新思科技 (SNPS) 2018 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Synopsys Earnings Conference Call for the Fourth Quarter and Fiscal Year 2018.

女士們，先生們，感謝您的支持，歡迎參加 Synopsys 2018 年第四季度和財年收益電話會議。

(Operator Instructions) Today's call will last 1 hour.

（操作員說明）今天的通話將持續 1 小時。

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

通話結束前 5 分鐘，我們將公佈會議剩餘時間。

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

提醒一下，今天的電話正在錄音中。

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

此時，我想將會議轉交給投資者關係副總裁 Lisa Ewbank。

Please go ahead.

請繼續。

Thank you, Laurie.

謝謝你，勞裡。

Good afternoon.

下午好。

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

今天主持電話會議的是新思科技董事長兼聯合首席執行官 Aart de Geus；和首席財務官 Trac Pham。

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

在開始之前，我想提醒大家，在本次電話會議期間，新思科技將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。

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.

儘管這些陳述代表了我們對截至今天的未來結果和業績的最佳判斷，但我們的實際結果和業績受到許多風險和不確定性的影響，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 the call, important factors that may affect our future results are described in our most recent SEC reports and today's earnings press release.

除了我們在電話會議期間強調的任何風險外，我們最近的 SEC 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。

In addition, we will refer to non-GAAP financial measures during the discussion.

此外，我們將在討論期間參考非公認會計準則財務指標。

Reconciliations to their most directly comparable GAAP financial measures and supplemental financial information can be found in the earnings press release and financial supplement that we released earlier today and the 8-K, which we will file tomorrow morning due to the closure of financial markets today.

與他們最直接可比的 GAAP 財務指標和補充財務信息的對賬可以在我們今天早些時候發布的收益新聞稿和財務補充以及 8-K 中找到，由於今天金融市場關閉，我們將於明天早上提交。

Also included in the financial supplement is detailed information around our transition to ASC 606, which we will adopt in Q1, and our long-term financial objectives.

財務補充還包括有關我們將在第一季度採用的 ASC 606 過渡的詳細信息，以及我們的長期財務目標。

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

所有這些項目以及最新的投資者介紹都可以在我們的網站 synopsys.com 上找到。

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

此外，準備好的評論將在通話結束時發佈在網站上。

With that, I'll turn the 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 pleased to report another excellent quarter, and with it, an outstanding year for Synopsys.

我很高興地報告又一個出色的季度，以及由此帶來的 Synopsys 出色的一年。

In fiscal 2018, we crossed the $3 billion mark with revenue of $3.12 billion and delivered non-GAAP earnings per share of $3.91, both record results, with strong double-digit growth.

在 2018 財年，我們以 31.2 億美元的收入突破 30 億美元大關，實現非公認會計原則每股收益 3.91 美元，均創歷史新高，並實現兩位數的強勁增長。

Our 3-year backlog grew by approximately $300 million to $4 billion.

我們 3 年的積壓訂單增加了大約 3 億美元，達到 40 億美元。

Our business was comprehensively strong with very good growth across all product groups and all geographies.

我們的業務全面強勁，所有產品組和所有地區的增長都非常好。

We repurchased $400 million of our stock and simultaneously made targeted investments to drive long-term growth, also organically and through the acquisition of Black Duck.

我們回購了 4 億美元的股票，同時進行了有針對性的投資，以推動長期增長，也是有機地和通過收購 Black Duck。

Our diversification into software security and quality progressed very well as we passed the $0.25 billion annual revenue mark.

隨著我們通過 2.5 億美元的年收入大關，我們在軟件安全和質量方面的多元化進展非常順利。

Notwithstanding some turbulence in the market, Synopsys is in a strong position, and we're increasing our long-term financial objectives.

儘管市場出現了一些動盪，Synopsys 仍處於強勢地位，我們正在提高我們的長期財務目標。

Trac will discuss the financials in more detail.

Trac 將更詳細地討論財務狀況。

The excellent fiscal 2018 results highlight a 5-year unparalleled period of technology innovation, market share growth, TAM expansion and strong financial execution for Synopsys.

出色的 2018 財年業績突顯了新思科技 5 年無與倫比的技術創新、市場份額增長、TAM 擴張和強大的財務執行。

Early on, we envisioned a world of "Smart Everything" where complex connected chips and systems, combined with enormous software content, would launch the age of AI-powered electronics.

早期，我們設想了一個“智能一切”的世界，其中復雜的連接芯片和系統，結合龐大的軟件內容，將開啟人工智能驅動的電子時代。

Our strategy flowed from there as we shifted our center of gravity to the critical intersection of hardware and software.

當我們將重心轉移到硬件和軟件的關鍵交叉點時，我們的戰略就從那裡開始了。

Our investments were targeted at not only advanced EDA tools and platforms but at broadening our mission-critical IP portfolio and entering a new business aimed at solving high-impact software security challenges.

我們的投資不僅針對先進的 EDA 工具和平台，還針對擴大我們的關鍵任務 IP 組合併進入旨在解決高影響軟件安全挑戰的新業務。

Our vision turned out to be on point, and our execution puts us in an excellent position.

事實證明，我們的願景是正確的，我們的執行使我們處於有利位置。

As we look through our next phase of growth to $4 billion and beyond, our strategy is threefold: one, sustain and grow our EDA and IP technology and market leadership; two, continue to scale Software Integrity, driving substantial growth from a diverse customer base while steadily moving to solid profitability; and three, further drive operational excellence towards multiyear operating margin expansion through continued revenue growth and prudent expense management.

當我們展望下一階段的增長到 40 億美元及以上時，我們的戰略是三重的：第一，維持和發展我們的 EDA 和 IP 技術和市場領導地位；二、繼續擴大軟件完整性，推動多元化客戶群的大幅增長，同時穩步邁向穩健的盈利能力；第三，通過持續的收入增長和審慎的費用管理，進一步推動卓越運營，實現多年營業利潤率擴張。

In that context, let me expand on each of these, beginning with EDA.

在這種情況下，讓我從 EDA 開始對其中的每一個進行擴展。

Notwithstanding inevitable swings in the semiconductor market, EDA growth is driven by continued chip and system complexity.

儘管半導體市場不可避免地出現波動，但 EDA 的增長是由持續的芯片和系統複雜性推動的。

In 2018, we delivered a stream of innovations aimed squarely at enabling the most complex designs ever, and those products are in the very early stages of a multiyear upgrade cycle.

2018 年，我們推出了一系列創新，旨在實現有史以來最複雜的設計，而這些產品正處於多年升級週期的早期階段。

Specifically, our digital design tools generated their highest revenue growth in several years, with strong performance across all elements of our new Fusion design platform.

具體來說，我們的數字設計工具創造了幾年來最高的收入增長，在我們新的 Fusion 設計平台的所有元素中表現出色。

The word "Fusion" captures the advantages of a single or a fused data model for synthesis, place and route and signoff, enabling us to now share optimization engines across product boundaries.

“Fusion”這個詞抓住了單一或融合數據模型在綜合、佈局佈線和簽核方面的優勢，使我們現在能夠跨產品邊界共享優化引擎。

This results in very measurable productivity improvements for our customers.

這為我們的客戶帶來了非常可衡量的生產力提高。

While we introduced the Fusion concept in March, we formally launched the Fusion design platform in 2 significant new products last month.

雖然我們在 3 月份推出了 Fusion 概念，但上個月我們在 2 款重要的新產品中正式推出了 Fusion 設計平台。

Most notably, Fusion Compiler, the only single product on the market that integrates synthesis, place and route and the key elements of our gold-standard signoff technology.

最值得注意的是 Fusion Compiler，它是市場上唯一一款集成了綜合、佈局和佈線以及我們黃金標準簽核技術的關鍵元素的單一產品。

Built on a unified data model with shared code among the different functions, it elevates the need to move between tools.

它建立在具有不同功能之間共享代碼的統一數據模型之上，提高了在工具之間移動的需求。

Through a simultaneous multiyear development effort, we massively upgraded our synthesis capabilities with a brand-new engine built from the ground up, resulting in notably higher capacity and performance.

通過同時進行的多年開發工作，我們使用從頭開始構建的全新引擎大規模升級了我們的合成能力，從而顯著提高了容量和性能。

The combination is quite powerful, with 2x faster time to results and significantly fewer design iterations, along with a 20% improvement in quality of results.

這種組合非常強大，獲得結果的時間快了 2 倍，設計迭代次數顯著減少，結果質量提高了 20%。

These are impressive numbers.

這些都是令人印象深刻的數字。

Customers such as Toshiba, Samsung, Socionext and others have already reported excellent results.

東芝、三星、Socionext 等客戶已經報告了優異的成績。

And we see great promise for demand going forward.

我們看到了未來需求的巨大希望。

For customers who use our franchise Design Compiler product separately, we also launched a significant upgrade, Design Compiler NXT, which delivers 2x faster runtime and cloud-ready distributed synthesis that boosts performance even further.

對於單獨使用我們的特許設計編譯器產品的客戶，我們還推出了一項重大升級，設計編譯器 NXT，它提供了 2 倍更快的運行時間和雲就緒分佈式綜合，進一步提高了性能。

Stay tuned for more Fusion-related capabilities to be rolled out during 2019.

請繼續關注將在 2019 年推出的更多 Fusion 相關功能。

Verification, too, had another outstanding year of growth and share gains.

Verification 也有另一個出色的增長和份額增長的一年。

With the exploding requirements of today's leading technology trends, including automotive, IoT, AI and others, verification is the biggest bottleneck for customers.

隨著當今領先技術趨勢的爆炸式需求，包括汽車、物聯網、人工智能等，驗證是客戶最大的瓶頸。

We developed our Verification Continuum platform, which integrates the fastest market-leading hardware and software tools available, to not only drive state-of-the-art chip verification but to enable the simulation of these highly complex systems.

我們開發了我們的 Verification Continuum 平台，該平台集成了最快的市場領先的硬件和軟件工具，不僅可以推動最先進的芯片驗證，還可以模擬這些高度複雜的系統。

Across the board, we've generated a large number of competitive wins and have built significant new customer relationships.

全面而言，我們已經贏得了大量的競爭勝利，並建立了重要的新客戶關係。

Particularly impactful has been our hardware-based ZeBu emulation system, which saw another record year, making us the market leader.

特別有影響力的是我們基於硬件的 ZeBu 仿真係統，該系統再創紀錄，使我們成為市場領導者。

In 2018, we launched ZeBu Server 4, the fastest, largest capacity emulator available today.

2018 年，我們推出了 ZeBu Server 4，這是當今最快、容量最大的模擬器。

It hits the sweet spot of not only accelerating chip verification, but importantly, early software bring-up and system validation.

它不僅達到了加速芯片驗證的最佳點，而且重要的是，早期的軟件啟動和系統驗證。

Customer success has been quite broad based from very large, big-volume semi and systems companies, all the way to small aggressive AI startups.

客戶成功的基礎非常廣泛，從非常大的、大批量的半導體和系統公司，一直到小型的積極的人工智能初創公司。

Emulation is an area that lends itself to delivery on the cloud, which is helpful to some customers as they seek sufficient compute capacity during periods of peak utilization.

仿真是一個適合在雲上交付的領域，這對一些客戶很有幫助，因為他們在使用高峰期尋求足夠的計算能力。

While we have offered cloud hosting for EDA tools for many years, we officially launched a broader cloud solution in the summer, partnering with public cloud providers including Amazon, Microsoft Azure, Google and Alibaba Cloud.

雖然我們多年來一直為 EDA 工具提供雲託管，但我們在夏季正式推出了更廣泛的雲解決方案，與包括亞馬遜、微軟 Azure、谷歌和阿里雲在內的公共雲提供商合作。

We expect that continued growth in complexity will sustain strong demand for our solutions.

我們預計複雜性的持續增長將維持對我們解決方案的強勁需求。

Turning to semiconductor IP.

轉向半導體IP。

We had another excellent year of double-digit growth, reaching record levels at slightly more than 20% of total Synopsys revenue.

我們又迎來了兩位數增長的出色年份，達到了創紀錄的水平，略高於 Synopsys 總收入的 20%。

Over the past 15-plus years, we've built the broadest and highest-quality portfolio of logic libraries, embedded memories, interfaces, processors and security IP.

在過去的 15 多年裡，我們構建了最廣泛和最高質量的邏輯庫、嵌入式存儲器、接口、處理器和安全 IP 產品組合。

Our offering has evolved from being initially cost-effective building blocks to now state-of-the-art, sophisticated subsystems serving high-impact markets and leading-edge customers.

我們的產品已經從最初的具有成本效益的構建模塊發展為現在最先進的、複雜的子系統，服務於具有高影響力的市場和領先的客戶。

Nowhere is this more visible than in cutting-edge verticals like cloud, AI, 5G and autonomous driving.

這在雲、人工智能、5G 和自動駕駛等前沿垂直領域最為明顯。

Our ARC processors, for example, generated very good growth in 2018, notably with our innovative embedded vision processor targeted at AI applications, including drones, surveillance and digital imaging products.

例如，我們的 ARC 處理器在 2018 年實現了非常好的增長，尤其是我們針對人工智能應用的創新嵌入式視覺處理器，包括無人機、監控和數字成像產品。

Today's automotive chips must meet stringent functional safety and reliability standards.

今天的汽車芯片必須滿足嚴格的功能安全和可靠性標準。

Over the past several years, we've developed the broadest portfolio of ISO 26262-certified IP for ADAS, infotainment, embedded microcontrollers and more.

在過去幾年中，我們為 ADAS、信息娛樂、嵌入式微控制器等開發了最廣泛的 ISO 26262 認證 IP 產品組合。

Our unmatched portfolio of IP interfaces ranges from USB to PCI Express to DDR, HDMI, MIPI, high-speed SerDes and more.

我們無與倫比的 IP 接口產品組合涵蓋從 USB 到 PCI Express 到 DDR、HDMI、MIPI、高速 SerDes 等。

We are by far the broadest one-stop shop for high-quality blocks in all key manufacturing processes down to 7-nanometer and below.

迄今為止，我們是所有關鍵製造工藝中最廣泛的高質量塊的一站式商店，其製造工藝可低至 7 納米及以下。

As customers trust our IP for their most demanding new designs, we expect continued strength going forward.

由於客戶信任我們的 IP 用於他們最苛刻的新設計，我們預計未來將繼續保持實力。

While Synopsys is fortunate to lead in a number of areas, we continually evolve our strategy to stay ahead of emerging opportunities.

雖然 Synopsys 有幸在多個領域處於領先地位，但我們不斷發展我們的戰略，以領先於新出現的機會。

Our entry into Software Integrity almost 5 years ago is a prime example of this.

大約 5 年前，我們進入軟件完整性領域就是一個很好的例子。

In this new market, we offer solutions to identify and address security vulnerabilities and quality defects early in the software development cycle: that is, while code is being written.

在這個新市場中，我們提供解決方案來識別和解決軟件開發週期早期的安全漏洞和質量缺陷：即在編寫代碼時。

Through both organic investments and key acquisitions, we have built a new market position, one that is nicely adjacent to EDA, but also constitutes a major new TAM.

通過有機投資和關鍵收購，我們建立了一個新的市場地位，它與 EDA 非常接近，但也構成了一個重要的新 TAM。

For Synopsys, that means a high-growth industry and diversification of our customer base, reaching software developers in key verticals such as financial services, automotive and medical devices.

對於 Synopsys 而言，這意味著一個高增長的行業和我們客戶群的多樣化，涉及金融服務、汽車和醫療設備等關鍵垂直領域的軟件開發人員。

The most recent acquisitions, Cigital and Black Duck, have been very successful in enabling high-level strategic engagements with customers, demand creation, cross-selling and significantly increased brand recognition.

最近的收購 Cigital 和 Black Duck 在實現與客戶的高水平戰略合作、創造需求、交叉銷售和顯著提高品牌認知度方面非常成功。

In 2019, we plan to deliver a comprehensive Software Integrity Platform, which is designed to provide a streamlined, more robust solution in what has been a highly fragmented market, delivering high value for our customers.

2019 年，我們計劃提供一個全面的軟件完整性平台，該平台旨在在高度分散的市場中提供簡化、更強大的解決方案，為我們的客戶帶來高價值。

Software Integrity is poised to reach roughly 10% of our total revenue in fiscal '19 while progressing towards profitability.

軟件完整性有望在 19 財年達到我們總收入的大約 10%，同時朝著盈利方向發展。

We're evaluating the best way to manage the business and report its results, and will make a decision in Q1.

我們正在評估管理業務並報告其結果的最佳方式，並將在第一季度做出決定。

Rounding things out, a few comments about the economic landscape.

最後，關於經濟形勢的一些評論。

Following 2 years of very strong revenue growth in the semiconductor industry, analysts are forecasting continued growth, albeit at a more modest phase.

在半導體行業兩年來非常強勁的收入增長之後，分析師預測將繼續增長，儘管處於較為溫和的階段。

Design activity, however, continues unabated.

然而，設計活動繼續有增無減。

Learning from experience, customers prioritize electronic design through all parts of the business cycle.

從經驗中學習，客戶在業務週期的所有部分優先考慮電子設計。

In addition, exciting new verticals, many new AI entrants and continued complexity growth are bolstering the demand for our solutions.

此外，令人興奮的新垂直領域、許多新的 AI 進入者和持續的複雜性增長正在增強對我們解決方案的需求。

With the portfolio products and services aimed directly at the most critical electronic challenges in the world, we're confident in our position and feel a great deal of vitality in our outlook.

憑藉直接針對世界上最關鍵的電子挑戰的產品組合和服務，我們對自己的地位充滿信心，並對我們的前景充滿活力。

Furthermore, our solid financial consolidation, recurring revenue business model and diversified customer base augments that confidence and sense of momentum.

此外，我們穩健的財務整合、經常性收入業務模式和多元化的客戶群增強了這種信心和動力感。

As a result, we're raising our financial ambitions with the intent to drive double-digit non-GAAP EPS growth over the next several years.

因此，我們正在提高我們的財務雄心，以期在未來幾年推動兩位數的非公認會計原則每股收益增長。

In closing, fiscal 2018 was an excellent year for Synopsys.

最後，2018 財年對 Synopsys 來說是出色的一年。

We delivered double-digit revenue and non-GAAP earnings growth, with strength across all product groups and all geographies.

我們實現了兩位數的收入和非 GAAP 收益增長，在所有產品組和所有地區都表現出色。

We're poised for the next phase of growth, leveraging a number of game-changing new products in EDA, delivering on a strong pipeline of advanced IP cores and continuing to scale revenue and profitability in software security.

我們已準備好進入下一階段的增長，利用 EDA 中的一些改變遊戲規則的新產品，提供強大的先進 IP 內核管道，並繼續擴大軟件安全方面的收入和盈利能力。

I want to thank our employees, customers, partners and investors for their hard work, support and confidence.

我要感謝我們的員工、客戶、合作夥伴和投資者的辛勤工作、支持和信任。

Let me now turn the call over to Trac.

現在讓我把電話轉給 Trac。

Thanks, Aart.

謝謝，阿爾特。

Good afternoon, everyone.

大家下午好。

To echo Aart's comments, we had an outstanding year financially, operationally and strategically.

為了回應 Aart 的評論，我們在財務、運營和戰略上都經歷了出色的一年。

Not only did we surpass the $3 billion revenue mark and report our best non-GAAP earnings to date, but we also delivered on our multiyear initiative to drive sustainable long-term growth through targeted investments and strategic diversification.

我們不僅超過了 30 億美元的收入大關並報告了迄今為止我們最好的非公認會計準則收益，而且我們還實施了我們的多年計劃，通過有針對性的投資和戰略多元化來推動可持續的長期增長。

These investments contributed to what was a record year across the board.

這些投資促成了全面創紀錄的一年。

We saw strength throughout our portfolio, and each of our geographies generated double-digit growth.

我們在整個投資組合中都看到了實力，我們的每個地區都實現了兩位數的增長。

As we enter the next phase and look to $4 billion, we're confident in our long-term prospects.

隨著我們進入下一階段並展望 40 億美元，我們對我們的長期前景充滿信心。

To reflect this confidence, we are raising our long-term financial objectives, which I'll describe in greater detail momentarily.

為了體現這種信心，我們正在提高我們的長期財務目標，稍後我將更詳細地描述。

First, I'll review the fourth quarter of fiscal 2018 results.

首先，我將回顧一下 2018 財年第四季度的業績。

All comparisons will be year-over-year, unless I specify otherwise.

除非我另有說明，否則所有比較都是逐年比較的。

We generated total revenue of $795 million in Q4 and $3.12 billion for the year, reflecting growth of 14% and 15%, respectively.

我們在第四季度的總收入為 7.95 億美元，全年為 31.2 億美元，分別增長了 14% 和 15%。

Our 3-year backlog grew more than $300 million to $4 billion, which, along with our recurring revenue model, provides a level of stability and predictability not often seen in enterprise software companies.

我們 3 年的積壓訂單增長了 3 億多美元，達到 40 億美元，這與我們的經常性收入模型一起，提供了企業軟件公司中不常見的穩定性和可預測性。

Total GAAP costs and expenses were $734 million for the quarter and $2.76 billion for the year.

本季度 GAAP 總成本和費用為 7.34 億美元，全年為 27.6 億美元。

Total non-GAAP costs and expenses were $658 million for the quarter and $2.43 billion for the year.

本季度非 GAAP 成本和費用總額為 6.58 億美元，全年為 24.3 億美元。

The resulting non-GAAP operating margin for the year was 22.1% as we made targeted investments to further strengthen our business while continuing to deliver strong earnings growth.

由於我們進行了有針對性的投資以進一步加強我們的業務，同時繼續實現強勁的盈利增長，因此該年度的非公認會計原則營業利潤率為 22.1%。

GAAP earnings per share were $1.66 for the quarter and $2.82 for the year.

本季度的 GAAP 每股收益為 1.66 美元，全年為 2.82 美元。

Non-GAAP earnings per share were $0.78 for the quarter and $3.91 for the year, an increase of 13% to 14%, respectively.

本季度非 GAAP 每股收益為 0.78 美元，全年為 3.91 美元，分別增長 13% 至 14%。

We generated $131 million of operating cash flow in the quarter and $424 million for the year.

我們在本季度產生了 1.31 億美元的運營現金流，全年產生了 4.24 億美元。

This was below our historical levels due to approximately $230 million of onetime items, which are detailed in our financial supplement.

由於大約 2.3 億美元的一次性項目，這低於我們的歷史水平，這在我們的財務補充中有詳細說明。

We ended the year with a cash balance of $723 million with total debt of $469 million.

我們年底的現金餘額為 7.23 億美元，總債務為 4.69 億美元。

We completed the $165 million accelerated share repurchase begun in May this year, bringing the total buybacks to $400 million in 2018.

我們完成了今年 5 月開始的 1.65 億美元加速股票回購，使 2018 年的回購總額達到 4 億美元。

Over the last 3 years, we've repurchased $1.2 billion of our stock, reducing the share count by 5 million shares.

在過去 3 年中，我們回購了 12 億美元的股票，將股票數量減少了 500 萬股。

We also used our cash to acquire Black Duck, adding the market leader in open-source security testing to our Software Integrity Group.

我們還用我們的現金收購了 Black Duck，將開源安全測試的市場領導者加入了我們的軟件完整性組。

Black Duck came in at the high end of our plan, with $60 million in revenue and was slightly less dilutive than we expected at approximately $0.10 for 2018.

Black Duck 進入了我們計劃的高端，收入為 6000 萬美元，稀釋度略低於我們預期的 2018 年約 0.10 美元。

Black Duck remains on track to break even on the second half of 2019.

Black Duck 仍有望在 2019 年下半年實現收支平衡。

Now that the Black Duck acquisition is largely integrated, we will no longer report its individual results.

既然黑鴨子的收購在很大程度上是整合的，我們將不再報告其單獨的結果。

The combined Software Integrity business has maintained its rapid pace of growth, reaching approximately $280 million in 2018 and approaching sufficient scale to progress towards solid profitability.

合併後的軟件完整性業務保持快速增長，2018 年達到約 2.8 億美元，並接近足夠的規模以實現穩健的盈利能力。

Given this change, we're evaluating how best to manage the operations and the visibility provided to investors going forward.

鑑於這一變化，我們正在評估如何最好地管理運營以及為未來的投資者提供的可見性。

We will make a decision in Q1.

我們將在第一季度做出決定。

Before moving to our outlook, I'd like to note that our financial supplement includes a summary of certain discrete operating items that we've referenced this quarter and earlier in the year.

在轉向我們的展望之前，我想指出我們的財務補充包括我們在本季度和今年早些時候引用的某些離散經營項目的摘要。

Turning now to guidance.

現在轉向指導。

I'll start with a brief description of what to expect for our transition from ASC 605 to ASC 606.

我將首先簡要描述我們從 ASC 605 過渡到 ASC 606 的預期。

It's important to note that while -- this is an accounting transition only and will not affect cash generation or how we manage the business.

重要的是要注意，雖然這只是會計過渡，不會影響現金產生或我們管理業務的方式。

While revenue recognition for the rest of the business will remain largely unchanged, we will see an impact on the timing of revenue associated with our multiyear IP license contracts.

雖然其他業務的收入確認將基本保持不變，但我們將看到與我們的多年 IP 許可合同相關的收入時間的影響。

Under 605 rules, the effective contracts were recognized ratably.

根據605規則，有效合同按比例確認。

Under 606 rules, these noncancellable contracts are still recognized over time, but the revenue will now be recognized when the customer requests delivery of specific titles.

根據 606 規則，這些不可取消的合同仍會隨著時間的推移而確認，但現在將在客戶要求交付特定標題時確認收入。

This change has no impact on the total value of the contracts but will contribute to a greater quarter-to-quarter variability with respect to IP revenue.

這一變化對合同的總價值沒有影響，但會導致 IP 收入的季度變化更大。

During this transition year, there's a onetime recast of our backlog under the new 606 rules.

在這個過渡年，我們根據新的 606 規則對我們的積壓工作進行了一次重鑄。

This will cause a portion of our backlog that would have been recognized under 605 rules in 2019 and beyond, to be directly recorded as retained earnings under 606 rules.

這將導致我們在 2019 年及以後根據 605 規則確認的部分積壓訂單將直接記錄為 606 規則下的留存收益。

We expect the transition to ASC 606 to result in a reduction to 2019 revenue of approximately $40 million, with the impact declining to neutral within 2 years.

我們預計向 ASC 606 的過渡將導致 2019 年收入減少約 4000 萬美元，並在 2 年內將影響降至中性。

Our financial supplement contains additional details on the transition to ASC 606.

我們的財務補充包含有關向 ASC 606 過渡的更多詳細信息。

Before moving to our official targets for 2019, let me provide some apples-to-apples comparisons under 605 rules.

在轉向我們 2019 年的官方目標之前，讓我提供一些 605 規則下的蘋果對蘋果的比較。

Under ASC 605, revenue for fiscal 2019 is expected to be between $3.34 billion and $3.37 billion, an increase of 7% to 8% or approximately 9% excluding the extra week in 2018.

根據 ASC 605，2019 財年的收入預計在 33.4 億美元至 33.7 億美元之間，不包括 2018 年的額外一周，增長 7% 至 8% 或約 9%。

GAAP earnings are expected to be $3.01 to $3.11 per share, with non-GAAP earnings of $4.40 to $4.47 per share, implying a non-GAAP operating margin at the midpoint of just over 24%, an increase of approximately 200 basis points.

GAAP 收益預計為每股 3.01 美元至 3.11 美元，非 GAAP 收益為每股 4.40 美元至 4.47 美元，這意味著非 GAAP 營業利潤率的中點略高於 24%，增加了約 200 個基點。

These numbers reflect an outlook for another strong year with double-digit earnings growth and solid margin expansion, consistent with the financial objectives we've previously communicated.

這些數字反映了另一個強勁的一年的前景，兩位數的盈利增長和穩健的利潤率擴張，與我們之前傳達的財務目標一致。

I will now provide our official full year and first quarter guidance under the new ASC 606 rules.

我現在將根據新的 ASC 606 規則提供我們的官方全年和第一季度指導。

For 2019, the full year targets are: revenue of $3.29 billion to $3.34 billion; total GAAP costs and expenses between $2.787 million and $2.817 billion; total non-GAAP costs and expenses between $2.53 billion and $2.55 billion, resulting in a non-GAAP operating margin at the midpoint of approximately 23.5%; other income and expenses between minus $14 million and minus $10 million; a non-GAAP normalized tax rate of 16%; outstanding shares between 153 million and 156 million; GAAP earnings of $2.80 to $2.90 per share; non-GAAP earnings of $4.20 to $4.27 per share; cash flow from operations of approximately $700 million; and capital expenditures of approximately $270 million.

2019年全年目標為：營收32.9億至33.4億美元； GAAP 總成本和費用在 278.7 萬美元至 28.17 億美元之間；非 GAAP 總成本和費用在 25.3 億美元至 25.5 億美元之間，非 GAAP 營業利潤率約為 23.5% 的中點；負1400萬美元至負1000萬美元之間的其他收入和支出； 16% 的非公認會計原則標準化稅率；流通股在 1.53 億至 1.56 億之間； GAAP 每股收益為 2.80 美元至 2.90 美元；非公認會計原則每股收益為 4.20 美元至 4.27 美元；來自運營的現金流約為 7 億美元；資本支出約為 2.7 億美元。

This includes a build-out of a facility in China and the relocation of some Silicon Valley offices.

這包括在中國擴建工廠和搬遷一些矽谷辦事處。

We expect CapEx to drop roughly in half in 2020.

我們預計 2020 年資本支出將下降大約一半。

For the first quarter, the targets are: revenue between $775 million to $810 million; total GAAP costs and expenses between $677 million to $693 million; total non-GAAP costs and expenses between $612 million to $622 million; other income and expenses between minus $5 million and minus $3 million; a non-GAAP normalized tax rate of 16%; outstanding shares between 153 million and 156 million; GAAP earnings of $0.56 to $0.64 per share; and non-GAAP earnings of $0.95 to $1 per share.

第一季度的目標是：收入在 7.75 億美元至 8.1 億美元之間； GAAP 總成本和費用在 6.77 億美元至 6.93 億美元之間；非公認會計原則成本和費用總額在 6.12 億美元至 6.22 億美元之間；負 500 萬美元至負 300 萬美元之間的其他收入和支出； 16% 的非公認會計原則標準化稅率；流通股在 1.53 億至 1.56 億之間； GAAP 每股收益為 0.56 美元至 0.64 美元；非公認會計原則每股收益為 0.95 美元至 1 美元。

I'll close with an update to our long-term financial objectives.

最後，我將更新我們的長期財務目標。

Based on the strong position we've built across the portfolio, we are now setting a goal to drive annual double-digit non-GAAP EPS growth through a mix of high single-digit total revenue growth consisting of EDA at mid- to high single digits, IP systems in the low double digits and Software Integrity growth of around 20%.

基於我們在整個投資組合中建立的強勢地位，我們現在設定的目標是通過包括中高單價 EDA 在內的高個位數總收入增長來推動年度兩位數的非公認會計原則每股收益增長位數、低兩位數的 IP 系統和 20% 左右的軟件完整性增長。

Simultaneously, we intend to expand non-GAAP operating margins to the high 20s over time with a goal of 26% by 2021.

同時，我們打算隨著時間的推移將非 GAAP 營業利潤率擴大到 20 多歲，目標是到 2021 年達到 26%。

We plan to accomplish this through a mix of revenue growth, prudent expense management and continued scaling of Software Integrity.

我們計劃通過收入增長、謹慎的費用管理和軟件完整性的持續擴展來實現這一目標。

Our capital allocation strategy remains a balance of organic investments, M&A and buybacks.

我們的資本配置策略保持有機投資、併購和回購的平衡。

To wrap up, this quarter closed out a great year for Synopsys.

總而言之，本季度結束了 Synopsys 的豐收年。

Because of the decisions and investments we've made, the business is well positioned to continue on this path through 2019 and beyond.

由於我們做出的決策和投資，該業務已做好準備在 2019 年及以後繼續沿著這條道路前進。

The updated financial objectives we laid out today reflect confidence in our ability to deliver strong profitable growth as we move toward $4 billion of revenue.

我們今天制定的最新財務目標反映了我們對實現強勁盈利增長能力的信心，因為我們正朝著 40 億美元的收入邁進。

And 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) And our first question, from the line of Gary Mobley with Benchmark Company.

（操作員說明）我們的第一個問題來自 Benchmark Company 的 Gary Mobley。

I wanted to run through some of your EDA growth assumptions.

我想看看你的一些 EDA 增長假設。

It looks like in 2018, you churned out about 7% EDA revenue growth.

看起來在 2018 年，您的 EDA 收入增長了大約 7%。

And I believe most of that was organic, if not all, consistent with your long-term outlook for this product category.

而且我相信其中大部分是有機的，如果不是全部的話，與您對該產品類別的長期前景一致。

But just given some of the other parameters that you've given for the other business -- businesses, I should say, it appears as though your fiscal year '19 revenue growth embeds the assumption of about 3% EDA growth.

但是，只要考慮到您為其他業務提供的其他一些參數——我應該說的業務，您的 19 財年收入增長似乎嵌入了 EDA 增長約 3% 的假設。

Am I reading that too conservatively?

我是不是讀得太保守了？

I think that is too conservative, indeed.

我認為這確實太保守了。

We have, of course, multiple businesses.

當然，我們有多個業務。

And the fact that all did so well in '19, we are a little bit more cautious in predicting -- sorry, did so well in '18, we're a little bit more cautious to predict '19 given all the turbulences in the market and uncertainty.

事實上，在 19 年一切都做得很好，我們在預測時更加謹慎——抱歉，在 18 年做得很好，考慮到 19 年的所有動盪，我們更加謹慎地預測 19市場和不確定性。

Having said that, we actually feel that the EDA market has been quite healthy and sits in the mid- to upper half of the teens.

話雖如此，我們實際上認為 EDA 市場非常健康，處於青少年的中上半部分。

So I think, yes, one can judge the numbers a little bit.

所以我認為，是的，人們可以稍微判斷一下這些數字。

But it's certainly higher than what you are referring to.

但它肯定比你所指的要高。

Okay.

好的。

Just to verify, the Software Integrity Group, excluding design IP, was, what, roughly $260 million for the fiscal year '18?

只是為了驗證一下，軟件完整性小組（不包括設計 IP）在 18 財年大約是 2.6 億美元？

$280 million.

2.8億美元。

$280 million, okay.

2.8億美元，好吧。

And I see that your percentage of revenue -- percent of your revenue forecast for fiscal year '19 to come out of backlog is about 70%, had been dropping about 5 percentage points each of the last 3 years.

而且我看到您的收入百分比 - 您對 19 財年的收入預測中積壓的百分比約為 70%，在過去 3 年中每年下降約 5 個百分點。

Is that a function of the revenue shift towards IP in Software Integrity?

這是軟件完整性中收入向 IP 轉移的函數嗎？

Or is there something else going on there?

還是那裡發生了其他事情？

Gary, it's partially related to that.

加里，這部分與此有關。

If you look back over time, you'll see that model change as a result of the higher mix in growth of hardware and IP, which tends to be more upfront -- which has an element of upfront.

如果你回顧過去，你會發現模型的變化是由於硬件和 IP 增長的更高混合，這往往是更前期的——其中包含前期的元素。

For this year, we actually had a very strong bookings year.

今年，我們的預訂量實際上非常強勁。

As you can see, that reflected in the backlog, the $4 billion backlog that we reported.

如您所見，這反映在我們報告的 40 億美元的積壓工作中。

There were some timing of deals that slipped out of the quarter, so that did affect the percentage.

有一些交易的時機超出了本季度，因此確實影響了百分比。

Last 2 questions.

最後2個問題。

I did notice that you're showing as inventory item on the balance sheet, and it appears as though inventory is up about twofold year-over-year.

我確實注意到您在資產負債表上顯示為庫存項目，而且庫存似乎同比增長了大約兩倍。

Could you speak to that increase?

你能談談這種增加嗎？

And then as well, as you start to gather revenue from cloud-based delivery, would you expect any change in the way revenue is recognized from that?

此外，當您開始從基於雲的交付中獲得收入時，您是否預計收入確認方式會發生任何變化？

So the first part of the question is, yes, we are reporting inventory levels, and that's to support the demand of hardware and the timing of when customers do need hardware.

所以問題的第一部分是，是的，我們正在報告庫存水平，這是為了支持硬件需求以及客戶需要硬件的時間。

I missed the second part of your question.

我錯過了你問題的第二部分。

So can you speak to the reason for the twofold increase in the inventory compared to this time this year; and then as well, how delivery of cloud-based EDA tools may impact your revenue recognition, if at all?

那您能說說今年庫存比今年這個時候增加一倍的原因嗎？此外，基於雲的 EDA 工具的交付如何影響您的收入確認（如果有的話）？

So it won't affect revenue recognition.

所以不會影響收入的確認。

Hardware has traditionally been recognized upon shipment, which is typically upfront.

傳統上，硬件在裝運時就得到認可，這通常是預先確定的。

So we'll continue to see that under 606.

所以我們將繼續在 606 下看到這一點。

And as I mentioned previously, the buildup in inventory is just a function of the growth in the hardware business.

正如我之前提到的，庫存的增加只是硬件業務增長的一個函數。

We go next to the line of Rich Valera with Needham & Company.

我們與 Needham & Company 一起前往 Rich Valera 的生產線旁邊。

A couple of questions on the Software Integrity group.

關於軟件完整性組的幾個問題。

First, Aart, can you talk about when you expect to deliver the Software Integrity platform and how that will be different than what you've been delivering recently?

首先，Aart，您能否談談您希望何時交付 Software Integrity 平台，以及這與您最近交付的平台有何不同？

And then also on Software Integrity, I think last earnings call, we talked about that business being about a 250 basis point drag on overall corporate margins in fiscal '18.

然後在軟件完整性方面，我認為上次財報電話會議上，我們談到該業務在 18 財年對整體公司利潤率造成了 250 個基點的拖累。

Can you give us any sense of what you're expecting that might be from a drag perspective in fiscal '19?

您能否從 19 財年的拖累角度告訴我們您的預期？

Sure.

當然。

The delivery of the platform is scheduled in 2019.

該平台計劃於 2019 年交付。

We have not been too specific on the exact dates.

我們對確切日期並沒有太具體。

But in all fairness, platforms like that get delivered into multiple pieces.

但平心而論，這樣的平台會被分成多個部分。

And we have already a number of people using it in alpha versions.

我們已經有很多人在 alpha 版本中使用它。

The thing to realize is while we have developed a lot of software inside of the existing Software Integrity group, we have also made a number of acquisitions over the last few years.

需要意識到的是，雖然我們在現有的 Software Integrity 團隊中開發了很多軟件，但在過去幾年中我們也進行了一些收購。

And so it is a mixture of integrating those acquisitions and simultaneously, modifying them sufficiently so that they actually fit in seamlessly in a platform.

因此，它是整合這些收購的混合體，同時對它們進行充分的修改，以使它們真正無縫地融入一個平台。

And I personally witnessed, by visiting a number of the larger customers, the desire to have solutions that are broader, that have the same interfaces, the same representations of data and can be navigated more easily from one product to another or looking at statistics from a management point of view.

通過拜訪一些大客戶，我親眼目睹了他們希望擁有更廣泛的解決方案，具有相同的界面，相同的數據表示，並且可以更輕鬆地從一種產品導航到另一種產品或查看來自一個管理的角度。

And so that is the direction that the platform is taking.

這就是平台的發展方向。

So we have good hopes that this is a great way to broaden our market appeal while still racing forward with the individual products that are in quite good demand.

因此，我們非常希望這是擴大我們的市場吸引力的好方法，同時仍然與需求量很大的個別產品競爭。

So with regards to the -- I'm sorry, with regards to the operating margin question.

所以關於 - 對不起，關於營業利潤率問題。

For this year, in 2018, we did see a roughly 250 basis point impact on overall margins because of the investments in Software Integrity.

今年，在 2018 年，由於對軟件完整性的投資，我們確實看到了對整體利潤率的大約 250 個基點的影響。

And are you willing to say anything on fiscal '19 or not at this point?

你現在願意就 19 財年發表任何意見嗎？

Generally, the business should improve across the board in 2019.

一般來說，2019年業務應該會全面改善。

Okay.

好的。

And just one more, if I could, on the hardware business.

如果可以的話，還有一個關於硬件業務的。

So you're coming off 2 very strong years of growth in hardware, but I believe entering each of those years, you were looking for relatively flattish growth just because of the volatile nature of that business but were effectively pleasantly surprised by a very strong demand.

所以你正在經歷硬件增長非常強勁的 2 年，但我相信進入每一年，你都在尋找相對平緩的增長，只是因為該業務的波動性，但實際上對非常強勁的需求感到驚喜.

Can you give us a sense of what you're looking for from hardware entering fiscal '19, realizing, one, you've got pretty tough comps; and two, as you noted, it is sort of a volatile environment out there?

您能否告訴我們您從進入 19 財年的硬件中尋找什麼？第二，正如你所指出的，這是一個不穩定的環境？

Well, it feels like repeating what you just said, which is, for a good reason.

嗯，感覺就像在重複你剛才說的話，這是有充分理由的。

We're always a bit cautious because the ups and downs in the hardware business can be abrupt because customers typically do larger orders.

我們總是有點謹慎，因為硬件業務的起伏可能是突然的，因為客戶通常會做更大的訂單。

And when they come in -- and I believe they want shipment yesterday.

當他們進來時——我相信他們想要昨天發貨。

And so that can go up and down, can be impacted by economy.

所以它可以上下波動，會受到經濟的影響。

At the same time, my answer is yes, and for the business, it was genuine because it sits right at this intersection of a set of problems that are becoming more difficult, which is can you run the software on hardware that's not ready yet, i.e., can you run it on a prototype?

同時，我的回答是肯定的，對於企業來說，它是真實的，因為它正處於一系列變得越來越困難的問題的交叉點上，你可以在尚未準備好的硬件上運行軟件，即，您可以在原型上運行它嗎？

And Emulation is well suited for a lot of these things.

Emulation 非常適合很多此類事情。

So we expect continued interest.

因此，我們預計會有持續的興趣。

And of course, we hope that we will do very well there.

當然，我們希望我們會在那裡做得很好。

But it's hard to completely predict well, and that's where the caution over the last 2 years just continues.

但很難完全預測好，這就是過去 2 年的謹慎仍在繼續的地方。

We go next to Sterling Auty with JP Morgan.

我們和摩根大通一起去 Sterling Auty。

This is Jackson Ader on for Sterling tonight.

這是傑克遜·阿德今晚代表英鎊。

First question from our side: with China, pretty much front and center in the headlines these days, and with the company developing a facility in China, have you seen any business impacts so far, either in this quarter or is there anything contemplated in terms of China impact into your 2019 outlook?

來自我們這邊的第一個問題：隨著中國在這些天的頭條新聞中佔據重要位置，隨著公司在中國開發工廠，到目前為止，您是否看到任何業務影響，無論是在本季度還是在條款方面有任何考慮中國對您 2019 年展望的影響？

The answer is no, we have not seen any impact.

答案是否定的，我們沒有看到任何影響。

Of course, we are well attuned at all the back and forth and the tension discussion.

當然，我們對所有的來回和緊張的討論都很熟悉。

At the same time, we have done extremely well in China, as we have in '19 -- in '18 in the rest of the world.

與此同時，我們在中國做得非常好，就像我們在 19 年——在 18 年在世界其他地區一樣。

But China certainly stands out as an area of good growth for us but also a quite diversified growth.

但中國無疑是一個對我們來說是一個良好增長的領域，但也是一個相當多元化的增長領域。

And so from that perspective, we are essentially planning a continuation, of course.

因此，從這個角度來看，我們本質上是在計劃延續，當然。

But if there are external changes, they tend to be beyond the things that we can control.

但如果有外部變化，它們往往會超出我們所能控制的範圍。

Okay.

好的。

And then a quick follow-up.

然後快速跟進。

We noticed no repurchase activity under the $325 million remaining under the authorization.

我們注意到授權下剩餘的 3.25 億美元沒有回購活動。

Any particular reason for that?

有什麼特別的原因嗎？

All right, we did complete $400 million of buybacks in total for the year.

好吧，我們今年確實完成了總計 4 億美元的回購。

In this particular quarter?

在這個特定的季度？

In the last quarter?

在最後一個季度？

Yes, we did.

是的我們做了。

We completed our $165 million ASR.

我們完成了 1.65 億美元的 ASR。

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

格里芬證券的 Jay Vleeschhouwer 提出的下一個問題。

Aart, with respect to Fusion Compiler, could you talk about how you're thinking of the business impact, the business increment potential from that, perhaps in terms of the kind of language that you want to use vis-à-vis the ICC II in terms of new logo adoption or existing customer adoption?

Aart，關於 Fusion Compiler，您能否談談您如何看待業務影響、由此帶來的業務增長潛力，也許是您想針對 ICC II 使用的語言類型在新標誌採用或現有客戶採用方面？

So perhaps looking back at that as a benchmark, how are you thinking about Fusion Compiler?

因此，也許回顧一下作為基準，您如何看待 Fusion Compiler？

And if we stipulate that the absence of the architecture may, to some degree, have been an impediment to new business in digital, do you think now that it's available, that you could see acceleration on your digital business?

如果我們規定架構的缺失可能在某種程度上阻礙了數字業務的新業務，那麼您認為現在它可用，您是否可以看到數字業務的加速？

Well, the good news is I think we've already seen some acceleration.

好消息是我認為我們已經看到了一些加速。

And maybe let me formulate it differently than in the preamble.

也許讓我用不同於序言的方式來表述它。

We really introduced 2 products and the solidification of the platform.

我們真的推出了2個產品和平台的固化。

The first product was actually a next version of the synthesizer.

第一個產品實際上是合成器的下一個版本。

For those people that have an existing design methodology, they fundamentally don't want to change things.

對於那些擁有現有設計方法的人來說，他們根本不想改變事物。

They can immediately adopt a next version that has just much better results.

他們可以立即採用具有更好結果的下一個版本。

And that adoption will follow the same adoption that we have when we have new releases or very fundamentally new releases of products.

當我們有新版本或非常基本的新產品版本時，這種採用將遵循我們所採用的相同方式。

For Fusion Compiler, that is really reaching beyond that in that it is the deep integration, or Fusion as we call it, of multiple products while simultaneously adding new technologies.

對於 Fusion Compiler 而言，這確實超出了這一點，因為它是多個產品的深度集成，或者我們稱之為 Fusion，同時添加了新技術。

And there, we have quite a number of customers that are in the early phases of adoption, and we have high hopes because the results are looking quite good.

在那裡，我們有相當多的客戶處於採用的早期階段，我們寄予厚望，因為結果看起來相當不錯。

But with all products that are quite advanced, we make sure that there is sufficient handholding so that it makes the transition well.

但是對於所有非常先進的產品，我們確保有足夠的手持設備，以便順利過渡。

So bottom line of all of this is we look at the Fusion platform as really the basis for the next decade of advancements.

因此，所有這一切的底線是，我們將 Fusion 平台視為未來十年進步的真正基礎。

That's why I was mentioning that, over time, there will be more capabilities rolling in as we now have the fundamental data representations and ability to mix and match algorithms that will add value to many different tools.

這就是為什麼我要提到，隨著時間的推移，將會有更多的功能出現，因為我們現在擁有基本的數據表示和混合和匹配算法的能力，這將為許多不同的工具增加價值。

With respect to hardware in terms of perhaps mitigating its variability and/or just growing the TAM, have you given any thoughts to deploying HAPS and/or ZeBu outside EDA, meaning, for example, high-performance computing requirements in entirely other industries like financial services or non-EDA technical software, for example, where you could run other types of simulation and solvers on your hardware in wholly new industries that aren't solely tied to semis or electronic systems?

關於硬件，可能會減輕其可變性和/或只是增加 TAM，您是否考慮過在 EDA 之外部署 HAPS 和/或 ZeBu，這意味著，例如，金融等完全其他行業的高性能計算需求服務或非 EDA 技術軟件，例如，您可以在您的硬件上運行其他類型的仿真和求解器，這些全新行業不僅僅與半導體或電子系統相關？

Yes, we have definitely thought about that.

是的，我們確實考慮過這一點。

I would caution that one of the reasons for success of these type of machines is that they invariably tend to be very focused on market segments where you truly can accelerate things massively.

我要提醒的是，這類機器成功的原因之一是它們總是傾向於非常專注於你真正可以大規模加速事情的細分市場。

And so there's always a trade-off between the ultimate speed and the generality of the application.

因此，在最終速度和應用程序的通用性之間總是需要權衡取捨。

Having said that, the domain of acceleration, the domain of existing algorithms, the domain of AI algorithms is absolutely in the midst of a lot of change.

話雖如此，加速領域，現有算法領域，人工智能算法領域絕對處於大量變化之中。

And we are exploring a number of areas to see what we could do that would create value.

我們正在探索多個領域，看看我們能做些什麼來創造價值。

I think it's a bit early to talk about specifics.

我認為現在談論細節還為時過早。

But right now, we're racing forward with what we have in the market that we have, and I think we see a lot of opportunity there.

但是現在，我們正在與我們在市場上擁有的東西一起前進，我認為我們在那裡看到了很多機會。

Lastly, on backlog, I assume that the large increase, which appears to have been one of the largest if not the largest increase in backlog you've had, was predominantly in EDA?

最後，關於積壓，我假設大幅增加，這似乎是你所擁有的最大的積壓增加之一，主要是在 EDA 中？

Or was there also some increase in backlog for IP and/or SIG?

還是 IP 和/或 SIG 的積壓工作也有所增加？

No, the increase was across the board.

不，增長是全面的。

Maybe if I could add to that, SIG is doing very well.

也許如果我能補充一點，SIG 做得很好。

And one of the characteristics of that is that from what initially started as a business with very short time frame, we are gradually moving to larger and longer contracts.

其特點之一是，從最初的時間框架非常短的業務開始，我們正在逐漸轉向更大和更長的合同。

And I think that is a sign of not just -- not so much of a maturation of the market, but some degree of maturation of the quality of our business.

而且我認為這不僅是市場成熟的標誌，而且是我們業務質量在一定程度上成熟的標誌。

And so that is extremely encouraging, and so, in that sense, -- and this, by the way, applies really across the board at Synopsys.

所以這是非常令人鼓舞的，所以，從這個意義上說， - 順便說一下，這在 Synopsys 的各個方面都適用。

We go next to Monika Garg with KeyBanc.

我們和 KeyBanc 一起去 Monika Garg 旁邊。

Aart, first, you are raising your core EDA growth target from generally, you had previously talked about low to mid-single digits to now you're talking about mid- to high single digits.

Aart，首先，您將核心 EDA 增長目標從一般上提高，您之前談論的是中低個位數，現在您談論的是中高個位數。

Maybe could you walk through what is leading you to raise this target?

也許你能了解導致你提高這個目標的原因嗎？

Well, the reason is that we've seen a lot of vertical industries banking on the fact that electronics or A, as the intersection of electronics and algorithms, is going to have a very big impact.

嗯，原因是我們已經看到很多垂直行業都依賴這樣一個事實，即電子或 A，作為電子和算法的交叉點，將會產生非常大的影響。

And so with that, the amount of design and the focus on multiplicity of architectures is very high.

因此，設計的數量和對架構多樣性的關注非常高。

And we expect continuation of aggressive design.

我們期望繼續積極的設計。

Secondly, these designs are much more complex than what we've seen 5 years ago.

其次，這些設計比我們 5 年前看到的要復雜得多。

And so in that sense, the opportunity of the market will continue for those companies that can stay in tune with these advances, and we certainly are and intend to be in a leadership position for that.

因此，從這個意義上說，對於那些能夠跟上這些進步的公司來說，市場機會將繼續存在，我們當然已經並且打算在這方面處於領先地位。

So in general, the confidence is positive.

所以總的來說，信心是積極的。

And so you counter to that the volume of semiconductors and -- or the pricing being somewhat in question for next year.

所以你反駁半導體的數量和 - 或者明年的定價有些問題。

In balance, we feel that we are in a good position.

總的來說，我們覺得我們處於一個很好的位置。

Right.

正確的。

And the question on -- one on Software Integrity's SIG growth.

還有一個關於軟件完整性的 SIG 增長的問題。

Are you still expecting a growth of 20% in that for next year?

您是否仍然期望明年增長 20%？

And could you talk about what are the profitability expectations in 2019 for SIG?

您能否談談 SIG 2019 年的盈利預期？

Well, on the growth, yes, we are definitely aiming at those numbers.

好吧，在增長方面，是的，我們絕對瞄準這些數字。

And we think that we have a good shot of continuing on the good trajectory that we're on.

而且我們認為我們有很好的機會繼續我們目前的良好軌跡。

Any comment on profitability?

對盈利能力有何評論？

Overall, profitability should improve as we continue to scale up that business.

總體而言，隨著我們繼續擴大業務規模，盈利能力應該會提高。

In the overall preamble, we mentioned that we are having a focus to move the ops margin to the numbers that we gave you.

在整個序言中，我們提到我們正在專注於將運營利潤轉移到我們提供給您的數字上。

And so that includes all the businesses.

所以這包括所有的業務。

And every one of our GMs has a target to make sure that we get there.

我們的每一位 GM 都有一個目標，以確保我們能夠實現目標。

Right.

正確的。

The last one for me, one question which we have been getting is like we are seeing slowdown in semi industry.

對我來說，最後一個問題是，我們得到的一個問題是，我們看到了半導體行業的放緩。

So are you seeing any impact from this?

那麼你看到這有什麼影響嗎？

Could you talk about your pipeline visibility?

你能談談你的管道可見性嗎？

Well, we're not seeing any impact from the expectations of overall size of the semiconductor industry, and I think that's partially due to the fact that we're not immune to some of the ups and downs but we are -- our business is greatly tempered by the ups and downs because engineering efforts continue, good or bad weather.

好吧，我們沒有看到對半導體行業整體規模的預期有任何影響，我認為這部分是因為我們不能免受一些起伏的影響，但我們 - 我們的業務是大起大落的磨練，因為工程努力不斷，天氣好壞。

And in many situations, companies actually make sure that they invest well in the new products in order to differentiate in what may be a more challenging market.

在許多情況下，公司實際上會確保他們對新產品進行了良好的投資，以便在可能更具挑戰性的市場中脫穎而出。

So in that sense, I think EDA in general has done well in the ups and downs of the industry.

所以從這個意義上說，我認為 EDA 總體上在行業的起起落落中表現良好。

And then the other is just the practical situation that we see a lot of chips being designed.

另一個只是我們看到很多芯片正在設計的實際情況。

(Operator Instructions) Our next question from Gal Munda with Berenberg Capital Markets.

（操作員說明）Gal Munda 與 Berenberg Capital Markets 的下一個問題。

It's Joshua Tilton on for Gal.

約書亞·蒂爾頓 (Joshua Tilton) 為 Gal 上場。

In the beginning, you mentioned the world of smart connected to everything.

一開始，您提到了萬物互聯的智能世界。

It's my understanding that the emergence of smartphone was a big driver for the EDA vendors.

據我了解，智能手機的出現是 EDA 供應商的一大推動力。

Can you maybe frame the state of today's design environment in regards to IoT relative to the early days of mobile?

您能否描述今天相對於移動早期的物聯網設計環境的狀態？

In other words, if a smartphone is just a connected device and you put it simply, so if everything now becomes a connected device, how much bigger is the IoT smart connected world opportunity relative to what smartphone was?

換句話說，如果智能手機只是一個連接設備，簡單地說，那麼如果現在一切都成為一個連接設備，那麼物聯網智能連接世界的機會相對於智能手機有多大？

You have a lot of questions in one question.

你在一個問題中有很多問題。

Let me first position what mobility meant.

讓我首先定位流動性的含義。

And yes, of course, we call that smartphones, but the smart then meant mostly a phone that has a lot of really interesting applications on them and those applications are extremely connected with each other.

是的，當然，我們稱它為智能手機，但智能手機主要指的是一部手機，上面有很多非常有趣的應用程序，而且這些應用程序彼此之間的聯繫非常緊密。

And so you see capabilities such as Facebook or many of the apps that give you GPS information, restaurants and so on.

因此，您會看到諸如 Facebook 或許多為您提供 GPS 信息、餐館等的應用程序的功能。

That word smart was more reflective of the first time being able to do that on a phone.

智能這個詞更能反映第一次能夠在手機上做到這一點。

When we now talk about the word smart, we really refer to the embedding of AI technology.

當我們現在談論智能這個詞時，我們真正指的是嵌入人工智能技術。

And so that is a degree of reasoning that has not been seen before.

所以這是一種前所未有的推理程度。

And of course, on one hand, you can say that's a continuum, and I would agree with that.

當然，一方面，你可以說這是一個連續統一體，我同意這一點。

On the other hand, from a technology point of view, the computation that goes with AI is highly specialized, is very hungry for more computation and sensitive also to not using too much power.

另一方面，從技術的角度來看，人工智能的計算是高度專業化的，非常渴望更多的計算，並且對不使用過多的功率也很敏感。

And so it's in that context that it is true that in the previous 10 year, mobility drove chip design because succeeding computation, the years before that, it had this additional demand of low power because phones are portable and battery-driven.

因此，在過去的 10 年中，移動性確實推動了芯片設計，因為成功的計算，在此之前的幾年，由於手機是便攜式的和電池驅動的，因此它對低功耗有這種額外的需求。

Well, this time, we have an additional push which is they want also faster computation.

好吧，這一次，我們有一個額外的推動力，那就是他們還想要更快的計算。

And therefore, people will design chips that do only AI in order to be fast and low power.

因此，人們會設計只做人工智能的芯片，以求速度快、功耗低。

And so that's the whole next generation.

這就是整個下一代。

And I am the first one to say I think we're at the very beginnings of this.

我是第一個說我認為我們正處於起步階段的人。

There will be some great successes, have been already.

將會有一些巨大的成功，已經是。

There will be some that will have to rethink things.

有些人將不得不重新考慮事情。

And so it's a very dynamic industry.

所以這是一個非常有活力的行業。

But we can feel it because we see a very large number of companies, startups and very large system companies investing in AI techniques and so I expect that to continue for us.

但我們可以感受到它，因為我們看到大量公司、初創公司和非常大的系統公司投資於人工智能技術，所以我希望這對我們來說會繼續下去。

And I'll turn it back to the room for closing remarks.

我將把它轉回會議室進行結束髮言。

Well, we appreciate you listening in.

好吧，我們感謝您的聆聽。

I understand the market is closed and you must be working anyway and so are we.

我知道市場已經關閉，無論如何你都必須工作，我們也是。

And so we are looking back over -- on a very strong 2018.

因此，我們正在回顧——非常強勁的 2018 年。

The last 5 years, we made many changes to the company that have put us in a good position, including diversifying towards a broader TAM that has a lot of future promise, and also investing in many of the technologies that have driven, and will continue to drive, let me call it, Synopsys classic, so to speak.

在過去的 5 年裡，我們對公司進行了許多改變，使我們處於有利地位，包括向更廣泛的 TAM 進行多元化發展，該 TAM 具有很多未來的前景，還投資於許多已經推動並將繼續發展的技術駕駛，讓我稱之為，Synopsys 經典，可以這麼說。

And so we hope that we will be able to share continued good results in 2019, and we hope you have a good transition into the new year.

因此，我們希望我們能夠在 2019 年繼續分享良好的成果，並希望您在新的一年裡有一個良好的過渡。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Ladies and gentlemen, this will conclude our teleconference for today.

女士們，先生們，今天的電話會議到此結束。

We thank you for your participation and for using AT&T Executive TeleConference.

我們感謝您的參與和使用 AT&T 行政電話會議。

You may now disconnect.

您現在可以斷開連接。