新思科技 (SNPS) 2023 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys Earnings Conference Call for the First Quarter of Fiscal Year 2023. (Operator Instructions) And as a reminder, today's call is being recorded.

女士們，先生們，歡迎參加 Synopsys 2023 財年第一季度收益電話會議。（操作員說明）作為提醒，今天的電話正在錄音中。

At this time, I would like to turn the conference over to Phil Lee, Director of Investor Relations. Please go ahead.

此時，我想將會議轉交給投資者關係總監 Phil Lee。請繼續。

Good afternoon, everybody. With us today are Aart de Geus, Chair and CEO of Synopsys; and Shelagh Glaser, Chief Financial Officer.

大家下午好。今天和我們在一起的有 Synopsys 董事長兼首席執行官 Aart de Geus；和首席財務官 Shelagh Glaser。

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 information 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 this call, important risk factors that may affect our future results and performance are described in our most recent filings with the SEC, including our most recent annual report on Form 10-K and subsequently filed quarterly reports on Form 10-Q.

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、目標和其他前瞻性信息。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。除了我們在本次電話會議中強調的任何風險外，我們最近向美國證券交易委員會提交的文件中還描述了可能影響我們未來業績和業績的重要風險因素，包括我們最近的 10-K 表格年度報告和隨後提交的季度報告在表格 10-Q 上。

In addition, we will refer to non-GAAP financial measures during the discussion. Reconciliations to certain of these non-GAAP financial measures to their most directly comparable GAAP financial measures, a discussion of certain non-GAAP financial measures that we are not able to reconcile without unreasonable efforts 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 readily available on our website at www.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 財務措施。這些非 GAAP 財務措施中的某些與其最直接可比的 GAAP 財務措施的調節，對某些非 GAAP 財務措施的討論，如果沒有不合理的努力我們無法調節，以及補充財務信息，可以在收益新聞稿中找到、財務補充和我們今天早些時候發布的 8-K。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 www.synopsys.com 上輕鬆獲得。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 de Geus.

有了這個，我會把電話轉給 Aart de Geus。

Good afternoon. Q1 delivered a very solid start to the year. Building on our strength and momentum from 2022, we met or exceeded all of our guidance targets. Revenue was $1.36 billion, with non-GAAP operating margin at 35.2%, resulting in GAAP earnings per share of $1.75. And non-GAAP earnings above the high end of our target range at $2.62. Based on the continued robust design activity, we remain confident in our business. We are reaffirming our full year guidance for revenue and non-GAAP ops margin improvement while raising guidance for non-GAAP EPS. In the last few years, Synopsys has grown and evolved substantially. Commensurately, we are evolving our financial reporting.

下午好。今年第一季度開局非常穩健。基於 2022 年的實力和勢頭，我們達到或超過了所有指導目標。收入為 13.6 億美元，非 GAAP 營業利潤率為 35.2%，因此 GAAP 每股收益為 1.75 美元。非 GAAP 收益高於我們目標範圍的高端 2.62 美元。基於持續穩健的設計活動，我們對我們的業務充滿信心。我們重申我們對收入和非 GAAP 運營利潤率改善的全年指導，同時提高對非 GAAP 每股收益的指導。在過去幾年中，Synopsys 取得了長足的發展和進步。相應地，我們正在改進我們的財務報告。

Starting in Q1, we are reporting our business in 3 segments: Design Automation, which includes design software, verification software and hardware and other EDA products. Design IP, a broad portfolio, including libraries, embedded memories, connectivity solutions, processor cores and security devices. And Software Integrity, which remains unchanged from previous reporting and deliver solutions to improve software quality and security. To give you a relative sense of proportion, Design Automation is about 65% of our revenue. Design IP is approximately 25% and Software Integrity is about 10%. While these numbers are approximate, the 65%, 25%, 10% split is easy to remember and represents well how we think of our present business. We have leadership positions and excellent outlooks in all 3 segments.

從第一季度開始，我們在 3 個部分報告我們的業務：設計自動化，包括設計軟件、驗證軟件和硬件以及其他 EDA 產品。設計 IP，一個廣泛的產品組合，包括庫、嵌入式存儲器、連接解決方案、處理器內核和安全設備。和軟件完整性，與以前的報告保持不變，並提供解決方案以提高軟件質量和安全性。為了給您一個相對的比例感，設計自動化約占我們收入的 65%。設計 IP 約為 25%，軟件完整性約為 10%。雖然這些數字是近似值，但 65%、25%、10% 的比例很容易記住，並且很好地代表了我們對當前業務的看法。我們在所有 3 個領域都處於領先地位和良好的前景。

As the market leader in Design Automation, we see continued technical innovation towards still much, much more complex silicon and system designs. As the company with the broadest portfolio of IP, we see a continuation of designs, needing more communication bandwidth, processing, storage and security in still more advanced silicon technologies. And for our Software Integrity business, we are a key enabler of modern software security with a leading portfolio of products for developers, the DevOps groups and the corporate security teams. Shelagh will discuss the financials in more detail.

作為設計自動化領域的市場領導者，我們看到持續的技術創新朝著更加複雜的芯片和系統設計方向發展。作為擁有最廣泛 IP 產品組合的公司，我們看到了設計的延續，需要在更先進的矽技術中提供更多的通信帶寬、處理、存儲和安全性。對於我們的軟件完整性業務，我們是現代軟件安全的關鍵推動者，為開發人員、DevOps 團隊和企業安全團隊提供領先的產品組合。 Shelagh 將更詳細地討論財務狀況。

Looking at the overall market picture, already 12 years ago, we identified the intersection of big data and machine learning as leading us into the age of Smart Everything. Today, Smart Everything is in full swing. You may have seen the fantastic new capabilities showcased recently by applications such as ChatGPT. It clearly shows how far Smart Everything has come and also how much further the opportunity space reaches. Indeed, this is playing out as every vertical market is now driving towards more and more sophisticated solutions with an unsatiable need for compute. While some present market undercurrents drive many companies to strive for efficiency, our semiconductor and systems customers continue to prioritize investments in the design of complex chips and software to make all of this possible.

縱觀整個市場，早在 12 年前，我們就確定大數據和機器學習的交叉點將引領我們進入萬物智能時代。如今，Smart Everything如火如荼。您可能已經看到 ChatGPT 等應用程序最近展示的奇妙新功能。它清楚地顯示了 Smart Everything 已經走了多遠，以及機會空間還有多遠。事實上，這正在發揮作用，因為每個垂直市場現在都在朝著越來越複雜的解決方案發展，對計算的需求無法滿足。雖然目前的一些市場暗流促使許多公司努力提高效率，但我們的半導體和系統客戶繼續優先投資於復雜芯片和軟件的設計，以使這一切成為可能。

Synopsys is in the midst of this quest, and we see our purpose to be a key catalyst enabling the Smart Everything world. With our customers and partners, our role is to make this all work through the state-of-the-art solutions ranging from the deep physics of silicon to the heights of performance, power and security of complex hardware software systems. Over the past several years, we have successfully invested in groundbreaking innovations that radically advance how silicon and system design is done.

Synopsys 正處於這一探索之中，我們的目標是成為實現智能萬物世界的關鍵催化劑。與我們的客戶和合作夥伴一起，我們的職責是通過最先進的解決方案使這一切順利進行，從矽的深層物理到復雜硬件軟件系統的性能、功率和安全性的高度。在過去的幾年裡，我們成功地投資於突破性的創新，這些創新從根本上推進了矽和系統設計的完成方式。

So let me begin with the Design Automation segment, which accounts for about 65% of our revenue and share some highlights around our groundbreaking DSO.ai artificial intelligence design solution. With already well over 100 commercial production designs, DSO.ai continues to deliver amazing results for our customers. Applied simultaneously to multiple steps of the design flow, it reduces efforts from months to now weeks while simultaneously delivering higher performance and lower power. Customer adoptions continue to accelerate across a wide range of process nodes and market verticals. Already put in production designed by 9 of the top 10 semiconductor leaders, customers such as Samsung, Intel, MediaTek, ST Microelectronics and many others are reporting impressive achievements.

因此，讓我從設計自動化部分開始，該部分約占我們收入的 65%，並分享我們突破性的 DSO.ai 人工智能設計解決方案的一些亮點。 DSO.ai 已經擁有超過 100 個商業生產設計，繼續為我們的客戶提供驚人的成果。同時應用於設計流程的多個步驟，將工作量從數月減少到現在的數週，同時提供更高的性能和更低的功耗。客戶採用在廣泛的流程節點和市場垂直領域繼續加速。三星、英特爾、聯發科、ST Microelectronics 等客戶的前 10 大半導體領導者中的 9 家設計的產品已經投入生產，並報告了令人印象深刻的成就。

In Q1, we saw multiple additional deployments across verticals, including mobile, data center and memory designs. Meanwhile, we have extended our machine learning capabilities to other EDA workloads ranging from verification to test to custom design. These new solutions are already in customer hand showing excellent impact and promise. Critical to the success of DSO.ai are the powerful design engines that sit underneath. DSO.ai is thus also driving significant cross-selling and accelerated growth across our EDA products. Specifically, our Fusion Compiler momentum is manifested across a wide spectrum of market verticals and manufacturing processes. During the quarter, we achieved multiple advanced node design wins, including a key win at a large hyperscaler and a 3-nanometer node design at a leading mobile provider.

在第一季度，我們看到了多個垂直領域的額外部署，包括移動、數據中心和內存設計。同時，我們將機器學習能力擴展到其他 EDA 工作負載，從驗證到測試再到定制設計。這些新的解決方案已經在客戶手中顯示出卓越的影響和前景。 DSO.ai 成功的關鍵在於強大的設計引擎。因此，DSO.ai 還推動了我們 EDA 產品的重大交叉銷售和加速增長。具體來說，我們的 Fusion Compiler 勢頭體現在廣泛的垂直市場和製造流程中。在本季度，我們取得了多個先進節點設計的勝利，包括在大型超大規模數據中心的關鍵勝利以及在領先移動提供商的 3 納米節點設計。

Fusion Compiler is used in 95% of advanced node designs at 3-nanometer and below with the majority exclusively using Synopsys flows. Stimulated by a wave of high-value innovations, customers from high-performance computing to hyperscalers continue to expand their reliance on Synopsys throughout our portfolio. Our custom solutions, for example, saw continued market momentum in Q1 and as we added 9 new logos in the quarter with a robust market pipeline. All these highly complex designs need to work both correctly and work under multiple conditions and scenarios like temperature, voltage, manufacturing variability and so on. That's where our verification tools come in. While verification is fundamentally an unbounded problem, our state-of-the-art simulation, emulation and prototyping products tackle these tough challenges at unparalleled speed with the fastest engines, highest capacity and lowest cost of ownership.

Fusion Compiler 用於 95% 的 3 納米及以下的高級節點設計，其中大多數只使用 Synopsys 流程。在高價值創新浪潮的刺激下，從高性能計算到超大規模計算的客戶繼續在我們的整個產品組合中擴大對 Synopsys 的依賴。例如，我們的定制解決方案在第一季度看到了持續的市場勢頭，並且我們在本季度添加了 9 個具有強大市場渠道的新徽標。所有這些高度複雜的設計都需要在溫度、電壓、製造可變性等多種條件和場景下正常工作和工作。這就是我們的驗證工具的用武之地。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挑戰。

Building on another record year in 2022, we continue to see excellent growth in hardware with both our ZeBu emulation and HAPS prototyping products. This quarter, we achieved major expansions with our ZeBu EP1 and HAPS-100 hardware at several of the largest semiconductor systems and hyperscaler companies in the world. Meanwhile, multi-die system design, sometimes also called chiplet-based design is opening a whole new era of silicon complexity. In Q1, our differentiated multi-die solution around 3D IC Compiler continued its strong momentum deployed on production tape-outs at the top, high-performance computing chip supplier and a large networking systems company.

在 2022 年再創新高的基礎上，我們的 ZeBu 仿真和 HAPS 原型設計產品繼續在硬件方面實現出色增長。本季度，我們在全球幾家最大的半導體系統和超大規模公司中實現了 ZeBu EP1 和 HAPS-100 硬件的重大擴展。同時，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。在第一季度，我們圍繞 3D IC Compiler 的差異化多芯片解決方案繼續在頂級高性能計算芯片供應商和一家大型網絡系統公司的生產流片中部署的強勁勢頭。

Let me move to Design IP, which is, as I mentioned, about 25% of our business. Third-party IP, think of it as the LEGO blocks of chip design continues to grow in complexity and importance. Our market-leading IP portfolio, by far the broadest in the industry, continues to grow with high demand in high-performance compute, automotive and mobile markets. fueled by Smart Everything, multi-die systems and high speed and secure connectivity. While maintaining technical leadership, we've broadened our portfolio with new high-speed interfaces in 3- and 4-nanometer processes to serve HPC and mobile applications at the leading edge.

讓我轉到設計 IP，正如我提到的，它約占我們業務的 25%。第三方 IP，將其視為芯片設計的樂高積木，其複雜性和重要性不斷增加。隨著高性能計算、汽車和移動市場的高需求，我們市場領先的 IP 產品組合（迄今為止業內最廣泛的產品組合）繼續增長。由 Smart Everything、多芯片系統以及高速和安全的連接推動。在保持技術領先地位的同時，我們通過採用 3 納米和 4 納米工藝的新型高速接口擴展了我們的產品組合，以服務於領先的 HPC 和移動應用程序。

In the automotive market, we see strong adoption of automotive-grade IP solutions by OEMs and Tier 1 suppliers now developing their own chips. Meanwhile, multi-die systems require a whole new portfolio of state-of-the-art die-to-die interface IP. The recently introduced UCIe protocol, short for Universal Chiplet Interconnect express has become the standard of choice. Synopsys is leading in this area with an industry milestone the tape-out of the first UCIe test chip on a major foundry 3-nanometer process node. The increased silicon multichip and high-speed computation push enables enormous advances in the software world. This brings me to our Software Integrity segment, which as mentioned, accounts for about 10% of our revenue. As every vertical market is developing highly complex, big data-driven systems, their requirements for security and safety continue to expand.

在汽車市場，我們看到 OEM 和一級供應商正在大力採用汽車級 IP 解決方案，現在他們正在開發自己的芯片。同時，多芯片系統需要全新的最先進的芯片到芯片接口 IP 產品組合。最近推出的 UCIe 協議（Universal Chiplet Interconnect express 的縮寫）已成為首選標準。 Synopsys 在這一領域處於領先地位，其行業里程碑是第一款 UCIe 測試芯片在主要代工 3 納米工藝節點上的流片。增加的矽多芯片和高速計算推動了軟件世界的巨大進步。這讓我想到了我們的軟件完整性部門，如前所述，該部門約占我們收入的 10%。隨著每個垂直市場都在開發高度複雜、大數據驅動的系統，它們對安全性和安全性的要求不斷擴大。

Our Software Integrity solutions enable organizations to improve and manage the security and quality of software across a wide range of industry verticals from semiconductors and systems to financial services, automotive, industrial, health and more. While this continues to be one area where we feel some caution from the macro environment, we had a good start to the year with several multiyear, multiproduct transactions and sustained momentum in our indirect channel. We continue to evolve and strengthen our multiproduct platform to help companies gain more comprehensive insight and drive increasingly robust top-down software risk management. Customers who purchased 2 or more solutions now account for the majority of our Software Integrity revenue as we drive cross-selling opportunities and continue to scale our application security testing platform.

我們的軟件完整性解決方案使組織能夠在從半導體和系統到金融服務、汽車、工業、健康等眾多垂直行業中改進和管理軟件的安全性和質量。雖然這仍然是我們對宏觀環境感到謹慎的一個領域，但我們今年開局良好，有幾筆多年期、多產品的交易，我們的間接渠道也保持了持續的勢頭。我們繼續發展和加強我們的多產品平台，以幫助公司獲得更全面的洞察力並推動日益強大的自上而下的軟件風險管理。隨著我們推動交叉銷售機會並繼續擴展我們的應用程序安全測試平台，購買 2 個或更多解決方案的客戶現在占我們軟件完整性收入的大部分。

In summary, Q1 was a very solid start to the year, delivering strong financial results. We are reiterating our fiscal '23 revenue growth at 14% to 15% as well as non-GAAP operating margin expansion of more than 100 basis points. We are raising guidance for fiscal '23 non-GAAP EPS growth to 18% to 19%. Notwithstanding continued macroeconomic choppiness, our customers continue to prioritize their investments in chips and systems. In addition, our resilient business model provides a level of stability uncommon in most software companies. Meanwhile, our high-impact innovation pipeline across our entire portfolio is driving technical differentiation while solidifying our foundation for continued business growth.

總而言之，第一季度是今年的一個非常穩健的開端，實現了強勁的財務業績。我們重申我們的 23 財年收入增長 14% 至 15%，以及非 GAAP 營業利潤率增長超過 100 個基點。我們將 23 財年非 GAAP 每股收益增長的指引提高到 18% 至 19%。儘管宏觀經濟持續動盪，但我們的客戶繼續優先投資芯片和系統。此外，我們的彈性業務模型提供了大多數軟件公司所不具備的穩定性。與此同時，我們整個產品組合中具有高影響力的創新管道正在推動技術差異化，同時鞏固我們持續業務增長的基礎。

With that, I'd like to welcome Shelagh Glaser to our first Synopsys earnings call. We are thrilled to have her on board as a financial, operational and scaling experience as well as a deep understanding of the semiconductor industry are a great asset to Synopsys as we drive exciting growth ambitions.

有了這個，我想歡迎 Shelagh Glaser 參加我們的第一次 Synopsys 財報電話會議。我們很高興她的加入，因為她在財務、運營和擴展方面的經驗以及對半導體行業的深刻理解對 Synopsys 來說是一筆巨大的財富，因為我們正在推動令人興奮的增長目標。

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

有了這個，我會把它交給 Shelagh。

Great. Thank you, Aart, and thank you to the Synopsys team for such a warm welcome. It's an honor to join a company with a long heritage of innovation and market leadership. I look forward in taking part to drive Synopsys into the next phase of growth in the era of Smart Everything as well as meeting all of you in the investment community.

偉大的。謝謝你，Aart，也感謝 Synopsys 團隊的熱情歡迎。很榮幸能加入一家擁有悠久創新和市場領導地位的公司。我期待著參與推動 Synopsys 進入萬物智能時代的下一增長階段，並期待與投資界的各位見面。

We delivered a very solid start to the year with revenue above the midpoint of our guided range, non-GAAP operating margin of 35.2% and non-GAAP earnings above the high end of our target range. Our Q1 results were driven by our execution and strong technology portfolio that is expanding customer commitments. Robust chip and system design activity despite lower semiconductor industry revenue growth and a resilient, stable, time-based business model was $6.9 billion in noncancelable backlog. We remain confident in our business, and as a result, we are reaffirming our full year 2023 targets for revenue and non-GAAP operating margin improvement and raising our full year outlook for non-GAAP EPS due to a lower tax rate.

我們今年開局非常穩健，收入高於我們指導範圍的中點，非 GAAP 營業利潤率為 35.2%，非 GAAP 收益高於我們目標範圍的高端。我們的第一季度業績是由我們的執行力和強大的技術組合推動的，這些組合正在擴大客戶承諾。儘管半導體行業收入增長放緩，並且採用彈性、穩定、基於時間的商業模式，但穩健的芯片和系統設計活動仍有 69 億美元的不可取消積壓訂單。我們對我們的業務仍然充滿信心，因此，我們重申我們 2023 年全年的收入和非 GAAP 營業利潤率目標，並由於較低的稅率提高了我們對非 GAAP 每股收益的全年預期。

I'll now review our first quarter results. All comparisons are year-over-year unless otherwise stated. We generated total revenue of $1.36 billion. Total GAAP costs and expenses were $1.11 billion, which includes approximately $41 million in restructuring costs. Total non-GAAP costs and expenses were $882 million, resulting in non-GAAP operating margin of 35.2%. GAAP earnings per share were $1.75, non-GAAP earnings per share were $2.62. As Aart mentioned, we are expanding our segment reporting to align with how we're managing the business.

我現在回顧一下我們的第一季度業績。除非另有說明，否則所有比較均為同比。我們創造了 13.6 億美元的總收入。 GAAP 成本和支出總額為 11.1 億美元，其中包括約 4100 萬美元的重組成本。非 GAAP 成本和支出總額為 8.82 億美元，非 GAAP 營業利潤率為 35.2%。 GAAP 每股收益為 1.75 美元，非 GAAP 每股收益為 2.62 美元。正如 Aart 所提到的，我們正在擴大我們的細分報告，以與我們管理業務的方式保持一致。

Starting in Q1, we are now reporting 3 segments: Design Automation, Design IP and Software Integrity. Design Automation segment revenue was $890 million with both EDA software and hardware performing well. Design Automation adjusted operating margin was 38.9%. Design IP segment revenue was $344 million, and adjusted operating margin was 34.2%. Software Integrity revenue was $128 million and adjusted operating margin was 12.1%. We are on track to reach our 15% to 20% revenue growth objective for Software Integrity with increased adjusted operating margin in 2023.

從第一季度開始，我們現在報告 3 個部分：設計自動化、設計 IP 和軟件完整性。設計自動化部門收入為 8.9 億美元，EDA 軟件和硬件均表現良好。設計自動化調整後的營業利潤率為 38.9%。設計 IP 部門收入為 3.44 億美元，調整後的營業利潤率為 34.2%。軟件完整性收入為 1.28 億美元，調整後的營業利潤率為 12.1%。我們有望實現 15% 至 20% 的軟件完整性收入增長目標，並在 2023 年提高調整後的營業利潤率。

Turning to cash. We generated $115 million in operating cash flow. We used $306 million of our cash for stock buybacks. We ended the quarter with cash and short-term investments of $1.3 billion and total debt of $21 million.

轉向現金。我們產生了 1.15 億美元的運營現金流。我們將 3.06 億美元的現金用於股票回購。本季度結束時，我們的現金和短期投資為 13 億美元，總債務為 2100 萬美元。

Targets. Now to guidance. For fiscal year 2023, the full year targets are: revenue of $5.775 billion to $5.825 billion. Total GAAP costs and expenses between $4.54 billion and $4.59 billion. Total non-GAAP costs and expenses between $3.81 billion and $3.84 billion, resulting in non-GAAP operating margin improvement of more than 100 basis points. Non-GAAP tax rate of 16%. GAAP Earnings of $7.12 to $7.30 per share. Non-GAAP earnings of $10.53 to $10.60 per share. Cash flow of operations of approximately $1.65 billion, which includes approximately $40 million to $50 million in restructuring costs.

目標。現在來指導。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 45.4 億美元至 45.9 億美元之間。非 GAAP 總成本和支出在 38.1 億美元至 38.4 億美元之間，導致非 GAAP 營業利潤率提高 100 多個基點。非美國通用會計準則稅率為 16%。 GAAP 每股收益為 7.12 美元至 7.30 美元。非 GAAP 每股收益為 10.53 美元至 10.60 美元。運營現金流約為 16.5 億美元，其中包括約 4000 萬至 5000 萬美元的重組成本。

Now to targets for the second quarter. Revenue between $1.36 billion and $1.39 billion. Total GAAP costs and expenses between $1.085 billion and $1.105 billion. Total non-GAAP costs and expenses between $917 million and $927 million. GAAP earnings of $1.62 to $1.72 per share. And non-GAAP earnings of $2.45 to $2.50 per share.

現在是第二季度的目標。收入在 13.6 億美元至 13.9 億美元之間。 GAAP 成本和支出總額在 10.85 億美元至 11.05 億美元之間。非 GAAP 成本和支出總額在 9.17 億美元至 9.27 億美元之間。 GAAP 每股收益為 1.62 美元至 1.72 美元。非美國通用會計準則每股收益為 2.45 美元至 2.50 美元。

In conclusion, we delivered a very solid start to the year. While the underlying macroeconomic environment is choppy, we continue to execute and for the year, expect 14% to 15% revenue growth. Non-GAAP operating margin improvement of more than 100 basis points and 18% to 19% non-GAAP EPS growth. Our confidence reflects our innovative technology portfolio, ongoing design activity by our customers who continue to invest through semiconductor cycles and the stability and resiliency of our time-based business model.

總而言之，我們今年開局非常穩健。儘管潛在的宏觀經濟環境動盪不安，但我們繼續執行，預計全年收入增長 14% 至 15%。非 GAAP 營業利潤率提高超過 100 個基點，非 GAAP 每股收益增長 18% 至 19%。我們的信心反映了我們的創新技術組合、通過半導體週期繼續投資的客戶正在進行的設計活動以及我們基於時間的業務模型的穩定性和彈性。

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. Wanted to begin maybe with how the nature of your relationship with customers is changing as they adopt DSO.ai. How does this alter the share of a project wallet you're able to achieve? And then how close might we be to this product receiving maybe more of an enterprise-wide buy-in as opposed to project-specific buy-ins. I guess, at the heart of this question, when you next enter the period of big enterprise renewals when we would typically expect your backlog to inflect higher, do you think tools like DSO drive a pretty meaningful and visible step-up in total contract values?

偉大的。可能想從您與客戶的關係的性質如何隨著他們採用 DSO.ai 而發生變化開始。這如何改變您能夠實現的項目錢包的份額？然後我們距離該產品獲得更多企業範圍的支持而不是特定項目的支持有多接近。我想，這個問題的核心是，當您下一次進入大企業續約期時，我們通常預計您的積壓訂單會增加，您認為像 DSO 這樣的工具會推動合同總價值的顯著提升嗎？ ？

Well, going backwards on your question, yes, I think it will drive positive growth for Synopsys. And starting at the beginning of your question, which was how does it change the relationship. It's been actually quite remarkable as we started to travel again this year that after a number of years of being at least physically distant, the relationship with many of our customers have evolved substantially. And I think a big piece of that comes from the fact that they all realize that the technology is becoming way more complex. And actually, in a good way, meaning that both this continuation on the traditional Moore's Law, but there's also a whole set of systems interactions be it when you have multiple dies or if you have hardware and software interactions that all demand a degree of automation that is way more sophisticated.

好吧，回到你的問題，是的，我認為這將推動 Synopsys 的積極增長。從你的問題開始，這就是它如何改變關係。事實上，當我們今年再次開始旅行時，這確實非常了不起，經過多年的疏遠之後，我們與許多客戶的關係已經發生了實質性的變化。我認為其中很大一部分來自於他們都意識到技術變得越來越複雜的事實。實際上，以一種好的方式，這意味著傳統摩爾定律的延續，但還有一整套系統交互，無論是當你有多個芯片時，還是當你有硬件和軟件交互都需要一定程度的自動化時那要復雜得多。

And so in the midst of that, comes the entry now for us a little bit over 2 years ago of capabilities that really change how design is done. And moreover, it changes them in a very similar fashion like Synthesis did literally many decades ago, it automates things that previously were thought to not be automatable. And it does this in a fraction of the time and with better results. And so the engagements have been extremely fast. And the very fact that we can point at so many production designs, we're not talking people trying stuff out. Many tried it out. And then in the midst of the trial, they said, "Well, I want to reuse these results because they're better than what I had before, and that project is not finished yet."

因此，在這期間，我們在 2 年多前就開始真正改變設計方式的能力。而且，它以非常相似的方式改變它們，就像幾十年前 Synthesis 所做的那樣，它使以前被認為無法自動化的事情自動化。而且它只用了一小部分時間就可以做到這一點，而且效果更好。因此，交戰速度非常快。事實上，我們可以指出如此多的生產設計，我們並不是在談論人們嘗試什麼。許多人嘗試過。然後在試驗過程中，他們說，“好吧，我想重複使用這些結果，因為它們比我以前的要好，而且那個項目還沒有完成。”

And so the adoption is fast. At the same time, you would say, well, what would slow it down. Well, what slows it down is, are they sure that the tools don't make mistakes that it's actually proven technology. And the answer has been a resounding yes. That's why all these production designs are using it. So I see extremely high opportunity space for us there. And moreover, I think that we're just touching the tip of the iceberg. Now how that turns into contract evolutions. Well, that's the negotiation scale that we will need to bring to bear and they will need to bring to bear. But fundamentally, I think we add a lot of value to what they can do. And I think we will be suddenly rewarded in some way from that.

因此採用速度很快。與此同時，你會說，什麼會減慢它的速度。好吧，減慢速度的是，他們是否確定這些工具不會犯錯誤，因為它實際上是經過驗證的技術。答案是肯定的。這就是為什麼所有這些生產設計都在使用它。所以我在那裡看到了我們非常高的機會空間。而且，我認為我們只是觸及冰山一角。現在，這如何轉變為合同演變。好吧，這就是我們需要承擔的談判規模，他們也需要承擔。但從根本上說，我認為我們為他們的能力增加了很多價值。我認為我們會突然以某種方式從中得到回報。

Okay. That's great. Just in terms of the forecast you're presenting for the April quarter, how much different is this than maybe what you internally were planning for a quarter ago? I guess, has anything changed in terms of design starts influencing the IP business. And obviously, you're reiterating the full year. So do you still see the volumes unchanged but maybe a bit more in the second half than you were originally assuming?

好的。那太棒了。就您對 4 月季度的預測而言，這與您在一個季度前的內部計劃有何不同？我猜想，設計方面的任何變化都會開始影響 IP 業務。很明顯，你重申了全年。那麼你是否仍然認為下半年的銷量沒有變化，但可能比你最初假設的多一點？

So this year, we are more back half weighted, and that actually is traditionally what we were in 2020 and 2021. 2022 was a bit unusual, and that was quite balanced between the first half and the second half. I would say we're not seeing any change in design. We're not seeing projects be canceled or projects shifted out. We're seeing robust design activity. And as you note, I mean, really, the timing of revenue and the timing for us is aligned with when we sign the big deals and when the customers have pulled down things for their own product schedules.

所以今年，我們的權重增加了一半，這實際上是傳統上我們在 2020 年和 2021 年的情況。2022 年有點不尋常，上半年和下半年之間相當平衡。我會說我們沒有看到設計有任何變化。我們沒有看到項目被取消或項目轉移。我們看到了強大的設計活動。正如你所指出的，我的意思是，實際上，收入的時間和我們的時間與我們簽署大交易的時間以及客戶為他們自己的產品時間表取消事情的時間是一致的。

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

我們將從 KeyBanc Capital Markets 的 Jason Celino 那裡回答下一個問題。

I think, first of all, thanks for breaking out the Design Automation margins and the IP margins. It's interesting to see that. When I think about the improvement potential for both, what are the levers that you have? Or how should we think about the improvement one versus the other?

我認為，首先，感謝您突破了設計自動化利潤率和 IP 利潤率。看到這一點很有趣。當我考慮兩者的改進潛力時，您有哪些槓桿？或者我們應該如何考慮一個與另一個的改進？

Well, I think the first way to think about it is while it was not visible individually for these pieces, over the last 4, 5 years, we have substantially improved the margins throughout the company. And by disclosing some of the numbers, specifically on the IP, which you probably haven't seen before, I hope that you realize that this was probably better than you were expecting. Because as you know, developing IP is actually a very sophisticated and somewhat labor-intense job. Having said that, I think we have improved steadily largely because we're actually getting better at what we do and we do more of it.

好吧，我認為第一種思考方式是，雖然這些部分單獨看不到，但在過去的 4、5 年中，我們大幅提高了整個公司的利潤率。通過公開一些您可能從未見過的數字，特別是關於 IP 的數字，我希望您意識到這可能比您預期的要好。因為如您所知，開發 IP 實際上是一項非常複雜且有點勞動密集型的工作。話雖如此，我認為我們已經穩步提高，主要是因為我們實際上在做的事情上做得更好，而且做得更多。

And so there's the benefit of scaling and the benefit of improving our processes. And hopefully, from our preambles, you understood that we will continue to continue to improve the company from a profitability point of view. And in IP, we see actually a very fertile horizon because with the increasing complexity that I mentioned earlier, there are a lot of companies that are coming into doing chips that have never done it before. And they have no history, no reason to start doing a lot of IP themselves. Actually, they move very quickly by acquiring IP and then taking it from there.

因此，有擴展的好處和改進我們流程的好處。希望從我們的序言中，您了解到我們將繼續從盈利能力的角度繼續改善公司。在 IP 領域，我們實際上看到了一個非常肥沃的地平線，因為隨著我之前提到的複雜性的增加，有很多公司開始做以前從未做過的芯片。而且他們沒有歷史，沒有理由自己開始做很多 IP。實際上，他們通過獲取 IP 然後從那裡獲取 IP 來非常迅速地移動。

In many ways, the same is true on the Software Integrity side, but from a different perspective, which is the perspective that as you grow as a software company, you get leverage out of the sheer business model and the leverage on the work that you have to do. And so we have said all along that by the time Software Integrity would be around the 10% of our business, which it is, we will continue now to push on the ops margin while continuing to push on growth and there's opportunity on both sides.

在許多方面，軟件完整性方面也是如此，但從不同的角度來看，即隨著您作為一家軟件公司的成長，您可以從純粹的商業模式和您所從事的工作中獲得影響力得做。所以我們一直說，到時候軟件完整性將占我們業務的 10% 左右，我們現在將繼續推動運營利潤率，同時繼續推動增長，雙方都有機會。

Okay. Maybe just as my quick one follow-up. Do you feel that the margin profile on the core design automation side still has some room...

好的。也許就像我的快速跟進一樣。您是否覺得核心設計自動化方面的利潤率仍有一定空間...

You know there's always room, right? And when you look at yourself, you always think, wow, there's so many things we could do better. And then the key is how to implement it and move it forward. And so yes, I do think that there's opportunity there as well. But all 3 cylinders or 3 segments here of the engine have to all push themselves forward in the same direction in order to improve the company. And I think we are well on track with that.

你知道總有空間，對吧？當你審視自己時，你總是會想，哇，我們可以做得更好的事情太多了。然後關鍵是如何實施它並推動它前進。所以是的，我確實認為那裡也有機會。但是發動機的所有 3 個氣缸或 3 個部分都必須朝著同一個方向推動自己前進，以改善公司。我認為我們在這方面進展順利。

Yes. And I would just reiterate that our goal that we have for the year is to improve greater than 100 basis points in our margin. So we're very committed to driving that.

是的。我只想重申，我們今年的目標是將利潤率提高 100 個基點以上。所以我們非常致力於推動這一點。

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 really want to come back and ask you around AI and the ChatGPT, I'm just using it as an example. I think that some people are thinking about this as a competition between really between Microsoft and Google, but there are some other people think this is actually a competition between GPU and TPU, I mean, tensor processing unit that Google internally developed. But what is your view there? The reason why I tried to ask this is that as everybody knows, TPUs kind of like the in-house designs from hyperscalers and while in-house designs by the system companies, they benefit companies like Synopsys, right? So I just want to check because I don't exactly want you to comment on your customer, but this hopefully, you can provide your vision on this. Are this trend on AI? Is it going to lead to more of the custom chip designs? Or what's your thought there?

我真的很想回來問你關於 AI 和 ChatGPT 的問題，我只是以它為例。我認為有些人認為這是微軟和谷歌之間的真正競爭，但也有一些人認為這實際上是 GPU 和 TPU 之間的競爭，我的意思是，谷歌內部開發的張量處理單元。但你對此有何看法？我之所以想問這個問題，是因為眾所周知，TPU 有點像超大規模數據中心的內部設計，而係統公司的內部設計則讓 Synopsys 這樣的公司受益，對吧？所以我只是想檢查一下，因為我不希望你對你的客戶發表評論，但希望你能提供你的看法。這是人工智能的趨勢嗎？它會導致更多的定制芯片設計嗎？或者你有什麼想法？

Well, I want to agree with every statement you made, meaning the race is on in every dimension because whenever in our field, and this is true for history, there's some major breakthroughs, suddenly everybody realized, wow, this is possible. Therefore, other things must be possible. And so the fact that the usual suspects, so to speak, that you mentioned, will suddenly put a major emphasis on trying to all catch up with each other or outdo each other. It is also true that we had said for, I want to say, at least half a decade that from our perspective, chip design is increasingly driven by verticals down, meaning that every end market has by now realized that they need to do something smart and that their domain can benefit by doing it specifically for their problem.

好吧，我想同意你所做的每一個陳述，這意味著比賽在各個方面都在進行，因為無論何時在我們的領域，這在歷史上都是如此，有一些重大突破，突然間每個人都意識到，哇，這是可能的。因此，其他事情必須是可能的。因此，可以說，您提到的那些通常的嫌疑人，會突然把重點放在努力追趕或超越對方。同樣真實的是，我想說，至少五年來，從我們的角度來看，芯片設計越來越受到垂直向下的驅動，這意味著每個終端市場現在已經意識到他們需要做一些聰明的事情並且他們的領域可以通過專門針對他們的問題而受益。

And so optimizing for agriculture is just not the same as for automotive, and it's not the same as finance and phone. And of course, people want to win and they can win with better algorithms but they can also win with better algorithms multiplied by much better chips. And so that's why we see -- we will see a continuation of new chips, derivatives of chips and I think a very fertile ground for the semiconductor industry and therefore, for us.

因此，針對農業的優化與針對汽車的優化不同，也與金融和電話不同。當然，人們想贏，他們可以用更好的算法取勝，但他們也可以用更好的算法乘以更好的芯片來取勝。所以這就是為什麼我們看到 - 我們將看到新芯片、芯片衍生品的延續，我認為這對半導體行業以及我們來說都是非常肥沃的土壤。

Maybe a follow-up question back to this question, another analyst had just asked. On the operating margin side, very pleasantly surprised by the 41% operating margin of your Design IP business in Q1 '22. Just want to really come back to the point. I think there's a premise that the IP may be structurally lower margin than EDA, well, partly because it's more labor-intensive Aart, as you mentioned, but it looks like it's probably not always the case, at least on a quarterly basis, but on an annual basis going forward, shall we be thinking about IP operating margin kind of in line with Design Automation or there may still be some gap despite there may be some quarter-to-quarter fluctuations from here?

也許是這個問題的後續問題，另一位分析師剛剛問過。在營業利潤率方面，您對 22 年第一季度設計 IP 業務的營業利潤率為 41% 感到非常驚喜。只想真正回到正題。我認為有一個前提是 IP 在結構上可能比 EDA 利潤率低，好吧，部分原因是它是勞動密集型 Aart，正如你提到的，但看起來情況可能並非總是如此，至少在季度基礎上是這樣，但在未來的年度基礎上，我們是否應該考慮與設計自動化保持一致的 IP 營業利潤率，或者儘管可能存在一些季度到季度的波動，但仍可能存在一些差距？

So 2 things I want to make sure. There are really quarterly fluctuations in IP. There's the natural ebb and flow when customers pull down, and they've got a design that we're supporting and that is a bit more labor-intensive because we're building out IPs, just as Aart even talked about for multiple nodes, multiple IP standards. So we're always moving to the next domain. And there is a lumpiness, just an inherent lumpiness with the customers' pull down. And over time, we think about that margin as slightly lower than the overall corporate margin and EDA as being slightly higher.

所以我想確定兩件事。 IP確實存在季度波動。當客戶退縮時，自然會出現潮起潮落，他們有一個我們支持的設計，而且由於我們正在構建 IP，因此需要更多的勞動密集型，就像 Aart 甚至談到多節點一樣，多個 IP 標準。所以我們總是轉向下一個領域。並且有一個塊狀，只是與客戶下拉的固有塊狀。隨著時間的推移，我們認為該利潤率略低於企業整體利潤率，而 EDA 則略高。

We'll take our next question from Gary Mobley with Wells Fargo Securities.

我們將從 Wells Fargo Securities 的 Gary Mobley 那裡回答下一個問題。

Welcome to the call, Shelagh. Regarding the assumption that second half fiscal year '23 revenue is 12% higher than the first half. I'm curious if this assumption is based on higher upfront licensing and I guess more specifically, maybe some lumpiness related to the hardware verification business. Or is this fully supported by the remaining performance obligations or in general, the backlog?

歡迎來電，Shelagh。關於 23 財年下半年收入比上半年高 12% 的假設。我很好奇這個假設是否基於更高的前期許可，我猜更具體地說，可能與硬件驗證業務有關。或者這是否得到剩餘履約義務或一般情況下積壓的充分支持？

It's a combination really of all those things. So as we think about our business, our Design IP business has a lumpiness to it just in terms of aligning with customers' product starts, our schedules aligned with that. We do, as you mentioned, have a significant backlog that we balance through the year, and then hardware does have some lumpiness with customers depending on when their schedules to take possession of it are.

它實際上是所有這些東西的組合。因此，當我們考慮我們的業務時，我們的設計 IP 業務在與客戶的產品啟動保持一致方面有一個障礙，我們的時間表與之保持一致。正如您所提到的，我們確實有大量積壓工作，我們在這一年中進行了平衡，然後硬件確實與客戶有一些矛盾，這取決於他們何時擁有它的時間表。

Yes. By the way, just building on the comment that Shelagh made earlier. If you look at our revenue quarter-by-quarter over, I'd say, 4, 5, 6, 7 years, you would see that 2022 was actually an anomaly with a particularly high push early in the year. And you may recall that at that point in time, there was also euphoria in the market. Actually, the much more normal form is essentially a gradual slope moving up. And of course, there's some sales phenomena that the first quarter tends to be weaker than the last one because everybody works hard on the last one. But having said that, I think this is, in many ways, the profile of a normal year.

是的。順便說一句，只是基於 Shelagh 之前發表的評論。如果你按季度查看我們的收入，我想說，4 年、5 年、6 年、7 年，你會發現 2022 年實際上是一個反常現象，年初的推動力特別大。你可能還記得，在那個時候，市場上也出現了樂觀情緒。實際上，更正常的形式本質上是一個逐漸向上移動的斜坡。當然，有一些銷售現象，第一季度往往比上一季度弱，因為最後一個每個人都在努力。但話雖如此，我認為從很多方面來說，這是正常年份的概況。

Got it. Okay. Aart, I haven't heard you mention silicon life cycle management recently or maybe I missed it. Apologize if I did. But maybe if you can just give us an update on where that new product set stands in terms of customer adoption?

知道了。好的。 Aart，我最近沒聽你提到過矽生命週期管理，或者我可能沒注意到。如果我這樣做了，請道歉。但是，也許您可以向我們提供有關新產品集在客戶採用方面的最新情況嗎？

Sure. Actually, recently, must be the last 30 minutes because it's actually a topic I love to talk about because we're making excellent advances in there. And we're finding that the domains of applicability are broader than what initially motivated us. And the initial motivation came somewhat from the automotive field, which is clearly going into a very deep redo of what a car is all about. And I'm not thinking here of the electrification, which is also happening, but the whole notion of essentially a software-driven device literally. And with that comes the question, when you have very sophisticated chips in there, how do you know they still work?

當然。實際上，最近必須是最後 30 分鐘，因為這實際上是我喜歡談論的話題，因為我們在這方面取得了很好的進展。我們發現適用範圍比我們最初的動機要廣泛。最初的動機在某種程度上來自汽車領域，該領域顯然正在對汽車的全部內容進行非常深入的重做。我在這裡考慮的不是電氣化，它也在發生，而是本質上是軟件驅動設備的整個概念。隨之而來的問題是，當您擁有非常複雜的芯片時，您怎麼知道它們仍然有效？

And that is where the life cycle management is essentially a set of steps that start at the very development of the chip of putting certain sensors inside of the chip, having the ability to query them in a smart way about potential failures or abnomalies, I should say, and then do that through the manufacturing, through the installation through the early years but also over life cycle, literally of the car. And so that was a key driver. Turns out that the other fields that have life cycle stresses that are in a different way just as high, such as compute centers that are really very sensitive about some servers going down and wanting to hide that from their customers or, I should say, protect their customers from that.

這就是生命週期管理本質上是一組步驟，這些步驟從芯片的開發開始，將某些傳感器放入芯片內部，能夠以智能方式查詢它們潛在的故障或異常，我應該說，然後通過製造，通過早年的安裝以及汽車的整個生命週期來做到這一點。所以這是一個關鍵的驅動因素。事實證明，其他具有生命週期壓力的領域以不同的方式同樣高，例如計算中心，它們對某些服務器宕機非常敏感，並希望向客戶隱瞞，或者，我應該說，保護他們的客戶。

And so the opportunities are broad. And this fits very well, I think the Synopsys profile because one of our skill set is that we have skills in many different phases of the whole system design development and utilization. And there are things that are truly close to silicon physics here all the way to very sophisticated test techniques and AI utilization to assess the results. And so we see excellent growth here and see that this will be a long-term broad project for us.

因此，機會是廣闊的。這非常適合，我認為 Synopsys 簡介是因為我們的技能之一是我們擁有整個系統設計開發和利用的許多不同階段的技能。這裡有一些真正接近矽物理學的東西，一直到非常複雜的測試技術和人工智能利用來評估結果。因此，我們在這裡看到了出色的增長，並看到這對我們來說將是一個長期的廣泛項目。

Our next question comes from Jay Vleeschhouwer with Griffin Securities.

我們的下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Aart, one of the interesting phenomenon in your organic headcount growth over the last number of years has been the seemingly large investments you've made in AE capacity. And so the question is, could you speak generally about the utilization that you're seeing of that AE capacity investment. And specifically, what kind of AE resources are being called upon for DSO.ai, SLM, which you just mentioned or any other newer product areas to which AE capacity is being directed. And then I'll ask my follow up.

Aart，在過去幾年中，您的有機員工人數增長的一個有趣現像是您在 AE 產能方面進行了看似巨大的投資。所以問題是，你能不能大致談談你看到的 AE 產能投資的利用率。具體來說，您剛才提到的 DSO.ai、SLM 或任何其他 AE 能力被引導到的新產品領域需要什麼樣的 AE 資源。然後我會問我的跟進。

Well, it's a great question because whenever you introduce new technology, you have 2 or 3 different steps. The first thing is, obviously, how quickly can one make it useful for a customer given their flows, their ways of doing things and adapt it essentially to their situation while at the same time, teaching them the basics of how to run it to get good results. Once you have done that, it never ends because once you get good results, they want great results. And of course, there's a lot we can do by optimizing things for their circumstances. And this is going to be somewhat different for different types of products, of course.

嗯，這是一個很好的問題，因為每當你引入新技術時，你都有 2 或 3 個不同的步驟。顯然，第一件事是，根據客戶的流程、他們做事的方式，並根據他們的情況對其進行基本調整，同時教他們如何運行它以獲得好的結果。一旦你做到了，它就永遠不會結束，因為一旦你取得了好的結果，他們就想要好的結果。當然，通過針對他們的情況優化事物，我們可以做很多事情。當然，對於不同類型的產品，這會有所不同。

By the time you talk about something like SLM, it goes in many different directions because now you have the intersection of testing techniques, built-in sensor or techniques all the way to how ultimately does this get designed into the system with learning capabilities and fast interpretation on chip. And so in general, I think we are going to broaden the skill set to be more and more multidisciplinary as we have some people that obviously are very deep in different areas. And the people that can handle a broader swath of the design flow for the customer or with the customer, I should say, is important.

當你談論像 SLM 這樣的東西時，它會朝著許多不同的方向發展，因為現在你已經有了測試技術、內置傳感器或技術的交叉點，一直到最終如何將其設計到具有學習能力和快速的系統中芯片上的解釋。所以總的來說，我認為我們將擴大技能組合，使其越來越多學科，因為我們有一些顯然在不同領域非常深入的人。我應該說，能夠為客戶或與客戶一起處理更廣泛的設計流程的人員很重要。

The last 2 comments is with some of the newer entrants into chip design, there they really are looking for a lot of automation as much as possible upfront. And sometimes that's helpful because there are also no preconceived notions of how "things should be done." And one can start right away with brand new flows, reuse of IP and so on. So in general, it's a multiplier on our business and the quality of our people and the trust relationship becomes more and more important as we are working deep in the production designs of our customers.

最後 2 條評論是針對一些新進入芯片設計的人，他們確實在盡可能多地尋求自動化。有時這很有幫助，因為對於“事情應該如何做”也沒有先入為主的觀念。並且可以立即開始全新的流程、IP 的重用等。所以總的來說，它是我們業務的倍增器，我們的員工素質和信任關係變得越來越重要，因為我們正在深入研究客戶的生產設計。

Okay. So with regard to segment reporting, once upon a time, which is to say, back in the primordial era of 2018, one of the segments you used to report was DFM, which was reasonably sizable at the time, and I imagine it's grown as a whole physical verification category has grown. But with all of the new fab construction activity that's underway, particularly here in the U.S., could you perhaps talk about the progress of that business? Or how are you looking at the growth of that DFM business since you last talked about it, at which time was already over $0.25 billion.

好的。所以關於分部報告，曾幾何時，也就是說，回到 2018 年的原始時代，你用來報告的分部之一是 DFM，當時規模相當大，我想它已經成長為整個物理核查類別已經增長。但是隨著所有新晶圓廠建設活動的進行，尤其是在美國，您能否談談該業務的進展？或者你如何看待自上次談到 DFM 業務以來的增長，當時已經超過 2.5 億美元。

Well, while we don't disclose in detail what the size is of this, it is part of our Design Automation segment. And as you can imagine, the technology has become dramatically more complex as we also go to much smaller device sizes. But that very complexity is also the reason why we are more and more involved in the development of advanced technologies with the customer. And there's absolutely a great return for the customer in doing that because more and more doing experimentation and the fab is extremely expensive, but it also takes a long time before you have results. And so the more you can essentially build what today would be called digital twins of how things are manufactured and model it electrically the better. So this is an area that we see good growth in and certainly very high strength for Synopsis. And again, I'll use the word trust because -- this -- we are really very much inside of the silicon kitchen here.

好吧，雖然我們沒有詳細披露它的規模，但它是我們設計自動化部門的一部分。正如您可以想像的那樣，隨著我們還採用更小的設備尺寸，該技術變得更加複雜。但這種複雜性也是我們越來越多地與客戶一起參與先進技術開發的原因。這樣做對客戶來說絕對有很大的回報，因為越來越多的實驗和晶圓廠非常昂貴，但也需要很長時間才能得到結果。因此，你越能從本質上構建今天所謂的事物製造方式的數字雙胞胎，並對其進行電氣建模就越好。因此，這是一個我們看到增長良好的領域，當然 Synopsis 的實力非常強。再一次，我會使用信任這個詞，因為——這個——我們真的非常熟悉這裡的矽廚房。

We'll take our next question from Vivek Arya with Bank of America Securities.

我們將接受美國銀行證券公司 Vivek Arya 的下一個問題。

I'm probably nitpicking here, but if I go over the last few years, you were able to raise full year sales outlook almost consistently every quarter. And even when I go to the last call, there was a statement about steady growth throughout the year. That's why I find it surprising, you're not raising your outlook for the year? I mean 14%, 15% is obviously still very impressive. But what is different Aart do you think, between this year versus the last few years in terms of how you saw steady upside throughout the year, but you're not seeing it so far this year.

我可能在這裡吹毛求疵，但如果我回顧過去幾年，你幾乎每個季度都能一致地提高全年銷售預期。甚至當我去參加最後一次電話會議時，也有關於全年穩定增長的聲明。這就是為什麼我感到驚訝，你沒有提高今年的展望？我是說14%，15%顯然還是很可觀的。但你認為 Aart 有什麼不同，在今年與過去幾年之間，你看到全年穩步上升，但今年到目前為止你還沒有看到。

Well, let me just remind you that last quarter, many of you commented that they were surprised that we do 14% to 15% given the uncertainty in the market. I think where we stand right now is that we have a solid understanding of what our customers are doing. We all understand that there's still some open questions on the market, but it feels at least in our domain that we were relatively correct in estimating what would be reasonable to shoot for, for this year. And so at this point in time, we don't see a need to change those numbers. And it's almost impossible to compare one year to another because all the years are so different. And -- but right now, I think we're on a really good track.

好吧，讓我提醒你，上個季度，你們中的許多人評論說，考慮到市場的不確定性，他們對我們做 14% 到 15% 感到驚訝。我認為我們現在所處的位置是我們對客戶的行為有充分的了解。我們都知道市場上仍然存在一些懸而未決的問題，但至少在我們的領域中，我們在估計今年的合理目標方面相對正確。所以在這個時間點，我們認為沒有必要改變這些數字。幾乎不可能將一年與另一年進行比較，因為所有年份都如此不同。而且——但現在，我認為我們正走在一條非常好的軌道上。

Got it. And then Aart as the cost to move to more advanced nodes becomes expensive, is that a positive or a headwind to your sales growth? Does it mean fewer design starts because it's very expensive to do 3-nanometer or 2-nanometer design, but then maybe they become more tool intensive. So I'm just curious, how is it netting out for Synopsys?

知道了。然後 Aart 隨著遷移到更高級節點的成本變得昂貴，這對您的銷售增長是積極的還是不利的？這是否意味著更少的設計開始，因為進行 3 納米或 2 納米設計非常昂貴，但隨後它們可能變得更加工具密集。所以我很好奇，它是如何為 Synopsys 帶來收益的？

Well, for starters, I don't think that there are fewer design starts. I think the race is very much on. Secondly, we've always believed that complexity is a good thing for us because we are an enabler, and I stand in awe of the people developing the new technologies. But hopefully, they stand at least a little bit in awe of us too the fact that we have learned to use massive number of transistors. And I think we have now a fabulous new horizon, which is going from one to multiple chips that are in very close proximity is actually a technology feat in itself. And we're in the midst of that, and it is really exciting that a number of the top leaders in this field are doing production design with us already.

好吧，對於初學者來說，我認為設計開始並不少。我認為比賽非常激烈。其次，我們一直相信複雜性對我們來說是一件好事，因為我們是一個推動者，我對開發新技術的人們感到敬畏。但希望他們至少也對我們學會使用大量晶體管這一事實感到敬畏。我認為我們現在有了一個美妙的新視野，從一個非常接近的芯片到多個芯片，這本身就是一項技術壯舉。我們正身處其中，這一領域的許多頂級領導者已經在與我們一起進行生產設計，這真是令人興奮。

And so this is active learning, and so I'm not worried that it's going to get in the way on the contrary, I think. And I'm on record of having said many times now that a whole new age of systemic complexity has opened up and it retains one characteristic from the past, which is there's unbelievable exponential ambition formulated by Gordon Moore many years ago. Now in a completely different context absolutely continues. The race is on, there's new opportunities. So I want to almost say, bring it on.

所以這是主動學習，所以我不擔心它反而會妨礙我，我想。根據記錄，我已經多次說過，系統複雜性的全新時代已經開啟，它保留了過去的一個特徵，那就是多年前戈登·摩爾 (Gordon Moore) 制定的令人難以置信的指數級野心。現在在完全不同的背景下絕對繼續。比賽開始了，有新的機會。所以我幾乎想說，開始吧。

We'll take our next question from Ruben Roy with Stifel.

我們將接受 Stifel 的 Ruben Roy 的下一個問題。

Aart I had a follow-up on the DSO.ai question that was asked at the beginning part of the Q&A. And I guess the first part of my question is in terms of implementation of the tool, can you talk a little bit about how your customers [create] to see the 100 commercial [paydowns]. But I'm wondering about how customers are using the tool? Is it more a cloud-based implementation that your customers are asking for? Is it horizon prem? Would love to understand kind of so far how that's working. And then I have a quick follow-up following that answer.

Aart 我對 DSO.ai 問題進行了跟進，該問題是在問答環節的開頭部分提出的。我想我的問題的第一部分是關於工具的實施，你能談談你的客戶如何 [創造] 來看到 100 個商業 [paydowns]。但我想知道客戶如何使用該工具？您的客戶要求的更多是基於雲的實施嗎？是地平線prem嗎？很想了解到目前為止它是如何工作的。然後我會根據該答案進行快速跟進。

Great question. Actually, it's both. Remember, though, that the most advanced customers, the biggest ones have themselves enormous clouds. But it's interesting, even there, we see a number of people that say, well, what if had way more compute for a couple of weeks. Could you still better? And the very fact that they are experimenting with that is very exciting because yes you can still do better. And so -- but we have also a number of customers that are now really driving towards wanting to move their company to more cloud-based computation. And we're completely capable and on top of running it in those circumstances. So I think we'll continue to see both, but overall, it's going to be spreading among more and more customers. There's no doubt about that.

很好的問題。其實，兩者兼而有之。但請記住，最先進的客戶，最大的客戶自己也有巨大的陰雲。但有趣的是，即使在那裡，我們也看到很多人說，好吧，如果在幾週內有更多的計算能力會怎樣。你還能更好嗎？他們正在對此進行試驗這一事實非常令人興奮，因為是的，你仍然可以做得更好。所以 - 但我們也有一些客戶現在真正想要將他們的公司轉移到更多基於雲的計算。我們完全有能力在這種情況下運行它。所以我認為我們會繼續看到兩者，但總的來說，它將在越來越多的客戶中傳播。毫無疑問。

Right. Okay. And the follow-up to that is the beauty of AI and generative AI, we've been hearing a lot about it, obviously, over the last few weeks and months is the concept of learning as the systems get more information. And so I would think that, that would tend to mean that as we move forward here and the system gets better on learning, whether it's fiscal layout or improving some of the [sophistication] that you talked about, that it should accelerate use cases. Is that the right way to think about DSO.ai?

正確的。好的。隨之而來的是 AI 和生成 AI 的美妙之處，我們已經聽到了很多關於它的信息，顯然，在過去的幾周和幾個月裡，隨著系統獲得更多信息而學習的概念。所以我認為，這往往意味著隨著我們向前推進，系統在學習方面變得更好，無論是財務佈局還是改進你談到的某些 [複雜性]，它應該加速用例。這是考慮 DSO.ai 的正確方式嗎？

It's absolutely a good way to think about it because you're absolutely right. When a product can essentially improve itself over time, what is there to find negative about that? That is great. The results do get better. But generally it's not only the product that's getting better. It is also the product's understanding of the specific design it's working on getting better. And we often forget that, well, a lot of people talk about, "Oh, is this new design we're doing and new design we're doing." The fact is many of these designs are derivatives of already existing designs.

這絕對是一個很好的思考方式，因為你是絕對正確的。當一個產品可以隨著時間的推移從本質上改進自己時，有什麼可以對此感到消極的呢？太棒了。結果確實變得更好。但總的來說，不僅僅是產品變得更好。這也是產品對其正在努力改進的特定設計的理解。我們經常忘記，好吧，很多人都在談論，“哦，我們正在做的這個新設計和我們正在做的新設計。”事實上，這些設計中的許多都是現有設計的衍生產品。

And we have fantastic evidence of demonstrating that when DSO.ai was used on an earlier version that it has a lot of stuff that it can learn from that version and directly apply to the next incarnation of the chip. And that includes, by the way, if that chip needs to go to a different silicon technology or if that chip gets a few other additional blocks to let's say, personalize it to a different customer of the customer. And I think there is a lot of potential in all of these things to still do way, way, way better, but the advances are remarkable, and we're tracking this, and we see quarter-by-quarter new breakthroughs in many things. And that's absolutely exciting.

我們有很好的證據表明，當 DSO.ai 在早期版本上使用時，它有很多東西可以從該版本中學習並直接應用於芯片的下一個化身。順便說一句，這包括該芯片是否需要採用不同的矽技術，或者該芯片是否需要其他一些額外的模塊，比如說，針對客戶的不同客戶對其進行個性化設置。而且我認為所有這些事情都有很大的潛力仍然可以做得更好，但進步是顯著的，我們正在追踪這一點，我們看到許多事情每季度都有新的突破.這絕對令人興奮。

We'll take our next question from Gianni Conti with Deutsche Bank.

我們將從德意志銀行的 Gianni Conti 那裡回答下一個問題。

So maybe starting with SIG. Could you maybe share some more color on its performance this quarter and whether you've seen any new wins versus backdrops from clients pushing away maybe some projects that were in the pipeline previously? I'd imagine the professional services arm and maybe some of those initial surveys would be those are suffering a little bit more. However, I mean, it's still great to see that growth is higher from our breakdown as well as margin improvement. So maybe just give me a little sense of how is that development in terms of projects? And then I'll ask a follow-up after.

所以也許從 SIG 開始。您能否就本季度的表現分享更多色彩，以及您是否看到任何新的勝利與客戶推掉之前正在籌備中的一些項目的背景？我想像專業服務部門，也許其中一些初步調查會受到更多的影響。但是，我的意思是，很高興看到我們的細分和利潤率提高帶來了更高的增長。所以也許只是讓我了解一下項目的發展情況？然後我會問一個跟進。

Sure. Well, in any case, there are always a couple of dimensions to the progress because what has been interesting, we have invested now for a few years in a platform that brings multiple tools together. And the reason this is important is that security problems are not simple to diagnose, and there are many different types of problems. And recently, what the people would want to have that are in charge of security, so more top-down in the company is an overview of which what gets caught where and how do you bring these diagnostics together to have a better assessment of the risks that they have to manage.

當然。好吧，無論如何，進步總是有幾個方面，因為有趣的是，我們現在已經投資了幾年，一個平台將多種工具結合在一起。這一點之所以重要，是因為安全問題診斷起來並不簡單，而且存在許多不同類型的問題。最近，負責安全的人們希望擁有什麼，所以公司自上而下的概述是什麼在什麼地方被捕獲以及如何將這些診斷結合在一起以更好地評估風險他們必須管理。

And so the indirect impact on us who is doing this better and better is the fact that we're also seeing that our customers are starting to increasingly buy multiple products from us rather than initially buying one that they may use for a while. So that is the side effect essentially of ourselves, providing more systemic complexity assessment than before. At the same time, the normal business continues as mentioned in the economic surroundings, what we see essentially is that the levels of signatures needed to close deals takes a little bit longer.

因此，對我們做得越來越好的間接影響是，我們也看到我們的客戶開始越來越多地從我們這裡購買多種產品，而不是最初購買他們可能會使用一段時間的產品。所以這基本上是我們自己的副作用，提供比以前更多的系統複雜性評估。與此同時，正如經濟環境中提到的那樣，正常業務仍在繼續，我們基本上看到的是完成交易所需的簽名水平需要更長的時間。

But overall, there's no doubt that this is an area that continues to grow and has still a lot of potential because a lot of customers are barely at Stage 1 of automating this. And our technology progress is actually quite strong. And so we're looking at growing between 15% and 20% this year, which is exactly on the target that we had told you before. And it's exciting. It's close to 10% of Synopsys. And with a little luck, we will pass the $0.5 billion mark pretty soon.

但總的來說，毫無疑問，這是一個持續增長的領域，並且仍有很大的潛力，因為許多客戶幾乎沒有處於自動化的第一階段。而我們的技術進步其實是相當強勁的。因此，我們希望今年增長 15% 到 20%，這正是我們之前告訴過你的目標。這很令人興奮。它接近 Synopsys 的 10%。運氣好的話，我們很快就會突破 5 億美元大關。

Great. That was really helpful. My follow-up would be, maybe on DSO.ai. Could you maybe talk a little bit about the training time for existing engineers using the new tool that are only going in new design. Is it time consuming? Or are they using pretty much the same GUI. And also maybe if you could just share a little bit on how does that compare to competition such as (inaudible) to say. It seems like you guys are both doing sort of like a race towards capturing the most amount of the market, and it seems to be a great growth opportunity. So maybe yes, it's basically 2 questions in one about training time and using same interface GUI versus competition as well?

偉大的。這真的很有幫助。我的後續行動可能會在 DSO.ai 上進行。您能否談談現有工程師使用僅在新設計中使用的新工具的培訓時間。很費時間嗎？或者他們是否使用幾乎相同的 GUI。而且，也許您可以分享一下與競爭相比如何，例如（聽不清）說。看起來你們都在做一場爭奪最大市場份額的競賽，這似乎是一個巨大的增長機會。所以也許是的，這基本上是關於培訓時間和使用相同界面 GUI 與競爭的兩個問題？

Sure. Well, on training, of course, there are 2 types of training, right? There's training of the tool, there's training of the user. And I must say, I have personally been surprised because initially, when we had these fantastic results in early 2020. I thought, okay, well, that's great, but it's going to take a while before they adopt it. But the results were so good that people actually couldn't resist adopting it even not having fully appreciated what it would take to do things, and of course, our own AEs, as Jay mentioned earlier, we're well trained to help them. But initially, we didn't do it with too many customers.

當然。那麼，關於培訓，當然有兩種類型的培訓，對嗎？有工具培訓，有用戶培訓。我必須說，我個人感到很驚訝，因為最初，當我們在 2020 年初取得了這些出色的成果時。我想，好吧，這很好，但他們需要一段時間才能採用它。但結果是如此之好，以至於人們實際上無法抗拒採用它，即使沒有完全理解做事需要什麼，當然，我們自己的 AE，正如 Jay 之前提到的，我們訓練有素可以幫助他們。但最初，我們並沒有對太多的客戶這樣做。

And so that first year, 1.5 years, we had a limited set of really advanced customers, and we followed the same recipe, whoever runs fast is with us, we will run fast with them. And so the training has never made it to be a real issue in the discussions we've had. Now that doesn't mean that this is just super easy. It means that I think we are well equipped to take the design processes that our customers have, which we, by the way, know very well. And adopt the tool to it and modifies slightly the process for the tool. So I think we've done well. It's hard for me to compare to competition, and it always feels like difficult to be objective about that. But I would say that we had the benefit of getting fantastic results already a number of years ago. And we are very, very rapidly moving to next generations of our tool and solution.

所以第一年，也就是 1.5 年，我們有一組有限的真正高級客戶，我們遵循相同的秘訣，誰跑得快就和我們在一起，我們就會和他們一起跑得快。因此，在我們進行的討論中，培訓從未成為真正的問題。這並不意味著這非常簡單。這意味著我認為我們有能力採用客戶的設計流程，順便說一下，我們非常了解這些流程。並對其採用工具並為工具略微修改過程。所以我認為我們做得很好。對我來說很難與競爭相提並論，並且總是感覺很難客觀地看待這一點。但我要說的是，我們在很多年前就已經取得了出色的成績。我們正在非常、非常迅速地轉向我們的下一代工具和解決方案。

And the very fact that we are now well over 100 production designs should tell you that this is not driving with training wheels, so to speak, this bike is going down the hill at high speed as only kids would dare to do. And the -- I think we will continue to see excellent results. And I think I had also mentioned in the preamble that we've broadened substantially the applicability not only in the digital space, but some of the parallel spaces of test and verification and also [logic] signal. And so these are broad, open areas of opportunity for us.

而我們現在擁有超過 100 種生產設計的事實應該告訴你，這不是用輔助輪驅動，可以說，這輛自行車正在高速下山，只有孩子才敢這樣做。而且 - 我認為我們將繼續看到出色的結果。我想我在序言中也提到過，我們不僅在數字空間，而且在測試和驗證的一些並行空間以及 [邏輯] 信號中都大大擴展了適用性。因此，這些對我們來說是廣闊的、開放的機會領域。

We'll take our next question from Blair Abernethy with Rosenblatt Securities.

我們將接受 Blair Abernethy 與 Rosenblatt Securities 的下一個問題。

And nice results. I just want to follow up with DSO.ai question. Aart from a Synopsys perspective, is the margin opportunity, is it similar to your core EDA tools? Do you have to put more resources to get this product in the market and ramp it? Or is it along the same lines as your core business?

和不錯的結果。我只想跟進 DSO.ai 問題。從 Synopsys 的角度來看，Aart 是利潤機會，它與您的核心 EDA 工具類似嗎？您是否必須投入更多資源才能將此產品推向市場並擴大規模？還是與您的核心業務相同？

It may be somewhat simplistic terms. I would say when you suddenly have a staff that does work in 1/3 of the time and gets you another 10% or so better speed and lower power. Margin issues are not really the driver. It's more like, okay, can they find the budget to keep moving here? And I don't want to be too light about a statement like that because we work with people for many, many years. And it is very important that we feather in the ability for our customers to adopt, be successful themselves in good and tougher times. But overall, I think there's no question. These are technical advances of extremely high value, and they directly multiply the opportunity space that our customers have. So I think we will be okay.

這可能是一些簡單化的術語。我想說的是，當你突然有一個工作人員可以在 1/3 的時間內工作，並讓你再提高 10% 左右的速度和更低的功率時。利潤率問題並不是真正的驅動因素。更像是，好吧，他們能找到繼續搬到這裡的預算嗎？而且我不想對這樣的聲明過於輕描淡寫，因為我們與人們一起工作了很多很多年。非常重要的是，我們要讓我們的客戶能夠在順境和逆境中採用並取得成功。但總的來說，我認為這是毫無疑問的。這些都是具有極高價值的技術進步，它們直接增加了我們客戶擁有的機會空間。所以我想我們會沒事的。

Okay. Great. And just one quick one for you, Shelagh. You mentioned $40 million to $50 million in restructuring costs. Can you just tell us sort of what areas are impacted? And is that when -- is that coming through in Q1, Q2, Q3? When do those expenses get recognized?

好的。偉大的。 Shelagh，給你一個快速的。你提到了 4000 萬到 5000 萬美元的重組成本。您能告訴我們哪些領域受到了影響嗎？那是什麼時候——第一季度、第二季度、第三季度會出現這種情況嗎？這些費用什麼時候得到確認？

It will come through over the first 3 quarters of the year. A portion of it is sitting in Q1, about $41 million of that is hitting in Q1. And what we're really doing is we're doing a small reduction. And then we're taking that investment and shifting it into some of the growth areas that we've talked about today. So we're using this as a way to rebalance and set ourselves up for that future growth trajectory.

它將在今年前三個季度完成。其中一部分在第一季度，其中約 4100 萬美元在第一季度實現。而我們真正在做的是我們正在做一個小的減少。然後我們將這筆投資轉移到我們今天談到的一些增長領域。因此，我們將此作為一種重新平衡的方式，並為未來的增長軌跡做好準備。

And that concludes the question-and-answer session. I would like to turn the call back over to our Chair and CEO, Aart de Geus.

問答環節到此結束。我想將電話轉回給我們的主席兼首席執行官 Aart de Geus。

Well, thank you very much for participating in the call. If nothing else, you probably heard in our voice some degree of enthusiasm for the advances that we're making. And as you know, we will be looking forward to speaking to some of you later on today. With that, stay safe, and have a great day. Bye-bye.

非常感謝您參與電話會議。如果不出意外，您可能從我們的聲音中聽到了對我們正在取得的進步的某種程度的熱情。如您所知，我們期待著在今天晚些時候與你們中的一些人交談。有了它，保持安全，祝你有美好的一天。再見。

And that concludes today's presentation. Thank you for your participation. You may now disconnect.

今天的演講到此結束。感謝您的參與。您現在可以斷開連接。