益華電腦 (CDNS) 2024 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon.

女士們、先生們，午安。

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

我叫艾比 (Abby)，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Cadence fourth-quarter and fiscal-year 2024 earnings conference call.

現在，我歡迎大家參加Cadence第四季和2024財年財報電話會議。

(Operator Instructions)

（操作員指令）

Thank you, and I will now turn the call over to Richard Gu, Vice President of Investor Relations for Cadence.

謝謝，現在我將電話轉給 Cadence 投資人關係副總裁 Richard Gu。

Please go ahead.

請繼續。

Thank you, operator.

謝謝您，接線生。

I would like to welcome everyone to our fourth quarter of 2024 earnings conference call.

歡迎大家參加我們 2024 年第四季財報電話會議。

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

今天與我一起參加的是總裁兼執行長 Anirudh Devgan；以及資深副總裁兼財務長約翰沃爾 (John Wall)。

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

本次電話會議的網路直播和今天的準備好的演講副本將在我們的網站 cadence.com 上提供。

Today's discussion will contain forward-looking statements, including our outlook on future business and operating results.

今天的討論將包含前瞻性陳述，包括我們對未來業務和經營績效的展望。

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

由於風險和不確定性，實際結果可能與今天討論中預測或暗示的結果有重大差異。

For information on factors that could cause actual results to differ, please refer to our SEC filings, including our most recent Forms 10-K and 10-Q, CFO commentary, and today's earnings release.

有關可能導致實際結果不同的因素的信息，請參閱我們的 SEC 文件，包括我們最新的 10-K 和 10-Q 表格、首席財務官評論以及今天的收益報告。

All forward-looking statements during this call are based on estimates and information available to us as of today, and we disclaim any obligation to update them.

本次電話會議中的所有前瞻性陳述均基於我們截至今天掌握的估計和信息，我們不承擔更新這些陳述的任何義務。

In addition, all financial measures discussed on this call are non-GAAP unless otherwise specified.

此外，除非另有說明，本次電話會議中討論的所有財務指標均為非公認會計準則。

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

非 GAAP 指標不應與 GAAP 結果孤立地看待，也不應將其作為 GAAP 結果的替代。

Reconciliations of GAAP to non-GAAP measures are included in today's earnings release.

今天的收益報告包含了 GAAP 指標與非 GAAP 指標的對帳表。

For the Q&A session today, we would ask that you observe a limit of one question only.

對於今天的問答環節，我們要求您只提出一個問題。

If time permits, you can requeue with additional questions.

如果時間允許，您可以重新排隊並提出其他問題。

Now, I'll turn the call over to Anirudh.

現在，我將電話轉給 Anirudh。

Thank you, Richard.

謝謝你，理查。

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

大家下午好，感謝大家今天的參與。

I'm pleased to report that Cadence delivered exceptional results in the fourth quarter, capping off a strong 2024 with 13.5% revenue growth and 42.5% non-GAAP operating margin for the year.

我很高興地報告，Cadence 在第四季度取得了出色的業績，為 2024 年畫上了強勁的句號，全年收入增長 13.5%，非 GAAP 營業利潤率達到 42.5%。

We exited 2024 with a record backlog of $6.8 billion, which is a testament to our compelling AI-driven chip-to-systems portfolio and its growing proliferation among marquee system and semi customers.

到 2024 年，我們的積壓訂單量達到創紀錄的 68 億美元，這證明了我們引人注目的人工智慧驅動的晶片到系統產品組合，以及它在知名系統和半導體客戶中的日益普及。

The AI super cycle is entering a new phase with generative AI, agentic AI, and physical AI, fueling an explosion in compute demand and semiconductor innovation.

人工智慧超級週期正在進入一個新階段，包括產生人工智慧、代理人工智慧和實體人工智慧，推動運算需求和半導體創新的爆炸性成長。

We see AI adoption unfolding in multiple phases.

我們看到人工智慧的採用分為多個階段展開。

Starting with the build-out of the AI infrastructure, where we are already deeply engaged, at the same time, we are actively integrating AI into our own product, and we are also exploring AI potential to create new markets.

從我們已經深入參與的AI基礎設施建設開始，同時，我們也積極將AI融入我們自己的產品中，我們也在探索AI創造新市場的潛力。

The infrastructure AI phase is well underway, and we have been closely collaborating with market leaders on their next-generation AI designs across both training and inferencing.

基礎設施 AI 階段正在順利進行中，我們一直與市場領導者密切合作，共同設計下一代 AI，涵蓋訓練和推理兩個面向。

In Q4, we advanced our long-standing partnership with NVIDIA through commitments across a range of our EDA, hardware, IP, and system software solutions.

在第四季度，我們透過一系列 EDA、硬體、IP 和系統軟體解決方案上的承諾，推進了與 NVIDIA 的長期合作夥伴關係。

We are also using NVIDIA's latest NeMo and NIM microservices to build customized GenAI applications, delivering enhanced optimization and productivity.

我們還使用 NVIDIA 最新的 NeMo 和 NIM 微服務來建立客製化的 GenAI 應用程序，從而提高優化和生產力。

We deepened our collaboration with Qualcomm through a significant expansion of our EDA and system software solutions.

我們透過大幅擴展 EDA 和系統軟體解決方案，深化了與高通的合作。

Also, we meaningfully expanded our strategic partnership with Marvell through a broad proliferation of our portfolio of products.

此外，我們還透過廣泛擴展我們的產品組合，顯著擴大了與 Marvell 的策略合作夥伴關係。

Our Cadence AI portfolio continued gaining strong momentum with market-shaping customers.

我們的 Cadence AI 產品組合持續在市場塑造客戶中取得強勁發展勢頭。

Our AI-powered products such as Cadence Cerebrus, SimAI, and Allegro X AI are proliferating at scale, and our LLM-based design agents powered by JedAI data platform are showing promising results and early engagement.

我們的人工智慧產品（例如 Cadence Cerebrus、SimAI 和 Allegro X AI）正在大規模普及，而我們基於 JedAI 資料平台的 LLM 設計代理程式也顯示出了良好的結果和早期參與度。

Cadence Cerebrus is rapidly becoming essential part of the design flow as it continued to deliver transformative PPA benefits to customers with more than 750 tapeouts to date and over 300 in Q4 alone.

Cadence Cerebrus 正迅速成為設計流程中不可或缺的一部分，它不斷向客戶提供變革性的 PPA 優勢，迄今為止已完成超過 750 次流片，僅第四季度就完成超過 300 次。

Our Verisium AI-driven verification platform with its SimAI and Debug AI apps gained share at key competitive accounts as customers embrace the significant boost in verification quality and efficiency.

隨著客戶接受驗證品質和效率的顯著提升，我們的 Verisium AI 驅動驗證平台及其 SimAI 和 Debug AI 應用程式在主要競爭帳戶中獲得了份額。

Additionally, we are also applying AI to new market opportunities, such as life sciences with our OpenEye drug discovery software.

此外，我們也將人工智慧應用於新的市場機會，例如利用我們的 OpenEye 藥物發現軟體將人工智慧應用於生命科學。

The growing foundry ecosystem is driving increased design activity and creating significant opportunities for our products.

不斷發展的代工生態系統正在推動設計活動的增加，並為我們的產品創造重大機會。

In 2024, we strengthened our collaboration with existing foundry partners and entered into new strategic engagements.

2024年，我們加強了與現有代工合作夥伴的合作，並達成了新的策略協議。

We further our partnership with TSMC with AI optimized design flows, certified for TSMC's N3 and N2P technologies.

我們透過獲得台積電 N3 和 N2P 技術認證的 AI 優化設計流程進一步加強了與台積電的合作。

We strengthened our collaboration with GlobalFoundries and are partnering with Samsung on their SF2 gate-all-around process.

我們加強了與 GlobalFoundries 的合作，並與三星就其 SF2 環繞閘極製程展開合作。

We also partnered with Intel Foundry to provide design software and leading IP solutions at multiple Intel advanced nodes.

我們也與英特爾代工廠合作，為多個英特爾先進節點提供設計軟體和領先的 IP 解決方案。

And in Q4, entered into a strategic collaboration with Rapidus for 2-nanometer enablement technology.

並在第四季與 Rapidus 達成 2 奈米支援技術戰略合作。

We deepened our partnership with ARM through a broad expansion of our IP, hardware, and AI-driven design enablement solutions.

我們透過廣泛擴展我們的 IP、硬體和 AI 驅動的設計支援解決方案深化了與 ARM 的合作夥伴關係。

And in Q4, successfully taped out industry's first ARM TSA standard-based system chiplet.

並於第四季成功流片業界首個基於ARM TSA標準的系統晶片。

Now, let's talk about some of the specific product level highlights for Q4 and 2024.

現在，讓我們來談談第四季度和 2024 年的一些具體產品級亮點。

Our system design and analysis business delivered strong results achieving over 40% growth in 2024.

我們的系統設計和分析業務取得了強勁業績，在 2024 年實現了超過 40% 的成長。

Our multi-physics analysis platform with AI-driven optimization is delivering superior results to a rapidly expanding customer base across multiple verticals, especially aerospace and defense and automotive.

我們的採用人工智慧驅動優化的多物理分析平台正在為多個垂直領域（尤其是航空航太、國防和汽車領域）快速擴張的客戶群提供卓越的成果。

Our Millennium CFD simulation platform ramped up over the year, closing two meaningful deals in Q4 in the aerospace and defense and energy verticals.

我們的 Millennium CFD 模擬平台在一年內不斷發展，並在第四季度在航空航太、國防和能源垂直領域達成了兩筆有意義的交易。

With BETA CAE, we now provide a comprehensive multi-physics platform covering electromagnetics, electrothermal, PFD, and structural analysis.

借助 BETA CAE，我們現在提供涵蓋電磁、電熱、PFD 和結構分析的綜合多物理平台。

BETA CAE performed ahead of our expectations, with major expansion at several marquee automakers, including at some of the fastest-growing EV companies.

BETA CAE 的表現超出了我們的預期，並在多家知名汽車製造商（其中包括一些成長最快的電動車公司）進行了大規模擴張。

Our Allegro X design platform with a significant productivity and next-generation capabilities continued its momentum, especially at aerospace and defense, hyperscale and EV customers.

我們的 Allegro X 設計平台具有顯著的生產力和下一代功能，並繼續保持良好的發展勢頭，尤其是在航空航太和國防、超大規模和電動車客戶領域。

Allegro X AI, the industry's first fully automated PCB design engine is enabling customers to realize up to a 10x productivity gain.

Allegro X AI 是業界首個全自動 PCB 設計引擎，可協助客戶達到高達 10 倍的生產力提升。

Our Integrity 3D-IC platform with its unified design analysis and sign-off capabilities for multi-chiplet architectures, expanded its footprint at hyperscale and memory customers, OSATs, and foundries.

我們的 Integrity 3D-IC 平台具有針對多晶片架構的統一設計分析和簽核功能，擴大了其在超大規模和記憶體客戶、OSAT 和代工廠的覆蓋範圍。

Our IP business drove a strong finish to the year growing 28% year over year in Q4.

我們的 IP 業務在第四季度取得了強勁成長，年增 28%。

Our AI HPC protocols, including our flagship HBM, DDR, PCIe, and UCIe solutions propelled our business with significant expansions and competitive displacement at top-tier customers.

我們的 AI HPC 協定（包括我們的旗艦 HBM、DDR、PCIe 和 UCIe 解決方案）推動了我們的業務在頂級客戶的顯著擴展和競爭取代。

We continue to broaden our IP portfolio with high-growth star IP products.

我們繼續透過高成長明星 IP 產品擴大我們的 IP 產品組合。

And last month, we entered into a definitive agreement to acquire Secure-IC.

上個月，我們簽署了收購 Secure-IC 的最終協議。

The addition of their embedded security IP product will augment our rapidly expanding portfolio of leading-edge silicon-proven IP, including interface, memory, AI, and DSP solutions.

他們的嵌入式安全 IP 產品的加入將增強我們快速擴展的尖端矽​​驗證 IP 產品組合，包括介面、記憶體、AI 和 DSP 解決方案。

We announced a collaboration with Rapidus to provide a broad set of our advanced memory interface IP for the 2-nanometer backside power process node.

我們宣布與 Rapidus 合作，為 2 奈米背面電源製程節點提供一系列先進的記憶體介面 IP。

And AST spaceMobile committed to our AI-driven IP solutions and EDA tools on their AST5000 ASIC, a custom low-power architecture for global space-based cellular broadband services.

AST spaceMobile 致力於在其 AST5000 ASIC 上採用我們的 AI 驅動的 IP 解決方案和 EDA 工具，AST5000 ASIC 是一種針對全球空間蜂窩寬頻服務的客製化低功耗架構。

Our core EDA business, comprising our digital, custom analog, and verification portfolios grew 15% year-over-year in Q4.

我們的核心 EDA 業務（包括數位、客製化類比和驗證產品組合）在第四季度年增 15%。

Insatiable demand for more compute, along with system complexity and the need for first-time right silicon continued to drive strong demand for our best-in-class Palladium Z3 and Protium X3 systems.

對更多計算的無限需求、系統複雜性以及對一次性正確矽片的需求繼續推動對我們一流的 Palladium Z3 和 Protium X3 系統的強勁需求。

Our hardware family delivered yet another record year, adding over 30 new customers and almost 200 repeat customers in 2024 with particularly strong demand from AI and hyperscale customers.

我們的硬體系列又創下了新的紀錄，2024 年增加了 30 多個新客戶和近 200 個回頭客，其中人工智慧和超大規模客戶的需求特別強勁。

Our digital portfolio had another strong year, gaining 36 new full flow customers in 2024, including 17 in Q4.

我們的數位投資組合又度過了強勁的一年，2024 年獲得了 36 位新的全流量客戶，其中第四季度獲得了 17 位。

Cadence partnered with Equal1 on the development of Its Alpha5 quantum SoC that runs at cryogenic temperatures with our design and implementation tools being central to this revolutionary design.

Cadence 與 Equal1 合作開發在低溫下運作的 Alpha5 量子 SoC，我們的設計和實施工具是這項革命性設計的核心。

Our Virtuoso inspector franchise solutions tackle the most complex design and simulation challenges in analog, mixed signal, and RF design.

我們的 Virtuoso 檢查器特許經營解決方案解決了模擬、混合訊號和射頻設計中最複雜的設計和模擬挑戰。

Virtuoso Studio, delivering industry's leading AI-powered layout automation, and optimization continued its strong ramp and is now deployed at over 450 customers.

Virtuoso Studio 提供業界領先的人工智慧佈局自動化和最佳化功能，持續保持強勁發展勢頭，目前已部署於 450 多家客戶。

MediaTek adopted Spectre X running on NDS hopper GPUs for its 2-nanometer designs, achieving up to a 6x performance boost while maintaining full accuracy.

聯發科在其 2 奈米設計中採用了在 NDS hopper GPU 上運行的 Spectre X，在保持完全準確性的同時實現了高達 6 倍的性能提升。

Fairfax PSPice is now in production usage at more than 75 customers, including top memory vendors as well as SoC and mixed-signal companies.

Fairfax PSPice 目前已為超過 75 家客戶投入生產使用，其中包括頂級記憶體供應商以及 SoC 和混合訊號公司。

In closing, I'm pleased with our outstanding performance in 2024 and excited about the business momentum and opportunities ahead.

最後，我對我們在 2024 年的出色表現感到滿意，並對未來的業務發展勢頭和機會感到興奮。

As the AI era continues to unfold, our AI-driven EDA, SDA, and IP portfolio, powered by GenAI agents and accelerated computing is delivering transformative results uniquely positioning us to capitalize on these massive opportunities.

隨著人工智慧時代的不斷發展，我們由 GenAI 代理和加速運算提供支援的人工智慧驅動的 EDA、SDA 和 IP 產品組合正在提供變革性的成果，使我們能夠利用獨特的優勢來抓住這些巨大的機會。

Now, I will turn it over to John to provide more details on the Q4 results and our 2025 outlook.

現在，我將把話題交給約翰，讓他提供有關第四季度業績和 2025 年展望的更多詳細資訊。

Thanks, Anirudh, and good afternoon, everyone.

謝謝，Anirudh，大家下午好。

I'm pleased to report that Cadence delivered an outstanding Q4 and 2024 with broad-based strength across all of our businesses.

我很高興地報告，Cadence 在第四季度和 2024 年取得了出色的成績，所有業務都表現出色。

Robust design activity and customer demand, combined with our strong execution drove 13.5% revenue growth and 42.5% non-GAAP operating margin for the year.

強勁的設計活動和客戶需求，加上我們強大的執行力，推動全年營收成長 13.5%，非 GAAP 營業利潤率成長 42.5%。

Fourth-quarter bookings were exceptionally strong, and we ended the year with a record backlog of $6.8 billion and a record cRPO of $3.4 billion.

第四季的訂單量異常強勁，我們以創紀錄的 68 億美元的積壓訂單和創紀錄的 34 億美元的 cRPO 結束了這一財年。

Here are some of the financial highlights from the fourth quarter and the year, starting with the P&L.

以下是第四季和今年的一些財務亮點，從損益表開始。

Total revenue was $1.356 billion for the quarter, and $4.641 billion for the year.

本季總營收為 13.56 億美元，全年總營收為 46.41 億美元。

GAAP operating margin was 33.7% for the quarter and 29.1% for the year.

本季 GAAP 營業利益率為 33.7%，全年 GAAP 營業利益率為 29.1%。

Non-GAAP operating margin was 46% for the quarter and 42.5% for the year.

本季非公認會計準則營業利益率為 46%，全年非公認會計準則營業利益率為 42.5%。

GAAP EPS was $1.24 for the quarter and $3.85 for the year.

本季 GAAP EPS 為 1.24 美元，全年 GAAP EPS 為 3.85 美元。

And non-GAAP EPS was $1.88 for the quarter and $5.97 for the year.

本季非 GAAP 每股收益為 1.88 美元，全年非 GAAP 每股收益為 5.97 美元。

Next, turning to the balance sheet and cash flow.

接下來，轉向資產負債表和現金流。

Our cash balance was $2.644 billion at year-end, while the principal value of debt outstanding was $2.500 billion.

我們的現金餘額在年底為 26.44 億美元，而未償還債務的本金價值為 25 億美元。

Operating cash flow was $441 million in the fourth quarter and $1.261 million for the full year.

第四季營運現金流為4.41億美元，全年營運現金流為126.1萬美元。

DSOs were 48 days, and we used $550 million to repurchase Cadence shares during the year.

DSO 為 48 天，我們當年使用了 5.5 億美元回購了 Cadence 股票。

Before I provide our outlook for 2025, I'd like to share some assumptions that are embedded.

在提供我們對 2025 年的展望之前，我想分享一些根深蒂固的假設。

Our outlook is based on our usual assumption that export control regulations in place today remain substantially similar for the remainder of the year.

我們的展望是基於通常的假設，即目前實施的出口管制條例在今年剩餘時間內將基本保持不變。

At the midpoint of revenue guidance, we are assuming 2025 China revenue will be flat year over year.

在收入預期的中間點，我們假設 2025 年中國收入將與前一年持平。

And our non-GAAP EPS outlook continues to be based on a tax rate of 16.5%.

我們的非 GAAP EPS 預期仍然基於 16.5% 的稅率。

In our outlook for 2025, we expect revenue in the range of $5.14 billion to $5.22 billion.

在我們對 2025 年的展望中，我們預計營收將在 51.4 億美元至 52.2 億美元之間。

GAAP operating margin in the range of 30.3% to 31.3%.

GAAP 營業利潤率介於 30.3% 至 31.3% 之間。

Non-GAAP operating margin in the range of 43.25% to 44.25%.

非公認會計準則營業利益率介於43.25%至44.25%之間。

GAAP EPS in the range of $4.19 to $4.29. Non-GAAP EPS in the range of $6.65 to $6.75. Operating cash flow in the range of $1.6 billion to $1.7 billion.

GAAP EPS 在 4.19 美元至 4.29 美元之間。非公認會計準則每股收益在 6.65 美元至 6.75 美元之間。營運現金流在 16 億美元至 17 億美元之間。

And we expect to use approximately 50% of our free cash flow to repurchase Cadence shares in 2025.

我們預計將在 2025 年使用約 50% 的自由現金流回購 Cadence 股份。

For Q1, we expect revenue in the range of $1.23 billion to $1.25 billion.

對於第一季度，我們預計營收在 12.3 億美元至 12.5 億美元之間。

GAAP operating margin in the range of 27% to 28%.

GAAP 營業利潤率介於 27% 至 28% 之間。

Non-GAAP operating margin in the range of 40% to 41%.

非公認會計準則營業利益率介於40%至41%之間。

GAAP EPS in the range of $0.93 to $0.99, and non-GAAP EPS in the range of $1.46 to $1.52. And as usual, we published a CFO commentary document on our Investor Relations website, which includes our outlook for additional items as well as further analysis and GAAP to non-GAAP reconciliations.

GAAP EPS 範圍在 0.93 美元至 0.99 美元之間，非 GAAP EPS 範圍在 1.46 美元至 1.52 美元之間。像往常一樣，我們在投資者關係網站上發布了一份首席財務官評論文件，其中包括我們對其他項目的展望以及進一步的分析和 GAAP 與非 GAAP 的對帳。

In conclusion, I'm pleased that we finished the year with record backlog and cRPO.

總而言之，我很高興我們以創紀錄的積壓訂單和 cRPO 結束了這一年。

We are starting 2025 with a very strong outlook for non-GAAP incremental margin.

我們對 2025 年的非 GAAP 增量利潤率前景非常樂觀。

As always, I'd like to thank our customers, partners, and our employees for their continued support.

像往常一樣，我要感謝我們的客戶、合作夥伴和員工的持續支持。

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

接線員，現在我們開始回答問題。

(Operator Instructions) Jason Celino, KeyBanc Capital Markets.

（操作員指示）Jason Celino，KeyBanc 資本市場。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

When we look at the backlog number, the 1,200 -- or the $1.2 billion of sequential improvement, that's like the biggest we've ever seen much higher than kind of what I think some of us were expecting.

當我們查看積壓訂單數量時，1,200 個——或者說 12 億美元的連續改善，這是我們見過的最大的數字，遠遠高於我們中的一些人的預期。

But then when we look at the guide for the full year, the 11.5% starting point is a little lower than where you started other years in the past.

但是，當我們查看全年指南時，11.5% 的起點比過去幾年的起點略低。

So maybe, John, can you help us just reconcile the confidence in the backlog and kind of how you're approaching guidance for 2025?

那麼，約翰，也許你可以幫助我們協調對積壓訂單的信心，以及你對 2025 年的指導方針？

Thank you.

謝謝。

Yeah.

是的。

Sure, Jason.

當然，傑森。

Thanks for the opportunity to clarify.

感謝提供澄清的機會。

We're very pleased with the strength and momentum that we carried into year-end and into this year.

我們對自己在年底和今年所保持的實力和勢頭感到非常滿意。

But we did allude to it on the call last time that we thought the pipeline looked extremely strong, and we just wanted the team to focus on converting that.

但我們上次在電話會議上確實提到過，我們認為管道看起來非常強大，我們只是希望團隊專注於轉換這一點。

We saw broad-based strength across all of the businesses on backlog -- on bookings for Q2.

我們看到所有業務的積壓訂單和第二季的預訂量都普遍強勁。

But it was a strong renewal quarter, Q4.

但第四季的更新表現強勁。

But in contrast, I mean, when I look at this year, second half is probably stronger for renewals than the first half.

但相較之下，當我回顧今年時，下半年的續約可能比上半年更強。

So we'll probably burn some of that backlog in the first half of the year, but it will come back in Q3 and Q4.

因此，我們可能會在上半年處理一些積壓訂單，但在第三季和第四季就會恢復。

And the duration, our backlog duration is normally somewhere in the region of 2.4 to 2.6 years every year, and we ended up at the high end of that range for this year.

就持續時間而言，我們的積壓訂單持續時間通常每年在 2.4 至 2.6 年左右，而今年的積壓訂單持續時間已處於該範圍的高端。

When I look at the year in total for 2024, we were super pleased with the strength ex China.

當我回顧 2024 年全年業績時，我們對中國以外的表現感到非常滿意。

The growth outside of China was high-teens.

中國以外地區的成長率達到百分之十幾。

China, of course, declined just over $100 million in dollar terms from 2023 to 2024.

當然，從 2023 年到 2024 年，中國經濟以美元計算下降了 1 億多美元。

And we did back test that.

我們確實對此進行了回溯測試。

I think I mentioned that on the last call as well.

我想我上次通話中也提到過這一點。

We were back to 1999 and looked at the last 25 years of performance in China in dollar terms.

我們回顧 1999 年，以美元計算回顧了中國過去 25 年的表現。

And there were only three years where we had down years.

只有三年我們的業績不景氣。

And 2024 was the third time we experienced a down year in dollar terms in China.

2024 年是我們在中國經歷的第三次以美元計算的下跌年份。

We've never had two consecutive down years in China, and we thought it would be prudent to assume in the guide for 2025 that China was flat because it's notoriously hard to predict, and I want to manage an expense plan based on a prudent guide.

我們在中國從未經歷過連續兩年的下滑，我們認為在 2025 年的指南中假設中國經濟將持平是明智的，因為眾所周知這很難預測，我希望根據審慎的指南來管理費用計劃。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Yeah.

是的。

Thanks for taking the question.

感謝您回答這個問題。

I wanted to follow up on that note on the China piece.

我想就有關中國的部分進行進一步的探討。

One, was there any change into the RPO balance from the export restrictions?

第一，出口限制對 RPO 餘額有什麼影響嗎？

And then two, I guess on that flat kind of expectation for 2025, should we assume that the hardware cycle specifically in China is maybe more of a 2026 driver then?

其次，我猜，基於對 2025 年的平穩預期，我們是否應該假設，特別是中國的硬體週期可能更多地成為 2026 年的驅動因素？

Good question.

好問題。

I mean, basically, I was just trying to be prudent with the guide and make sure that we are managing expenses very effectively for 2025.

我的意思是，基本上，我只是想謹慎地遵循指南，並確保我們能夠非常有效地管理 2025 年的開支。

But I mean, when I look at the booking activity for Q4 was quite strong.

但我的意思是，當我查看第四季度的預訂活動時，發現它相當強勁。

I think we're seeing strong design activity in China.

我認為我們看到了中國強勁的設計活動。

Anirudh, do you want to comment on any of that?

Anirudh，您想對此發表任何評論嗎？

Yeah.

是的。

Actually, it's good to see design activity across the board and in all verticals.

事實上，很高興看到各個垂直領域的設計活動。

Now, talking specifically about China, actually, I was there in November.

現在，具體談論中國，實際上，我11月就去過那裡。

And it's good to see design activity picking up, right?

看到設計活動日益活躍是件好事，對吧？

I think even our China results in '24 improved through the year from Q1 to Q2 to Q3 and Q4.

我認為，我們24年的中國業績從第一季到第二季、第三季和第四季都有所改善。

And China, especially, as you know, there's a lot of design activity in, for example, in automotive, where at least five or six like major auto companies driving the EV revolution and almost all of them are designing chips now.

尤其如你所知，中國在汽車等領域有大量的設計活動，至少有五、六家大型汽車公司正在推動電動車革命，幾乎所有公司都在設計晶片。

And we have a privilege of working with all the major auto companies there.

我們很榮幸能與那裡所有主要的汽車公司合作。

And also with our new systems portfolio, especially including BETA, not only we are engaged with them on the chip design side, but also on the packaging board and system side.

而且對於我們的新系統產品組合，特別是包括 BETA 在內，我們不僅在晶片設計方面與他們合作，而且在封裝板和系統方面也與他們合作。

So overall, I do think that China activity is strong, like it is strong in lot of other regions.

因此總體而言，我確實認為中國的活動很強勁，就像在許多其他地區一樣。

I think in terms of the guide, it's just best to be prudent and then see how it goes, given all these macro uncertainty, we thought it's better to be prudent on the guide.

我認為就指南而言，最好是謹慎行事，然後觀察情況如何，考慮到所有這些宏觀不確定性，我們認為最好對指南保持謹慎。

But the design activity seems to be actually picking up, and we'll see, it's difficult to predict how that goes through the year.

但設計活動似乎實際上正在升溫，我們將會看到，很難預測今年的進展如何。

But so far, so good.

但到目前為止，一切都很好。

And Joe, you mentioned the specific metrics in terms of RPO, there's nothing -- no real material impact on any of that from what we're seeing in China that you're right to call out hardware, though.

喬，您提到了 RPO 方面的具體指標，從我們在中國看到的情況來看，這些都沒有真正的實質影響，不過，您說硬體是正確的。

I mean, we had a strong hardware year in 2023 in China, and it was kind of weaker in '24.

我的意思是，2023 年是我們在中國硬體業務強勁的一年，而 2024 年則稍弱一些。

And that's why the year is down year over year in China.

這就是今年中國經濟較去年同期下滑的原因。

And I just didn't want to be predicting what would happen for '25.

我只是不想預測 25 年會發生什麼事。

It's just very, very difficult for us to predict what happens in China for '25.

我們很難預測25年中國會發生什麼事。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

John, I think I'll waste my one question on another follow-up on China.

約翰，我想我會浪費我的一個問題來跟進中國的另一個問題。

But I am getting this question from investors and just around the entity list.

但我從投資者和實體名單中聽到了這個問題。

Wondering if there had been any changes.

想知道是否有任何變化。

It seemed like there were additions to the entity list kind of going into the end of the year, and is that informing sort of your prudent view on China, or is it really just kind of coming off of that down year and kind of assessing renewals and kind of timing of hardware ramp, or has something changed, I guess, is a question around entity list?

似乎在年底時實體名單又有所增加，這是否表明了您對中國的審慎看法，還是只是從那年的低迷中走出來，對續約和硬體增長時機進行評估，還是發生了一些變化，我想這是關於實體名單的問題？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Ruben.

謝謝，魯本。

No, I think I would put it down to general prudence.

不，我認為我會將其歸結為普遍的謹慎。

There's nothing really changed in China.

中國其實什麼都沒改變。

But we did see -- we had a down year, our third down year in 25 years.

但我們確實看到——我們經歷了下滑的一年，這是 25 年來第三年下滑。

And we just thought it would be prudent to assume flat, and that would derisk the guide for everybody.

我們只是認為，採取平穩的假設是明智之舉，這樣可以降低每個人的風險。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thanks for taking my question.

感謝您回答我的問題。

I'm trying to get a better handle on what's the right interpretation of the recurring revenue growth that is slowing down?

我想更好地理解對於經常性收入成長放緩的正確解釋是什麼？

I assume, obviously, China is one aspect of it.

我認為，顯然中國是其中的一個面向。

But if I were to just take the '24 recurring revenue, right, and then look at -- I think you were guiding 80% recurring revenue.

但如果我只看 24 年的經常性收入，對吧，然後看看——我認為你指導的經常性收入是 80%。

So that does suggest a bit of a deceleration.

這確實表明有所減速。

Why is that when the market for AI and all these other products is improving so much.

為什麼在人工智慧和所有其他產品的市場都有如此大的發展的情況下，還會出現這種情況？

Why is the recurring revenue sales growth decelerating so much?

經常性收入銷售成長為何大幅放緩？

Hi, Vivek.

你好，Vivek。

Thanks for the question.

謝謝你的提問。

Yes, when we look at recurring revenue growth, of course, the assumption that we have in for China being flat is a headwind for that recurring revenue growth because like if we look at the impact of China decelerating by like $100 million from '23 to '24.

是的，當我們看經常性收入成長時，當然，我們對中國業務持平的假設對經常性收入成長來說是一個阻力，因為如果我們看看中國業務從 23 年到 24 年減速 1 億美元的影響。

The vast majority of that was in core EDA and mainly on the hardware side.

其中絕大部分是在核心 EDA 中，主要在硬體方面。

But we're seeing that impact the recurring revenue numbers. of course, the recurring revenue is -- the expected mix for this year is expected to go to 80% recurring, 20% upfront, but that's more a reflection of the strength that we're seeing in our upfront revenue businesses.

但我們看到這對經常性收入數字產生了影響。當然，經常性收入——預計今年的經常性收入結構將達到 80% ，預付收入為 20%，但這更反映了我們在預付收入業務中看到的實力。

They're growing faster than the average cadence business.

他們的成長速度比平均節奏業務要快。

Anirudh, do you want to talk to any of that?

Anirudh，你想談談這些嗎？

Yeah, absolutely.

是的，絕對是如此。

I mean, of course, I think we're going to see strength across the board, but especially hardware and IP has performed really well in '24, and I expect that they will do well in '25.

我的意思是，當然，我認為我們將看到全面的優勢，但特別是硬體和 IP 在 24 年表現非常出色，我預計它們在 25 年也會有良好的表現。

There are multiple reasons driving that, which we can get into, but we have a phenomenal product in hardware.

推動這一現象的原因有很多，我們可以深入探討，但我們在硬體方面擁有非凡的產品。

We're well ahead of what the customers will need for several years.

我們已經遠遠領先客戶未來幾年的需求。

And in terms of all our kind of engagement with the customers, they're very pleased with our hardware systems.

就我們與客戶的所有互動而言，他們對我們的硬體系統非常滿意。

So we had a record '24, also, we had strong demand, hardware going forward.

因此，我們創下了 24 年的銷售記錄，而且，我們對硬體的需求也十分強勁。

And same thing on IP.

IP 上的情況也是一樣。

IP, I think, has been a weaker area for us over the years.

我認為，知識產權多年來一直是我們的薄弱領域。

But I think it did turn around, of course, one year doesn't make a trend, but it did turn around significantly before.

但我認為它確實出現了好轉，當然，一年的時間並不能形成一種趨勢，但之前它確實出現了明顯的改善。

So I think IP is up roughly 30% in '24 and is driven by multiple reasons.

因此，我認為 IP 在 24 年上漲了約 30%，這是由多種原因造成的。

So one reason our portfolio is just better technically.

所以我們的投資組合在技術上更勝一籌。

The PPA, especially at advanced nodes, we are delivering better power performance area for our IP products.

PPA，特別是在先進節點，我們正在為我們的IP產品提供更好的功率效能區域。

Also customers are -- we are engaged now with almost all the major customers in IP.

此外，我們目前與 IP 領域幾乎所有主要客戶都有合作。

We always engaged with them on EDA and hardware.

我們一直與他們就 EDA 和硬體進行合作。

But at this point, customers want more and more of our IP.

但目前，客戶對我們的智慧財產權有越來越多的需求。

And the third reason is, as you know, there is a lot more foundry activity, not just the leading foundry from Taiwan, but also in other parts of the world, whether it's Intel or Samsung or Rapidus, GlobalFoundries.

第三個原因是，如你所知，代工活動更加活躍，不僅是來自台灣的領先代工廠，還有世界其他地區，無論是英特爾、三星、Rapidus 還是 GlobalFoundries。

So that also requires more and more IP and EDA.

因此這也需要越來越多的 IP 和 EDA。

So as a result, we are -- I am more confident in the IP business going forward.

因此，我對未來的 IP 業務更有信心。

I think it should have another good year in '25 from what I can see right now.

從我目前所見，我認為 25 年它將再次迎來豐收。

And also, we are investing more in the IP business in terms of expanding the portfolio.

此外，我們也正在擴大投資組合方面加大對智慧財產權業務的投資。

So as you see, we acquired like last year, we acquired about a year ago, IP products from Rambus.

正如您所看到的，我們去年，大約一年前從 Rambus 收購了 IP 產品。

And then recently, we acquired Security IP, which is another critical piece of the IP portfolio.

最近，我們收購了安全 IP，這是 IP 產品組合的另一個關鍵部分。

So overall, I think Cadence has been always very strong in EDA, always very strong in 3D-IC, always being very strong in hardware, and IP has been one area that we wanted to do more, and especially '24 is the turning point for IP, and together positions us well into the future.

所以總的來說，我認為 Cadence 在 EDA 領域一直非常強大，在 3D-IC 領域一直非常強大，在硬體領域一直非常強大，而 IP 一直是我們想要做得更多的領域之一，尤其是 '24 是 IP 的轉折點，並共同為我們走向未來奠定了基礎。

Lee Simpson, Morgan Stanley.

摩根士丹利的李辛普森。

Great.

偉大的。

I really just wanted to ask around the chiplet reference designs that you've clearly done very well with in China with the EV makers.

我只是想詢問一下您在中國與電動車製造商合作的晶片參考設計，顯然您做得非常好。

Is this the sole source of strength for the chiplet reference design?

這是 chiplet 參考設計的唯一力量來源嗎？

And maybe if we ex that business out of China for this year, what does that do for the size of the decline that we might see in China inferred in that flat number.

也許，如果我們將今年的這項業務從中國剔除，那麼從這個持平數字中可以看出，這對我們可能看到的中國下滑幅度有何影響？

Lee, that's a good question.

李，這個問題問得很好。

I mean, first thing I would like to say that chiplet design is happening across the globe and also in all verticals.

我的意思是，首先我想說的是，小晶片設計正在全球以及所有垂直領域發生。

It is not specific to a particular region or vertical.

它並不是針對某個特定的區域或垂直領域。

Of course, it started with, as you know, with high-performance computing with all these big AI chips and server products, but automotive and even laptops, they're all getting disaggregated.

當然，如你所知，它始於所有這些大型人工智慧晶片和伺服器產品的高效能運算，但汽車甚至筆記型電腦，它們都被分解了。

So we have always been focused on 3D-IC and chiplet wave design from, I don't know, maybe 15 years ago, maybe it was too early.

所以我們一直專注於 3D-IC 和晶片波設計，我不知道，也許是 15 年前，也許還太早。

We were -- I think our first reference flow with TSMC on 3D-IC was like 2007 or 2008, okay.

我認為我們與台積電在 3D-IC 上的第一次參考流程是在 2007 年或 2008 年。

But of course, it has picked up steam in the last few years.

但當然，在過去幾年中，它已經逐漸興起。

And we are particularly well positioned given we have EDA products, packaging products, system products.

由於我們擁有 EDA 產品、封裝產品和系統產品，因此我們的優勢尤其明顯。

And also IP needs to go that way.

IP 也需要這樣發展。

So we have what I would call IP 2.0 is more focused not just on individual IP but silicon solutions and chiplet architecture.

因此，我們所謂的 IP 2.0 不僅更加關注單一 IP，還關注矽解決方案和晶片架構。

So that's why you're seeing investment for us on chiplets, not just on the EDA side but also on the IP side.

所以這就是為什麼你會看到我們對晶片進行投資，不僅在 EDA 方面，而且在 IP 方面。

But I think it's going to happen, I believe, in across all geographies, across all verticals, and it's only going to accelerate going forward.

但我相信，這將會發生，發生在所有地區、所有垂直領域，而且這種趨勢只會加速。

Charles Shi, Needham & Company.

查爾斯·施（Charles Shi），Needham & Company。

Hi.

你好。

Good afternoon, Anirudh and John.

下午好，Anirudh 和 John。

I think I do want to ask a little bit about the core EDA.

我想我確實想問一些有關核心 EDA 的問題。

It looks like based on the segment information, the core EDA growth in '24 was somewhere in the high-single-digit range.

根據細分訊息，24 年核心 EDA 成長率似乎處於高個位數範圍。

It seems like it have been growing at more like double digit.

看起來它的成長速度接近兩位數。

But at the same time, as system design and analysis continued to grow at a very strong double-digit growth.

但同時，系統設計和分析繼續以非常強勁的兩位數成長。

I wonder if you can give us a little bit of your long-term view, is this going to be the new normal going forward, like in a more traditional EDA actually going to more like a high-single-digit grower, but SD&A is more like where that can contribute to Cadence's outperformance going forward?

我想知道您是否可以給我們一些您的長期看法，這是否會成為未來的新常態，就像在更傳統的 EDA 中實際上更像一個高個位數的增長者，但是 SD&A 更像是可以為 Cadence 未來的優異表現做出貢獻的地方？

I want to get some long-term thoughts there.

我想得到一些長遠的想法。

Thanks.

謝謝。

Hi, Charles.

你好，查爾斯。

Generally, in core EDA, I mean, we're always targeting double-digit revenue growth and profitable and sustainable revenue growth is really important to us.

總的來說，在核心 EDA 方面，我們始終以兩位數的收入成長為目標，獲利和可持續的收入成長對我們來說非常重要。

We'd be very, very pleased with the progress we're making with the hardware business over the last number of years, that, of course, the down year China from '23 to '24 impacts that core EDA growth year-over-year from '23 to '24.

我們對過去幾年硬體業務的進展感到非常高興，當然，23 年至 24 年中國經濟的低迷影響了 23 年至 24 年核心 EDA 的同比增長。

And then our assumption for '25 obviously impact that as well.

然後我們對 25 年的假設顯然也會對此產生影響。

But we're delighted with the value we're providing to customers that -- and with the -- just the sheer demand for our products right across the core EDA space.

但我們對我們向客戶提供的價值感到非常高興——而且——我們的產品在整個核心 EDA 領域都有著巨大的需求。

Anirudh, do you want to add anything?

Anirudh，您還有什麼要補充嗎？

Yeah.

是的。

In terms of product portfolio, I think we are better positioned than we ever have been.

就產品組合而言，我認為我們的地位比以往任何時候都要好。

If you look at analog, digital, verification in terms of core EDA and design activity is strong.

如果你看一下類比、數字，從核心 EDA 和設計活動的角度來看，驗證是強大的。

Of course, in '24, there are two issues like John mentioned, one is China.

當然，在24年，有兩個問題就像約翰提到的，一個是中國。

And then also hardware had a transition year.

然後硬體也經歷了轉型年。

So even though Q4 was phenomenally strong in hardware, we went through the transition in Q2 and Q3.

因此，儘管第四季度在硬體方面表現非常強勁，但我們在第二季和第三季經歷了轉型。

So that's, of course, part of core EDA.

所以，這當然是核心 EDA 的一部分。

So we'll see how it proceeds going forward, but we are well positioned.

因此，我們將觀察事情未來的進展，但我們已做好準備。

We are doing very well with customers in all these evaluations and new design starts.

在所有這些評估和新設計啟動中，我們與客戶的關係都非常好。

So we'll see how things progress going forward.

因此我們將觀察事態如何進一步發展。

Gianmarco Conti, Deutsche Bank.

德意志銀行的詹馬克‧康蒂 (Gianmarco Conti)。

Thanks for taking my questions.

感謝您回答我的問題。

So firstly, congrats on another fantastic quarter.

首先，恭喜您度過了又一個精彩的季度。

Perhaps just a follow-up question on hardware.

也許只是關於硬體的一個後續問題。

Given again the impressive backlog number and the increase from revenue you saw this quarter, is it fair to assume that Z3 and X3 is being adopted at a faster pace and that the mix of volume and pricing is what's driving a strong Q1 guide?

鑑於本季令人印象深刻的積壓訂單數量和收入的增長，是否可以公平地假設 Z3 和 X3 正在以更快的速度被採用，而數量和價格的結合是推動強勁的第一季度業績的因素？

And going forward, is it fair to assume an acceleration [also not from] revenue given the closing of the air pocket?

展望未來，考慮到空氣袋的關閉，是否可以合理地假設收入會加速（也不是來自收入）？

I think like a [fair few] investor looking at strong harder rand, I'm wondering if there is much of it inside that $6.8 billion backlog number.

我認為，像相當多的投資者一樣，關注強勢蘭特，我想知道 68 億美元的積壓數字中是否有很多蘭特。

Any color on that would be great.

任何顏色都可以。

Thank you.

謝謝。

Yeah.

是的。

Gianmarco, it's a tremendously strong bookings quarter for hardware in Q4.

Gianmarco，第四季的硬體預訂量非常強勁。

We're seeing huge demand across all of our verification platform.

我們發現整個驗證平台的需求都十分巨大。

So we were delighted with the progress that we've made there.

因此，我們對在那裡取得的進展感到非常高興。

We have strong backlog leading into the first quarter.

我們在第一季有大量的積壓訂單。

So yeah, I mean, you're seeing a more normal kind of shape to revenue this year for Cadence.

是的，我的意思是，你會看到 Cadence 今年的收入狀況更加正常。

We expect about 24% of the revenue to come in Q1.

我們預計約 24% 的收入將來自第一季。

Similarly, about 24% in Q2.

同樣，第二季也約為 24%。

Second half of the year is going to be harder -- or do you expect Q4 to be higher than Q3, but we'll be able to tell you more about that in the second half when we see the pipeline for hardware in the middle of the year.

下半年將會更加艱難——或者您是否預計第四季度的表現會高於第三季度，但當我們在年中看到硬體管道時，我們將能夠在下半年告訴您更多相關資訊。

Anirudh, anything?

阿尼魯德，還有什麼事嗎？

Yeah.

是的。

Hardware demand is phenomenal.

硬體需求非常龐大。

And of course, Q4 strength is not based on just hardware, even though it was phenomenal.

當然，儘管 Q4 的表現十分出色，但它的實力不僅僅來自於硬體。

Like I mentioned, IP is doing fabulous and, overall 3D-IC, overall, our complete EDA portfolio systems growth as you saw in Q4.

正如我所提到的，IP 表現非常出色，總體而言，3D-IC，以及我們的完整 EDA 產品組合系統都實現了成長，正如您在第四季度看到的那樣。

But specifically on hardware, I mean, as you know, we have now both new systems, these Gen X3 and they are in full production, we gained several competitive wins in Q3 and Q4?

但具體到硬體方面，我的意思是，如你所知，我們現在有了兩個新系統，即 Gen X3，它們已經全面投入生產，我們在第三季度和第四季度獲得了幾項競爭勝利？

And is the strength of our portfolio, which is a custom chip that we make, which is in Palladium Z3 and FPGA system for Protium.

這是我們產品組合的優勢，這是我們生產的客製化晶片，用於 Palladium Z3 和 Protium 的 FPGA 系統。

And almost all like large designs, especially all large AI designs are using Palladium as the platform of choice.

幾乎所有大型設計，尤其是所有大型 AI 設計都使用 Palladium 作為首選平台。

And I do expect that this strength will increase over time.

我確實希望這種力量會隨著時間的推移而增強。

So because we are the only company that designs its own chip to do emulation.

因為我們是唯一一家設計自己的晶片進行模擬的公司。

So if you look at some of the biggest chips in the world are designed through Palladium.

如果你看一下，你會發現世界上一些最大的晶片都是透過鈀設計的。

And we have more than 100 chips in one rack, which are liquid cooled, connected optically, and then you can connect 16 of these racks together.

我們在一個機架上有超過 100 個晶片，它們採用液冷、光學連接，然後你可以將 16 個機架連接在一起。

So it's like more than 2,000 full reticle TSMC chips are used to emulate the world's most complicated designs.

因此，這就像使用了 2,000 多個全掩模版台積電晶片來模擬世界上最複雜的設計。

And there is no other system that even comes close.

並且沒有其他系統可以與之媲美。

So the nearest competitor to Palladium Z3 is actually Palladium Z2.

因此 Palladium Z3 最接近的競爭對手實際上是 Palladium Z2。

And then I think going forward, this is the nature of the architecture also the inherent advantages it has over FPGAs.

然後我認為展望未來，這是架構的本質，也是它相對於 FPGA 的固有優勢。

And we like FPGAs, it's useful for some software workloads in Protium, but the gap between customer ASIC and FPGA is only going to increase in the future because even Z3 is a more advanced node than FPGA.

我們喜歡 FPGA，它對於 Protium 中的一些軟體工作負載很有用，但客戶 ASIC 和 FPGA 之間的差距在未來只會越來越大，因為即使 Z3 也是比 FPGA 更先進的節點。

And you can see that in other workloads, too, not just in emulation, all the AI workloads, all acceleration.

您還可以在其他工作負載中看到這一點，不僅是在模擬中，還包括所有的 AI 工作負載和所有加速中。

Custom ASIC is very superior to FPGA.

客製化 ASIC 比 FPGA 有很大優勢。

And going forward, that will continue.

而今後這種情況還會持續下去。

And in terms of -- we have at least a 10-year lead in designing these custom ASICs for emulation.

就此而言——我們在設計這些用於模擬的客製化 ASIC 方面至少領先 10 年。

So hardware was phenomenal, and we expect that to continue.

硬體非常出色，我們希望這種狀況能夠持續下去。

Now of course, the actual second half, we'll have more update.

當然，在實際的下半部分，我們將有更多更新。

We have good backlog for the first half.

我們上半年的訂單積壓情況良好。

And depending on what happens in the first half, we can update the rest of the year in the middle of the year.

根據上半年發生的情況，我們可以在年中更新剩餘時間的情況。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

Thank you, good evening.

謝謝，晚上好。

Anirudh, John, your backlog came in at about $0.5 billion above where we were for the quarter.

阿尼魯德、約翰，你們的積壓訂單比本季高出約 5 億美元。

So I assume that NVIDIA alone could certainly have accounted for a large portion of that.

因此我認為 NVIDIA 一手就肯定能佔據其中很大一部分。

But your current RPO year-over-year growth progressively slowed over the course of the year from 14% year over year in Q1, 11% and 7%, now, 6% year over year as of Q4.

但您目前的 RPO 年成長率在一年內逐漸放緩，從第一季的 14% 到 11% 和 7%，現在截至第四季的年成長率為 6%。

Maybe you could dissect that in terms of the composition of software versus hardware and IP.

或許您可以從軟體、硬體和 IP 的組成角度來分析這一點。

And then maybe on the geo side, what the current RPO growth might look like if you were to exclude China?

然後從地理方面來看，如果排除中國，目前的 RPO 成長會是什麼樣子？

Yeah.

是的。

Jay, thanks for the question.

傑伊，謝謝你的提問。

I think what you're focused on there is the annual value of the backlog.

我認為您關注的是積壓訂單的年度價值。

And yes, I mean we're very focused that we need to grow that annual value.

是的，我的意思是我們非常專注於提高年價值。

And I think that would be an important focus point for us for 2025.

我認為這將是我們 2025 年的重要關注點。

We're very pleased with the amount of bookings that we recorded with customers in Q4, very, very strong pipeline got converted.

我們對第四季度與客戶記錄的預訂量感到非常滿意，非常非常強大的管道得到了轉換。

But we know we can do better on the annual value, and we're going to work on that for 2025.

但我們知道我們可以在年度價值上做得更好，我們將為 2025 年而努力。

Ex China, of course, China is a headwind to that number.

當然，除了中國以外，中國對這一數字來說是一個阻力。

We would expect the CRPO to improve naturally in 2025.

我們預計 CRPO 將在 2025 年自然改善。

But I would expect the backlog number to decline a little bit in the first half.

但我預計上半年積壓訂單數量會略有下降。

We'll burn some of it in the first half just because of the timing of when renewals come up in the year.

由於今年續約時間的緣故，我們會在上半年消耗一部分。

Q4 2024 was a strong renewals quarter.

2024 年第四季是續約表現強勁的一個季度。

Q3 and Q4 are the kind of the strongest renewal quarter for 2025.

第三季和第四季是 2025 年復甦最強勁的季度。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Hi, guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

John, you seem to imply that revenue will be split 48%, 52% first half versus second half of the year, but your OpEx guide or your operating margin guide seems to imply the opposite direction -- directional change for non-GAAP OpEx.

約翰，你的意思似乎是指上半年和下半年的收入將分別佔 48% 和 52%，但你的營運支出指南或營業利潤率指南似乎暗示了相反的方向——非 GAAP 營運支出的方向性變化。

Normally, you would see a second half increase versus first half.

通常情況下，你會看到下半年比上半年有成長。

What's the dynamic there in the OpEx for the second half versus the first half?

與上半年相比，下半年的營運支出有何變化？

Gary, thanks for spotting that and give me the opportunity to explain.

加里，謝謝你發現這一點並給我機會解釋。

We changed to -- we normally have a midyear merit cycle where we increase salaries in July.

我們改變了－我們通常有一個年中績效週期，就是在七月增加薪資。

We've moved that to January and started in 2025.

我們已將其移至 2025 年 1 月並開始實施。

So the profile for the year, typically in the past, you would have seen also improving margin Q1 to Q2 and then typically taking a drop off from Q2 to Q3.

因此，從過去的年度情況來看，通常你會看到利潤率從第一季到第二季不斷提高，然後從第二季到第三季逐漸下降。

This year, we would expect the profitability profile to improve right throughout the year with Q2 margins exceeding Q1, Q3 exceeding Q2 and Q4 exceeding Q3.

我們預計今年全年獲利狀況將會改善，第二季度利潤率將超過第一季度，第三季度將超過第二季度，第四季度將超過第三季度。

We thought that was -- it was better to move to an annual cycle from the start of the year, so as not to cause that kind of disruption in the quarter-over-quarter numbers from Q2 to Q3 going forward.

我們認為，最好從年初就轉向年度週期，以免對未來第二季到第三季的季度環比數據造成此類幹擾。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Thanks for taking my questions.

感謝您回答我的問題。

On the full year guidance, if you drive within the upper range of the guidance for this year, your three-year revenue CAGR is going to drop below 15%, to be more specific, more like 13.5% for the first time in a number of years.

就全年指引而言，如果您按照今年指引的上限範圍發展，那麼您的三年收入複合年增長率將降至 15% 以下，更具體地說，將是多年來首次降至 13.5%。

And if I look at the environment, right, you've got AI leading-edge design starts and activity are at an all-time high.

如果我看一下環境，就會發現人工智慧前沿設計的起步和活動都達到了歷史最高水準。

You're going through a strong upgrade cycle on your hardware business.

您的硬體業務正在經歷強勁的升級週期。

I know you're taking a more conservative view on China, which I think is prudent, but outside of China, we know auto and industrial semiconductor trends are still fairly muted.

我知道您對中國持更保守的看法，我認為這是謹慎的，但在中國以外，我們知道汽車和工業半導體趨勢仍然相當低迷。

We also know a couple of your large leading-edge IDM customers continue to face competitive difficulties.

我們也知道，您的一些大型前沿 IDM 客戶繼續面臨競爭困難。

So outside of China, can you guys just help us understand like where else are you taking a more cautious view on the 2025 outlook?

那麼，除了中國之外，你們能否幫助我們了解，還有哪些國家對 2025 年的前景持更謹慎的看法？

Yeah.

是的。

I think, Harlan, what you're referring to is that, I mean, when you look ex China, I mean, if we exclude China, that last year, we were high-teen year-over-year growth.

哈蘭，我認為你所指的是，當你看中國以外的情況時，如果我們排除中國，那麼去年我們的同比增長率達到了百分之十幾。

And what's implied in the guide is low-teen year-over-year growth.

指南中暗示同比成長率將處於低十幾個百分點的水平。

I mean, normally, we start the year prudently anyway.

我的意思是，通常情況下，我們都會謹慎地開始新的一年。

And I think what you're highlighting is we believe we provide tremendous value to our customers, but -- and it's important for our customers to extract that value from what we're providing today.

我認為您要強調的是，我們相信我們為客戶提供了巨大的價值，但是—對於我們的客戶來說，從我們今天提供的產品中提取這種價值非常重要。

We focus on proliferation and adoption of our technology.

我們專注於技術的推廣和採用。

And we're confident we'll extract that value from customers over time.

而我們相信，隨著時間的推移，我們將從客戶那裡獲得這一價值。

But essentially, so that's all that's in the guidance.

但本質上，這就是指南中的全部內容。

China is the kind of headwind, I guess, is the assumption that that's flat.

我猜，中國是一種逆風，但假設它是平緩的。

But we're pleased with low-teen growth across the rest of the business.

但我們對於其餘業務的低十幾歲的增長感到滿意。

Just to point out -- one thing to point out is, of course, we are always looking at both revenue growth and profitability.

需要指出的是——當然，我們始終同時關注收入成長和獲利能力。

So and I think we expect not only or ever considered good revenue growth in '25, but also good improvement in profitability.

因此，我認為我們不僅預期或曾經考慮過 25 年收入會實現良好成長，而且獲利能力也會得到良好提升。

So if you add them together like Rule of 40, I think this is the first time we are guiding more than 55% in the beginning of the year.

因此，如果按照 40 法則將它們加在一起，我認為這是我們第一次在年初預期超過 55％ 的增長。

It's very important to focus on both those things like we have done for years now.

就像我們多年來所做的那樣，關注這兩件事非常重要。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Thank for taking my question.

感謝您回答我的問題。

Can you hear me?

你聽得到我嗎？

Yeah.

是的。

Okay, great.

好的，太好了。

So Anirudh, you talked about some of your AI products, Cerebrus, SimAI, and Allegro getting traction.

所以 Anirudh，你談到了你的一些 AI 產品，Cerebrus、SimAI 和 Allegro 正在獲得關注。

Help us understand how is that driving your ACV uplift right now?

請幫助我們了解這目前是如何推動您的 ACV 提升的？

Are you seeing more impacts on which segment, like digital design, verification, any of that.

您是否看到哪個領域受到更大的影響，例如數位設計、驗證等。

And in the same context, also, could you talk about -- I know you talk about a design going into more edge devices as another area of growth, when do you think that's going to -- are you going to see that inflection point?

在同樣的背景下，您能否談談——我知道您談到設計進入更多邊緣設備作為另一個增長領域，您認為什麼時候會看到這個轉折點？

Yeah, those are two good questions.

是的，這兩個問題很好。

So in terms of AI product itself, like we have mentioned in the past, we have these five major platforms, which now at this point, we are engaged with all our major customers on.

因此就人工智慧產品本身而言，正如我們過去提到的，我們有這五個主要平台，現在我們正在與所有主要客戶合作。

Of course, a few years ago, we started with digital implementation, which is Cadence Cerebrus.

當然，幾年前，我們就開始進行數位化實施，也就是Cadence Cerebrus。

I think at this point, we are -- Cadence Cerebrus is adopted with all our major customers.

我認為目前為止，我們所有的主要客戶都採用了 Cadence Cerebrus。

And then verification with Verisium and then Allegro X, Optimality, Virtuoso Studio.

然後使用 Verisium、Allegro X、Optimality、Virtuoso Studio 進行驗證。

And these are all platforms which are something you have to add to your base config, right?

這些都是您必須添加到基本配置中的平台，對嗎？

So we are seeing customers adopt more and more of these solutions.

因此我們看到客戶越來越多地採用這些解決方案。

Now, in terms of your question on edge, always believe, I said so many times in the past that AI will have multiple phases to it.

現在，關於你剛才提出的問題，請永遠相信，我過去曾多次說過，人工智慧將經歷多個階段。

Of course, the first phase was more infrastructure, more on the data center side.

當然，第一階段更多的是基礎設施，更多的是資料中心方面。

But I believe one of the biggest phases will be what we have called for a long time is physical AI, which will be more in the physical world, more edge devices, more cars and robots and drones and then also sciences AI, with things like life sciences and material scientists.

但我相信，最大的階段之一將是我們長期以來所稱的物理人工智慧，它將更多地存在於物理世界，更多的邊緣設備，更多的汽車、機器人和無人機，然後還有科學人工智慧，包括生命科學和材料科學家等等。

So it will go through the -- at least the three big horizons.

因此它將至少經歷三​​個大視界。

So the good thing with the physical AI, which is more on the edge or more, if they are more power constrained applications, we're already seeing a lot of design activity starting on that.

因此，實體 AI 的好處在於，它更處於邊緣，或者說，如果它們是更受功率限制的應用程序，我們已經看到很多設計活動開始在此基礎上進行。

Now, some of the products may come out a few years later.

現在，有些產品可能要幾年後才會問世。

But just like on the data center side, we saw products in '22 or '23, but the design activity was there a few years before that.

但就像在資料中心方面一樣，我們在'22年或'23年看到了產品，但設計活動在那之前的幾年就已經存在了。

And especially in physical AI, they are, by nature, edge and also more mixed signal in which Cadence is very well-positioned.

特別是在物理 AI 領域，它們本質上是邊緣和混合訊號，Cadence 在其中佔據非常有利的地位。

So that's why I'm saying, even though there is weakness right now in the autos in terms of semi revenue, but in terms of investment in R&D, there's a lot of investment in R&D with EVs and self-driving same thing with drones and robot, which is independent of humanoid robots, industrial application, and aero and defense applications will be huge for those things.

所以我要說的是，儘管目前汽車產業的半導體收入處於弱勢，但從研發投入來看，電動車和自動駕駛的研發投入很大，無人機和機器人的研發投入也很大，這些都與人形機器人、工業應用、航空和國防應用無關，對這些東西來說，這將是巨大的投資。

So I think that will drive a different kind of AI and require even more domain-specific silicon for AI on those devices.

所以我認為這將推動不同類型的人工智慧，並且需要這些設備上更多針對人工智慧領域的特定矽片。

Joshua Tilton, Wolfe Research.

喬舒亞·蒂爾頓（Joshua Tilton），沃爾夫研究公司。

Hi, guys.

嗨，大家好。

Thanks for sneaking me in.

謝謝你讓我偷偷進來。

I'm just going to keep it to two quick clarifications.

我只想簡單澄清兩點。

My first one is on China.

我的第一個問題是關於中國的。

I know there's been a lot of questions.

我知道有很多疑問。

But I guess, John, I'm just trying to understand, has anything changed since last quarter that's either increasing or decreasing your conviction that China won't have two down years in a row?

但約翰，我只是想了解，自上個季度以來，是否有什麼變化增強或減弱了您對中國經濟不會連續兩年下滑的信心？

And then on the hardware side, if I remember correctly, historically, you talked to how you tend to only guide for like six months of visibility, specifically for hardware.

然後在硬體方面，如果我沒記錯的話，從歷史上看，你談到你傾向於只指導六個月的可見性，特別是對於硬體而言。

Are you taking a similar approach this year as you set the guidance for 2025?

今年您在製定 2025 年指導方針時是否採取了類似的方法？

Thanks, Josh.

謝謝，喬希。

Yes.

是的。

So taking the second question first, yes, exactly the same approach that hardware is a pipeline business.

先回答第二個問題，是的，硬體是一種管道業務，方法與此完全相同。

We typically have a good visibility into the pipeline about two quarters out.

我們通常對大約兩個季度後的管道有很好的了解。

We finished with a very, very strong kind of hardware bookings quarter in Q4 and have plenty of backlog to deliver against in the first half of the year.

我們在第四季度的硬體預訂量非常強勁，今年上半年仍有大量積壓訂單需要完成。

That demand, the pipeline still looks strong, but visibility into the pipeline this time of the year is more difficult.

這種需求、通路看起來依然強勁，但今年這個時候通路的可見度更加困難。

We'll have more visibility into hardware in the second half by the time we get to the summer.

到夏天的時候，我們將對下半年的硬體有更深入的了解。

That's exactly the same approach that you've seen us do in previous years.

這和我們在前幾年所採取的方法完全相同。

And then your question on China, can you repeat it again?

然後你關於中國的問題，你能再重複一次嗎？

Has anything changed since last quarter that's either increasing or decreasing your conviction that China won't have two down years in a row?

自上個季度以來，是否有什麼變化讓您更加確信或減弱了中國經濟不會連續兩年下滑的信心？

I'm just worried about my ability to predict what China revenue would be.

我只是擔心我是否有能力預測中國的收入。

I mean, I was very pleased that like a two last year, Q1 was the low quarter.

我的意思是，我很高興，就像去年同期一樣，第一季是業績低迷的季度。

Q2 was higher than Q1.

Q2 高於 Q1。

Q3 was higher in Q2, Q4 ended up higher than Q3 for China revenue.

第三季中國區營收高於第二季度，中國區第四季營收高於第三季。

But just -- it's tough to have visibility into the pipeline for Q1 because quarters are only getting assigned now, and the salespeople tend to keep their cards very close to their chest this time of the year.

但是——很難了解第一季的銷售管道，因為現在才分配季度，而且每年的這個時候，銷售人員往往會對自己的底牌守口如瓶。

So I thought in the absence of any other information, that the prudent thing would be to de-risk the guide and assume flat for China.

因此我認為，在沒有任何其他資訊的情況下，明智的做法是降低指南的風險並假設中國的情況持平。

And then as -- if our experience is better than that, we'll take the guide up through the year.

然後——如果我們的經驗比這更好，我們將在全年採用該指南。

And I will now turn the call back to Anirudh Devgan for closing remarks.

現在我將請 Anirudh Devgan 致結束語。

Thank you, all, for joining us this afternoon.

感謝大家今天下午加入我們。

It's an exciting time for Cadence as we enter 2025 with product leadership and strong business momentum.

對於 Cadence 來說，這是一個令人興奮的時刻，因為我們將憑藉產品領導力和強勁的業務發展勢頭進入 2025 年。

Our continued execution of the intelligent system design strategy, customer-first mindset, and our high-performance culture are driving growth and profitability.

我們持續執行智慧系統設計策略、客戶至上的理念以及高績效文化正在推動成長和獲利能力。

Fortune and Great Place to Work named Cadence as one of the world's best workplaces in 2024, ranking it number nine.

《財星》和《Great Place to Work》雜誌將 Cadence 評為 2024 年全球最佳工作場所之一，排名第九。

And on behalf of our employees and our Board of Directors, we thank our customers, partners, and investors for their continued trust and confidence in Cadence.

我謹代表我們的員工和董事會感謝我們的客戶、合作夥伴和投資者對 Cadence 的持續信任和信心。

And ladies and gentlemen, thank you for participating in today's Cadence fourth-quarter and fiscal-year 2024 earnings conference call.

女士們、先生們，感謝大家參加今天的 Cadence 第四季和 2024 財年財報電話會議。

This concludes today's call, and you may now disconnect.

今天的通話到此結束，您可以掛斷電話了。