新思科技 (SNPS) 2015 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Synopsys earnings conference call for the third quarter of FY15.

女士們，先生們，感謝你們的支持，歡迎來到 Synopsys 2015 財年第三季度的收益電話會議。

(Operator Instructions)

（操作員說明）

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

提醒一下，今天的電話會議正在錄製中。

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

這時，我會將會議轉交給投資者關係副總裁 Lisa Ewbank。

Please go ahead.

請繼續。

Thank you, Paul.

謝謝你，保羅。

Good afternoon, everyone.

大家下午好。

With us today are Aart de Geus, Chairman and co-CEO of Synopsys; and Trac Pham, Chief Financial Officer.

今天和我們在一起的有 Synopsys 董事長兼聯席首席執行官 Aart de Geus；以及首席財務官 Trac Pham。

Before we begin, I would like to remind everyone that during the course of this conference call, Synopsys will discuss forecasts and targets, we will make other forward-looking statements regarding the Company and its financial results.

在我們開始之前，我想提醒大家，在本次電話會議期間，Synopsys 將討論預測和目標，我們將對公司及其財務業績做出其他前瞻性陳述。

While these statements represent our best current judgment about future results and performance as of today, our actual results and performance are subject to many risks and uncertainties that could cause actual results to differ materially from what we expect.

雖然這些陳述代表了我們目前對未來結果和表現的最佳判斷，但我們的實際結果和表現受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的預期存在重大差異。

In addition to any risks that we highlight during this call, important factors that may affect our future results are described in our most recent quarterly report on Form 10-Q and today's earnings press release.

除了我們在本次電話會議中強調的任何風險外，我們最近的 10-Q 表季度報告和今天的收益新聞稿中還描述了可能影響我們未來業績的重要因素。

The reconciliation of the non-GAAP financial measures discussed on this call to their most directly comparable GAAP financial measures and supplemental financial information can be found in the 8-K, earnings press release and financial supplement that we released earlier today.

在我們今天早些時候發布的 8-K、收益新聞稿和財務補充中可以找到本次電話會議上討論的非 GAAP 財務措施與其最直接可比的 GAAP 財務措施和補充財務信息的調節。

All of these items, plus the most recent investor presentation, are available on our website at www.synopsys.com.

所有這些項目，加上最近的投資者介紹，都可以在我們的網站 www.synopsys.com 上找到。

In addition, the prepared remarks will be posted on the site at the conclusion of the call.

此外，準備好的評論將在電話會議結束時發佈在網站上。

With that, I'll turn call over to Aart de Geus.

有了這個，我會把電話轉給 Aart de Geus。

Good afternoon.

下午好。

I'm happy to report that our third-quarter results were very strong as we achieved revenue of $556 million, non-GAAP earnings per share of $0.63 and $275 million in cash flow from operations.

我很高興地報告，我們第三季度的業績非常強勁，我們實現了 5.56 億美元的收入、0.63 美元的非 GAAP 每股收益和 2.75 億美元的運營現金流。

In addition, we closed several key acquisitions as we continue to strengthen and evolve the Company for long-term growth.

此外，隨著我們繼續加強和發展公司以實現長期增長，我們完成了幾項重要的收購。

As a result, we our again raising our annual revenue guidance.

因此，我們再次提高了年度收入指引。

Characterizing the customer environment around us, the semiconductor and systems industry results and outlook remain mixed.

表徵我們周圍的客戶環境，半導體和系統行業的結果和前景仍然喜憂參半。

Customer growth rates appear more challenged then three months ago, as some customers thrive while others struggle.

客戶增長率似乎比三個月前更具挑戰性，因為一些客戶蓬勃發展，而另一些客戶則苦苦掙扎。

Consequently, consolidation continues, either through afterpurchases or from Company combinations.

因此，合併繼續進行，無論是通過售後購買還是通過公司合併。

While consolidations overall are somewhat of a headwind for EDA, our customers continue to invest heavily in designing highly advanced chips.

雖然整體整合對 EDA 來說有些不利，但我們的客戶繼續大力投資設計高度先進的芯片。

They seek long-term relationships with trusted suppliers to meet the very demanding time-to-market expectations of their customers.

他們尋求與值得信賴的供應商建立長期關係，以滿足客戶對上市時間非常苛刻的期望。

In addition, our expansion into the software quality and security space has broadened our long-term opportunity to grow well beyond traditional EDA.

此外，我們在軟件質量和安全領域的擴張拓寬了我們超越傳統 EDA 發展的長期機會。

Thus, Synopsys continues to be well-positioned as partner of choice for electronic design and software development.

因此，Synopsys 繼續作為電子設計和軟件開發的首選合作夥伴處於有利地位。

Ranging from silicon to software, our multiyear strategy has three pillars.

從矽到軟件，我們的多年戰略有三大支柱。

First, continue to build on our EDA leadership by providing state-of-the-art design and verification platforms with best-in-class support.

首先，通過提供最先進的設計和驗證平台以及一流的支持，繼續鞏固我們在 EDA 方面的領導地位。

Second, offer high-impact productivity solutions such as outsourced IP and extremely fast hardware software prototyping, enabling customers to beat their relentless time-to-market constraints.

其次，提供高影響力的生產力解決方案，例如外包 IP 和極快的硬件軟件原型製作，使客戶能夠克服無情的上市時間限制。

And third, invest in and grow our software quality and security solutions.

第三，投資和發展我們的軟件質量和安全解決方案。

Software complexity is escalating in both electronic systems and in the broader application space, and security vulnerabilities are visibly creating ever greater challenges.

軟件複雜性在電子系統和更廣泛的應用程序空間中不斷升級，安全漏洞顯然帶來了更大的挑戰。

Let me provide some product and customer highlights that demonstrate our progress.

讓我提供一些產品和客戶亮點來展示我們的進步。

Throughout our entire history, Synopsys has endeavored to be the technology leader in the highest impact areas of EDA.

縱觀我們的整個歷史，Synopsys 一直致力於成為 EDA 最具影響力領域的技術領導者。

The investments we have made, both internally and through acquisitions, continue to bear fruit in terms of new game changing products, clearly to ship in advance note enablements, amazing customer design successes and the resulting customer wins.

我們在內部和通過收購進行的投資繼續在改變遊戲規則的新產品方面取得成果，顯然可以提前發貨，實現驚人的客戶設計成功並最終贏得客戶。

While I'm sure it is difficult for you to sort through the many claims of leadership and advanced designs, we are confident in our position and momentum.

雖然我敢肯定您很難從眾多領導力和先進設計的主張中脫穎而出，但我們對我們的地位和發展勢頭充滿信心。

Let me provide some core and data points.

讓我提供一些核心和數據點。

The number of FinFET designs continues to grow rapidly as leading edge companies race to take advantage of a significant power efficiencies.

隨著領先的公司競相利用顯著的功率效率，FinFET 設計的數量繼續快速增長。

The number of active FinFET designs and tapeouts to date continues to grow quickly, now reaching almost 240.

迄今為止，活躍的 FinFET 設計和流片數量繼續快速增長，現已達到近 240 個。

Synopsys is relied on for 95% of these.

其中 95% 依賴 Synopsys。

Technology differentiation matters, and customers and partners count on us.

技術差異化很重要，客戶和合作夥伴信賴我們。

For example, in June we announced Intel custom foundry certification for Synopsys design tools for 14-nanometer FinFET production.

例如，在 6 月，我們宣布了用於 14 納米 FinFET 生產的 Synopsys 設計工具的英特爾定制代工認證。

During the quarter we achieved certification for multiple standards organizations for our IP portfolio, for TSMC's 16-nanometer FinFET Plus.

在本季度，我們的 IP 組合、台積電的 16 納米 FinFET Plus 獲得了多個標準組織的認證。

In June we announced an expanded collaboration with UMC on embedded memory and test solutions for their 14-nanometer FinFET process.

6 月，我們宣布與 UMC 擴大合作，為其 14 納米 FinFET 工藝開發嵌入式存儲器和測試解決方案。

In physical design, our game changing new product, IC Compiler II, continues to gain traction with rapidly growing adoption.

在物理設計方面，我們改變遊戲規則的新產品 IC Compiler II 隨著採用率的快速增長而繼續受到關注。

Customers are seeing 10X improvement in throughputs and are using IC Compiler II in designs throughout the process spectrum.

客戶看到吞吐量提高了 10 倍，並在整個工藝範圍內的設計中使用 IC Compiler II。

During Design Automation Conference in June, AMD, ARM, MediaTek, Socionext and Samsung spoke to a standing room only crowd about their successes and deployment plans for IC Compiler II.

在 6 月的設計自動化大會期間，AMD、ARM、聯發科、Socionext 和三星在一個只有站著的房間裡談論了他們的成功和 IC Compiler II 的部署計劃。

TSMC signed off on IC Compiler II certification for the latest 16-nanometer FinFET Plus process.

台積電簽署了最新 16 納米 FinFET Plus 工藝的 IC Compiler II 認證。

Demand is very strong and broad-based, as evidenced by the fastest ramp up in bookings for any product in our history.

需求非常強勁且基礎廣泛，我們歷史上任何產品的預訂量增長最快都證明了這一點。

As customers move rapidly from IC Compiler I to IC Compiler II, so does our support.

隨著客戶從 IC Compiler I 迅速轉移到 IC Compiler II，我們的支持也在不斷增加。

We have transitioned a majority of our dedicated application engineers to IC Compiler II, a further indication of its momentum.

我們已將大部分專職應用工程師轉移到 IC Compiler II，這進一步表明了它的發展勢頭。

We are already serving 38 different customer logos with well over 100 production designs and tapeouts, a significant increase over last quarter.

我們已經為 38 個不同的客戶標識提供了超過 100 個生產設計和流片，比上個季度有了顯著增加。

Now for verification, where requirements have exploded as designs have become much, much more complex.

現在進行驗證，隨著設計變得越來越複雜，需求激增。

Here too, our Verification Continuum platform is truly a next-generation solution with both breadth and depth of technology.

在這裡，我們的 Verification Continuum 平台也是真正具有技術廣度和深度的下一代解決方案。

Approximately 80% of advanced designs already use Synopsys as a primary simulator and over the past year, we have steadily introduced many enhancements and a whole different level of integration throughout the platform.

大約 80% 的高級設計已經使用 Synopsys 作為主要仿真器，在過去的一年裡，我們穩步引入了許多增強功能，並在整個平台上實現了完全不同的集成水平。

Propelled by multiyear collaborations with some of the hardest driving semiconductor companies in the world, our Verification Continuum now integrates all the critical software and hardware verification tools onto a common infrastructure.

在與世界上一些最強大的半導體公司多年合作的推動下，我們的 Verification Continuum 現在將所有關鍵的軟件和硬件驗證工具集成到一個通用的基礎設施中。

As a result, Q3 was another strong quarter for verification, particularly in emulation where growing demand is benefiting the entire EDA industry.

因此，第三季度是驗證的另一個強勁季度，尤其是在不斷增長的需求使整個 EDA 行業受益的仿真領域。

At the Design Automation Conference Altera, ARM, Cavium, AMD and Freescale spoke at a customer luncheon about their verification challenges and how Synopsys is helping them achieve success.

在設計自動化大會上，Altera、ARM、Cavium、AMD 和飛思卡爾在客戶午餐會上談到了他們的驗證挑戰以及 Synopsys 如何幫助他們取得成功。

On the analog mixed-signal side, a technically challenging area, we introduced significant advances in our custom SIM product which delivers a 2X speed up.

在模擬混合信號方面，這是一個技術上具有挑戰性的領域，我們在我們的定制 SIM 產品中引入了重大進步，可提供 2 倍的速度。

Finally, earlier this month we closed the acquisition of Atrenta, a recognized leader in static and formal verification.

最後，本月早些時候，我們完成了對 Atrenta 的收購，Atrenta 是靜態和形式驗證領域公認的領導者。

Its SpyGlass product is an anchor technology in the industry that effectively addresses verification and power challenges early in the design cycle.

其 SpyGlass 產品是業界的一項核心技術，可在設計週期的早期有效解決驗證和電源挑戰。

The Atrenta technologies further enhance both our Verification Continuum platform and our implementation solution.

Atrenta 技術進一步增強了我們的 Verification Continuum 平台和我們的實施解決方案。

While we are in the early stages of integration, customer and employee reactions have been very positive.

雖然我們處於整合的早期階段，但客戶和員工的反應非常積極。

Let me now move to IP where our optimized solutions for the automotive and Internet of Things market segments continue to strengthen.

現在讓我談談 IP，我們針對汽車和物聯網細分市場的優化解決方案將繼續得到加強。

About six months ago, we launched a major initiative to robustly address the automotive space by augmenting our product portfolio to include automotive grade IP.

大約六個月前，我們發起了一項重大舉措，通過擴大我們的產品組合以包括汽車級 IP 來有力地解決汽車領域的問題。

In June we rolled out a broad set of IP optimized for automotive chip development.

6 月，我們推出了一系列針對汽車芯片開發優化的 IP。

The portfolio now meets key safety, reliability and quality requirements, while continually being enhanced to address new emerging standards.

該產品組合現在滿足關鍵的安全性、可靠性和質量要求，同時不斷得到增強以滿足新出現的標準。

We have also worked with industry leaders such as Freescale, Infineon and Renesas to create automotive centers of excellence with our virtual prototyping products, enabling our mutual customers to accelerate software developments.

我們還與 Freescale、Infineon 和 Renesas 等行業領導者合作，利用我們的虛擬原型產品創建汽車卓越中心，使我們的共同客戶能夠加速軟件開發。

Semiconductor content and automotive systems will grow significantly over the next five to six years.

半導體內容和汽車系統將在未來五到六年內顯著增長。

With this offering we are expanding our influence in this important vertical market segment.

通過此產品，我們正在擴大我們在這個重要的垂直細分市場中的影響力。

For the Internet of things, the ability to connect multiple smart devices to the cloud and to each other is fueling great application innovation, ranging from wearable devices to machine-to-machine markets.

對於物聯網，將多個智能設備連接到雲端並相互連接的能力正在推動巨大的應用創新，從可穿戴設備到機器對機器市場。

Synopsys provides a comprehensive portfolio of IOT-ready IP, ranging from interfaces to memory and logic, to power efficient processors, to prevalidated subsystems.

Synopsys 提供全面的物聯網就緒 IP 產品組合，從接口到內存和邏輯，再到高能效處理器，再到預驗證的子系統。

During the quarter we announced a collaboration with TSMC to develop an integrated IOT platform for TSMC's 40-nanometer, ultra-low-power process.

本季度，我們宣布與台積電合作，為台積電的 40 納米超低功耗工藝開發集成物聯網平台。

We also acquired the Bluetooth Smart IP from Silicon Vision for key low-power smart home, portable health and industrial applications that require on-chip wireless integration.

我們還從 Silicon Vision 收購了藍牙智能 IP，用於需要片上無線集成的關鍵低功耗智能家居、便攜式健康和工業應用。

Lastly and second only to connectivity, security of these devices is paramount.

最後且僅次於連接性，這些設備的安全性至關重要。

Through the acquisition of Elliptic Technologies, we added proven security IP solutions for identification, authentication, data encryption and content protection.

通過收購 Elliptic Technologies，我們增加了經過驗證的安全 IP 解決方案，用於身份識別、身份驗證、數據加密和內容保護。

Which brings me naturally to our software, quality and security products.

這讓我自然而然地想到了我們的軟件、質量和安全產品。

While security in the cyberwall has been an issue for years, the combination of increasing connectivity and highly publicized breaches, including recently in the automotive domain, are spurring an intense security focus on the entire electronics and software application space.

雖然網絡牆的安全問題多年來一直是一個問題，但日益增加的連接性和廣為人知的漏洞（包括最近在汽車領域的漏洞）相結合，正在促使人們高度關注整個電子和軟件應用程序領域的安全問題。

Our entry into software quality and security comes at just the right time, and Q3 was significant for our promising business unit.

我們進入軟件質量和安全領域的時機恰到好處，第三季度對我們前景廣闊的業務部門來說意義重大。

As a refresher, last year's Coverity acquisition expanded both our total available market and our customer base.

作為回顧，去年對 Coverity 的收購擴大了我們的總可用市場和我們的客戶群。

It is a compelling combination of technical, customer and channel adjacency to our existing business, as well as a significant TAM broadening into a new higher growth space that truly differentiates us as a Company and investment.

它是我們現有業務的技術、客戶和渠道鄰接的引人注目的組合，也是一個重要的 TAM 擴展到一個新的更高增長的空間，真正使我們作為一家公司和投資與眾不同。

During the quarter we bolstered our security presence significantly with two acquisitions that are already showing great promise.

在本季度，我們通過兩項已經顯示出巨大潛力的收購顯著加強了我們的安全存在。

The first is cybersecurity company Codenomicon, a leader in the area of dynamic security analysis and well-known for independently discovering the infamous Heartbleed bug.

第一家是網絡安全公司 Codenomicon，它是動態安全分析領域的領導者，以獨立發現臭名昭著的 Heartbleed 漏洞而聞名。

We also acquired key assets from Quotium, specifically the well-regarded Seeker product, a leader in application security testing.

我們還收購了 Quotium 的關鍵資產，特別是廣受好評的 Seeker 產品，它是應用程序安全測試領域的領導者。

While we are in the early stages of building and scaling our presence in this space, we are already making a notable impact, evident earlier in the month at the Black Hat security conference, a conference renowned for its hacker and security company attendees.

雖然我們正處於建立和擴大我們在這個領域的存在的早期階段，但我們已經產生了顯著的影響，這在本月早些時候的黑帽安全會議上顯而易見，該會議以其黑客和安全公司與會者而聞名。

For example, at a standing room only Synopsys event that featured speakers from Underwriters Laboratories and the Department of Homeland Security, UL spoke about its developing cybersecurity assurance program and the collaboration with Synopsys to drive it forward.

例如，在只有 Synopsys 的活動中，來自美國保險商實驗室和國土安全部的演講嘉賓在場，UL 談到了其正在開發的網絡安全保證計劃以及與 Synopsys 的合作以推動該計劃向前發展。

It is designed to help companies manage security risks, the [EI] certification process, similar to what we have been doing for years for electrical hardware devices.

它旨在幫助公司管理安全風險，[EI] 認證流程，類似於我們多年來為電子硬件設備所做的事情。

UL's program, which is still under development, is expected to provide a baseline for cybersecurity assurance.

UL 的計劃仍在開發中，預計將為網絡安全保證提供基準。

Initially focused on medical devices, industrial control systems and networking and telecom equipment, it will utilize technology from a number of key suppliers, including Synopsys.

最初專注於醫療設備、工業控制系統以及網絡和電信設備，它將利用包括新思科技在內的多家主要供應商的技術。

Finally, reflecting the growing brand recognition in this space, we were named by Gartner as a visionary in their application security testings Magic Quadrant.

最後，反映出該領域日益增長的品牌知名度，我們被 Gartner 評為其應用程序安全測試魔力像限中的遠見者。

This is a big deal.

這是一個大問題。

Out of hundreds of companies in the application security testing space, only 19 are identified in this market making group.

在應用程序安全測試領域的數百家公司中，只有 19 家被確定在這個做市組中。

Stay tuned as we evolve our software quality and security strategy in the coming months and quarters.

敬請關注我們在未來幾個月和幾個季度改進軟件質量和安全策略。

In summary, we delivered strong Q3 results and expect to exit the year with approximately 10% non-GAAP earnings-per-share growth.

總而言之，我們在第三季度取得了強勁的業績，並預計以約 10% 的非 GAAP 每股收益增長結束這一年。

Our new products are driving excellent customer design successes and adoption momentum.

我們的新產品正在推動卓越的客戶設計成功和採用勢頭。

And lastly, we closed several key acquisitions, strengthening our technology and evolving Synopsys towards promising high-growth market segments.

最後，我們完成了幾項關鍵收購，加強了我們的技術，並使 Synopsys 朝著有前途的高增長細分市場發展。

Let me now turn the call over to Trac Pham.

現在讓我把電話轉給 Trac Pham。

Thanks, Aart.

謝謝，阿爾特。

Good afternoon, everyone.

大家下午好。

As you heard, from Aart, we're seeing good momentum in the business.

正如你從 Aart 那裡聽到的那樣，我們看到了業務的良好勢頭。

Our internal investments and key acquisitions are paying off in terms of broadening our portfolio with new technology and expanding our TAM with new growth opportunities.

我們的內部投資和主要收購正在通過新技術擴大我們的產品組合併通過新的增長機會擴大我們的 TAM 方面取得回報。

Our results reflect the business that is not only strong today, but also well-positioned for future opportunities.

我們的業績反映了該業務不僅在今天表現強勁，而且為未來的機遇做好了充分準備。

Our excellent Q3 performance and Q4 outlook solidify another year of increased growth and profitability.

我們出色的第三季度業績和第四季度展望鞏固了又一年的增長和盈利能力。

In fact, we are raising are annual revenue outlook again, reflecting the strength of our business.

事實上，我們再次提高了年度收入預期，反映了我們業務的實力。

We continue to execute very well and we are committed to maximizing long-term shareholder value.

我們繼續執行得很好，我們致力於最大化長期股東價值。

Now to the numbers.

現在到數字。

As I talk through Q3 results and targets for rest of the year, all comparisons will be year over year, unless I specify otherwise.

在我討論第三季度的結果和今年剩餘時間的目標時，除非我另有說明，否則所有比較都將按年進行。

Total revenue increased 6.5% to $556 million, greater than 90% of Q3 revenue came from beginning of quarter backlog and the one customer accounted for more than 10%.

總收入增長 6.5% 至 5.56 億美元，第三季度收入的 90% 以上來自季度初的積壓訂單，其中一個客戶佔 10% 以上。

The weighted average duration of our renewable customer license commitments was about 2.5 years, and we expect duration for the full year to be 2.7 years.

我們可續訂客戶許可承諾的加權平均期限約為 2.5 年，我們預計全年期限為 2.7 年。

Total GAAP costs on expenses were $494 million and total non-GAAP costs and expenses were $432 million, at the lower end of our target range.

GAAP 費用總成本為 4.94 億美元，非 GAAP 總費用和費用為 4.32 億美元，處於我們目標範圍的下限。

Non-GAAP operating margin was 22.4% for the quarter and 24.2% for the first three quarters of 2015.

本季度非美國通用會計準則營業利潤率為 22.4%，2015 年前三個季度為 24.2%。

Because of the technical complexity inherent in our customers' design processes, it is critical that we prioritize leading-edge product development.

由於我們客戶的設計過程中固有的技術複雜性，因此我們優先考慮前沿產品開發至關重要。

Nonetheless, we continue to drive global operational efficiency in order to deliver solid non-GAAP operating margin in the mid 20s range.

儘管如此，我們繼續提高全球運營效率，以在 20 多歲左右的範圍內實現穩固的非 GAAP 運營利潤率。

GAAP earnings-per-share were $0.35 and non-GAAP earnings-per-share were $0.63.

GAAP 每股收益為 0.35 美元，非 GAAP 每股收益為 0.63 美元。

Turning to cash flow, we generated $275 million of operating cash flow for the quarter.

談到現金流，我們在本季度產生了 2.75 億美元的運營現金流。

We are reiterating our full-year target of approximately $450 million.

我們重申我們的全年目標約為 4.5 億美元。

Cash flows today have been strong and we are able to offset the net outflows related to acquisitions.

今天的現金流量強勁，我們能夠抵消與收購相關的淨流出。

We ended Q3 with cash, cash equivalents and short-term investments of $1.1 billion, with 31% onshore and total debt of $213 million.

我們以現金、現金等價物和短期投資 11 億美元結束了第三季度，其中 31% 在岸，總債務為 2.13 億美元。

We have since funded the Atrenta acquisition from that US cash, so would expect it to be lower at the end of Q4.

從那以後，我們用這筆美國現金為 Atrenta 的收購提供了資金，因此預計它在第四季度末會更低。

Over the years we have utilized our balance sheet very effectively for both stock repurchases and M&A.

多年來，我們非常有效地利用資產負債表進行股票回購和併購。

Since 2010 we have repurchased more than $1.1 billion of Synopsys stock.

自 2010 年以來，我們回購了超過 11 億美元的 Synopsys 股票。

We have simultaneously made a number of important acquisitions to enter new higher growth areas, most recently software quality and security, and prioritized P&L investments to expand our technology leadership.

我們同時進行了多項重要收購，以進入新的更高增長領域，最近是軟件質量和安全領域，並優先考慮 P&L 投資以擴大我們的技術領先地位。

We believe this ongoing strategy will create significant value for our shareholders.

我們相信，這一持續的戰略將為我們的股東創造巨大的價值。

We closed several acquisitions in Q3, as well as Atrenta earlier this month.

我們在第三季度完成了幾項收購，本月初還完成了 Atrenta。

In addition, we completed the $180 million accelerated share repurchase plan initiated in Q1, in which we bought back a total of 4 million shares.

此外，我們完成了第一季度啟動的 1.8 億美元加速股票回購計劃，回購了總計 400 萬股股票。

For the trailing four quarters we've spent $220 million buying back more than 5 million shares and have 200 million remaining on our share repurchase authorization.

在過去的四個季度中，我們已經花費 2.2 億美元回購了超過 500 萬股股票，我們的股票回購授權中還剩下 2 億股。

Finally, DSO was 50 days and we ended Q3 with approximately 9,835 employees, with more than one-third in lower-cost geographies.

最後，DSO 為 50 天，我們在第三季度結束時擁有大約 9,835 名員工，其中超過三分之一在成本較低的地區。

Now to the fourth quarter and FY15 guidance, which excludes the impact of any future acquisitions.

現在是第四季度和 FY15 指導，其中不包括任何未來收購的影響。

For the fourth quarter our targets are revenue between $570 million and $585 million, a wider range than we had provided in the past to reflect increased variability due to lumpiness of hardware and consulting revenue.

對於第四季度，我們的目標是收入在 5.7 億美元到 5.85 億美元之間，比我們過去提供的範圍更廣，以反映由於硬件和諮詢收入的不穩定而增加的可變性。

Total GAAP costs and expenses between $503 million and $521 million, total non-GAAP costs and expenses between $450 million and $460 million.

GAAP 成本和支出總額在 5.03 億美元至 5.21 億美元之間，非 GAAP 成本和支出總額在 4.5 億美元至 4.6 億美元之間。

Other income between $0 and $2 million.

其他收入在 0 到 200 萬美元之間。

A non-GAAP tax rate of 19% to 20%, outstanding shares between 155 million and 159 million.

非美國通用會計準則稅率為 19% 至 20%，流通股在 1.55 億至 1.59 億之間。

GAAP earnings of $0.31 to $0.38 per share and non-GAAP earnings of $0.65 to $0.67 per share.

GAAP 每股收益為 0.31 美元至 0.38 美元，非 GAAP 每股收益為 0.65 美元至 0.67 美元。

For FY15, revenue of $2.225 billion and $2.240 billion, a growth rate of approximately 8% to 9%.

FY15 的收入分別為 22.25 億美元和 22.40 億美元，增長率約為 8% 至 9%。

Other income between $10 million and $12 million.

其他收入在 1000 萬美元到 1200 萬美元之間。

A non-GAAP tax rate of 19% to 20%, outstanding shares between 155 million and 159 million.

非美國通用會計準則稅率為 19% 至 20%，流通股在 1.55 億至 1.59 億之間。

GAAP earnings of $1.43 to $1.50 per share, which includes the impact of approximately $87 million in stock-based compensation expense.

GAAP 每股收益為 1.43 美元至 1.50 美元，其中包括約 8700 萬美元的股票薪酬費用的影響。

Non-GAAP earnings of $2.76 to $2.78 per share, which reflects the slight dilution from our recent acquisitions, largely offset by operational overacheivement.

非 GAAP 每股收益為 2.76 美元至 2.78 美元，這反映了我們最近收購的輕微攤薄，這在很大程度上被運營超額完成所抵消。

Capital expenditures of approximately $100 million and cash flow from operations of approximately $450 million.

資本支出約為 1 億美元，運營現金流約為 4.5 億美元。

While we continue to expect a revenue model that is approximately 90% time-based, going forward we will expand our quarterly guidance ranges to better reflect the variability inherent in hardware yields for which revenue is recognized upfront, along with the timing of consulting projects.

雖然我們繼續期望大約 90% 的收入模型是基於時間的，但未來我們將擴大我們的季度指導範圍，以更好地反映預先確認收入的硬件收益率的固有可變性，以及諮詢項目的時間安排。

In summary, we are seeing good momentum in the business.

總之，我們看到了業務的良好勢頭。

Our internal investments and key acquisitions are paying off with game changing new technology and a brand-new TAM.

我們的內部投資和關鍵收購正在通過改變遊戲規則的新技術和全新的 TAM 獲得回報。

We continue to deliver strong results and are well-positioned for future opportunities and our excellent Q3 performance and Q4 outlook solidify another year of strong cash flow and increased growth and profitability.

我們繼續取得強勁的業績，並為未來的機會做好準備，我們出色的第三季度業績和第四季度展望鞏固了又一年強勁的現金流以及增長和盈利能力的提高。

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

有了這個，我會把它交給接線員提問。

(Operator Instructions)

（操作員說明）

Rich Valera, Needham.

里奇瓦萊拉，李約瑟。

This is Kristen Chara in for Rich Valera.

這是 Rich Valera 的克里斯汀·查拉 (Kristen Chara)。

I'm looking at your FY15 guidance and I just want to know is the increase in revenues only due to the inclusion of Atrenta or is there some other driving force there?

我正在查看您的 2015 財年指南，我只想知道收入的增加是否僅由於包含 Atrenta 或是否有其他驅動力？

In general, most of it is not due to Atrenta it is a continuation of the execution of the overall company engine, so to speak.

一般來說，大部分不是因為 Atrenta 可以這麼說，它是整個公司引擎執行的延續。

Atrenta of course adds a little bit to it by virtue of having joined us this quarter.

由於本季度加入我們，Atrenta 當然增加了一點。

But most of it is just continuation of the path that Synopsys has been on.

但其中大部分只是 Synopsys 所走道路的延續。

Great, thank you.

太好了謝謝。

Then how is hardware this quarter?

那麼本季度的硬件情況如何？

We had a very good hardware quarter and you will see that reflected in both the upfront revenue line as well as our COGS expenses.

我們有一個非常好的硬件季度，您會看到這反映在前期收入和我們的 COGS 費用上。

Great.

偉大的。

Thanks very much.

非常感謝。

You're welcome.

別客氣。

Krish Sankar, Bank of America/Merrill Lynch.

Krish Sankar，美國銀行/美林證券。

I had a few questions actually.

實際上我有幾個問題。

First one is Aart when I look at your IP system software integrated revenue it seems like it is down sequentially about 10%.

第一個是 Aart，當我查看你們的 IP 系統軟件綜合收入時，它似乎連續下降了大約 10%。

What is going on there?

那裡發生了什麼？

Should be growing at this point, right?

應該是在這個時候成長吧？

Those differences combined have actually a very high degree of fluctuation from one quarter to another because they are quite lumpy in how we recognize the revenue.

這些差異加起來實際上從一個季度到另一個季度有很大的波動，因為它們在我們如何確認收入方面非常不穩定。

This is largely due because many of the large IP deals have a variety of milestones attached to them or even some services and so that is why these numbers have continued to be up and down.

這主要是因為許多大型 IP 交易都附帶了各種里程碑，甚至還有一些服務，所以這就是為什麼這些數字持續上升和下降的原因。

On a trailing 12 month basis, the numbers are actually very good.

在過去 12 個月的基礎上，這些數字實際上非常好。

Got it.

知道了。

Then in the past two guys mentioned how you should be this year and next to but it looks like investment, so at what point will Coverity become a accretive to the broader Company?

然後在過去有兩個人提到你今年和明年應該如何，但這看起來像是投資，那麼 Coverity 將在什麼時候成為更廣泛公司的增值？

In general, we look at being slightly accretive in 2016.

總的來說，我們預計 2016 年會略有增長。

The addition of acquisitions may change that as they always do.

收購的增加可能會像往常一樣改變這一點。

But fundamentally, read that as we continue to invest in the business that we see very good future for.

但從根本上說，隨著我們繼續投資於我們認為前景非常好的業務，請閱讀這一點。

But at some point next year you are saying Coverity would be accretive?

但在明年的某個時候，你是說 Coverity 會增值嗎？

Yes.

是的。

This would be as Coverity as we acquired.

這將與我們收購的 Coverity 一樣。

By now we've already added I think four different acquisitions and so this is a very rapidly evolving business unit for us.

到目前為止，我們已經添加了四次不同的收購，因此這對我們來說是一個發展非常迅速的業務部門。

So from the philosophy point view, the way to think about it is that as we add acquisitions we aim to within, I would say 12 months to 18 months, make them accretive.

因此，從哲學的角度來看，考慮它的方式是，當我們增加收購時，我們的目標是在 12 個月到 18 個月內，讓它們增值。

Or if the technology acquisitions, they get integrated very, very fast into the existing products.

或者，如果技術收購，它們會非常非常快地集成到現有產品中。

Objective obviously is to build a profitable business, but the other objective is to also create a strong footprint in an area that we expect to grow in the future.

目標顯然是建立一個有利可圖的業務，但另一個目標也是在我們預計未來會增長的領域建立強大的足跡。

Krish, this is for Trac.

Krish，這是給 Trac 的。

I think you are referencing what we had originally guided when we bought Coverity in general, as we look at 2016 we are looking at that business to be more than $100 million and accretive in 2016.

我認為你參考的是我們最初在收購 Coverity 時的指導方針，當我們展望 2016 年時，我們預計該業務將在 2016 年超過 1 億美元並實現增長。

As you think about the acquisitions that we made in the recent quarter, as you saw in the earnings guidance we have tweaked our earnings guidance to reflect the slight dilution from those deals and we do expect them to be slightly diluted in 2016 as well.

當你考慮我們在最近一個季度進行的收購時，正如你在盈利指引中看到的那樣，我們已經調整了我們的盈利指引以反映這些交易的輕微稀釋，我們確實預計它們在 2016 年也會被輕微稀釋。

Got it.

知道了。

Then if I can ask a big picture question.

然後，如果我可以問一個大問題。

If you look at the EDA industry it could grow at 5%, 6% topline growth and it looks like next year pushed out from 2016 to 2017.

如果你看一下 EDA 行業，它可能會以 5% 的速度增長，6% 的收入增長，而且看起來明年會從 2016 年推遲到 2017 年。

So my question is with that backdrop do you still think the EDA industry can grow 6%, and what does that mean for Synopsys, given nanometers from some of the biggest customers are getting pushed out?

所以我的問題是，在這種背景下，您是否仍然認為 EDA 行業可以增長 6%，這對 Synopsys 意味著什麼，因為一些最大客戶的納米技術正在被淘汰？

Let me take it in reverse order.

讓我以相反的順序來看。

Yes, of course we understand that some deliveries on technology have been slowed down or just feathered in.

是的，我們當然知道一些技術的交付已經放緩或只是順風順水。

But that does not mean at all that's the work for us, has finished around 10-nanometers because a lot of people are essentially looking at when do they ship products.

但這根本不意味著這就是我們的工作，已經完成了大約 10 納米，因為很多人基本上都在看他們什麼時候發貨。

That is really the more relevant data from a macro perspective for the Semiconductor industry, before EDA the work starts long, long before that.

從半導體行業的宏觀角度來看，這確實是更相關的數據，在 EDA 工作開始很久很久之前。

As a matter fact we have a significant amount of work right now already on 7-nanometer to make the technology, the tools, the IP ready.

事實上，我們現在已經在 7 納米上進行了大量工作，以使技術、工具和 IP 準備就緒。

So if you look at as a macro picture I did guide a bit in my preamble to the fact that the overall Semiconductor industry is quite turbulent right now.

因此，如果你從宏觀角度來看，我在序言中確實指出了一個事實，即整個半導體行業現在非常動盪。

And if you look at the expectations for this year and for next year in terms of growth rate for all the industry, they have gone down somewhat.

如果你從整個行業的增長率來看今年和明年的預期，它們已經有所下降。

But it is also true that within these ups and downs of the Semiconductor industry historically, EDA has fared quite well.

但在歷史上半導體行業的這些起起落落中，EDA 也表現得相當不錯。

Because not only do we attach the more stable R&D efforts, we also are very much the investments that lets people come back out of the troughs within a year or two.

因為我們不僅附加了更穩定的研發力度，我們也非常重視讓人們在一兩年內從低谷中走出來的投資。

So therefore a high degree of stability.

所以因此具有高度的穩定性。

Last but not least within that, I think Synopsys has done particularly well because we are I hope viewed as a trusted partner and a Company that you can count on.

最後但同樣重要的是，我認為 Synopsys 做得特別好，因為我希望我們被視為值得信賴的合作夥伴和您可以信賴的公司。

And we continue to invest quite aggressively in technology to make sure that we're there tomorrow as well.

我們繼續大力投資技術，以確保我們明天也能做到。

Got it and if I can just squeeze one last question.

知道了，如果我可以再問一個問題。

In the last several quarters for the last few years your R&D has been somewhere in the 30% to mid-30% rate, is there any chance for that even if it does slowdown?

在過去幾年的最後幾個季度中，你們的研發率一直在 30% 到 30% 左右，即使它確實放緩，這是否有機會？

And understand you still have to do a lot of design work, is there an opportunity for that R&D to come down or you think?

並且了解您仍然需要做很多設計工作，是否有機會讓研發下降或您認為？

I honestly think that, that is about the bogey and for the simple reason that we are seeing nothing that says that technology is getting simpler.

老實說，我認為那是關於柏忌的，原因很簡單，我們沒有看到任何跡象表明技術正在變得越來越簡單。

In many ways it is the opposite.

在許多方面，情況恰恰相反。

The reason people go there is because the value is extremely high, if you could deliver chips that had even less power utilization with even more computational speed, because in the coming years it will open up a whole new domain of smart devices that literally applies to everything.

人們去那裡的原因是因為價值非常高，如果你能提供功耗更低、計算速度更快的芯片，因為在未來幾年，它將開闢一個全新的智能設備領域，真正適用於一切。

That complexity comes from, at a minimum two sources.

這種複雜性至少有兩個來源。

One is the advanced silicon technologies that just demands much more sophisticated modeling, and we are well on top of that.

一個是先進的矽技術，它只需要更複雜的建模，而我們在這方面做得很好。

Secondly is that very sophisticated silicon is what's enabling a lot a lot of the super sophisticated software and the intersection of those two we are also well on top of that.

其次，非常複雜的矽片使很多超級複雜的軟件成為可能，而這兩者的交集我們也處於領先地位。

So I think that we are in a right place while we see an industry that is morphing and changing around us, and this happens continually in this industry and has been one of the reasons for its tremendous impact.

因此，我認為當我們看到一個在我們周圍不斷變化和變化的行業時，我們處於正確的位置，這種情況在這個行業中不斷發生，並且一直是其產生巨大影響的原因之一。

Got it.

知道了。

And thanks.

謝謝。

You're welcome.

別客氣。

Sterling Auty, JPMorgan.

摩根大通的 Sterling Auty。

Yes, thanks, I want to go back to the Atrenta question for a minute.

是的，謝謝，我想花一分鐘回到 Atrenta 問題上。

I thought 2014 they were doing something in $55 million range, what did you guys lose for acquisition Accounting?

我以為 2014 年他們做了 5500 萬美元的事情，你們在收購會計方面損失了什麼？

It would seem like you should get some material revenue for the back half, even for the one quarter and moving onto 2016?

看起來你應該為後半部分獲得一些物質收入，即使是一個季度並進入 2016 年？

Hi Sterling, this is Trac.

嗨，斯特林，我是 Trac。

The acquisitions have a very small impact on our results for this year.

這些收購對我們今年的業績影響很小。

You think about the size of the deals in general, the time when they close and you factor in the deferred haircut, the guidance we gave there's very little impact from revenues.

你考慮一下一般交易的規模，交易結束的時間以及你考慮的延遲理髮，我們給出的指導對收入的影響很小。

We did tweak the earnings guidance at the midpoint by about $0.01 or $0.02 to reflect the dilution, but overall most of it is organic business.

我們確實將中點的盈利指引調整了約 0.01 美元或 0.02 美元以反映稀釋，但總體而言，其中大部分是有機業務。

When we think about the deferred haircut it can range anywhere from 50% to 80% depending on a particular deal.

當我們考慮延期理髮時，根據特定交易，它的範圍從 50% 到 80% 不等。

Right, so can you give us some guidelines in terms of were you at the upper end of that range on these acquisitions in terms of what the writedown was?

是的，那麼你能給我們一些指導方針嗎？就減記而言，你是否處於這些收購範圍的上限？

And perhaps you can remind people what the business model at Atrenta was in terms of what it would have been in deferred revenue that perhaps were lost?

或許你可以提醒人們，Atrenta 的商業模式是什麼，遞延收入可能會損失多少？

We don't disclose the specifics of each individual deal, but where we are operationally, we are still working through the contracts to do evaluation analysis on that it to determine the deferred haircut.

我們不會透露每筆交易的具體細節，但在我們開展業務的地方，我們仍在通過合同對其進行評估分析，以確定延期理髮。

But fundamentally, their business model is a model just like ours and so in many ways they had a very similar philosophy both financially and technically.

但從根本上說，他們的商業模式和我們的一樣，所以在很多方面，他們在財務和技術上都有非常相似的理念。

I think the fit is actually going to be remarkably good.

我認為合身性實際上會非常好。

Then, looking at the sales in the quarter, it seemed to come in late relative to the street model and in our model as well.

然後，看看本季度的銷售額，相對於街頭模型和我們的模型來說，它似乎來得晚。

Any insight into why the sales and marketing expenses were what looks to be as much as $4 million, $4 million and change?

是否了解為什麼銷售和營銷費用看起來高達 400 萬美元、400 萬美元和零錢？

The difference between where we came inverses the models, really just a function of how you model it as far as internally.

我們來的地方與模型之間的差異，實際上只是你如何在內部建模的函數。

The sales and marketing line can vary from quarter-to-quarter depending on conditions, expense, it can vary by customer events or tradeshows, so it does vary quarter-to-quarter.

銷售和營銷線可能會因條件、費用的不同而有所不同，可能會因客戶活動或貿易展而異，因此確實會因季度而異。

There was no issues there.

那裡沒有問題。

It is not a reflection of the underlying health of the business, if that's what you are try to get at.

如果這是您想要達到的目標，那麼它並不能反映企業的潛在健康狀況。

The run rates for the quarter and year to date were actually very healthy and up.

到目前為止，本季度和今年的運行率實際上非常健康並且在上升。

Okay.

好的。

Then one last high-level question.

然後是最後一個高級問題。

Aart, you talked about the headwinds near-term, semiconductors and just the M&A environment, particularly interested in terms of some of the consolidations that have happened, is there a sense over what time frame you might feel some of the impacts of those consolidations?

Aart，你談到了近期的逆風、半導體以及併購環境，特別是對一些已經發生的整合感興趣，你是否知道在什麼時間範圍內你可能會感受到這些整合的一些影響？

And I do agree that I think ultimately you will end up with healthier customer, so maybe it is even better for your long-term.

我確實同意，我認為最終你會得到更健康的客戶，所以從長遠來看，這可能更好。

But are we going to go into 6 months, 12 months, 18 month period where perhaps as you go through contract renewals, you could have a little bit of headwind?

但是我們是否要進入 6 個月、12 個月、18 個月的時期，也許在您續簽合同時，您可能會遇到一些不利因素？

Could you quantify or give quality to commentary, would be helpful.

您能否對評論進行量化或提供質量，會有所幫助。

Sure.

當然。

In general the reason one looks at consolidation as a bit of headwind for an industry is because none of the consolidators ever says, well now that I've consolidated, let me spend more money with you.

總的來說，人們將整合視為一個行業的逆風的原因是因為沒有一個整合商說過，既然我已經整合了，讓我和你一起花更多的錢。

They do regroup however and often we assess what is the wisest way to spend their money.

然而，他們確實重新組合，我們經常評估什麼是最明智的花錢方式。

And in a number of cases this has been actually very positive for us because we're not only a safe haven in times of turbulence.

在許多情況下，這對我們來說實際上是非常積極的，因為我們不僅是動盪時期的避風港。

But also by virtue of driving technology very hard if this is an advanced user of this.

而且還憑藉著駕駛技術，如果這是高級用戶的話就很吃力了。

There's opportunity sometimes to align them better with us making them successful.

有時有機會讓他們更好地與我們保持一致，使他們成功。

So the timeline that you are highlighting around consolation is correct.

因此，您圍繞安慰強調的時間線是正確的。

It takes typically a number of months for the companies to figure out what they want to do, many of the EDA companies have multiyear contracts.

公司通常需要幾個月的時間才能弄清楚他們想做什麼，許多 EDA 公司都有多年合同。

They can shift based on mutual agreement, but there's some stability in all of this.

他們可以根據雙方的協議進行調整，但所有這些都有一定的穩定性。

So I don't want to over dramatize any of this.

所以我不想過分誇大這一切。

I think this is part of an industry that is evolving and we're visibly so, there are non industry related pressure points as to what we see in the overall markets and the stock market and some of the currency changes.

我認為這是一個正在發展的行業的一部分，我們顯然如此，對於我們在整體市場和股票市場以及一些貨幣變化中看到的情況，存在與行業無關的壓力點。

And this all comes to bear at the very moment that there's also a big technology change, and as a Company, Synopsys, we have been through this many times in our history and I think we know what to do.

這一切都發生在技術發生重大變革的那一刻，作為一家公司，Synopsys，我們在歷史上經歷過很多次，我認為我們知道該怎麼做。

But it is also true that the better we execute here, the better we'll do.

但同樣真實的是，我們在這裡執行得越好，我們就會做得越好。

All right, if I may I just want to squeeze one more in.

好吧，如果可以的話，我只想再擠一個進去。

We have watched the technology leapfrog one another, between yourselves and cadence for many, many years.

多年來，我們已經見證了技術在你們自己和節奏之間的跨越式發展。

In terms of the industry, I think cadence is very up front in terms of their belief that they have in gaining share on the software, Aart, you and I have had that conversation in terms of the percentage.

就行業而言，我認為 Cadence 在他們相信他們在軟件上獲得份額方面非常領先，Aart，你和我就百分比進行了對話。

But what I'm particularly interested and is IC Compiler II, have you hit that inflection point and do you think we're about to go through a leapfrog back the other way?

但我特別感興趣的是 IC Compiler II，您是否達到了那個拐點，您認為我們將以另一種方式跨越式回歸嗎？

For starters, let me respectfully disagree with your notion that we have seen leapfrogging between our companies.

首先，讓我恭敬地不同意你的觀點，即我們已經看到我們公司之間的跨越式發展。

I think that I would humbly submit that for a majority of the products are our entire history, Synopsys has been the state-of-the-art.

我想我會謙虛地指出，對於大多數產品來說，我們的整個歷史都是如此，Synopsys 一直是最先進的。

And that is not to denigrate anybody else's products, because all of these products are hyper sophisticated and at times can get very good results for specific customer situations.

這並不是要詆毀其他任何人的產品，因為所有這些產品都非常複雜，有時可以針對特定的客戶情況獲得非常好的結果。

Having said that, it is the very nature of both companies, or all EDA companies been actually very strong, that has propelled technology forward and is one of the key drivers behind the success in [warlock], and so I expect that's raised to continue.

話雖如此，正是這兩家公司的本質，或者說所有 EDA 公司實際上都非常強大，推動了技術向前發展，並且是 [warlock] 成功背後的關鍵驅動力之一，所以我希望這種情況會繼續下去.

Specifically in IC Compiler II, we are getting now very systematically very strong results.

特別是在 IC Compiler II 中，我們現在獲得了非常系統的非常強大的結果。

The challenge that we face is a great opportunity, it is not the challenge of proving that we have strong technology, it is to now help migrate our customers to the Next Generation.

我們面臨的挑戰是一個很好的機會，這不是證明我們擁有強大技術的挑戰，而是現在幫助我們的客戶遷移到下一代的挑戰。

We reported to you a number of the chips being done, but underneath this is actually much more activity and the number of chip blocks that are being migrated with Synopsys are actually quite substantial.

我們向您報告了一些正在完成的芯片，但在這之下實際上有更多的活動，並且正在與 Synopsys 一起遷移的芯片塊的數量實際上相當可觀。

So while there's a lot of hard work that's left to be done, I highlighted the fact that most of our support engineers now are already on IC Compiler II.

因此，儘管還有很多艱苦的工作要做，但我強調了一個事實，即我們的大多數支持工程師現在已經在使用 IC Compiler II。

We consider that situation's where the customer has voted for the long-term.

我們認為這種情況是客戶投票支持長期的。

Great, thank you, guys.

太好了，謝謝你們，伙計們。

I appreciate it

我很感激

Tom Diffely, D.A. Davidson.

湯姆·迪菲利，檢察官戴維森。

Yes, good afternoon.

是的，下午好。

Want a question on the consolidation front.

想要一個關於整合方面的問題。

Historically, have you have seen the biggest impact in EDA based on the number of engineers or seats that have gone away or is it just the customers get better pricing because of discounting?

從歷史上看，您是否看到過 EDA 中最大的影響是基於工程師數量或已經消失的席位，還是只是客戶因為打折而獲得更好的價格？

That's an excellent question.

這是一個很好的問題。

I think as far as I can tell engineers don't go away.

我認為，據我所知，工程師們不會離開。

What happens is that in consolidations the company that buys another company, the minute it closes, by nature has to push on efficiency for starters to try to repay or recoup the premium that they paid.

發生的情況是，在合併中收購另一家公司的公司，在它關閉的那一刻，本質上必須提高初學者的效率，以試圖償還或收回他們支付的溢價。

So it is really an efficiency mechanism in an industry.

所以它真的是一個行業的效率機制。

That efficiency can manifest itself on the technology side where companies say, well, you know, we now have more critical mass in an area or we vertically integrate and we can have more technical differentiation.

這種效率可以體現在技術方面，公司說，嗯，你知道，我們現在在一個領域擁有更多的臨界質量，或者我們垂直整合，我們可以有更多的技術差異化。

And so as an earlier questioner highlighted the opportunity space tends to grow after some period of time because companies are actually in most cases truly healthier, and are aimed at the next decade of success.

因此，正如一位較早的提問者所強調的那樣，機會空間往往會在一段時間後增長，因為在大多數情況下，公司實際上真正更健康，並致力於在下一個十年取得成功。

So for us it is, be responsive to the customers as they are often in a financial time of need situation, but at the same time keep an eye on making sure that we are in the game for the long-term.

因此，對我們來說，要對客戶做出響應，因為他們經常處於經濟困難時期，但同時要注意確保我們長期參與其中。

And most importantly that we deliver something to the customers that truly increases their value and their differentiation going forward.

最重要的是，我們為客戶提供的東西可以真正增加他們的價值和他們未來的差異化。

Did you also give those inflection points that goes on as well?

您是否也給出了那些繼續發生的拐點？

I'm sorry, I didn't understand the question.

對不起，我不明白這個問題。

When you look at consolidations, do you look at it as an opportunity for maybe some share shifting going on?

當您查看合併時，您是否將其視為可能進行一些股份轉移的機會？

Absolutely, sorry.

絕對，對不起。

Yes, of course, there are always share readjustments in various ways and historically we have been blessed with having been chosen more often than not in a number of categories to become the lead provider.

是的，當然，總是會以各種方式進行份額調整，從歷史上看，我們很幸運在許多類別中經常被選中成為領先供應商。

We hope that, that will be the case again, but that is the discretion of the customer and our job is to make ourselves as attractive as possible to them.

我們希望，情況會再次如此，但這是客戶的自由裁量權，我們的工作是讓我們對他們盡可能有吸引力。

Okay.

好的。

Then when you look at the midpoint of your fourth-quarter guidance, the margins are little bit lower previous expectations had them, I wonder is the biggest impact there just increase cost structure from the acquisitions?

然後，當您查看第四季度指導的中點時，利潤率略低於之前的預期，我想知道那裡最大的影響是否只是增加了收購的成本結構？

Or is it the larger percentage of hardware in the business in the fourth quarter?

還是第四季度硬件在業務中所佔的比例更大？

It is a combination.

它是一個組合。

This is Trac, Tom.

這是 Trac，湯姆。

It is a combination of a few things.

它是幾件事的結合。

One is the continue hiring in our business, two, the headcount for the acquisitions and also traditionally Q4 is our historically the highest expense quarter.

一是繼續在我們的業務中招聘，二是收購的人數，而且傳統上第四季度是我們歷史上支出最高的季度。

Okay.

好的。

All right.

好的。

Finally, you mentioned emulation and your prepared remarks, sounds like you are doing well there.

最後，你提到了仿真和你準備好的言論，聽起來你在那裡做得很好。

We are hearing that there is some pricing pressure in emulation these days.

我們聽說最近仿真中存在一些定價壓力。

Just curious what your view of the industry is right now and what your longer-term industry growth view is for emulation?

只是好奇您現在對該行業的看法以及您對長期行業增長的看法是什麼？

Sure.

當然。

I think emulation is an interesting field because as it has a natural growth just by virtue of the complexity of the circuits having grown and then also because the intersection of hardware and software demand just very fast simulation or various forms of verification.

我認為仿真是一個有趣的領域，因為它會隨著電路複雜性的增長而自然增長，而且硬件和軟件的交叉需要非常快速的仿真或各種形式的驗證。

So in that context I think that we have seen good growth in all of the EDA companies that provide these technologies.

因此，在這種情況下，我認為我們已經看到所有提供這些技術的 EDA 公司都取得了良好的增長。

When you use the word pricing pressure, you could have used it for the last 30 years on any product in our field.

當您使用定價壓力這個詞時，您可能在過去 30 年中一直在我們領域的任何產品上使用它。

The race is always on, and so the pricing pressure is mostly mitigated by saying, well therefore we have to develop better products that are more differentiated and that manages the economic equation.

競爭總是在進行，因此定價壓力主要通過說來緩解，因此我們必須開發更好的產品，這些產品更具差異化，並且能夠管理經濟方程式。

Frankly, nothing new under the sun and it applies to any field be a hardware or software.

坦率地說，太陽底下沒有新鮮事，它適用於任何領域，無論是硬件還是軟件。

Did you see any degradation of that market based on your litigation with the graphics?

你有沒有因為你對圖形的訴訟而看到那個市場的任何退化？

No, none whatsoever.

不，一點也沒有。

Okay, thank you.

好的謝謝。

Jay Vleeschhouwer, Griffin Securities.

格里芬證券公司的 Jay Vleeschhouwer。

Yes, thanks.

是啊謝謝。

Good afternoon.

下午好。

Aart, I would like to ask first about the business impact of the two new markets that you highlighted as opportunities for you, namely automotive and IOT.

Aart，我想先問一下您強調的兩個新市場對您的業務影響，即汽車和物聯網。

And the question is twofold.

這個問題是雙重的。

First, what do you think the relative benefit to your tools, IP and software integrity businesses might be from either or both of automotive and IOT, do you think it will be mostly a tools play for you, an IP play or software integrity play?

首先，您認為您的工具、IP 和軟件完整性業務的相對利益可能來自汽車和 IOT 中的一個或兩者，您認為對您來說主要是工具遊戲、IP 遊戲還是軟件完整性遊戲？

Similarly, how do you think one or both of these markets as they develop for you might change the services intensity or services profile of the Company?

同樣，您認為這些市場中的一個或兩個在為您開發時會如何改變公司的服務強度或服務概況？

When you look at your counterparts in engineering software for example that serve the automotive market, those engagements are often very services intensive.

例如，當您查看服務於汽車市場的工程軟件領域的同行時，您會發現這些業務通常是服務密集型的。

We know that deals in automotive that are largely services oriented thus far.

我們知道，到目前為止，汽車行業的交易主要以服務為導向。

So as you are developing in automotive yourself and in IOT, do you think there's going to be a significant ratcheting up of the kind of services you're going to have to provide and invest in?

因此，當您自己在汽車和 IOT 領域進行開發時，您是否認為您必須提供和投資的服務類型會大幅增加？

Okay, let me try to answer part A, B, C and D of your question here.

好的，讓我嘗試在這裡回答您問題的 A、B、C 和 D 部分。

Maybe going backwards which is for starters, overall initially these areas, the two focus is bigger than either services or the software integrity just by virtue of these are markets that we have already interacted with quite a bit.

也許倒退對於初學者來說，總體而言，最初這些領域，這兩個重點比服務或軟件完整性更大，因為這些是我們已經與之互動的市場。

Only not necessarily in a vertical fashion.

只是不一定以垂直方式。

So if we take automotive as an example, automotive has the characteristic that relatively speaking they are not a super big EDA market.

所以我們拿汽車為例，汽車有一個特點，相對來說它不是一個超級大的EDA市場。

But they are sophisticated EDA market, not because they drive the state-of-the-art FinFET for example, but because they have a stringent requirement first and foremost for safety and then for reliability, when you think that many of these parts have to be tip top shape for 30 years.

但它們是複雜的 EDA 市場，不是因為它們驅動最先進的 FinFET，而是因為它們首先對安全性以及可靠性有嚴格的要求，當你認為其中許多部件必須30 年來保持最佳狀態。

You can imagine that, that is not a trivial task.

你可以想像，這不是一項微不足道的任務。

So increasingly with the growth of smart in the cars, I can call it that, and therefore the increase of electronic content, one can see that therefore the attention on these types of conditions has to be higher.

因此，隨著汽車智能化的發展，我可以稱之為智能化，因此電子內容的增加，可以看出，對這些類型的條件的關注度必須更高。

And so what we're doing in our tools, and you heard in the preamble in the IP, we're essentially making it conformant with the automotive standards that apply to the type of chip design.

因此，我們在我們的工具中所做的，以及您在 IP 的序言中聽到的，我們基本上是在使其符合適用於芯片設計類型的汽車標準。

And other companies may have other aspects.

而其他公司可能還有其他方面。

I cannot say that we see a lot of services there at the present time, but, we would think about it a bit more.

我不能說我們目前在那裡看到了很多服務，但是，我們會多考慮一下。

On the IOT side of things, IOT unfortunately is a little bit of catch all for the entire industry and Internet of Things, whatever the things are can lead to many different ways.

在物聯網方面，不幸的是，物聯網對整個行業和物聯網來說有點籠統，無論是什麼東西都可以導致許多不同的方式。

I sometimes like to call it immensely optimistic thinking and that is because right now many of the actual IOT parts are very low cost sensors connected to some data processing, quickly connecting into the web where the money is made on the applications.

有時我喜歡稱之為極其樂觀的想法，這是因為現在許多實際的物聯網部件都是連接到某些數據處理的成本非常低的傳感器，可以快速連接到網絡上，從應用程序上賺錢。

On the other hand, I do want to take my little optimistic thinking also in the positive direction which is I think over time this is really the root of where smarts will come about.

另一方面，我確實想把我的小樂觀想法也帶向積極的方向，我認為隨著時間的推移，這確實是智慧產生的根源。

Because if all of these IOT devices can have a bit more computational capabilities at low power, over time one will see that they will head toward some degree of, artificial intelligence sounds like a big word, but adding smarts to many devices.

因為如果所有這些物聯網設備都可以在低功耗的情況下擁有更多的計算能力，隨著時間的推移，人們會發現它們將在某種程度上走向人工智能，這聽起來是個大詞，但要為許多設備增加智能。

Which brings me to the software integrity side.

這讓我想到了軟件完整性方面。

Because the other way to think about IOT and by the way in many ways cars as well, this is the intersection of hardware and software.

因為另一種思考物聯網的方式，順便說一下，汽車也是如此，這是硬件和軟件的交集。

When you know that there in advanced cars, there are about 100 million lines of code, at the minimum some shivers go down your spine because as you probably read recently that code too has been hacked by now.

當您知道在高級汽車中大約有 1 億行代碼時，至少您會不寒而栗，因為正如您最近可能讀到的那樣，代碼現在也已被黑客入侵。

And so aside of the traditional safety and reliability constraints for automotive, now security will be on par.

因此，除了汽車的傳統安全性和可靠性限制外，現在安全性將達到同等水平。

That is where of course our software integrity group will have impact.

這當然是我們的軟件完整性小組將產生影響的地方。

The same is true for IOT.

物聯網也是如此。

IOT are really hardware, software intersections where they touch the real world and then they create in many cases a lot of data and maybe some reasoning around it.

物聯網實際上是硬件、軟件的交叉點，它們接觸現實世界，然後在許多情況下創建大量數據，並可能圍繞這些數據進行一些推理。

And all of that has software quality and software security issues.

所有這些都存在軟件質量和軟件安全問題。

So that is how this all ties together for us.

這就是這一切為我們聯繫在一起的方式。

It is early from a business side point of view, but it is very promising.

從商業角度來看還為時過早，但前景廣闊。

Okay.

好的。

Thanks.

謝謝。

Secondly, your use language to describe the guidance was subtlety different, you talked about in future having a wider range of revenues, having to do with the variability of IP and hardware.

其次，您使用的語言來描述指導是微妙的不同，你談到未來有更廣泛的收入，與 IP 和硬件的可變性有關。

Those have been variable all along anyway, as we have seen and your hardware business to-date has sometimes had a good quarter but it is not on a whole been a particularly large business for you.

無論如何，這些一直是可變的，正如我們所看到的，您的硬件業務迄今為止有時有一個很好的季度，但總體上對您來說並不是一個特別大的業務。

Has something changed however terms of either market conditions or your competitive, or both suggesting that over time your emulation business particularly could be materially larger than it has been to date, and hence the wider range of revenue outcomes?

但是，市場條件或您的競爭條件是否發生了變化，或者兩者都表明隨著時間的推移，您的仿真業務可能會比迄今為止的規模大得多，從而帶來更廣泛的收入結果？

Reason why we increased the revenue guidance range is in fact driven by both hardware and IP.

我們之所以增加收入指導範圍，實際上是由硬件和 IP 驅動的。

On the hardware side as you have seen year to date, we have been doing very well progressively with hardware and that includes both rapid prototyping and emulation.

在硬件方面，正如您今年迄今為止看到的那樣，我們在硬件方面一直做得很好，包括快速原型製作和仿真。

So as that business continues to grow becomes a more material part of our business, we would expect it to be more variable from quarter-to-quarter.

因此，隨著該業務的持續增長成為我們業務中更重要的一部分，我們預計每個季度的變化會更大。

All right.

好的。

Lastly everyone knows from the last six quarters or so, you focused on ICC II of course and that's going to continue to be a major product event for you.

最後，每個人都知道，從過去六個季度左右開始，您當然專注於 ICC II，這將繼續成為您的主要產品活動。

The question is now that, that is underway, continue to be adopted of course, what is next on the side do you think as a next major driver to the business?

現在的問題是，這正在進行中，當然會繼續被採用，您認為下一步是什麼作為業務的下一個主要驅動力？

If you set aside IP and the new software business, what else in let's say core EDA might also become a good incremental lead for you?

如果您撇開 IP 和新軟件業務不談，那麼核心 EDA 中還有什麼可能對您來說也能成為一個很好的增量領導？

Not necessarily as large as implementation, but might it be simulation or something else in verification?

不一定和實現一樣大，但可能是模擬或驗證中的其他東西？

What do you think is next in terms of an incremental driver besides ICC II?

除了 ICC II 之外，您認為下一步的增量驅動程序是什麼？

We actually do you think that the other big investment that is now turning to seeing growth and return is actually the Verification Continuum.

我們實際上是否認為現在正在轉向看到增長和回報的另一項重大投資實際上是驗證連續體。

Verification Continuum is called that because on one hand it is many different tools that do get sold individually.

之所以這樣稱呼 Verification Continuum，是因為一方面，許多不同的工具確實會單獨出售。

But really the value that we are providing is increasingly an ability to use these tools with each other in a fashion that let them be adopted -- adapted much better to be -- people like to solve.

但實際上，我們提供的價值越來越多地以一種讓它們被採用的方式相互使用這些工具的能力——更好地適應——人們喜歡解決。

So in order to get there took quite a bit of effort, years of extremely sophisticated programming.

因此，為了到達那裡需要付出相當多的努力，需要多年極其複雜的編程。

And in technical terms that means, common compulation platform meaning the description understood, it also means a common debugging platform, meaning that you can see and interpret and analyze your results in a user-friendly fashion.

在技術術語中，通用計算平台意味著描述理解，它還意味著通用調試平台，意味著您可以以用戶友好的方式查看、解釋和分析您的結果。

Those were very big investments and they are now starting to bear fruit.

這些都是非常大的投資，現在開始見效。

At the very moment that another angle has started to increase in importance which is this intersection between hardware and software.

就在此時，另一個角度開始變得越來越重要，那就是硬件和軟件之間的交集。

Are you verifying the hardware in the context of the software?

您是否在軟件環境中驗證硬件？

Are you verifying the software in the context of the hardware, or are you really verifying both simultaneously in order to get to market as fast as possible?

您是在硬件環境中驗證軟件，還是同時驗證兩者以盡快進入市場？

Whichever is the long pull in the tenth, you try to eliminate that one.

無論哪一個是第十個長拉，你都試圖消除那個。

So that means that the spread of one verifies is quite broad.

因此，這意味著一個驗證的傳播範圍非常廣泛。

Another area that we will see -- we expect some good growth in the future is actually the custom area and this is an area that we have invested for quite a while.

我們將看到的另一個領域——我們預計未來會有一些良好的增長，實際上是定制領域，這是我們已經投資了很長一段時間的領域。

We have a number of very new capabilities that we will be talking more about in the coming quarters.

我們有許多非常新的功能，我們將在接下來的幾個季度中更多地討論這些功能。

But these are all investments that invariably take many years, and then when they roll out the roll out itself is a major enterprise and that's what we're doing in verification right now.

但這些都是總是需要很多年的投資，然後當他們推出時，推出本身就是一家大型企業，這就是我們現在正在做的驗證。

Monika Garg, Pacific Crest Securities.

Pacific Crest Securities 的 Monika Garg。

Thanks for taking my question.

感謝您提出我的問題。

So Aart you were talking about 20% growth rate for that segment.

所以 Aart 你說的是該細分市場 20% 的增長率。

Are you still seeing similar growth rates in that?

您是否仍然看到類似的增長率？

Yes.

是的。

We have not changed our perspective on the opportunity space.

我們沒有改變對機會空間的看法。

Of course, since then, the good news is that I think we've learned a lot, including the fact that it is a space that is extremely fragmented with many loud voices and some that actually have impact on customers.

當然，從那以後，好消息是我認為我們學到了很多東西，包括這個空間非常分散，有許多響亮的聲音，有些實際上對客戶有影響。

The fact that we have been able to close what we think are some very, very good acquisitions that have strengthened and broadened our position is a sign that we are, I think gaining confidence.

事實上，我們已經能夠完成我們認為非常非常好的收購，這些收購加強和擴大了我們的地位，這表明我們正在獲得信心。

No market is simple or easy but I think it is really visible to most people that software has reached a stage where it needs the next level of, I will use the word discipline and therefore the tools to enforce that.

沒有一個市場是簡單或容易的，但我認為大多數人都可以看到軟件已經達到需要更高水平的階段，我將使用紀律這個詞，因此使用工具來執行它。

And by the time you throw the word security in it, now and you really have to systematic attention.

當你把安全這個詞放進去的時候，現在你真的必須要係統地註意了。

Our objective is to provide the tool set that allows people to do that.

我們的目標是提供允許人們這樣做的工具集。

Thanks.

謝謝。

Maybe you could help us understand how to think about the impact on growth and margins from Atrenta's acquisition next year?

也許您可以幫助我們了解如何考慮明年收購 Arenta 對增長和利潤率的影響？

Normally we don't break out individual acquisitions of that size in terms of the impact.

通常，我們不會根據影響分解那種規模的個別收購。

Obviously they it will add revenue as the haircuts as you know gradually goes away, it becomes rapidly less and less dilutive.

顯然，隨著你所知道的折扣逐漸消失，它們會增加收入，它會迅速變得越來越不稀釋。

It will be slightly dilutive in 2016.

它將在 2016 年略微攤薄。

But the reason I was hesitant, frankly, to speak about that in those terms is, and first thing we do is to try to integrate tools into something bigger and better.

但坦率地說，我之所以猶豫要不要用這些術語來談論它，是因為我們要做的第一件事就是嘗試將工具集成到更大更好的東西中。

So by the end of next year I don't think the Atrenta as we knew it quite exists, we have something better and that is actually mostly in the Verification Continuum.

因此，到明年年底，我不認為我們所知道的 Atrenta 完全存在，我們有更好的東西，實際上主要是在驗證連續體中。

So we think it is actually a fabulous technical acquisition and the customer loyalty and utilization has been very good, so will also help us with a number of key customers as we look at the overall solution.

所以我們認為這實際上是一次了不起的技術收購，客戶忠誠度和利用率非常好，因此在我們審視整體解決方案時也將幫助我們與一些關鍵客戶合作。

We stated earlier that collectively the acquisitions will be dilutive for next year.

我們早些時候說過，這些收購將對明年產生攤薄影響。

Our goal is still to drive EPS growth in the high single-digits.

我們的目標仍然是推動每股收益以高個位數增長。

Got it.

知道了。

The last one for me, we have seen massive share buyback by one of your peers.

最後一個對我來說，我們已經看到你的一位同行進行了大量的股票回購。

You guys have a strong net cash position and rates, a lot of cash, why not accelerate the buyback?

你們有很強的淨現金頭寸和利率，大量現金，為什麼不加速回購？

Monika, we think of the combination of buybacks and acquisitions definitely create a lot of value.

莫妮卡，我們認為回購和收購的結合肯定會創造很多價值。

This particular quarter we have to deemphasize M&A, but overall earlier this year we did complete -- we did announce the $180 million of ASR.

這個特定的季度我們不得不淡化併購，但總體而言，今年早些時候我們確實完成了——我們確實宣布了 1.8 億美元的 ASR。

And when you look back since 2010 til now, we have brought back more than $1.1 billion of stock, so we are very committed to that.

回顧自 2010 年至今，我們已經帶回了超過 11 億美元的股票，因此我們非常致力於此。

All right, thank you so much.

好的，非常感謝。

You're welcome, Monika.

不客氣，莫妮卡。

Mahesh Sanganeria, RBC Capital Markets.

Mahesh Sanganeria，RBC 資本市場。

Thank you very much.

非常感謝你。

Aart appreciate it if you could talk a little bit about the strategy on the software security and quality market, you have been pretty active on that in terms of acquisitions?

如果你能談談軟件安全和質量市場的戰略，我很感激，你在收購方面一直非常活躍？

Are we going to see your growth strategy more focused on more organic growth or are you going to be more aggressive on the acquisition side for this market?

我們是否會看到您的增長戰略更側重於更有機的增長，或者您是否會在這個市場的收購方面更加積極？

It is an easy answer, yes.

這是一個簡單的答案，是的。

Meaning that the good news is we have a very, very good R&D team here.

這意味著好消息是我們這裡有一支非常非常優秀的研發團隊。

And it is quite remarkable how from a technology depth point of view and for many of the concepts around compulation, understanding of languages, interpreting things, they are just as deep as the deepest people here at Synopsys and there are a lot of similarities.

從技術深度的角度來看，對於圍繞計算、語言理解、解釋事物的許多概念，他們與 Synopsys 最深入的人一樣深入，並且有很多相似之處，這是非常了不起的。

At the same time, it is also very clear that if we invest in certain areas to broaden the impact they have, for example with adding some more languages which we are doing, it immediately broadens the potential TAM of the solutions that we have.

同時，也很明顯，如果我們在某些領域進行投資以擴大它們的影響，例如添加更多我們正在做的語言，它會立即擴大我們現有解決方案的潛在 TAM。

Having said that, the reason we invested in the security domain is because that too is a domain of specialist.

話雖如此，我們投資安全領域的原因是因為那也是一個專家領域。

And specialist at times can be a two edge sword because they are sometimes specialist that are very narrow problems, where it is very important to solve them but it is very difficult to actually make a business.

專家有時可能是一把雙刃劍，因為他們有時是非常狹窄的問題的專家，解決這些問題非常重要，但實際開展業務卻非常困難。

And therefore you wouldn't be surprised if I said that there are many essentially service companies in that space that do if not a great job at least an adequate job based on what is understood today.

因此，如果我說在該領域有許多本質上是服務公司，根據今天的理解，即使不是很好，至少也能做足夠的工作，你不會感到驚訝。

Our aim is slightly different.

我們的目標略有不同。

Our aim is to acquire or invest in areas where the problem is systematically growing and where we can offer much more of a platform solution rather than either a service solution or some very low-cost tools.

我們的目標是收購或投資問題系統性增長的領域，以及我們可以提供更多平台解決方案而不是服務解決方案或一些非常低成本的工具的領域。

And thus build a business not dissimilar the similar to what EDA was in the early days for chip design, but now -- or for IP as a matter, but now the same in this domain, that is in our opinion still very much emerging.

從而建立一個與 EDA 早期芯片設計相似的業務，但現在 - 或者對於 IP 作為一個問題，但現在在這個領域相同，我們認為這仍然是非常新興的。

So the acquisitions happen to be cornerstone pieces with very, very talented and experienced people, but that were relatively small versus the opportunity space.

因此，收購恰好是非常非常有才華和經驗豐富的人的基石，但與機會空間相比，這些收購相對較小。

And having the Synopsys machine and in some ways also the brand behind this, gives an opportunity for these technologies to be leveraged much more.

擁有 Synopsys 機器，在某些方面還有其背後的品牌，為這些技術提供了更多利用的機會。

I guess I answered your question by not answering it, because we are doing really both.

我想我通過不回答來回答你的問題，因為我們確實兩者都在做。

Okay.

好的。

That is really helpful.

這真的很有幫助。

And one more follow-up on the question Krish asked about the Intel talking about extending the development or the product and you answered.

還有一個關於 Krish 提出的關於英特爾談論擴展開發或產品的問題的後續行動，你回答了。

But I just wanted to simplify that a little bit and to see if I understand that clearly.

但我只是想稍微簡化一下，看看我是否理解清楚。

Is it fair to say that even if the technology roll out changes from two years to three years, is that the complexity has increased so much that the rate of consumption of EDA doesn't change, is that the right way to look at it?

公平地說，即使技術推出從兩年變為三年，複雜性增加這麼多以至於 EDA 的消耗率沒有改變，這是正確的看待它的方式嗎？

That is exactly the right way to look at it because the way to look at is EDA and that includes all EDA companies, we are running as fast as we can at this point in time.

這正是看待它的正確方式，因為看待它的方式是 EDA 並且包括所有 EDA 公司，我們在這個時間點正在盡可能快地運行。

By the way, I think the Semiconductor or manufacturing guys on technology, they are running as fast as they can and the users are adopting as fast as they can and as fast as is economically reasonable.

順便說一下，我認為半導體或技術製造商正在盡可能快地運行，用戶正在盡可能快地採用經濟合理的速度。

So the reason I make a distinction with the users is because economically reasonable is determined by one more variable which is ultimately the production yields.

所以我區分用戶的原因是因為經濟上的合理性是由一個最終的生產收益率決定的。

So of course manufacturing are trying to drive the yield up like crazy.

因此，製造業當然會瘋狂地提高產量。

We are trying to make the designs as yield friendly as possible, and the ultimate volume adoption is a function of that.

我們正在努力使設計盡可能地友好，而最終的批量採用是其功能。

But there is no question that -- there is no change whatsoever in the speed of drive of the Semiconductor industry, it's at max, it has always been at max and I think that will continue.

但毫無疑問——半導體行業的驅動速度沒有任何變化，它處於最大值，它一直處於最大值，我認為這將繼續下去。

All right, thank you very much.

好的，非常感謝。

You're welcome.

別客氣。

At this time I'll turn the call back for closing comments.

此時我將轉回電話以徵求結束評論。

I guess that brings us to the turn of the hour.

我想這讓我們到了時間之交。

Thank you very much for a very interesting set of questions and I hope that you have an impression of Synopsys that captures both the momentum and the opportunity space going forward.

非常感謝您提出了一組非常有趣的問題，我希望您對 Synopsys 的印像是抓住了前進的勢頭和機會空間。

And we will be available for further questions in one on ones as usual.

我們將像往常一樣以一對一的方式回答進一步的問題。

Thank you so much.

太感謝了。

Ladies and gentlemen, that does conclude our conference for today.

女士們，先生們，我們今天的會議到此結束。

Today's conference will be available for a digitized replay after 4.00 PM pacific time through midnight on August 26.

今天的會議將在太平洋時間下午 4 點後至 8 月 26 日午夜進行數字化重播。

You can access the executive replay service at any time by dialing 1(800) 475-6701, entering access code 366153.

您可以隨時撥打 1(800) 475-6701，輸入接入碼 366153 訪問執行重播服務。

International participants dial (320)365-3844.

國際參與者撥打 (320)365-3844。

That number again is 1(800) 475-6701, (320)365-3844, access code 366153

該號碼還是 1(800) 475-6701、(320)365-3844，訪問代碼 366153