新思科技 (SNPS) 2023 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys Earnings Conference Call for the Third Quarter of Fiscal year 2023. (Operator Instructions) Today's call will last 1 hour. And as a reminder, today's call is being recorded.

女士們、先生們，歡迎參加 Synopsys 2023 財年第三季度收益電話會議。（操作員說明）今天的電話會議將持續 1 小時。提醒一下，今天的通話正在錄音。

At this time, I would like to turn the conference over to Trey Campbell, Senior Vice President, Investor Relations. Please go ahead, sir.

現在，我想將會議交給投資者關係高級副總裁 Trey Campbell。請繼續，先生。

Thanks, Lisa. Good afternoon, everyone. With us today are Aart de Geus, Chair and CEO of Synopsys; Sassine Ghazi, President and COO; and Shelagh Glaser, CFO.

謝謝，麗莎。大家下午好。今天與我們在一起的有 Synopsys 董事長兼首席執行官 Aart de Geus； Sassine Ghazi，總裁兼首席運營官；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 statements regarding the company and its financial results. While these statements represent our best current judgment about future results and performance as of today, our actual results are subject to many risks and uncertainties that could cause actual results to differ materially from what we expect.

在我們開始之前，我想提醒大家，在本次電話會議期間，新思科技將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。雖然這些陳述代表了我們目前對未來業績和業績的最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。

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. 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 www.synopsys.com. In addition, the prepared remarks will be posted on our website at the conclusion of the call.

除了我們在本次電話會議中強調的任何風險之外，我們最新的 SEC 報告和今天的收益新聞稿中還描述了可能影響我們未來業績的重要因素。此外，我們將在討論中提及某些非公認會計準則財務指標。與最直接可比的 GAAP 財務指標和補充財務信息的調節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。所有這些內容以及最新的投資者演示文稿均可在我們的網站 www.synopsys.com 上獲取。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.

這樣，我會將電話轉給 Aart。

Good afternoon.

下午好。

We delivered outstanding results in the third quarter, exceeding the midpoint of all our guidance targets, while reaching another quarterly revenue record. Revenue of $1.487 billion was in the high end of our guidance with non-GAAP operating margin at 35.3%. GAAP earnings per share was $2.17, while non-GAAP earnings per share was above our target range at $2.88. We generated $560 million of operating cash flow and ended Q3 with a backlog of $7.1 billion.

我們在第三季度取得了出色的業績，超過了所有指導目標的中點，同時創下了另一個季度收入記錄。收入為 14.87 億美元，處於我們指引的高端，非 GAAP 營業利潤率為 35.3%。 GAAP 每股收益為 2.17 美元，而非 GAAP 每股收益高於我們 2.88 美元的目標範圍。我們產生了 5.6 億美元的運營現金流，第三季度末的積壓金額為 71 億美元。

By now, you have all seen our other news. So before I address our segment results and outlook, let me warmly welcome Sassine Ghazi to the call. Today, we announced that the Synopsys Board has named Sassine as Synopsys President and CEO starting January 2024, and that I will take the role of Executive Chair of Synopsys Board at the same time. I'm absolutely thrilled with this transition into the CEO role for Sassine.

到現在為止，大家都已經看到了我們的其他新聞。因此，在介紹我們的部門業績和前景之前，請允許我熱烈歡迎 Sassine Ghazi 參加電話會議。今天，我們宣布 Synopsys 董事會任命 Sassine 為 Synopsys 總裁兼首席執行官，從 2024 年 1 月開始，我將同時擔任 Synopsys 董事會執行主席。我對 Sassine 擔任首席執行官一職感到非常興奮。

Sassine is uniquely qualified. He is a proven operational leader, a technology innovator and a trusted partner to our customers and ecosystem friends. He is so much more than that. He embodies our values and culture and inspires our company, including me, with his results' focused leadership.

薩辛具有獨特的資格。他是一位久經考驗的運營領導者、技術創新者，也是我們的客戶和生態系統朋友值得信賴的合作夥伴。他遠不止於此。他體現了我們的價值觀和文化，並以其專注的領導力激勵著包括我在內的我們公司。

Sassine, welcome to your first of many Synopsys earnings calls.

Sassine，歡迎參加 Synopsys 眾多財報電話會議中的第一次。

Thanks, Aart. I'm incredibly honored, humbled and profoundly grateful to the board and you, Aart, for placing your unwavering trust in me. You built Synopsys from a disruptive start-up into one of the world's essential semiconductor ecosystem companies. I'm so proud to have been a part of that journey for the last 25 years working with you, our leadership team and the many colleagues across the organization. I'm determined to build upon our strong foundation, drive innovation and propel Synopsys to even greater heights of success. I look forward to engaging with all of you moving forward and to the continuing partnership with Aart.

謝謝，阿爾特。我非常榮幸、謙卑，並深深感謝董事會和您 Aart 對我的堅定信任。您將 Synopsys 從一家顛覆性初創公司打造成為全球重要的半導體生態系統公司之一。我很自豪能夠在過去 25 年裡與您、我們的領導團隊以及整個組織的許多同事一起參與這一旅程。我決心在我們堅實的基礎上再接再厲，推動創新，推動 Synopsys 取得更大的成功。我期待著與你們所有人共同前進並與 Aart 保持持續的合作關係。

Thanks, Sassine. You have my full support. Now let's turn to what we're seeing in the market.

謝謝，薩辛。我全力支持你。現在讓我們看看我們在市場上看到的情況。

Technology industry trends are playing to our strength. The AI-driven Smart Everything era is putting positive pressure on the semiconductor industry to deliver more. Despite economic challenges, semiconductor design starts and R&D investments continue unabated. Our relentless innovation drive has made Synopsys a catalyst for our customers' success in this new growth era for semiconductors. In fact, the market is playing out much as we expected when we planned the year and we are executing accordingly.

科技行業趨勢正在發揮我們的優勢。人工智能驅動的智能一切時代正在給半導體行業帶來積極的壓力，要求其提供更多服務。儘管面臨經濟挑戰，半導體設計的啟動和研發投資仍然有增無減。我們不懈的創新驅動使新思科技成為客戶在半導體新增長時代取得成功的催化劑。事實上，市場的表現與我們今年計劃時的預期非常一致，並且我們正在相應執行。

Based on continued strong design activity, our high confidence in our business, we are raising our full year revenue guidance range to between $5.81 billion and $5.84 billion. We are increasing our year-over-year non-GAAP op margin improvement expectation to 200 basis points. This is approximately 0.5 point up versus prior guidance. We are raising our full year non-GAAP EPS range to between $11.04 and $11.09. Shelagh will give you -- will discuss the financials in more detail.

基於持續強勁的設計活動以及我們對業務的高度信心，我們將全年收入指導範圍提高至 58.1 億美元至 58.4 億美元之間。我們將非 GAAP 運營利潤率同比改善預期提高至 200 個基點。這比之前的指導值高出約 0.5 個百分點。我們將全年非 GAAP 每股收益範圍提高至 11.04 美元至 11.09 美元。 Shelagh 將為您提供 - 將更詳細地討論財務狀況。

Prior to giving color on our segment results, let me update you on our AI progress. By now, I hope that we all understand that AI can and does and has further potential to unlock massive new productivity gains. So while we continue to embed AI in everything we do, not surprisingly, one consistent question most of you are asking is how we'll monetize our AI leadership? Let me address that question head on to the techonomic lens of product differentiation and business model framework including some early proof points.

在介紹我們的細分結果之前，讓我先向您介紹一下我們的人工智能進展情況。到目前為止，我希望我們都明白人工智能能夠、確實並且有進一步的潛力來釋放巨大的新生產力。因此，雖然我們繼續將人工智能嵌入到我們所做的一切中，但毫不奇怪，大多數人一直在問的一個問題是我們如何將我們的人工智能領導地位貨幣化？讓我從產品差異化和商業模式框架的技術角度來解決這個問題，包括一些早期的證據點。

For AI monetization, we see 3 distinct value streams. First, through our design participation and the explosive growth in demand for AI chips. Second, by pervasively embedding our pioneering AI across our full EDA stack, which we call Synopsis.ai. And third, through AI-driven efficiency transformation as we optimize and automate our own internal workflows.

對於人工智能貨幣化，我們看到了 3 個不同的價值流。首先，通過我們的設計參與以及AI芯片需求的爆發式增長。其次，通過將我們的開創性人工智能普遍嵌入到我們的完整 EDA 堆棧中，我們將其稱為 Synopsis.ai。第三，通過人工智能驅動的效率轉型，我們優化和自動化我們自己的內部工作流程。

Let's start with AI chips. Use cases for AI are proliferating rapidly, as are the number of companies designing AI chips. Novel architectures are multiplying, stimulated by vertical markets, all wanting solutions optimized for their specific application. Third parties estimate that today's $20 billion to $30 billion market for AI chips will exceed $100 billion by 2030.

我們先從AI芯片開始。人工智能的用例正在迅速激增，設計人工智能芯片的公司數量也在迅速增加。在垂直市場的刺激下，新型架構不斷增加，所有人都希望解決方案能夠針對其特定應用進行優化。第三方估計，目前價值 200 億至 300 億美元的 AI 芯片市場到 2030 年將超過 1000 億美元。

In this new era of Smart Everything, these chips in turn, drive growth in surrounding semiconductors for storage, connectivity, sensing, A-to-D and D-to-A converters, power management, et cetera. Growth predictions for the entire semi market to pass $1 trillion by 2030 are thus quite credible. We are uniquely positioned to benefit. In the semi ecosystem, Synopsys is the leading EDA provider to AI chip designers. Designers requiring unmatched capabilities in design tools, particularly at the most advanced process nodes. They also need our leading interface IP portfolio as AI chips are banking on enormous amounts of data, driving new, faster and lower power interconnect protocol. Synopsys excels at this.

在這個萬物智能的新時代，這些芯片反過來又推動了存儲、連接、傳感、模數和數模轉換器、電源管理等周邊半導體的增長。因此，到 2030 年整個半導體市場的增長預測將超過 1 萬億美元，這是相當可信的。我們處於獨特的位置，可以從中受益。在半導體生態系統中，Synopsys 是面向 AI 芯片設計人員的領先 EDA 提供商。設計人員需要設計工具具有無與倫比的功能，特別是在最先進的工藝節點。他們還需要我們領先的接口 IP 產品組合，因為人工智能芯片依賴於大量數據，推動新的、更快和更低功耗的互連協議。 Synopsys 在這方面表現出色。

In summary, AI chips are a core value stream for Synopsys, already accounting on a trailing 12-month basis for well over $0.5 billion. We see this growth continuing throughout the decade.

總之，AI 芯片是 Synopsys 的核心價值流，過去 12 個月的價值已遠遠超過 5 億美元。我們看到這種增長在這十年中持續存在。

Let's move to our second value stream, Synopsys.ai. This is where starting 2017, Synopsys, incidentally led by Sassine, pioneered AI-driven chip design, and we have relentlessly advanced the state-of-the-art ever since. Using our AI to automate entire design sub flows, our customers report schedule reductions from months to weeks while simultaneously also achieving better results in terms of speed, power and area of the chips.

讓我們轉向第二個價值流，Synopsys.ai。從 2017 年開始，Synopsys 在 Sassine 的領導下率先開創了人工智能驅動的芯片設計，從那時起我們就不懈地推進最先進的技術。使用我們的人工智能來自動化整個設計子流程，我們的客戶報告進度從幾個月縮短到幾週，同時在芯片的速度、功耗和麵積方面也取得了更好的結果。

In February, we reported that our customers had passed 100 commercial tape-outs using our AI. Today, the tally crossed 270 as adoption continues rapidly. 9 out of 10 of the top semiconductor vendors are using Synopsys AI in production, and the tenth one is already testing our solution.

2 月份，我們報告稱，我們的客戶已使用我們的 AI 完成了 100 項商業流片。如今，隨著採用率的快速增長，這一數字已突破 270。十家頂級半導體供應商中有九家在生產中使用 Synopsys AI，第十家已經在測試我們的解決方案。

What makes this doubly relevant is that the worldwide semi industry has a significant resource shortage. Third parties estimate a design engineering gap of between 15% to 30% by 2030. Even the multiplicity of national chip act recognizes this, and AI and design automation will be critical to help bridge the gap. That's why the industry's first AI-driven full EDA suite, Synopsis.ai, comes in. Initially launched in 2020 for design optimization, we have since added AI-driven test and verification flows now in commercial adoption.

使這一點具有雙重意義的是全球半導體行業資源嚴重短缺。第三方估計，到 2030 年，設計工程差距將達到 15% 至 30%。即使國家芯片的多樣性法案也認識到這一點，人工智能和設計自動化對於幫助縮小差距至關重要。這就是業界首個人工智能驅動的完整 EDA 套件 Synopsis.ai 出現的原因。最初於 2020 年推出用於設計優化，此後我們添加了人工智能驅動的測試和驗證流程，現已投入商業採用。

Usage is expanding rapidly as customers are seeing stunning results. In the last quarter, our customers have demonstrated up to 10x faster turnaround time and double-digit improvements in verification coverage. Customers are also reporting more than 20% silicon test cost reduction.

隨著客戶看到令人驚嘆的結果，使用量正在迅速擴大。在上個季度，我們的客戶展示了周轉時間加快了 10 倍，驗證覆蓋率實現了兩位數的改進。客戶還報告矽測試成本降低了 20% 以上。

Recently, we engaged Synopsys.ai for analog and custom design. One of our top customers used our AI optimized Custom Compiler to achieve a 6% performance improvement over manually transit custom circuit. Further completing our Synopsys.ai stack, more AI-driven manufacturing flow extensions are coming soon.

最近，我們聘請 Synopsys.ai 進行模擬和定制設計。我們的一位頂級客戶使用我們的 AI 優化自定義編譯器，與手動傳輸自定義電路相比，性能提高了 6%。進一步完善我們的 Synopsys.ai 堆棧，更多人工智能驅動的製造流程擴展即將推出。

But back to economics. Synopsys.ai revenue is just starting to ramp, but early proof points give us high confidence in its long-term growth prospects. We've moved from project-based experimentations to customers now adding Synopsys.ai subscription. Synopsys.ai has driven more than 20% value increases in several recent digital implementation renewals often leveraging significant growth for the underlying core tools used by Synopsys.ai. This quarter, we saw multiple full-flow displacements to Synopsys.ai, driven by up to 10x productivity differentiation versus the competition, which brings me to generative AI.

但回到經濟學。 Synopsys.ai 的收入剛剛開始增長，但早期的證據讓我們對其長期增長前景充滿信心。我們已經從基於項目的實驗轉向現在添加 Synopsys.ai 訂閱的客戶。 Synopsys.ai 在最近的幾次數字實施更新中推動了超過 20% 的價值增長，通常利用 Synopsys.ai 使用的底層核心工具的顯著增長。本季度，我們看到了 Synopsys.ai 的多個全流程替換，其驅動力是與競爭對手相比高達 10 倍的生產力差異，這讓我想到了生成式 AI。

Over our history, key disruptive technologies have catalyzed innovation opportunities for Synopsys to deliver leaps in productivity. Gen AI is such a technology. Anchored in 35-plus years of experience in developing model-based solutions now with unparalleled data assets portfolio, we intend to harness Gen AI capabilities into Synopsys.ai. We see this delivering further advances in design assistance, design exploration and design generation.

在我們的歷史中，關鍵的顛覆性技術為 Synopsys 帶來了創新機會，實現了生產力的飛躍。 Gen AI就是這樣一種技術。憑藉 35 多年開發基於模型的解決方案的經驗以及無與倫比的數據資產組合，我們打算將 Gen AI 功能融入 Synopsys.ai。我們看到這在設計輔助、設計探索和設計生成方面帶來了進一步的進步。

On the design flow spectrum from optionality to optimality, in other words, moving from many options in early architectures to highly tuned error-free tape-outs, Gen AI techniques will augment the exploration, accelerate design choices and automate some design generation. This will further broaden the intelligence dimensions in our Synopsys.ai. These capabilities represent additional customer value, opening multiple new monetization opportunities. We will elaborate more on our road map in the coming quarters, which brings me to our third monetization value stream, operational efficiency transformation.

換句話說，在從可選性到最優性的設計流程中，從早期架構中的許多選項轉向高度調整的無差錯流片，Gen AI 技術將增強探索、加速設計選擇並自動化一些設計生成。這將進一步拓寬 Synopsys.ai 的智能維度。這些功能代表了額外的客戶價值，帶來了多種新的盈利機會。我們將在未來幾個季度詳細闡述我們的路線圖，這將讓我談談我們的第三個貨幣化價值流，即運營效率轉型。

Gen AI isn't just an opportunity for our customers. We, ourselves, truly intend to eat at our own AI restaurant, so to speak. We see significant operational efficiency and automation potential and processes across the company so that our employees can focus on higher ROI tasks. Our experimentation is in full swing, and we are rapidly learning the strength and challenging of these new approaches. Overall, current progress on our AI journey, and it is great to have Sassine on the call for Q&A as he is very focused on our AI business strategy and monetization.

Gen AI 不僅僅是我們客戶的一個機會。可以這麼說，我們自己確實打算在我們自己的人工智能餐廳吃飯。我們看到整個公司顯著的運營效率和自動化潛力以及流程，以便我們的員工可以專注於更高投資回報率的任務。我們的實驗正在如火如荼地進行，我們正在快速了解這些新方法的優勢和挑戰。總的來說，我們的人工智能之旅目前取得了進展，很高興 Sassine 參加電話問答，因為他非常關注我們的人工智能業務戰略和貨幣化。

Let me now give some color on our segments of Design Automation at roughly 65% of our business, Design IP at about 25% and Software Integrity at around 10%. Starting with Design Automation, we saw strong revenue momentum and the segment delivered its first $1 billion quarter. Fusion Compiler momentum continues to grow with increased customer share and Synopsys-enabled customers taping out first to a number of leading manufacturing nodes, including TSMC N2 and N5A, Samsung SF3 and Intel 18A.

現在讓我對我們的設計自動化部分（約占我們業務的 65%）、設計 IP（約佔 25%）和軟件完整性（約佔 10%）部分進行一些說明。從設計自動化開始，我們看到了強勁的收入勢頭，該細分市場首次實現了 10 億美元的季度業績。隨著客戶份額的增加以及 Synopsys 支持的客戶首先在包括台積電 N2 和 N5A、三星 SF3 和英特爾 18A 在內的許多領先製造節點上進行流片，Fusion Compiler 的勢頭繼續增長。

Fusion leadership at advanced node has also translated into key HPC core wins at both semiconductor and hyperscale companies. Transitioning to multi-die chip design, our 3DIC Compiler platform continued momentum across verticals, achieving deployment on the industry's first advanced 3D stacked heterogeneous design for smartphone. We also expanded our multi-die ecosystem enablement, including qualification for leading foundries, latest multi-die flows and support for key 3D design standards. Of note, we deepened our collaboration with Samsung Foundry to accelerate multi-die system design for advanced processes.

先進節點的融合領先地位也轉化為半導體和超大規模公司在 HPC 核心方面的關鍵勝利。過渡到多芯片設計後，我們的 3DIC 編譯器平台在各個垂直領域繼續保持強勁勢頭，實現了業界首個針對智能手機的先進 3D 堆疊異構設計的部署。我們還擴展了多芯片生態系統支持，包括領先代工廠的資格、最新的多芯片流程以及對關鍵 3D 設計標準的支持。值得注意的是，我們加深了與三星代工廠的合作，以加速先進工藝的多芯片系統設計。

Let's move to verification, where the need for acceleration is paramount. In Q3, we won a ZeBu hardware-assisted verification engagement who's a risk 5 AI chip provider and so HAPS deployments for prototyping AI chips at a large hyperscaler and a large HPC company. Synopsys Cloud continues to deliver substantial differentiation and time-to-market gains for our customers. Our SaaS solution, which accounts for 70% of our cloud users, continued to gain strong adoption with multiple AI chip start-ups, leading new SaaS deployments.

讓我們轉向驗證，這裡對加速的需求至關重要。在第三季度，我們贏得了 ZeBu 硬件輔助驗證項目，該公司是風險 5 的 AI 芯片提供商，因此在大型超大規模企業和大型 HPC 公司進行 HAPS 部署，用於原型設計 AI 芯片。 Synopsys Cloud 繼續為我們的客戶提供顯著的差異化和上市時間優勢。我們的 SaaS 解決方案占我們雲用戶的 70%，繼續獲得多家 AI 芯片初創企業的廣泛採用，引領新的 SaaS 部署。

Now turning to Design IP, which is roughly 25% of our revenue. We had an excellent quarter working closely with some of our partners to enable the most advanced process nodes in the design ecosystem. Just this week, Synopsys and Intel announced a very significant expansion of our long-standing strategic partnership in EDA and IP to speed the design and manufacturing of advanced SoCs and multi-die systems for Intel processes. This comprehensive agreement enables Intel's internal IDM 2.0 teams and their external foundry customers to accelerate chip and system design with a powerful portfolio of essential IP developed by Synopsys for Intel 3 and 18A processes.

現在轉向設計 IP，這大約占我們收入的 25%。我們度過了一個出色的季度，與一些合作夥伴密切合作，在設計生態系統中實現最先進的工藝節點。就在本週，Synopsys 和英特爾宣布對我們在 EDA 和 IP 領域的長期戰略合作夥伴關係進行重大擴展，以加快針對英特爾工藝的先進 SoC 和多芯片系統的設計和製造。這項全面的協議使英特爾的內部 IDM 2.0 團隊及其外部代工客戶能夠利用 Synopsys 為英特爾 3 和 18A 工藝開發的強大的基本 IP 組合來加速芯片和系統設計。

Synopsys IP is now key to ramping and filling multibillion dollar rate for fabs as the advanced node IP supplier of choice of customers and the manufacturing ecosystem. Further supporting this in Q3, we also announced the industry's broadest portfolio of silicon proven IP for TSMC's N3E process as well as an extensive portfolio of IP or all of Samsung Foundry's advanced process technology.

作為客戶和製造生態系統選擇的先進節點 IP 供應商，Synopsys IP 現在是晶圓廠提升和實現數十億美元增長率的關鍵。為了進一步支持這一點，我們在第三季度還宣布了業界最廣泛的用於台積電 N3E 工藝的經過矽驗證的 IP 組合，以及廣泛的 IP 組合或所有三星代工廠的先進工藝技術。

In automotive, autonomous driving ADAS systems continued to drive strong demand for our IP. This quarter, we exceeded 30 design wins in 5-nanometer and won our first 3-nanometer design at a marquee automotive OEM. All in all, we have won IP sockets on more than 100 ADAS chips.

在汽車領域，自動駕駛 ADAS 系統繼續推動對我們 IP 的強勁需求。本季度，我們在 5 納米設計中贏得了超過 30 項設計，並在一家大型汽車 OEM 中贏得了第一個 3 納米設計。總而言之，我們已經贏得了超過100個ADAS芯片的IP插槽。

Third, the Software Integrity segment, which represents 10% of our revenue. Against the continued challenging macro environment for enterprise software, the business delivered solid results. The imperative for security and quality in software has always been critical. And with the rise in Gen AI generated code, big new risks are emerging. Racing forward, we continue to develop innovative new solutions like our AI code analysis API offering on our Polaris SaaS platform. AI code analysis API enables developers to automatically submit code snippets from code assistance such as GitHub copilot and ChatGPT to receive instant feedback on whether the code may originate from risky open source project.

第三，軟件完整性部分，占我們收入的 10%。在企業軟件持續充滿挑戰的宏觀環境下，該業務取得了穩健的業績。軟件的安全性和質量始終至關重要。隨著人工智能生成代碼的興起，新的巨大風險正在出現。我們不斷向前發展，繼續開發創新的新解決方案，例如我們在 Polaris SaaS 平台上提供的 AI 代碼分析 API 產品。 AI代碼分析API使開發人員能夠從GitHub copilot和ChatGPT等代碼輔助工具自動提交代碼片段，以接收有關代碼是否可能源自有風險的開源項目的即時反饋。

In summary, we had outstanding Q3 financial results and operational execution and are confident in our strong close to the year. We are raising our guidance for full year revenue and year-over-year op margin as well as non-GAAP earnings per share expectations. We have a resilient business model and our customers continue to prioritize investments in the chips and systems that position them for future growth. We continue to invest in technology leadership, multi-die design solutions, state-of-the-art IP and the leading edge AI-driven EDA suite to help capitalize this decade of smart, secure and safe products.

總而言之，我們在第三季度的財務業績和運營執行方面表現出色，並對今年的強勁表現充滿信心。我們正在提高對全年收入和同比運營利潤率以及非公認會計準則每股收益預期的指導。我們擁有富有彈性的商業模式，我們的客戶繼續優先投資芯片和系統，以實現未來的增長。我們繼續投資於技術領先地位、多芯片設計解決方案、最先進的 IP 和領先的人工智能驅動的 EDA 套件，以幫助充分利用這十年來的智能、安全和安全產品。

And last, but certainly not least, I am just delighted to welcome Sassine as our new CEO. I would like to thank our employees and our partners for their passion and commitment.

最後但並非最不重要的一點是，我很高興歡迎 Sassine 成為我們的新任首席執行官。我要感謝我們的員工和合作夥伴的熱情和承諾。

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

有了這個，我會把它交給 Shelagh。

Thank you, Aart. And congratulations, Sassine. I look forward to continuing to partner with you as you transition to CEO and scale the company to the next level of growth.

謝謝你，阿爾特。恭喜你，薩辛。我期待著在您過渡到首席執行官並將公司擴大到下一個增長水平時繼續與您合作。

On to results. Q3 was another outstanding quarter with record revenue and earnings. EPS was above the high end of our range. We continue to execute well, which is a testament to our execution and leadership position across our segment, robust chip and system design activity by our customers, who continue to invest through semiconductor cycles and with $7.1 billion in noncancelable backlog, the stability and resilience of our time-based business model. With our continued confidence in the business, we are raising our full year targets for revenue, non-GAAP operating margin improvement and EPS.

講結果。第三季度是又一個表現出色的季度，收入和利潤創歷史新高。每股收益高於我們範圍的高端。我們繼續保持良好的執行力，這證明了我們在整個細分市場的執行力和領導地位，以及我們客戶強勁的芯片和系統設計活動，他們繼續在半導體週期內進行投資，並擁有71 億美元的不可取消的積壓訂單，以及我們的穩定性和彈性。我們基於時間的商業模式。憑藉我們對業務的持續信心，我們提高了全年收入、非公認會計原則營業利潤率改善和每股收益的目標。

I'll now review our third quarter results. All comparisons are year-over-year unless otherwise stated.

我現在將回顧我們第三季度的業績。除非另有說明，所有比較均為逐年比較。

We generated total revenue of $1.49 billion. Total GAAP costs and expenses were $1.19 billion. Total non-GAAP costs and expenses were $963 million, resulting in non-GAAP operating margin of 35.3%. GAAP earnings per share were $2.17, and non-GAAP earnings per share were $2.88.

我們的總收入為 14.9 億美元。 GAAP 成本和開支總額為 11.9 億美元。非 GAAP 成本和費用總額為 9.63 億美元，非 GAAP 營業利潤率為 35.3%。 GAAP 每股收益為 2.17 美元，非 GAAP 每股收益為 2.88 美元。

Now on to our segment. Design Automation segment revenue was $1 billion, up 23%, driven by broad-based strength. Design Automation adjusted operating margin was 41.4%. Design IP segment revenue was $350 million, up 12%. Adjusted operating margin was 24.7%.

現在進入我們的部分。受廣泛實力的推動，設計自動化部門收入為 10 億美元，增長 23%。設計自動化調整後的營業利潤率為 41.4%。設計IP部門收入為3.5億美元，增長12%。調整後營業利潤率為 24.7%。

Software Integrity revenue was $133 million, up 12%, and adjusted operating margin was 16.9%. Due to continued macro impact on this segment, we now expect Software Integrity revenue growth in 2023 to be below our long-term guidance of 15% to 20%.

軟件完整性收入為 1.33 億美元，增長 12%，調整後營業利潤率為 16.9%。由於對該細分市場的持續宏觀影響，我們現在預計 2023 年軟件完整性收入增長將低於我們 15% 至 20% 的長期指導。

Turning to cash. We generated $560 million in operating cash flow and used $300 million for cash for stock buyback. Our balance sheet is very strong. We ended the quarter with cash and short-term investments of $1.8 billion and total debt of $18 million.

轉向現金。我們產生了 5.6 億美元的運營現金流，並使用了 3 億美元的現金用於股票回購。我們的資產負債表非常強勁。截至本季度末，我們的現金和短期投資為 18 億美元，債務總額為 1800 萬美元。

Now to guidance. As we have previously communicated, we had expected a strong second half. We are again raising our full year outlook for revenue, non-GAAP operating margin improvement and earnings. For fiscal year 2023, the full year targets are: revenue of $5.81 billion to $5.84 billion, total GAAP costs and expenses between $4.544 billion and $4.564 billion; total non-GAAP costs and expenses between $3.78 billion and $3.79 billion, resulting in non-GAAP operating margin improvement of 200 basis points; non-GAAP tax rate of 16%; GAAP earnings of $7.85 to $7.96 per share; non-GAAP earnings of $11.04 to $11.09 per share. Cash flow from operations of approximately $1.65 billion.

現在來指導一下。正如我們之前所傳達的，我們預計下半年會表現強勁。我們再次上調全年營收、非公認會計原則營業利潤率改善和盈利的預期。 2023財年，全年目標為：收入58.1億美元至58.4億美元，GAAP總成本和支出45.44億美元至45.64億美元；非 GAAP 成本和支出總額在 37.8 億美元至 37.9 億美元之間，導致非 GAAP 運營利潤率提高 200 個基點；非公認會計準則稅率為 16%； GAAP 每股收益為 7.85 美元至 7.96 美元；非公認會計準則每股收益為 11.04 美元至 11.09 美元。運營現金流量約為 16.5 億美元。

Now to targets for the fourth quarter: revenue between $1.567 billion and $1.597 billion; total GAAP costs and expenses between $1.184 billion and $1.204 billion; total non-GAAP costs and expenses between $1.005 billion and $1.015 billion; GAAP earnings of $2.17 to $2.28 per share; and non-GAAP earnings of $3.01 to $3.06 per share. Consistent with prior years, we will provide additional comments and guidance for 2024 when we report next quarter.

現在確定第四季度的目標：收入在 15.67 億美元至 15.97 億美元之間； GAAP 成本和支出總額在 11.84 億美元至 12.04 億美元之間；非公認會計準則成本和支出總額在 10.05 億美元至 10.15 億美元之間； GAAP 每股收益為 2.17 美元至 2.28 美元；非公認會計準則每股收益為 3.01 至 3.06 美元。與往年一樣，我們將在下季度報告時提供 2024 年的額外評論和指導。

In conclusion, we delivered record quarterly revenue and earnings. Based on our outstanding results year-to-date and strong outlook, we are again raising our targets for the full year. We continue to see strong momentum in the business, reflecting 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.

總之，我們實現了創紀錄的季度收入和收益。基於我們今年迄今為止的出色業績和強勁的前景，我們再次提高了全年目標。我們繼續看到業務的強勁勢頭，反映了我們在各個細分市場的領導地位、我們的客戶持續投資半導體週期的強勁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.

這樣，我會將其轉交給接線員詢問。

(Operator Instructions) We'll take our first question from Jason Celino with KeyBanc Capital Markets.

（操作員說明）我們將回答 KeyBanc Capital Markets 的 Jason Celino 提出的第一個問題。

Great. Frankly, I don't know where to begin. Aart, what a run. And Sassine, well deserved. And maybe Sassine, sorry to put you on the spot here, but can you just frame your vision around AI and how closely you've been working with the AI strategy?

偉大的。坦白說，我不知道從哪裡開始。阿爾特，跑得真快。還有薩辛，當之無愧。也許 Sassine，很抱歉讓您陷入困境，但是您能否圍繞人工智能構建您的願景以及您與人工智能戰略的合作程度如何？

Sure. First, thank you, Jason. And as Aart mentioned, actually, the AI journey for Synopsys started around 2017. I was the general manager of our EDA business at the time, and no one in our industry was talking about AI in 2017 for EDA applications. Around the 2020 time frame, we actually had customers using it in early production stages. And now as you saw the number, many, many tape-outs.

當然。首先，謝謝你，傑森。正如 Aart 提到的，實際上 Synopsys 的 AI 之旅是在 2017 年左右開始的。當時我是我們 EDA 業務的總經理，我們行業在 2017 年沒有人談論 EDA 應用的 AI。在 2020 年左右的時間範圍內，我們實際上有客戶在早期生產階段使用它。現在正如你所看到的，很多很多流片。

At the time, we started with the design space as the early stage of high impact using AI. And as you have seen us talk about the last couple of quarters with Synopsys.ai, where we're expanding the impact into test, verification, analog custom, manufacturing, et cetera. And Aart mentioned in his remarks that we have customers at this point buying our AI solution as part of their subscription license. And when a customer does that, they already see the value and the impact and they're willing to pay for it. And that's the stage we're in at this point.

當時，我們從設計空間開始，作為使用人工智能的高影響力的早期階段。正如您所看到的，我們在過去幾個季度與 Synopsys.ai 進行了交談，我們正在將影響擴展到測試、驗證、模擬定制、製造等領域。 Aart 在講話中提到，目前我們有客戶購買我們的人工智能解決方案作為其訂閱許可證的一部分。當客戶這樣做時，他們已經看到了價值和影響，並且願意為此付費。這就是我們目前所處的階段。

Okay. No, that's great. And then my brief follow-up, I think it was mentioned that in some renewals, you're seeing a 20% increase because of AI. Is this mainly driven from the tools themselves? Or is this more related to the upsell of the core because of the compute?

好的。不，那太好了。然後我簡短的跟進，我認為有人提到，在一些續訂中，由於人工智能，您會看到 20% 的增長。這主要是由工具本身驅動的嗎？或者這與由於計算而導致的核心追加銷售更相關？

I'm sorry, the 20% increase in what? I missed the first part of the question.

抱歉，增加20%意味著什麼？我錯過了問題的第一部分。

I think Aart mentioned that in some renewals, you were seeing 20% increases in value. I was just curious on the drivers of that? Or maybe I misheard it?

我想 Aart 提到過，在一些續約中，您會看到價值增加了​​ 20%。我只是好奇這的驅動因素？又或許是我聽錯了？

We are seeing, yes, absolutely 2 factors. One, there's a pull-through of the technology that our AI system uses, like Fusion Compiler, PrimeTime, et cetera, et cetera. And the customer is adding money -- new money in the agreement based on the AI system that we are selling them. So it's not only an upsell and a pull-through of the license, it's incremental value that the customers are adding to their renewal with Synopsys.

是的，我們看到絕對有兩個因素。第一，我們的人工智能係統使用的技術有一個拉通，比如 Fusion Compiler、PrimeTime 等等。客戶正在增加資金——基於我們向他們銷售的人工智能係統的協議中的新資金。因此，這不僅是許可證的追加銷售和拉動，而且是客戶在 Synopsys 續訂中增加的增量價值。

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

我們將接受富國銀行加里·莫布里 (Gary Mobley) 提出的下一個問題。

Congrats to both Aart and Sassine on the transition.

祝賀 Aart 和 Sassine 的過渡。

Thank you.

謝謝。

And I just want to pick up where the last discussion point left off. I wanted to maybe probe into maybe how many renewals have come up since you went from on a per design subscription for AI tools to rolling into baseline license renewals. I just want to get a sense of how many of these license renewals are now including AI?

我只想繼續上次討論的話題。我想調查一下，自從您從按設計訂閱 AI 工具到進入基線許可證續訂以來，可能出現了多少次續訂。我只是想了解一下現在有多少許可證續訂包含人工智能？

As you know, an average EBA contract is about 3 years. So 2021, we started with customers and we have a number of those customers included it in their renewals. So we're already in that first stage with a number of customers, including it in their 3-year contract.

如您所知，EBA 合同的平均期限約為 3 年。因此，2021 年，我們從客戶開始，其中許多客戶將其納入了續訂中。因此，我們已經與許多客戶處於第一階段，並將其納入他們的 3 年合同中。

Okay. I wanted to change topics and move to the different trends in the operating margin for the different business segments. I know that you called out in the past, quarter-to-quarter volatility in the op margins for the IP business, but we now have a trend with the trend downwards for the past 2 quarters. So maybe if you can speak to that specific to the IP business. And then conversely, you're showing nice gains in the Software Integrity business with seemingly not much revenue ramp. So maybe you can speak to the under occurrence there and as it relates to OpEx controls in the Software Integrity side?

好的。我想換個話題，轉向不同業務部門營業利潤率的不同趨勢。我知道您過去曾指出 IP 業務運營利潤率出現季度波動，但現在我們發現過去兩個季度呈下降趨勢。也許您可以談談知識產權業務的具體問題。相反，您在軟件完整性業務中顯示出不錯的收益，但收入增長似乎並不多。那麼也許您可以談談那裡發生的問題，因為它與軟件完整性方面的運營支出控制有關？

Sure. So I think it is -- this is the change that Aart and Sassine drove in the organization. So that's why we've got this more comprehensive segment reporting, and you're able to see what is going on in our 3 large segments.

當然。所以我認為這是 Aart 和 Sassine 在組織中推動的變革。這就是為什麼我們有更全面的細分報告，您可以看到我們的 3 大細分市場中發生的情況。

So if I talk about Design IP specifically, we really think about that business on a long-term. And as Aart talked in his prepared remarks, we're building out an IP portfolio for each new node, for each different foundry, for each different customer. So think of us as constantly investing in IP. And when we're signing contracts with customers, we're signing an agreement for a specific amount of dollars with a specific term. And when the customers pull down the IP, it is based on when their design is needing to integrate that IP into the design. So over time, we expect that IP op margin is slightly below our corporate margin. And what you're seeing is what we've always called lumpy, you're able to see what lumpy looks like now with our new segment reporting.

因此，如果我具體談論設計 IP，我們確實會從長遠角度考慮該業務。正如 Aart 在他準備好的發言中所說，我們正在為每個新節點、每個不同的代工廠、每個不同的客戶構建一個 IP 組合。因此，我們可以認為我們不斷投資於知識產權。當我們與客戶簽訂合同時，我們簽署的是具有特定條款的特定金額的協議。當客戶提取 IP 時，是基於他們的設計何時需要將該 IP 集成到設計中。因此，隨著時間的推移，我們預計 IP 運營利潤率將略低於我們的公司利潤率。您所看到的是我們一直所說的塊狀，您可以通過我們新的細分報告看到塊狀現在的樣子。

So the expectation hasn't changed. And as we're looking out, we are seeing customers deep into their designs, and we understand the timing of when the IP would be pulled down. So we feel strongly about that business. Plus it's an incredible strategic asset for us to be so deeply involved and engaged in our customers design. So we've got a strong view of -- positive view on that op margin.

所以期望沒有改變。正如我們所觀察到的，我們看到客戶深入研究他們的設計，並且我們了解 IP 被撤下的時間。所以我們對這項業務有強烈的感覺。此外，對於我們如此深入地參與客戶設計來說，這是一項令人難以置信的戰略資產。因此，我們對運營利潤率抱有強烈的積極看法。

For Software Integrity, we've talked about we've been focused on improving the margins in that business as we scale the business, and you're seeing some of the pull-through for that in Q3 time frame.

對於軟件完整性，我們已經討論過，隨著業務規模的擴大，我們一直致力於提高該業務的利潤率，並且您會在第三季度的時間範圍內看到一些進展。

We'll take our next question from Joshua Tilton with Wolfe.

我們將回答約書亞·蒂爾頓和沃爾夫提出的下一個問題。

First, Aart, I guess, not a guess, but you'll definitely be missed, and congrats Sassine on the new role.

首先，我想，Aart，不是猜測，但你肯定會被想念，並祝賀 Sassine 擔任新角色。

Not like I'm completely disappearing, right? Just to be clear.

我並沒有完全消失，對吧？只是要明確一點。

More your voice on these earnings calls, it will definitely -- I guess like my first question is just it seems like as of January, we're going to have a bit of a new regime in place. Maybe what are some of the things you can either do differently or just some levers that you feel that you could pull to maybe drive some meaningful margin expansion in the model come next year?

更多你在這些財報電話會議上的聲音，這肯定會——我想我的第一個問題是，從一月份開始，我們將有一個新的製度到位。也許你可以做哪些不同的事情，或者只是一些你認為可以推動明年模型中有意義的利潤擴張的槓桿？

Josh, I've been part of this company for 25 years, and the last 3 years, it's really been the start of what we call like a momentum journey, and we'll continue that pace of the journey moving forward. What Aart and I -- when I was appointed to COO and then later president, we really set out 3 vectors as priority for the company. The first one is focused on the growth ambition; the second one is scaling and how do we scale efficiently as a company; three, technology leadership and innovation.

喬希，我在這家公司工作了 25 年，在過去的 3 年裡，這確實是我們所謂的動力之旅的開始，我們將繼續這個旅程的步伐向前邁進。 Aart 和我——當我被任命為首席運營官，後來被任命為總裁時，我們確實設定了 3 個方向作為公司的優先事項。第一個重點是增長野心；第二個是規模化，以及我們作為一家公司如何有效地規模化；三、技術領先與創新。

And if you look at the results, they're really amazing. Over that period of time, we're able to grow revenue 17% CAGR, 700 basis points in non-GAAP operating margin and 26% CAGR EPS. And doing all of this while pioneering industry-first technologies like the AI solutions that we are talking about, plus 3DIC from a multi-die both IT and design tools, et cetera, et cetera.

如果你看一下結果，你會發現它們真的很驚人。在此期間，我們的收入複合年增長率達 17%，非 GAAP 營業利潤率達 700 個基點，每股收益複合年增長率達 26%。在完成所有這一切的同時，我們還開創了業界首創的技術，例如我們正在討論的 AI 解決方案，以及來自多芯片 IT 和設計工具的 3DIC，等等。

So as we look ahead, January 1, as you commented, it's just the continuity of that pace at a time where the market, the semiconductor chip activity, is so exciting, driven by the AI demand that requires more compute, either data center cloud or edge as well as everything going smart, Smart Everything in a car, in home, in the industry, et cetera. So it's really continuing that pace of momentum we created on all 3 vectors.

因此，當我們展望未來時，1 月1 日，正如您所評論的，在市場、半導體芯片活動如此令人興奮的時候，這只是這種步伐的連續性，受到需要更多計算（無論是數據中心雲）的人工智能需求的推動或邊緣以及一切變得智能，汽車、家庭、工業等中的一切都變得智能。所以它確實延續了我們在所有 3 個向量上創造的勢頭。

And I would add that we're committed to both short and long-term operating margin improvement. That's what you're seeing the improvement in the second half of the year. We, of course, will guide '24 next quarter, but our long-term guide is at least a 100 basis point improvement in the year. So we're committed to that.

我想補充一點，我們致力於短期和長期運營利潤率的提高。這就是你在下半年看到的改善。當然，我們將在下個季度指導“24”，但我們的長期指導是今年至少提高 100 個基點。所以我們致力於此。

Super helpful. And I think just a quick follow-up that on track. When you guys started buying up all these SIG assets, I think the bullish take was we have this portion of the business that's growing a lot faster than the core EDA, and we could see this nice mix shift effect as SIG becomes a bigger piece of the total pie. But I guess, how do we think about when, from an investor perspective, we should kind of expect SIG growth to be back above the corporate average? Like just maybe help us out with a little color there.

超級有幫助。我認為這只是一個快速的後續行動。當你們開始購買所有這些SIG 資產時，我認為看漲的看法是我們這部分業務的增長速度比核心EDA 快得多，隨著SIG 成為更大的一部分，我們可以看到這種良好的混合轉變效應。總餡餅。但我想，從投資者的角度來看，我們應該如何看待 SIG 增長何時會回到企業平均水平之上？就像也許可以幫助我們在那裡添加一點顏色。

The thesis behind SIG remains very strong, which is software quality and security. And actually, right now, you can argue and the future is as strong or stronger with AI-generated code and the need for any developer to ensure that it's secure software that are using in their products. What happened over the last 12 months or so is not unique to Synopsys is you're seeing it in the industry, especially at the software enterprise industry, is a slowdown and that headwind is really what you're seeing right now.

SIG 背後的論點仍然非常強大，那就是軟件質量和安全性。事實上，現在，你可以說，人工智能生成的代碼的未來同樣強大或更強，並且任何開發人員都需要確保其產品中使用的軟件是安全的。過去 12 個月左右發生的事情並不是 Synopsys 所獨有的，您在行業中看到的，特別是在軟件企業行業中，是經濟放緩，而這種逆風正是您現在所看到的。

And as Shelagh mentioned, even though we're not speaking about long-term projection and guidance for any part of the business, but we are -- last quarter, if you recall, we said we'll be at the lower end of the 15% to 20%, and now it will be slightly below that number, but it's not due to the portfolio or the execution, it's truly the headwind we're facing in the market.

正如 Shelagh 提到的，儘管我們沒有談論對業務任何部分的長期預測和指導，但我們——上個季度，如果你還記得的話，我們說過我們將處於行業的低端。 15％到20％ ，現在會略低於這個數字，但這不是由於投資組合或執行，這確實是我們在市場上面臨的逆風。

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

我們將回答 Joe Vruwink 和 Baird 提出的下一個問題。

Great. Congrats Sassine and Aart. I maybe wanted to start just Aart, in your opening comments, the 3 sources of monetizing AI chips and that market opportunity that's more market growth for customers. Your AI products, that's wallet share for Synopsys and then how you can employ AI internally? I take that as meaning higher margins. I guess when you just add all of those things together, can you maybe comment on how it could start to influence your long-term financial framework because a lot of these things we're certainly early days or not as present back in 2021 when the framework was first debuted?

偉大的。恭喜薩辛和阿爾特。我可能只想從 Aart 開始，在您的開場白中，人工智能芯片貨幣化的 3 個來源以及為客戶帶來更多市場增長的市場機會。你的人工智能產品，即 Synopsys 的錢包份額，那麼你如何在內部使用人工智能？我認為這意味著更高的利潤。我想當你把所有這些事情加在一起時，你能否評論一下它如何開始影響你的長期財務框架，因為很多這些事情我們肯定還處於早期階段，或者在 2021 年時還沒有出現。框架首次亮相？

Well, you have our basic financial outlook because we have communicated that we're focusing on #1 growth and continued gradual improvement of ops margin. And in many ways, this is against a backdrop that is fantastically exciting because there's going to be a wave of end users, and I mean with that system companies that all want to have AI, that all wants to have chips that are way faster, way lower power, way more data.

好吧，您已經了解了我們的基本財務前景，因為我們已經傳達了我們的重點是第一增長和運營利潤率的持續逐步改善。從很多方面來說，這是一個非常令人興奮的背景，因為將會出現一波最終用戶，我的意思是，所有系統公司都希望擁有人工智能，都希望擁有更快的芯片，功耗更低，數據量更多。

In other words, the entire industry around us will be unhappy with semiconductors because they want more. And there is nothing better than that because that is what in the early days drove the whole Moore's Law at super high growth. And we have a similar feel going on right now. And you may say, well, but is the technology not limited? Well, no, it's not. What has changed is that the architectures are all changing and that the ability to bring chips immensely close together, including stacking them vertically is now suddenly opening up. Still difficult, still expensive. But that's what FinFETs were before to and then suddenly out of nowhere there were over 10 generations of it. And I think this is exactly the space that we've entered.

換句話說，我們周圍的整個行業都會對半導體不滿意，因為他們想要更多。沒有什麼比這更好的了，因為這就是早期推動整個摩爾定律實現超高增長的原因。我們現在也有類似的感覺。你可能會說，好吧，但是技術不受到限制嗎？嗯，不，不是。所發生的變化是架構都在發生變化，並且將芯片極其緊密地結合在一起（包括垂直堆疊）的能力現在突然開放。還是困難，還是貴。但這就是 FinFET 之前的樣子，然後突然間突然出現了 10 多代 FinFET。我認為這正是我們所進入的空間。

And so that's another way of saying design is going to become more complex, more engineers are needed. And given that the world supply of engineers is somewhat limited, more automation is the only answer to solve this. Again, not any difference than in the '80s, '90s, 2000s and we all feel this drive because the notion of Smart Everything has shown itself as relevant.

這是另一種說法，設計將變得更加複雜，需要更多的工程師。鑑於全球工程師的供應有限，更多的自動化是解決這個問題的唯一答案。再說一次，這與 80 年代、90 年代、2000 年代沒有任何區別，我們都感受到了這種動力，因為“智能一切”的概念已經證明了自己的相關性。

Now a little portion of that is, well, how smart are we on the inside? And there's a lot that we can learn. And obviously, anything that we can automate or accelerate in our processes directly goes to the bottom line. And at that point in time, Sassine's job is to figure out how much of that money to the bottom line goes directly back into AI research, right? So that circle is very active.

現在其中的一小部分是，我們的內心有多聰明？我們可以學到很多東西。顯然，我們可以在流程中實現自動化或加速的任何事情都會直接影響到利潤。到那時，Sassine 的工作就是弄清楚這些資金中有多少直接返回到人工智能研究中，對嗎？所以這個圈子非常活躍。

Okay. That's all great. I wanted to go back, and Jason asked about the renewal anecdote. I think that's a pretty interesting one. I guess my question is the 20%, is that pretty typical or emblematic of what placement route has been seeing so far? And maybe if it is, how do you see renewals evolving as customers get more experience, more proof points on things like test your new AI verification, analog kind of the full Synopsys.ai suite? What could that mean for a typical renewal?

好的。這一切都很棒。我想回去，傑森問起續約的軼事。我認為這是一個非常有趣的事情。我想我的問題是 20%，這是否是迄今為止所看到的佈局路線的典型或像徵？也許如果是這樣，隨著客戶獲得更多經驗、更多證據點（例如測試新的人工智能驗證、完整 Synopsys.ai 套件的模擬類型），您如何看待續訂的發展？這對於典型的續約意味著什麼？

Yes. In the early stages of AI, what the customers were struggling with were 2 things. One, I may not have enough compute; and two, I may not have enough licenses, EDA licenses. On the compute side, there are multiple ways that can be addressed, but most of our customers figure that out given the value that they were able to see.

是的。在人工智能的早期階段，客戶遇到的困難有兩件事。第一，我可能沒有足夠的計算能力；第二，我可能沒有足夠的許可證，EDA 許可證。在計算方面，有多種方法可以解決，但我們的大多數客戶考慮到他們能夠看到的價值，都明白了這一點。

On the EDA side, the reason we started with project-based, we were really trying to figure out with the customers, what's the combination of number of licenses needed for an AI job because AI is pulling far more licenses of the technology that is under the hood compared to an engineering -- individual engineer effort. So after we learned from that experimentation, let's call it, around 2020 and customers wanting to scale it up, we started providing it as part of the subscription license in order to enable broader and easier adoption for the customer. And with that came monetization through Synopsys. As I said, incremental monetization on 2 sides, more selling of the licenses plus selling the AI technology as well.

在 EDA 方面，我們從基於項目開始的原因是，我們確實試圖與客戶一起弄清楚，人工智能工作所需的許可證數量組合是多少，因為人工智能正在獲取更多的技術許可證引擎蓋與工程——單個工程師的努力相比。因此，在我們從該實驗（讓我們稱之為實驗）中吸取教訓後，到2020 年左右，客戶希望擴大規模，我們開始將其作為訂閱許可證的一部分提供，以便客戶能夠更廣泛、更輕鬆地採用。隨之而來的是通過 Synopsys 實現盈利。正如我所說，兩側的增量貨幣化，更多的許可證銷售以及人工智能技術的銷售。

We have now actually many. Still early stages, though, when I say many in terms of renewals, remember, those are 3-year cycles of renewals and 2020 was just around the corner in terms of a renewal cycle. But we have many customers that they have gone through renewing their subscription license with Synopsys and added more technology that's pulling and AI license.

我們現在實際上有很多。不過，仍處於早期階段，當我談到續約方面的許多內容時，請記住，這些是 3 年的續約週期，而就續約週期而言，2020 年即將到來。但我們有許多客戶，他們已經通過 Synopsys 更新了訂閱許可證，並添加了更多的技術和人工智能許可證。

We will take our next question comes from Vivek Arya with Bank of America Securities.

我們將接受美國銀行證券公司 Vivek Arya 提出的下一個問題。

Best wishes to both Aart and Sassine on your new roles.

祝愿 Aart 和 Sassine 就任新角色。

Thank you.

謝謝。

So I had a near and a longer-term question. So on the near-term design IP, when I look year-to-date, if the model is right, your sales are basically flattish so far this year, I think maybe up 1%. So I'm curious, why is it well below your long-term growth expectations? And then when can we see this business get towards your target, which I think is to grow at kind of in a mid-teens annual basis?

所以我有一個近期和長期的問題。因此，就近期設計IP而言，當我回顧今年迄今為止的情況時，如果模型正確，今年到目前為止你們的銷售額基本上持平，我認為可能會增長1%。所以我很好奇，為什麼它遠低於你的長期增長預期？然後我們什麼時候才能看到這項業務實現你的目標，我認為這個目標是每年以十幾歲左右的速度增長？

So it is a lumpy business, as I described before, the contracts we signed with the customers, we have a term and a dollar amount and then the timing of those pull downs is really based on customer design. So we're -- we're confident in our long-term growth in that business because of the contracts we have signed with customers. But, Vivek, it is lumpy because it's really dependent. We're delivering IP all the time, constantly refreshing and delivering new IP blocks. And then it's really the pull downs are based on the customer design schedule and we see robust tip activity, and we expect customers pull downs over near-term horizon.

所以這是一個不穩定的業務，正如我之前所描述的，我們與客戶簽訂的合同，我們有一個期限和一個美元金額，然後這些下拉的時間實際上是基於客戶的設計。因此，由於我們與客戶簽署的合同，我們對該業務的長期增長充滿信心。但是，Vivek，它是不穩定的，因為它確實具有依賴性。我們一直在提供 IP，不斷刷新並提供新的 IP 塊。然後，下拉實際上是基於客戶設計時間表的，我們看到強勁的小費活動，並且我們預計客戶在短期內會下拉。

All right. And for my follow-up, I'm trying to think of what is the right way to think about your sales growth for the next 2 to 3 years? Can it stay mid-teens? Will it decelerate, right, to low double digit? Will it accelerate? Because AI is growing, but that's only 10% of your sales. Is that really enough to help Synopsys continue to grow at this mid-teens pace? Because when I look at a lot of the other parts of semis, right, whether it's consumer or parts of industrial, or a traditional data center, they have really slowed down. So I'm curious, is this AI enough to help Synopsys continue to grow its sales at kind of this mid-teens space over the next 2 to 3 years?

好的。對於我的後續行動，我試圖思考如何看待您未來 2 到 3 年的銷售增長？能保持在十幾歲左右嗎？它會減速到低兩位數嗎？會加速嗎？因為人工智能正在增長，但這只佔銷售額的 10%。這真的足以幫助新思科技繼續以十幾歲左右的速度增長嗎？因為當我看到半成品的許多其他部分時，無論是消費者還是工業部分，或者傳統的數據中心，它們確實已經放慢了速度。所以我很好奇，這種人工智能是否足以幫助新思科技在未來 2 到 3 年內繼續以十幾歲左右的速度增長其銷售額？

Just one comment, Vivek, you're asking, of course, a question that you should ask at the end of Q4, right? That's when we give guidance for the coming year. At the same time, overall, as we mentioned, we are in a market that we perceive as strong for us. We don't see any big changes. From year to year, of course, there's variability. But too early to really talk about that. But fundamentally, what we said in preamble is that fundamentally, we have a degree of momentum that shows us that we're in a very strong business at a good time. And so I wouldn't think that there are any major changes, at the same time, again, we're declining -- too far out guidance here.

只是一個評論，Vivek，你當然在問一個你應該在第四季度結束時問的問題，對嗎？屆時我們將為來年提供指導。與此同時，總體而言，正如我們所提到的，我們認為我們所處的市場對我們來說很強大。我們沒有看到任何大的變化。當然，每年都會有變化。但真正談論這個還為時過早。但從根本上說，我們在序言中所說的是，從根本上講，我們有一定程度的動力，這表明我們在一個好的時機處於非常強勁的業務中。因此，我認為不會有任何重大變化，同時，我們再次拒絕——這與指導方針相差太遠。

Right. Without giving guidance, I guess what I'm curious about is your insights on the growth in the business excluding AI because you gave $0.5 billion number over the last 2 months. Your total...

正確的。在沒有提供指導的情況下，我想我好奇的是您對不包括人工智能在內的業務增長的見解，因為您在過去兩個月中給出了 5 億美元的數字。你的總...

Yes. Okay. A good point. Sorry, I didn't catch that. Outside of AI, the business is just strong across the board. We talked earlier about IP. These agreements that we made over the last quarter are very powerful for a long period of time, and they establish us as a provider that is one of necessity for foundries to be successful.

是的。好的。一個好點。抱歉，我沒聽清。除了人工智能之外，該業務整體表現強勁。我們之前討論過知識產權。我們在上個季度達成的這些協議在很長一段時間內都非常有效，它們使我們成為代工廠成功所必需的供應商之一。

Remember, for foundry to be successful with a new node, it takes fundamentally 4 things. One, you have to have, of course, the technology. That's their job. Secondly, you need to have the capacity. Third, the EDA tools, which turns out we are always on time. And fourth, you need the collection of IP-ready-to-go because otherwise, the end users can do design and the fact that we have strong agreements to provide this to the leading foundries in the world is fantastic, and that gives us a degree of stability but also potential further growth that is very, very good.

請記住，鑄造廠要在新節點上取得成功，基本上需要滿足 4 件事。第一，當然，你必須擁有技術。那是他們的工作。其次，你要有能力。第三，EDA 工具，事實證明我們總是準時。第四，您需要收集現成的 IP，因為否則最終用戶可以進行設計，而且我們有強有力的協議將其提供給世界領先的代工廠，這一點非常棒，這給了我們一個穩定程度，而且還有進一步增長的潛力，這是非常非常好的。

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

我們將回答 Ruben Roy 和 Stifel 提出的下一個問題。

My congrats as well to Aart and Sassine. And Aart, I hope we get to see you planning to get talked more going forward from here.

我也祝賀 Aart 和 Sassine。 Aart，我希望我們能看到您計劃從這裡開始進行更多討論。

I wait to see you at the gig.

我等著在演出現場見到你。

You'll see me there, definitely.

你肯定會在那裡見到我。

So Sassine, I wanted to ask on AI as well around the sort of how you're viewing the pervasiveness of AI. Aart talked about the $100 billion market potentially in AI chips by the end of the decade and the 10% of $1 trillion semiconductor market. Early days, but do you think for now that AI-embedded tools are slated better for a certain portion of semiconductor design market? Clearly, generative AI design helper mechanism can be pervasive across the entire gamut of semiconductor, I would think. But for now, is that the right way to think about it -- is this kind of large designs with very complicated place in route? Or do you think it will be more pervasive than that?

Sassine，我也想問一下關於人工智能的問題，以及你如何看待人工智能的普遍性。 Aart 談到了到本世紀末人工智能芯片市場潛力達 1000 億美元，以及 1 萬億美元半導體市場的 10%。還處於早期階段，但您現在是否認為人工智能嵌入式工具更適合半導體設計市場的某些部分？顯然，我認為生成式人工智能設計輔助機制可以遍及整個半導體領域。但就目前而言，這是正確的思考方式嗎？這種大型設計是否具有非常複雜的路線？或者你認為它會比這更普遍嗎？

It will be more pervasive than that. But it will definitely be in the stages of design. So if you think of the design as 3 stages, there is the front end of the design then there is the implementation/optimization of the design and the sign-off where we started with DSO.ai is in the physical implementation because of the pace of optimization is so large, it was such a perfect opportunity for an AI system to look at that large space of optimization and find the right parameters to tune and then give you the most optimized physical implementation.

它將比這更加普遍。但它肯定會處於設計階段。因此，如果您將設計視為 3 個階段，那麼首先是設計的前端，然後是設計的實現/優化，而由於速度原因，我們從 DSO.ai 開始的簽核是在物理實現中優化的範圍如此之大，對於人工智能係統來說，這是一個絕佳的機會，可以查看如此大的優化空間，找到合適的參數進行調整，然後為您提供最優化的物理實現。

But as we expand into test, for example, and reducing the test pattern or verification improving your coverage, analog mixed signal, it's a whole other place where there is plenty of opportunity to innovate in that domain. And you go into manufacturing, they're all time and can leverage AI for both productivity as well as the quality of the result that you get.

但是，當我們擴展到測試領域時，例如，減少測試模式或驗證以提高覆蓋範圍、模擬混合信號，這是一個在該領域有大量創新機會的完全不同的地方。當你進入製造業時，他們總是有時間並且可以利用人工智能來提高生產力以及你所獲得的結果的質量。

Now Aart mentioned as well in his script as 3 stages of design assistance, design exploration and design generation. Those -- I want to say some of those are ambitious, meaning this is where we can see the technology heading in the next 1, 2 years at various level of R&D, in some cases, and customer discussions of where do they see the high impact as well as where do we see the technology available today from AI models, et cetera, et cetera. And you can open up the door to how do you protect your IP, the customer IP, how does the system learn. So the opportunity is definitely in early stages in terms of impact of AI overall on the chip design.

現在Aart在他的劇本中也提到了設計輔助、設計探索和設計生成三個階段。這些——我想說其中一些是雄心勃勃的，這意味著我們可以看到未來一兩年在不同研發水平上的技術發展方向，在某些情況下，以及客戶討論他們認為高的地方影響以及我們在哪裡可以看到當今人工智能模型可用的技術等等。您可以打開大門，了解如何保護您的 IP、客戶 IP、系統如何學習。因此，就人工智能對芯片設計的整體影響而言，機會肯定處於早期階段。

Very helpful.

很有幫助。

If I may add something because I love what Sassine just said in terms of these opportunities. It is important to understand that what we have done is we started actually with the single hardest problem, which is all the stuff that sits before tape-out. Tape-out is when the design is done and it gets sent to manufacturing. Well, the one thing you don't want to happen is any errors in that.

我可以添加一些內容嗎，因為我喜歡 Sassine 剛才所說的關於這些機會的內容。重要的是要明白，我們所做的實際上是從最困難的問題開始，也就是流片之前的所有問題。流片是指設計完成並送往製造。嗯，您不希望發生的一件事就是其中出現任何錯誤。

And so as you add more and more and more detail, you're coming to this notion of the absolute necessity to be as close as you can to 0 errors. And that's why, Sassine mentioned, not only the design, but also the verification steps, the sign-off steps and we have integrated all of those under our AI. And I think it's going to take a long time before many of the other techniques get close to that. But we are going to, of course, put those around. So it broadens our opportunity space, as Sassine has said, but the core of our pioneering was really we can do it and get correct chips out. Now that is challenging.

因此，當您添加越來越多的細節時，您就會意識到絕對有必要盡可能接近 0 錯誤。 Sassine 提到，這就是為什麼，不僅是設計，還有驗證步驟、簽署步驟，我們已將所有這些步驟集成到我們的人工智能下。我認為許多其他技術需要很長時間才能接近這一點。但我們當然會把它們放在身邊。因此，正如 Sassine 所說，它拓寬了我們的機會空間，但我們開拓的核心實際上是我們可以做到並獲得正確的芯片。現在這很有挑戰性。

Yes, it's a very interesting discussion. I could ask what I hope is a quick follow-up. Some of your semiconductor customers have started to show their own accelerated compute platforms as platforms for EDA tools and in those demonstrations more efficient than current standard server farms running EDA. What's your feeling on that? Do you view that -- obviously, early days, but as additional accelerants to EDA use or semiconductor design activity out there as the overall productivity could get faster as we put some of these new systems in place for your tool?

是的，這是一個非常有趣的討論。我可以詢問我希望能快速跟進。您的一些半導體客戶已經開始展示他們自己的加速計算平台作為 EDA 工具的平台，並且在這些演示中比當前運行 EDA 的標準服務器群更高效。你對此有何感想？您是否認為，顯然，這是早期的，但作為 EDA 使用或半導體設計活動的額外促進劑，因為隨著我們為您的工具安裝其中一些新系統，整體生產力可能會變得更快？

You're right. It's the right observation. Think of it as another tool that you can use to accelerate a workload. We were primarily CPU, then we introduced some GPU acceleration in a number of simulation functions and verification and some other methods. So yes, Ruben, you can think of it that way.

你說得對。這是正確的觀察。將其視為可用於加速工作負載的另一種工具。我們主要是CPU，然後我們介紹了一些GPU加速的一些模擬功能和驗證等一些方法。所以，是的，魯本，你可以這樣想。

(Operator Instructions)

（操作員說明）

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

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

Aart, first, I've always enjoyed our more than 100 quarters of dialogue and Sassine, I'm sure you'll look forward to another 100 quarters of multipart questions on the conference call. But for the 2 of you, let me ask a product road map question, and it does relate to AI.

Aart，首先，我一直很喜歡我們 100 多節的對話，Sassine，我相信您會期待電話會議上另外 100 節的多部分問題。但對於你們兩個，讓我問一個產品路線圖問題，它確實與人工智能有關。

As you may recall from your last analyst meeting back in 2019, in answer to a question at the time -- sorry, in answer to a question at the time about what you thought the longevity or useful life of your new data architecture or a new platform might be, having just introduced Fusion on top of it and DC NXT, for example, on top of it, you answered about a decade. And I know it was an approximation. But the question is, do you think that AI, as you embed it in your own products, extends that useful life of that architecture that you introduced a few years ago, or might it on the other hand, require you to accelerate a rebuilding of the architecture as you completed a number of years ago?

您可能還記得 2019 年上次分析師會議，當時回答了一個問題——抱歉，當時回答了一個關於您認為新數據架構或新數據架構的壽命或使用壽命的問題。平台可能是，剛剛在其之上引入了Fusion 和DC NXT，例如，在其之上，您回答了大約十年。我知道這是一個近似值。但問題是，您是否認為人工智能，當您將其嵌入到您自己的產品中時，會延長您幾年前引入的架構的使用壽命，或者另一方面，可能會要求您加速重建您幾年前完成的建築？

Jay, excellent question, and I remember that discussion as well. When we introduced MDM at the time, if you remember, for our digital platform data model, it was around the 2015 time frame. So when you look at the decade, it's right around the corner. We continue -- and that's what's really the primary foundation to build Fusion, where you bring time Fusion Compilers, StarRC, et cetera, the whole digital platform on one unified data model that is helping us accelerate our innovation pace and rhythm because tools are connected and we're able to move much faster in delivering a new technology, new products. And as you can imagine, the team is constantly looking, is there a more efficient new data model that we can build on?

傑伊，很好的問題，我也記得那次討論。當我們當時引入 MDM 時，如果你還記得的話，對於我們的數字平台數據模型來說，那是在 2015 年左右的時間範圍。因此，當你回顧這十年時，你會發現它即將到來。我們繼續——這才是構建Fusion 的真正主要基礎，您可以在其中將Fusion 編譯器、StarRC 等、整個數字平台放在一個統一的數據模型上，這有助於我們加快創新步伐和節奏，因為工具是相互連接的我們能夠更快地推出新技術、新產品。正如您可以想像的那樣，團隊一直在尋找我們可以構建的更高效的新數據模型？

And you mentioned the 2019 Investor Day, whereby I spilled the beans. We will have, hopefully, in the first half of '24, it will be great timing to talk about how we see the future given all the very exciting areas of technology innovation and the market around us.

你提到了 2019 年投資者日，我在那天洩露了秘密。希望我們能夠在 24 年上半年討論我們如何看待未來，因為技術創新和我們周圍的市場都是非常令人興奮的領域。

What he means is an Investor Day.

他的意思是投資者日。

What did I say, Investor Day?

投資者日我說什麼了？

You didn't say an Investor Day at that time. That's what you meant, right?

你當時沒有說投資者日。這就是你的意思，對嗎？

I was too excited.

我太興奮了。

And we'll take our next question from Charles Shi with Needham.

我們將回答 Charles Shi 和李約瑟提出的下一個問題。

Congrats to Aart. It's really been my great pleasure and honor actually to work with the luminary of the EDA and semiconductor industry as you are. Also congrats, Sassine.

恭喜阿爾特。能夠與 EDA 和半導體行業的傑出人物如您共事，我感到非常高興和榮幸。也恭喜你，薩辛。

I'm blushing.

我臉紅了。

Yes. And congrats to Sassine as well. Looking forward to working with you in the future.

是的。也祝賀薩辛。期待未來與您合作。

Maybe my question. I wanted to ask again on the IP revenue. It seems like so far this year, it's been tracking to like single-digit growth this year. It doesn't sound too right because your long-term guidance is kind of like in the mid-teens. Unless are you expecting we get a big bump in Q4? Or are we going to be tracking below that long-term guidance. But maybe next year, we should expect a somewhat above the long-term guidance kind of growth? That will be my first question.

也許是我的問題。我想再問一下IP收入。今年到目前為止，似乎今年一直保持個位數增長。這聽起來不太正確，因為你的長期指導有點像十幾歲左右。除非您預計我們會在第四季度出現大幅增長？或者我們是否會追踪長期指導以下的情況。但也許明年，我們應該期待略高於長期指導的增長？這是我的第一個問題。

Yes. Thanks for the question. Yes, we do anticipate a very strong Q4. So our model that we have, we think as well intact, and that's a long-term model. And so when you see the quarter-on-quarter variability, we don't as much manage it in the 90-day increment. We're managing it at the full year and 12 month increments, and we do expect a strong Q4 in IP.

是的。謝謝你的提問。是的，我們確實預計第四季度將會非常強勁。因此，我們認為我們現有的模型完好無損，這是一個長期模型。因此，當您看到季度環比變化時，我們不會在 90 天的增量中對其進行太多管理。我們以全年和 12 個月的增量對其進行管理，並且我們確實預計第四季度的知識產權將表現強勁。

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

我們將接受德意志銀行 Gianmarco Conti 提出的下一個問題。

Yes. Congrats on another strong quarter and to Sassine. So perhaps starting with SIG, could you explain whether the new go-to-market strategy is bearing some fruits? I actually, I know you've mentioned this before, but maybe can go a little bit more detail into what exactly happened this quarter with regards to the marginal slowdown. Is this simply part of the macro demand that you have previously described? Is there something else in the mix? And conversely, what is driving the higher margin for this division right now?

是的。祝賀 Sassine 又取得了強勁的季度表現。那麼，也許可以從 SIG 開始，您能否解釋一下新的上市策略是否取得了一些成果？事實上，我知道您之前已經提到過這一點，但也許可以更詳細地了解本季度邊際放緩方面到底發生了什麼。這只是您之前描述的宏觀需求的一部分嗎？其中還有其他東西嗎？相反，是什麼推動了該部門目前更高的利潤率？

Yes. We set out 2 priorities for SIG about 1.5 years, 2 years ago. One is building out our Polaris platform, which is an integrated SaaS, which is the static and dynamic software composition analysis and its cloud-native cloud-ready system. So from a go-to-market point of view, we're still in a transition phase or transitioning our customers to Polaris while we're selling Coverity, Black Duck, et cetera, all the other point products that they can be primarily used on-prem. So that's from a technology platform point of view.

是的。大約 1.5 年、2 年前，我們為 SIG 設定了 2 個優先事項。一是構建我們的 Polaris 平台，這是一個集成的 SaaS，它是靜態和動態軟件組成分析及其云原生雲就緒系統。因此，從進入市場的角度來看，我們仍處於過渡階段，或者將我們的客戶過渡到 Polaris，同時我們正在銷售 Coverity、Black Duck 等以及它們可以主要使用的所有其他點產品本地。這是從技術平台的角度來看的。

From a go-to-market standpoint, actually, we've done a fairly good job in putting the right investments, how much do we do direct, how much do we do through distribution. And we're still on that journey of evolving our go-to-market. Where we're seeing difficulties right now is the negotiation with the customers, given the headwind, they're ending up being a shorter renewals and taking longer to close.

實際上，從進入市場的角度來看，我們在進行正確的投資方面做得相當好，我們直接投資了多少，通過分銷做了多少。我們仍在不斷發展我們的市場推廣之旅。我們現在遇到的困難是與客戶的談判，考慮到逆風，他們最終會縮短續約時間，並需要更長的時間才能完成交易。

So that's really the impact we're seeing, not from a value market share, et cetera, et cetera standpoint. It's just the budget is tighter, in particular, for our enterprise customers.

這確實是我們看到的影響，而不是從價值市場份額等角度來看。只是預算更加緊張，特別是對於我們的企業客戶而言。

And just a comment on operating margin. We're committed to improving operating margin. We had set out to do that this year to improve year-over-year, and we feel well on past that. And obviously, the strong results in Q3 gives us the full year.

只是對營業利潤率的評論。我們致力於提高營業利潤率。我們今年就開始這樣做，以逐年提高，我們對此感覺良好。顯然，第三季度的強勁業績為我們帶來了全年業績。

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

我們將接受布萊爾·阿伯內西和羅森布拉特提出的最後一個問題。

Let me offer my congratulations on the transition as well, gentleman. Just on the IP business, I'm wondering if you can give us a sense of where you're seeing the biggest opportunity over the next, say, 3 to 5 years? Is it 3D multi-die interconnects? Is it AI chip Design IP and just sort of where are you -- how are you thinking about your investments in this segment?

先生，請允許我對權力交接表示祝賀。就知識產權業務而言，我想知道您能否讓我們了解您在未來（例如 3 到 5 年）中看到的最大機遇在哪裡？是 3D 多芯片互連嗎？是人工智能芯片設計IP嗎？您現在在哪裡——您如何考慮在這一領域的投資？

On questionnaires, one would feel I'm all of the above, meaning that the continuation of technology development is still very fast, even for individual chips. And therefore, with those come new speeds, new bandwidth and constant new demand.

在問卷上，大家會覺得我都是以上這些，說明技術的持續發展還是很快的，即使對於個別芯片來說也是如此。因此，隨之而來的是新的速度、新的帶寬和不斷的新需求。

You're absolutely right to throw in the 3D aspects because one of my perspective on that, it is precisely the fact that 3D has improved dramatically in terms of the connectivity, both in number of pin counts and the speed on the pins and the decrease of energy to switch a pin that actually opens that domain for a decade of success.

你提出 3D 方面的觀點是絕對正確的，因為我對此的看法之一是，事實上 3D 在連接性方面有了顯著的改進，無論是在引腳數量、引腳速度以及減少的方面。切換一個引腳的能量實際上打開了該領域十年的成功。

Now the fact that AI is in the midst of that is -- what's a little bit different about AI processes, it's just the bandwidth and the enormous amount of data that needs to constantly, in many cases, dynamically be treated while the car is driving, so to speak. And so all of these things are wonderful for our field because that says, well, do a lot better. And while the world better, of course, has many variations, we all know that means that there's more design happening, more new chips, more differentiation among the end customers -- among themselves. And so these are positive words in our field for sure.

現在，人工智能正處於其中，人工智能流程有一點不同，只是帶寬和大量數據需要在汽車行駛時不斷地（在許多情況下）動態處理， 可以這麼說。因此，所有這些事情對我們的領域來說都是美妙的，因為這意味著，做得更好。當然，雖然美好的世界有很多變化，但我們都知道，這意味著會有更多的設計、更多的新芯片、最終客戶之間的差異化——他們之間的差異化。因此，這些在我們的領域肯定是積極的話語。

With that, I guess we close the call. Thank you for your attention. For those of you that will connect with us later on today, we're ready to talk to you. And again, have a good rest of the day.

至此，我想我們就結束通話了。感謝您的關注。對於今天晚些時候將與我們聯繫的人，我們已準備好與您交談。再次強調，今天要好好休息。

Thank you.

謝謝。

And that concludes today's presentation. Thank you for your participation, and 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。