益華電腦 (CDNS) 2021 Q4 法說會逐字稿

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

下午好。我的名字是 Jamyria，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 年第四季度收益電話會議。 （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, Jamyria. I would like to welcome everyone to our fourth quarter and fiscal year 2021 earnings conference call. I am joined today by Anirudh Devgan, President and Chief Executive Officer; and John Wall, Senior Vice President and Chief Financial Officer. The webcast of this call is available through our website, cadence.com, and will be archived through March 18, 2022.

謝謝你，賈米里亞。我想歡迎大家參加我們的第四季度和 2021 財年財報電話會議。今天，總裁兼首席執行官 Anirudh Devgan 也加入了我的行列；和高級副總裁兼首席財務官約翰·沃爾。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 2022 年 3 月 18 日。

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.

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，實際結果可能存在重大差異從今天的討論中預測或暗示的內容。

For information on the 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 please note that our 2021 Form 10-K was filed about 1:30 today, Pacific Time.

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。請注意，我們的 2021 年 10-K 表格是在太平洋時間今天 1:30 左右提交的。

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

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我們目前可獲得的估計和信息，Cadence 不承擔任何更新任何前瞻性陳述的義務，除非法律要求。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。

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 reconciliations of non-GAAP financial measures with their most direct comparable GAAP financial results in today's earnings press release.

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 財務指標與其最直接可比的 GAAP 財務結果的對賬情況。

Copies of today's press release dated February 22, 2022, for the quarter and fiscal year ended January 1, 2022, related financial tables and the CFO commentary are also available on our website. (Operator Instructions)

今天的新聞稿日期為 2022 年 2 月 22 日，截至 2022 年 1 月 1 日的季度和財政年度，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）

Now I will turn the call over to Anirudh.

現在我將把電話轉給 Anirudh。

Good afternoon, everyone, and thank you for joining us today. I'm pleased to report that Cadence delivered outstanding financial results for 2021 as we exceeded our original growth target, achieving 11% revenue growth, 37% non-GAAP operating margin and operating cash flow of over $1 billion.

大家下午好，感謝您今天加入我們。我很高興地報告，Cadence 在 2021 年實現了出色的財務業績，我們超過了最初的增長目標，實現了 11% 的收入增長、37% 的非 GAAP 營業利潤率和超過 10 億美元的營業現金流。

Generational trends such as 5G, hyperscale computing, and AIML are propelling the digital transformation of multiple end markets and fueling a golden era for semiconductors and electronic systems.

5G、超大規模計算和 AIML 等世代趨勢正在推動多個終端市場的數字化轉型，並推動半導體和電子系統的黃金時代。

With robust design activity providing a strong tailwind, we expect our innovative solutions to continue driving broad-based business momentum in 2021 and 2022, accelerating revenue growth and profitability. John will provide more details in a moment. Our Intelligent System Design strategy triples our total available market. And our compelling portfolio of chip, package, board and system design solutions, leveraging our computational software expertise uniquely positions us to capture a wide range of exciting opportunities.

憑藉強大的設計活動提供強大的順風，我們預計我們的創新解決方案將在 2021 年和 2022 年繼續推動廣泛的業務發展勢頭，加速收入增長和盈利能力。 John 將在稍後提供更多詳細信息。我們的智能係統設計戰略使我們的總可用市場增加了三倍。我們引人注目的芯片、封裝、電路板和系統設計解決方案組合，利用我們的計算軟件專業知識，使我們能夠抓住各種令人興奮的機會。

During the year, we significantly expanded our core EDA and IP solutions footprint with market-shaping customers, as new customers accelerated their adoption of our expanding systems portfolio. We deepened our partnerships with leading foundry, IP and cloud service providers and launched key strategic initiatives. Earlier today, we announced an exciting strategic partnership with Dassault Systèmes that brings together Cadence Allegro and Dassault's 3DEXPERIENCE platform to provide virtual twin experiences for optimizing the entire value chain for electromechanical system modeling, design, simulation and product life cycle management.

在這一年裡，隨著新客戶加速採用我們不斷擴大的系統產品組合，我們顯著擴大了核心 EDA 和 IP 解決方案的覆蓋範圍，吸引了塑造市場的客戶。我們深化了與領先代工、IP 和雲服務提供商的合作夥伴關係，並啟動了關鍵戰略舉措。今天早些時候，我們宣布與達索系統建立激動人心的戰略合作夥伴關係，將 Cadence Allegro 和達索的 3DEXPERIENCE 平台結合起來，提供虛擬雙胞胎體驗，以優化機電系統建模、設計、仿真和產品生命週期管理的整個價值鏈。

Central to our strategy is the relentless commitment to innovation. And in 2021, we introduced 13 significant differentiated products across our business groups that will be key to our future growth. Now let's talk about some of the product highlights for both Q4 and 2021. Our digital and signoff business had another strong year with 10% revenue growth.

我們戰略的核心是對創新的不懈承諾。 2021 年，我們在各業務部門推出了 13 種重要的差異化產品，這將是我們未來增長的關鍵。現在讓我們談談第四季度和 2021 年的一些產品亮點。我們的數字和簽核業務又取得了強勁的一年，收入增長了 10%。

Deployment of our digital full flow, delivering industry-leading quality of results at the most advanced nodes continue to accelerate as more than 45 additional customers adopted it during the year. In 2021, we strengthened our relationship with OPPO, a leading mobile phone manufacturer in China with our digital full flow and an expansion of our system design and analysis products. We expanded our relationship with Socionext, who used our digital full flow, delivering the best quality of results to successfully tape out several advanced node automotive and hyperscaler design.

隨著超過 45 個額外的客戶在這一年中採用我們的數字全流程，在最先進的節點上提供行業領先的結果質量繼續加速。 2021年，我們加強了與中國領先的手機製造商OPPO的合作關係，我們的數字化全流程以及系統設計和分析產品的擴展。我們擴大了與 Socionext 的關係，後者使用我們的數字全流程，提供最佳質量的結果，成功地流片了幾個先進的節點汽車和超大規模設計。

Our transformative Cadence Cerebrus solution incorporates sophisticated ML technologies to explore the entire design space and intelligently optimize the digital full flow in an automated manner. Several leading customers are increasingly deploying Cadence Cerebrus in production designs and gaining exceptional power, performance, area and productivity benefits, including a market-shaping U.S. automotive company that reduced the power consumption of critical 5-nanometer SoC AI blocks by nearly 10% in just 2 weeks.

我們的變革性 Cadence Cerebrus 解決方案結合了複雜的 ML 技術來探索整個設計空間，並以自動化的方式智能優化數字化全流程。一些領先的客戶越來越多地在生產設計中部署 Cadence Cerebrus，並獲得了卓越的功率、性能、面積和生產力優勢，其中包括一家引領市場的美國汽車公司，該公司在短短的時間內將關鍵 5 納米 SoC AI 模塊的功耗降低了近 10% 2週。

Additionally, a premier Asia Pacific system Company reduced power of their 4-nanometer design by 10% with 1/10 the effort of manual optimization and then applied the Cadence Cerebrus-trained ML model to other designs, further improving their power and productivity.

此外，一家領先的亞太系統公司將其 4 納米設計的功率降低了 10%，只需手動優化 1/10 的工作量，然後將 Cadence Cerebrus 訓練的 ML 模型應用於其他設計，進一步提高了其功率和生產力。

And Cadence Cerebrus enabled a marquee U.S. semiconductor company to tape out their next-generation SoC with a 5x productivity improvement on several critical blocks.

Cadence Cerebrus 使一家大型美國半導體公司能夠流片他們的下一代 SoC，在幾個關鍵模塊上將生產力提高 5 倍。

Rapidly escalating system verification and software bring up challenges continue to drive heavy demand for our verification full flow solutions, delivering the industry-leading verification throughput. Our verification business grew 20% year-over-year, fueled by a record year for hardware.

快速升級的系統驗證和軟件帶來的挑戰繼續推動對我們的驗證全流程解決方案的大量需求，提供行業領先的驗證吞吐量。在硬件創紀錄的一年的推動下，我們的驗證業務同比增長了 20%。

Our next-generation Palladium Z2 and Protium X2 platforms provide best-in-class solutions to address system verification and software bring-up challenges of complex multibillion gate designs.

我們的下一代 Palladium Z2 和 Protium X2 平台提供一流的解決方案，以應對複雜的數十億門設計的系統驗證和軟件啟動挑戰。

Demand for these platforms that were launched earlier last year has greatly exceeded our expectations as customers quickly embrace their superior performance, capacity and debug capabilities. The compelling value offered by the common front-end compiler led to more than half of our customers purchasing both Palladium as well as Protium platforms during the year. Our hardware family added over 30 new customers and over 100 repeat orders during the year with particular strength seen in hyperscaler, mobile and networking vertical.

隨著客戶迅速接受其卓越的性能、容量和調試功能，對去年早些時候推出的這些平台的需求大大超出了我們的預期。通用前端編譯器提供的極具吸引力的價值導致我們一半以上的客戶在這一年同時購買了 Palladium 和 Protium 平台。我們的硬件系列在這一年中增加了 30 多個新客戶和 100 多個重複訂單，在超大規模、移動和網絡垂直領域尤其具有優勢。

Our verification software product, which includes the Xcelium Logic Simulator and Jasper Formal Verification Platform continue to proliferate. With Jasper having an exceptional year, adding 40 new customers with particular strength in compute and hyperscale.

我們的驗證軟件產品（包括 Xcelium Logic Simulator 和 Jasper 形式驗證平台）繼續激增。 Jasper 在這一年的表現非常出色，增加了 40 個在計算和超大規模方面具有特殊實力的新客戶。

Today's complex memory and mixed-signal high-frequency design underscore the need for high-performance and very accurate circuit simulation.

當今復雜的存儲器和混合信號高頻設計強調了對高性能和非常精確的電路仿真的需求。

Our Spectre platform has been a long-standing leader in simulation tech solutions for analog and RF design. And now with the recent addition of Spectre FX, our next-generation FastSPICE simulator for memory and large SoC design, we provide the industry's most advanced comprehensive cross-domain circuit simulation platform. Several leading customers have already deployed Spectre FX on their production design. Such as SK Hynix has successfully evaluated and deployed the Spectre FX simulation solution to improve their design methodology and productivity in DRAM verification.

我們的 Spectre 平台長期以來一直是模擬和射頻設計仿真技術解決方案的領導者。現在，隨著最近添加的 Spectre FX，我們用於內存和大型 SoC 設計的下一代 FastSPICE 仿真器，我們提供了業界最先進的綜合跨域電路仿真平台。一些領先的客戶已經在他們的生產設計中部署了 Spectre FX。例如 SK Hynix 已成功評估和部署 Spectre FX 仿真解決方案，以改進他們在 DRAM 驗證中的設計方法和生產力。

And Micron adopted Spectre FX simulators as it gave very compelling FastSPICE simulation performance for accurate verification of the DRAM and Flash design.

美光采用 Spectre FX 仿真器，因為它提供了非常引人注目的 FastSPICE 仿真性能，可準確驗證 DRAM 和閃存設計。

In 2021, our IP business grew in multiple vertical markets, including mobile, 5G, hyperscaler and automotive. Our leadership DDR and PCIe IP portfolio continue to proliferate at the 5-nanometer and lower process nodes, and our design IP portfolio had several wins at top customers, including a significant expansion at a marquee U.S. semiconductor company.

2021 年，我們的 IP 業務在多個垂直市場實現增長，包括移動、5G、超大規模和汽車。我們領先的 DDR 和 PCIe IP 產品組合在 5 納米和更低工藝節點上繼續激增，我們的設計 IP 產品組合在頂級客戶中取得了多項勝利，其中包括在一家大型美國半導體公司的重大擴張。

Our Tensilica DSP portfolio continued expanding its footprint in audio, imaging, computer vision and ML applications. And during the year, we introduced the Tensilica AI platform, delivering scalable and energy-efficient on device to edge AI processes. Rising system complexity for advanced 5G, automotive, and HPC application is driving the need for a seamless platform solution across design, simulation and analysis. Our System Design and Analysis business that is driving our expansion beyond EDA continued its strong momentum, delivering 18% year-over-year growth.

我們的 Tensilica DSP 產品組合繼續擴大其在音頻、成像、計算機視覺和 ML 應用中的足跡。在這一年中，我們推出了 Tensilica AI 平台，提供可擴展且節能的設備到邊緣 AI 流程。高級 5G、汽車和 HPC 應用的系統複雜性不斷提高，推動了對跨設計、仿真和分析的無縫平台解決方案的需求。我們的系統設計和分析業務正在推動我們超越 EDA 的擴張，繼續保持強勁勢頭，實現了 18% 的同比增長。

There is rapidly growing demand for sophisticated multi-die integration packaging solutions and our revolutionary integrity 3D-IC solution, providing tightly integrated system planning, implementation and analysis technology has been gaining strong customer traction. Our Integrity 3D-IC platform was recognized at TSMC's OIP Ecosystem forum by winning Partner of the Year Award for joint development of 3DFabric Design Solutions as well as winning a customer choice award for 3D-IC design.

對複雜的多芯片集成封裝解決方案的需求快速增長，我們革命性的完整性 3D-IC 解決方案，提供緊密集成的系統規劃、實施和分析技術，已獲得強大的客戶支持。我們的 Integrity 3D-IC 平台在 TSMC 的 OIP 生態系統論壇上獲得了認可，獲得了 3DFabric 設計解決方案聯合開發年度合作夥伴獎以及 3D-IC 設計客戶選擇獎。

Last year, we furthered our System Analysis strategy on building out a disruptive, comprehensive multiphysics platform by expanding into CFD domain through the acquisitions of NUMECA and Pointwise. The integration has gone well and we have added nearly 100 new logos, including competitive wins across multiple end markets, notably in aerospace and defense. We expanded our collaboration with Schneider Electric, a leader in digital transformation of energy management and industrial automation. As they standardize on Allegro X platform for PCB design as well as adopting our Clarity solution for system analysis.

去年，我們通過收購 NUMECA 和 Pointwise 進軍 CFD 領域，進一步推進了系統分析戰略，構建了一個顛覆性的綜合多物理平台。整合進展順利，我們添加了近 100 個新徽標，包括在多個終端市場（尤其是在航空航天和國防領域）的競爭優勢。我們擴大了與施耐德電氣的合作，施耐德電氣是能源管理和工業自動化數字化轉型的領導者。因為他們在 Allegro X 平台上標準化 PCB 設計，並採用我們的 Clarity 解決方案進行系統分析。

In Q4, we significantly strengthened our partnership with ADI, with a wide-ranging expansion of our EDA product, along with deployment of our System Design and Analysis solutions, which will enable them to develop more complete end-to-end solutions for their customers. And Butterfly Networks leverage our Clarity 3D Solver for advanced mobile ultrasound design.

在第四季度，我們顯著加強了與 ADI 的合作夥伴關係，廣泛擴展了我們的 EDA 產品，同時部署了我們的系統設計和分析解決方案，這將使他們能夠為其客戶開發更完整的端到端解決方案. Butterfly Networks 利用我們的 Clarity 3D Solver 進行先進的移動超聲設計。

Lastly, usage of our Cadence Cloud portfolio continued to scale with over 250 customers using our solutions in the cloud. Cadence Cloud-ready products are enabling our customers to realize meaningful scalability, performance and productivity benefits through the availability of several flexible use models.

最後，我們的 Cadence Cloud 產品組合的使用量繼續擴大，超過 250 家客戶在雲中使用我們的解決方案。 Cadence 雲就緒產品使我們的客戶能夠通過多種靈活使用模型的可用性實現有意義的可擴展性、性能和生產力優勢。

Now I will turn it over to John to provide more details on the Q4 results and our 2022 outlook.

現在我將把它交給約翰，以提供有關第四季度業績和我們 2022 年展望的更多細節。

Thanks, Anirudh, and good afternoon, everyone. I'm pleased to report we exceeded all of our key operating metrics for the fourth quarter and fiscal year 2021. The underlying strength in demand for our essential technology and solutions continues to drive consistent growth across the business. A strong finish to 2021, combined with our relentless focus on innovation, customer success and inclusive employee culture and continued execution, helped Cadence to achieve revenue growth of 11% and the fifth consecutive year of non-GAAP incremental margin of greater than 50%, which contributed to an increase in our operating cash flow to $1.1 billion for the year.

謝謝，Anirudh，大家下午好。我很高興地報告，我們超過了第四季度和 2021 財年的所有關鍵運營指標。對我們基本技術和解決方案的需求的潛在優勢繼續推動整個業務的持續增長。 2021 年的強勁收官，加上我們對創新、客戶成功和包容性員工文化的不懈關注以及持續執行，幫助 Cadence 實現了 11% 的收入增長和連續第五年非 GAAP 增量利潤率超過 50%，這導致我們今年的經營現金流增加至 11 億美元。

Here are some highlights from the fourth quarter and the year, starting with the P&L. Total revenue was $773 million for the quarter and $2.988 billion for the year. Non-GAAP operating margin was approximately 36% for the quarter and 37% for the year.

以下是第四季度和當年的一些亮點，從損益表開始。本季度總收入為 7.73 億美元，全年為 29.88 億美元。本季度非美國通用會計準則營業利潤率約為 36%，全年約為 37%。

GAAP EPS was $0.63 for the quarter and $2.50 for the year. And non-GAAP EPS was $0.82 for the quarter and $3.29 for the year.

本季度 GAAP 每股收益為 0.63 美元，全年為 2.50 美元。本季度非 GAAP 每股收益為 0.82 美元，全年為 3.29 美元。

Next, turning to the balance sheet and cash flow. Our cash balance was $1.09 billion at year-end, while the principal value of debt outstanding was $350 million. Operating cash flow in the fourth quarter was $216 million and $1.10 billion for the full year. DSOs were 40 days and we repurchased $61 million of Cadence shares during the year.

接下來，轉向資產負債表和現金流。截至年底，我們的現金餘額為 10.9 億美元，而未償債務的本金價值為 3.5 億美元。第四季度的經營現金流為 2.16 億美元，全年為 11 億美元。 DSO 為 40 天，我們在這一年回購了 6100 萬美元的 Cadence 股票。

Before I provide commentary for Q1 and fiscal 2022, I'd like to take a moment to share the assumptions embedded in our outlook. Our outlook assumes a non-GAAP tax rate of 17.5%. At the midpoint of our 2022 outlook, we are assuming our annual upfront revenue percentage will increase slightly from 2021 to 2022. This is primarily due to higher upfront revenue in Q1, resulting from a very strong hardware bookings finish to 2021.

在我對第一季度和 2022 財年發表評論之前，我想花點時間分享我們展望中的假設。我們的展望假設非公認會計原則稅率為 17.5%。在我們 2022 年展望的中點，我們假設從 2021 年到 2022 年，我們的年度前期收入百分比將略有增加。這主要是由於第一季度的前期收入增加，這是由於到 2021 年的硬件預訂非常強勁。

And finally, our outlook assumes that the export limitations that exist today will remain in place for all of 2022. Embedding these assumptions into our outlook for fiscal 2022, we expect revenue in the range of $3.32 billion to $3.38 billion. Non-GAAP operating margin of 37.5% to 39%, GAAP EPS in the range of $2.46 to $2.56, non-GAAP EPS in the range of $3.70 to $3.80, operating cash flow in the range of $1.15 billion to $1.25 billion. And we expect to use at least 50% of our free cash flow to repurchase Cadence shares in 2022. For Q1 2022, we expect revenue in the range of $850 million to $870 million.

最後，我們的展望假設今天存在的出口限制將在 2022 年全年繼續存在。將這些假設納入我們對 2022 財年的展望，我們預計收入在 33.2 億美元至 33.8 億美元之間。 Non-GAAP 營業利潤率為 37.5% 至 39%，GAAP 每股收益在 2.46 美元至 2.56 美元之間，非 GAAP 每股收益在 3.70 美元至 3.80 美元之間，經營現金流在 11.5 億美元至 12.5 億美元之間。我們預計在 2022 年將至少 50% 的自由現金流用於回購 Cadence 股票。對於 2022 年第一季度，我們預計收入在 8.5 億美元至 8.7 億美元之間。

Non-GAAP operating margin of 40% to 41%, GAAP EPS in the range of $0.70 to $0.74, non-GAAP EPS in the range of $1 to $1.04. And we expect to repurchase approximately $250 million of Cadence shares in Q1.

非 GAAP 營業利潤率為 40% 至 41%，GAAP 每股收益在 0.70 美元至 0.74 美元之間，非 GAAP 每股收益在 1 美元至 1.04 美元之間。我們預計將在第一季度回購約 2.5 億美元的 Cadence 股票。

Our CFO commentary, which is available on our website, includes our outlook for additional items as well as further analysis and GAAP to non-GAAP reconciliations. In conclusion, I would like to take a moment to acknowledge the entire Cadence team for continuously improving our 3-year revenue growth CAGR and delivering over 50% incremental margin for 5 years in a row.

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。最後，我想花一點時間感謝整個 Cadence 團隊，他們不斷提高我們的 3 年收入增長複合年增長率，並連續 5 年實現超過 50% 的增量利潤率。

As a result of the compounding impact of all their efforts, I am pleased that at the midpoint of our outlook, we expect revenue growth of 12% and over 38% non-GAAP operating margin for 2022. As always, I'd like to close by thanking our customers, partners and our employees for their continued support.

由於他們所有努力的綜合影響，我很高興在我們展望的中點，我們預計 2022 年的收入增長 12% 和 38% 以上的非公認會計原則營業利潤率。一如既往，我想最後感謝我們的客戶、合作夥伴和我們的員工一直以來的支持。

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)

（操作員說明）

Your first question will come from the line of Joe Vruwink with Baird.

您的第一個問題將來自 Joe Vruwink 和 Baird 的觀點。

Great. I wanted to start in the past, Cadence has alluded to certain product segments maybe having a faster growth opportunity over the course of an upcoming year. I'm curious if maybe you could give an updated rank ordering. And I guess 2 questions. One, on maybe the growth skew a bit more towards verification in 2022, given the ongoing new product cycle you alluded to? And then maybe 1b to this question. Is there any region that might contribute outsized growth for Cadence over the coming year?

偉大的。我想從過去開始，Cadence 曾暗示某些產品細分市場可能在未來一年有更快的增長機會。我很好奇您是否可以提供更新的排名順序。我猜有2個問題。一，鑑於您提到的正在進行的新產品週期，2022 年的增長可能更傾向於驗證？然後可能是這個問題的 1b。是否有任何地區可能在未來一年為 Cadence 帶來巨大的增長？

Yes, Joe, this is a great question and let me start and then John can comment more. I think what I would like to say is that we feel that all business groups in all product areas and all regions are performing well at this time. So we feel pretty good where we are in the design activity we see. So we are expecting good growth across our portfolio. And I think we feel good how we are positioned.

是的，喬，這是一個很好的問題，讓我開始，然後約翰可以發表更多評論。我想我想說的是，我們覺得所有產品領域和所有地區的所有業務集團在這個時候都表現得很好。所以我們在我們看到的設計活動中感覺很好。因此，我們預計我們的投資組合將實現良好的增長。而且我認為我們對自己的定位感覺很好。

Yes, Joe, I would add to that, that if you look at the CFO commentary on Page 5, we've outlined the 3-year revenue CAGR by product category. I find that the most interesting view for me because it's typically 1 contract cycle with customers. And if you look at how we finish 2021, you have kind of strong double-digit growth across all lines of business with the exception of Custom IC, which is high single-digit growth.

是的，喬，我要補充一點，如果您查看第 5 頁上的首席財務官評論，我們已經概述了按產品類別劃分的 3 年收入複合年增長率。我發現這對我來說是最有趣的觀點，因為它通常是與客戶的 1 個合同周期。如果你看看我們如何完成 2021 年，你會發現所有業務線都實現了強勁的兩位數增長，但定制 IC 除外，這是個位數的高增長。

Looking at the guide that we have for 2022, I'm expecting slight improvement on all of those, for 2022 over 2021. The one I've hedged back a little bit with IP. I've got low teens growth in the guide for IP for 2022. There may be upside to that, but right now, I feel comfortable with low teens.

看看我們 2022 年的指南，我預計 2022 年的所有這些都會比 2021 年略有改善。我已經用 IP 對沖了一點。在 2022 年 IP 指南中，我的青少年增長率較低。這可能有好處，但現在，我對青少年的成長感到滿意。

Okay. That's great. And then -- just on the outlook and maybe more of a midterm focus question, but if I leave 1Q aside, given the elevated upfront product contribution, it seems like the rates of growth for the remainder of the year are not too far from these 3-year CAGRs. We're talking about 11%, 12%. As you kind of think midterm, and we've gotten some midterm frameworks from some of your peers in the space. Would you expect Cadence to deviate that much from kind of these 11%, 12%, 13% rate of growth -- as you say, you seem to have quite a good degree of visibility? So it seems like it may be sustainable, but curious on your thoughts there.

好的。那太棒了。然後 - 只是關於前景，也許更多的是中期焦點問題，但如果我把第一季度放在一邊，鑑於前期產品貢獻的提高，今年剩餘時間的增長率似乎與這些相差不遠3 年復合年增長率。我們說的是 11%、12%。正如你所想的中期，我們已經從該領域的一些同行那裡獲得了一些中期框架。您是否期望 Cadence 與 11%、12%、13% 的增長率相差這麼多——正如您所說，您的知名度似乎很高？所以看起來它可能是可持續的，但對你的想法感到好奇。

Yes, I can take Anirudh. So on that, Joe, the -- yes, I think you're right to assume that. So we're expecting a very strong Q1. And we have a lot of visibility into core EDA. We continue to expect like double-digit growth there. I called out IP.

是的，我可以服用 Anirudh。那麼關於這一點，喬，- 是的，我認為你的假設是正確的。所以我們期待一個非常強勁的第一季度。我們對核心 EDA 有很多了解。我們繼續預計那裡會有兩位數的增長。我叫了IP。

IP, we typically aim for low teens. If you look at the 3-year CAGR, we've achieved mid-teens in that, but we typically aim for low teens because we're looking for the highest level of sustainable, profitable revenue growth there.

IP，我們通常針對低齡青少年。如果你看一下 3 年的複合年增長率，我們在這方面已經達到了 10 歲左右，但我們通常以低青少年為目標，因為我們正在尋找最高水平的可持續、盈利的收入增長。

I don't want to give the team the opportunity to walk away from some business if it's not the profitable nature we want. And then on system analysis, we've typically driven to kind of high teens there. Yes, I kind of expect that. The challenge is probably on -- in terms of visibility, it's on the upfront business. On the functional verification side, on the hardware side, it's tough to have visibility into the second half of the year until we get to the summer.

如果這不是我們想要的盈利性質，我不想讓團隊有機會放棄某些業務。然後在系統分析方面，我們通常會在那裡開車到十幾歲。是的，我有點期待。挑戰可能在於——就可見性而言，它在於前期業務。在功能驗證方面，在硬件方面，要到夏天才能看到下半年的情況。

Your next question will come from Charles Shi with Needham & Company.

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

Maybe as we exit 2021, could the management team kind of provide us an update on how much of your revenue coming from system companies versus semiconductor companies. So how does that number stack up with the previous years?

也許當我們退出 2021 年時，管理團隊能否向我們提供有關您的收入中有多少來自系統公司與半導體公司的最新信息。那麼這個數字與前幾年相比如何呢？

Richard, (sic) [Charles] I think what we say is that about 45% of our revenue is coming from system companies versus semi companies. And over the years, that has increased. It used to be 40% now trending towards 45%. And as you know, there is more and more system companies doing silicon and semi companies are becoming more system companies and system companies are becoming more semi companies.

理查德，（原文如此）[查爾斯]我認為我們所說的是，我們大約 45% 的收入來自系統公司而不是半導體公司。多年來，這種情況有所增加。它曾經是 40% 現在趨向於 45%。而且如你所知，越來越多的系統公司在做矽和半導體公司正在成為更多的系統公司和系統公司正在成為更多的半導體公司。

So that is a good trend for us and for the industry. And the other thing is our product portfolio is also adding, as you know, more System Design and Analysis products that makes us work more with the system company. So that's a trend that is positive, and I expect to be extra positive for Cadence for the future.

所以這對我們和整個行業來說都是一個很好的趨勢。另一件事是我們的產品組合也增加了，如您所知，更多的系統設計和分析產品，使我們與系統公司合作更多。所以這是一個積極的趨勢，我希望對 Cadence 的未來更加積極。

Got it. Got it. So maybe the next question is really to John Wall. I think your first quarter guidance operating margin is well north of 40%. I know you have this metric that called out 50% flow through for the flow-through rate. As your operating margin kind of get to the 40% plus, at 1 point, your margin expansion, if you don't change that target, 50% flow through, it's going to moderate at some point. I just wonder any thoughts, updated thinking here, when do you think you want to raise that flow-through rate?

知道了。知道了。所以也許下一個問題真的是約翰沃爾。我認為您的第一季度指導營業利潤率遠高於 40%。我知道你有這個指標，它指出了 50% 的流通率。隨著您的營業利潤率達到 40% 以上，在 1 點，您的利潤率擴張，如果您不改變該目標，50% 的流量將在某個時候放緩。我只是想知道任何想法，更新的想法，你認為你什麼時候想提高流通率？

Yes, Charles good observation there. At the -- Yes I mean we're very pleased with the fact that operating -- our incremental margins have come through at over 50% for 5 years running now. It's actually averaged 55% over those 5 years. And I'm delighted that the start for this year, I think the incremental margin that we've included or embedded in our outlook on the initial guide is the highest of the record incremental margin for Cadence on our outlook.

是的，查爾斯在那裡很好的觀察。在 - 是的，我的意思是我們對運營這一事實感到非常滿意 - 我們的增量利潤率已經連續 5 年超過 50%。在這 5 年中，它實際上平均為 55%。我很高興今年開始，我認為我們在初始指南展望中包含或嵌入的增量利潤率是 Cadence 對我們前景的創紀錄增量利潤率中的最高值。

So we're certainly targeting to try and drive that up to 50% and higher again for this year. But naturally, that as long as we're driving incremental margins that are higher than the underlying margin, we'll continue to see operating margin expand.

因此，我們的目標當然是在今年再次將其提高到 50% 甚至更高。但很自然，只要我們推動的增量利潤率高於基本利潤率，我們就會繼續看到營業利潤率的擴大。

Your next question will come from the line of Jackson Ader with JPMorgan.

您的下一個問題將來自JPMorgan 的Jackson Ader。

The -- on the system interconnect and analysis side, the growth rate in that product segment came down pretty steadily and precipitously through the year. So I'm just curious what gives you the confidence to kind of go from this fourth quarter growth rate in the low-single-digits back to that low-double-digits that might be embedded in the outlook?

- 在系統互連和分析方面，該產品領域的增長率全年穩步下降。所以我很好奇是什麼讓你有信心從第四季度的低個位數增長率回到可能嵌入前景的低兩位數？

Jackson, this is John. That's one of the easier ones to forecast given that we're mostly recurring revenue in that segment. And like you said, we've embedded high-teen growth into the guide there. Like I say, most of it's coming from recurring revenue.

傑克遜，這是約翰。鑑於我們主要是該細分市場的經常性收入，這是更容易預測的一種。就像你說的，我們已經將青少年成長嵌入到那裡的指南中。就像我說的，大部分來自經常性收入。

Okay. Great. Easy enough. And then I guess on the partnership with Dassault, just curious what the commercial relationship will actually look like? And then also, I mean -- I guess I would have thought that maybe Cadence was already trying to kind of go from your PCB Allegro business to 3D electromagnetics. And so how does -- with your own organic solvers that you've developed. So I'm just like curious how this all fits together and what your organic electromagnetics business fits into the puzzle.

好的。偉大的。很容易。然後我猜想與達索的合作關係，只是好奇商業關係實際上會是什麼樣子？然後，我的意思是——我想我會認為也許 Cadence 已經在嘗試從你的 PCB Allegro 業務轉向 3D 電磁學。那麼如何 - 使用您自己開發的有機求解器。所以我很好奇這一切是如何組合在一起的，以及你的有機電磁業務適合這個難題。

Yes, that's a great question. And what I would like to say is I'm really excited about this partnership with Dassault because this is like 2 leaders in their respective spaces coming together to address the problem that I think is becoming more and more important, and that's where the industry is going.

是的，這是一個很好的問題。我想說的是，我對與達索的合作感到非常興奮，因為這就像各自領域的兩位領導者齊心協力解決我認為越來越重要的問題，而這正是行業所在去。

So as you know, the market is moving towards a mechatronics, combination of mechanical and electronic with software and data and talk and then silicon driving all these engines. And we -- and then when you come from the mechanical side, right, whether it's a car or a washing machine or an airplane, the first electronics you see is the PCB. And then the chip, I mean on the package and the chip.

如您所知，市場正朝著機電一體化方向發展，將機械和電子與軟件、數據和談話相結合，然後是驅動所有這些引擎的矽。我們——然後當你從機械方面來看，對，無論是汽車、洗衣機還是飛機，你看到的第一個電子產品就是 PCB。然後是芯片，我的意思是在封裝和芯片上。

So with Allegro with our position in Allegro, it gives us a great platform and then, of course, the chip and the package solutions. And then with Dassault, they are the leader in 3D mechanical design and with product life cycle management. So this is a natural combination of doing a seamless integration of the data and also the application that span now from -- all the way from concept to design to manufacture.

因此，Allegro 擁有我們在 Allegro 的地位，它為我們提供了一個很棒的平台，當然還有芯片和封裝解決方案。然後與達索合作，他們成為 3D 機械設計和產品生命週期管理的領導者。因此，這是無縫集成數據和應用程序的自然組合，從概念到設計再到製造。

So it's truly a broad-ranging partnership and it's a multiyear partnership, and we are in the beginning of it. And to your specific question on electromagnetics, that's the 1 specific application that we have and we are developing, but there are a lot of things that Dassault does, which are completely orthogonal to what Cadence is and our plans are, things like 3D mechanical design, things like their leadership in product life cycle management. So I think there's a good synergy between the 2 leaders coming together to address this whole space of mechanical plus electronic systems.

因此，這確實是一個範圍廣泛的合作夥伴關係，而且是多年的合作夥伴關係，我們正處於起步階段。對於您關於電磁學的具體問題，這是我們擁有並且正在開發的 1 個具體應用，但 Dassault 所做的很多事情與 Cadence 和我們的計劃完全正交，例如 3D 機械設計，比如他們在產品生命週期管理中的領導地位。所以我認為這兩位領導者之間有很好的協同作用，共同解決機械加電子系統的整個領域。

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

您的下一個問題將來自格里芬證券公司的 Jay Vleeschhouwer。

Anirudh, we've seen over the last 6- to 12-months, a quite material increase in semiconductor R&D spending for a number of the large semiconductor companies. We call it the great inflection in R&D. When we look at numbers from AMD, Intel, NVIDIA, Qualcomm and so forth. To the extent that EDA perhaps as a percentage of semi R&D has held steady or even increased in recent years. Would it be fair to say that a good part of this inflection in R&D has already been reflected in your business, hence, your $500 million increase in backlog over the past year. And this is what it accounts for at least part of your accelerated growth expectation for 2022.

Anirudh，我們在過去的 6 到 12 個月中看到，許多大型半導體公司的半導體研發支出大幅增加。我們稱之為研發的巨大轉折。當我們查看 AMD、英特爾、英偉達、高通等公司的數據時。在某種程度上，EDA 可能作為半研發的百分比在最近幾年保持穩定甚至增加。公平地說，研發方面的這種變化很大一部分已經反映在您的業務中，因此，您過去一年的積壓工作增加了 5 億美元。這至少是您對 2022 年加速增長預期的一部分。

The second question, you've had a recurring theme in your technology development for the last number of years of commonality and integrations across the product line. Could you mention perhaps which of the integrations, whether organic or organic in acquisition might have been the most meaningful for you in terms of incremental business? For example, AWR and Allegro or anything else you might care to mention.

第二個問題，在過去幾年的產品線通用性和集成中，您在技術開發中反復出現一個主題。您能否提一下，就增量業務而言，哪些整合（無論是有機收購還是有機收購）可能對您最有意義？例如，AWR 和 Allegro 或您可能想提及的任何其他內容。

Yes, Jay, I mean, as you know, I think we are -- like you said, the R&D spending is including semi and the other thing just to point out is all the system companies doing semi design, okay? That is also adding to this -- and also, our portfolio is increasing beyond traditional semi to system design and analysis like we discussed. So I think all these factors are contributing to the strength. And I don't see any -- we see a lot of design activity continuing to be very, very strong across multiple regions, across multiple verticals. So we feel pretty good as to where we are and where the market is growing.

是的，Jay，我的意思是，正如你所知，我認為我們是——就像你說的，研發支出包括半成品，另外要指出的是所有系統公司都在做半成品設計，好嗎？這也增加了這一點——而且，我們的產品組合正在從傳統的半導體擴展到我們討論的系統設計和分析。所以我認為所有這些因素都在促成這種力量。而且我沒有看到任何 - 我們看到許多設計活動在多個地區，多個垂直領域繼續非常非常強大。因此，我們對自己所處的位置以及市場的增長方向感到非常滿意。

On the second part of your question in terms of integration. So we always believe that we have to provide a complete solution. I mean our industry has to move beyond point tools that used to happen 5, 10 years ago to more of these comprehensive solutions. And we have driven that across all segments, whether it's digital implementation starting from 2015 to verification for our System Design and Analysis.

關於集成問題的第二部分。所以我們始終相信我們必須提供完整的解決方案。我的意思是，我們的行業必須超越 5、10 年前曾經出現的單點工具，轉向更多此類綜合解決方案。我們已經在所有領域推動了這一點，無論是從 2015 年開始的數字實施到我們的系統設計和分析的驗證。

And also, at the same time, partner with the right leaders as it makes sense, like we did with MATLAB a few years ago and now with Dassault.

同時，在有意義的情況下與合適的領導者合作，就像我們幾年前與 MATLAB 以及現在與 Dassault 所做的那樣。

Now in terms of return, I think there are a lot of areas which are growing. The whole 3D-IC and chiplet-based design, I think that's growing nicely and the whole notion of integrity and the overall solution together with analysis and implementation can provide a good factor. There's a whole hardware platform, Palladium and Protium with a common compiler and then integration with the rest of the Verification Suite, I think this still has a lot of legs to go, a lot of growth can happen there.

現在就回報而言，我認為有很多領域正在增長。整個 3D-IC 和基於小芯片的設計，我認為它發展得很好，整個完整性概念和整體解決方案以及分析和實施可以提供一個很好的因素。有一個完整的硬件平台，帶有通用編譯器的 Palladium 和 Protium，然後與 Verification Suite 的其餘部分集成，我認為這還有很長的路要走，可以在那裡實現很多增長。

And then the third area I would highlight is truly excited is the Cadence Cerebrus and this integration of AI driving chip design. I think we are still in the early innings and results are phenomenal. And I think that can provide a lot of growth going forward. So just to pick like these 3 top things, Jay, to highlight with 3D-IC design being one of them, the whole verification and software bring up being another one and an AI-based design and Cerebrus being the third one.

然後我要強調的第三個領域真正令人興奮的是 Cadence Cerebrus 和這種集成 AI 驅動芯片的設計。我認為我們仍處於早期階段，結果是驚人的。而且我認為這可以提供很多未來的增長。因此，Jay 就選擇這 3 件最重要的事情，強調 3D-IC 設計是其中之一，整個驗證和軟件帶來了另一個，基於 AI 的設計和 Cerebrus 是第三個。

Okay. A clarification on the Dassault relationship. Would it be fair to say that it pertains to both your direct and indirect channels and perhaps both their direct and indirect channels?

好的。關於達索關係的澄清。公平地說，它與您的直接和間接渠道以及它們的直接和間接渠道有關嗎？

Yes. So Jay, this is a wide-ranging arrangement like you said, and it will start with enterprise and then go to the other parts of the market.

是的。所以Jay，就像你說的，這是一個範圍廣泛的安排，它會從企業開始，然後到市場的其他部分。

Your next question will come from the line of Pradeep Ramani with UBS.

您的下一個問題將來自瑞銀的 Pradeep Ramani。

Congratulations on the strong results. I had a question about the trajectory of margins through the year. It feels like very strong guidance in Q1 despite what you could argue is a very big hardware quarter. And yes, the full year margin guide at the midpoint is roughly 38.25%. So if -- is there something going on with the mix? Maybe it's a big IP back half? Or is the guidance just way too conservative. I mean, can you help us sort of understand that trajectory? And I have a follow-up.

祝賀你取得了不錯的成績。我有一個關於全年利潤率軌蹟的問題。儘管您可能會爭辯說這是一個非常大的硬件季度，但第一季度的指導感覺非常強。是的，中點的全年利潤率指南約為 38.25%。那麼，如果 - 混合有什麼問題嗎？也許這是一個大IP的後半部分？還是指導過於保守。我的意思是，你能幫助我們理解那個軌跡嗎？我有一個後續行動。

Yes. Sure, Pradeep. This is John. I mean, effectively, what I've got in the first half versus second half is probably 50% revenue first half versus second half. But on the expense side, it's probably 49%, 51% because we've got -- we typically do our pay increases and our promotion cycle effective July 1. So you probably see something similar to last year where margins are probably higher in the first half compared to the second half, and then we continue to improve efficiency through the year so that we start the next year higher than we started the previous year.

是的。當然，普拉迪普。這是約翰。我的意思是，實際上，我在上半年和下半年得到的結果可能是上半年和下半年收入的 50%。但在費用方面，可能是 49%、51%，因為我們已經得到了——我們通常會加薪，我們的促銷週期從 7 月 1 日開始生效。所以你可能會看到與去年類似的情況，其中利潤率可能更高上半年相比下半年，然後我們通過全年不斷提高效率，使我們明年開始比上一年開始。

And then on the hardware side, on the upfront piece, I mean, that's certainly benefiting Q1. And it's just -- it's a pipeline business. So it's tough to see into the second half of the year. So the second half of the year may be conservative right now. I don't know.

然後在硬件方面，在前期，我的意思是，這肯定有利於第一季度。它只是 - 這是一個管道業務。所以很難看到下半年。所以現在下半年可能比較保守。我不知道。

And for my follow-up on hardware, can you speak to maybe where you are with respect to penetration? I mean, I get it that maybe visibility into the second half is not clear. But just in terms of penetration with respect to the installed base and maybe even your growing customer base, where do you think we are as of, call it, Q1?

對於我對硬件的跟進，你能談談你在滲透方面的情況嗎？我的意思是，我知道下半場的能見度可能還不清楚。但就安裝基礎的滲透率，甚至可能是您不斷增長的客戶群而言，您認為我們在哪裡，稱之為第一季度？

Yes, let me take that on the hardware business. I mean, I think there are 2 big trends, I would say, that are helping us. One is the market is growing. I mean, I think the need for more and more hardware-based verification and software bring-up is increasing. And this is true for multiple verticals because as we said, like more semi companies become system companies, then more system companies become semi-company. Of course, the reason there are system companies is they have a software stack, right? So you have to develop the chip and also bring up software.

是的，讓我談談硬件業務。我的意思是，我認為有兩大趨勢正在幫助我們。一是市場在增長。我的意思是，我認為對越來越多的基於硬件的驗證和軟件啟動的需求正在增加。這適用於多個垂直領域，因為正如我們所說，就像更多的半公司成為系統公司一樣，更多的系統公司成為半公司。當然，有系統公司的原因是他們有軟件堆棧，對吧？所以你必須開發芯片，還要開發軟件。

So I think one thing is that the overall market is increasing.

所以我認為有一件事是整體市場正在增加。

The second thing, I think our competitive position is improving tremendously on top of that. So in the old days, we wouldn't participate that much in the prototyping side, and we are more on the Palladium side, but now with the combination of Palladium and Protium and these brand-new systems and we feel pretty strongly in terms of how well we are positioned in the market. So I think the market is growing and our position with Palladium and Protium together with the new system is pretty good. So I think that it's difficult to predict in terms of -- like your exact question of how far into it, but it still appears to me that both of these are net positive. The market will continue to expand over the next few years, and we feel pretty good about our market position there.

第二件事，我認為我們的競爭地位正在顯著提高。所以在過去，我們不會過多地參與原型設計，我們更多的是在鈀方面，但現在結合鈀和 Protium 以及這些全新的系統，我們感覺非常強烈我們在市場上的定位如何。所以我認為市場正在增長，我們在 Palladium 和 Protium 以及新系統方面的地位非常好。所以我認為很難預測 - 就像你確切的問題一樣，但在我看來，這兩者都是淨正面的。未來幾年市場將繼續擴大，我們對我們在那裡的市場地位感到非常滿意。

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

您的下一個問題將來自富國銀行證券公司的 Gary Mobley。

Congrats on a strong finish to the year and a strong start to the fiscal year '22. I wanted to give a little bit of a pushback on your fiscal year '22 guide. This is a first-class pushback so don't take it the wrong way. If I look at your next 12-month backlog as disclosed in your 10-K, it's up about 18.5%. If you back out the extra week from fiscal year '22, you just grew 13.3%. And so how do the assumption that the backlog didn't increase as a result of the hardware sales you're expecting in the first quarter, why the conservative view on fiscal year '22 revenue growth?

祝賀今年的強勁收官和 22 財年的強勁開端。我想對你的 22 財年指南稍加反駁。這是一流的回擊，所以不要走錯路。如果我查看您在 10-K 中披露的下一個 12 個月的積壓工作，它會增加約 18.5%。如果你從 22 財年中退出額外的一周，你只會增長 13.3%。那麼，由於您對第一季度硬件銷售的預期，積壓訂單沒有增加，為什麼對 22 財年的收入增長持保守看法？

So Gary, okay, great question. But I'm not sure I followed the logic on the backlog growth, but there's nothing unusual about the structure of backlog. I think we have about 75% of the guide for next year's guide coming out of backlog. Now I know our backlog includes RPO plus the IP access arrangements. I'm not sure if you're looking at the RPO piece only or if you're looking at the full backlog number.

所以加里，好的，很好的問題。但我不確定我是否遵循了積壓增長的邏輯，但積壓的結構並沒有什麼異常。我認為我們有大約 75% 的明年指南來自積壓。現在我知道我們的積壓工作包括 RPO 和 IP 訪問安排。我不確定您是僅查看 RPO 部分還是查看完整的積壓數量。

But essentially, in round numbers, about $2.5 billion of the [$3 billion, $3.50 billion] is coming out of backlog. Is that what you're getting at?

但從本質上講，在 [30 億美元、35 億美元] 中，大約有 25 億美元正在積壓。這就是你的意思嗎？

Yes. I mean, that's helpful, and we can talk more about it offline. But on a related note, going way back to the end of 2019, I think it was you and Lip-Bu sat down for whatever reason you're projecting a recession and you could be right for the wrong reasons perhaps. And you pulled in some license renewals in that late 2019 time frame. And now we're about 2.5 years past that mark. And so should we -- are we seeing now or should we expect to see some higher level of renewal activity given that we're kind of at the 2.5-year mark?

是的。我的意思是，這很有幫助，我們可以離線討論更多。但在相關的說明中，可以追溯到 2019 年底，我認為是你和立布坐下來，無論出於何種原因，你都在預測經濟衰退，而你可能因為錯誤的原因是對的。您在 2019 年末的時間範圍內進行了一些許可證更新。而現在我們已經過了這個大關大約 2.5 年。那麼我們應該 - 我們現在看到還是應該期待看到更高水平的更新活動，因為我們已經達到了 2.5 年的大關？

Yes. Good question, Gary. I mean -- so generally, in terms of duration, it was typically within our normal range. We typically have -- most of our customers are predominantly on a 3-year baseline contract. And then they'll do add-ons throughout the contract that co-terminate and that generally results in roughly 2.5 years kind of average duration. And if you look over contracts, I think we're always in and around the 2.5 years on a weighted average over kind of a 3-year booking time frame. Yes, RPO was up I mean, very, very strong finish to the year.

是的。好問題，加里。我的意思是——一般來說，就持續時間而言，它通常在我們的正常範圍內。我們通常有 - 我們的大多數客戶主要簽訂 3 年的基準合同。然後他們會在整個合同中添加附加內容，共同終止，這通常會導致大約 2.5 年的平均期限。如果你看一下合同，我認為我們總是在 2.5 年左右的加權平均值上超過 3 年的預訂時間框架。是的，RPO 上升了，我的意思是，今年的收官非常非常強勁。

We ended up at $4.4 billion. And the only thing that was unusual, I called out in my prepared remarks because I wanted to make sure that you understood that there was a slightly higher kind of upfront revenue percentage in the guide than in the prior year. Typically, I mean we say, what, 85% to 90% of our revenue is recurring generally, which means that's, what, 10% to 15% is upfront. Last year, it was 88% was recurring, 12% was upfront in the [$3 billion, $3.50 billion], it's actually 87% recurring and 13% upfront, 1% higher in upfront revenue, but a lot of that's falling into Q1, and that's why we have a strong Q1.

我們最終獲得了 44 億美元。唯一不尋常的是，我在準備好的評論中大聲疾呼，因為我想確保您了解該指南中的預付費用百分比略高於前一年。通常，我的意思是我們說，我們收入的 85% 到 90% 通常是經常性的，這意味著 10% 到 15% 是預付的。去年，88% 是經常性的，12% 是 [30 億美元，35 億美元] 的預付費用，實際上是 87% 的經常性和 13% 的預付費用，預付費用增加了 1%，但其中很多都落在了第一季度，這就是為什麼我們有一個強勁的第一季度。

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

您的下一個問題將來自瑞士信貸的 John Pitzer。

Congratulation on the results. John, maybe just to follow up on Gary's question and maybe to ask it a little bit differently. But if Q1 and the full year plays out as guided today, Q1 will be about 25.6% of full year guide, which is I go back in history would be the highest ever. And I know the linearity of some of the hardware stuff is falling in Q1. But is the SKU really such that this could be a historic year? And I guess as you think about visibility into the back half of the year, especially around some of the hardware sales, when would that start to materialize one way or the other?

祝賀結果。約翰，也許只是為了跟進加里的問題，也許會提出一些不同的問題。但是，如果第一季度和全年按照今天的指導進行，第一季度將是全年指導的 25.6% 左右，這將是歷史上最高的。而且我知道一些硬件的線性度在第一季度正在下降。但是，SKU 真的可以成為歷史性的一年嗎？而且我想當你考慮到今年下半年的可見性時，特別是在一些硬件銷售方面，什麼時候開始以一種或另一種方式實現？

Yes, I definitely think it's going to be a historic year. I mean you can see from the guide in the in the CFO commentary that the 3-year CAGR continues to accelerate. I think we're -- with the 12% revenue growth embedded in the guide for 2022, our 3-year CAGR is naturally rounding up to 13%, when we achieved 12% this year.

是的，我絕對認為這將是歷史性的一年。我的意思是，您可以從 CFO 評論中的指南中看到，3 年復合年增長率繼續加快。我認為我們在 2022 年的指南中包含 12% 的收入增長，我們的 3 年復合年增長率自然會達到 13%，而今年我們達到了 12%。

Now it's off of the back of a strong Q1. The second half of the year is tougher to predict for hardware. So that's why I kind of modeled it out at 50% of our revenue falling in the first half versus second half.

現在它擺脫了強勁的第一季度的支持。下半年對於硬件來說更難預測。所以這就是為什麼我將其建模為上半年與下半年相比，我們收入的 50% 下降。

If we see the demand continue to flow through into the second half, then that will take the guide up. But it's -- but it's tough to see that right now because typically our visibility in hardware and the pipeline is about 6 months. So I mean, that's basically how we constructed the outlook.

如果我們看到需求繼續流入下半年，那麼這將推動指引上漲。但它是 - 但現在很難看到這一點，因為通常我們在硬件和管道方面的可見性約為 6 個月。所以我的意思是，這基本上就是我們構建前景的方式。

That's helpful. And then as my follow-up, Anirudh, I'm wondering if you could help me better understand the impact of AI in the design process. A couple of questions. What percent of the designs out there are utilizing AI. And at the endpoint, what's the intended impact of having more AI functionality embedded in design?

這很有幫助。然後作為我的後續行動，Anirudh，我想知道您是否可以幫助我更好地了解 AI 在設計過程中的影響。幾個問題。有多少百分比的設計使用了人工智能。在終端，在設計中嵌入更多 AI 功能的預期影響是什麼？

Is it higher velocity, higher variety? Is it bringing down the entry cost for new customers? What would be the longer-term impact you see on the design business and the growth rate there?

是更高的速度，更高的多樣性嗎？它是否降低了新客戶的進入成本？您認為對設計業務及其增長率的長期影響是什麼？

Yes, that's a good question, and you already have several key observations there in the question. So I think AI, we are still in the early innings, but the demand for Cadence Cerebrus and the AI solutions is phenomenal. Actually, at this point, we are engaged with almost all of our major customers. So I think if you look forward like 12- to 24-months, it's not a question -- it will not be a question of who is using AI-driven design is like who's not using.

是的，這是一個很好的問題，而且您已經在問題中有幾個關鍵的觀察結果。所以我認為人工智能，我們仍處於早期階段，但對 Cadence Cerebrus 和人工智能解決方案的需求是驚人的。實際上，在這一點上，我們幾乎與所有主要客戶都有聯繫。所以我認為，如果你期待 12 到 24 個月，這不是一個問題——這不是誰在使用 AI 驅動設計的問題，就像誰沒有使用一樣。

So I think most of our top customers are moving towards that. And we are seeing phenomenal results. I mean, some of the numbers we mentioned like 10% power savings; 20% timing. I mean these are numbers that you typically get when you move from one process node to another process node.

所以我認為我們的大多數頂級客戶都在朝著這個方向發展。我們正在看到驚人的結果。我的意思是，我們提到的一些數字比如節能 10%； 20% 的時機。我的意思是這些是您從一個流程節點移動到另一個流程節點時通常會得到的數字。

And we are able to get these kind of improvement purely on results of better algorithms and AI and mathematics. So I think the value proposition is very well understood and recognized by all our customers. The engagement are there across all regions and across all verticals. And I think it's just like to give analogy to driving a car. Once you get used to more automated cars, people are not going back to driving cars the old way.

我們能夠純粹依靠更好的算法、人工智能和數學的結果來獲得這種改進。所以我認為我們所有的客戶都很好地理解和認可了價值主張。參與遍及所有地區和所有垂直領域。我認為這就像開車打個比方。一旦你習慣了更多的自動駕駛汽車，人們就不會再以舊的方式駕駛汽車了。

So I think the new way will be AI and Cerebrus being the primary driver of how people will design chips.

所以我認為新的方式將是人工智能，而 Cerebrus 將成為人們設計芯片的主要驅動力。

And the benefits are significant. And mostly in productivity the customers can do more things with the same number of engineers in PPA and also geographically, sometimes we have different skill level in different geographies and all that can be kind of made better with these Cerebrus kind of solutions. So I'm very optimistic. I think the demand is through the roof and the solutions are providing real meaningful results. So actually, I expect almost all customers will move towards this as the way to run our digital full flow.

好處是顯著的。主要是在生產力方面，客戶可以用相同數量的 PPA 工程師做更多的事情，而且在地理上，有時我們在不同的地區有不同的技能水平，所有這些都可以通過這些 Cerebrus 類型的解決方案變得更好。所以我非常樂觀。我認為需求是巨大的，解決方案正在提供真正有意義的結果。所以實際上，我希望幾乎所有的客戶都會朝著這個方向發展，以此來運行我們的數字化全流程。

And the other thing I would like to add is that even though we started Cerebrus with digital, the similar technologies can be applied to other parts of the design flow. So overall, I think this can provide a pretty big benefit to the industry.

我想補充的另一件事是，即使我們以數字方式啟動 Cerebrus，類似的技術也可以應用於設計流程的其他部分。所以總的來說，我認為這可以為這個行業帶來相當大的好處。

Anirudh, not at the risk of getting you too far over your [skis] against a 3-year CAGR that's been accelerating, does the addition of AI allow you to maintain the gains you've made? Or does it actually open the promise of even a faster growth rate ahead?

Anirudh，在 3 年的 CAGR 不斷加速的情況下，不會冒著讓你的 [滑雪板] 走得太遠的風險，添加 AI 是否能讓你保持已經取得的收益？或者它是否真的開啟了未來更快增長的承諾？

I think the promise is there. We just have to see how much of the design process is taken over by AI. And I mean, the other thing is that the other good thing with Cerebrus is that when we run these things, when a human is running at they run like 1 like 1 experiment at a time typically. But when Cerebrus done it mathematically, we typically run 10, 20 machines in parallel. And each of them may have like 16 CPUs or 32. So we're running hundreds of CPUs or thousands of CPUs and multiple design iterations in parallel.

我認為承諾是存在的。我們只需要看看人工智能接管了多少設計過程。我的意思是，另一件事是 Cerebrus 的另一個好處是，當我們運行這些東西時，當人類運行時，它們通常一次運行 1 個類似的實驗。但是當 Cerebrus 在數學上完成它時，我們通常會並行運行 10、20 台機器。他們每個人都可能有 16 個或 32 個 CPU。所以我們正在運行數百個或數千個 CPU，並並行運行多個設計迭代。

So it's not like driving one car automatically. It's like driving 10 cars automatically in parallel and finding what is the best way to get from point a to point b. So that naturally consumes more licenses, and I think it's good value that our customers are getting.

所以它不像自動駕駛一輛車。這就像自動並行駕駛 10 輛汽車，並找到從 a 點到 b 點的最佳方式。所以這自然會消耗更多的許可證，我認為我們的客戶得到了很好的價值。

Now in terms of the CAGR and all, we just have to see. I mean, I think it's promising. We just have to see, and we don't want to project too much until we actually see what it's doing to the license counts and utilization? And what percentage of design teams are moving to a purely AI-driven flow.

現在就複合年增長率而言，我們只需要看看。我的意思是，我認為這是有希望的。我們只需要看看，在我們真正看到它對許可證計數和利用率的影響之前，我們不想做太多的項目？以及有多少百分比的設計團隊正在轉向純 AI 驅動的流程。

So I think we will update you more over the next 12- to 24-months. But the process is there, but we have to see the uptick, yes.

所以我認為我們會在接下來的 12 到 24 個月內為您提供更多更新。但是過程是存在的，但是我們必須看到上升，是的。

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

您的下一個問題將來自 Gal Munda 和 Berenberg 的觀點。

Yes. The first one, just let me take it back on the Cerebrus stuff. Obviously, like you said, it's early innings, but just to try to understand how you capitalize on it in terms of contract size [visit] increase or just contract size and negotiations, so basically further pricing? Or do you actually include it as a new SKU that goes in and it's a direct uplift to existing contracts or it helps in the contract renewal? So like when do you usually engage customers on it?

是的。第一個，讓我把它收回到 Cerebrus 的東西上。顯然，就像你說的，這是早期的一局，但只是想了解你如何利用它來增加合同規模 [訪問] 或只是合同規模和談判，所以基本上是進一步定價？還是您實際上將其作為新的 SKU 包含在內，它是對現有合同的直接提升，還是有助於合同續簽？那麼，您通常什麼時候與客戶互動？

Yes. So that Cerebrus is a new product. So of course, we have to make sure that the base products are good and best-in-class, right? So the Innovus platform -- Genus Innovus is the whole digital flow. And then Cerebrus is additional capability and products that we provide to our customers. And so it's an add-on sale on top of that. But I think it's important to make sure not just the AI part is good, but the base tool is also good. And typically, the customers will -- when they would run Cerebrus, they run multiple copies like I mentioned, of Innovus or our digital full flow.

是的。所以說 Cerebrus 是一個新產品。所以當然，我們必須確保基礎產品是好的和一流的，對吧？因此，Innovus 平台——Genus Innovus 是整個數字流程。然後 Cerebrus 是我們為客戶提供的附加功能和產品。因此，這是最重要的附加銷售。但我認為重要的是不僅要確保 AI 部分好，而且基礎工具也要好。通常，客戶會 - 當他們運行 Cerebrus 時，他們會運行多個副本，就像我提到的那樣，Innovus 或我們的數字全流程。

Yes, that's my question. Would it increase the usage of the core products actually because there could be more -- because in the past, you were limited by the number of engineers that companies have. So if it expands that does it widen the bottleneck and potentially they need more of the basic products as well? That's why I was thinking kind of does it get along together?

是的，這是我的問題。它是否會增加核心產品的使用，因為可能會有更多——因為在過去，你受到公司工程師數量的限制。那麼，如果它擴大，是否會擴大瓶頸，並且他們可能還需要更多的基本產品？這就是為什麼我在想它是否相處融洽？

Yes, absolutely. That's a great observation. So because when you run Cerebrus mathematically, it is running like 10 or 20 experiments in parallel. And when you're running it manually, you are running 1 or 2 experiments. So naturally, it is increasing the use of the base product, like you mentioned. Yes.

是的，一點沒錯。這是一個很好的觀察。因此，因為當您以數學方式運行 Cerebrus 時，它會並行運行 10 或 20 個實驗。當您手動運行它時，您正在運行 1 或 2 個實驗。所以很自然，就像你提到的那樣，它正在增加基礎產品的使用。是的。

Awesome. And then just as a follow-up, obviously, you've been talking and seeing the systems segment growing -- outgrowing the other segments and continue to post a great performance there. What kind of -- if you think about the verticals there, you made a little comment around the auto and the hyperscalers. And like what is the growth you see on the auto, for example, in that area? And like how -- maybe if you can give us an idea of how important auto is for you today versus other verticals?

驚人的。然後作為後續行動，顯然，您一直在談論並看到系統細分市場正在增長 - 超過其他細分市場並繼續在那裡發佈出色的表現。什麼樣的——如果你想想那裡的垂直市場，你對汽車和超大規模產品做了一點評論。比如你在汽車上看到的增長是什麼，例如，在那個領域？就像——也許你能告訴我們今天汽車與其他垂直行業相比對你來說有多重要？

Yes, that's a good question. Now in general, auto has multiple aspects to it, right? There's the semiconductor design of it. And I think Cadence historically, because we have both, we have analog mixed-signal and digital verification. We have traditionally done well with the auto companies like the semiconductor ecosystem of the auto companies, okay?

是的，這是個好問題。現在總的來說，汽車有多個方面，對吧？這是它的半導體設計。我認為 Cadence 從歷史上看，因為我們兩者都有，我們有模擬混合信號和數字驗證。像汽車公司的半導體生態系統這樣的汽車公司，我們傳統上做得很好，好嗎？

Because we always had the broadest portfolio and auto chips are naturally mixed signal. Now I think as we have more of these new products like CFD or system analysis, auto is a very important segment for that, too, which is beyond just a semiconductor component. This is actual physical car and the electromagnetics and the thermal dynamics of that.

因為我們一直擁有最廣泛的投資組合，而汽車芯片自然是混合信號。現在我認為，隨著我們擁有更多此類新產品，例如 CFD 或系統分析，汽車也是一個非常重要的細分市場，而不僅僅是半導體組件。這是實際的物理汽車以及它的電磁學和熱動力學。

And last quarter, we talked about, for example, Tesla being one of our key customers. So I think auto for overall system analysis market is a very important market. I mean, I think the 3 big markets there are auto and then aero and defense and then high-tech electronics, which includes, of course, the semiconductor and the hyperscalers. So I think all these 3 markets are important.

例如，上個季度，我們談到特斯拉是我們的主要客戶之一。所以我認為汽車整體系統分析市場是一個非常重要的市場。我的意思是，我認為那裡的三大市場是汽車，然後是航空和國防，然後是高科技電子產品，其中當然包括半導體和超大規模。所以我認為這三個市場都很重要。

And as we expand our system portfolio, we want to make sure we do well in all 3 of them, like, for example, Pointwise, acquisition we made is particularly strong in aero and defense. So I think the -- to answer your question, we have been traditionally strong in the semi part of the auto and now with the expanded product, we have opportunity to engage on the overall auto including the mechanical and the system design. And also this partnership with Dassault amplifies that connection beyond semi to more system and software connection.

隨著我們擴展我們的系統組合，我們希望確保我們在這三個方面都做得很好，例如，Pointwise，我們所做的收購在航空和防禦方面特別強大。所以我認為 - 為了回答你的問題，我們傳統上在汽車的半成品方面很強大，現在隨著產品的擴展，我們有機會參與整個汽車，包括機械和系統設計。此外，與達索的這種合作夥伴關係將這種連接擴大到了更多的系統和軟件連接。

Your next question will come from Vivek Arya with Bank of America.

您的下一個問題將來自美國銀行的 Vivek Arya。

Anirudh, I'm curious if this increase that a lot of the foundries are putting at the leading edge, is it pricing some EDA customers, perhaps out of the market or maybe making some customers stay at the N-1 node or be more judicious about the use of the most leading edge because given the expense of going to it, just what is the correlation, if any, between the cost inflation, right? From the foundry side and the customers' willingness to engage with designs at the leading edge?

Anirudh，我很好奇許多代工廠的這種增長是否處於領先地位，是它為一些 EDA 客戶定價，可能退出市場還是讓一些客戶留在 N-1 節點或更明智關於使用最前沿，因為考慮到使用它的費用，成本膨脹之間的相關性（如果有的話）是什麼，對吧？從代工廠和客戶參與前沿設計的意願來看？

Yes. So I think the way I would say is that I think we always want to make sure we address the whole range of process technology. So we always are working at the most advanced nodes. And I think that's going very well and there is more and more investment in demand for that. And we are working at 3-nanometer and most of the R&D like 2-nanometer. We always were more than more, right, with traditional legacy nodes and then now with RF and 3D-IC.

是的。所以我認為我想說的方式是，我認為我們總是希望確保我們解決整個工藝技術範圍。所以我們總是在最先進的節點上工作。而且我認為這進行得非常順利，並且對此需求的投資越來越多。我們正在研究 3 納米和大多數研發，如 2 納米。我們總是使用傳統的遺留節點，然後現在使用 RF 和 3D-IC。

In 3D-IC and chiplet-based design, one of the key things is that as you know, the customers and mix can mix process node, not everything has to be a 3-nanometer, maybe some chips are at 3-nanometer, some are at 7-nanometer. So I think the key thing from Cadence standpoint is to have a very broad solution that addresses the chiplet and 3D-IC part, the most advanced digital part and the mainstream legacy nodes.

在 3D-IC 和基於小芯片的設計中，關鍵之一是如您所知，客戶和 mix 可以混合工藝節點，並非所有東西都必須是 3 納米，也許有些芯片是 3 納米，有些為 7 納米。所以我認為從 Cadence 的角度來看，關鍵是要有一個非常廣泛的解決方案來解決小芯片和 3D-IC 部分、最先進的數字部分和主流的傳統節點。

And as the customers make different choices, which is best for their end markets and economics, we are in a position to support them fully. So what I would like to say is that, I mean, there is more and more divergence of how the customers put the systems together with advanced node and legacy nodes and chiplet. And I think we are in the best position to provide the solutions for the entire set and that the customers choose how they want to use it and we'll be there to support them in whatever choices they make in terms of process node and foundries and design methodology.

隨著客戶做出不同的選擇，這對他們的終端市場和經濟來說是最好的，我們能夠全力支持他們。所以我想說的是，我的意思是，客戶如何將系統與高級節點和遺留節點以及小芯片組合在一起的方式越來越不同。我認為我們最適合為整套解決方案提供解決方案，客戶可以選擇他們想要如何使用它，我們將在那裡支持他們在工藝節點和代工廠方面做出的任何選擇，以及設計方法論。

Very helpful. And maybe a follow-up, if I may, for John, kind of 2 related questions. So John, the earnings growth you're guiding to this year is 14%, but free cash flow growth, very modest, only 4%, I guess, CapEx is doubling, but very modest free cash flow growth. And kind of related to that, if you're essentially spending on half of the buyback allocation in Q1, does it mean buyback activity is kind of modest under the rest of the year?

非常有幫助。如果可以的話，對於 John 來說，也許還有 2 個相關的問題。所以約翰，你今年指導的盈利增長是 14%，但自由現金流增長非常溫和，我猜只有 4%，資本支出翻了一番，但自由現金流增長非常溫和。與此相關，如果你在第一季度基本上花費了一半的回購分配，這是否意味著回購活動在今年剩餘時間裡有點溫和？

Can you hear me? Yes. So on the buyback side, our first priority for cash is invest in organic R&D. And then to a lesser extent, it's kind of smaller tuck-in M&A that gives us an opportunity to accelerate our road map. But when we -- after that, we look at repurchasing shares and we look to use our free cash flow. Traditionally, we've been using over 50% or around 50% of free cash flow to repurchase shares every year.

你能聽到我嗎？是的。所以在回購方面，我們現金的首要任務是投資有機研發。然後在較小程度上，這是一種規模較小的併購，讓我們有機會加速我們的路線圖。但是當我們——在那之後，我們考慮回購股票，並希望使用我們的自由現金流。傳統上，我們每年都使用超過 50% 或大約 50% 的自由現金流來回購股票。

I expect that we'll do at least 50% this year. As I said in the prepared remarks, we're planning to repurchase $250 million worth of shares in Q1, and that's a lot more than 50%. And that's just we're taking the opportunity to repurchase shares at the prices that we see today.

我預計我們今年將至少完成 50%。正如我在準備好的評論中所說，我們計劃在第一季度回購價值 2.5 億美元的股票，這遠遠超過 50%。這只是我們藉此機會以我們今天看到的價格回購股票。

In relation to your observation on free cash flow, I mean, some of that is the timing of cash. We received a lot of cash in the last week of last year, but also in 2022, we're picking up some additional or extra cash taxes.

關於你對自由現金流的觀察，我的意思是，其中一些是現金的時機。我們在去年的最後一周收到了大量現金，但在 2022 年，我們將徵收一些額外或額外的現金稅。

There was a -- as a result of -- there was a provision of the Tax Cuts and Jobs Act of 2017 that went into effect on January 1, 2022, that required companies to capitalize and amortize or de-cost rather than expense those costs as occurred -- as incurred.

2017 年《減稅和就業法案》的一項規定於 2022 年 1 月 1 日生效，該規定要求公司資本化和攤銷或降低成本，而不是支出這些成本發生時——發生時。

That creates a bit of an extra cash or tax burden for us in 2022, and we've embedded that into the guidance.

這在 2022 年給我們帶來了一些額外的現金或稅收負擔，我們已將其嵌入到指導中。

We have reached the end of the allotted time for questions and answers. I would now like to turn the call back over to Anirudh Devgan for closing remarks.

我們已經到了規定的問答時間。我現在想把電話轉回給 Anirudh Devgan 來做閉幕詞。

Thank you all for joining us this afternoon. It's an exciting time for Cadence as we enter 2022, with strong business momentum and a thriving semiconductor and system industry, offering tremendous market opportunity. Our Intelligent System Design strategy, relentless execution and customer-first mindset is driving accelerating growth as we continue expanding our portfolio with new innovative solutions.

感謝大家今天下午加入我們。進入 2022 年，對於 Cadence 來說是一個激動人心的時刻，強勁的業務勢頭和蓬勃發展的半導體和系統行業，提供了巨大的市場機會。隨著我們繼續通過新的創新解決方案擴展我們的產品組合，我們的智能係統設計戰略、不懈的執行和客戶至上的理念正在推動加速增長。

We are proud of the innovative and inclusive culture we have built at Cadence and are grateful for the recognition we have received over the years. And on behalf of our employees and our Board of Directors, we thank our customers and partners for their continued trust and confidence in Cadence. Thank you.

我們為在 Cadence 建立的創新和包容性文化感到自豪，並感謝我們多年來獲得的認可。我們代表我們的員工和董事會，感謝我們的客戶和合作夥伴一直以來對 Cadence 的信任和信心。謝謝你。

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

感謝您參加今天的 Cadence 2021 年第四季度收益電話會議。今天的電話會議到此結束。您現在可以斷開連接。