益華電腦 (CDNS) 2021 Q1 法說會逐字稿

Good afternoon. My name is Olivia, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cadence First Quarter 2021 Earnings Conference Call. (Operator Instructions)

下午好。我叫 Olivia，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 Cadence 2021 年第一季度收益電話會議。 （操作員說明）

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

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, Olivia. I would like to thank -- welcome everyone to our first quarter 2021 earnings conference call. I am joined today by Lip-Bu Tan, Chief Executive Officer; Anirudh Devgan, President; and John Wall, Senior Vice President and Chief Financial Officer.

謝謝你，奧利維亞。我要感謝——歡迎大家參加我們的 2021 年第一季度收益電話會議。今天，首席執行官陳立武加入了我的行列； Anirudh Devgan，總裁；和高級副總裁兼首席財務官約翰·沃爾。

A webcast of this call is available through our website, cadence.com and will be archived through June 18, 2021. A copy of today's prepared remarks will also be available on our website at the conclusion of the call today.

本次電話會議的網絡直播可通過我們的網站 cadence.com 進行，並將在 2021 年 6 月 18 日之前存檔。今天準備好的講話的副本也將在今天電話會議結束時在我們的網站上提供。

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. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied in today's discussion.

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。這些陳述受到已知和未知風險和不確定性的影響，可能導致實際結果與今天討論中預測或暗示的結果存在重大差異。

For information on 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, which was just filed and then also including the company's future filings and the cautionary comments regarding forward-looking statements in the earnings press release that was issued today.

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。其中包括 Cadence 最近提交的關於 10-K 表格和 10-Q 表格的報告，然後還包括該公司未來的文件以及今天發布的收益新聞稿中有關前瞻性陳述的警告性評論。

You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements we make on this call are based on estimates and information available to us at the time of this discussion, and Cadence disclaims any obligation to update any forward-looking statements, except as required by law.

您不應依賴我們的前瞻性陳述作為對未來事件的預測。我們在本次電話會議上所做的所有前瞻性陳述均基於本次討論時我們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. 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, financial information prepared in accordance with GAAP.

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財務措施不應與根據公認會計原則編制的財務信息隔離或替代。

These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled measures presented by other companies. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures with their most direct comparable GAAP financial results. A reconciliation between each non-GAAP financial measure and its nearest GAAP equivalent may be found in our earnings press release following the financial statements.

這些非 GAAP 財務指標並非基於 GAAP 規定的任何標準化方法，也不一定與其他公司提出的類似名稱的指標具有可比性。鼓勵投資者和潛在投資者審查非 GAAP 財務指標與其最直接可比的 GAAP 財務結果的對賬情況。每個非 GAAP 財務指標與其最接近的 GAAP 等價物之間的對賬可以在我們財務報表之後的收益新聞稿中找到。

Copies of today's press release dated April 26, 2021, for the quarter and year ended April 3, 2021, related financial tables and the CFO commentary are also available on our website. (Operator Instructions)

今天的新聞稿日期為 2021 年 4 月 26 日，截至 2021 年 4 月 3 日的季度和年度，相關財務表格和首席財務官評論也可在我們的網站上找到。 （操作員說明）

And 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.

大家下午好，感謝您今天加入我們。

I'm pleased to report that Cadence had a good start to the year, delivering outstanding financial results for the first quarter, with broad-based demand for our innovative solutions driving strong revenue growth, profitability and cash flow. John will provide the details in a moment as well as our updated outlook.

我很高興地向大家報告，Cadence 今年開局良好，第一季度取得了出色的財務業績，對我們創新解決方案的廣泛需求推動了強勁的收入增長、盈利能力和現金流。 John 將在稍後提供詳細信息以及我們更新的展望。

Generation trends by 5G, hyperscale computing, autonomous driving and industrial IoT continue to propel the need for innovation in compute, memory, networking and storage from the edge to the cloud. With massive amounts of new data being generated every day, AI, ML and data analytics are helping transforming the data through intelligence, providing actionable insights and accelerating digital transformation of several industries. These trends are continuing to drive strong semiconductor demand and design activity across a broad spectrum of end markets. And our intelligent system design strategy ideally positions us to capture these sizing opportunities.

5G、超大規模計算、自動駕駛和工業物聯網的發展趨勢繼續推動從邊緣到雲端的計算、內存、網絡和存儲方面的創新需求。隨著每天產生大量新數據，人工智能、機器學習和數據分析正在幫助通過智能轉換數據，提供可行的見解並加速多個行業的數字化轉型。這些趨勢繼續推動廣泛的終端市場的強勁半導體需求和設計活動。我們的智能係統設計策略使我們能夠很好地把握這些規模調整機會。

Now let me talk about the Q1 highlights, starting off with core EDA and IP in the design excellent layer of our IST strategy. We had ongoing strength in aerospace and defense, and we significantly expanded our collaboration with a marquee aerospace defense systems company that included the proliferation of our digital full flow as well as our functional and custom simulation solutions.

現在讓我談談第一季度的亮點，從我們 IST 戰略的設計優秀層中的核心 EDA 和 IP 開始。我們在航空航天和國防領域擁有持續的實力，我們顯著擴大了與一家大型航空航天防禦系統公司的合作，其中包括我們的數字全流程以及我們的功能和定制模擬解決方案的擴散。

Our digital signoff business had a strong revenue quarter, with multiple market-shaping customers successfully fitting out at 5-nanometer-and-below process nodes using our digital full flow. Increasing design complexity continues driving a circular trend for hardware-assisted certification, and Q1 was a standout quarter for our palladium simulation and protium prototyping platforms. Significant expansions as well as multiple new wins contributed to Q1 being our best hardware revenue quarter ever.

我們的數字簽核業務季度收入強勁，多個塑造市場的客戶使用我們的數字全流程成功適配 5 納米及以下工藝節點。設計複雜性的增加繼續推動硬件輔助認證的循環趨勢，第一季度是我們的鈀模擬和 protium 原型設計平台的一個突出季度。重大的擴張以及多項新的勝利使第一季度成為我們有史以來最好的硬件收入季度。

Additionally, we announced our new Palladium Z2 and Protium X2 platforms, delivering 2x capacity and 1.5x higher performance than our current leading Z1 and X1 systems. These next-generation systems enable the highest throughput hardware debug and pre-silicon software validation of million -- multibillion-gig SoC designs and were endorsed by NVIDIA, AMD and ARM.

此外，我們還發布了新的 Palladium Z2 和 Protium X2 平台，與我們當前領先的 Z1 和 X1 系統相比，它們的容量和性能提高了 2 倍和 1.5 倍。這些下一代系統能夠實現最高吞吐量的硬件調試和數以百萬計的芯片前軟件驗證——數十億千兆的 SoC 設計，並得到了 NVIDIA、AMD 和 ARM 的認可。

Our IP business also delivered double-digit year-over-year revenue growth. There was strong demand for our high-speed IP by market-shaping customers for their next-generation data center and networking environments as well as continued strength in our memory interface IP business. And silica continued to expand its footprint in true wireless studio and Bluetooth headsets, and our Vision Q6 and hi-fi products proliferated in the ratable and smart speakers end markets.

我們的 IP 業務也實現了兩位數的同比收入增長。塑造市場的客戶對他們的下一代數據中心和網絡環境以及我們的內存接口 IP 業務的持續增長，對我們的高速 IP 有著強烈的需求。二氧化矽繼續擴大其在真正無線工作室和藍牙耳機中的足跡，我們的 Vision Q6 和高保真產品在可評級和智能揚聲器終端市場激增。

It was another exciting quarter for system design and analysis segment, delivering over 30% year-over-year revenue growth. Early this month, we acquired Pointwise, a leader in mesh generation for computational fluid dynamics. The addition of Pointwise technologies and experienced team further broaden our system analysis portfolio, complements our recent acquired NUMECA CFD technology and our organic multiphysics products.

對於系統設計和分析部門來說，這是另一個令人興奮的季度，收入同比增長超過 30%。本月初，我們收購了計算流體動力學網格生成領域的領導者 Pointwise。 Pointwise 技術和經驗豐富的團隊的加入進一步拓寬了我們的系統分析產品組合，補充了我們最近收購的 NUMECA CFD 技術和我們的有機多物理場產品。

Pointwise provides highly innovative mesh and grid-generation technology to enable high-fidelity CSD analysis. And these solutions are being used by several marquee customers, especially in the aerospace segment. We want to congratulate our NUMECA team for the role their product played in the design of the Emirates in New Zealand racing boat that won American Cup for New Zealand for the fourth. The winning team used a simulator base on the NUMECA biomarine CFD software for their computation fluid dynamic modeling. And thanks to the unprecedented accuracy and really some of the simulators were about to accurately test new ideas and concepts long before first boat ever touched the water.

Pointwise 提供高度創新的網格和網格生成技術，以實現高保真 CSD 分析。這些解決方案正被多家大型客戶使用，尤其是在航空航天領域。我們要祝賀我們的 NUMECA 團隊，他們的產品在新西蘭阿聯酋賽艇的設計中發揮了作用，該賽艇第四次為新西蘭贏得美洲杯。獲勝團隊使用基於 NUMECA 生物海洋 CFD 軟件的模擬器進行計算流體動力學建模。並且由於前所未有的準確性，而且在第一艘船接觸水面之前很久，一些模擬器就即將準確地測試新的想法和概念。

We introduced Sigrity X, our next-generation signal and power integrity solution with endorsements from Samsung, MediaTek and Renesas. This solution leverage new simulation engines and massively cellular architecture to deliver over 10% -- up to 10% performance and capacity gain for system-level simulation of the most demanding hyperscaler, 5G, automotive and aerospace applications. And Qualcomm expanded their usage of our flagship Virtuoso and AWR products for advanced RFIC design and clarity for system analysis.

我們推出了 Sigrity X，這是我們的下一代信號和電源完整性解決方案，得到了三星、聯發科和瑞薩的認可。該解決方案利用新的仿真引擎和大規模蜂窩架構，為要求最苛刻的超大規模、5G、汽車和航空航天應用的系統級仿真提供超過 10% 的性能和容量增益，最高可達 10%。 Qualcomm 擴大了他們對我們的旗艦 Virtuoso 和 AWR 產品的使用，以實現先進的 RFIC 設計和清晰的系統分析。

Let me conclude with a few comments on some macro-level topics. We continue to monitor the semiconductor supply chain situation, and so far, we are not seeing any slowdown in design activity across our customer base. Next, in regarding evolving state of the COVID-19 pandemic. While some countries are edging towards normalcy, there is a growing concern with the escalating number of cases in certain regions, especially in India. 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.

最後，讓我對一些宏觀層面的話題發表一些評論。我們繼續監控半導體供應鏈的情況，到目前為止，我們沒有看到我們客戶群的設計活動有任何放緩。接下來，關於 COVID-19 大流行的演變狀態。儘管一些國家正逐漸恢復正常，但人們越來越擔心某些地區的病例數量不斷增加，尤其是在印度。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。

Lastly, in the past year that's brought to life many social justice challenges, including a recent of violence against Asian-Americans. I strongly believe that we have an obligation as individuals and as a company to take a stand against racism and further example for inclusiveness and understanding. At Cadence, we are committed to listening with empathy, the inclusive of different points of view and, as a result, ensure that our diversity enhance our experience and our innovative spirit.

最後，在過去的一年裡，這帶來了許多社會正義挑戰，包括最近針對亞裔美國人的暴力事件。我堅信，作為個人和公司，我們有義務反對種族主義，並進一步樹立包容和理解的榜樣。在 Cadence，我們致力於以同理心傾聽，包容不同的觀點，從而確保我們的多樣性增強我們的經驗和創新精神。

Now I will turn it over to John to go over the Q1 results and present our Q2 and updated 2021 outlook.

現在，我將把它交給 John 來回顧第一季度的結果，並介紹我們的第二季度和更新的 2021 年展望。

Thanks, Lip-Bu, and good afternoon, everyone.

謝謝立布，大家下午好。

I'm pleased to report that we exceeded all of our key operating metrics for the quarter. Broad-based growth across many lines of our business, combined with some earlier-than-anticipated hardware sales, resulted in strong revenue growth in Q1. We continue to invest heavily in building out a multiphysics platform for system design and analysis. We completed our second acquisition of the year in the CFD space when we acquired Pointwise in April, a leader in CFD mesh generation. The focus over the past few months on completing acquisitions contributed to some delays to our expected pace of hiring in Q1, but we expect to get hiring back on track by the second half of the year.

我很高興地報告，我們超過了本季度的所有關鍵運營指標。我們許多業務線的廣泛增長，加上一些早於預期的硬件銷售，導致第一季度收入增長強勁。我們將繼續大力投資構建用於系統設計和分析的多物理場平台。當我們在 4 月收購 CFD 網格生成領域的領導者 Pointwise 時，我們完成了今年在 CFD 領域的第二次收購。過去幾個月對完成收購的關注導致我們在第一季度的預期招聘速度出現了一些延遲，但我們預計到今年下半年招聘將重回正軌。

Now let's go through the key results for the first quarter, beginning with the P&L. Total revenue was $736 million. Non-GAAP operating margin was approximately 38%. GAAP EPS was $0.67 and non-GAAP EPS was $0.83. Next, turning to the balance sheet and cash flow. At quarter end, cash totaled $743 million while the principal value of debt outstanding was $350 million. Operating cash flow for Q1 was $208 million. DSOs were 48 days, and during Q1, we repurchased $172 million of Cadence shares.

現在讓我們來看看第一季度的主要結果，從損益表開始。總收入為 7.36 億美元。非美國通用會計準則營業利潤率約為 38%。 GAAP EPS 為 0.67 美元，非 GAAP 每股收益為 0.83 美元。接下來，轉向資產負債表和現金流。在季度末，現金總額為 7.43 億美元，而未償債務的本金為 3.5 億美元。第一季度的經營現金流為 2.08 億美元。 DSO 為 48 天，在第一季度，我們回購了 1.72 億美元的 Cadence 股票。

Before I provide our updated outlook for fiscal 2021 and what we expect for Q2, I'd like to take a moment to share the assumptions embedded in our outlook. The ongoing chip capacity constraints, along with the recent surge in COVID-19 cases in India, are expected to create a headwind for IP revenue for the remainder of this year. The revenue impact has been factored into our outlook. We expect expenses to increase in the second half of the year, primarily due to headcount growth as we continue to invest in our expanding multiphysics platform. We've included the Pointwise acquisition in our 2021 outlook. And finally, our outlook assumes that the export limitations that exist today for certain customers will remain in place for all of 2021.

在我提供我們對 2021 財年的最新展望以及我們對第二季度的預期之前，我想花點時間分享我們展望中的假設。持續的芯片產能限制，以及最近印度 COVID-19 案件的激增，預計將在今年剩餘時間內對 IP 收入造成不利影響。收入影響已納入我們的展望。我們預計下半年的費用將增加，這主要是由於我們繼續投資於我們不斷擴大的多物理場平台而導致的員工人數增長。我們已將 Pointwise 收購納入 2021 年展望。最後，我們的展望假設目前對某些客戶存在的出口限制將在 2021 年全年保持不變。

Embedding these assumptions into our outlook for fiscal 2021, we expect revenue in the range of $2.88 billion to $2.93 billion; non-GAAP operating margin in the range of 35% to 36%; GAAP EPS in the range of $2.01 to $2.09; non-GAAP EPS in the range of $2.99 to $3.07; operating cash flow in the range of $900 million to $950 million; and we expect to use at least 50% of our free cash flow to repurchase Cadence shares in 2021.

將這些假設納入我們對 2021 財年的展望，我們預計收入在 28.8 億美元至 29.3 億美元之間；非美國通用會計準則營業利潤率在 35% 至 36% 之間；公認會計原則每股收益在 2.01 美元至 2.09 美元之間；非公認會計原則每股收益在 2.99 美元至 3.07 美元之間；運營現金流在 9 億美元至 9.5 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 Q2 2021, we expect revenue in the range of $705 million to $725 million; non-GAAP operating margin of approximately 36%; GAAP EPS in the range of $0.44 to $0.48; and non-GAAP EPS in the range of $0.74 to $0.78. 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 年第二季度，我們預計收入在 7.05 億美元至 7.25 億美元之間；非公認會計原則營業利潤率約為 36%；公認會計原則每股收益在 0.44 美元至 0.48 美元之間；非公認會計原則每股收益在 0.74 美元至 0.78 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, the Cadence team delivered another quarter of strong operating results and remain focused on driving profitable revenue growth. We'd like to thank our customers, partners and, of course, our employees for a solid start to 2021. And I'd like to remind them all that their health and safety continues to be our first priority.

總之，Cadence 團隊又交付了一個季度強勁的運營業績，並繼續專注於推動盈利性收入增長。我們要感謝我們的客戶、合作夥伴，當然還有我們的員工，他們在 2021 年取得了良好的開端。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'll now take questions.

有了這個，接線員，我們現在來回答問題。

(Operator Instructions) And our first question comes from Jason Celino with KeyBanc.

（操作員說明）我們的第一個問題來自 KeyBanc 的 Jason Celino。

Maybe my first one, historically, customers have gravitated towards the latest and greatest hardware products, especially on the emulation side. But because emulation strength has been going on strong for several years now, how do you think the pace of uptake for the Z2 and Protium products could be?

也許我的第一個，從歷史上看，客戶已經被最新最好的硬件產品所吸引，尤其是在仿真方面。但是由於仿真強度已經持續了好幾年，您認為 Z2 和 Protium 產品的普及速度如何？

Thanks for the question.

謝謝你的問題。

That's a great question, Jason. The -- yes, I mean, you might have noticed that we beat our -- the midpoint of guidance in Q1. Partly, that was due to us trying to manage the Osborne effect on the -- on transitioning to our new Palladium Z2 and prototyping X2 system. Yes. The -- we had an incentive plan in place to try and sell as many of the Z1s and X1s before we launch the new products.

這是一個很好的問題，傑森。 - 是的，我的意思是，你可能已經註意到我們在第一季度超過了我們的 - 指導中點。部分原因是我們試圖在過渡到我們新的 Palladium Z2 和原型 X2 系統時管理 Osborne 效應。是的。在我們推出新產品之前，我們制定了一個激勵計劃來嘗試銷售盡可能多的 Z1 和 X1。

So we expect strong uptake for those new products. But the incentive plan worked really well, and Q1 was a really strong hardware quarter for us. It's a testament to the compelling value of our hardware solutions. They're providing both chip- and system-level customers across multiple-use models.

因此，我們預計這些新產品將被強勁吸收。但激勵計劃非常有效，第一季度對我們來說是一個非常強勁的硬件季度。這證明了我們硬件解決方案的巨大價值。他們為多用途模型的芯片級和系統級客戶提供服務。

Okay, great. And then for my follow-up, maybe just an explanation here. I think, John, you mentioned that chip capacity constraints and the COVID impact in India being a headwind for IP. Maybe coming from maybe my software background but maybe explain why this would be an impact and maybe you could quantify the dollar amount or the percentage.

好，太棒了。然後對於我的後續行動，也許這裡只是一個解釋。我認為，約翰，您提到芯片容量限制和印度的 COVID 影響是 IP 的逆風。也許來自我的軟件背景，但也許可以解釋為什麼這會產生影響，也許你可以量化美元金額或百分比。

Yes, sure, Jason. That's -- yes, the -- on the COVID-19, I mean, the worsening pandemic in India could have some impact to the timing of delivery for certain hardened IPs that require testing in labs. And as we said on the -- in our prepared remarks, that's been factored into our updated outlook. India bailed us out last year. If you recall, we had similar challenges back in Q2 last year in North America. And we're hoping we can do the same for them now, but it could cause some fluctuation in revenue timing between quarters.

是的，當然，傑森。那是——是的，關於 COVID-19，我的意思是，印度日益惡化的流行病可能會對某些需要在實驗室進行測試的強化 IP 的交付時間產生一些影響。正如我們在準備好的評論中所說的那樣，這已被納入我們更新的展望中。印度去年救助了我們。如果您還記得，去年第二季度我們在北美也遇到了類似的挑戰。我們希望我們現在可以為他們做同樣的事情，但這可能會導致季度之間的收入時間出現一些波動。

The bigger impact on the year is probably in relation to chip capacity constraints. Last quarter, when we talked about that, my expectation was royalties might be flat year-over-year. I now expect them to be slightly down. So there's a slight headwind built into the guide this quarter for that.

對今年的更大影響可能與芯片產能限制有關。上個季度，當我們談到這一點時，我的預期是版稅可能與去年同期持平。我現在預計它們會略微下降。因此，本季度的指南中存在輕微的阻力。

Our next question comes from Jackson Ader with JPMorgan.

我們的下一個問題來自摩根大通的傑克遜·阿德。

I'd like to start on remaining performance or backlog and calculated bookings, went down a bunch in the quarter relative to a pretty tough compare. But I was just wondering if you guys had any additional commentary on the bookings performance in the quarter.

我想從剩餘性能或積壓和計算預訂開始，相對於一個相當艱難的比較而言，本季度下降了很多。但我只是想知道你們是否對本季度的預訂表現有任何額外的評論。

This is John. I think that's just a reflection of a low renewals quarter. Yes, we'd expect the remaining performance obligations to ratchet back up before the end of the year.

這是約翰。我認為這只是低續訂季度的反映。是的，我們預計剩餘的履約義務將在年底前回升。

Okay, fair enough. And then on the geographic side, we saw remarkable growth from China in the second half of 2020. It looks like that geo kind of came back down to earth here in the first quarter. Any particular product segments, hardware, software, IP that would be impacted for that geography coming back down?

好吧，夠公平的。然後在地理方面，我們看到中國在 2020 年下半年的顯著增長。看起來這種地理類型在第一季度回到了地球。是否有任何特定的產品細分市場、硬件、軟件、IP 會因該地區的回歸而受到影響？

Yes. I mean, China is back, I mean, is back to more normal levels of business at the 12% levels. That's mainly because the strength appears to be more broad-based across geographies this year. If you recall, the -- in Q3, we had a really strong hardware quarter and that was in China. I mean, this quarter in Q1, a lot of the strength within North America and more balanced across all the regions, across all the geographies.

是的。我的意思是，中國回來了，我的意思是，恢復到更正常的業務水平，達到 12% 的水平。這主要是因為今年的實力似乎在各個地區更加廣泛。如果你還記得，在第三季度，我們有一個非常強勁的硬件季度，那是在中國。我的意思是，在第一季度的這個季度，北美有很多實力，而且在所有地區、所有地區都更加平衡。

The -- yes, in our outlook, I've assumed the return to our usual recurring revenue mix in the region as well. And that, along with the fact that we've one less week in the second half of fiscal 2021 kind of contribute to the conservative revenue outlook in the second half. When we get to the summer, we'll have increased visibility into revenue for the second half and the pipeline for the second half, and we can update the outlook then at that time.

- 是的，在我們的展望中，我假設該地區也將恢復我們通常的經常性收入組合。而且，再加上我們在 2021 財年下半年的時間減少了一周，這對下半年的保守收入前景有所貢獻。到了夏天，我們將提高對下半年收入和下半年管道的可見性，屆時我們可以更新展望。

Our next question coming from the line of Gal Munda with Berenberg.

我們的下一個問題來自 Gal Munda 和 Berenberg 的台詞。

The first one is just, John, maybe a little bit expanding on what you just said. So when I look at your historical trends of revenue tends to be fairly and well, kind of equally split throughout the quarters. And Q2 tends to be sequentially slightly stronger than Q1. Is it because of this slight pull-forward of hardware that you expect in Q2 potentially at the mid-end of the guidance be materially lower this year?

第一個只是，約翰，可能對你剛才所說的內容進行了一點擴展。因此，當我查看您的歷史收入趨勢時，它們往往是相當不錯的，在各個季度中平均分配。第二季度往往比第一季度略強。是不是因為您預計在今年第二季度的指導中期可能會大幅降低硬件的這種輕微拉動？

Yes, Gal. We implemented an incentive -- and we incentivized the sales force to try and close some Z1 and X1 business as early as possible in the year in preparation for the launch of our new Z2 and X2 hardware systems. That was more successful than we originally thought. And the about $10 million of Q1's revenue I had originally forecast to happen in Q2. So of the $16 million beat, I guess, at the midpoint for Q1, there's probably $6 million of that was a true beat, and $10 million was what we originally thought would fall into Q2 that happened a little bit earlier in Q1.

是的，蓋爾。我們實施了一項激勵措施——我們激勵銷售人員在今年儘早嘗試關閉一些 Z1 和 X1 業務，為推出新的 Z2 和 X2 硬件系統做準備。這比我們最初想像的要成功。我最初預測的第一季度大約 1000 萬美元的收入將在第二季度發生。所以在 1600 萬美元的節拍中，我猜在第一季度的中點，可能有 600 萬美元是真正的節拍，而 1000 萬美元是我們最初認為會落入第一季度稍早一點的第二季度的。

Got you. That's really helpful. And then maybe just a little bit of a longer-term strategic question around building the CFD platform capabilities, which kind of adds to your clarity side. And then thinking about potentially other physics that you might be adding over time.

得到你。這真的很有幫助。然後可能只是一個關於構建 CFD 平台功能的長期戰略問題，這會增加你的清晰度。然後考慮隨著時間的推移可能會添加的其他物理。

Is that a potential for that. Or do you guys think that fluid simulation is something that's kind of very applicable to the cooling and everything on the system? So because of that, you kind of want to bring that in-house and the other ones, maybe a partner? How are you thinking about it?

這是一個潛力。或者你們認為流體模擬非常適用於冷卻和系統上的所有東西？所以正因為如此，你有點想把那個內部和其他的，也許是一個合作夥伴？你是怎麼想的？

Yes, that's a -- Thank you for the question. Let me answer that. This is Anirudh. So first of all, we are excited about CFD, like we mentioned last time, and it is a very big segment in system analysis, close to $1.5 billion, $1.6 billion. So we are excited, focused on that. And Pointwise is a leader in meshing technology so we are glad to work with them and bring them in-house. So we think combining Pointwise with NUMECA, and our organic capability in battle and distributed computing can give a very, very state-of-the-art solution for the CFD market, okay?

是的，那是-- 謝謝你的提問。讓我來回答。這是阿尼魯德。所以首先，我們對 CFD 感到興奮，就像我們上次提到的那樣，它是系統分析中的一個非常大的部分，接近 15 億美元，16 億美元。所以我們很興奮，專注於此。 Pointwise 是網格技術的領導者，因此我們很高興與他們合作並將他們引入內部。因此，我們認為將 Pointwise 與 NUMECA 相結合，以及我們在戰鬥和分佈式計算方面的有機能力可以為 CFD 市場提供非常非常先進的解決方案，好嗎？

So we want to make sure we do well in CFD. And as you know, we are already in electromagnetics with Clarity and thermal with Celsius. So I think these are our focus areas for now and then we see how things go in these segments. But so far, we are optimistic. And actually, if you look at our Q1 results, we had good growth versus Q1 of last year. So we -- like John said, we are continuing to invest in this space. And we are still early in CFD but optimistic about it.

所以我們要確保我們在 CFD 方面做得很好。如您所知，我們已經在 Clarity 的電磁學和攝氏溫度的熱學中。所以我認為這些是我們現在的重點領域，然後我們會看到這些領域的進展情況。但到目前為止，我們是樂觀的。實際上，如果您查看我們的第一季度業績，我們與去年第一季度相比增長良好。所以我們——就像約翰所說的那樣，我們將繼續在這個領域進行投資。我們仍處於 CFD 的早期階段，但對此持樂觀態度。

Our next question coming from the line of Joe Vruwink with Baird.

我們的下一個問題來自 Joe Vruwink 和 Baird。

I was hoping to talk about the product cycle for the new simulation and prototyping. To get 2 platforms launching at the same time that have new silicon behind each, I think that's a pretty unique event.

我希望談論新模擬和原型設計的產品週期。為了讓 2 個平台同時發布，每個平台都有新的芯片，我認為這是一個非常獨特的事件。

So John, I get kind of the timing and the incentivizing of the older generation, but could it be possible that just the performance on the new generation means that the net demand ultimately is maybe higher than being forecasted? Or do you think that's a possibility but maybe timing-wise, it's probably more of a second half driver for you?

所以約翰，我知道老一代的時機和激勵，但有沒有可能僅僅是新一代的表現就意味著最終的淨需求可能高於預測？或者你認為這是一種可能性，但也許在時間上，這對你來說可能更像是一個下半場的驅動程序？

Yes. I think that's a good observation, Joe. We're building the systems as quickly as we can. There's plenty of demand there. But we the systems, the dynamic duo for the tight integration with unified compiler and interfaces. The Palladium Z2 and Protium X2 systems are designed to address the challenges faced by those designing for the most advanced electronic applications, including mobile, consumer and hyperscale computing design. So we expect demand to be very strong.

是的。我認為這是一個很好的觀察，喬。我們正在盡可能快地構建系統。那裡有很多需求。但是我們系統，動態二重奏與統一編譯器和接口緊密集成。 Palladium Z2 和 Protium X2 系統旨在解決那些為最先進的電子應用（包括移動、消費和超大規模計算設計）設計所面臨的挑戰。因此，我們預計需求將非常強勁。

And the -- they have -- I mean, the customers can achieve up to 2x capacity and 1.5x performance improvements with each platform. And they work so well together, like I said. The team call them the dynamic duo so it was important for us to launch them together. But yes, we're building them as quickly as we can and there's plenty of demand for them. But like I say, by the time we built in everything, it might impact the second half of the year more than the first.

而且——他們有——我的意思是，客戶可以在每個平台上實現高達 2 倍的容量和 1.5 倍的性能改進。就像我說的，他們一起工作得很好。團隊稱他們為充滿活力的二人組，因此將他們一起推出對我們來說很重要。但是，是的，我們正在盡可能快地建造它們，並且對它們有很多需求。但就像我說的，當我們把所有東西都建成的時候，它對下半年的影響可能比上半年更大。

Okay, that's helpful. And then just a follow-up on the margin guidance for the year because I think you ended up beating your forecast in 1Q by $28 million and the full year moved higher by $12 million or $13 million. Is that purely just a function of hiring being back half weighted? Or are there other things like product mix or some other investments to consider as well?

好的，這很有幫助。然後只是對今年的利潤率指導進行跟進，因為我認為你最終在第一季度超出了你的預測 2800 萬美元，全年增長了 1200 萬美元或 1300 萬美元。這純粹是招聘後半部分權重的一個功能嗎？或者還有其他的東西，比如產品組合或其他一些投資需要考慮嗎？

No, that's exactly right, Joe. It's that -- I mean, it's basically what you're seeing is the compounded effect of revenue happening a little bit earlier than originally forecast because of the success of that incentive program and the success of the sales of Z1 and X1 in Q1, and then hiring getting delayed a little bit to later in the year as we focused on closing some acquisitions for the CFD space.

不，這是完全正確的，喬。就是這樣——我的意思是，基本上你所看到的是，由於激勵計劃的成功以及第一季度 Z1 和 X1 的銷售成功，收入發生的複合效應比最初預測的要早一點，並且然後招聘被推遲到今年晚些時候，因為我們專注於完成一些 CFD 領域的收購。

Our next question comes from the line of Jay Vleeschhouwer with Griffin Securities.

我們的下一個問題來自格里芬證券的 Jay Vleeschhouwer。

A couple of paired technical and financial questions for Anirudh and for John. First, for Anirudh, on the fourth quarter call 3 months ago, as you may recall, we talked about how customers' design flows and methodologies are evolving. The follow-up therefore to that observation you made at the time is, how might that affect, as that takes place, Cadence's pricing and/or product packaging commensurate with customers' evolution of their methodologies? Could there be any effect on how you price and/or package your software or anything else?

Anirudh 和 John 的幾個配對的技術和財務問題。首先，對於 Anirudh，您可能還記得，在 3 個月前的第四季度電話會議上，我們談到了客戶的設計流程和方法是如何演變的。因此，您當時所做的觀察的後續行動是，如果發生這種情況，Cadence 的定價和/或產品包裝會如何影響客戶對其方法的演變？對您如何定價和/或打包您的軟件或其他任何東西有什麼影響嗎？

And then secondly, with respect to system design strategy and the overall computational software strategy, how would you compare the R&D and AE intensity or requirements of system analysis, particularly as you add more in CFD and other physics versus core or classical EDAs such as synthesis, implementation, RTL simulation and the like? Do you expect any meaningful differences between those 2 parts of the business?

其次，關於系統設計策略和整體計算軟件策略，您將如何比較研發和 AE 強度或系統分析的要求，特別是當您在 CFD 和其他物理與核心或經典 EDA（如綜合）中添加更多內容時，實現，RTL仿真之類的？您是否期望這兩個業務部分之間有任何有意義的差異？

Thanks, Jay, for the question. Those are very good question. Let me take the second one first. So as you may know, Jay, even in our EDA business, our EDA software business, maybe 1/4 of it is more simulation-based, like circuit simulation and logic simulation. So invariably, those simulation-based businesses are more profitable than overall EDA. So like Spectre usually is more profitable than place and route, for example.

謝謝，傑伊的問題。這些都是很好的問題。讓我先拿第二個。所以你可能知道，Jay，即使在我們的 EDA 業務，我們的 EDA 軟件業務中，可能有 1/4 更多的是基於仿真的，比如電路仿真和邏輯仿真。因此，那些基於模擬的業務總是比整個 EDA 更有利可圖。因此，例如 Spectre 通常比佈局佈線更有利可圖。

So I expect a similar trend to happen in system analysis. So system analysis by nature is simulation-based, whether it's Clarity, it's electromagnetics or CFD. So in steady state, I do expect that system analysis to be more profitable than core EDA. Now as we build up and we scale revenue, there are some transient nature. But in steady state, I do expect that to be the case. And so far, we are pleased with the -- not just the revenue growth but actually even the margin performance of system analysis business.

所以我預計系統分析中也會出現類似的趨勢。因此，系統分析本質上是基於仿真的，無論是 Clarity、電磁學還是 CFD。所以在穩定狀態下，我確實希望系統分析比核心 EDA 更有利可圖。現在，隨著我們建立和擴大收入，存在一些短暫的性質。但在穩定狀態下，我確實希望是這樣。到目前為止，我們對——不僅是收入增長，而且實際上甚至是系統分析業務的利潤率表現都很滿意。

And on your first question, I think we are looking at it carefully in terms of packaging and pricing. We are pretty disciplined in that. I think 1 big trend, like I mentioned last time, there's more and more full flow used like nodes as you know already, so we are selling a lot of these tools together. So we just continue to monitor it and we're disciplined with our customers and internal teams. John, do you want to add anything on pricing?

關於你的第一個問題，我認為我們正在仔細研究包裝和定價方面的問題。我們在這方面很有紀律。我認為 1 大趨勢，就像我上次提到的那樣，正如你已經知道的，越來越多的全流使用像節點一樣，所以我們一起銷售了很多這樣的工具。所以我們只是繼續監控它，我們對我們的客戶和內部團隊有紀律。約翰，您想在定價方面添加任何內容嗎？

Yes. What I would add is that, Jay, I mean, you're exactly right. I mean, you look at the tools that we create on the software side, there's a lot of R&D and AE intensity in terms of supporting those tools. And if you look at the software that we're selling, you can nearly bifurcate all the licenses into 2 groups. There's the interactive tools where every license needs a driver, and then there's like simulation tools where they're kind of batch process tools. where one engineer can kick off like 1,000 simulations if they want.

是的。我要補充的是，傑伊，我的意思是，你完全正確。我的意思是，你看看我們在軟件方面創建的工具，在支持這些工具方面有很多研發和 AE 強度。如果您查看我們銷售的軟件，您幾乎可以將所有許可證分成兩組。有交互式工具，每個許可證都需要驅動程序，然後有模擬工具，它們是一種批處理工具。如果他們願意，一名工程師可以開始 1,000 次模擬。

And that's partly why the system analysis part of the business or the simulation part of the business is the most profitable part of our software business because in all cases, our expenses are generally tethered to the R&D and AE engineers required to support the software, but the revenue is not tethered in relation to simulation. It's not tethered to the number of engineers in simulation licenses. And I think that's why we see that being more profitable.

這就是為什麼業務的系統分析部分或業務的模擬部分是我們軟件業務中最賺錢的部分，因為在所有情況下，我們的費用通常都與支持軟件所需的研發和 AE 工程師有關，但是收入與模擬無關。它不受模擬許可證中工程師的數量的限制。我認為這就是為什麼我們認為這樣做更有利可圖。

Our next question coming from the line of Gary Mobley with Wells Fargo.

我們的下一個問題來自富國銀行的 Gary Mobley。

I want to ask about the newest round of export restrictions from the U.S. Commerce Department targeting China and about half a dozen supercompute companies. I realize not all those are specifically focusing on developing processors but presumably a handful of those companies are Cadence customers. With respect to those specific customers or any other export restrictions, what way has that impacted your ability to do business in China?

我想問一下美國商務部針對中國和大約六家超級計算公司的最新一輪出口限制。我意識到並非所有這些公司都專門專注於開發處理器，但大概這些公司中有少數是 Cadence 的客戶。關於那些特定客戶或任何其他出口限制，這對您在中國開展業務的能力有何影響？

Yes. This is Lip-Bu. Let me just have a -- answer that first and then John and Anirudh can add on to it. So first of all, we -- clearly, we have and will continue to comply with all the exports, control regulations, including the military end user and the list that you mentioned. And -- but we -- clearly, we are not going to comment on certain specific companies. But everything we know, we already built into the -- our guidance.

是的。這是立布。讓我先回答一下，然後 John 和 Anirudh 可以補充。首先，我們——顯然，我們已經並將繼續遵守所有出口、管制法規，包括軍事最終用戶和你提到的清單。而且 - 但我們 - 顯然，我們不會對某些特定公司發表評論。但是我們所知道的一切，我們已經融入了我們的指導。

Okay. And John, can you confirm that roughly $190 million, as reported in your cash flow statement, was the amount paid for NUMECA in the first quarter? And how much you would expect from both Pointwise and NUMECA as a contributor to 2021?

好的。約翰，您能否確認，您的現金流量表中報告的大約 1.9 億美元是第一季度為 NUMECA 支付的金額？作為 2021 年的貢獻者，您對 Pointwise 和 NUMECA 的期望是多少？

Gary, nice try. I mean, we're not disclosing those separately, but we're very, very pleased with both acquisitions and delighted to have them as part of the Cadence family.

加里，不錯的嘗試。我的意思是，我們不會單獨披露這些，但我們對這兩項收購感到非常、非常滿意，並很高興將它們納入 Cadence 家族。

Our next question coming from the line of John Pitzer with Credit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

John, I just want to go back to your commentary about some of the headwinds that you see this year. I think I understand the COVID India issue. I'm still a little bit confused by the royalty because even though we're in a very tight chip capacity market, unit volumes and revenue should be up pretty significantly year-over-year for the industry. So can you help me better understand what's causing the royalty kind of headwind in kind of your volume-based businesses?

約翰，我只想回到你對今年看到的一些不利因素的評論。我想我了解 COVID 印度問題。我仍然對特許權使用費感到有些困惑，因為即使我們處於非常緊張的芯片產能市場，該行業的單位數量和收入也應該會同比大幅增長。那麼，您能否幫助我更好地了解在您的基於數量的業務中導致版稅逆風的原因是什麼？

Yes, John. Good question. It's -- last quarter, I thought for the year, I thought we'd be flat because of unit volumes. We weren't expecting any improvement in unit volumes. And in fact, in Q1, I think our royalty revenue for Q1 was flat on Q1 2020. But the forecast, looking out over the next 3 quarters, and my team goes through a detailed analysis, it depends on, I guess, the mix of customers that we have and the unit volumes that they have. But their forecast suggests that we'll be slightly down now, and that headwind's being built into the -- into our forecast.

是的，約翰。好問題。這是 - 上個季度，我認為今年，由於單位數量，我認為我們會持平。我們預計單位數量不會有任何改善。事實上，在第一季度，我認為我們第一季度的特許權使用費收入與 2020 年第一季度持平。但預測，展望未來 3 個季度，我的團隊經過詳細分析，我猜這取決於組合我們擁有的客戶數量和他們擁有的單位數量。但他們的預測表明，我們現在會略有下降，並且逆風已經被納入我們的預測中。

So I don't mean that to be a commentary on the entire industry. It's just in relation to the customers that we generate royalty revenue from. We expect their unit volume to be down.

所以我並不是說要對整個行業進行評論。這只是與我們產生特許權使用費收入的客戶有關。我們預計他們的單位銷量會下降。

And is there any way to characterize sort of end market that those customers play into? Or is that a level of detail you're not willing to give?

有沒有什麼方法可以描述這些客戶所涉足的終端市場？或者這是您不願意提供的詳細程度？

No, we can't give that, sorry.

不，我們不能給，對不起。

No, that's helpful. And then as my follow-up, maybe another way to ask sort of Gary's question about restrictions. I'm just kind of curious, when you think about the full year guide, what's embedded from China? And I'm clearly asking because, well, I understand sort of the geographic mix broadened out in the current quarter. China was down significantly, and there are some investor concerns that maybe the back half of last year represented a pull forward.

不，這很有幫助。然後作為我的後續行動，也許是另一種方式來詢問加里關於限制的問題。我只是有點好奇，當你想到全年指南時，中國嵌入了什麼？而且我很清楚地問，因為，我知道本季度擴大了地理組合。中國大幅下滑，有一些投資者擔心去年下半年可能代表了一個進步。

As you think about the full year guide, is there any sort of broad strokes you can give us on how you feel like China is going to trend for the rest of the year within that guide?

當您考慮全年指南時，您是否可以在該指南中就您認為中國在今年餘下時間的趨勢如何？

Yes, John, I backed into the guide for China, basically expecting us to mean revert back to our normal mix of business between upfront and recurring revenue. In the second half of last year, we had more upfront revenue than average and particularly in China. And I wasn't happy that -- I wasn't to extrapolate that for all of 2021 because I felt that the second half looked like an anomaly. So I thought for guidance purposes and to be conservative, we would assume that we mean revert back to our normal recurring revenue mix right in the middle of that 85% to 90% range that we normally have for the company, even though China is probably slightly more upfront than that.

是的，約翰，我支持中國的指南，基本上是希望我們的意思是恢復我們在前期收入和經常性收入之間的正常業務組合。去年下半年，我們的前期收入高於平均水平，尤其是在中國。而且我對此並不高興——我不會在 2021 年全年進行推斷，因為我覺得下半年看起來很反常。因此，我認為出於指導目的和保守起見，我們假設我們的意思是在我們通常為公司擁有的 85% 至 90% 範圍的中間恢復正常的經常性收入組合，即使中國可能是比這稍微提前一點。

And that would kind of -- my expectation then is that China is -- it's very hard to predict but somewhere in the 12% to 13% range for revenue. And that's where it came out for Q1. So that's what we've embedded into the guide. We'll have better visibility once we get to the middle of the year and we'll update then. But we're kind of assuming we revert back to mean, and I thought that was the best way to derisk the year for China.

這有點——我的預期是中國是——很難預測，但收入在 12% 到 13% 的範圍內。這就是第一季度出現的地方。這就是我們嵌入到指南中的內容。一旦到了年中，我們就會有更好的能見度，然後我們會更新。但我們有點假設我們回到了平均水平，我認為這是為中國取消這一年的最佳方式。

Our next question coming from the line of Tom Diffely with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Tom Diffely。戴維森。

Yes. Maybe, John, just one more question on the really strong quarter for hardware. Did the incentives impact your margins at all in the quarter in any meaningful way?

是的。也許，約翰，關於硬件真正強勁的季度還有一個問題。激勵措施是否以任何有意義的方式影響了您本季度的利潤率？

I would say the -- it did naturally. The extra revenue would have boosted margins in Q1 at the expense of Q2, but that would only be a shift between 1 quarter and the other. The delay in hiring would have benefited Q1 and also benefited the year. We expect to catch up with the hiring. But of course, because we didn't hire in Q1 as quickly as we thought, those savings are both in Q1 and the year.

我會說——它自然而然地發生了。額外的收入會以犧牲第二季度為代價提高第一季度的利潤率，但這只是一個季度和另一個季度之間的轉變。招聘的延遲將使第一季度受益，也使今年受益。我們希望趕上招聘。但是，當然，因為我們在第一季度沒有像我們想像的那樣快速招聘，所以這些節省都在第一季度和當年。

I was wondering more if the incentives included discounts, so the pricing went down in the first quarter.

我想知道更多的激勵措施是否包括折扣，所以第一季度的價格下降了。

So the incentive -- sorry, let me clarify. The incentives that I was talking about were more sales incentives for our sales team, not incentives for customers.

所以激勵 - 對不起，讓我澄清一下。我所說的激勵措施更多的是針對我們的銷售團隊的銷售激勵措施，而不是針對客戶的激勵措施。

All right. And then a longer-term question for maybe Anirudh or Lip-Bu. When you look at the node transitions in the industry and whether it goes between every 2 years or every 3 years, how impactful is that duration between nodes for you if the underlying demand is still strong?

好的。然後是 Anirudh 或 Lip-Bu 的一個長期問題。當您查看行業中的節點轉換時，無論是每 2 年還是每 3 年，如果潛在需求仍然強勁，節點之間的持續時間對您有多大影響？

I can start first and then Anirudh can chip in. Now clearly, I think the complexity and the dynamic of the demand is very strong on that 5 generation of base. And so we are excited. We don't see any slowdown on the design.

我可以先開始，然後 Anirudh 可以參與進來。現在很明顯，我認為需求的複雜性和動態性在 5 代基礎上非常強大。所以我們很興奮。我們沒有看到設計放緩。

In terms of process node migrations, clearly, I'm marching forward down to 5 in production and 3 in design who is engaging right now. But clearly, there's a lot of demand on that. We are very heavily investing in that because every node is a new opportunity for us and we are very excited about it. In terms of the technology and process, maybe Anirudh can update you where we are.

在流程節點遷移方面，很明顯，我正在向生產中的 5 名和設計中的 3 名前進，他們現在正在參與其中。但顯然，對此有很多需求。我們對此進行了大量投資，因為每個節點對我們來說都是一個新的機會，我們對此感到非常興奮。在技術和流程方面，也許 Anirudh 可以告訴您我們的最新情況。

Yes. Thank you, Lip-Bu. And I just want to add that, I mean, the 1 exciting thing is not only the, I believe, the node transitions are continuing. In terms of R&D, we are mostly working on 2-nanometer now. 3-nanometer is an early kind of design activity. But what is also promising, which you already know, is that there are multiple foundries bring these advanced nodes.

是的。謝謝你，立布。我只想補充一點，我的意思是，令人興奮的第一件事不僅是，我相信，節點轉換仍在繼續。在研發方面，我們現在主要在做 2 納米。 3納米是一種早期的設計活動。但同樣有希望的是，您已經知道，有多家代工廠帶來了這些先進的節點。

So I think overall, the industry seems pretty healthy. So not just -- there are several key foundries all working on advanced node. So we are optimistic. And like Lip-Bu said, we see a lot of activity at these advanced nodes. And that, coupled with 3D-IC at these advanced nodes, I think there is more design activity that we see.

所以我認為總的來說，這個行業看起來很健康。所以不僅僅是 - 有幾個主要的代工廠都在高級節點上工作。所以我們很樂觀。就像 Lip-Bu 所說，我們在這些高級節點上看到了很多活動。而且，再加上這些先進節點的 3D-IC，我認為我們看到了更多的設計活動。

So when a fab comes out with a new flavor of the same node, that's almost as helpful to you as a new node would be?

因此，當晶圓廠推出相同節點的新風格時，這對您的幫助幾乎與新節點一樣嗎？

I think that just depends on the customer adoption. I mean, there is some work we do from an R&D standpoint to get ready for a new node or a variant of the same node. The variant -- work on variant of the same node is less than R&D work for a new node. So it just depends on -- from a work standpoint. But in terms of customer adoption, depends which nodes the customers will adopt, and we are glad to work with them in whichever flavor they choose based on their requirement.

我認為這僅取決於客戶的採用。我的意思是，從研發的角度來看，我們要做一些工作來為新節點或同一節點的變體做好準備。變體——對同一節點的變體的工作少於新節點的研發工作。所以它只取決於 - 從工作的角度來看。但就客戶採用而言，取決於客戶將採用哪些節點，我們很高興與他們合作，根據他們的要求選擇他們選擇的任何風格。

(Operator Instructions) Our next question coming from the line Pradeep Ramani with UBS.

（操作員說明）我們的下一個問題來自瑞銀的 Pradeep Ramani。

I have a couple of questions on system analysis. Maybe the first question is, now that you have NUMECA and Pointwise, do you feel like you have more or less the solutions that you need to sort of scale both NUMECA and Pointwise together? Or do you feel like it has to be finally bolted on to a core Cadence platform and integrated more?

我有幾個關於系統分析的問題。也許第一個問題是，既然您擁有 NUMECA 和 Pointwise，您是否覺得自己或多或少地擁有將 NUMECA 和 Pointwise 一起擴展所需的解決方案？還是你覺得它最終必須被固定到核心 Cadence 平台上並進行更多集成？

And if so, what does sort of the R&D investment environment and even maybe the go-to-market investment environment look like -- the time horizon look like? Is it sort of a 1-year thing or is it a longer duration sort of an investment cycle?

如果是這樣，研發投資環境甚至上市投資環境是什麼樣的——時間範圍是什麼樣的？它是一年的事情還是投資週期更長的時間？

Yes, that's a great question. So first of all, we do feel pretty good about Pointwise and NUMECA, like I mentioned, and they are good technologies. They already have some scale and we can scale them more with our sales force and customer connections. At the same time, we will enhance them with our organically -- our organic technologies of parallel and distributed computing. So we will definitely enhance them further.

是的，這是一個很好的問題。所以首先，我們確實對 Pointwise 和 NUMECA 感覺很好，就像我提到的，它們是很好的技術。他們已經有了一定的規模，我們可以通過我們的銷售團隊和客戶關係來擴大他們的規模。同時，我們將通過我們有機的——並行和分佈式計算的有機技術來增強它們。因此，我們一定會進一步增強它們。

And like Lip-Bu and John mentioned, I think all these investments are built into our guidance, and we feel good already in terms of -- so we -- at this point, we already have significant scale R&D investment in system analysis, okay, so because of Clarity and other products. So we feel good in terms of the amount of R&D we have already invested and we'll go from there. But I think at the bottom line, we feel that this point with NUMECA and our organic development, we have a lot of capabilities to scale it and to see it evolve.

就像 Lip-Bu 和 John 提到的那樣，我認為所有這些投資都包含在我們的指導中，我們已經感覺良好 - 所以我們 - 在這一點上，我們已經在系統分析方面進行了大規模的研發投資，好吧，所以因為 Clarity 和其他產品。因此，就我們已經投入的研發數量而言，我們感覺很好，我們將從那裡開始。但我認為歸根結底，我們認為 NUMECA 和我們有機發展的這一點，我們有很多能力來擴展它並看到它的發展。

Okay. And as my follow-up, in terms of sort of AWR, can you sort of update us on how AWR is doing in terms of more customer traction and sort of maybe year-over-year growth as part of your system analysis business?

好的。作為我的後續行動，就 AWR 而言，您能否向我們介紹一下 AWR 在更多客戶牽引力方面的表現以及作為您系統分析業務的一部分可能會實現同比增長的情況？

Yes, definitely. So as you know, our system analysis business, if you compare from Q1 last year to Q1 this year, is up significantly, right, close to 30%. And AWR is a key part of that. There is some part of it that is M&A but organically also our after acquisition, both AWR and EMX, Integrand are going well -- growing well. And if you see in Lip-Bu's prepared comments, we mentioned Qualcomm has expanded use of AWR and Clarity.

當然是。如您所知，我們的系統分析業務，如果您從去年第一季度到今年第一季度進行比較，則大幅增長，對，接近 30%。 AWR 是其中的關鍵部分。其中有一部分是併購，但有機地也是我們收購後的一部分，AWR 和 EMX，Integrand 都進展順利——增長良好。如果你在 Lip-Bu 準備好的評論中看到，我們提到高通已經擴大了 AWR 和 Clarity 的使用範圍。

So we don't break it out separately, these different products, but overall, they are growing well, and we are happy of AWR and Integrand growth after acquisition by us because we can provide a more complete solution along with Virtuoso, Clarity, the overall -- Allegro's system design and analysis solution.

所以我們不會單獨列出這些不同的產品，但總體而言，它們發展良好，我們對 AWR 和 Integrand 在被我們收購後的增長感到高興，因為我們可以與 Virtuoso、Clarity、整體——Allegro 的系統設計和分析解決方案。

Our next question coming from the line of Ruben Roy with WestPark Capital.

我們的下一個問題來自 WestPark Capital 的 Ruben Roy。

John, I had a quick follow-up on the chip supply situation. Obviously, you're talking about impacts on your full year and you've given us full year guidance for 2021. The commentary from the industry has been sort of all over the place in terms of when we might see some improvement, with some folks thinking as soon as second half.

約翰，我對芯片供應情況進行了快速跟進。顯然，您談論的是對您全年的影響，並且您已經為我們提供了 2021 年的全年指導。就我們何時可能會看到一些改進而言，業界的評論已經無處不在，有些人想盡快下半場。

Just wondering if you have any perspective on when and how you're thinking about seeing some improvement in supply and when that might impact your business. Is it a 2022 event?

只是想知道您是否對何時以及如何考慮看到供應有所改善以及何時可能影響您的業務有任何看法。這是2022年的活動嗎？

Yes. Sure, Ruben. The forecast that my team provided me looked like there was softness in Q2 and Q3 for the particular mix of customers that we generate IP royalty revenue from. And it looked like it was recovering in Q4. I think that gets to your point. But again, I don't mean for this to be any commentary on the industry in any way. It's just the mix of customers that we recognize royalty revenue from.

是的。當然，魯本。我的團隊向我提供的預測看起來在第二季度和第三季度對於我們從中產生 IP 版稅收入的特定客戶組合出現疲軟。看起來它在第四季度正在復蘇。我認為這符合你的觀點。但同樣，我並不是要以任何方式對這個行業進行任何評論。這只是我們確認特許權使用費收入的客戶組合。

Okay. Yes, I appreciate that...

好的。是的，我很感激……

We're not seeing any slowdown in line activity at Cadence.

我們沒有看到 Cadence 的生產線活動有任何放緩。

Right, right. Okay. Trying to get as many data points as I can. And then I guess just a quick follow-up for Anirudh or Lip-Bu. Just on sort of your customers, you talked about foundry a little bit here, but a large North American customer obviously is getting back again into the foundry business and has cited early partnerships with you and your competitor.

是的是的。好的。試圖獲得盡可能多的數據點。然後我想只是對 Anirudh 或 Lip-Bu 的快速跟進。就您的一些客戶而言，您在這裡稍微談到了代工，但一個大型北美客戶顯然正在重新回到代工業務，並引用了與您和您的競爭對手的早期合作夥伴關係。

Just wondering if you have any perspective to add on what's going on here with that customer, and if you're seeing any benefits coming from things like U.S. chip sector or things like that on your business as you look over the next several years.

只是想知道您是否有任何觀點可以補充該客戶的情況，以及您在未來幾年中是否看到美國芯片行業或類似業務對您的業務產生的任何好處。

Yes. I think that more manufacturing in U.S. is fairly welcome. And of course, the -- any new foundry or expansion is always good for us in terms of tool and IP enablement. And so we're excited opportunity and then it will increase the design activity and also meet the customer requirement for the advanced nodes and so -- and packaging also. So I think, overall, we think there's a positive development, and we welcome that opportunity to provide service and the design and IP to enable them.

是的。我認為在美國增加製造業是相當受歡迎的。當然，就工具和 IP 支持而言，任何新的代工廠或擴張總是對我們有利。所以我們很高興有機會，然後它將增加設計活動並滿足客戶對高級節點等的要求 - 以及封裝。所以我認為，總的來說，我們認為這是一個積極的發展，我們歡迎有機會提供服務、設計和 IP 來支持它們。

Our last question coming from the line of Vivek Arya with Bank of America.

我們的最後一個問題來自美國銀行的 Vivek Arya。

Lip-Bu, I just wanted to kind of follow up on your last commentary about U.S. manufacturing. I'm curious if there is more U.S.-based manufacturing and packaging and other activities, is that incremental to your business or is that just a substitute for what you're doing in other regions?

Lip-Bu，我只是想跟進你上次關於美國製造業的評論。我很好奇是否有更多的美國製造、包裝和其他活動，這是對您的業務的增量，還是只是替代您在其他地區所做的事情？

Yes, it's very hard to tell. But I think overall, it should be a net increase because clearly, we are very excited. We have a deep partnership with the TSMC, Samsung of the world. Anything new, they need a lot of more IP in terms of optimizing and also they have their own process and PDK. And then -- so I think overall, from my point of view, I think will be a net increase, and that we're happy to help.

是的，這很難說。但我認為總體而言，這應該是淨增長，因為很明顯，我們非常興奮。我們與全球的台積電、三星有著深厚的合作關係。任何新事物，他們在優化方面需要更多的 IP，而且他們有自己的流程和 PDK。然後 - 所以我認為總的來說，從我的角度來看，我認為這將是一個淨增長，我們很樂意提供幫助。

And at the end of the day, it's the foundry, the EDA and then how to meet our customer requirements and they want to move into a new foundry, they need a lot of different tools and optimization and process and rivalry. And overall, I think will be a net improvement for us.

歸根結底，是代工廠、EDA，然後是如何滿足我們客戶的要求，他們想搬進一個新的代工廠，他們需要很多不同的工具和優化、工藝和競爭。總的來說，我認為這對我們來說是一個淨改善。

Got it. Very helpful. And then, John, maybe one for you on operating margins. So Q1, I think at about 38%. I think Q2, you're guiding to 36% if my model is right. But for the full year, you're guiding to 35% to 36%, so suggesting back half will be lower, right? And back half of this year could even be lower than what you had in second half of last year?

知道了。很有幫助。然後，約翰，也許是關於營業利潤率的一個。所以第一季度，我認為約為 38%。我認為第二季度，如果我的模型是正確的，您將指導到 36%。但是對於全年，你的指導是 35% 到 36%，所以建議後半部分會更低，對吧？今年下半年甚至可能低於去年下半年的水平？

Obviously, you had the 1 extra week of last year. But I'm just curious, how are you thinking about leverage in the model? And more importantly, when do you think you can get back to this rule of 50 that you were able to achieve before?

顯然，你去年多出了 1 週。但我只是好奇，你如何看待模型中的槓桿作用？更重要的是，你認為什麼時候可以回到你之前能夠達到的 50 條規則？

Yes. Good question, Vivek. I mean, we're -- we don't see any near-term ceiling on operating margins. I was glad to see that even with the outlook at 35.5% at the midpoint, that I think we're now at 50% incremental margins comparing 2021 to 2019 as long as we're delivering incremental margins of 50%. But clearly, there's operating leverage in the model.

是的。好問題，維維克。我的意思是，我們 - 我們沒有看到營業利潤率的任何近期上限。我很高興地看到，即使中點的前景為 35.5%，我認為只要我們實現 50% 的增量利潤率，與 2021 年至 2019 年相比，我們現在的利潤率增量為 50%。但顯然，該模型中存在運營槓桿。

What you're seeing in the impact, the reason that operating margins are slightly lower in the second half, it's the combination of 2 acquisitions and delayed hiring activity into the second half. But also, we have a merit cycle that kicks in, in July 1. But with all that said, we're heavily investing in building out our multiphysics platform for the future. Like I said, there's no near-term ceiling to that operating leverage.

您所看到的影響是下半年營業利潤率略低的原因，這是兩次收購和推遲到下半年的招聘活動的結合。而且，我們的績效週期將於 7 月 1 日開始。但話雖如此，我們正在大力投資構建未來的多物理場平台。就像我說的那樣，這種經營槓桿在短期內沒有上限。

Ladies and gentlemen, that's all the time we have for questions today. I would now like to turn the call back over to Lip-Bu Tan for closing remarks.

女士們，先生們，這就是我們今天的所有提問時間。我現在想把電話轉回陳立武做閉幕詞。

Thank you all for joining us this afternoon.

感謝大家今天下午加入我們。

I'm very excited about the growing market opportunity and the business momentum so far in 2021. Our Intelligent System Design strategy is playing out very nicely, as we benefit from the new opportunities in design excellence, system innovation and pervasive intelligence and an expanded total addressable market.

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順利進行，因為我們受益於卓越設計、系統創新和普遍智能的新機遇以及擴大的總數可尋址市場。

I'm very pleased also to share that Fortune and the Great Place to Work have honored us as one of the 2021 100 Best Companies to Work For, which marks Cadence's seventh year in a row being named in this prestigious list. Cadence was recognized as one of the best companies to work for, thanks to our outstanding people-first culture and the history of innovation.

我也很高興與大家分享，《財富》和 Great Place to Work 將我們評為 2021 年 100 家最適合工作的公司之一，這標誌著 Cadence 連續第七年入選這個享有盛譽的榜單。由於我們出色的以人為本的文化和創新的歷史，Cadence 被公認為最適合工作的公司之一。

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

最後，我們謹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。

Ladies and gentlemen, thank you for participating in today's Cadence First Quarter 2021 Earnings Conference Call. This concludes today's call. You may now disconnect.

女士們先生們，感謝您參加今天的 Cadence 2021 年第一季度收益電話會議。今天的電話會議到此結束。您現在可以斷開連接。