新思科技 (SNPS) 2005 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Synopsys, Inc. earnings conference call for the fourth-quarter and fiscal year 2005. [OPERATOR INSTRUCTIONS] Today's call will last one hour.

女士們、先生們，感謝你們的支持並歡迎參加 Synopsys, Inc. 2005 年第四季和財政年度的收益電話會議。[操作員說明] 今天的電話會議將持續一小時。

Five minutes prior to the end of the call, I will announce the amount of time remaining in the conference.

在通話結束前五分鐘，我將宣布會議剩餘時間。

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

At this time, I would like to turn the conference over to Lisa Ewbank, Vice President, Investor Relations.

現在，我想將會議交給投資者關係副總裁 Lisa Ewbank。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

On the call today are Aart de Geus, Chairman and CEO of Synopsys, and Rex Jackson, acting CFO and Senior Vice President and General Counsel.

今天參加電話會議的有 Synopsys 董事長兼執行長 Aart de Geus 和代理財務長兼資深副總裁兼總法律顧問 Rex Jackson。

During the course of this conference call, Synopsys may make predictions, estimates, and other forward-looking statements regarding the Company.

在本次電話會議期間，新思科技可能會做出有關公司的預測、估計和其他前瞻性陳述。

While these statements represent our best current judgment about future performance and events, the Company's actual performance is subject to significant risks and uncertainties that could cause actual results to differ materially from those that may be projected.

雖然這些陳述代表了我們目前對未來業績和事件的最佳判斷，但公司的實際業績受到重大風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。

In addition to any risks that we highlight during this call, important factors that may affect our future results are described in our quarterly report on Form 10-Q for our third-quarter of fiscal 2005, which is on file with the Securities and Exchange Commission and in our fourth-quarter and fiscal year 2005 earnings release.

除了我們在本次電話會議中強調的任何風險之外，我們在2005 財年第三季的10-Q 表格季度報告中還描述了可能影響我們未來業績的重要因素，該報告已向美國證券交易委員會備案以及我們第四季和 2005 財年的收益發布。

Both of these documents are available on our website.

這些文件都可以在我們的網站上找到。

In addition, we would like to advise you that all financial information to be discussed on this conference call, as well as the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in our fourth-quarter earnings release and financial supplement.

此外，我們想通知您，本次電話會議討論的所有財務信息，以及非公認會計原則財務指標與其最直接可比的公認會計原則財務指標的調節表都可以在我們的第四季度收益中找到釋放和財政補充。

Both of these documents are available now on our website at www.Synopsys.com.

現在，您可以在我們的網站 www.Synopsys.com 上取得這兩份文件。

With that, I would like to turn the conference over to Aart de Geus.

至此，我想將會議交給 Aart de Geus。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

I am pleased to report that we completed our fiscal year with an excellent fourth quarter as measured in three categories.

我很高興地向大家報告，從三個方面來看，我們第四季的表現非常出色，完成了本財年。

First, business came in significantly above our targets.

首先，業務遠高於我們的目標。

All product areas exceeded our internal plans, and we saw increased customer commitment to Synopsys growing our backlog to an industry high 1.9 billion.

所有產品領域都超出了我們的內部計劃，我們看到客戶對 Synopsys 的承諾不斷增加，我們的積壓訂單達到了業界最高的 19 億。

Second, all our technology indicators are very strong.

第二，我們各項技術指標都非常強。

We have had excellent success in technical benchmarks, more evaluations and customer adoptions and our new products, including IC Complier are demonstrating real momentum.

我們在技術基準、更多評估和客戶採用方面取得了巨大成功，我們的新產品（包括 IC Complier）正在展現出真正的勢頭。

Third, strong financial execution.

三是財務執行力強。

We met or exceeded all our financial targets.

我們達到或超過了所有財務目標。

We are making steady progress on expense management, and we are driving strong cash flow.

我們在費用管理方面正在穩步取得進展，並且正在推動強勁的現金流。

Before I talk about the specifics of the quarter, let me share some essential points from fiscal '05 and our outlook for fiscal '06.

在談論本季的具體情況之前，讓我先分享一下 05 財年的一些要點以及我們對 06 財年的展望。

We went into fiscal '05 expecting revenue between 930 million and 980 million with non-GAAP earnings between $0.22 and $0.32 per share.

我們預計 05 財年的收入將在 9.3 億至 9.8 億之間，非公認會計原則每股收益將在 0.22 至 0.32 美元之間。

We exit the year with results substantially above that, 992 million in revenues and nonGAAP GAAP earnings of $0.39 a share.

我們今年的業績遠高於此，營收為 9.92 億美元，非美國通用會計準則（nonGAAP）美國通用會計準則（nonGAAP）每股收益為 0.39 美元。

Looking forward to fiscal '06, we aim to grow nonGAAP earnings significantly into the range of $0.65 to $0.73 per share.

展望 06 財年，我們的目標是將非 GAAP 收益大幅成長至每股 0.65 美元至 0.73 美元。

We will do this through a combination of solidly growing revenue and substantially expanding operating margin.

我們將透過收入的穩定成長和營業利潤率的大幅擴大相結合來實現這一目標。

Now let me focus on our Q4 results.

現在讓我專注於我們第四季的業績。

Revenue was 254.8 million and non-GAAP earnings were $0.10 per share, both at the high end of our target range.

營收為 2.548 億美元，非 GAAP 每股收益為 0.10 美元，均處於我們目標範圍的高端。

Even after absorbing 1.8 million in severance costs and higher valuable compensation due to our strong finish.

即使在吸收了 180 萬美元的遣散費和由於我們的強勁表現而獲得的更高價值的補償之後。

Operating margin was 7.3%, and we are on track towards our 2007 target of 20% plus.

營業利益率為 7.3%，我們正朝著 2007 年 20% 以上的目標邁進。

We continue to have the most predictable license hold in the industry with up-front orders consistently less than 10% of overall business.

我們繼續擁有業界最可預測的許可證持有量，預訂單始終低於整體業務的 10%。

In Q4, up-front orders were only 4%.

第四季度，預付訂單僅佔 4%。

We finished the year with a substantial increase in backlog as I mentioned to more than 1.9 billion, the highest in the industry.

正如我所提到的，我們的積壓訂單在這一年大幅增加，超過 19 億，是業界最高的。

Backlog grew while we maintained a stable contract length of about three years.

在我們保持約三年的穩定合約期限的同時，積壓訂單不斷增加。

Finally, our balance sheet and cash flow are strong.

最後，我們的資產負債表和現金流強勁。

One highlight of the quarter was the successful repatriation of 360 million of cash from overseas, giving us more financial flexibility.

本季的一大亮點是成功從海外匯回3.6億現金，使我們的財務更加靈活。

Regarding our CFO search, we are interviewing a number of excellent candidates, and we will make an announcement in due course.

關於我們的CFO招聘，我們正在面試一些優秀的候選人，我們將在適當的時候發佈公告。

Let me move on to update you on the business starting with some comments about the overall environment.

讓我繼續向您介紹業務的最新情況，首先對整體環境進行一些評論。

All in all, the customer environment looks quite solid in a semiconductor market driven largely by consumer electronics.

總而言之，在主要由消費性電子產品驅動的半導體市場中，客戶環境看起來相當穩固。

The associated price pressures and short product life cycles are forcing our customers to seek what we call "efficient differentiation," what we mean is that technologically differentiated products are necessary but not sufficient to win in today's competitive environment.

相關的價格壓力和較短的產品生命週期迫使我們的客戶尋求我們所謂的“有效差異化”，我們的意思是，技術差異化的產品是必要的，但不足以在當今的競爭環境中獲勝。

You must also deliver the products as quickly and as cost efficiently as possible.

您還必須盡可能快速且經濟高效地交付產品。

To accomplish this, customers need a different kind of EDA partner.

為了實現這一目標，客戶需要不同類型的 EDA 合作夥伴。

One who can supply a full set of solutions and support, who is capable of driving the most advanced designs, and who is focused on real customer productivity.

一個能夠提供一整套解決方案和支援的人，一個能夠推動最先進設計的人，一個專注於真正的客戶生產力的人。

Increasingly, customers are choosing Synopsys to meet this need.

越來越多的客戶選擇 Synopsys 來滿足這項需求。

Our platform integration, our critical links to manufacturing, and according to the most recent E-times survey our number one ranking in customer support are crucial factors in our success.

我們的平台整合、我們與製造的關鍵環節以及根據最新的《電子時報》調查，我們在客戶支援方面排名第一，這些都是我們成功的關鍵因素。

An example of this in Q4 was Mycrona, a world leader in innovative TV system solutions.

第四季的一個例子是 Mycrona，它是創新電視系統解決方案的全球領導者。

They selected Synopsys as their preferred vendor for their digital design flow.

他們選擇 Synopsys 作為數位設計流程的首選供應商。

Now let's look at each of our platforms.

現在讓我們看看我們的每個平台。

Galaxy, our implementation platform is doing very well with both mainstream and advanced designs as we continue to roll out new technology.

隨著我們不斷推出新技術，我們的實施平台 Galaxy 在主流和先進設計方面都表現出色。

The PC Astro-based Galaxy platform continues to do well with business more than doubling sequentially in Q4.

基於 PC Astro 的 Galaxy 平台持續表現良好，第四季業務量較上季成長了一倍以上。

In one situation a global systems company was unable to close the design for a low cost processor with a competitor's tools.

在一種情況下，全球系統公司無法使用競爭對手的工具完成低成本處理器的設計。

They required an additional interconnect layer to complete the routing.

他們需要額外的互連層來完成佈線。

With Galaxy, the design was successfully taped out, and we displaced the competition.

Galaxy 的設計已成功流片，我們取代了競爭對手。

In another case, last month we announced that Marvel adopted Galaxy for their high performance communications products.

另一個例子是，上個月我們宣布漫威採用 Galaxy 作為其高性能通訊產品。

Looking now at our newest technology, IC Compiler had many successes in its first full quarter of general availability.

現在看看我們的最新技術，IC Compiler 在全面上市的第一個完整季度取得了許多成功。

In addition to upgrades from PC Astro, IC Compiler had wins against competitors' tools.

除了 PC Astro 的升級之外，IC Compiler 還戰勝了競爭對手的工具。

In one case a leading provider of micro processors upgraded from PC Astro to IC Compiler for three reasons, 10% plus better timing and power results, ease of use and extremely smooth migration path from their present PC Astro flow.

在一個案例中，一家領先的微處理器供應商出於三個原因從PC Astro 升級到IC Compiler：時序和功耗結果提高10% 以上、易於使用以及從當前PC Astro 流程的極其平滑的遷移路徑。

Just a few days ago Agere, an early adopter, announced a successful tapeout using IC Compiler.

就在幾天前，早期採用者傑爾宣布使用 IC Compiler 成功流片。

Our excellent IC Compiler business in Q4 gives us confidence that our initial product ramp expectations are well on track.

我們第四季出色的 IC 編譯器業務讓我們相信，我們最初的產品成長預期正在順利進行。

Other evidence of our strong technology is in the E-time survey I mentioned earlier.

我們強大技術的其他證據是我之前提到的 E-time 調查。

Designers ranked us as providing the best technology today and the most likely provider of the best technology in three years.

設計師將我們評為當今提供最佳技術的公司，以及三年內最有可能提供最佳技術的供應商。

Early adoption of our tools in advanced silicon is also revealing.

我們的工具在先進晶片中的早期採用也具有啟發性。

Of the 2065 nm tapeouts to date, Synopsys physical implementation was used in 75% of the designs.

在迄今為止的 2065 nm 流片中，75% 的設計採用了 Synopsys 物理實現。

Because of our position with the most advanced developers, we are already tracking the first eight 45 nm designs.

由於我們與最先進的開發人員合作，我們已經在追蹤前八個 45 nm 設計。

We no longer track the exact number of 19 nm designs since the number grows so fast. but as of last quarter Synopsys implementation was used in 80% of all completed designs.

我們不再追蹤 19 nm 設計的確切數量，因為數量增長如此之快。但截至上個季度，80% 的已完成設計都採用了 Synopsys 實施方案。

We are the only EDA company that can document this level of success.

我們是唯一一家能夠記錄這種成功水準的 EDA 公司。

On the synthesis front, we released what is already being called our best design compiler in years.

在綜合方面，我們發布了多年來被稱為最好的設計編譯器。

Because it better predicts downstream place en route, we improve customer productivity by reducing the number of design iterations.

由於它可以更好地預測途中的下游位置，因此我們透過減少設計迭代次數來提高客戶的生產力。

The results have been excellent.

結果非常好。

At a large European communication company design compiler demonstrated superior d results with about 70% power reduction and 10% area reduction over our competitors' tools.

在一家大型歐洲通訊公司，設計編譯器展示了卓越的結果，與競爭對手的工具相比，功耗降低了約 70%，面積減少了 10%。

In manufacturing, mass costs and yield improvements directly effect our customers economic success.

在製造領域，大規模成本和產量的提高直接影響我們客戶的經濟成功。

Design for manufacturing is important to us for two reasons.

製造設計對我們來說很重要，原因有二。

First, it is an adjacent growth market in its own right, allowing us to sell into a different budget.

首先，它本身就是一個相鄰的成長市場，使我們能夠以不同的預算進行銷售。

Second, since design and manufacturing are more intertwined than ever, we have a competitive advantage because Synopsys is the only company that effectively bridges both domains.

其次，由於設計和製造比以往任何時候都更加相互交織，我們擁有競爭優勢，因為新思科技是唯一一家有效連接這兩個領域的公司。

As a result, we are improving yields and reducing cost for customers.

因此，我們正在為客戶提高產量並降低成本。

We are accomplishing this through our current products and by rapidly evolving a seamless design to manufacturing flaw.

我們正在透過我們目前的產品和快速發展無縫設計到製造缺陷來實現這一目標。

We are seeing excellent business results.

我們看到了出色的業務成果。

Design for manufacturing is our fastest-growing business.

製造設計是我們成長最快的業務。

In physical verification, Hercules continues to excel with results in Q4 that included 2X faster performance leading to competitive displacements.

在物理驗證方面，Hercules 在第四季度繼續表現出色，其中包括性能提高 2 倍，從而實現競爭性排氣量。

Our mass optimization process Proteus is quickly expanding its install base especially as 65 nm production ramps up.

我們的大規模優化流程 Proteus 正在迅速擴大其安裝基礎，尤其是隨著 65 奈米產量的增加。

In the device and process arena, we introduced Centaurus our newly integrated T-cap solution, a number of leading semiconductor companies including Toshiba and Fairchild are already using Centaurus in their technology development flows.

在裝置和製程領域，我們推出了新整合的Centaurus T-cap解決方案，包括東芝和仙童在內的許多領先半導體公司已經在其技術開發流程中使用Centaurus。

Finally during Q4 we signed a definitive agreement to acquire HPL technology a small yield optimization company which strengthens test chip design and evaluation.

最後，在第四季度，我們簽署了一項最終協議，收購 HPL technology，這是一家小型產量優化公司，旨在加強測試晶片設計和評估。

HPL extends our process solution further into the fab.

HPL 將我們的製程解決方案進一步擴展到晶圓廠。

In verification, the Discovery platform achieved very good results in Q4, driven by analog mixed signal simulation, VCS test bench strength and system verilog adoptions.

在驗證方面，在模擬混合訊號模擬、VCS 測試台強度和系統 verilog 採用的推動下，Discovery 平台在第四季度取得了非常好的成績。

In a survey of more than 1400 customers worldwide, 39% said they intended to use system verilog in their next design, up from just 6% for their current design.

在對全球 1400 多名客戶進行的調查中，39% 的客戶表示他們打算在下一個設計中使用系統 verilog，而目前設計中這一比例僅為 6%。

We are well ahead of plan and delivering on their expectations.

我們遠遠超出了計劃並實現了他們的期望。

Since we introduced the industry's first native test bench support for system verilog in May, more than 50 customers have deployed our solution.

自從我們在 5 月推出業界首個對系統 verilog 的本機測試台支援以來，已有 50 多家客戶部署了我們的解決方案。

They consistently achieve up to 5X faster performance than with competitors' tools.

他們的性能始終比競爭對手的工具快 5 倍。

XR Corporation, for example, reported two-thirds reduction in its development cycle.

例如，XR Corporation 報告其開發週期縮短了三分之二。

They adopted Synopsys because of our support for system verilog and for the native test bench technology and VCS.

他們之所以採用 Synopsys，是因為我們支援系統 verilog 以及本機測試台技術和 VCS。

In the systems arena, our IP business had another solid quarter.

在系統領域，我們的 IP 業務又取得了強勁的季度業績。

We had some exciting new product announcements that expand our portfolio.

我們發布了一些令人興奮的新產品，擴大了我們的產品組合。

Let me highlight just a couple starting with wireless USB.

讓我重點介紹幾個從無線 USB 開始的例子。

USB is the most successful connectivity standard in history.

USB 是史上最成功的連線標準。

Products using our USB core accounted for more than 200 million units shipped worldwide.

使用我們 USB 核心的產品全球出貨量超過 2 億件。

Now the move to wireless USB is inevitable.

現在轉向無線 USB 是不可避免的。

In Q4, Synopsys accelerated that move by introducing the first wireless USB device controller in the world.

第四季度，Synopsys 推出了全球首款無線 USB 裝置控制器，加速了這一進程。

Also in Q4, we announced the availability of new analog mixed signal IP cores for the PCI Express, Serial ATA, and XAUI protocols.

同樣在第四季度，我們宣布推出適用於 PCI Express、串列 ATA 和 XAUI 協定的新型類比混合訊號 IP 核心。

These analog cores require very low power and small area and they effectively complement our digital controllers.

這些類比核心需要非常低的功耗和較小的面積，它們有效地補充了我們的數位控制器。

Like DFM, IP taps into a different budget allowing for real market growth.

與 DFM 一樣，IP 利用不同的預算來實現真正的市場成長。

Also like our links to manufacturing, IP with its strong connections to our tool platforms leverages all the benefits of an overall design productivity strategy.

與我們與製造的聯繫一樣，IP 與我們的工具平台有著緊密的聯繫，它利用了整體設計生產力策略的所有優勢。

In services, we had a strong quarter as well.

在服務業，我們的季度也表現強勁。

We continued our high utilization rate helping customers complete their projects and transition to new technology nodes while proliferating our platforms.

我們繼續保持高利用率，幫助客戶完成專案並過渡到新技術節點，同時擴大我們的平台。

For the year, our services customer satisfaction rating which we monitor very closely was an outstanding 98 out of 100.

今年，我們密切監控的服務客戶滿意度評分為 98 分（滿分為 100 分）。

In conclusion, we had an excellent quarter in all respects.

總之，我們在各方面都度過了一個出色的季度。

We built a solid foundation for 2006 which promises to be an exciting year for Synopsys.

我們為 2006 年奠定了堅實的基礎，這對 Synopsys 來說將是令人興奮的一年。

With that, let me pass it on to Rex.

接下來，讓我將其轉告給雷克斯。

Thank you, Aart.

謝謝你，阿爾特。

As a reminder, I will be discussing certain non-GAAP measures of our financial performance which we reconcile to GAAP in the press release and financial supplement posted on our website.

提醒一下，我將討論我們財務表現的某些非公認會計原則衡量標準，我們在新聞稿和網站上發布的財務補充中將這些衡量標準與公認會計原則相一致。

We had an excellent fourth quarter executing well on many fronts.

我們在第四季表現出色，在許多方面都表現出色。

In fact, solid execution throughout the year enabled us to notably exceed our original 2005 targets.

事實上，全年的紮實執行使我們顯著超過了 2005 年的原定目標。

Beginning with revenue, total revenue for the quarter was 254.8 million, an 11% increase year-over-year.

從營收開始，該季度總營收為 2.548 億美元，年增 11%。

Revenue for the year was 991.9 million.

全年收入為9.919億美元。

Our revenue mix remains stable with ratable license revenue for the quarter at 76% of total and up-front license revenue at approximately 6%.

我們的收入結構保持穩定，本季的可分攤授權收入佔總收入的 76%，預付費用授權收入約為 6%。

Service revenue which includes both maintenance and consulting was 18% of total.

包括維護和諮詢在內的服務收入佔總收入的 18%。

The revenue mix was similar for the year with ratable license revenue at 75%, up front revenue at 6%, and services at 19%.

今年的收入結構類似，應課稅許可收入佔 75%，預付費用收入佔 6%，服務佔 19%。

As expected, approximately 92% of Q4 revenue came from beginning of quarter backlog.

正如預期的那樣，第四季營收的約 92% 來自季初積壓訂單。

From a product perspective, 77% of revenue came from our core Galaxy design and discovery verification solutions, 18% came from our IP and DFM businesses and 7% came from -- services.

從產品角度來看，77% 的收入來自我們的核心 Galaxy 設計和發現驗證解決方案，18% 來自我們的 IP 和 DFM 業務，7% 來自服務。

One customer accounted for more than 10% of revenue at the fourth quarter and for the year.

一位客戶佔第四季和全年收入的 10% 以上。

Our continued focus on operational discipline drove solid non-GAAP earnings of $0.10 per share for the fourth quarter and $0.39 for the year.

我們對營運紀律的持續關注推動了第四季度每股非 GAAP 收益 0.10 美元，全年收益 0.39 美元。

Q4 non-GAAP costs and expenses of 236 million increased slightly sequentially driven by higher variable compensation expenses as a result of our strong finish and approximately 1.8 million in severance cost resulting from realignment and efficiency improvements in our business units.

第四季度非 GAAP 成本和費用環比小幅增長 2.36 億美元，原因是我們的強勁業績導致可變薪酬費用增加，以及業務部門的重組和效率提高導致約 180 萬美元的遣散費。

These increases were partially offset by slower than expected hiring for open positions, savings from our Q3 headcount reductions and overall expense controls.

這些增長被空缺職位招聘速度慢於預期、第三季度裁員和總體費用控制帶來的節省所部分抵消。

Non-GAAP expenses exclude amortization of intangible assets and deferred stock compensation amounting to 17 million in Q4 and 121 million for the year and also approximately 11 million in incremental tax expense associated with our cash repatriation.

非公認會計原則費用不包括無形資產攤銷和遞延股票補償，第四季為 1,700 萬美元，全年為 1.21 億美元，以及與現金匯回相關的約 1,100 萬美元增量稅費。

Other income net for the quarter was 2.8 million and our non-GAAP tax rate was 30%.

本季其他淨收入為 280 萬美元，非 GAAP 稅率為 30%。

On the orders front, book-to-bill was approximately 1.6 in Q4, significantly higher than our internal target.

在訂單方面，第四季的訂單出貨比約為 1.6，明顯高於我們的內部目標。

Every product area performed above expectations for the quarter and business was strong in all geographical regions.

本季每個產品領域的表現均超出預期，所有地理區域的業務均表現強勁。

Going forward as is typical industry practice, we will no longer provide specific historical or forward-looking orders commentary.

展望未來，按照典型的行業慣例，我們將不再提供具體的歷史或前瞻性訂單評論。

Quarterly orders performance has been and will continue to be highly variable based on customer requirements and the precise timing of particular contracts.

根據客戶要求和特定合約的精確時間安排，季度訂單績效已經並將繼續存在很大差異。

Accordingly we believe investors should look at revenue, backlog growth, and profile, operating margin and earnings per share growth as indicators of the strength of our business.

因此，我們認為投資者應該將收入、積壓訂單成長、概況、營業利潤率和每股盈餘成長視為我們業務實力的指標。

We continued to execute well on orders mix, 96% of product orders are booked as time-based licenses with only 4% as up-front.

我們在訂單組合方面繼續表現良好，96% 的產品訂單被預訂為基於時間的許可證，只有 4% 為預付款。

The average length of our renewable customer license commitments remained healthy at approximately 2.8 years for the quarter and 2.9 years for the full year.

我們的可續訂客戶許可承諾的平均期限保持健康，本季約為 2.8 年，全年約為 2.9 年。

And as Aart mentioned earlier, our total backlog at year end was more than 1.9 billion, a 25% increase for the year.

正如 Aart 之前提到的，我們年底的積壓總量超過 19 億，全年成長 25%。

We expect backlog to grow during 2006.

我們預計 2006 年積壓訂​​單將會增加。

Turning now to cash, operating cash flow was approximately 74 million in Q4 and 269 million for the year.

現在轉向現金，第四季營運現金流約為 7,400 萬，全年營運現金流約為 2.69 億。

The Q4 result reflects solid results and collections.

第四季度的結果反映了堅實的成果和收集。

Capital expenditures were on plan at approximately 9 million.

資本支出按計劃約為 900 萬美元。

Cash and short-term investments totaled approximately 587 million.

現金和短期投資總額約5.87億美元。

We are particularly pleased that in Q4, we were able to repatriate $360 million from our International subsidiaries.

我們特別高興的是，在第四季度，我們能夠從我們的國際子公司匯回 3.6 億美元。

Accordingly approximately 487 million of our cash at quarter end was in U.S. accounts, greatly increasing our financial flexibility.

因此，截至季度末，我們大約有 4.87 億美元的現金存入美國帳戶，這大大提高了我們的財務靈活性。

Due to the timing of our repatriation we did not repurchase any of our stock during the quarter.

由於我們遣返的時間，我們在本季沒有回購任何庫存。

Going forward, we will continue to evaluate the best uses of cash each quarter, including company operations, investments, and stock repurchases.

展望未來，我們將繼續評估每季現金的最佳用途，包括公司營運、投資和股票回購。

Q4 accounts receivable totaled 100 million, down 8 million from last quarter and DSOs were 36 days down from 39 days last quarter in both cases reflecting strong collections.

第四季應收帳款總計 1 億筆，比上季減少 800 萬筆，DSO 時間從上季的 39 天減少 36 天，這兩種情況都反映了強勁的收款情況。

Deferred revenue at the end of the quarter was 458 million up 7 million sequentially.

本季末的遞延收入為 4.58 億美元，比上一季增加 700 萬美元。

Headcount total 4852 employees at the end of Q4 an increase over last quarter primarily due to additions and lower-cost geographies.

截至第四季末，員工總數為 4852 名，較上季度有所增加，這主要是由於員工數量的增加和地區成本的降低。

Before I turn to guidance let me provide a couple of updates.

在我轉向指導之前，讓我提供一些更新。

First our pending acquisition of HPL Technologies.

首先是我們即將收購 HPL Technologies。

We are scheduled to close next week and our targets for 2006 thus include this acquisition.

我們定於下週結束，因此我們 2006 年的目標包括這次收購。

HPL's impact on our non-GAAP earnings per share in 2006 is roughly neutral.

HPL 對我們 2006 年非 GAAP 每股盈餘的影響大致為中立。

Second, regarding the IRS claim related to the establishment of our Irish subsidiary, there are no material developments to report.

其次，關於美國國稅局就我們設立愛爾蘭子公司提出的索賠，沒有重大進展需要報告。

We filed our protest in July and will vigorously pursue the appeals process which can take up to several years to resolve.

我們在 7 月提出了抗議，並將大力推進上訴程序，該程序可能需要數年時間才能解決。

We continue to believe we have adequately provided for this item.

我們仍然相信我們已經為該項目提供了充分的準備。

Now looking forward to Q1 and fiscal 2006.

現在期待第一季和 2006 財年。

Please note that all of our target numbers are estimates only and are based on our judgment as of today.

請注意，我們所有的目標數字僅是估計值，並且基於我們今天的判斷。

Actual results may be affected by many factors including industry conditions, the mix of licenses actually sold, pricing, payment terms, tax payments, and the risk factors referred to earlier.

實際結果可能受到許多因素的影響，包括行業狀況、實際銷售的許可證組合、定價、付款條件、納稅以及前面提到的風險因素。

For a full reconciliation of GAAP-to-non-GAAP targets, please refer to our press release.

有關 GAAP 與非 GAAP 目標的全面協調，請參閱我們的新聞稿。

For the first quarter, our targets are, revenue between 254 million and 262 million.

第一季度，我們的目標是營收在 2.54 億至 2.62 億之間。

Total non-GAAP costs and expenses between 225 million and $ 235 million.

非 GAAP 成本和開支總額在 2.25 億至 2.35 億美元之間。

Other income and expense between 0 and 4 million.

其他收入和支出在0到400萬之間。

Non-GAAP tax rate of 31%.

非公認會計準則稅率為 31%。

Outstanding shares between 144 million and 150 million.

流通股數量在1.44億至1.5億之間。

And non-GAAP earnings of $0.13 to $0.17 per share.

非 GAAP 每股收益為 0.13 美元至 0.17 美元。

We expect more than 95% of the quarter's revenue to come from backlog.

我們預計本季超過 95% 的營收將來自積壓訂單。

For the full year our targets are, revenue between 1.055 billion and 1.085 billion.

全年我們的目標是營收在10.55億至10.85億之間。

Because of a due and payable up-front payment scheduled in Q1 and the nature of our ratable model, we expect Q1 to Q3 to show slightly increasing revenue with a higher sequential increase in Q4.

由於第一季安排的到期應付預付款以及我們的可評稅模型的性質，我們預計第一季至第三季的收入將略有增長，第四季度的環比增幅更高。

License mix comparable to fiscal 2005, a non-GAAP tax rate of 31%.

許可證組合與 2005 財政年度相當，非 GAAP 稅率為 31%。

Outstanding shares between 144 and 150 million.

流通股在144至1.5億股之間。

And non-GAAP earnings per share between $0.65 and $0.73 cents.

非 GAAP 每股收益在 0.65 美元至 0.73 美元之間。

We expect cash flows -- cash flow from operations to be greater than $ 175 million.

我們預計現金流——營運現金流將超過 1.75 億美元。

Over the next four quarters, we expect approximately 870 million of our beginning of quarter backlog to turn to revenue, thus more than 80% of our expected fiscal 2006 revenue is currently committed.

在接下來的四個季度中，我們預計季初積壓訂單中的約 8.7 億美元將轉化為收入，因此我們 2006 財年預期收入的 80% 以上目前已得到承諾。

With that I'll turn it over to the operator for questions.

然後我會將其交給接線員詢問。

[OPERATOR INSTRUCTIONS] Our first question is from the lane of Rich Valera with Needham.

[操作員說明] 我們的第一個問題來自 Rich Valera 和 Needham 的車道。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good evening, gentlemen, and congratulations on nice bookings quarter.

先生們，晚上好，恭喜預訂季取得良好進展。

I am wondering, Aart, if you could give any color on the bookings.

我想知道，Aart，您是否可以在預訂上提供任何顏色。

If there was any particular geography or product area that was strong in the quarter and also just comment on any 10% bookings customers you might have had in the quarter.

如果本季有任何特定的地理位置或產品領域表現強勁，也只需評論您在本季可能擁有的任何 10% 的預訂客戶。

Rich, I think it is fair to say that it was strong sort of across the board, and when -- when I make that statement, I typically look at all four major areas.

里奇，我認為可以公平地說，這是全面強勁的，當我發表這一聲明時，我通常會關注所有四個主要領域。

The two big ones, of course, are implementation, and there the strength came very much from IC Complier plus plus, the things that are all around the next generation of physical design, and we saw really excellent -- not just evaluation progress but business progress in that area.

當然，最重要的兩個是實現，其中的力量很大程度上來自IC Complier plus plus，這些都是圍繞下一代物理設計的東西，我們看到了非常出色的——不僅僅是評估進展，還有業務該領域的進展。

Secondly, verification which has also seen a couple of years of investment did very well, and when we analyze the numbers, we saw that system verilog specifically was getting a lot of practical traction as people saw the real benefits of system verilog needed test bench solution.

其次，經過幾年投資的驗證做得非常好，當我們分析數字時，我們發現系統verilog特別受到了很大的實際關注，因為人們看到了系統verilog所需的測試台解決方案的真正好處。

Then the design for manufacturing area has been solid all year.

那麼製造區的設計全年都是紮實的。

Not surprisingly so because the smaller geometries bring about so many challenges and lastly the IP area is very solid and growing well largely based on the fact that our IP portfolio is -- is not only of high quality but also broadening.

毫不奇怪，因為較小的幾何結構帶來瞭如此多的挑戰，最後，知識產權領域非常穩固，並且增長良好，這主要基於我們的知識產權組合不僅質量高，而且範圍廣。

If your question is more regarding market segments or geographies, I don't have much color to add.

如果你的問題更多的是關於市場區隔或地理，我沒有太多的補充。

It all came out very strongly.

這一切都非常強烈。

In regarding to 10% orders, I think there was one customer that was a 10% order.

關於 10% 的訂單，我認為有一位客戶是 10% 的訂單。

Great.

偉大的。

Aart you've talked before about EDA vendor consolidation and how that plays to your strengths.

Aart，您之前談到過 EDA 供應商整合以及這如何發揮您的優勢。

I am sure you are aware of a recent deal at Freescale where it looks like it -- it kind of went the majority to Cadence, and I think one of the factors there was their presence in the RF analog design market which they have a very strong position in.

我相信您知道飛思卡爾最近達成的一項交易，它看起來像這樣——大部分都流向了Cadence，我認為其中一個因素是他們在RF 模擬設計市場的存在，他們在這個市場上擁有非常高的市場佔有率。中的強勢地位.

Can you talk about how critical you think it is to have a presence in that market, how much of a detriment it is to you to not have it, and do you think it is something you will look to bolster in the future?

您能談談您認為在該市場佔有一席之地有多重要嗎？如果您不佔有該市場，會對您造成多大的損害？您認為這是您未來會尋求加強的東西嗎？

Well, we are actually much stronger than people think in the analog and mixed signal area because today we are the ones that provide most of the verification solution.

嗯，在模擬和混合訊號領域，我們實際上比人們想像的要強大得多，因為今天我們是提供大部分驗證解決方案的人。

And so Cadence has some strength in the implementation side.

所以Cadence在實現上有一定的實力。

Over time, we will absolutely strive to fill that gap as well.

隨著時間的推移，我們也絕對會努力填補這一空白。

I believe that there is an opportunity for us to do better and better there.

我相信我們有機會在那裡做得越來越好。

In general, though, vendors get picked for a much broader set of solutions, and the digital side is very important there as well.

不過，總的來說，供應商會選擇更廣泛的解決方案，而數字方面也非常重要。

And our leadership on the advanced geometries really is starting to become very, very visible today.

今天，我們在先進幾何學方面的領先地位確實開始變得非常非常明顯。

Okay.

好的。

I guess what you are saying is you do think there is some merit to that -- just to that space, and you might look to actually fill some gaps there is in the future?

我想你的意思是你確實認為這有一些優點——就這個空間而言，你可能會希望真正填補未來的一些空白？

Yes, we have always said that one our objectives is to have a complete solution, and although we have all of the pieces, the analog implementation area is not the one that we lead in our sales today.

是的，我們一直說我們的目標之一是擁有一個完整的解決方案，儘管我們擁有所有零件，但模擬實施領域並不是我們今天在銷售中領先的領域。

At the same time, there are many other pieces where we have a substantial differentiation, such as the design for manufacturing, for example.

同時，我們在許多其他方面也有顯著的差異化，例如製造設計。

Obviously the digital flow and the IP.

顯然是數位流和IP。

So good for Cadence that they have some strength, but I can certainly stand strongly behind the Synopsys strength as well.

對於 Cadence 來說非常好，他們有一定的實力，但我當然也可以堅定地支持 Synopsys 的實力。

Great.

偉大的。

Just one final one I guess this is for you, Rex, in response to bookings.

最後一張我想這是給你的，雷克斯，為了回應預訂。

I think you mentioned you won't be giving any bookings guidance which I understand now.

我想你提到你不會提供任何預訂指導，我現在明白了。

Will you actually continue to give your quarterly bookings, book-to-bill that you have been giving?

您真的會繼續提供您一直以來提供的季度預訂量、訂單到帳單嗎？

Or will you stop doing that as well?

或者你也會停止這樣做嗎？

Rich, we are not planning to do that on a quarterly bases.

Rich，我們不打算每季這樣做一次。

We are going to do that on a look-back basis at the end of the year.

我們將在年底回顧的基礎上做到這一點。

Through the backlog measure.

透過積壓措施。

Okay.

好的。

Thank you.

謝謝。

Your next question is from Harlan Sur with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Harlan Sur。

Please go ahead, please.

請繼續，拜託。

Thank you, good afternoon and nice job on the quarter.

謝謝，下午好，本季工作順利。

First question is for you, Aart.

第一個問題是問你的，阿爾特。

Broadcom at its recent analyst day said that they were going to by and large skip the 90 nm note and go aggressively to 65 and I think there they were studying lower participation and higher gate densities.

Broadcom 在最近的分析師日表示，他們將大致跳過 90 nm 工藝，並積極轉向 65 nm，我認為他們正在研究較低的參與度和較高的閘極密度。

The question for you is are you seeing this among some of your customers as well and what do you think the implications are for your business if this does become a trend?

您面臨的問題是，您是否在某些客戶中也看到了這種情況？如果這確實成為一種趨勢，您認為這會對您的業務產生什麼影響？

Okay.

好的。

It's an interesting observation because do I know of at least one customer that has publicly said the same which is Matsushita.

這是一個有趣的觀察，因為我知道至少有一位客戶公開說過同樣的話，那就是松下。

I wouldn't say that most customers are going to do this because this requires a fair degree of technical prowess that not everybody has.

我不會說大多數客戶都會這麼做，因為這需要相當程度的技術實力，但並非每個人都擁有。

But it does show one thing which is that A, 65 nm is viewed as a technology that is working or that will be working well for a number of people soon, and B, that there is real differentiation to be had by bringing together a much higher degree of integration and driving the device sizes further down, including looking at power conservation.

但它確實表明了一件事，即A，65 奈米被視為一種正在運行或很快就會對許多人運行良好的技術，B，通過將大量技術結合在一起，可以實現真正的差異化.更高的整合度並進一步縮小設備尺寸，包括考慮節能。

And so I am not surprised that a company such as Broadcom which I consider technically outstanding to make a statement like that.

因此，對於像博通這樣我認為在技術上非常出色的公司做出這樣的聲明，我並不感到驚訝。

I haven't heard that statement but I am not really surprised at it.

我沒有聽過這樣的說法，但我對此並不感到驚訝。

Okay, great.

好的，太好了。

Then another question for you.

然後再問你一個問題。

I think -- I think the next revision of IC Compiler is scheduled for release sometime in December.

我認為 - 我認為 IC Compiler 的下一個版本計劃於 12 月的某個時候發布。

Are you still on track for that, and what can your customers expect to receive from this new release

您是否仍在朝著這個目標邁進？您的客戶期望從這個新版本中獲得什麼

The answer is, yes, we are on track, and what this release does -- it really completes the first round cycle of IC compiler to be able to completely replace PC Astro.

答案是，是的，我們正在步入正軌，而這個版本的作用是——它真正完成了 IC 編譯器的第一輪週期，能夠完全取代 PC Astro。

If you look at IC compiler today, it has some really fantastic capabilities, and it requires a little bit of utilization of Astro for so-called chip finishing.

如果你看看今天的 IC 編譯器，它有一些非常出色的功能，並且需要一點 Astro 來進行所謂的晶片整理。

With the release that's coming out, the chip finishing will be IC Compiler and then it becomes 100% replacement.

隨著發布的版本出來，晶片整理將是IC Compiler，然後就變成100%替換了。

Okay.

好的。

Great.

偉大的。

Then question for you, Rex, what are your headcount assumptions as you exit fiscal year 2006?

那麼雷克斯，請問您，2006 財政年度結束時您的員工人數假設是多少？

Well, we would expect to increase headcount during FY '06.

嗯，我們預計在 06 財年期間會增加員工人數。

Though I don't have a number that I could give to you.

雖然我沒有可以給你的電話號碼。

As I mentioned in the script, we are focused on and projecting -- projecting Synopsys employees out to where our customers are strong and where they are investing so we would expect that to continue, but obviously I would not translate that directly to the expense line, because obviously we are adding people in lower cost jurisdictions.

正如我在腳本中提到的，我們專注於預測——將Synopsys 員工預測到我們客戶實力雄厚的地方以及他們投資的地方，因此我們希望這種情況能夠繼續下去，但顯然我不會將其直接轉化為費用線，因為顯然我們正在增加成本較低的司法管轄區的人員。

So I guess along those same lines.

所以我猜也是同樣的道理。

If you were to just take a snapshot of your development -- R&D development headcount and look at low-cost geography headcount as a percent of that total development headcount now, what would you expect that to be as you exit fiscal year '06?

如果您只對您的開發情況進行快照 - 研發開發人員數量，並查看低成本地區人員數量佔開發總人員數量的百分比，您預計 06 財年結束時該比例會是多少？

To be honest with you I don't have the percentage allocation with me today, but you and I can take that offline, but I would expect that there would be a slow increase relatively speaking in overseas headcount relative to domestic.

老實說，我今天沒有掌握百分比分配，但你和我可以將其離線，但我預計海外員工數量相對於國內員工數量會緩慢增加。

Okay.

好的。

Great.

偉大的。

One last question.

最後一個問題。

Can we -- can we expect that the team will have a new CFO on board by the end of the first quarter?

我們能否—我們能否預期團隊將在第一季末任命一位新的財務長？

That is certainly what we are shooting for.

這當然就是我們的目標。

Okay.

好的。

All right, thank you.

好吧。謝謝。

You are welcome.

不客氣。

Thank you, we now have a question from Garo Toomajanian with RBC Capital Markets.

謝謝，我們現在收到加拿大皇家銀行資本市場加羅·圖馬賈尼安 (Garo Toomajanian) 的提問。

Please go ahead.

請繼續。

Thanks.

謝謝。

Aart, you mentioned that there was a -- that Q4 bookings -- you guys both mentioned Q4 bookings are well above plan.

Aart，你提到第四季的預訂量，你們都提到第四季的預訂量遠高於計畫。

Was that -- I'm wondering if that one 10% orders customer was a surprise or was the upside surprise more across the board.

我想知道 10% 的訂單客戶是否是一個驚喜，或者是更全面的上行驚喜。

More across the board really.

確實更全面。

I think the good news with strong technology is that customers situations open up sometimes unexpectedly and, of course, our sales team tries to take advantage of that in two ways, both by selling the new technology was a clear objective to increase the run rate but also to refresh the existing contract.

我認為強大技術的好消息是，客戶的情況有時會出乎意料地出現，當然，我們的銷售團隊試圖以兩種方式利用這一點，銷售新技術是提高運行率的明確目標，但還刷新現有合約。

So from that perspective, it was really very much across the board.

所以從這個角度來看，這確實是非常全面的。

Okay.

好的。

So then it sounds like it's probably safe to assume that that 10% customer was something that was in the pipeline for Q4 then?

那麼，聽起來可以安全地假設 10% 的客戶是第四季的儲備客戶嗎？

I don't -- actually I don't know exactly where it is in the pipeline.

我不知道——實際上我不知道它在管道中的具體位置。

Typically the customer's pipeline is viewed as could happen in many quarters.

通常，客戶的管道被認為可能發生在許多季度。

And, yes, there is a natural tendency of any sales force to push especially hard in Q4, but the bottom line is really -- is the business ready.

是的，任何銷售人員都有在第四季度特別努力推動的自然趨勢，但最重要的是——業務準備好了嗎？

Can we actually grow the commitment of the customer, and preferably, we would like the customer to come us to wanting something.

我們能否真正增加客戶的承諾，最好是，我們希望客戶來找我們想要一些東西。

Okay, good.

好的。

Rex, you mentioned that there was a due and payable deal in Q1.

雷克斯，您提到第一季有一筆到期應付交易。

I was wondering if you can go into a little more detail there.

我想知道你是否可以在那裡說得更詳細一些。

I think those are sort of unusual arrangements for you guys aren't they?

我認為這些對你們來說是一種不尋常的安排，不是嗎？

There are.

有。

Do and payables are when we are getting cash slower than ratably so then you would flip to revenue recognition when you get the cash.

待辦事項和應付帳款是指我們獲得現金的速度慢於按比例計算的速度，因此當您獲得現金時，您將轉向收入確認。

This is one deal that has been in place for more than just this year.

這是一項不只今年才實施的交易。

This happened last Q1 and will happen to a lesser degree this Q1 when the cash comes in.

這種情況發生在去年第一季度，當現金到位時，今年第一季發生的程度會有所減輕。

It's -- it's a revenue jump that comes with it.

隨之而來的是收入的成長。

Okay.

好的。

I guess lastly your press release had some cash flow guidance for 2006 as well where you said a number of over 175 million.

我想最後你們的新聞稿中也有一些 2006 年現金流量的指導，你們說的數字超過 1.75 億。

That's quite a bit less than the 270 that you posted in 2005.

這比您 2005 年發布的 270 個要少很多。

Can you sort of reconcile what some of that difference might be?

您能協調一下其中可能存在的差異嗎？

Sure.

當然。

The main differences, and there are three, fiscal '05 had one chunk from the Nassda settlement which is 33 million which would not be recurring in FY '06.

主要差異有三點：05 財年從納斯達和解協議中獲得了一大筆資金，即 3300 萬美元，這在 06 財年不會再出現。

The second is we expense variable compensation in Q4.

第二個是我們在第四季支出可變薪酬。

We pay it in Q1 and due to the strong finish, the variable compensation payout for -- relative to '05 that happens in Q1 '06 will be a good bit higher than the one that happened in Q1 of '05 relative to FY '04.

我們在第一季支付，由於業績強勁，相對於 05 年第一季發生的 06 年可變薪酬支出將比 05 年第一季相對於 04 財年發生的情況高出許多。

And then lastly, we had a very good collections quarter in Q4, so as you can imagine money that comes in in Q4 makes Q4 better and doesn't come in Q1 so it kind of multiplies the effect.

最後，我們在第四季度有一個非常好的收款季度，所以你可以想像第四季度流入的資金會讓第四季度變得更好，而不是第一季度流入，所以它的效果會成倍增加。

So those three things together account for the difference.

所以這三件事加起來就解釋了差異。

Okay.

好的。

Great, thank you very much.

太好了，非常感謝。

Your next question is from Dennis Wassung with Adams Harkness.

您的下一個問題來自丹尼斯·沃松和亞當斯·哈克尼斯。

Please go ahead, please.

請繼續，拜託。

Thanks.

謝謝。

A couple of questions.

有幾個問題。

Sort of the higher growth areas of the business you talked about earlier are the DSM area and the IP area.

您之前談到的業務成長較高的領域是 DSM 領域和 IP 領域。

Both of those revenue categories were up in the year versus last year; whereas, the top line in general was down.

這兩個類別的收入今年均較去年增長；然而，整體營收下降。

A lot of that coming from the transition in license model, of course.

當然，其中很大一部分來自於授權模式的轉變。

But just wondering if you can characterize what you are seeing in terms of growth rates in sort of these higher growth areas versus the core traditional EDA markets.

但只是想知道您是否可以描述您所看到的這些較高成長領域與核心傳統 EDA 市場的成長率。

Well, I think the strongest is probably DFM at this point this time because the problems are more -- most acute there, the smaller geometries really drive both in the mass making and the TCAD arena a whole bunch of issues.

好吧，我認為目前最強的可能是 DFM，因為問題更嚴重——更小的幾何形狀確實在批量製造和 TCAD 領域帶來了一大堆問題。

So, actually shame on me, I am not quite on top of how much higher it is, but it is probably twice what core EDA would be.

所以，實際上讓我感到羞恥的是，我不太清楚它有多高，但它可能是核心 EDA 的兩倍。

And IP is a little bit less than that, but also quite positive.

而IP雖然比這個少一點，但也相當正面。

And so I do see that both of these areas are definitely good adjacent growth markets that also have positive strategic impact on the rest of the business, and they expect them to continue on that track, because they can see both the need for more IP and the need for a feel better DFM and more integrated DFM to be very high.

因此，我確實認為這兩個領域絕對是良好的相鄰成長市場，它們也對其他業務產生積極的戰略影響，他們希望繼續沿著這條軌道前進，因為他們可以看到對更多知識產權的需求和對感覺更好的 DFM 和更整合的 DFM 的需求非常高。

That's very helpful.

這非常有幫助。

On the DFM side, you talked about Hercules a little bit too, and I just wanted to clarify.

在 DFM 方面，您也談到了一點 Hercules，我只是想澄清一下。

Is Hercules in the DFM revenue category that you break out.

Hercules 是否屬於您細分的 DFM 收入類別？

I don't think so.

我不這麼認為。

But it's a valid question, because there are some people that would put physical verification and implementation because it is often run by the people that do the implementation, and there are some that would put it in the DFM arena because it is so strongly tied to the silicon characteristics.

但這是一個有效的問題，因為有些人會把物理驗證和實施放在一起，因為它通常是由實施人員運行的，而有些人會把它放在 DFM 領域，因為它與矽的特性。

And so the best description it is actually at this intersection, but we aggregate to Hercules number in the Galaxy platform.

所以最好的描述實際上是在這個交叉點，但我們聚合到 Galaxy 平台中的 Hercules 數。

Okay.

好的。

While we are on the Hercules topic, you've talked about some big productivity enhancements there and capability enhancements.

當我們討論 Hercules 主題時，您談到了一些重大的生產力增強和能力增強。

How has that impacted your Hercules business.

這對您的 Hercules 業務有何影響？

I guess how would you characterize over the last -- I guess now versus a year ago?

我想你會如何描述過去的情況——我想現在與一年前相比？

Is this seeing a real positive direction in this business at this point?

目前這個行業是否看到了真正正面的方向？

The answer is, yes.

答案是，是的。

A couple of years ago we were sort of nowhere.

幾年前，我們還一事無成。

A year ago we were coming back.

一年前我們要回來。

And this year we feel that we have competitive differentiation.

今年我們覺得我們有競爭優勢。

And if you look at things like Hercules, there are sort of two dimension of challenge, one is the complexity of the designs, meaning many, many, many more rules that you have to deal with, and, two, because of that is the run time.

如果你看看大力士這樣的東西，你會發現挑戰有兩個維度，一是設計的複雜性，這意味著你必須處理很多很多很多規則，第二，因為這是運行。

And if there's one thing that Hercules really shines on it is its ability to verify without issues the most advanced chips and do that under massively distributed computing.

如果 Hercules 真正亮點的一件事是它能夠毫無問題地驗證最先進的晶片並在大規模分散式運算下做到這一點。

And so those are really the two dimensions that matter.

所以這些確實是重要的兩個維度。

Okay.

好的。

And one last question for you on the DFM side.

最後一個問題是關於 DFM 方面的。

I am curious of the growth.

我對成長感到好奇。

You put up about 100 -- actually about $20 million in revenue growth year-over-year in the DFM category.

您在 DFM 類別中提出了大約 100 — 實際上大約是 2000 萬美元的同比收入增長。

Any idea how much ISE contributed to that?

你知道 ISE 對此做出了多少貢獻嗎？

We don't break it out -- and as a matter of fact, once we merge with a company, it becomes difficult to break out in practice because very often the whole point of merging with somebody is because they are highly complementary.

我們不會突破它——事實上，一旦我們與一家公司合併，在實踐中就很難突破它，因為通常與某人合併的全部目的是因為他們具有高度互補性。

As a matter of fact, you may recall in my script I believe I mentioned the fact that we rolled out Centaurus.

事實上，您可能還記得在我的腳本中，我相信我提到了我們推出 Centaurus 的事實。

That is an example of a very, very fast integration because we had a set of capabilities.

這是一個非常非常快的整合範例，因為我們擁有一組功能。

They had a set of capabilities and Centaurus is already our next joint platform so that integration has gone very, very fast.

他們擁有一系列功能，Centaurus 已經是我們的下一個聯合平台，因此整合進展得非常非常快。

One last question for you.

最後一個問題要問你。

The core EDA market.

核心EDA市場。

You talked about a premade book-to-bill here, good expectations for fiscal '07 -- sorry, fiscal '06, is there a change happening in the core EDA environment?

您在這裡談到了預製的按訂單發貨，對 07 財年的良好預期 - 抱歉，06 財年，核心 EDA 環境是否發生變化？

Are you seeing the healthiness come back at all?

您看到健康恢復了嗎？

And I guess to that end, how much of your expectations here are coming from things like IC Compiler and specifically there, can you talk about customers upgrading from PC Astro.

我想為此，您的期望有多少來自 IC Compiler 之類的東西，特別是那裡，您能談談從 PC Astro 升級的客戶嗎？

Any quantification you can give us at this point how customers are migrating and what your expectations are?

您可以向我們提供目前客戶如何遷移的任何量化數據以及您的期望嗎？

Sure.

當然。

Well, first, in general, I don't think the landscape I don't think has changed that much around us, but feels reasonably solid.

嗯，首先，總的來說，我認為我們周圍的景觀並沒有太大變化，但感覺相當堅固。

What has not changed is the fact that people are still very cost conscious and therefore I do think that we will see continued gradual concentration or consolidation of EDA vendors towards people that provide much more complete solutions, and in that situation, we are placed extremely well and we plan to grow market share.

沒有改變的是，人們仍然非常注重成本，因此我確實認為我們將看到 EDA 供應商繼續逐漸集中或整合，轉向提供更完整解決方案的人們，在這種情況下，我們處於非常有利的位置我們計劃擴大市場佔有率。

At the same time, it is true that we absolutely have a round of very strong technology.

同時，我們確實擁有一輪非常強的技術。

We have been talking about that for a year.

我們已經討論這個問題一年了。

I think this time we can really point to the fact that the business is following.

我想這次我們可以真正指出一個事實，即業務正在跟隨。

And so if I look at the IC Compiler ramp, for example, which was part of your question, this was the first quarter that it has been in general availability, and it has material impact on our business already.

因此，例如，如果我看一下 IC 編譯器的提升，這是您問題的一部分，這是它全面上市的第一季度，它已經對我們的業務產生了重大影響。

Not only that, we have a large number of evaluations and a number of people who are moving from evaluation to adoption.

不僅如此，我們還有大量的評估和大量從評估轉向採用的人。

And so from that perspective, I do think that it will have impact on '06.

所以從這個角度來看，我確實認為這會對 06 年產生影響。

The other comment is that -- and I think we have said this before that we expect IP compiler to upgrade from PC Astro at the tune of about 80% in three years.

另一條評論是——我想我們之前已經說過，我們預計 IP 編譯器將在三年內從 PC Astro 升級到大約 80%。

That feels like still a very good prognostic, but it was not the only product that did well, of course.

這感覺仍然是一個非常好的預測，但當然，它並不是唯一表現良好的產品。

Great, thank you.

太好了謝謝。

You are welcome.

不客氣。

Thank you.

謝謝。

We will now go to Raj Seth with SG Cowen.

現在我們將與 SG Cowen 一起前往 Raj Seth。

Go ahead, please.

請繼續。

Thanks very much.

非常感謝。

Aart, if I could just follow out on Garo's question about market share.

Aart，我能否繼續回答 Garo 關於市場佔有率的問題。

You have had a couple of really solid quarters.

你已經度過了幾個非常充實的季度。

Is this a situation just so I am clear that -- is the hallmark, is the tide rising for everyone as we come out of the downturn and we get past the three-year year deals that were done, some of them in a very tough period?

這是一種情況嗎？所以我很清楚——這是一個標誌，隨著我們走出低迷，我們完成了已完成的三年期協議，其中一些協議是在非常艱難的情況下，每個人的浪潮都在上漲。句點？

Or do you think that you are really gaining meaningful share against at least your big competitors?

或者您認為您至少相對於您的大競爭對手確實獲得了有意義的份額？

I don't think that the tide is rising for everyone because the technology requirements are much more intertwined than they used to be, and that means that it is going to be increasingly difficult no matter how brilliant a point solution is to actually have impact on productivity.

我不認為每個人都在興起這種潮流，因為技術要求比以前更加相互交織，這意味著無論單點解決方案多麼出色，要真正產生影響將變得越來越困難。生產力。

Secondly, it is hard to predict exactly what the behavior will be because overall semiconductors feel a little bit better and a little bit more solid, but I think that they are going to start spending more now on the adjacent markets such as DFM and IP, because on the core markets -- market share will be part of the battleground.

其次，很難準確預測這種行為會是什麼，因為整體半導體感覺更好一點，更堅固一點，但我認為他們現在將開始在 DFM 和 IP 等相鄰市場上投入更多資金，因為在核心市場——市場佔有率將成為戰場的一部分。

Having said that, I know that many people -- virtually everybody EDA claims market share gains so let me not go there.

話雖如此，我知道很多人——幾乎每個 EDA 都聲稱市場佔有率有所增長，所以我不談這個了。

I think our results speak for themselves and over time, you will see those coming out in the overall market reports.

我認為我們的結果不言而喻，隨著時間的推移，您將在整體市場報告中看到這些結果。

But everybody claims market share gains right now.

但現在每個人都聲稱市佔率有所增加。

I do see that our technology is very strong and we are doing well against others.

我確實看到我們的技術非常強大，並且我們在與其他國家的比賽中表現出色。

As you look into '06, I know you are reluctant to give Synopsys booking targets, but do you have a sense for -- how fast do you think the overall market is growing.

當您回顧 06 年時，我知道您不願意給出新思科技 (Synopsys) 的預訂目標，但您是否了解 - 您認為整個市場的成長速度有多快。

Is that something to put a number around?

這是要加上數字的東西嗎？

Well, first, the reason we don't want to give out bookings numbers is because when you have multiyear deals, bookings can actually be very misleading, both high and low.

首先，我們不想透露預訂量的原因是，當你有多年優惠時，預訂量實際上可能非常具有誤導性，無論是高還是低。

What is important though is the steady building up of backlog, and I believe we said that we would grow again backlog in '06.

但重要的是積壓訂單的穩定增加，我相信我們說過我們將在 06 年再次增加積壓訂單。

So from that perspective, we are heading toward a positive -- or above 1 book-to-bill.

因此，從這個角度來看，我們正在朝著正面的方向發展——或者說，圖書出貨比將超過 1。

In terms of the growth rate of the EDA industry, I am not just hedging here.

對於EDA產業的成長速度，我這裡不只是對沖。

I think it is really difficult to predict what will be going into sort of traditional core EDA which is a market share place and what goes on to the new technologies around it.

我認為很難預測作為市場份額的傳統核心 EDA 將會發生什麼，以及圍繞它的新技術會發生什麼。

We do think that we will grow one way or another in the -- in the core, largely due to the -- the really stellar performance of new technologies.

我們確實認為，我們將以某種方式在核心方面實現成長，這主要歸功於新技術的出色表現。

How much that will be?

那會是多少？

My guess it will be around semiconductor growth rate plus minus 2% with the caveat that semiconductor stent should go up and down much more.

我的猜測是，半導體成長率將在正負 2% 左右，但需要注意的是，半導體支架的波動幅度應該會更大。

Of course, one last, if I could, just to follow-up on the backlog comment.

當然，如果可以的話，最後一點是為了跟進積壓的評論。

You mentioned, I think Rex did in his prepared commentary how much of the 1.9 billion you would recognize in '06.

你提到，我認為雷克斯在他準備好的評論中提到了 06 年你會認識到 19 億中的多少。

How much of that currently will be recognized in '07 for modeling purposes?

目前其中有多少會在 07 年被認可用於建模目的？

I don't think that we are giving that, and frankly, I don't have that in front of me.

我不認為我們正在給予這個，坦白說，我面前沒有這個。

What I can tell you, though, is that we are careful in tracking how the backlog spreads over time, having learned from our own past that it is very easy to misunderstand your own business picture.

不過，我可以告訴您的是，我們會仔細追蹤積壓訂單隨時間的推移的情況，因為我們從過去的經驗中了解到，很容易誤解您自己的業務狀況。

So when I mentioned the fact that we are happy with the 1.9 billion, it is largely because it has I think about 2.9 or so years average horizon which I think is very good.

因此，當我提到我們對 19 億感到滿意的事實時，很大程度上是因為我認為平均期限為 2.9 年左右，我認為這是非常好的。

Okay.

好的。

Thank you.

謝謝。

You are welcome.

不客氣。

Your next question is from Jay Vleeschhouwer with Merrill Lynch.

您的下一個問題來自美林證券的 Jay Vleeschhouwer。

Please go ahead.

請繼續。

Thanks, good afternoon.

謝謝，下午好。

Aart, I would like to start with a somewhat basic question about your market position and strategy.

Aart，我想先問一個關於你們的市場地位和策略的基本問題。

You spoke as you have in prior meetings about being the design partner of choice or EDA partner of choice.

正如您在先前的會議中一樣，您談到了成為首選的設計合作夥伴或首選的 EDA 合作夥伴。

Can you describe how you think your partnership concept differs fundamentally from the language or concepts that Cadence also speaks about.

您能否描述一下您認為您的合作夥伴概念與 Cadence 也談到的語言或概念有何根本不同。

The two of you are basically talking about the same thing but do you mean the same thing is perhaps the -- the first question.

你們兩個基本上在談論同一件事，但你的意思是同一件事嗎？也許是——第一個問題。

And then secondly, to follow on some of the earlier questions about product mix, notwithstanding the growth across the product line in Q4, do you think that you are sufficiently weighted in enough growing categories to continue to grow the business and run rate in particular, for example, synthesis is sideways at best as a category for the industry for the last number of years, actually trending lower, simulation the same, DFM is growing, but it is small and will probably get more competitive.

其次，接下來是關於產品組合的一些早期問題，儘管第四季度整個產品線都在增長，您是否認為您在足夠的增長類別中擁有足夠的權重來繼續增長業務，特別是運行率，例如，過去幾年，綜合作為行業的一個類別，充其量只是橫盤整理，實際上趨勢較低，模擬也是如此，DFM 正在增長，但規模較小，可能會變得更具競爭力。

So do you think that on average you are sufficiently weighted to what ought to be the growing categories?

那麼，您認為平均而言，您對那些應該增長的類別的權重足夠嗎？

And then a follow-up.

然後是後續行動。

Sure, well. let me sort of go backwards, which is, are we balanced well enough?

當然，好吧。讓我回顧一下，我們是否足夠平衡？

Well, you always would like to have more super hits.

好吧，你總是希望有更多的超級熱門歌曲。

I do think that we are sitting in a very strong position right now because the categories that you highlighted as obvious growers a la DFM, I think we are extremely well positioned but even in the core arenas such as synthesis, simulation, in place en route, in all three of them, we feel that right now we are on a strong leg of the journey.

我確實認為我們現在處於非常有利的位置，因為您強調的類別是 DFM 中明顯的種植者，我認為我們處於非常有利的位置，但即使在合成、模擬、途中到位等核心領域也是如此。 ，在所有這三個方面，我們覺得現在我們正處於這趟旅程的強勁階段。

Synthesis has just seen a release that is quite important, because it has the ability to in my words sort of be a little bit clairvoyant about understanding what happens in place en route and therefore reduce number iterations.

Synthesis 剛剛發布了一個非常重要的版本，因為用我的話來說，它能夠洞察途中發生的情況，從而減少迭代次數。

Simulation is very promising because there we have substantial reductions in run time that have big impact and the system verilog angle is really picking up.

模擬是非常有前途的，因為我們大大減少了運行時間，產生了很大的影響，而且系統 verilog 角度確實在提高。

Last but not least, of course, the place en route arena, I mentioned before, IC Compiler is doing very well.

最後但並非最不重要的，當然是在途中競技場，我之前提到過，IC Compiler 做得非常好。

So even in the core technologies, I think we are in a strong position, and, therefore, we should be able to grow in all of these.

因此，即使在核心技術方面，我認為我們也處於強勢地位，因此，我們應該能夠在所有這些方面取得成長。

Now back to the partnership or relationship question.

現在回到夥伴關係或關係問題。

Now it is really not for me to comment about how cadence positions its relationships with its customers.

現在我真的不該評論 Cadence 如何定位其與客戶的關係。

I think we share the perspective that the value of what we provide is really substantial in the semiconductor industry, therefore, the more we can benefit from our customers' success the better, and the word "partnership" tends to be overutilized in press releases, but in practice it comes down to something pretty simple which is can you deliver on the hard constraints that limits customer success.

我認為我們都同意這樣的觀點：我們提供的產品在半導體行業中的價值確實很大，因此，我們從客戶的成功中受益越多越好，並且“合作夥伴關係”這個詞在新聞稿中往往被過度使用，但實際上，這可以歸結為非常簡單的事情，即您能否克服限制客戶成功的硬性約束。

And if I can put those in two dimensions , I think they fall under the general category of productivity, in N two categories, efficiency and differentiation.

如果我可以把它們放在兩個維度上，我認為它們屬於生產力的一般範疇，分為 N 個類別，即效率和差異化。

Clearly customers need to be much more efficient because, especially in the consumer market, time to market and cost are absolute killer drivers.

顯然，客戶需要提高效率，因為尤其是在消費市場，上市時間和成本是絕對的殺手級驅動因素。

At the same time, differentiation in what they do is important, and in hard terms that manifest itself today very much in any issue around the word low power and around the world how can you integrate a lot of functionality.

同時，他們所做的事情的差異化也很重要，用嚴格的術語來說，這一點在當今圍繞低功耗這個詞以及世界各地如何整合大量功能的任何問題中都表現得非常明顯。

And so if you -- if you buy into those fundamental concepts, you not only have a description of Synopsys strategy but also why I believe we are doing well right now.

因此，如果您認同這些基本概念，您不僅可以了解 Synopsys 策略，還可以了解為什麼我相信我們現在做得很好。

Our technology mix matches exactly what the winners in the market need, and so, you can call it partnership or you can just call it delivering on the needs of the customer, and one could wrap one more around that which is the quality of the global support is becoming more and more important as our customers themselves are going through substantial globalization.

我們的技術組合完全符合市場上獲勝者的需求，因此，您可以將其稱為合作夥伴關係，也可以將其稱為滿足客戶需求，並且可以圍繞全球品質進行再包裝。隨著我們的客戶本身正在經歷實質的全球化，支持變得越來越重要。

The follow-up concerns and comments on IC Compiler.

後續對IC Compiler的關注與評論。

Can you be more specific about that.

能說得更具體一點嗎？

For instance could you put it in the context of how you did five years ago with the initial ramp on TC or three years ago or so when you did the Apollo Astro upgrade.

例如，您可以將其放在五年前 TC 初始斜坡或三年前您進行 Apollo Astro 升級時的做法嗎？

I know that TC was perhaps a bit different kind of upgrade technically at the time still you gave out some very specific financial measures for the first two years of performance of TC.

我知道 TC 在技術上可能有點不同，當時您仍然針對 TC 前兩年的表現給出了一些非常具體的財務指標。

There is a view that IC Compiler might not necessarily be as incremental in the base in the first couple of years as TC turned out to be.

有一種觀點認為，IC Compiler 在最初的幾年裡不一定會像 TC 那樣在基礎上有所增量。

A number of years ago.

幾年前。

Sure.

當然。

It is a good question.

這是一個好問題。

I don't think that I have a very good answer for you today.

我認為今天我沒有給你一個很好的答案。

Bear in mind that we are talking about, now, one quarter of data right, since general availability.

請記住，我們現在討論的是自通用以來四分之一的數據。

Nonetheless, I think that there are some similarities and some dissimilarities.

儘管如此，我認為還是有一些相似之處，也有一些不同之處。

The dissimilarities, of course, is that this time we are selling into first an existing install base of place en route that we know very well and that have certainly one advantage which is you can migrate people fast.

當然，不同之處在於，這次我們首先向我們非常了解的現有安裝基地進行銷售，而且它肯定有一個優勢，那就是可以快速遷移人員。

It has -- the downside is not immediately a new market.

它的缺點是不會立即出現一個新市場。

At the same time, I would say that so far it feels fairly similar with maybe an addition the fact that we have spent a great deal of attention to the quality and the ease of use of the product, and maybe that is a little bit new for us Synopsys, to combine sort of both technology, depth, and overall cost of ownership.

同時，我想說，到目前為止，感覺非常相似，也許還需要補充一點，即我們在產品的質量和易用性上投入了大量精力，也許這有點新對於我們Synopsys 來說，將技術、深度和總體擁有成本結合。

And I think we have made excellent progress in that direction.

我認為我們在這個方向上取得了巨大的進展。

So I need to pay attention to your question in the quarters that come.

所以我需要在接下來的幾季關注你的問題。

I don't think I have really hard data for you today.

我認為我今天沒有真正可靠的數據給你。

Okay.

好的。

And then finally, what are you assuming in terms of your 2006 Aart -- outlook, Aart, in terms of Japan specifically.

最後，您對 2006 年 Aart 有何假設？特別是在日本方面，Aart 的前景如何。

I think it is pretty common knowledge that in the spring of '03, you were particularly successful with virtually all of the accounts that matter over there.

我認為眾所周知，在 03 年春天，您在幾乎所有重要客戶上都取得了特別成功。

So by late this -- late next year and into '07, those deals will be nominally coming up for renewal unless you can do early respends.

因此，到今年年底，即明年年底和 07 年，這些交易名義上將進行續約，除非您可以提前重新支出。

What are your thoughts about your ability to maintain or improve your business with all of the marquee accounts in Japan that you got a few years back?

您對幾年前在日本獲得的所有大客戶維持或改善業務的能力有何看法？

Sure.

當然。

Well, in general our position in Japan has been very strong not -- not just recently, really in the last year, year and a half, I think we have done very well there.

嗯，總的來說，我們在日本的地位非常牢固，不僅僅是最近，實際上是在過去的一年、一年半里，我認為我們在那裡做得很好。

I think that a number of people in Japan have been working with us already on some of the new technologies.

我認為日本的許多人已經在一些新技術上與我們合作。

I have mentioned that I think that the -- that the spikes in renewals are much less than what they used to be.

我已經提到過，我認為續訂的峰值比以前要少得多。

Largely driven by the fact that people come us to when they need new technology.

很大程度是因為人們在需要新科技時會來找我們。

Overall, though, I think that Japan will do well for us.

但總的來說，我認為日本會為我們帶來好處。

Okay.

好的。

Thanks, Aart.

謝謝，阿爾特。

You are welcome.

不客氣。

Thank you. [OPERATOR INSTRUCTIONS] We have a follow-up from Harlan Sur with Morgan Stanley.

謝謝。 [操作員說明] 我們有來自 Harlan Sur 和摩根士丹利的後續行動。

Go ahead, please.

請繼續。

Hi, thank you.

嗨，謝謝你。

Just a follow-up for Rex.

只是雷克斯的後續行動。

What is the SFAS 123 option expense for fiscal year '06.

06 財政年度的 SFAS 123 選擇費用是多少？

That is going to be in Q1 between 13 million and 17 million and then in FY '06 for the year we are projecting 48 to 64.

第一季的數量將在 1300 萬至 1700 萬之間，然後在 06 財年，我們預計為 48 至 64。

48 to 64?

48到64？

Okay, thank you.

好的謝謝。

Okay.

好的。

And we are at the five-minute point so our final question will come from Raj Seth with SG Cowen.

現在已經到了五分鐘時間，所以我們的最後一個問題將來自 Raj Seth 和 SG Cowen。

Go ahead please.

請繼續。

Thanks.

謝謝。

Aart, one last question.

阿爾特，最後一個問題。

Can you talk a little bit about your service strategy.

您能談談您的服務策略嗎？

It seems like especially coming out of the downturn, some people don't have the resource they need internally.

似乎特別是在走出低迷時期後，有些人內部沒有他們需要的資源。

You see a lot of smaller service shops popping up.

你會看到許多小型服務店湧現。

I've heard you talk a little bit more explicitly of wanting to drive service as part of a total solution.

我聽說您更明確地談到希望將服務作為整體解決方案的一部分。

Can you talk about what your plan is for the service business and if it has changed at all?

您能談談您對服務業務的計劃是什麼嗎？它是否有任何改變？

Well, first, your characterization actually very correct.

嗯，首先，你的描述其實非常正確。

It's very much part of the overall solution and we absolutely want to participate in services only on a very differentiated basis.

它是整體解決方案的重要組成部分，我們絕對希望僅在非常差異化的基礎上參與服務。

Meaning that our services must be different, better, cheaper, whatever the right term is for a given situation.

這意味著我們的服務必須是不同的、更好的、更便宜的，無論特定情況下的正確術語是什麼。

Otherwise, this is the kind of business where you can lose your shirt or you can be perennially completely nonprofitable.

否則，在這種業務中，你可能會血本無歸，或者永遠無法獲利。

And so we have focused our services very much on situations where we can either help the customer do much better themselves or help them adopt a new methodology more rapidly and particularly popular right now is 65 nm low power, where we have very interesting engagements through service, or in some cases where we will do some design, preferably as it is connected to our IP portfolio.

因此，我們的服務非常注重能夠幫助客戶自己做得更好或幫助他們更快地採用新方法的情況，目前特別流行的是 65 奈米低功耗，我們透過服務進行了非常有趣的合作，或者在在某些情況下我們會進行一些設計，最好是與我們的IP 產品組合相關。

In all of those case, the engagements are fairly sophisticated, and one of the reasons we pay such great attention to the customer SAC measures is because people are very much counting on us being successful for their own business success.

在所有這些情況下，參與都相當複雜，我們如此專注於客戶 SAC 措施的原因之一是因為人們非常依賴我們為自己的業務取得成功。

Going forward, I think this is an area that we will keep gradually investing in as a function of what is really buildable in a profitable fashion.

展望未來，我認為這是一個我們將繼續逐步投資的領域，作為真正可以獲利的方式建構的功能。

So we are spending a lot of attention on our expense management in general.

因此，我們總體上在費用管理上投入了大量精力。

Services has good potential but also risks, and, therefore, you will see us be fairly careful.

服務具有良好的潛力，但也存在風險，因此，您會看到我們相當謹慎。

Thanks.

謝謝。

You are welcome.

不客氣。

Well, I guess with that, this concludes this session.

好吧，我想本次會議到此結束。

Thank you very much for participating in it.

非常感謝您的參與。

And as usual, Rex, Lisa, and myself will be available afterwards.

像往常一樣，雷克斯、麗莎和我自己隨後就有空。

Have a good day.

祝你有美好的一天。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

That does conclude our conference for today.

我們今天的會議到此結束。

Thank you for your participation and for using AT&T executive teleconference.

感謝您的參與並使用 AT&T 高階主管電話會議。

You may now disconnect.

您現在可以斷開連線。