新思科技 (SNPS) 2022 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys Earnings Conference Call for the Fourth 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 財年第四季度收益電話會議。（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, Lisa. 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，麗莎。大家下午好。 Synopsys 董事長兼首席執行官 Aart de Geus 主持了今天的電話會議；以及首席財務官 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. 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.

在我們開始之前，我想提醒大家，在本次電話會議期間，Synopsys 將討論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未來結果和表現的最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的預期存在重大差異。除了我們在電話會議中強調的任何風險外，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. 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 our website at the conclusion of the call.

此外，我們將在討論中提及非 GAAP 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 財務措施和補充財務信息的調節。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我們的網站上。

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

有了這個，我會把電話轉給 Aart 給 Geus。

Good afternoon. I am happy to report that Synopsys completed an outstanding year with sustained forward momentum. Since about 4 years ago, we communicated our dual objectives of accelerating growth and expanding margin. Synopsys has delivered on and, in fact, exceeded those expectations. This is visible through over 60% revenue growth since that point, 11 percentage points higher non-GAAP operating margin and more than doubled EPS.

下午好。我很高興地向大家報告，Synopsys 以持續的前進勢頭完成了出色的一年。大約 4 年前，我們就傳達了加速增長和擴大利潤率的雙重目標。 Synopsys 實現了並且事實上超出了這些預期。自那時以來，收入增長超過 60%，非 GAAP 營業利潤率提高 11 個百分點，每股收益增加一倍以上，這一點可見一斑。

This quarter, we also crossed the $5 billion annual revenue milestone. Simultaneously, we substantially evolved our product offering, expanded customer relationships and increased competitive differentiation. Building on this, we delivered another record year in fiscal '22. Revenue grew 21% to $5.08 billion, with double-digit growth in all product groups and across geographies. We further expanded non-GAAP operating margin to 33%, grew earnings by 30% and generated record cash flow of $1.7 billion.

本季度，我們的年收入也突破了 50 億美元的里程碑。同時，我們大幅改進了我們的產品供應、擴大了客戶關係並提高了競爭優勢。在此基礎上，我們在 22 財年又創造了創紀錄的一年。收入增長 21% 至 50.8 億美元，所有產品組和跨地區的收入均實現兩位數增長。我們將非 GAAP 營業利潤率進一步擴大至 33%，收益增長了 30%，並產生了創紀錄的 17 億美元現金流。

While semiconductor industry revenue growth has moderated, design activity remains robust. In addition, our term-based business model, with $7.1 billion of noncancelable backlog and a diversified customer base, all provide stability, resilience and forward momentum.

雖然半導體行業收入增長放緩，但設計活動依然強勁。此外，我們基於期限的商業模式，擁有 71 億美元的不可取消積壓訂單和多元化的客戶群，都提供了穩定性、彈性和前進動力。

While fully mindful of the macro dynamics around us, including the most recent U.S. government export restrictions, Synopsys is poised for strong results in fiscal '23. We intend to grow revenue 14% to 15%, continue to drive notable ops margin expansion and aim for approximately 16% non-GAAP earnings per share growth. Trac will discuss the financials in more detail.

在充分注意我們周圍的宏觀動態（包括最近的美國政府出口限制）的同時，Synopsys 準備在 23 財年取得強勁業績。我們打算將收入增長 14% 至 15%，繼續推動顯著的運營利潤率增長，並力爭實現約 16% 的非 GAAP 每股收益增長。 Trac 將更詳細地討論財務狀況。

Looking at the landscape around us. Some of you have asked us why customers design activity remains solid throughout waves of the business cycle. Two reasons. First, the macro quest for smart everything devices and, with it, AI and big data infrastructure is unrelenting and expect it to drive a decade of strong semiconductor growth. Second, semiconductor and systems companies, be it traditional or new entrants, prioritize design engineering throughout economic cycle precisely to be ready to feel competitive new products when the market turns upward again. We've seen this dynamic consistently in past up and down markets and expect it to continue.

看著身邊的風景。你們中的一些人問過我們為什麼客戶的設計活動在整個商業周期的浪潮中保持穩定。兩個原因。首先，對智能萬物設備及其人工智能和大數據基礎設施的宏觀追求是不懈的，預計它將推動半導體在未來十年的強勁增長。其次，半導體和系統公司，無論是傳統公司還是新進入者，都在整個經濟周期中優先考慮設計工程，以便在市場再次好轉時準備好感受具有競爭力的新產品。我們在過去的漲跌市場中一直看到這種動態，並預計它會繼續下去。

Today, Synopsys aims to be a key engineering catalyst towards this smart everything world as our mission is to enable innovation at the critical interplay between semiconductors and software. Our customers are racing to differentiate along 3 axes: first, still higher complexity chips with massive compute capability; second, super tightly integrated systems of chips optimized for the software that will run on them; and third, increasing focus on security and safety across both software and hardware in virtually all vertical segments.

今天，Synopsys 的目標是成為這個智能萬物世界的關鍵工程催化劑，因為我們的使命是在半導體和軟件之間的關鍵相互作用中實現創新。我們的客戶正競相在三個軸上實現差異化：首先，具有強大計算能力的更高複雜度的芯片；第二，超緊密集成的芯片系統，針對將在其上運行的軟件進行了優化；第三，幾乎所有垂直領域都越來越關注軟件和硬件的安全性和安全性。

Synopsys is uniquely positioned to address these challenges as we provide the most advanced and complete design and verification solutions available today, the leading portfolio of highly valuable semiconductor IP blocks and the broader set of software security testing solutions.

Synopsys 在應對這些挑戰方面具有得天獨厚的優勢，因為我們提供當今最先進、最完整的設計和驗證解決方案、領先的高價值半導體 IP 模塊組合以及更廣泛的軟件安全測試解決方案。

In the past few years, we have introduced some truly groundbreaking innovations that radically advance how design is done. Let me begin the highlights with our DSO.ai artificial intelligence design solution. With already well over 100 commercial production design, it continues to deliver amazing results.

在過去的幾年裡，我們推出了一些真正具有突破性的創新，從根本上推進了設計的完成方式。讓我從我們的 DSO.ai 人工智能設計解決方案開始重點介紹。憑藉已經超過 100 個商業生產設計，它繼續提供驚人的結果。

Applied simultaneously to multiple steps of the design flow, DSO.ai reduces efforts for months to now weeks while also delivering superior performance and reduced power. Results reported by customers include 25% reduction in turnaround time and compute resources and up to 30% power reduction. With customers such as Samsung, Renesas, Intel, MediaTek, Sony and many others reporting impressive achievements, customer adoptions have accelerated across a wide range of process nodes and market verticals.

同時應用於設計流程的多個步驟，DSO.ai 減少了幾個月到現在幾週的工作量，同時還提供卓越的性能和更低的功耗。客戶報告的結果包括周轉時間和計算資源減少 25%，功耗降低高達 30%。隨著三星、瑞薩、英特爾、聯發科、索尼和許多其他客戶報告了令人印象深刻的成就，客戶在廣泛的工藝節點和市場垂直領域的採用已經加速。

In FY '22, the number of customers more than doubled, and we've already seen significant repeat orders and broadening proliferation. Seven out of the top 10 semiconductor companies have adopted DSO.ai for production design. Meanwhile, we're also extending machine learning capabilities across other EDA workloads from verification to test, to custom design. These next phase solutions are already in customers' hands, showing excellent impacts and promise.

在 22 財年，客戶數量增加了一倍多，我們已經看到大量的重複訂單和不斷擴大的擴散。前 10 大半導體公司中有 7 家已採用 DSO.ai 進行生產設計。同時，我們還將機器學習功能擴展到其他 EDA 工作負載，從驗證到測試再到定制設計。這些下一階段的解決方案已經在客戶手中，顯示出卓越的影響和前景。

Central to the impact of DSO.ai are the powerful digital design solution engines underpinning it, specifically our Fusion Compiler products. It drove numerous competitive wins with accelerated proliferation for a wide variety of customers. Key adoptions range from the largest processor firms to influential systems companies, to major hyperscalers. Fusion Compiler is used in over 90% of advanced nodes down to 3 and 2 nanometer, with a majority exclusively using Synopsys.

DSO.ai 影響的核心是支持它的強大數字設計解決方案引擎，特別是我們的 Fusion Compiler 產品。它推動了眾多競爭性勝利，並加速了廣泛客戶的擴散。主要採用範圍從最大的處理器公司到有影響力的系統公司，再到主要的超大規模企業。 Fusion Compiler 用於 90% 以上的先進節點，小至 3 和 2 納米，其中大部分專門使用 Synopsys。

In Q4, cumulative customer tape-outs surpassed 1,000, more than doubling the combined total of FY '20 and '21. Our customer solutions also saw strong market momentum this year, continuing the drumbeat of competitive displacements. With options ranging from large semiconductor companies at advanced nodes to automotive to memory vendors, as we added more than 45 new logos this year, nearly one per week with double-digit revenue growth.

在第四季度，累計客戶流片超過 1,000，是 20 財年和 21 財年總和的兩倍多。我們的客戶解決方案今年也看到了強勁的市場勢頭，繼續推動競爭性取代。從先進節點的大型半導體公司到汽車再到內存供應商，我們有多種選擇，今年我們添加了超過 45 個新徽標，幾乎每週一個，收入增長兩位數。

To address the highly advanced chip mentioned earlier, multi-die system design, sometimes also called chiplet-based design, is opening a whole new era of silicon complexity. Having forecasted this a number of years ago, Synopsys now provides a differentiated multi-die solution that enables architecture, analysis, design and sign-off all integrated in one place. This includes our 3DIC Compiler solution and our industry-leading portfolio of state-of-the-art die-to-die interface IP.

為了解決前面提到的高度先進的芯片，多管芯系統設計（有時也稱為基於小芯片的設計）正在開啟矽複雜性的全新時代。 Synopsys 在多年前就預測到了這一點，現在提供了一種差異化的多芯片解決方案，可以將架構、分析、設計和簽核全部集成在一個地方。這包括我們的 3DIC 編譯器解決方案和我們行業領先的最先進的芯片到芯片接口 IP 產品組合。

Today, we're already tracking more than 100 multi-die designs for a range of applications, including high-performance compute, data centers and automotive, seeing strong adoption of our broad solution. A notable example is achieving plan of record for multiple 3D stack designs at a very large, high-performance computing company as well as expanded deployment at a leading mobile customer.

今天，我們已經在跟踪 100 多種多芯片設計，用於一系列應用，包括高性能計算、數據中心和汽車，看到我們廣泛的解決方案得到廣泛採用。一個值得注意的例子是在一家超大型高性能計算公司實現多個 3D 堆棧設計的記錄計劃，並在一家領先的移動客戶中實現擴展部署。

Meanwhile, the recently introduced UCIE protocol, short for Universal Chiplet Interconnect Express, has become the interconnect of choice for multi-die systems. Both our UCIE interface IP and HBM3 memory IP are at the forefront of enabling multi-die designs with multiple wins at Tier 1 customers.

同時，最近推出的 UCIE 協議（Universal Chiplet Interconnect Express 的縮寫）已成為多芯片系統的互連選擇。我們的 UCIE 接口 IP 和 HBM3 內存 IP 都處於支持多芯片設計的前沿，並在一級客戶中多次獲勝。

More broadly, third-party IP is a must-have for designs across the board. Our market-leading IP portfolio, by far the broadest in the industry, continues to drive significant adoption and growth. In fiscal '22, our IP business delivered another record year with more than 20% growth.

更廣泛地說，第三方 IP 是全面設計的必備條件。我們市場領先的 IP 組合是迄今為止業內最廣泛的，繼續推動顯著的採用和增長。在 22 財年，我們的 IP 業務以超過 20% 的增長率再創新高。

We continue to see particularly strong demand in key markets such as high-performance compute, automotive and mobile, where the systems are driven by smart everything, high-speed secure connectivity and advanced process geometries. While maintaining technical leadership in IP for advanced process technologies, we delivered multiple IP products in the most advanced 3- and 4-nanometer process nodes to our customers in high-end mobile and HPC applications.

我們繼續看到高性能計算、汽車和移動等關鍵市場的需求特別強勁，這些市場的系統由智能萬物、高速安全連接和先進的工藝幾何形狀驅動。在保持先進工藝技術 IP 方面的技術領先地位的同時，我們在最先進的 3 納米和 4 納米工藝節點上向高端移動和 HPC 應用領域的客戶交付了多種 IP 產品。

Very strong adoption also of our automotive-grade IP solutions as cars are being rearchitected towards both electrification and autonomous driving. The acceleration of car electrification driven by urgent climate considerations notably drives a slew of new sensor, actuator and control chip designs.

我們的汽車級 IP 解決方案也得到了非常廣泛的採用，因為汽車正在朝著電氣化和自動駕駛的方向進行重新設計。緊迫的氣候考慮推動了汽車電氣化的加速，這尤其推動了一系列新的傳感器、執行器和控制芯片的設計。

Our automotive solutions had outstanding growth. Today, we have engaged with hundreds of designs from more than 30 leading semiconductor providers, more than 10 OEMs and 3 of the top 4 Tier 1 suppliers. At the core of these systems is the intersection of hardware and software. To optimize the system, our customers must verify both the software in the context of the hardware and the hardware in context of the software. While verification is fundamentally an unbounded problem, our state-of-the-art simulation, emulation and prototyping products tackle these tough verification challenges at unparalleled speed with the fastest engine, highest capacity and lowest cost of ownership.

我們的汽車解決方案增長顯著。今天，我們已經參與了來自 30 多家領先半導體供應商、10 多家 OEM 和前 4 大一級供應商中的 3 家的數百項設計。這些系統的核心是硬件和軟件的交集。為了優化系統，我們的客戶必須在硬件環境下驗證軟件，並在軟件環境下驗證硬件。雖然驗證從根本上說是一個無限的問題，但我們最先進的模擬、仿真和原型設計產品以最快的引擎、最高的容量和最低的擁有成本以無與倫比的速度應對這些嚴峻的驗證挑戰。

Specifically, our hardware-based products delivered a record year with competitive momentum, adding more than 30 new logos and over 200 repeat orders.

具體而言，我們基於硬件的產品以競爭勢頭創造了創紀錄的一年，增加了 30 多個新徽標和 200 多個重複訂單。

Moving now to software security, the critical nature of which continues to grow as management teams and Boards are keenly focused on ways to protect their companies and their customers from destructive cyber attacks. Our Software Integrity solution enables organizations to manage the security and quality of software across a wide range of industry verticals from semiconductor and systems to financial services, automotive, industrial, health and more.

現在轉向軟件安全，隨著管理團隊和董事會敏銳地關注保護其公司和客戶免受破壞性網絡攻擊的方法，軟件安全的關鍵性質繼續增長。我們的軟件完整性解決方案使組織能夠管理從半導體和系統到金融服務、汽車、工業、健康等廣泛垂直行業的軟件安全性和質量。

Industry groups such as Gartner and Forrester recognized Synopsys leadership. Gartner positions us at the top and farthest right of its Magic Quadrant, rating us highly for technology depth, breadth, consulting capabilities and vision. While this is the one area where we did see some impact from the macro environment in the quarter, revenue growth for the year accelerated over FY '21.

Gartner 和 Forrester 等行業組織認可 Synopsys 的領導地位。 Gartner 將我們置於其魔力像限的頂部和最右側，對我們的技術深度、廣度、諮詢能力和遠見給予高度評價。雖然這是我們確實看到本季度宏觀環境產生一些影響的一個領域，但今年的收入增長在 21 財年加速。

Notably, we saw good progress with the go-to-market and product initiatives introduced last year. Our indirect channel partner business, for example, continues to ramp well by expanding our reach into customer groups and geographies that we haven't connected with in the past.

值得注意的是，我們在去年推出的上市和產品計劃方面取得了良好進展。例如，我們的間接渠道合作夥伴業務通過將我們的業務範圍擴大到我們過去沒有接觸過的客戶群體和地區，繼續保持良好勢頭。

We are building momentum with the goal of another significant increase in indirect sales in FY '23.

我們正在建立勢頭，目標是在 23 財年再次顯著增加間接銷售額。

On the product side, we expanded our offerings by launching 2 new SaaS services for static analysis and open source analysis integrated into our Polaris platform. We expect these SaaS capabilities to accelerate adoption and consumption of our solutions as they are particularly well suited to growth in the mid-market.

在產品方面，我們通過推出 2 個新的 SaaS 服務來擴展我們的產品，這些服務用於靜態分析和集成到我們的 Polaris 平台中的開源分析。我們希望這些 SaaS 功能能夠加速我們解決方案的採用和消費，因為它們特別適合中端市場的增長。

Early customer reception has been quite positive. Our continually evolving and strengthening platform also provides more and more valuable insights to help companies drive increasingly robust top-down software risk management.

早期的客戶接待非常積極。我們不斷發展和加強的平台還提供了越來越多的有價值的見解，以幫助公司推動越來越強大的自上而下的軟件風險管理。

In summary, Synopsys exceeded beginning-of-year targets and delivered a record fiscal '22 across all metrics with the additional spark of passing the $5 billion milestone. We enter FY '23 with excellent momentum and a resilient business model that provides stability and wherewithal to navigate market cycles. Notwithstanding some economic uncertainty, our customers are continuing to prioritize their chip system and software development investments to be ready with differentiated products at the next upturn.

總而言之，Synopsys 超出了年初的目標，並在所有指標上實現了創紀錄的 22 財年業績，並進一步突破了 50 億美元的里程碑。我們以出色的勢頭和彈性的商業模式進入 23 財年，該模式提供穩定性和資金來駕馭市場週期。儘管存在一些經濟不確定性，但我們的客戶仍在繼續優先考慮他們的芯片系統和軟件開發投資，以便在下一次好轉時準備好差異化產品。

On our side, many game-changing innovations across our portfolio position as well to capitalize a decade of semiconductor importance and impact. Finally, our execution and operational management continue to drive growth and margin expansion, and we're particularly thankful to our employees around the world for their vitality and diligence throughout the year.

在我們這邊，我們的產品組合中有許多改變遊戲規則的創新，也充分利用了半導體十年的重要性和影響。最後，我們的執行和運營管理繼續推動增長和利潤擴張，我們特別感謝全球員工全年的活力和勤奮。

One more comment. As you may have seen yesterday, we announced the appointment of Shelagh Glaser to become our new CFO on December 2. She's here with us today, listening in as we prepare to pass the torch from Trac in a few days.

再來一條評論。正如您昨天可能看到的那樣，我們於 12 月 2 日宣布任命 Shelagh Glaser 為我們的新首席財務官。她今天和我們在一起，聆聽我們準備在幾天后從 Trac 手中接過火炬。

Before I pass the microphone to Trac for his review of fiscal '22, it's wonderful to say a heartfelt thank you for his contributions that helped build the company we are today. With 16 years on our team, 8 as Synopsys CFO, Trac is a cornerstone architect and execution leader of the strong results of the past year.

在我將麥克風交給 Trac 審查他對 22 財年的評論之前，很高興能衷心感謝他為幫助建立我們今天的公司所做的貢獻。 Trac 在我們的團隊工作了 16 年，其中 8 年擔任 Synopsys 首席財務官，是過去一年強勁業績的基石架構師和執行領導者。

During his tenure, he strengthened our fiscal discipline and acumen, engineered trusting and effective relationships with the other parts of the company and, most importantly, assembled and grew a great team that we will continue to build on. So it is all the more meaningful to voice our gratitude to Trac at the very moment that we pass this unique revenue milestone.

在他任職期間，他加強了我們的財務紀律和敏銳度，與公司其他部門建立了信任和有效的關係，最重要的是，他組建並發展了一支我們將繼續發展的優秀團隊。因此，在我們通過這個獨特的收入里程碑的那一刻，表達我們對 Trac 的感激之情就更有意義了。

Thank you, Trac. And now one more time, please give us your perspective on the state of Synopsys.

謝謝你，特拉克。現在再請您談談您對 Synopsys 現狀的看法。

Thank you, Aart, for the -- those kind of words. It has been a privilege to serve as the CFO of Synopsys. I'm immensely grateful to be a part of this team, and I'm proud of what we've accomplished.

謝謝你，Aart，對於那些話。擔任 Synopsys 的 CFO 是我的榮幸。我非常感謝成為這個團隊的一員，我為我們所取得的成就感到自豪。

While I'll miss the rich interactions with the Synopsys team and the investment community, I'll be here through the end of December to ensure a smooth transition.

雖然我會懷念與 Synopsys 團隊和投資界的豐富互動，但我將在 12 月底之前留在這裡，以確保平穩過渡。

Synopsys is in a great position as reflected in strong results and outlook. FY '22 was an excellent year and featured record results in all key metrics, including revenue, non-GAAP earnings and operating cash flow.

Synopsys 處於有利地位，這反映在強勁的業績和前景中。 22 財年是出色的一年，所有關鍵指標均創紀錄，包括收入、非 GAAP 收益和運營現金流。

We continue to execute well and are confident in our business heading into FY '23 driven by our strong technology portfolio that is expanding customer commitments, robust chip and system design activity despite moderating semiconductor industry revenue growth and a resilient and stable time-based business model with $7.1 billion in noncancelable backlog. As a result, while the macro environment is stressed, we expect to grow revenue 14% to 15% and expand operating margin more than 100 basis points, driving non-GAAP EPS growth of approximately 16% in 2023.

儘管半導體行業收入增長放緩，基於時間的商業模式有彈性且穩定，但在我們強大的技術組合的推動下，我們繼續執行良好並對我們的業務進入 23 財年充滿信心，這些技術組合正在擴大客戶承諾、強大的芯片和系統設計活動71 億美元的不可取消積壓訂單。因此，在宏觀環境承壓的同時，我們預計收入將增長 14% 至 15%，並將營業利潤率擴大 100 個基點以上，推動 2023 年非 GAAP 每股收益增長約 16%。

Let me provide some highlights of our full year 2022 results. We generated total revenue of $5.08 billion, up 21% over the prior year, with double-digit growth across all products and key geographies. Total GAAP costs and expenses were $3.9 billion and total non-GAAP costs and expenses were $3.4 billion, resulting in a non-GAAP operating margin of 33%. GAAP earnings per share were $6.29 and non-GAAP earnings per share were $8.90, up 30% over the prior year. Semiconductor & System Design segment revenue was $4.6 billion driven by broad-based strength across all product groups and geographies. Adjusted operating margin was 35.3%.

讓我提供一些我們 2022 年全年業績的亮點。我們的總收入為 50.8 億美元，比上年增長 21%，所有產品和主要地區的收入均實現兩位數增長。 GAAP 成本和支出總額為 39 億美元，非 GAAP 成本和支出總額為 34 億美元，非 GAAP 營業利潤率為 33%。 GAAP 每股收益為 6.29 美元，非 GAAP 每股收益為 8.90 美元，比上年增長 30%。半導體與系統設計部門的收入為 46 億美元，這得益於所有產品組和地區的廣泛實力。調整後的營業利潤率為 35.3%。

Software Integrity segment revenue was $466 million, up 18%, with adjusted operating margin up slightly to 10.1%.

軟件完整性部門收入為 4.66 億美元，增長 18%，調整後的營業利潤率小幅上升至 10.1%。

For 2023, even in light of some of the marginal macro-related impact in Q4 orders, we expect revenue growth to be within our 15% to 20% objective with increased adjusted operating margin.

對於 2023 年，即使考慮到第四季度訂單的一些邊際宏觀相關影響，我們預計收入增長將在我們 15% 至 20% 的目標範圍內，同時調整後的營業利潤率會增加。

Turning to cash. Operating cash flow for the year was a record $1.7 billion reflecting our strong results, robust collections and approximately $100 million in early collections. We ended the year with cash and short-term investments of $1.57 billion and total debt of $21 million. During the year, we completed buybacks of $1.1 billion or 69% of free cash flow.

轉向現金。這一年的運營現金流達到創紀錄的 17 億美元，反映了我們強勁的業績、穩健的收款和大約 1 億美元的早期收款。我們以 15.7 億美元的現金和短期投資以及 2100 萬美元的總債務結束了這一年。年內，我們完成了 11 億美元的回購，佔自由現金流的 69%。

Now to our targets, which reflects the impact from the recently announced export control regulations and assume no further changes for the year. Based on our current assessment, we expect quarterly revenue and non-GAAP EPS to steadily increase through the year. For fiscal year 2023, the full year targets are: revenue of $5.775 billion to $5.825 billion; total GAAP costs and expenses between $4.49 billion and $4.537 billion; total non-GAAP costs and expenses between $3.81 billion and $3.84 billion, resulting in a non-GAAP operating margin improvement of more than 100 basis points; non-GAAP tax rate of 18%; GAAP earnings of $7.68 to $7.86 per share; non-GAAP earnings of $10.28 to $10.35 per share; cash flow from operations of approximately $1.7 billion.

現在我們的目標反映了最近宣布的出口管制法規的影響，並假設今年沒有進一步的變化。根據我們目前的評估，我們預計季度收入和非 GAAP 每股收益將在全年穩步增長。對於 2023 財年，全年目標是：收入 57.75 億美元至 58.25 億美元； GAAP 成本和支出總額在 44.9 億美元至 45.37 億美元之間；非 GAAP 成本和支出總額在 38.1 億美元至 38.4 億美元之間，導致非 GAAP 營業利潤率提高超過 100 個基點；非美國通用會計準則稅率為 18%； GAAP 每股收益為 7.68 美元至 7.86 美元；非美國通用會計準則每股收益為 10.28 美元至 10.35 美元；來自運營的現金流量約為 17 億美元。

Now to the targets for the first quarter: revenue between $1.34 billion and $1.37 billion; total GAAP costs and expenses between $1.033 billion and $1.053 billion; total non-GAAP costs and expenses between $875 million and $885 million; GAAP earnings of $1.89 to $2 per share; and non-GAAP earnings of $2.48 to $2.53 per share. Our press release and financial supplement include additional targets and GAAP to non-GAAP reconciliations.

現在是第一季度的目標：收入在 13.4 億美元到 13.7 億美元之間； GAAP 成本和支出總額在 10.33 億美元至 10.53 億美元之間；非 GAAP 成本和支出總額在 8.75 億美元至 8.85 億美元之間； GAAP 每股收益為 1.89 美元至 2 美元；非 GAAP 每股收益為 2.48 美元至 2.53 美元。我們的新聞稿和財務補充包括其他目標和 GAAP 與非 GAAP 對賬。

Finally, we are reiterating our long-term financial objectives of annual double-digit revenue growth, non-GAAP operating margin expansion of more than 100 basis points per year and non-GAAP EPS growth in the mid-teens range.

最後，我們重申了我們的長期財務目標，即年度收入實現兩位數增長，非 GAAP 營業利潤率每年增長超過 100 個基點，非 GAAP 每股收益增長在十幾歲左右。

In conclusion, we entered 2023 with excellent momentum and confidence, reflecting our innovative technology portfolio, ongoing design activity by our customers who continue to invest through semiconductor cycles and the stability and resilience of our time-based business model.

總之，我們以極好的勢頭和信心進入 2023 年，這反映了我們的創新技術組合、我們的客戶在半導體週期中繼續投資的持續設計活動以及我們基於時間的商業模式的穩定性和彈性。

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) We'll take our first question from Joe Vruwink with Baird.

（操作員說明）我們將與 Baird 一起回答 Joe Vruwink 的第一個問題。

Great, and let me just say, Trac, all my best wishes. It's been a pleasure working with you. Maybe I'll just start. It seems your customers are heading towards a demand environment that maybe is most akin to what we last saw in 2019. And if I just think about Synopsys in 2019, I think you grew your recurring revenue at a low double-digit pace. Your nonrecurring revenue was down at a high single-digit pace. I don't know. It seems both are probably trending better into 2022 than the last kind of down experience to the industry. Can you just compare and contrast similarities, differences? And maybe a little bit more detail on how those 2 revenue components might track next year?

太好了，我只想說，Trac，祝你一切順利。和你一起工作很愉快。也許我會開始。您的客戶似乎正在走向一個可能與我們上次在 2019 年看到的最相似的需求環境。如果我只考慮 Synopsys 在 2019 年，我認為您的經常性收入以低兩位數的速度增長。您的非經常性收入以高個位數的速度下降。我不知道。看起來這兩種情況到 2022 年的趨勢都可能比行業上次出現的下滑情況更好。你能比較和對比異同點嗎？也許更多關於這兩個收入組成部分明年可能如何追踪的細節？

Well, first, actually, I think your comparison is pretty good because '19 was really just sort of waving around the medium for the growth of the semiconductor industry. And so in that sense, I don't see a long-term change in the trajectory, which essentially forecast that for this decade, semiconductors are making it to $1 trillion, and we see all the reason why it will get there. The fact that some years are higher, others are slightly lower is just a given.

好吧，首先，實際上，我認為你的比較非常好，因為 19 年真的只是在為半導體行業的發展而揮舞著媒介。因此，從這個意義上說，我看不到軌蹟的長期變化，這基本上預測了在這十年中，半導體將達到 1 萬億美元，我們看到了它會達到這一目標的所有原因。事實上，有些年份較高，有些年份略低，這只是給定的。

And in a context like that, Synopsys has the good fortune to have a business model that is very stable and self-sustainable, but also a set of customers that have no interest in going up and down in their R&D force because it's a continual investment over typically products that take 2 to 3 years to develop, and so I think we provide a good solidity in pretty much all the fronts.

在這樣的背景下，Synopsys 有幸擁有非常穩定和自我可持續的商業模式，但也有一群對研發人員上下變動不感興趣的客戶，因為這是一項持續的投資超過通常需要 2 到 3 年才能開發的產品，因此我認為我們在幾乎所有方面都提供了良好的穩定性。

In general, Joe, but I'd also add that we're seeing just better momentum today than we did a few years back when you look at where our products are and with regards to the strength of the portfolio, how we're executing the changes that we're making and just the overall strength of the business. I think we're heading into an environment that may be stressed outside, but we're well positioned to grow there.

總的來說，喬，但我還要補充一點，當你看看我們的產品在哪里以及關於投資組合的實力，我們如何執行時，我們今天看到的勢頭比幾年前更好我們正在做出的改變以及業務的整體實力。我認為我們正在進入一個可能會受到外部壓力的環境，但我們已經做好了在那裡發展的準備。

Okay. Great. And then I was hoping maybe just reconcile some of the year-over-year changes with your cash flow outlook. Even, I guess, if I adjust for the $100 million in early collections, I think cash from operations is growing a bit more slowly than your core EBIT and earnings. And then there's -- it looks like a big step-up in CapEx. Maybe just what's behind that?

好的。偉大的。然後我希望也許只是將一些同比變化與您的現金流前景相協調。甚至，我想，如果我對早期收款中的 1 億美元進行調整，我認為來自運營的現金增長速度比您的核心息稅前利潤和收益要慢一些。然後是 - 它看起來像是資本支出的一大進步。也許這背後是什麼？

So let me start with the cash from ops. The second thing in addition to the $100 million of early collections is the -- our cash flow projections reflect the change in the tax rules that now requires us to capitalize R&D expense. And so as a result of that, cash taxes are going up in '23. So that affects the number.

所以讓我從運營的現金開始。除了 1 億美元的早期收款之外，第二件事是——我們的現金流量預測反映了稅收規則的變化，現在要求我們將研發費用資本化。因此，現金稅在 23 年上漲。所以這會影響數量。

With regards to the CapEx, it's a little higher than it's been over the last couple of years, primarily because of our efforts to consolidate space and our facilities in the U.S., mostly to drive better productivity in the employee base going forward.

關於資本支出，它比過去幾年略高，主要是因為我們努力整合美國的空間和設施，主要是為了提高員工基礎的生產力。

We'll take our next question from Gal Munda with Wolfe Research.

我們將與 Wolfe Research 一起接受 Gal Munda 的下一個問題。

Trac, congratulations on your last quarterly call as well. I hope you enjoy your retirement. The first one is just I wanted to focus a little bit on the DSO.ai. You mentioned, Aart, that you've doubled the amount of customers in '22. My question is, how early are you in that potential to penetrate the customer base, especially the ones that move the needle in the matter and within the ones that already adopted? Do you feel it's just the beginning from them in terms of being productive? Or do you think there's still a lot of room to sell deeper into those accounts?

Trac，也祝賀你上次季度電話會議。我希望你享受你的退休生活。第一個是我想稍微關註一下 DSO.ai。你提到，Aart，你在 22 年將客戶數量翻了一番。我的問題是，您在滲透客戶群方面的潛力有多早，尤其是那些在此事中發揮作用的客戶群以及已經採用的客戶群？你覺得這只是他們提高生產力的開始嗎？或者你認為還有很大的空間可以更深入地銷售這些賬戶嗎？

I think there's a lot of room. As a matter of fact, I think that the whole AI-driven design wave is easily the next decade because it fundamentally changes so many things at the very moment that the customers, one way or another, are going to grow complexity dramatically because they see so many opportunities in this notion of smart everything. And so in order to do that, you don't want to just have tools that use AI and be better and faster and so on, you want actually to impact the very design flow.

我認為有很大的空間。事實上，我認為整個 AI 驅動的設計浪潮很容易在下一個十年出現，因為它從根本上改變了很多事情，以至於客戶將以某種方式顯著增加複雜性，因為他們看到在這個智能一切的概念中有很多機會。因此，為了做到這一點，您不希望只擁有使用 AI 的工具並且變得更好更快等等，您實際上想要影響設計流程。

And to me, the big breakthrough in DSO.ai felt very similar, as a matter of fact, as some 30 years plus ago, synthesis, it changed how things are happening. Now in that sense, the adoption will, on one hand, take time; on the other hand, I think is very fast. Literally just a couple of days ago, among the team, we were discussing how do we manage the number of people that have interest because they all want support, they all want to be the first ones, and it's a good problem to have.

對我來說，DSO.ai 的重大突破感覺非常相似，事實上，就像大約 30 多年前，合成改變了事情的發生方式。從這個意義上說，一方面，採用需要時間；另一方面，我認為速度非常快。就在幾天前，在團隊中，我們正在討論如何管理有興趣的人數，因為他們都需要支持，他們都想成為第一個，這是一個很好的問題。

That's very interesting. And then just as a follow-up, you mentioned automotive solutions and the OEMs as well coming in, both from a semi companies and the OEMs kind of increasing demand, and that's kind of driving part of the growth. I guess if I do math and I think about your growth vectors today, I'm thinking maybe specifically about next year when you look at your pipeline, how does the reliance on the core semis, the leading-edge companies, compare to the systems companies in terms of the growth? Who's bearing the higher proportion of growth in terms of responsibility to kind of deliver those targets that are pretty impressive?

這很有趣。然後作為後續行動，你提到汽車解決方案和原始設備製造商也來自半導體公司和原始設備製造商的需求不斷增加，這在某種程度上推動了增長。我想如果我做數學並且考慮你今天的增長向量，我可能會特別考慮明年當你查看你的管道時，與系統相比，對核心半成品和領先公司的依賴如何公司在增長方面？就實現那些令人印象深刻的目標的責任而言，誰承擔了更高比例的增長？

Well, I'm glad you bring up automotive because looking at the numbers, I was surprised myself how well we had done this year. At the same time, I think there's some good explanations for it. For starters, the very fact that there was a supply shortage in automotive, suddenly everybody gets full attention of automotive. And then simultaneously, the world has now recognized that the cost of climate change is upon us. And I expect that the rate of change toward electrification is absolutely going to accelerate.

好吧，我很高興你提到汽車，因為看看這些數字，我自己也很驚訝我們今年的表現如何。同時，我認為對此有一些很好的解釋。首先，由於汽車供應短缺這一事實，突然間每個人都開始關注汽車。同時，世界現在已經認識到氣候變化的代價在我們身上。我預計電氣化的變化速度絕對會加快。

And so investments that started probably 7, 8 years ago. And we always said, oh, automotive is so slow, is so slow. Now suddenly are moving forward very fast, and it's along the entire supply chain that is reconfiguring itself around new architectures. So I think there's a lot of opportunity, a lot of challenges there as well, but I think we're in a great position for it.

因此，可能在 7、8 年前就開始了投資。我們總是說，哦，汽車太慢了，太慢了。現在突然間向前發展得非常快，整個供應鏈都在圍繞新架構重新配置自己。所以我認為那裡有很多機會，也有很多挑戰，但我認為我們處於有利地位。

We'll take our next question from Jason Celino with KeyBanc.

我們將通過 KeyBanc 接受 Jason Celino 的下一個問題。

Trac, It's been an absolute pleasure. Bad with goodbyes, so hopefully, this is just a see you later. The 14% growth guidance is very impressive, especially the year that you are coming out of -- I'm curious, though, with the upfront business having a tough comp, you did 40% growth there this year. How much of upfront or hardware, I'm using those terms kind of interchangeably, are you kind of taking into the guidance for '23?

Trac，這絕對是一種享受。不好再見，所以希望這只是一個再見。 14% 的增長指導非常令人印象深刻，尤其是你即將離開的那一年——不過我很好奇，由於前期業務的競爭激烈，你今年在那裡實現了 40% 的增長。有多少前期或硬件，我可以互換使用這些術語，您是否考慮了 23 年的指南？

I would naturally attach hardware to upfront. Of course, it will show up in online. But keep in mind that we do have IP that is reflected in that category as well. And keep -- remember, in our statement, we -- our IP business grew over 20% in '22. So heading in '23, really the 14% to 15% guide for revenue growth is coming across all product areas. And that's where we're -- that's all product areas and all key geographies, and so that's where the confidence and the comfort is in terms of our ability to execute against that plan.

我自然會預先附加硬件。當然，它會出現在網上。但請記住，我們確實擁有反映在該類別中的 IP。並保持 - 請記住，在我們的聲明中，我們 - 我們的 IP 業務在 22 年增長了 20% 以上。因此，在 23 年，所有產品領域實際上都實現了 14% 至 15% 的收入增長指南。這就是我們所處的位置——所有產品領域和所有關鍵地區，因此就我們執行該計劃的能力而言，這就是信心和舒適所在。

Okay. Excellent. And then DSO.ai, it seems that you're getting a lot of traction there, and you mentioned some other areas where you're looking at AI capabilities like verification tests and customs. Can you kind of talk about this road map and where we are with deployments and how customers are using it towards some of these other applications?

好的。出色的。然後是 DSO.ai，您似乎在那裡獲得了很大的關注，並且您提到了您正在研究 AI 功能的其他一些領域，例如驗證測試和海關。您能否談談這個路線圖以及我們的部署情況以及客戶如何將其用於其他一些應用程序？

Sure. I'll be a little careful with giving too much of the road map. But I want to make sure that you understand that in all of these areas, we have worked on those now for already quite a while, and we have a number of very positive results directly with customers. And at the end of the day, it's like the old the VC,, feed the dog, dog food, not that I would ever want to compare customers to dogs, of course.

當然。我會小心翼翼地提供過多的路線圖。但我想確保你明白，在所有這些領域，我們已經在這些領域工作了很長一段時間，我們直接與客戶取得了一些非常積極的成果。歸根結底，這就像老風投，餵狗，狗糧，當然，我不想把顧客比作狗。

But the fact is, it's in the field that you realize what are the issues that one may not have contemplated. And the feedback is very positive because there, too, while the tools have long been optimized with a variety of machine learning and AI capabilities, changing the very workflow is how you get a more profound impact. And so we have a long opportunity space to grow into, but the engagement already signifies that we have results that customers want to keep and turn into production.

但事實是，只有在現場，您才能意識到人們可能沒有考慮過哪些問題。反饋也非常積極，因為雖然這些工具長期以來一直使用各種機器學習和 AI 功能進行優化，但改變工作流程才能產生更深遠的影響。因此，我們有很長的發展機會空間，但參與已經表明我們擁有客戶想要保留並轉化為生產的結果。

We'll take our next question from Harlan Sur with JPMorgan.

我們將從摩根大通的 Harlan Sur 那裡回答下一個問題。

Congratulations on the solid results and outlook. And Trac, best of luck, and thanks for all the support. As you guys pointed out, chip design activity in leading-edge digital is very strong, where you have accelerated compute processors, next-gen networking, switching and routing ships, new ASIC programs. Very strong, but also significant increase in design complexity and more importantly, chip design cycle times. Aart, I'm wondering is the complexity and cycle time dynamic requiring your customers to use hardware emulation and prototyping as an integral part of the verification and software development process versus it being somewhat discretionary 5, 10 years ago? And is this what's helping to sustain the hardware growth into next year?

祝賀您取得了堅實的成果和前景。 Trac，祝你好運，感謝所有支持。正如你們指出的那樣，前沿數字領域的芯片設計活動非常強勁，其中有加速計算處理器、下一代網絡、交換和路由船、新的 ASIC 程序。非常強大，但也顯著增加了設計複雜性，更重要的是，芯片設計週期時間。 Aart，我想知道複雜性和周期時間的動態是否要求您的客戶使用硬件仿真和原型設計作為驗證和軟件開發過程的一個組成部分，而不是 5 年、10 年前它在某種程度上是隨意的？這是否有助於將硬件增長維持到明年？

The answer is yes. And another yes. Yes, it does require much more attention to the intersection of hardware and software. And in order to do that, you need simulation that is blindingly fast, and that's why you use hardware accelerators or we call them emulators or prototyping to be able to do that.

答案是肯定的。另一個是。是的，它確實需要更多地關注硬件和軟件的交集。為了做到這一點，你需要非常快的模擬，這就是為什麼你使用硬件加速器或者我們稱之為模擬器或原型設計來做到這一點。

But underneath your question, there was another comment, which is really the comment that is it true that complexity still is increasing massively, and the answer is very true, but it's going to be in a new form, meaning it's not one chip, it's multiple chips as close as possible, and it is architectures dedicated to whatever the end markets are. And so the race is absolutely on in all of these dimensions, but it brings a challenge for our customers that by now after many, many decades, have certainly learned how to optimize for performance and power. They now have to optimize for making it all work: multiple chips, hardware and software, thermal issues. And that complexity is going to drive all kinds of new products on our side, but also necessitates to look to have focus on the entire flow. And that's why I'm very encouraged by being at the dawn of really multiple new decades of new technology.

但在你的問題下面，還有另一條評論，這確實是評論，複雜性仍在大幅增加，答案是非常正確的，但它會以一種新的形式出現，這意味著它不是一個芯片，它是多個芯片盡可能接近，它是專用於任何終端市場的架構。因此，所有這些方面的競爭都在進行，但它給我們的客戶帶來了挑戰，在許多、許多年之後的現在，他們肯定已經學會瞭如何優化性能和功率。他們現在必須進行優化以使其全部正常工作：多個芯片、硬件和軟件、散熱問題。這種複雜性將推動我們推出各種新產品，但也需要關注整個流程。這就是為什麼我在真正多個新幾十年的新技術黎明時感到非常鼓舞。

And then on your IP business, we've got Intel and AMD, they're now starting to roll out their new processor chips, right, supporting next-gen memory and storage interfaces, right? Strong area for you guys, right? DDR5 from memory, PCI Gen 5, CXL for storage. These processors are starting to roll out now. Additionally, you have more of your customers bringing on additional foundries as a part of their diversification and reshoring efforts. I think this should drive higher adoption of your foundational IP as well. So what are the other dynamics that are going to drive the IP business next year? And does this segment continue at strong double-digit year-over-year growth in fiscal '23?

然後在您的 IP 業務上，我們有英特爾和 AMD，他們現在開始推出他們的新處理器芯片，對吧，支持下一代內存和存儲接口，對吧？你們的強區，對吧？內存採用 DDR5，PCI Gen 5，存儲采用 CXL。這些處理器現在開始推出。此外，作為他們多元化和回流努力的一部分，您有更多的客戶帶來更多的鑄造廠。我認為這也應該會推動您的基礎 IP 得到更高的採用。那麼明年推動知識產權業務的其他動力是什麼？該細分市場在 23 財年是否繼續保持兩位數的強勁同比增長？

Well, we'll take 1 year at a time, but there's no doubt that there's an opportunity to continue to grow very well. And a greater respect for you mentioning all the keywords of things that we sell. I would add one other category that we alluded to, which is a category that actually looks at the new types of interfaces in these multi-die integrations because those integrations are predicated mostly on one thing: how short and how fast can you make the wires between the chips? And therefore, it's another form of miniaturization with enormous connectivity between chips.

好吧，我們一次要花 1 年時間，但毫無疑問，我們有機會繼續很好地成長。並更加尊重您提及我們銷售的所有商品的關鍵詞。我要添加我們提到的另一個類別，該類別實際上著眼於這些多管芯集成中的新型接口，因為這些集成主要基於一件事：您可以製作多短的電線和多快的電線芯片之間？因此，它是另一種形式的微型化，在芯片之間具有巨大的連接性。

And so these connectors are extremely sensitive to the speed, the voltage and all these things. And so there, too, we are leading in providing the IP that makes this possible. And I think that's an area that will grow on top of what you mentioned.

因此，這些連接器對速度、電壓和所有這些因素都極為敏感。因此，在提供使這成為可能的 IP 方面，我們也處於領先地位。我認為這是一個將在你提到的基礎上發展的領域。

We'll take our next question from Charles Shi with Needham & Company.

我們將接受 Needham & Company 的 Charles Shi 的下一個問題。

I think first question I want to ask is about China. This has been or maybe had been a major bear case on your stock, at least over the last 3, 4 months, and especially after the very, I mean, unprecedented round of restrictions that the U.S. implemented since the beginning of October. I understand you did qualify that the impact is not material, but it seems to me that investors may still be a little bit skeptical. And maybe can you just give us some sense from your perspective why -- what do you see as a reality being nonmaterial versus what the perception among the investment community is being like a China restriction being a major, major bear case for you? Is there any way that you can provide us some perspective why that has been the case? And what do you think that should help investors to really change or, I mean, have a more grounded view about this issue?

我想我想問的第一個問題是關於中國的。至少在過去的 3、4 個月裡，尤其是在我的意思是，美國自 10 月初以來實施的前所未有的一輪限制之後，這一直是或可能是你的股票的一個重大熊市案例。我知道你確實有資格說影響不大，但在我看來，投資者可能仍然有點懷疑。也許你能從你的角度給我們一些感覺，為什麼 - 你認為現實是非物質的，而投資界的看法就像中國限制對你來說是一個重大的，主要的熊案？您是否可以通過任何方式向我們提供一些觀點，說明為什麼會出現這種情況？你認為什麼應該幫助投資者真正改變，或者，我的意思是，對這個問題有更紮實的看法？

It's a very good question, and I understand why it's difficult because a lot of these things are written in terms of hard to understand technology. And so of course, whenever there's a change, we look solidly at all the changes, assess the impact. And actually, I think we explicitly communicated that our assessment showed that it was not material in the financial terms.

這是一個很好的問題，我理解為什麼它很難，因為很多這些東西都是用難以理解的技術編寫的。因此，當然，無論何時發生變化，我們都會仔細研究所有變化，評估影響。實際上，我認為我們明確表示我們的評估表明它在財務方面並不重要。

We highlight that we have factored in, to the best of our ability, exactly what the situation is today in our forecast. And moreover, we have put a lot of emphasis on making sure that we are 100% compliant with all the rules so that we act in a clean fashion.

我們強調，我們已盡最大努力在我們的預測中準確地考慮了今天的情況。此外，我們非常重視確保我們 100% 遵守所有規則，以便我們以乾淨的方式行事。

I would add only one more thing, which is China is a very broad market, and so there are many technologies that are not anywhere close to being touched by the advanced restrictions. So we see continued great opportunity, but we understand with you that it's an area to keep watching and to make sure that we grow in other parts of the world as well.

我只想補充一件事，就是中國是一個非常廣闊的市場，所以有很多技術是不會被高級限制觸及的。因此，我們看到了持續的巨大機會，但我們與您的理解是，這是一個需要繼續關注的領域，並確保我們在世界其他地區也能發展壯大。

Maybe the second question, maybe this is for you, Trac. First off, congratulations on the retirement done. But I want to ask you, I think 1 year ago, when you gave the guidance about fiscal '22, you kind of guided fiscal '22, maybe like first half, slightly first half loaded over second half. But your fiscal '23 guidance, if I hear you correctly, you're guiding second half likely to be higher than first half. And your number seems to imply that every quarter needs to be somewhere 4% to 5% higher than the preceding quarters throughout the entire '23. I wonder where exactly the assumptions there for steady growth into the year and that you have assumptions like maybe the semiconductor industry needs to have a rebound or recovery out of the downturn to the second half of your fiscal year. And if possible, can you give us some color what exactly driving the second half rebound, I mean the growth into the second half? Which one will be the primary driver. It's EDA? Is it IP? Is it hardware? Or is it the SIG part of the business?

也許是第二個問題，也許這是給你的，Trac。首先，祝賀你退休了。但我想問你，我想 1 年前，當你給出關於 22 財年的指導時，你有點指導了 22 財年，可能就像上半年一樣，上半年比下半年略有增加。但是你的 23 財年指導，如果我沒聽錯的話，你指導的下半年可能會高於上半年。你的數字似乎意味著在整個 23 年期間，每個季度都需要比前幾個季度高出 4% 到 5%。我想知道今年穩定增長的假設到底在哪裡，你有這樣的假設，比如半導體行業可能需要在你的財政年度下半年從低迷中反彈或複蘇。如果可能的話，您能否給我們一些顏色，到底是什麼推動了下半年的反彈，我的意思是下半年的增長？哪一個將成為主要驅動力。是EDA嗎？是知識產權嗎？是硬件嗎？還是業務的 SIG 部分？

Sure, Charles. Let me zoom out a little bit because over the last couple of years, we've had some unusual profiles coming into the year, right? So 2020 was very back end -- '21 was back-end loaded. Heading into '22, we said it would be very front-end loaded. When we look at the profile this year, keep in mind that it's based on backlog that we have scheduled out for our software business, IP and hardware. So there's good visibility into how it lays out throughout the year.

當然，查爾斯。讓我縮小一點，因為在過去的幾年裡，我們今年有一些不尋常的概況，對吧？所以 2020 年是非常後端的——'21 是後端加載的。進入 22 年，我們說它將非常前端加載。當我們查看今年的概況時，請記住，它是基於我們為軟件業務、IP 和硬件安排的積壓工作。因此，可以很好地了解它全年的佈局。

And when you look at the profile, you're right, it's slightly to the back half, but just marginally so. And if you look at the first half comparison -- first half, second half comparison for '23 and you go back in time, it's just actually in line with what we have historically seen, which is kind of unusual but nice to get back to that profile. And it does imply that there is incremental increases in the business as we progress throughout the year.

當您查看配置文件時，您是對的，它稍微偏向後半部分，但只是稍微偏一點。如果你看一下上半場比較——上半場和下半場 23 年的比較，你回到過去，它實際上與我們歷史上看到的一致，這有點不尋常，但很高興回到過去那個輪廓。這確實意味著隨著我們全年的進步，業務會逐漸增加。

The basis for the forecast, as I said, is grounded very much on visibility of the backlog, but also what we expect to book in the year. And we are playing the year based on what we can execute, similar to what we have said in the past. So it's not a stretch to assume that it's dependent on major market forces or anything out of our control. We want to give guidance in terms of the outlook for the business, both top line and bottom line. That really is heavily dependent on our ability to execute. And at this point, given our visibility, the portfolio that we have and the -- our confidence in our execution, we feel really good about the 14% to 15% growth and driving 16% EPS growth.

正如我所說，預測的基礎在很大程度上取決於積壓的可見性，但也取決於我們預計今年的預訂量。我們正在根據我們可以執行的內容來玩這一年，類似於我們過去所說的。因此，假設它依賴於主要市場力量或我們無法控制的任何事物並不是一件容易的事。我們希望就業務前景（包括頂線和底線）提供指導。這真的在很大程度上取決於我們的執行能力。在這一點上，鑑於我們的知名度、我們擁有的投資組合以及我們對執行力的信心，我們對 14% 至 15% 的增長和推動 16% 的每股收益增長感到非常滿意。

We'll take our next question from Jay Vleeschhouwer with Griffin Securities.

我們將接受 Griffin Securities 的 Jay Vleeschhouwer 的下一個問題。

Aart, for you first, a products question since the term road map came up a couple of times. I'm wondering if there is some potential development of catalysts that you might be able to bring to market. For example, would it make any sense or would it be feasible for you to increasingly connect SIG with hardware-based prototyping? Along the lines of an earlier question, you haven't mentioned silicon life cycle management or SLM, but would it make some sense there to connect it increasingly to your sign-off business and so forth and other kinds of intracompany integrations that could be differentiators or new catalysts for product growth?

Aart，首先是一個產品問題，因為路線圖一詞出現了幾次。我想知道是否有一些潛在的催化劑開發可以推向市場。例如，越來越多地將 SIG 與基於硬件的原型製作聯繫起來是否有意義或是否可行？按照之前的問題，您沒有提到矽生命週期管理或 SLM，但是將它越來越多地與您的簽核業務等以及其他可能成為差異化因素的公司內部集成聯繫起來是否有意義還是產品增長的新催化劑？

And then my final question for Trac. With regard to SIG, could you comment on the results that you've been seeing for your investments in international expansion for SIG over the last number of years, including, in particular, your investments in security consulting outside of the U.S.?

然後是我要問 Trac 的最後一個問題。關於 SIG，您能否評論一下您在過去幾年中看到的 SIG 國際擴張投資的結果，特別是您在美國以外的安全諮詢方面的投資？

So let me zoom out a little bit on your question because generically, I think you're pushing absolutely on the right buttons, which is that while many of the things we've done in the past have been sort of point efforts, point tools and so on, for the last decade, we have started to integrate many tools more forcefully together because that's the only way of solving problems of complexity where power and speed and thermal and locations and reliability strongly intersect.

所以讓我稍微縮小一下你的問題，因為總的來說，我認為你完全按下了正確的按鈕，也就是說，雖然我們過去所做的許多事情都是點努力，點工具等等，在過去的十年中，我們已經開始將許多工具更有力地集成在一起，因為這是解決功率、速度、熱量、位置和可靠性強烈交叉的複雜問題的唯一方法。

Then if you move to the next level up, we have already mentioned the fact that there are strong interconnectivity between software and hardware because the hardware has one mission: make the software faster. And the software has one mission: make the hardware work harder for it. And so these optimizations are already going hand-in-hand.

那麼如果你再往上一層，我們已經提到了一個事實，即軟件和硬件之間存在很強的互連性，因為硬件有一個使命：讓軟件更快。該軟件有一個使命：讓硬件為它更努力地工作。因此，這些優化已經齊頭並進。

SIG adds an additional angle to that, is the angle of security and quality. And we have, by the way, sort of the equivalent of a SIG inside of the EDA side as well and the IP side because in the IP, we have a variety of security capabilities being built in.

SIG 為其增加了一個額外的角度，即安全和質量的角度。順便說一下，我們在 EDA 端和 IP 端都有類似於 SIG 的東西，因為在 IP 中，我們內置了各種安全功能。

I think it will take a little bit of time before you can see sort of a strong connectivity between those, but it has not taken that much time to see at a number of customers that they start to recognize that our vision moves up into the domain of software and moves down into the hardware at the very moment that they are learning about this.

我認為您需要一些時間才能看到它們之間的某種強大連接，但並沒有花費太多時間就可以看到許多客戶開始認識到我們的願景已進入該領域軟件並在他們了解這一點的那一刻向下移動到硬件。

And the earlier mentioned automotive, but it could also be industrial and a few other segments, are precisely now arriving at this junction or figuring out that they have to make it all work at the same time.

前面提到的汽車，但它也可能是工業和其他一些領域，現在恰好到達了這個交叉路口，或者發現他們必須讓所有這些領域同時發揮作用。

And so while many of the specific things that we're working on, we'll talk about as we release them, the general direction of your question, I think, is very much the way we think about systemic complexity now being the hallmark of the next decade.

因此，雖然我們正在處理的許多具體事情，我們會在發布它們時進行討論，但我認為，你問題的總體方向是我們考慮系統複雜性的方式，現在是系統複雜性的標誌下一個十年。

Jay, this is Trac. So to your question regarding SIG and international expansion, you're right, that was a really intentional focus for us a couple of years ago in terms of improving the go-to-market function, both internationally but -- both internationally and with channel partners.

傑伊，這是特拉克。因此，對於您關於 SIG 和國際擴張的問題，您是對的，幾年前我們確實有意將重點放在改善進入市場功能方面，無論是在國際上，還是在國際上和渠道上夥伴。

And I would say that when you look at the results over the last couple of years, I think we've made really good progress with regards to how we're executing internationally and the additions and the execution with new channel partners.

我想說的是，當您查看過去幾年的結果時，我認為我們在國際執行方式以及新渠道合作夥伴的增加和執行方面取得了非常好的進展。

I'm optimistic not only because of the results has been good, but we're in the early stages of actually seeing strong results from that. So I think there's a lot of progress ahead of us and a lot of opportunities ahead of us in both those areas.

我很樂觀，不僅因為結果很好，而且我們還處於實際看到強勁結果的早期階段。所以我認為在這兩個領域我們面前有很多進步，也有很多機會。

We will take our last question from Ruben Roy with Stifel, Nicolaus.

我們將與 Nicolaus 的 Stifel 一起接受 Ruben Roy 的最後一個問題。

Trac, congrats from me as well. Thanks for all the support over the years. I guess Trac or Aart, one thing I wanted to just touch base on again is on the SIG business. Aart, you mentioned that you did see some impact from the macro during the quarter. The numbers look pretty good. I've got you down for 16% year-over-year growth. So maybe if you could just expand on that. Was that towards the latter end of the quarter and looking ahead or any other detail you can give us, please?

Trac，我也祝賀你。感謝大家多年來的支持。我猜是 Trac 還是 Aart，我想再談一談的一件事是 SIG 業務。 Aart，你提到你確實看到了本季度宏觀經濟的一些影響。數字看起來不錯。我讓你失望了 16% 的同比增長。所以也許你可以擴展一下。那是在本季度末，展望未來還是您可以給我們提供任何其他細節？

Sure. Well, first, I do think that the results were quite good. What we did see -- and it probably started a little earlier than this quarter that some of the negotiations turned out to be a bit longer, maybe some more layers of approval. And actually, that is very, very common when you see economy looking at, well, is it going to be a recession or not, are people a little bit worried. Well, they just start putting some breaks on the decision-making first and foremost.

當然。好吧，首先，我確實認為結果非常好。我們確實看到了——它可能比本季度開始得早一點，結果是一些談判時間更長了一些，可能還有更多層的批准。事實上，當你看到經濟在看，好吧，它是否會陷入衰退時，這是非常非常普遍的，人們是否有點擔心。好吧，他們只是開始首先對決策制定進行一些休息。

But at the same time, we were encouraged by the fact that growth continues to improve over the previous year. And there's no doubt in our mind that this is a very good part of Synopsys and there's a lot of opportunity, so we'll keep pushing.

但與此同時，我們對增長比上一年繼續改善這一事實感到鼓舞。毫無疑問，我們認為這是 Synopsys 的一個非常好的部分，而且有很多機會，所以我們會繼續努力。

Okay. Great. And then a quick follow-up. On the DSO.ai, you mentioned, Aart, that that's -- you started gaining traction across a wide range of process nodes, which is interesting to me. Can you maybe talk a little bit about the value prop across those nodes, proposition across those nodes? Is it power reduction for some, reduction in turnaround time for others? Or how does that work?

好的。偉大的。然後快速跟進。在 DSO.ai 上，你提到，Aart，那是——你開始在廣泛的流程節點上獲得牽引力，這對我來說很有趣。您能否談談跨這些節點的價值主張，跨這些節點的主張？對某些人來說是降低功率，對其他人來說是縮短周轉時間嗎？或者它是如何工作的？

Okay. Well, the first one, it is turnaround time reduction for everybody. And that in itself is interesting because if you remember my other comments about moving into a whole different league of complexity, while people will continue to push on performance and power, right now, they're pushing on making just sure that they can finish the job. And in that context, improving the turnaround time is extremely valuable.

好的。好吧，第一個，就是減少每個人的周轉時間。這本身就很有趣，因為如果你還記得我關於進入一個完全不同的複雜聯盟的其他評論，雖然人們將繼續推動性能和權力，但現在，他們正在努力確保他們能夠完成工作。在這種情況下，縮短周轉時間非常有價值。

But the other thing is that in many areas, it opens the doors that they didn't have before. Because if you can work in multiple nodes, the question is, can you also start to translate from one node into another? And we have, in the last 12 months, specifically, seen more and more really outstanding experiments and showcases where we helped people move from one node and design in, let's say, the next node or even some nodes that are quite different from the ones where they started with the benefit of the learning from the original node.

但另一件事是，在許多領域，它打開了他們以前沒有的大門。因為如果你可以在多個節點上工作，那麼問題是，你是否也可以開始從一個節點翻譯到另一個節點？在過去的 12 個月裡，我們看到了越來越多非常出色的實驗和展示，我們幫助人們從一個節點轉移到設計，比方說，下一個節點，甚至是一些與那些節點完全不同的節點他們從從原始節點學習的好處開始。

And I think that opens a fertile space because in reality, most design is redesigned. You try to always use what you did in the past. And the question is, how easy is that when the past becomes more and more complex? And that's where AI, I think, has a lot of potential going forward. So sometimes you call that retargeting or remastering, and I think there's going to be a lot of need for that.

我認為這打開了一個肥沃的空間，因為在現實中，大多數設計都是重新設計的。您嘗試始終使用過去所做的事情。問題是，當過去變得越來越複雜時，這有多容易？我認為，這就是 AI 未來有很大潛力的地方。所以有時你稱之為重新定位或重新製作，我認為會有很多需要。

And that concludes the question-and-answer session. I would like to turn the call over to Aart de Geus for closing comments.

問答環節到此結束。我想將電話轉給 Aart de Geus 以徵求意見。

Well, first and foremost, thank you for all the support and the good questions over the last year. I think we concluded a very strong year. Of course, again, it's a very strong market, but I think we also demonstrated that there's momentum going forward. And so that '23, even without Trac, will be a good year for us. And we thank Trac one more time. We also thank you for your support and for your continuing support of our stock.

好吧，首先，感謝您在過去一年中的所有支持和提出的好問題。我認為我們結束了非常強勁的一年。當然，這是一個非常強勁的市場，但我認為我們也證明了未來的發展勢頭。所以 23 年，即使沒有 Trac，對我們來說也將是豐收的一年。我們再次感謝 Trac。我們也感謝您的支持以及您對我們股票的持續支持。

With that, have a great rest of the year, and we'll talk to you soon.

有了這個，今年休息得很好，我們很快就會和你談談。

Thank you. And that does conclude today's presentation. Thank you for your participation, and you may now disconnect.

謝謝你。這確實結束了今天的演講。感謝您的參與，您現在可以斷開連接。