新思科技 (SNPS) 2023 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys Earnings Conference Call for the Second Quarter of Fiscal Year 2023. (Operator Instructions). Today's call will last 1 hour. As a reminder, today's call is being recorded. At this time, I would like to turn the conference over to Trey Campbell, Senior Vice President, Investor Relations. Please go ahead.

女士們，先生們，歡迎參加 Synopsys 2023 財年第二季度的收益電話會議。（操作員說明）。今天的通話將持續 1 小時。提醒一下，今天的通話正在錄音中。此時，我想將會議轉交給投資者關係高級副總裁 Trey Campbell。請繼續。

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

謝謝。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。在我們開始之前，我想提醒大家，在本次電話會議期間，Synopsys 將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。

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 factors that may affect our future results are described in our most recent SEC reports and today's earnings press release.

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，我們最近的美國證券交易委員會報告和今天的收益新聞稿中還描述了可能影響我們未來業績的重要因素。

In addition, we will refer to certain 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. With that, I'll turn the call over to Aart de Geus.

此外，我們將在討論中提及某些非 GAAP 財務措施。可以在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中找到與其最直接可比的 GAAP 財務措施和補充財務信息的調節。所有這些項目以及最新的投資者介紹都可以在我們的網站 synopsys.com 上找到。此外，準備好的評論將在電話會議結束時發佈在我們的網站上。有了這個，我會把電話轉給 Aart de Geus。

Good afternoon. We delivered excellent results in the second quarter, exceeding all our guidance targets while reaching another quarterly revenue record. Revenue of $1.395 billion was above the high end of our guidance range with non-GAAP operating margin at 33.3%. GAAP earnings per share was $1.76, while non-GAAP earnings per share was above the high end of our target range at $2.54.

下午好。我們在第二季度取得了優異的成績，超過了我們所有的指導目標，同時又創下了季度收入記錄。 13.95 億美元的收入高於我們指導範圍的高端，非 GAAP 營業利潤率為 33.3%。 GAAP 每股收益為 1.76 美元，而非 GAAP 每股收益高於我們目標範圍的上限 2.54 美元。

We generated $703 million of operating cash flow and increased our backlog to $7.3 billion. The market is playing out much as we expected when we planned the year. Demand is weaker for semiconductors overall, with consumer end markets most impacted. Despite choppy macroeconomic conditions, customers continue to prioritize R&D for new chip designs so that they emerge stronger when demand accelerates.

我們產生了 7.03 億美元的運營現金流，並將積壓訂單增加到 73 億美元。市場的表現正如我們計劃這一年時所預期的那樣。整體而言，半導體需求疲軟，消費終端市場受影響最大。儘管宏觀經濟形勢動盪不安，但客戶繼續優先考慮新芯片設計的研發，以便在需求加速時變得更強大。

The transition to Smart Everything is well underway and will drive significant long-term growth for semiconductors and outsized contribution for us. Against this backdrop, we planned and are executing accordingly. Based on continued strong design activity and high confidence in our business, we are raising our full year revenue guidance range to between $5.79 billion and $5.83 billion.

向 Smart Everything 的過渡正在順利進行，這將推動半導體的長期顯著增長，並為我們做出巨大貢獻。在此背景下，我們進行了相應的規劃和執行。基於持續強勁的設計活動和對我們業務的高度信心，我們將全年收入指導範圍提高到 57.9 億美元至 58.3 億美元之間。

We're increasing our year-over-year non-GAAP ops margin improvement expectation to 150 basis points, up approximately 0.5 point versus prior guidance. We are raising our full year non-GAAP EPS range to between $10.77 and $10.84. Shelagh will discuss the financials in more detail. Let me give some color for the quarter. In March, we held SNUG, our yearly Synopsys Users Group Conference in Silicon Valley. Including its follow-on road shows, we bring together over 12,000 passionate design engineers around our common focus of driving innovation in chip and system design.

我們將同比非 GAAP 運營利潤率提高預期提高到 150 個基點，比之前的指導高約 0.5 個百分點。我們將全年非 GAAP 每股收益範圍提高到 10.77 美元至 10.84 美元之間。 Shelagh 將更詳細地討論財務狀況。讓我給這個季度一些顏色。 3 月，我們在矽谷舉行了年度 Synopsys 用戶組會議 SNUG。包括其後續路演在內，我們匯集了超過 12,000 名充滿激情的設計工程師，圍繞我們推動芯片和系統設計創新的共同重點。

Live after 3 years of COVID, the conference was fantastically engaging. Our audience fully recognized how design parameters and product requirements have become exponentially more complex and interwoven accelerated by the breakthroughs of multi-die designs. Simultaneously, the end market hunger for Smart Everything puts huge pressure on increasing performance per watt to the limit.

在經歷了 3 年的 COVID 之後，這次會議非常吸引人。我們的聽眾充分認識到設計參數和產品要求如何因多芯片設計的突破而變得更加複雜和交織在一起。同時，終端市場對 Smart Everything 的渴望給將每瓦性能提高到極限帶來了巨大壓力。

And on top of that, security and safety are now becoming mandatory everywhere. Synopsys' vision and mission of smart, secure and safe thus sets both a high bar and foreshadows great opportunities for our customers and our company. Users told me though that while system complexities are growing exponentially, design resources are not. Design productivity thus requires a catalytic step function change in our approach.

最重要的是，安保和安全現在已成為無處不在的強制性要求。 Synopsys 的智能、安全和安全的願景和使命因此為我們的客戶和我們的公司設定了高標準並預示著巨大的機會。用戶告訴我，儘管系統複雜性呈指數級增長，但設計資源卻沒有。因此，設計生產力需要在我們的方法中進行催化階躍函數改變。

To us, this inflection comes from AI. We are embedding AI in everything we do. We have made world-class advance in design flow automation, and our customers are now adopting Synopsys AI on production designs at a remarkable rate. This is not by accident. Twelve years ago, we called out a vision of Smart Everything, unleashed by the intersection of big data and machine learning.

對我們來說，這種變化來自人工智能。我們正在將 AI 嵌入到我們所做的每一件事中。我們在設計流程自動化方面取得了世界一流的進步，我們的客戶現在正在以驚人的速度在生產設計中採用 Synopsys AI。這並非偶然。十二年前，我們提出了智能一切的願景，大數據和機器學習的交叉釋放。

Since then, we applied ML everywhere on our product offering. In 2017, we decided to harness AI for entire design sub flows and began investing in DSO.ai where DSO stands for design space optimization. We are rapidly progressed from prototype to customer validation of AI-driven results in 2019, recognized by the Aspen core IEEE World Electronics Achievement award for Innovative Product of the Year in 2020.

從那時起，我們就在我們的產品中到處應用機器學習。 2017 年，我們決定將 AI 用於整個設計子流程，並開始投資 DSO.ai，其中 DSO 代表設計空間優化。我們在 2019 年從原型快速發展到 AI 驅動結果的客戶驗證，並在 2020 年獲得 Aspen 核心 IEEE 世界電子成就獎年度創新產品獎。

The following year, at the 2021 Hot Chips conference, we unveiled our pioneering AI journey and road map, showcased by a slew of remarkable results. DSO.ai delivered not only better speed and power on large and complex design blocks, but it did so in a fraction of the time, meaning month down 2 weeks, while requiring fewer, less specialized designers.

第二年，在 2021 年 Hot Chips 大會上，我們公佈了開創性的 AI 之旅和路線圖，並展示了一系列卓越的成果。 DSO.ai 不僅在大型和復雜的設計塊上提供了更好的速度和能力，而且只用了一小部分時間，這意味著一個月減少了 2 週，同時需要更少、更少專業的設計師。

This did not go unnoticed as it had been validated weeks earlier by Samsung, an early partner, announcing the world's first AI-driven commercial tape-out with DSO.ai. By the end of 2022, adoption, including 9 of the top 10 semiconductor vendors have moved forward at great speed with 100 AI-driven commercial tape-outs. Today, the tally is well over 200 and continues to increase at a very fast clip as the industry broadly adopts AI for design from Synopsys.

這一點並沒有被忽視，因為它已經在幾週前得到了早期合作夥伴三星的驗證，三星宣布了世界上第一個由 DSO.ai 驅動的商業流片。到 2022 年底，包括前 10 大半導體供應商中的 9 家在內的採用率已經以 100 項人工智能驅動的商業流片快速推進。如今，這一數字已遠遠超過 200，並且隨著業界廣泛採用 Synopsys 的 AI 進行設計而繼續以非常快的速度增長。

But we have not set still. At SNUG, we unveiled the industry's first full stack AI-driven EDA suite, sydnopsys.ai. Specifically, in parallel to second-generation advances in DSO.ai we announced VSO.ai, which stands for verification space optimization; and TSO.ai, test space optimization. In addition, we are extending AI across the design stack to include analog design and manufacturing.

但我們還沒有坐以待斃。在 SNUG，我們推出了業界首個全棧 AI 驅動的 EDA 套件 sydnopsys.ai。具體來說，在 DSO.ai 的第二代進步的同時，我們宣布了 VSO.ai，它代表驗證空間優化；和 TSO.ai，測試空間優化。此外，我們正在將 AI 擴展到整個設計堆棧，以包括模擬設計和製造。

Partners in the announcement included NVIDIA, TSMC, MediaTek, Renesas and IBM Research, all providing stunning use cases of the rapid progress and criticality of Synopsys.ai to deliver their breakthrough results. As an example, Renesas achieved up to 10x improvement in reducing functional coverage holes and up to 30% increase in verification productivity (sic) [IP verification productivity].

公告中的合作夥伴包括 NVIDIA、台積電、聯發科、瑞薩電子和 IBM Research，它們都提供了令人驚嘆的用例，說明 Synopsys.ai 的快速進步和關鍵性，以實現他們的突破性成果。例如，瑞薩電子在減少功能覆蓋漏洞方面實現了高達 10 倍的改進，並將驗證生產率 (sic) [IP 驗證生產率] 提高了高達 30%。

This is substantial progress, yet is still only the beginning of our AI journey. The road map of optimizing, automating and generative AI use cases is wide open to deliver productivity breakthroughs for years to come. Turning now to our segment results. Let me start with Design Automation, which accounts for roughly 65% of Synopsys' revenue. Design Automation had a very strong quarter with robust order and revenue growth.

這是一項重大進展，但仍只是我們人工智能之旅的開始。優化、自動化和生成 AI 用例的路線圖是開放的，可以在未來幾年實現生產力突破。現在轉向我們的細分結果。讓我從設計自動化開始，它約佔 Synopsys 收入的 65%。 Design Automation 有一個非常強勁的季度，訂單和收入增長強勁。

Let me lead off by recognizing the 1-year anniversary of Synopsys cloud, the industry's first and only SaaS solution that provides customers with a completely browser-based experience, optimized compute and preconfigured EDA flows. We're seeing excellent momentum as customers gain significant time-to-market advantages with the industry's only cloud-optimized pay-per-use business model, providing on-demand tool access with cloud scale elasticity.

首先讓我慶祝 Synopsys 云成立 1 週年，這是業界第一個也是唯一一個為客戶提供完全基於瀏覽器的體驗、優化的計算和預配置的 EDA 流程的 SaaS 解決方案。我們看到了巨大的發展勢頭，因為客戶通過業界唯一的雲優化按使用付費業務模式獲得了顯著的上市時間優勢，提供了具有云規模彈性的按需工具訪問。

In the past year, we have doubled our customer base every quarter this year with the SaaS model accounting for 70% of users. Market adoption of our Fusion Compiler continues to grow across vertical segments and manufacturing nodes. This quarter, we won many major designs, including wins at 2 top Asian semiconductor companies and a leading high-performance computing company.

在過去的一年裡，我們今年每個季度的客戶群都翻了一番，SaaS 模式的用戶佔比達到 70%。我們的 Fusion Compiler 的市場採用率在垂直領域和製造節點上持續增長。本季度，我們贏得了許多重大設計，包括贏得兩家亞洲頂級半導體公司和一家領先的高性能計算公司。

Fusion Compiler is leading advanced 3-nanometer node tape-outs, with roughly 2/3 of designs exclusively using Synopsys flows. We continue to drive our Design Automation leadership. In Q2, we announced a collaboration with TSMC to deliver digital and custom-designed EDA flows on their most advanced 2-nanometer process node. Our full EDA stack, complemented with the timeliness of IP offering, allows designers to jump start their 2-nanometer designs, differentiate their SoCs and accelerate their time to market.

Fusion Compiler 引領先進的 3 納米節點流片，大約 2/3 的設計完全使用 Synopsys 流程。我們繼續推動我們的設計自動化領導地位。在第二季度，我們宣布與台積電合作，在其最先進的 2 納米工藝節點上提供數字和定制設計的 EDA 流程。我們完整的 EDA 堆棧與及時提供的 IP 相輔相成，使設計人員能夠快速啟動他們的 2 納米設計，使他們的 SoC 脫穎而出並加快上市時間。

Expanding from digital, we continue to grow and displays competition in the custom design market. We earned 8 new design wins in Q2, giving us 23 wins year-to-date. We also benefit from a growing pipeline of top customers using Synopsys for advanced node retargeting. Transitioning to multi-die chip design, leading the industry's transformation from monolithic SoCs to multi-die systems with a comprehensive and scalable solution for fast heterogeneous integration.

從數字擴展，我們繼續發展並展示定制設計市場的競爭。我們在第二季度贏得了 8 項新設計，今年迄今已贏得 23 項。我們還受益於越來越多的頂級客戶使用 Synopsys 進行高級節點重定向。過渡到多管芯芯片設計，通過全面且可擴展的快速異構集成解決方案引領行業從單片 SoC 到多管芯系統的轉變。

In Q2, we deployed our multi-die VCS functional verification at a leading U.S. high-performance computing customer, delivering more than 2x faster turnaround time. We also announced our collaboration with TSMC and ANSYS for multi-die system design and manufacturing providing the industry's most comprehensive EDA and IP solutions on TSMC's advanced process technologies. We've often talked about the unbounded demands for verification.

在第二季度，我們為一家領先的美國高性能計算客戶部署了我們的多芯片 VCS 功能驗證，將周轉時間縮短了 2 倍以上。我們還宣布與 TSMC 和 ANSYS 合作進行多芯片系統設計和製造，提供基於 TSMC 先進工藝技術的業界最全面的 EDA 和 IP 解決方案。我們經常談論驗證的無限需求。

The need for verification acceleration is unrelenting. Our customers want more, more throughput, more capacity and more energy efficiency, all with lower total cost of ownership. This quarter, we announced ZeBu Server 5, the industry's first emulation system with unmatched capacity to enable electronic digital twins of advanced SoCs.

驗證加速的需求是無情的。我們的客戶想要更多、更高的吞吐量、更多的容量和更高的能源效率，所有這些都需要更低的總擁有成本。本季度，我們發布了 ZeBu Server 5，這是業界首款具有無與倫比容量的仿真係統，可實現高級 SoC 的電子數字孿生。

ZeBu Server 5 delivers this with 2x higher throughput and 2x lower energy usage compared to our previous generation. We are seeing pull from a broad range of semiconductor system and hyperscaler companies with exceptional adoption results. One large semiconductor company saw ZeBu Server 5 deliver a 40% reduction in compile times on multiple large designs.

與上一代產品相比，ZeBu Server 5 的吞吐量提高了 2 倍，能耗降低了 2 倍。我們看到了來自廣泛的半導體系統和超大規模公司的拉動，並取得了出色的採用結果。一家大型半導體公司發現 ZeBu Server 5 將多個大型設計的編譯時間縮短了 40%。

Finally, I want to highlight a breakthrough on the manufacturing front that NVIDIA announced at its March GTC conference. Currently lithography is nearing the limits of what physics makes possible. Our collaboration with NVIDIA remedies this by running Synopsys' OPC, optical proximity correction software, on NVIDIA's computational lithography platform named cuLitho.

最後，我想強調一下 NVIDIA 在 3 月份的 GTC 大會上宣布的製造方面的突破。目前，光刻技術已接近物理學所能達到的極限。我們與 NVIDIA 的合作通過在 NVIDIA 名為 cuLitho 的計算光刻平台上運行 Synopsys 的 OPC（光學鄰近校正軟件）來解決這個問題。

Our collaboration massively reduces compute time from literally weeks to days. Now let's move to Design IP, which is roughly 25% of our revenue. This quarter, we're celebrating 25 years from being in the IP business. Starting with simple building blocks and interfaces then, we now provide entire IP subsystems. Today, we have over 7,500 IP components supporting 340 process technologies, all driven by the same smart, secure and safe innovation imperative.

我們的協作將計算時間從數周大幅縮短至數天。現在讓我們轉向設計 IP，這大約占我們收入的 25%。本季度，我們將慶祝從事知識產權業務 25 週年。我們從簡單的構建塊和接口開始，現在提供完整的 IP 子系統。今天，我們擁有支持 340 種工藝技術的 7,500 多個 IP 組件，所有這些都是由同樣的智能、安全和安全創新驅動的。

Momentum in the business is very strong with demand fueled by high-performance computing, automotive and mobile applications where Smart Everything devices need high speed and secure connectivity increasingly architected for multi-die systems. These systems drive the need for state-of-the-art high-speed die-to-die interfaces, led by UCIe or Universal Chiplet Interconnect Express, which is rapidly becoming the industry standard.

在高性能計算、汽車和移動應用的推動下，業務發展勢頭非常強勁，其中 Smart Everything 設備需要高速和安全的連接，越來越多地為多芯片系統構建。這些系統推動了對以 UCIe 或 Universal Chiplet Interconnect Express 為首的最先進的高速 die-to-die 接口的需求，它正在迅速成為行業標準。

We continue to build technical leadership in advanced nodes. In Q2, we received outstanding silicon results on our 224 gig PHY IP already demonstrated at multiple conferences. We're also achieving excellent silicon results and customer engagements on the advanced 3-nanometer process across multiple IP products, including our high-speed interfaces and foundation IP. Third, the Software Integrity segment, which represents around 10% of our revenue. Another milestone here as well as we just passed the $500 million mark in trailing 12-month revenue. The imperative for security and quality in software is vital. Today, every meaningful business is the Software business. Our solutions help companies improve and manage security and quality vectors across a broad set of vertical end markets.

我們繼續在高級節點中建立技術領先地位。在第二季度，我們的 224 gig PHY IP 獲得了出色的矽片結果，該 IP 已經在多個會議上展示過。我們還在多個 IP 產品（包括我們的高速接口和基礎 IP）的先進 3 納米工藝上取得了出色的矽結果和客戶參與。第三，軟件完整性部分，約占我們收入的 10%。這裡的另一個里程碑以及我們剛剛過去 12 個月的收入突破了 5 億美元大關。對軟件安全性和質量的要求至關重要。今天，每一項有意義的業務都是軟件業務。我們的解決方案可幫助公司在廣泛的垂直終端市場中改進和管理安全和質量向量。

While this part of our business is the most affected by the challenging macro environment, we delivered solid growth with notable wins across vertical segments, including technology, financials, health care and telecommunications. We also continue to see most of this segment's revenue driven by customers adopting 2 or more of our solutions as they consolidate providers for efficiency and economics.

雖然我們這部分業務受充滿挑戰的宏觀環境影響最大，但我們實現了穩健增長，在垂直領域（包括技術、金融、醫療保健和電信）取得了顯著勝利。我們還繼續看到該細分市場的大部分收入是由客戶在整合供應商以提高效率和經濟性時採用我們的 2 種或多種解決方案所推動的。

One last closing point. This week, we released our 2022 ESG report. Throughout this call, I've highlighted the privilege of delivering world-changing technology. For Synopsys, this starts with a commitment to maximize our positive impact and to use our influence to drive broad-based change. I encourage you to read our full report at synopsys.com.

最後一個結束點。本週，我們發布了 2022 年 ESG 報告。在整個電話會議中，我強調了提供改變世界的技術的特權。對於 Synopsys，這始於承諾最大限度地發揮我們的積極影響，並利用我們的影響力推動基礎廣泛的變革。我鼓勵您在 synopsys.com 上閱讀我們的完整報告。

In summary, we have excellent Q2 financial results and operational execution, growing confidence in the second half of the year. We're raising our guidance for full year revenue to between $5.79 and $5.83 billion -- sorry, the cents was mistaken here. We now expect to improve full year non-GAAP op margin by 150 basis points versus last year. We are raising our year-over-year non-GAAP earnings per share growth expectation to 21% to 22%.

總而言之，我們擁有出色的第二季度財務業績和運營執行力，對下半年的信心不斷增強。我們將全年收入的指引提高到 5.79 美元至 58.3 億美元之間——抱歉，這裡的美分是錯誤的。我們現在預計全年非 GAAP 營業利潤率比去年提高 150 個基點。我們將同比非 GAAP 每股收益增長預期上調至 21% 至 22%。

We have a resilient business model, uncommon in most software companies. Despite expected macroeconomic headwinds throughout the year, our customers continue to prioritize investments in the chips, systems and security that will position them for future growth. As you heard, we continue to invest in advanced technologies, multi-die design solutions, state-of-the-art IP and the leading-edge EDA AI-driven suite to make this decade of smart, secure and safe products happen.

我們有一個有彈性的商業模式，這在大多數軟件公司中都不常見。儘管預計全年宏觀經濟逆風，但我們的客戶繼續優先投資芯片、系統和安全，這將使他們為未來的增長做好準備。正如您所聽到的，我們繼續投資於先進技術、多芯片設計解決方案、最先進的 IP 和領先的 EDA AI 驅動套件，以實現這十年的智能、安全和安全產品。

I would like to thank our employees and our partners for their dedication and passion that makes this possible. With that, I'll turn it over to Shelagh.

我要感謝我們的員工和合作夥伴的奉獻精神和熱情，使這一切成為可能。有了這個，我會把它交給 Shelagh。

Thank you, Aart. Q2 was a record revenue quarter, and we delivered revenue and EPS above the high end of our guidance range. Our strong results are driven by our execution and leadership position across our segments, robust chip and system design activity despite macro choppiness and a resilient, stable time-based business model with $7.3 billion in noncancelable backlog.

謝謝你，阿爾特。第二季度是創紀錄的收入季度，我們的收入和每股收益高於我們指導範圍的高端。我們強勁的業績得益於我們在各個細分市場的執行力和領導地位、強勁的芯片和系統設計活動，儘管宏觀動盪，以及具有 73 億美元不可取消積壓訂單的彈性、穩定的基於時間的商業模式。

We remain confident in our business, and as a result, we are raising our full year targets for revenue, non-GAAP operating margin improvement and EPS. I'll now review our second quarter results. All comparisons are year-over-year unless otherwise stated. We generated total revenue of $1.395 billion. Total GAAP costs and expenses were $1.108 billion. Total non-GAAP costs and expenses were $930 million resulting in non-GAAP operating margin of 33.3%.

我們對我們的業務仍然充滿信心，因此，我們提高了全年收入、非 GAAP 營業利潤率改善和每股收益目標。我現在回顧一下我們的第二季度業績。除非另有說明，否則所有比較均為同比。我們創造了 13.95 億美元的總收入。 GAAP 成本和支出總額為 11.08 億美元。非 GAAP 成本和支出總額為 9.3 億美元，非 GAAP 營業利潤率為 33.3%。

GAAP earnings per share were $1.76, and non-GAAP earnings per share were $2.54. Now on to our segments. Design Automation segment revenue was $928 million, up 13%, driven by continued strength in both EDA software and hardware. Design Automation adjusted operating margin was 38.8%. Design IP segment revenue was $335 million down 4% due to a tough compare to Q2 '22, which was an exceptionally strong IP quarter.

GAAP 每股收益為 1.76 美元，非 GAAP 每股收益為 2.54 美元。現在進入我們的細分市場。設計自動化部門的收入為 9.28 億美元，增長 13%，這主要得益於 EDA 軟件和硬件的持續增長。設計自動化調整後的營業利潤率為 38.8%。設計 IP 部門的收入為 3.35 億美元，下降 4%，原因是與 22 年第二季度相比表現不佳，這是一個異常強勁的 IP 季度。

Adjusted operating margin was 25.8%. Software Integrity revenue was $132 million, up 17% and adjusted operating margin was 13.9%. Despite some macro impact on this segment, we continue to expect Software Integrity revenue growth of 15% to 20% with expanding adjusted operating margin for 2023. Turning to cash. We generated $703 million in operating cash flow, and we used $300 million of our cash for stock buybacks.

調整後的營業利潤率為 25.8%。軟件完整性收入為 1.32 億美元，增長 17%，調整後的營業利潤率為 13.9%。儘管對該細分市場產生了一些宏觀影響，但我們繼續預計軟件完整性收入將增長 15% 至 20%，並在 2023 年擴大調整後的營業利潤率。轉向現金。我們產生了 7.03 億美元的運營現金流，我們將 3 億美元的現金用於股票回購。

We ended the quarter with cash and short-term investments of $1.7 billion and total debt of $20 million. Now to guidance. For fiscal year 2023, the full year targets are: revenue of $5.79 billion to $5.83 billion; total GAAP costs and expenses between $4.520 billion and $4.565 billion; total non-GAAP costs and expenses between $3.79 billion and $3.82 billion, resulting in non-GAAP margin improvement of 150 basis points; non-GAAP tax rate of 16%; GAAP earnings of $7.44 to $7.60 per share; non-GAAP earnings of $10.77 to $10.84 per share; cash flow from operations of approximately $1.65 billion.

本季度末，我們的現金和短期投資為 17 億美元，總債務為 2000 萬美元。現在來指導。對於 2023 財年，全年目標是：收入 57.9 億美元至 58.3 億美元； GAAP 成本和支出總額在 45.20 億美元至 45.65 億美元之間；非 GAAP 成本和支出總額在 37.9 億美元至 38.2 億美元之間，導致非 GAAP 利潤率提高 150 個基點；非美國通用會計準則稅率為 16%； GAAP 每股收益為 7.44 美元至 7.60 美元；非美國通用會計準則每股收益為 10.77 美元至 10.84 美元；來自運營的現金流量約為 16.5 億美元。

Now to targets for the third quarter: revenue between $1.465 billion and $1.495 billion; total GAAP costs and expenses between $1.143 billion and $1.163 billion; total non-GAAP costs and expenses between $970 million and $980 million; GAAP earnings of $1.88 to $1.99 per share; and non-GAAP earnings of $2.70 and $2.75 per share. In conclusion, we are confident in achieving revenue growth of 14% to 15%, 150 basis points of non-GAAP operating margin improvement and 21% to 22% non-GAAP earnings growth in 2023.

現在是第三季度的目標：收入在 14.65 億美元到 14.95 億美元之間； GAAP 成本和支出總額在 11.43 億美元至 11.63 億美元之間；非 GAAP 成本和支出總額在 9.7 億美元至 9.8 億美元之間； GAAP 每股收益為 1.88 美元至 1.99 美元；非 GAAP 每股收益分別為 2.70 美元和 2.75 美元。總之，我們有信心在 2023 年實現收入增長 14% 至 15%、非 GAAP 營業利潤率提高 150 個基點和非 GAAP 盈利增長 21% 至 22%。

Our strong execution reflects our leadership position across our segments, robust design activity by our customers who continue to invest through semiconductor cycles and the stability and resiliency of our time-based business model. With that, I'll turn it over to the operator for questions.

我們強大的執行力反映了我們在各個細分市場的領導地位、我們的客戶在半導體週期中持續投資的穩健設計活動以及我們基於時間的業務模型的穩定性和彈性。有了這個，我會把它交給接線員提問。

(Operator Instructions). Your first question comes from the line of Harlan Sur with JPMorgan.

（操作員說明）。你的第一個問題來自摩根大通的 Harlan Sur。

Congratulations on a well-executed quarter. We do our best to try and track chip design activity primarily with the large ASIC semiconductor companies that are helping the large hyperscalers and systems companies sort of codesign their custom chips because they're sort of a good proxy for overall leading-edge chip design activity, right?

祝賀一個執行良好的季度。我們盡最大努力嘗試和跟踪主要與大型 ASIC 半導體公司合作的芯片設計活動，這些公司正在幫助大型超大規模和系統公司對他們的定制芯片進行聯合設計，因為它們可以很好地代表整體前沿芯片設計活動， 正確的？

And from what we can tell, overall chip design starts have accelerated just over the past few months, given this AI arms race among the cloud and hyperscalers. So they all want to bring their silicon solutions to the market sooner rather than later. Are you guys seeing the step up in acceleration in design activity as well? And how is this acceleration manifesting itself in terms of upcoming renewals? And just your confidence on full year outlook and continued strong growth into next year?

據我們所知，考慮到雲計算和超大規模計算器之間的 AI 軍備競賽，整體芯片設計的啟動在過去幾個月加速了。所以他們都希望儘早將他們的矽解決方案推向市場。你們是否也看到了設計活動加速的步伐？這種加速如何在即將到來的續約方面體現出來？以及您對全年前景和明年持續強勁增長的信心？

Well, first, the answer is absolutely yes. And it's not a surprise. In general, even when there are economic downturns, the semiconductor industry tends to invest strongly in chip design so that when the downturn fades away, they have differentiation because the worst is to miss an upturn because that's where most of the money is made.

嗯，首先，答案是肯定的。這並不奇怪。總的來說，即使經濟不景氣，半導體行業也傾向於大力投資芯片設計，因此當經濟低迷消退時，它們會有所不同，因為最糟糕的是錯過經濟好轉，因為這是大部分賺錢的地方。

In this case, there's an additional substantial driver. And you've seen it with all the excitement, I would say, 5% (inaudible) and 95%, absolutely great understanding of the impact of what this will have on the world, where every vertical market is now committed to Smart Everything. Now the question is how quickly can they become smart?

在這種情況下，還有一個額外的重要驅動因素。你已經看到了所有的興奮，我想說，5%（聽不清）和 95%，絕對很好地理解這將對世界產生的影響，每個垂直市場現在都致力於 Smart Everything。現在的問題是他們能多快變聰明？

And they quickly discover that, well, the software is fantastic, the computation requirements of that software are fantastic, too. And so the race is on for more chips, faster chips and most importantly, chips where you can get high output at low power. And so this plays into the core competencies that Synopsys has. And -- because simultaneously, there is a shortage of top designers, the productivity enhancements that we can bring about with our own AI have a material impact on that.

他們很快發現，嗯，這個軟件太棒了，那個軟件的計算要求也太棒了。因此，爭奪更多芯片、更快芯片以及最重要的是能夠以低功耗獲得高輸出的芯片的競賽正在進行。因此，這發揮了 Synopsys 的核心競爭力。而且——因為同時缺乏頂級設計師，我們可以通過我們自己的人工智能帶來的生產力提升對此產生了重大影響。

And then as the team had anticipated on the last earnings call, you're demonstrating it with your guide on this call, right, you've seen a strong step-up in the second half. I think it's roughly about 11% half-on-half growth. And on a year-over-year basis, I think second half is going to be up like 20% plus. I know the team talked about second half weighting on renewal activity and also more IP consumption given the timing of some of your customers' design programs. IP was down slightly year-over-year in the first half. Is the team still anticipating half-to-half and year-over-year step up in IP for the second half?

然後正如團隊在上次財報電話會議上所預期的那樣，您在本次電話會議上與您的指南一起展示了這一點，對，您在下半年看到了強勁的進步。我認為這大約是 11% 的半對半增長。與去年同期相比，我認為下半年將增長 20% 以上。我知道團隊討論了下半年對更新活動的加權以及考慮到您的一些客戶設計程序的時間安排的更多 IP 消耗。上半年 IP 同比略有下降。團隊是否仍預計下半年 IP 將同比增長一半？

Yes. I think in hindsight, I think we have mapped out the year pretty well. And you have to always map it out by also looking at the previous year, which was exceptional in its other directivity. It had very big growth early on and then less growth in the second half. Now we're back to essentially a normal year where you move left to right and bottom to up on an ongoing basis.

是的。事後看來，我認為我們已經很好地規劃了這一年。而且你必須始終通過查看前一年來繪製它，這在其他方向性方面非常出色。它在早期有很大的增長，然後在下半年增長較少。現在我們基本上回到了正常的一年，你會不斷地從左到右，從下到上移動。

And one of the reasons that we were able to map it pretty well is because we have a reasonable understanding of what designs are coming, what renewals, but also what IP will be pulled during the year from the needs of the different projects. So you can never quite forecast the future exactly, and so we may have been careful. But I think we had actually mapped pretty well, and we have a high degree of confidence on the numbers that we're guiding you to.

我們能夠很好地映射它的原因之一是因為我們對即將推出的設計、更新的設計以及年內將根據不同項目的需求提取的 IP 有合理的了解。所以你永遠無法完全準確地預測未來，所以我們可能一直很小心。但我認為我們實際上已經很好地繪製了地圖，並且我們對我們指導您的數字非常有信心。

Yes. And I would just add, Harlan, I mean our teams are deeply embedded in the design team. So we have a really good understanding of where they are in terms of their needs from us, specifically on the IP side, which is set for a strong second half, which is traditional like Aart said.

是的。我只想補充一點，Harlan，我的意思是我們的團隊深深融入了設計團隊。因此，我們非常了解他們對我們的需求，特別是在 IP 方面，這將在下半年表現強勁，就像 Aart 所說的那樣是傳統的。

Your next question comes from the line of Joe Vruwink with Baird.

你的下一個問題來自 Joe Vruwink 與 Baird 的對話。

Great. I guess I'll start. At this point, 2 of your peers have mentioned the expectation for some larger software renewals coming through in the second half of the year. I'm just wondering if maybe that commentary is representative of what might just be a stronger new business environment for the industry in the second half of the year and if you're seeing that?

偉大的。我想我會開始。在這一點上，您的 2 位同行提到了對今年下半年一些更大的軟件更新的期望。我只是想知道該評論是否代表下半年該行業可能會出現更強大的新商業環境，您是否看到了？

And then kind of related to the renewal conversation, given the backlog increased sequentially, I would imagine you're seeing some good renewals come through. Is the nature of what your customers are looking for changing at all? And I guess, embedded in the question is whether the AI products are increasingly being incorporated in the bigger renewals?

然後與續訂對話有點相關，鑑於積壓順序增加，我想你會看到一些好的續訂。您的客戶正在尋找的東西的性質是否發生了變化？我想，問題在於人工智能產品是否越來越多地被納入更大的更新中？

Well, let me work backwards on that one. Yes, AI is absolutely prominent in many transactions because either people have already very good experience in just racing to implement it in many more chips or use it on many more chips or they have heard from others and are racing to now look at how they can use it.

好吧，讓我倒推一下那個。是的，人工智能在許多交易中絕對是突出的，因為要么人們已經在競相在更多芯片中實現它或在更多芯片上使用它方面擁有非常好的經驗，要么他們聽取了其他人的意見並正在競相研究他們如何能夠用它。

At the same time, I would say that there's no alignment in big renewals across the industry. They happen whenever they happen for each one of the individual companies. But I would say that there are evolutions in industry. And the evolutions are that companies that in the past were sort of investing in chip design because they felt it was going to be important in the future. Now suddenly are realizing it has big impact on their future because they have to make architectural decisions, because they're certainly discovering that they do have a lot of data to do things with.

與此同時，我要說的是，整個行業的重大更新並不一致。每當它們發生在每個單獨的公司時，它們就會發生。但我要說的是，行業正在發生演變。演變是過去的公司在某種程度上投資於芯片設計，因為他們認為這在未來很重要。現在突然意識到它對他們的未來有很大的影響，因為他們必須做出架構決策，因為他們肯定會發現他們確實有很多數據可以處理。

And I'm talking about hyperscalers or big system design companies. Or then the semiconductor design companies that have this nonstop pressure from their customers, give me way more compute for less power and maybe roughly the same cost. And those are pressures that are challenging, but also exciting. So I would think that the industry is overall notwithstanding ups and downs of volumes is actually quite healthy and looking at the coming decade of great opportunities given the state of the art of the software demand.

我說的是超大規模企業或大型系統設計公司。或者，那些受到客戶不間斷壓力的半導體設計公司，以更低的功耗和可能大致相同的成本為我提供更多的計算能力。這些壓力具有挑戰性，但也令人興奮。因此，我認為儘管數量起伏，但整個行業實際上是相當健康的，並且考慮到軟件需求的最新水平，展望未來十年的巨大機遇。

Okay. That's great. And then a question on your verification hardware business. As I think about your nonrecurring revenues and the growth there over time. I mean you've sustained just a very high CAGR in that business. And yet when I think about the demand for verification, sometimes it's been in GEO's that are building out a semiconductor supply chain. Sometimes it's new companies, I think about like China being down year-on-year and yet, it looked like your hardware business grew. So is the nature of growth in your verification business maybe coming from different sources than might have been the case in years past?

好的。那太棒了。然後是關於您的驗證硬件業務的問題。當我想到你的非經常性收入以及隨著時間的推移那裡的增長時。我的意思是你在該業務中保持了非常高的複合年增長率。然而，當我考慮對驗證的需求時，有時是在構建半導體供應鏈的 GEO 中。有時是新公司，我想像中國同比下降，但看起來你的硬件業務增長了。那麼，與過去幾年相比，您的驗證業務增長的本質可能來自不同的來源嗎？

Well, I would say that it has broadened. A number of years ago, only very few companies would use hardware systems and verification, they would use it quite massively. But now many companies are doing that. And actually, there are 2 very different reasons: one is to use the verification assistance or the hardware to essentially accelerate tasks that used to do, which is verify the functionality of chips.

好吧，我會說它已經擴大了。幾年前，只有很少的公司會使用硬件系統和驗證，他們會大量使用它。但是現在很多公司都在這樣做。實際上，有兩個截然不同的原因：一個是使用驗證輔助或硬件來從根本上加速過去要做的任務，即驗證芯片的功能。

We have long entered a different space with Synopsys, by being at the heart of the intersection between software and hardware. And there, the objective is essentially to mimic the hardware on machine or partially on a machine so that people can run the software to not only check if the hardware works, but just as importantly, how good is the software.

長期以來，我們一直處於軟件和硬件交叉點的核心位置，因此與 Synopsys 一起進入了一個不同的領域。在那裡，目標本質上是在機器上或部分在機器上模擬硬件，這樣人們就可以運行該軟件，不僅可以檢查硬件是否正常工作，而且同樣重要的是，可以檢查軟件的質量。

And even more interestingly is can you optimize the software so that you use less energy in the computation. In other words, there's an interaction between hardware and software, that is a great place to optimize the actual computational costs. And so as you can imagine, running real software on machines that mimic the very chips you don't have yet is very complex. And we're doing very well with that. And the Server 5 that we just announced is yet another example of a big piece, all around the space of what we would call electronic digital twinning, which is created an artificial world on a computer and be able to exercise the real world on it to see what the results will look like.

更有趣的是，您能否優化軟件，以便在計算中使用更少的能量。換句話說，硬件和軟件之間存在交互，這是優化實際計算成本的好地方。所以你可以想像，在模仿你還沒有的芯片的機器上運行真正的軟件是非常複雜的。我們在這方面做得很好。我們剛剛宣布的 Server 5 是另一個大塊的例子，它圍繞著我們稱之為電子數字孿生的空間，它在計算機上創建了一個人造世界，並能夠在其上運行現實世界看看結果會是什麼樣子。

Yes. And I would just share, we had shared that 2022 was a record hardware year. We expect '23 to be another record hardware year. So as Aart said, the demand is very strong across our customer base.

是的。我只想分享，我們已經分享了 2022 年是創紀錄的硬件年。我們預計 23 年將是又一個創紀錄的硬件年。正如 Aart 所說，我們客戶群的需求非常強勁。

Your next question comes from the line of Jason Celino with KeyBanc.

您的下一個問題來自 Jason Celino 與 KeyBanc 的對話。

Aart, I appreciate all your comments about mapping the year appropriately and seeing fitting the pattern that you had planned. But when I look at the quarter, the beat was still nice and suggest that something must have come in better than expected. Can you just elaborate where you exactly saw the strength and the upside?

Aart，我感謝您關於適當地映射年份並看到符合您計劃的模式的所有評論。但是當我看這個季度時，節拍仍然不錯，並且表明某些事情一定比預期的要好。您能否詳細說明您究竟在哪裡看到了優勢和優勢？

Well, it's always hard to say if it's better than expected of which -- we just worked harder at it. But the fact is I think we executed well. We have a number of key people in our management team that have been new to the company in the last year, and we are making really excellent progress of scaling Synopsys for the ability to work at this level.

好吧，總是很難說它是否比預期的要好——我們只是更加努力地工作。但事實是我認為我們執行得很好。我們的管理團隊中有一些關鍵人員是去年新加入公司的，我們在擴展 Synopsys 方面取得了非常好的進展，以提高在這個級別的工作能力。

But simultaneously, I think that the trust built up with the customers and the breakthroughs and technologies that we've had in the last few years really bodes well going forward. And so I've plenty highlighted, I think, the AI in the preamble. But I'd like to also mention the fact that multi-die is really in many ways, the technology answer for a few additional decades of what I'd like to call SysMoore. So systemic complexity and Moore's Law, still an exponential ambition, but much more complex with multiple chips. And we are very well engaged with that. It is quite complex to do. And these are good things for us to deliver.

但與此同時，我認為與客戶建立的信任以及我們在過去幾年取得的突破和技術確實預示著未來的良好發展。所以我在序言中強調了很多，我想，人工智能。但我還想提到一個事實，即多管芯在很多方面確實如此，這是我稱之為 SysMoore 的未來幾十年的技術答案。所以系統複雜性和摩爾定律，仍然是一個指數級的野心，但多芯片要復雜得多。我們對此非常滿意。做起來相當複雜。這些都是我們要交付的好東西。

Okay. Perfect. And then I did have an AI question, but it's actually for your security business. We've seen some examples of AI being used to write code and even test and (inaudible). How do you think this may augment or evolve processes for developers going forward?

好的。完美的。然後我確實有一個 AI 問題，但它實際上是針對您的安全業務的。我們已經看到一些 AI 用於編寫代碼甚至測試和（聽不清）的示例。您認為這會如何增強或改進開發人員前進的流程？

I think what we're seeing with AI that it will augment everything. Now not all the everything are created equal, right? So you need to have understanding of any of the fields or the disciplines to use AI well, but the ability to look at data from many different perspectives and many different interconnections opens the door to all kinds of advances.

我認為我們所看到的 AI 將增強一切。現在不是所有的一切都是平等的，對吧？所以你需要了解任何領域或學科才能很好地使用 AI，但是從許多不同的角度和許多不同的互連來查看數據的能力為各種進步打開了大門。

And so it shouldn't be surprising that Synopsys is well invested in many different explorations. And that includes the SIG area, that includes every aspect of the company. But it's also exciting to see that with the approaches that we have taken that require a very high degree of accuracy, we've been successful.

因此，Synopsys 在許多不同的探索中投入了大量資金也就不足為奇了。這包括 SIG 區域，包括公司的各個方面。但同樣令人興奮的是，通過我們採用的需要非常高的準確性的方法，我們取得了成功。

And so just to make a distinction, generative AI can do wonders with enormous amount of data, but it is not necessarily always correct. We cannot afford that. A single transistor doesn't work, the whole system doesn't work. And so we're in a class of AI that required actually very rigorous computation. And -- but all of this is wide open. So it's an exciting time.

因此，為了區分一下，生成式人工智能可以用大量數據創造奇蹟，但不一定總是正確的。我們負擔不起。單個晶體管不工作，整個系統不工作。因此，我們處於一類需要非常嚴格的計算的人工智能中。而且——但所有這些都是敞開的。所以這是一個激動人心的時刻。

Your next question comes from the line of Gary Mobley with Wells Fargo.

你的下一個問題來自富國銀行的 Gary Mobley。

I wanted to ask about how transformational AI can be for the core EDA market. And the angle I'm taking here is that clearly, the core EDA market has grown faster than chip designers. And that really is driven by efficiency. That's what the E in EDA stands for, right? And so my question is, how does AI further enhance the automation and chip design? How do you share with your customer savings on that?

我想問的是，對於核心 EDA 市場而言，變革性 AI 有何作用。我在這裡的觀點是，核心 EDA 市場的增長速度顯然快於芯片設計師。這確實是由效率驅動的。這就是 EDA 中的 E 所代表的意思，對嗎？所以我的問題是，人工智能如何進一步提高自動化和芯片設計？您如何與客戶分享這方面的節省？

Could you just give us a sense of sort of the magnitude of the inflationary tailwind on a per seat license basis? Or maybe from a different perspective, how it transforms the growth rate of the core EDA market?

您能否讓我們了解一下按席位許可證計算的通貨膨脹順風的大小？或者從不同的角度來看，它如何轉變核心EDA市場的增長速度？

Well, it's only to say how it transforms the market because we are, I think, at the beginning of a decade of impact. It is not early to clarify the impact it already has. And for the very few of you that actually remember the beginning of Synopsys, we started in an era where automation was just beginning. And the synthesis at that time was certainly out of nowhere ed in a matter of hours to do something that designers took many, many weeks to do.

好吧，這只是說它如何改變市場，因為我認為我們正處於影響十年的開始。現在澄清它已經產生的影響還為時過早。對於真正記得 Synopsys 開端的極少數人來說，我們開始於一個自動化剛剛開始的時代。那時的合成肯定是在幾個小時內憑空冒出來的，而設計師卻花了很多很多周才完成。

And in many ways, the AI that we have right now on entire subflows does exactly the same. And the reaction at that time by, I want to say, 5% of the designers, oh, you're taking my job away. But the other 95% said, oh, give it to me faster because now I can do so many new things. And by the way, the demand for gates will not stop. It will double. That was enormous.

在很多方面，我們現在在整個子流程上擁有的 AI 的作用完全相同。當時的反應是，我想說，5% 的設計師，哦，你要搶走我的工作。但其他 95% 的人說，哦，快給我，因為現在我可以做很多新事情。順便說一句，對大門的需求不會停止。它會加倍。那是巨大的。

You could use exactly the same words today. Many companies and designers see that this impacts how they will be able to design very complex things where their own ingenuity greatly matters. But at the same time, gets multiplied with this capability to see many dimensions and many enormous amount of data all at the same time. So I think it is profoundly transformational.

你今天可以使用完全相同的詞。許多公司和設計師看到這會影響他們如何設計非常複雜的東西，而他們自己的獨創性非常重要。但與此同時，這種能力倍增，可以同時查看多個維度和大量數據。所以我認為這是深刻的變革。

And we are seeing the benefit of that. And the benefit manifest itself through much of our tool chain because people tend to want to have a complete solution from Synopsys for precisely these capabilities.

我們正在看到這樣做的好處。好處通過我們的大部分工具鏈體現出來，因為人們往往希望從 Synopsys 獲得一個完整的解決方案來精確地實現這些功能。

And this may be a question more for Shelagh. But I appreciate the fact that your first half IP business is they've seen the tough year-ago comp and thus the minor increase -- or excuse me, decrease in the revenue. But what's driving the profitability headwind? If I'm not mistaken, there's a 10 to 12 percentage point degradation in the op margin. Is that mix related? Or are there some other factors factoring in there?

這對 Shelagh 來說可能是一個更大的問題。但我很欣賞這樣一個事實，即你的上半年 IP 業務是他們看到了一年前的艱難競爭，因此收入略有增加——或者對不起，收入減少了。但是，是什麼推動了盈利能力的逆風？如果我沒記錯的話，運營利潤率下降了 10 到 12 個百分點。混音有關係嗎？還是有其他一些因素在裡面？

So thanks for the question, Gary. Our IP business is super lumpy. And the way I kind of think about the IP business is we're always building new IPs. Aart talked about us having greater than 7,500 IPs on 340 process nodes. So we're constantly building and innovating new IPs, but then the customer pull down is based on when their design schedules are.

謝謝你的問題，加里。我們的知識產權業務非常不穩定。我對 IP 業務的看法是我們總是在構建新的 IP。 Aart 談到我們在 340 個進程節點上擁有超過 7,500 個 IP。所以我們不斷地構建和創新新的 IP，但客戶會根據他們的設計時間表來決定。

So you're going to tend to see a lumpy operating margin. Over time, that operating margin is slightly below the corporate average. That's really the way we're managing it. But we'll see some variations quarter-on-quarter because we're not changing our resourcing because we've got to continue on that race to deliver those IP blocks, but the customer pull downs are really based on when their design need is.

所以你會傾向於看到一個不穩定的營業利潤率。隨著時間的推移，該營業利潤率略低於公司平均水平。這就是我們管理它的方式。但是我們會看到一些季度環比的變化，因為我們沒有改變我們的資源，因為我們必須繼續這場競賽來交付這些 IP 模塊，但客戶的撤回實際上是基於他們的設計需求是什麼時候.

Your next question comes from the line of Vivek Arya with Bank of America.

你的下一個問題來自美國銀行的 Vivek Arya。

Aart, you mentioned the adoption of multi-die designs. And I'm curious, what percentage of chip design starts do you think are in this multi-die architecture? And where do you see that going? And is there a way to quantify the benefit to Synopsys in that position?

Aart，你提到了採用多管芯設計。我很好奇，您認為這種多管芯架構佔芯片設計開始的百分比是多少？你認為這是怎麼回事？有沒有辦法量化 Synopsys 在該職位上的收益？

We're just at the beginning because -- just at the beginning at the same time, we track over 100 designs and multi-die is not simple design. So these are sophisticated investments. But what is very clear is that the adoption is accelerating, but more importantly is the notion that this is where the future is going. And as with any of these changes, some of the most invested parties move first and move aggressively.

我們才剛剛起步，因為 - 就在同一時間，我們跟踪了 100 多個設計，而多芯片設計並不是簡單的設計。所以這些都是複雜的投資。但非常清楚的是，採用正在加速，但更重要的是，這是未來的發展方向。與任何這些變化一樣，一些投資最多的政黨首先採取行動並積極行動。

And then others follow when the risk declines, the cost equation becomes better. But the movement is moving fast forward. And from an understanding of the needs, we understand very well that a lot of the things that people want to do in specifically AI-related computation is only possible if they have more capabilities, i.e., way more chips working very closely together.

然後當風險下降時，其他人也會效仿，成本等式變得更好。但這場運動正在快速向前發展。通過對需求的理解，我們非常清楚，人們想要在特定的 AI 相關計算中做的很多事情只有在他們擁有更多的能力時才有可能，即更多的芯片非常緊密地協同工作。

A great example for that is actually automotive where a number of companies are looking at what is the architecture that they need in order to supply, let's say, Level 4 autonomous driving by roughly the end of this decade. And it's substantial. And it also takes a substantial amount of power to do all that computation. And that is one of the reasons that many are looking at doing their own solutions or teaming up with a few companies to do dedicated solutions for their car brand.

一個很好的例子實際上是汽車行業，許多公司正在研究他們需要什麼樣的架構才能提供，比方說，大約在本十年末實現 4 級自動駕駛。而且是實實在在的。而且它還需要大量的能量來完成所有這些計算。這就是許多人正在尋求自己的解決方案或與幾家公司合作為其汽車品牌提供專用解決方案的原因之一。

And for my follow-up, maybe one for Shelagh on operating margin expansion. So you mentioned you're raising the target 250 basis points. When I look over the last few years, I know your former target is to expand it by 100 basis points. But I think on an average, it's been over 250 basis points for the last several years, if my model is right.

對於我的後續行動，也許是 Shelagh 關於營業利潤率擴張的一個。所以你提到你將目標提高 250 個基點。回顧過去幾年，我知道你以前的目標是擴大100個基點。但我認為，如果我的模型是正確的，過去幾年平均超過 250 個基點。

So first part of the question is what is helping the expansion this year? Is it -- sales are doing better, costs are under control? So what's the driver? And then what keeps them from expanding the way you have been able to expand over the last few years?

所以問題的第一部分是什麼有助於今年的擴張？是——銷售做得更好，成本得到控制了嗎？那麼什麼是驅動程序？那麼是什麼阻止了他們以您在過去幾年中能夠擴展的方式擴展？

Well, I would start with we're very committed to both short-term and long-term margin expansion. And short term, what's driving it is we're putting in some more rigorous financial control. So as we work through these great opportunities that Aart painted for us, how do we make sure that we properly scale ourselves. So that's really the improvement that we're putting forward the greater than 150 basis points, and we're committed to continuing to long-term improve margin.

好吧，我首先要說的是我們非常致力於短期和長期的利潤率擴張。從短期來看，推動它的是我們正在實施更嚴格的財務控制。因此，當我們處理 Aart 為我們描繪的這些偉大機會時，我們如何確保我們適當地擴展自己。所以這真的是我們提出的超過 150 個基點的改進，我們致力於繼續長期提高利潤率。

Your next question comes from the line of Charles Shi with Needham.

你的下一個問題來自 Charles Shi 與 Needham 的對話。

So Aart, maybe first off, I want to ask a long-term question related to generative AI, not to your products, but to your customers' products. Looks like with all the news flows of the last quarter, the accelerated hardware right now seems to be converging to a NVIDIA GPUs. But I remember, over the past few years, I mean, at least for EDA industry, system companies designing on their own AI accelerators, AI start-ups, innovating in AI hardware has been a big driver for EDA.

所以 Aart，也許首先，我想問一個與生成 AI 相關的長期問題，不是針對您的產品，而是針對您客戶的產品。從上個季度的所有新聞流來看，加速硬件現在似乎正在融合到 NVIDIA GPU。但我記得，在過去的幾年裡，我的意思是，至少對於 EDA 行業而言，設計自己的 AI 加速器的系統公司、AI 初創企業、AI 硬件的創新一直是 EDA 的重要推動力。

So my question is -- and maybe I'm just picking one very specific hardware AI accelerator here, but is the trend towards customer accelerators reversing? Or is it not quite reversing, but will likely continue? How do we think about what's going on in the trend there?

所以我的問題是——也許我只是在這裡選擇一個非常具體的硬件 AI 加速器，但客戶加速器的趨勢是否正在逆轉？或者它不是完全逆轉，但可能會繼續？我們如何看待那裡的趨勢？

It's a race of all of the above. And kudos to NVIDIA to have positioned themselves so well and be so unbelievably technically competent. At the same time, the very fact that there is such an interest and such an ambition on many parties to do well, some that have the ability themselves to develop acceleration for AI will absolutely do so. Others will team up, and yet others will really work well with NVIDIA.

這是以上所有的比賽。 NVIDIA 將自己定位得如此出色並且擁有如此令人難以置信的技術能力，這值得稱讚。與此同時，許多方面都有這樣的興趣和雄心去做好，一些自己有能力為 AI 開發加速的人絕對會這樣做。其他人會組隊，但還有一些人會真正與 NVIDIA 合作得很好。

So in general, when you have a new field that gets a lot of attention, you also get a lot of new innovation and new investments. And so I foresee that we will continue to see that moving forward at a pretty rapid clip because the demand is so high. Now underneath all of this, there are some very challenging problems. And so while the results that we've seen are truly exciting, figuring out some of the software solutions to make sure that the results are actually truthful, that you can actually protect the intellectual property.

所以總的來說，當你有一個新領域受到很多關注時，你也會獲得很多新的創新和新的投資。因此，我預見到，由於需求如此之高，我們將繼續以相當快的速度向前發展。現在，在所有這些之下，存在一些非常具有挑戰性的問題。因此，儘管我們看到的結果確實令人興奮，但找出一些軟件解決方案以確保結果確實真實，您可以真正保護知識產權。

What was used, what's open, what's available, what's illegal, I mean there's a lot of technical questions that will demand even more compute. Simultaneously, because these systems are very powerful, the security and the safety will also be paramount. And I'd like to highlight that because we touch this at multiple places. We touch it obviously top-down through the software via our SIG side of the company, the Software Integrity Group.

什麼被使用了，什麼是開放的，什麼是可用的，什麼是非法的，我的意思是有很多技術問題需要更多的計算。同時，由於這些系統非常強大，安全性和安全性也將是最重要的。我想強調這一點，因為我們在多個地方都涉及到這一點。我們通過公司的 SIG 方面，即軟件完整性小組，通過軟件自上而下地接觸它。

But we also touch it bottom up by virtue of putting mechanism in chips that help encrypt the data, provide root of trust, a unique identification, et cetera. And that's built into the IP and the design flows. So there's a lot of opportunity. Whenever the world changes, there's opportunity, and it changes at a very rapid pace. And that's why SysMoore, the exponential part of Moore's Law, is very much alive and well.

但我們也通過在芯片中放置有助於加密數據、提供信任根、唯一標識等的機制來自下而上地觸及它。這是內置在 IP 和設計流程中的。所以有很多機會。每當世界發生變化時，就會有機會，而且變化速度非常快。這就是為什麼 SysMoore，即摩爾定律的指數部分，非常活躍並且運行良好。

Maybe the next follow-up. On the second half acceleration, what -- can you kind of provide a little bit more color on what are the drivers? I think you mentioned about the better visibility into the IP drawdowns in the second half, but is that the majority of the drivers?

也許下一個跟進。關於下半場加速，你能提供更多關於驅動因素的顏色嗎？我想你提到了下半年對 IP 縮減的更清楚的了解，但這是大多數驅動因素嗎？

And do you -- shall we expect that the EDA revenue run rate go higher into second half? Because I kind of noted that in fiscal second quarter, your EDA revenue actually broke the $900 million mark. By the way, congratulations on that. But -- so we expect that to trend higher into the second half?

你 - 我們是否應該期望 EDA 收入運行率在下半年上升？因為我注意到在第二財季，你們的 EDA 收入實際上突破了 9 億美元大關。順便說一句，祝賀你。但是 - 所以我們預計下半年會走高？

Well, in order to deliver the results that we're guiding you to, you need to really see growth everywhere. And I think Shelagh already stated that IP is truly very lumpy. And I forget the exact comparison versus a year ago, but IP definitely has to contribute and will contribute in the second half to get to the numbers. But EDA is, of course, more ratable. And so there, we have a good assessment of the situation. So fundamentally, I think all cylinders will do well in the second half.

好吧，為了交付我們引導您實現的結果，您需要真正看到到處都有增長。我認為 Shelagh 已經說過 IP 確實非常不穩定。我忘記了與一年前的確切比較，但 IP 肯定必須做出貢獻，並將在下半年做出貢獻以獲得數字。但是 EDA 當然更值得評價。因此，我們對情況有很好的評估。所以從根本上說，我認為所有氣缸在下半場都會表現出色。

Yes. And I mean, obviously, the trend of first half, second half is more traditionally what we see. Last year was a little bit unusual and then a very balanced first half and second half. But we do expect growth across the businesses, and we do expect particular growth in our IP business.

是的。我的意思是，顯然，上半場和下半場的趨勢更符合我們的傳統看法。去年有點不尋常，然後上半年和下半年非常平衡。但我們確實預計所有業務都會增長，我們確實預計我們的 IP 業務會出現特別增長。

You next question comes from the line of Jay Vleeschhouwer with Griffin.

你的下一個問題來自 Jay Vleeschhouwer 和 Griffin 的台詞。

Aart, for you first, it was interesting to hear you speak about the extent of production deployments of AI so far in terms of your software as compared to what might have been perhaps more ad hoc or piloting or conservative implementation to this point, since historically, EDA customers are somewhat conservative in terms of how quickly they adopt new technology.

Aart，首先對你來說，很有趣的是聽到你談論 AI 的生產部署在你的軟件方面的程度，與目前可能更臨時或試點或保守的實施相比，因為從歷史上看, EDA 客戶在採用新技術的速度方面有些保守。

The question for you is as that is occurring, what effect are you seeing or what the fact you expect in terms of your services revenue? You had an unusually flat sequential comp in terms of services. But you have been, on the other hand, investing substantially in the (inaudible) capacity. So maybe talk about that relationship? And then I have a follow-up.

你的問題是，當這種情況發生時，你看到了什麼影響，或者你對服務收入的期望是什麼？在服務方面，你有一個異常平坦的順序組合。但另一方面，你一直在大量投資於（聽不清）能力。那麼也許可以談談這種關係？然後我有一個後續行動。

Well, the adoption rate, I think, is the result of: a, a great opportunity space for our customers to come out with new products, the need to have faster products; secondly, the fact that very early on in our development, and I gave you sort of the 5-year time line for that, we're able to get good results. Good results was equivalent to what the traditional more human-driven design flow would do. And that's sort of an imperative.

好吧，我認為採用率是以下因素的結果：a，我們的客戶有很大的機會空間來推出新產品，需要更快的產品；其次，事實上在我們發展的早期，我給了你 5 年的時間線，我們能夠取得好的結果。好的結果相當於傳統的更人性化的設計流程所做的。這是勢在必行的。

If you don't do that, people like automation, but they don't like to be not competitive. And after that, we were able to accelerate it substantially. And then the very productivity angle came in. And I would argue that probably the activity angle has been the singular most impressive in terms of the ability to move this forward.

如果你不這樣做，人們喜歡自動化，但他們不喜歡沒有競爭力。在那之後，我們能夠大大加快它的速度。然後非常生產力的角度出現了。我認為，就推動這一點的能力而言，活動角度可能是最令人印象深刻的。

Now from a service point of view, our own teams have the ability to use all of these tools. Obviously, they have in-house teaching, so to speak. We don't discuss specifically our service business. But what is clear is that customers count on us to what I like to call, make it all work, which is the complexity of so many dimensions of multiple chips, of multiple challenges between hardware and software, between energy and thermal impact, between the utilization of certain technologies versus others.

現在從服務的角度來看，我們自己的團隊有能力使用所有這些工具。顯然，可以這麼說，他們有內部教學。我們不專門討論我們的服務業務。但很清楚的是，客戶指望我們實現我喜歡稱之為“讓一切正常運轉”的目標，這就是多芯片如此多維度的複雜性，硬件和軟件之間、能源和熱影響之間、使用某些技術與其他技術。

These are all things where we are a team with the customer. We have so many people of Synopsys, be it in service or in support, that are integral to the design teams of our customers. It's a privilege to be sort of in the kitchen. And in the kitchen, hopefully, they're doing a good job, including using our most advanced oven, so to speak, the AI oven here, right?

這些都是我們與客戶組成團隊的地方。我們有很多 Synopsys 員工，無論是服務人員還是支持人員，他們都是我們客戶設計團隊不可或缺的一部分。能在廚房里工作是一種榮幸。在廚房裡，希望他們做得很好，包括使用我們最先進的烤箱，可以說是這裡的 AI 烤箱，對吧？

So the teamwork component in the industry has grown. And that -- we predicted that quite a while ago. And many of you have heard me say that in English, we often use the term our success is the sum of our efforts. It's not. It's the product, single zero, everybody gets 0. And this applies to individual teams, but it also applies to the relationship between companies. And that's why it's exciting to be part of this wave of companies plotting entirely new horizons for themselves and be privileged to be part of it.

因此，行業中的團隊合作成分已經增長。那——我們很久以前就預測到了。你們中的許多人都聽我說過，在英語中，我們經常使用“我們的成功是我們努力的總和”這個詞。它不是。是產品，單零，每個人都得0。這適用於個人團隊，但也適用於公司之間的關係。這就是為什麼能夠成為這波為自己規劃全新視野的公司浪潮中的一員並有幸成為其中一員而感到興奮的原因。

As a follow-up, there have been a number of questions about the second half. When we look at your inventories, which, of course, is related to your hardware business, there was a substantial sequential increase to a record level to just over $0.25 billion. How quickly do you think you'll be able to convert that into shipment?

作為後續，關於下半場出現了一些問題。當我們查看您的庫存時，這當然與您的硬件業務有關，連續大幅增長，達到創紀錄的水平，略高於 2.5 億美元。您認為您能以多快的速度將其轉換為發貨？

I assume you've got a pretty substantial pipeline now for emulation and prototyping behind that inventory number. So is -- are you expecting to convert that in the second half and thereby drive hardware revenue?

我假設您現在有一個相當大的管道用於在該庫存編號後面進行仿真和原型設計。那麼是 - 您是否希望在下半年將其轉換並從而推動硬件收入？

So we do expect this to be another record revenue year, and we're actually grateful to be able to build some inventory because we hadn't been able to build considerable inventory with some of the supply line destruction. So we're going to be able to service our customers, and we're really excited about that. So yes, you did see a big build of about 14%. (inaudible) And that's really so we can satisfy our customers' demand.

因此，我們確實預計這將是又一個創紀錄的收入年度，我們實際上很高興能夠建立一些庫存，因為我們無法在一些供應線被破壞的情況下建立相當大的庫存。所以我們將能夠為我們的客戶提供服務，我們對此感到非常興奮。所以是的，你確實看到了大約 14% 的大構建。 （聽不清）這確實是為了滿足客戶的需求。

Your next question comes from the line of Joshua Tilton with Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Joshua Tilton。

My first one, Aart, you might have alluded to it a little bit, but I kind of just want to ask it more clearly. Outside of all the productivity benefits that you're talking to -- from AI, do you expect these new AI tools or capabilities to make it more likely for a customer to want to choose a full flow from Synopsys versus maybe in the past where they might have put that flow together from numerous products from numerous vendors?

我的第一個，Aart，你可能已經提到了一點，但我只是想問得更清楚。除了您正在談論的所有生產力優勢 - 來自 AI，您是否期望這些新的 AI 工具或功能使客戶更有可能希望從 Synopsys 選擇完整的流程而不是過去他們可能可能已經將來自眾多供應商的眾多產品的流程放在一起？

Absolutely. And there's a very good reason for that, which is that the tools have been optimized now to work in concert with each other. So this is not some individual musician, right? This is a choir that has to sing together in tune. And I alluded to the fact earlier that in contrast to many other AI applications where the outcome can be in the ballpark and be very useful. We cannot be in the ballpark. We have to be meticulously correct.

絕對地。這有一個很好的理由，那就是這些工具現在已經過優化，可以相互協同工作。所以這不是個別音樂家，對吧？這是一個合唱團，必須合唱。我之前提到過這樣一個事實，即與許多其他 AI 應用程序相比，在這些應用程序中，結果可能很一般並且非常有用。我們不能在球場上。我們必須一絲不苟地正確。

And so many of our tools are actually specialized and best-in-class in verifying timing, power, layout ability, correctness. And so these are absolute necessity to make this work. And I think as we move to more and more designs, this is going to be true in a broader set of tasks and a (inaudible) of obstruction.

我們的許多工具在驗證時序、功率、佈局能力和正確性方面實際上是專業的和一流的。因此，這些是完成這項工作的絕對必要條件。而且我認為，隨著我們轉向越來越多的設計，這將在更廣泛的任務和（聽不清）障礙中成為現實。

And so this is, by the way, why we have created Synopsys.ai, which is essentially a suite of tools working in different areas. And so the stream that we've highlighted is design. And in simple terms, design is (inaudible) create it and make it as small as possible, as fast as possible as low power as possible. But just as important, some would say even more important is verification, which is does it actually do the function that it's supposed to do.

順便說一下，這就是我們創建 Synopsys.ai 的原因，它本質上是一套在不同領域工作的工具。因此，我們強調的流是設計。簡而言之，設計是（聽不清）創造它並使其盡可能小，盡可能快，盡可能低功耗。但同樣重要的是，有些人會說更重要的是驗證，即它是否確實執行了它應該執行的功能。

Does it multiply 2 and 3 and not get 5, but get 6, right? You have to be absolutely correct. And then test is yet another aspect that is the whole, does it still work? And does it work well after you manufacture it because a number of things can go wrong there as well. And so broadening these capabilities on top of a set of tools that continually optimize individually, but also as a team, if I can call it that, is one of the key reasons why I think we're doing so well.

它是否將 2 和 3 相乘而不是 5，而是得到 6，對嗎？你必須絕對正確。然後測試又是一個整體，它還有效嗎？在你製造它之後它是否運作良好，因為那裡也有很多事情可能出錯。因此，在一組不斷優化的工具之上擴展這些功能，而且作為一個團隊，如果我可以這麼說的話，這是我認為我們做得很好的關鍵原因之一。

Super helpful. And then just for my follow-up, it has been kind of a tough go for some of the pure-play security names this quarter so far. SIG revenue growth is obviously pretty fantastic in the quarter, but it's kind of a lagging indicator. Can you just maybe talk to how the SIG bookings have been trending? And maybe just what gives you confidence that you can continue to sustain that growth in SIG that you're seeing today throughout the rest of the year?

超級有幫助。然後就我的後續行動而言，到目前為止，本季度一些純粹的安全名稱有點艱難。本季度 SIG 的收入增長顯然非常出色，但它是一個滯後指標。你能談談 SIG 預訂的趨勢嗎？也許是什麼讓您有信心在今年餘下的時間裡繼續維持今天看到的 SIG 的增長？

Well, we don't disclose bookings, but we did say that there is a headwind that we have seen in that business, mostly viewed by virtue of people delaying some purchases or having more level of signature that are needed. And that should not be a surprise because things like security, you can always argue are super important, but they're rarely urgent until the next day.

好吧，我們沒有透露預訂情況，但我們確實說過，我們在該業務中看到了逆風，主要是由於人們推遲了一些購買或需要更多級別的簽名。這應該不足為奇，因為像安全這樣的事情，你總是可以說是非常重要的，但它們很少是緊急的，直到第二天。

And so over time, we expect that to rectify itself because the sum total of the entire product base is highly dependent on actually the security of every layer. And while SIG for us is still, I would say, fairly high in the level of obstruction compared to the rest of our business, recently, we've seen some very interesting areas such as automotive, where OEMs are buying from us the security for the software sort of coming down and the security for the hardware moving up.

因此，隨著時間的推移，我們希望這種情況能夠自我糾正，因為整個產品基礎的總和實際上高度依賴於每一層的安全性。雖然 SIG 對我們來說仍然是，我想說，與我們的其他業務相比，阻礙程度相當高，但最近，我們看到了一些非常有趣的領域，例如汽車，原始設備製造商正在從我們這裡購買安全性軟件有點下降，硬件的安全性在上升。

And so in that sense, it becomes an area that we will continue to invest in, and I think is crucial for the future. But it is clear that the EDA and IP areas have been particularly strong at this point in time.

因此，從這個意義上說，它成為我們將繼續投資的領域，我認為這對未來至關重要。但很明顯，EDA 和 IP 領域在這個時間點特別強大。

Yes. And I would add that our long-term view of that business is 15% to 20% due to some of the headwinds that Aart mentioned. We think we're probably closer to the lower end of that, closer to the 15% this year.

是的。我要補充一點，由於 Aart 提到的一些不利因素，我們對該業務的長期看法是 15% 到 20%。我們認為我們可能更接近該值的下限，接近今年的 15%。

Your next question comes from the line of Ruben Roy with Stifel.

您的下一個問題來自 Stifel 的 Ruben Roy。

Aart, I had a couple of AI questions. I'll ask them both the question and the follow-up. As the AI product family starts to take shape 200 tape-outs or production tape-outs, I guess, you said. Are you seeing kind of a sweet spot in kind of where AI is being implemented in terms of either I don't know, type of design, gate count? Or is it kind of a broad-based usage of AI?

Aart，我有幾個 AI 問題。我會問他們問題和跟進。隨著 AI 產品系列開始形成 200 次流片或生產流片，我猜，你說。您是否看到了在我不知道的情況下實施 AI 的最佳位置，設計類型，門數？或者它是一種廣泛使用的人工智能？

And the follow-up to that, I guess, longer term, I was wondering if you think that as the AI tools develop, if you think that either semiconductor companies or nontraditional semiconductor companies that historically might have been reluctant to design custom semiconductors, right, because of the expense and maybe went to merchant ships that were invested or FPGAs or what have you, do you think that your productivity improvement from AI may push those customers towards custom semi designs in the future?

我想，從長遠來看，我想知道你是否認為隨著人工智能工具的發展，如果你認為歷史上可能不願意設計定制半導體的半導體公司或非傳統半導體公司，對嗎？ ，因為費用，可能去了投資的商船或 FPGA 或你有什麼，你認為你從 AI 提高生產力可能會在未來推動這些客戶轉向定制半設計？

Well, those are great questions because as you were asking them, I was feverishly thinking, okay, what have we indeed done? And you may know that many, many years ago, recording the term techonomics as really this notion of at any point in time, judging the advances of technology through the economic feedback loop or the opposite, looking at the economics that are possible and then figuring out which technology would have the shortest-term impact.

嗯，這些都是很好的問題，因為當你問他們時，我在狂熱地想，好吧，我們確實做了什麼？你可能知道很多很多年前，將技術經濟學一詞記錄為任何時間點的概念，通過經濟反饋迴路或相反的方式判斷技術的進步，觀察可能的經濟學，然後計算哪些技術會產生最短期的影響。

And so it's not by accident that we focused first on DSO. And by the way, it was DSO for really advanced designs because these are really, really hard. And actually, you can sort of almost feel that the human ability to see all dimensions while extraordinary from an architecture point of view gradually diminishes for the details. And so when you're certainly dealing with literally trillions of decisions in a design, many are very small decisions, but a small decision can corrupt the design in weird ways, automation can really handle that better.

因此，我們首先關注 DSO 並非偶然。順便說一下，它是真正高級設計的 DSO，因為這些真的非常非常難。實際上，你幾乎可以感覺到，從建築的角度來看，人類看到所有維度的能力雖然非凡，但在細節方面卻逐漸減弱。因此，當您確實在設計中處理數万億個決策時，其中很多都是非常小的決策，但一個小決策會以奇怪的方式破壞設計，自動化確實可以更好地處理這個問題。

And so that is where we started. We then decided to broaden to other areas that have high economic impact. And so verification, it falls in that category because since beginning of at least electronic time, you were never done verifying. It was all the question how much can you afford? And if you could, for the same price get twice as much, you would absolutely go for it.

這就是我們的起點。然後我們決定擴大到其他具有高經濟影響的領域。因此，驗證屬於該類別，因為至少從電子時代開始，您就從未完成過驗證。問題是你能負擔得起多少錢？如果可以，以同樣的價格獲得兩倍的價格，您絕對會選擇。

And so the benefit was a very positive feedback. And in many ways, the same for test, where every test that you do on a tester machine costs money for the manufacturing people. And so instead of 50,000 tests you can do 25,000 tests and get the same quality of results, that is economically viable. But your question is an interesting second (inaudible), which is this whole question of, are there certain things in custom design that could be impacted.

因此，好處是非常積極的反饋。在許多方面，測試也是如此，您在測試機上進行的每項測試都會讓製造人員花錢。因此，您可以進行 25,000 次測試而不是 50,000 次測試，並獲得相同質量的結果，這在經濟上是可行的。但是你的問題是一個有趣的第二個問題（聽不清），這是整個問題，定制設計中是否有某些東西可能會受到影響。

And here, we have not really formally announced anything, but we have absolutely great results in a number of customers already retargeting from one technology node to another. And these are good examples that will become very relevant for much of the customer design and a number of other things as well. So we raced forward on the hottest vector, so to speak, but we have also substantially broadened. And that's the reason that we put the investments in to have a suite, so many common mechanisms in Synopsys.

在這裡，我們還沒有真正正式宣布任何事情，但我們在許多客戶已經從一個技術節點重新定位到另一個技術節點方面取得了絕對好的結果。這些都是很好的例子，它們將與大部分客戶設計和許多其他事物非常相關。所以我們在最熱門的方向上向前衝刺，可以這麼說，但我們也大大拓寬了範圍。這就是我們投資擁有一個套件的原因，Synopsys 中有如此多的通用機制。

Our last question will come from Gianmarco Conti with Deutsche Bank.

我們的最後一個問題將來自德意志銀行的 Gianmarco Conti。

I appreciate your comments on hardware. I'm sorry to touch again on this. I was wondering if you could maybe share a little bit more detail about the demand environment here, both on emulation and prototyping? Given we're sitting in H1, do you have full visibility into 2023 fiscal year on the hardware deliveries? Are the emulation trends ultimately, how should we think about the hardware development beyond the 2023 given 2022 was indeed a record year and 2023 is expected also to be a record year from a harder perspective.

感謝您對硬件的評論。很抱歉再次提到這個。我想知道你是否可以在這里分享更多關於需求環境的細節，包括仿真和原型設計？鑑於我們正處於上半年，您是否可以全面了解 2023 財年的硬件交付情況？最終是仿真趨勢，我們應該如何考慮 2023 年之後的硬件發展，因為 2022 年確實是創紀錄的一年，從更難的角度來看，預計 2023 年也將是創紀錄的一年。

I'm just trying to think here, will there be a point in time where [DSM] companies would have caught up on computational power for a year or 2 until the next big challenge comes? And then I'll ask a follow-up after.

我只是想在這裡思考，在下一個重大挑戰到來之前，[DSM] 公司是否會在一年或兩年內趕上計算能力？然後我會問一個跟進。

Okay. Well, there are record years and record years, right? If you're growing a company, hopefully, on a linear scale or trailing 12 months or so, you're a little bit record every quarter. The last few years have been particularly lumpy for a variety of reasons, some to do directly with hardware, some to do with supply chains and some to do with COVID changing the world.

好的。好吧，有創紀錄的年份和創紀錄的年份，對嗎？如果你正在發展一家公司，希望在線性規模上或在 12 個月左右的時間裡，你每個季度都有一點記錄。由於各種原因，過去幾年特別坎坷，有些直接與硬件有關，有些與供應鏈有關，有些與 COVID 改變世界有關。

And so in aggregate, though, if you buy into my premise that there will be more and more need for fast verification, hardware-accelerated verification is absolutely worthwhile because of the speed that you can get. On top of that, the intersection with software is a little bit more complex than that because we have not only hardware verification but also virtual verification and combination of the 2. And that's why Synopsys is so well positioned at that intersection.

因此，總的來說，如果你認同我的前提，即對快速驗證的需求會越來越大，那麼硬件加速驗證絕對值得，因為你可以獲得速度。最重要的是，與軟件的交集比這要復雜一點，因為我們不僅有硬件驗證，還有虛擬驗證和兩者的結合。這就是為什麼 Synopsys 在那個交集上處於如此有利的位置。

But be it as it may, all of those things are going to continue to increase in importance. And our job is to just keep up: a, from the technologies that are available to us. Now we're on the spot of delivering something that has to be state-of-the-art. Secondly, to make that in such a fashion that it's economically, i.e. techonomics for our customers viable and so on. And we have to deliver the fact that they will need more. And so that is a self-regulating business opportunity, but there's no doubt whatsoever that this will continue for quite a while.

但無論如何，所有這些事情的重要性都將繼續增加。我們的工作就是跟上：a，從我們可用的技術。現在我們正在交付必須是最先進的東西。其次，以一種經濟的方式使其成為可能，即為我們的客戶提供可行的技術經濟學等等。我們必須傳達這樣一個事實，即他們將需要更多。所以這是一個自我調節的商業機會，但毫無疑問，這將持續很長一段時間。

This concludes our Q&A session for today. I now would like to turn the call back to Synopsys' CEO, Aart de Geus.

今天的問答環節到此結束。我現在想把電話轉回 Synopsys 的首席執行官 Aart de Geus。

Well, thank you again for participating. I hope that you got the sense that we had a very strong quarter and that we're enthusiastic about the future, be it technology-wise and business-wise. And in all cases, we're always thankful for your participation in this event. Have a good rest of the day.

好的，再次感謝您的參與。我希望您能感覺到我們有一個非常強勁的季度，並且我們對未來充滿熱情，無論是技術方面還是業務方面。在所有情況下，我們始終感謝您參與此次活動。好好休息一天。

This concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。