益華電腦 (CDNS) 2022 Q1 法說會逐字稿

Good afternoon. My name is Erica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cadence First Quarter 2022 Earnings Conference Call. (Operator Instructions)

下午好。我的名字是 Erica，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Cadence 2022 年第一季度收益電話會議。 （操作員說明）

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

我現在將把電話轉給 Cadence 投資者關係副總裁 Richard Gu。請繼續。

Thank you, operator. I would like to welcome everyone to our first quarter of fiscal year 2022 earnings conference call. I'm joined today by Anirudh Devgan, President and Chief Executive Officer; and John Wall, Senior Vice President and Chief Financial Officer. The webcast of this call and a copy of today's prepared remarks will be available on our website, cadence.com.

謝謝你，接線員。我想歡迎大家參加我們的 2022 財年第一季度收益電話會議。今天，總裁兼首席執行官 Anirudh Devgan 也加入了我的行列；和高級副總裁兼首席財務官約翰·沃爾。我們的網站 cadence.com 將提供本次電話會議的網絡廣播和今天準備好的講話的副本。

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. 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 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.

今天的討論將包含前瞻性陳述，包括我們對未來業務和經營業績的展望。由於風險和不確定性，實際結果可能與今天討論的預測或暗示的結果大不相同。有關可能導致實際結果不同的因素的信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最近的 10-K 和 10-Q 表格以及今天的收益發布。本次電話會議期間的所有前瞻性陳述均基於我們截至今天可獲得的估計和信息，我們不承擔任何更新它們的義務。

In addition, we'll present certain non-GAAP measures, which should not be considered in isolation from or as a substitute for GAAP results. Reconciliation of GAAP to non-GAAP measures are included in today's earnings release.

此外，我們將介紹某些非 GAAP 措施，不應將其與 GAAP 結果分開考慮或替代 GAAP 結果。 GAAP 與非 GAAP 措施的對賬包含在今天的收益發布中。

Today's earnings release for the first quarter of fiscal 2022, related financial tables and CFO commentary are also available on our website. (Operator Instructions)

今天的 2022 財年第一季度收益發布、相關財務表格和首席財務官評論也可在我們的網站上找到。 （操作員說明）

Now I'll turn the call over to Anirudh.

現在我將把電話轉給 Anirudh。

Good afternoon, everyone, and thank you for joining us today. I'm pleased to report that Cadence delivered exceptional results for the first quarter of 2022, with broad-based demand for our innovative solutions driving solid double-digit growth across all business groups.

大家下午好，感謝您今天加入我們。我很高興地報告，Cadence 在 2022 年第一季度取得了非凡的業績，對我們創新解決方案的廣泛需求推動了所有業務部門實現兩位數的穩健增長。

In view of the strong start to the year and the continuing momentum of our business, we are raising our financial outlook for the year. John will provide more details on that in a moment.

鑑於今年的強勁開局和我們業務的持續發展勢頭，我們正在上調今年的財務展望。稍後，John 將提供更多詳細信息。

Generational trends such as hyperscale computing, 5G, autonomous driving and AI/ML are creating an explosion of data. That, in turn, is driving the need for next-generation compute, connectivity, storage and data analytics solutions. Along with accelerating digital transformation of multiple end markets, these trends continue to fuel robust design activity, creating rich market opportunities for our differentiated end-to-end EDA, IP and system solutions.

超大規模計算、5G、自動駕駛和人工智能/機器學習等世代趨勢正在創造數據爆炸式增長。這反過來又推動了對下一代計算、連接、存儲和數據分析解決方案的需求。隨著多個終端市場的數字化轉型加速，這些趨勢繼續推動強勁的設計活動，為我們差異化的端到端 EDA、IP 和系統解決方案創造豐富的市場機會。

Now let's talk about our key highlights for Q1. A key element of our approach has been to closely collaborate with our ecosystem partners and focus on market-shaping customers. We are very excited to have built upon our successful engagement with a marquee U.S. semiconductor company, and in Q1, signed one of the largest contracts in company history, to enable the broad proliferation of our EDA, hardware and system solutions.

現在讓我們談談我們第一季度的主要亮點。我們方法的一個關鍵要素是與我們的生態系統合作夥伴密切合作，並專注於塑造市場的客戶。我們非常高興能夠在與一家大型美國半導體公司的成功合作基礎上再接再厲，並在第一季度簽署了公司歷史上最大的合同之一，以實現我們的 EDA、硬件和系統解決方案的廣泛推廣。

Additionally, in Q1, we expanded our longstanding partnership with ARM, who is using a comprehensive set of Cadence EDA solutions, and Cadence who is using ARM's latest IP to jointly provide implementation reference flows and optimized processor IP to accelerate customer innovation. Rapidly increasing challenges in system verification and software bring up continued to be a strong pull for our verification business, which delivered 30% year-over-year revenue growth.

此外，在第一季度，我們擴大了與使用全套 Cadence EDA 解決方案的 ARM 以及使用 ARM 最新 IP 共同提供實施參考流程和優化處理器 IP 以加速客戶創新的 Cadence 的長期合作夥伴關係。系統驗證和軟件帶來的快速增長的挑戰繼續成為我們驗證業務的強大動力，實現了 30% 的同比收入增長。

On the heels of a record year, our hardware business had its biggest quarter by far, with unabating demand for our best-in-class Palladium Z2 and Protium X2 hardware platforms. With 10 new customers and over 50 repeat customers, more than half the orders during the quarter included both the platforms.

在創紀錄的一年之後，我們的硬件業務迎來了迄今為止最大的季度，對我們一流的 Palladium Z2 和 Protium X2 硬件平台的需求持續增長。擁有 10 名新客戶和 50 多名回頭客，本季度超過一半的訂單包括這兩個平台。

Demand for hardware was broad-based with particular strength seen in hyperscale, 5G communication and AI/ML segments. Our digital and signoff business had another strong quarter with 23% year-over-year revenue growth. Deployment of our digital full flow delivering industry-leading quality of results at the most advanced nodes continue to accelerate with more than 15 new wins in Q1.

對硬件的需求基礎廣泛，在超大規模、5G 通信和 AI/ML 領域具有特別的優勢。我們的數字和簽核業務又迎來了一個強勁的季度，收入同比增長 23%。我們的數字全流程部署在最先進的節點上提供行業領先的結果質量，在第一季度取得超過 15 項新勝利，繼續加速。

Our innovative Cadence Cerebrus solution uses unique reinforcement learning ML technologies to explore the entire design space and intelligently optimize the digital full flow in a fully automated manner. Several market-shaping customers have successfully deployed Cadence Cerebrus and realized remarkable productivity and power performance and area benefits, including a marquee Asia Pacific system companies used Cadence Cerebrus to achieve 5x engineering productivity and nearly 10% power gains on a critical advanced node subsystem and a leading Asia Pacific hyperscaler used Cadence Cerebrus with our digital full flow to tape out a chip with nearly 2 billion instances, reducing power by 5% compared to the alternative flow.

我們創新的 Cadence Cerebrus 解決方案使用獨特的強化學習 ML 技術來探索整個設計空間，並以全自動方式智能優化數字全流程。一些影響市場的客戶已成功部署 Cadence Cerebrus，並實現了顯著的生產力和功率性能以及面積效益，其中包括一家大型的亞太系統公司使用 Cadence Cerebrus 在關鍵的高級節點子系統上實現了 5 倍的工程生產力和近 10% 的功率增益以及領先的亞太超大規模生產商使用 Cadence Cerebrus 和我們的數字全流程流片出具有近 20 億個實例的芯片，與替代流程相比，功耗降低了 5%。

Our System Design & Analysis business, which is driving our expansion beyond EDA, continued its strong momentum in Q1, delivering 22% year-over-year revenue growth. There is growing interest in our Integrity 3D-IC solution, the industry's most advanced multi-die platform, with tightly integrated system planning, implementation and analysis technology. A large U.S. data infrastructure company successfully deployed Integrity to tape out their 2.5D IC, and Lightelligence used 3D -- Integrity 3D-IC, Virtuoso and Innovus, in development of their fully integrated optical computer system.

我們的系統設計和分析業務正在推動我們超越 EDA 的擴張，在第一季度繼續保持強勁勢頭，收入同比增長 22%。人們對我們的 Integrity 3D-IC 解決方案越來越感興趣，它是業界最先進的多芯片平台，具有緊密集成的系統規劃、實施和分析技術。一家大型美國數據基礎設施公司成功部署了 Integrity 來流片他們的 2.5D IC，Lightelligence 使用 3D——Integrity 3D-IC、Virtuoso 和 Innovus 來開發他們完全集成的光學計算機系統。

In System Analysis, we continued executing to our strategy of building out our multiphysics platform, offering best-in-class engines, delivering superior results compared to legacy solutions. We are pleased with the new wins and growing repeat orders for our organically developed Clarity and Celsius products as well as our recently acquired CFD technologies. Over the past year, our CFD solutions have continued to proliferate, especially in the aerospace and defense arena with market-shaping customers such as Lockheed Martin.

在系統分析中，我們繼續執行構建多物理場平台的戰略，提供一流的引擎，提供比傳統解決方案更出色的結果。我們對有機開發的 Clarity 和 Celsius 產品以及我們最近收購的 CFD 技術的新訂單和不斷增長的重複訂單感到高興。在過去的一年裡，我們的 CFD 解決方案繼續激增，特別是在航空航天和國防領域，擁有洛克希德馬丁等塑造市場的客戶。

In Q1, Juniper Networks renewed their commitment to Cadence technology, including comprehensive access to our systems portfolio across PCB, packaging and system analysis solutions. And last week, we introduced Fidelity CFD, a comprehensive CFD platform that includes enhanced meshing technologies as well as a next-generation massively parallel high-order solver that dramatically improves the performance and accuracy of complex CFD application across multiple vertical end markets. Fidelity CFD's software machine capabilities have been used by Toyota Motor Europe to be their standard workflow for CFD preprocessing, and the winning America's Cup, Team New Zealand, relies on Fidelity Marine solver for their hull hydrodynamic modeling.

在第一季度，瞻博網絡重申了對 Cadence 技術的承諾，包括全面訪問我們跨 PCB、封裝和系統分析解決方案的系統產品組合。上週，我們推出了 Fidelity CFD，這是一個綜合 CFD 平台，包括增強的網格劃分技術以及下一代大規模並行高階求解器，可顯著提高跨多個垂直終端市場的複雜 CFD 應用的性能和準確性。 Toyota Motor Europe 已將 Fidelity CFD 的軟件機器功能用作其 CFD 預處理的標準工作流程，而贏得美洲杯冠軍的新西蘭隊則依靠 Fidelity Marine 求解器進行船體流體動力學建模。

Lastly, in addition to our outstanding business results, I'm also proud of our high-performance inclusive culture and thrilled that we have been selected by Fortune and Great Place to Work as one of the 2022 100 Best Companies to Work For, for the eighth consecutive year.

最後，除了我們出色的業務成果外，我還為我們的高性能包容性文化感到自豪，並且很高興我們被《財富》和 Great Place to Work 選為 2022 年 100 家最佳工作公司之一，為連續第八年。

Now I will turn it over to John to provide more details on the Q1 results and our updated 2022 outlook.

現在，我將把它交給約翰，以提供有關第一季度業績和我們更新的 2022 年展望的更多詳細信息。

Thanks, Anirudh, and good afternoon, everyone. I am pleased with the results we achieved for the first quarter of 2022 driven by broad-based strength across our technology portfolio and record demand for our leading hardware products. We continue to execute to our Intelligent System Design strategy, making further significant strides with our innovation road map. And most importantly, we continue to delight our customers.

謝謝，Anirudh，大家下午好。我對我們在 2022 年第一季度取得的成果感到高興，這得益於我們技術組合的廣泛實力以及對我們領先硬件產品的創紀錄需求。我們繼續執行我們的智能係統設計戰略，在我們的創新路線圖上取得進一步的重大進展。最重要的是，我們繼續取悅我們的客戶。

Here are some of the financial highlights from the first quarter. Total revenue was $902 million. GAAP operating margin was 35%, and non-GAAP operating margin was 44%. GAAP EPS was $0.85, and non-GAAP EPS was $1.17. Cash balance was $1.135 billion. Operating cash flow was $337 million, and we repurchased $250 million of Cadence shares.

以下是第一季度的一些財務亮點。總收入為 9.02 億美元。 GAAP 營業利潤率為 35%，非 GAAP 營業利潤率為 44%。 GAAP EPS 為 0.85 美元，非 GAAP 每股收益為 1.17 美元。現金餘額為11.35億美元。經營現金流為 3.37 億美元，我們回購了 2.5 億美元的 Cadence 股票。

Before we provide our updated outlook for fiscal 2022, I'd like to highlight that it contains our usual assumption that the export limitations that exist today remain in place for the remainder of the year. With that in mind, our updated outlook for fiscal 2022 is revenue in the range of $3.395 billion to $3.435 billion. GAAP operating margin in the range of 28.5% to 30%, non-GAAP operating margin in the range of 38.5% to 40%, GAAP EPS in the range of $2.51 to $2.59, non-GAAP EPS in the range of $3.89 to $3.97, operating cash flow in the range of $1.19 billion to $1.29 billion, and we expect to use at least 50% of our free cash flow to repurchase Cadence shares in 2022.

在我們提供 2022 財年的最新展望之前，我想強調一下，它包含我們通常的假設，即今天存在的出口限制在今年剩餘時間內仍然存在。考慮到這一點，我們對 2022 財年的最新展望是收入在 33.95 億美元至 34.35 億美元之間。 GAAP 營業利潤率在 28.5% 到 30% 之間，非 GAAP 營業利潤率在 38.5% 到 40% 之間，GAAP 每股收益在 2.51 美元到 2.59 美元之間，非 GAAP 每股收益在 3.89 美元到 3.97 美元之間，運營現金流在 11.9 億美元至 12.9 億美元之間，我們預計在 2022 年將至少 50% 的自由現金流用於回購 Cadence 股票。

For Q2, we expect revenue in the range of $825 million to $845 million, GAAP operating margin in the range of 29% to 30%, non-GAAP operating margin of 39% to 40%, GAAP EPS in the range of $0.59 to $0.63, non-GAAP EPS in the range of $0.95 to $0.99, and we expect to repurchase at least $200 million of Cadence shares in Q2. Our CFO commentary, which is available on our website, includes our outlook for additional items as well as further analysis and GAAP to non-GAAP reconciliations.

對於第二季度，我們預計收入在 8.25 億美元到 8.45 億美元之間，GAAP 營業利潤率在 29% 到 30% 之間，非 GAAP 營業利潤率在 39% 到 40% 之間，GAAP 每股收益在 0.59 美元到 0.63 美元之間，非公認會計原則每股收益在 0.95 美元至 0.99 美元之間，我們預計將在第二季度回購至少 2 億美元的 Cadence 股票。我們的 CFO 評論可在我們的網站上找到，其中包括我們對其他項目的展望以及進一步分析和 GAAP 與非 GAAP 對賬。

In conclusion, all our businesses had a strong start to the year. I'm pleased that revenue growth and profitability continue to accelerate. We are on track to exceed 50% incremental margin for 2022, which contributes to our continued operating margin expansion.

總之，我們所有的業務在今年都有一個強勁的開端。我很高興收入增長和盈利能力繼續加速。我們有望在 2022 年實現超過 50% 的增量利潤率，這有助於我們持續擴大營業利潤率。

Also, with the increase in our outlook at the midpoint, we now expect revenue growth for the year to exceed 14%, driving acceleration in our 3-year revenue CAGR to over 13%.

此外，隨著中點展望的增加，我們現在預計今年的收入增長將超過 14%，推動我們的 3 年收入複合年增長率加速至 13% 以上。

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

與往常一樣，我要感謝我們的客戶、合作夥伴和我們的員工一直以來的支持。

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

有了這個，接線員，我們現在將回答問題。

(Operator Instructions) Your first question comes from the line of Gary Mobley with Wells Fargo Securities.

（操作員說明）您的第一個問題來自富國銀行證券公司的 Gary Mobley。

Let me extend my congratulations to the strong start to the fiscal year. I wanted to start by asking about backlog. You had roughly a 16% sequential increase, and I was wondering to what extent has emulation and prototyping hardware tools contributed to that increase as well as IP. And I want to as well ask you about the diversity of the backlog increase, was it largely driven by that marquee customer win that you highlighted in your prepared remarks?

讓我對本財年的強勁開局表示祝賀。我想從詢問積壓開始。你有大約 16% 的連續增長，我想知道仿真和原型硬件工具在多大程度上促進了這種增長以及 IP。我還想問你關於積壓增加的多樣性，這主要是由你在準備好的評論中強調的那場大客戶贏得推動的嗎？

Yes. Gary, great question. This is John. Yes, we're very pleased that backlog is now up to over $5.1 billion, and it mainly came from broad-based strength across all of the different business groups. There was a substantial uptick in terms of hardware demand, and you saw some of that come through in the revenue number in the quarter. But also, I think you referred to -- we had a large record contract with a marquee U.S. semiconductor company that we booked in Q1. This was a big extension and expansion to replace an existing deal that was expected to expire at the end of '22, and that contributed significantly to backlog growth as well.

是的。加里，好問題。這是約翰。是的，我們很高興積壓現在超過 51 億美元，這主要來自所有不同業務組的廣泛實力。硬件需求大幅上升，您在本季度的收入數字中看到了其中的一部分。而且，我想你提到了——我們與一家大型美國半導體公司簽訂了一份創紀錄的大合同，我們在第一季度預訂了該合同。這是一個很大的擴展和擴展，以取代預計將在 22 年底到期的現有交易，這也對積壓的增長做出了重大貢獻。

Great. I wanted to ask you about the disclosure in your SEC filings about the subpoena that you received from the U.S. Commerce Department (sic) [U.S. Department of Commerce's Bureau of Industry and Security] or BIS. I was wondering if you can give us any update in what that entity is asking for and perhaps what it relates to and your take on what specifically is motivating them to ask you for more information.

偉大的。我想問你關於你在美國證券交易委員會提交的文件中披露你從美國商務部 (原文如此) [U.S.商務部工業和安全局] 或 BIS。我想知道您是否可以向我們提供有關該實體所要求的內容的任何更新，也許它與什麼相關，以及您對促使他們向您詢問更多信息的具體原因的看法。

Yes. Gary, we mentioned previously that this is an administrative subpoena. And the focus of the subpoena is information about sales to certain Chinese entities. Our response to the subpoena at this stage is mostly complete, and Cadence is in compliance with all export control regulations. But other than that, I really don't have anything else to say.

是的。加里，我們之前提到這是一份行政傳票。傳票的重點是有關向某些中國實體銷售的信息。我們現階段對傳票的回應基本完成，Cadence 符合所有出口管制法規。但除此之外，我真的沒有什麼好說的了。

Your next question comes from the line of Charles Shi with Needham & Company.

您的下一個問題來自於李約瑟公司的 Charles Shi。

Maybe the first question, I want to follow up quickly on the U.S. marquee semiconductor customer. I wonder -- you mentioned about record contract you signed. Is that a reflection of expanded scope of collaboration with that customer or, I mean, a longer contract duration with this particular customer or maybe a combination of both? Can you give us some color on that?

可能是第一個問題，我想快速跟進一下美國跑馬燈半導體客戶。我想知道——你提到了你簽署的唱片合同。這是否反映了與該客戶的合作範圍擴大，或者，我的意思是，與該特定客戶的合同期限更長，或者兩者兼而有之？你能給我們一些顏色嗎？

Charles, thank you for the question. This is Anirudh. So like you mentioned, a key approach -- a key element of our strategy is to focus on market-shaping customers. And I'm very happy with this new arrangement with the marquee U.S. semiconductor company. And you may know, we have been working with this particular customer for a while, and now we are excited to build upon these successes with this new contract. And it's a broad-ranging contract, like we mentioned. So it includes our EDA solutions, but it also includes our hardware platforms and our new system solution. So it's a fairly comprehensive arrangement, and we look forward to continuing deployment with this very important customer.

查爾斯，謝謝你的問題。這是阿尼魯德。所以就像你提到的，一個關鍵的方法——我們戰略的一個關鍵要素是專注於塑造市場的客戶。我對與這家美國半導體公司的新安排感到非常滿意。您可能知道，我們已經與這個特定客戶合作了一段時間，現在我們很高興通過這份新合同在這些成功的基礎上再接再厲。正如我們所提到的，這是一份範圍廣泛的合同。所以它包括我們的 EDA 解決方案，但也包括我們的硬件平台和我們的新系統解決方案。所以這是一個相當全面的安排，我們期待與這個非常重要的客戶繼續部署。

And to give you an example, I think last time, we also mentioned, for example, in EDA, we have a lot of successful engagement on our digital full flow. And for example, Cerebrus gave very good results at several key blocks on a recent tape-out and about 5x productivity improvement. At the same time, we also have engagements in analog with Virtuoso and Spectre and, of course, verification with the key element with hardware and then system solutions. So overall, we are happy with the progress, and we look forward to wider deployment as we go forward.

舉個例子，我想上次，我們也提到過，例如，在 EDA 中，我們在數字全流程上有很多成功的參與。例如，在最近的流片中，Cerebrus 在幾個關鍵塊上取得了非常好的結果，生產力提高了大約 5 倍。同時，我們還與 Virtuoso 和 Spectre 進行了模擬合作，當然，還通過硬件和系統解決方案對關鍵元素進行了驗證。因此，總的來說，我們對取得的進展感到滿意，並期待在我們前進的過程中進行更廣泛的部署。

And so maybe a second question, I want to follow up on China. Definitely, I understand you don't have any new news on the subpoena front, but your competitor recently -- I mean, maybe not recently, they received the subpoena and made news with a lot of the press there. Just not really asking you to provide more legal comments on that. But from a business standpoint, are you seeing any changes in terms of behavior among your Chinese customers who are not really subject to the export control measures but may see what the new development as a sign of potential escalation between U.S. and China on the semiconductor? Any -- I just want to point out that your China revenue did see a little bit of tick up in the first quarter. Maybe I'm not making a wrong correlation here, but any color on this front would be great.

所以也許是第二個問題，我想跟進中國。當然，我知道您在傳票方面沒有任何新消息，但您的競爭對手最近 - 我的意思是，也許不是最近，他們收到了傳票並在那裡與很多媒體一起發布了新聞。只是沒有真正要求您對此提供更多法律意見。但從商業角度來看，您是否看到中國客戶的行為發生任何變化，這些客戶並未真正受到出口管制措施的約束，但可能將新的發展視為中美之間在半導體領域潛在升級的跡象？任何——我只想指出，你們在中國的收入確實在第一季度略有上升。也許我在這裡沒有做出錯誤的相關性，但是這方面的任何顏色都會很棒。

Yes. Thank you, Charles. So we are pretty pleased with our business in China. I think you may know, we had some tough compare in '21 versus '22 -- fiscal '21 versus fiscal '20, but we are -- that's behind us now. So I think we expect China business to be strong and to continue to grow. And we're seeing that strength across our product portfolio. So John, do you want to comment?

是的。謝謝你，查爾斯。所以我們對我們在中國的業務非常滿意。我想您可能知道，我們在 21 年與 22 年進行了一些艱難的比較——21 財年與 20 財年，但我們現在已經落後了。因此，我認為我們預計中國業務將強勁並繼續增長。我們在我們的產品組合中看到了這種優勢。那麼約翰，你想發表評論嗎？

Yes. I would add that, yes, I mean, we're seeing -- customer demand is strong, and it continues to present a growing opportunity for us out in China. One thing that benefited us in China in Q1 was we did pick up some software revenue in custom IC and digital IC from some license compliance transactions, and they benefited us in Q1 as well as the strong hardware in the quarter.

是的。我要補充一點，是的，我的意思是，我們看到——客戶需求強勁，它繼續為我們在中國提供越來越多的機會。第一季度在中國使我們受益的一件事是，我們確實從一些許可合規交易中獲得了一些定制 IC 和數字 IC 的軟件收入，它們在第一季度以及本季度強大的硬件方面使我們受益。

Your next question comes from the line of Joe Vruwink with Baird.

您的下一個問題來自於 Baird 的 Joe Vruwink。

Maybe just going back to the backlog development. When you think about how your involvement with the marquee U.S. semiconductor company has evolved, do you think that is emblematic of kind of how your relationships across your broader customer base are evolving? And maybe at a strategic level, can we just discuss how that scope of involvement is changing? And related to that, you introduced quite a few new products over the past 12 months. You've been talking about some today. Are you starting to see those factor into larger ACVs or deal sizes?

也許只是回到積壓的開發。當您考慮與這家大型美國半導體公司的合作如何演變時，您是否認為這象徵著您與更廣泛的客戶群之間的關係正在演變？也許在戰略層面，我們可以討論一下參與範圍是如何變化的嗎？與此相關的是，您在過去 12 個月中推出了很多新產品。你今天一直在談論一些。您是否開始將這些因素納入更大的 ACV 或交易規模？

Yes. Joe, that's a good point. So what I would say is that we are pretty happy with our product portfolio and competitive positioning. And we are happy that -- we always start -- we focus on the important customers, focus on benchmarking, focus on adoption, proliferation that leads to booking and revenue. So overall, I think we feel confident of our product portfolio, that includes EDA and IP, and then expansion of that product portfolio into system design and analysis, as you see, that also grew pretty well in Q1, and then the use of AI to further differentiate our solutions, whether they are in EDA or in systems. So at this point, I think we feel good where we are. And also, we are, as you know, in the golden era of semiconductors and electronic systems. So the market is also growing, and we feel we are in a strong position. So together, it's a good tailwind for our solutions in our company.

是的。喬，這是一個很好的觀點。所以我想說的是，我們對我們的產品組合和競爭定位非常滿意。我們很高興 - 我們總是開始 - 我們專注於重要客戶，專注於基準測試，專注於採用，導致預訂和收入的擴散。所以總的來說，我認為我們對我們的產品組合充滿信心，包括 EDA 和 IP，然後將該產品組合擴展到系統設計和分析，如你所見，這在第一季度也增長得很好，然後是人工智能的使用進一步區分我們的解決方案，無論它們是在 EDA 中還是在系統中。所以在這一點上，我認為我們現在感覺很好。而且，如您所知，我們正處於半導體和電子系統的黃金時代。所以市場也在增長，我們覺得我們處於有利地位。因此，這對我們公司的解決方案來說是一個很好的順風。

Yes. And I would just add there, Joe, that we're very excited about the growth opportunity that this expansion brings us over the next several years.

是的。喬，我只想補充一點，我們對這種擴張在未來幾年為我們帶來的增長機會感到非常興奮。

Okay, okay. That's great. And then specifically on your hardware platforms. A quarter ago, you discussed how verification had really good visibility, and this was informing your view on a strong 1Q forecast at that time and also a strong first half, but that you weren't necessarily extrapolating the strength in the first half into the second half, you're maybe kind of wait and see a bit more. With the updated forecast you're providing today, can you just give an update on kind of where your thinking and forecasting stands with your verification hardware?

好吧好吧。那太棒了。然後特別是在您的硬件平台上。一個季度前，您討論了驗證如何具有非常好的可見度，這表明您對當時強勁的 1Q 預測以及強勁的上半年的看法，但您不一定將上半年的實力外推到下半場，你可能會有點觀望。通過您今天提供的更新預測，您能否提供有關您的想法和預測與您的驗證硬件相關的最新信息？

Yes. Let me talk about verification first, and I think John can comment more about the outlook for the year. I think verification, as you know, is a key differentiator for our customers. I think to really be a state of the art kind of design company or a system semiconductor company, your ability to do good verification is critical. That is what can lead to rapid Cadence of your products and also how fast from silicon tape-out to product release, right? So I think importance of verification becomes critical, and the importance of hardware platforms, especially driven by Palladium and Protium to do not just RTL verification, but also software bring up is critical. So therefore, we are seeing a strong demand across both the semiconductor companies, but also the system companies, which inherently have software to our verification products. And we had a record quarter following a record year last year.

是的。讓我先談談驗證，我認為約翰可以對今年的前景發表更多評論。如您所知，我認為驗證是我們客戶的關鍵差異化因素。我認為要真正成為最先進的設計公司或系統半導體公司，您進行良好驗證的能力至關重要。這就是可以使您的產品快速發展的原因，以及從矽流片到產品發布的速度有多快，對吧？所以我認為驗證的重要性變得至關重要，而硬件平台的重要性，尤其是在 Palladium 和 Protium 的推動下，不僅要進行 RTL 驗證，而且還要進行軟件開發。因此，我們看到半導體公司和系統公司都有強勁的需求，這些公司本身就擁有我們的驗證產品的軟件。在去年創紀錄的一年之後，我們又迎來了創紀錄的季度。

Now in terms of going forward, I would like John to comment on the rest of the year.

現在就前進而言，我希望約翰對今年剩餘的時間發表評論。

Yes. Joe, I mean, we're seeing significant demand for all of our hardware products. And as we said in our year-end call just a few weeks ago that we weren't comfortable with providing an outlook or extrapolating that demand into the second half of the year until we saw the pipeline kind of closer to the summer, and that's -- we kind of retain that position for this guide.

是的。喬，我的意思是，我們看到對我們所有硬件產品的巨大需求。正如我們在幾週前的年終電話會議上所說的那樣，在我們看到管道接近夏季之前，我們對提供前景或將需求推斷到下半年感到不舒服，那就是——我們在本指南中保留了這一立場。

Your next question comes from the line of Blair Abernethy with Rosenblatt Securities.

您的下一個問題來自 Rosenblatt Securities 的 Blair Abernethy。

Nice quarter, guys. Just wondering if we could talk a little more about the multiphysics simulation side of things. I just wanted to get an update on how your channel partner programs are developing, whether they're getting traction to the overall business. And just perhaps on the multiphysics simulation, sort of what would you classify or what do you view as areas where you've got some competitive strengths?

不錯的季度，伙計們。只是想知道我們是否可以多談談多物理場仿真方面的事情。我只是想了解一下您的渠道合作夥伴計劃的發展情況，以及它們是否對整體業務產生了吸引力。或許就多物理場仿真而言，您會將哪些分類或您認為哪些領域是您具有競爭優勢的領域？

Yes. That's a great question. So first of all, as you saw, we are growing pretty well in System Design & Analysis. And also, just to remind you that we take all our revenue ratably even in this segment compared to some other companies. So whenever you have a ratable revenue, then the bookings are growing faster than revenues. So overall, we are pretty happy with System Design & Analysis, and especially the system analysis portion that is becoming a bigger portion of Cadence's business.

是的。這是一個很好的問題。所以首先，正如你所看到的，我們在系統設計和分析方面發展得很好。而且，只是提醒您，與其他一些公司相比，即使在這一細分市場中，我們的所有收入也是相當可觀的。因此，只要您有可評價的收入，那麼預訂的增長速度就會超過收入。所以總的來說，我們對系統設計和分析非常滿意，尤其是系統分析部分正在成為 Cadence 業務的更大部分。

And our 3 strength is our computational software expertise. So in EDA over the last 20, 30 years, we have a lot of experience doing very, very large systems efficiently and accurately. So we applied that computational software expertise to system analysis. So our solutions can be order of magnitude better than what has been the legacy solutions in this space, okay?

我們的第三大優勢是我們的計算軟件專業知識。因此，在過去 20 年、30 年的 EDA 中，我們在高效、準確地處理非常非常大的系統方面擁有豐富的經驗。因此，我們將計算軟件專業知識應用於系統分析。所以我們的解決方案可以比這個領域的傳統解決方案好幾個數量級，好嗎？

And we first always focus on key customers, the top customers. And the top customers in that space are similar to our traditional top customers. So these are the big system and semi companies, also our top customers and system analysis because we want to make sure your product is differentiated. And I think that's ongoing, and you see the strength in Clarity and Celsius and now with the introduction of Fidelity.

我們首先始終關注關鍵客戶，頂級客戶。該領域的頂級客戶與我們傳統的頂級客戶相似。因此，這些是大型系統和半導體公司，也是我們的主要客戶和系統分析，因為我們希望確保您的產品與眾不同。我認為這種情況正在持續，你會看到 Clarity 和 Celsius 的優勢，現在隨著 Fidelity 的推出。

Now beyond that, to your point, I think we also work on channel expansion. And I think we have mentioned in the past that we are expanding our partner network and also expanding more and more of these solutions to be available on the cloud, which also naturally reaches more and more customers. So we always want to first focus on the product, focus on the top customers and the big customers, and then build -- systematically build out a framework to expand the deployment and go to market. So overall, we are pleased with our progress, and it is also very synergistic with our overall EDA position and overall Intelligent System Design strategy.

現在除此之外，就您而言，我認為我們還致力於渠道擴張。而且我認為我們過去曾提到，我們正在擴展我們的合作夥伴網絡，並將越來越多的這些解決方案擴展到雲上，這自然也會接觸到越來越多的客戶。所以我們總是想先專注於產品，專注於頂級客戶和大客戶，然後構建——系統地構建一個框架來擴展部署並進入市場。所以總的來說，我們對我們的進步感到滿意，這也與我們的整體 EDA 定位和整體智能係統設計戰略非常協同。

Your next question comes from the line of Pradeep Ramani with UBS Securities.

您的下一個問題來自瑞銀證券的 Pradeep Ramani。

I just had a couple of questions on the marquee customer win that you're talking about. Should we think about that as competitive displacement from your side? Or should we think about it more as a similar scope or maybe expanded scope but larger contract value? How do you think about that?

我剛剛對您所說的大客戶獲勝有幾個問題。我們是否應該將其視為您身邊的競爭性替代？或者我們應該更多地將其視為類似的範圍，或者可能擴大範圍但更大的合同價值？你怎麼看？

Yes. I would profile it as an expansion of the proliferation of our technology with that customer. I think that customer has seen the value in the products that we've provided over the last number of years, and it's ready to take the next step. I mean, typically, when we're proliferating with a customer like this, it starts with them using our technology in a number of individual designs. And then based on the success of those designs, they proliferate and expand it into other multiple designs. They may also continue to use other technology. But it certainly -- it has us very excited about the growth opportunity that this expansion means for us for the next number of years.

是的。我將其描述為我們與該客戶的技術擴散的擴展。我認為客戶已經看到了我們在過去幾年中提供的產品的價值，並且已經準備好邁出下一步。我的意思是，通常情況下，當我們與這樣的客戶激增時，首先是他們在許多單獨的設計中使用我們的技術。然後基於這些設計的成功，他們將其擴散並擴展到其他多種設計。他們也可能繼續使用其他技術。但它肯定 - 它讓我們對這種擴張對我們未來幾年的增長機會感到非常興奮。

Great. And as a follow-up, your IP business is sort of accelerating if you think about it -- if you look at the last few quarters. Do you still feel good about the low teens sort of type of growth rate for the year? Or should we be thinking about something that's much higher than that?

偉大的。作為後續行動，如果您考慮一下，您的 IP 業務正在加速 - 如果您查看過去幾個季度。你仍然對今年低青少年類型的增長率感到滿意嗎？還是我們應該考慮比這更高的東西？

Well, over the last 3 years or so, I think they've been growing around mid-teens. We put in the outlook low teens. It's in the outlook at 13%. We haven't changed that from the end of last year. But you might have noticed that they achieved 17% in Q1. What we find is that when we give them a target for low teens, they focus on the most profitable IP business and generally overperform. But the current outlook just represents 13%. There may be upside to us.

好吧，在過去 3 年左右的時間裡，我認為他們一直在十幾歲左右成長。我們把前景看低青少年。展望為 13%。自去年年底以來，我們沒有改變這一點。但您可能已經註意到，他們在第一季度實現了 17%。我們發現，當我們給他們設定低青少年的目標時，他們專注於最賺錢的 IP 業務並且通常表現出色。但目前的前景僅佔 13%。我們可能會有好處。

Your next question comes from the line of Jay Vleeschhouwer with Griffin Securities.

您的下一個問題來自格里芬證券公司的 Jay Vleeschhouwer。

Question number one, Anirudh, we've spoken over the last few months of how your semiconductor customers are becoming increasingly like systems customers. Systems customers are becoming more like semi customers. With that in mind, though, in what way are the 2 halves of the customer base still different? I mean even though they're becoming more alike, what are the important differences that remain in terms of their process or their mix of product from a company like yours? And in any case, given the overall rising tide of your business, given the strength of the end markets, how are you seeing the kinds of services and support requirements that you're having to invest in and expand for your customer base?

第一個問題，Anirudh，我們在過去幾個月中談到了您的半導體客戶如何變得越來越像系統客戶。系統客戶越來越像半客戶。但是，考慮到這一點，客戶群的兩半仍然不同嗎？我的意思是，即使他們變得越來越相似，但在他們的流程或來自像您這樣的公司的產品組合方面仍然存在哪些重要差異？無論如何，鑑於您業務的整體上升趨勢，鑑於終端市場的實力，您如何看待您必須為客戶群投資和擴大的服務和支持需求？

Second question, going back to the marquee customer. It's what we all think it is. That company is already by far the largest spender on commercial EDA. They, like many other semi companies, have been materially expanding their R&D budget, inflecting higher substantially over the last number of quarters. The question is, could you foresee that particular customer becoming a more than 5% customer for you -- or even perhaps 10% and thereby increasing your overall customer concentration?

第二個問題，回到大客戶。這是我們都認為的。該公司已經是迄今為止在商業 EDA 上最大的支出者。與許多其他半導體公司一樣，它們一直在大幅擴大研發預算，在過去幾個季度中大幅提高。問題是，您能否預見到特定客戶會成為您超過 5% 的客戶——甚至可能是 10%，從而提高您的整體客戶集中度？

Jay, let me start with your first question. Like you said, system companies are becoming -- doing more semiconductor design, and semiconductor becoming -- companies are becoming more system company. And this is great for Cadence in the industry. And there are similarities there, but you asked about the differences. So some of the differences, of course, first thing is that's one of the reasons we expanded into System Design & Analysis. So naturally, to system companies, we are not just engaging with our EDA and IP products, which are silicon-centric. We're also engaging with system design and analysis products, whether it's 3D-IC or PCB design or simulation. And that's a natural synergy of our strategy and the natural synergy of what is happening in the customer base. So that's one big difference.

傑，讓我從你的第一個問題開始。就像你說的，系統公司正在成為——做更多的半導體設計，而半導體正在成為——公司正在成為更多的系統公司。這對行業中的 Cadence 來說非常有用。那裡有相似之處，但你問的是差異。當然，其中一些差異是我們擴展到系統設計與分析的原因之一。因此，對於系統公司來說，自然而然地，我們不僅僅參與以矽為中心的 EDA 和 IP 產品。我們還從事系統設計和分析產品，無論是 3D-IC 還是 PCB 設計或仿真。這是我們戰略的自然協同作用以及客戶群中正在發生的事情的自然協同作用。所以這是一個很大的區別。

I think the second big difference is that the system companies naturally, as you know, have software content. That's why they're a system company. So the need for hardware platforms, especially both Palladium and Protium and software bring up, is always critical, but it's even more critical for these system companies that are doing semiconductor. So I think I would say these are probably the 2 big thing.

我認為第二個很大的不同是，如你所知，系統公司自然有軟件內容。這就是為什麼他們是一家系統公司。因此，對硬件平台的需求，尤其是 Palladium 和 Protium 以及軟件帶來的需求，總是至關重要的，但對於這些做半導體的系統公司來說，它甚至更為關鍵。所以我想我會說這些可能是兩件大事。

And then the third thing that always helps is a lot of times, the system companies are new -- or sometimes are engaging in new activities in semiconductors. So there is no legacy there. So that always helps us. Because without legacy, with the strength of our portfolio, we typically do well in the market.

然後總是有幫助的第三件事是很多時候，系統公司是新的 - 或者有時正在從事半導體的新活動。所以那裡沒有遺產。所以這總是對我們有幫助。因為沒有遺產，憑藉我們投資組合的實力，我們通常在市場上表現良好。

Now with respect to your second question, like we said, we are pretty happy with our engagement with the marquee U.S. semiconductor company. And there is a lot of opportunities to grow there over the years in multiple aspects, EDA, hardware and the system solutions.

現在關於你的第二個問題，就像我們說的那樣，我們對與這家大型美國半導體公司的合作非常滿意。多年來，在 EDA、硬件和系統解決方案等多個方面都有很多發展機會。

Yes. Jay, we have a very diverse customer base, as you know. And I mean we're very, very happy that this opportunity -- means that this particular customer is likely to spend a higher percentage of their dollars with us over the next few years, and it sets us up to grow well in that account over the next few years. But we expect to grow well in many, many of our accounts, if not all of our accounts over the next few years. And so yes, I wouldn't -- I'm not expecting a 10% customer.

是的。傑，如您所知，我們有一個非常多樣化的客戶群。我的意思是我們非常非常高興這個機會 - 意味著這個特定的客戶可能會在未來幾年內將更高比例的美元花在我們身上，這讓我們在這個賬戶中增長良好未來幾年。但我們希望在未來幾年內，我們的許多賬戶（如果不是所有賬戶）都能實現良好增長。所以是的，我不會——我不希望有 10% 的客戶。

Yes. Another thing, Jay, as you probably know already, to highlight is as we do more of these AI-based solution Cerebrus and you'll see more from us going forward, it's an opportunity to provide much more productivity to our customers, whether they're a semiconductor company or a system company. So what I -- what we are hoping is that because, as you know, the labor market is tight and the need for talent is always growing, there is more and more need for automation and higher level automation. So I think there is opportunity for us to do well in a variety of customers, especially moving to more towards automation and less towards hiring -- they will still hire more people, but there's opportunity for EDA and IP to be a bigger percentage of wallet as we provide more automation in our solutions.

是的。 Jay，正如您可能已經知道的那樣，要強調的另一件事是，隨著我們對這些基於 AI 的解決方案 Cerebrus 進行更多的開發，並且您會從我們那裡看到更多，這是一個為我們的客戶提供更多生產力的機會，無論他們'是一家半導體公司或一家系統公司。所以我 - 我們希望的是，因為，如你所知，勞動力市場緊張，對人才的需求一直在增長，對自動化和更高水平的自動化的需求越來越大。所以我認為我們有機會在各種客戶中做得很好，尤其是更多地轉向自動化而不是招聘——他們仍然會僱傭更多的人，但 EDA 和 IP 有機會在錢包中佔更大比例因為我們在我們的解決方案中提供了更多的自動化。

Your next question comes from Vivek Arya with Bank of America Securities.

您的下一個問題來自美國銀行證券公司的 Vivek Arya。

I don't know if you look at the growth acceleration over the last few years, has it come from a wider customer base? Or is it more revenue per customer? And that -- if I kind of carry that question forward for the next 3 to 4 years, what do you think is going to be a more important factor in driving the growth? Is it a wider customer base? Or is it more revenue per customer?

我不知道你看看過去幾年的增長加速，它是否來自更廣泛的客戶群？還是每個客戶的收入更高？那——如果我在接下來的 3 到 4 年內提出這個問題，你認為什麼是推動增長的更重要因素？它是更廣泛的客戶群嗎？還是每個客戶的收入更高？

Yes. That's a good question. What I would say is there are 3 big trends that are helping us. So first trend is, as you know, we are in golden age semiconductors, and it's expected to grow -- continue to grow for the next 5 to 10 years. So our core business can do well with the semiconductor companies.

是的。這是個好問題。我想說的是有 3 個大趨勢正在幫助我們。因此，如您所知，第一個趨勢是，我們正處於半導體的黃金時代，並且預計會增長——在未來 5 到 10 年內繼續增長。所以我們的核心業務可以跟半導體公司做的很好。

I think the second thing is, like was mentioned earlier, the system companies are doing more silicon. So that adds like new kind of opportunities to engage with system companies. And that, I think, is going to continue for the next 5 or 10 years because there are systemic reasons for system companies want to do silicon, for customization, for differentiation.

我認為第二件事是，就像前面提到的，系統公司正在做更多的矽片。因此，這增加了與系統公司合作的新機會。我認為，這將在未來 5 或 10 年內持續下去，因為系統公司想要做芯片、定制化和差異化是有系統性的原因的。

And then the third big trend is we are also expanding our portfolio into System Design & Analysis, which is a growing tab for us and also expand -- it's a growing market. It's a profitable area. And so these 3 trends, which is, one, is the core semiconductor business is going to do well that helps our EDA and IP; second, system companies are going to do more silicon; and third, our portfolio itself is expanding to system design and analysis. And all these 3 things can be held with AI and more automation. And I don't see that changing in the next 5, 10 years. So I think these are fundamental trends for a while that can help us.

然後第三個大趨勢是我們還將我們的產品組合擴展到系統設計和分析，這對我們來說是一個不斷增長的選項卡，並且也在擴展——這是一個不斷增長的市場。這是一個有利可圖的領域。所以這三個趨勢，一個是核心半導體業務將做得很好，這有助於我們的 EDA 和 IP；第二，系統公司會做更多的芯片；第三，我們的產品組合本身正在擴展到系統設計和分析。所有這三件事都可以通過人工智能和更多的自動化來完成。而且我認為在接下來的 5 年、10 年內這種情況不會發生變化。所以我認為這些是一段時間內可以幫助我們的基本趨勢。

Got it. And I know this is probably -- it might be apples and oranges. But when I look at semiconductor companies, they are benefiting from raising prices, and we see across the board their margins are getting better. Are you benefiting at all from raising prices on a like-to-like basis? Or is that not a factor when you look at the stronger growth and the acceleration this year? Like is there a level of price inflation that is benefiting you in some ways also?

知道了。我知道這可能是——它可能是蘋果和橙子。但當我觀察半導體公司時，它們正從提價中受益，我們看到它們的利潤率正在全面提高。您是否從以類似的方式提高價格中受益？或者當你看到今年更強勁的增長和加速時，這不是一個因素嗎？比如是否存在某種程度的價格通脹在某些方面也使您受益？

Yes. Vivek, our revenue increase always comes from a combination of volume and pricing increases, and you see that happen over time on all of the accounts. I don't know what else to say to you in terms of that, but everything has been -- we just focus on continuing to provide more and more value to customers, and they continue to provide more and more share of the wallet to us.

是的。 Vivek，我們的收入增長總是來自銷量和價格的增長，你會看到隨著時間的推移所有賬戶都會發生這種情況。在這方面我不知道還能對你說什麼，但一切都是——我們只專注於繼續為客戶提供越來越多的價值，他們繼續為我們提供越來越多的錢包份額.

All right. I guess my question is, is the price increase this year different than what you have had historically?

好的。我想我的問題是，今年的價格上漲與您以往的價格上漲不同嗎？

We have increased prices this year but similar to prior years.

今年我們提高了價格，但與往年相似。

Your next question comes from the line of Ruben Roy with WestPark Capital.

您的下一個問題來自 WestPark Capital 的 Ruben Roy。

Anirudh, I just want to follow up on sort of the discussion around the core segments. And certainly off to a fast start in some of the other areas this year. Just wondering, when you look at the -- especially the custom IC design, are you thinking that, that's an area of your business that is going to sort of -- get back to sort of the corporate type of growth rates or maybe underperform a little bit relative to some of these newer areas, whether it's fabrication tools, System Design & Analysis tools, et cetera? Just wondering -- I hear you the core business is still growing along with the semiconductor area, but it seems like some of your other businesses are set up to grow at a faster pace. Am I thinking about that correctly?

Anirudh，我只想跟進圍繞核心部分的討論。今年肯定會在其他一些領域快速起步。只是想知道，當您查看 - 特別是定制 IC 設計時，您是否認為，這是您業務的一個領域 - 恢復到公司類型的增長率，或者可能表現不佳相對於其中一些較新的領域，無論是製造工具、系統設計和分析工具等嗎？只是想知道-我聽說您的核心業務仍在與半導體領域一起增長，但您的其他一些業務似乎正在以更快的速度增長。我是否正確地考慮了這一點？

Yes. So I think on the question on the -- I think your question is on the analog -- the custom analog signal business. And if you look back several years, that business has performed very well and continues to grow because as we go to newer nodes, it's not just the digital, but the analog has to go to these advanced nodes. Now we have a pretty good position in the market there. And so I mean that has grown, I think, slightly slower than maybe digital verification, but still has done pretty well over the last few years. And I expect that to continue, and there are a few things that are helping it also apart from the traditional analog design. I mean there is more and more RF design. So our recent move into RF with the acquisition of AWR, that is well integrated with Virtuoso. And with 3D-IC and more and more, there's a lot of activity still at mainstream nodes. So I think, overall, we are pretty pleased with that business, and it still has a very healthy growth rate and continues to be also a fairly profitable business for us.

是的。所以我想關於 - 我認為你的問題是關於模擬 - 定制模擬信號業務的問題。如果你回顧幾年，該業務表現非常好並且繼續增長，因為隨著我們進入更新節點，不僅僅是數字，而且模擬必須進入這些高級節點。現在我們在那裡的市場上有一個很好的位置。所以我的意思是，我認為它的增長速度可能比數字驗證稍慢，但在過去幾年中仍然做得很好。我希望這種情況會繼續下去，除了傳統的模擬設計之外，還有一些事情可以幫助它。我的意思是有越來越多的射頻設計。因此，我們最近通過收購 AWR 進軍 RF，這與 Virtuoso 很好地集成在一起。並且隨著 3D-IC 等越來越多，主流節點仍然有很多活動。所以我認為，總的來說，我們對這項業務非常滿意，它仍然具有非常健康的增長率，並且對我們來說仍然是一項相當有利可圖的業務。

Okay. Understood. As a quick follow-up, Anirudh, given what's going on, it's great to hear sort of the traction of marquee customers and large deals, et cetera. Is there an update on how to think about your cloud -- the kind of the move to the cloud for some of your products or whether or not you're seeing some of your customers move to even a hybrid cloud situation? Or do you think as we get more of these larger customers, is it still going to be -- the vast majority of your business is going to be on-prem? I'm just trying to figure out if that's still a big initiative for the company as you look out over the next several years.

好的。明白了。作為快速跟進，Anirudh，鑑於正在發生的事情，很高興聽到大客戶和大筆交易等的吸引力。是否有關於如何考慮您的雲的更新——您的某些產品向雲遷移的類型，或者您是否看到您的一些客戶甚至遷移到混合雲情況？或者你認為隨著我們獲得更多這些大客戶，它是否仍然會 - 你的絕大多數業務將在本地進行？我只是想弄清楚這對公司來說是否仍然是一項重大舉措，正如你在接下來的幾年中所看到的那樣。

Absolutely. I mean cloud is a key initiative, and I think we have done this for several years. I think we're probably the first company to really invest heavily in the cloud and both from a customer-managed cloud or a Cadence managed cloud and also a variety of business models, right? So because primarily cloud allows more flexibility to our customers in terms of usage and business model. So we have done this for several years, and we are open to all kinds of possibilities.

絕對地。我的意思是雲是一項關鍵舉措，我認為我們已經這樣做了好幾年了。我認為我們可能是第一家真正在雲上投入巨資的公司，無論是從客戶管理的雲還是從 Cadence 管理的雲，以及各種商業模式，對吧？因此，主要是因為雲在使用和業務模型方面為我們的客戶提供了更大的靈活性。所以我們已經做了好幾年了，我們對各種可能性持開放態度。

It's important to give choices to our customers. And in some cases, they use their own cloud platform. In some cases, they use our kind of cloud platform that we work with our partners in a more of a SaaS offering. In some cases, like you said, they use hybrid. Especially really big customers, if they have already a good data center internally, then they use a hybrid cloud for like peak utilization. And whereas some of the smaller customers or the newer starters may completely go to the cloud, okay? So I think we'll see how the market evolves, but we are ready with all kinds of solutions and business models and do how the customers use those solutions.

為客戶提供選擇非常重要。在某些情況下，他們使用自己的雲平台。在某些情況下，他們使用我們與合作夥伴合作的雲平台，提供更多的 SaaS 服務。在某些情況下，就像你說的，他們使用混合。尤其是真正的大客戶，如果他們內部已經有一個很好的數據中心，那麼他們會使用混合雲來達到峰值利用率。雖然一些較小的客戶或較新的初學者可能會完全轉向雲端，好嗎？所以我認為我們會看到市場如何發展，但我們已經準備好各種解決方案和商業模式，並了解客戶如何使用這些解決方案。

But I do see that the smaller or the newer companies go more towards full cloud, and more of the traditional companies go towards hybrid cloud. But in any case, we are set up to service all these models for our customers. And we also have a partnership with multiple kind of cloud providers to provide a best solution to our customer base. Yes.

但我確實看到較小或較新的公司更傾向於全雲，而更多傳統公司則傾向於混合雲。但無論如何，我們都準備為我們的客戶服務所有這些模型。我們還與多種雲提供商建立了合作夥伴關係，為我們的客戶群提供最佳解決方案。是的。

Our final question comes from Devin Au with KeyBanc Capital Markets.

我們的最後一個問題來自 KeyBanc Capital Markets 的 Devin Au。

Just want to double-click on verification in China. Did you see any of the strength in these areas was maybe due to customers trying to buy ahead of any price increases or perceived inflation just given the whole current macro backdrop?

只想在中國雙擊驗證。您是否看到這些領域的任何優勢可能是由於客戶試圖在任何價格上漲或感知到的通貨膨脹之前購買，就在當前的整個宏觀背景下？

Yes. I mean there was very strong demand, but we have such strong demand that there's a waiting list right now for our hardware. We're building the hardware as quickly as we can. So the hardware that we delivered in China in Q1, many of those orders were pre Q1. They were from last year. We have many, many more orders that we booked in Q1 that we'll deliver later in the year. But we're flat out trying to build those systems as quickly as we can right now. Demand continues to outstrip our ability to supply.

是的。我的意思是需求非常強勁，但我們的需求如此強勁，以至於我們的硬件現在有一個等待名單。我們正在盡可能快地構建硬件。所以我們在第一季度在中國交付的硬件，其中許多訂單是第一季度之前的。他們來自去年。我們在第一季度預訂了很多很多訂單，我們將在今年晚些時候交付。但是我們現在正全力以赴地嘗試盡快構建這些系統。需求繼續超過我們的供應能力。

Got it. Got it, John. Maybe just one more for you. Nice raise to the operating margin for the full year. When you look at first half margin, if my math is right, it's around 40%, 41% range. The guidance suggests operating margins moving a little bit lower in the second half. Can you remind us on what's mainly driving the mix shift there? Is it mainly due to timing of investments or maybe hiring that's more back-end loaded?

知道了。明白了，約翰。也許只給你一個。全年營業利潤率大幅提升。當您查看上半年利潤率時，如果我的數學是正確的，它在 40% 到 41% 的範圍內。該指引表明，下半年的營業利潤率會略有下降。你能提醒我們什麼主要推動了那裡的混合轉變嗎？主要是因為投資的時機，還是因為招聘更多的後端負載？

Yes. I would characterize the second half guide as prudent. There's lots of external factors playing out at the moment, and we're very, very confident in that second half outlook. At the start of the year, we highlighted that we expected a strong start to the year with hardware. We didn't want to extrapolate that into the second half of the year until we saw the pipeline sometime in the summer. But we have -- we're delivering those hardware systems as quickly as we can, but we'll take a look at the second half outlook in the summer when we have a better visibility into the pipeline.

是的。我認為後半部分指南是謹慎的。目前有很多外部因素在發揮作用，我們對下半年的前景非常非常有信心。在今年年初，我們強調我們預計硬件今年會有一個強勁的開端。我們不想將其推斷到下半年，直到我們在夏天的某個時候看到管道。但是我們已經 - 我們正在盡快交付這些硬件系統，但是當我們對管道有更好的了解時，我們將在夏天看看下半年的前景。

I'd now like to turn the call back over to Cadence for closing remarks.

我現在想將電話轉回給 Cadence 以結束髮言。

Thank you all for joining us this afternoon. It's an exciting time for Cadence with strong business momentum and a thriving semiconductor and systems industry, offering tremendous market opportunity. We are proud of the innovative and inclusive culture we have built at Cadence. And on behalf of our employees and our Board of Directors, we thank our customers and partners for their continued trust and confidence in Cadence. Thank you.

感謝大家今天下午加入我們。對於 Cadence 來說，這是一個激動人心的時刻，擁有強大的業務勢頭和蓬勃發展的半導體和系統行業，提供了巨大的市場機會。我們為在 Cadence 建立的創新和包容性文化感到自豪。我們代表我們的員工和董事會，感謝我們的客戶和合作夥伴一直以來對 Cadence 的信任和信心。謝謝你。

Thank you for participating in today's Cadence First Quarter 2022 Earnings Conference Call. This concludes today's call. You may now disconnect.

感謝您參加今天的 Cadence 2022 年第一季度收益電話會議。今天的電話會議到此結束。您現在可以斷開連接。