新思科技 (SNPS) 2019 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 2019.

女士們，先生們，感謝你們的支持，歡迎參加 Synopsys 2019 年第四季度和財年財報電話會議。

(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。

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

在電話會議結束前五分鐘，我們將宣布會議剩餘時間。

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

提醒一下，今天的電話正在錄音中。

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, ma'am.

請繼續，女士。

Thank you, Greg.

謝謝你，格雷格。

Good afternoon, everyone.

大家下午好。

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, financial supplement and 8-K that we released earlier today.

可以在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中找到與其最直接可比的 GAAP 財務指標和補充財務信息的對賬。

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，這也是 Synopsys 出色的一年。

In fiscal 2019, a year in which we successfully navigated several external challenges, we once again exceeded our plan.

在 2019 財年，我們成功應對了多項外部挑戰，再次超出了我們的計劃。

We generated $3.36 billion in revenue and are well on track to our next milestone of $4 billion.

我們創造了 33.6 億美元的收入，並且正朝著 40 億美元的下一個里程碑邁進。

Our backlog grew to $4.4 billion.

我們的積壓訂單增長到 44 億美元。

We expanded operating margin significantly and delivered 17% non-GAAP earnings growth to $4.56 for the year while returning $329 million to shareholders through buybacks.

我們顯著擴大了營業利潤率，全年非 GAAP 盈利增長 17% 至 4.56 美元，同時通過回購向股東返還 3.29 億美元。

Business was strong across our Semiconductor & System Design segment and strengthened as the year progressed.

我們的半導體和系統設計部門的業務表現強勁，並隨著時間的推移而加強。

Software Integrity achieved profitability and grew 19% to $335 million.

Software Integrity 實現盈利並增長 19% 至 3.35 億美元。

Trac will discuss the financials in more detail.

Trac 將更詳細地討論財務狀況。

Against a challenging global market backdrop, with geopolitical stress and unevenness in the semiconductor industry, design activity remains strong.

在充滿挑戰的全球市場背景下，地緣政治壓力和半導體行業的不平衡，設計活動依然強勁。

Growth in machine learning, automotive, 5G, IoT, cloud and the proliferation of "Smart Everything" is considerable.

機器學習、汽車、5G、物聯網、雲和“智能一切”的擴散是相當可觀的。

New entrants, including AI start-ups and cloud hyperscalers, are pushing the boundaries of technology and time to market.

包括人工智能初創企業和雲超大規模企業在內的新進入者正在推動技術和上市時間的界限。

Synopsys is at the center of this wave of innovation and growth, and we are uniquely positioned to enable electronics design from the intricacies and complexity of silicon to the power and pervasiveness of software.

Synopsys 處於這一創新和增長浪潮的中心，我們具有獨特的優勢，可以實現從矽的複雜性和復雜性到軟件的強大和普及的電子設計。

A year ago, I communicated our strategy for our next phase of growth: first, sustain and grow our technology and market leadership in EDA and IP; second, continue to scale and grow Software Integrity in a diverse customer base and new TAM while steadily moving to solid profitability; and third, further drive operational excellence towards multiyear operating margin expansion.

一年前，我傳達了我們下一階段增長的戰略：首先，保持和發展我們在 EDA 和 IP 方面的技術和市場領導地位；其次，繼續在多樣化的客戶群和新的 TAM 中擴展和發展 Software Integrity，同時穩步邁向穩健的盈利能力；第三，進一步推動卓越運營，實現多年營業利潤率擴張。

During fiscal '19, we made very good progress on all 3.

在 '19 財年，我們在所有 3 個方面都取得了非常好的進展。

Let me provide some highlights, beginning with EDA and IP, where we substantially expanded relationships with our customers and ecosystem partners.

讓我提供一些亮點，從 EDA 和 IP 開始，我們大大擴展了與客戶和生態系統合作夥伴的關係。

TSMC, for example, recognized Synopsys with Partner of the Year awards for the ninth straight year.

例如，台積電連續第九年授予 Synopsys 年度合作夥伴獎。

Awards this year were for interface IP, joint development of 6-nanometer design infrastructure, joint delivery of innovative 3D chip stacking and cloud-based productivity solutions.

今年的獎項包括接口 IP、6 納米設計基礎設施的聯合開發、創新 3D 芯片堆疊的聯合交付和基於雲的生產力解決方案。

In addition, some of the world's largest and most influential companies expanded their reliance on us.

此外，一些世界上最大和最有影響力的公司擴大了對我們的依賴。

One key example is a U.S. mobile systems leader, who significantly expanded its business with us across both EDA and IP.

一個關鍵的例子是美國移動系統領導者，他在 EDA 和 IP 方面顯著擴展了與我們的業務。

In EDA, our platforms increasingly stand out as the strongest they've ever been.

在 EDA 中，我們的平台越來越成為有史以來最強大的平台。

This year, we began proliferating several game-changing new products that already have significant momentum.

今年，我們開始推出幾款已經具有顯著發展勢頭的顛覆性新產品。

Notably, our unrelenting innovation push in digital design is driving benchmark wins and increased competitive displacements.

值得注意的是，我們在數字設計方面不懈的創新推動正在推動基準勝利並增加競爭替代。

Our Fusion platform, including our new Fusion Compiler product launched last November, is achieving widespread wins and growing deployment, exceeding our initial business targets.

我們的 Fusion 平台，包括我們去年 11 月推出的新 Fusion Compiler 產品，正在取得廣泛的勝利和不斷增長的部署，超過了我們最初的業務目標。

Fusion Compiler is winning head-to-head benchmarks with consistently better results and run time across many applications.

Fusion Compiler 在眾多應用程序中以始終如一的更好結果和運行時間贏得了正面交鋒的基準測試。

Breakthrough competitive wins have ranged from the largest global communications, processor and graphics firms to high-impact cloud hyperscalers to multiple influential system houses such as a large global consumer electronics company for image sensor design, a leading automotive semiconductor company for autonomous-driving SoC designs, an expanded competitive displacement at a leading mobile company for 5-nanometer and sub-5-nanometer designs, benchmark wins at a U.S.-based graphics company with superior quality of results in turnaround time, a large-cap U.S. systems company, selecting Fusion Compiler as its primary solution for digital implementation, and a U.S. semiconductor leader who is aggressively expanding deployment of Fusion Compiler for its mission-critical programs, representing more than 95% of its business.

從全球最大的通信、處理器和圖形公司到具有影響力的雲超大規模製造商，再到多家有影響力的系統製造商，例如一家從事圖像傳感器設計的大型全球消費電子公司、一家領先的自動駕駛 SoC 設計汽車半導體公司，都取得了突破性的競爭勝利，在一家領先的移動公司進行 5 納米和亞 5 納米設計的擴展競爭替代，在一家美國圖形公司贏得基準，在周轉時間內提供卓越的結果質量，一家大型美國系統公司，選擇了 Fusion Compiler 作為其數字實施的主要解決方案，是美國半導體領導者，正在積極擴展其關鍵任務程序的 Fusion Compiler 部署，佔其業務的 95% 以上。

While still early in our multiyear product cycle, these important wins represent significant momentum and usage share gains, setting the stage for revenue share gains going forward.

雖然仍處於我們多年產品週期的早期階段，但這些重要的勝利代表了顯著的勢頭和使用份額的增長，為未來的收入份額增長奠定了基礎。

Turning to custom design.

轉向定制設計。

Custom Compiler revenue nearly doubled this year, fueled by multiple full-flow competitive displacements.

在多個全流程競爭置換的推動下，今年 Custom Compiler 的收入幾乎翻了一番。

Our expansion is driven by key wins in the 5G, AI and server chip markets, including a Tier 1 North American server company, a large U.S. high-speed communications chip maker and complete full-flow competitive displacements at a large IDM in Japan and a major DRAM company.

我們的擴張受到 5G、AI 和服務器芯片市場的關鍵勝利的推動，其中包括一家北美一級服務器公司、一家大型美國高速通信芯片製造商以及在日本一家大型 IDM 中的全流程競爭替代以及一家DRAM大廠。

We also announced a full-flow Custom Compiler platform deployment at Samsung for its 5LPE process and are seeing good momentum with start-ups who are not locked into legacy flows and demand modern technology.

我們還宣佈在三星為其 5LPE 流程部署全流程定制編譯器平台，並且看到了初創企業的良好勢頭，這些初創企業並未局限於傳統流程並需要現代技術。

Let me now move to our Verification Continuum Platform, where we hold the #1 market share position in both software and hardware.

現在讓我轉到我們的 Verification Continuum 平台，我們在該平台上的軟件和硬件市場份額均排名第一。

Benefiting from native integration of the fastest engines on the market, our Verification software products continue to drive competitive wins and proliferation.

受益於市場上最快的引擎的本地集成，我們的驗證軟件產品繼續推動競爭勝利和擴散。

Contributing substantially to growth are broad set of system houses and chip makers ranging from cloud hyperscalers in North America to AI, automotive, mobile and memory leaders around the world.

對增長做出重大貢獻的是廣泛的系統製造商和芯片製造商，從北美的雲超大規模製造商到全球的人工智能、汽車、移動和內存領導者。

Hardware-based Verification was strong as well.

基於硬件的驗證也很強大。

Despite our largest hardware customer delaying delivery of a substantial number of emulators due to near-term spending priorities, we finished the year with record hardware revenue.

儘管我們最大的硬件客戶由於近期支出優先事項而推遲了大量仿真器的交付，但我們在這一年結束時的硬件收入創紀錄。

We maintained the #1 market segment position for the third year in a row.

我們連續第三年保持#1 細分市場的地位。

Our hardware products are particularly well suited to today's complex designs with unmatched speed, highest capacity, lowest cost of ownership and lowest power consumption.

我們的硬件產品特別適合當今復雜的設計，具有無與倫比的速度、最高的容量、最低的擁有成本和最低的功耗。

As a result, we significantly expanded our customer base, adding nearly 40 new customers and more than 80 repeat orders in 2019.

因此，我們顯著擴大了客戶群，在 2019 年增加了近 40 家新客戶和 80 多個重複訂單。

We saw major expansions and share gains at influential customers, ranging from prominent global systems companies to growing hyperscalers and leading semis.

我們在有影響力的客戶中看到了重大擴張和分享收益，從著名的全球系統公司到不斷增長的超大規模公司和領先的半導體公司。

AMD, for example, standardized on ZeBu, expanding their emulation capacity to accelerate time-to-market for processor, graphics and gaming chips.

例如，AMD 在 ZeBu 上進行了標準化，擴大了他們的仿真能力，以加快處理器、圖形和遊戲芯片的上市時間。

Now to IP, where strong market demand and our rich portfolio are driving double-digit growth.

現在到 IP，強勁的市場需求和我們豐富的產品組合正在推動兩位數的增長。

We had a record year, reaching more than $750 million in revenue, with prominent engagements across all major markets, including AI, automotive, cloud and 5G.

我們創下了創紀錄的一年，收入超過 7.5 億美元，在包括人工智能、汽車、雲和 5G 在內的所有主要市場都有突出的參與。

As the #1 provider of interface, embedded memory and foundry-specific IP, we provide the industry's broadest portfolio to address today's most complex design requirements, accelerate time-to-market and lower risk for customers.

作為接口、嵌入式存儲器和代工廠專用 IP 的第一供應商，我們提供業界最廣泛的產品組合，以滿足當今最複雜的設計要求，加快產品上市時間並降低客戶風險。

We have particular strength in USB, memory interfaces and PCI Express 5.0.

我們在 USB、內存接口和 PCI Express 5.0 方面具有特殊優勢。

This year, we achieved a significant milestone of $1 billion in cumulative USB IP bookings, bolstering our position as the #1 USB provider by far.

今年，我們實現了 10 億美元的 USB IP 累計預訂的重要里程碑，鞏固了我們迄今為止作為第一大 USB 供應商的地位。

And our new 56- and 112-gig SerDes IP is gaining good market traction.

我們新的 56 和 112 千兆位串行解串器 IP 正在獲得良好的市場牽引力。

During 2019, momentum accelerated in automotive, where we've achieved nearly 230 automotive socket wins in advanced FinFET processes across approximately 30 major semiconductor companies.

2019 年，汽車領域的發展勢頭加速，我們在大約 30 家主要半導體公司的先進 FinFET 工藝中取得了近 230 個汽車插座的勝利。

We announced the collaboration with Infineon to incorporate the ARC Embedded Vision processor into their next-generation AURIX controller to accelerate AI in automotive applications.

我們宣布與英飛凌合作，將 ARC 嵌入式視覺處理器整合到其下一代 AURIX 控制器中，以加速汽車應用中的人工智能。

From the Embedded Vision Alliance, we were awarded the Best Processor award for 2019.

我們被嵌入式視覺聯盟授予 2019 年最佳處理器獎。

Finally, our track record of delivering IP in advanced process nodes continues, and is highly valued by our customers.

最後，我們在先進工藝節點中交付 IP 的記錄繼續保持，並受到客戶的高度評價。

We achieved more than 250 IP wins on TSMC's 7-nanometer FinFET process and announced a collaboration with TSMC for development of IP on their most advanced 5-nanometer process, where we signed yet another significant multiyear agreement with a very large global customer.

我們在台積電的 7 納米 FinFET 工藝上贏得了 250 多項 IP，並宣布與台積電合作開發其最先進的 5 納米工藝的 IP，我們與一個非常大的全球客戶簽署了另一項重要的多年協議。

We're also seeing great momentum with Samsung Foundry process down to 4LPE and Global Foundries across a range of processes.

我們還看到三星 Foundry 工藝低至 4LPE 和 Global Foundries 在一系列工藝中的強勁勢頭。

Now to Software Integrity, the tools that test software code for security vulnerabilities and quality issues.

現在介紹軟件完整性，用於測試軟件代碼是否存在安全漏洞和質量問題的工具。

We entered this new TAM in 2014.

我們在 2014 年進入了這個新的 TAM。

By the end of 2018, we have completed a number of significant acquisitions, integrated them into Synopsys and enhanced our products with new features and broader language coverage.

到 2018 年底，我們完成了多項重大收購，並將其整合到 Synopsys 中，並通過新功能和更廣泛的語言覆蓋增強了我們的產品。

In 2019, we completed Phase 1 of our Software Integrity strategy by delivering 10% of Synopsys revenue and achieving approximately 10% operating margin.

2019 年，我們完成了軟件完整性戰略的第一階段，實現了 Synopsys 收入的 10% 並實現了約 10% 的營業利潤率。

Although orders were a bit softer than planned, we outpaced the market with 19% growth.

儘管訂單比計劃的要疲軟，但我們以 19% 的增長超過了市場。

This was achieved through progress in driving multiyear, multimillion-dollar agreements, a steady increase in the number of customers adopting multiple solutions and growth in all of our key verticals.

這是通過推動多年、數百萬美元的協議、採用多種解決方案的客戶數量穩步增加以及我們所有關鍵垂直領域的增長來實現的。

In 2020, we are now moving to Phase 2, scaling the business to $0.5 billion and beyond.

2020 年，我們現在進入第 2 階段，將業務規模擴大到 5 億美元甚至更多。

The opportunity is vast as companies must embed security testing into their software development process without compromising time-to-market.

機會是巨大的，因為公司必須在不影響上市時間的情況下將安全測試嵌入到他們的軟件開發過程中。

Synopsys is well positioned to enable this evolution with a great combination of high-value products and consulting services.

Synopsys 已做好充分準備，通過高價值產品和諮詢服務的完美結合來實現這一演變。

Our scaling efforts for 2020 span 3 areas: one, expanding Polaris, our cloud-based Software Integrity Platform.

我們在 2020 年的擴展工作涵蓋 3 個領域：第一，擴展 Polaris，我們基於雲的軟件完整性平台。

We announced Polaris in Q2, including a compelling road map of product integrations and new capabilities over the subsequent 12 to 18 months.

我們在第二季度發布了 Polaris，其中包括令人信服的產品集成路線圖和未來 12 到 18 個月的新功能。

We've had a growing number of adoptions thus far, including a Fortune 500 insurance company and customers ranging from financial services to networking, to medical and industrial digitization.

到目前為止，我們的應用數量越來越多，其中包括一家財富 500 強保險公司以及從金融服務到網絡，再到醫療和工業數字化的客戶。

Stay tuned as we expand the Polaris capabilities and enhanced support of large deployments.

請繼續關注我們擴展 Polaris 功能並增強對大型部署的支持。

Two, scaling consulting engagements.

第二，擴大諮詢業務。

This is where we help our customers with high-level benchmarking, program development advice as well as large product deployments.

在這裡，我們幫助我們的客戶進行高級基準測試、程序開發建議以及大型產品部署。

It's a key synopsis differentiator in the software DevOps market.

它是軟件 DevOps 市場的關鍵概要差異化因素。

And three, refining our channel.

第三，完善我們的渠道。

We've realigned our sales organization to better serve large enterprise customers, key market verticals and new regional business.

我們重新調整了我們的銷售組織，以更好地服務於大型企業客戶、關鍵市場垂直領域和新的區域業務。

In FY '20, we intend to further increase both our sales and support capacity.

在 20 財年，我們打算進一步提高我們的銷售和支持能力。

We believe we are on track to exceed market growth in this business, delivering approximately 15% to 20% growth over the next couple of years as the market evolves.

我們相信我們有望超越該業務的市場增長，隨著市場的發展，在未來幾年內實現約 15% 至 20% 的增長。

For 2020, we plan to hold non-GAAP operating margin roughly steady, then resume expansion in 2021 and beyond.

對於 2020 年，我們計劃保持非公認會計原則營業利潤率大致穩定，然後在 2021 年及以後恢復擴張。

For Synopsys as a whole, in FY '20, we expect solid revenue growth, even as we exclude from our forecast any revenue from companies currently on the U.S. government's Entity List.

對於 Synopsys 整體而言，在 20 財年，我們預計收入將實現穩健增長，儘管我們的預測中排除了目前在美國政府實體名單上的公司的任何收入。

Furthermore, we planned substantial non-GAAP operating margin expansion, mid-teens earnings per share growth and strong operating cash flow.

此外，我們計劃大幅擴大非 GAAP 營業利潤率、中期每股收益增長和強勁的經營現金流。

In summary, we executed very well in 2019, delivering financial results substantially above beginning-of-year targets.

總而言之，我們在 2019 年的表現非常出色，財務業績大大高於年初目標。

Market demand is strong, and we are well positioned.

市場需求強勁，我們處於有利地位。

Our product platforms are driving benchmark wins and competitive displacements, and we are driving continued financial execution and growth.

我們的產品平台正在推動基準勝利和競爭替代，我們正在推動持續的財務執行和增長。

As we move into the holiday season, I want to thank our employees for their innovative and hard work and our partners and customers for their continued commitments to our products and trust in Synopsys.

在我們進入假日季節之際，我要感謝我們的員工的創新和辛勤工作，以及我們的合作夥伴和客戶對我們產品的持續承諾和對 Synopsys 的信任。

With that, I'll turn it over to Trac.

有了這個，我會把它交給 Trac。

Thanks, Aart.

謝謝，阿爾特。

Good afternoon, everyone.

大家下午好。

2019 was a very strong year, in spite of what was at times a tough macro environment.

儘管宏觀環境有時很艱難，但 2019 年是非常強勁的一年。

We achieved record results in all key metrics and finished well ahead of our initial expectations.

我們在所有關鍵指標上都取得了創紀錄的成績，並且遠遠超出了我們最初的預期。

We delivered these results despite multiple unique hurdles, including the operational transition to ASC 606, the U.S. Entity List and general geopolitical uncertainty around the world.

儘管存在多個獨特的障礙，包括向 ASC 606 的運營過渡、美國實體清單和全球普遍的地緣政治不確定性，我們還是交付了這些結果。

We delivered strong growth in revenue, non-GAAP earnings and operating cash flow, while expanding non-GAAP operating margin by almost 3 percentage points.

我們實現了收入、非 GAAP 收益和運營現金流的強勁增長，同時將非 GAAP 運營利潤率提高了近 3 個百分點。

We're entering 2020 well positioned to continue our momentum.

我們正在進入 2020 年，以保持我們的勢頭。

Our product portfolio is the strong as it's ever been, which, in combination with healthy design activity is driving robust demand.

我們的產品組合一如既往地強大，與健康的設計活動相結合，推動了強勁的需求。

The result is reflected in our backlog, which ended the year at $4.4 billion, up from $4.1 billion at the end of 2018, despite the ASC 606 backlog reduction.

結果反映在我們的積壓中，儘管 ASC 606 積壓有所減少，但截至 2018 年底的積壓為 44 億美元，高於 2018 年底的 41 億美元。

Our results speak to our solid execution and the durability of the business we've built.

我們的結果說明了我們堅實的執行力和我們所建立業務的持久性。

With an approximately 90% recurring revenue model, a diversified customer base spanning multiple key verticals and geographies and a product portfolio consisting of mission-critical tools, we are confident in our ability to deliver growth even in the context of an uneven macroeconomic environment.

憑藉大約 90% 的經常性收入模式、跨越多個關鍵垂直領域和地區的多元化客戶群以及由關鍵任務工具組成的產品組合，即使在不平衡的宏觀經濟環境下，我們也有信心實現增長。

I'll now review our full year 2019 results.

我現在將回顧我們 2019 年的全年業績。

We generated total revenue of $3.36 billion, 8% growth or 9% adjusting for the extra week in fiscal 2018.

我們創造了 33.6 億美元的總收入，增長 8% 或 9%，調整了 2018 財年的額外一周。

Semiconductor & System Design revenue was $3.03 billion, an increase of 7% -- or 8% adjusting for the extra week, with both product groups contributing to the strong results.

半導體和系統設計收入為 30.3 億美元，增長 7% - 或額外一周調整後的 8%，這兩個產品組都為強勁的業績做出了貢獻。

IP reported a strongest year-to-date and EDA software continues to grow well within our mid- to high single-digit target range.

IP 報告了今年迄今為止最強勁的業績，EDA 軟件在我們的中高個位數目標範圍內繼續保持良好增長。

Revenue had another record year, reflecting the broad-based strength of that business.

收入再創歷史新高，反映了該業務的廣泛實力。

We again earned the #1 market segment position as growth in our diversified customer base more than offset a decline in emulation revenue from our largest hardware customer.

我們再次贏得了#1 細分市場的地位，因為我們多元化客戶群的增長抵消了我們最大硬件客戶仿真收入的下降。

Excluding hardware, revenue from that customer grew very well.

不包括硬件，該客戶的收入增長非常好。

The Software Integrity segment generated revenue of $335 million, 19% growth or 20% adjusting for the extra week.

軟件完整性部門產生了 3.35 億美元的收入，增長 19% 或 20% 調整額外一周。

As Aart discussed, 2019 marked the key milestone as we grew the business to approximately 10% of total revenue and solid profitability.

正如 Aart 所討論的，2019 年是一個關鍵的里程碑，因為我們將業務增長到總收入的約 10% 和穩健的盈利能力。

Returning to the consolidated level, total GAAP costs and expenses were $2.84 billion, which includes approximately $47 million in restructuring costs as we work to optimize our resource allocation for sustainable long-term growth.

回到合併水平，GAAP 總成本和費用為 28.4 億美元，其中包括約 4700 萬美元的重組成本，因為我們正在努力優化資源配置以實現可持續的長期增長。

Total non-GAAP costs and expenses were $2.52 billion, resulting in a non-GAAP operating margin of approximately 25%.

非 GAAP 總成本和費用為 25.2 億美元，非 GAAP 營業利潤率約為 25%。

For our segments, adjusted operating margins were 26.7% for Semiconductor & System Design, and 9.6% for Software Integrity.

對於我們的部門，半導體和系統設計的調整後營業利潤率為 26.7%，軟件完整性為 9.6%。

GAAP earnings per share were $3.45 and non-GAAP earnings per share were $4.56, 17% growth or 19% adjusting for the extra week.

GAAP 每股收益為 3.45 美元，非 GAAP 每股收益為 4.56 美元，增長 17% 或 19% 調整額外一周。

Turning to cash.

轉向現金。

Our operating cash flow for the year was $801 million.

我們當年的經營現金流為 8.01 億美元。

We completed buybacks of $329 million in the year, and $1.8 billion over the past 5 years, returning approximately 75% of our free cash flow to investors over that period.

我們在這一年完成了 3.29 億美元的回購，在過去 5 年完成了 18 億美元的回購，在此期間將大約 75% 的自由現金流返還給了投資者。

We ended the quarter with a cash balance of $729 million and total debt of $138 million.

我們在本季度末的現金餘額為 7.29 億美元，總債務為 1.38 億美元。

Now to our targets, which assume no change in the U.S. government's Entity List during the year.

現在來看我們的目標，假設美國政府的實體清單在年內沒有變化。

Based on our current assessment of the timing of hardware and IP deliveries, we expect the first half/second half split of roughly 45%/55% for revenue and 35%/65% for EPS due to more evenly distributed expenses.

根據我們目前對硬件和 IP 交付時間的評估，我們預計上半年/下半年的收入比例約為 45%/55%，EPS 約為 35%/65%，因為支出分佈更均勻。

For fiscal 2020, revenue of $3.6 billion to $3.65 billion, total GAAP costs and expenses between $2.934 billion and $2.983 billion, total non-GAAP costs and expenses between $2.63 billion and $2.66 billion resulting in a non-GAAP operating margin of approximately 27%.

2020財年收入為36億美元至36.5億美元，美國通用會計準則成本和支出總額在29.34億美元和29.83億美元之間，非美國通用會計準則成本和支出總額在26.3億美元和26.6億美元之間，非美國通用會計準則營業利潤率約為27%。

Other income and expenses between minus $16 million and minus $12 million.

其他收入和支出在負 1600 萬美元至負 1200 萬美元之間。

A non-GAAP normalized tax rate of 16%, outstanding shares between 153 million and 156 million, GAAP earnings of $3.72 to $3.90 per share, non-GAAP earnings of $5.18 to $5.25 per share, cash flow from operations of $800 million to $825 million and capital expenditures of approximately $180 million as project timing caused some of the spending planned for 2019 to push into 2020.

非 GAAP 標準化稅率為 16%，流通股在 1.53 億至 1.56 億之間，GAAP 每股收益為 3.72 至 3.90 美元，非 GAAP 每股收益為 5.18 至 5.25 美元，運營現金流為 8 億至 8.25 億美元以及大約 1.8 億美元的資本支出，因為項目時間安排導致 2019 年計劃的部分支出推遲到 2020 年。

We expect expenditures to decline in 2021.

我們預計 2021 年支出將下降。

Now to the targets for the first quarter: revenue between $805 million and $835 million, total GAAP costs and expenses between $715 million and $744 million, total non-GAAP costs and expenses between $635 million and $655 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.

現在到第一季度的目標：收入在 8.05 億美元和 8.35 億美元之間，GAAP 總成本和支出在 7.15 億美元和 7.44 億美元之間，非 GAAP 總成本和支出在 6.35 億美元和 6.55 億美元之間，其他收入和支出在負 5 美元之間100 萬美元和負 300 萬美元，非 GAAP 標準化稅率為 16%，流通股在 1.53 億至 1.56 億之間。

GAAP earnings of $0.43 to $0.54 per share and non-GAAP earnings of $0.89 to $0.94 per share.

GAAP 每股收益為 0.43 美元至 0.54 美元，非 GAAP 收益為每股 0.89 美元至 0.94 美元。

In summary, our results this year reflect our strong execution and the resiliency of our business model.

總之，我們今年的業績反映了我們強大的執行力和業務模式的彈性。

Our strength came from across the portfolio as we exceeded our near-term commitments and made significant progress on our longer-term operating objectives.

我們的優勢來自整個投資組合，因為我們超出了近期承諾，並在我們的長期運營目標上取得了重大進展。

As we look to 2020 and beyond, our focus remains consistent, strong execution to deliver on our long-term targets of high single-digit revenue growth, sustained margin expansion to the high 20s in FY '21 and 30% longer term, double-digit non-GAAP EPS growth and strong cash flow.

當我們展望 2020 年及以後，我們的重點仍然是一致的、強有力的執行，以實現我們的長期目標，即高個位數的收入增長、21 財年利潤率持續增長至 20 年代的高位以及長期增長 30%、雙倍的長期目標。非公認會計原則每股收益增長和強勁的現金流。

These metrics, combined with the capital allocation strategy built on balancing internal investments, M&A and buybacks, give us confidence in our ability to continue to drive sustainable, long-term shareholder value.

這些指標，再加上基於平衡內部投資、併購和回購的資本分配策略，讓我們對繼續推動可持續、長期股東價值的能力充滿信心。

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 we first turn to the line of Rich Valera with Needham & Company.

（操作員說明）我們首先轉向 Rich Valera 與 Needham & Company 的產品線。

Based on your annual profile or half-to-half profile, it looks like you must be expecting significantly stronger hardware, at least beyond the first quarter.

根據您的年度資料或半對半資料，您似乎必須期待硬件顯著增強，至少在第一季度之後。

Can you talk about if that's the case?

如果是這樣，你能談談嗎？

And what kind of visibility you have to that hardware ramp?

你對那個硬件斜坡有什麼樣的可見性？

And if that includes a significant pickup from the large customer that was down last year on the hardware shipments.

如果這包括去年硬件出貨量下降的大客戶的顯著回升。

Rich, that's part of it.

豐富，這是其中的一部分。

It's a combination of both IP and hardware deliveries that is affecting the quarterly profile.

影響季度概況的是 IP 和硬件交付的結合。

Got it.

知道了。

And can you just talk about your visibility to that?

你能談談你的知名度嗎？

Is that something that's kind of in backlog?

這是積壓的東西嗎？

Or how -- what sort of underpins the visibility, particularly the hardware, since that tends to be a little more volatile than the subscription revenue?

或者如何 - 什麼樣的支持可見性，特別是硬件，因為這往往比訂閱收入更不穩定？

Yes, you're touching a good point, which is that hardware and IP generally is more variable from quarter-to-quarter.

是的，您談到了一個很好的觀點，那就是硬件和 IP 通常每季度變化更大。

And the way that we're projecting revenues for this year is no different than how we have done it in the past.

我們預測今年收入的方式與我們過去的做法沒有什麼不同。

It's a combination of what is in backlog as well as our assessment of our ability to close the deals that are in our pipeline, both in IP and hardware.

這是積壓的內容以及我們對完成我們管道中的交易（包括 IP 和硬件）的能力的評估的組合。

So it really does reflect our best estimate of the profile at this point.

所以它確實反映了我們在這一點上對配置文件的最佳估計。

Great.

偉大的。

Just quickly, it looks like SIG was a little bit light in the fourth quarter and you've moderated, I think, your longer-term target that had been 20% is now 15% to 20%.

很快，第四季度的 SIG 看起來有點輕，我認為你已經緩和了，你的長期目標是 20%，現在是 15% 到 20%。

Is there anything structural you're seeing in that business or sort of law of large numbers as you grow it?

隨著您的發展，您在該業務中是否看到了任何結構性或某種大數定律？

How should we -- what accounts for that sort of moderation of that growth target there?

我們應該如何 - 是什麼導致那裡的增長目標如此溫和？

Yes, Rich, that's a good point.

是的，Rich，這是一個很好的觀點。

I'll start with the second half of your question, which is, is there any fundamental change in the business, and we don't see it that way.

我將從你問題的後半部分開始，即業務是否有任何根本性的變化，我們不這麼認為。

Certainly, we're very optimistic about that business.

當然，我們對這項業務非常樂觀。

And we do see a good outlook for it.

我們確實看到了它的良好前景。

We did see some challenges this year, which we were quick to address, and we feel good that we should be able to continue to grow at the market rates or higher.

今年我們確實看到了一些挑戰，我們很快就解決了這些挑戰，我們感到很高興我們應該能夠繼續以市場速度或更高的速度增長。

And it is a natural to us, it's the natural ebbs and flows of growing a business.

這對我們來說很自然，這是發展業務的自然潮起潮落。

We have a question from the line of Mitch Steves with RBC Capital Markets.

我們有一個來自 RBC Capital Markets 的 Mitch Steves 的問題。

And Mr. Steves your line is open, you might have your phone muted.

史蒂夫先生，您的線路已開通，您的電話可能已靜音。

Yes, sorry about that.

是的，對此感到抱歉。

Can you hear me?

你能聽到我嗎？

Hi, Mitch.

嗨，米奇。

Now we can.

現在我們可以了。

Yes.

是的。

Sorry about that.

對於那個很抱歉。

So I have really 2 questions.

所以我真的有兩個問題。

Unfortunately, I had to pick on track a little bit here, but -- so if I look at the numbers from the guide you guys are giving, it's like -- kind of like 21%, 22% operating margin for Q1.

不幸的是，我不得不在這裡選擇一點點，但是 - 所以如果我看看你們提供的指南中的數字，就像 - 有點像第一季度的 21% 和 22% 的營業利潤率。

But that implies that kind of the rest of the year, the Q2 to Q4 is going to be around 28.6%.

但這意味著今年剩下的時間，第二季度到第四季度將在 28.6% 左右。

So what does that mean that basically by '21, you're kind of going to be close to high 20s starting the year?

那麼這意味著什麼，基本上到 21 年，從今年開始你就會接近 20 多歲？

Or am I doing the math incorrectly there?

還是我在那裡做錯了數學？

Well, certainly, for the full year, we expect to be around 27% operating margin.

好吧，當然，我們預計全年的營業利潤率約為 27%。

As we've said in the past, the quarterly profile is really an outcome of the plan.

正如我們過去所說，季度概況實際上是計劃的結果。

Candidly, when I think about the budget for FY '21, 99% of my time has really been focused on the full year plan.

坦率地說，當我考慮 21 財年的預算時，我 99% 的時間都真正專注於全年計劃。

And making sure that we've got an outlook for revenue growth that is sustaining where we are or accelerating some areas.

並確保我們對收入增長的前景保持不變或加速某些領域。

And then making sure that we're investing in the appropriate places, while simultaneously improving margins for this year.

然後確保我們在適當的地方進行投資，同時提高今年的利潤率。

The outcome of the quarterly profile really is just the timing of these deals.

季度概況的結果實際上只是這些交易的時機。

So I wouldn't read too much into the quarterly profile.

所以我不會過多地閱讀季度簡介。

And I'll close it out by saying we remain committed to our long-term commitment of high 20s in FY '21, and we'll comment on that further as the year progresses.

最後，我會說我們仍然致力於在 21 財年實現 20 多歲的長期承諾，隨著時間的推移，我們將進一步對此發表評論。

Okay.

好的。

And the second one I had is you guys had done a few smaller acquisitions lately, and that includes employee head count.

我得到的第二個是你們最近進行了一些較小的收購，其中包括員工人數。

And so all of that is encapsulated in the full year guide that you guys are giving, correct?

所以所有這些都包含在你們提供的全年指南中，對嗎？

Meaning that there's going to be no additional OpEx in that number?

這意味著該數字中不會有額外的運營支出？

Yes, that's correct.

對，那是正確的。

We turn to the line of Tom Diffely with D.A. Davidson.

我們轉向 Tom Diffely 與 D.A. 的路線。戴維森。

Mr. Diffely, you might have your line on mute.

迪弗利先生，您可能會將您的線路設為靜音。

Yes.

是的。

Hello, can you hear me?

你好，你能聽到我說話嗎？

Yes, we can...

我們可以...

Yes, we can.

我們可以。

Yes.

是的。

So just a quick question.

所以只是一個簡單的問題。

When you look at the outlook for 2020 and the nice margin profile.

當您查看 2020 年的前景和良好的利潤率狀況時。

If you look at it on a year-over-year basis, how would you split the margin growth from product mix versus overhead absorption versus potentially fine-tuned cost structure?

如果您逐年查看，您將如何將利潤率增長從產品組合與間接費用吸收與可能微調的成本結構中分離出來？

It's really coming across the board.

它真的是全面的。

The progress that we made this year in 2019 in terms of improving it by 3 percentage points really came across all areas of the business.

我們在 2019 年取得的進展，將其提高了 3 個百分點，這確實涉及到業務的所有領域。

We saw it across the different business groups, from sales, from the G&A functions, and it's really a continued and broad-based effort.

我們在不同的業務部門、銷售部門、G&A 職能部門都看到了這一點，這確實是一項持續的、基礎廣泛的努力。

For 2020 and beyond that, we'll continue to do the same thing.

2020 年及以後，我們將繼續做同樣的事情。

It's really fine-tuning across all areas of the business.

它確實在業務的所有領域進行了微調。

Okay.

好的。

Great.

偉大的。

And then when you look at items like IP and hardware that tend to be a little lumpier, is there any other -- are there any other trend in 2020 we should know about as far as it's going to be fourth quarter, it's going to be even after the first quarter.

然後，當您查看 IP 和硬件之類的項目往往有點笨拙時，是否還有其他趨勢 - 2020 年是否還有其他趨勢我們應該知道，就第四季度而言，它將是即使在第一季度之後。

Any other kind of trends on a quarterly basis?

任何其他類型的季度趨勢？

We could probably help you with the quarterly profile in detail, but Q4 will likely trend to be the highest quarter for us given what we're -- what our visibility is at this point for both IP and hardware.

我們可能可以幫助您詳細了解季度概況，但考慮到我們現在的情況，第四季度可能會成為我們最高的季度——我們在這一點上對 IP 和硬件的可見性。

Okay.

好的。

And then final question, is IP fairly seasonal at this point?

最後一個問題，IP 在這一點上是否相當季節性？

I feel like it's always a little bit higher in the second half of the year.

我覺得下半年總是有點高。

We're not really seeing much seasonality in the business.

我們並沒有真正看到業務中有太多的季節性。

And as we said, it really depends on the timing of when the IP is delivered or when the IP is pulled down by our customers.

正如我們所說，這實際上取決於交付 IP 的時間或我們的客戶撤下 IP 的時間。

And you're going to see that variability increase due to 606.

你會看到由於 606 而導致的可變性增加。

So just keep that in mind.

所以請記住這一點。

But overall, the demand drivers for IP continues to be really strong, and that's reflected in our outlook for 2020.

但總體而言，知識產權的需求驅動力仍然非常強勁，這反映在我們對 2020 年的展望中。

And next, we turn to the line of Adam Gonzalez with Bank of America.

接下來，我們轉向美國銀行的亞當·岡薩雷斯 (Adam Gonzalez) 的路線。

Can you just help us understand, I don't know if you guide out this far, but the revenue growth you expect by product group for fiscal '20?

你能不能幫我們理解一下，我不知道你是否指導了這麼多，但是你期望的產品組在 20 財年的收入增長？

Is it kind of in line with the longer-term targets you have set out?

這是否符合您設定的長期目標？

Or is there any substantial deviation of any particular product group?

或者任何特定產品組是否存在任何實質性偏差？

No.

不。

Our long-term model spells it out pretty well between EDA, IP and Software Integrity.

我們的長期模型很好地說明了 EDA、IP 和軟件完整性之間的關係。

And typically, we don't break that down quarterly or on an annual basis.

通常，我們不會按季度或按年度細分。

Our view is we do manage this business over a multiyear horizon, and the beauty of it is that we've been pretty good about managing it within that range over time.

我們的觀點是，我們確實在多年的時間裡管理這項業務，而它的美妙之處在於，隨著時間的推移，我們在該範圍內管理它方面做得很好。

Got it.

知道了。

And the reason why, I guess, I asked that is because there's been some weaker data points on enterprise spending overall.

我想，我之所以問這個問題，是因為總體上企業支出的數據點較弱。

I imagine you're a bit more insulated from that, given the relative size of your SIG business, but are you seeing any kind of impact from that going into fiscal '20?

考慮到您的 SIG 業務的相對規模，我想您對此更加絕緣，但是您是否看到進入 20 財年的任何影響？

Or again, are you insulated from that?

或者，你是否與此絕緣？

Those sort of concerns are certainly factored into our guidance.

我們的指導肯定會考慮這些擔憂。

I would reference you to how we performed historically.

我會向您介紹我們在歷史上的表現。

And that's the great part of having a business that is close to 90% recurring, is that there is adapting effect when things go through different cycles.

這就是擁有接近 90% 經常性業務的重要部分，當事情經歷不同的周期時會產生適應效應。

Yes, the other thing I would add to that is, certainly, if you look at the Software Integrity business, it's a business where we're actually very young in an emerging situation.

是的，我要補充的另一件事是，當然，如果你看一下軟件完整性業務，我們實際上在新興形勢下還很年輕。

And so there are many, many customers that we haven't even touched yet.

所以有很多很多我們還沒有接觸過的客戶。

And so I think that is a fairly open space.

所以我認為這是一個相當開放的空間。

Now overall, obviously, we are subject to the fluctuations of the global markets.

現在總的來說，顯然，我們受到全球市場波動的影響。

But from a technology utilization point of view right now, I think the demand for technology is quite high.

但是現在從技術利用的角度來看，我認為對技術的需求是相當高的。

And so the rates continues to be quite fast.

因此，利率繼續相當快。

And next, we turn to the line of Gary Mobley with Wells Fargo Securities.

接下來，我們轉向富國銀行證券的 Gary Mobley。

It looks like you're not going to file your 10-K until January 1, so I was hoping that on this call, you can share with us your next 12-month backlog, which excludes noncancelable FSA and future royalties.

看來您要在 1 月 1 日之前提交您的 10-K，所以我希望在這次電話會議上，您可以與我們分享您下一個 12 個月的積壓工作，其中不包括不可取消的 FSA 和未來的版稅。

We actually don't disclose that information.

我們實際上並沒有披露這些信息。

What?

什麼？

In the K.

在 K.

In the K, we'll discuss that.

在 K 中，我們將討論這個問題。

Do you have that number?

你有那個號碼嗎？

I'm sorry, I don't have that number off the top of my head.

對不起，我腦子裡沒有那個數字。

Okay.

好的。

The point of the question is that it looks like your -- if you take your next 12-month backlog as you've been disclosing in your different SEC filings, and do you divide that by your next 12 months revenue expectations, which is, I think, the critical juncture now?

問題的關鍵在於，它看起來像你——如果你按照你在不同的 SEC 文件中披露的那樣計算下一個 12 個月的積壓，你是否將其除以你未來 12 個月的收入預期，即，我想，現在是關鍵時刻嗎？

It looks like you're generating more revenue or expect to generate more revenue from next 12-month backlog.

看起來您正在產生更多收入，或者希望從接下來的 12 個月積壓中產生更多收入。

So just hoping that maybe you can speak to why you guys are sort of modeling in lower turns business as it relates to that.

所以只是希望也許你能談談為什麼你們在與此相關的低轉業務中成為模特。

Well, I'll give you some specific numbers around that.

好吧，我會給你一些具體的數字。

The backlog that we have scheduled for FY '20 is roughly 65%.

我們為 20 財年安排的積壓工作大約為 65%。

That's lower than it's traditionally been, mostly because of the transition to 606 and with a higher mix of hardware and IP.

這比傳統上要低，主要是因為向 606 的過渡以及更高的硬件和 IP 組合。

From a modeling perspective, when we take into account what we have visibility to from hardware and IP, the range and the range of how we're building the business between backlog and turns and what we have visibility to is pretty consistent with what we've been managing to over the last few years.

從建模的角度來看，當我們考慮到我們對硬件和 IP 的可見性時，我們如何在積壓和周轉之間建立業務的範圍和範圍以及我們對什麼的可見性與我們的內容非常一致。在過去的幾年裡一直在設法。

Okay.

好的。

And could you give us an update on the degree of the impact from the Entity List, not specific to maybe the one big customer, but maybe in the entirety?

您能否向我們提供有關實體列表影響程度的最新信息，而不是特定於一個大客戶，但可能是整體？

Well, in general, as you know, we don't disclose the specific customers nor do we disclose a subset of customers.

好吧，一般而言，如您所知，我們不會披露特定客戶，也不會披露客戶子集。

Obviously, it has a negative impact.

顯然，它有負面影響。

But at the same time, the guidance that we gave, which I think is rather strong, has fully encompassed the fact that we're assuming 0 return or 0 revenue from the Entity List customers.

但與此同時，我們給出的指導（我認為相當有力）已經完全包含了這樣一個事實，即我們假設實體列表客戶的回報為 0 或收入為 0。

So if things change for the better, we will let you know, of course, immediately.

因此，如果情況有所好轉，我們當然會立即通知您。

But for right now, the wisest path is to not comment much more about the situation.

但就目前而言，最明智的做法是不要對這種情況發表更多評論。

Okay.

好的。

Didn't you comment in the past that it could be a 100 basis point impact to the top line?

您過去沒有評論說這可能對收入產生 100 個基點的影響嗎？

No.

不。

We have not provided specific numbers around that.

我們沒有提供具體的數字。

Next, we turn to the line of Jackson Ader with JPMorgan.

接下來，我們轉向JPMorgan 的Jackson Ader 路線。

First question is on the delay in the emulation in the hardware.

第一個問題是硬件仿真的延遲。

Is this something that's just absolutely single customer specific?

這只是絕對單一客戶特定的東西嗎？

Or is it possible that it could become symptom of a broader trend?

還是有可能成為更廣泛趨勢的徵兆？

It was a single customer specific.

這是一個特定的客戶。

Okay.

好的。

Okay.

好的。

And any -- just to follow up, any additional color on that?

還有任何——只是為了跟進，還有什麼額外的顏色嗎？

I mean why the delay?

我的意思是為什麼延遲？

Do you expect it in -- I think Rich asked earlier, what you expected in the first half or when the actual delivery will be.

您是否期望它-我認為 Rich 早些時候問過您對上半年的期望或實際交付的時間。

But any additional color you can give there?

但是你可以在那裡提供任何額外的顏色嗎？

No.

不。

We don't want to give color because, as you know, we're always very cautious to not comment about specific customers.

我們不想給出顏色，因為如您所知，我們總是非常謹慎，不對特定客戶發表評論。

Maybe I can give a little color, a different dimension, which is we were quite diligent at finding opportunities to grow in a broader set of markets.

也許我可以給一點顏色，一個不同的維度，那就是我們非常努力地尋找在更廣泛的市場中成長的機會。

And actually, if you look at our Verification area and specifically to hardware.

實際上，如果您查看我們的驗證區域，特別是硬件。

We did really, really well.

我們做得非常非常好。

And so we have no doubt that the capabilities we offer, the very need for a lot of customers to run their software on prototypes where they don't have the real hardware yet continues to be a great opportunity for us, and we continue to both invest there and are bullish about the broader customer sets that we have.

因此，我們毫不懷疑，我們提供的功能，許多客戶非常需要在他們沒有真正硬件的原型上運行他們的軟件，這對我們來說仍然是一個很好的機會，我們將繼續在那裡投資並看好我們擁有的更廣泛的客戶群。

Okay.

好的。

That is actually helpful color.

這實際上是有用的顏色。

Then switching gears to the integrity business, the refining of the sales channel and looking to scale this thing to $500 million and beyond.

然後轉向誠信業務，完善銷售渠道，並希望將這件事擴大到 5 億美元甚至更多。

So what do you think in the sales channel or sales processes needed to be refined relative to what you were doing in 2019.

那麼相對於你在 2019 年所做的事情，你認為銷售渠道或銷售流程中需要改進的地方是什麼。

Any additional specifics you can give there?

您可以在那裡提供任何其他細節嗎？

Well, let me just take a first step back, given that we've had the unique experience of growing synopsis literally through these phases as well.

好吧，讓我退後一步，因為我們在這些階段也有過從字面上發展概要的獨特經驗。

And I'm always thrilled by the fact that enterprises do go through different phases.

我總是對企業確實經歷不同階段這一事實感到興奮。

And so yes, a $50 million company is very different than the $100 million, and that in turn is very different than the quarter -- $0.25 billion, and $500 million again is different.

所以是的，一家 5000 萬美元的公司與 1 億美元的公司非常不同，而這又與本季度非常不同——2.5 億美元，5 億美元又是不同的。

And the difference is essentially the complexity of how you manage, not only your internal product development and management but also your external relationship with the customers.

區別本質上在於您管理方式的複雜性，不僅是您的內部產品開發和管理，還有您與客戶的外部關係。

And this is certainly also true in the case of the Software Integrity Group because there, too, there's also a bifurcation between large enterprise customers that typically are cautious and slow in adopting, but when they adopt, they keep adopting and keep adopting.

在 Software Integrity Group 的情況下當然也是如此，因為在大型企業客戶之間也存在分歧，這些客戶通常在採用時謹慎且緩慢，但當他們採用時，他們會繼續採用並繼續採用。

And so they become, over time, the bigger spenders versus many of the smaller agile companies that very quickly buy a few copies, and then it's more ad hoc, how they expand.

因此，隨著時間的推移，與許多快速購買幾份副本的小型敏捷公司相比，它們成為了更大的支出者，然後它們的擴張方式更加臨時。

On top of that, you have the gradual broadening of geography.

最重要的是，您的地理範圍逐漸擴大。

Any of the startups that we acquired originally have certain geographies that they were focused on.

我們最初收購的任何初創公司都有他們所關注的特定地區。

We, of course, are a global company, and therefore, open up broader domains.

當然，我們是一家全球性公司，因此開闢了更廣闊的領域。

And then the third one, which is maybe more marked here that was in the semiconductor domain that we originally was in -- were in is that they deal with individual verticals.

然後是第三個，在這裡可能更明顯，它是我們最初所在的半導體領域 - 是他們處理個別垂直領域。

And so dealing with automotive is different than dealing with the financial sector or the health sector and so on, and so you have sort of these multiple variables.

因此，與汽車打交道與與金融部門或衛生部門等打交道是不同的，所以你有這些多重變量。

And now the question is, how do you deploy and manage your salespeople and support people, I should say, against that backdrop of multiple dimensions?

現在的問題是，我應該說，在多維度的背景下，您如何部署和管理您的銷售人員和支持人員？

And that's just another way of saying, one continually learns and evolves.

這只是另一種說法，一個人不斷學習和發展。

And as we're looking now to Phase 2, which is the crossing of the $0.5 billion and beyond, that is essentially what we are talking about when we are saying, "Hey, we have the opportunity to optimize our go-to-market again." And no doubt, in 1.5 years, we will say it again.

正如我們現在正在關注的第 2 階段，這是 5 億美元及以上的跨越，這基本上就是我們所說的，“嘿，我們有機會優化我們的上市再次。”毫無疑問，在 1.5 年後，我們會再說一遍。

And next, we turn to the line of Jay Vleeschhouwer with Griffin Securities.

接下來，我們轉向格里芬證券的 Jay Vleeschhouwer。

I'll ask both questions at the same time.

我會同時問這兩個問題。

First, for you, Aart, and then for Trac.

首先，為你，Aart，然後為 Trac。

Aart, following up on a conversation we had when you were here in New York a couple of months ago, regarding the next big thing in EDA, you answered that prototyping, broadly speaking, and new requirements and extraction would be the next growth driver for EDA.

Aart，幾個月前你在紐約的一次談話中，關於 EDA 的下一件大事，你回答說，從廣義上講，原型設計和新的需求和提取將是下一個增長驅動力。 EDA。

And by that, you meant, of course, not just hardware prototyping.

當然，您的意思不僅僅是硬件原型設計。

And so my question is this already showing itself in new business?

所以我的問題是這已經在新業務中表現出來了嗎？

And how are you investing towards that, since it's likely to be a multiyear phenomenon?

既然這可能是一個多年的現象，那麼您將如何投資呢？

And then secondly for Trac, you spoke of your largest customer in 2 separate ways, but we combine that?

其次，對於 Trac，您以兩種不同的方式談論您的最大客戶，但我們將其結合起來？

And could you talk about the total business from the largest customer in fiscal '18, according to last year's K, it was 15.4% of your business, which worked out to just over $480 million, and that was flat with '17, which have been up very strongly.

您能否談談 18 財年最大客戶的總業務量，根據去年的 K，它佔您業務的 15.4%，略高於 4.8 億美元，與 17 財年持平，後者有漲得很厲害。

So netting out everything you just said about that customer, did your business, in fact, grow either proportionately or in absolute terms?

因此，除去您剛才所說的有關該客戶的所有內容，您的業務實際上是按比例增長還是絕對增長？

Okay.

好的。

Jay, the next big thing, and of course, next is always a function of short term, long term, medium term, you name it.

傑，下一件大事，當然，下一件總是短期、長期、中期的函數，你說的。

But we have to say and sort of agree with my answer that I gave you a number of months ago, which is that the more systems become complex, the more it's necessary to essentially build mockups.

但是我們不得不說並同意我幾個月前給你的回答，即係統越複雜，本質上構建模型的必要性就越多。

We call those prototypes of them to see how well they work.

我們稱它們為原型，看看它們的工作情況如何。

Because the working is often illustrated on how well the software runs.

因為工作通常說明軟件運行的好壞。

And the challenges may very well be inside of the hardware.

挑戰很可能在硬件內部。

In other words, you always have a very complex modeling proposition of how do you create a prototype of the hardware, a level of abstraction of the hardware, to use that word, and then run software on it, a, to see how fast is it?

換句話說，你總是有一個非常複雜的建模命題，你如何創建硬件原型，硬件的抽象級別，使用那個詞，然後在上面運行軟件，a，看看有多快它？

How much power does it consume?

它消耗多少功率？

Are there weird stops?

有沒有奇怪的停靠點？

What happens if something breaks?

如果有什麼東西壞了怎麼辦？

Can you restart it if it's in the middle of some lock-up or things like that?

如果它處於鎖定狀態或類似情況，您可以重新啟動它嗎？

And these things become dramatically more important if the systems also impact life dangerous situations, such as driving a car or operating some machinery.

如果這些系統也影響到生命危險的情況，例如駕駛汽車或操作某些機器，這些事情就會變得更加重要。

And it is very clear that a lot of the world is going exactly in that direction.

很明顯，世界上很多地方都在朝著這個方向發展。

So how well have we done with that?

那麼我們在這方面做得如何？

Well, initially, we went after market that was considered to be extremely slow-moving and stodgy, and that was the automotive market.

嗯，最初，我們追求的是被認為是極其緩慢和乏味的市場，那就是汽車市場。

And that quite radically changed a few years ago, when 2 things happen.

幾年前發生了兩件事，這發生了徹底的變化。

One is a car got hacked, Jeep, and was literally driven off the street by somebody using a cell phone.

一個是一輛汽車被黑了，吉普車，被人用手機從街上趕走了。

And secondly, people suddenly saw the coming about of autonomous driving, with all the potential and the challenges for security and safety.

其次，人們突然看到了自動駕駛的到來，以及安全和安全方面的所有潛力和挑戰。

And it's been quite remarkable to see how the OEMs, so these are the end car companies, have, in turn, pushed on their Tier 1, which is their supply chain, which in terms pushes on the semiconductor guys, which is their supply chain to now start putting all of these capabilities in models so that they can assemble it long before the car is actually already as a prototype.

看到原始設備製造商（這些是終端汽車公司）如何推動他們的一級供應鏈，也就是他們的供應鏈，這在推動半導體公司，這是他們的供應鏈，這是非常了不起的現在開始將所有這些功能放入模型中，以便他們可以在汽車實際上已經作為原型之前進行組裝。

And so we've been central to that, and it's been quite rewarding to see how quickly this has advanced on an industry that fundamentally, for good reason, has to be slow because it has to be safe.

因此，我們一直是其中的核心，看到這在一個從根本上出於充分理由必須緩慢因為它必須是安全的行業發展得如此之快是非常有益的。

Now the concept I just described actually happens in all of the more sophisticated electronic systems.

現在，我剛剛描述的概念實際上發生在所有更複雜的電子系統中。

And this is only true also for cellular phone that has a very short time to market, where one can run the software on an emulator, for example, and actually discover surprises before one actually ships the product.

這僅適用於上市時間很短的手機，例如，人們可以在模擬器上運行軟件，並在實際發布產品之前發現驚喜。

So that is one of the many directions that we're going into.

所以這是我們要進入的眾多方向之一。

And it literally takes advantage of our entire stack of relationships in the supply chain and stack of relationships in the technology levels.

它實際上利用了我們在供應鏈中的整個關係堆棧和技術級別的關係堆棧。

Jay, this is Trac.

傑，這是特拉克。

So to your second question, you will see in our 10-K filing in a couple of weeks that the revenue for our largest customer will be down in 2019, and that is strictly a function of the hardware decline.

所以對於你的第二個問題，你會在幾週後的 10-K 文件中看到，我們最大的客戶的收入將在 2019 年下降，這完全是硬件下降的結果。

The rest of the business, EDA and IP grew very well in 2019.

其他業務、EDA 和 IP 在 2019 年增長良好。

Got it.

知道了。

If I could squeeze in one more perhaps regarding your head count.

如果我能再擠一點，也許關於你的人數。

Your number of AE openings has increased significantly.

您的 AE 空缺數量顯著增加。

And particularly, in the Americas, where they've nearly tripled over the last year and up by about 60% over the last year in Asia, flat in EMEA.

特別是在美洲，它們在去年幾乎翻了三倍，在亞洲比去年增長了約 60%，在歐洲、中東和非洲持平。

So maybe comment on what's driving that growth in AE recs.

因此，也許可以評論一下推動 AE recs 增長的原因。

And is it a coincidental indicator?

這是一個巧合的指標嗎？

Leading indicator?

領先指標？

How are you thinking about filling what is your second largest function by openings after R&D?

您如何考慮通過研發之後的空缺來填補您的第二大職能？

Jay, you always give me the best summary of our hiring practices.

傑，你總是給我關於我們招聘實踐的最佳總結。

But the increase of AEs invariably has to do with either products that are in deployment and need support as we harvest the opportunity, and that's certainly the case in areas such as Fusion Compiler, Custom and many of the place of Verification, or it is a gradual rebalancing of the geography makeup as different parts of the world grow at different rates or have different needs at various times.

但是 AE 的增加總是與正在部署的產品有關，並且在我們收穫機會時需要支持，在 Fusion Compiler、Custom 和許多地方的 Verification 等領域肯定是這種情況，或者它是隨著世界不同地區以不同的速度增長或在不同時期有不同的需求，地理構成逐漸重新平衡。

It is rarely the need to increase specific skills because our teams are actually quite strong and very broad.

很少需要增加特定技能，因為我們的團隊實際上非常強大且非常廣泛。

But every so often, bringing in some specialists, let's say, for example, in the prototyping or in the intersection of hardware and software can be quite beneficial as well.

但是每隔一段時間，引入一些專家，比如說，在原型設計或硬件和軟件的交叉領域，也會非常有益。

So the fact that we are hiring, I think, you can take as a positive in general and adding much more -- it probably enters the competitive knowledge space.

因此，我認為，我們正在招聘的事實總體上可以視為積極因素並增加更多 - 它可能進入競爭性知識領域。

So I'll refrain from that.

所以我會避免這樣做。

(Operator Instructions) Next, we turn to the line of Jason Celino with KeyBanc Capital Markets.

（操作員說明）接下來，我們轉向 Jason Celino 與 KeyBanc Capital Markets 的合作。

One, kind of tying back to Aart's comments about the SIG margins, 27% operating margin guidance for full year, on track to do the high 20s in fiscal '21, but how should we think about the design margins versus SIG margins?

一，與 Aart 關於 SIG 利潤率的評論有關，全年 27% 的營業利潤率指導，有望在 21 財年達到 20 年代的高位，但我們應該如何考慮設計利潤率與 SIG 利潤率？

Because I think, Aart, you said the margins won't be as expensive in 2020, but then ramp again in 2021.

因為我認為，Aart，您說 2020 年的利潤率不會那麼高，但會在 2021 年再次上升。

Yes.

是的。

That's correct.

這是正確的。

I think we said that we'd hold SIG probably roughly flat.

我想我們說過我們可能會大致持平 SIG。

And of course, that means if the rest of the ops margin for the company grows, and everybody has to chip in.

當然，這意味著如果公司的其餘運營利潤增長，那麼每個人都必須參與進來。

And we have, obviously, multiple parts in the company, everybody is sensitized to the operating margin that we want to achieve for the company.

顯然，我們在公司中有多個部門，每個人都對我們希望為公司實現的營業利潤率敏感。

And so all of the BUs and subgroups are all focusing on how do we get there, while at the same time, not making any compromises for future growth.

因此，所有業務部門和子集團都專注於我們如何實現這一目標，同時不為未來的增長做出任何妥協。

And so you are probably aware that somewhat loosely, we used the Rule of 40 as a guideline.

因此，您可能已經意識到，我們使用 40 規則作為指導有點鬆散。

And so there's room for people to make improvements to get there.

因此，人們有改進的空間來實現這一目標。

But on a strongly positive note, I think Synopsys, throughout its management, is not only sensitized to this desire but very committed and has budget and plans to get there.

但在一個非常積極的方面，我認為新思科技在其整個管理層中不僅對這種願望敏感，而且非常投入，並且有預算和計劃來實現這一目標。

So from year-to-year, I think, different BUs will get a little bit more or less of a reprieve as a function of the investment needed or corrections or whatever else we need to do.

因此，我認為，根據所需的投資或修正或我們需要做的任何其他事情，不同的業務每年都會或多或少地得到緩刑。

But in aggregate, we all know that we want to deliver on the numbers that we are guiding you towards.

但總的來說，我們都知道我們希望實現我們引導您實現的數字。

Okay.

好的。

Great.

偉大的。

And then maybe a little more clarification if you can on some of the fiscal responsibility you'd see on your EDA side because the guidance would suggest most of that improvement would have to come from that business.

如果你可以在你的 EDA 方面看到一些財政責任，那麼可能會再澄清一點，因為指導表明大部分改進必須來自該業務。

Well, realize, of course, that if figures, roughly 10% of Synopsys is tuned, by definition, the rest is 90%, and we have multiple very different efforts in EDA and we have a relatively large, but still less than 1/4 of the company IP business.

好吧，當然要意識到，如果數字，大約 10% 的 Synopsys 進行了調整，根據定義，其餘的是 90%，我們在 EDA 方面有多種非常不同的努力，我們有一個相對較大的，但仍然小於 1/ 4、公司IP業務。

And so obviously, between those different groupings, they all have to contribute.

很明顯，在這些不同的群體之間，他們都必須做出貢獻。

And if I'm not mistaken, all but one of the businesses are heading towards improving ops margin.

如果我沒記錯的話，除了一家企業之外，所有企業都在朝著提高運營利潤率的方向前進。

One of them is heading a little bit more towards growing the revenue.

其中一個正朝著增加收入的方向發展。

But in aggregate, and it's sometimes difficult to measure because they intertwine in the deals and so on.

但總的來說，有時很難衡量，因為它們在交易等方面交織在一起。

But in aggregate, it's all heading in the same direction, which is put a dent in the Rule of 40.

但總的來說，這一切都朝著同一個方向發展，這削弱了 40 條規則。

Next, we turn to the line of Krish Sankar with Cowen and Company.

接下來，我們轉向與 Cowen and Company 合作的 Krish Sankar 的路線。

I have 2 of them, Aart, I think in your prepared comments, you said the SIG Group could be $0.5 billion in revenues next year.

我有兩個，Aart，我想在你準備好的評論中，你說 SIG 集團明年的收入可能是 5 億美元。

If that is the case, it looks like your Semi & System's division is going to grow only like 3%, which seems lower than historical.

如果是這種情況，您的 Semi & System 部門看起來只會增長 3%，這似乎低於歷史水平。

Is it a function of Entity List?

它是實體列表的功能嗎？

Or is there anything else going on there?

或者那裡還有其他事情發生嗎？

And then I have a follow-up.

然後我有一個跟進。

Sorry, if I was not clear enough, but my statement was that the next milestone is to pass $0.5 billion.

抱歉，如果我不夠清楚，但我的聲明是下一個里程碑是超過 5 億美元。

I did not say that it would pass $1 billion next year.

我沒有說明年會超過 10 億美元。

And so we gave you a sense of the growth rate for SIG at 15% to 20%, which we think is a bit above the market that it is in right now.

因此，我們讓您了解 SIG 的增長率在 15% 到 20% 之間，我們認為這比它目前所處的市場略高。

And so fundamentally, there's no real change in the path that Synopsys is on and all its components from what we did this year and the past year.

因此，從根本上說，Synopsys 所走的道路及其所有組件與我們今年和過去一年所做的相比並沒有真正的改變。

We're fortunate to have a set of businesses that are all doing well, some are very profitable also.

我們很幸運擁有一系列經營良好的業務，其中一些業務也非常有利可圖。

And so it's an aggregate improvement that manifests itself in the financial results, largely because of many years of big investments and a number of, I think, really good acquisitions that got integrated well.

因此，這是一個整體的改善，體現在財務業績中，主要是因為多年的大投資和一些，我認為，很好的收購整合得很好。

So we're continuing the pathway.

所以我們正在繼續這條道路。

And if you want to get a different sense of Synopsys, then just graph our results for the last 10 years, and then you'll see a very different level of stability of how we manage the company.

如果您想對 Synopsys 有不同的認識，只需繪製我們過去 10 年的結果，然後您就會看到我們管理公司的方式非常不同的穩定性。

Got it.

知道了。

That's really helpful, Aart.

這真的很有幫助，阿爾特。

And then just as a follow-up, a much more longer-term industry question.

然後作為後續，一個更長期的行業問題。

Given you guys have a good portion of FPGA, HAPS, hardware and also you completed the acquisition of the DINI Group recently, I'm kind of curious, from your vantage point and it looked like 5 years or more than 5 years out, where do you stand on the durability of FPGAs for AI applications, reduced down on the FPGA versus ASIC debate.

鑑於你們有很大一部分 FPGA、HAPS、硬件，而且你們最近完成了對 DINI 集團的收購，我有點好奇，從你們的角度來看，它看起來像 5 年或 5 年以上，在哪裡您是否支持 FPGA 用於 AI 應用的耐用性，減少了 FPGA 與 ASIC 的爭論。

Well, the AI field itself is a field that has its own specialty and many, many companies that are all making different bets.

嗯，人工智能領域本身就是一個有自己特色的領域，很多很多公司都在做不同的賭注。

And it's useful to take a small step backwards, which is fundamentally AI has one need, which is much, much, much faster computation.

向後退一小步很有用，從根本上說，人工智能有一個需求，那就是計算速度要快得多、快得多。

Well, no matter how hard we push on Moore's Law and so on, that's hard to achieve.

好吧，無論我們如何努力推動摩爾定律等等，這都很難實現。

And so the answer by definition has to be, therefore, architectures will become optimized for different applications.

因此，定義的答案必須是，因此，架構將針對不同的應用程序進行優化。

Now architectures can mean chips.

現在架構可能意味著芯片。

It can be groups of chips.

它可以是籌碼組。

It can be FPGAs.

它可以是 FPGA。

It can be a combination of things.

它可以是事物的組合。

And actually, a number of the very large suppliers provide combinations of processors, together with graphics processors, together with FPGA pieces, all with one objective, optimize for an architecture that's appropriate for a specific situation.

實際上，許多非常大的供應商提供處理器組合，連同圖形處理器，連同 FPGA 部件，所有這些都具有一個目標，針對適合特定情況的架構進行優化。

And so in many ways, we, ourselves, have been a user of these capabilities because, of course, we use a lot of computation for our software tools, but the hardware tools that we provide is our own way to say for certain tasks, such as for simulation, we can do much better on emulator or FPGA board.

因此，在許多方面，我們自己一直是這些功能的用戶，因為當然，我們為我們的軟件工具使用了大量的計算，但我們提供的硬件工具是我們自己對某些任務的說法，例如仿真，我們可以在仿真器或FPGA板上做得更好。

So I expect all of these technologies to continue to evolve, to continue to be available in various combinations, and the race will continually be on of how do you build machines that can do really well.

因此，我希望所有這些技術能夠繼續發展，繼續以各種組合形式提供，而關於如何製造能夠做得非常好的機器的競賽將繼續展開。

My last comment is, we ourselves are the provider of tools to a vast, vast group of emerging AI companies.

我最後的評論是，我們自己就是為大量新興人工智能公司提供工具的提供者。

And this is encouraging because I think those people will not give up for quite a while in trying new architectures and some will ultimately go into very large volume.

這是令人鼓舞的，因為我認為這些人在很長一段時間內都不會放棄嘗試新架構，有些人最終會進入非常大的規模。

And so in many ways, we see a number of those companies as hard technology drivers for Synopsys.

因此，在許多方面，我們將其中許多公司視為 Synopsys 的硬技術驅動力。

And business-wise, we're doing very well with them.

在商業方面，我們與他們合作得很好。

And speakers, we have no further questions in queue.

發言者們，我們沒有其他問題需要排隊。

Well, given that, as you heard, we had a very strong '19.

好吧，正如你所聽到的，我們有一個非常強大的 19 年。

We have a great outlook for '20, the market around us, which was a bit soft last year, looks up a slight bit.

我們對 20 年有很好的前景，我們周圍的市場，去年有點疲軟，看起來有點小。

There are a lot of uncertainties, as we all know.

眾所周知，有很多不確定性。

But meanwhile, I think we're executing well.

但與此同時，我認為我們執行得很好。

And this is also a good time to say thank you to you for your support, your often provocative and stimulating questions, and we'll be back with some of you in the next half hour or so.

這也是感謝你們的支持，感謝你們經常提出挑釁和刺激的問題的好時機，我們將在接下來的半小時左右與你們中的一些人一起回來。

Thank you.

謝謝你。

That does conclude our conference for today.

這確實結束了我們今天的會議。

Thank you for your participation and for using AT&T conferencing service.

感謝您的參與和使用 AT&T 會議服務。

You may now disconnect.

您現在可以斷開連接。