新思科技 (SNPS) 2022 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys Earnings Conference Call for the Third Quarter of Fiscal Year 2022. (Operator Instructions) And as a reminder, today's call is being recorded.

女士們先生們，歡迎參加 Synopsys 2022 財年第三季度收益電話會議。（操作員說明）提醒一下，今天的電話會議正在錄音中。

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

此時，我想將會議轉交給投資者關係副總裁 Lisa Ewbank。請繼續。

Thank you, Kerry. Good afternoon, everyone. Hosting the call today are Aart de Geus, Chairman and CEO of Synopsys; and Trac Pham, Chief Financial Officer. .

謝謝你，克里。大家下午好。今天主持電話會議的是新思科技董事長兼首席執行官 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. While these statements represent our best current judgment about future results and performance as of today, our actual results are subject to many risks and uncertainties that could cause actual results to differ materially from what we expect.

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。雖然這些陳述代表了我們目前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. 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.

此外，我們將在討論期間參考非公認會計準則財務指標。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. In addition, the prepared remarks will be posted on the website at the conclusion of the call.

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。此外，準備好的評論將在電話會議結束時發佈在網站上。

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

有了這個，我會把它交給 Aart de Geus。

Good afternoon. We delivered another excellent quarter with enduring broad-based strength. Revenue for the quarter was $1.25 billion. GAAP earnings per share were $1.43, with non-GAAP earnings at $2.10. We generated $440 million of operating cash flow.

下午好。我們以持久的廣泛實力交付了另一個出色的季度。本季度收入為 12.5 億美元。 GAAP 每股收益為 1.43 美元，非 GAAP 收益為 2.10 美元。我們產生了 4.4 億美元的經營現金流。

Notwithstanding the normal ebb and flow of the semiconductor market, design activity remained robust. In addition, our business model sets us apart by adding a solid level of stability and resilience to the accelerated growth we're seeing.

儘管半導體市場正常潮起潮落，但設計活動依然強勁。此外，我們的商業模式為我們所看到的加速增長增添了堅實的穩定性和彈性，從而使我們與眾不同。

Based on this strength and confidence in our business, we are raising guidance for the full year. We expect to grow fiscal '22 revenue approximately 21% and past the $5 billion milestone. We continue to drive notable ops margin expansion, and we intend to grow non-GAAP earnings per share by approximately 29%. In the process, we expect to generate $1.6 billion to $1.65 billion in operating cash flow. Trac will discuss the financials in more detail.

基於對我們業務的這種實力和信心，我們正在提高全年的指導。我們預計 22 財年的收入將增長約 21%，並超過 50 億美元的里程碑。我們繼續推動顯著的運營利潤率擴張，我們打算將非公認會計準則每股收益增長約 29%。在此過程中，我們預計將產生 16 億至 16.5 億美元的經營現金流。 Trac 將更詳細地討論財務狀況。

Over the last 5 or so decades, semiconductor chips and software have transformed every aspect of our world. From traditional computers to networks to mobile devices, from entertainment systems to home security, to medical wonder machines. Every vertical market is affected and expecting more.

在過去 5 年左右的時間裡，半導體芯片和軟件已經改變了我們世界的方方面面。從傳統計算機到網絡再到移動設備，從娛樂系統到家庭安全，再到醫療奇蹟機器。每個垂直市場都受到影響並期待更多。

As a result, not only does the world demand more chips, but more chips are being designed by an expanded group of semiconductor and systems companies. Those chips are much more complex. They need to be designed faster due to time-to-market pressure and with increasingly constrained engineering talent resources.

結果，不僅世界需要更多的芯片，而且越來越多的半導體和系統公司正在設計更多的芯片。這些芯片要復雜得多。由於上市時間壓力和工程人才資源日益受限，它們需要更快地設計。

For the last 35 years, Synopsys has been privileged to grow as an essential catalyst of this transformation, delivering 10 million x in productivity. Today, Synopsys uniquely sits at the intersection of the dual system forces of semiconductors and software, enabling both with the bold ambition to capitalize another 1,000x this decade. We partner and collaborate with the most advanced companies in the entire supply chain. And while the technical challenges are huge, so are the opportunities.

在過去的 35 年中，新思科技有幸成為這一轉型的重要催化劑，實現了 1000 萬倍的生產力。如今，Synopsys 獨樹一幟地處於半導體和軟件雙系統力量的交匯點，使兩者都雄心勃勃地在這十年中再利用 1,000 倍的資本。我們與整個供應鏈中最先進的公司合作。雖然技術挑戰很大，但機遇也很大。

On top of this, security, safety and reliability are now a must for markets such as robotics, automotive and aerospace. Meanwhile, more and more systems companies from large hyperscalers to AI startups to verticals like automotive have decided to own their destiny and design their own chips and systems to accelerate their differentiation. Today, Synopsys is successfully bridging technologies from silicon to software to systems as we engage with all these companies.

最重要的是，安全性、安全性和可靠性現在是機器人、汽車和航空航天等市場的必備條件。與此同時，越來越多的系統公司，從大型超大規模企業到人工智能初創公司，再到汽車等垂直行業，都決定掌握自己的命運，設計自己的芯片和系統，以加速差異化。今天，隨著我們與所有這些公司合作，Synopsys 成功地將技術從芯片到軟件再到系統連接起來。

In the last few years, we have delivered a number of groundbreaking innovations that are making tremendous impact. For example, in chip design, we're automating not only individual design steps, but entire sub flows. Our preconfigured IP blocks not only speed up chip design, but also let architects rapidly explore new market-specific chip and system configurations.

在過去幾年中，我們推出了許多具有重大影響的突破性創新。例如，在芯片設計中，我們不僅要自動化單個設計步驟，還要自動化整個子流程。我們預配置的 IP 模塊不僅可以加快芯片設計速度，還可以讓架構師快速探索新的市場特定芯片和系統配置。

Our emulation and prototyping solutions are now essential to verify and optimize the interplay between hardware and software in the system. And in addition, we continue to grow our solutions that enable high-quality and more secure software as well as provide security IP blocks.

我們的仿真和原型設計解決方案現在對於驗證和優化系統中硬件和軟件之間的相互作用至關重要。此外，我們繼續發展我們的解決方案，以支持高質量和更安全的軟件，並提供安全 IP 塊。

Leading the way is our award-winning DSO.ai artificial intelligence design solution, which is revolutionizing chip design. First to market over 3 years ago with technology that is still unmatched today, it delivers outstanding productivity improvements that are already driving substantial increases in customer commitments.

引領潮流的是我們屢獲殊榮的 DSO.ai 人工智能設計解決方案，它正在徹底改變芯片設計。 3 年前首次上市，採用的技術至今仍無與倫比，它提供了卓越的生產力改進，已經推動了客戶承諾的大幅增加。

The technical results are truly groundbreaking. Customers are seeing tremendous benefits from DSO.ai's ability to learn from prior designs. For example, 2 of the largest, most advanced semiconductor companies in the world achieved a 25% reduction in turnaround time and compute resources. DSO.ai is also driving very significant low-power improvements exemplified by a large automotive chip maker, achieving a 30% power reduction. These compelling outcomes are driving a high pace of adoption for production tape-outs across verticals and a broad set of process nodes.

技術成果確實具有開創性。客戶從 DSO.ai 從先前設計中學習的能力中看到了巨大的好處。例如，世界上最大、最先進的兩家半導體公司實現了 25% 的周轉時間和計算資源減少。 DSO.ai 也在推動非常顯著的低功耗改進，例如一家大型汽車芯片製造商，實現了 30% 的功耗降低。這些引人注目的成果正在推動跨垂直領域和廣泛的工藝節點的生產流片的高速採用。

Examples this quarter include long-term business commitments at a marquee U.S. hyperscaler and top consumer chip company. Our entire market-leading digital design solution both empowers and benefits from DSO.ai. This highly differentiated combination led to a competitive displacement at a large automotive chip company in Q3.

本季度的例子包括美國一家大型超大規模和頂級消費芯片公司的長期業務承諾。我們的整個市場領先的數字設計解決方案既能增強 DSO.ai 的能力，也能從中受益。這種高度差異化的組合導致一家大型汽車芯片公司在第三季度的競爭中被取代。

Our Fusion Compiler product continues to drive accelerated growth and competitive wins across market verticals and a broad swath of technology nodes. This quarter, we expect to pass the 1,000 tape-out milestone with successes in many different customer categories. Fusion Compiler is generated notable run time and PPA performance power area, improvements at top graphics processor companies, and we have gained majority positions at one of the largest mobile's SoC providers and at multiple leading hyperscalers, excellent progress and strong demand also for our modern custom design solutions. This area of growth is fueled by the key segments that include hyperscalers, high-performance compute and AI machine learning.

我們的 Fusion Compiler 產品繼續推動垂直市場和廣泛技術節點的加速增長和競爭優勢。本季度，我們預計將通過 1,000 個流片的里程碑，並在許多不同的客戶類別中取得成功。 Fusion Compiler 產生了顯著的運行時間和 PPA 性能功率領域，在頂級圖形處理器公司中得到了改進，我們在最大的移動 SoC 供應商之一和多個領先的超大規模生產商中獲得了多數地位，我們的現代定制也取得了出色的進展和強勁的需求設計解決方案。這一增長領域受到包括超大規模、高性能計算和人工智能機器學習在內的關鍵領域的推動。

In custom design, long dominated by older products, we've already surpassed last year's new logos with 36 additional year-to-date, including high-profile semiconductor and hyperscaler customers. Companies driving Smart Everything continue to innovate at breathtaking speed and are now embracing migration to multi-die system designs for next-generation systems. Our multi-die system solution that includes our 3DIC compiler platform and die-to-die IP portfolio is seeing strong demand. Not surprisingly, the key markets are high-performance compute, data center and mobile. While we continue to expand deployment at a marquee U.S. IDM, we also experienced increased traction at prominent high-performance compute and hyperscaler customers for complex 3D multi-die and chiplet design.

在長期以舊產品為主的定制設計中，我們已經超越了去年的新標識，今年迄今新增了 36 個，包括備受矚目的半導體和超大規模客戶。推動 Smart Everything 的公司繼續以驚人的速度進行創新，現在正在接受遷移到下一代系統的多芯片系統設計。我們的多管芯系統解決方案包括我們的 3DIC 編譯器平台和管芯到管芯 IP 產品組合，需求強勁。毫不奇怪，關鍵市場是高性能計算、數據中心和移動。在我們繼續擴大在美國 IDM 的大型部署的同時，我們還體驗到了在著名的高性能計算和超大規模客戶中對複雜 3D 多芯片和小芯片設計的吸引力越來越大。

In mobile, we achieved plan of record of leading semiconductor companies for their next-generation multi-die processors. In high-performance compute, multi-die systems incorporate a new interconnect IP standard, UCIe, which stands for Universal Chiplet Interconnect Express. As the term express captures, it is all about speed, and Synopsys is seeing great traction in this area with a healthy pipeline and multiple wins at 3-nanometer.

在移動領域，我們實現了領先半導體公司的下一代多芯片處理器計劃。在高性能計算中，多裸片系統採用了新的互連 IP 標準 UCIe，它代表 Universal Chiplet Interconnect Express。正如“快遞”一詞所表達的那樣，一切都與速度有關，Synopsys 在這一領域看到了巨大的吸引力，它擁有健康的管道並在 3 納米技術上取得了多項勝利。

More broadly, IP blocks are a must-have to meet intense time-to-market pressures. Our unique breadth of scale and scale of our high-quality IP portfolio with early availability as advanced processes continue to drive strong momentum.

更廣泛地說，IP 塊是滿足強大的上市時間壓力的必備條件。隨著先進工藝繼續推動強勁勢頭，我們獨特的規模廣度和高質量 IP 組合具有早期可用性。

Demand is particularly high in markets such as high-performance compute, AI/machine learning, automotive and mobile where systems are fueled by Smart Everything, high-speed and secure connectivity and advanced process geometries. In this context, our ARC Vision processor IP was named Best Automotive AI Solution by the Edge AI and Vision Alliance.

高性能計算、人工智能/機器學習、汽車和移動等市場的需求尤其高，這些市場的系統由 Smart Everything、高速和安全的連接以及先進的工藝幾何結構推動。在此背景下，我們的 ARC Vision 處理器 IP 被 Edge AI and Vision Alliance 評為最佳汽車 AI 解決方案。

Meanwhile, our industry-leading ARC NPX and VPX processor cores that accelerate neural networks continue to see strong adoption in augmented and virtual reality, automotive and consumer applications with multiple wins in the quarter. In automotive, we closed significant transactions with large traditional and new OEMs, Tier 1s and semiconductor vendors.

與此同時，我們行業領先的 ARC NPX 和 VPX 處理器內核可加速神經網絡，繼續在增強現實和虛擬現實、汽車和消費類應用中得到廣泛採用，並在本季度取得多項勝利。在汽車領域，我們完成了與大型傳統和新 OEM、一級供應商和半導體供應商的重大交易。

Security remains front and center across all market segments. We're gaining strong adoption of our security solutions for interfaces such as PCI Express, CXL and DDR, with more than 30 design wins across all market segments.

安全仍然是所有細分市場的前沿和中心。我們針對 PCI Express、CXL 和 DDR 等接口的安全解決方案得到了廣泛採用，在所有細分市場中贏得了 30 多項設計。

Now moving to the crucial intersection of hardware and software, in other words, verifying that the chips and system will do what was intended. Our market-leading emulation and prototyping hardware products, our unique strength and clear differentiator for Synopsys, with the fastest engines, highest capacity and lowest cost of ownership, we're doing very well. Our products not only verify hardware/software correctness, but also help find ways to reduce power consumption, one of the most vital metrics of any system.

現在轉向硬件和軟件的關鍵交叉點，換句話說，就是驗證芯片和系統是否能達到預期的效果。我們市場領先的仿真和原型設計硬件產品，我們獨特的優勢和對 Synopsys 的明顯差異化，擁有最快的引擎、最高的容量和最低的擁有成本，我們做得很好。我們的產品不僅可以驗證硬件/軟件的正確性，還可以幫助找到降低功耗的方法，這是任何系統最重要的指標之一。

High demand continues for our ZeBu emulation and HAPS-100 prototyping systems, growing with many of the largest semiconductor and hyperscaler customers in the world. We are on pace for yet another record year of hardware revenue.

對我們的 ZeBu 仿真和 HAPS-100 原型系統的高需求繼續增長，與世界上許多最大的半導體和超大規模客戶一起增長。我們正朝著又一個創紀錄的硬件收入年邁進。

With Smart Everything, entering every vertical market of institutions, semiconductors, government, medical and enterprise software. Our channel partner program progressed well this quarter with notable new logos and expansions into new customer divisions. We also continue to increase business in new countries that we have never sold to before and repeat business with partners that open new markets as recently as the past 12 months.

憑藉Smart Everything，進入機構、半導體、政府、醫療和企業軟件的各個垂直市場。我們的渠道合作夥伴計劃在本季度取得了良好的進展，新的標誌和新的客戶部門都得到了擴展。我們還繼續在我們以前從未銷售過的新國家/地區增加業務，並與最近 12 個月打開新市場的合作夥伴重複業務。

Finally, we further strengthened our broad product and consulting portfolio with the acquisition of WhiteHat Security and its leading solution in dynamic application security testing. We're excited to have the outstanding WhiteHat team part of Synopsys. And while it's only been a few weeks, the integration is going well, and customer response has been enthusiastic.

最後，我們通過收購 WhiteHat Security 及其在動態應用程序安全測試方面的領先解決方案，進一步加強了我們廣泛的產品和諮詢組合。我們很高興能將傑出的 WhiteHat 團隊加入 Synopsys。雖然只有幾週時間，但集成進展順利，客戶反應熱烈。

In summary, we delivered another excellent quarter, and we are raising our outlook for fiscal '22. Multiple game-changing innovations are driving outstanding technical and business results reflected in our accelerated growth. Notwithstanding economic choppiness, customers continue to invest heavily in critical chips, system designs and immense amounts of software.

總而言之，我們又交付了一個出色的季度，我們正在提高對 22 財年的展望。多項改變遊戲規則的創新正在推動卓越的技術和業務成果，這反映在我們的加速增長中。儘管經濟動盪，客戶仍繼續在關鍵芯片、系統設計和大量軟件上進行大量投資。

Against this backdrop, our technology vision and execution drive growth, while our resilient business model provides a level of stability that stands out in the software industry. As we prepare to imminently cross the $5 billion revenue mark, I want to thank our employees around the world for their ongoing efforts and commitment.

在此背景下，我們的技術願景和執行力推動了增長，而我們的彈性業務模式提供了在軟件行業中脫穎而出的穩定性水平。在我們準備即將突破 50 億美元的收入大關之際，我要感謝我們全球員工的持續努力和承諾。

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

有了這個，我會把它交給 Trac。

Thanks, Aart. Good afternoon, everyone. Q3 was another excellent quarter. We delivered revenue and EPS above our targets and achieved cash flow above our plan.

謝謝，阿爾特。大家下午好。第三季度是另一個出色的季度。我們實現了高於目標的收入和每股收益，並實現了高於計劃的現金流。

For the full year, we are raising our outlook and are on track to deliver over 20% revenue growth, an increase in non-GAAP operating margin of approximately 250 basis points, non-GAAP earnings per share growth of approximately 29% and $1.6 billion to $1.65 billion in operating cash flow.

對於全年，我們正在提高我們的前景，並有望實現超過 20% 的收入增長，非 GAAP 營業利潤率增長約 250 個基點，非 GAAP 每股收益增長約 29% 和 16 億美元運營現金流達到 16.5 億美元。

We continue to execute well, which is a testament to our innovative technology portfolio, ongoing design activity by our customers who continue to invest through semiconductor cycles, financial discipline and the stability and resilience of our time-based business model.

我們繼續保持良好的執行力，這證明了我們的創新技術組合、持續投資於半導體週期的客戶的持續設計活動、財務紀律以及我們基於時間的商業模式的穩定性和彈性。

I'll now review the third quarter results. All comparisons are year-over-year, unless otherwise stated. We generated total revenue of $1.25 billion, up 18% over the prior year with broad-based strength. Total GAAP costs and expenses were $1.01 billion. Total non-GAAP costs and expenses were $856 million, resulting in a non-GAAP operating margin of 31.4%. GAAP earnings per share were $1.43. Non-GAAP earnings per share were $2.10, up 16% over the prior year.

我現在將回顧第三季度的業績。除非另有說明，否則所有比較都是逐年比較。我們創造了 12.5 億美元的總收入，比上一年增長 18%，基礎廣泛。 GAAP 總成本和費用為 10.1 億美元。非 GAAP 成本和費用總額為 8.56 億美元，非 GAAP 營業利潤率為 31.4%。 GAAP每股收益為1.43美元。非美國通用會計準則每股收益為 2.10 美元，比上年增長 16%。

Semiconductor & System Design segment revenue was $1.13 billion, up 18%, driven by continued strength in EDA and IP. Trailing 12-month Semiconductor & System Design adjusted operating margin was 35.8%. Software Integrity segment revenue was $118 million, up 21%, with trailing 12-month adjusted operating margin of 11%. We continue to expect Software Integrity to deliver 15% to 20% growth with expanded adjusted operating margin in 2022.

在 EDA 和 IP 持續強勁的推動下，半導體和系統設計部門的收入為 11.3 億美元，增長 18%。過去 12 個月半導體和系統設計調整後的營業利潤率為 35.8%。軟件完整性部門收入為 1.18 億美元，增長 21%，過去 12 個月調整後的營業利潤率為 11%。我們繼續預計軟件完整性將在 2022 年實現 15% 至 20% 的增長，並擴大調整後的營業利潤率。

Turning to cash. We generated $440 million in operating cash flow. We used $257 million of our cash for buybacks and have repurchased $972 million of stock over the past 12 months. In addition, we paid $330 million to acquire WhiteHat Security.

轉向現金。我們產生了 4.4 億美元的經營現金流。在過去的 12 個月裡，我們使用了 2.57 億美元的現金進行回購，並回購了 9.72 億美元的股票。此外，我們還斥資 3.3 億美元收購了 WhiteHat Security。

Our balance sheet remains very strong. We ended the quarter with cash and short-term investments of $1.53 billion and debt of $22 million.

我們的資產負債表仍然非常強勁。我們以 15.3 億美元的現金和短期投資以及 2200 萬美元的債務結束了本季度。

Now to guidance. We are raising our full year outlook for revenue, earnings and cash flow. For fiscal year 2022, the full year targets are: revenue of $5.06 billion to $5.09 billion, which represents 20% to 21% growth; total GAAP costs and expenses between $3.978 billion and $3.998 billion; total non-GAAP costs and expenses between $3.395 billion and $3.05 billion, resulting in a non-GAAP property margin improvement of approximately 250 basis points; non-GAAP tax rate of 18%; GAAP earnings of $6.37 to $6.49 per share; non-GAAP earnings of $8.80 to $8.85 per share, representing approximately 29% growth; cash flow from operations of $1.6 billion to $1.65 billion; capital expenditures of approximately $145 million.

現在來指導。我們正在提高對收入、收益和現金流的全年展望。對於 2022 財年，全年目標是：收入 50.6 億美元至 50.9 億美元，增長 20% 至 21%； GAAP 總成本和費用在 39.78 億美元至 39.98 億美元之間；非 GAAP 總成本和費用在 33.95 億美元至 30.5 億美元之間，導致非 GAAP 房地產利潤率提高約 250 個基點；非公認會計原則稅率為 18%； GAAP 每股收益為 6.37 美元至 6.49 美元；非公認會計原則每股收益為 8.80 美元至 8.85 美元，增長約 29%；運營現金流為 16 億至 16.5 億美元；資本支出約為 1.45 億美元。

Now to the targets for the fourth quarter: revenue between $1.263 billion and $1.293 billion; total GAAP costs and expenses between $1.076 billion and $1.096 billion; total non-GAAP costs and expenses between $919 million and $929 million; GAAP earnings of $1.06 to $1.18 per share; and non-GAAP earnings of $1.80 to $1.85 per share. Consistent with our prior years, we will provide additional comments and guidance for 2023 when we report next quarter.

現在來看第四季度的目標：收入在 12.63 億美元至 12.93 億美元之間； GAAP 總成本和費用在 10.76 億美元至 10.96 億美元之間；非公認會計原則成本和費用總額在 9.19 億美元至 9.29 億美元之間； GAAP 每股收益為 1.06 美元至 1.18 美元；非公認會計原則每股收益為 1.80 美元至 1.85 美元。與往年一致，我們將在下個季度報告時提供 2023 年的額外評論和指導。

In conclusion, we again delivered revenue and non-GAAP earnings above our targets. Based on our excellent results year-to-date and strong outlook, we are again raising our targets for the full year. We continue to see strong momentum in the business and are executing well with our robust portfolio and resilient business model.

總之，我們再次實現了高於目標的收入和非公認會計原則收益。基於我們年初至今的出色業績和強勁的前景，我們再次提高了全年目標。我們繼續看到業務的強勁勢頭，並且憑藉我們強大的投資組合和有彈性的業務模式表現良好。

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 comes from Joe Vruwink from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Joe Vruwink。

Maybe I'll start with kind of 2 questions on backlog, one, just where it finished the quarter. And then two, you've been in this stretch of really remarkable sequential backlog growth. And I completely understand you only get a shot to renew an enterprise customer with a 3-year deal every 3 years. So are we reaching a point where maybe the backlog metrics stabilize and you start to pull bigger ACV out of the backlog and that starts to show up in maybe a more meaningful way in forward revenue metrics?

也許我會從關於積壓的 2 個問題開始，一個，就在本季度結束的地方。然後是兩個，你一直處於非常顯著的連續積壓增長階段。而且我完全理解，您只能通過每 3 年的 3 年合同續訂企業客戶。那麼，我們是否達到了積壓指標可能穩定的地步，並且您開始從積壓中提取更大的 ACV，並且這可能開始以更有意義的方式出現在遠期收入指標中？

Joe, Well, I'm glad you started with that question and added some caveats to it. So backlog for the quarter ended at $7.1 billion. And as you alluded to, it will fluctuate quarter-to-quarter, depending on the timing and recognition of revenue. The one thing I'll add to backlog, too, is that we aim for a duration target in the 2.5 to 3-year range. This quarter was on the lower end, running closer to 2.3 years. So it's slightly outside of our range.

喬，嗯，我很高興你從這個問題開始，並添加了一些警告。因此，本季度的積壓訂單為 71 億美元。正如你所提到的，它會隨著時間的推移和收入的確認而逐季波動。我還要添加到待辦事項中的一件事是，我們的目標是 2.5 到 3 年範圍內的持續時間目標。本季度處於低端，接近 2.3 年。所以它稍微超出了我們的範圍。

Okay. That is helpful. And then in your financial supplement, obviously, you reiterated all of the long-term targets. And then as a footnote, they're current as of today, and they take into account all current entity list restrictions. There were some new updates to entity list restrictions. You've also had a much stronger current fiscal year. So the baseline against which you expect to grow double digits, I guess it might be a bit harder. Is that kind of the right way, a literal interpretation of all of these things when thinking about what Synopsys intends to do next fiscal year?

好的。這很有幫助。然後在你的財務補充中，很明顯，你重申了所有的長期目標。然後作為腳註，它們在今天是最新的，它們考慮了所有當前的實體列表限制。實體列表限制有一些新的更新。您的本財年也更加強勁。所以你期望增長兩位數的基線，我想它可能會更難一些。在思考新思科技下一財年打算做什麼時，這種方式是否正確，是對所有這些事情的字面解釋？

Let me take the entity list part. All the forward projections that we always give you take into account anything we know about entity list or even suspected entity list increases. Typically, the entity list doesn't grow particularly fast or a lot, but we follow rigorously whatever the government decides there. And I would say at this point in time for our projections, it's not material in terms of changes.

讓我來談談實體列表部分。我們始終為您提供的所有前瞻性預測都考慮了我們所知道的有關實體列表甚至可疑實體列表增加的任何信息。通常，實體列表不會增長得特別快或很多，但我們嚴格遵循政府在那裡的決定。對於我們的預測，我想說的是，就變化而言，這並不重要。

And now to the line of Gary Mobley from Wells Fargo Securities.

現在是富國銀行證券的 Gary Mobley。

I want to start with a question about headcount. If I read your supplemental data correctly, it's up about close to 2,000 quarter-over-quarter. Does that reflect just aggressive hiring, some acquisitions, all of the above? And is it part of the reason why we're starting to see a pretty sharp increase in the OpEx?

我想從一個關於人數的問題開始。如果我正確閱讀了您的補充數據，則環比增加了近 2,000 個。這是否僅僅反映了積極的招聘、一些收購，以及以上所有這些？這是我們開始看到 OpEx 急劇增加的部分原因嗎？

So Gary, the increase from Q2 to Q3 does reflect some amount of acquisitions for WhiteHat, but it also reflects the planned organic hire for the year. The increase in expenses for the quarter in Q4 that we're guiding to does reflect our expected hiring as well as -- frankly, given how strong the year has been, we are accruing for some additional variable comp.

所以加里，從第二季度到第三季度的增長確實反映了 WhiteHat 的一些收購，但它也反映了今年計劃的有機招聘。我們指導的第四季度季度費用的增加確實反映了我們的預期招聘以及 - 坦率地說，鑑於今年的強勁表現，我們正在積累一些額外的可變薪酬。

Okay. And for the past 2 years, we've had a pretty good backdrop in which you license, right? So we've had above-trend semiconductor industry revenue growth. But it's clear that the industry is entering a more challenging time, and we've heard from some companies about a minimum pulling back on hiring, just tightening down, so to speak. And so my question to you is have you seen the hesitation on the part of customers in signing large deals? Or are you having to go to a higher level to get approvals for large deals?

好的。在過去的 2 年裡，我們有一個非常好的背景，您可以在其中獲得許可，對吧？因此，我們的半導體行業收入增長高於趨勢。但很明顯，該行業正在進入一個更具挑戰性的時期，我們已經從一些公司那裡聽說了最低限度的招聘縮減，可以說只是收緊了。所以我要問你的問題是，你有沒有看到客戶在簽署大筆交易時猶豫不決？或者您是否必須進入更高級別才能獲得大宗交易的批准？

We are well aware of companies having reduced their hiring at least temporarily somewhat. I have not heard of any significant pullback or hesitation. The design activities typically don't mirror immediately what happens in the market because the market is really a function of the end sales, i.e., the quantity of chips being sold. And so R&D is very stable against that. And more often than not, when there's a flat period or even a downturn, people invest in R&D to make sure that they have differentiation coming out of it.

我們很清楚公司至少暫時減少了招聘。我沒有聽說任何重大的回調或猶豫。設計活動通常不會立即反映市場上發生的情況，因為市場實際上是最終銷售的函數，即銷售的芯片數量。因此，研發對此非常穩定。通常情況下，當出現平穩期甚至低迷期時，人們會投資於研發以確保他們從中獲得差異化。

So as we, I think, said in the preamble, we feel that our business is actually very robust right now.

因此，我認為，正如我們在序言中所說，我們認為我們的業務現在實際上非常穩健。

Gary, in addition to that, from a business metric perspective, we saw run rate up pretty strongly in Q3. So we're not seeing any indication of those concerns.

加里，除此之外，從業務指標的角度來看，我們看到第三季度的運行率相當強勁。因此，我們沒有看到任何有關這些擔憂的跡象。

And now to the line of Gal Munda from Wolfe Research.

現在是沃爾夫研究公司的蓋爾蒙達系列。

It's [Arsenio] on for Gal. Congrats on the quarter. Just if you think about guidance again, it's been a year of pretty outstanding execution. If you look back at when you first guided, what surprised you most this year so far that has allowed you to kind of walk outside throughout the year?

為 Gal 開啟 [Arsenio]。祝賀本季度。如果您再次考慮指導，這是執行非常出色的一年。如果你回顧一下你第一次做導遊的時候，今年到目前為止最讓你吃驚的是什麼讓你全年都可以在外面散步？

Yes. If you look at the guidance that we just gave for this first of the year and compare it to where we were back in December, at the midpoint, we're up north of $300 million in terms of the outlook for the year. And what we're seeing in terms of the better outlook is just really strength across all of the products. We -- going into the year, we did expect it to be a strong year, but the traction that we've gotten on the new products, the continued strength on our IP business, and it's just the continued momentum on SIG that we saw with the last previous 4 quarters continued. So we really saw strong growth across the customer base, across all geos, across all product lines. So business is doing really well.

是的。如果您查看我們剛剛為今年第一年提供的指導，並將其與我們在 12 月返回的位置進行比較，那麼在中點，我們今年的前景超過 3 億美元。我們所看到的更好的前景只是所有產品的真正實力。我們 - 進入這一年，我們確實預計這將是強勁的一年，但我們在新產品上獲得的牽引力，我們的 IP 業務的持續實力，我們看到的只是 SIG 的持續發展勢頭與前 4 個季度持續。因此，我們確實看到了客戶群、所有地區、所有產品線的強勁增長。所以生意做得很好。

Great. That's helpful. And just I have one quick follow-up. How does DSO.ai contributing financially to growth? Is it at any material level yet? And just kind of your growth outlook on that and what you guys are looking forward to that.

偉大的。這很有幫助。只有我有一個快速跟進。 DSO.ai 如何在財務上為增長做出貢獻？它在任何物質層面嗎？以及您對此的增長前景以及你們對此的期待。

Sorry. It was a little hard to understand the whole question, but on DSO.ai, you have to think of this as sort of a multiple on our existing products. And it's products working together in a flow. And so DSO.ai really improves both the speed of getting results and the quality of the results in terms of typically the performance and the power utilization of the resulting chips. And so that is of super high value, but that also encourages our customers to work with our suites because the suite of tools is particularly well matched to DSO.ai. And so that is really one of the reasons that we see strong growth around that entire digital design solution.

對不起。整個問題有點難以理解，但在 DSO.ai 上，你必須將其視為我們現有產品的倍數。它的產品在一個流程中協同工作。因此，DSO.ai 確實提高了獲得結果的速度和結果的質量，通常是在最終芯片的性能和功率利用率方面。所以這具有超高的價值，但這也鼓勵我們的客戶使用我們的套件，因為該工具套件與 DSO.ai 特別匹配。因此，這確實是我們看到整個數字設計解決方案強勁增長的原因之一。

And now to Harlan Sur from JPMorgan.

現在從摩根大通到 Harlan Sur。

Congratulations on the solid results and execution. Your long-term growth outlook, yes, with the passing of the CHIPS Act, combined with the recent semiconductor supply chain disruptions that we've seen over the past 2.5 years, you've got growing geopolitical risk, many of your semiconductor customers are prioritizing manufacturing diversification. And they're now starting to put in place plans to support one or more new foundry partners. So this is going to entail new library development, new IP blocks, and even in some cases, new design flows. This is for both leading-edge digital and analog.

祝賀取得了紮實的成果和執行。您的長期增長前景，是的，隨著 CHIPS 法案的通過，再加上我們在過去 2.5 年中看到的最近的半導體供應鏈中斷，您的地緣政治風險越來越大，您的許多半導體客戶是優先考慮製造多元化。他們現在開始製定計劃來支持一個或多個新的代工合作夥伴。因此，這將需要新的庫開發、新的 IP 塊，甚至在某些情況下，還需要新的設計流程。這適用於領先的數字和模擬。

I know that your customers have to add design engineers every time they add a new foundry partner. So Aart, is this focus on diversification for driver of both your EDA and IP businesses as well?

我知道您的客戶每次添加新的代工合作夥伴時都必須添加設計工程師。那麼 Aart，這是否也將重點放在驅動您的 EDA 和 IP 業務的多樣化上？

The answer in a nutshell is absolutely yes. And you actually explained the situation very lucidly because it's clearly visible that manufacture is in the front of the mind of many countries because they want to make sure that they have supply. And the value of chips has suddenly been recognized by not having them, meaning a supply shortage immediately puts the attention on that.

簡而言之，答案是肯定的。你實際上非常清楚地解釋了這種情況，因為很明顯，製造業是許多國家的首要考慮因素，因為他們想確保他們有供應。芯片的價值突然因為沒有芯片而得到認可，這意味著供應短缺會立即引起人們的注意。

But from a development point of view, when you put more manufacture in place, you need to have complete enablement capabilities, which are the tools, the IP, the services and so on, and you said correctly and the talent. And if there's one thing that we cannot grow faster than a 20-year rate, it's talent in the world, it's -- that is going to be one of the shortages.

但是從發展的角度來看，當你把更多的製造到位時，你需要有完整的使能能力，即工具、IP、服務等，你說的沒錯，還有人才。如果有一件事我們不能以 20 年的速度增長，那就是世界上的人才，這將是短缺之一。

And so one of the interesting side ramifications for us is this is one additional reason why the value of being able to shorten design time is so valuable, but it's even better than that in some of the capabilities that we have. We can get these results with less skilled people and fewer of them. And so by no means would this reduce employment in the industry on the contrary, but it does help a little bit with this talent shortage. And all of this ties together pretty much in the way you described it. Thank you.

因此，對我們來說，一個有趣的副作用是，這也是為什麼能夠縮短設計時間的價值如此寶貴的另一個原因，但它甚至比我們擁有的某些功能更好。我們可以用不太熟練的人和更少的人來獲得這些結果。因此，這絕不會相反地減少該行業的就業，但它確實有助於解決人才短缺問題。所有這些都以你描述的方式聯繫在一起。謝謝你。

No, I appreciate that. And another -- I sort of wanted to touch bases on, you talked about the expansion of your customer base, right, in chip design to a lot of your sort of systems-level customers. And Recently, one of the largest ASIC semi companies, it's a big customer for Synopsys, they did a deep dive into their ASIC business, and they've helped customers like Google, Cisco, Facebook and many others bring their ASIC chips to the market. And they've got a design win pipeline. I think of like some are over like 70 advanced chip designs.

不，我很感激。還有另一個——我有點想談一談，你談到了你的客戶群的擴展，對，在芯片設計方面，你的很多系統級客戶都是如此。最近，最大的 ASIC 半導體公司之一，它是 Synopsys 的大客戶，他們深入研究了他們的 ASIC 業務，他們幫助谷歌、思科、Facebook 和許多其他客戶將他們的 ASIC 芯片推向市場.他們有一個設計獲勝的管道。我認為有些超過 70 種先進的芯片設計。

Now obviously, this is the classical engagement model, right? The systems customer does much of the front-end design, which obviously has been a strong growth driver for Synopsys. The ASIC company like a Broadcom or Marvell has the back-in physical design, design closure, verification tape-out. I'm wondering if you're starting to see the move by these ASIC systems customers to move more towards a full flow or COT model, which obviously would open up more growth opportunities for your team as well.

現在顯然，這是經典的參與模式，對吧？系統客戶負責大部分前端設計，這顯然是 Synopsys 的強勁增長動力。像 Broadcom 或 Marvell 這樣的 ASIC 公司擁有後備物理設計、設計收斂、驗證流片。我想知道您是否開始看到這些 ASIC 系統客戶更多地轉向全流程或 COT 模型，這顯然也會為您的團隊打開更多的增長機會。

Well, we see them go in all of these directions. And for these large hyperscalers that you mentioned, they are all essentially discovering what the semiconductor world looks like because they have figured out that the semiconductor is a direct multiplier on their software, but you can also say the other direction, the software is a direct multiplier on the semiconductor underneath.

好吧，我們看到他們朝所有這些方向發展。對於你提到的這些大型超大規模企業，他們本質上都是在發現半導體世界的樣子，因為他們已經發現半導體是他們軟件的直接乘數，但你也可以說另一個方向，軟件是直接的下面的半導體上的乘法器。

And so if they can optimize solutions for just their applications with, other words, narrower solutions, that is their hope to get much higher speed, throughput and, in some cases, also much less power utilization.

因此，如果他們可以針對他們的應用優化解決方案，換句話說，更窄的解決方案，他們希望獲得更高的速度、吞吐量，並且在某些情況下，還可以降低功耗。

And you're absolutely correct that you can go having a full design flow yourself, you can have a full service company do everything for you or you can do something in between, which is the ASIC pathway where you design most of the functionality, structure, the architecture and then let somebody else do the physical design.

你完全正確，你可以自己去擁有一個完整的設計流程，你可以讓一家提供全方位服務的公司為你做所有事情，或者你可以做一些介於兩者之間的事情，這是你設計大部分功能、結構的 ASIC 途徑，架構，然後讓其他人進行物理設計。

And I think these will -- all 3 stay alive. But the good news is a lot more people that want chips just for themselves, and that's where you see this broadening of different architectures. And certainly, AI was a foreboding example of that because literally, 100 or so AI companies are all designing the best chip ever, of course. And the reality is it's a race for different vertical segments.

而且我認為這些將 - 所有3個都活著。但好消息是越來越多的人只想要自己的芯片，這就是你看到不同架構不斷擴大的地方。當然，人工智能是一個不祥的例子，因為從字面上看，100 家左右的人工智能公司當然都在設計有史以來最好的芯片。而現實情況是，這是一場針對不同垂直細分市場的競賽。

And now to the line of Charles Shi from Needham & Company.

現在是Needham & Company 的Charles Shi。

Maybe, Aart, the first question, you sort of mentioned about ebbs and flows happening in the semiconductor industry, and quite frankly, the broader macro economy. Looking ahead into '23, I know you're not guiding '23, but what do you think -- are you going to maintain your low double-digit growth into quite a challenging year in terms of macro next year?

也許，Aart，第一個問題，你有點提到半導體行業的潮起潮落，坦率地說，是更廣泛的宏觀經濟。展望 23 年，我知道你不是在指導 23 年，但你認為——你是否會在明年宏觀方面保持低兩位數的增長，進入相當具有挑戰性的一年？

Because when I look at your historical numbers after you transition to basically a time-based revenue model, you probably only had 1 year that is kind of showing flattish kind of growth, which was '08, '09, around that time. So maybe very specifically, my question is, how bad the macro has to be for what happened in '08, '09 to repeat in '23, '24? Do you think that's going to happen? If not, and why?

因為當我在您過渡到基本上基於時間的收入模型後查看您的歷史數據時，您可能只有 1 年的增長持平，大約是 08 年、09 年。所以也許非常具體，我的問題是，對於 08 年、09 年發生的事情要在 23 年、24 年重複發生的事情，宏必須有多糟糕？你認為這會發生嗎？如果不是，為什麼？

Well, of course, bringing up '08, '09 is bringing up something where, in '08, people thought this is the Great Depression coming back, right? There was very little consistency or belief that this would go away after a couple of years. Having said that, in '08, '09, we were able to actually every year eke out a little bit of growth, but for all practical terms, we were flat. And I think one of the reasons for that was our stable business model. But the other reason was that people don't stop R&D for a long time before they decide to have to cut that because that is cutting off your future. And so they'd rather start the rest of the company a bit in order to make sure that new products keep coming out.

好吧，當然，提起 08 年，09 年是在提出一些事情，在 08 年，人們認為這是大蕭條的捲土重來，對吧？幾乎沒有一致性或信念認為這種情況會在幾年後消失。話雖如此，在 08 年和 09 年，我們實際上每年都能勉強維持一點增長，但實際上，我們持平。我認為其中一個原因是我們穩定的商業模式。但另一個原因是人們在決定不得不削減研發之前不會長時間停止研發，因為那會切斷你的未來。因此，他們寧願讓公司的其他部門稍微起步，以確保新產品不斷推出。

And the other observation is that even in '08, '09, there was no slowdown of new technology, meaning if you stop designing for 2 years, you are definitely no longer in the leading pack from a technology point of view. So am I the right person to ask if we're going to have an '08,'09 economy going forward? No, I'm not the right person, but I also don't believe that that's going to happen. And so the indications right now subject to, of course, any crazy political situation. But aside of that, all our key customers are investing in technology and are racing forward.

另一個觀察結果是，即使在 08、09 年，新技術也沒有放緩，這意味著如果你停止設計 2 年，從技術角度來看，你肯定不再處於領先地位。那麼，我是否適合問我們是否會有一個 '08,'09 經濟向前發展？不，我不是合適的人，但我也不相信這會發生。因此，目前的跡象當然取決於任何瘋狂的政治局勢。但除此之外，我們所有的主要客戶都在投資於技術並正在向前發展。

Maybe another question about your -- specific about your IP, excluding the system integration business. '21, definitely, you are growing, I believe, slightly ahead of your mid-teen outlook, probably closer to 20%. '22 year-to-date looks like your IP growth is potentially very strong, double digit, and probably north of 20%, I assume. But you're still guiding 15% long-term outlook. So maybe this is a kind of simplistic view here. Is there a risk of mean reversion at some point, meaning IP could grow under 15% at some point in the future? Why or why not?

也許是關於您的另一個問題——具體是關於您的 IP，不包括系統集成業務。 '21，毫無疑問，你正在成長，我相信，略高於你的中青年前景，可能接近 20%。 ' 22 年迄今為止，我認為您的 IP 增長可能非常強勁，達到兩位數，並且可能超過 20%。但你仍在指導 15% 的長期前景。所以也許這是一種簡單化的觀點。在某個時間點是否存在均值回歸的風險，這意味著 IP 可能在未來某個時間點增長低於 15%？為什麼或者為什麼不？

I understand that your objective is to look at what we're going to do in '23, but you know well that in December, we'll give you a better guidance on that. But I'd like to raise the fact that when we gave you the long-term objectives, this is only December. It's not that long ago. And so right now, we certainly state that we're not changing that guidance at all. And so I don't expect that we will surprise you in some big way in December. I think we were on track to continue against those expectations.

我知道你的目標是看看我們將在 23 年做什麼，但你很清楚，在 12 月，我們會給你一個更好的指導。但我想提出一個事實，當我們給你長期目標時，這只是 12 月。不是很久以前。所以現在，我們當然聲明我們根本不會改變那個指導。所以我不認為我們會在 12 月讓你大吃一驚。我認為我們有望繼續違背這些期望。

And now to Jason Celino from KeyBanc.

現在來自 KeyBanc 的 Jason Celino。

So Aart, the references for DSO.ai, the customer wins, they're quite impressive. How are customers using DSO.ai today, is it more proof-of-concept type work? Is it leading edge type work? And then are these customers evaluating Cadence Cerebras simultaneously?

所以 Aart，DSO.ai 的參考資料，客戶獲勝，他們非常令人印象深刻。今天的客戶如何使用 DSO.ai，它是不是更多的概念驗證類型的工作？它是前沿類型的工作嗎？然後這些客戶是否同時評估 Cadence Cerebras？

Well, the reason I mentioned that it has impact on our business is because they're using this in production. And yes, of course, the most advanced people have always been the people that first pick up on the most capable new tools. And so these are very advanced, often large companies that are doing now many designs with this capability because the value is high. And they are definitely seeing the issue of insufficient talent. And so that's sort of the main space.

嗯，我提到它對我們的業務有影響的原因是因為他們在生產中使用它。是的，當然，最先進的人總是最先掌握最強大的新工具的人。所以這些都是非常先進的，通常是大公司，現在正在做許多具有這種能力的設計，因為價值很高。他們肯定看到了人才不足的問題。這就是主要的空間。

I don't know actually that we see much of our competition, not to put them down or anything like that. I'm sure they're doing good stuff. But the advances that we've made in the last year, even in my own book, are quite remarkable and are broadening, by the way, to more and more capabilities going forward.

我實際上不知道我們看到了很多我們的競爭，而不是貶低他們或類似的東西。我確信他們正在做一些好事。但是我們在去年取得的進步，甚至在我自己的書中，都非常顯著，並且正在擴大，順便說一句，未來的能力越來越強。

So I think we're into a whole next phase of what EDA will mean to our customers. And very often, advanced users try very quickly and then they're very careful. They tried very quickly, and they're absolutely adopting.

所以我認為我們已經進入了 EDA 對我們的客戶意味著什麼的下一階段。很多時候，高級用戶會很快嘗試，然後他們會非常小心。他們很快就嘗試了，而且他們完全接受了。

And then, Trac, again, impressive guidance raise here. Sorry to try to parse this out, but how much of the revenue contribution in the guidance is coming from WhiteHat?

然後，Trac 再次在這裡提出了令人印象深刻的指導。很抱歉嘗試解析這一點，但指南中的收入貢獻有多少來自 WhiteHat？

Just to give you a sense of the WhiteHat for the year, it's about $15 million to $20 million in terms of revenue. So a large part of the raise for the full year is really coming from a very strong healthy organic business.

只是為了讓您了解一下今年的白帽，它的收入約為 1500 萬至 2000 萬美元。因此，全年加薪的很大一部分確實來自一個非常強大的健康有機業務。

And now to the line of Jay Vleeschhouwer from Griffin.

現在是來自格里芬的 Jay Vleeschhouwer。

Aart, a technology question for you first and then a follow-up for Trac. So on subject of AI, 2 things. First, could you talk about how you do your own internal development for AI? That is for DSO.ai. The reason I ask is, as I'm sure you're well aware, there's an arms race across multiple software company, each claiming to have some AI. And obviously, you do. It's in production. But I'm curious as to how you distinguish or carve out your own internal AI, specifically for EDA purposes, as compared to the developments you do for the tools themselves.

Aart，首先是一個技術問題，然後是 Trac 的後續問題。所以關於人工智能，有兩件事。首先，您能談談您如何為 AI 做自己的內部開發嗎？那是為 DSO.ai 準備的。我問的原因是，我相信你很清楚，多家軟件公司之間存在軍備競賽，每個公司都聲稱擁有一些人工智能。顯然，你做到了。它正在生產中。但我很好奇，與您為工具本身所做的開發相比，您如何區分或開發自己的內部 AI，特別是用於 EDA 目的。

And then more broadly, how do you think about the implications of AI for the IP business? The reason I asked that is Synopsys and a recent technology presentation at -- actually an ANSYS conference spoke about, for example, AI in the context of design reuse, design remastering, all of which would seem to have some implication for IT and which, of course, you're #1, at least in EDA.

然後更廣泛地說，您如何看待人工智能對 IP 業務的影響？我問這個的原因是 Synopsys 和最近在一次 ANSYS 會議上的技術演示，例如，在設計重用、設計重製的背景下的人工智能，所有這些似乎都對 IT 有一些影響，其中，當然，你是第一名，至少在 EDA 中是這樣。

For Trac, one number that has become increasingly material in your disclosures, and I'm sure we'll get the update in a couple of days in the Q, is your FSAs, which was $1 billion as of the end of Q2. Could you talk about the composition of that number? Is that predominantly IP? And how does it factor with your guidance and revenue growth assumptions?

對於 Trac，您的披露中越來越重要的一個數字是您的 FSA，截至第二季度末為 10 億美元，我相信我們會在幾天內得到更新。你能談談那個數字的構成嗎？主要是IP嗎？它如何影響您的指導和收入增長假設？

Okay. Let me start with AI. The first thing to understand with AI is AI is a very advanced, different way of programming the solution to a variety of problems. And of course, we use the traditional approach, but we also use what's called pattern matching where you find situations -- where the recognition of the situation allows you to improve something for the better. Now that statement applies to the domain that you apply it to. And so if we took our DSO.ai and say, "Hey, tomorrow morning, we're going to do, I don't know, blood diagnostics and learn something about patients," we would have initially 0 to offer because the AI needs to be matched in its intent to the area of the problem.

好的。讓我從人工智能開始。首先要了解人工智能是人工智能是一種非常先進的、不同的編程解決各種問題的方法。當然，我們使用傳統的方法，但我們也使用所謂的模式匹配來查找情況——在這種情況下，對情況的識別可以讓你更好地改進某些東西。現在該語句適用於您應用它的域。因此，如果我們拿 DSO.ai 說，“嘿，明天早上，我們要做，我不知道，血液診斷並了解有關患者的一些信息”，我們最初將提供 0，因為 AI需要在其意圖上與問題的領域相匹配。

And by the way, the fact you alluded to that a minute ago on the question of why the AI chips, all these people are essentially optimizing for their domain, right? Well, we have optimized for our domain. And our domain is unbelievably complex because we have, arguably, some of the most complex search spaces, meaning those are all the potential solutions finding the right one in any field. And so it's really the combination of the understanding of what we do and then the exploration with AI that fits together.

順便說一句，你在一分鐘前提到的事實是，為什麼人工智能芯片，所有這些人基本上都在為他們的領域進行優化，對吧？好吧，我們已經針對我們的領域進行了優化。我們的領域非常複雜，因為可以說我們擁有一些最複雜的搜索空間，這意味著這些都是在任何領域找到合適的潛在解決方案。因此，這實際上是對我們所做工作的理解以及與人工智能的探索相結合的結合。

Secondly, AI for IP, of course, we use it ourselves. And a very simple reason would be one could consider Synopsys as one of the most advanced design companies in the world for what we do. And so we don't use our designs to put chips on the markets. We don't design chips. We design IP blocks. But the concept is actually similar.

其次，AI for IP，當然是我們自己用的。一個非常簡單的原因是，我們可以將 Synopsys 視為世界上最先進的設計公司之一。所以我們不使用我們的設計將芯片投放市場。我們不設計芯片。我們設計 IP 塊。但這個概念實際上是相似的。

Third, you mentioned something interesting that I'm well familiar with, which is the need and the desire to sometimes take an existing design and migrate it to a different technology node. Sometimes it's called remastering. Sometimes it's called retargeting. That's the word you used, I think. And initially, we did some experiments already a year ago for knowing -- going from one node to another node that was pretty similar. And we've got excellent results, and we've got them fast. And we could learn from the existing design and apply it to the new one.

第三，您提到了我非常熟悉的一些有趣的事情，即有時需要和渴望將現有設計遷移到不同的技術節點。有時它被稱為重新製作。有時它被稱為重定向。我想你用的就是這個詞。最初，我們在一年前已經進行了一些實驗以了解 - 從一個節點到另一個非常相似的節點。我們取得了出色的成績，而且我們取得了很快的成績。我們可以從現有設計中學習並將其應用於新設計。

Meanwhile, we've vastly improved on that because we've been able to move many clicks forward in terms of nodal technology and still get much better results. And so I'm the first one to say we're at the beginning of a big journey. But so far, it's a pretty cool journey.

同時，我們在這方面有了很大的改進，因為我們已經能夠在節點技術方面推動許多點擊，並且仍然獲得更好的結果。所以我是第一個說我們正處於一段偉大旅程的開始的人。但到目前為止，這是一段非常酷的旅程。

Jay, so your question on FSAs and the mix of that and how it affects us -- affects our results. FSAs are predominantly IP, but there's a good portion of EDA software in there as well. With FSAs, what's changed most significantly is since 606 went in effect, whenever a customer pulls down software, pulls down IP, revenue gets recognized at that point where historically it would have been recognized over time. So you'll see that create more variability in the business.

傑伊，所以你關於 FSA 的問題及其組合以及它如何影響我們 - 會影響我們的結果。 FSA 主要是 IP，但其中也有很大一部分 EDA 軟件。使用 FSA，最顯著的變化是自從 606 生效以來，每當客戶下架軟件、下架 IP 時，收入就會在歷史上隨著時間的推移被確認的那個點上得到確認。所以你會看到這在業務中創造了更多的可變性。

Now on a plus side, from a commercial perspective, what's great about FSAs are that it gives our customer a lot more flexibility in terms of how they can transact, so they'll sign a contract. And this is an area where we continue to innovate and launch new products. They will actually -- we'll see them consume those FSAs quicker. So you'll see an acceleration in revenues from that business model.

現在從商業角度來看，從好的方面來說，FSA 的優點在於它為我們的客戶在交易方式方面提供了更多的靈活性，因此他們將簽署合同。這是我們不斷創新和推出新產品的領域。他們實際上會 - 我們會看到他們更快地消耗這些 FSA。因此，您將看到該業務模式的收入加速增長。

And now to the line of Vivek Arya from Bank of America.

現在到美國銀行的 Vivek Arya 線路。

This is [Jiacheng Zhang] on behalf of Vivek. I want to focus on EDA. Obviously, you've raised your full year guidance. But for EDA specifically, growth has slowed to just mid-single digits, and now it's below trend of 10% to 15%. So could you help us understand what's causing the slowdown? And when do you expect it to go back to the trend line?

我是代表Vivek的[Jiacheng Zhang]。我想專注於 EDA。顯然，您已經提高了全年指導。但特別是對於 EDA，增長已經放緩到中個位數，現在低於 10% 到 15% 的趨勢。那麼你能幫助我們了解導致放緩的原因嗎？你預計它什麼時候會回到趨勢線？

Let me clarify. The business is doing very well. And certainly, we're executing -- we're seeing growth in that business line within our business model of double-digit growth. So this -- what you're seeing here is just a function of 2 things, the fluctuation, the comparisons to last year. Remember, this year, you've got hardware that's front-end loaded compared to last year, which is more back-end loaded. So it's a function of the comparison. But also when you match up our -- when you decompose the EDA software business, which is about 65% of our overall revenues, we're growing very nicely, well within -- certainly well within the double-digit model.

讓我澄清一下。生意做得很好。當然，我們正在執行——我們在兩位數增長的商業模式中看到了該業務線的增長。所以這 - 你在這裡看到的只是兩件事的函數，波動，與去年的比較。請記住，與去年相比，今年您的硬件在前端加載，後端加載更多。所以這是比較的功能。但是，當你匹配我們的 - 當你分解占我們總收入的 65% 的 EDA 軟件業務時，我們的增長非常好，很好 - 當然很好地處於兩位數模型內。

Great. And then just a follow-up to an earlier question on the entity list. Is it possible to give us a sense of how much of your sales are coming from gate-all-around development in China, whether domestic Chinese companies or multinational?

偉大的。然後只是實體列表上一個較早問題的後續行動。是否有可能讓我們了解您的銷售額中有多少來自中國的全面發展，無論是中國本土公司還是跨國公司？

Well, a, none of that is material, but gate-all-around in China doesn't exist yet.

嗯，a，這些都不是實質性的，但是中國還沒有全方位的門禁。

And now to the line of Blair Abernethy from Rosenblatt.

現在從 Rosenblatt 到 Blair Abernethy。

Just -- Aart, just wondering if there was anything you'd call out from the U.S. CHIPS and Science Act. Any change or opportunities it might present for Synopsys?

只是——Aart，只是想知道你是否會從美國芯片和科學法案中提出任何意見。它可能為 Synopsys 帶來什麼變化或機會？

Well, as you know, many countries are putting big investments in the semiconductor area in general. And the U.S. has been hesitant to do that for a while, but that now came to conclusion. It's a magnitude similar to investments that Europe is committing to, that Korea's committing to. China has a larger commitment but over a longer period of time. And so I think this is all in recognition that when you don't have chips, you really want them badly. And so supply shortages got a lot of attention.

嗯，正如你所知，許多國家都在半導體領域進行了大量投資。一段時間以來，美國一直猶豫不決，但現在得出了結論。這與歐洲承諾的投資、韓國承諾的投資規模相似。中國的承諾更大，但時間更長。所以我認為這一切都是在承認，當你沒有籌碼時，你真的非常想要它們。因此，供應短缺引起了很多關注。

At the same time, I think there's also an increased understanding that the importance of chips is growing because the importance of adding smarts in every aspect of life will require more computation. That computation needs to be really fast and that we're still at the beginning of exploring the full impact of AI. So people are investing in that from a strategic point of view.

同時，我認為人們也越來越認識到芯片的重要性正在增長，因為在生活的各個方面增加智能的重要性將需要更多的計算。這種計算需要非常快，而且我們仍處於探索 AI 全面影響的開始階段。因此，人們從戰略角度對此進行投資。

As somebody else noted, I think earlier, a lot of those investments are initially aimed at essentially putting manufacturing capacity in. Around that, there needs to be quite a bit of enablement, but there will also be investments made to look at newer ways of doing things, and we highlighted the whole multichip or multi-die 3DIC, there are many different names for it, very tight packaging. And there will most definitely be investments in that, but also specialty technologies that are needed so that one is not dependent on some singular location in the world to get those.

正如其他人指出的那樣，我之前認為，這些投資中的許多最初旨在從根本上提高製造能力。圍繞這一點，需要進行相當多的支持，但也會進行投資以尋找更新的製造能力。處事，我們突出了整個多芯片或多芯片3DIC，它有很多不同的名稱，非常緊密的封裝。肯定會在這方面進行投資，而且還需要專業技術，這樣人們就不會依賴世界上某個單一的地點來獲得這些技術。

In all of these, we are close partners to the companies that are the primary companies to respond to these requirements. And we are, in many ways, the enabler, we like to use the term the catalyst to make it happen. And so if the industry around us does well, they will need us to really do well. And so I think it's only upside.

在所有這些方面，我們都是響應這些要求的主要公司的密切合作夥伴。我們在很多方面都是推動者，我們喜歡用催化劑這個詞來實現它。因此，如果我們周圍的行業表現良好，他們將需要我們真正做好。所以我認為這只是好的一面。

Okay. Great. And then just one other follow-up on the DSO.ai questions. Any sense of the breadth of interest in the product? Obviously, in the more advanced -- customers looking at it first. But are you seeing it really broaden out into the bigger part of your base and in the systems companies, for example, and so forth? Just wondering how deep is this -- is the opportunity for DSO.ai.

好的。偉大的。然後是關於 DSO.ai 問題的另一項後續行動。對產品感興趣的廣度有任何感覺嗎？顯然，在更高級的——客戶首先看它。但是您是否看到它真的擴展到您的基礎和系統公司的更大部分，例如，等等？只是想知道這有多深——這是 DSO.ai 的機會。

I think it is very broad. It will follow sort of the urgency of the individual companies and also the skill set of the individual companies. In the system houses, we already have a number of people using it there as well. And at the same time, we have also some people say, "Oh, no, let's not go too fast. Let me first put in a regular chip design approach." Well, yes, that will take a year, and then they will want to go faster, too.

我認為它非常廣泛。它將遵循個別公司的緊迫性以及個別公司的技能。在系統房屋中，我們已經有很多人在那裡使用它。同時，我們也有一些人說，“哦，不，我們不要走得太快。讓我先介紹一個常規的芯片設計方法。”嗯，是的，這需要一年的時間，然後他們也會想走得更快。

So fundamentally, this will continue to become a strong ingredient in any design flow over time. But we have a very wide industry and some very advanced people and some people that can do just fine with not being necessarily on the most -- of the most advanced versions.

所以從根本上說，隨著時間的推移，這將繼續成為任何設計流程的重要組成部分。但是我們有一個非常廣泛的行業和一些非常先進的人，有些人可以做得很好，不一定是最先進的版本。

Thank you. We have no one else in queue. Please continue.

謝謝你。我們沒有其他人在排隊。請繼續。

Well, at this point in time, thank you for your support and interest. We continue to do well against markets that certainly demands the skills that we have to provide. And we hope that we will be able to deliver to you what we said for this year. Actually, we don't hope, we plan, and that is passing the $5 billion mark, and that's an exciting moment. So thank you for your support, and thank you to our employees to help make this happen.

好吧，在這個時間點，感謝您的支持和關注。我們繼續在市場上表現出色，這些市場肯定需要我們必須提供的技能。我們希望我們能夠向您傳達我們今年所說的內容。實際上，我們不抱希望，我們計劃，這將超過 50 億美元，這是一個激動人心的時刻。因此，感謝您的支持，並感謝我們的員工幫助實現這一目標。

All right. Thank you. And ladies and gentlemen, that does conclude our call for today. Thank you for your participation and for using the AT&T Event Conferencing Service. You may now disconnect.

好的。謝謝你。女士們，先生們，這確實結束了我們今天的呼籲。感謝您的參與和使用 AT&T 活動會議服務。您現在可以斷開連接。