin Cadence in the back half, it looks like the outlook implies maybe 34% to 35%. Is that purely a reflection of hiring accelerating? Is there any T&E that might be working back into the budget? Or maybe what's the best way to saying just relative first half, second half margins?

那太棒了。然後只是對後半部分預期利潤率 Cadence 的跟進，看起來前景暗示可能為 34% 至 35%。這純粹是招聘加速的反映嗎？是否有任何 T&E 可能會重新納入預算？或者說相對上半年、下半年利潤的最佳方式是什麼？

Yes, Joe. I think the first thing to note there is we completed our annual salary review and promotional cycle during Q2, and that's part of the story. But there are also some onetime things that kind of distort the margin picture in the second half. As part of our succession planning efforts, we did a voluntary early severance program at the same time as the promotion round, and there will be some temporary overlap in expense in the second half as the impending retirees transition to the -- their roles to their replacements. So we kind of double up on expense for 6 months there, and that's a temporary phenomenon.

是的，喬。我認為首先要注意的是我們在第二季度完成了年薪審查和促銷週期，這就是故事的一部分。但也有一些曾經的事情會扭曲下半場的邊際畫面。作為我們繼任計劃工作的一部分，我們在升級輪次的同時進行了一項自願的提前遣散計劃，隨著即將退休的退休人員過渡到他們的角色到他們的角色，下半年的費用將暫時重疊。替代品。所以我們在那里花了 6 個月的時間將費用翻倍，這是一個暫時的現象。

There's also the purchase accounting treatment of the acquisitions we had in the first half with NUMECA and Pointwise, they cause our second half margins to be lower than they would otherwise be. And yes, we're planning to do a lot of hiring in the second half, and I've embedded that into the guidance. But my team and I will review all of that and make sure it's absolutely necessary. So there could be some upside to that margin outlook following our review.

還有我們在上半年與 NUMECA 和 Pointwise 進行的收購的採購會計處理，它們導致我們下半年的利潤率低於其他情況。是的，我們計劃在下半年進行大量招聘，我已將其嵌入到指導中。但我和我的團隊將審查所有這些，並確保這是絕對必要的。因此，在我們的審查之後，利潤率前景可能會有一些上行空間。

As I mentioned earlier, the quarterly numbers can be a little bit distorted during the pandemic. It's better to look at the annual view. And I think when I look at the annual guide, 36% to 36.75%, that's closer to the margin levels at which the business is currently performing.

正如我之前提到的，在大流行期間，季度數字可能會有些失真。最好看年度視圖。而且我認為當我查看年度指南時，36% 到 36.75%，這更接近於業務目前的利潤率水平。

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

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

Lip-Bu, Anirudh congrats on the well-deserved promotions. Maybe for my first question, ACV being -- ACV being bigger might be indicative of customer budgets and spend. But John, when we think about the guidance raise, are you able to provide any -- more segment color on where you've seen the uptick? It sounds like from a geo perspective, China particularly flat this quarter, but what else can you add?

Lip-Bu, Anirudh 祝賀當之無愧的晉升。也許對於我的第一個問題，ACV 是 - ACV 更大可能表明客戶預算和支出。但是約翰，當我們考慮指導性加薪時，您是否能夠提供任何 - 更多關於您看到上漲的細分顏色？從地理角度來看，中國本季度特別平淡，但您還能補充什麼？

Yes, it was pretty broad-based. I would say China -- sorry, with Asia and then China within Asia was a part of that. And then, of course, North America, I thought they were probably the stronger performing regions. But it was pretty broad-based strength across all lines of business. But I think we're -- the kind of recurring revenue profile we have right now and what we've projected in the guide for the second half of the year is our typical average profile, I think it sets us really -- sets us up really well for growth for next year.

是的，它的基礎非常廣泛。我想說中國——對不起，亞洲和亞洲內部的中國是其中的一部分。然後，當然，北美，我認為他們可能是表現更強的地區。但這在所有業務領域都是相當廣泛的優勢。但我認為我們現在擁有的經常性收入狀況以及我們在指南中預測的下半年是我們典型的平均狀況，我認為它真的讓我們感到 - 讓我們明年的增長非常好。

Okay. Great. And then maybe diving down in that a little bit. IP growing mid-single digits in the quarter, not entirely a surprise given the call-outs from last call, but how are you feeling about the IP for the remainder of the year today versus maybe 3 months ago?

好的。偉大的。然後可能會潛入其中一點。 IP 在本季度以中個位數增長，考慮到上次通話的呼聲，這並不完全令人驚訝，但是您對今年剩餘時間的 IP 感覺如何，而不是 3 個月前？

Well, I'll let Anirudh talk to the IP business. I think it's just performing really well. But I mean when I look at the numbers, it's kind of similar to China. Last year, IP grew 25%. So they're lapping some really, really tough comps. And we did highlight last quarter that we thought that Q2 and Q3 might be a little bit light because of those comps. But Q4, we thought we would power back in Q4 and set ourselves up for growth for next year. And it's with another quarter under our belt, I'm more confident that that's what the outlook looks like.

好吧，我會讓 Anirudh 談談 IP 業務。我認為它只是表現得非常好。但我的意思是，當我看數字時，它有點類似於中國。去年，IP 增長了 25%。所以他們正在做一些非常非常艱難的比賽。我們確實在上個季度強調了我們認為第二季度和第三季度可能會因為這些補償而有點輕。但是第四季度，我們認為我們會在第四季度重新振作起來，為明年的增長做好準備。而且還有另一個季度，我更有信心，這就是前景的樣子。

Anirudh, do you want you want to say anything about the IP business generally?

Anirudh，你想對 IP 業務說些什麼嗎？

Yes. Thanks, John. That's a good summary. And yes, and that's true. One thing I would just like to add is that overall, we are pretty happy with the IP business. Like John mentioned, there is some seasonality to it, which it is a lumpy business and also the IP purchases are more based on projects. So there's just a little bit of lumpiness. But overall, the trends are strong, the whole outsourcing trend for IP continues as you would expect. And there is more and more design activity, more foundry activity. So we are pleased with where we are in the IP business and make sure we have the right kind of star IP to serve the customers.

是的。謝謝，約翰。這是一個很好的總結。是的，這是真的。我想補充的一件事是，總的來說，我們對 IP 業務非常滿意。就像約翰提到的那樣，它有一些季節性，這是一個不穩定的業務，而且 IP 購買更多地基於項目。所以只有一點點腫塊。但總體而言，趨勢很強勁，IP 的整個外包趨勢繼續如您所料。而且設計活動越來越多，代工活動也越來越多。因此，我們對我們在 IP 業務中所處的位置感到滿意，並確保我們擁有合適的明星 IP 來為客戶服務。

Your next question is with Pradeep Ramani from UBS.

您的下一個問題是瑞銀的 Pradeep Ramani。

Congrats to Anirudh and Lip-Bu. John, I think you mentioned that your ACV in Q2 was higher. What is driving that? I mean are customers buying up the stack? Or is it a function of renewal by different customers? Or I mean what is driving that higher ACV? And in terms of sustainability, how -- how do you feel that it's sustainable going forward, I mean just beyond Q2?

祝賀 Anirudh 和 Lip-Bu。約翰，我想你提到你在第二季度的 ACV 更高。是什麼在驅動它？我的意思是客戶是否在購買堆棧？還是不同客戶的續訂功能？或者我的意思是是什麼推動了更高的 ACV？在可持續性方面，您如何看待它的可持續性，我的意思是在第二季度之後？

Sure. Yes, great question. But yes, what we saw, I guess, was -- I mean design activity was very strong and the volume of licenses that were purchased were higher than the previous contracts, expiring contracts. Also pricing had improved a little bit. That -- and generally, I mean, when I look at -- like, if I look at the business at a very high level TAM, I like to look at the 3-year CAGRs. And I put them in the second page of the CFO commentary. And over the last few years, we've seen consistently accelerating revenue growth year-over-year when you look at the 3-year CAGR, and we're on track again for that for this year to improve on last year.

當然。是的，很好的問題。但是，是的，我猜我們看到的是——我的意思是設計活動非常活躍，購買的許可證數量高於之前的合同，即將到期的合同。定價也有所改善。那 - 通常，我的意思是，當我看時 - 就像，如果我以非常高的 TAM 水平看待業務，我喜歡看 3 年的複合年增長率。我把它們放在 CFO 評論的第二頁。在過去的幾年中，當您查看 3 年的複合年增長率時，我們看到收入同比增長持續加速，我們今年再次走上正軌，比去年有所改善。

That's -- so generally, I think with all of our accounts, we keep providing greater value to our customers, they're buying more products. It's a virtuous cycle, so to speak. I think a few years ago, we often talked about we released 20 significant new products in the previous 3 years. We've launched 8 new products in the last 6 months. But I think the pace of innovation and the release of new significant products that Cadence has accelerated, and that's helped us improve our ACV across -- very, very broad-based across our customers.

那就是 - 所以總的來說，我認為對於我們所有的賬戶，我們不斷為我們的客戶提供更大的價值，他們正在購買更多的產品。這是一個良性循環，可以這麼說。我想幾年前，我們經常談到我們在過去 3 年發布了 20 款重要的新產品。在過去的 6 個月中，我們推出了 8 款新產品。但我認為，Cadence 的創新步伐和新重要產品的發布已經加快，這幫助我們改進了我們的 ACV——非常非常廣泛地覆蓋了我們的客戶。

Okay. And for my follow-up on the verification side, you mentioned there was some Z2 and Z1. But in terms of just thinking about it where -- about where we are in the penetration cycle for Z2, would you say that we're very early days and -- but you still had significant contribution from Z2 in Q2? Or was the contribution from Z2/X2 sort of pretty negligible in Q2?

好的。對於我在驗證方面的跟進，你提到有一些 Z2 和 Z1。但就我們在 Z2 的滲透週期中所處的位置而言，您會說我們還處於早期階段，而且您在第二季度仍然對 Z2 做出了重大貢獻？還是 Z2/X2 在第二季度的貢獻可以忽略不計？

I think it's a significant contribution. It's, like, I don't know whether -- if you don't mind me using an Olympic-style analogy, it's a bit like a relay race in terms of handing over the baton. I think Q2 and Q3, these middle quarters of the year are where you see that transition where we're selling X1 and Z1 alongside X2 and Z2. I think by the end of the year, by the time we get to Q4, we'll be off and sprinting with the newer systems, and we'll have very little of the older systems left to sell.

我認為這是一個重大的貢獻。就像，我不知道是否——如果你不介意我用奧林匹克風格的比喻，就交出接力棒而言，這有點像接力賽。我認為第二季度和第三季度，這些年中的季度是您看到我們與 X2 和 Z2 一起銷售 X1 和 Z1 的過渡。我認為到今年年底，到第四季度，我們將開始使用新系統衝刺，而我們將很少有舊系統可供出售。

Our final question comes from John McPeake with Rosenblatt Securities.

我們的最後一個問題來自羅森布拉特證券公司的約翰麥克皮克。

Congratulations, Lip-Bu and Anirudh. It's been quite a run Lip-Bu, amazing. I guess you'd be on some more calls, but I just wanted to mention that. So the first question I had is about the high-level trends in the semiconductor industry, they're getting more competitive than they've ever been. I mean you're seeing some share shifts. You're seeing some historically significant companies seeing major rethinks about their strategy. And I'm wondering if that potentially is freeing up budget in those companies to try new things that they historically may not have done with the prior management regimes that were in place because it seems like it could become a significant for Cadence? That's my first one. And then I have a follow-up.

恭喜，立布和阿尼魯德。 Lip-Bu 的表現相當不錯，太棒了。我猜你會接到更多的電話，但我只是想提一下。所以我的第一個問題是關於半導體行業的高級趨勢，它們比以往任何時候都更具競爭力。我的意思是你看到了一些份額的變化。您會看到一些具有歷史意義的公司對其戰略進行重大重新思考。而且我想知道這是否可能會釋放這些公司的預算來嘗試他們在歷史上可能沒有做過的新事物，因為這似乎對 Cadence 來說很重要？那是我的第一個。然後我有一個跟進。

Yes. I think let me answer that, John. Thank you so much. And so clearly, we see this industry change in the 5 generation wave and a lot of tape are being generated, and less than 2% of data being analyzed. So I think there's a humongous opportunity in terms of the hyperscaler and all the autonomous driving, industrial -- automation for the industrial group, and then an autonomous driving. That is another part.

是的。我想讓我回答一下，約翰。非常感謝。如此清楚地，我們看到了第五代浪潮中的行業變化，大量磁帶正在生成，只有不到 2% 的數據被分析。所以我認為在超大規模和所有自動駕駛、工業——工業集團的自動化以及自動駕駛方面存在巨大的機會。那是另一部分。

So I think those 5 areas are going to be driving a lot of new applications and new solutions needed. So a lot of innovation needed. And so in some way, our ISD strategy is really playing very well from the silicon all the way to the system and how to provide some of this solution, especially in the workload has changed a lot. And so not just the CPO computing, and there's a lot of new domain-specific application driving the solution. and that creates a lot of new design. So that's why we don't see any slowdown in design. In the contrary, actually, we see a lot of increase in design activity, and that gives me a lot of hope going forward.

所以我認為這 5 個領域將推動大量所需的新應用程序和新解決方案。所以需要很多創新。所以在某些方面，我們的 ISD 策略確實發揮得非常好，從芯片一直到系統以及如何提供一些這種解決方案，尤其是在工作負載發生了很大變化的情況下。因此，不僅僅是 CPO 計算，還有許多新的特定領域應用程序推動了該解決方案。這創造了很多新的設計。所以這就是為什麼我們沒有看到設計放緩的原因。相反，實際上，我們看到設計活動大量增加，這給了我很大的希望。

Right. And then I guess, specifically, it seems like when you get to 3 nm and under, potentially, we're going to gate-all-around. And I'm curious as to what that might do for place and route and your digital strategy there? I think you've made some announcements at 3 nm, some tape-outs already. Maybe you guys could talk about that a little bit.

對。然後我想，具體來說，當你達到 3 nm 及以下時，我們可能會進行全方位的門控。我很好奇這對佈局佈線和你的數字戰略有什麼影響？我認為您已經在 3 nm 上發布了一些公告，並且已經進行了一些流片。也許你們可以談談這個。

Yes, John, let me take that. This is Anirudh. So we have quite a bit of activity at 3-nanometer. As you could imagine, a lot of customers are already designing a lot at 3-nanometer. And also, we are happy to work with the major foundries. So we do have solutions, which are being optimized for gate-all-around, and we are happy with the progress there.

是的，約翰，讓我接受。這是阿尼魯德。所以我們在 3 納米有相當多的活動。可以想像，很多客戶已經在設計很多 3 納米。此外，我們很高興與主要代工廠合作。所以我們確實有解決方案，這些解決方案正在針對全方位門進行優化，我們對那裡的進展感到滿意。

And like I said earlier, we're also starting work on N2. So I think this is good for the industry. 3 should be a very, very strong note and also N2 after that or the 2-nanometer node after that. And one key thing is that 3-nanometer, what we noticed is that it's good news for EDA and Cadence. The role of tools and methodologies becomes even more critical than, let's say, 7- or 5-nanometer because there is a little bit of slowing of pure performance scaling from Moore's Law.

就像我之前說的，我們也開始在 N2 上工作。所以我認為這對行業是有利的。 3 應該是一個非常非常強的音符，然後是 N2 或之後的 2 納米節點。關鍵是 3 納米，我們注意到這對 EDA 和 Cadence 來說是個好消息。工具和方法的作用變得比 7 或 5 納米更重要，因為摩爾定律對純性能擴展有一點放緩。

I mean Moore's Law is still giving a lot of area scaling or a number of transistors keep going up, but the performance you get from each transistor is not as much as before. So then there is more demand for Cadence tools and EDA solutions and IT solutions to deliver that performance. So I think the role of EDA will become more and more critical at lower nodes and then combined with other advances like Cerebrus and machine learning. So overall, we are pretty pleased with our position at these advanced nodes. And I think it is overall good news for the industry.

我的意思是摩爾定律仍然給出了大量的面積縮放或許多晶體管不斷增加，但你從每個晶體管獲得的性能不如以前那麼多。因此，對 Cadence 工具和 EDA 解決方案以及 IT 解決方案的需求越來越大，以提供這種性能。所以我認為 EDA 的作用將在較低節點上變得越來越重要，然後與 Cerebrus 和機器學習等其他進步相結合。所以總的來說，我們對我們在這些先進節點上的地位感到非常滿意。我認為這對整個行業來說是個好消息。

I mean it would just seem like there's a shortage of engineers and you guys are the ones making them more productive.

我的意思是，似乎工程師短缺，而你們正是使他們更有效率的人。

I would now like to turn the call back over to Lip-Bu Tan for closing remarks at this time.

我現在想把電話轉回陳立武，在這個時候結束髮言。

In closing, thank you all for joining us this afternoon. I'm very excited about the growing market opportunities and the business momentum so far in 2021. 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 expand the total addressable market.

最後，感謝大家今天下午加入我們。到目前為止，我對 2021 年不斷增長的市場機會和業務發展勢頭感到非常興奮。我們的智能係統設計戰略正在很好地發揮作用，因為我們從卓越設計、系統創新和普遍智能方面的新機遇中受益，並擴大了整個潛在市場.

And lastly, on behalf of our employees and our Board of Directors, we thank all our customers and partners for their continued trust and confidence during this unprecedented time. Have a wonderful day.

最後，我們代表我們的員工和董事會，感謝我們所有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。有一個美好的一天。

Thank you for participating in today's Cadence Second Quarter 2021 Earnings Conference Call. This concludes today's call. You may now disconnect.

感謝您參加今天的 Cadence 2021 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。