益華電腦 (CDNS) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cadence first quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生們，下午好。我叫 Abby，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Cadence 2026 年第一季財報電話會議。（接線員指示）

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。接下來我將把電話交給 Cadence 投資人關係副總裁 Richard Gu。請開始。

Thank you, operator. I'd like to welcome everyone to our first quarter of 2026 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，接線員。歡迎各位參加我們 2026 年第一季財報電話會議。今天與我一同出席的有總裁暨執行長 Anirudh Devgan，以及資深副總裁暨財務長 John Wall。

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天的書面講稿將公布於我們的網站 cadence.com。今天的討論將包含前瞻性陳述，包括我們對未來業務與營運結果的展望。由於存在風險與不確定性，實際結果可能與今日討論中所預測或暗示者有重大差異。

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.

關於可能導致實際結果出現差異的因素，請參閱我們向 SEC 提交的文件，包括最新的 10-K 與 10-Q 表格、CFO 評論，以及今天的財報新聞稿。本次電話會議中的所有前瞻性陳述均基於截至今日我們可取得的估計與資訊，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衡量指標均為非 GAAP。非 GAAP 指標不應被孤立看待，亦不應作為 GAAP 結果的替代。GAAP 與非 GAAP 指標之間的調節表已包含於今天的財報新聞稿中。

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

在今天的問答環節，我們請各位每次僅限提一個問題。若時間允許，您可以重新排隊提出其他問題。

Now I turn the call over to Anirudh.

現在我把電話交給 Anirudh。

Thank you, Richard. Good afternoon, everyone, and thank you for joining us today. I'm pleased to report that Cadence had a strong start to 2026 with accelerating AI demand and disciplined execution, delivering one of the best Q1s in company's history.

謝謝你，Richard。各位下午好，感謝今天加入我們。我很高興向各位報告，Cadence 在 2026 年開局強勁，AI 需求加速成長且執行紀律到位，交出公司史上表現最佳的第一季之一。

Our record backlog of $8 billion was ahead of plan. Reflecting strong customer confidence in our AI-driven portfolio and its pivotal role in enabling delivery of their increasingly complex chip and system design roadmaps. Given the accelerating momentum of our business, we are raising our 2026 revenue growth outlook to 17% and expect to achieve the rule of 60% for the first time. John will provide more details in a moment.

我們創紀錄的 80 億美元在手訂單（backlog）高於原先計畫。這反映客戶對我們 AI 驅動產品組合的高度信心，以及其在支援客戶日益複雜的晶片與系統設計藍圖交付方面所扮演的關鍵角色。鑑於業務動能持續加速，我們將 2026 年營收成長展望上調至 17%，並預期將首次達成 60% 法則（rule of 60%）。John 稍後會提供更多細節。

Agentic AI era is here, and Cadence is leading the transformation of semiconductor and system design. At CadenceLIVE Silicon Valley 2026. We took a major step towards fully autonomous chip design, pioneering the industry's most advanced and comprehensive agentic full-flow platform.

代理式 AI（agentic AI）時代已經到來，而 Cadence 正引領半導體與系統設計的轉型。在 CadenceLIVE Silicon Valley 2026 上，我們朝向全自主晶片設計邁出重要一步，率先推出業界最先進且最完整的代理式全流程平台。

We introduced AgentStack, the head agent framework for our AI super-agent, which enables knowledge sharing across the design flow and extend autonomous designs from chips to 3D-IC to systems. Building on our revolutionary ChipStack AI Super Agent for RTL design and verification, we introduced two new breakthrough AI Super Agents, ViraStack for analog and custom design and InnoStack for digital implementation and sign-off.

我們推出 AgentStack，作為 AI 超級代理（super-agent）的主代理框架，可在設計流程中實現知識共享，並將自主設計從晶片延伸至 3D-IC 乃至系統層級。在我們具革命性的 ChipStack AI 超級代理（用於 RTL 設計與驗證）基礎上，我們再推出兩款全新突破性的 AI 超級代理：用於類比與客製化設計的 ViraStack，以及用於數位實作與簽核（sign-off）的 InnoStack。

Together, these solutions span the entire chip design flow, creating a connected, continuous learning platform that brings the industry closer to comprehensive automation. as the industry begins transitioning to agentic AI, the need for physically accurate and highly mathematical EDA solutions become even more critical.

這些解決方案合計涵蓋整個晶片設計流程，打造一個互聯、持續學習的平台，使產業更接近全面自動化。隨著產業開始轉向代理式 AI，對具物理精準度且高度數學化的 EDA 解決方案之需求變得更加關鍵。

Our Agentic AI solutions are built on decades of domain expertise, proprietary data, and tightly integrated physically accurate engines, delivering high-fidelity results. We continue to view our platform as a three-layer kick with accelerate compute and data as the base layer, principal simulation and optimization as the critical middle layer, and agentic AI as the top layer.

我們的代理式 AI 解決方案建立在數十年的領域專業、專有資料，以及緊密整合且具物理精準度的引擎之上，能提供高擬真（high-fidelity）的結果。我們持續將平台視為三層架構：以加速運算與資料為底層，以核心模擬與最佳化為關鍵中層，而以代理式 AI 為頂層。

As I've said before, we believe the greatest value comes from the tight coupling of these layers, reinforcing each other to deliver much better results. As these super agents invoke our simulation, verification and implementation engines at scale, we expect them to materially expand EDA consumption and drive higher usage across our platforms.

如我先前所說，我們相信最大的價值來自這些層之間的緊密耦合，彼此強化以交付更佳成果。隨著這些超級代理大規模呼叫我們的模擬、驗證與實作引擎，我們預期將顯著擴大 EDA 的使用量，並帶動我們各平台更高的使用率。

We announced a strategic collaboration with Google to optimize the ChipStack AI super-agent with Gemini on Google Cloud. By combining LLM reasoning with GCP scalable compute, this collaboration delivers a cloud-native platform for next-generation chip development.

我們宣布與 Google 展開策略合作，在 Google Cloud 上以 Gemini 最佳化 ChipStack AI 超級代理。透過結合 LLM 推理能力與 GCP 可擴展運算資源，此合作提供一個雲端原生平台，用於下一代晶片開發。

In Q1, we furthered our long-standing partnership with MediaTek through a wide-ranging expansion across our new agentic AI offerings and core EDA, 3D-IC and system analysis solutions. Physical AI is emerging as the next big wave of intelligence as AI moves into autonomous systems, autos, drones and robotics, and Cadence is uniquely positioned to lead this transition.

在第一季，我們透過在新代理式 AI 產品與核心 EDA、3D-IC 及系統分析解決方案上的廣泛擴展，進一步深化與聯發科（MediaTek）長期以來的合作夥伴關係。隨著 AI 走向自主系統、汽車、無人機與機器人，物理 AI（Physical AI）正成為下一波重大智慧浪潮，而 Cadence 具備獨特優勢引領此一轉型。

The addition of Hexagon's D&E leading structural and multi-body dynamics technologies transforms our system analysis portfolio to a leadership position in physical AI, enabling customers to build and train fundamentally new AI world models by narrowing the critical sim to real gap.

納入 Hexagon 旗下 D&E 領先的結構與多體動力學技術後，我們的系統分析產品組合在物理 AI 領域躍升至領導地位，透過縮小關鍵的「模擬到真實」（sim-to-real）落差，使客戶能建立並訓練全新的 AI 世界模型。

At CadenceLIVE Silicon Valley, we announced an expanded partnership on AI and robotics with NVIDIA. By combining our agentic AI-driven solutions with NVIDIA's advanced technologies, we are accelerating engineering workflows and boosting productivity across chip design, physical AI systems, and hyperscale AI factories.

在 CadenceLIVE Silicon Valley 上，我們宣布與 NVIDIA 在 AI 與機器人領域擴大合作夥伴關係。透過結合我們的代理式 AI 驅動解決方案與 NVIDIA 的先進技術，我們正加速工程工作流程，並提升晶片設計、物理 AI 系統以及超大規模 AI 工廠的生產力。

Now, let me provide an update on our businesses. Our IP business continued its strong momentum with 22% year-over-year revenue growth, driven by accelerating demand of AI, HPC, and automotive workloads. Growing complexity of advanced node designs and chiplet-based architectures is driving strong demands of our differentiated Star IP portfolio across interface, memory and foundation IP.

接下來，我提供各項業務的最新進展。我們的 IP 業務延續強勁動能，營收年增 22%，主要受 AI、HPC 與車用工作負載需求加速所帶動。先進製程節點設計與以 chiplet 為基礎的架構日益複雜，正推動市場對我們具差異化的 Star IP 產品組合在介面、記憶體與基礎 IP 方面的強勁需求。

We achieved meaningful competitive wins and customer expansions at marquee accounts, reflecting the breadth of our portfolio and more importantly, the differentiated performance of our solutions. We closed a record deal with the leading global foundry, marking our largest IP engagement with this customer to date and reinforcing our leadership at the most advanced nodes.

我們在指標性客戶（marquee accounts）取得具意義的競爭性勝利與客戶擴張，反映我們產品組合的廣度，更重要的是我們解決方案的差異化效能。我們與全球領先晶圓代工廠完成一筆創紀錄的交易，這是我們迄今與該客戶最大規模的 IP 合作案，並強化我們在最先進節點的領導地位。

With strong market tailwinds, focused strategy and expanding customer proliferation, we remain very well positioned for continued growth in IP.

在強勁的市場順風、聚焦的策略以及客戶滲透率持續擴大之下，我們在 IP 領域仍具備非常有利的持續成長定位。

Our core EDA business delivered another strong quarter, with revenue growing 18% year-over-year, driven by increasing proliferation of our solutions at market-shaping customers. Our AI-driven solutions, and increasingly, our agentic offerings are becoming an important part of customer renewals and expansions. Demand for our hardware accelerated in Q1, resulting in our best quarter ever, led by AI HPC customers and increasing demand in automotive and robotics.

我們的核心 EDA 業務再度交出強勁的一季，營收年增 18%，主要受我們解決方案在塑造市場的客戶群中持續擴大採用所帶動。我們的 AI 驅動解決方案，以及日益增加的代理式產品，正成為客戶續約與擴張的重要組成。第一季我們的硬體需求加速成長，帶來歷來最佳單季表現，主要由 AI HPC 客戶帶動，同時車用與機器人領域需求也在增加。

Palladium Z3 continues to be the gold standard for emulation and drove multiple competitive displacement. Momentum on verification software grew, particularly in Xcelium and Verisium SimAI. And ChipStack generated tremendous customer interest, with a large number of evaluations underway. Led by AI-driven Cadence Cerebrus solution, our digital platform continues to gain share, especially at the most advanced nodes.

Palladium Z3 仍是仿真（emulation）的黃金標準，並促成多起競品替換。驗證軟體動能成長，尤其是 Xcelium 與 Verisium SimAI。而 ChipStack 引發客戶高度興趣，目前已有大量評估案在進行中。在 AI 驅動的 Cadence Cerebrus 解決方案帶領下，我們的數位平台持續提升市占，特別是在最先進節點。

A global semiconductor design leader significantly increased their Innovus usage and adopted our digital signoff solutions, and a marquee AI infrastructure company expanded their usage of our signoff solutions in their leading-edge ASIC designs.

一家全球半導體設計領導廠商大幅提升其 Innovus 的使用量並採用我們的數位簽核（digital signoff）解決方案；同時，一家指標性的 AI 基礎設施公司也在其先進製程 ASIC 設計中擴大採用我們的簽核解決方案。

In custom and analog, our AI-driven Virtuoso Studio continued its strong momentum in design migration and layer automation as it gets increasingly deployed by analog and mixed signal leaders seeking greater productivity.

在客製與類比領域，我們以 AI 驅動的 Virtuoso Studio 在設計遷移與層（layer）自動化方面持續展現強勁動能，並正被追求更高生產力的類比與混合訊號領導廠商日益廣泛地部署。

Our System Design and Analysis business delivered 18% year-over-year revenue growth as AI-driven multiphysics simulation and 3D-IC become essential to addressing growing system challenges. We have strong momentum in 3D-IC, where our unified multi-die integrated design to analysis flow is helping customers address their rising chiplet and advanced packaging complexities.

我們的系統設計與分析業務年增 18% 的營收成長，因為 AI 驅動的多物理（multiphysics）模擬與 3D-IC 已成為因應日益增加之系統挑戰的關鍵。我們在 3D-IC 方面也具備強勁動能；我們統一的多晶粒（multi-die）整合式「設計到分析」流程，正協助客戶因應其日益攀升的 chiplet 與先進封裝複雜度。

We also saw strong momentum in security and clarity, with multiple memory and advanced IC packaging customers expanding their deployments as they move to higher-speed interfaces. Customer adoption is increasing as they look to address signal integrity, power integrity and thermal challenges earlier in the design flow through deployment of a full Cadence signoff flow.

我們也在安全性與清晰度（clarity）方面看到強勁動能，隨著客戶轉向更高速的介面，多家記憶體與先進 IC 封裝客戶擴大其部署。隨著客戶希望透過部署完整的 Cadence 簽核流程，在設計流程更早期解決訊號完整性、電源完整性與熱（thermal）挑戰，客戶採用度正持續提升。

In closing, I'm pleased with our strong execution and the broad-based momentum of our business. As the agentic AI era unfolds, Cadence is leading the charge to realizing much higher design productivity, increasing design complexity, and the growing need for productivity is creating a compelling long-term opportunity for Cadence. With our differentiated solutions and expanding agentic AI portfolio, I believe we are very well positioned to lead this transition and continue delivering meaningful innovation and value to our customers.

最後，我對我們強勁的執行力以及業務全面性的動能感到滿意。隨著代理式 AI（agentic AI）時代展開，Cadence 正引領實現更高的設計生產力、面對日益增加的設計複雜度；而對生產力日益成長的需求，正為 Cadence 創造極具吸引力的長期機會。憑藉我們具差異化的解決方案與持續擴展的代理式 AI 產品組合，我相信我們已具備非常有利的定位來引領這項轉型，並持續為客戶帶來具意義的創新與價值。

Now I will turn it over to John to provide more details on the Q1 results and our updated 2026 outlook.

接下來我把時間交給 John，請他就 2026 年第一季（Q1）業績與我們更新後的 2026 年展望提供更多細節。

Thanks, Anirudh, and good afternoon, everyone. I'm pleased to report that Cadence delivered excellent results for the first quarter of 2026, with accelerating momentum and broad-based strength across all our businesses. Robust design activity, coupled with our solid execution, drove 19% year-over-year revenue growth and 45% operating margin for Q1. First quarter bookings were ahead of expectations, resulting in a record backlog of $8 billion.

謝謝你，Anirudh，各位下午好。我很高興報告 Cadence 在 2026 年第一季交出優異成績，動能加速，且我們所有業務皆展現廣泛的強勁表現。強勁的設計活動，加上我們穩健的執行力，帶動 Q1 營收年增 19%，營業利益率達 45%。第一季訂單金額優於預期，使得積壓訂單（backlog）創下 80 億美元的紀錄新高。

Here are some of the financial highlights from the first quarter, starting with the P&L. Total revenue was $1.474 billion. GAAP operating margin was 29.3%. Non-GAAP operating margin was 44.7%. GAAP EPS was $1.23, and non-GAAP EPS was $1.96.

以下是第一季的一些財務重點，先從損益表（P&L）開始。總營收為 14.74 億美元。GAAP營業利益率為 29.3%。非 GAAP 營業利益率為 44.7%。GAAP 每股盈餘（EPS）為 1.23 美元，非 GAAP EPS 為 1.96 美元。

Next, turning to the balance sheet and cash flow. Our cash balance was $1.407 billion, while the principal value of debt outstanding was $2.925 billion. Operating cash flow was $356 million. DSOs were 67 days, and we used $200 million to repurchase Cadence shares.

接著看資產負債表與現金流。我們的現金餘額為 14.07 億美元，而未償還債務的本金金額為 29.25 億美元。營運現金流為 3.56 億美元。應收帳款週轉天數（DSO）為 67 天，我們並使用 2 億美元回購 Cadence 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. For our updated outlook for 2026, we expect revenue in the range of $6.125 billion to $6.225 billion; GAAP operating margin in the range of 27.5% to 28.5%; non-GAAP operating margin in the range of 43.5% to 44.5%; GAAP EPS in the range of $4.39 to $4.49; non-GAAP EPS in the range of $7.85 to $7.95; operating cash flow in the range of $1.875 billion to $1.975 billion, and we expect to use approximately 50% of our free cash flow to repurchase Cadence shares in 2026.

在我提供更新後的展望之前，我想先強調，其中包含一項一如往常的假設：目前既有的出口管制法規在今年剩餘期間仍大致維持相近。針對我們更新後的 2026 年展望，我們預期營收介於 61.25 億至 62.25 億美元；GAAP 營業利益率介於 27.5% 至 28.5%；非 GAAP 營業利益率介於 43.5% 至 44.5%；GAAP EPS 介於 4.39 至 4.49 美元；非 GAAP EPS 介於 7.85 至 7.95 美元；營運現金流介於 18.75 億至 19.75 億美元；並預期在 2026 年使用約 50% 的自由現金流回購 Cadence 股票。

With that in mind, for Q2, we expect revenue in the range of $1.555 billion to $1.595 billion; GAAP operating margin in the range of 28.5% to 29.5%; non-GAAP operating margin in the range of 44.5% to 45.5%; GAAP EPS in the range of $1.07 to $1.13; and non-GAAP EPS in the range of $2.02 to $2.08. And as usual, we published a CFO commentary document on our Investor Relations website, which includes our outlook for additional items as well as further analysis and GAAP to non-GAAP reconciliations.

基於上述前提，針對 Q2，我們預期營收介於 15.55 億至 15.95 億美元；GAAP 營業利益率介於 28.5% 至 29.5%；非 GAAP 營業利益率介於 44.5% 至 45.5%；GAAP EPS 介於 1.07 至 1.13 美元；非 GAAP EPS 介於 2.02 至 2.08 美元。照例，我們已在投資人關係網站發布 CFO 評論文件，其中包含其他項目的展望、進一步分析，以及 GAAP 與非 GAAP 的調節表。

In conclusion, Cadence is off to a strong start for the year. We are raising our 2026 revenue outlook to approximately 17% year-over-year growth. As always, I'd like to thank our customers, partners and our employees for their continued support.

總結來說，Cadence 今年開局強勁。我們將 2026 年營收展望上調至約年增 17%。一如既往，我要感謝我們的客戶、合作夥伴以及員工持續的支持。

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

接下來，接線員，我們現在開始提問。

(Operator Instructions)

(接線員指示)

Charles Shi, Needham.

Charles Shi，Needham。

Hi, good afternoon. Thanks for taking my question. Anirudh, I think I have a pretty high-level question, but this is probably top of the mind for a lot of investors. We obviously learned agentic AI is probably good for EDA, good for license consumption, et cetera. But we're still hearing some concerns around AI's ability to actually write the software, and there are some doubts around whether AI can actually write better EDA-based tools like base Tool, Virtuoso Universe, those kind of tools.

嗨，下午好。謝謝讓我提問。Anirudh，我有一個比較高層次的問題，但這大概也是許多投資人最關心的。我們顯然已經了解到代理式 AI 可能對 EDA 有利、對授權使用量（license consumption）等也有利。但我們仍聽到一些疑慮，關於 AI 是否真的有能力撰寫軟體；也有人懷疑 AI 是否能寫出更好的、以 EDA 為基礎的工具，例如基礎工具（base tool）、Virtuoso Universe 這類工具。

So -- and obviously, there are always many EDA start-ups happening at the same time. And so the question is, is AI's ability to write software worries you about the defensibility of the EDA-based tool business? Obviously, once again, we understand agentic AI is good for consumption of the base tool business, but I want to get your thoughts. Thank you.

所以——而且顯然，同一時間也總是有許多 EDA 新創在發生。因此問題是：AI 撰寫軟體的能力，是否會讓你擔心以 EDA 為基礎的工具業務在可防禦性（defensibility）方面受到影響？同樣地，我們理解代理式 AI 對基礎工具業務的使用量是有利的，但我想聽聽你的看法。謝謝。

Yes. Charles, thanks for the question. So I mean, there are multiple parts to this. Of course, I'm super excited about agentic AI applied to chip design and EDA. And your question is more specific to the base tool and whether AI can write those base tools.

是的。Charles，謝謝你的問題。我想這裡面有好幾個部分。當然，我對將代理式 AI 應用在晶片設計與 EDA 上感到非常興奮。而你的問題更聚焦在基礎工具，以及 AI 是否能撰寫那些基礎工具。

So first of all, I'm very confident in our position in the base tool and our competitive advantage, okay? And just to remind everyone, I mean, we have about 15,000 people now in Cadence and about 10,000 are in R&D. We have more than half of them have advanced degrees. I think more than 1,000 of them have PhDs from the top universities.

首先，我對我們在基礎工具上的地位與競爭優勢非常有信心，好嗎？也提醒大家一下，我們 Cadence 現在大約有 15,000 名員工，其中約 10,000 名在研發（R&D）。其中超過一半擁有高等學位。我想其中有超過 1,000 人擁有來自頂尖大學的博士學位。

So we will, anyway, deploy AI internally like we are to write our software better. But I'm not worried that some of the party will be able to write any better base tools. So -- and our competitor of the base tool is anyway best-in-class, and I don't see any reason that will change going forward, okay?

所以無論如何，我們會像現在這樣在內部部署 AI，讓我們把軟體寫得更好。但我不擔心外部有人能寫出更好的基礎工具。而且我們的基礎工具本來就是同級最佳（best-in-class），我看不出未來有任何理由會改變，好嗎？

Now what I'm super excited that we launched in CadenceLIVE is the agentic part and the interplay of the agentic tools with the base tools, the AI orchestration combined with physical accurate base tool. And that creates new opportunities for us, both in terms of TAM expansion. Because what agentic AI allows us is to sell products in spaces we didn't have products before, like RTL generation, verification, plan generation. And those products, I think will be consumed more on a subscription plus consumption model. So this is an entirely new category for Cadence.

我真正非常興奮的是，我們在 CadenceLIVE 發表了代理式（agentic）部分，以及代理式工具與基礎工具之間的互動：AI 編排（orchestration）結合具物理精確性的基礎工具。這為我們帶來新的機會，包括在可服務市場規模（TAM）擴張方面。因為代理式 AI 讓我們能在過去沒有產品的領域銷售產品，例如 RTL 生成、驗證、規劃（plan）生成。而我認為這些產品將更偏向以「訂閱加用量」（subscription plus consumption）模式被採用。因此，這對 Cadence 而言是一個全新的類別。

And then in turn, like you said, agentic AI will drive more of our base tools. So I feel pretty good about this kind of three-layer framework we have talked about and confident going forward.

然後反過來，就像你說的，代理式 AI 會推動我們更多的基礎工具使用量。所以我對我們談到的這種三層框架感覺相當不錯，並且對未來很有信心。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Great. Thank you so much. Maybe just a clarifying question. So I noticed that the operating margin guide is coming down by a little bit. Curious if -- like what are the main drivers of that, John?

很好。非常感謝。也許再問一個釐清問題。我注意到營業利益率（operating margin）的指引下修了一點。想請教一下——主要驅動因素是什麼，John？

I know we're layering in kind of the Hexagon acquisition, but on like an absolute basis, it's relatively small entering in that OpEx. So maybe you can just help us understand the guide on the margin? Thank you.

我知道我們把 Hexagon 的收購納入考量，但就絕對金額來看，併入 OpEx 的規模相對不大。所以也許你可以幫我們理解一下這個利益率指引？謝謝。

Yes. Sure, Jason. Thanks for the question. What you're seeing there is primarily the impact of including the Hexagon design and engineering business in the current outlook. The strategic opportunity there is very large, but the 2026 P&L reflects the timing of integration that we announced in the press release when we closed the deal, that we expect $160 million of revenue this year. That's in the guide now.

是的。當然可以，Jason。謝謝你的問題。你看到的主要是把 Hexagon 的設計與工程業務納入目前展望所帶來的影響。那裡的策略性機會非常大，但 2026 年的損益表反映了我們在交易完成、並於新聞稿中宣布的整合時程：我們預期今年會有 1.6 億美元的營收。這已經納入指引。

We expect it to be dilutive to the tune of about $0.28. The margin impact on the $160 million is kind of in the 5% to 10% range. But the dilution comes from -- because we paid 30% of the acquisition price in shares and 70% in cash. So the interest component on the -- or the lost interest income on the cash causes a lot of the dilution impact in the short term. We'd expect it to be accretive in 2027.

我們預期它會造成約 0.28 美元的稀釋。這 1.6 億美元營收的利益率影響大約在 5% 到 10% 的區間。但稀釋主要來自——因為我們以股票支付收購價的 30%，以現金支付 70%。因此，現金部分的利息成本——或是現金不再產生的利息收入——在短期內造成了很大一部分的稀釋影響。我們預期 2027 年會轉為增益（accretive）。

The -- yes, so I think the way to think about it is financially, 2026 is an integration year. And the guide includes the acquired cost base, the financing impact, the acquisition-related integration costs and kind of near-term dilution. And that's why revenue moves higher, while EPS and operating margin are lower than the February guide. So yes, $160 million.

——是的，所以我認為可以這樣理解：在財務上，2026 年是整合年。而指引包含了併購取得的成本基礎、融資影響、與併購相關的整合成本，以及短期的稀釋。這就是為什麼營收上調，但 EPS 與營業利益率低於 2 月的指引。所以是的，1.6 億美元。

And I think in Q1, the impact was slightly less on the EPS that we had about $20 million of revenue from Q1 from Hexagon. So only about $0.01 kind of dilution impact. So EPS would have been like $0.01 higher if we didn't have Hexagon.

我想在第一季，對 EPS 的影響稍微小一些，因為第一季來自 Hexagon 的營收大約是 2,000 萬美元。所以稀釋影響大概只有 0.01 美元。因此如果沒有 Hexagon，EPS 會高大約 0.01 美元。

Vivek Arya, Bank of America Securities.

Vivek Arya，Bank of America Securities。

Anirudh, in the last year, all have been hearing non stop or different news about chip shortages and growing kind of price of chips and just the pricing power that many of your customers have. And my question is, what affects [new] shortages and the fact your customers have more pricing power? What effect does that have on their engagement with Cadence? Does it restrict chip starts? Does it shift them towards higher ASP products?

Anirudh，過去一年我們一直不斷聽到各種關於晶片短缺的消息、晶片價格上漲，以及你們許多客戶所擁有的定價能力。我的問題是，[新的]短缺情況以及客戶更強的定價能力，會帶來什麼影響？這對他們與 Cadence 的合作投入有什麼影響？會限制晶片開案（chip starts）嗎？會讓他們轉向 ASP 更高的產品嗎？

Just what impact do semiconductor shortages have on your growth and engagement trajectory? What has changed? And what are you observing in your customer behavior?

半導體短缺對你們的成長與合作投入軌跡有什麼影響？有哪些改變？你們觀察到客戶行為有什麼變化？

Yes. Thanks, Vivek, for the question. So I would say a few things. So first of all, I mean the environment is pretty healthy, both for the system companies and semi companies. So that's always good.

是的。謝謝你，Vivek，這個問題。我會說幾點。首先，我的意思是，無論是系統公司還是半導體公司，整體環境都相當健康。所以這總是好事。

Like you know, I mean, some of the hyperscalers and AI semi companies who are already doing well last year, but now the memory companies are doing well, even analog companies are doing well. So we, of course, want to see our customers doing well, and that creates a positive environment for engaging, especially with these new solutions we have. So that's actually a pretty marked improvement over the last three to six months. So that's number one.

像你知道的，我是說，一些超大規模業者（hyperscalers）和 AI 半導體公司去年就已經表現很好，但現在記憶體公司表現也很好，甚至類比公司也表現不錯。所以我們當然希望客戶表現良好，而這會為合作投入創造正向環境，特別是針對我們這些新的解決方案。這在過去三到六個月其實是相當明顯的改善。這是第一點。

Number two, the shortage is it doesn't directly -- I mean, the customer is still committed to long-term R&D road maps. And sometimes, they may like do -- like I've seen in a few cases, the customers, for example, may do multiple foundries or nodes to make sure there is capacity at a particular node or foundry. So that would directly lead to more design activity for us. So in general, if the customer is healthy because the revenue is going up, they will do not only more in the current designs to accelerate them, but also may start new designs. I think that's the second thing, I would say.

第二點，短缺並不會直接——我的意思是，客戶仍然致力於長期的研發路線圖。而且有時候，他們可能會——我在少數案例中看到，例如客戶可能會採用多家晶圓代工廠或多個製程節點，以確保在特定節點或特定代工廠有產能。這會直接帶來更多的設計活動，對我們是有利的。所以一般來說，如果客戶因為營收成長而狀況健康，他們不僅會在現有設計上投入更多以加速進度，也可能會啟動新的設計。我想這是第二點。

And third thing, which is more exciting for us is, as we have these agentic solutions, it can give more productivity for our customers, and we can deliver more value ourselves. And the more value we deliver, the more opportunity we have to capture part of that value. And the customers are very open to those discussions as there is more automation.

第三點，對我們更令人興奮的是，隨著我們推出這些代理式解決方案，它能為客戶帶來更高的生產力，而我們也能交付更多價值。而我們交付的價值越多，就越有機會捕捉其中一部分價值。而且隨著自動化程度提高，客戶也非常願意進行這些討論。

So we are actually -- like I mentioned, there's a lot of engagement with ChipStack and also the new AgentStack, InnoStack, ViraStack. There is no pushback at all. If we can deliver productivity, the customer is more than willing to engage. So that's I would say, Vivek, at least the three broad areas I see in the current environment.

所以我們其實——就像我提到的，ChipStack 以及新的 AgentStack、InnoStack、ViraStack 都有大量的合作投入。完全沒有任何阻力。只要我們能帶來生產力，客戶就非常願意合作。所以我會說，Vivek，至少在目前環境下，我看到的就是這三個大方向。

Jim Schneider, Goldman Sachs.

Jim Schneider，Goldman Sachs。

Good afternoon. Thanks for taking my question. I was wondering if you could maybe unpack your commentary on the agentic solutions, specifically around your indication they would drive increased consumption for base tools. Can you maybe talk a little bit about the pricing for those tools, how the agentic solutions are being priced specifically? And then on net, how -- if you could frame for us maybe how you might be able to capture more revenue value overall on net between agentic and conventional licenses?

午安。謝謝讓我提問。我想請你能否更詳細說明你對代理式解決方案的評論，特別是你提到它們會帶動基礎工具的使用量增加。你能否談談這些工具的定價，以及代理式解決方案具體是如何定價的？另外，整體而言——你能否幫我們框架一下，從淨額角度看，在代理式與傳統授權之間，你們如何能在整體上捕捉更多的營收價值？

Yes. Thanks for the question. So I think the opportunity is significant, I believe, and especially with agentic because what -- and this happened over the last, let's say, 6 to 12 months, in my opinion, and more so in six months is -- not only the agentic tools have evolved, but agentic tools are able -- we can embed skills in them so they can do a lot more automation.

是的。謝謝你的問題。我認為這個機會很大，尤其是在代理式方面。因為——依我看，這在過去大概 6 到 12 個月發生了變化，而在最近 6 個月更為明顯——不只是代理式工具本身在演進，代理式工具也能——我們可以把技能（skills）嵌入其中，讓它們能做更多自動化。

For example, we launched ViraStack, which is analog automation. Analog has been a long problem to automate, right? It's very difficult to automate. But now with these agentic flows and skills, we can automate that. So what does that mean in terms of pricing or how these things are consumed?

例如，我們推出了 ViraStack，這是類比自動化。類比一直是很難自動化的長期問題，對吧？它非常難自動化。但現在透過這些代理式流程與技能，我們可以把它自動化。那麼，這在定價或這些東西如何被使用（consumed）方面意味著什麼？

So first of all, like I said, this kind of automation was not possible before. So all this work used to be done by the customers themselves, right? And in that case also, I talked to one big customer. Like, for example, they said for analog or even for digital, every new design, they require 2x more engineers. And anyway, it's not -- it's like unrealizable headcount growth because they can't hire 2x more engineers every time.

首先，如我所說，這種自動化在以前是不可能做到的。所以過去這些工作都必須由客戶自己完成，對吧？而在那種情況下，我也和一位大型客戶談過。例如，他們說不論是類比甚至是數位，每做一個新設計，就需要多 2 倍的工程師。而且不管怎麼說，這種人力編制的成長根本不可能實現，因為他們不可能每次都再多聘 2 倍的工程師。

So the way we plan to monetize and the early signs are positive is that, first of all, we'll sell new tools that we never sold, which is more like this was manually done by customers like doing analog design or doing RTL. So that will be priced as a subscription plus consumption model, very similar to other kind of leading AI tools. So that's a completely new category for Cadence. And that will kind of bend the headcount curve for our customers, but the expected headcount curve was never realizable anyway.

因此，我們規劃的變現方式，而且早期跡象是正面的：首先，我們會銷售以前從未賣過的新工具，這些更像是過去由客戶手動完成的工作，例如做類比設計或做 RTL。因此，這將採用訂閱加用量（consumption）計價模式，與其他領先的 AI 工具非常類似。所以這對 Cadence 來說是一個全新的類別。而這將在某種程度上讓客戶的人力曲線變得更平緩，但其實原本預期的人力曲線本來就不可能實現。

So this is the history of automation, as you know, in EDA. We always need to do that. But this time, we can do that with the agentic kind of AI flow. And then once the agent runs, like when a user designs a chip -- and this is pretty common, right? Like let's say that chip has 100 blocks, just to keep it simple.

所以這就是你所知道的 EDA 自動化歷史。我們一直都需要這麼做。但這一次，我們可以用代理式（agentic）的 AI 流程來做到。接著，一旦代理開始運行，例如使用者在設計一顆晶片——這其實很常見，對吧？比方說，為了簡化，假設那顆晶片有 100 個區塊。

And there are 100 engineers, one engineer is running one block. So one engineer will run like one or two experiments, he or she, to see which settings or which design is better.

而有 100 位工程師，每位工程師負責跑一個區塊。所以一位工程師可能只會跑一到兩次實驗，他或她用來看看哪一組設定或哪個設計比較好。

But when the agent runs those blocks, they may try 10 or 100 variations of those things. And anyway, AI does a lot more exploration than a human would do. So not only agent can give more productivity, it by nature runs more of the base tools. So that's why if you look at our usage of base tool is going up pretty significantly in this kind of environment. So this is the two ways and those environments is a traditional business model, but in the base tools, but there will be more demand for it.

但當代理去跑這些區塊時，它們可能會嘗試 10 種或 100 種變化。而且不管怎麼說，AI 會做比人類更多的探索。所以代理不僅能帶來更高的生產力，它在本質上也會更多地去運行底層工具（base tools）。因此，如果你看我們在這種環境下對底層工具的使用量，確實顯著上升。所以這有兩種方式，而那些環境在底層工具上仍是傳統的商業模式，但對它的需求會更高。

And then the new business model, which is more automating which was manual with agentic flows.

然後是新的商業模式，也就是用代理式流程把原本需要手動完成的工作自動化。

Yes. And I would just add, Jim, that what we saw from Q1 is -- I mean, the overall pricing environment has improved. Pricing obviously remains value-based with us. We provide tremendous value to our customers, especially with our agentic flow. And we stand to benefit from our customers' success in that area.

是的。我也想補充一下，Jim，我們從第一季看到的是——整體的定價環境已經改善。當然，我們的定價仍然是以價值為基礎。我們為客戶提供了巨大的價值，尤其是透過我們的代理式流程。而我們也將能從客戶在這方面的成功中受益。

Also, any shift that you see from customers' labor spend to automation, that's likely to be irreversible and likely to accelerate over time.

另外，你看到客戶把支出從人力轉向自動化的任何轉變，很可能是不可逆的，並且會隨時間推進而加速。

Siti Panigrahi, Mizuho.

Siti Panigrahi，Mizuho。

Great. Thank you. I want to switch to the IP business. Anirudh, you talked about IP entering now, third year of strong growth. Could you give an update like what you saw in Q1? And are the HBM, LPDDR6 and all that remaining still the key drivers?

很好。謝謝。我想切換到 IP 業務。Anirudh，你提到 IP 現在進入第三年強勁成長。你能否更新一下你們在第一季看到的情況？以及 HBM、LPDDR6 等是否仍然是主要驅動因素？

Or -- and the newer foundry like Rapidus, Intel Foundry, are they contributing meaningfully to the IP demand yet? And John, just to clarify also on your EPS guidance, you said $0.28 dilution, but you lowered only $0.20. Just want to clarify that your organic basis, you raised by $0.08 EPS? Thank you.

或者——像 Rapidus、Intel Foundry 這些較新的晶圓代工廠，是否已經對 IP 需求有實質貢獻？另外 John，我也想釐清一下你們的 EPS 指引：你說有 0.28 美元的稀釋，但你只下調了 0.20 美元。想確認一下，是否代表在有機基礎上，你們把 EPS 上調了 0.08 美元？謝謝。

I'll take the last part first. Yes, yes, we did. We raised by $0.08.

我先回答最後一部分。是的，是的，我們確實如此。我們上調了 0.08 美元。

And it is a great start to the year, okay? And not just in IP across the board. And I was looking at with our team. I think this is one of the strongest raises we have had in Q1. We only gave you guidance in February. So two months later, I think is one of the strongest raises we have had.

而且今年開局非常好，好嗎？不只是 IP，而是全面性的表現。我和團隊一起看了數據。我認為這是我們在第一季做過最強勁的一次上調之一。我們在二月才給出指引。所以兩個月後就上調，我認為這也是我們做過最強勁的一次上調之一。

Now all the businesses are doing well, and especially IP is off to a great start, okay? And I think it will do well going forward from what I think I see. And there are at least three big reasons in my mind for IP growth. And like I said, it's the third year now. So we don't like to talk about things too early, but after three years of strong growth, I think that is a good trend.

現在所有業務都表現良好，尤其是 IP 開局非常強勁，好嗎？而且就我目前看到的情況，我認為未來也會表現不錯。在我看來，IP 成長至少有三個主要原因。而且如我所說，現在已經是第三年了。我們不喜歡太早談論，但在連續三年強勁成長之後，我認為這是一個很好的趨勢。

So the first thing is our IP quality and performance is just better. We have a new team, just the performance, just -- because these things are standard-based IPs, right, like DDR or PCIe. So the spec is same, but if our power area is better than the competitor or what the customer can do, then they will buy our IP. So the most promising thing to me is because the strength of our R&D team, our PPA is better. And that is leading to a lot of competitive wins at pretty significant major customers.

第一點是，我們的 IP 品質與效能就是更好。我們有一個新的團隊，整體效能——因為這些都是基於標準的 IP，對吧，例如 DDR 或 PCIe。所以規格相同，但如果我們的功耗、面積表現比競爭對手或比客戶自己能做到的更好，他們就會購買我們的 IP。對我來說最有前景的是，因為我們研發團隊的實力，我們的 PPA（功耗/效能/面積）更好。而這正在帶來在相當重要的大型客戶上的許多競爭性勝出。

And I highlighted some of them in CadenceLIVE. So these are like really big kind of marquee names. So that gives me strength that the team is operating well. So that's number one.

我在 CadenceLIVE 也強調過其中一些。這些都是非常大型、具代表性的知名客戶。所以這讓我更有信心，團隊運作得很好。這是第一點。

Number two, our portfolio is expanding, like we have highlighted with -- like HBM. And some of it is organic. Some of it is acquired, like HBM, we acquired from Rambus and then we improved it. But UCIe, which is a critical chip-to-chip technology, was all developed organically, okay? So the second reason is that our portfolio is expanding.

第二點，我們的產品組合正在擴張，就像我們強調的——例如 HBM。其中一部分是有機成長。其中一部分是透過併購而來，例如 HBM，我們從 Rambus 收購後再加以改良。但 UCIe 這項關鍵的晶片對晶片（chip-to-chip）技術，則完全是有機開發的，好嗎？所以第二個原因是，我們的產品組合正在擴張。

The third reason is these new foundries okay? And it's very encouraging to see. Of course, we want to make sure we are best-in-class in TSMC, which is the leading foundry. But now there are at least three other major foundries, as you know, Samsung, Intel and Rapidus at advanced nodes and then Global and others at mainstream nodes. So the amount of design activity with AI and number of increasing foundries requires more IP.

第三個原因是這些新的晶圓代工廠，好嗎？看到這點非常令人鼓舞。當然，我們希望在領先的晶圓代工廠台積電（TSMC）做到同級最佳（best-in-class）。但現在至少還有三家其他主要晶圓代工廠，如你所知，在先進製程節點有三星、Intel 與 Rapidus，然後在主流節點有格羅方德（GlobalFoundries）以及其他廠商。隨著 AI 帶動的設計活動增加，以及晶圓代工廠數量增加，就需要更多 IP。

So that's why I'm actually pleased to note today like in the prepared remarks that we had a pretty significant IP deal, one of the largest ones at a leading global foundry, okay? And just to clarify, that is not Intel, okay? We are actually pleased with our discussions with Intel, with [Liban] team on 18A and especially on 14A. I think Intel realizes they need to invest more in 14A, and this time, be more ready because the availability of IP and EDA solutions as 14A is critical as they go talk to their customers. So we are making very good progress with Intel. And we will have -- soon, we'll have more to say on our engagement with Intel.

因此，我今天在事先準備的講稿中也很高興提到，我們在一家全球領先的晶圓代工廠拿下了一筆相當可觀的 IP 交易，是其中規模最大的交易之一，好嗎？另外澄清一下，那不是 Intel，好嗎？我們其實對與 Intel、以及 [Liban] 團隊在 18A、尤其是 14A 上的討論感到滿意。我認為 Intel 意識到他們需要在 14A 上投入更多，而且這一次要更準備充分，因為在他們與客戶洽談時，14A 的 IP 與 EDA 解決方案可用性至關重要。所以我們與 Intel 的進展非常順利。而且我們很快就會有更多內容可以分享，關於我們與 Intel 的合作進展。

But I'm also pleased with this engagement with the other global foundry. So overall, IP growth seems robust. And I'm very pleased where we are. And we're already -- always very strong in EDA. But historically, last few years, we have not done as well in IP.

但我也很高興能與另一家全球晶圓代工廠展開這項合作。因此整體而言，IP 的成長看起來相當強勁。我對我們目前的進展非常滿意。而且我們在 EDA 一直——始終非常強。但從歷史來看，過去幾年我們在 IP 方面的表現沒有那麼好。

But right now, I think we are very well positioned and also well positioned in SDA.

但就目前而言，我認為我們的佈局非常到位，同時在 SDA 方面也同樣具備很好的定位。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，富國銀行。

Yeah, thanks for taking the question. But maybe just to kind of follow-up on the discussion really on EDA. I mean, I guess, would you take a step back and you think about EDA's share of R&D expense. And clearly, we're seeing an acceleration of R&D expense across a number of different companies. How should we think about EDA's contribution to that or a percent of that?

是的，謝謝讓我提問。我想就 EDA 的討論再追問一下。我的意思是，如果我們退一步來看 EDA 在研發費用中的占比。而且很明顯，我們看到許多不同公司的研發費用都在加速成長。我們應該如何看待 EDA 對其中的貢獻，或它所占的百分比呢？

And where could that go given the value maybe you're providing from AI? Because we're also seeing, right, memory costs are increasing, things like that, that also need to flow through that R&D line.

以及考量到你們可能透過 AI 提供的價值，這個占比可能會走到哪裡？因為我們也看到，對吧，記憶體成本在上升之類的，這些也需要反映在研發費用那一行。

Yes, good question. And we have to observe it closely, right, as we rather like print things than kind of predict what will happen because it's better to show than to -- but as you know, historically, we have said EDA used to be 7% of R&D and now it's more like 11% of R&D. So it has gone up, and R&D spend itself will go up significantly.

是的，問得很好。我們必須密切觀察，對吧；我們比較傾向於把事情做出來，而不是去預測會發生什麼，因為展示成果比——但如你所知，從歷史上我們曾說過，EDA 過去約占研發的 7%，現在更接近研發的 11%。所以它確實上升了，而研發支出本身也將顯著增加。

But I think there is a real potential, especially with agentic AI for that 11% to go up. And all the big CEOs I talked to, they are not only willing, they want to see that happen. They want to invest in more automation and compute to make it happen. So I'm pretty sure right now, I think it will go up. Now how much it will go up, we will see, right?

但我認為確實存在很大的潛力，特別是在代理式 AI（agentic AI）的推動下，讓這個 11% 進一步提高。我所交流過的所有大型企業 CEO，不僅願意，他們也希望看到這件事發生。他們希望投入更多自動化與運算資源來促成它。所以就目前而言，我相當確定它會上升。至於會上升多少，我們再觀察，對吧？

But I think there is a meaningful opportunity for automation to be a higher percentage of R&D, plus R&D itself to go up.

但我認為，自動化在研發中的占比提高是一個很有意義的機會，同時研發本身也會增加。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

Thank you, John. I want to go back to the operating margin discussion. It's great to see that you guys are targeting a Rule of 60 by the end of the year here. Just thinking about that though, it's driven on revenue acceleration. Obviously, we've got the Hexagon integration costs here.

謝謝你，John。我想回到營業利益率的討論。很高興看到你們目標是在今年年底達成「60 法則」（Rule of 60）。不過從這個角度來看，它是由營收加速所驅動。顯然，我們這裡也有 Hexagon 的整合成本。

But how are you thinking about the operating model relative to operating margin as you get over $6 billion in revenue? Does the operating model look a lot different than the $5.3 billion? Is this sort of a 43% to 45% range, how we should be thinking about the operating margins? Or -- and I ask that because, obviously, you're investing in agentic AI and other sort of new product areas. Just wondering if you can give us a little bit of an idea of how you're thinking about the operating margin structure at this revenue run rate longer term as you integrate Hexagon.

但當營收超過 60 億美元時，你們如何看待營運模式相對於營業利益率的表現？這個營運模式看起來會和 53 億美元營收時有很大不同嗎？我們是否應該把營業利益率理解為大約 43% 到 45% 的區間？或者——我之所以這樣問，是因為顯然你們正在投資代理式 AI 以及其他一些新的產品領域。想請你們分享一下，隨著整合 Hexagon、在這個營收運行水準下，長期來看你們如何思考營業利益率結構？

Yes. Sure, Ruben. Thanks for the question. Yes, I think when we look at our like organic incremental margin is closer to 60% these days than 50%. And as we get our arms around these acquisitions, it typically takes us 12 to 18 months to improve the profitability up to kind of something close to our expectations at Cadence.

是的。當然可以，Ruben。謝謝你的問題。是的，我認為我們目前的有機增量毛利（organic incremental margin）更接近 60%，而不是 50%。而當我們逐步掌握這些併購案時，通常需要 12 到 18 個月，才能把獲利能力提升到接近我們在 Cadence 的預期水準。

And I would liken the profile to the way BETA. So in '24 and '25, you kind of had an operating margin profile where we had the dilutive impact of the BETA acquisition in '24, but then margins improved dramatically in '25 as we got the synergies and we've got the benefits of making that more profitable.

我會把這個輪廓類比為 BETA 的情況。所以在 2024 年與 2025 年，你會看到一個營業利益率的走勢：2024 年因 BETA 併購帶來稀釋影響，但到了 2025 年，隨著協同效應到位，以及我們讓它更具獲利性所帶來的效益，利潤率就大幅改善。

I would expect a similar pattern for '26 and '27 when it comes to Hexagon. We have a slight headwind in the short term, but there's plenty of opportunities to improve the profitability there. And also with the benefits that we're seeing in terms of customer engagement, accelerating on the agentic AI front, I think there's even more opportunities to stretch that incremental operating margin going forward.

我預期 Hexagon 在 2026 年與 2027 年也會呈現類似的模式。短期會有些微逆風，但那裡有很多提升獲利能力的機會。此外，從我們在客戶互動上的收穫、以及在代理式 AI 方面的加速來看，我認為未來還有更多機會把增量營業利益率進一步拉高。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通。

Yeah, good afternoon. Thanks for taking my question. If I take your 2Q guidance and look at your implied second half guidance, the average quarterly revenue run rate in the second half is actually slightly below the 2Q level. Is there some lumpiness in the Hexagon business in the second half maybe moving customers to multiyear license agreements? Or is it due to some lumpiness in the core business, maybe a more first half-weighted hardware or IP shipment profile?

是的，午安。謝謝讓我提問。如果我拿你們第二季（2Q）的指引，並看你們所隱含的下半年指引，下半年平均每季的營收運行水準其實略低於第二季的水準。這是否是因為 Hexagon 業務在下半年有一些不均勻性（lumpiness），例如把客戶轉到多年期授權合約？或者是因為核心業務有些不均勻性，例如硬體或 IP 出貨節奏偏向上半年？

Yes. Thanks for the question, Harlan. Yes, sure, the first half is very strong. And the second half, I described is containing appropriate prudence. Your comment on Hexagon, Hexagon's D&E business is correct.

是的。謝謝你的問題，Harlan。是的，當然，上半年非常強勁。而我對下半年的描述是包含了適度的審慎。你提到 Hexagon 的部分，Hexagon 的 D&E 業務確實如此。

They are more kind of first half weighted in terms of their profile. When I looked at last year's revenue, the -- for Hexagon, the I think Q3 and Q4 were their worst two quarters of the year. They tend to have a lot of early year kind of dated contracts. But overall, I think the second half -- I mean, it doesn't -- Hexagon doesn't impact the first half, second half that much. It's really -- I think we had such -- as Anirudh said, Q1 guide represents one of the highest rates we've had at this time of the year.

就他們的型態而言，比較偏向上半年較強。我看了他們去年的營收——對 Hexagon 來說，我認為第三季和第四季是他們全年最弱的兩個季度。他們往往有很多在年初到期的合約。但整體而言，我認為下半年——我的意思是，Hexagon 對上半年、下半年的影響其實沒有那麼大。真正的原因是——我想我們有如此——正如 Anirudh 所說，第一季的指引代表我們在一年中這個時間點所給出的最高水準之一。

And we normally like to wait until we had two quarters under our belt to raise the guide. We couldn't help but raise the guide given the strength of Q1 bookings and the strength we saw across the board. So we just wanted to wait until July to update the second half.

而我們通常喜歡等到手上有兩個季度的實績後才上調指引。但鑑於第一季訂單（bookings）的強勁，以及我們在各方面看到的強勢表現，我們忍不住上調了指引。所以我們只是想等到 7 月再更新下半年的展望。

Lee Simpson, Morgan Stanley.

Lee Simpson，摩根士丹利。

Great. Thanks for squeezing me in. I just wanted to ask about physical AI. I mean you've made some pretty good acquisitions. You now announced collaborations, especially with NVIDIA. So I'm just trying to get a sense for the momentum here and what really is still the early years in this breakout.

很好。謝謝把我安排進來。我想問一下關於實體 AI（physical AI）。你們做了一些相當不錯的併購。你們現在也宣布了合作，特別是與 NVIDIA。所以我想了解一下這裡的動能，以及在這個新興突破領域仍屬早期階段時，實際進展到哪裡了。

And I think, in particular, the take-up of your emulation tools, especially as it relates to closing the sim to real gap in robotics and probably even self-driving chips as well, whether or not that's going to really lead to an outsized value capture for Cadence? And when do we actually see this in the numbers as well. Thanks.

我想特別是你們的仿真（emulation）工具的採用情況，尤其是它在縮小機器人領域「模擬到真實」（sim to real）落差方面的作用，甚至也可能涵蓋自駕晶片；這是否真的會讓 Cadence 捕捉到超額的價值？以及我們何時能在數字上看到這些反映？謝謝。

Yes. Thanks for the question, Lee. So I mean, like I talked about it forever now that we look at this thing as a three-layer cake, right? And there are multiple slices of the cake, and the first slice was data center AI or infrastructure AI. And the second big slice is physical AI.

是的。謝謝你的提問，Lee。所以我的意思是，就像我一直以來談到的，我們把這件事看成是一個三層蛋糕，對吧？而且蛋糕有多個切片，第一個切片是資料中心 AI 或基礎設施 AI。第二個大的切片是實體 AI。

And of course, I've said this for five years now, but I believe physical AI will be bigger than data center AI by a long shot because you're talking about like trillions of dollars of product opportunity. And it will reconfirm the data center layer with the data center slice because to deploy, for example, an AI model in the car, you need to train it on the data center anyway. So I think it will even help the data center slice.

當然，我已經講了五年了，但我相信實體 AI 會遠遠大於資料中心 AI，因為你談的是數兆美元等級的產品機會。而且它也會再次強化資料中心那一層、也就是資料中心這個切片，因為要部署，例如，把一個 AI 模型部署到車上，你無論如何都需要先在資料中心訓練它。所以我認為它甚至會幫助資料中心這個切片。

Now for our portion, yes, we made this acquisition we are super excited about, and we have this training flow, forward models and also more complete simulation environment. So what is exciting about Hexagon is with a combination of our previous technologies like Millennium and Cascade and, BETA, we do have finally a complete solution for physical AI in the middle layer, kind of principal simulation and optimization layer. And then that can be used to do these word models, which will be different in the top layer.

現在就我們這一部分而言，是的，我們做了這項讓我們非常興奮的收購，而且我們有這套訓練流程、前向模型，以及更完整的模擬環境。所以 Hexagon 令人興奮之處在於，結合我們先前的技術，例如 Millennium、Cascade，以及 BETA，我們終於在中間層，也就是偏向基礎的模擬與最佳化層，擁有一個完整的實體 AI 解決方案。然後它可以用來做這些世界模型，而世界模型會是在最上層、且會有所不同。

But other thing I want to emphasize, apart from the SD&A and the AI part, that physical AI itself will drive larger silicon design. So it is also good for EDA and IP. And this is -- you're starting to see that, of course, companies like Tesla mentioning that they don't have enough silicon because of physical AI. So physical AI not only is good for SD and AI, it is also really good for silicon. And it also is the sweet spot of Cadence because Cadence always had both analog and digital solutions.

但我還想強調另一點：除了 SD&A 和 AI 的部分之外，實體 AI 本身也會推動更大規模的矽晶設計。所以這對 EDA 和 IP 也有利。而這點——你開始看到這種趨勢了，當然，像 Tesla 這樣的公司提到，因為實體 AI，他們沒有足夠的矽晶。所以實體 AI 不僅對 SD 和 AI 有利，對矽晶也真的非常有利。而且這也正是 Cadence 的甜蜜點，因為 Cadence 一直同時擁有類比與數位解決方案。

And that's why we are always good with all the major semiconductor companies for automotive. And now with all the system and OEM companies for automotive and as that translates to drone and robots, it will also turbocharge the silicon business. That's why I have been always been excited about physical AI, not just for the AI and SDA, but also for EDA and IP.

這也是為什麼我們一直都能和所有主要的車用半導體公司合作得很好。而現在也能和所有車用系統公司與 OEM 合作；當這些延伸到無人機與機器人時，也會進一步加速矽晶業務。所以我一直對實體 AI 感到興奮，不只是因為 AI 和 SDA，也因為它對 EDA 和 IP 同樣有很大助益。

Gianmarco Conti, Deutsche Bank.

Gianmarco Conti，德意志銀行。

Perhaps on hardware, another strong quarter, of course. But as we think about the next refresh cycle for Palladium and Protium, historically, you've roughly been on a two-year cadence. Should we expect Z4 X4 within the next 12 to 18 months? Or is the bar to upgrade higher now, given how recently customers absorbed the third generation?

也許談談硬體，又是一個強勁的季度，當然。但當我們思考 Palladium 和 Protium 的下一次更新週期時，歷史上你們大致是兩年一個節奏。我們是否應該預期在未來 12 到 18 個月內推出 Z4、X4？或者鑑於客戶不久前才消化了第三代，現在升級的門檻是否更高了？

And perhaps related, are you seeing any of your own agentic AI tooling materially compress the internal hardware development timelines to the same extent that customers are reporting that same next productivity on RTL?

另外可能相關的是，你們是否看到自家的代理式（agentic）AI 工具，能在實質上壓縮內部硬體開發時程，達到客戶所回報的那種、在 RTL 上的下一階段生產力提升的同等程度？

Yes, absolutely. Great question. So first of all, like I said, we have -- most of our headcount is engineering, right, whether it's R&D or customer support. So we always want to use our own product in both our hardware groups, which is the significant design team. We do both software, hardware and all the system design in Palladium and Protium.

是的，絕對是。很好的問題。首先，就像我說的，我們——我們的大多數人力都是工程人員，對吧，不管是研發或客戶支援。所以我們總是希望在硬體團隊中使用自家的產品，而硬體團隊是一個相當重要的設計團隊。在 Palladium 和 Protium 上，我們做軟體、硬體以及整個系統設計。

And also, just to remind you in our IP team, it's a great -- they're working very well together. Our IP team and EDA teams. Because IP, we have so much demand. And instead of, again, increasing headcount, we're always sensitive about how much headcount we'll increase, and we are increasing headcount in all areas including IP, but we can make them a lot more productive with agentic AI.

另外，也提醒一下，在我們的 IP 團隊，這是一個很棒的——他們彼此合作得非常好。我們的 IP 團隊和 EDA 團隊。因為 IP 的需求非常大。而我們不想只是再次增加人力——我們一直對要增加多少人力很謹慎；我們確實在包括 IP 在內的各個領域增加人力，但我們也可以用代理式 AI 讓他們的生產力大幅提升。

Now on the hardware part, yes. I'm very pleased. I mean, it's a remarkable start to the year. Our competitive position is amazing. We are the only company that does its own chip, as you know. We have at least a 10-year lead in that in Palladium. And then Protium also is doing now in which we use the FPGA solution.

現在回到硬體部分，是的。我非常滿意。我的意思是，這是一個令人驚豔的年度開局。我們的競爭地位非常強。如你所知，我們是唯一一家自己做晶片的公司。在 Palladium 這方面，我們至少領先 10 年。而 Protium 現在也在做，我們在其中使用 FPGA 解決方案。

Now just to be clear, we always design next-generation systems. And because we control the whole stack, including the system design and silicon design, one thing to remember is we will do it much faster than what the FPGA cadence will be. FPGA companies will also do next-generation FPGA designs. But because we are own chip, we do our own design, it will be much faster than FPGA.

現在先說清楚，我們一直都在設計下一代系統。而因為我們掌控整個堆疊，包括系統設計與矽晶設計，有一點要記得：我們的速度會比 FPGA 的節奏快得多。FPGA 公司也會做下一代 FPGA 設計。但因為我們有自研晶片、自己做設計，所以速度會比 FPGA 快很多。

So what that means is the lead of Palladium over FPGA systems will only continue to increase as we introduce new products, okay? But I'm not going to get into like when we're going to introduce new products because the current products are doing amazingly well. Of course, we are designing Z4 and Z5. But what you have to remember is the current Z3 system has the capability to design 1 trillion transistor systems, okay? And right now, the biggest systems in the world are 100 billion to 200 billion transistor.

所以這代表什麼？隨著我們推出新產品，Palladium 相對於 FPGA 系統的領先幅度只會持續擴大，好嗎？但我不會深入談我們何時會推出新產品，因為目前的產品表現非常好。當然，我們正在設計 Z4 和 Z5。但你必須記得，現行的 Z3 系統具備設計 1 兆電晶體系統的能力，好嗎？而目前世界上最大的系統大約是 1,000 億到 2,000 億電晶體。

So we have a lot of leeway. The industry is supposed to reach 1 trillion transistor by 2030. One thing I'll assure you is we'll have a Z4 system before 2030.

所以我們有很大的餘裕。產業預期在 2030 年達到 1 兆電晶體。我可以向你保證的一點是：在 2030 年之前，我們一定會有 Z4 系統。

So there is no issue of whether Z3 can handle the capacity and requirements. So we're just happy to work with our customers. At the same time, we want to assure our investors and customers, we have a very, very good road map on hardware systems.

所以不存在 Z3 是否能處理容量與需求的問題。因此我們很高興與客戶一起合作。同時，我們也想讓投資人與客戶放心：我們在硬體系統方面有非常、非常好的產品藍圖。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

Thank you. Good evening. Anirudh, now that you've completed Hexagon MSC acquisition, it would appear that you are the fourth largest non-EDA simulation company, let's call it industrial simulation with multi physics. Your share is perhaps 1/10 of that total market, again, aside from EDA simulation.

謝謝。晚安。Anirudh，既然你已完成 Hexagon MSC 的收購，看起來你們已成為第四大非 EDA 的模擬公司，我們姑且稱之為具備多物理（multiphysics）的工業模擬。你們的市占可能約為整體市場的 1/10，這裡同樣先不包含 EDA 模擬。

So the question is, now that you've assembled all these pieces, invested over $5 billion over the last five or six years, can you speak in some detail about what your principal technical and/or go-to-market objectives or executables are going to be for the next year or so?

所以問題是，既然你們把這些拼圖都組起來了，並在過去五到六年投入超過 50 億美元，你能否更具體談談未來一年左右，你們主要的技術目標和／或市場推進（go-to-market）目標、或需要落地執行的事項會是什麼？

Synopsys talked about what they're doing with Ansys, perhaps you could do the same for your pieces? It also seems you're becoming a little bit more vertically integrated in go-to market with the acquisition of a longtime channel partner. So maybe talk about some of those critical elements here to grow your revenues and shares in that business.

Synopsys 談了他們與 Ansys 在做什麼，也許你也可以針對你們的各個組件做同樣的說明？另外，看起來你們透過收購一個長期的通路夥伴，在市場推進上也變得更偏向垂直整合。所以也請談談這裡一些關鍵要素，如何在那個業務中提升營收與市占。

Yes, Jay, that's lots there, right? There's a lot there. So let me try to unpack some of it. I'm sure we can talk more if I don't get to all the pieces there. Well, first of all, we are satisfied with the scope of our SDA business now after this acquisition.

是的，Jay，這裡面內容很多，對吧？確實有很多。所以我試著把其中一些拆解說明。如果我沒有涵蓋到所有部分，我相信我們還可以再多談。嗯，首先，在這次收購之後，我們對目前 SDA 業務的範疇感到滿意。

So I mean, this is a rough number. So I think it will be roughly $1 billion of run rate. And what is more exciting to me is that it is focused in the two important areas of SDA. I'm a fan of SDA for a while now, I don't know, maybe eight years now. But not all SDA is created equal, okay? To me, we want to do the part of SDA that is either growing well or is closely related to EDA.

所以我的意思是，這是一個粗略的數字。所以我認為其年化營收（run rate）大約會是 10 億美元。而更讓我興奮的是，它聚焦在 SDA 的兩個重要領域。我喜歡 SDA 已經有一段時間了，我不知道，可能已經八年了。但不是所有 SDA 都是同一個水準，好嗎？對我來說，我們想做的 SDA 部分，要嘛是成長良好，要嘛是與 EDA 密切相關。

So the part of SDA that is closely related to EDA is, of course, 3D-IC, okay? So we have an inevitable position in 3D-IC with Allegro being the leading packaging platform, and then we completed that with Clarity and Sigrity and Celsius. So all the thermal electromagnetics. So at Integrity, so I'm pretty happy with the 3D-IC portion, which is like the closest to chip design, the part of SDA that is closest to chip design and the part that is growing the most because of AI.

那麼，與 EDA 密切相關的 SDA 部分，當然就是 3D-IC，好嗎？所以我們在 3D-IC 上有不可避免的（關鍵）地位，Allegro 是領先的封裝平台，接著我們用 Clarity、Sigrity 和 Celsius 把它補齊。也就是所有的熱與電磁相關能力。所以在 Integrity 這一塊，我對 3D-IC 的部分相當滿意；它是最接近晶片設計的 SDA 部分，也是因為 AI 而成長最快的部分。

Now the other part now with Hexagon is all this physical AI and for design of cars and robots. So that, with this acquisition, is complete, and we can do a much better integration of that part of SDA. And there are multiple things happening there, okay? They are at least two, three key things. So first thing is -- we will integrate the whole solution.

現在另一個部分，透過 Hexagon 帶來的是這些實體 AI（physical AI），用於汽車與機器人的設計。所以透過這次收購，這一塊就完整了，我們也能把 SDA 的這個部分做更好的整合。而那裡有多件事情正在發生，好嗎？至少有兩、三個關鍵事項。第一件事是——我們會把整體解決方案整合起來。

I know you asked me this before, when will you integrate. So I think now that we have all the pieces of critical mass, this is the right time to integrate because we have CFD now, we have structural, we have multibody dynamics, we have pre and post, okay? So we have a lot of effort to make a full flow solution, integrate them. And I kind of hinted at that at CadenceLIVE.

我知道你之前問過我，什麼時候會整合。所以我認為，現在我們已經具備所有達到關鍵規模（critical mass）的拼圖，這是整合的正確時機，因為我們現在有 CFD、有結構分析、有多體動力學，也有前處理與後處理，好嗎？所以我們會投入很多努力，把它們整合成一個完整的流程解決方案。我在 CadenceLIVE 也算是有稍微暗示過。

The other thing, the way to integrate these solutions, which is true for EDA, what will be true in this area is the agentic flow. So you will see from us, agentic flow to do system design. And that part of the market has not seen that much -- it's even worse automation than chip design that I had a lot of automation. But there will be agentic flow which will integrate all these things in a better way.

另一件事，整合這些解決方案的方式——這對 EDA 是真的，在這個領域也會是真的——就是代理式流程（agentic flow）。所以你會看到我們推出用於系統設計的代理式流程。而這個市場在自動化方面其實還沒有看到那麼多——它的自動化甚至比晶片設計更差，而晶片設計其實已經有很多自動化了。但會有代理式流程，能以更好的方式把所有這些東西整合起來。

The second thing we will do is that there is a lot of room for improvement of these solvers. And especially in our history of improving the base solvers, adding GPU acceleration, adding physical AI or AI surrogate models. So for example, there is a potential for at least the order of magnitude improvement of performance of these new solvers. So that's the second thing we'll do in terms of R&D.

第二件我們會做的事是，這些求解器（solvers）還有很大的改進空間。特別是以我們過去提升底層求解器的經驗，包括加入 GPU 加速、加入實體 AI 或 AI 代理模型（surrogate models）。例如，這些新求解器在效能上至少有機會達到一個數量級（order of magnitude）的提升。所以這是我們在研發（R&D）方面要做的第二件事。

And third thing, what I'm also pleased with Hexagon is we did get like a good go-to-market team. That's one area we have not been as strong because we were -- most of the others was mostly organic. And we did move some of our people into go-to-market. But with Hexagon D&E business, we get a much stronger go-to-market team. And then as we mentioned, we also acquired some resellers to strengthen go-to-market, okay?

第三件事，我對 Hexagon 也很滿意的是，我們確實獲得了一支很好的市場推進（go-to-market）團隊。這是我們過去相對不那麼強的一個領域，因為——我們其他大多是以內生成長（organic）為主。而我們也確實把部分同仁調到 go-to-market。但透過 Hexagon 的 D&E 業務，我們得到更強的 go-to-market 團隊。另外如同我們提到的，我們也收購了一些經銷商（resellers）來強化 go-to-market，好嗎？

At this point, I'm very confident of our R&D solution, and it will get improved by agentic solutions. It will get improved by speeding up the solvers. But we also need to invest in go-to-market, and Hexagon gives us a good start. So you will see that, too. So these are the three kind of focus areas of improvement of SDA.

在這個時間點，我對我們的研發解決方案非常有信心，而它會透過代理式解決方案而持續改善。它也會透過加速求解器而持續改善。但我們也需要投資在 go-to-market，而 Hexagon 給了我們一個很好的起點。所以你也會看到這一點。所以這就是 SDA 三個大致的改善重點領域。

Kelsey Chia, Citigroup.

Kelsey Chia，花旗集團。

Hi, thank you and good afternoon. Anirudh, you mentioned that the AgentStack helped address talent gaps for chip designers. It sounds like the AgentStack that adoption is just accelerating from here. Based on your composition, is that the case? Or are you seeing cases where customers prefer to build or use their own agentic stack versus adopting Cadence's? And so as Cadence is able to sort of charge for AgentStack or the increased base licenses as an incremental add-on within an existing [fee] contract? Or is that monetization tied to renewals?

嗨，謝謝，下午好。Anirudh，你提到 AgentStack 有助於彌補晶片設計師的人才缺口。聽起來 AgentStack 的採用接下來只會加速。以你們的組成來看，情況是這樣嗎？或者你們是否看到有些客戶更偏好自行建置或使用他們自己的代理式堆疊（agentic stack），而不是採用 Cadence 的？另外，當 Cadence 能夠對 AgentStack 收費，或在既有的 [fee] 合約中，透過提高基礎授權作為增量加購時，這個變現（monetization）是綁在續約上嗎？

Yes. Thank you. There's a lot of good questions there. Okay. So make sure I -- and I'll start, and John can add to that.

是的。謝謝。裡面有很多很好的問題。好。所以我先確認我——我先開始回答，John 也可以補充。

No, first of all, I think just to be clear, the customer will always write their own agents as well, if I understand the first part of your question. Even in our pre-agentic flow, we would have given a lot of flexibilities to our customers. We had a [tickle] or a Python interface to our tools, and they would always have their own flows. I mean this is natural for big customers. I mean these are who's who of tech companies.

不，首先我想先講清楚，如果我理解你問題的第一部分，客戶也一定會自己撰寫他們的代理（agents）。即使在我們進入代理式流程之前，我們也會給客戶很多彈性。我們有一個 [tickle] 或 Python 介面連到我們的工具，而他們也一直都有自己的流程。我的意思是，對大型客戶來說這很自然。我的意思是，這些都是科技公司中的佼佼者。

So they always want to have some differentiation from one flow to the other. So -- and that will happen in the agent world itself. So I think most of our customers are writing some of their own agents. But the key thing is that the critical agents, okay, like these big super agents we talked about like RTL design and verification, analog design and physical design, these are like super categories. And also, the value of the agentic flow is not just in the agent itself.

所以他們總是希望不同流程之間能有一些差異化。所以——在代理世界裡也會發生同樣的事。所以我認為我們大多數客戶都在撰寫他們自己的一些代理。但關鍵在於那些關鍵代理，好嗎？像我們談到的那些大型超級代理（super agents），例如 RTL 設計與驗證、類比設計與實體設計，這些都是超大型類別。而且，代理式流程的價值不僅僅在代理本身。

It's always the coupling of the agent with the base tools. Because we operate the agent at a much lower level of interaction, this API calls, which is not possible for customers to do.

它永遠是在於代理與底層工具的耦合。因為我們是在更低層級的互動上運行代理，也就是這些 API 呼叫，而這是客戶做不到的。

So what has happened as an example, as we showed InnoStack or ViraStack and ChipStack to our customers, they realize, oh, there's no point writing these kind of agents, okay? So they would rather use the super agents we have because not only we are good in agentic flow, we are good in the coupling to the base tools.

所以發生的情況是，例如，當我們向客戶展示 InnoStack 或 ViraStack 以及 ChipStack 時，他們會意識到，喔，撰寫這類代理其實沒有意義，好嗎？所以他們寧可使用我們的超級代理，因為我們不只擅長代理式流程，我們也擅長與底層工具的耦合。

Now they will still write some agents to customize things which are specific to them, and we naturally welcome that. And the AgentStack allows the environment to -- for the customer to write its own agent, but also the customer to write its own skills. We want the customers to write their own skills in InnoStack, which may be specific for a part of design. So this has always been our strategy to be more open to customer kind of customizing their own environment, okay? And I think the second question is on renewals versus new -- I mean, it's a combination of that always.

當然，他們仍然會撰寫一些代理來客製化那些對他們而言特定的事情，而我們也自然歡迎這樣做。而 AgentStack 提供一個環境——讓客戶可以撰寫自己的代理，也讓客戶可以撰寫自己的技能（skills）。我們希望客戶在 InnoStack 裡撰寫他們自己的技能，這些技能可能針對某一部分設計是特定的。所以這一直是我們的策略：更開放讓客戶去客製化他們自己的環境，好嗎？而我想第二個問題是關於續約 versus 新增——我的意思是，這兩者一直都是結合在一起的。

John, maybe you want to comment on that?

John，也許你想對此發表一下看法？

Yes. Yes. Thanks, Anirudh. Thanks, Kelsey. Our subscription model remains the anchor arrangement with our customers. The add-on monetization then comes incrementally through agentic workflow products that are kind of usage-based or consumption-based for capacity and through our token and card models.

是的。是的。謝謝你，Anirudh。謝謝你，Kelsey。我們的訂閱模式仍然是與客戶合作安排的核心。而附加的變現則會透過代理式工作流程產品逐步增加，這些產品在容量方面有點像按使用量或按消耗計費，並透過我們的 token 與卡片模式來實現。

What's different about agentic AI is that it doesn't replace the core EDA engines. It calls them more often and it calls them intelligently. So the monetization opportunity is twofold, really. So you've got like the new agentic workflow products, and then you've got the increased usage of the underlying base tools through more exploration, more verification, more optimization and more compute.

代理式 AI 的不同之處在於，它不會取代核心 EDA 引擎。它會更頻繁地呼叫它們，而且是更智慧地呼叫。因此，變現機會其實是雙重的。也就是說，一方面有新的代理式工作流程產品，另一方面則是因為更多探索、更多驗證、更多最佳化以及更多運算，帶動底層基礎工具的使用量提升。

Now that said, we're obviously being disciplined in our 2026 outlook. We're not assuming a sudden step function in AI monetization in the guide, but we do believe agentic AI expands the long-term growth opportunity for Cadence.

話雖如此，我們在 2026 年展望上顯然保持紀律。我們在指引中並未假設 AI 變現會突然出現跳躍式成長，但我們確實相信代理式 AI 擴大了 Cadence 的長期成長機會。

Andrew DeGasperi, BNP Paribas.

Andrew DeGasperi，法國巴黎銀行（BNP Paribas）。

Thanks for fitting me in. I just had a two-part question. One is, marquee, I think you called out in the prepared remarks that a marquee AI infrastructure company expanded the use of signoff solutions. I just want to clarify, was this a cloud provider?

謝謝讓我插個問題。我有一個兩部分的問題。第一個是，marquee（指標性/重量級），我想你在事先準備的發言中提到，一家重量級 AI 基礎設施公司擴大了 signoff 解決方案的使用。我想確認一下，這是一家雲端服務供應商嗎？

And then second, at CadenceLIVE, you discussed about physical AI in terms of the time line of adoption being around two years. But yet, you called out that automotive and robotics companies have adopted hardware.

第二個，在 CadenceLIVE 上，你們談到 physical AI（實體 AI）的採用時間線大約是兩年。但你也提到汽車與機器人公司已經採用硬體。

I was just wondering, does this mean that, that physical AI time line has been brought forward? Or is this just a natural evolution of how these new markets will adopt EDA? And if so, when would we see that kind of software benefiting from that?

我想請問，這是否表示實體 AI 的時間線已經提前？還是這只是這些新市場採用 EDA 的自然演進？如果是的話，我們何時會看到軟體因此受益？

Yes, I think with physical AI and also agentic AI in general, I mean, yes, I've said for a long time, two contract cycles, and that is generally true. Though I think because of this new category of TAM expansion, which is more labor productivity related along with the base tools, I think there is a potential that the monetization of agentic AI could happen sooner than two contract cycles, okay?

是的，我認為不論是實體 AI，或更廣義的代理式 AI，嗯，是的，我長期以來一直說是兩個合約週期，而這通常是正確的。不過我認為，因為這個新的 TAM 擴張類別——它與勞動生產力提升相關，並且與基礎工具相結合——代理式 AI 的變現有可能會早於兩個合約週期發生，好嗎？

I don't want to predict too much. And like John said, we are not putting it in our guide. But I think definitely, the more opportunity is there because of all the shortages, because all the build-outs because of physical AI. So we are -- and like the previous question, we always can add in the renewal, but we always have capability to do add-ons, which we have already seen, okay? So that's what I would like to say.

我不想做太多預測。而且如 John 所說，我們沒有把它放進指引。但我認為機會確實更大，因為各種短缺、因為各種建置擴張、也因為實體 AI。所以我們——就像前一個問題，我們總是可以在續約時加入，但我們也一直具備做附加銷售（add-ons）的能力，而我們已經看到了這種情況，好嗎？這就是我想說的。

On the signoff, we are very happy. You know what has been the leading solution for implementation, especially at TSMC and now increasingly with Samsung, Intel and Rapidus. But signoff is coming on strong at TSMC and other customers. And we are working with all the leading AI players. And I think the one we mentioned specifically is a major kind of AI infrastructure/ASIC company.

關於 signoff，我們非常高興。你知道，在實作（implementation）方面一直是領先的解決方案，特別是在台積電（TSMC），而現在也愈來愈多在三星、Intel 與 Rapidus。但 signoff 在台積電以及其他客戶那邊也正在強勢成長。而且我們正與所有領先的 AI 業者合作。我認為我們特別提到的那一家，是一家主要的 AI 基礎設施／ASIC 公司。

And we are glad to see that adoption.

我們很高興看到這樣的採用。

Gary Mobley, Loop Capital.

Gary Mobley，Loop Capital。

Hi, guys. Thanks so much for fitting my question in. John, I think, if I'm not mistaken, 2026 is going to be a low renewal period by then. I mean, existing long-time customers scheduled to renew this year, kind of like 2022 was. And so was the strong bookings in the first quarter a reflection of some add-on sales as salespeople trying to meet their quota? And do we expect that type of behavior to last through the balance of the year?

嗨，各位。非常感謝讓我提問。John，如果我沒記錯的話，到 2026 年會是一個較低的續約期。也就是一些長期既有客戶會在那一年安排續約，有點像 2022 年那樣。所以第一季強勁的訂單（bookings）是否反映了一些附加銷售，因為業務人員在努力達成配額？我們是否預期這種行為會持續到今年剩餘時間？

Thanks for the question, Gary. Yes, I mean, 2026 is kind of later than 2025 for actual renewals on an annual value basis. But we often see that, that's the -- those are some of the strongest growth years for us because of all the add-on activity. Yes, we were really, really pleased with the Q1 booking strength, and it was right across the board across all lines of business. So Gary, I mean, it bodes well for the year.

謝謝你的問題，Gary。是的，我的意思是，以年度價值（annual value）來看，2026 年的實際續約確實比 2025 年更晚一些。但我們經常看到，那些反而是我們成長最強的年份之一，因為有大量的附加活動。是的，我們對第一季訂單的強勁表現非常、非常滿意，而且是橫跨所有業務線的全面性強勁。所以 Gary，我的意思是，這對今年是個好兆頭。

But look, it's just one quarter. As you know, we like to wait for a couple of quarters before taking up the guide in the second half. And although the last few years, Q1 has been strong. And this one has been very, very strong. So we had to take up the guide at the end of Q1.

但你看，這也只是一個季度。如你所知，我們通常會等上兩個季度左右，才會在下半年上調指引。而且過去幾年第一季都很強。而這一次非常、非常強。所以我們必須在第一季結束時上調指引。

Clarke Jeffries, Piper Sandler.

Clarke Jeffries，Piper Sandler。

Hello, thank you for taking the question. I just wanted to ask around the largest IP arrangement today with the global foundry. Was it really the extension of that agreement to additional nodes the scope of more content or the addition of agent ready AI flows that make the biggest difference to get that to the largest arrangement you've ever seen?

你好，謝謝讓我提問。我想問一下，目前與全球晶圓代工廠最大的一筆 IP 合作安排。讓它成為你們見過最大的安排，最大的差異究竟是把協議延伸到更多製程節點、範疇包含更多內容，還是加入了可供代理（agent-ready）的 AI 流程影響最大？

Yes. That's a particularly IP contract. So that one particular is focused on IP. And the two things that drove it is that it is a new node, new advanced node, more specifically 2-nanometer and more content in IP because we have a much broader portfolio.

是的。那是一份特別的 IP 合約。所以那一份特別是聚焦在 IP。推動它的兩個因素是：它是一個新節點、先進新節點，更具體來說是 2 奈米；以及 IP 內容更多，因為我們有更廣泛的產品組合。

Joshua Tilton, Wolfe Research.

Joshua Tilton，Wolfe Research。

Hey guys, thanks for sneaking me in here. Maybe just a two-parter, a little unrelated, so I apologize. But anything to call out on what drove sort of strong quarter for China? And then maybe just a second part to that. Can you help us just bridge what is driving such a great organic raise for the full year relative to the organic beat in the quarter? I know you mentioned the record backlog.

嗨，各位，謝謝讓我插個問題。可能是兩個部分，彼此有點不相關，先說聲抱歉。但關於中國，這一季表現強勁的驅動因素有什麼可以特別指出的嗎？然後第二部分。你能否幫我們串起來理解：為什麼全年有機（organic）上調幅度這麼漂亮，相較之下，單季的有機超預期（organic beat）卻沒那麼大？我知道你提到了創紀錄的在手訂單（backlog）。

Is there anything one level deeper you can give us? Especially in the context of it sounds like you're trying to tell us that even though you raised by a pretty solid amount, that there still seems to be some conservatism in the guide for the second half. So any help there would be greatly appreciated.

你們能否再深入一層提供一些資訊？特別是在這樣的背景下：聽起來你們想告訴我們，即使你們上調的幅度相當可觀，但對下半年指引似乎仍然帶有一些保守。如果能協助說明，我們將非常感激。

Sure, Josh. Thanks for the question. I'll take this one. So Josh, yes, China, it was 13% of Q1 revenue. The -- and that was just kind of broadly consistent with what we were expecting.

當然可以，Josh。謝謝你的問題。我來回答這題。所以 Josh，是的，中國在第一季營收占比是 13%。而且——那大致上與我們原先的預期一致。

Yes, we still expect China to be about 13% for the year. I think it can be lumpy from quarter-to-quarter. So I think the year-over-year comps probably look generous because Q1 in 2025 wasn't that good in China. So the -- being 13% revenue in Q1, probably the growth rate looks strong, but it's just -- it's a really important region for us that -- yes. And we were very, very pleased with the 13%.

是的，我們仍然預期中國全年約占 13%。我認為它可能會在季度之間呈現不均勻的波動。因此我認為年對年比較可能看起來偏寬鬆，因為 2025 年第一季在中國的表現並不是那麼好。所以——第一季營收占比 13%，成長率看起來可能很強，但這——它對我們而言是一個非常重要的區域，對——是的。而且我們對這 13% 感到非常、非常滿意。

The -- in relation to the guide, yes, I mean, we're -- look, Q1 was a very strong start to the year. We exceeded all our metrics. And I guess when we back out the Hexagon, the $160 million of Hexagon and the $0.28, we're basically raising the year by $65 million at the midpoint for revenue and about $0.08 for EPS.

至於——與財測指引相關，是的，我的意思是，我們——你看，第一季是今年非常強勁的開局。我們在所有指標上都超出預期。而我想，當我們把 Hexagon 的影響扣除，也就是 1.6 億美元的 Hexagon 以及 0.28 美元，我們基本上是在營收中點把全年上調 6,500 萬美元，EPS 約上調 0.08 美元。

Also on the cash flow front that's operating cash, the way we paid for Hexagon. The reported guide includes approximately $180 million of pre-close Hexagon tax liabilities that are economically part of the acquisition consideration but are classified in operating cash flow.

另外在現金流方面，那是營運現金流，也就是我們支付 Hexagon 的方式。已公布的指引包含約 1.8 億美元的交割前 Hexagon 稅務負債，這在經濟實質上屬於收購對價的一部分，但在分類上列入營運現金流。

I think the -- just the geography and the accounting forces us to put it through operating cash. If you adjust our operating cash guide for that underlying -- for that [pre-filled] Hexagon tax liability that we're paying, the operating cash flow outlook is approximately $2.1 billion, which should be about $100 million above our original guide.

我認為——主要是地理因素與會計處理迫使我們把它放在營運現金流裡。如果你把我們的營運現金指引針對該項基礎——也就是我們正在支付的那筆 [pre-filled] Hexagon 稅務負債——做調整，則營運現金流展望約為 21 億美元，應該比我們原先的指引高出約 1 億美元。

So there's a lot of strength we saw across the businesses. So the $65 million is what we took revenue up by, but we're seeing $100 million extra in cash, but there's potentially strength in the second half, but we thought it was too early to raise the second half right now.

所以我們在各項業務上都看到了很多強勁表現。因此，營收我們上調了 6,500 萬美元，但我們在現金方面看到多出 1 億美元；下半年可能也有潛在的強勢，但我們認為現在就上調下半年還太早。

Blair Abernethy, Rosenblatt Securities.

Blair Abernethy，Rosenblatt Securities。

Thanks very much for squeezing me in, guys. Just want to ask about the Millennium platform. How is the adoption going there, Anirudh? And just in general, the health in some of your non-semi verticals like automotive, aerospace, industrial equipment, and so forth, just any commentary around that would be great.

非常感謝各位把我也安排進來。我想問一下 Millennium 平台。Anirudh，那邊的採用情況如何？另外更一般地，像汽車、航太、工業設備等一些非半導體垂直領域的景氣健康度如何？如果能就此做些評論就太好了。

Yes, absolutely. So yes, Millennium is doing great. I don't know if you saw, Jensen was there at CadenceLIVE and did a nice autograph on Millennium Box. So we are pleased with the partnership with NVIDIA there. And I mean, there are two ways to two kind of high-level applications.

是的，當然。所以是的，Millennium 表現非常好。我不知道你是否看到，Jensen 也在 CadenceLIVE 現場，並在 Millennium Box 上簽了名。所以我們對與 NVIDIA 的合作夥伴關係感到很滿意。而且我的意思是，大致上有兩種、兩類高層級的應用。

We are working on this kind of CFD or SDA application for a while. And that's going well, especially in auto, and also in drones, okay? There's a lot of what Cascade acquisition we made is very good at very high accuracy CFD, which also applies to aerospace and defense. So -- so there is autos, but also A&D is Millennium offtake. And we have several customers. Some we can talk about, some we can't, okay? So that's in the traditional Millennium.

我們在這類 CFD 或 SDA 應用上已經投入一段時間。而且進展良好，特別是在汽車領域，也包括無人機，好嗎？我們所做的 Cascade 收購在高精度 CFD 方面非常強，這也適用於航太與國防。所以——所以除了汽車之外，航太與國防（A&D）也是 Millennium 的採用/導入方向。而且我們有好幾個客戶。有些我們可以談，有些不能，好嗎？所以這是在傳統的 Millennium 應用上。

And the other part, this year, like I mentioned in CadenceLIVE, we have all kinds of EDA application now on Millennium. It's super exciting. And the most exciting part of EDA application in Millennium is 3D-IC signoff. Because right now, the biggest issue is the complexity of the 3D-IC systems. Not just to design them, which we can do in Integrity and Innovus, but to sign them off.

而另一部分是，今年如我在 CadenceLIVE 提到的，我們現在在 Millennium 上已有各式各樣的 EDA 應用。這非常令人振奮。而 Millennium 上 EDA 應用中最令人興奮的是 3D-IC 簽核（signoff）。因為目前最大的問題是 3D-IC 系統的複雜度。不只是設計它們——我們可以在 Integrity 和 Innovus 中完成——而是要對它們做簽核。

So there's this huge system that need to do thermal simulation, electromagnetic simulation, power delivery simulation. And they are more naturally like a matrix without getting too technical. They're closer to a matrix multiply and numerical solver, which is great for GPU acceleration.

因此有一個龐大的系統需要進行熱模擬、電磁模擬、供電（power delivery）模擬。而且在不講得太技術性的情況下，它們更自然地像是一個矩陣。它們更接近矩陣乘法與數值求解器，這非常適合用 GPU 加速。

So right now, I see Millennium as applying to more traditional areas like autos and then new areas like aerospace and drones and then applying to 3D-IC signoff. So we are super excited about the Millennium opportunity along with our traditional hardware systems.

所以目前我看到 Millennium 既可應用在更傳統的領域如汽車，也可應用在航太與無人機等新領域，並且用於 3D-IC 簽核。因此，結合我們傳統的硬體系統，我們對 Millennium 的機會感到非常振奮。

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

接下來我把電話交回給 Anirudh Devgan 做結語。

Thank you all for joining us this afternoon. It's an exciting time for Cadence as we begin 2026 with product leadership and strong business momentum. And on behalf of our employees and our Board of Directors, we thank our customers, partners and investors for their continued trust and confidence in Cadence.

感謝各位今天下午加入我們。當我們以產品領先與強勁的業務動能展開 2026 年之際，對 Cadence 來說這是一個令人振奮的時刻。我謹代表我們的員工與董事會，感謝客戶、合作夥伴與投資人持續對 Cadence 的信任與支持。

And ladies and gentlemen, thank you for participating in today's Cadence first quarter 2026 earnings conference call. This concludes today's call, and you may now disconnect. Goodbye.

各位女士先生，感謝參與 Cadence 2026 年第一季財報電話會議。今天的會議到此結束，您現在可以掛線。再見。