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 2022 財年第三季新思科技收益電話會議。 （操作員指示）提醒一下，今天的電話會議正在錄音。

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

現在，我想將會議交給投資者關係副總裁Lisa Ewbank。請您發言。

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，Kerry。大家下午好。今天電話會議的主持人是新思科技董事長兼執行長 Aart de Geus 和財務長 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，在本次電話會議中，新思科技將討論有關公司及其財務表現的預測、目標和其他前瞻性陳述。雖然這些陳述代表了我們對截至目前為止的未來業績和表現的最佳判斷，但我們的實際結果受諸多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的預期有重大差異。

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中強調的任何風險之外，我們最新的 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，我們將在討論中參考非公認會計準則 (non-GAAP) 財務指標。與其最直接可比較的公認會計準則 (GAAP) 財務指標的對帳表及補充財務信息，請參閱我們今天早些時候發布的收益新聞稿、財務補充文件和 8-K 報表。

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.

所有這些內容以及最新的投資者簡報均可在我們的網站 synopsys.com 上查閱。此外，準備好的發言稿將在電話會議結束後發佈在網站上。

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

說完這些，我將把它交給 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.

午安.我們又一個季度表現出色，各項業務表現強勁，持續保持強勁成長動能。本季營收為12.5億美元。 GAAP每股收益為1.43美元，非GAAP每股收益為2.10美元。我們創造了4.4億美元的營運現金流。

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.

儘管半導體市場存在正常的波動，但設計活動仍保持強勁。此外，我們的商業模式為我們目前看到的加速成長增添了堅實的穩定性和韌性，從而脫穎而出。

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.

基於我們業務的強勁成長和信心，我們上調了全年業績指引。我們預計22財年營收將成長約21%，並突破50億美元的里程碑。我們將繼續推動營運利潤率的顯著成長，並計劃將非公認會計準則每股收益成長約29%。在此過程中，我們預計將產生16億至16.5億美元的營運現金流。 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.

在過去的五十年左右的時間裡，半導體晶片和軟體改變了我們世界的方方面面。從傳統電腦到網路再到行動設備，從娛樂系統到家庭安全，再到神奇的醫療設備。每個垂直市場都受到了影響，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.

因此，全球不僅需要更多的晶片，而且越來越多的半導體和系統公司正在設計更多的晶片。這些晶片的複雜程度要高得多。由於上市時間的壓力以及工程人才資源日益緊張，它們需要更快地進行設計。

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.

過去35年來，新思科技 (Synopsys) 一直很榮幸地成為這項轉型的重要催化劑，將生產力提升了1,000萬倍。現今，新思科技以獨特的優勢，坐擁半導體和軟體雙系統力量的交會點，雄心勃勃地推動著兩者的發展，力爭在未來十年內再實現1000倍的生產力提升。我們與整個供應鏈中最先進的公司攜手合作。技術挑戰巨大，機會也同樣巨大。

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.

除此之外，安全性、可靠性如今已成為機器人、汽車和航空航太等市場的必需品。同時，越來越多的系統公司，從大型超大規模企業到人工智慧新創公司，再到汽車等垂直產業，都決定掌握自己的命運，設計自己的晶片和系統，以加速差異化發展。如今，新思科技正與這些公司合作，成功地將晶片、軟體和系統等技術連結起來。

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.

過去幾年，我們推出了一系列突破性的創新，產生了巨大的影響力。例如，在晶片設計方面，我們不僅實現了單一設計步驟的自動化，還實現了整個子流程的自動化。我們預先配置的IP模組不僅加快了晶片設計速度，還使架構師能夠快速探索新的市場專用晶片和系統配置。

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.

我們的模擬和原型設計解決方案如今對於驗證和最佳化系統中軟硬體之間的相互作用至關重要。此外，我們持續改進解決方案，以支援高品質、更安全的軟體，並提供安全IP模組。

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.

我們屢獲殊榮的 DSO.ai 人工智慧設計解決方案引領著晶片設計領域的革新。該解決方案於三年多前首次上市，其技術至今仍無與倫比，顯著提升了生產力，並已大幅提升了客戶訂單。

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.

這些技術成果確實具有突破性的意義。客戶從 DSO.ai 學習先前設計的能力中獲益良多。例如，全球兩家規模最大、最先進的半導體公司實現了周轉時間和計算資源的減少 25%。 DSO.ai 也推動了非常顯著的低功耗改進，例如一家大型汽車晶片製造商實現了 30% 的功耗降低。這些令人矚目的成果正在推動 DSO.ai 在各個垂直產業和各種製程節點上的量產流片的快速採用。

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.

本季度的例子包括與一家美國知名超大規模運算公司和一家頂級消費晶片公司達成的長期業務承諾。我們整個市場領先的數位設計解決方案既支援DSO.ai，也受惠於DSO.ai。這種高度差異化的結合在第三季幫助一家大型汽車晶片公司實現了競爭優勢。

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 產品持續推動我們在垂直市場和廣泛技術節點上的加速成長和競爭優勢。本季度，我們預計將突破 1,000 個流片里程碑，並在眾多不同客戶類別中取得成功。 Fusion Compiler 帶來了顯著的運行時間和 PPA 性能功耗比，在頂級圖形處理器公司取得了改進，並且我們在最大的移動 SoC 供應商之一以及多家領先的超大規模計算廠商中佔據了多數席位，取得了顯著進展，市場對我們現代定制設計解決方案的需求也十分強勁。這一領域的成長動力源自於超大規模運算、高效能運算和人工智慧機器學習等關鍵細分市場。

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.

在客製化設計領域，長期以來以老款產品為主，但今年迄今，我們新增的36個客戶標誌已超過去年，其中包括備受矚目的半導體和超大規模客戶。推動「智慧萬物」發展的公司持續以驚人的速度創新，目前正積極向下一代系統遷移多晶片系統設計。我們的多晶片系統解決方案包含3DIC編譯器平台和晶片到晶片IP產品組合，市場需求強勁。不出所料，關鍵市場是高效能運算、資料中心和行動市場。在我們持續擴大在大型美國IDM的部署的同時，我們也發現，在複雜的3D多晶片和晶片設計方面，知名高效能運算和超大規模客戶的需求也日益增長。

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.

在行動領域，我們實現了領先半導體公司下一代多晶片處理器的創紀錄目標。在高效能運算領域，多晶片系統採用了新的互連IP標準UCIe，即通用晶片互連標準（Universal Chiplet Interconnect Express）。正如“Express”一詞所言，一切都與速度有關。新思科技憑藉其健康的研發管線和在3奈米製程的多項成功，在這一領域取得了巨大的進展。

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 模組是應對嚴峻的上市時間壓力的必備要素。隨著先進製程持續推動強勁發展，我們擁有獨一無二的規模優勢和高品質的 IP 產品組合，並可提前交付。

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.

在高效能運算、人工智慧/機器學習、汽車和行動等市場，需求尤其旺盛，這些市場由智慧萬物、高速安全連接以及先進的製程技術驅動。在此背景下，我們的 ARC Vision 處理器 IP 被邊緣人工智慧和視覺聯盟 (Edge AI and Vision Alliance) 評為「最佳汽車人工智慧解決方案」。

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.

同時，我們業界領先的 ARC NPX 和 VPX 處理器核心可加速神經網絡，在擴增實境和虛擬實境、汽車和消費電子領域持續廣泛應用，並在本季度取得了多項成功。在汽車領域，我們與大型傳統和新興原始設備製造商 (OEM)、一級供應商和半導體供應商達成了許多重要交易。

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.

安全始終是所有細分市場的重中之重。我們針對 PCI Express、CXL 和 DDR 等介面的安全解決方案正獲得廣泛採用，在所有細分市場中已獲得超過 30 個設計訂單。

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.

現在轉向硬體和軟體的關鍵交匯點，換句話說，驗證晶片和系統是否能夠按照預期運作。我們市場領先的模擬和原型硬體產品，以及新思科技獨特的優勢和顯著的差異化優勢，憑藉最快的引擎、最高的容量和最低的擁有成本，我們做得非常出色。我們的產品不僅可以驗證硬體/軟體的正確性，還能幫助找到降低功耗的方法，而功耗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.

我們的 ZeBu 模擬和 HAPS-100 原型系統需求持續旺盛，隨著全球眾多大型半導體和超大規模客戶的需求不斷增長。我們預計再創硬體收入新高。

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“智慧萬物”，我們進軍機構、半導體、政府、醫療和企業軟體等各個垂直市場。本季度，我們的通路合作夥伴計劃進展順利，推出了引人注目的新標識，並拓展了新的客戶部門。我們也繼續在以前從未銷售過的新國家/地區拓展業務，並與過去12個月開拓新市場的合作夥伴保持了長期業務往來。

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，我們收購了WhiteHat Security及其領先的動態應用安全測試解決方案，進一步增強了我們廣泛的產品和諮詢服務組合。我們非常高興優秀的WhiteHat團隊加入新思科技。雖然才過去幾週，但整合進展順利，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，我們又一個季度表現出色，並上調了22財年的業績展望。多項顛覆性的創新正在推動我們取得卓越的技術和業務成果，這體現在我們加速的成長中。儘管經濟情勢動盪，但客戶仍持續大力投資關鍵晶片、系統設計和海量軟體。

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著成長，而我們富有韌性的商業模式則提供了軟體產業中出類拔萃的穩定性。在我們即將突破50億美元營收大關之際，我要感謝我們全球員工的持續努力和奉獻。

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

說完這些，我將把它交給 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，Aart。大家下午好。第三季又是一個出色的季度。我們的營收和每股盈餘都超出預期，現金流也超出了預期。

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.

對於全年業績，我們上調了預期，預計收入增長 20% 以上，非公認會計準則營業利潤率增長約 250 個基點，非公認會計準則每股收益增長約 29%，經營現金流達到 16 億美元至 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.

我們繼續表現良好，這證明了我們創新的技術組合、客戶在半導體週期中持續投資的持續設計活動、財務紀律以及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.

現在我將回顧第三季的業績。除非另有說明，所有比較數據均為同比。我們實現了12.5億美元的總收入，較上年增長18%，整體表現強勁。根據美國通用會計準則 (GAAP)，成本和費用總額為10.1億美元。非美國通用會計準則 (Non-GAAP)，成本和費用總額為8.56億美元，非美國通用會計準則 (Non-GAAP) 營業利潤率為31.4%。根據美國通用會計準則 (GAAP)，每股收益為1.43美元。非美國通用會計準則 (Non-GAAP)，每股收益為2.10美元，較上年增長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.

半導體與系統設計部門營收為11.3億美元，成長18%，這得益於EDA和IP業務的持續強勁成長。過去12個月，半導體與系統設計部門調整後營業利益率為35.8%。軟體完整性部門營收為1.18億美元，成長21%，過去12個月的調整後營業利益率為11%。我們持續預計，2022年軟體完整性部門將達到15%至20%的成長，調整後營業利潤率也將提升。

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.

談到現金。我們創造了4.4億美元的營運現金流。我們動用了2.57億美元現金進行回購，並在過去12個月內回購了價值9.72億美元的股票。此外，我們也斥資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.

我們的資產負債表依然強勁。本季末，我們的現金和短期投資為15.3億美元，債務為2,200萬美元。

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.

現在來看看業績指引。我們上調了全年收入、收益和現金流預期。 2022財年的全年目標如下：營收50.6億美元至50.9億美元，成長20%至21%；GAAP成本和費用總額在39.78億美元至39.98億美元之間；非GAAP成本和費用總額在33.95億美元至30.5億美元之間，非GAAP財產財利潤率將提高約250個基點；非GAAP稅率為18%；GAAP每股收益為6.37美元至6.49美元；非GAAP每股收益為8.80美元至8.85美元，增長約29%；經營活動現金流為16億美元至16.5億美元；資本支出約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.

現在來看看第四季的目標：營收在12.63億美元至12.93億美元之間；GAAP成本和費用總額在10.76億美元至10.96億美元至12.93億美元之間；GAAP成本和費用總額在10.76億美元至10.96億美元之間；非GAAP成本和費用總額在9.19億美元至9.29億美元之間；GAAP每股收益在1.06美元至1.185億美元之間。與往年一致，我們將在下個季度的報告中提供2023年的更多評論和指引。

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.

總而言之，我們的收入和非公認會計準則獲利再次超出預期。基於年初至今的優異業績和強勁的前景，我們再次上調了全年目標。我們繼續保持強勁的業務發展勢頭，憑藉穩健的產品組合和富有韌性的業務模式，我們取得了良好的業績。

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

說完這些，我將把問題交給接線員回答。

(Operator Instructions) And our first question comes from Joe Vruwink from Baird.

（操作員指示）我們的第一個問題來自貝爾德的喬·弗魯溫克 (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?

我先從兩個關於積壓訂單的問題開始。第一，本季的積壓訂單量在哪裡？第二，你們的積壓訂單量一直保持著非常顯著的環比成長。我完全理解，你們每三年才有機會與企業客戶續約三年合約。那麼，我們是否已經達到了一個臨界點：積壓訂單指標趨於穩定，你們開始從積壓訂單中獲得更高的平均價值（ACV），而這是否會以更有意義的方式體現在未來的收入指標中？

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，很高興你一開始就提出了這個問題，並且補充了一些注意事項。本季的積壓訂單最終為71億美元。正如你所提到的，它會根據收入的確認時間和時間安排而逐季度波動。關於積壓訂單，我還要補充一點，我們的目標是將訂單期限設定在2.5到3年之間。本季的訂單期限處於較低水平，接近2.3年。所以它略微超出了我們的預期範圍。

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。在您的財務補充報告中，您顯然重申了所有長期目標。然後作為腳註，這些目標截至今天都是最新的，並且考慮了所有當前的實體名單限制。實體名單限制也有一些新的更新。您本財年的業績也更加強勁。所以，您預計兩位數成長的基準，我想這可能有點難確定。在思考新思科技下一財年的計畫時，對所有這些因素進行字面解讀是否正確？

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.

我來談談實體清單部分。我們一直以來提供的所有前瞻性預測都考慮到了我們所了解的有關實體清單，甚至是疑似實體清單的增加。通常情況下，實體清單的增加速度不會特別快，也不會特別多，但我們會嚴格遵循政府在這方面所做的任何決定。我想說，就我們目前的預測而言，變化並不大。

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

現在請富國證券公司的加里‧莫布利 (Gary Mobley) 發言。

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?

我想先問一個關於員工人數的問題。如果我沒看錯的話，您的補充數據顯示，員工人數比上一季增加了近2000人。這是否反映了積極的招聘、一些收購，或以上所有因素？這是否也是我們開始看到營運支出大幅成長的原因之一？

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，Gary，第二季到第三季的成長確實反映了WhiteHat的一些收購，但也反映了今年計畫的有機招募。我們預計的第四季度費用成長確實反映了我們預期的招聘，而且——坦白說，考慮到今年業績的強勁，我們正在提列一些額外的浮動薪酬。

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。過去兩年，我們的授權業務發展環境相當不錯，對吧？半導體產業的收入成長高於趨勢。但很明顯，該行業正在進入一個更具挑戰性的時期，我們聽到一些公司表示，他們正在最低程度地減少招聘，可以說是在收緊。所以我想問您，您是否注意到客戶在簽署大額交易時猶豫不決？或者，您需要更高級別的審批才能獲得大額交易的批准？

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.

我們非常清楚，有些公司至少暫時減少了招募。我還沒有聽說有任何明顯的裁員或猶豫。設計活動通常不會立即反映市場行情，因為市場實際上取決於最終銷售額，也就是晶片的銷售量。因此，研發支出相對穩定。通常情況下，當市場平穩甚至低迷時，人們會投資研發，以確保能夠實現差異化。

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

因此，正如我們在序言中所說的那樣，我們認為我們的業務現在實際上非常強勁。

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，從業務指標來看，我們看到第三季的運作率成長相當強勁。所以我們沒有看到任何跡象表明存在這些擔憂。

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

現在來談談 Wolfe Research 的 Gal Munda。

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?

加爾（Gal）的[Arsenio]上場了。恭喜本季。如果你再想想業績指引，你會發現今年的執行情況相當出色。回顧你第一次發佈業績指引的時候，今年到目前為止，最讓你驚喜的是什麼，讓你得以全年都保持活躍？

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。如果你看一下我們剛剛給出的年初業績指引，並將其與去年12月的業績中位數進行比較，就會發現我們今年的業績預期已經超過3億美元。而我們看到的更好的前景，其實是所有產品都表現強勁。進入新一年，我們確實預計這將是強勁的一年，但新產品帶來的成長動力、IP業務的持續強勁表現，以及SIG業務在過去四個季度中持續保持的勢頭，都讓我們看到了曙光。因此，我們確實看到了客戶群、所有地區、所有產品線的強勁成長。所以，業務發展得非常好。

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.

太好了，這很有幫助。我還有一個快速的後續問題。 DSO.ai 在財務上對成長有何貢獻？目前已經達到實質水準了嗎？您對此的成長前景如何？以及你們對此有何期待？

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.

抱歉。整個問題有點難以理解，但在DSO.ai上，你必須把它看作是我們現有產品的多個版本。這些產品以流程的方式協同工作。因此，DSO.ai確實提高了獲取結果的速度和質量，尤其是在最終晶片的性能和功耗方面。這不僅具有極高的價值，也鼓勵我們的客戶使用我們的套件，因為這套工具與DSO.ai非常匹配。這也是我們看到整個數位設計解決方案強勁成長的原因之一。

And now to Harlan Sur from JPMorgan.

現在請摩根大通的 Harlan Sur 發言。

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.

恭喜您所取得的穩健業績和出色的執行力。您的長期成長前景確實令人鼓舞。隨著《晶片法案》（CHIPS Act）的通過，以及過去兩年半以來我們目睹的半導體供應鏈中斷，地緣政治風險日益加劇。許多半導體客戶正在優先考慮製造多元化。他們現在開始製定計劃，以支持一個或多個新的代工合作夥伴。因此，這將需要開發新的函式庫、新的IP模組，甚至在某些情況下，還需要新的設計流程。這適用於尖端的數位和類比技術。

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增加新的代工夥伴時，都需要增加設計工程師。 Aart，這種多角化的關注是否也是您EDA和IP業務發展的驅動力？

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。您解釋得非常清楚，因為顯而易見的是，製造業是許多國家最關心的問題，因為他們希望確保供應。晶片的短缺突然讓人們意識到其價值，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.

但從發展的角度來看，當你投入更多製造資源時，你需要擁有完整的賦能能力，包括工具、智慧財產權、服務等等，你說得對，還有人才。如果說有什麼東西我們的成長速度無法超過20年的速度，那就是全球人才，這將成為短缺之一。

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，一個有趣的附帶影響是，這不僅解釋了為什麼縮短設計時間如此重要，而且就我們現有的某些能力而言，它的價值甚至更高。我們可以用技能等級更低、數量更少的人員來獲得這些成果。因此，這絕不會減少產業就業，反而會在一定程度上緩解人才短缺。所有這些因素都與您所描述的基本一致。謝謝。

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。另外，我想補充一下，您談到了在晶片設計方面擴大客戶群，包括許多系統級客戶。最近，最大的ASIC半導體公司之一，新思科技（Synopsys）的大客戶，對ASIC業務進行了深入研究，並幫助谷歌、思科、Facebook等客戶將其ASIC晶片推向市場。他們擁有完整的設計流程。我記得有些公司擁有超過70種先進的晶片設計。

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.

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，這顯然是新思科技強勁的成長動力。像博通或Marvell這樣的ASIC公司則負責後端實體設計、設計收斂和驗證流片。我想知道您是否開始注意到這些ASIC系統客戶正在轉向全流程或COT模式，這顯然也會為您的團隊帶來更多成長機會。

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.

嗯，我們看到它們朝著所有這些方向發展。對於你提到的這些大型超大規模計算廠商來說，他們基本上都在探索半導體世界是什麼樣子的，因為他們已經發現半導體是其軟體的直接乘法器，但你也可以說，從另一個方向來看，軟體是底層半導體的直接乘法器。

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，如果他們能夠針對自己的應用優化解決方案，換句話說，更窄的解決方案，那麼他們就希望獲得更高的速度、吞吐量，在某些情況下，還能獲得更低的功耗。

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.

您說得完全正確，您可以自己完成整個設計流程，也可以讓全方位服務的公司為您完成所有工作，或者您也可以採取介於兩者之間的某種方式，即採用 ASIC 路徑，您設計大部分功能、結構和架構，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.

我認為這三個領域都會繼續存在。但好消息是，越來越多的人只想要晶片給自己用，這就是不同架構不斷擴展的原因。人工智慧就是一個令人擔憂的例子，因為實際上，大約有100家人工智慧公司都在設計有史以來最好的晶片。現實情況是，這是一場爭奪不同垂直細分市場的競爭。

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

現在讓我們來談談 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?

Aart，第一個問題，您提到了半導體產業以及更廣泛的宏觀經濟的波動。展望2023年，我知道您沒有給出2023年的預測，但您認為明年在宏觀經濟充滿挑戰的一年裡，您還能保持低兩位數的成長嗎？

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?

因為當我回顧你們轉型到基於時間的收入模式後的歷史數據時，我發現可能只有一年的成長比較平緩，也就是2008、2009年左右。所以，我的問題是，宏觀經濟狀況要糟糕到什麼程度，才會讓2008、2009年的情況在2023、2024年重演？你認為這種情況會發生嗎？如果不會，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.

當然，提起2008、2009年，就讓人想起了2008年的情況。當時人們覺得大蕭條又要捲土重來了，對吧？當時幾乎沒有人相信這種情況會在幾年後消失。話雖如此，2008、2009年我們實際上每年都能勉強維持一點成長，但實際上，我們的業績一直持平。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，人們不會在不得不削減研發投入之前長時間停止研發，因為那會斷送你的未來。所以，他們寧願先啟動公司的其他部門，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2008、2009年，新技術的發展也沒有放緩。這意味著，如果你停止設計兩年，從技術角度來看，你肯定不再處於領先地位。那麼，我是否適合提出這個問題：我們未來是否會經歷2008、2009年那樣的經濟狀況？不，我不是合適的人選，但我也不相信這種情況會發生。因此，目前的跡象當然會受到任何極端政治局勢的影響。但除此之外，我們所有的關鍵客戶都在投資技術，並且正在快速前進。

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?

也許還有一個問題是關於您的—具體關於您的智慧財產權（不包括系統整合業務）。 「21年，我相信您的成長率肯定會略高於您預期的15%左右，可能接近20%。22年迄今為止，您的智慧財產權成長看起來可能非常強勁，達到兩位數，我估計可能超過20%。但您仍然預測長期成長率為15%。所以，這也許是一種過於簡單的觀點。

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.

我理解您的目標是展望我們在2023年的計劃，但您也清楚，我們會在12月給您更清晰的指引。但我想強調的是，我們之前給出的長期目標只是12月，時間並不久遠。因此，現在我們明確表示，我們不會改變任何指引。因此，我預計12月不會帶給您什麼大的驚喜。我認為我們正朝著實現這些預期的目標穩步前進。

And now to Jason Celino from KeyBanc.

現在請 KeyBanc 的 Jason Celino 發言。

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?

Aart，DSO.ai 的業績令人印象深刻，客戶也獲益匪淺。目前顧客如何使用 DSO.ai？它更像是概念驗證類型的工作嗎？還是前沿技術類型的工作？這些客戶是否同時評估了 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.

我之所以提到它對我們的業務有影響，是因為他們在生產中使用它。當然，最先進的人才總是最先掌握最強大的新工具的人。這些工具非常先進，通常是大型公司，他們現在用這種能力進行許多設計，因為它的價值很高。他們肯定看到了人才不足的問題。所以這可以說是主要領域。

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.

我其實不知道我們有多少競爭對手，不是想貶低他們之類的。我相信他們做得很好。但我們去年的進步，即使在我自己看來，也是相當顯著的，而且順便說一句，未來我們的能力還在不斷拓展。

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對客戶意義的全新階段。很多時候，高級用戶嘗試得很快，但之後卻非常謹慎。他們嘗試得很快，而且他們絕對會採用。

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，再次令人印象深刻地提高了業績預期。抱歉，我很難分析清楚，但業績預期中的收入貢獻有多少是來自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.

簡單介紹一下WhiteHat今年的營收狀況，大概在1500萬到2000萬美元之間。所以，全年的獲利很大一部分來自於非常強勁健康的有機業務。

And now to the line of Jay Vleeschhouwer from Griffin.

現在來談談 Griffin 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，首先想問您一個技術問題，然後再跟進 Trac 的問題。關於人工智慧，我想問兩點。首先，您能談談您是如何進行內部人工智慧開發的嗎？那是關於 DSO.ai 的。我之所以問這個問題，是因為我相信您很清楚，現在很多軟體公司都在進行一場“軍備競賽”，每家公司都聲稱自己擁有一些人工智慧技術。顯然，您確實擁有，而且已經投入生產。但我很好奇，您是如何區分或開發自己的內部人工智慧技術，特別是用於 EDA 的，與您為工具本身所做的開發相比。

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.

那麼，更廣泛地說，您如何看待人工智慧對IP業務的影響？我之所以問這個問題，是因為Synopsys和最近在ANSYS會議上的一次技術演示，例如在設計重用、設計重塑等背景下的人工智慧，所有這些似乎都對IT有一定影響，當然，你們至少在EDA領域是第一名。

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Trac來說，你們揭露的一個數字越來越重要，我相信我們會在幾天後的Q季度中看到更新，那就是你們的金融服務管理帳戶（FSA）。截至第二季末，FSA為10億美元。您能談談這個數字的構成嗎？主要是智慧財產權（IP）嗎？它如何影響你們的業績指引和收入成長假設？

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。我先從人工智慧開始。首先要理解的是，人工智慧是一種非常先進、獨特的程式設計方式，可以解決各種問題。當然，我們使用傳統的方法，但我們也會使用所謂的模式匹配，透過識別情況，可以改進某些方面，使其變得更好。這句話適用於你應用它的領域。所以，如果我們拿我們的DSO.ai來說：「嘿，明天早上，我們要做血液診斷，了解一些病人的情況。」我們最初會得到0個結果，因為人工智慧需要將其意圖與問題領域相匹配。

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，你剛才提到為什麼人工智慧晶片，所有這些人本質上都是針對他們的領域進行優化，對吧？嗯，我們已經針對我們的領域進行了最佳化。我們的領域極其複雜，因為我們可以說擁有一些最複雜的搜尋空間，這意味著這些空間是所有領域中都能找到正確解決方案的潛在空間。所以，這實際上是對我們所做工作的理解與對人工智慧的探索相結合的結果。

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，我們自己也在用IP人工智慧。一個很簡單的原因就是，新思科技（Synopsys）憑藉其業務，可以被視為全球最先進的設計公司之一。因此，我們不會利用自己的設計將晶片推向市場。我們不設計晶片，我們設計IP模組。但兩者的概念其實是類似的。

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，您提到了一個我非常熟悉的有趣現象，那就是有時需要並渴望將現有設計遷移到不同的技術節點。有時這被稱為“重新製作”（remastering）。有時這被稱為“重新定位”（retargeting）。我想您用的是這個字。最初，我們一年前就做過一些實驗，從一個節點遷移到另一個非常相似的節點。我們得到了非常好的結果，而且速度很快。我們可以從現有設計中學習，並將其應用到新的設計中。

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，我們在這方面取得了巨大的進步，因為我們在節點技術方面取得了許多進步，並且仍然取得了更好的結果。所以我首先要說的是，我們正處於一個偉大旅程的開端。但到目前為止，這是一個相當不錯的旅程。

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.

Jay，你問的是FSA（金融服務特別帳戶）及其組合，以及它如何影響我們——影響我們的業績。 FSA主要涉及IP，但其中也包含相當一部分EDA軟體。 FSA最顯著的變化是，自606號法案生效以來，每當客戶下載軟體、下載IP時，收入都會在當時確認，而以往收入會隨著時間的推移而確認。所以你會看到，這會為業務帶來更多波動。

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.

從商業角度來看，金融服務授權（FSA）的優點在於，它為我們的客戶在交易方式方面提供了更大的靈活性，因此他們會簽訂合約。而這正是我們持續創新、推出新產品的領域。我們會看到他們更快地使用這些金融服務授權（FSA）。因此，你會看到這種商業模式帶來的收入成長。

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

現在請美國銀行的 Vivek Arya 發言。

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[Jiacheng Zhang]，代表Vivek。我想重點談談EDA。顯然，您上調了全年業績預期。但具體到EDA，成長速度已放緩至個位數中段，目前低於10%到15%的趨勢水準。您能幫我們了解一下造成這種放緩的原因嗎？您預計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。業務發展得非常好。當然，我們正在執行——我們看到這條業務線的成長符合我們兩位數成長的商業模式。所以，你在這裡看到的只是兩個因素的函數：波動和去年的比較。記住，今年的硬體比去年更注重前端，而去年則更注重後端。所以，這是比較的結果。但如果你把我們的——當你分解EDA軟體業務（約占我們總收入的65%）時，你會發現我們的成長非常強勁，完全符合——當然，完全符合兩位數的成長模式。

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?

好的。接下來我想跟進一下之前關於實體名單的問題。能否告訴我們，你們的銷售額有多少來自中國的全覆蓋門開發公司，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，這些都不是實質的，但是中國的環繞門還不存在。

And now to the line of Blair Abernethy from Rosenblatt.

現在來聽羅森布拉特 (Rosenblatt) 的布萊爾‧阿伯內西 (Blair Abernethy) 的發言。

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?

Aart，我想知道您對美國《晶片與科學法案》有什麼看法？它會為新思科技帶來什麼改變或機會嗎？

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，如你所知，許多國家都在半導體領域投入大量資金。美國先前一直猶豫不決，但現在終於下定決心。其投資規模與歐洲和韓國的投資規模相當。中國的投資承諾規模更大，但周期更長。所以我認為，這一切都表明，當你沒有晶片時，你真的非常需要它們。因此，供應短缺問題引起了廣泛關注。

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晶片的重要性，因為在生活的各個方面增加智慧的重要性將需要更多的運算。這種計算需要非常快，而我們仍處於探索人工智慧全面影響的初期階段。因此，人們從戰略角度對晶片進行投資。

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.

正如其他人所提到的，我認為之前很多投資最初都是為了提升製造能力。圍繞著這一點，需要大量的支持，但也會有投資來探索新的生產方式，我們重點介紹了多晶片或多裸片3DIC，它有很多不同的名稱，是一種非常緊密的封裝。這方面肯定會有投資，但也需要一些特殊技術，這樣人們就不必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，我們與那些響應這些需求的主要公司保持著密切的合作關係。從很多方面來說，我們都是推動者，我們喜歡用「催化劑」這個詞來形容它。因此，如果我們周圍的行業表現良好，他們也需要我們真正做得好。所以我認為這只會帶來好處。

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。太好了。接下來還有關於DSO.ai的問題。您對這款產品的興趣廣度有什麼看法？顯然，更高級的客戶會優先考慮它。但是，您是否看到它真的擴展到了更大的客戶群，例如係統公司等等？我只是想知道這對DSO.ai來說是一個多大的機會？

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.

我認為它的範圍很廣。它會根據各個公司的緊迫性以及各自的技能組合而定。在系統公司，我們已經有不少人在使用它了。同時，也有一些人說：「哦，不，我們不要太快。我先引入一個常規的晶片設計方法。」 嗯，是的，這需要一年時間，然後他們也會想要更快。

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.

所以從根本上來說，隨著時間的推移，這將繼續成為任何設計流程中的重要組成部分。但我們的行業範圍非常廣泛，既有一些非常先進的人才，也有一些即使不掌握最先進的版本也能做得很好的人。

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

謝謝。隊列裡沒有其他人了。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.

嗯，現在，非常感謝大家的支持與關注。在市場對我們所提供技能的需求不斷增長的背景下，我們繼續保持良好的業績。我們希望能夠兌現我們今年的預期目標。實際上，我們並非只是希望，而是計劃，那就是突破50億美元大關，這是一個令人興奮的時刻。感謝大家的支持，也感謝我們的員工為實現這一目標所做的貢獻。

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，謝謝大家。女士們，先生們，今天的電話會議到此結束。感謝您的參與與使用AT&T活動會議服務。現在您可以斷開連線了。