益華電腦 (CDNS) 2026 Q2 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 second quarter 2026 earnings conference call. (Operator Instructions) Thank you.

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 年第二季財報電話會議。(接線員指示) 謝謝。

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

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

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

謝謝，接線員。歡迎各位參加我們 2026 年第二季財報電話會議。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。本次電話會議的網路直播以及今日事先準備的講稿副本，將可於我們的網站 cadence.com 取得。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。

Due to risks and uncertainties, actual results may differ materially from those projected or implied in today's discussion. For information on factors that could cause actual results to differ, please refer to our SEC filings, including our most recent Forms 10-K and 10-Q, and the CFO commentary in today's earnings release.

由於風險與不確定性，實際結果可能與今日討論中所預測或暗示者有重大差異。關於可能導致實際結果不同的因素，請參閱我們向美國證券交易委員會（SEC）提交的文件，包括最新的 10-K 與 10-Q 表格，以及今日財報新聞稿中的財務長評論。

All forward-looking statements during this call are based on estimates and information available to us as of today, and we disclaim any obligation to update them. In addition, all financial measures discussed on this call are non-GAAP unless otherwise specified. The non-GAAP measures should not be considered in isolation from or as a substitute for GAAP results.

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得的估計與資訊，我們不承擔更新之義務。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 指標不應被孤立地看待，亦不應作為 GAAP 結果的替代。

Reconciliations of GAAP to non-GAAP measures are included in today's earnings release. For the Q&A session today, we would ask that you observe a limit of one question only. If time permits, you can requeue with additional questions.

GAAP 與非 GAAP 指標之調節表已包含於今日的財報新聞稿中。在今天的問答環節，我們請各位遵守每人僅限一個問題的規則。若時間允許，您可重新排隊提出其他問題。

Now I'll turn the call over to Anirudh.

現在我將把電話交給 Anirudh。

Thank you, Richard. Good afternoon, everyone, and thank you for joining us today. I'm very pleased to report that Cadence delivered outstanding financial results for the second quarter of 2026, with all key metrics exceeding our guidance. We exited the quarter with record backlog that was above our expectations. We are seeing growing demand for our AI-driven solutions across our expanding customer base.

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 年第二季交出卓越的財務成果，所有關鍵指標均超越我們的財測指引。我們在季末的在手訂單（backlog）創下新高，且高於我們的預期。我們看到在不斷擴大的客戶群中，對我們 AI 驅動解決方案的需求持續成長。

AI transformation is driving strong, broad-based performance across both design for AI and AI for design fronts. Given the growing business momentum, and accelerating demand, we are raising our guidance for the year to 19% revenue growth and with higher profitability as we become more central to our customers as a strategic and trusted partner.

AI 轉型正同時在「為 AI 而設計」與「以 AI 促進設計」兩個面向，帶動強勁且廣泛的表現。鑑於日益增強的業務動能與加速的需求，我們上調全年指引至營收成長 19%，並在我們作為客戶策略性且值得信賴的合作夥伴之重要性提升之際，實現更高的獲利能力。

John will provide more details on both our Q2 results and the updated financial outlook. Let me start with the overall environment. Design activity is growing as AI drives exponential design complexity and a new generation of system architectures spanning hyperscaler infrastructure and physical AI. Customers are investing aggressively in these opportunities led by AI and HPC, and we are also seeing continued signs of improvement across the more traditional analog and consumer verticals. Chip and system design present demanding engineering challenges that require deterministic, physics-based engines, proprietary silicon correlated data and deep design knowledge.

John 將就我們第二季業績與更新後的財務展望提供更多細節。我先從整體環境談起。隨著 AI 推動設計複雜度呈指數級上升，並催生橫跨超大規模（hyperscaler）基礎設施與實體 AI 的新一代系統架構，設計活動正在成長。客戶正由 AI 與高效能運算（HPC）帶動，積極投入這些機會；同時，我們也持續看到較傳統的類比與消費性垂直領域出現改善跡象。晶片與系統設計帶來嚴苛的工程挑戰，需要具確定性、以物理為基礎的引擎、專有且與矽實測相關聯的資料，以及深厚的設計知識。

Our 3-layer cake framework uniquely brings these capabilities together with accelerated compute and data at the bottom layer, physically accurate simulation and optimization solvers in the middle layer and AI agents and orchestration at the top layer. Agentic AI is a demand accelerator for Cadence as autonomous agents expand the design exploration space and call our underlying physically accurate engines more often, creating a durable tailwind that represents a significant long-term TAM expansion opportunity.

我們的「三層蛋糕」框架以獨特方式將這些能力整合：底層是加速運算與資料；中層是具物理精準度的模擬與最佳化求解器；頂層則是 AI 代理（agents）與協同編排（orchestration）。代理式 AI（agentic AI）是 Cadence 的需求加速器，因為自主代理會擴大設計探索空間，並更頻繁地呼叫我們底層具物理精準度的引擎，形成持久的順風，代表一個顯著的長期總可服務市場（TAM）擴張機會。

We extended our leadership in agentic AI with AuraStack AI super agent, delivering up to 15 times higher productivity and 2 times faster time to market for PCB and advanced packaging design. Cadence is now the only provider with agentic solutions spanning the full electronic system design flow from digital analog design and verification to advanced packaging and PCB. We see strong early traction across our AI super agent portfolio with initial customer results demonstrating meaningful productivity improvement and better design outcomes.

我們以 AuraStack AI 超級代理（super agent）延伸了在代理式 AI 的領先地位，為 PCB 與先進封裝設計帶來最高可達 15 倍的生產力提升，以及 2 倍更快的上市時間。Cadence 現在是唯一一家提供涵蓋完整電子系統設計流程之代理式解決方案的供應商，範圍從數位與類比設計與驗證，到先進封裝與 PCB。我們在 AI 超級代理產品組合上看到強勁的早期進展，初期客戶成果顯示生產力有顯著提升，且設計結果更佳。

Our ChipStack AI super agent, enabling higher verification productivity and faster design cycle has more than 20 customer engagements and is already deployed in production across multiple chip designs. At Computex 2026, together with NVIDIA, we introduced the industry's first fully autonomous virtual AI design engineer, extending ChipStack to even higher levels of autonomy.

我們的 ChipStack AI 超級代理可提升驗證生產力並加快設計週期，已與超過 20 家客戶展開合作，且已在多個晶片設計中投入量產使用。在 Computex 2026 上，我們與 NVIDIA 一同推出業界首個完全自主的虛擬 AI 設計工程師，將 ChipStack 延伸至更高層級的自主性。

Early customer results include more than 40 times faster RTL validation, reducing a typical five week verification cycle to less than a day on a state-of-the-art advanced node design. In analog and custom design, ViraStack is seeing strong customer interest with more than 25 customer engagements, achieving 2 times to 10 times productivity improvement compared to traditional design flows.

早期客戶成果包括 RTL 驗證速度提升超過 40 倍，將先進製程節點設計中典型為期五週的驗證週期縮短至不到一天。在類比與客製化設計方面，ViraStack 受到客戶高度關注，已有超過 25 項客戶合作案，相較傳統設計流程可達成 2 倍至 10 倍的生產力提升。

InnoStack is also building momentum as customers adopt agentic AI for advanced node SoC design. During the quarter, Rapidus announced a collaboration to integrate the Cadence InnoStack AI super agent into its AI agent design solution, targeting up to a 2 times faster design turnaround. We continue to deepen our strategic partnerships across the ecosystem. We expanded our collaboration with Intel through a multiyear engagement focus on enabling its 14A process, leveraging our design IP and agentic AI-based EDA to co-optimize tools, flows and methodologies for next-generation HPC and mobile designs.

InnoStack 也正隨著客戶在先進節點 SoC 設計中採用代理式 AI 而持續累積動能。本季期間，Rapidus 宣布合作，將 Cadence InnoStack AI 超級代理整合至其 AI 代理設計解決方案中，目標是將設計周轉時間加快最高可達 2 倍。我們持續深化在整個生態系中的策略夥伴關係。我們透過多年期合作擴大與 Intel 的協作，聚焦於支援其 14A 製程，運用我們的設計 IP 與基於代理式 AI 的 EDA，共同最佳化工具、流程與方法學，以支援下一代 HPC 與行動裝置設計。

This agreement is expected to be a meaningful driver of growth over the next few years. We also deepened our collaboration with Samsung Foundry on 2-nanometer and 3DIC technologies, combining our AI-driven flows and design IP to enable next-generation AI, HPC and mobile systems. Now turning to our businesses. We are pleased that all product groups delivered double-digit year-over-year growth.

預期此協議將在未來幾年成為重要的成長驅動力。我們也深化與 Samsung Foundry 在 2 奈米與 3DIC 技術上的合作，結合我們 AI 驅動的流程與設計 IP，以支援下一代 AI、HPC 與行動系統。接著談我們的各項業務。我們很高興所有產品群都實現了年增雙位數的成長。

Our IP business had an outstanding quarter, growing over 40% year-over-year. AI performance is increasingly constrained by data movement, memory bandwidth and advanced packaging. And our differentiated IP portfolio continued to see strong adoption. This was reflected in the strong demand for our Star IP portfolio in AI and HPC applications, including PCIe, UCIe, HBM and LPDDR6. We also expanded engagement with leading memory semiconductor and aerospace customers. We secured our first ever Tensilica DSP design win with STMicroelectronics, reinforcing our strength in automotive and audio applications.

我們的 IP 業務本季表現出色，年增超過 40%。AI 效能日益受到資料搬移、記憶體頻寬與先進封裝的限制。而我們具差異化的 IP 產品組合持續獲得強勁採用。這反映在我們 Star IP 產品組合於 AI 與 HPC 應用中的強勁需求，包括 PCIe、UCIe、HBM 與 LPDDR6。我們也擴大與領先的記憶體半導體與航太客戶的合作。我們取得與 STMicroelectronics 的首個 Tensilica DSP 設計案，強化我們在車用與音訊應用的優勢。

Core EDA grew 18% year over year, driven by growing adoption of our AI solutions, proliferation of our digital full flow solutions continued, and we saw expanded adoption of Tempus and Certus sign-off tools on leading-edge designs with wins across hyperscalers, top semiconductor companies and startups. We also expanded our implementation and signoff footprint at Frontier AI companies as well as at a marquee ASIC silicon vendor, underscoring their differentiated value in enabling the industry's most advanced design.

核心 EDA 年增 18%，主要受惠於我們 AI 解決方案的採用增加、數位全流程解決方案持續擴散，以及我們在先進製程設計上看到 Tempus 與 Certus 簽核（sign-off）工具的採用擴大，並在超大規模業者、頂尖半導體公司與新創公司中取得多項勝利。我們也在 Frontier AI 公司以及一家指標性 ASIC 矽晶供應商擴大導入與簽核版圖，凸顯其在支援業界最先進設計方面的差異化價值。

In analog, we had a significant competitive win with Spectre at a leading semiconductor supplier and our FastSPICE simulator, Spectre FX, brought several production wins at leading customers. Our hardware business delivered another record quarter, driven by continued strength in Palladium Z3 and Protium X3. As designs approach unprecedented scale, hardware-assisted design and verification is becoming a strategic capacity layer for our customers' AI road map.

在類比方面，我們以 Spectre 在一家領先半導體供應商取得重大競爭性勝利；而我們的 FastSPICE 模擬器 Spectre FX 也在多家領先客戶取得多項量產導入。我們的硬體業務再創單季新高，主要由 Palladium Z3 與 Protium X3 的持續強勁表現所帶動。隨著設計規模逼近前所未有的程度，硬體輔助的設計與驗證正成為客戶 AI 路線圖中的策略性產能層。

These customers are designing now the most complex chips and systems in the world, and they critically depend on our scalable, high-performance hardware platforms to realize their designs. Demand remains especially strong from AI and HPC customers, including hyperscalers and leading semiconductor companies. We added 12 new logos and saw a meaningful expansion with several marquee AI customers as well as a notable competitive win with a major AI infrastructure provider.

這些客戶目前正在設計全球最複雜的晶片與系統，並且在實現其設計時，關鍵仰賴我們可擴展的高效能硬體平台。來自 AI 與 HPC 客戶（包括超大規模業者與領先的半導體公司）的需求仍然特別強勁。我們新增了 12 個新客戶標誌，並在數家指標性 AI 客戶上看到顯著擴張，同時也在一家主要 AI 基礎設施供應商處取得了重要的競爭性勝利。

System Design and analysis revenue grew 37% year over year. As AI system complexity increases, Customers are increasingly turning to our advanced packaging and PCB solutions. Allegro X AI was adopted by several customers, driven by significant layout design time reduction. With our 3D IC technology in collaboration with TSMC's 3DFabric advanced packaging solutions, we are enabling customers to confidently design cutting-edge silicon for increasingly demanding AI workloads.

系統設計與分析營收年增 37%。隨著 AI 系統複雜度提升，客戶愈來愈多轉向我們的先進封裝與 PCB 解決方案。Allegro X AI 已被多位客戶採用，主要受益於版圖設計時間的大幅縮短。透過我們與台積電 3DFabric 先進封裝解決方案合作的 3D IC 技術，我們正協助客戶有信心地為日益嚴苛的 AI 工作負載設計最先進的矽晶片。

In structural simulation, our beta CAE business had several competitive displacements. While the integration of recently acquired Hexagon D&E business is progressing well, with key deals closed with top customers. There is strong customer interest in our integrated full flow that combines our multiphysics products across the electrical, CFD and structural domains to best address next-generation system design needs, including in the emerging field of physical AI.

在結構模擬方面，我們的 beta 版 CAE 業務實現了數起競品替換。近期收購的 Hexagon D&E 業務整合進展順利，並已與頂尖客戶完成關鍵交易。客戶對我們的整合式端到端流程展現強烈興趣；該流程將我們在電性、CFD 與結構領域的多物理產品整合，以最佳方式滿足下一代系統設計需求，包括在新興的實體 AI（physical AI）領域。

In summary, Q2 was a great quarter for Cadence, and I'm delighted with the continued momentum of our business. With accelerating design activity, we continue to execute strongly and our competitive position has never been better as we lead the transformation to agentic AI in chip and system design.

總結而言，第二季對 Cadence 來說是非常出色的一季，我也很高興看到我們業務動能持續增強。隨著設計活動加速，我們持續強力執行；在我們引領晶片與系統設計邁向代理式 AI（agentic AI）轉型之際，我們的競爭地位從未如此強勁。

With that, I will turn it over to John to provide more details on our Q2 results and our updated 2026 outlook.

接下來我把時間交給 John，請他就我們第二季業績與更新後的 2026 年展望提供更多細節。

Thanks, Anirudh, and good afternoon, everyone. Cadence delivered excellent results for the second quarter of 2026, with accelerating momentum in AI and broad-based strength across all our businesses. Robust design activity and customer demand drove 24% year over year revenue growth for Q2, with double-digit growth across all our product groups.

謝謝你，Anirudh，各位下午好。Cadence 在 2026 年第二季交出優異成績，AI 動能加速，且我們所有業務均展現廣泛的強勁表現。強勁的設計活動與客戶需求帶動第二季營收年增 24%，且我們所有產品群皆達到雙位數成長。

with strong execution, we generated Q2 operating margin of 45.5%, and second quarter bookings resulted in a record backlog of $8.1 billion. Here are some of the financial highlights for the second quarter, starting with the P&L. Total revenue was $1.584 billion. GAAP operating margin was 28.4%. Non-GAAP operating margin was 45.5%, and GAAP EPS was $1.33 and non-GAAP EPS was $2.11.

在強力執行下，我們第二季營業利益率達 45.5%，且第二季接單使積壓訂單創下 81 億美元的紀錄。以下是第二季的一些財務重點，先從損益表開始。總營收為 15.84 億美元。GAAP營業利益率為 28.4%。Non-GAAP 營業利益率為 45.5%，GAAP 每股盈餘為 1.33 美元，Non-GAAP 每股盈餘為 2.11 美元。

Next, turning to the balance sheet and cash flow. Our cash balance was $1.440 billion and the principal value of debt outstanding was $2.500 billion. Operating cash flow was $635 million. DSOs were 65 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 14.40 億美元，未償還債務本金為 25.00 億美元。營運現金流為 6.35 億美元。應收帳款週轉天數（DSO）為 65 天，我們並使用 2.00 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 to date remain substantially similar for the remainder of the year. For our updated outlook for 2026, we now expect revenue in the range of $6.260 billion to $6.340 billion. GAAP operating margin in the range of 27.75% to 28.75%. Non-GAAP operating margin in the range of 43.75% to 44.75%.

在我提供更新後的展望之前，我想先強調，該展望包含一項慣常假設：截至目前存在的出口管制法規在今年剩餘期間將大致維持相近。針對我們更新後的 2026 年展望，我們目前預期營收介於 62.60 億至 63.40 億美元。GAAP 營業利益率介於 27.75% 至 28.75%。Non-GAAP 營業利益率介於 43.75% 至 44.75%。

GAAP EPS in the range of $4.76 to $4.86. Non-GAAP EPS in the range of $8.05 to $8.15. Operating cash flow of approximately $2 billion. And we expect to use approximately 50% of our free cash flow to repurchase Cadence shares in 2026.

GAAP 每股盈餘介於 4.76 至 4.86 美元；Non-GAAP 每股盈餘介於 8.05 至 8.15 美元。營運現金流約 20 億美元。此外，我們預期在 2026 年將使用約 50% 的自由現金流回購 Cadence 股票。

For Q3, we expect revenue in the range of $1.595 billion to $1.625 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%, and GAAP EPS in the range of $1.11 to $1.17 and non-GAAP EPS in the range of $2.01 to $2.07. 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.

針對第三季，我們預期營收介於 15.95 億至 16.25 億美元。GAAP 營業利益率介於 27.5% 至 28.5%；Non-GAAP 營業利益率介於 43.5% 至 44.5%；GAAP 每股盈餘介於 1.11 至 1.17 美元，Non-GAAP 每股盈餘介於 2.01 至 2.07 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 Non-GAAP 的調節表。

In conclusion, I'm pleased with our strong first half results and the robust pipeline and momentum heading into the second half of the year. At the midpoint, we now expect revenue growth of 19%, operating margin of 44.25%, EPS of $8.10 and operating cash flow of $2 billion for the year. As always, I'd like to close by thanking our customers, partners and our employees for their continued support.

最後，我對我們上半年強勁的成果，以及進入下半年時穩健的商機管線與動能感到滿意。以區間中值計算，我們目前預期全年營收成長 19%、營業利益率 44.25%、每股盈餘 8.10 美元，以及全年營運現金流 20 億美元。一如既往，我要在結尾感謝我們的客戶、合作夥伴與員工持續的支持。

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）

Joe Quatrochi, Wells Fargo.

Wells Fargo 的 Joe Quatrochi。

Yeah. Maybe first just wondered if you could give us any help. You talked about agentic AI as being a long-term TAM expansion opportunity, is there any quantification that you can give us on that TAM at this point? And maybe how do we think about that as driving EDA as a percent of R&D expense to maybe higher over time?

是的。也許先想請教一下，看看你們能否給我們一些協助。你提到代理式 AI 是一個長期的 TAM 擴張機會，目前你們能否對該 TAM 做任何量化？另外，我們該如何看待它推動 EDA 佔研發費用比重，隨時間可能提高？

Yeah. Joe, thanks for the question. So like we've said before, I mean the great thing about agentic AI is it opens up a new TAM opportunity. At the same time, it calls more of our underlying physically accurate software. So going back to the 3-layer framework. So it's a new opportunity at the top layer and reinforces the middle layer. And I think we are pleased by the interest. I mean the interest is amazing, actually, almost all the big customers, almost all customers want to engage in our agent stack and now we have four super agents.

是的。Joe，謝謝你的問題。如同我們之前所說，代理式 AI 的一大優點是它開啟了新的 TAM 機會。同時，它也會帶動我們底層、具物理精準度的軟體使用量。回到三層架構來看，它在最上層帶來新機會，並強化中間層。我們對市場興趣感到很振奮。坦白說，這個興趣非常驚人，幾乎所有大型客戶、幾乎所有客戶都希望參與我們的代理堆疊（agent stack），而我們現在已有四個超級代理（super agents）。

So I think it's a great opportunity for us. Now in terms of results, what I -- of course, we had great results in Q2 and the year so far. And there's a lot of strength in different parts of the business. But what I am -- want to particularly proud of is the strength in the software businesses. If you look at our recurring growth, and that was particularly driven by strength of add-on business.

因此我認為這對我們而言是很好的機會。至於成果方面，當然，我們在第二季以及今年迄今都取得了很好的成果。業務的不同部分都有很強的動能。但我特別感到自豪的是軟體業務的強勁表現。如果你看我們的經常性收入成長，這主要是由加購業務的強勁所帶動。

And so both we are seeing add-ons driven both basically for design for AI as our customers design more chips and also AI for design, which is agentic AI portfolio. And you can see that in our results. So what is particularly impressive, and this is, I think, the highest raise we have ever had is that it is broad-based, including software and AI contributing to that growth. So we'll see how things progress for rest of the year.

因此，我們看到加購同時受到兩股動能驅動：一是「為 AI 而設計」（design for AI），因為客戶正在設計更多晶片；二是「用 AI 來設計」（AI for design），也就是代理式 AI 產品組合。你可以在我們的業績中看到這一點。特別令人印象深刻的是——我認為這是我們歷來最大幅度的上修——成長是廣泛分布的，其中包含軟體與 AI 對成長的貢獻。我們將觀察今年剩餘期間的進展。

Yeah, Joe, I'll just add that -- if I could just add, the customer engagement, as Anirudh said, continues to accelerate. We're seeing increased evaluations and pilots and early deployments. And we continue to expect monetization through both new workflow products as well as increased usage of underlying engines. But just to be clear, we're still not assuming a sudden step function in our guidance. The opportunity is continuing to develop well, though.

是的，Joe，我再補充一下——如果我可以再補充，正如 Anirudh 所說，客戶互動持續加速。我們看到更多的評估、試點以及早期部署。而且我們仍預期可透過新的工作流程產品，以及底層引擎使用量的提升來實現變現。但要說清楚的是，我們在指引中仍未假設會出現突然的跳躍式成長。不過，這個機會仍在持續良好地發展中。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Staying on this topic I wanted to ask about open source models, designing chips. And maybe if I just take at face value, it seems like an agent sought out EDA tools and then orchestrate the flow when tasked with chip design. So I guess my question is the implication for Cadence from all of those and two things come to mind: One, if customers now have agents capable of accessing your EDA tools, does that drive higher usage and more net consumption ultimately. And then two, where do you think the differentiation lies with the customer buying the Cadence models for orchestration versus customers maybe deciding to build on their own?

延續這個主題，我想問一下開源模型、設計晶片的情況。如果我就字面理解，似乎有一個代理（agent）在被指派晶片設計任務時，會去尋找 EDA 工具，然後編排整個流程。所以我想問的是，這對 Cadence 的意涵是什麼？我想到兩點：第一，如果客戶現在有能夠存取你們 EDA 工具的代理，是否會帶動更高的使用量，最終帶來更多的淨消耗（net consumption）。第二，你認為差異化會在哪裡：客戶購買 Cadence 的模型來做編排，與客戶可能決定自行建置相比？

Yeah, thanks for the question. I mean, like I said before, I've said this for years now, like four, five years that the real AI orchestration and monetization will happen through this 3-layer cake. Just to remind everybody, the top layer is AI agent and orchestration, the middle layer is these -- our traditional, physically accurate tools ground truth and bottom layer is compute and data. So the recent news just confirms that framework.

好的，謝謝你的問題。我的意思是，就像我之前說的，我這幾年——大概四、五年——一直在講，真正的 AI 編排與變現會透過這個三層蛋糕來發生。提醒大家一下，最上層是 AI 代理與編排，中間層是我們傳統、具物理精準度的工具（ground truth），底層是運算與資料。所以最近的消息只是再次印證了這個框架。

And by the way, this will happen in all markets. The value of AI will go more and more vertical than horizontal and I've said this for a long time. So even in chip design, the value is in the agentic framework and all the mental model, all the knowledge graphs then calling the physically accurate tools on a rich set of hardware. And this latest news in case of Kimi doing that, I mean I think that I mean they said a chip, but I think it's a small block, which is about technology, which is like 20 years old on frequency that is 20, 30 times lower than current frequency.

順帶一提，這會在所有市場發生。AI 的價值會愈來愈偏向垂直化，而不是水平化，我講這個也很久了。所以即使在晶片設計上，價值也在於代理式（agentic）的框架、各種心智模型、知識圖譜，然後在豐富的硬體上去呼叫具物理精準度的工具。而這次 Kimi 的最新消息，我的意思是，他們說是做了一顆晶片，但我認為那應該是一個小模組（small block），而且所用的製程技術大概是 20 年前的，頻率也比目前的頻率低 20 到 30 倍。

So even to design a small block at such an old node, they needed kind of EDA tools to do that. So this is going to happen again and again. And there is -- there have been open source EDA tools for a while, I don't know, for decades, and they're used in some university or specialized settings, but to really do real designs, people use cadence to do that. Now the differentiation will be in all. We want to differentiate in all three parts of the cake.

所以即便是在那麼舊的節點上設計一個小模組，他們也需要某種 EDA 工具來完成。因此這種情況會一再發生。而且——開源 EDA 工具其實存在一段時間了，我不知道，可能好幾十年了，它們在一些大學或特定的專門場景會被使用，但要真正做實際的設計，人們還是用 Cadence 來做。至於差異化會在哪裡——我們希望在這個蛋糕的三個部分都做到差異化。

So our knowledge graph and a mental model and how we do the reinforcement loops at the agent is really differentiated how we call then the middle layer through deep API access and the strength of our middle traditional tools is differentiated. And then even in the bottom layer, as you know, we have Palladium, we have Millennium. We have special hardware to do that. So our differentiation will be in all three. And then all three together, we are more differentiated than we have ever been. So I'm very proud of our differentiation of the moat we have.

所以我們在代理層的知識圖譜、心智模型，以及如何做強化迴圈（reinforcement loops）方面，確實有很強的差異化；我們如何透過深度 API 存取去呼叫中間層也有差異化；而我們中間層傳統工具本身的實力也有差異化。再者，即使在底層，如你所知，我們有 Palladium，也有 Millennium。我們有專用硬體來做這些事情。所以我們會在三個層面都做出差異化。而三者結合在一起，我們的差異化程度比以往任何時候都更強。因此我對我們的差異化與護城河感到非常自豪。

And then the fact that these 3-layers reinforce each other. Now the customers may always have their own agents just like they have their own flows right now, but to really do mission-critical tasks they increasingly depend on cadence as you're seeing that in our engagements.

另外，這三層彼此會相互強化。客戶可能永遠都會有自己的代理，就像他們現在也有自己的流程（flows）一樣，但要真正完成關鍵任務（mission-critical tasks），他們會愈來愈依賴 Cadence——你也在我們的客戶互動中看到這一點。

Yeah. And Joe, Anirudh, always says that like agentic AI actually increases demand because agents invoke EDA tools continuously while exploring more design alternatives, and Kimi was really good example of that.

是的。而且 Joe，Anirudh 一直說，代理式 AI 其實會增加需求，因為代理在探索更多設計替代方案時會持續呼叫 EDA 工具，而 Kimi 就是一個很好的例子。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券（Bank of America Securities）。

Anirudh, IP business has accelerated to over 40% growth. I'm curious what's driving this? How much is organic versus inorganic? And what is kind of the sustainable growth rate for IP? And then if we zoom out, I just wanted to clarify with, John, what the contribution is now with Hexagon and EPS dilution.

Anirudh，IP 業務成長加速到超過 40%。我很好奇是什麼在驅動這個成長？其中有多少是有機成長、多少是非有機成長？另外，IP 的可持續成長率大概會是多少？再把視角拉遠一點，我也想請 John 幫忙釐清一下：目前 Hexagon 的貢獻是多少，以及 EPS 稀釋的情況。

John, do you want to start on that -- yeah.

John，你要先從那個開始嗎——好。

Yeah, sure, sure. Just in terms of hexagon contribution. I., mean Hexagon is delivering as we originally expected, and it continues to contribute to SG&A growth. But the strength in our SG&A numbers is much broader. We're seeing momentum in 3DIC in advanced packaging, in PCB, multiphysics and physical AI.

好的，當然。先談 Hexagon 的貢獻。我的意思是，Hexagon 的表現如同我們最初預期，並且持續對 SG&A（銷售、一般及行政費用）成長有所貢獻。但我們 SG&A 數字的強勁表現其實更為廣泛。我們看到 3DIC 先進封裝、PCB、多物理（multiphysics）以及物理 AI 方面的動能。

As the integration of Hexagon DAD is progressing well. And we see a significant opportunity to strengthen both the technology portfolio and go to market over time. But also, I guess on the IP, so IP had an outstanding quarter driven by AI, HPC, advanced node activity, memory bandwidth, chiplets and advanced packaging. There were strong customer engagements in beautiful waves. But IP revenue can be timing dependent from quarter to quarter -- we're pleased with the momentum.

隨著 Hexagon DAD 的整合進展順利。我們也看到一個顯著的機會，能在時間推移下同時強化技術產品組合與市場推進（go-to-market）。另外談到 IP，IP 本季表現非常出色，主要受 AI、HPC、先進節點活動、記憶體頻寬、chiplets 與先進封裝所帶動。客戶互動非常強勁，呈現一波波很漂亮的推進。但 IP 營收在季度之間可能會受時點影響——我們對這股動能感到滿意。

But I would not annualize any one quarter. Our competitive position continue strengthening across interface IP, memory IP and foundation IP -- Hl Andrew called out, it represents another example of customers choosing broader strategic engagement with us.

但我不會把任何單一季度年化來看。我們在介面 IP、記憶體 IP 與基礎 IP（foundation IP）上的競爭地位持續強化——正如 Andrew 提到的，這也再次顯示客戶選擇與我們進行更廣泛、具策略性的合作。

Adrian, would you like to add?

Adrian，你要補充嗎？

Yeah, absolutely. Yeah. Thanks,. So Vivek, I'm very pleased with the IP performance and EDA performance. I mean before I get to specific IP, the good thing is, I mean, these things are growing. Of course, IP is growing very well. SDN is growing very well. but also they have enough scale now. So EDA, we are always, I believe, the leading EDA provider with analog, digital verification, packaging 3DIC. But both our roughly speaking, both IP and SDNA are approaching like $1 billion run rate, okay?

好的，當然。是的。謝謝。Vivek，我對 IP 的表現以及 EDA 的表現都非常滿意。在我談具體 IP 之前，好的地方在於，這些業務都在成長。當然，IP 成長非常好。SDN 成長也非常好，但它們現在也已經有足夠的規模了。所以在 EDA 方面，我一直相信我們是領先的 EDA 供應商，涵蓋類比、數位驗證、封裝 3DIC。而大致來說，我們的 IP 與 SDNA 都正接近約 10 億美元的年化營收規模（run rate），好嗎？

So at this point, it gives us a lot of strength in our portfolio to engage with our customers. Now IP, particularly. And I've mentioned this before, as you know, like I think there are three big mega trends. One is, of course, our IP is much better than before. The quality of our IP, the PPA, power performance in the area for like TSMC and the leading nodes is better. So we are getting a lot of competitive wins in IP that two years ago, we would not participate in. So that's one thing.

所以在這個時間點，這讓我們的產品組合更有力，能與客戶進行更深入的合作。特別是 IP。而且我之前也提過，如你所知，我認為有三個大的巨型趨勢（mega trends）。第一個當然是，我們的 IP 比以前好很多。我們 IP 的品質、PPA（功耗、效能、面積），在像台積電（TSMC）以及領先節點上的表現更好。因此我們在 IP 上拿下了很多競爭性勝利，而這在兩年前我們可能根本不會參與。這是第一點。

Second reason is our IP strategy is more focused, has always been focused and will continue to be focused to leading nodes to star IP to AI and HPC segment. So I've talked about these five IPs which is interface IP, memory IP. And then we have expanded to Foundation and other, but especially chip-to-chip IP, memory IP, interface IPs are supercritical and they are growing well, okay? And then the third thing is there are more and more foundries we talk about Intel. I'm very proud of this new partnership with Intel and is, of course, much broader than IP.

第二個原因是，我們的 IP 策略更聚焦，而且一直都很聚焦，並將持續聚焦在先進製程節點，從明星 IP 延伸到 AI 與 HPC 領域。所以我談到這五項 IP，也就是介面 IP、記憶體 IP。接著我們也擴展到 Foundation 和其他類別，但特別是 chip-to-chip IP、記憶體 IP、介面 IP 都是極其關鍵的，而且成長表現很好，好嗎？第三點是，我們談到的晶圓代工廠越來越多，例如 Intel。我對與 Intel 的這項新合作夥伴關係感到非常自豪，當然它的範圍也遠不只 IP。

But I be a part of it. And then our engagement with Samsung, we mentioned last quarter, and wrap it is. So the foundry ecosystem is much more diverse than before. So I think these three reasons, our IP business is doing phenomenal. And also most of it is, just to clarify, is organic growth. I mean this great growth we posted most of it is organic growth. Now how does it proceed in the future? We'll see, but all the signs are positive at this time.

但我也是其中的一部分。另外，我們與三星的合作，我們在上一季提到過，而且目前也在推進中。因此，晶圓代工生態系比以前多元得多。所以我認為基於這三個原因，我們的 IP 業務表現非常出色。另外澄清一下，其中大部分是有機成長。也就是說，我們公布的這個強勁成長，大多數來自有機成長。那未來會如何發展呢？我們再觀察，但目前所有跡象都很正面。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗（Mizuho）。

Apologies for the background noise. I'm at DACH conference, and I can tell you the key thing here is the agentic AI, which kind of validate what you said. So my quick question is you talked about some of this agent super agent, ChipStack, ViraStack that your customer has been using. So wondering what kind of feedback you're getting and the cost saving and the value that you bring to the customer. And then I know, John, earlier, you talked about monetization, which might take contract renewal or cycle time. But as you see the usage, are you seeing any kind of accelerating adoption where the time line can be compressed.

抱歉背景有些噪音。我人在 DACH 會議，我可以告訴你這裡的關鍵重點是 agentic AI，某種程度上也驗證了你所說的。所以我想快速請教：你提到一些 agent、super agent、ChipStack、ViraStack，客戶正在使用。想了解你們收到什麼樣的回饋，以及為客戶帶來的成本節省與價值。另外我知道 John 先前談到變現，可能要等到合約續約或週期時間。但就使用情況來看，你們是否看到任何加速採用的跡象，使得時程可以被壓縮？

Yeah, CT, the demand is great, like I mentioned, for these agents. And we have I mean the exciting thing is that the use cases are, I mean we have publicly talked about so many of them and like 2 times to 10 times to, in some cases, 40 times improvement. And this is only the ones that we can publicly talk about. This is a very small subset of our engagement.

是的，CT，正如我提到的，這些 agents 的需求非常強勁。而且我們——令人興奮的是，使用案例非常多；我們也公開談過其中很多，帶來 2 倍到 10 倍、在某些情況下甚至 40 倍的改善。而這些只是我們能公開談的部分。這只占我們合作案中非常小的一部分。

So the amount of use cases and the benefit is real, okay? And the interest is definitely real in terms of number of engagements and how many customers want to engage with us. And our strength of our portfolio with the 3-layer cake is very well differentiated. So I'm very pleased. I mean this is like we are maybe 6 months into our launch of these products.

所以使用案例的數量以及效益都是真實存在的，好嗎？而且就合作案數量、以及有多少客戶想與我們合作而言，興趣也絕對是真實的。我們以「三層蛋糕」為架構的產品組合優勢，差異化非常明顯。所以我非常滿意。我的意思是，我們推出這些產品大概才 6 個月。

We launched them in Q1, but we're working, I would say, roughly six months with our customers. And we'll see how it progresses. But like I said, the early add-on business is encouraging, but we are still in the early days, so we'll see how it goes. But so far, the demand is tremendous.

我們在第一季推出，但我會說我們與客戶合作大約已經六個月。接下來就看它如何發展。但如我所說，早期的加購（add-on）業務令人鼓舞，不過我們仍在早期階段，所以再看看進展如何。但到目前為止，需求非常驚人。

Yeah, Siti, I think we view this as a demand accelerator. The customers are not trying to do any less design work. they're trying to keep up with design complexity, which is accelerating faster than engineering headcount and scale. We've always said that. As agents expand the design exploration space and call the underlying Cadence engines more often that creates opportunities for new agentic workflow products and increased use of our core tools.

是的，Siti，我想我們把這視為需求加速器。客戶並不是想做更少的設計工作；他們是在努力跟上設計複雜度的提升，而複雜度的提升速度快過工程人力的增加與規模擴張。我們一直都是這麼說的。當 agents 擴大設計探索空間，並更頻繁地呼叫底層的 Cadence 引擎時，就會為新的 agentic 工作流程產品，以及我們核心工具使用量的提升，創造機會。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛（Goldman Sachs）。

Continuing on the agentic AI theme. Could you maybe talk a little bit about some of the add-on engagements you're seeing for those tools and to what extent you're seeing them across more than the sort of 20 to 25 customers you've already noted. And maybe if you could quantify the impact of those add-ons in terms of either the guidance raise or what it could mean for core EDA software revenue in the next year, that would be great.

延續 agentic AI 的主題。你能否多談一些你們在這些工具上看到的加購合作案（add-on engagements），以及你們在多大程度上看到它們擴展到你們先前提到的約 20 到 25 家客戶之外？另外，如果你能量化這些加購對於上調財測的影響，或它可能對明年核心 EDA 軟體營收帶來的意義，那就太好了。

Yeah. I think like you know us, right, we are very careful about projecting future next year numbers. But I think to step back a little bit, I think the -- the three things that I'm super excited about is one is that the overall environment is much better. I mean this also helps us a lot. I mean not just the AI companies, the hyperscalers. I mean the commitment to silicon is much higher than like 12 months ago.

好的。我想你也了解我們，我們對於預測明年數字一向非常謹慎。但如果稍微退一步看，我非常興奮的三件事：第一是整體環境好很多。這也對我們幫助很大。不只是 AI 公司、超大規模雲端業者（hyperscalers）。對矽（silicon）的投入承諾比 12 個月前高得多。

And you can see that you're following all the hyperscalers. So the amount of designs and the number of designs each hyperscaler is doing is impressive. And then the AI semiconductor companies are growing immensely. And then like the analog and memory and the consumer semi companies are also doing well now. So overall environment, is much better than one year ago, which, of course, helps us, right? So that's number one.

你也可以看到——你一直在追蹤所有 hyperscalers。所以每一家 hyperscaler 正在做的設計量、以及設計數量都令人印象深刻。另外，AI 半導體公司也在大幅成長。再者，類比、記憶體以及消費性半導體公司現在也表現不錯。所以整體環境比一年前好很多，這當然也幫助了我們，對吧？這是第一點。

Number two, I think I just want to emphasize our competitive position, I feel has never been better. So we are taking a lot of share in different customers, getting to much, much deeper engagement, whether it's whether it's agentic AI or hardware or IP. And you can see that in the numbers and then the third part is this new TAM expansion opportunity, which is a agentic, which we are clearly super excited about, we're still in the early stages.

第二點，我想強調的是，我覺得我們的競爭地位從未如此之好。所以我們在不同客戶那裡拿下了很多市占，合作也更深入——不論是 agentic AI、硬體或 IP。你可以從數字中看出來。第三點則是這個新的 TAM 擴張機會，也就是 agentic；我們顯然非常興奮，但仍處於早期階段。

So if you combine those three things, I think that is what is leading to such good results and such good guidance. Just to remind you, this is the highest we have raised annual revenue in a single quarter, okay? And to about 19% revenue growth with improved profitability. So I think I would like to say that some of the benefit is already there of the agentic and other next year and year after, I mean you know as we are prudent as ever, and we'll see how things progress.

所以如果把這三件事結合起來，我認為這就是帶來如此好的成果與如此好的財測指引的原因。提醒一下，這是我們在單一季度內上調全年營收幅度最高的一次，好嗎？而且把營收成長提高到約 19%，同時獲利能力也改善。所以我想我會說，agentic 的一些效益已經反映在當下；至於明年與後年——你也知道我們一向非常審慎——我們會再看事情如何發展。

Jim, I think just -- I know we get a lot of questions about agentic AI, but I think it's important to highlight that the raise that we just did for Q2 for the rest of the year reflects broad-based strength across the business rather than any single customer or product, we saw strong Q2 execution across core EDA, IP, hardware and SD&A. That, of course, is all benefiting from continued strength in AI-driven demand as well. But the strength is broad-based across all businesses and across all regions.

Jim，我想——我知道我們收到很多關於 agentic AI 的問題，但我認為重要的是要強調：我們這次對第二季、以及今年剩餘期間所做的上調，反映的是整體業務的廣泛性強勁，而不是任何單一客戶或產品；我們在第二季於核心 EDA、IP、硬體與 SD&A 都有強勁的執行表現。當然，這一切也都受惠於 AI 驅動需求的持續強勁。但這股強勁是跨所有業務、以及跨所有地區的廣泛性強勁。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通（JPMorgan）。

And as the volume of AI influencing compute workloads surpassed training workloads in the second half of last year. And we know that inferencing is much more memory intensive, right? So you've seen this diversification of different types of memory architectures emerging to address inferencing in addition to HBM DRAM, we've seen development of SRAM-based offload architectures, we've seen CXL-based conventional DRAM offload and even using enterprise SSD or flash-based memory, right? So given all of the focus on these memory architectures and memory controller architectures, is this translating into some tailwinds for your custom Virtuoso family of EDA tool solutions or tailwinds for your CXL-based or memory compiler IP portfolios or both?

而且隨著 AI 影響的運算工作負載量在去年下半年超過訓練工作負載。我們也知道推論（inferencing）更偏向記憶體密集，對吧？所以你已經看到為了因應推論而出現不同類型的記憶體架構多元化；除了 HBM DRAM 之外，我們看到以 SRAM 為基礎的卸載（offload）架構、看到以 CXL 為基礎的傳統 DRAM 卸載，甚至也使用企業級 SSD 或快閃記憶體作為記憶體，對吧？所以在這些記憶體架構與記憶體控制器架構都受到高度關注的情況下，這是否正在轉化為你們客製化 Virtuoso 系列 EDA 工具解決方案的順風（tailwinds），或是你們以 CXL 為基礎或記憶體編譯器（memory compiler）IP 產品組合的順風，或兩者皆是？

Yeah, Harlan. That's a great point. So yeah, like John mentioned, the strength is broad-based. And definitely, the analog group, which is part of EDA is also seeing very strong momentum because all of these whether it's memory or analog is all done in Virtuoso, is the leading platform for analog and mixed signal and custom design in the industry. So I'm very pleased to see overall environment plus the special -- the all this innovation that is driven by influencing helping both all our businesses, analog, digital and verification. But what is exciting to me in this -- I mean you know this anyway, with this inferencing is that there is much more varied architectures you mentioned and also much more varied customers.

是的，Harlan。這點說得很好。所以沒錯，如同 John 提到的，這股強勁動能是全面性的。而且確實，類比團隊（屬於 EDA 的一部分）也正看到非常強的動能，因為不論是記憶體或類比，這些都在 Virtuoso 上完成；Virtuoso 是業界類比、混合訊號與客製化設計的領先平台。所以我很高興看到整體環境，再加上這些由創新所驅動、並影響與協助我們所有業務（類比、數位與驗證）的因素。但在這一波讓我覺得特別令人興奮的是——我的意思是你本來也知道——在推論（inferencing）方面，你提到的架構更多元，客戶也更加多樣化。

So all the big customers believe at this point that, of course, they will use standard products from semiconductor companies from the really big semiconductor companies like Nvidia who are doing great, but also believe that they will have their own custom silicon. And then on top of that, different versions of that custom silicon for memory access and also networking, right? There's a lot of activity in networking as well. And then I would say like over the last six months, I see a lot more activity in startups. Startups were kind of dormant.

所以目前所有大型客戶都相信，當然他們會使用來自半導體公司的標準產品，來自像 NVIDIA 這樣表現非常出色的超大型半導體公司；但他們也相信自己會有自家的客製化晶片（custom silicon）。而在此之上，還會有不同版本的客製化晶片，用於記憶體存取以及網路連接，對吧？網路領域也有很多活動。另外我會說，過去六個月我看到新創的活動明顯增加。新創之前有點沉寂。

But in the last six months, there are like some very high-profile start-ups that are starting, not just in AI, but in networking and even CPU. So I think the overall environment is good and it is affecting all our businesses. Analog, for sure, verification with hardware, IP business, digital implementation, 3DIC is a big thing where we have leadership. So that's what leading to this broad-based trend. But the conviction of the hyperscalers to do their own silicon and try, like you pointed out, different architectures. And that's bound to happen.

但在過去六個月，出現了一些非常受矚目的新創開始啟動，不只是在 AI，也在網路，甚至在 CPU。所以我認為整體環境是好的，而且正在影響我們所有的業務。類比當然如此；硬體驗證、IP 業務、數位實作、3DIC 也是一個我們具備領導地位的大方向。所以這些因素共同帶動了這種全面性的趨勢。但超大規模業者（hyperscalers）對於自研晶片的信念，以及如你指出的去嘗試不同架構，這是必然會發生的。

I mean if there is one bottleneck, the customers come up with different memory architectures to solve that bottleneck or different networking architectures. So I expect this to continue. I mean this is -- as the market gets bigger, you know that as the AI infrastructure market gets bigger, there will be more and more innovation to optimize each part of that market. And all that innovation will require Cadence products to make that happen.

我的意思是，如果存在某個瓶頸，客戶就會提出不同的記憶體架構來解決該瓶頸，或是不同的網路架構。所以我預期這會持續下去。也就是說——隨著市場變大，你知道的，當 AI 基礎設施市場越來越大，就會有越來越多的創新來最佳化這個市場的每一個環節。而所有這些創新，都需要 Cadence 的產品來促成落地。

Charles Shi, Needham & Company.

Charles Shi，Needham & Company。

I can ask about AI for 100 ways, but I think the most important question on top of many people's mind right now, or I should say, the scenario, a very extreme scenario that people fear the most is where you actually prompt, I don't know when we can get that, but prompt, very, very powerful LLM in the future with the chip design requirement, and that LLM can autonomously generate code that gets sent to a foundry directly for tapeout without running them through any of the commercial EDA tools. So this is one of the scenarios some people were envisioning. We strongly disagree, but do you think this end-to-end so-called end-to-end LLM based chip design is a real possibility at all? Or since you mentioned a 3-layer cake?

我可以用 100 種方式問 AI，但我想現在很多人心中最重要的問題，或者我該說，一個非常極端、也是大家最害怕的情境是：未來你實際上對一個非常、非常強大的 LLM 下提示（prompt）提出晶片設計需求，而那個 LLM 能夠自主產生程式碼，直接送到晶圓代工廠進行 tapeout，而完全不需要經過任何商用 EDA 工具。所以這是一些人所想像的情境之一。我們強烈不同意，但你認為這種端到端、所謂以 LLM 為基礎的晶片設計，是否有任何可能性？或者如你提到的三層蛋糕（3-layer cake）？

Yeah, Charles, I mean like I said before -- I mean before, I said this for years, the way this improvement will happen. And of course, there will be a lot of improvements with AI, there will be to this 3-layer cake. So we will have agents like we have Super agents. Our tools are central, will continue to be central to that. And of course, we'll run a varied set of hardware.

是的，Charles，我的意思是就像我之前說的——我以前也說了很多年——改進會以這種方式發生。當然，AI 會帶來很多改進，會落在這個三層蛋糕上。所以我們會有代理（agents），就像我們有 Super agents 一樣。我們的工具是核心，並且會持續是核心。而且當然，我們會在多樣化的硬體上運行。

I don't see that changing. Of course, some people may get worry about it from time to time, but the ground truth will prevail, okay? This 3-layer framework will prevail. And what -- if you talk about commoditization, I mean, I think what is likely to happen is not, the EDA tools get commoditized. What is likely to happen is at the agentic layer, there will be a lot of choices for LLMs. So if you look at what is really happening right now in the marketplace is that the customers are demanding choice in their LLMs.

我不認為這會改變。當然，有些人可能會不時擔心，但事實真相會勝出，好嗎？這個三層框架會勝出。至於——如果你談到商品化（commoditization），我的意思是，我認為最可能發生的不是 EDA 工具被商品化。最可能發生的是在代理層（agentic layer），LLM 會有很多選擇。所以如果你看現在市場上真正發生的事情，是客戶正在要求他們的 LLM 具備選擇權。

And so -- Kimi is an example of that and GLM 5.2 and Nemotron, of course, is great, released by NVIDIA and then all the commercial models. So what the customers are asking me is like, can you -- can the agent be more intelligent in choosing the right model for the right task given the rapid progress in the LLMs? I think that's most likely to happen. But the 3-layer framework, criticality of our tools will be here to stay, yes.

因此——Kimi 是一個例子，還有 GLM 5.2，以及 Nemotron；當然 Nemotron 很棒，是 NVIDIA 發布的，另外還有所有商用模型。所以客戶問我的問題是：在 LLM 快速進步的情況下，你們能不能——代理能不能更聰明地為正確的任務選擇正確的模型？我認為這是最可能發生的方向。但三層框架、以及我們工具的關鍵性，會長期存在，是的。

Lee Simpson, Morgan Stanley.

Lee Simpson，Morgan Stanley。

Great. I mean I think most of my questions have been asked, but maybe I'll ask a generic sort of competitive one. It does look still Cadence's expanded DTCO collaborations now with Intel building out its Samsung road map and you've also deepened relationships with TSMC. So your positioning in stacked die and multichip designs is pretty much equal or better relative to peers, you'd say now -- so its exposure to digital design and IP interface maybe differs from Synopsys.

很好。我的意思是，我大多數問題都已經被問過了，但也許我會問一個比較一般、偏競爭面的問題。看起來 Cadence 擴大的 DTCO 合作現在也涵蓋 Intel，並在其 Samsung 路線圖上持續建置，你們也加深了與 TSMC 的關係。所以你們在堆疊晶粒（stacked die）與多晶片設計（multichip designs）上的定位，現在相較同業大致相當或更好——你會這麼說嗎？——因此在數位設計與 IP 介面上的曝險，可能與 Synopsys 有所不同。

So I guess the question here is really, where are you seeing the most competitive pressure from some of your peers in contested accounts? And is there another context of some of the other agentic AI push at your rivals? Are you winning or losing share in that digital implementation and verification at the leading edge?

所以我想這裡真正的問題是：在競爭激烈的客戶（contested accounts）中，你們從一些同業那裡感受到最大的競爭壓力在哪裡？另外，你們的競爭對手也在推進其他代理式 AI（agentic AI），這方面是否有其他脈絡？在先進製程節點（leading edge）的數位實作與驗證上，你們是在贏得或流失市占？

Yeah. Thanks for the question, Lee. So first thing, I just want to say that I'm very proud of this new Intel collaboration because Intel is a company we tried to work closer for a very long time.

是的。謝謝你的問題，Lee。首先我想說，我對這次新的 Intel 合作非常自豪，因為 Intel 是我們長期以來一直希望能更緊密合作的一家公司。

I mean this is not a one or two year old problem, this is like a 10- or 20-year old problem, okay? But finally, we have a great collaboration with Intel with Lip-Bu and his new team. And I think we are working on it for a while now, but it's good to announce it in Q2. And it's a pretty broad-based collaboration. Of course, starting with what we had announced a month or two ago, 14A and DTCO, our agentic EDA solutions, our IP portfolio, which is much stronger.

我的意思是，這不是一兩年的問題，這是像 10 年或 20 年的問題，好嗎？但終於，我們在 Lip-Bu 以及他的新團隊帶領下，與 Intel 建立了很棒的合作。我想我們已經推進一段時間了，但能在第二季（Q2）對外宣布是件好事。而且這是一個相當全面的合作。當然，從我們在一兩個月前宣布的 14A 與 DTCO、我們的代理式 EDA 解決方案、以及更強大的 IP 產品組合開始。

But I think it goes beyond that. And you'll see that we are engaging Intel in all parts of Intel, with all parts of our product portfolio. So I'm really pleased to see our position improving at Intel and our collaboration being just like it is all the other leading companies. And same thing happened with Samsung over the last 6 to 12 months. So in terms of what we were weak at before a few years ago was we were doing great with the TSMC ecosystem. We have a great partnership with TSMC.

但我認為不只如此。你會看到我們正與 Intel 的各個部門互動，並且以我們產品組合的各個部分與其合作。所以我很高興看到我們在 Intel 的地位正在改善，而我們的合作也正變得就像與其他領先公司一樣。而在過去 6 到 12 個月，Samsung 也發生了同樣的情況。所以就我們幾年前相對較弱的部分而言，之前我們在 TSMC 生態系做得非常好。我們與 TSMC 有很棒的夥伴關係。

But I've said for a while, we were weak at Intel and Samsung, and that definitely has changed. And there's still more to go, but at least the trajectory has definitely changed, in my opinion. And then and especially -- and that especially applies to digital and verification businesses. And even in digital, we are always very, very strong in implementation, place and route.

但我已經說了一段時間，我們在英特爾和三星那邊相對較弱，而這點確實已經改變了。而且還有更多進展空間，但至少在我看來，走勢/軌跡確實已經改變了。而且尤其是——這點特別適用於數位與驗證業務。即使在數位領域，我們在實作、佈局與繞線（place and route）方面一向非常、非常強。

But now as we have mentioned in my prepared remarks, also strong in sign-off. So the depth of our digital engagement is also improving at all customers. So overall, I'm pretty pleased with our position. And we just always believe in simple things, right team, technology and customers. We have the best team, I believe, develop the best products and listen to these demanding customers, and that's how we stay ahead. We're not looking at who is doing -- who else is doing that, but are we really satisfying the demanding workload of our customers. And I believe right now, we are in a great position.

但現在，如同我們在事先準備的講稿中提到的，我們在簽核（sign-off）方面也很強。因此，我們在數位領域與客戶的合作深度，也正在所有客戶端持續提升。總體而言，我對我們的定位相當滿意。而且我們始終相信一些簡單的事情：對的團隊、技術與客戶。我相信我們有最好的團隊，打造最好的產品，並傾聽這些要求嚴苛的客戶，這就是我們保持領先的方法。我們不會去看別人——其他人是在做什麼，而是看我們是否真的滿足客戶嚴苛的工作負載需求。而我相信此刻我們處於非常有利的位置。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

Great to hear another record hardware quarter. I know, John, you kind of mentioned this always as a pipeline business, and you kind of wait to the middle of the year to get better visibility for the second half. But maybe can you speak to the type of demand activity you are seeing for hardware? I did notice that inventory picked up nicely in the second quarter, both on a year-over-year and a quarter-over-quarter basis.

很高興聽到硬體季度再創新高。我知道，John，你一直把這視為一門管線型（pipeline）的生意，你通常要等到年中才會對下半年有更好的能見度。但也許你能談談你們在硬體方面看到的需求活動類型？我確實注意到第二季庫存明顯增加，無論是年增或季增都是如此。

Yeah. Great question, Jason. Yeah, we continue to see strong hardware demand, particularly from AI and HPC customers. Hardware-assisted verification is becoming a strategic capacity layer for customers designing the most complex chips systems. There could be quarterly timing effects, but demand remains solid.

是的。問得好，Jason。是的，我們持續看到強勁的硬體需求，特別是來自 AI 與 HPC（高效能運算）客戶。硬體輔助驗證正成為客戶在設計最複雜晶片系統時的一個策略性產能層。可能會有季度時點的影響，但需求仍然穩健。

We continue to expect 2026 to be another record hardware year. And I would profile hardware is that it still remains supply constrained by customer demand rather than demand constrained as I would build the systems as quickly as we can to deliver against the backlog. And yes, part of the increase in inventory was due to hardware strength, but we are seeing strength right across the board.

我們仍預期 2026 年會是另一個硬體創紀錄的年度。而我對硬體的描述是：它仍然是由客戶需求所造成的供給受限，而不是需求受限；我們會盡可能快速地建置系統，以交付並消化積壓訂單（backlog）。是的，庫存增加的一部分是因為硬體強勁，但我們看到的是全線都很強。

Gianmarco Conti, Deutsche Bank.

Gianmarco Conti，德意志銀行。

Yeah. So yeah, amazing performance on IP. Maybe if you could share a few more words on Intel win exactly what does that entail? What parts of the portfolio? Was that displacement? How big is roughly the contract meant to draw down over how much time and is this in guidance, just kind of like the layout on the details, if you could share any of that, please.

是的。所以，IP 的表現非常驚人。也許你可以再多分享幾句關於拿下英特爾（Intel）這個案子，具體包含哪些內容？涵蓋產品組合的哪些部分？這是替換/取代（displacement）嗎？合約規模大概多大、預計在多長時間內逐步認列/動用（draw down）？這是否已包含在指引中？如果可以的話，請分享一些細節。

Sure. I can comment a little bit more. I mean -- but this is a multiyear arrangement. And of course, some of the benefit is this year, but most of it is to come, okay? And then we will also invest more, right, in Intel and Intel customers, which is to be expected. But in terms of IP, I mean, it's much broader than IP because it includes EDA and DTCO. But in terms of IP, we have a pretty good portfolio. So we will make that available on Intel process.

當然。我可以再多評論一點。我的意思是——這是一個多年期的安排。當然，其中一部分效益會在今年體現，但大部分還在後面，好嗎？然後我們也會在英特爾以及英特爾的客戶上加大投資，這也是意料之中。但就 IP 而言，我的意思是，它比 IP 更廣，因為它也包含 EDA 與 DTCO。不過就 IP 來說，我們有相當不錯的產品組合。因此，我們會讓這些 IP 能在英特爾製程上提供使用。

Now this doesn't include as Intel foundry gets more customers, they're buying IP from us. This is just our arrangement with Intel right now. As you know, we are always conservative in those projections. But still, I mean, Intel foundry is, as you know, are talking to a lot of customers. So it's the possibility those customers will acquire these IPs and any differentiated tools that come out from this.

另外，這還不包含英特爾晶圓代工（Intel Foundry）隨著客戶增加而向我們採購 IP 的部分。這只是我們目前與英特爾之間的安排。如你所知，我們在這些預測上一直都很保守。但即便如此，英特爾晶圓代工如你所知，正在與很多客戶洽談。因此，這些客戶有可能會採購這些 IP，以及由此產生的任何差異化工具。

So we will see how it goes. But IP strength is -- of course, Intel is a part of it, but it's much more broad-based. And even our overall trend, I think I want to highlight and John already mentioned is not coming from one particular thing. So I mean there are four or five things that are driving this raised outlook. So Intel is one of them for sure. IP is one of them. Hardware is a key focus, but it's hardware. And if you look at our recurring growth is very good, right?

所以我們會看看後續發展。但 IP 的強勁——當然英特爾是其中一部分，但基礎其實更廣。而且就我們整體趨勢而言，我想強調、John 也已提到，並不是由某一個單一因素所帶動。也就是說，大概有四到五個因素在推動我們上調展望。英特爾確實是其中之一。IP 也是其中之一。硬體是關鍵焦點，但它是硬體。而如果你看我們的經常性（recurring）成長，其實非常好，對吧？

So hardware is important growth, but so is EDA and agentic solution and 3DIC and SD&A. So I feel right now, there are like four or five engines that are driving our growth, but we are definitely very proud of the Intel agreement and the new partnership.

所以硬體是重要的成長動能，但 EDA、代理式（agentic）解決方案、3DIC 與 SD&A 也是如此。因此我覺得此刻大概有四到五個引擎在驅動我們的成長；但我們也確實為英特爾協議與新的合作夥伴關係感到非常自豪。

I know your question is primarily around revenue and things like that. But I want to highlight that there is some kind of expense in the second half as well because we're investing around these opportunities like Intel as well as trying to integrate Hexagon's D&E business because we're very focused on improving margins for next year.

我知道你的問題主要是關於營收之類的。但我也想強調，下半年也會有一些費用，因為我們正在針對這些機會（例如英特爾）進行投資，同時也在嘗試整合 Hexagon 的 D&E 業務；因為我們非常專注於提升明年的利潤率。

So you'll notice that the second half is kind of slightly lower margins than the first half, but that's a reflection of our making targeted investments. These are deliberate investments and not a deterioration in the underlying model by any means, our organic incremental margins remain very attractive. And we expect kind of acquisition profitability and profitability of IP to continue to improve as we go into 2027.

所以你會注意到，下半年的利潤率會比上半年略低一些，但這反映的是我們在進行有針對性的投資。這些是刻意為之的投資，絕非底層商業模式惡化；我們的有機增量利潤率仍然非常具吸引力。而且我們預期，隨著邁向 2027 年，併購帶來的獲利能力以及 IP 的獲利能力都會持續改善。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

John, I think you just answered my question. So let me just make sure I understand that. So yes, I was looking at the implied operating margin near 43% and expenses -- R&D expense is up probably 19% year over year based on implied guidance for the full year versus around 10% growth last year. Of course, Hexagon accounts for a part of that. But I guess how much of this is sort of the core business. And I guess I was thinking through agentic AI and go-to-market, is that sort of hiring you're already committed to? Is that driving some of the expense increase? And how do you expect that to roll into 2027?

John，我想你剛剛已經回答了我的問題。所以讓我確認一下我的理解。所以是的，我看到推算的營業利潤率接近 43%，而費用——根據全年隱含指引，研發費用年增可能約 19%，相較於去年大約 10% 的成長。當然，Hexagon 佔了其中一部分。但我想問的是，這當中有多少是核心業務本身所造成的？另外我也在思考代理式 AI 與市場推進（go-to-market），這是否屬於你們已經承諾的人才招募？這是否在推動費用增加的一部分？你們預期這會如何延續到 2027 年？

Yeah. It’s not just hiring, but it’s investment in systems and everything that we're trying to invest heavily in making sure we do a full and proper integration of Hexagon's design engineering business as well as some of the other businesses, the smaller business that we pulled into system design analysis. But we're very focused on that in the second half of this year. And I think I highlighted it last year that we had. I think, $20 million, $25 million set aside specifically for investments in the second half of the year.

是的。不只是招募人員，還包括對系統的投資，以及我們正大力投入的所有事項，以確保我們能完整且妥善地整合 Hexagon 的設計工程業務，以及其他一些業務——也就是我們併入系統設計分析（system design analysis）中的較小型業務。但我們在今年下半年會非常聚焦在這件事上。而且我想我去年也提到過，我們有——我想，大約預留了 2,000 萬到 2,500 萬美元，專門用於下半年的投資。

Now there's always some improvements in our expense expectations and I always want to give the team enough scope to be able to invest and capture the increased profitability opportunities that they can get. But our focus is really on in the second half of this year to grab those opportunities and set ourselves up so that we have better operating margins next year.

目前我們對費用預期總是還有一些改善空間，而我也一直希望給團隊足夠的彈性，能夠投資並把握他們所能取得的獲利能力提升機會。但我們真正的重點是在今年下半年抓住這些機會，並為明年建立更好的營運利潤率基礎。

Kelsey Chia, Citi.

Kelsey Chia，花旗。

So regarding Intel, is the engagement around working more likely an incremental driver to the sort of 20%, 25% growth that the team has been delivering for the IP business. And also, will it be a meaningful driver to our EDA business in the coming quarters? Or how long should we think about that trajectory into EDA business?

那關於英特爾，這次圍繞合作的投入，是否更可能成為推動團隊在 IP 業務已經交付的約 20%、25% 成長的額外增量動能？另外，在接下來幾個季度，它是否也會成為我們 EDA 業務的重要驅動因素？或者我們應該如何看待它導入到 EDA 業務的時間軌跡？

Yeah. I mean just to make sure I understand the question. I think the Intel business that we announced is all incremental to our business. 100%. because we already had existing Intel agreement.

是的。我的意思是，先確認我理解你的問題。我認為我們宣布的英特爾業務對我們而言全部都是增量。百分之百，因為我們原本就已經有既有的英特爾協議。

So this one is a new agreement on top of that, and it's a multiyear agreement with multiple parts of that business. And then I'm also -- and I think Lip-Bu said that publicly also -- I mean we announced 14A, but I think Intel to be successful in the foundry business. has to do more than 14. So we're already talking to other future road map of Intel Foundry.

所以這次是在原有基礎之上的一份新協議，而且是涵蓋多個業務部分的多年期協議。另外我也——我想 Lip-Bu 也在公開場合提過——我們宣布了 14A，但我認為英特爾若要在晶圓代工業務成功，必須做的不只 14。因此我們已經在與英特爾晶圓代工未來的其他路線圖進行討論。

And then, of course, there is different parts of Intel. As you know, the product groups and they're investing in their server business and their client business. So again, we are proud to be working with Intel closely. And just like we work with other big customers. So I think it's more a normalization of our relationship with Intel like we work with all the other household names.

當然，英特爾內部也有不同的部門。如你所知，有產品事業群，他們也在投資伺服器業務與用戶端業務。所以再次強調，我們很自豪能與英特爾緊密合作。就像我們與其他大型客戶合作一樣。因此我認為這更像是我們與英特爾關係的常態化，就如同我們與其他家喻戶曉的客戶合作一樣。

So I'm very proud of this development.

所以我對這項進展感到非常自豪。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

Anirudh, I'd like to ask you about the practical implications of or requirements for implementing AI and agents and all that you've spoken of this evening. That is to say, when you think about the pre-sale and post-sale support, customer support that you have to provide, how would that compare to, let's say, what you used to have to do for classical EDA? Is there something quantitatively or qualitatively or technically different now that you need to do that we haven't had to do before.

Anirudh，我想請教你今晚談到的 AI、代理（agents）等內容，在落地實施上有哪些實務上的影響或要求。也就是說，當你思考售前與售後支援、以及你們需要提供的客戶支援時，這與你們過去為傳統 EDA 所需做的事情相比會如何？現在是否有一些在量化、質化或技術層面上不同、而我們以前不需要做的事情？

And what I have in mind, for example, is that over the last few months, there's been a very clear uptrend in your AE openings to classic leading indicator for customer adoption. We've also said that Gen AI is a critical path for agentic adoption. So maybe you could talk about that as well.

我想到的例子是，過去幾個月你們 AE（應用工程師）的職缺明顯上升，這通常是客戶採用的經典領先指標。我們也說過，生成式 AI 是代理式（agentic）採用的關鍵路徑。所以也許你也可以談談這部分。

Yeah. Thanks, Jay, for that question. That's a good question. I mean, in general, of course, we are growing. So we will invest, right, both in R&D and application engineering. Agentic AI, it does not require some massive step increase in investments. I just want to be clear about that. It is more of our traditional business because we are, of course, very, very asset light, right?

是的。謝謝你，Jay，這個問題問得很好。確實是個好問題。一般來說，當然我們正在成長。所以我們會投資，對吧，包含研發與應用工程。代理式 AI 並不需要投資出現大幅度的階梯式增加。我想把這點說清楚。它更像是我們的傳統業務，因為我們當然是非常、非常輕資產的，對吧？

We don't -- we're not building compute farms. All this is done by our customers, okay, just to be clear. Now of course, all of the skills are different, but our team anyway is expert in competition software, as you know, and they can pick up agentic AI, some hiring we will do. So it's more of a business as usual, I will say. And also, we can make AI -- there are implications that we have not.

我們不會——我們不會去建置運算農場（compute farms）。這些都由我們的客戶來做，好嗎，我只是要說清楚。當然，所需技能會有所不同，但如你所知，我們的團隊本來就是競爭性軟體方面的專家，他們也能掌握代理式 AI；我們也會做一些招募。所以我會說這更像是照常運作（business as usual）。另外，我們也可以讓 AI——這裡面有一些我們尚未……的影響。

We are applying a lot of AI internally, okay, to make things even more efficient. So for example, AE, yes, we are hiring AEs, but AI can dramatically reduce AI workload and make them much more productive. So then more of the AEs can participate in presales activity rather than post-sales support, right? And same thing in R&D. Of course, we are deploying AI for software development.

我們正在內部大量應用 AI，好嗎，以讓事情更有效率。例如 AE，是的，我們正在招募 AE，但 AI 可以大幅降低工作負荷，讓他們更具生產力。因此更多 AE 可以參與售前活動，而不是售後支援，對吧？研發也是同樣道理。當然，我們也在軟體開發上部署 AI。

And of course, deploying our agentic AI and all our agents for IP development to make them more efficient. And this is what John was saying earlier. So we'll see how that progresses. I think AI has the opportunity to even reduce our cost in some cases. But we are not -- you should not model in some massive investment. I think the investment we talked about is more for SD&A, right, for the integration? And you've always talked about, Jay, that how we need to have a full flow. And I feel that finally, we have a full flow in SG&A. So investing in Intel. But the agentic AI will go through a regular sales motion and regular AE and R&D support.

當然，我們也在 IP 開發上部署我們的代理式 AI 與各種代理，以提升效率。這也是 John 先前提到的。所以我們會看看進展如何。我認為 AI 在某些情況下甚至有機會降低我們的成本。但我們不——你不應該把某種巨額投資納入模型。我認為我們談到的投資更多是用在 SD&A 上，對吧，用於整合？而且你一直提到，Jay，我們需要具備完整流程。我覺得我們終於在 SG&A 端也有了完整流程。所以投資在英特爾。但代理式 AI 會走一般的銷售流程，以及常規的 AE 與研發支援。

Joshua Tilton, Wolfe Research.

Joshua Tilton，Wolfe Research。

Maybe just one clarification and one thematic question for Andrew. On the clarification, side. Could you just maybe unpack for us what's driving the strength in other recurring revenue that kind of stood out to us this quarter? And any commentary there would be helpful. And then maybe on the thematic side, Anirudh, unless I misheard you in your prepared remarks in the beginning, you talked about becoming more of a strategic partner for your customers.

也許我有一個釐清問題，以及一個想請 Andrew 回答的主題性問題。先釐清部分。你能否為我們拆解一下，本季「其他經常性收入」的強勁表現是由什麼驅動的？這點對我們來說很突出。任何相關評論都會很有幫助。然後在主題面，Anirudh，除非我在你一開始的準備稿中聽錯，你提到你們正成為客戶更具策略性的合作夥伴。

The question is for you, but John, feel free to jump in here. Maybe like help us as financial analysts like understand what that means from a business perspective? Like are you growing wallet share? Are you taking more -- are you able to charge more? Like -- how are you as a company capturing value financially because you are now becoming more of a strategic partner to your customers.

這個問題是問你，但 John 也歡迎補充。也許可以幫助我們這些金融分析師，從商業角度理解這代表什麼？例如你們是在提升客戶錢包份額（wallet share）嗎？你們是在取得更多——你們能夠收取更高的費用嗎？也就是說——當你們現在成為客戶更具策略性的合作夥伴時，公司在財務上是如何捕捉價值的？

That makes sense.

了解。

Should I start, Anirudh?, Josh, I'll take the recurring revenue question. I mean recurring revenue grew about 24% year over year in Q2, and that was driven primarily by strong core EDA growth. Some AI-driven share gains and healthy renewals and expansions through add-on business. Within that, probably Hexagon contributed roughly 4 points. But even adjusting for that, your recurring revenue is like high teens to 20% on a normalized pro forma basis.

我先開始嗎，Anirudh？Josh，我來回答經常性收入的問題。我的意思是，第二季經常性收入年增約 24%，主要由核心 EDA 的強勁成長所帶動。再加上一些 AI 驅動的市占提升，以及透過加購業務帶來的健康續約與擴張。其中，Hexagon 大概貢獻了約 4 個百分點。但即使把這部分調整掉，你們的經常性收入在標準化的擬制（pro forma）基礎上大約仍是高十幾到 20% 的成長。

Which we view as a very strong result. As we also -- we would continue to expect the full year mix to be roughly 80% recurring and 20% upfront. On the agentic AI essentially when you look at the way we sell that, first of all, customers continue purchasing our underlying EDA software. I think what they do is they purchase cadence agent licenses that orchestrate engineering workflows. So generally, our economic scale with customer adoption.

我們認為這是非常強勁的結果。另外，我們仍預期全年組合大致會是約 80% 經常性、20% 一次性（upfront）。至於代理式 AI，基本上當你看我們銷售它的方式，首先，客戶仍會持續購買我們底層的 EDA 軟體。我認為他們會購買 Cadence 的代理（agent）授權，用來編排工程工作流程。因此一般而言，我們的經濟規模會隨著客戶採用而擴大。

I don't know if you like to add to address the rest of Josh's question.

我不確定你是否想補充回應 Josh 問題的其餘部分。

Yeah. I think, Josh, what we are saying is that, I mean, we are always strategic to our semiconductor customers, right? Of course, we are part of engineering. We're part of R&D, right? I mean we are not like other kinds of enterprise kind of software, this is engineering software.

是的。我想，Josh，我們的意思是，我們對半導體客戶而言一向是具策略性的合作夥伴，對吧？當然，我們是工程的一部分。我們也是研發的一部分，對吧？我的意思是，我們不像其他那種企業級軟體；這是工程軟體。

So we are central to them making their products and their revenue. I think what has happened lately over the last, let's say, one year is even in semi companies, our engagement is at a much higher level in the company because EDA and chip design and agent AI opportunities are very meaningful to our customers. As there are more demanding road map as Moore's Law is kind of slowing down, silicon is not producing enough improvement. So the improvement has to come with design efficiency, better optimization. -- better use of AI and also the middle layer, right, the PPA provided by -- and we do this with the foundries and with the customers and DTCO is part of it for better optimization of power and performance area then it was possible if Moore's Law was delivering, was really moving fast.

因此，我們對他們打造產品與創造營收而言是核心。我認為最近一段時間，在過去大約一年左右，即使在半導體公司內部，我們在公司中的合作層級也高了很多，因為 EDA、晶片設計以及代理式 AI（agent AI）的機會對我們的客戶非常有意義。隨著摩爾定律逐漸放緩、矽晶片本身無法帶來足夠的改善，產品路線圖的要求也更為嚴苛。因此，改善必須來自設計效率、更好的最佳化——更好地運用 AI，以及中間層（middle layer），也就是由——所提供的 PPA；我們與晶圓代工廠及客戶一起做這件事，而 DTCO 也是其中一部分，用於更好地最佳化功耗、效能與面積，這比起摩爾定律若仍快速推進、持續帶來提升時所能做到的更為重要。

Right now, it has slowed down. So that's on the semi side. And on the system side, I think the realization that semiconductor is essential has happened now in the last 6 to 12 months or so. So all the MAG 7 companies, all the big really household names, silicon is a critical part of their road map. So therefore, cadence engagement is super critical at these customers. And the way to monetize that is we provide more value to them and then we can get more value for us as you see in our results.

而現在它已經放緩了。所以這是半導體端的情況。在系統端，我認為大家對「半導體至關重要」的認知，大約是在過去 6 到 12 個月左右才真正形成。因此，所有 MAG 7 公司、所有真正家喻戶曉的大型企業，矽（晶片）都是其路線圖中的關鍵部分。因此，Cadence 在這些客戶中的合作參與就變得極其關鍵。而變現的方式是：我們為他們提供更多價值，然後我們也能為自己取得更多價值，正如你在我們的業績結果中所看到的。

Gary Mobley, StoneX.

Gary Mobley，StoneX。

maybe a question more for John. One thing that stands out is what appears to be about a 55% increase in your bookings in the first half of the year versus the same period last year. I assume you're going to build on what is normally a seasonally strong second half of the year. And I thought this was a low renewal period for some more substantial customers. Maybe if you can speak to what's driving that booking strength? Is it a reflection of the strength of the chip cycle? Is it the strength of the function of the strong chip design activity? Or is it a function of some of the AI tools driving increasing usage of more copies of classic EDA tools?

也許這個問題比較適合問 John。有一點很突出的是，看起來你們今年上半年訂單（bookings）相較去年同期增加了大約 55%。我假設你們會在通常季節性較強的下半年再接再厲。而我原本以為這是一個對某些較大型客戶而言續約較少的期間。也許你能談談是什麼在推動這樣強勁的訂單表現？這是否反映了晶片景氣循環的強勁？是否反映了晶片設計活動強勁所帶來的影響？或者，是否是某些 AI 工具帶動使用量增加，進而推動更多套傳統 EDA 工具的使用？

Sure, Gary. I mean it's a great question. I think Anirudh spoke to it a little bit there to Josh's question. But we've been -- we always say it's strategy first, right? I mean we continue to execute against our intelligent system design strategy.

當然可以，Gary。我的意思是，這是個很好的問題。我想 Anirudh 在回應 Josh 的問題時已稍微提到一些。但我們一直——我們總是說策略優先，對吧？我的意思是，我們持續依照我們的智慧系統設計策略來執行。

Anirudh mapped that out for us for the last decade or so. But -- and what we're seeing is that all the underlying like structural demand drivers continue to strengthen the semiconductor complexity, AI infrastructure investment, engineering productivity, physical AI, agentic workflows, all of those trends seem to still be in their early stages. And I think that's feeding into really solid bookings for us.

Anirudh 在過去十年左右已為我們勾勒出這個方向。但是——我們看到所有底層的結構性需求驅動因素仍在持續增強：半導體複雜度、AI 基礎設施投資、工程生產力、實體 AI（physical AI）、代理式工作流程（agentic workflows），所有這些趨勢看起來仍處於早期階段。我認為這些因素正在推動我們非常穩健的訂單表現。

And this year is and probably one of the low years when you look at the kind of a three year cycle on renewals this year is kind of probably one of the lower of the three years. But the -- but we're seeing very, very good strength in add-on opportunities that Anirudh mentioned earlier in the call. I'm very, very pleased with the progress at how things are going. Anirudh, anything to add?

而今年在你看續約的三年週期時，可能算是其中較低的一年。但是——我們在 Anirudh 先前在電話會議中提到的加購（add-on）機會上，看到了非常、非常強勁的動能。我對目前進展感到非常、非常滿意。Anirudh，你還要補充什麼嗎？

No, John, that's a great summary. I mean, like John said, Gary, that yes, this year is the low bookings year. And also, normally, first half, we draw down on our backlog, but this year has been good growth. So we'll see how that progresses, but we are very pleased. And like John mentioned, the environment is good. And I'd just like to point out that I feel the three big reasons are like John was always saying the environment is great, both like the new AI newcomers, the traditional AI and the regular companies.

沒有，John，這個總結很到位。我的意思是，正如 John 所說，Gary，是的，今年是訂單較低的一年。而且通常上半年我們會消化（draw down）部分在手訂單（backlog），但今年卻呈現不錯的成長。所以我們會看看後續如何發展，但我們非常滿意。而且如 John 提到的，整體環境不錯。我也想指出，我覺得三個主要原因是：如 John 一直說的，環境非常好，包含新的 AI 新進者、傳統 AI 業者以及一般公司。

Our products and competitive position is fabulous and then this new TAM opportunity with Agentic-AI. So if you combine all these three things, I mean, the first half has been great. It sets up nicely for rest of the year, and then we'll see how things progress, right?

我們的產品與競爭地位非常出色，另外還有代理式 AI（Agentic-AI）帶來的全新 TAM（總可服務市場）機會。所以把這三件事結合起來，我的意思是，上半年表現非常好。這也為今年剩餘時間奠定了良好基礎，然後我們再看看事情如何發展，對吧？

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

現在我想把電話會議交回給 Anirudh Devgan 先生，請他做結語。

Yeah. Thank you all for joining us this afternoon. It's an exciting time for Cadence as we enter the second half of 2026 with AI-driven product leadership and strong business momentum. 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.

好的。感謝各位今天下午加入我們。當我們以 AI 驅動的產品領導力與強勁的業務動能進入 2026 年下半年之際，對 Cadence 而言這是一個令人振奮的時刻。我謹代表我們的員工與董事會，感謝我們的客戶、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 second quarter 2026 earnings conference call. This concludes today's call, and you may now disconnect.

各位女士、先生，感謝您參與今天 Cadence 2026 年第二季財報電話會議。今天的會議到此結束，您現在可以掛線。