益華電腦 (CDNS) 2025 Q3 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 third-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，午安。我叫艾比，今天將擔任你們的會議接線生。此時此刻，我謹代表 Cadence 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

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。現在我將把電話交給 Cadence 投資人關係副總裁 Richard Gu。請繼續。

Thank you, operator. I would like to welcome everyone to our third 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.

謝謝接線生。歡迎各位參加我們2025年第三季財報電話會議。今天與我一同出席的有總裁兼執行長阿尼魯德·德夫根，以及資深副總裁兼財務長約翰·沃爾。

The webcast of this call and a copy of today's prepared remarks will be available on our website, cadence.com. Today's discussion will contain forward-looking statements, including our outlook on future business and operating results. Due to risks and uncertainties, actual results may differ materially from those projected or implied in today's discussion.

本次電話會議的網路直播以及今日準備好的發言稿將在我們的網站 cadence.com 上提供。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。由於存在風險和不確定性，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. 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.

有關可能導致實際結果出現差異的因素的信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格和 10-Q 表格、首席財務官評論以及今天的收益報告。本次電話會議中的所有前瞻性陳述均基於截至今日我們所掌握的估計和信息，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. 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.

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GAAP指標。非GAAP指標不應與GAAP結果割裂看待，也不應作為GAAP結果的替代。今天的獲利報告中包含了GAAP與非GAAP指標的調節表。

(Event Instructions)

（活動須知）

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

現在，我將把電話交給阿尼魯德。

Thank you, Richard. Good afternoon, everyone, and thank you for joining us today. Cadence delivered excellent results for the third quarter of 2025, with strong operational and financial performance across all product categories and geographies as we continued the disciplined execution of our strategy.

謝謝你，理查。各位下午好，感謝各位今天參加我們的節目。Cadence 在 2025 年第三季取得了優異的業績，在所有產品類別和地區都實現了強勁的營運和財務表現，這得益於我們繼續有條不紊地執行我們的策略。

Bookings exceeded our expectations with backlog growing to over $7 billion, underscoring our continued technology leadership and reaffirming Cadence as a trusted partner enabling customer success. Given the ongoing strength of our business, we are raising our full-year outlook to approximately 14% revenue growth and 18% EPS growth. John will provide more details on our financials shortly.

訂單量超出預期，積壓訂單金額成長至超過 70 億美元，凸顯了我們持續的技術領先地位，並再次證明了 Cadence 作為值得信賴的合作夥伴，能夠幫助客戶取得成功。鑑於我們業務的持續強勁勢頭，我們將全年業績預期上調至營收成長約 14%，每股收益成長約 18%。約翰稍後會提供更多關於我們財務狀況的詳細資訊。

The accelerating AI megatrend is fueling an unprecedented wave of design activity across industries ranging from hyperscaler infrastructure to fast-growing physical AI realm of autonomous driving, drones, and robotics, to the emerging domain of sciences AI.

人工智慧的加速發展正在推動各行各業前所未有的設計活動浪潮，從超大規模基礎設施到快速成長的實體人工智慧領域（如自動駕駛、無人機和機器人），再到新興的科學人工智慧領域。

As AI drives exponential design complexity and new system architectures, Cadence is uniquely positioned to capture this generational opportunity with our differentiated and comprehensive portfolio spanning EDA, IP, 3D-IC, PCB, and system analysis.

隨著人工智慧推動設計複雜性呈指數級增長，並催生出新的系統架構，Cadence 憑藉其差異化和全面的產品組合（涵蓋 EDA、IP、3D-IC、PCB 和系統分析），在掌握這一代機會方面擁有獨特的優勢。

The Cadence.AI portfolio embodies our strategy of Design for AI and AI for Design, empowering customers to build out the global AI infrastructure, while we infuse AI into our own products to deliver breakthrough automation and productivity. With deep partnerships across AI innovators, foundries, and system leaders and a comprehensive chip-to-systems portfolio, Cadence is driving transformative PPA and productivity gains, positioning us well for sustained growth in the AI era.

Cadence.AI 產品組合體現了我們「為 AI 設計，為設計 AI」的策略，使客戶能夠建立全球 AI 基礎設施，同時我們將 AI 融入我們自己的產品中，以實現突破性的自動化和生產力。憑藉與人工智慧創新者、代工廠和系統領導者的深度合作以及全面的晶片到系統產品組合，Cadence 正在推動變革性的 PPA 和生產力提升，使我們在人工智慧時代能夠持續成長。

In Q3, we meaningfully expanded our partnership with Samsung through a wide-ranging proliferation of our core EDA software, as well as our system software across PCB, advanced packaging, and system analysis.

第三季度，我們透過在PCB、先進封裝和系統分析領域廣泛推廣我們的核心EDA軟體和系統軟體，大幅擴大了與三星的合作關係。

We also deepened our long-standing partnership with a leading semiconductor company in Q3, through a broad proliferation of our core EDA, IP, and systems portfolio, and are closely collaborating on next generation agentic AI EDA solutions.

第三季度，我們透過廣泛推廣我們的核心 EDA、IP 和系統產品組合，深化了與一家領先的半導體公司的長期合作關係，並正在密切合作開發下一代智慧 AI EDA 解決方案。

We expanded our long-standing partnership with TSMC to power next-gen AI flows supporting TSMC’s N2 and A16 technologies. Our Integrity 3D-IC solution provides comprehensive support for the latest TSMC 3DFabric die stacking configurations, and our design-in ready IP including HBM4 and LPDDR6 on N3P enable next generation AI infrastructure. At TSMC’s OIP conference, Broadcom highlighted Integrity 3D-IC full flow deployment success for hyperscaler, high-capacity ASICs.

我們擴大了與台積電的長期合作關係，為支援台積電 N2 和 A16 技術的下一代 AI 流程提供動力。我們的 Integrity 3D-IC 解決方案為最新的台積電 3DFabric 晶片堆疊配置提供全面支持，我們設計就緒的 IP（包括 N3P 上的 HBM4 和 LPDDR6）可實現下一代 AI 基礎設施。在台積電的OIP大會上，博通重點介紹了Integrity 3D-IC全流程部署在超大規模、高容量ASIC的成功案例。

Our IP business maintained strong momentum in Q3, driven by global accelerating IP demand and increasing customer proliferation of our expanding IP portfolio. Our profitable, scalable IP strategy focused on AI/HPC and automotive verticals, positions us well for continued growth. Increasing complexity of interconnect protocols driven by AI and chiplet architectures, along with new foundry opportunities are providing strong tailwinds to our IP business.

在第三季度，受全球智慧財產權需求加速成長以及我們不斷擴大的智慧財產權組合的客戶數量不斷增加的推動，我們的智慧財產權業務保持了強勁的發展勢頭。我們以人工智慧/高效能運算和汽車垂直領域為重點，制定了盈利且可擴展的智慧財產權策略，這使我們能夠持續成長。人工智慧和晶片架構推動互連協議日益複雜化，以及新的代工機會，為我們的智慧財產權業務提供了強勁的發展動力。

Bookings were strong and tracked ahead of our expectations. Our Design IP portfolio secured several competitive wins at top AI and memory customers. For instance, we won a highly competitive engagement at a marquee memory company that embraced our HBM4 and DDR PHY IP for its new AI design.

預訂情況強勁，超出了我們的預期。我們的設計智慧財產權組合在與頂尖人工智慧和記憶體客戶的競爭中贏得了許多勝利。例如，我們贏得了一家知名記憶體公司的激烈競爭，該公司在其新的 AI 設計中採用了我們的 HBM4 和 DDR PHY IP。

The recently completed acquisition of the Arm Artisan foundation IP further augments our design IP portfolio with standard cell libraries, memory compilers, and I/Os optimized for advanced nodes at the leading foundries. Our Tensilica audio and vision DSPs and Neo AI accelerator NPUs scored multiple design wins with leading customers in US and Asia for mobile, automotive, and data center verticals.

最近完成的對 Arm Artisan 基金會 IP 的收購，進一步增強了我們的設計 IP 產品組合，其中包括針對領先代工廠先進節點優化的標準單元庫、內存編譯器和 I/O。我們的 Tensilica 音訊和視覺 DSP 以及 Neo AI 加速器 NPU 已在美國和亞洲的領先客戶中贏得了多個設計訂單，這些訂單涵蓋行動、汽車和資料中心垂直領域。

Our core EDA business delivered strong results, driven by growing adoption of our AI-driven design and verification solutions. In digital, Cadence Cerebrus AI Studio, the industry’s first agentic AI multi-block, multi-user design platform, continues to deliver unparalleled PPA and productivity benefits.

由於採用人工智慧驅動的設計和驗證解決方案日益普及，我們的核心EDA業務取得了強勁的業績。在數位化領域，Cadence Cerebrus AI Studio 作為業界首個智慧 AI 多模組、多用戶設計平台，持續提供無與倫比的 PPA 和生產力優勢。

Samsung US taped out a SF2 design, using Cadence Cerebrus AI Studio to achieve a 4x productivity improvement. In another instance, Samsung used Cadence Certus, Tempus, and Innovus to rapidly close and sign off a multi-billion-instance AI design on SF4, with 22% power reduction and first pass silicon success.

三星美國公司使用 Cadence Cerebrus AI Studio 完成了 SF2 設計的流片，實現了 4 倍的生產效率提升。在另一個例子中，三星使用 Cadence Certus、Tempus 和 Innovus 快速完成並簽署了基於 SF4 的數十億實例 AI 設計，功耗降低了 22%，並且一次晶片測試就成功了。

Our Virtuoso Studio and Spectre platforms saw strong momentum, with their AI-driven features and workflows gaining rapid traction as the customers leveraged the automated design migration and optimization capabilities.

我們的 Virtuoso Studio 和 Spectre 平台發展勢頭強勁，其 AI 驅動的功能和工作流程迅速獲得認可，因為客戶利用了自動化設計遷移和最佳化功能。

Our hardware verification platforms have become the de facto choice for AI designs, offering industry-leading performance, capacity, and scalability. Hardware had a record Q3 with several significant expansions, especially at AI and HPC customers.

我們的硬體驗證平台已成為人工智慧設計的實際選擇，提供業界領先的效能、容量和可擴展性。硬體業務在第三季創下歷史新高，實現了多項重大擴張，尤其是在人工智慧和高效能運算客戶方面。

We deepened our overall collaboration with OpenAI as they expanded their commitment to our Palladium emulation platform in Q3. Verisium SimAI saw growing adoption as it delivered dramatic debug productivity, testbench efficiency and accelerated coverage closure. NVIDIA, Samsung, and Qualcomm all presented SimAI success stories at CadenceLive India, highlighting 5x to10x improvement in verification throughput.

第三季度，OpenAI 加大了對我們 Palladium 模擬平台的投入，我們與 OpenAI 的整體合作也因此更加深入。Verisium SimAI 的應用越來越廣泛，因為它顯著提高了調試效率、測試平台效率並加快了程式碼覆蓋率的收斂速度。NVIDIA、三星和高通都在 CadenceLive India 大會上展示了 SimAI 的成功案例，重點介紹了驗證吞吐量 5 倍到 10 倍的提升。

Our System Design and Analysis business achieved another solid quarter, driven by expanding set of innovative solutions and growing adoption across a broadening customer base. In Q3, we significantly expanded our Cadence Reality Digital Twin Platform library with NVIDIA DGX SuperPOD model and DGX GB200 systems to accelerate AI datacenter deployment and operations.

在不斷擴大的創新解決方案組合和日益增長的客戶群的推動下，我們的系統設計和分析業務又取得了穩健的季度業績。第三季度，我們大幅擴展了 Cadence Reality 數位孿生平台庫，新增了 NVIDIA DGX SuperPOD 模型和 DGX GB200 系統，以加速 AI 資料中心的部署和營運。

Three major memory providers significantly increased their Clarity and Sigrity usage as they transition to a full Cadence flow for advanced IC packaging, displacing competitive solutions. BETA CAE continued its momentum with multiple competitive displacements, underscoring its accuracy and performance advantages, including a significant competitive win with a large Tier 1 automotive company in China.

三大記憶體供應商大幅增加了 Clarity 和 Sigrity 的使用量，因為他們正向 Cadence 的先進 IC 封裝流程過渡，從而取代了競爭對手的解決方案。BETA CAE 繼續保持強勁勢頭，在多項競爭性比賽中取得佳績，凸顯了其精度和性能優勢，其中包括在中國一家大型一級汽車公司贏得的一項重大競爭勝利。

In Q3, Infineon Technologies standardized its PCB design workflow on the Cadence AI-driven Allegro X platform for their future designs. Last month, we signed a definitive agreement to acquire Hexagon’s D&E business, including its MSC software business, to bring industry-leading structural analysis and multi-body dynamics technologies to Cadence.

第三季度，英飛凌科技公司將其PCB設計工作流程標準化，採用Cadence AI驅動的Allegro X平台，用於未來的設計。上個月，我們簽署了一項最終協議，收購 Hexagon 的 D&E 業務，包括其 MSC 軟體業務，將業界領先的結構分析和多體動力學技術引入 Cadence。

Complementing our multi-physics portfolio, this will accelerate our expansion in SDA and put us at the forefront in unlocking new opportunities across automotive, aerospace, industrial, and the rapidly emerging world of physical AI.

作為我們多物理場產品組合的補充，這將加速我們在SDA領域的擴張，並使我們處於領先地位，從而在汽車、航空航太、工業以及快速發展的物理人工智慧領域開闢新的機會。

In summary, I’m pleased with our Q3 results and the strong momentum across our businesses. The AI era offers massive market opportunities and through the co-optimization of our entire portfolio with AI and accelerated computing, Cadence is uniquely positioned to be the trusted partner to deliver AI-centric, transformational solutions across multiple industries.

總而言之，我對我們第三季的業績以及各業務的強勁發展勢頭感到滿意。人工智慧時代帶來了巨大的市場機會，透過將我們的整個產品組合與人工智慧和加速運算進行協同優化，Cadence 擁有獨特的優勢，能夠成為值得信賴的合作夥伴，為多個行業提供以人工智慧為中心的變革性解決方案。

Now I will turn it over to John to provide more details on the Q3 results and our updated 2025 outlook.

現在我將把發言權交給約翰，讓他詳細介紹第三季業績和我們更新後的 2025 年展望。

Thanks, Anirudh, and good afternoon, everyone. I'm pleased to report that Cadence delivered strong results for the third quarter of 2025 with broad-based momentum across all our businesses. We exceeded our guidance for Q3 revenue, operating margin, and EPS, and are raising the full-year outlook across these key metrics.

謝謝阿尼魯德，大家午安。我很高興地宣布，Cadence 在 2025 年第三季取得了強勁的業績，所有業務都呈現全面成長勢頭。我們第三季營收、營業利潤率和每股盈餘均超出預期，因此上調了全年這些關鍵指標的預期。

With the updated outlook and at the midpoint, we now expect our 2025 revenue to grow approximately 14% year over year, on track to achieve double-digit growth across all our product categories for the year. Third-quarter bookings were strong, resulting in a backlog of $7 billion.

根據更新後的展望，我們預計 2025 年的營收將年增約 14%，並有望實現全年所有產品類別兩位數的成長。第三季訂單強勁，積壓訂單達 70 億美元。

Here are some of the financial highlights from the third quarter, starting with the P&L. Total revenue was $1.339 billion. GAAP operating margin was 31.8% and non-GAAP operating margin was 47.6%, and GAAP EPS was $1.05, with non-GAAP EPS, $1.93.

以下是第三季的一些財務亮點，首先是損益表。總收入為13.39億美元。 （GAAP準則）營業利益率為 31.8%，非 GAAP 營業利益率為 47.6%，GAAP 每股收益為 1.05 美元，非 GAAP 每股收益為 1.93 美元。

Next, turning to the balance sheet and cash flow. Cash balance at quarter end was $2.753 billion, while the principal value of debt outstanding was $2.5 billion. Operating cash flow was $311 million. DSOs were 55 days, and we used $200 million to repurchase Cadence shares.

接下來，我們來看資產負債表和現金流量表。季末現金餘額為 27.53 億美元，而未償債務本金為 25 億美元。經營活動現金流為3.11億美元。DSO 為 55 天，我們用 2 億美元回購了 Cadence 的股票。

Before I provide our updated outlook, I'd like to highlight that it contains the usual assumption that export control regulations that exist today remain substantially similar for the remainder of the year.

在提供我們更新後的展望之前，我想強調一點，其中包含一個通常的假設，即現行的出口管制條例在今年剩餘時間內將基本保持不變。

With that in mind, for Q4, we now expect revenue in the range of $1.405 billion to $1.435 billion. GAAP operating margin in the range of 32.5% to 33.5%. Non-GAAP operating margin in the range of 44.5% to 45.5%. GAAP EPS in the range of $1.17 to $1.23, and non-GAAP EPS in the range of $1.88 to $1.94.

考慮到這一點，我們現在預計第四季營收將在 14.05 億美元至 14.35 億美元之間。GAAP 營業利潤率介於 32.5% 至 33.5% 之間。非GAAP營業利益率介於44.5%至45.5%之間。GAAP 每股盈餘預計在 1.17 美元至 1.23 美元之間，非 GAAP 每股盈餘預計在 1.88 美元至 1.94 美元之間。

As a result, our updated outlook for 2025 is revenue in the range of $5.262 billion and $5.292 billion. GAAP operating margin in the range of 27.9% to 28.9%. Non-GAAP operating margin in the range of 43.9% to 44.9%. GAAP EPS in the range of $3.80 to $3.86. Non-GAAP EPS in the range of $7.02 to $7.08.

因此，我們更新後的 2025 年營收預期為 52.62 億美元至 52.92 億美元。GAAP 營業利潤率介於 27.9% 至 28.9% 之間。非GAAP營業利益率介於43.9%至44.9%之間。GAAP每股收益預計介於3.80美元至3.86美元之間。非GAAP每股盈餘預計在7.02美元至7.08美元之間。

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. 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.

經營現金流預計在 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。與往常一樣，我們在投資者關係網站上發布了財務長評論文件，其中包括我們對其他事項的展望，以及進一步的分析和GAAP與非GAAP的調整。

In conclusion, I'm pleased with our Q3 results, following 2025 as we continue to deepen strategic partnerships across the ecosystem. As always, I'd like to close by thanking our customers, partners, and our employees for their continued support.

總之，我對我們第三季的業績感到滿意，展望2025年，我們將繼續深化與整個生態系統的策略夥伴關係。最後，我要一如既往地感謝我們的客戶、合作夥伴和員工一直以來的支持。

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

好了，操作員，現在開始接受提問。

(Operator Instructions) Vivek Arya, Bank of America Securities.

（操作員說明）Vivek Arya，美國銀行證券。

So thanks for taking my question. Your IP business is now, I think, tracking to over 20% growth for the second year. Anirudh, I was just hoping you would give us some sense for what's driving this growth? Because your competitor expressed a lot of concerns about their IP business, whether it is in China or Intel or just IP visibility in general, and I think they were talking about a new business model. So how do we square that and the growth you are seeing? How sustainable is this growth? And what is your visibility in your IP business? Thank you.

感謝您回答我的問題。我認為，您的智慧財產權業務目前正朝著連續第二年維持 20% 以上的成長目標邁進。阿尼魯德，我只是希望你能給我們解釋一下是什麼因素推動了這種成長？因為你的競爭對手對他們的智慧財產權業務表達了很多擔憂，無論是在中國、與英特爾的合作，還是智慧財產權的可見性，我認為他們是在談論一種新的商業模式。那麼，我們如何解釋這種情況與您所看到的成長之間的矛盾呢？這種成長模式的可持續性如何？您在智慧財產權業務領域的知名度如何？謝謝。

Yeah. Thanks, Vivek, for the question. Yeah, I'm actually quite pleased with the performance of our IP business. And we don't look at any one quarter, but even if you look how we performed last year -- of course, this quarter was exceptional. But overall, how we performed this year and what we see backlog and activity going into next year, overall IP business is performing quite well and there are multiple reasons for it.

是的。謝謝維韋克的提問。是的，我對我們的智慧財產權業務表現相當滿意。我們不只看某一季度，但即使你看看我們去年的表現——當然，本季表現非常出色。但總的來說，就我們今年的表現以及我們對明年積壓訂單和業務活動的展望而言，整體知識產權業務表現相當不錯，這其中有很多原因。

First, our IP business is different. I think it's much more profitable even though the profitability is less than our EDA business, but I think it's more profitable than general IP business because we also have Tensilica, which is almost like software like profitability. But a lot of the growth is coming in design IP and the reason for that is our IP business is focused on AI and HPC at the most advanced nodes.

首先，我們的知識產權業務有所不同。我認為它比我們的 EDA 業務盈利能力要高得多，雖然盈利能力不如我們的 EDA 業務，但我認為它比一般的 IP 業務盈利能力要高，因為我們還有 Tensilica，它的盈利能力幾乎和軟體業務一樣。但許多成長都來自設計智慧財產權，原因是我們的智慧財產權業務專注於最先進的節點上的人工智慧和高效能運算。

Since we got started later in the IP business, we focused it -- where the future is going, which is AI, HPC, and chiplet-based architecture. So a lot of the -- like SerDes and PCIe and HBM 4 IPs. And that part of the market is doing well actually across the world.

由於我們進入智慧財產權行業的時間較晚，所以我們專注於未來發展的方向，即人工智慧、高效能運算和基於晶片的架構。所以很多——像是SerDes、PCIe和HBM 4 IP。事實上，這部分市場在全球範圍內表現良好。

And then the second reason is, as you know, there is more and more foundries entering especially at advanced nodes. And we have a long-standing partnership with TSMC, but also Samsung, Intel, and now Rapidus. So there are at least four major foundries now at leading nodes. So that's, I think, a second reason for our IP business to be well positioned.

第二個原因是，如你所知，越來越多的代工廠進入這個領域，尤其是在先進節點。我們與台積電、三星、英特爾以及現在的 Rapidus 都有長期的合作關係。因此，目前至少有四家主要代工廠處於領先節點。所以，我認為這就是我們智慧財產權業務處於有利地位的第二個原因。

And as the performance of our IP business has improved, the PPA -- our PPA is competitively better in design IP and a lot of customers want to shift over to Cadence. So the customer demand, I think, is the third reason as our IP business strengthened -- that we are seeing strength in the IP business. So I think for these three main reasons, I'm pretty optimistic about the IP business.

隨著我們 IP 業務的業績提升，我們的 PPA（產品價格協議）在 IP 設計方面更具競爭力，許多客戶都希望轉而使用 Cadence 的產品。因此，我認為客戶需求是我們的智慧財產權業務增強的第三個原因—我們看到智慧財產權業務正在走強。所以，基於這三個主要原因，我對智慧財產權產業相當樂觀。

And going to next year, we're not getting to next year, but just to give you indication, I would be surprised if our IP business does not grow better than Cadence average, which it should, given the profitability profile. We want that to happen. If the profitability is slightly lower than EDA, then the growth should be higher than Cadence average. So overall, I think that would make like three years trend. And overall, I'm pleased by our IP performance.

至於明年，我們還沒到明年，但為了給你一個參考，如果我們的知識產權業務增長不如 Cadence 的平均水平，我會感到驚訝，考慮到其盈利能力，它理應如此。我們希望這種情況發生。如果獲利能力略低於EDA，那麼成長率應該高於Cadence的平均水準。所以總的來說，我認為這將構成大約三年的趨勢。整體而言，我對我們的IP表現感到滿意。

Excellent.

出色的。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Great. Thank you. Last quarter, I think you mentioned the second half having good renewal opportunity with some of your large customers. With the uptick in backlog, I imagine some of that strength was from some of these renewals. But as we think about Q4, do you still have renewals on the docket? Thank you.

偉大的。謝謝。上個季度，我想您提到下半年與一些大客戶續約的機會很好。隨著積壓訂單的增加，我認為部分成長動力來自於這些續約訂單。但展望第四季度，你們是否還有續約項目在身？謝謝。

Yeah. Thanks for the question. I'll let John comment on the timing of the renewals. But overall, I do think that our performance in Q3 is much -- is better than we expected. And the primary reason -- and this is true in all geographies, but I think the primary reason is that the AI infrastructure build-out, as you know, is accelerating, okay? And we are essential to the design and build out of the AI infrastructure.

是的。謝謝你的提問。關於續約時間點，我會讓約翰來評論。但總的來說，我認為我們第三季的表現遠超預期。主要原因——這一點在所有地區都是如此，但我認為主要原因是，正如你所知，人工智慧基礎設施的建設正在加速，好嗎？我們在人工智慧基礎設施的設計和建設中起著至關重要的作用。

Of course, we -- I have said publicly, there are three big phases of AI in my mind, AI infrastructure being the first one, physical AI being the second one, and sciences AI there being the third one. But most of our focus on investment is, of course, on the first one.

當然，正如我公開所說的那樣，在我看來，人工智慧分為三個主要階段，人工智慧基礎設施是第一階段，而物理人工智慧是第二階段，科學人工智慧是第三階段。當然，我們大部分的投資重點還是放在第一點。

And as you see in the last six months, it is accelerating. And also the -- we are privileged to work with all the MAG-7s and also investment in internal chip design is accelerating along with, of course, the big merchant silicon companies like NVIDIA and Broadcom and AMD. So I think that is coming through in our booking activity in Q3. And so far, we see that strong demand continuing in the future, yeah.

正如你在過去六個月裡看到的那樣，這種情況正在加速發展。此外，我們很榮幸能與所有 MAG-7 合作，同時，內部晶片設計的投資也在加速成長，當然，像 NVIDIA、Broadcom 和 AMD 這樣的大型商用晶片公司也在加速發展。所以我認為這體現在我們第三季的預訂活動中。目前來看，這種強勁的需求在未來還會持續下去。

Yeah, Jason, I would just like to add that the mix as well as healthy across EDA, IP, hardware, and SDA. And the core EDA and IP backlog is weighted towards multiyear recurring arrangements, and that supports durable double-digit growth.

是的，Jason，我只想補充一點，EDA、IP、硬體和SDA之間的融合也很健康。核心 EDA 和 IP 積壓訂單主要以多年期經常性協議為主，這支撐了兩位數的持續成長。

Awesome. Thank you.

驚人的。謝謝。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Hi. Great. Thank you very much. I guess I'm struck by the number of times the word acceleration has already been used on the call so far. And I guess the third quarter bookings much stronger than we were expecting, and it would support a future acceleration.

你好。偉大的。非常感謝。我很驚訝地發現，到目前為止，通話中已經多次使用了「加速」這個詞。我猜想第三季的預訂量遠遠超出預期，這將為未來的加速成長奠定基礎。

I know it's atypical to get 2026 comments, but Anirudh already defer the IP business. I'm just wondering if you can maybe start to frame expectations for next year based on what you have in hand and it certainly seems like things are setting up well. Do you have the type of visibility at this point? So maybe comment on this.

我知道收到 2026 年的評論是不尋常的，但 Anirudh 已經推遲了智慧財產權業務。我只是想問，根據你目前掌握的情況，你是否可以開始對明年做出一些預期？看起來一切進展順利。你目前具備這種程度的可見度嗎？所以，或許可以就此發表一些評論。

Yeah. I think what I would like to say is that we always look at our business in terms of how well our products are doing, okay, and we report like five lines of businesses, as you know. And I would say at this point, all five lines of business are performing very well. And you can see that in this year, I think we will grow double digits in all five lines of business.

是的。我想說的是，我們總是從產品銷售狀況的角度來審視我們的業務，好嗎？如你所知，我們有五條業務線需要報告。我認為目前所有五個業務線都表現得非常好。你可以看到，我認為今年我們所有五大業務線都將實現兩位數的成長。

And also, we are performing well in all geographies. So in terms of products and geographies, which is our main focus, are we aligned with the leading companies? Are we trusted partner of the market-shaping companies? So if you look at products, geographies, and customer alignment, I think we are well positioned.

而且，我們在所有地區都表現出色。因此，就產品和地理而言（這是我們的主要關注點），我們是否與領先公司保持一致？我們是引領市場潮流的公司值得信賴的合作夥伴嗎？因此，從產品、地理和客戶契合度來看，我認為我們處於有利地位。

Of course, as you know, as we enter a new year, we are always prudent in our outlook, and we will give you an update about next year when we come to January, February time frame. But I think Cadence is very well positioned -- in a better position than it has been, I think, compared to last several years, and we look forward to working with our customers in the future.

當然，如您所知，在新的一年到來之際，我們總是會謹慎地展望未來，我們會在一月、二月期間向您提供明年的最新情況。但我認為 Cadence 目前處境非常好——比過去幾年都要好，我們期待未來與客戶合作。

Yeah, Joe, we won't guide FY26 today. But exiting FY25 with probably record backlog and broad-based momentum from deepening strategic and trusted partnerships across the ecosystem positions us well for next year. You can expect our framework will remain disciplined. We typically aim for double-digit top-line ambition, continued operating leverage, and balanced capital allocation. And that's all underpinned by secular AI demand across chip-to-systems.

是的，喬，我們今天不會發布2026財年業績報告。但2025財年結束時，我們可能擁有創紀錄的積壓訂單，並且透過深化整個生態系統中的策略和值得信賴的合作夥伴關係，獲得了廣泛的發展勢頭，這使我們為明年做好了充分準備。您可以放心，我們的框架將保持嚴謹性。我們通常的目標是實現兩位數的營收成長、持續的經營槓桿和均衡的資本配置。而這一切都源自於從晶片到系統層面日益增長的人工智慧需求。

Thank you.

謝謝。

Lee Simpson, Morgan Stanley.

李‧辛普森，摩根士丹利。

Great. Thanks for fitting me in and congratulations on another great quarter. I just wanted to ask around about China, really. The -- it looks as though you're up about 53% year on year doing well in the mix up to 18%. That feels more than just a return of business post the restrictions on the BIS letter last quarter, it feels though there's genuine momentum there. So I wonder if you can talk me through what is driving this? Is it IP? Is it hardware? Is it full EDA? What are the vectors here? Thanks.

偉大的。謝謝你安排時間，也恭喜你又一個季度取得了巨大成功。我其實只是想打聽一下中國的情況。看起來你們的業績年增了約 53%，在 18% 的市佔率中表現良好。這感覺不僅僅是上季BIS信函限制措施實施後業務的恢復，而是真正呈現出強勁的發展勢頭。所以我想知道您能否跟我解釋一下，是什麼原因導致了這種情況？這是IP位址嗎？是硬體問題嗎？它是否具備完整的EDA功能？這裡哪些是向量？謝謝。

Thanks for the question, Lee. Yeah. I mean, we saw broad-based strength and China design activity remains very strong. The region returned to business as usual for us in the second half that with the lifting of the export regulations that changed for EDA in early July. But Q3 really was only slightly better than we expected, and we now expect China to be up year over year for fiscal '25.

謝謝你的提問，李。是的。我的意思是，我們看到了廣泛的強勁勢頭，中國的設計活動依然非常強勁。下半年，隨著出口管制條例的解除，該地區的業務恢復了正常，而出口管制條例在 7 月初發生了變化。但第三季實際上只比我們預期的略好一些，我們現在預計中國在 2025 財年將實現同比增長。

Anirudh, do you want to add anything to what's happening in China?

阿尼魯德，你還有什麼想補充的嗎？

Yeah. Lee, that's a good question on China. I mean, overall, I would say the behavior in China from what I can tell is back to normal. Of course, there was a disruption in Q2 for obvious reasons, given the policy in Q2, but the behavior that we are seeing is back to normal in Q3.

是的。李，你問的關於中國的問題很好。我的意思是，總的來說，就我所見，中國的行為已經恢復正常了。當然，由於第二季的政策，第二季出現了一些混亂，這是顯而易見的，但我們在第三季看到的情況已經恢復正常。

And a lot of it was driven by like us prioritizing hardware deliveries that we could not do in Q2 into Q3. But overall design activity is strong in China across -- semiconductors are essentials to every country in China continues to invest in semis. But overall, I would say the -- our strength is broad-based, not particularly tied to any one geography and there was some makeup from Q2 to Q3.

許多原因都源自於我們優先交付第二季無法交付的硬件，並將這些交付工作推進到了第三季。但整體而言，中國各地的設計活動十分活躍——半導體是每個國家必不可少的零件，中國將繼續投資半導體產業。但總的來說，我認為我們的優勢是廣泛的，並不特別局限於任何特定的地區，而且從第二季到第三季也有一些調整。

Now it's difficult to predict the future, but what I see, I don't see any unusual activity in China, like question maybe like is there any pull-in from future quarters. We don't see that in terms of what we see. And we see overall broad-based trend in other geographies as well.

現在很難預測未來，但我看到的是，中國並沒有出現任何異常活動，例如是否會有來自未來某個季度的拉攏之類的問題。就我們所看到的而言，我們看不到這一點。我們也看到其他地區也出現了類似的普遍趨勢。

Thanks so much.

非常感謝。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

Great. Congratulations on the strong execution. Anirudh, I want to ask you about on your system design, mainly that simulation analysis market. Help us understand your strategy. You made acquisition last year, BETA CAE and this year again you've announced MSC software. Help us understand how you're going to position yourself against your competitor in that market. This is definitely a growing market. I would appreciate any color on that.

偉大的。恭喜你們出色地完成了任務。Anirudh，我想問你一些關於你的系統設計方面的問題，主要是關於模擬分析市場的問題。請幫助我們了解您的策略。去年你們收購了 BETA CAE，今年你們又宣布收購 MSC 軟體。請幫助我們了解您將如何在該市場中與競爭對手進行市場定位。這絕對是一個正在蓬勃發展的市場。任何顏色我都接受。

Yeah, Siti, thanks for the question. I mean, I'm pretty pleased with the overall performance of SD&A. And I mean just to remind everybody, Cadence is the one started this whole thing in 2017, 2018. Now it is considered obvious that silicon and systems are going to come together. I mean we have been talking about this for a very long time.

是的，Siti，謝謝你的提問。我的意思是，我對SD&A的整體表現相當滿意。我只是想提醒大家，Cadence 是這一切的始作俑者，他在 2017 年、2018 年發起了這項活動。現在普遍認為，矽和系統將會融合在一起。我的意思是，我們已經討論這個問題很久了。

Now I think what the acquisition that we did this quarter is more forward-looking in the sense that, like I mentioned, these three Horizon technologies, Horizon 1 being infrastructure, Horizon 2 being physical AI, Horizon 3 being sciences AI. And that's how we are focused.

現在我認為我們本季進行的收購更具前瞻性，正如我所提到的，這三項地平線技術，地平線 1 是基礎設施，地平線 2 是實體人工智慧，地平線 3 是科學人工智慧。這就是我們關注的重點。

Most of our investments in Horizon 1, but of course, like maybe 70%, 80% is Horizon 1, about 20% Horizon 2, and few percent Horizon 3, but Horizon 2 of cars, drones, and robots can be a very, very big market in the future.

我們的大部分投資都投向了第一階段，當然，大概有 70% 到 80% 是第一階段，大約 20% 是第二階段，只有幾個百分點是第三階段，但是汽車、無人機和機器人的第二階段在未來可能是一個非常非常大的市場。

And what happens is AI is going to change also for Horizon 2. As you see, there's a lot of reports that the word is going to move from LLM-based AI to a world model-based AI, in which robots you have to -- it's no longer the text data that trains the robot; it is the physical movement and all that. And one of the key challenges in training robots or cars is that there is not enough data that is available. When you train an LLM model, basically, the data is available on the Internet and as well -- language data is available.

而人工智慧也將在《地平線2》中發生變化。正如你所看到的，有許多報導稱，人工智慧將從基於LLM的人工智慧轉向基於世界模型的人工智慧，在這種人工智慧中，機器人不再需要文字資料來訓練，而是需要實體運動等等。訓練機器人或汽車面臨的主要挑戰之一是缺乏足夠的可用數據。訓練 LLM 模型時，基本上，資料可以從網路上獲取，而且語言資料也是可用的。

Whereas training a robot, the data is not available, okay? So the data either has to be generated manually, like they put sensors on a human and the person picks up the object, that could be data. But that's a very slow form of getting data. The best way to generate data for a world model is through simulation. And this is what we have talked about also for a very long time of the three-layer cake.

然而，在訓練機器人時，數據是不可用的，懂嗎？所以數據要嘛必須手動生成，例如在人身上安裝感測器，然後人拿起物體，這就可以得到數據。但這是一種非常緩慢的資料取得方式。建構世界模型的最佳數據生成方法是透過模擬。這也是我們長期以來一直在討論的三層蛋糕。

So then the fundamental simulation of multibody dynamics becomes essential in Horizon 2 physical AI and Hexagon had a leading simulator for multibody dynamics, along with structured simulation, which helps in all kinds of electronics and automotive. So I think I'm pretty optimistic that this can position us well for the second horizon, which is physical AI.

因此，多體動力學的基本仿真在 Horizo​​n 2 物理人工智慧中變得至關重要，而 Hexagon 擁有領先的多體動力學模擬器以及結構化仿真，這有​​助於各種電子和汽車領域。所以我認為，這可以讓我們為第二個階段——實體人工智慧——做好充分準備，我對此相當樂觀。

And so what that will do for our SD&A business, the way I look at it, our SDA business once we complete this acquisition, we'll have two strong pillars. And it will actually -- the run rate should cross $1 billion in 2026 if the acquisition closes and one pillar will be driven by 3D-IC and chiplets. Allegro is in our SD&A business.

因此，在我看來，一旦我們完成此次收購，我們的 SD&A 業務和 SDA 業務將擁有兩大支柱。如果收購完成，到 2026 年，實際營收將超過 10 億美元，其中一個支柱將是 3D-IC 和晶片組。Allegro 是我們 SD&A 業務部門的成員。

Allegro is the de facto standard for package design in the world. And so if you take a Allegro, combined Sigrity and Clarity and Celsius, our electromagnetics and electrothermal tools, that's one key area of this merger of silicon and system.

Allegro 是全球包裝設計的實際標準。因此，如果你把 Allegro、Sigrity、Clarity 和 Celsius（我們的電磁學和電熱學工具）結合起來，這就是矽和系統融合的關鍵領域。

And we will be very, very strong in that -- in our partnership with TSMC, our partnership with all the leading AI players like NVIDIA positions us very well with Allegro and 3D-IC. So that will be roughly one-half of our SD&A business because there's going to be a lot of growth in this chiplet-based architecture.

我們在這方面將非常非常強大——我們與台積電的合作，以及與英偉達等所有領先的人工智慧廠商的合作，使我們在Allegro和3D-IC領域處於非常有利的地位。因此，這將占我們 SD&A 業務的大約一半，因為這種基於晶片的架構將會有很大的成長。

And the second part will be this physical AI structural analysis and the combination of beta, which was the leader in pre-post processing with Hexagon which has a lot of solvers like multi-body dynamics, structural. And then we acquired a great new CFD solver from Stanford a couple of years ago. So if you put all those solvers together with beta, that will be roughly half of our SD&A business and really well positioned for the physical area.

第二部分將是物理 AI 結構分析，以及 beta（在前後處理方面處於領先地位）與 Hexagon（擁有許多解算器，如多體動力學、結構等）的結合。然後，幾年前我們從史丹佛大學獲得了一款非常棒的新型 CFD 解算器。所以，如果把所有這些求解器與 beta 結合起來，那將大約占我們 SD&A 業務的一半，並且在物理領域佔據非常有利的地位。

So if you put it all together, the benefit of Hexagon is that it will give us two strong pillars in SD&A in the areas that are going to grow the most in the future. One is 3D-IC and HPC, the other is physical AI and connected technologies.

綜上所述，Hexagon 的優勢在於它將在未來成長最快的領域為 SD&A 提供兩個強大的支柱。一個是 3D-IC 和高效能運算，另一個是物理人工智慧和互聯技術。

Great. Thanks for the color, Anirudh.

偉大的。謝謝你提供的色彩，Anirudh。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Good evening. Thanks for taking my question. I was wondering if you could maybe frame for us some of the tailwinds you expect you might see over the next couple of years as a result of inclusion of AI features into your products on the core EDA side. Maybe talk about any productivity metrics you can give us in terms of time to market or developer productivity and how that might translate into either revenue or adoption rates of that technology and features. Thank you.

晚安.謝謝您回答我的問題。我想請您介紹一下，在未來幾年內，由於在核心 EDA 產品中加入 AI 功能，您預計會獲得哪些利好因素。或許可以談談您能提供的任何生產力指標，例如產品上市時間或開發人員生產力，以及這些指標如何轉化為該技術和功能的收入或採用率。謝謝。

Absolutely. Great question. As we have said before, there are two parts to our AI strategy, which is we call Design for AI and then AI for Design. Okay. I think the first part is the build-out of the AI ecosystem, whether it's infrastructure or physical AI, and that we are very well positioned with all the leading players, of the MAG-7 companies.

絕對地。問得好。正如我們之前所說，我們的人工智慧策略分為兩部分，我們稱之為“為人工智慧而設計”，以及“為設計而設計的人工智慧”。好的。我認為第一部分是建立人工智慧生態系統，無論是基礎設施還是實體人工智慧，而我們與 MAG-7 公司的所有領先參與者都處於非常有利的地位。

And now I think your question is on the second one, which is, of course, applying AI to design. So even this time, we highlighted several examples. So we have at least five major platforms and some of the big examples are, for example, SimAI, which is using AI to accelerate verification. Verification is almost an exponential task in chip design.

現在我認為你的問題是關於第二個方面，也就是將人工智慧應用於設計。所以這次我們也列舉了幾個例子。因此，我們至少有五個主要平台，其中一些重要的例子包括 SimAI，它利用人工智慧來加速驗證。在晶片設計中，驗證幾乎是一項指數級增長的任務。

And we are seeing with SimAI, 5x to 10x improvement in logic simulation efficiency and coverage, which is one of the mostly heavily used tools in verification. And even in Cadence like Samsung and Qualcomm and NVIDIA highlighted this. So these are demonstrated benefits at customer sites being highlighted by the customer themselves.

我們看到，SimAI 的邏輯模擬效率和覆蓋率提高了 5 到 10 倍，而 SimAI 是驗證領域使用最廣泛的工具之一。甚至像三星、高通和英偉達這樣的公司也強調了這一點。這些都是客戶現場實際體驗到的好處，也是客戶自己強調的。

The other area is in physical design the back-end physical design with Cerebrus AI studio. Again, we had Samsung Cox improvement in productivity and also 22% improvement in PPA. By the way, this is huge numbers because when you go from like 5- to 3-nanometer 3-nanometer to 2-nanometer, typically, a node migration, which the industry is spending like billions and billions of dollars will give like 10% to 20% PPA improvement. And if we can get that with better optimization, with better AI, that's a huge value for our customers.

另一個領域是實體設計，即使用 Cerebrus AI studio 進行後端實體設計。再一次，三星 Cox 的生產力有所提高，PPA 也提高了 22%。順便說一下，這是個巨大的數字，因為當你從 5 奈米到 3 奈米，再從 3 奈米到 2 奈米時，通常情況下，節點遷移（業界為此投入了數十億美元）只會帶來 10% 到 20% 的 PPA 提升。如果我們能夠透過更好的優化和更強大的人工智慧來實現這一點，那對我們的客戶來說將是巨大的價值。

So the good news is that I think the adoption of AI tools is almost taken as a de facto. All the big customers are adopting our AI tools. And I said even before that the monetization of that takes some time. It always takes two contract cycles. And I think we should be able to do that or slightly better. So -- but the productivity is huge by applying AI to EDA.

所以好消息是，我認為人工智慧工具的採用幾乎已成為既定事實。所有大客戶都在採用我們的人工智慧工具。而且我之前就說過，實現其商業化還需要一些時間。總是需要兩個合約週期。我認為我們應該能夠做到這一點，或者做得更好。所以——但是將人工智慧應用於EDA可以大大提高生產力。

And the reason I think it is different in EDA than other things is, first of all, there are multiple reasons. One is we have done automation for 30 years. The chip design process is highly automated. About 80%, 90% of it is already automated.

我認為 EDA 與其他領域不同的原因是，首先，原因有很多。其一是我們從事自動化工作已有30年。晶片設計過程高度自動化。其中約 80% 到 90% 已經實現了自動化。

So we have a lot of history of automation and then AI is the next 10x that automation that can happen. I mean, we have probably improved chip design 100x in the last 20 years. And AI can give the next 10x.

我們已經擁有了很長的自動化歷史，而人工智慧則是自動化發展到如今水準的十倍。我的意思是，在過去的20年裡，我們可能已經將晶片設計改進了100倍。而人工智慧可以帶來接下來的十倍提升。

And the other thing that is different in chip design versus other industries, I believe, is because the workload is exponential. The chips in five years from now will be like 5, 10 times bigger the complexity will be 20, 30 times more given software and chiplet.

我認為，晶片設計與其他產業不同的另一點是，其工作量是指數級的。五年後的晶片體積將是現在的 5 倍、10 倍，考慮到軟體和晶片組件，其複雜程度將是現在的 20 倍、30 倍。

So AI productivity is needed just to keep up. So our workload is exponential is very different than a workload is not exponential. So the customers are expecting us to deliver more productivity and are accepting of deploying that in their designs.

因此，我們需要提高人工智慧的生產力才能跟上時代的腳步。所以，工作量呈指數成長和工作量不呈指數成長是非常不同的情況。因此，客戶期望我們提高生產力，並接受在他們的設計中部署這些生產力。

Thank you.

謝謝。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon, guys. Great job on the quarterly execution, as always. On the third-generation upgrade cycle on your emulation and prototyping platforms, you're about five quarters into the upgrade cycle to record revenues in Q3. If I rewind back to your second-generation launch, right, the team drove three years of record revenues post launch.

下午好，各位。季度執行工作一如既往地出色。在您的模擬和原型平台的第三代升級週期中，您已經進行了大約五個季度的升級週期，並在第三季度實現了收入記錄。如果我回顧一下你們第二代產品的發布，沒錯，團隊在產品發布後的三年裡實現了創紀錄的收入。

You still have the same drivers in place, right, design, software complexity increasing exponentially, the cadence of new chip, program introductions, accelerating addition of new customers like OpenAI, as you mentioned on the call today, and proliferation of all of these challenges into new markets like automotive and software-defined vehicle.

你們仍然面臨著同樣的驅動因素，對吧？設計和軟體複雜性呈指數級增長，新晶片和程式推出的節奏加快，像 OpenAI 這樣的新客戶數量加速增長，正如您今天在電話會議上提到的，所有這些挑戰都擴散到汽車和軟體定義汽車等新市場。

Given the lead times for your Protium and Palladium systems, I assume you're already booking into next year. What's the demand curve look like? And do you anticipate continued momentum in growth in 2026 for the hardware platform?

考慮到你們的 Protium 和 Palladium 系統的交貨週期，我估計你們已經預訂到明年的訂單了。需求曲線是什麼樣的？您預計該硬體平台在 2026 年將繼續保持成長動能嗎？

Yeah, Harlan. As always, you're always very perceptive in the overall trends in the market. Yeah, hardware is doing phenomenally well and I expect the trend to continue. So will '26 be better than '25? That's what we would think. Now how much better? We are always prudent in that because hardware, you don't have like a full-year visibility like we would have in the software business.

是的，哈蘭。一如既往，你對市場整體趨勢的洞察力非常敏銳。是的，硬體市場表現非常出色，我預計這種趨勢還會持續下去。那麼2026年會比2025年好嗎？我們也是這麼想的。現在好多少了？我們在這方面一直都很謹慎，因為硬體產業不像軟體產業那樣，可以預見一整年的發展前景。

So when we go into any given year, we only have a six-month visibility. So we are always prudent in our hardware guide. And then if the business comes in as expected, just like this year, we can improve our guide for the rest of the year. But that's on the -- that's more on the guiding discipline, which we want to be -- we want to derisk our guide for our investors.

所以，進入任何一年，我們只能看到未來六個月的情況。因此，我們在硬體指南方面始終秉持謹慎的態度。如果業務進展如預期，就像今年一樣，我們就可以改進今年剩餘時間的指導方針。但這更多的是關於指導原則，我們希望——我們希望降低投資者的風險。

Now in terms of fundamental technology trends and market trends, I mean this is this is a great setup for hardware, because first of all, we are the only company that builds our own systems. We build our own chips at TSMC there are full radical chips. You should see these things.

就基本技術趨勢和市場趨勢而言，我的意思是，這對於硬體來說是一個很好的配置，因為首先，我們是唯一一家自行建立系統的公司。我們在台積電自主生產晶片，這些晶片完全是顛覆性的。你應該看看這些東西。

But these racks have 144 liquid cool ships connected by InfiniBand and Optical and the customers will connect like 16 racks together that can emulate like 1 trillion transistor designs. I mean, there is no other platform that can compete with that.

但這些機架有 144 個液冷晶片，透過 InfiniBand 和光纖連接，客戶可以將大約 16 個機架連接在一起，從而模擬大約 1 兆個電晶體的設計。我的意思是，沒有其他平台能與之匹敵。

And also, the demand for hardware is increasing not just because of their more AI designs. But as we go from 3-nanometer to 2-nanometer to 1.4 to 1, which will take next 7, 10 years, the size of the chips only increases. And so there is more and more demand for hardware.

而且，對硬體的需求增加不僅僅是因為它們更多地採用了人工智慧設計。但是，隨著我們從 3 奈米發展到 2 奈米，再到 1.4 奈米，最後到 1 奈米（這還需要 7 到 10 年的時間），晶片的尺寸只會越來越大。因此，對硬體的需求越來越大。

So overall, competitively and market trend wise, I think we are well positioned in hardware. But of course, for any given year, we are prudent in the guide. John, I don't know if you want to add?

所以總的來說，從競爭力和市場趨勢來看，我認為我們在硬體領域處於有利地位。當然，對於任何特定年份，我們在指南中都會謹慎行事。約翰，我不知道你是否想補充？

Yeah, Harlan. What I'd add there is demand remains very strong, particularly across AI, HPC, and auto markets. We've been scaling manufacturing capacity and trying to improve lead times. We've also had hardware gross margins become more healthy. We remain focused on throughput to meet the elevated need from AI designs. And if you look at our financials this quarter, you'll see that we've been building inventory to try and meet the demand in the -- that's reflected in the pipeline for the next six months.

是的，哈蘭。我想補充的是，需求依然非常強勁，尤其是在人工智慧、高效能運算和汽車市場。我們一直在擴大生產能力，並努力縮短交貨週期。我們的硬體毛利率也變得更健康了。我們將繼續專注於提高產能，以滿足人工智慧設計日益增長的需求。如果你看一下我們本季的財務數據，你會發現我們一直在增加庫存以滿足需求——這反映在未來六個月的計劃中。

Insightful. Thank you very much.

很有見地。非常感謝。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. I know you gave several examples of customer activity, customer engagements, and so forth. And I would like to ask you about the recent announcement of the joint work that NVIDIA and Intel are going to be doing. Would it be fair to presume that combined GPU and CPU work would necessarily lift up demand and capacity requirements for multiple types of EDA tools?

謝謝。我知道您舉了幾個客戶活動、客戶互動等方面的例子。我想請教一下關於英偉達和英特爾最近宣布的合作項目。GPU 和 CPU 的協同工作必然會提高多種類型 EDA 工具的需求和容量需求，而這種假設是否合理？

Also IP, probably hardware as well. So there would be a general uplift as a result of that combined work, but at the same time, would it also necessitate your increasing your investments, for example, in AEs as you did when you had that breakthrough with Intel several years ago.

還有IP，可能還有硬體。因此，雙方共同努力將帶來整體提升，但同時，這是否也需要您增加投資，例如像幾年前您與英特爾取得突破時那樣，增加對AE的投資？

Yeah. Hey, Jay, that's a good observation in terms of CPU, GPU together. By the way, I've said this for almost 15, 20 years that the CPU GPU need to work together because EDa is a very well-optimized workload. And it is computational software, mathematical software, which is very similar to AI.

是的。嘿，Jay，你對CPU和GPU的綜合分析很有見地。順便說一句，我差不多15到20年前就說過，CPU和GPU需要協同工作，因為EDa是一個非常優化的工作負載。它是計算軟體、數學軟體，與人工智慧非常相似。

And what happened in the history of EDA is that -- of course, there are a lot of SMD tasks like which can be done in a GPU kind of machine, but there are also a lot of conditional tasks, which need to be done on a CPU kind of machine. So we always wanted both CPU and GPU and we also wanted CPU and GPU to be close to each other. And actually, to NVIDIA's credit and Jensen's credit of Grace Hopper and then Grace Blackwell. I mean, they are one of the first people to track, to watch this trend.

EDA 的發展歷程是這樣的——當然，有很多 SMD 任務可以在 GPU 之類的機器上完成，但也有很多條件任務需要在 CPU 之類的機器上完成。所以我們一直想要同時擁有 CPU 和 GPU，而且我們也希望 CPU 和 GPU 彼此靠近。事實上，英偉達和詹森都應該感謝葛蕾絲·霍珀，以及後來的葛蕾絲·布萊克威爾。我的意思是，他們是最早追蹤、關注這一趨勢的人之一。

And now if you look at all the major designs from other companies, too, there is a combination of CPU and GPU together. And that's the reason for the last several years, we are already working on porting our workload to CPU plus GPU.

現在，如果你看看其他公司的所有主要設計，你也會發現 CPU 和 GPU 都是結合在一起的。這就是為什麼過去幾年我們一直在努力將工作負載移植到 CPU 和 GPU 上的原因。

And a perfect example was when we announced Millennium earlier in the year. So we are moving not just system analysis workloads, which are more GPU friendly, but also EDA workload, which are critical for axillary EDA and 3D-IC to CPU, GPU combination.

今年早些時候我們發布 Millennium 時就是一個完美的例子。因此，我們不僅將更適合 GPU 的系統分析工作負載遷移到 CPU 和 GPU 的組合，還將對輔助 EDA 和 3D-IC 至關重要的 EDA 工作負載遷移到 CPU 和 GPU 的組合。

So what I would like to say is I'm actually very pleased to see that the whole industry now is going towards this combination of CPU plus GPU whether you look at Apple chips or AMD chips and of course, NVIDIA, amazing platform.

所以我想說的是，我很高興地看到整個行業現在都在朝著 CPU 加 GPU 的這種組合發展，無論是蘋果晶片、AMD 晶片，當然還有英偉達的出色平台。

And this partnership with NVIDIA and Intel is good for us in terms of it gives us a new x86 plus GPU and also, we have a long-standing partnership with NVIDIA. And then as Intel does more work with NVIDIA is also good for our overall discussions with Intel, which I think are proceeding well.

與 NVIDIA 和 Intel 的合作對我們來說是件好事，因為它為我們帶來了一款新的 x86 Plus GPU，而我們與 NVIDIA 也有著長期的合作關係。而且，隨著英特爾與英偉達的合作不斷深入，這對我們與英特爾的整體討論也有好處，我認為這些討論進展順利。

And I think Intel has to invest both its ecosystem for foundry and also its own products. And I think Lip-Bu knows that, and it's good to see the investment on both sides.

我認為英特爾必須同時投資於其晶圓代工生態系統和自身產品。我認為 Lip-Bu 也明白這一點，很高興看到雙方都投入了資金。

Just to be clear, aside from the porting that you have to do internally for your own tools, you are presuming that of demand that this customer activity would necessarily increase the consumption of EDA.

需要明確的是，除了您必須在內部為自己的工具進行的移植之外，您還假設這種客戶活動必然會增加 EDA 的消耗。

The customer activity should -- I mean, I think first of all, if the EDA tools get better because of CPU, GPU system being optimized. Typically, the customers will adopt. We are always looking at ways to improve our our tools. And this gives another vehicle to improve the performance of our tools. So that's good for all customers.

客戶活動應該——我的意思是，我認為首先，如果 EDA 工具因為 CPU、GPU 系統的最佳化而變得更好。通常情況下，顧客會接受。我們一直在尋找改進工具的方法。這為我們提升工具效能提供了另一種途徑。這對所有顧客來說都是好事。

And then, I think in this particular partnership, there are specific design activity that needs to be done without getting into too much detail, NV-based IP and -- so yeah, we are working with the particular companies on designed to make this design happen just like we would work with any of the leading designs. So yeah, there is a specific customer activity connected to NVIDIA and Intel. And in general, there is customer benefit if our tools are optimized better on this platform.

然後，我認為在這個特定的合作關係中，有一些具體的設計活動需要完成，這裡就不贅述細節了，例如基於NV的IP等等——所以，是的，我們正在與特定的公司合作，設計實現這一設計，就像我們與任何領先的設計合作一樣。是的，確實存在與英偉達和英特爾相關的特定客戶活動。總的來說，如果我們的工具在這個平台上得到更好的優化，客戶就會受益。

Okay, thank you, Anirudh.

好的，謝謝你，阿尼魯德。

Gianmarco Conti, Deutsche Bank.

吉安馬科·孔蒂，德意志銀行。

Yeah. Hi, there. Thank you for taking my questions. Again, congrats on another great quarter. Maybe just going back towards China, especially given the amazing quarter you guys have had, of course, part of it was recouped from Q2. But how should we think about a sustainable growth rate in the region beyond what was released last quarter.

是的。你好呀。謝謝您回答我的問題。再次恭喜你們又一個季度取得了優異的成績。或許應該重新向中國市場靠攏，特別是考慮到你們本季取得的驚人成績，當然，其中一部分是從第二季彌補的。但是，除了上個季度公佈的數據之外，我們應該如何看待該地區的可持續成長率？

And potentially, if you could give some color on if there's any real risk from yet another ban in the region. Obviously, there was some news flow going on, and I think investors want to be a bit wary about like what was real in terms of potential risk to EDA or what is like a broader macro level impact. Any commentary, that would be great. Thank you.

此外，您能否就該地區再次實施禁令是否存在任何實際風險提供一些細節說明？顯然，當時有一些新聞在流傳，我認為投資者希望對EDA的潛在風險以及更廣泛的宏觀層面的影響保持謹慎。任何評論都非常感謝。謝謝。

Yeah. I think China, like I said, the design activity seems back to normal to me. And I think we mentioned -- of course, when we started the year, we were very prudent because I said before, when I went to China last year, I mean, they were expecting very tough macro environment, geopolitical environment, which turned out to be true in '25. So we were very prudent in our guide of China in the beginning of the year, which turned out to be correct.

是的。我認為，就像我之前說的，中國的設計活動似乎已經恢復正常了。我想我們之前也提到過——當然，年初的時候我們非常謹慎，因為我之前說過，去年我去中國的時候，他們預計宏觀環境和地緣政治環境會非常艱難，而事實證明，2025年的情況確實如此。所以，年初我們制定中國旅遊指南時非常謹慎，事實證明這是正確的。

Now I think at this point, like John also mentioned last time and this time, we expect China to grow. How much it grows will depend, we'll have a better idea. It's very difficult to predict. We'll have better idea at end of the year. But I do expect China to grow this year.

現在我認為，就像約翰上次和這次都提到的那樣，我們預計中國將會成長。它能成長多少還要看狀況，到時候我們會更清楚的。很難預測。到年底我們就會更清楚了。但我預計中國今年將實現成長。

And then it's good to see -- I mean, it's very difficult to predict the geopolitical environment, and I definitely don't want to do that. But it's good to see that there is a lot of discussions between the presidents and two big economies. So any stability there and certainty is good for our business. So we look forward to that.

而且很高興看到——我的意思是，地緣政治環境很難預測，我當然不想預測。但令人欣慰的是，兩國總統與兩個大型經濟體之間進行了許多對話。因此，任何穩定和確定性都對我們的業務有利。所以我們很期待。

But I do expect that design activity is strong and if there is no unforeseen development and the environment is stable, it should help our business.

但我確實預期設計活動會很活躍，如果沒有意外情況發生，環境保持穩定，這應該會對我們的業務有所幫助。

And I just want to remind you that our strength in Q3 is helped by performance in China, but it's very broad-based, given like all the reasons you mentioned the build-out of the AI infrastructure, the emerging design of physical AI, the overall AI megatrend. So we are pleased -- so we are not indexed to any particular country. But it's good to see that the environment is improving in China.

我只想提醒各位，我們第三季的強勁表現得益於中國市場的出色表現，但其基礎非常廣泛，正如您所提到的所有原因，例如人工智慧基礎設施的建設、物理人工智慧的新興設計以及人工智慧的整體發展趨勢。所以我們很高興——因為我們沒有與任何特定國家掛鉤。但令人欣慰的是，中國的環境正在改善。

Yeah. And Gian, I'd like to remind you that our Q4 and full year outlook assumes today's export regime remains substantially similar. And we always incorporate prudence for regulatory variability and we'll continue to comply rigorously with -- while supporting customers globally. And as Anirudh says, we're seeing strength right across all businesses and across all geographies.

是的。吉安，我想提醒你，我們對第四季和全年的展望是基於目前的出口狀況基本上保持不變的假設。我們始終謹慎應對監管變化，並將繼續嚴格遵守相關規定，同時為全球客戶提供支援。正如阿尼魯德所說，我們看到所有業務和所有地區都呈現出強勁的成長勢頭。

Great. Thank you.

偉大的。謝謝。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Yeah. Thanks for taking the question. I was wondering if you could just maybe help us understand like the OpEx dynamics. I think 3Q was a bit better than expected, but 4Q is a bit worse than expected. Is that related to just the Artisan deal timing of closing that? Or just any help there would be helpful.

是的。感謝您回答這個問題。我想問您是否可以幫我們了解營運支出（OpEx）的動態變化。我認為第三季比預期略好，但第四季比預期略差。這是否僅僅與 Artisan 交易的完成時間有關？或者，任何幫助都將不勝感激。

Sure, yeah. But -- yeah, I mean, it's really just the timing of some hardware delivery shifting between Q3 and Q4. But overall, the year is slightly ahead of what we were expecting, and we're pleased by the broad-based execution and strong demand across all product categories. Core EDA software is performing very well.

當然，是的。但是——是的，我的意思是，這實際上只是某些硬體交付時間從第三季度轉移到了第四季度。但總體而言，今年的業績略好於我們的預期，我們對所有產品類別的廣泛執行和強勁需求感到滿意。核心EDA軟體運作非常出色。

Hardware continues to be strong. We're continuing to make progress in SDA and we've continued IP momentum and healthy renewals set up for Q4.

硬體方面依然表現強勁。我們在SDA方面持續取得進展，IP方面也保持了強勁勢頭，並為第四季度做好了健康的續約準備。

I guess maybe the OpEx --

我猜可能是營運支出。--

Sorry, can you repeat the question?

不好意思，您能再說一次問題嗎？

The question was on the OpEx side, like the OpEx timing?

問題出在營運支出方面，例如營運支出的時間安排？

Yeah. So on the OpEx side, we did a small restructure that benefited Q3. The hardware gross margins were very healthy in Q3. And then it's offset a little in Q4 by some new expenses we're picking up from new acquisitions.

是的。因此，在營運支出方面，我們進行了小規模的重組，這對第三季有利。第三季硬體毛利率非常健康。然後在第四季度，由於新收購帶來的一些新支出，部分抵消了這一影響。

Perfect. Thank you.

完美的。謝謝。

Thanks.

謝謝。

Charles Shi, Needham.

石正麗，李約瑟。

Hey, guys. Thanks for taking my question. Anirudh, congrats on the nice results and John, similarly here. The question, I look at the legal growth rate for the overall company for the last three years, it has been maintaining around that 40%-ish plus/minus range. Truly remarkable. Feels like you didn't really step up a bit at all. But when I look under the hood, there are lots of moving parts, right, like let's compare last year versus this year.

嘿，夥計們。謝謝您回答我的問題。Anirudh，恭喜你取得好成績；John，也恭喜你取得好成績。我觀察了公司過去三年的合法成長率，發現它一直保持在 40% 左右。真是令人驚嘆。感覺你一點也沒挺身而出。但當我深入了解之後，會發現其中有很多運作部件，對吧，例如讓我們比較一下去年和今年的情況。

Last year, China was bad. Hardware was decelerating, I think that was largely due to hardware transition into the [Z3, X3]. I mean, I'm looking at the upfront revenue as to inform you about your hardware growth. But this year, both things have turned out much more network positive, like your upfront revenue is probably going to grow somewhere closer to 50%. China looks like at least it's going to grow above the corporate average.

去年中國的情況很糟。硬體發展速度放緩，我認為這主要是由於硬體向…過渡所致。[Z3，X3]。我的意思是，我查看前期收入是為了讓您了解您的硬體成長情況。但今年，這兩件事都對網路發展更加有利，例如，你的預售收入可能會成長到接近 50%。中國看起來至少會比企業平均成長得更快。

So wonder when we look at -- think about next year, do you think both halfway and China can maintain the current momentum, maybe especially on software based on the observation of the Z2, X2 cycle, I believe that was somewhere in between '21 and '24. When you go into like a third tier-ish, the growth rate -- in the Z2, X2 cycle, it decelerated a little bit.

所以我想知道，當我們展望明年時，你認為中國能否保持目前的勢頭，尤其是在軟體方面，根據對 Z2、X2 週期的觀察，我相信那是在 2021 年到 2024 年之間。當進入第三層級左右時，成長率－在 Z2、X2 週期中，成長率有所下降。

So my question is, is this time can be a little bit different in terms of the hardware growth rate going forward? And could any fear of your -- from your customers regarding hardware transition to, let's say, Z4, X4 in the maybe the next one to two years, causing some of the deceleration of compare revenue? I know this is a long question, but I think that this is the most important one when we think about the Cadence outperformance going into next year. Thank you.

所以我的問題是，就未來的硬體成長率而言，這次的情況是否會有所不同？您的客戶是否會擔心在未來一兩年內硬體升級到 Z4、X4 等型號，導致營收成長放緩？我知道這個問題很長，但我認為，當我們考慮 Cadence 明年的出色表現時，這是最重要的問題。謝謝。

Thanks for the question, Charles. We're trying to unpack it. So I think -- I wouldn't focus too much on any one quarter or even any one-half in terms of results. If you recall, last year, the shape of the revenue curve was back-end loaded. Q3-over-Q3 comps can be a bit skewed, particularly as well with China, given that we had that temporary restriction in China from me to the early July.

謝謝你的提問，查爾斯。我們正在嘗試分析它。所以我認為——我不會過度關注任何一個季度甚至任何一個半年的業績。如果你還記得的話，去年的營收曲線呈現出後段成長的趨勢。第三季與第三季的比較可能會有些偏差，尤其是中國市場，因為從我到七月初，中國市場一直處於暫時的限制狀態。

But generally, when you're talking about hardware, demand is very, very strong. But -- and we're seeing a secular trend in hardware demand for many years now because the growth in complexity continues unabated that we're seeing a very strong pipeline for the next six months, and we're ramping up on inventory for some large orders that we have to fill in the next couple of quarters. But -- so we're seeing lots of momentum, and we expect to -- I mean typically -- if I go back, I think the last five, six years, and is typical of Cadence, Q4 bookings would exceed Q4 revenue.

但總的來說，就硬體而言，需求非常非常強勁。但是——而且我們看到硬體需求多年來一直呈現長期趨勢，因為複雜性的成長仍在持續，因此我們看到未來六個月的訂單量非常強勁，我們正在增加庫存，以滿足未來幾個季度必須完成的一些大訂單。但是——所以我們看到了很大的發展勢頭，我們預計——我的意思是，通常情況下——如果我回顧過去五六年，我認為對於 Cadence 來說，第四季度的預訂量通常會超過第四季度的收入。

So we just finished with $7 billion of backlog at the end of Q3, which is a new record for us. Given renewal timing in Q4 and the visibility we have, we'd expect to end '25 at a fresh high. And with that mix being so healthy across all of the different businesses, I think it bodes well for next year.

截至第三季末，我們的積壓訂單總額為 70 億美元，這對我們來說是一個新紀錄。鑑於第四季的續約時間和我們目前掌握的情況，我們預計 2025 年底將創下新高。鑑於各個業務板塊的整體發展如此健康，我認為這預示著明年將會有好結果。

So maybe a quick follow-up, so Anirudh, from your perspective, the current hardware Z3, X3 enough to support 1 trillion transistors, but with the AI really like moving really fast, do you foresee like when you have -- when you probably need to like do another halfway refresh? And is there any light you can shed on this? Thank you.

那麼，也許可以快速跟進一下，Anirudh，從你的角度來看，目前的硬體 Z3、X3 足以支援 1 兆個晶體管，但是隨著人工智慧發展得非常迅速，你預見到什麼時候——什麼時候可能需要進行一次中期更新？您對此有何見解嗎？謝謝。

Yeah. Charles, yeah, I am very confident in the hardware position. We talked about Palladium. We're the only company that designs our own chips and also protium with FPGA systems, and that's also doing well with a dynamic deal. And like John said, we do see good demand. Now I just want to remind you that when we guide we always are prudent given hardware is not as predictable as software.

是的。查爾斯，是的，我對硬體崗位非常有信心。我們討論了鈀。我們是唯一一家既設計自己的晶片，又利用 FPGA 系統進行生產的公司，而且憑藉動態交易，我們的業務也發展良好。正如約翰所說，我們確實看到了良好的市場需求。現在我只想提醒大家，我們在提供指導時總是非常謹慎，因為硬體不像軟體那樣可預測。

But it is almost -- even though we reported upfront revenue, but what has happened is that all these big customers are almost buying every year. It's not that they're buying -- so the buying behavior is different than four, five years ago because they're doing so much design at all the really big customers, it has almost become like annual subscription, even though financially, it is reported, of course, at upfront.

但實際上——儘管我們公佈了預售收入，但實際情況是，所有這些大客戶幾乎每年都在購買。並不是說他們真的在購買——所以他們的購買行為與四五年前不同，因為他們為所有真正的大客戶做了很多設計，這幾乎變成了年度訂閱，儘管從財務角度來看，當然，它是預付的。

So now will the hardware trend continue? I mean, right now, I don't see any reason that it won't and so I think '26 will be stronger than '25. How much stronger, we will have a better idea.

那麼硬體發展趨勢會持續下去嗎？我的意思是，就目前而言，我看不出有什麼理由它不會，所以我認為 2026 年會比 2025 年更強。實力增強多少，我們就會更清楚了。

Now in terms of our next generation, we are always investing in R&D. We have a huge investment in R&D, as you know, 35% of our revenue is invested in R&D, but if you look at the expense side, almost 65% of our expense is invested in R&D and about 25% is invested in application engineering.

至於我們的下一代，我們一直在研發方面進行投資。如您所知，我們在研發方面投入巨大，我們收入的 35% 都投入到了研發中；但如果您看一下支出方面，我們近 65% 的支出都投入到了研發中，約 25% 投入了應用工程中。

So more than 90% of our investment and headcount is in engineering, customer support and R&D. And that's true for hardware. So we are -- we don't want to get into all the details, but you can assume we are well on our way designing the next generation of hardware systems and they will come in time.

因此，我們90%以上的投資和人員都投入了工程、客戶支援和研發領域。硬體方面也是如此。所以，我們——我們不想透露所有細節，但你可以認為我們正在穩步推進下一代硬體系統的設計，它們終將面世。

One thing -- good thing is about our current systems already support 1 trillion transistor design, and that is supposed to happen in 2030, but before 2030, we will have a next generation of hardware, which will support it for the next five years. So I think I'm pretty confident in our hardware road map, and the demand itself, I think because Harlem, you know all this area well, I mean, AI, the chips are only getting bigger.

有一點——也是件好事——是我們目前的系統已經支援 1 兆個電晶體的設計，而這原本應該在 2030 年實現，但在 2030 年之前，我們將擁有下一代硬件，它將在未來五年內支持這一目標。所以我覺得我對我們的硬體路線圖和市場需求都相當有信心，因為哈萊姆，你很了解這個地區，我的意思是，人工智慧晶片只會越來越大。

And also, what's happening is like even with like Blackwell, it's not just one chip now. We have multiple chips and then grace together. So the customers are also not emulating just one chip, which is growing 2x every node, they're emulating systems of chips like Grace and Blackwell together or if you have chiplet with architectures.

而且，現在的情況是，即使是像布萊克威爾這樣的公司，也不僅僅只有一個晶片了。我們有多個晶片，然後一起進行感恩儀式。因此，客戶不僅模擬單一晶片（每個節點晶片尺寸都會翻倍），他們還模擬像 Grace 和 Blackwell 這樣的晶片系統，或模擬具有架構的晶片組。

So the demand for hardware may move faster than just more or technology scaling because of this 3D-IC, but again, we will see that we are well positioned. We'll see how it progresses. But systemically, there is no issue in demand for hardware and our competitive position.

因此，由於 3D-IC 的出現，對硬體的需求成長速度可能比單純的技術擴展或普及速度更快，但我們再次看到，我們已經做好了充分的準備。我們拭目以待。但從系統層面來看，硬體需求和我們的競爭地位都沒有問題。

Charles, there was a lot in your question, I think you referred to upfront recurring revenue as well. I mean we continue to frame '25 around 80-20 recurring to upfront on a rolling four-quarter basis. And I think as you mentioned in your question, the variability quarter to quarter is driven mainly by strong upfront businesses like hardware and IP and the timing of China ratable revenue earlier in the year that with core EDA growing so well, we're comfortable that 80-20 is probably the right mix of business for the foreseeable future.

查爾斯，你的問題包含了很多內容，我想你也提到了前期經常性收入。我的意思是，我們繼續將 2025 年的預算框架設定為 80-20 的經常性支出與預付款比例，以滾動四個季度為基礎。正如你在問題中提到的，我認為季度間的波動主要受強勁的早期業務（如硬體和智慧財產權）以及年初中國可計入收入的時間影響。鑑於核心EDA業務成長良好，我們相信80-20的業務組合在可預見的未來可能是合適的。

Thanks for the insight.

謝謝你的見解。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Hi, guys. Thanks so much for squeezing me in, and let me extend my congratulations. I really just had a clarification or a question to get to a clarification. So if I recall correctly, given the timing of the export control repeal, which I believe is July 2, your China backlog was not in your June quarter ending backlog. But I presume now that it is. So given that $600 million revenue -- or $600 million delta in your backlog, how much of that was a function of the inclusion of China backlog versus the prior quarter?

嗨，大家好。非常感謝您抽空接待我，也請容許我向您表示祝賀。我其實只是想澄清一下，或者說，我有個問題想澄清。所以如果我沒記錯的話，考慮到出口管制取消的時間（我認為是 7 月 2 日），你們在中國積壓的訂單並不包含在你們 6 月份季度末的積壓訂單中。但我現在認為確實如此。鑑於 6 億美元的收入（或 6 億美元的積壓訂單增量），其中有多少是由於納入了中國積壓訂單而實現的（與上一季相比）？

Yeah, hi. Let me take a crack at it and then I think right, our backlog grew from $6.4 billion to $7 billion. So there's a growth of $600 million. So I think about -- I would say about 25% of that, about $150 million is catch-up from Q2 to Q3. And the rest growth growth strength across our business.

嗨，你好。讓我試著算一下，然後我想，對了，我們的積壓訂單從 64 億美元增加到了 70 億美元。所以成長了6億美元。所以我認為——其中大約 25%，也就是大約 1.5 億美元，是第二季到第三季的追趕金額。其餘業務也實現了強勁成長。

No, that's exactly right.

沒錯，完全正確。

Appreciate it. So good numbers. Thank you.

謝謝。數據不錯。謝謝。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Thank you for taking the question. Anirudh, I appreciate the comments on the mechanics of the strength in the IP business and specifically, the demand for design IP you're seeing for AI projects. I wanted to follow up with just how the wallet opportunity is changing with those AI projects.

感謝您回答這個問題。Anirudh，我感謝你對智慧財產權業務實力機制的評論，特別是你看到的AI專案對設計智慧財產權的需求。我想進一步了解這些人工智慧專案是如何改變錢包的機會的。

Specifically, do you see any potential for growing pains or lower profitability to serve the industry as they make more customer bespoke technologies with chiplet or custom memory designs incorporated into those AI and HPC designed has cadence changed its investment plan or selling motion to serve that more custom nature required by the industry? Or is that even needed at all? Thank you.

具體來說，您認為隨著產業需要更多客製化技術，例如晶片組或客製化記憶體設計，以及人工智慧和高效能運算技術的發展，Cadence 是否改變了其投資計畫或銷售策略，以滿足產業對客製化技術的需求，從而導致產業發展過程中可能出現的陣痛或獲利能力下降？或者說，這根本就沒有必要嗎？謝謝。

Yeah, great question. Great question. I mean, this is a big trend, right, design of custom silicon. I mean we have talked about it for years. System companies doing silicon.

嗯，問得好。問得好。我的意思是，客製化矽晶片的設計是一個很大的趨勢，對吧？我的意思是，我們已經討論這個問題好幾年了。從事晶片製造的系統公司。

And as you know, about 45% of our business is coming from system companies, and 55% is coming from semi companies. And so -- so with this, especially with AI, there is acceleration of custom silicon, and I think one different from six months ago or one year ago to now is when I look at these big system companies, they are more and more committed to custom silicon. And of course, we have a great partnership with NVIDIA and NVIDIA is going to do phenomenally well.

如您所知，我們約 45% 的業務來自系統公司，55% 來自半導體公司。因此——尤其是在人工智慧領域，客製化晶片正在加速發展。我認為與六個月前或一年前相比，現在的一個不同之處在於，當我觀察這些大型系統公司時，他們越來越致力於客製化晶片。當然，我們與英偉達建立了良好的合作關係，英偉達也一定會取得巨大的成功。

But so will custom silicon and we can see from Broadcom results and we also work very closely with Broadcom and the customers themselves. So -- and there's opportunities because the demand is so high in terms of -- if you look at all these big customers, they're projecting AI compute demand to grow like 2x every year for next several years.

但客製化晶片也能做到這一點，我們可以從博通的成果中看出這一點，而且我們也與博通和客戶本身保持著非常密切的合作關係。所以——而且機會也很多，因為需求非常高——如果你看看所有這些大客戶，他們預計未來幾年人工智慧運算需求每年都會增加2倍。

So I think there is growth for everyone involved in that. And the benefit of doing custom silicon, at least for the inference part, can be so high that they are willing to invest in EDA internal chip design.

所以我認為這對所有參與者都有成長機會。客製化晶片的好處，至少在推理部分，可能非常高，以至於他們願意投資 EDA 內部晶片設計。

So I think the financial and the customization benefit for our customers. And these are, of course, the biggest companies in the world is significant doing custom silicon. You can look at all the big ones like Google and Meta and all the others like Microsoft, Amazon, Tesla. So I think there's going to be acceleration of that. And as they do more internal design, of course, they need to invest in EDA and IP and hardware.

所以我認為這對我們的客戶來說既有利可圖，又能帶來客製化方面的好處。當然，這些都是全球最大的客製化晶片公司，它們在晶片製造領域具有重要意義。你可以看看像Google、Meta這樣的大公司，以及其他公司，像是微軟、亞馬遜、特斯拉。所以我認為這種情況會加速發展。當然，隨著他們進行更多內部設計，他們需要投資EDA、IP和硬體。

So I think the trend is healthy there. Profitability questions are similar. We want to have discipline in our pricing. So our profitability is similar, but the benefit to our system companies is high as they do their own chips.

所以我認為這種趨勢是健康的。獲利能力方面的問題也類似。我們希望在定價方面保持紀律性。因此，我們的獲利能力相似，但由於我們的系統公司可以自行生產晶片，所以他們獲得的收益很高。

Yeah. Thanks very much.

是的。非常感謝。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Thank you. Anirudh, I had a quick question, I hope, on a comment you made during your prepared remarks about collaborating with a customer on next-generation agentic AI solutions. I'm wondering, is that something that you're seeing across a wide swath of your end customers?

謝謝。Anirudh，我有一個簡短的問題，希望你能解答。這個問題是關於你在事先準備好的發言中提到的與客戶合作開發下一代智慧人工智慧解決方案。我想知道，這種情況是否在您的大部分終端客戶中都存在？

And if so, just wondering if you could walk through maybe some of the implications of that, whether it's how some of those collaborative efforts on that type of solution might be monetized longer term? And how you're thinking about agentic AI overall relative to specific it almost sounds like custom solutions by customer versus a broader agentic AI solution set that cadence might offer to the broader ecosystem? Thank you.

如果是這樣的話，我想知道您能否詳細解釋一下這可能帶來的一些影響，例如這類解決方案的合作努力在長期內如何實現盈利？您如何看待整體上的智慧體人工智慧，相對於具體的客戶客製化解決方案而言，這聽起來更像是 Cadence 可能向更廣泛的生態系統提供的更廣泛的智慧體人工智慧解決方案集？謝謝。

Yeah. It's a great question. We could talk for a while on this one. And -- and we are privileged to have the partnership with several companies on AI. I mean, not just the Design of AI, but AI for Design in our solutions and especially on agentic AI because this is a new emerging area.

是的。這是一個很好的問題。關於這個問題，我們可以聊很久。而且—我們很榮幸能與多家公司在人工智慧領域建立合作關係。我的意思是，不僅是人工智慧的設計，而是人工智慧在我們的解決方案中的設計應用，尤其是智慧體人工智慧，因為這是一個新興領域。

We have like five major AI platforms. But what is unique about agentic AI, of course, is all the gen AI stuff. And if you look at even one of the biggest applications of AI is vibe coding or software development. But if you look at it, part of the chip design is also coding. We have automated, like I mentioned earlier, 90% of the workflow for chip design.

我們有五大人工智慧平台。當然，智能體人工智慧的獨特之處在於它包含了所有關於基因人工智慧的內容。即使你看看人工智慧最大的應用之一，那就是程式碼編寫或軟體開發。但仔細觀察就會發現，晶片設計的一部分也是編碼。正如我之前提到的，我們已經實現了晶片設計工作流程90%的自動化。

But one part of workload, which is not automated is the customers still have to write RTL. RTL is like a -- is like a language, register transfer language that describes the chip. And this happens in the very beginning part of the chip design process. So that process is still manual.

但有一部分工作量尚未自動化，那就是客戶仍然需要編寫 RTL 程式碼。RTL 就像一種語言，即暫存器傳輸語言，它描述了晶片。這種情況發生在晶片設計過程的最初階段。所以這個過程還是手動操作的。

But the algorithm that is helping vibe coding or C++ coding for general software development, these agenting methods can also help for RTL development, okay? And it can provide a lot of benefit to this 10% of the workflow that is not automated.

但是，這些用於輔助 Vibe 編碼或 C++ 編碼等通用軟體開發的演算法，同樣也可以用於 RTL 開發，好嗎？它可以為那 10% 尚未自動化的工作流程帶來許多好處。

So therefore, we have a massive investment in agentic AI, which you will see as we announce more products going forward. And we already have several partnership in there, and we are highlighting one of them. And the way we are going to market there is this is longer is through JEDI. I've talked about JEDI before.

因此，我們對智能體人工智慧進行了大量投資，隨著我們未來發布更多產品，您將會看到這一點。我們目前已經與多家機構建立了合作關係，現在重點介紹其中一家。我們向那裡推廣的方式是，透過 JEDI 進行推廣，時間會更長。我之前談過JEDI。

So JEDI is joint enterprise data and AI platform. So it does have some standardized component. The database is standard, all the models are available. AI models has interfaced to all our AI tools. So part of JEDI is standard across all customers, and we work with foundries and all to train our models.

所以 JEDI 是企業資料和人工智慧的聯合平台。所以它確實包含一些標準化的組成部分。資料庫是標準化的，所有模型都可用。AI模型已與我們所有的AI工具對接。因此，JEDI 的一部分是所有客戶的標準配置，我們與代工廠等各方合作來訓練我們的模型。

Now part of it could be customer specific, okay? And in that case, the data is held at the customer side. And that's why we architected JEDI from the very beginning to be both on-prem and cloud-based because sometimes the customers want it cloud-based, but sometimes if they want data to be localized, they want it on-prem.

其中一些可能因客戶而異，對吧？在這種情況下，資料保存在客戶端。因此，我們從一開始就將 JEDI 設計成既支援本地部署又支援雲端部署，因為有時客戶希望它基於雲端，但有時如果他們希望資料在地化，他們就希望它基於本地。

So that's why for years, we have invested in this unique platform, JEDI, that allows us not just to build unique solutions like RTL development and verification plan development, but also deploy it either in a general way or more specialized to a particular big customer.

因此，多年來，我們一直投資於 JEDI 這個獨特的平台，它不僅使我們能夠構建 RTL 開發和驗證計劃開發等獨特的解決方案，而且還能以通用方式或更專門的方式將其部署到特定的大客戶。

But I'm pretty optimistic in how agentic AI can automate the remaining part that was manual and again, focus our customers to do higher-level tasks and remove some of the mundane task of RTL coding, verification plan generation, things like that.

但我對智慧AI如何自動化剩餘的手動部分持相當樂觀的態度，並再次讓我們的客戶專注於更高層次的任務，並消除RTL編碼、驗證計劃生成等一些繁瑣的任務。

It's very helpful. Thank you, Anirudh.

這很有幫助。謝謝你，阿尼魯德。

Joshua Tilton, Wolfe Research.

Joshua Tilton，沃爾夫研究公司。

Thank you so much, guys, for sneaking me in here and congrats on a very strong quarter. Given the time, I'm just going to actually ask a pretty direct clarification question. John, I think it's pretty much for you. In the event that you do see some impacts in the China region, given the ongoing tariff negotiations this coming quarter, do you feel or can you help us understand how you handicap the updated guidance for some -- for some, if any, potential negativity in the region?

非常感謝各位讓我有機會來到這裡，也祝賀你們取得了非常出色的季度業績。鑑於時間允許，我就直接問一個比較直接的澄清問題吧。約翰，我覺得這很適合你。如果您看到中國地區在即將到來的季度中將受到一些影響，考慮到正在進行的關稅談判，您是否認為或您能否幫助我們理解您如何評估更新後的指導意見對該地區可能產生的負面影響？

Hi, Josh. I mean, that's a great question. I'd love to be able to tell the future. The -- I mean, as always, we incorporate prudence for all kinds of regulatory variability and we base our guidance, assuming that today's export regime remains substantially similar going forward through the end of 2025, but it's very, very hard to predict what's going to happen. But by all reports that we've hired that we believe that geopolitical tensions are lower than people expect.

嗨，喬希。我的意思是，這真是個好問題。我真希望自己能預知未來。我的意思是，和以往一樣，我們會謹慎考慮各種監管變化，並且我們的指導意見是基於這樣的假設：目前的出口制度在 2025 年底之前基本上保持不變，但是預測未來會發生什麼是非常非常困難的。但根據我們聘請的所有人員的報告，我們認為地緣政治緊張局勢低於人們的預期。

Helpful. Thank you, guys, again for sneaking me in and congrats again on a good quarter.

很有幫助。再次感謝各位讓我偷偷溜進來，也再次恭喜你們本季業績優異。

No worries. Thank you.

不用擔心。謝謝。

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

現在我將把電話轉回給阿尼魯德·德夫根，請他作總結發言。

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 road map and working hard to delight our customers and partners. On behalf of our Board of Directors, we thank our customers, partners and investors for their continued trust and confidence in Cadence.

感謝各位今天下午蒞臨。對於 Cadence 而言，這是一個令人興奮的時刻，公司業務發展勢頭強勁，在半導體和系統客戶方面擁有不斷增長的機會。我們擁有世界一流的員工隊伍，將繼續推進我們的創新路線圖，並努力讓我們的客戶和合作夥伴滿意。我們謹代表董事會，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 third-quarter 2025 earnings conference call. This concludes today's call, and you may now disconnect.

女士們、先生們，感謝各位參加今天 Cadence 2025 年第三季財報電話會議。今天的通話到此結束，您可以掛斷電話了。