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 2022 財年第四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, Lisa. Good afternoon, everyone. Hosting the call today are Aart de Geus, Chairman and CEO of Synopsys; and Trac Pham, Chief Financial Officer.

謝謝麗莎。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. 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未來績效和表現的最佳判斷，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。除了我們在電話會議中強調的任何風險外，我們最新的美國證券交易委員會 (SEC) 報告和今天的收益新聞稿中還闡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。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 上找到。此外，準備好的演講稿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.

說完這些，我將把電話轉給 Aart 和 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.

午安.我很高興地告訴大家，新思科技在持續成長的勢頭下，度過了一個出色的一年。大約四年前，我們就明確了加速成長和提升利潤率的雙重目標。新思科技不僅實現了這些目標，甚至超越了預期。自那時起，新思科技的營收成長超過60%，非公認會計準則營業利潤率成長了11個百分點，每股盈餘成長了一倍多，這些都充分證明了這一點。

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，我們的年營收也突破了50億美元的里程碑。同時，我們大幅優化了產品線，拓展了客戶關係，並提升了競爭差異化。在此基礎上，我們在22財年再創佳績。營收成長21%，達到50.8億美元，所有產品類別和各地區均實現了兩位數成長。非公認會計準則下的營業利潤率進一步提升至33%，獲利成長30%，並創造了創紀錄的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.

儘管半導體產業營收成長放緩，但設計活動依然強勁。此外，我們基於合約期限的業務模式，加上71億美元的不可取消訂單儲備以及多元化的客戶群，都為公司帶來了穩定性、韌性和前進的動力。

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.

儘管充分關注我們周圍的宏觀動態，包括最近的美國政府出口限制，新思科技仍有望在2023財年取得強勁業績。我們計劃實現營收成長14%至15%，持續推動營運利潤率的顯著提升，並力爭實現非公認會計準則每股收益成長約16%。 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.

放眼我們周圍的環境。有些人問我們，為什麼客戶的設計活動在商業週期的各個階段都能保持強勁。原因有兩個。首先，對智慧萬物設備以及隨之而來的人工智慧和大數據基礎設施的宏觀追求永無止境，預計這將推動半導體產業未來十年的強勁成長。其次，無論是傳統企業還是新進者，半導體和系統公司都在整個經濟週期中優先考慮設計工程，以便為市場復甦時推出具有競爭力的新產品做好準備。我們在過去市場波動中都見證了這種動態，並預計這種情況將持續下去。

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.

如今，新思科技致力於成為邁向智慧萬物世界的關鍵工程催化劑，我們的使命是在半導體和軟體之間的關鍵相互作用中賦能創新。我們的客戶正競相在三個方面實現差異化：首先，擁有強大運算能力的更高複雜度晶片；其次，針對其上運行的軟體進行優化的超緊密整合晶片系統；第三，在幾乎所有垂直領域，對軟體和硬體的安全性和安全性日益重視。

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 擁有應對這些挑戰的獨特優勢，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 模組組合以及更廣泛的軟體安全測試解決方案。

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.

過去幾年，我們推出了一些真正突破性的創新，徹底革新了設計方式。首先，我想介紹一下我們的 DSO.ai 人工智慧設計解決方案。目前，該解決方案已應用於超過 100 個商業化生產設計，並持續創造令人驚嘆的成果。

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.

DSO.ai 可同時應用於設計流程的多個步驟，將設計工作量從數月縮短至數週，同時提供卓越的效能和更低的功耗。客戶報告的成果包括：週轉時間和運算資源減少 25%，耗電量降低高達 30%。三星、瑞薩、英特爾、聯發科、索尼等眾多客戶報告了令人矚目的成果，客戶在各個工藝節點和垂直市場的採用率正在加速提升。

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.

2022財年，客戶數量增加了一倍多，我們已經看到大量重複訂單和業務成長。全球十大半導體公司中有七家已採用DSO.ai進行生產設計。同時，我們也將機器學習功能擴展到其他EDA工作負載，從驗證到測試，再到客製化設計。這些下一階段的解決方案已經交付客戶，並展現出卓越的效果和前景。

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 影響力的核心在於其強大的數位設計解決方案引擎，尤其是 Fusion Compiler 產品。它幫助 DSO.ai 贏得了眾多競爭優勢，並加速了其在各類客戶中的普及。其主要客戶涵蓋從最大的處理器公司到具有影響力的系統公司，再到主要的超大規模廠商。 Fusion Compiler 已應用於 90% 以上的先進節點，涵蓋 3 奈米和 2 奈米工藝，其中大多數僅使用 Synopsys 產品。

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.

第四季度，累計客戶流量超過1,000片，是2020財年和2021財年總和的兩倍多。我們的客戶解決方案今年也展現出強勁的市場勢頭，延續了競爭性替代的勢頭。客戶範圍涵蓋從採用先進節點的大型半導體公司到汽車製造商再到內存供應商，我們今年新增了超過45個新標識，幾乎每週新增一個，收入實現了兩位數增長。

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.

為了應對前面提到的高度先進的晶片，多晶片系統設計（有時也稱為基於晶片的設計）正在開啟矽片複雜性的全新時代。新思科技早在幾年前就預測到了這一點，現在推出了差異化的多晶片解決方案，將架構、分析、設計和簽核整合到一處。這包括我們的 3DIC Compiler 解決方案以及我們業界領先的先進晶片間接口 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.

如今，我們已經追蹤了 100 多個多晶片設計，涵蓋高效能運算、資料中心和汽車等一系列應用，並見證了我們廣泛的解決方案的廣泛採用。一個顯著的例子是，我們已在一家大型高效能運算公司實現了多個 3D 堆疊設計的記錄計劃，並在一家領先的行動客戶處進行了擴展部署。

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協定（通用晶片互連規範，Universal Chiplet Interconnect Express）已成為多晶片系統互連的首選。我們的UCIE介面IP和HBM3記憶體IP均處於多晶片設計領域的前沿，並已獲得多家一級客戶的青睞。

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是所有設計方案的必備要素。我們市場領先的IP組合，迄今為止是業內最廣泛的，持續推動著應用的顯著增長。在22財年，我們的IP業務再創佳績，成長超過20%。

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.

我們持續看到高效能運算、汽車和行動等關鍵市場的需求特別強勁，這些市場由智慧萬物、高速安全連接和先進的製程結構驅動。在維持先進製程技術 IP 領先地位的同時，我們已為高階行動和 HPC 應用領域的客戶提供了多款採用最先進 3 奈米和 4 奈米製程節點的 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.

隨著汽車正朝著電動化和自動駕駛的方向轉型，我們的汽車級IP解決方案也獲得了非常廣泛的應用。緊迫的氣候問題推動了汽車電氣化的加速，顯著推動了一系列新型感測器、致動器和控制晶片的設計。

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取得了顯著成長。如今，我們已與 30 多家領先的半導體供應商、10 多家原始設備製造商 (OEM) 以及四大一級供應商中的 3 家合作，完成了數百項設計。這些系統的核心是硬體和軟體的交會。為了優化系統，我們的客戶必須在硬體環境中驗證軟體，並在軟體環境中驗證硬體。雖然驗證從根本上來說是一個無限的問題，但我們先進的模擬、模擬和原型設計產品能夠以無與倫比的速度、最快的引擎、最高的容量和最低的擁有成本來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.

具體來說，我們的硬體產品憑藉強勁的競爭勢頭創下了歷史新高，增加了 30 多個新標誌和 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，我們來談談軟體安全。隨著管理團隊和董事會高度重視如何保護公司和客戶免受破壞性的網路攻擊，軟體安全的重要性日益凸顯。我們的軟體完整性解決方案使企業能夠管理涵蓋半導體和系統、金融服務、汽車、工業、醫療等眾多垂直行業的軟體安全性和品質。

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 等產業機構認可了新思科技的領導地位。 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、諮詢能力和願景給予了高度評價。雖然這是本季我們確實感受到宏觀環境影響的一個領域，但全年營收成長較 2021 財年有所加快。

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，我們去年推出的市場推廣和產品計劃取得了良好進展。例如，我們的間接通路合作夥伴業務持續強勁成長，將觸角延伸至過去從未接觸過的客戶群和地區。

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

我們正在累積力量，目標是在 23 財年再次大幅增加間接銷售。

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，我們擴展了產品線，推出了兩個新的 SaaS 服務，用於靜態分析和開源分析，並整合到我們的 Polaris 平台。我們期待這些 SaaS 功能能加速我們解決方案的採用和消費，因為它們特別適合中階市場的成長。

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.

早期客戶回饋非常正面。我們不斷發展和強化的平台也提供了越來越多有價值的洞察，幫助企業實現日益強大的自上而下的軟體風險管理。

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，新思科技超額完成了年初設定的目標，並在2022財年各項指標上創下了歷史新高，並突破了50億美元的里程碑。我們以強勁的勢頭和富有韌性的商業模式邁入2023財年，這為我們提供了穩定性和必要的資金來應對市場週期。儘管存在一些經濟不確定性，但我們的客戶仍將繼續優先考慮晶片系統和軟體開發投資，以便在下一個經濟復甦時期提供差異化產品。

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.

就我們而言，我們產品組合中許多顛覆性創新也充分發揮了半導體十年來的重要性和影響力。最後，我們的執行力和營運管理持續推動成長和利潤率的提升，我們特別感謝全球員工一年來的活力和勤奮。

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.

還有一則評論。正如大家昨天可能看到的，我們宣布任命希拉·格拉澤 (Shelagh Glaser) 於 12 月 2 日擔任新任財務長。今天她也來到現場，聆聽我們幾天後準備將火炬從 Trac 移交的演講。

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回顧22財年業績之前，我衷心感謝他為公司今天的發展所做的貢獻。 Trac在我們團隊工作了16年，其中8年擔任新思科技財務官，他是過去一年強勁業績的基石建構者和執行領導者。

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，他強化了我們的財務紀律和敏銳度，與公司其他部門建立了互信高效的關係，最重要的是，他組建並發展了一支優秀的團隊，我們將繼續在此基礎上繼續發展。因此，在我們邁過這獨特的收入里程碑之際，向Trac表達我們的感激之情顯得尤為重要。

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

謝謝你，Trac。現在請你再一次談談你對Synopsys現況的看法。

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Aart的讚美。能夠擔任新思科技的財務長是我的榮幸。我非常感激能夠成為這個團隊的一員，並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，但我會在這裡待到 12 月底，以確保順利過渡。

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.

新思科技的強勁業績和前景反映出其處於有利地位。 22財年表現​​優異，所有關鍵指標均創下新高，包括營收、非公認會計準則收益和營運現金流。

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.

我們持續保持良好業績，並對2023財年的業務充滿信心，這得益於我們強大的技術組合（客戶承諾不斷擴大）、儘管半導體行業收入增長放緩，但晶片和系統設計業務依然強勁，以及我們擁有71億美元不可取消訂單且基於時間的穩健業務模式。因此，儘管宏觀環境承壓，我們預期營收將成長14%至15%，營業利潤率將提高100個基點以上，從而推動2023年非公認會計準則每股收益成長約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%.

請容許我介紹一下我們2022年全年業績的一些亮點。我們的總營收為50.8億美元，較上年增長21%，所有產品和主要地區均實現了兩位數成長。根據美國通用會計準則 (GAAP)，成本和費用總額為39億美元，非美國通用會計準則 (Non-GAAP)，成本和費用總額為34億美元，非美國通用會計準則 (Non-GAAP) 的營業利潤率為33%。根據美國通用會計準則 (GAAP)，每股盈餘為6.29美元，非美國通用會計準則 (Non-GAAP)，每股盈餘為8.90美元，較前一年成長30%。半導體與系統設計部門營收為46億美元，這得益於所有產品組和地區業務的全面強勁成長。調整後營業利益率為35.3%。

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

軟體完整性部門營收為 4.66 億美元，成長 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，我們預計收入成長仍將在 15% 至 20% 的目標範圍內，調整後的營業利潤率也將提高。

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.

現金方面。本年度營運現金流創下17億美元的新高，反映了我們強勁的業績、強勁的回款以及約1億美元的早期回款。截至本年度末，我們的現金和短期投資為15.7億美元，總債務為2,100萬美元。本年度，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.

現在談談我們的目標，這反映了最近宣布的出口管制法規的影響，並假設今年不會有進一步的變化。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 總成本和費用在 44.9 億美元至 45.37 億美元之間；非 GAAP 總成本和費用在 38.1 億美元至 38.4 億美元之間；非 GAAP 總成本和費用在 38.1 億美元至 38.4 億美元之間，從而提高非 GAAP 稅率超過 107%；每股收益 7.68 美元至 7.86 美元；非 GAAP 每股收益 10.28 美元至 10.35 美元；經營活動產生的現金流量約為 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.

現在來看看第一季的目標：營收在13.4億美元至13.7億美元之間；GAAP成本和費用總額在10.33億美元至10.53億美元之間；非GAAP成本和費用總額在8.75億美元至8.85億美元之間；GAAP每股收益在1.89美元之間在8.75億美元至8.85億美元之間；GAAP每股收益在1.89美元至25.4AP美元之間。我們的新聞稿和財務補充資料包含額外的目標以及GAAP與非GAAP的對帳表。

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，我們重申我們的長期財務目標，即每年實現兩位數的收入增長、非公認會計準則營業利潤率每年擴大 100 個基點以上以及非公認會計準則每股收益增長 15% 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.

總而言之，我們以出色的勢頭和信心進入了 2023 年，這反映了我們創新的技術組合、在半導體週期中持續投資的客戶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.

說完這些，我將把問題交給接線員回答。

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

（操作員指示）我們將從貝爾德 (Baird) 的喬·弗魯溫克 (Joe Vruwink) 那裡得到第一個問題。

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，Trac，我只想說，祝一切順利。很高興與您合作。我先開始吧。看來您的客戶正走向一個需求環境，這可能與我們在2019年看到的非常相似。如果我回顧一下2019年的新思科技（Synopsys），我認為您的經常性收入以較低的兩位數速度成長。您的非經常性收入則以較高的個位數速度下降。我不知道。看起來，到2022年，這兩個部門的趨勢可能都會比上次產業低迷時期好轉。您能比較一下它們的異同嗎？能否更詳細地介紹一下這兩個部門明年的收入走勢？

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.

首先，實際上，我認為你的比較非常準確，因為2019年實際上只是半導體產業成長的中期指標。因此，從這個意義上講，我認為其發展軌跡不會發生長期變化。這基本上預測了未來十年半導體產業將達到1兆美元，我們也看到了它能夠實現這一目標的所有原因。有些年份會更高，有些年份會略低，這是必然的。

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，新思科技很幸運地擁有一個非常穩定且可自我維持的商業模式，而且也擁有一群不願意在研發力量上動搖的客戶，因為對於通常需要 2 到 3 年開發時間的產品來說，這是一種持續的投資，所以我認為我們在幾乎所有方面都提供了良好的穩固性。

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，從我們產品的情況、產品組合的實力、我們正在執行的變革以及整體業務的實力來看，我們現在的勢頭比幾年前要好。我認為我們正進入一個外部環境可能充滿壓力，但我們已準備好在那裡實現成長。

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。太好了。然後我希望能夠將一些同比變動與你們的現金流預期進行核對。即使考慮到早期回款的1億美元，我認為營運現金的成長速度也比核心息稅前利潤和獲利成長慢一些。然後，資本支出似乎大幅增加。這背後的原因是什麼？

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.

那麼，我先從營運現金流說起。除了早期收到的1億美元現金流之外，我們的現金流預測反映了稅法的變化，現在要求我們將研發費用資本化。因此，2023年的現金稅將會上漲。這會影響到數字。

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.

就資本支出而言，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，主要是為了提高未來員工的工作效率。

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

我們將回答 Wolfe Research 的 Gal Munda 提出的下一個問題。

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，也恭喜你上次的季度電話會議圓滿成功。希望你退休後過得愉快。首先，我想稍微談談DSO.ai。 Aart，你提到2022年你的客戶數量翻了一番。我的問題是，你多快才能滲透到客戶群中，尤其是那些推動事情發展的客戶和已經採用的客戶？你覺得從生產力角度來看，這才剛開始嗎？還是你認為在這些客戶中還有很大的銷售空間可以再深入？

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.

我認為還有很大的發展空間。事實上，我認為整個人工智慧驅動的設計浪潮很容易就席捲未來十年，因為它會從根本上改變很多事情，客戶會以某種方式大幅增加複雜性，因為他們在「萬物智慧」的概念中看到了太多機會。因此，為了做到這一點，你不僅希望擁有使用人工智慧的工具，使其變得更好、更快等等，你還希望真正影響設計流程本身。

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 的重大突破與 30 多年前的「綜合」技術非常相似，它改變了事物的發展方式。從這個意義上講，應用一方面需要時間，另一方面，我認為速度非常快。就在幾天前，我們團隊還在討論如何管理有興趣的人數，因為他們都希望獲得支持，都想成為第一個，這是一個好問題。

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?

這很有意思。接下來，您提到了汽車解決方案和原始設備製造商（OEM）的加入，半導體公司和OEM的需求都在不斷增長，這在一定程度上推動了成長。如果我算一下，思考一下您今天的成長方向，我可能會具體思考明年，當您審視產品線時，在成長方面，對核心半導體、前沿公司的依賴程度與對系統公司的依賴程度相比如何？誰承擔了更高的成長比例，以實現這些令人印象深刻的目標？

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.

嗯，很高興你提到汽車產業，因為看到這些數字，我自己都對我們今年的出色表現感到驚訝。同時，我認為這也有一些很好的解釋。首先，汽車供應短缺這一事實本身就讓汽車產業突然成為所有人關注的焦點。同時，世界現在已經意識到氣候變遷的代價已經降臨到我們頭上。我預計，電氣化變革的速度絕對會加快。

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.

這些投資大概始於七、八年前。我們總是說，汽車產業發展太慢了，太慢了。現在突然間，汽車產業發展速度飛快，整個供應鏈都在圍繞新的架構進行重組。所以我認為這裡有很多機遇，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.

我們將回答 KeyBanc 的 Jason Celino 提出的下一個問題。

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，非常榮幸。告別很不愉快，所以希望這只是一個回頭見。 14% 的成長預期非常令人印象深刻，尤其是在你們剛剛過去的這個年——不過我很好奇，在預付業務表現不佳的情況下，你們今年實現了 40% 的成長。你們在 2023 年的預期中，預付或硬體（我交替使用這兩個字）佔了多少比例？

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.

我自然會把硬體費用算在預付款裡。當然，它會在線上顯示。但請記住，我們的智慧財產權也反映在這一類別中。請記住，在我們的聲明中，我們的智慧財產權業務在2022年成長了20%以上。因此，2023年，14%到15%的收入成長預期實際上涵蓋了所有產品領域。這就是我們所處的位置——涵蓋所有產品領域和所有關鍵地區，因此，我們對執行該計劃的能力充滿信心和信心。

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，非常好。然後是DSO.ai，看起來你們在這方面取得了很大的進展，並且你提到了你們正在研究AI功能的其他領域，例如驗證測試和海關。能談談這個路線圖嗎？我們的部署進度如何？以及客戶是如何將它應用於其他一些應用的？

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。我會謹慎地避免透露太多路線圖。但我想確保你們明白，在所有這些領域，我們已經投入了相當長一段時間，並且直接與客戶取得了一些非常積極的成果。說到底，這就像老套的風投，餵狗，餵狗糧，當然，我絕對不會把客戶比喻成狗。

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.

但事實上，只有在實際操作中，你才會意識到那些人們可能未曾考慮過的問題。而且回饋也非常積極，因為儘管這些工具早已透過各種機器學習和人工智慧功能進行了優化，但改變工作流程本身才是獲得更深遠影響的方式。因此，我們擁有廣闊的發展空間，但客戶參與度已經表明，我們已取得客戶希望保留並轉化為生產的成果。

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

我們將回答摩根大通的 Harlan Sur 提出的下一個問題。

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?

恭喜您取得的穩健業績和良好前景。 Trac，祝您好運，並感謝您一直以來的支持。正如你們指出的，前沿數位領域的晶片設計活動非常活躍，包括加速運算處理器、下一代網路、交換和路由晶片以及新的ASIC項目。這些活動非常強勁，但設計複雜性也顯著增加，更重要的是，晶片設計週期也縮短了。 Aart，我想知道，這種複雜性和週期的動態變化是否要求您的客戶將硬體模擬和原型設計作為驗證和軟體開發流程不可或缺的一部分，而5年或10年前，硬體模擬和原型設計還是一種可自由支配的環節？這是否有助於硬體成長持續到明年？

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。而且是另一個肯定的答案。是的，它確實需要更多地關注硬體和軟體的交叉。為了做到這一點，你需要極快的模擬速度，這就是為什麼你需要使用硬體加速器（我們稱之為模擬器或原型設計）來實現這一點。

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.

但在你的問題背後，還有另一條評論，這條評論實際上是說複雜性是否真的仍在大幅增加？答案是肯定的，但它將以一種新的形式出現，這意味著它不再是一個晶片，而是盡可能緊密地由多個晶片組成，並且是針對任何終端市場的專用架構。因此，所有這些方面的競爭都絕對在繼續，但這也給我們的客戶帶來了挑戰。經過數十年的發展，他們肯定已經學會如何優化效能和功耗。現在，他們必須進行最佳化，使所有環節都能正常運作：多晶片、硬體和軟體，以及散熱問題。這種複雜性將推動我們開發各種新產品，但也使我們有必要專注於整個流程。也因為如此，我對自己正處於新科技發展數十年的開端感到非常鼓舞。

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?

說到你們的IP業務，英特爾和AMD現在開始推出新的處理器晶片，支援下一代記憶體和儲存接口，對吧？這是你們的強項，對吧？記憶體DDR5、PCI Gen 5、儲存CXL。這些處理器現在都開始陸續推出。此外，你們有更多客戶引進了新的代工廠，作為其業務多元化和回流努力的一部分。我認為這也應該會推動你們基礎IP的採用率更高。那麼，明年還有哪些動力將推動IP業務的發展呢？在23財年，這個領域能否持續保持強勁的兩位數年成長？

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，我們一年一年地發展，但毫無疑問，我們有機會繼續保持良好的成長。非常感謝您提到我們銷售的所有產品的關鍵字。我想補充我們提到的另一個類別，這個類別實際上關注的是這些多晶片整合中的新型接口，因為這些整合主要基於一件事：晶片之間的連線能有多短、多快？因此，這是晶片小型化的另一種形式，晶片之間具有強大的連接性。

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.

這些連接器對速度、電壓等等都非常敏感。因此，我們在提供實現這一目標的智慧財產權方面也處於領先地位。我認為，除了您提到的之外，這個領域還會繼續發展。

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

我們將回答 Needham & Company 的 Charles Shi 提出的下一個問題。

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?

我想問的第一個問題是關於中國的。至少在過去的三、四個月裡，尤其是在美國自10月初實施了史無前例的限制措施之後，這已經（或可能曾經）成為貴公司股票的重大利空因素。我知道您確實強調影響並不重大，但在我看來，投資者可能仍然有些懷疑。您能否從您的角度解釋一下原因－您認為哪些現實因素是非實質的，而投資界普遍認為對中國的限制措施對您來說是一個重大的利空因素？您能否解釋為什麼會出現這種情況？您認為哪些因素應該能夠幫助投資人真正改變，或者說，對這個問題有更理性的看法？

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.

這個問題問得很好，我理解為什麼很難回答，因為很多內容都是用難以理解的技術來寫的。所以，當然，每當有變化時，我們都會認真審視所有變化，評估其影響。實際上，我認為我們已經明確表示，我們的評估表明，這些變化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，我們已經盡最大努力，將當前的具體情況準確納入了我們的預測中。此外，我們非常重視確保100%遵守所有規定，以廉潔行事。

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.

我只想補充一點，中國市場非常廣闊，很多技術都遠遠沒有受到這些高階限制的影響。因此，我們看到了持續的巨大機遇，但我們和您一樣明白，這是一個需要持續關注的領域，並確保我們在世界其他地區也能實現成長。

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?

第二個問題，也許這是給你的，Trac。首先，恭喜你退休。但我想問你，我記得一年前，當你給予22財年的業績指引時，你大概是說上半年的業績會略高於下半年。但如果我沒理解錯的話，你對23財年的業績指引是說下半年的業績可能會高於上半年。你的數字似乎暗示著整個23財年，每季都需要比前幾季高出4%到5%。我想知道，你對全年穩定成長的假設究竟在哪裡？你是否假設半導體產業需要在下半年出現反彈或從低迷中復甦？如果可能的話，你能否解釋一下，究竟是什麼推動了下半年的反彈，我的意思是說，下半年的成長？哪一個將是主要驅動力？是EDA？是IP？是硬體？還是SIG業務？

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。讓我稍微拉遠一下，因為過去幾年，我們進入今年以來的情況有些不同尋常，對吧？所以2020年非常注重後端——2021年則著重於後端。而進入2022年，我們說過會非常重視前端。當我們回顧今年的業績時，請記住，它是基於我們為軟體業務、IP和硬體安排的待辦事項。因此，我們可以清楚地了解全年的佈局情況。

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.

從整體來看，你說得對，它略微偏向後半段，但只是略微偏多。如果你對比一下2023年上半年和下半年的情況，回顧一下過去，你會發現它實際上與我們的歷史水平一致，這有點不尋常，但很高興能回到這個情況。這確實意味著，隨著我們全年的進展，業務將逐步成長。

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，預測的依據很大程度上取決於積壓訂單的可預見性，但也取決於我們對全年訂單的預期。我們根據自身能夠執行的指標來規劃全年，就像我們過去所說的。因此，可以毫不誇張地認為，業績取決於主要的市場力量或任何我們無法控制的因素。我們希望就業務前景（包括營收和利潤）提供指引。這實際上很大程度上取決於我們的執行能力。目前，鑑於我們的可預見性、我們擁有的投資組合以及我們對執行能力的信心，我們對14%至15%的成長以及推動16%的每股盈餘成長感到非常滿意。

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

我們將回答 Griffin Securities 的 Jay Vleeschhouwer 提出的下一個問題。

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，首先我想問您一個產品方面的問題，因為「路線圖」這個詞出現過幾次。我想知道您是否有開發一些潛在的催化劑，可以將其推向市場。例如，將SIG與基於硬體的原型設計越來越多地結合是否有意義或可行？回到先前的問題，您還沒有提到矽片生命週期管理（SLM），但將其越來越多地與您的簽核業務以及其他類型的公司內部整合聯繫起來是否有意義？這些整合可能會成為差異化因素或產品成長的新催化劑。

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.?

然後我的最後一個問題是問 Trac。關於 SIG，您能否評論一下過去幾年您在 SIG 國際擴張方面的投資成果，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.

因此，讓我稍微擴大一下您的問題，因為總的來說，我認為您完全按對了按鈕，也就是說，雖然我們過去所做的許多事情都是某種點狀努力、點狀工具等等，但在過去十年中，我們已經開始更有力地將許多工具集成在一起，因為這是解決複雜問題的唯一方法，其中功率、速度、熱量、位置和可靠性緊密相關。

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.

接下來，如果你再往上一層，我們已經提到過，軟體和硬體之間存在著強大的互聯互通，因為硬體的使命只有一個：讓軟體運行得更快。而軟體的使命只有一個：讓硬體為它付出更多努力。所以，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 也為此增加了一個額外的角度，那就是安全性和品質。順便說一下，我們在 EDA 和 IP 方面也有一個相當於 SIG 的機構，因為在 IP 中，我們內建了各種安全功能。

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.

我認為需要一點時間才能看到它們之間的強大連接，但沒過多久，許多客戶就已經開始認識到我們的願景正在向上移動到軟體領域，並在他們了解這一點的那一刻向下移動到硬體領域。

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.

前面提到的汽車產業，也可能是工業產業和其他一些產業，現在正處於這個節點，或者說他們必須讓所有產業同時運作。

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，雖然我們正在研究的許多具體事項會在發佈時討論，但我認為，您問題的總體方向很大程度上是我們對系統複雜性的看法，即係統複雜性是未來十年的標誌。

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.

Jay，我是 Trac。關於你關於 SIG 和國際擴張的問題，你說得對，幾年前，我們有意將重點放在提升國際市場推廣功能上，包括國際市場和通路夥伴。

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，當你回顧過去幾年的業績時，我認為我們在國際執行、新增通路合作夥伴以及與新通路夥伴的合作執行方面都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.

我之所以樂觀，不僅是因為目前成果良好，更因為我們正處於看到強勁成果的早期階段。所以我認為在這兩個領域，我們都會取得巨大的進步，也擁有許多機會。

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

我們將回答 Stifel 的 Ruben Roy 和 Nicolaus 提出的最後一個問題。

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，我也向你表示祝賀。感謝你多年來的支持。我想再次和 Trac 或 Aart 聊聊 SIG 業務。 Aart，你提到本季確實看到了宏觀經濟的一些影響。數據看起來相當不錯。我估計年增 16%。所以，能否請你進一步說明一下。這是在季度末，還是展望未來？或者，你能提供其他細節嗎？

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。首先，我確實認為結果相當不錯。我們確實看到了一些情況——可能比本季稍早就開始了——有些談判變得更長了，可能需要更多層級的審批。實際上，當你看到經濟在關注衰退與否時，人們會有點擔心，這種情況非常普遍。他們首先開始暫停一些決策。

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.

但同時，我們對公司業績成長較前一年持續改善感到鼓舞。我們堅信，這是新思科技非常看好的業務板塊，蘊藏著巨大的機遇，因此我們會繼續努力。

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，太好了。接下來是快速的後續問題。關於DSO.ai，Aart，你提到——你們開始在各種工藝節點上獲得關注，這對我來說很有趣。你能不能談談這些節點的價值主張？對某些節點來說，是降低功耗，還是縮短週轉時間？或者說，這是如何實現的？

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。首先，就是縮短每個人的周轉時間。這本身就很有意思，因為如果你還記得我之前說過的，進入一個完全不同的複雜度等級，雖然人們會繼續追求性能和功耗，但現在，他們只專注於確保能夠完成工作。在這種情況下，縮短週轉時間至關重要。

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.

但另一方面，它在許多領域打開了人們以前從未有過的大門。因為如果你能在多個節點上工作，那麼問題是，你能否從一個節點轉換到另一個節點？具體來說，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案例，我們幫助人們從一個節點遷移到下一個節點，甚至在設計一些與他們最初節點截然不同的節點時，借鑒了原始節點的經驗。

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.

我認為這開闢了一個肥沃的空間，因為在現實生活中，大多數設計都是重新設計的。你總是試著利用過去做過的事。問題是，當過去變得越來越複雜時，這有多容易？而我認為，這正是人工智慧未來潛力巨大的地方。有時你稱之為重新定位或重新製作，我認為未來會有很多這方面的需求。

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。我想請Aart de Geus發表最後評論。

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.

首先，感謝大家在過去一年給予我們的支持和提出的寶貴問題。我認為我們度過了非常強勁的一年。當然，市場確實非常強勁，但我認為我們也展現了未來的發展動能。因此，即使沒有 Trac，2023 年對我們來說也將是豐收的一年。我們再次感謝 Trac。我們也感謝大家的支持，以及你們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.

祝您今年餘下的時間過得愉快，我們很快就會再與您聯繫。

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

謝謝。今天的演講到此結束。感謝各位的參與，現在可以斷開連結了。