益華電腦 (CDNS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Cadence second-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，午安。我叫艾比，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Cadence 2025 年第二季財報電話會議。（操作員指示）

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

謝謝。現在我將電話轉交給 Cadence 投資人關係副總裁 Richard Gu。請繼續。

Thank you, operator. I'd like to welcome everyone to our second quarter of 2025 earnings conference call. I'm 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 and a copy of today's prepared remarks will be available on our website, cadence.com.

謝謝您，接線生。歡迎大家參加我們 2025 年第二季財報電話會議。今天與我一起出席的還有總裁兼執行長 Anirudh Devgan 和資深副總裁兼財務長 John Wall。本次電話會議的網路直播和今天準備好的發言稿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 as well as the impact of our DOJ and BIS settlements. Due to risks and uncertainties, actual results may differ materially from those projected or implied in today's discussion. 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.

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業績的展望以及我們與美國司法部和美國商務部工業和安全局達成的和解協議的影響。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。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. In addition, all financial measures discussed on this call are non-GAAP unless otherwise specified. The non-GAAP measures should not be considered in isolation from or as a substitute for GAAP results. Reconciliations of GAAP to non-GAAP measures are included in today's earnings release.

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。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。非 GAAP 指標不應與 GAAP 結果分開考慮或替代 GAAP 結果。今天的收益報告包含了 GAAP 與非 GAAP 指標的對帳。

For the Q&A session today, we would ask that you observe a limit of one question only. If time permits, you can requeue with additional questions.

對於今天的問答環節，我們希望您只限提問一個問題。如果時間允許，您可以重新排隊詢問其他問題。

Now I'll turn the call over to Anirudh.

現在我將把電話轉給 Anirudh。

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

謝謝你，理查。大家下午好，感謝大家今天的參與。

Cadence delivered exceptional financial results for the second quarter of 2025, exceeding our Q2 revenue and EPS guidance driven by ongoing broad-based strength across our AI-driven product portfolio. Bookings were stronger than expected, highlighting the strategic relevance of our AI-driven portfolio and the depth of our customer relationships.

Cadence 在 2025 年第二季取得了出色的財務業績，超過了我們第二季的營收和每股盈餘預期，這得益於我們 AI 驅動的產品組合持續的廣泛實力。預訂量超出預期，凸顯了我們人工智慧驅動的產品組合的戰略意義以及我們與客戶關係的深度。

Demand for our technologies continues to grow, driven by customers embracing our products at scale, and we are raising our financial outlook for the year to 13% revenue growth and 16% EPS growth for 2025. John will provide more details on both our Q2 results and the updated outlook.

在客戶大規模採用我們產品的推動下，對我們技術的需求持續成長，我們將今年的財務預期上調至 2025 年營收成長 13%，每股收益成長 16%。約翰將提供有關我們第二季度業績和最新展望的更多詳細資訊。

We continue executing to our intelligent system design strategy initiated in 2018, which remains a clear differentiator in a rapidly evolving landscape. Our early investments delivering to our vision of unified EDA, IP, 3D-IC, PCB, and system analysis are paying off. These capabilities are enabling us to lead through the accelerating waves of the AI super cycle from AI infrastructure build-out to physical AI in autonomous systems to the emerging frontier of sciences AI.

我們繼續執行 2018 年啟動的智慧系統設計策略，這在快速發展的產業中仍然是一個明顯的差異化因素。我們早期的投資實現了統一 EDA、IP、3D-IC、PCB 和系統分析的願景，並且正在獲得回報。這些能力使我們能夠引領人工智慧超級週期的加速浪潮，從人工智慧基礎設施建構到自主系統中的實體人工智慧，再到新興的科學前沿人工智慧。

Customer R&D investments remain robust, particularly as AI drives exponential design complexity, such as in advanced node design and complex system architectures. And this is translating into broad-based demand across our portfolio. Embedding agentic AI into our design platforms across core EDA, system design, and system simulation workflows enables the evolution from a traditional tool-based flows to autonomous goal-driven agents.

客戶研發投資仍然強勁，特別是當人工智慧推動設計複雜性呈指數級增長時，例如在高階節點設計和複雜系統架構方面。這轉化為我們整個投資組合的廣泛需求。將代理 AI 嵌入到我們的核心 EDA、系統設計和系統模擬工作流程的設計平台中，可以實現從傳統的基於工具的流程向自主目標驅動代理的演變。

Our Cadence AI portfolio powered by multiple autonomous silicon agents and built on our unified JedAI platform, with NVIDIA accelerated compute is delivering optimized designs and massive efficiency gains for our customers.

我們的 Cadence AI 產品組合由多個自主矽代理提供支持，並建立在我們統一的 JedAI 平台上，採用 NVIDIA 加速運算，為我們的客戶提供優化的設計和巨大的效率提升。

At CadenceLIVE 2025, we introduced the new Millennium M2000 AI supercomputer featuring NVIDIA Blackwell, delivering AI-accelerated simulation at unprecedented speed and scale across engineering and science workloads. This tightly co-optimized hardware/software full system stack delivers up to 80x higher performance and up to 20x lower power versus traditional CPU-based systems.

在 CadenceLIVE 2025 上，我們推出了採用 NVIDIA Blackwell 的全新 Millennium M2000 AI 超級計算機，以前所未有的速度和規模在工程和科學工作負載中提供 AI 加速模擬。與傳統的基於 CPU 的系統相比，這種緊密協同優化的硬體/軟體全系統堆疊可提供高達 80 倍的效能和高達 20 倍的功耗。

Multiple customers provided endorsements, including Ascendance, MediaTek, and Treeline Biosciences. In Q2, we furthered our long-standing partnership with ADI through a broad proliferation of our core EDA software, including AI-driven Cadence Cerebrus and Verisium solutions as well as system software across PCB, advanced packaging and system analysis.

多家客戶給予了認可，包括 Ascendance、MediaTek 和 Treeline Biosciences。在第二季度，我們透過廣泛推廣核心 EDA 軟體，包括 AI 驅動的 Cadence Cerebrus 和 Verisium 解決方案以及跨 PCB、先進封裝和系統分析的系統軟體，進一步加強了與 ADI 的長期合作夥伴關係。

Also in Q2, we deepened our partnership with SK Hynix through a broad expansion of our EDA software, system software, and design IP solutions. And a major semiconductor company meaningfully expanded its relationship with Cadence in Q2 through a broad proliferation of our EDA, IP, and SDA portfolio.

此外，在第二季度，我們透過廣泛擴展 EDA 軟體、系統軟體和設計 IP 解決方案，深化了與 SK Hynix 的合作夥伴關係。一家大型半導體公司在第二季度透過廣泛推廣我們的 EDA、IP 和 SDA 產品組合，顯著擴大了與 Cadence 的合作關係。

We furthered our long-standing collaboration with TSMC to accelerate time to silicon for customer designs using 3D-IC and advanced node technologies such as TSMC's A16 and N2P through certified design flows, silicon-proven IP and ongoing technology collaboration.

我們進一步加強了與台積電的長期合作，透過認證的設計流程、經過矽驗證的 IP 和持續的技術協作，使用 3D-IC 和台積電的 A16 和 N2P 等先進節點技術來加快客戶設計的矽片上市時間。

We continued the strong momentum in our IP business, delivering more than 25% year-over-year growth in Q2, driven by product strength and a broadening silicon solutions portfolio. AI and HPC use cases spearheaded the strong demand for our IP offerings with advanced technologies such as HBM4 and 224-gig SerDes, notching key wins for scale-up and scale-out in the AI infrastructure space.

我們的 IP 業務持續保持強勁勢頭，在產品實力和不斷擴大的矽片解決方案組合的推動下，第二季度實現了超過 25% 的同比增長。人工智慧和 HPC 用例帶動了對我們採用 HBM4 和 224-gig SerDes 等先進技術的 IP 產品的強勁需求，為人工智慧基礎設施領域的縱向和橫向擴展取得了關鍵勝利。

We built on our strategic collaboration with an emerging advanced foundry as they awarded us a large deal in Q2 for our leading HBM4 solution. We introduced the industry's first LPDDR6 memory IP, offering up to 50% higher performance to meet the growing memory and capacity needs of AI LLMs and agentic AI workloads.

我們與一家新興先進代工廠建立了戰略合作關係，他們在第二季度授予我們一項針對我們領先的 HBM4 解決方案的大訂單。我們推出了業界首款 LPDDR6 記憶體 IP，效能提升高達 50%，以滿足 AI LLM 和代理 AI 工作負載日益增長的記憶體和容量需求。

At CadenceLIVE 2025, we launched the Cadence Tensilica NeuroEdge 130 AI Co-Processor to accelerate physical AI applications. And in Q2, a market-shaping wireless technology company selected Tensilica HiFi 5s as the standardized audio solution for its music and voice platforms.

在 CadenceLIVE 2025 上，我們推出了 Cadence Tensilica NeuroEdge 130 AI 協處理器，以加速實體 AI 應用。而在第二季度，一家塑造市場的無線技術公司選擇 Tensilica HiFi 5 作為其音樂和語音平台的標準化音訊解決方案。

Our core EDA revenue grew 16% year over year in Q2. Further proliferation of our digital full flow at the most advanced nodes continued and more than 50% of advanced nodes designs using our implementation solutions are now using Cadence Cerebrus.

我們的核心 EDA 營收在第二季年增了 16%。我們在最先進節點上的數位全流程繼續進一步擴散，現在使用我們實施解決方案的 50% 以上的先進節點設計都在使用 Cadence Cerebrus。

In Q2, we launched Cadence Cerebrus AI Studio, the industry's first agentic AI, multi-block and multiuser SoC design platform. This technology delivering up to 20% PPA improvement while accelerating chip delivery time by 5x to 10x was endorsed by Samsung and STMicroelectronics at launch. And Renesas successfully used our Pegasus physical verification solution to sign off an advanced node SoC after it demonstrated a significant throughput advantage.

第二季度，我們推出了業界首個代理AI、多塊和多用戶SoC設計平台Cadence Cerebrus AI Studio。該技術在推出時就得到了三星和意法半導體的認可，可使 PPA 提高高達 20%，同時將晶片交付時間加快 5 到 10 倍。在展示了顯著的吞吐量優勢之後，瑞薩電子成功利用我們的 Pegasus 物理驗證解決方案簽署了先進節點 SoC。

Our industry-leading Palladium Z3 and Protium X3 platforms accelerated their momentum, delivering outstanding results with Q2 being the best revenue quarter ever for our hardware systems. Demand for hardware was strong and broad-based, driven by AI, HPC, and automotive customers. Our verification software suite that includes Verisium, Xcelium, and Jasper and leverages big data and AI to optimize verification workloads saw continued expansion with 27 new logos in Q2.

我們業界領先的 Palladium Z3 和 Protium X3 平台加速發展，取得了出色的業績，第二季成為我們硬體系統有史以來最好的營收季度。在人工智慧、高效能運算和汽車客戶的推動下，硬體需求強勁且廣泛。我們的驗證軟體套件包括 Verisium、Xcelium 和 Jasper，利用大數據和人工智慧來優化驗證工作負載，在第二季度繼續擴展，新增了 27 個識別。

Building upon 30 years of industry leadership, we launched the Virtuoso Studio 25.1 release, offering broad support for RF, photonics, mixed signal, and advanced heterogeneous designs. Our leading Spectre X circuit simulator closed several deals with strong growth, while our FastSPICE circuit FX platform has now been adopted by the top three memory companies.

基於 30 年的行業領導地位，我們推出了 Virtuoso Studio 25.1 版本，為射頻、光子學、混合訊號和先進的異構設計提供廣泛支援。我們領先的 Spectre X 電路模擬器完成了多筆交易並實現了強勁增長，而我們的 FastSPICE 電路 FX 平台現已被三大內存公司採用。

Our system design and analysis business delivered another standout quarter with 35% year-over-year revenue growth. On the packaging front, there was strong customer uptake of our 3D-IC technology and top foundries and semi customers embraced our AI-driven advanced substrate router, which provides tremendous productivity benefits.

我們的系統設計和分析業務又一個出色的季度，營收年增 35%。在封裝方面，客戶對我們的 3D-IC 技術有著強烈的接受度，頂級代工廠和半導體客戶都採用了我們由 AI 驅動的先進基板路由器，這帶來了巨大的生產力效益。

Our AI-driven Allegro X PCB design platform saw continued proliferation as multiple aerospace and defense, hyperscale, and EV customers took advantage of the platform's meaningful productivity and next-generation capabilities.

隨著多家航空航太和國防、超大規模和電動車客戶利用該平台的高效生產力和下一代功能，我們的人工智慧驅動的 Allegro X PCB 設計平台得到了持續推廣。

Our Clarity and Celsius solvers saw significant expansion at a major hyperscaler and Clarity secured a key win at a marquee AI company, while our reality data center digital twin drove strong growth at a top hyperscaler.

我們的 Clarity 和 Celsius 解算器在一家大型超大規模企業中得到了顯著擴展，Clarity 在一家知名 AI 公司中獲得了關鍵勝利，而我們的現實數據中心數位孿生則在一家頂級超大規模企業中推動了強勁增長。

BETA CAE technology integrations with our CFD, thermal and electromagnetics products were released as BETA CAE solutions continue to score key competitive wins, particularly in the automotive segment.

BETA CAE 技術與我們的 CFD、熱能和電磁產品的整合已發布，BETA CAE 解決方案繼續取得關鍵的競爭優勢，尤其是在汽車領域。

Finally, I'm pleased to share that we have entered into a settlement with the US Department of Justice and the US Department of Commerce's Bureau of Industry and Security that resolved the previously disclosed investigations into certain transactions with customers in China that occurred between 2015 and 2021. The settlement represents a mutually acceptable path forward for all parties, and we believe are in the best interest of our customers, partners, and shareholders.

最後，我很高興地告訴大家，我們已與美國司法部和美國商務部工業和安全局達成和解，解決了先前披露的針對 2015 年至 2021 年期間與中國客戶發生的某些交易的調查。和解協議代表了各方都能接受的前進道路，我們相信這符合我們的客戶、合作夥伴和股東的最佳利益。

I want to emphasize that Cadence is deeply committed to the highest standards of compliance, and we have significantly enhanced our compliance processes over the last few years and continue to implement improvement measures to proactively address evolving trade restrictions. We remain focused on delivering for our customers and shareholders and executing the clear strategy we have laid out to drive innovation and enhanced value creation.

我想強調的是，Cadence 致力於最高的合規標準，我們在過去幾年中顯著增強了合規流程，並繼續實施改進措施，以主動應對不斷變化的貿易限制。我們始終專注於為客戶和股東提供服務，並執行我們制定的明確策略，以推動創新和提高價值創造。

In summary, I'm delighted with our Q2 results and the continued momentum across our broad and innovative portfolio. The AI-driven era presents tremendous opportunity and the co-optimization of our comprehensive EDA and SDA portfolio with accelerated computing and gen AI uniquely positions us to deliver breakthrough solutions across a wide range of markets.

總而言之，我對我們的第二季業績以及我們廣泛創新的產品組合的持續發展勢頭感到非常高興。人工智慧時代帶來了巨大的機會，我們全面的 EDA 和 SDA 產品組合與加速運算和新一代人工智慧的共同優化，使我們能夠在廣泛的市場中提供突破性的解決方案。

Now I will turn it over to John to provide more details on the Q2 results and our updated 2025 outlook.

現在，我將把時間交給約翰，讓他提供有關第二季度業績和我們更新的 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 excellent results for the second quarter of 2025 with broad-based momentum across all of our businesses. Strength in other regions more than offset the impact of the export restrictions on China outlined in the BIS letter dated May 23, which was later rescinded.

我很高興地報告，Cadence 在 2025 年第二季度取得了出色的業績，我們所有業務都呈現出廣泛的發展勢頭。其他地區的強勁表現足以抵消美國商務部工業和安全局 5 月 23 日信函中概述的對中國出口限制的影響，該信函後來被撤銷。

Robust design activity and customer demand, coupled with our strong execution, drove 20% revenue growth and 29% non-GAAP EPS growth year over year for Q2. Here are some of the financial highlights from the second quarter, starting with the P&L.

強勁的設計活動和客戶需求，加上我們強大的執行力，推動第二季營收年增 20%，非 GAAP 每股盈餘較去年同期成長 29%。以下是第二季的一些財務亮點，首先是損益表。

Total revenue was $1.275 billion. GAAP operating margin was 19% and non-GAAP operating margin was 42.8% and GAAP EPS was $0.59 with non-GAAP EPS, $1.65.

總收入為 12.75 億美元。美國通用會計準則營業利益率為 19%，非 GAAP 營業利潤率為 42.8%，GAAP EPS 為 0.59 美元，非 GAAP EPS 為 1.65 美元。

Next, turning to the balance sheet and cash flow. Cash balance at quarter end was $2.823 billion, while the principal value of debt outstanding was $2.5 billion. Operating cash flow was $378 million. DSOs were 51 days, and we used $175 million to repurchase Cadence shares.

接下來，轉向資產負債表和現金流。季末現金餘額為 28.23 億美元，未償還債務本金價值為 25 億美元。經營現金流為3.78億美元。DSO 為 51 天，我們用 1.75 億美元回購了 Cadence 股票。

Before I provide our updated outlook, I'd like to share what's embedded. As Anirudh mentioned, I'm pleased that we've reached a settlement with the DOJ and BIS, resolving previously disclosed investigations into certain China sales from 2015 to 2021, totaling approximately $45 million over the six-year period. As part of the agreements, we will make a payment of approximately $141 million in our third fiscal quarter. Please see our Form 8-K, which includes additional details regarding the terms of the agreements.

在提供我們的最新展望之前，我想分享其中的內容。正如阿尼魯德所提到的，我很高興我們與美國司法部和美國商務部工業和安全局達成和解，解決了先前披露的對 2015 年至 2021 年期間某些中國銷售的調查，六年期間總額約為 4500 萬美元。作為協議的一部分，我們將在第三財季支付約 1.41 億美元。請參閱我們的 8-K 表格，其中包含有關協議條款的更多詳細資訊。

On July 4, 2025, the One Big Beautiful Bill Act was enacted in the United States. This act includes the restoration of favorable tax treatment for certain business provisions, including the immediate expensing of United States research and development expenditures. We expect it to decrease Cadence's United States federal tax payments for the remainder of fiscal 2025 by approximately $140 million.

2025年7月4日，美國頒布了《一項偉大的美麗法案》。該法案包括恢復對某些商業條款的優惠稅收待遇，包括立即將美國研發支出作為費用。我們預計，這將使 Cadence 在 2025 財年剩餘時間內繳納的美國聯邦稅減少約 1.4 億美元。

Our updated outlook includes the timing of the settlement penalty, the cash tax benefit of the OBBBA, and the usual assumption that export control regulations that exist today remain substantially similar for the remainder of the year.

我們最新的展望包括和解罰款的時間、OBBBA 的現金稅收優惠，以及通常的假設，即現有的出口管制法規在今年剩餘時間內基本保持不變。

Our updated outlook for 2025 is revenue in the range of $5.21 billion to $5.27 billion. GAAP operating margin in the range of 28.5% to 29.5%. Non-GAAP operating margin in the range of 43.5% to 44.5%. GAAP EPS in the range of $3.97 to $4.07. Non-GAAP EPS in the range of $6.85 to $6.95. Operating cash flow in the range of $1.65 billion to $1.75 billion, and we expect to use at least 50% of our annual free cash flow to repurchase Cadence shares.

我們對 2025 年的最新預測是營收將在 52.1 億美元至 52.7 億美元之間。GAAP營業利益率介於28.5%至29.5%之間。非公認會計準則營業利益率介於43.5%至44.5%之間。GAAP 每股收益在 3.97 美元至 4.07 美元之間。非 GAAP 每股收益在 6.85 美元至 6.95 美元之間。營運現金流在 16.5 億美元至 17.5 億美元之間，我們預計將使用至少 50% 的年度自由現金流回購 Cadence 股票。

With that in mind, for Q3, we expect revenue in the range of $1.305 billion to $1.335 billion. GAAP operating margin in the range of 32% to 33%. Non-GAAP operating margin in the range of 45% to 46%. GAAP EPS in the range of $1.14 to $1.20, and non-GAAP EPS in the range of $1.75 to $1.81.

考慮到這一點，我們預計第三季的營收將在 13.05 億美元至 13.35 億美元之間。GAAP 營業利潤率介於 32% 至 33% 之間。非公認會計準則營業利益率介於45%至46%之間。GAAP EPS 範圍在 1.14 美元至 1.20 美元之間，非 GAAP EPS 範圍在 1.75 美元至 1.81 美元之間。

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.

像往常一樣，我們在投資者關係網站上發布了一份財務長評論文件，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 with our strong first half results and the robust pipeline for the second half of the year. At the midpoint, we now expect revenue growth of 13% and non-GAAP operating margin of 44% for the year. I'd like to close by thanking our customers, partners, and our employees for their continued support.

總而言之，我對我們上半年的強勁業績和下半年的強勁發展勢頭感到滿意。中間值方面，我們現在預計全年營收成長率為 13%，非 GAAP 營業利潤率為 44%。最後，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，我們現在開始回答問題。

(Operator Instructions) Joe Vruwink, Baird.

（操作員指示）Joe Vruwink，Baird。

I wanted to ask a question on physical AI. It seems like over the past quarter or so, many of your key development partners have had more to say around what they're doing with edge devices or even small language models maybe as a means to enabling physical AI.

我想問一個關於物理 AI 的問題。似乎在過去一個季度左右的時間裡，你們的許多主要開發合作夥伴對他們如何使用邊緣設備甚至小型語言模型有更多的看法，或許這是實現物理人工智慧的一種手段。

Is this factoring into the bookings strength you've seen recently? And is it maybe leading to more spend or different spend with Cadence just in terms of the tools that this is going to need versus what the initial build-out of AI infrastructure has meant?

這是您最近看到的預訂量強勁的一個因素嗎？並且，與最初建造 AI 基礎設施相比，這是否會導致 Cadence 在所需工具方面花費更多或不同的資金？

Yes, Joe, it's a great question. And first of all, I'm very pleased by our results and our performance and the demand of our products, which is broad-based. And also, I think there is -- first of all, I believe there is overall optimism in the benefits of AI in our customers, both from what they can -- their own products and also how they can use AI internally. So therefore, they are investing more in their innovation and given the critical nature of our products, investing more in Cadence.

是的，喬，這是一個很好的問題。首先，我對我們的業績、表現和產品的廣泛需求感到非常滿意。而且，我認為——首先，我相信大家對人工智慧為我們的客戶帶來的好處總體上持樂觀態度，這不僅體現在他們自己的產品上，也體現在他們如何在內部使用人工智慧。因此，他們在創新方面投入了更多資金，並考慮到我們產品的關鍵性，他們在 Cadence 方面投入了更多資金。

Now it has several aspects to it. And I have been a big fan of physical AI for a long time because one unique advantage we have in Cadence is the privilege to work with all the top companies in the world. And we believe that, of course, AI infrastructure is huge, but physical AI has the potential of being even bigger and then follow that with sciences AI. That's why we have laid this three-phase evolution of AI.

現在它有幾個方面。我長期以來一直是實體 AI 的忠實粉絲，因為 Cadence 的一個獨特優勢就是有幸與世界上所有頂尖公司合作。我們相信，人工智慧基礎設施當然非常龐大，但物理人工智慧的潛力會更大，然後是科學人工智慧。這就是我們制定人工智慧三階段演進策略的原因。

And now if you look in the marketplace also with autonomous cars or robots and drones, it is becoming much more public. And our advantage is, even though some of these things come out later, the customers start investing in R&D before they come out in public. But I think physical AI will play a very key role for our products because the silicon required, first of all, and physical AI will affect the whole three layers of that AI cake that I've talked about.

現在，如果你看看市場上的自動駕駛汽車、機器人和無人機，你會發現它們變得更加公開。我們的優勢在於，儘管有些產品後來問世，但客戶在它們公開發布之前就開始投資研發了。但我認為實體 AI 將對我們的產品發揮非常關鍵的作用，因為首先需要矽片，而實體 AI 將影響我所談到的整個 AI 蛋糕的三層。

So first of all, the silicon is different in the car or in the robot or in the edge devices is different than data center silicon. I mean, it's still AI-driven, but it's more power optimized, runs on lower battery, as you know. So the silicon is different. The simulation and design is different. And of course, the AI models themselves are different. They are more word model than LLMs.

首先，汽車、機器人或邊緣設備中的矽片與資料中心中的矽片不同。我的意思是，它仍然是由人工智慧驅動的，但正如你所知，它的功率更加優化，運行電池電量更低。所以矽是不同的。模擬和設計是不同的。當然，人工智慧模型本身也是不同的。它們比 LLM 更具詞彙模型。

But all these physical AIs still need to be trained. Even if the inference like for autonomous car runs on the car, the actual AI model is trained on the data center. So the beautiful thing of physical AI is not only it creates new opportunities for us, it also emphasizes the importance of AI infrastructure in the data centers. So it is helping both sides of that equation, and so we are benefiting from that.

但所有這些物理人工智慧仍然需要訓練。即使像自動駕駛汽車這樣的推理在汽車上運行，實際的人工智慧模型也是在資料中心進行訓練的。因此，實體人工智慧的美妙之處在於它不僅為我們創造了新的機遇，還強調了資料中心人工智慧基礎設施的重要性。因此，它對等式的雙方都有幫助，我們也從中受益。

And we are, as you know, working with all the main AI data center players as they design chips and systems. So the impact is both on the data center side and the edge side. But there's still an evolving market. I think physical AI is still in the early innings. There's still like three to five years of more development to go. But overall, I think what I would like to say is that the customer environment is, I feel personally is better than it was six months ago.

如您所知，我們正在與所有主要的人工智慧資料中心參與者合作設計晶片和系統。因此，影響既存在於資料中心端，也存在於邊緣端。但市場仍在不斷發展。我認為物理人工智慧仍處於早期階段。還需要三到五年的發展。但總的來說，我想說的是，我個人感覺客戶環境比六個月前好。

Gianmarco Conti, Deutsche Bank.

吉安馬科·孔蒂，德意志銀行。

I mean, firstly, congrats on another amazing quarter. Simply, what led to Cadence increase in the growth outlook, even though you could not recognize one month of China revenue? I guess, the curiosity is whether there was a single stack of renewals across EDA or was this across all fronts? And maybe you can give us more comment on backlog and the development throughout the year?

我的意思是，首先，恭喜您又度過了一個令人驚嘆的季度。簡單來說，是什麼導致 Cadence 提高了成長預期，儘管你無法確認一個月的中國收入？我想，令人好奇的是，EDA 中是否存在單一的更新堆棧，還是所有方面都存在這樣的更新堆疊？也許您可以就積壓情況和全年的發展給我們更多評論？

Yes, Gianmarco, great question. I mean, yes, it's been an interesting quarter. I mean China ended up being 9% of our revenue in Q2. That's down from 11% in Q1. But we've seen strong demand across all geographies. And strength in other regions more than offset any near-term softness related to China during Q2. We've spoken in the past about how well diversified our customer base is.

是的，Gianmarco，這個問題問得好。我的意思是，是的，這是一個有趣的季度。我的意思是，中國市場最終占到我們第二季營收的 9%。這比第一季的 11% 有所下降。但我們發現所有地區的需求都很強勁。其他地區的強勁表現足以抵消第二季與中國相關的短期疲軟。我們過去曾談到我們的客戶群有多麼多樣化。

And we're increasingly seeing growth, and we're seeing the growth in bookings from AI, HPC and system design workloads globally. But we're very, very pleased with the way backlog ended up at the end of Q2. It is stronger than we expected going into the quarter despite all of the restrictions. And yes, we're very, very pleased with where we are halfway through the year.

我們越來越常看到成長，我們看到全球人工智慧、高效能運算和系統設計工作負載的預訂量不斷增長。但我們對第二季末積壓訂單的最終處理感到非常滿意。儘管有種種限制，本季的表現仍比我們預期的要強勁。是的，我們對今年過半的狀況非常非常滿意。

Anirudh, anything to add?

Anirudh，還有什麼要補充的嗎？

No, John, that's right. I mean, overall, I would like to say the demand is broad-based. You can see it in all the results of all the three main lines of business. I mean, hardware is doing phenomenally well. We had a record quarter ever in terms of revenue and we have a clear lead in hardware. And also, we are essential to all the major AI chips being designed using Palladium and our EDA software.

不，約翰，沒錯。我的意思是，總的來說，我想說需求是廣泛的。您可以在所有三個主要業務線的所有結果中看到這一點。我的意思是，硬體表現非常好。我們本季的營收創下了歷史新高，並且在硬體方面也佔據明顯領先地位。而且，我們對使用 Palladium 和我們的 EDA 軟體設計的所有主要 AI 晶片都至關重要。

And then all these agentic AI tools like Cerebrus AI Studio, I mean, that's a phenomenal new product and then Verisium, Allegro X. So I think both the software and hardware business is doing well in core EDA.

然後所有這些代理 AI 工具，例如 Cerebrus AI Studio，我的意思是，這是一款非凡的新產品，然後是 Verisium、Allegro X。所以我認為軟體和硬體業務在核心 EDA 中都表現良好。

And then IP had a great quarter. I mean, there's a lot of reasons behind that. One is the AI infrastructure build-out, but also there are at least four major companies doing advanced node foundries now with TSMC, our long-standing partner, Samsung, even today, there's a big announcement from Samsung Foundry, Intel with 18A, 14A and Rapidus in Japan. I just came back from Japan with this big opening of Rapidus.

然後 IP 度過了一個出色的季度。我的意思是，這背後有很多原因。一是人工智慧基礎設施建設，現在至少有四家主要公司與我們的長期合作夥伴台積電、三星一起進行先進節點代工，即使在今天，三星代工廠、英特爾（在日本有 18A、14A 和 Rapidus）也發布了重要公告。我剛從日本回來，參加了 Rapidus 的盛大開幕典禮。

So there are at least four advanced node foundries that all require IP. So I think that's also driving strength in IP. And then system continues to do well because of our focus on 3D-IC, which is the fastest-growing part of the system market. And BETA is providing us a good kind of integration with rest of the flow and new products like Millennium.

因此，至少有四家先進節點代工廠都需要 IP。所以我認為這也是 IP 發展的動力。由於我們專注於 3D-IC，系統繼續表現良好，這是系統市場中成長最快的部分。BETA 為我們提供了與其他流程和 Millennium 等新產品的良好整合。

So if I look at all the three main areas, I think I feel we are very well positioned and the market itself seems to be improving with the AI super cycle.

因此，如果我看一下所有三個主要領域，我認為我們處於非常有利的位置，而市場本身似乎正在隨著人工智慧超級週期而改善。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Just a near and a longer-term China impact question. So on the near term, how much of a headwind was China in Q2? I know, John, you mentioned they went from 11% to 9%, but what was kind of the expectation? Then if we zoom out for all of 2025, I think in the past, you had said China sales were expected to be flat year on year. Is that still the right approach because that would still imply quite a bit of a lift in the back half?

這只是一個近期和長期中國影響的問題。那麼從短期來看，中國在第二季面臨多大的阻力？我知道，約翰，你提到他們從 11% 上升到了 9%，但預期是多少呢？那麼，如果我們將眼光放遠到 2025 年，我想您過去曾說過，預計中國的銷售額將與去年同期持平。這仍然是正確的方法嗎，因為這仍然意味著後半部會有相當大的提升？

And then Anirudh, if we look longer term, what is the right China exposure for Cadence? Does it naturally just come down over time? Or will it probably stay at this 9%, 10%, 11% kind of range over the longer term?

那麼，Anirudh，如果我們從長遠來看，Cadence 在中國的正確曝光度是多少？它會隨著時間的推移而自然下降嗎？或者從長遠來看，它可能會保持在 9%、10%、11% 的範圍內？

Yes, Vivek, look, I'll start because I understand your question. I mean, I would view our outlook for China to be optimistic, but prudent. I mean, our guidance reflects what we believe to be a prudent and well-calibrated view of the second half of the year. The export control environment is dynamic. And while we've incorporated current regulatory framework as of today into our assumptions, we always add some prudence to account for potential variability, whether that's geopolitical or operational.

是的，Vivek，看，我先開始，因為我明白你的問題。我的意思是，我認為我們對中國的前景是樂觀但謹慎的。我的意思是，我們的指引反映了我們對下半年謹慎且經過深思熟慮的看法。出口管制環境是動態的。雖然我們已將目前的監管框架納入我們的假設中，但我們始終會謹慎考慮潛在的變化，無論是地緣政治還是營運方面的變化。

But we're very, very pleased with how China is doing. I know last quarter, we told you that we were expecting it to be flat. It's hard to see how China won't increase a little bit over last year, but we've been prudent with our guide.

但我們對中國的表現感到非常非常滿意。我知道上個季度我們告訴過你們我們預計它會持平。很難想像中國不會比去年有小幅成長，但我們對我們的指導是謹慎的。

And Vivek, long term, I think China will -- of course, is going to invest in chip design and system design, just like all geographies. But I think the percentage of revenue should be similar or maybe a little down, but because -- not because China won't do well, but I think the rest of the world is doing phenomenally well, right?

維韋克，從長遠來看，我認為中國當然會像所有地區一樣，投資晶片設計和系統設計。但我認為收入百分比應該相似或可能略有下降，但因為——不是因為中國不會做得好，而是我認為世界其他地區做得非常好，對吧？

All the investment you're seeing in US and then Japan, Korea. I mean, so not to say in particular about China, but I think the rest of the -- and which we saw in Q2 also, there is significant investment. So given that context, it's difficult to predict exactly what China will do. But it's good to see that China is doing well, but the rest of the world is doing even better.

你所看到的所有投資都集中在美國、日本和韓國。我的意思是，並不是特別談論中國，但我認為其他地區——我們在第二季也看到，有大量投資。因此，鑑於這種背景，很難準確預測中國將會採取什麼行動。但很高興看到中國做得很好，但世界其他國家做得更好。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Great job on the quarterly execution. If I look at many of the AI xPU, ASIC, and merchant chip design programs that are in design right now, many of them are looking to transition from 2.5D to 3.5D advanced packaging architectures, which includes chip stacking, right? And many of these programs are going to start taping out second half of this year. And in some cases, your customers are integrating up to like 10 chips in a single package, right?

季度執行情況非常好。如果我看一下目前正在設計的許多 AI xPU、ASIC 和商用晶片設計程序，其中許多都在尋求從 2.5D 過渡到 3.5D 先進封裝架構，其中包括晶片堆疊，對嗎？其中許多項目將於今年下半年開始投產。在某些情況下，您的客戶會在一個封裝中整合多達 10 個晶片，對嗎？

This is a very complex undertaking, integration, floor planning on top of that, you got signal integrity, thermal power challenges. Wondering how much is this contributing to the bookings and revenue strength as more of your customers are adopting your Integrity 3D-IC or your Allegro X advanced packaging platforms to tackle these challenges of 3.5D packaging? And then how much is advanced packaging roughly contributing to your overall revenues?

這是一項非常複雜的任務，除了整合、平面規劃之外，還面臨訊號完整性和熱功率方面的挑戰。您想知道，隨著越來越多的客戶採用您的 Integrity 3D-IC 或 Allegro X 先進封裝平台來應對 3.5D 封裝的挑戰，這對訂單量和收入實力有多大貢獻？那麼先進封裝對你們的整體收入貢獻大概是多少呢？

Yes, Harlan, that's a great question and a great observation, of course. I mean, the whole industry, especially in HPC and AI is moving to this chiplet-based architectures. And also, I think it's not just limited to the data center. Even if you look at the latest auto designs and all the other markets will, I think, over time, move to this new packaging architecture.

是的，哈蘭，這當然是一個很好的問題，也是一個很好的觀察。我的意思是，整個產業，尤其是 HPC 和 AI 領域正在轉向這種基於晶片的架構。而且我認為它不僅限於資料中心。即使你看看最新的汽車設計，我認為所有其他市場隨著時間的推移都會轉向這種新的包裝架構。

And we are -- Cadence is uniquely and very well positioned. I think we have talked even earlier, Allegro is the platform of choice for package design. And 3D-IC is another way of talking about package design. And then at the same time, we have Virtuoso, which is analog; Innovus, which is digital and then all the system analysis tools like Clarity and Voltus and Celsius for -- and that is all incorporated into Integrity.

而且我們——Cadence 具有獨特且非常好的定位。我想我們之前已經談過了，Allegro 是包裝設計的首選平台。3D-IC 是封裝設計的另一種說法。同時，我們擁有模擬的 Virtuoso、數位的 Innovus，以及所有系統分析工具，如 Clarity、Voltus 和 Celsius——這些都融入了 Integrity。

And then we closely worked with TSMC. TSMC had done a fabulous job, by the way, in 3D-IC, and we have worked closely with TSMC over the last several years to develop this 3D-IC flow that is used by most of their main customers. And then now Rapidus and Samsung and Intel, we're working with all the other foundries to develop this kind of 3D-IC flow because it will be critical for all the other foundries.

然後我們與台積電密切合作。順便說一句，台積電在 3D-IC 領域做得非常出色，過去幾年來，我們與台積電密切合作，開發出其大多數主要客戶都在使用的 3D-IC 流程。現在，Rapidus、三星和英特爾正在與所有其他代工廠合作開發這種 3D-IC 流程，因為這對所有其他代工廠都至關重要。

And we don't explicitly call out Allegro in our SDA business, but it is a significant part of that business, but also it pulls in the other things. It's not just Allegro by itself, but it naturally pulls in analysis tools and Clarity and all those things and even the base tools like Virtuoso and Innovus. But it is a platform of choice for all the major companies as they implement this new 3D-IC or now 3.5D IC technologies.

我們並沒有在 SDA 業務中明確提到 Allegro，但它是該業務的重要組成部分，而且還牽扯到其他業務。它不僅僅是 Allegro 本身，它還自然地引入了分析工具和 Clarity 以及所有這些東西，甚至還有 Virtuoso 和 Innovus 等基礎工具。但它是所有大公司在實施這種新的 3D-IC 或現在的 3.5D IC 技術時的首選平台。

And this is only in the beginning. I think even in TSMC OIP, they showed roadmap that this is only going to increase. I mean, this is an orthogonal access to -- I mean, this is orthogonal access to Moore's Law. So Moore's Law, first of all, okay, we are always worried about the natural questions from investors or employees sometimes. How long will the Moore's Law continue?

而這只是個開始。我認為即使在台積電 OIP 中，他們也展示了只會增加的路線圖。我的意思是，這是對摩爾定律的正交訪問——我的意思是，這是對摩爾定律的正交訪問。首先，關於摩爾定律，我們有時總是擔心投資者或員工提出的自然問題。摩爾定律還能撐多久？

So first of all, Moore's Law anyway is going to go to at least 1 nanometer, right? So we are at 3, 2, 1.41, okay, that's 10 years. And I visited some of our research partners like Imec and they're planning Moore's Law to go until 2042 with new transistor structures. But at least for the next 10 years, I see Moore's Law being strong.

那麼首先，摩爾定律無論如何都會達到至少 1 奈米，對嗎？所以我們現在是 3、2、1.41，好吧，那是 10 年。我拜訪了我們的一些研究夥伴，例如 Imec，他們計劃透過新的電晶體結構將摩爾定律延續到 2042 年。但至少在未來 10 年內，我認為摩爾定律將會十分強大。

But then this 3D-IC and heterogeneous integration provides orthogonal levels of integration. And if you look at TSMC and other roadmaps, right, they have very aggressive roadmaps to be able to put more and more chips, like you said, in a package. So we are pushing on both of these dimensions. Moore's Law, we want to make sure we are aligned with all the latest technologies and customers and then this 3D-IC and heterogeneous integration.

但是這種 3D-IC 和異質整合提供了正交的整合層級。如果你看一下台積電和其他公司的路線圖，你會發現，他們有非常積極的路線圖，能夠將越來越多的晶片（就像你說的）放入一個封裝中。因此，我們正在這兩個方面努力。摩爾定律，我們希望確保我們與所有最新技術和客戶保持一致，然後是 3D-IC 和異質整合。

Lee Simpson, Morgan Stanley.

摩根士丹利的李辛普森。

Well done on another great quarter. I think it falls to me to maybe ask about the agentic systems. I know again, this is the second quarter you brought it up. It does look as though development is moving ahead. And I think if the comments are to be interpreted right, you are seeing some early sales, one assumes in sort of pilot line development.

恭喜您又度過了一個出色的季度。我認為我應該詢問一下代理系統。我知道，這是你第二次提出這個問題。看起來發展確實在向前推進。我認為，如果這些評論的解讀正確的話，你會看到一些早期的銷售，人們認為這是某種試驗生產線的發展。

But I'm still trying to put this into perspective. If we take a step back, do we need a new business model or a different go-to-market strategy to get full value here? And more generally, how will you monetize this added value that an agentic system will bring to the customer? Just any thoughts around that and maybe timing as well because it does look as though this is relying on still early-stage reasoning models.

但我仍在嘗試正確看待這個問題。如果我們退一步思考，我們是否需要一個新的商業模式或不同的市場進入策略來實現全部價值？更一般地說，您將如何將代理系統為客戶帶來的附加價值貨幣化？只是圍繞這一點的任何想法，也許還有時間安排，因為它看起來好像仍然依賴早期推理模型。

Yes, Lee, that's a good question. So, I mean, as you know, we package them separate from our base tools. So of course, base tools are phenomenal. But then we have these agentic workflows on top of our base tools. And customers are embracing both our base tools and the agentic AI flow. I mean, two great examples.

是的，李，這是個好問題。所以，我的意思是，如你所知，我們將它們與我們的基礎工具分開打包。所以當然，基礎工具是非凡的。但是我們在基礎工具之上還有這些代理工作流程。客戶對我們的基礎工具和代理商 AI 流程都十分歡迎。我的意思是，有兩個很好的例子。

I mean, one of them I mentioned briefly is in the back end, Cerebrus. Cerebrus by itself, like I mentioned, is more than 50% of our designs are already using Cerebrus which, let's call it classical AI. But now with Cerebrus AI Studio, it's a whole workflow. So it's more -- it's an agentic AI solution instead of just doing block implementation, it does floor planning, it does timing closure.

我的意思是，我簡要提到的其中一個是在後端，Cerebrus。正如我所提到的，Cerebrus 本身就是我們 50% 以上的設計已經在使用 Cerebrus，我們稱之為經典 AI。但現在有了 Cerebrus AI Studio，它變成了一個完整的工作流程。因此，它更像是一種代理 AI 解決方案，而不僅僅是進行塊實現，它還可以進行平面規劃和時序收斂。

So what typically a designer could do like 3 million to 5 million instance design, they could do like 30 million to 50 million instance. So it's a massive productivity and PPA benefit as the AI does more of the manual work that was manual in the past. So that tool itself had a lot of early adopters like we mentioned on the call, Samsung and ST and others.

因此，設計師通常可以完成 300 萬到 500 萬個實例的設計，他們也可以完成 3000 萬到 5000 萬個實例。因此，這將帶來巨大的生產力和 PPA 效益，因為 AI 可以完成更多過去需要手動完成的手動工作。因此，該工具本身有許多早期採用者，就像我們在電話中提到的那樣，三星、意法半導體和其他公司。

And then there is on the other side, which is verification and RTL writing. This whole notion of LLMs generating and reasoning element generating code is a big thing, not just in software development, like CC++ but also chip design and RTL.

另一方面，就是驗證和 RTL 寫入。LLM 生成和推理元素生成程式碼的整個概念是一件大事，不僅在軟體開發中，如 CC++，而且在晶片設計和 RTL 中也是如此。

So those two areas are very, very positive. One is in the front end with RTL generation and verification and the other is in the back end in PPA optimization. And those are different tools than our traditional tool set, and we engage with customers on that.

所以這兩個領域都非常非常積極。一個是在前端進行 RTL 產生和驗證，另一個是在後端進行 PPA 最佳化。這些工具與我們傳統的工具集不同，我們會利用這些工具與客戶互動。

And our philosophy always is because we have a long history of innovation and automation in EDA, our philosophy is to deliver value to customers. Their workload is going up anyway and align with the top customers. And usually, they will reward us for that, and that's our history over the last 10 years. And so we are focused on innovation and productivity. And we have all kinds of business models to monetize that in any way, and we'll see how that progresses over time.

我們的理念始終是，由於我們在 EDA 領域擁有悠久的創新和自動化歷史，我們的理念是為客戶提供價值。無論如何，他們的工作量都在增加，並與頂級客戶保持一致。通常，他們會因此獎勵我們，這就是我們過去 10 年的歷史。因此，我們專注於創新和生產力。我們有各種各樣的商業模式來以任何方式將其貨幣化，我們將觀察其隨著時間的推移如何發展。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

I was wondering if you maybe could talk a little bit more about the core EDA results, very strong in the quarter with a lot of growth. Can you maybe cite some of the drivers of the strength in the quarter, be it new customers or Cerebrus pricing benefits or anything else that was onetime in nature? And maybe give us a sense about how you expect the Cadence of the core EDA revenue to trend in the back half of the year?

我想知道您是否可以再多談談核心 EDA 業績，本季業績非常強勁，成長迅速。您能否列舉本季業績強勁的一些驅動因素，是新客戶還是 Cerebrus 定價優勢，還是其他一次性因素？您能否向我們介紹一下您預期 Cadence 核心 EDA 營收在下半年的趨勢如何？

Core EDA is doing phenomenally well. I mean, just to remind -- I think most of our investors know this already, but just to remind that we have the broadest portfolio in core EDA. We have digital, which we are leading position in, especially in the TSMC ecosystem. Virtuoso, which is de facto standard in analog mixed signal. Verification, we have all the verification software tools and Palladium and Protium and hardware.

核心 EDA 表現非常出色。我的意思是，只是提醒一下——我想我們的大多數投資者已經知道這一點，但只是提醒一下，我們在核心 EDA 領域擁有最廣泛的投資組合。我們擁有數位化技術，並處於領先地位，特別是在台積電生態系統中。Virtuoso，它是模擬混合訊號領域的事實上的標準。驗證，我們擁有所有的驗證軟體工具以及鈀和氕和硬體。

So Cadence has the most comprehensive EDA portfolio on the market. And as AI adoption happens, it's both the core product portfolio plus the AI-driven agents that we talked about, and we saw signs of that in Q2. And then some of the key customer wins we highlighted is, of course, SK Hynix, they're doing phenomenally well, as you know, with AI and HBM.

因此，Cadence 擁有市場上最全面的 EDA 產品組合。隨著人工智慧的採用，它既是核心產品組合，也是我們所討論的人工智慧驅動的代理，我們在第二季度看到了這種跡象。然後，我們強調的一些關鍵客戶勝利當然是 SK Hynix，正如你所知，他們在 AI 和 HBM 方面做得非常出色。

ADI, which is a long-term Cadence partner. And then overall strength in hardware, which was very broad-based, then in IP and systems, which is outside of EDA. So overall, I think I'm pleased with that. Of course, as you know, we never focus on one individual quarter. There could be quarter-by-quarter variation. But overall, I think EDA is doing well, and I expect it to grow going forward.

ADI是Cadence的長期合作夥伴。然後是硬體方面的整體實力，其基礎非常廣泛，然後是 IP 和系統方面，這些都在 EDA 之外。總的來說，我對此感到滿意。當然，正如你所知，我們從不關注單一季度。每個季度可能會有所不同。但總體而言，我認為 EDA 表現良好，我預計它將繼續成長。

Yes. And Jim, we're getting proliferation at marquee customers, and we're seeing the second half looks particularly strong on the software side as well as hardware in the core EDA.

是的。吉姆，我們的大客戶數量正在激增，我們看到下半年在核心 EDA 的軟體和硬體方面表現尤為強勁。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

John, if I think I heard you correctly, I think you said that China would be up a little bit this year versus flat previously. This is on top of, I assume, the China restrictions that were temporary. So this in itself seems important. I don't know if you'll be able to indulge us a little bit, but what do you think China growth could have been if those restrictions never happened, like if we never had those six weeks?

約翰，如果我沒聽錯的話，我想你說的是，今年中國經濟會比之前持平略有成長。我認為，這是對中國臨時限制的補充。所以這本身就顯得很重要。我不知道您是否能稍微包容我們一下，但是您認為，如果這些限制從未發生，比如說，如果我們從未經歷過那六週，中國的經濟增長率會是怎樣？

Yes, Jason, I mean, great question. Very, very difficult to kind of figure out what revenue would have been in that kind of parallel universe where that never happened. The one thing I take comfort from, though, is that the restrictions came and they went. So I think the focus is on the year.

是的，傑森，我的意思是，這個問題問得好。很難弄清楚在那種從未發生過這種事情的平行宇宙中收入會是多少。不過，讓我感到安慰的是，限制來了又去。所以我認為重點在於年份。

And when I look at the year that previously, we thought the year would be flat for China with the strength that we've seen across the board, across all businesses and across all geographies, it's really hard to see China remaining flat year over year now that I think it will be slightly up. But of course, we're normally very prudent with our guide, and I thought it was appropriate to remain prudent with the outlook for the year. So we've been cautious but optimistic with that outlook.

當我回顧去年的情況時，我們曾認為今年中國經濟將持平，但我們看到，中國經濟在各個領域、各個地區都表現強勁，因此很難想像今年中國經濟將同比持平，我認為今年中國經濟將略有增長。但當然，我們通常對我們的指南非常謹慎，我認為對今年的前景保持謹慎是適當的。因此，我們對這一前景持謹慎但樂觀的態度。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

John, when we entered the year, I think your expectation, correct me if I'm wrong, was (technical difficulty) the year with a strong renewal period in the second half. And clearly, your bookings in the first half of the year have exceeded your expectation by, I assume, several hundred million dollars.

約翰，當我們進入這一年時，我認為你的預期（如果我錯了請糾正我）是（技術難度）下半年將出現強勁的更新期。顯然，您上半年的訂單量已經超出了您的預期，我猜是幾億美元。

And so my questions are two part. I want to confirm that the June quarter ending backlog excludes China. And with the strength in the first half that you've seen, what does that tell you about the potential for the second half bookings and exiting the year with perhaps record levels of backlog?

我的問題分為兩部分。我想確認六月季度末的積壓訂單不包括中國。鑑於您看到的上半年的強勁表現，這對您來說意味著下半年的預訂潛力以及年底積壓訂單量可能創下紀錄的潛力嗎？

Yes, Gary, I mean, very astute question. To confirm, we had to exclude a number of China bookings from our backlog by the end of Q2, we had to reserve for those because at the end of Q2, the restrictions were still in place for us. So the closing backlog at the end of Q2 reflects a lower level of backlog than it would have been had those China restrictions been rescinded prior to June 30.

是的，加里，我的意思是，這是一個非常敏銳的問題。需要確認的是，我們必須在第二季末從積壓訂單中排除一些中國訂單，我們必須為這些訂單保留，因為在第二季末，我們仍然受到限制。因此，第二季末的期末積壓訂單量反映出，積壓訂單量低於 6 月 30 日之前取消對中國的限制後的積壓訂單量。

And then in terms of the outlook for the year, yes, I'm pretty confident we're going to end up the year with a higher backlog than we started the year. So I'm very comfortable that we'll end up with a book-to-bill of 1. Second half bookings, the renewal cycle is strong in Q3 and Q4. I think both Q3 and Q4 will have bookings that exceed our revenue in those quarters. And like I say, we expect that at the end of the year, we'll have a new higher and record level of backlog than we had last year.

就今年的前景而言，是的，我非常有信心，我們今年年底的積壓訂單量將比年初更高。因此，我很放心，我們最終的訂單出貨比將達到 1。下半年預訂量、第三季和第四季的續訂週期強勁。我認為第三季和第四季的預訂量都會超過我們的收入。正如我所說的，我們預計，到今年年底，我們的積壓訂單量將比去年創下新高。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Anirudh, you spoke earlier in answer to an earlier question and in your prepared remarks about agentic AI. And I'd like to ask about the broader implications and requirements from that. One of the terms that's come up this year more broadly in software, not just in EDA, having to do with agentic is orchestration. And in your world, specifically, if we think about what you're providing with agentic AI or AI generally, it's fundamentally, I think, a form of simulation.

Anirudh，您之前在回答先前的問題時以及在準備好的發言中談到了代理 AI。我想問一下這其中更廣泛的影響和要求。今年在軟體領域（而不僅僅是在 EDA 領域）更廣泛出現的與代理商有關的術語之一是編排。在你的世界裡，具體來說，如果我們思考你為代理人工智慧或一般人工智慧提供的東西，我認為，從根本上來說，它是一種模擬形式。

And therefore, the requirements for that would also seem to be new forms of process or data management and traceability, which is a critical function in simulation, if our thesis is right about what you're really doing. So beyond just introducing these agents and aids, how are you thinking about the broader portfolio and capabilities that you need to provide customers, particularly since you refer to their workflows?

因此，如果我們的論點關於您實際所做的事情是正確的，那麼對此的要求似乎也是新形式的流程或資料管理和可追溯性，這是模擬中的關鍵功能。那麼，除了介紹這些代理和輔助工具之外，您如何考慮需要為客戶提供的更廣泛的產品組合和功能，特別是當您參考他們的工作流程時？

Yes, Jay, that's a great point. So yes, you're absolutely right. I mean, we want to make more of a workflow automation, just like I mentioned with Cerebrus AI Studio. So it's not doing a point function. It is doing multiple functions together with reasoning. And the critical need is apart from the LLMs and all, there's a critical need for like a data structure or database to store all these actions.

是的，傑伊，這是一個很好的觀點。是的，你完全正確。我的意思是，我們希望實現更多的工作流程自動化，就像我提到的 Cerebrus AI Studio 一樣。所以它不執行點函數。它具有多種功能，並且具備推理能力。除了法學碩士 (LLM) 之外，還有一個迫切的需求，那就是需要一個資料結構或資料庫來儲存所有這些操作。

So what -- I'm pretty pleased about is the response of our customers to JedAI. We talked about JedAI being our joint enterprise data and AI platform. And it has both the data storage to -- because we need to capture not just one tool or one point in time, multiple tools and multiple flows like just like a human would do.

所以——我很高興看到我們的客戶對 JedAI 的反應。我們討論了 JedAI 作為我們聯合的企業數據和 AI 平台。它既有資料儲存功能——因為我們需要捕捉的不僅僅是一個工具或一個時間點，而是多個工具和多個流程，就像人類所做的那樣。

So JedAI has become a very essential part of our AI deployment to customers. And it's a very flexible system because some of our customers, some really big customers want JedAI to be on-prem because their data is very, very sensitive. Some customers are okay with JedAI being on the cloud, okay to use cloud LLMs or cloud data management. And then some customers want a hybrid on-prem and cloud solution.

因此，JedAI 已經成為我們向客戶部署 AI 的一個非常重要的一部分。這是一個非常靈活的系統，因為我們的一些客戶，一些真正的大客戶希望 JedAI 在本地運行，因為他們的資料非常非常敏感。一些客戶同意 JedAI 運行在雲端，同意使用雲端 LLM 或雲端資料管理。然後一些客戶想要混合內部部署和雲端解決方案。

So JedAI uniquely positions us to make that kind of invisible to the user. But JedAI is critical along with the AI agents to deliver this solution to our customers. And we are able to do much more, and we'll do much more of a full workflow solution along with JedAI and then the agents on top, whether it's Verisium or Cerebrus or Allegro X.

因此，JedAI 為我們提供了獨特的優勢，讓我們能夠讓使用者看不到這些功能。但 JedAI 與 AI 代理商一起為我們的客戶提供此解決方案至關重要。我們能夠做更多的事情，我們將與 JedAI 以及頂層代理一起提供更多完整的工作流程解決方案，無論是 Verisium、Cerebrus 還是 Allegro X。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Just to follow up on another question on the China impact. I mean, I guess, can you help us understand what would have RPO been had the restrictions not been in place exiting the quarter that had been rescinded prior to exiting the quarter, just that difference, so we know what RPO, I guess, technically really is now? And then just to clarify, on the full year guide increase, is that all driven by the upside from China? Or is it other regions as well?

我只是想繼續追問另一個有關中國影響的問題。我的意思是，您能否幫助我們理解，如果在本季度結束前取消的限制沒有實施，RPO 會是什麼樣子，只是那個區別，所以我們知道 RPO 現在在技術上到底是什麼？然後需要澄清的是，關於全年指引的成長，這是否都是由中國經濟的成長所推動的？或其他地區也一樣？

Yes, Joe, just to the second part of that question first. I mean, the increase is because of the strength we're seeing across the board and across all geographies. I mean when we were doing -- updating our guide, the guide we gave you at the end of last quarter was without any China restrictions. And at the time we were updating the guide, we obviously knew that those restrictions have been rescinded. So it is an apples-to-apples view when you compare the guide now against this time last quarter.

是的，喬，先回答問題的第二部分。我的意思是，這種成長是因為我們看到了各個地區和各個領域的實力。我的意思是，當我們更新指南時，我們在上個季度末給您的指南沒有任何中國限制。在我們更新指南的時候，我們顯然知道這些限制已經被取消了。因此，當您將現在的指南與上個季度的這個時候進行比較時，這是一個同類的觀點。

We've taken the year up by $50 million, and we've taken up EPS by about $0.12. And that's on the back of very strong bookings activity and performance that we're seeing right across the globe. In relation to the backlog impact of China, when we held up revenue for China, any of those orders in which revenue was paused as a result of the China restrictions as of the end of Q2, we had to back out the bookings from the backlog at that time.

我們今年的營業額成長了5000萬美元，每股收益也成長了約0.12美元。這得益於我們在全球強勁的預訂活動和業績。關於中國積壓訂單的影響，當我們暫停中國市場的收入時，對於截至第二季末因中國限制措施而暫停收入的任何訂單，我們都必須從當時的積壓訂單中撤回預訂。

But I think if you look on a year-over-year basis, the right way to look at it is that we will end up the year with a higher and record level of backlog. The book-to-bill will be greater than 1 for the year, which indicates a very strong bookings half for us in the second half of this year. But that's mainly due to strength across all regions, across all geographies. And we have a high level of renewal activity that just naturally falls into Q3 and Q4 because we have a number of expiring contracts in those quarters.

但我認為，如果與去年同期相比，正確的看法是，今年我們的積壓訂單量將達到創紀錄的水平。今年的訂單出貨比將大於1，這表示我們今年下半年的訂單量將非常強勁。但這主要是因為各地區、各地域的實力都很強。我們的續約活動水平很高，這自然而然地發生在第三季度和第四季度，因為我們在這兩個季度有許多合約到期。

Charles Shi, Needham.

查爾斯·施，尼德漢姆。

Maybe this is for John. John, I think you reported recurring revenue as a percentage in Q2 was 78%. This is probably a multiyear low. And I wonder what's the expectation for the full year, the recurring revenue percentage? And what is the long-term normalized level?

也許這是給約翰的。約翰，我認為您報告的第二季經常性收入佔比是 78%。這可能是多年來的最低水準。我想知道全年的預期是多少，經常性收入百分比是多少？長期正常化程度是多少？

Maybe just as a related question, if I may. I believe your hardware is mostly manufactured in the US and presumably, there should be no direct tariff impact, but was there any customer behavior-related pull-ins that was seen in Q2 and possibly also in Q3?

如果可以的話，也許這只是一個相關的問題。我相信你們的硬體大部分是在美國製造的，大概不會受到直接的關稅影響，但在第二季以及可能在第三季是否出現了與客戶行為相關的拉動？

Yes, Charles, great questions. But on the hardware side of the business, I mean, the hardware demand continues to amaze us really. I mean they're tremendous products that we have there. And the team is continuously trying to improve our production capability and manufacturing capability to produce those hardware systems as quickly as possible to try and keep up with that demand.

是的，查爾斯，這個問題問得很好。但在業務的硬體方面，我的意思是，硬體需求確實繼續令我們感到驚訝。我的意思是，我們擁有的產品非常棒。而團隊正在不斷努力提高我們的生產能力和製造能力，以盡快生產這些硬體系統，以滿足需求。

We make hardware systems in North America for the North American market and outside North America for the international market. So we think our tariff exposure is quite limited. Yes, just generally on the strength in hardware in Q2, combined with us having to pause a lot of ratable revenue in China during Q2 caused the recurring revenue percentage to dip to about 78% for the quarter.

我們在北美為北美市場生產硬體系統，並在北美以外為國際市場生產硬體系統。因此我們認為我們的關稅風險相當有限。是的，總體而言，由於第二季硬體的強勁表現，再加上我們不得不在第二季暫停在中國的大量可評估收入，導致本季經常性收入百分比下降至約 78%。

But if you look -- typically, we look at that as a kind of a rolling annual number. We'd expect it to be about 80-20, 80% recurring and 20% upfront. And that's been growing. I mean, in the past, that was probably 70 -- what was it, 85-15 and now it's gone kind of more towards 80-20. But that's really the result of the strength in demand for our upfront businesses, which mainly come out of IP and hardware.

但如果你看一下——通常，我們將其視為一種滾動的年度數字。我們預計該比例約為 80-20，即 80% 為經常性支出，20% 為預付支出。而這一數字還在不斷增加。我的意思是，在過去，這個比例大概是 70-85-15，而現在則更接近 80-20。但這其實是我們前期業務需求強勁的結果，這些業務主要來自智慧財產權和硬體。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Anirudh, I wanted to touch back on IP. I know IP historically has been a little bit lumpy, volatile, whatever the word you want to use. But you've had quite a bit of strength recently. IP was up, I think, 30% last year, 40% last quarter, another 25% this quarter. You talked about your broadening portfolio, but it sounds like a lot of this is going into AI and HPC. And obviously, faster design cycles in those markets, et cetera, in recent years.

Anirudh，我想再談談 IP 問題。我知道 IP 從歷史上看有點不穩定、不穩定，無論你想用什麼字眼來形容。不過最近你的實力還挺強的。我認為，IP 去年上漲了 30%，上個季度上漲了 40%，本季又上漲了 25%。您談到了擴大產品組合，但聽起來很多都涉及人工智慧和高效能運算。顯然，近年來這些市場的設計週期加快了。

I'm wondering if you could talk about your longer-term perspective on IP growth. Is this sort of sustainable at potentially higher rates than you've thought about historically for that segment?

我想知道您是否可以談談您對 IP 成長的長期看法。這種永續發展是否比您過去對該領域所設想的更高的潛在成長率還要高？

Yes, that's a great question. And in general, I think I am much more optimistic in IP than I was, let's say, two, three years ago. And I mean there are multiple reasons for that. One is we are investing more in IP now because we feel, first of all, that our EDA position is very, very strong. For years, we invested in EDA, and we continue to do that. But at this point, we feel we are in a strong position in EDA.

是的，這是一個很好的問題。總的來說，我認為我對 IP 的態度比兩三年前要樂觀得多。我認為這其中有多種原因。一是我們現在對 IP 的投資加大，因為我們首先感覺到我們的 EDA 地位非常非常強大。多年來，我們一直在投資 EDA，並且我們將繼續這樣做。但目前，我們覺得我們在 EDA 領域處於強勢地位。

We are in a growing position in SD&A, given 3D-IC and strength of Allegro and AI. And IP, historically, we didn't invest as much, but things have changed. One is because of this -- like a previous question, this emergence of chiplet-based architectures, I think, provides more opportunities for IP. Emergence of multiple advanced node foundries. There are at least four major ones now provides more opportunities for IP.

鑑於 3D-IC 以及 Allegro 和 AI 的實力，我們在 SD&A 中的地位正在不斷提高。從歷史上看，我們在 IP 方面的投資並不多，但情況已經改變了。一是因為這個——就像之前的問題一樣，我認為基於小晶片的架構的出現為 IP 提供了更多的機會。多個先進節點代工廠的出現。目前至少有四個主要國家為 IP 提供了更多機會。

And our portfolio has also improved with some good M&A, like we got HBM4 from Rambus and there are several others over the last few years. So I feel now we have crossed like a critical mass for IP to be a good business for us. And you're seeing that last year, the one year doesn't make a trend. I think we are seeing that this year.

我們的投資組合也透過一些良好的併購得到了改善，例如我們從 Rambus 獲得了 HBM4，並且在過去幾年中還有其他幾個。所以我覺得現在我們已經跨越了臨界點，IP 對我們來說將是一個好的業務。而你看到去年的情況，這一年並沒有形成趨勢。我認為我們今年會看到這一點。

But I do expect in the longer term that IP can grow faster than Cadence average, which is what we like to see in the -- and it will have slightly lower margin than EDA, but of course, it can grow faster. So as a rule of 40, that's a good area that -- and we continue to invest in that. And especially with the AI-driven IPs, new foundries, this onshoring, I think it's a good business for us and good growth for the next several years, I expect.

但我確實預計，從長遠來看，IP 的成長速度可以快於 Cadence 的平均水平，這也是我們希望看到的——雖然它的利潤率會比 EDA 略低，但當然，它可以成長得更快。因此，按照 40 條規則，這是一個很好的領域 - 而且我們會繼續對該領域進行投資。尤其是有了人工智慧驅動的 IP、新的代工廠和這種在岸外包，我認為這對我們來說是一筆好生意，我預計未來幾年將實現良好的成長。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯、派珀·桑德勒。

Just a clarification on the tax benefits. I heard $140 million for the remainder of the year. Just to clarify, is that for two quarters and that the annualized benefit might be close to double that? And then just from a philosophy perspective, does this change around R&D expensing sort of change your appetite for incremental investment or near-term windfall but normalized over time and no change to appetite?

只是對稅收優惠進行澄清。我聽說今年剩餘時間的支出是 1.4 億美元。只是澄清一下，這是兩個季度的情況，而且年度收益可能接近這個數字的兩倍？然後從哲學角度來看，研發費用的這種變化是否會改變您對增量投資或短期意外之財的興趣，但隨著時間的推移會恢復正常，興趣不會改變？

Hi, Clarke, yes, I mean, no change at all to our approach and our strategy and our R&D investment. I mean, we love investing in R&D. We think we do that quite well. But in relation to the tax consequences of the OBBBA thing that the primary change in fiscal 2025 relates to the immediate expensing of domestic R&D. The cash tax impact of that, we get benefit of about $140 million before the end of this year.

你好，克拉克，是的，我的意思是，我們的方法、策略和研發投資沒有任何改變。我的意思是，我們喜歡投資研發。我們認為我們在這方面做得很好。但就 OBBBA 的稅務後果而言，2025 財年的主要變化與國內研發的直接費用化有關。受此現金稅收影響，我們在今年底前將獲得約 1.4 億美元的收益。

But there's a smaller portion of an impact to the GAAP P&L. Now from a non-GAAP perspective, we use an effective tax rate of 16.5%. That normalizes everything. So the impact of the OBBBA doesn't change our non-GAAP rate. For this year, it's still at 16.5%. But the one-time difference on cash taxes for the year is about $140 million. Now you'll see the benefit of that in Q4, but it's already incorporated into our annual guide.

但對 GAAP 損益表的影響較小。現在從非公認會計準則的角度來看，我們使用的有效稅率為 16.5%。這使得一切正常化。因此，OBBBA 的影響不會改變我們的非 GAAP 利率。今年這一比例仍為16.5%。但全年現金稅的一次性差額約為1.4億美元。現在您將在第四季度看到它的好處，但它已經納入我們的年度指南中。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Congrats on a great quarter and a nice raise to the full year outlook. Most of my questions have been answered already. So maybe more of like a medium-term thought question. When you look at the guide for the full year, it still kind of implies that the recurring revenue side of the business is going to see muted growth.

恭喜本季業績出色，並恭喜全年業績前景良好。我的大部分問題都已經得到解答了。所以也許更像是中期思考問題。當你查看全年指南時，它仍然暗示業務的經常性收入方面將會出現緩慢的成長。

Now I know some of this is because there was a little bit of a hold this quarter because of China, but how do we think long term, the trajectory of recurring revenue growth from here and your confidence in the durability of total growth as maybe you roll off the hardware cycle or you start to see slower growth on the upfront side?

現在我知道部分原因是本季由於中國市場而出現了一些停滯，但從長遠來看，我們如何看待從現在開始的經常性收入成長軌跡以及您對整體成長持久性的信心，因為您可能會脫離硬體週期或開始看到前期成長放緩？

No. Great question. Yes, I think what we've seen over the last few years is we've seen a drift towards kind of a lower level of recurring revenue, higher level of upfront revenue, but that's mainly been as a result of IP and hardware and SD&A to a certain extent, growing faster than the average Cadence business.

不。好問題。是的，我認為我們在過去幾年中看到的是，經常性收入水平趨於較低，預付收入水平趨於較高，但這主要是由於 IP、硬體和 SD&A 在一定程度上比 Cadence 業務的平均增長速度要快。

But I think -- I mean, right now, we're at 80-20. We're not guiding anything. We're at 80-20 for this year, but we continue to expect that split that we're not guiding for next year yet, but I actually think that the core EDA software is doing so well that there's quite a good chance that 80/20 remains for quite some time because we're seeing good growth there.

但我認為——我的意思是，現在我們的比例是 80-20。我們沒有指導任何事情。今年我們的比例是 80-20，但我們仍然預計這一比例會持續到明年，雖然目前我們還沒有預測到明年會達到這一比例，但我實際上認為核心 EDA 軟體表現非常好，80/20 的比例很有可能會持續相當長一段時間，因為我們看到了這方面的良好增長。

Like we're seeing a lot of growth right across the whole portfolio of the Cadence business and across all geographies right now. So we're very, very pleased with the way that's working out. And really, the change in recurring revenue is just a slight change in how customers consume our technology and our solutions, and it's how we provide them. And we're just delighted with the continuous adoption from those customers.

就像我們現在看到 Cadence 整個業務組合和所有地區都出現了很大的成長。因此，我們對目前的工作進展感到非常滿意。實際上，經常性收入的變化只是客戶使用我們的技術和解決方案的方式以及我們提供這些技術和解決方案的方式的輕微變化。我們對這些客戶的持續採用感到非常高興。

Nay Soe Naing, Berenberg.

奈蘇奈恩，貝倫貝格。

And also, congrats on the quarter and the raise on the full year guide. A question on agentic AI, please. I was wondering if you could maybe share your thoughts on what do you think will be the toughest adoption barriers because from my point of view, at least the agentic AI products that you guys have, unlike the broader software AI that we've seen, ROI shouldn't really be a sticky point here.

另外，恭喜本季業績和全年業績的提升。請問關於代理人工智慧的一個問題。我想知道您是否可以分享一下您認為最困難的採用障礙是什麼，因為從我的角度來看，至少你們擁有的代理 AI 產品，與我們所見過的更廣泛的軟體 AI 不同，投資回報率 (ROI) 不應該成為這裡的難點。

So I was wondering what would be the sticking point here? Would it be the operational challenges, i.e., customers adopting or implementing your agentic workflows in their established workflows today? Or is it more of a human element here where unfamiliar with the technology or people are somewhat worried that their jobs may be at risk from adopting your AI solutions?

所以我想知道這裡的癥結是什麼？這是否是營運方面的挑戰，即客戶在他們現有的工作流程中採用或實施您的代理商工作流程？或者這更多的是人為因素，人們不熟悉這項技術，或者有點擔心採用你的人工智慧解決方案可能會危及他們的工作？

Yes, very insightful question. I think one thing I would like to emphasize that there is a difference in chip design and system design versus general software, what I have seen versus like because this is engineering software versus kind of IT or enterprise software. And our history in EDA, I mean, there's a few things that are different.

是的，非常有見地的問題。我想強調的一點是，晶片設計和系統設計與通用軟體是有區別的，我所看到的與此類似，因為這是工程軟體，而不是 IT 或企業軟體。我的意思是，我們在 EDA 領域的歷史有一些不同之處。

First of all, engineering software or EDA, we have already provided over years a massive level of automation. Now it was not because of AI. It was used in the past; it was because of classical methods. So our users and customers are already used to a lot of automation. If I look at like 20 years again to now, I think the EDA productivity -- productivity by EDA has gone up by like 100x, like things like what used to take like 500 people five years to design will now take like 50 people like one year to design or something like that or like half a year to design.

首先，工程軟體或 EDA，多年來我們已經提供了大規模的自動化等級。現在，這並不是因為人工智慧。它在過去被使用過；這是因為採用了古典方法。因此，我們的用戶和客戶已經習慣了大量的自動化。如果我回顧一下 20 年前到現在的情況，我認為 EDA 生產力——EDA 生產力已經提高了 100 倍，以前需要 500 人花五年時間設計的東西，現在只需要 50 人花一年或半年的時間來設計。

So our users are already used to a lot of automation, which may not be the case in like classical kind of software. The second thing is that our workload of our customers is going up exponentially because of Moore's Law and 3D-IC. So this is a very different environment than if the workload is constant in some industry that is not evolving.

因此，我們的用戶已經習慣了大量的自動化，而傳統軟體可能並非如此。第二件事是，由於摩爾定律和 3D-IC，我們客戶的工作量呈指數級增長。因此，這與某些沒有發展的行業中工作量保持不變的環境截然不同。

In chip design, like by 2030, the chips will be -- right now, they're 100 billion to 200 billion transistors. It's expected the chips will be 1 trillion transistors by 2030. Then you add all the software, you add the new architecture. So the workload will go up by 30, 40x in the next five years, okay?

在晶片設計方面，到 2030 年，晶片將包含 1000 億到 2000 億個電晶體。預計到 2030 年晶片上的電晶體數量將達到 1 兆。然後新增所有軟體，新增新的架構。所以未來五年工作量將增加 30 到 40 倍，好嗎？

There's not even enough talent or headcount to hire to meet that requirement of 30x. So this is not an industry in which the workload is going to be fixed, okay? And then the worry of the people is if you use AI, your job will be affected. Here, you need AI to cope up with the 30x. So I believe that the customers -- and this is talking to all the big CEO customer CEOs, they will invest in R&D, okay? But they will (inaudible) in headcount, but they don't want to invest 30 times the headcount, okay?

甚至沒有足夠的人才或員工來滿足 30 倍的要求。所以這不是工作量固定的行業，好嗎？人們擔心的是，如果你使用人工智慧，你的工作就會受到影響。在這裡，您需要 AI 來應對 30 倍。所以我相信客戶——這是與所有大客戶 CEO 交談，他們會投資研發，好嗎？但他們會（聽不清楚）增加員工人數，但他們不想投資 30 倍的員工人數，好嗎？

I think the headcount in our customers' R&D will go up maybe by 2x, 3x. But the remaining gap of 10x in productivity has to be made up with more automation. And they are willing to invest in agentic AI and more compute to balance that because there's not even that many engineers you can hire.

我認為我們客戶研發部門的人員數量可能會增加 2 倍或 3 倍。但生產率上剩餘的 10 倍差距必須透過更多的自動化來彌補。他們願意投資代理人工智慧和更多的計算來平衡這一點，因為你可以僱用的工程師並不多。

So the two things which are very different in EDA and SDA versus general software, one, our customers are used to more and more automation over the last 30 years. And second, the workload is going up so much that they have no other choice but to use automation and AI. So I think that's why the real test for us will not, in my opinion, be whether the customers are willing, I think the customers are willing, is the productivity of our solutions.

因此，EDA 和 SDA 與通用軟體有兩點非常不同，第一，我們的客戶在過去 30 年裡已經習慣了越來越多的自動化。其次，工作量增加太多，他們別無選擇，只能使用自動化和人工智慧。所以我認為這就是為什麼對我們來說真正的考驗不是客戶是否願意，我認為客戶願意，而是我們的解決方案的生產力。

So what I've seen with our customers is if the product works, if they give better PPA, if they are faster, our customers will always adopt that and because they have more and work to do. And that's what we focus on, like Cerebrus AI Studio, does it give 20% better PPA? Or does Verisium give 5, 10x benefit?

因此，我從客戶那裡看到的情況是，如果產品有效，如果他們提供更好的 PPA，如果他們更快，我們的客戶就會始終採用它，因為他們有更多的工作要做。這就是我們關注的重點，例如 Cerebrus AI Studio，它是否能提供 20% 更好的 PPA？或者 Verisium 能帶來 5 倍或 10 倍的收益？

And this is the history of our customers. And because these are the best and the biggest -- the brightest companies in the world, right? All MAG 7 are our customers, all the top 50 companies in the world. So we deliver value, I've always seen they will adopt it because the workload that they're doing is increasing a lot.

這是我們客戶的歷史。因為它們是世界上最好、最大、最聰明的公司，對吧？所有 MAG 7 都是我們的客戶，包括世界排名前 50 名的公司。因此，我們提供價值，我一直看到他們會採用它，因為他們的工作量正在增加很多。

Workload, and [automated] AI tools create more demand for our core EDA tools as well, right? But we always said it would take a couple of contract cycles. And we're always very mindful of the balance between delivering cutting-edge innovation and ensuring our solutions remain accessible and valuable and useful to customers of all sizes.

工作量和[自動化] AI 工具也對我們的核心 EDA 工具產生了更多需求，對嗎？但我們總是說這需要幾個合約週期。我們始終非常注意在提供尖端創新和確保我們的解決方案對各種規模的客戶來說仍然是可訪問、有價值和有用的之間的平衡。

I mean, the increasing design complexity, particularly with AI and advanced nodes naturally creates demand for more sophisticated tools and IP. But our goal is always to deliver measurable ROI through productivity gains, faster time to market, and the improved PPA outcomes that customers can get from using our core EDA. So we do think core EDA has growth in there and we could well benefit from that over the next few years.

我的意思是，設計複雜性不斷增加，特別是人工智慧和先進節點，自然會對更複雜的工具和 IP 產生需求。但我們的目標始終是透過提高生產力、加快上市時間以及客戶使用我們的核心 EDA 所能獲得的改進的 PPA 結果來實現可衡量的投資回報率。因此，我們確實認為核心 EDA 將會成長，並且我們很可能在未來幾年從中受益。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Most of my questions have been answered, but I just want to follow up to one of your comments on the strong bookings. How do you characterize the demand for your traditional semi customer versus systems like hyperscaler, that segment? And do you see any kind of positive sign on the traditional semi customer?

我的大部分問題都已得到解答，但我只想跟進您關於強勁預訂量的評論之一。您如何描述傳統半客製化客戶與超大規模系統等細分市場的需求？您是否看到傳統半導體客戶有任何正面跡象？

Yes, that's a very important question. I mean, first of all, the system companies are doing more than before, as you would expect. Not just the classical data center, but hyperscalers, which are -- but also like physical AI like cars. And then on the semi side, of course, some customers are doing phenomenally well, right, like NVIDIA and somebody like Broadcom.

是的，這是一個非常重要的問題。我的意思是，首先，正如你所期望的那樣，系統公司做得比以前更多了。不僅是傳統的資料中心，還有超大規模資料中心，它們也像汽車一樣是實體人工智慧。當然，在半導體方面，有些客戶做得非常好，像是 NVIDIA 和 Broadcom 之類的公司。

So I think your question is more traditional semi. So I do think -- I mean, of course, this recovery in traditional semi has been projected for a long time. But I do think there is some recovery now. I mean, at least in the memory market, there seems to be in the mixed signal. And we highlighted, for example, ADI, that's doing phenomenally well, and we had a very good -- ADI is a long-term partner of Cadence, but we had a very good expansion in Q2.

所以我認為你的問題更偏向傳統半球。所以我確實認為——我的意思是，當然，傳統半導體的復甦已經被預測了很長時間。但我確實認為現在已經有所復甦。我的意思是，至少在記憶體市場，似乎存在混合訊號。例如，我們強調了 ADI 的表現非常出色，我們有一個非常好的 - ADI 是 Cadence 的長期合作夥伴，但我們在第二季度取得了非常好的擴張。

So I think there are some signs that the traditional semi are also doing, but it's still early, and we'll wait and see. But for us, as you know, we are very diversified, both geographically and customer-wise. It's important, but not critical for us. So we are patient. So the recovery will happen in traditional semi. Maybe some of it is starting. And to the extent it happens, we'll be ready for it, but we are not critically dependent on a particular customer set recovering at a particular time.

因此，我認為有一些跡象表明傳統半導體也正在發揮作用，但現在還為時過早，我們將拭目以待。但對我們來說，如您所知，無論是從地理還是從客戶角度來說，我們的業務都非常多元化。這對我們來說很重要，但不是至關重要的。所以我們很有耐心。因此復甦將發生在傳統半導體領域。也許有些事情才剛開始。如果發生這種情況，我們會做好準備，但我們並不完全依賴特定客戶群在特定時間的恢復。

Blair Abernethy, Rosenblatt.

布萊爾·阿伯內西，羅森布拉特。

Great quarter. Anirudh, I just want to ask you again about the system design analysis, the traditional simulation, multiphysics simulation. You're outgrowing the market pretty substantially even if we back out a couple of extra months from BETA CAE, you're still mid to high 20s, it looks like organic growth.

很棒的一個季度。Anirudh，我只是想再次問您有關係統設計分析、傳統模擬、多物理模擬的問題。即使我們從 BETA CAE 中退出幾個月，您的成長速度也遠遠超過了市場，您的成長速度仍然在 20 多歲，看起來像是有機成長。

What's driving that organic growth? Is Millennium helping with that? And I'm just wondering, as you look at that market, which is sort of a 10% kind of growth market, how long do you think you can sustain that significant growth?

推動這種有機成長的因素是什麼？千禧年對此有幫助嗎？我只是想知道，當您觀察這個市場時，這是一個 10% 成長的市場，您認為這種顯著的成長能維持多久？

Yes. Good question. I mean, like I mentioned, the growth is driven by multiple things. I mean, 3D-IC and the strength in Allegro that pulls in other products is a key factor. It's not just Allegro and 3D-IC by itself, but all the analysis tools because I think most of the disruption in the system space is either very, very close to the chip, like with 3D-IC or it is very, very far like data center simulation. And we have great partnership and products in Cadence Reality, which is full data center simulation and then very close to the chip, which is Allegro and 3D-IC and Integrity.

是的。好問題。我的意思是，正如我所提到的，成長是由多種因素所推動的。我的意思是，3D-IC 和 Allegro 吸引其他產品的優勢是一個關鍵因素。不僅僅是 Allegro 和 3D-IC 本身，而是所有的分析工具，因為我認為系統空間中的大多數中斷要么非常非常接近晶片，就像 3D-IC 一樣，要么非常非常遠，就像數據中心模擬一樣。我們與 Cadence Reality 有著良好的合作夥伴關係和產品，Cadence Reality 是完整的資料中心模擬，並且非常接近晶片，包括 Allegro、3D-IC 和 Integrity。

So those markets, I think, should be growing faster than the overall system market because that's where the disruptions are happening, and that's where we are focused on. And then BETA is helping to pull in some of the other -- because one of the key channel challenges in the system side is to build out the channel. And even though not only BETA provided great products, it also helped us on the channel side, okay? So that's the second reason.

因此，我認為這些市場應該比整體系統市場成長得更快，因為那裡是發生顛覆的地方，也是我們關注的重點。然後 BETA 正在幫助引入其他一些內容 — — 因為系統方面的主要渠道挑戰之一是建立渠道。而且 BETA 不僅提供了出色的產品，還在通路方面為我們提供了幫助，好嗎？這是第二個原因。

And then I'm super optimistic about Millennium, and we're kind of spearheading this kind of revolution. I can talk about it for a long time. The CPU plus GPU integration with partnership with Jensen and NVIDIA and AI together. But I think it's still in the very early innings. So Millennium is still in very, very early innings. I mean, we have a lot of pipeline and demand, but it still has to play out.

我對千禧年非常樂觀，我們正在引領這場革命。我可以談論很長時間。CPU 加 GPU 集成，與 Jensen 和 NVIDIA 以及 AI 合作。但我認為現在還處於非常早期的階段。因此，千禧年仍處於非常早期的階段。我的意思是，我們有很多管道和需求，但仍需努力。

But overall, I think we'll see, but we are pleased with our positioning in systems, especially because we are positioned in the more exciting part of the system market, I believe.

但總的來說，我想我們會看到，但我們對我們在系統中的定位感到滿意，特別是因為我們定位在系統市場更令人興奮的部分，我相信。

Yes. Just to finish, I'd encourage you to keep focused on the annual kind of outlook for the company because quarter-over-quarter numbers can look a bit odd sometimes. As you called out in your question, BETA is included in our Q2 numbers this year, but wasn't there last year.

是的。最後，我鼓勵您繼續關注公司的年度前景，因為季度環比數據有時看起來有點奇怪。正如您在問題中提到的，BETA 包含在今年我們的第二季數據中，但去年並沒有。

And I would now like to turn the call back over to Anirudh Devgan for closing remarks.

現在我想將發言權交還給 Anirudh Devgan，請他作最後發言。

Thank you all for joining us this afternoon. It's an exciting time for Cadence with strong business momentum and growing opportunities with semiconductor and system customers. With a world-class employee base, we continue delivering to our innovation roadmap and working hard to delight our customers and partners.

感謝大家今天下午加入我們。對 Cadence 來說，這是一個令人興奮的時刻，業務勢頭強勁，半導體和系統客戶的機會也不斷成長。憑藉世界一流的員工基礎，我們將繼續實現創新路線圖，並努力取悅我們的客戶和合作夥伴。

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

我謹代表董事會感謝客戶、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 second-quarter 2025 earnings conference call. This concludes today's call, and you may now disconnect.

女士們、先生們，感謝你們參加今天的 Cadence 2025 年第二季財報電話會議。今天的通話到此結束，您可以掛斷電話了。