新思科技 (SNPS) 2023 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys Earnings Conference Call for the Fourth Quarter and Fiscal year 2023. (Operator Instructions) As a reminder, today's call is being recorded.

女士們、先生們，歡迎參加 Synopsys 2023 年第四季和財年財報電話會議。（操作員說明）謹此提醒，今天的電話會議正在錄音。

I would now like to turn the call over to Trey Campbell, Senior Vice President, Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係高級副總裁 Trey Campbell。請繼續。

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 董事長兼執行長 Aart De Geus； Sassine Ghazi，總裁兼營運長；和財務長 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表現的預測、目標和其他前瞻性陳述。雖然這些陳述代表了我們目前對未來績效和績效的最佳判斷，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有重大差異。

In addition to any risk 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.

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。與最直接可比較的 GAAP 財務指標和補充財務資訊的調整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。

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.

所有這些內容以及最新的投資者簡報均可在我們的網站 www.synopsys.com 上取得。此外，準備好的評論將在電話會議結束時發佈在我們的網站上。

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

這樣，我會將電話轉給 Aart De Geus。

Good afternoon. In Q4, we exceeded the high end of all our guidance targets and delivered another quarterly revenue high at $1.599 billion. Q4 just capped a record year, growing revenue by 15% to $5.84 billion with strong orders expanding backlog by $1.5 billion to $8.6 billion. We further improved non-GAAP operating margin to 35.1%, increased non-GAAP EPS by 26%, generated $1.7 billion in operating cash flow, while maintaining an exceptionally strong balance sheet.

午安.第四季度，我們超出了所有指導目標的上限，並實現了季度收入的新高，達到 15.99 億美元。第四季剛結束了創紀錄的一年，營收成長 15% 至 58.4 億美元，強勁的訂單使積壓訂單增加 15 億美元至 86 億美元。我們將非 GAAP 營運利潤率進一步提高至 35.1%，非 GAAP 每股盈餘增加 26%，產生 17 億美元的營運現金流，同時維持異常強勁的資產負債表。

Truly, Synopsys has moved forward with sustained momentum. Over the last 5 years, we've grown revenue at 13% CAGR, expanded non-GAAP operating margin by 13 points and increased non-GAAP EPS at a 23% CAGR. Through the year, we also widened our differentiation by substantially expanding our AI-driven product capabilities, but also through unique collaborations that strengthened our customers' differentiation while cementing deep, long-term relationships. We thank our employees for their passion and dedication and our customers for their business and trust in Synopsys.

確實，Synopsys 一直在以持續的勢頭向前發展。在過去 5 年裡，我們的營收複合年增長率為 13%，非 GAAP 營運利潤率擴大了 13 個百分點，非 GAAP 每股盈餘複合年增長率為 23%。這一年，我們也透過大幅擴展人工智慧驅動的產品能力，以及透過獨特的合作來增強我們的客戶差異化，同時鞏固深厚的長期關係，從而擴大了我們的差異化。我們感謝員工的熱情和奉獻精神，感謝客戶對 Synopsys 的業務和信任。

Meanwhile, dark geopolitical clouds are inflecting unimaginable harm in multiple conflict zones. Our hearts hurt with deep compassion for our employees, families, colleagues, customers and all others impacted by pain, loss and uncertainty. Yet, we will never give up the leaving in the positive potential of humanity. It is thus heartwarming to see how fast our teams have turned compassion into caring, caring into action. And our respect and support for each other is that active norm at Synopsys.

同時，地緣政治烏雲正在多個衝突地區造成難以想像的傷害。我們對員工、家人、同事、客戶和所有其他受到痛苦、損失和不確定性影響的人深表同情，心痛不已。然而，我們永遠不會放棄人類的正向潛能。因此，看到我們的團隊如此迅速地將同情心轉化為關懷，將關懷轉化為行動，真是令人心曠神怡。我們相互尊重和支持是 Synopsys 的積極規範。

Let me now briefly share some thoughts on the state of the industry and our company before I pass the baton to Sassine. From the first days of Synopsys 37 years ago, Synopsys has enabled and navigated the exponential ambition that came to be defining the semiconductor industry and which, in turn, radically impacted the world. Our initial contribution, Synthesis, revolutionized digital design. We ushered in the transition from CAD, computer-aided design, to EDA, electronic design automation, so far delivering roughly a 10 million x increase in design productivity.

在將接力棒交給 Sassine 之前，現在讓我簡單分享一些對產業狀況和我們公司的想法。從 37 年前 Synopsys 成立的第一天起，Synopsys 就實現並實現了指數級的雄心壯志，最終定義了半導體產業，進而從根本上影響了世界。我們最初的貢獻 Synthesis 徹底改變了數位設計。我們實現了從 CAD（電腦輔助設計）到 EDA（電子設計自動化）的轉變，到目前為止，設計生產力提高了約 1000 萬倍。

During Synopsys' entire existence, the vast majority of our products have been the state-of-the-art. Together with the leading foundries with us empowered digital age exponential referred to as Moore's Law. And then at the very moment that the economics of classic Moore's Law are slowing down in terms of transistor performance and cost improvements, the era of big data and AI becomes real, triggering enormous compute needs on the horizon.

在 Synopsys 的整個存在過程中，我們的絕大多數產品都是最先進的。我們與領先的代工廠一起推動了被稱為摩爾定律的數位時代的指數增長。然後，就在經典摩爾定律的經濟學在電晶體性能和成本改進方面放緩的時刻，大數據和人工智慧時代成為現實，引發了即將到來的巨大計算需求。

About 8 years ago, Synopsys forecasted, this age of Smart Everything would become the driver for the semiconductor growth to $1 trillion in this decade. And here we are. This year's generative AI advances and furious adoption clearly fulfill our vision. As pervasive AI is now massively underway, the classic Moore's Law era in turn, is morphing into the SysMoore era, systemic complexity, but still with a Moore's Law exponential ambition. SysMoore is happening in front of our eyes by reinventing architectures not based on a single chip but on multiple chips, tightly connected or even stacked on top of each other with extreme proximity. These so-called software-defined multi-die architectures will enable massive increases in the number of transistors available. And again, Synopsys is at the heart of the heart of capitalizing exponential impact.

大約 8 年前，Synopsys 預測，這個萬物智慧的時代將成為本十年半導體成長至 1 兆美元的驅動力。我們到了。今年生成式人工智慧的進步和廣泛採用顯然實現了我們的願景。隨著人工智慧的普及正在大規模進行，經典的摩爾定律時代又正在演變成系統複雜性的 SysMoore 時代，但仍具有摩爾定律指數級的野心。 SysMoore 正在我們眼前發生，它重新發明的架構不是基於單一晶片，而是基於多個晶片，這些晶片緊密連接，甚至彼此極其接近地堆疊在一起。這些所謂的軟體定義的多晶片架構將使可用電晶體的數量大幅增加。再說一遍，新思科技 (Synopsys) 處於利用指數影響力的核心地位。

Our investments in multi-die design, our massive collection of IP building blocks in many silicon technologies, our prototyping and electronic digital twinning technology that lets customers run software before the hardware actually exists are all essential enablers driving the new race into AI-driven computation. Adding one more spark to our technical leadership, Synopsys has also pioneered the use of deep learning AI and chip design. Applied to optimization, verification and test, production results are outstanding and adoption is broad and rapid.

我們對多晶片設計的投資、我們在許多矽技術中收集的大量IP 構建塊、我們的原型設計和電子數位孿生技術（讓客戶在硬體實際存在之前運行軟體）都是推動人工智慧驅動運算新競賽的重要推動因素。 Synopsys 也率先使用深度學習 AI 和晶片設計，為我們的技術領先地位增添了另一個火花。應用於最佳化、驗證和測試，生產結果非常出色，並且廣泛而快速的採用。

Most recently, our announcement of exciting gen AI capabilities adds yet another angle to driving the state-of-the-art for it. If nothing else, my enthusiasm for both the SysMoore opportunity and for our technology advances to give you a sense of Synopsys is on the move.

最近，我們宣布了令人興奮的新一代人工智慧功能，為推動最先進的人工智慧技術增添了另一個角度。如果不出意外的話，我對 SysMoore 機會和我們技術進步的熱情正在不斷加深，讓您對 Synopsys 有所了解。

Talking about on the move, we're also well on the way in our executive leadership transition. I have great confidence, expectations and enthusiasm for Sassine Ghazi as our next CEO. Sassine, please give us your perspective, vision and ambition for Synopsys. The floor is all yours.

說到變動，我們的行政領導過渡也進展順利。我對 Sassine Ghazi 擔任我們下一任執行長充滿信心、期望和熱情。 Sassine，請告訴我們您對 Synopsys 的看法、願景和抱負。地板都是你的了。

Thank you, Art, for your pioneering work in our industry and for building Synopsys into one of the world's essential semiconductor ecosystem companies. I am profoundly grateful for the opportunity to succeed you as CEO, building on our strong foundation and propelling Synopsys to the next wave of growth.

感謝 Art 在我們行業所做的開創性工作，並將 Synopsys 打造成全球重要的半導體生態系統公司之一。我非常感謝有機會接替您擔任首席執行官，為我們奠定堅實的基礎，推動 Synopsys 邁向下一波成長。

Let's turn to market trends. Despite global macroeconomic uncertainty, our customers continue to prioritize R&D investments and chip design starts remain robust. We leave 2023 with $8.6 billion in noncancelable backlog and have a time-tested business model that balances dynamic growth with macro resiliency. We expect solid growth across our geographies in 2024, but our outlook reflects a continued challenging near-term growth environment in China.

讓我們轉向市場趨勢。儘管全球宏觀經濟存在不確定性，但我們的客戶繼續優先考慮研發投資，晶片設計啟動仍然強勁。到 2023 年，我們將擁有 86 億美元的不可取消的積壓訂單，並擁有經過時間考驗的商業模式，可以在動態成長與宏觀彈性之間取得平衡。我們預計 2024 年各地區將穩健成長，但我們的前景反映出中國近期成長環境持續充滿挑戰。

China is an adaptable and large market. However, given the combination of entity list and technology restrictions and a weaker macroeconomic outlook, we believe more pragmatism in our 2024 China forecast is appropriate.

中國是一個適應性強、規模大的市場。然而，考慮到實體清單和技術限制以及宏觀經濟前景疲軟，我們認為對 2024 年中國的預測更加務實是合適的。

Technology trends continue to create a rising tide for our business. Chief among those trends is a new era of AI-driven productivity. AI is reshaping industries and providing breakthrough solutions for intractable challenges, like the 15% to 30% design resource shortage that semiconductor is facing this decade. We pioneered AI-driven semiconductor design and are relentlessly advancing our AI capabilities so that we can drive step-up function improvement in our customers' productivity, and thus, play a greater role in their success.

技術趨勢繼續為我們的業務帶來上漲的浪潮。這些趨勢中最主要的是人工智慧驅動生產力的新時代。人工智慧正在重塑產業，並為棘手的挑戰提供突破性的解決方案，例如半導體在這十年中面臨的 15% 至 30% 的設計資源短缺。我們開創了人工智慧驅動的半導體設計，並不斷提升我們的人工智慧能力，以便我們能夠推動客戶生產力的進一步功能改進，從而在他們的成功中發揮更大的作用。

Recently, at Microsoft's Ignite Conference, we announced a breakthrough generative AI capability for accelerating chip design, Synopsys.ai Copilot. The new capability is the result of a strategic collaboration with Microsoft to integrate Azure's service that brings the power of gen AI into one of the most complex engineering challenges, the design process for semiconductors. The integration of gen AI across Synopsys.ai provides chip designers with collaborative capabilities that offer expert tool guidance, generative capabilities to enable RTL and collateral creation, and fully autonomous capabilities for workflow creation from natural language.

最近，在微軟的 Ignite 大會上，我們宣布了一項用於加速晶片設計的突破性生成 AI 功能 Synopsys.ai Copilot。這項新功能是與微軟策略合作的結果，旨在整合 Azure 的服務，將新一代人工智慧的力量帶入最複雜的工程挑戰之一，即半導體設計流程。 Synopsys.ai 中 gen AI 的集成為晶片設計人員提供了協作功能，可提供專家工具指導、支援 RTL 和附屬品創建的生成功能，以及透過自然語言創建工作流程的完全自主功能。

We're engaged with leading chip makers, including AMD, Intel and Microsoft to deliver the value of gen AI across the Synopsys.ai full EDA stack, from design, verification, test to manufacturing. We are at a very early stage of this new AI era, but our initial customer results are exceptional. AI is key to massively unlocking customer productivity. And we are increasing our investment to accelerate the Synopsys.ai road map.

我們與 AMD、英特爾和微軟等領先晶片製造商合作，透過 Synopsys.ai 完整的 EDA 堆疊（從設計、驗證、測試到製造）提供新一代 AI 的價值。我們正處於新人工智慧時代的早期階段，但我們最初的客戶結果非常出色。人工智慧是大規模釋放客戶生產力的關鍵。我們正在增加投資以加速 Synopsys.ai 路線圖的發展。

Beyond AI, we see multiple other secular tailwinds providing our design automation and design IP business expanding growth opportunities. With the slowing of Moore's Law, increasingly, architecture and design automation are the main levers in delivering semiconductor PPA gains even as insatiable use case demand push the frontiers of performance and performance per watt. Multi-die implementations are accelerating as our customers seek to optimize cost and yield for these large complex designs. And our customers who rely on our critical competencies from silicon to software now requires systems-level approach both at the semiconductor device level with multi-die and the electronic design, software bring-up and software validation of full systems like today's software-defined cars.

除了人工智慧之外，我們還看到其他多種長期順風車為我們的設計自動化和設計 IP 業務提供了擴大成長的機會。隨著摩爾定律的放緩，架構和設計自動化越來越成為提供半導體 PPA 收益的主要槓桿，即使永不滿足的用例需求推動了性能和每瓦性能的前沿。隨著我們的客戶尋求優化這些大型複雜設計的成本和產量，多晶片的實施正在加速。依賴我們從晶片到軟體的關鍵能力的客戶現在需要係統級方法，無論是在具有多晶片的半導體裝置級別，還是整個系統（如當今的軟體定義汽車）的電子設計、軟體啟動和軟體驗證。

Our design IP business also has strong wind in its sails. Applications claimed ever faster ingest and throughput, resulting in faster protocol migrations and increasing IP content value per device. Customers are prioritizing scarce design resources to focus on their critical architectural differentiations and turning to us as an integral part of their chip design development teams for their foundation and interface IP needs. And now all 3 leading edge foundries are making Synopsys the advanced node IP vendor of choice. They are partnering with us on a broad range of IP titles to minimize risk and accelerate silicon success.

我們的設計IP業務也順風順水。應用程式聲稱更快的攝取和吞吐量，從而實現更快的協定遷移並增加每個裝置的 IP 內容價值。客戶正在優先考慮稀缺的設計資源，以專注於他們的關鍵架構差異化，並轉向我們作為其晶片設計開發團隊不可或缺的一部分，以滿足他們的基礎和介面 IP 需求。現在，所有 3 個領先的代工廠都使 Synopsys 成為首選的高階節點 IP 供應商。他們正在與我們合作開發廣泛的智慧財產權，以最大限度地降低風險並加速晶片成功。

Our design automation and design IP businesses have both leadership technology and market positions with industry trends playing to our strengths. We're increasing our investment in these segments to capture more of this growing TAM. We started our investments in software integrity with the acquisition of Coverity in 2014. Software Security was a pain point for every company and risk services were expanding. Customers were searching for innovative approaches in quality and security testing to help reduce the risk of software failures and security breaches. And we developed the broadest portfolio to meet that need.

我們的設計自動化和設計IP業務擁有領先的技術和市場地位，產業趨勢發揮了我們的優勢。我們正在增加對這些細分市場的投資，以捕捉更多不斷增長的 TAM。 2014 年，我們收購了 Coverity，開始對軟體完整性進行投資。軟體安全是每個公司的痛點，風險服務也不斷擴大。客戶正在尋找品質和安全測試方面的創新方法，以幫助降低軟體故障和安全漏洞的風險。我們開發了最廣泛的產品組合來滿足這一需求。

Flash forward to today, our Software Integrity business has become the leader in application security testing with industry-leading team delivering over $0.5 billion in trailing 12 months revenue at mid-teens non-GAAP operating margin.

時至今日，我們的軟體完整性業務已成為應用程式安全測試領域的領導者，擁有業界領先的團隊，過去 12 個月的收入超過 5 億美元，非 GAAP 營業利潤率為 10% 左右。

We are proud of the significant progress we've made over the last 9 years and believe the future opportunity remains attractive. At the same time, we have compelling investment opportunities in design automation and design IP with much higher expected growth and return profiles.

我們對過去 9 年取得的重大進展感到自豪，並相信未來的機會仍然有吸引力。同時，我們在設計自動化和設計智慧財產權方面擁有引人注目的投資機會，具有更高的預期成長和回報率。

Following our strategic portfolio review, and in consultation with the company's Board of Directors, we have decided to explore strategic alternatives for the Software Integrity business. As part of this process, we're considering full range of strategic opportunities. We will provide an update after we conclude that process.

經過我們的策略投資組合審查並與公司董事會協商後，我們決定探索軟體完整性業務的策略替代方案。作為此過程的一部分，我們正在考慮全方位的策略機會。我們將在完成該過程後提供更新。

Based on these market and technology trends, and with high confidence in our business, here are our 2024 guidance targets.

基於這些市場和技術趨勢，並且對我們的業務充滿信心，以下是我們的 2024 年指導目標。

We expect 2024 revenue between $6.57 billion and $6.63 billion. We expect to deliver 37% non-GAAP operating margin, a 200 basis point improvement versus last year. We expect full year non-GAAP EPS between $13.33 and $13.41. Shelagh will discuss the financials in more detail.

我們預計 2024 年營收在 65.7 億美元至 66.3 億美元之間。我們預計非 GAAP 營業利潤率為 37%，比去年提高 200 個基點。我們預計全年非 GAAP 每股收益在 13.33 美元至 13.41 美元之間。謝拉將更詳細地討論財務狀況。

Now I'll share some segment highlights starting with Design Automation. This quarter, Synopsys.ai was selected by AspenCore to receive the World Electronics Achievement Award for EDA Software of the Year. We're proud of the recognition but even more excited by the strong customer adoption for Synopsys.ai across the design flow. A major North American hyperscaler made a major commitment to use DSO.ai after demonstrating PPA and productivity benefits on consecutive HPC projects.

現在我將分享一些從設計自動化開始的部分亮點。本季度，Synopsys.ai 被 AspenCore 評選為年度世界電子成就獎 EDA 軟體。我們對這種認可感到自豪，但更興奮的是客戶在整個設計流程中對 Synopsys.ai 的廣泛採用。北美一家大型超大規模企業在連續 HPC 專案中展示了 PPA 和生產力優勢後，做出了使用 DSO.ai 的重大承諾。

In verification, we engaged with over 20 customers in Q4, demonstrating up to 10x faster turnaround time. While in test, we added 8 new customer engagements with Kioxia publicly highlighting more than 50% pattern reduction. Finally, we and TSMC announced that our analog migration flow through Synopsys.ai is enabled across TSMC's advanced process technologies. We are also seeing great results deploying Synopsys.ai internally with our IP teams. Internal IP teams are seeing 10x turnaround time improvements in time to target verification coverage and have deployed analog design migration flows for TSMC 2-nanometer.

在驗證過程中，我們在第四季度與 20 多家客戶進行了合作，證明週轉時間提高了 10 倍。在測試過程中，我們增加了 8 個與 Kioxia 的新客戶互動，公開強調模式減少了 50% 以上。最後，我們和台積電宣布，我們透過 Synopsys.ai 的模擬遷移流程可在台積電的先進製程技術上實現。我們也看到我們的 IP 團隊在內部部署 Synopsys.ai 取得了很好的成果。內部 IP 團隊發現目標驗證覆蓋範圍的周轉時間縮短了 10 倍，並為台積電 2 奈米部署了模擬設計遷移流程。

Fusion Compiler continues to win key designs, including the leading-edge ARM mobile core for the industry's first implementation for a gate all around based mobile SoC. In combination with DSO.ai, Fusion Compiler also delivered 10% better power on gate all-around based mobile GPU and modem designs. We saw continued momentum in sign-off delivered by our leadership family of prime tools. We won multiple engagements with PrimeTime, PrimeClosure and Prime Shield and saw the world's top 3 data center providers adopt PrimeClosure to get the fastest ECO closure time for 5 3-nanometer SoCs.

Fusion Compiler 繼續贏得關鍵設計，包括領先的 ARM 移動內核，用於業界首次實現基於全能門的移動 SoC。與 DSO.ai 結合，Fusion Compiler 還為基於閘的全能行動 GPU 和數據機設計提供了 10% 的效能提升。我們看到了我們的領導力主要工具系列帶來的持續簽核動能。我們贏得了與 PrimeTime、PrimeClosure 和 Prime Shield 的多次合作，並看到世界排名前 3 的數據中心提供商採用 PrimeClosure 為 5 個 3 奈米 SoC 實現最快的 ECO 關閉時間。

Expanding our multi-die ecosystem, we received a prestigious leadership award from TSMC, OIP 2023 Partner of the Year, for developing the industry's first 3DIC design prototyping solution, supporting the new industry standard 3Dblox. Verification, product momentum also remains strong. This quarter, we announced our AI-driven next-generation [VRD] solution, which continues its lead in functional debug with deployment already at more than 10 top semiconductor companies. In hardware-assisted verification, we delivered another record year. In Q4, ZeBu won against competition at 2 large North American hyperscalers and we expanded our [HAPS] footprint with a large North American systems company and a large Asian semiconductor company.

為了擴展我們的多晶片生態系統，我們獲得了 TSMC 頒發的著名領導獎、OIP 2023 年度合作夥伴獎，以表彰我們開發業界首個 3DIC 設計原型解決方案，支援新的行業標準 3Dblox。驗證，產品勢頭同樣依然強勁。本季度，我們宣布了由人工智慧驅動的下一代 [VRD] 解決方案，該解決方案繼續在功能調試方面保持領先地位，並已在 10 多家頂級半導體公司進行部署。在硬體輔助驗證方面，我們再創歷史新高。在第四季度，ZeBu 在兩家大型北美超大規模企業的競爭中獲勝，我們透過一家大型北美系統公司和一家大型亞洲半導體公司擴大了我們的 [HAPS] 業務範圍。

Now turning to design IP. This quarter, we won our first 2-nanometer interface IP engagement with a leading mobile company and are now in production at 3-nanometer with foundation IP for a high-volume PC chip.

現在轉向設計IP。本季度，我們贏得了與領先行動公司的首個 2 奈米介面 IP 合作，目前正在生產 3 奈米介面 IP，並為大批量 PC 晶片提供基礎 IP。

We delivered a key multi-die proof point in concert with Intel and TSMC on UCIe interoperability. The demonstration at Intel Innovation showed die-to-die interconnect over UCIe between Synopsys IP on TSMC and CE and Intel foundry silicon. We saw two other key technology proof points this quarter. We demonstrated interoperability for our 224 gig Ethernet PHY IP and PCIe 6.0 IP, both industry firsts. On the processor IP side, we announced a new addition to the ARC processor IP portfolio, the RISC-V ARC-V processor IP. This product allows customers to choose from a broad range of flexible, extensible processor options that deliver optimal power performance efficiency for their target applications. Finally, we delivered a significant win in automotive, displacing competition at a marquee customer in a multi-generation multiple project agreement.

我們與英特爾和台積電就 UCIe 互通性合作提供了關鍵的多晶片證明點。英特爾創新大會上的展示展示了台積電和 CE 上的 Synopsys IP 與英特爾代工晶片之間透過 UCIe 實現的晶片間互連。本季我們也看到了另外兩個關鍵技術證據。我們展示了 224 GB 乙太網路 PHY IP 和 PCIe 6.0 IP 的互通性，這都是業界首創。在處理器 IP 方面，我們宣布了 ARC 處理器 IP 產品組合的新成員：RISC-V ARC-V 處理器 IP。該產品允許客戶從各種靈活、可擴展的處理器選項中進行選擇，為他們的目標應用提供最佳的電源性能效率。最後，我們在汽車領域取得了重大勝利，在多代多專案協議中取代了大客戶的競爭。

Now to the Software Integrity segment. which delivered solid growth against the backdrop of continued macro headwinds for enterprise software. In Q4, we saw over 50% year-over-year growth in our Polaris Software Integrity Platform. Polaris is a SaaS-based application security testing solution optimized for the needs of development and Dev SecOps teams.

現在進入軟體完整性部分。在企業軟體持續面臨宏觀阻力的背景下，該公司實現了穩健成長。第四季度，我們的 Polaris 軟體完整性平台年增超過 50%。 Polaris 是基於 SaaS 的應用程式安全測試解決方案，並針對開發和 Dev SecOps 團隊的需求進行了最佳化。

We were also recently recognized as a leader in the Forrester Wave for software composition analysis. This was based on an evaluation of Black Duck, our software composition analysis solution.

我們最近也被 Forrester Wave 評為軟體組合分析的領導者。這是基於對我們的軟體組合分析解決方案 Black Duck 的評估。

In summary, we had an outstanding Q4 and FY 2023 financial results and operational execution and take tremendous forward momentum into 2024. 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 are aligning our portfolio investment with the greatest return potential to accelerate our growth. Deepest thanks to our employees, partners and customers for their passion and commitment.

總而言之，我們在2023 年第四季和財年取得了出色的財務業績和營運執行力，並在2024 年取得了巨大的前進動力。我們擁有富有彈性的業務模式，我們的客戶繼續優先考慮對晶片和系統的投資，從而為未來的成長奠定基礎。我們正在根據最大的回報潛力調整我們的投資組合，以加速我們的成長。衷心感謝我們的員工、合作夥伴和客戶的熱情和承諾。

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

有了這個，我會把它交給 Shelagh。

Thank you, Sassine. 2023 was an excellent year highlighted by record revenue, record non-GAAP operating margin and record earnings. We continue our strong execution with financial discipline and are confident in our business heading into 2024, driven by our execution and leadership position across our segments robust chip and system design activity by our customers who continue to invest through semiconductor cycles and with $8.6 billion in noncancelable backlog, the stability and resilience of our time-based business model. As a result, while the macro environment is uncertain, we expect to grow revenue 12.4% to 13.5%, expand non-GAAP operating margin by approximately 2 percentage points and drive non-GAAP EPS growth of 19% to 20% in 2024.

謝謝你，薩辛。 2023 年是出色的一年，收入創紀錄、非公認會計準則營業利益率創紀錄，獲利也創紀錄。我們在財務紀律方面繼續保持強有力的執行力，並對進入2024 年的業務充滿信心，這得益於我們在各細分市場的執行力和領導地位，以及我們的客戶在整個半導體週期中繼續投資的強勁晶片和系統設計活動，以及86 億美元的不可撤銷的投資。積壓，我們基於時間的業務模式的穩定性和彈性。因此，儘管宏觀環境存在不確定性，但我們預計 2024 年營收將成長 12.4% 至 13.5%，非 GAAP 營業利潤率擴大約 2 個百分點，並推動非 GAAP 每股盈餘成長 19% 至 20%。

Let me provide some highlights of our full year 2023 results. We generated total revenue of $5.84 billion, up 15% over the prior year, with double-digit growth across all key products and geographies. Total GAAP costs and expenses were $4.6 billion, and total non-GAAP costs and expenses were $3.8 billion, resulting in non-GAAP operating margin of 35.1%. GAAP earnings per share were $7.92 and non-GAAP earnings per share were $11.19 up 26% year-over-year.

讓我介紹一下我們 2023 年全年業績的一些亮點。我們的總營收達到 58.4 億美元，比上年成長 15%，所有關鍵產品和地區均達到兩位數成長。 GAAP 成本和費用總額為 46 億美元，非 GAAP 成本和費用總額為 38 億美元，非 GAAP 營業利潤率為 35.1%。 GAAP 每股盈餘為 7.92 美元，非 GAAP 每股盈餘為 11.19 美元，較去年同期成長 26%。

Now on to our segment. Design Automation segment revenue was $3.78 billion, up 14%, driven by strength in EDA software and hardware. Design Automation adjusted operating margin was 38.1%. Design IP segment revenue was $1.54 billion, up 17%, driven by broad-based strength. Design IP adjusted operating margin was 34.5%. Software Integrity revenue was $525 million, up 13% and adjusted operating margin was 14.5%.

現在進入我們的部分。受 EDA 軟體和硬體實力的推動，設計自動化部門營收為 37.8 億美元，成長 14%。設計自動化調整後的營業利益率為 38.1%。受廣泛實力的推動，設計 IP 部門營收為 15.4 億美元，成長 17%。設計 IP 調整後營業利益率為 34.5%。軟體完整性收入為 5.25 億美元，成長 13%，調整後營業利益率為 14.5%。

Turning to cash. Operating cash flow for the year was $1.7 billion. We ended the year with cash and short-term investments of $1.59 billion and total debt of $18 million. During the year, we completed buybacks of $1.2 billion or 80% of free cash flow.

轉向現金。本年度經營現金流為 17 億美元。截至年底，我們的現金和短期投資為 15.9 億美元，債務總額為 1,800 萬美元。這一年，我們完成了 12 億美元的回購，也就是自由現金流的 80%。

Now to targets, which reflects the impact from export control regulations and assume no further changes for the year. Based on our current assessment of timing of hardware and IP deliveries, we expect the first half, second half split of approximately 48% to 52% for revenue and non-GAAP EPS.

現在討論目標，該目標反映了出口管制法規的影響，並假設今年不會進一步發生變化。根據我們目前對硬體和 IP 交付時間的評估，我們預計上半年和下半年收入和非 GAAP 每股盈餘的比例約為 48% 至 52%。

For fiscal year 2024, the full year targets are: revenue of $6.57 billion to $6.63 billion; total GAAP costs and expenses between $5.0 billion and $5.05 billion; total non-GAAP costs and expenses between $4.14 billion and $4.18 billion, resulting in non-GAAP operating margin improvement of roughly 2 percentage points. Non-GAAP tax rate of 15%; GAAP earnings of $9.07 to $9.25 per share, non-GAAP earnings of $13.33 to $13.41.

2024財年，全年目標為：營收65.7億美元至66.3億美元； GAAP 成本和開支總額在 50 億美元至 50.5 億美元之間；非 GAAP 成本和支出總額在 41.4 億美元至 41.8 億美元之間，導致非 GAAP 營業利潤率提高約 2 個百分點。非公認會計準則稅率為 15%； GAAP 每股收益為 9.07 美元至 9.25 美元，非 GAAP 收益為每股 13.33 美元至 13.41 美元。

Cash flow from operations of approximately $1.4 billion which includes an impact of approximately $200 million of 2023 taxes that we will pay in '24 and approximately $400 million of higher cash taxes due to the amortization of R&D expenses. Following 2024, we expect cash tax growth rate to be approximately in line with operating income growth over a multiyear period.

營運現金流約為 14 億美元，其中包括我們將在 24 年支付的 2023 年稅款的約 2 億美元的影響，以及由於研發費用攤銷而增加的約 4 億美元的現金稅。 2024 年之後，我們預期現金稅成長率將與多年期間的營業收入成長大致一致。

Now to targets for the first quarter, which includes an extra week compared to the first quarter of fiscal 2023. Revenue between $1.63 billion and $1.66 billion, which includes approximately $70 million from the extra week, total GAAP costs and expenses between $1.22 billion and $1.24 billion, total non-GAAP costs and expenses between $1.02 billion and $1.03 billion; GAAP earnings of $2.40 to $2.50 per share, non-GAAP earnings of $3.40 to $3.45 per share, including approximately $0.14 from the extra week.

現在介紹第一季的目標，其中包括與2023 財年第一季相比增加一周的目標。收入在16.3 億美元至16.6 億美元之間，其中包括額外一周的約7000 萬美元，GAAP 總成本和支出介於12.2 億美元至1.24 美元之間十億美元，非公認會計準則成本和支出總額在 10.2 億美元至 10.3 億美元之間； GAAP 每股收益為 2.40 至 2.50 美元，非 GAAP 每股收益為 3.40 至 3.45 美元，包括額外一周的約 0.14 美元。

Our press release and financial supplement include additional targets and GAAP to non-GAAP reconciliation. I also want to highlight that we will be hosting our Investor Day on March 20, which will be held in conjunction with our Synopsys Users Group event in Santa Clara. We look forward to seeing many of you there.

我們的新聞稿和財務補充包括額外目標以及 GAAP 與非 GAAP 調整。我還想強調的是，我們將於 3 月 20 日舉辦投資者日活動，該活動將與我們在聖克拉拉舉行的 Synopsys 用戶組活動同時舉行。我們期待在那裡見到你們中的許多人。

In conclusion, we entered 2024 with momentum and confidence reflecting our leadership position across our segment, robust design activity by our customers who continue to invest through semiconductor cycles and the stability and resiliency of our time-based business.

總之，我們帶著動力和信心進入 2024 年，這反映了我們在整個細分市場的領導地位、我們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 Harlan Sur with JPMorgan.

（操作員說明）我們將接受摩根大通的 Harlan Sur 提出的第一個問題。

Congratulations on the strong execution and fiscal '24 guidance. Hardware verification emulation prototype (inaudible), I mean, this has been a big contributor to your double-digit revenue growth profile over the past number of years. Lots of customers focusing on verification on these very complex chip design, a lot of them wanting to get a head start on the embedded and application software development. Is the team anticipating another strong year next year for hardware?

恭喜您的強勁執行力和 '24 財年指導。硬體驗證模擬原型（聽不清楚），我的意思是，這在過去幾年中為您的兩位數收入成長做出了巨大貢獻。許多客戶專注於對這些非常複雜的晶片設計進行驗證，其中許多客戶希望在嵌入式和應用軟體開發方面取得領先地位。團隊是否預計明年硬體將再次強勁？

Will it be growing at a double-digit sort of growth rate within your fiscal '24 guidance? And if I look at inventories, right, they're up 53% year-over-year to kind of record levels, which I think is a good indicator of a strong hardware pipeline, but wanted to get your views.

在您的 24 財年指導範圍內，它會以兩位數的成長率成長嗎？如果我看一下庫存，對吧，它們同比增長了 53%，達到了創紀錄的水平，我認為這是一個強大硬體管道的良好指標，但想听聽您的看法。

Yes. Thanks for the question. In terms of the need, exactly the way you highlighted it, the requirements to develop software early and having a hardware-assisted verification to enable that step in the process is not only continuing, is accelerating with many system companies are trying to design their chip. Or even if they're getting a chip from a semiconductor company, they want to start their software development and verification of the system early.

是的。謝謝你的提問。就需求而言，正如您所強調的那樣，儘早開發軟體並進行硬體輔助驗證以實現該過程中這一步驟的要求不僅仍在繼續，而且隨著許多系統公司正在嘗試設計其晶片而加速。或者，即使他們從半導體公司獲得晶片，他們也想儘早開始軟體開發和系統驗證。

And this is where our HAPS and Zebu platform comes in to enable that part of the solution. We're anticipating that to continue into 2024. As you saw as well, we had a record year for our hardware-assisted verification in '23, and we don't anticipate anything different that will change going into 2024. As for the inventory comment, I'll turn it to Shelagh for comments.

這就是我們的 HAPS 和 Zebu 平台的用武之地，以實現這部分解決方案。我們預計這種情況將持續到 2024 年。正如您也看到的，我們在 23 年的硬體輔助驗證方面創下了創紀錄的一年，我們預計 2024 年不會有任何不同。至於庫存評論，我會把它轉給Shelagh 徵求意見。

Sure. As Sassine said, we had a record in 2023. We expect another record in 2024, and we're building inventory to be able to fulfill our customer demand.

當然。正如 Sassine 所說，我們在 2023 年創下了紀錄。我們預計 2024 年將再創紀錄，我們正在建立庫存以滿足客戶需求。

Perfect. And maybe a similar question on your IP business, strong growth last year, right, up 17% going forward. I mean just continued tailwinds, right? Chip design complexity, driving more reliance on off-the-shelf IP licensing. And just as importantly, right, there's some pretty big transitions on the interface and connectivity side, PCIe gen 5, CXL, DDR5, HBM3E looking at your pipeline backlog, customer programs, will the IP business be growing slower, faster in line with the fiscal '24 sort of total revenue profile?

完美的。也許您的 IP 業務也有類似的問題，去年成長強勁，對吧，未來成長 17%。我的意思是繼續順風，對吧？晶片設計複雜性，導致更依賴現成的 IP 授權。同樣重要的是，介面和連接方面有一些相當大的轉變，PCIe gen 5、CXL、DDR5、HBM3E 正在考慮您的管道積壓、客戶計劃，IP 業務的增長是否會根據'24 財年的總收入情況如何？

So again, exactly the way you're outlining the requirement. There is two factors. There's the complexity. And then there is 0the different methods of designing an SoC or chip with multi-die is opening up the door for new protocols, UCIe, the PCIe, the CXL, the one that you've listed. There are different protocols for various markets for automotive.

再次強調，這正是您概述要求的方式。有兩個因素。這很複雜。然後，設計具有多晶片的 SoC 或晶片的不同方法為新協定、UCIe、PCIe、CXL 以及您列出的協定打開了大門。不同的汽車市場有不同的協議。

As they expand their sophistication in developing the electronic system, it requires different requirements for the IP, interface IP for an automotive application. What we outlined in the script as well is today, we are the leading supplier for TSMC, Samsung and Intel foundry business. And that puts us in a great position because most of these complex chip developments are on these advanced foundries. And today, we are in a very fortunate position to be the partner and the leader in providing the IP for that business. So we expect that growth to continue, given the market demand for the sophisticated chips will continue.

隨著電子系統開發複雜程度的提高，汽車應用對 IP、介面 IP 提出了不同的要求。我們在劇本中概述的也是今天，我們是台積電、三星和英特爾代工業務的領先供應商。這使我們處於有利地位，因為大多數複雜的晶片開發都是在這些先進的代工廠進行的。今天，我們非常幸運地成為該業務提供智慧財產權的合作夥伴和領導者。因此，鑑於市場對先進晶片的需求將持續，我們預計這種成長將持續下去。

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. Maybe want to start by parsing out some of the demand commentary. So first, there was a big step up in backlog I'd imagine that bodes well for 2024 and 2025 is positive to revenue. At the same time, maybe the incremental moderation you're signaling in China, as I think about just the last 12 months, I think China contributed about 2 points worth of revenue growth, just the incremental revenue contribution from China. So arriving at the 13% growth guidance, are you (inaudible) than 13%. And then China is maybe just a more neutral factor in your outlook?

偉大的。也許想從解析一些需求評論開始。首先，我認為積壓訂單數量大幅增加，這對 2024 年和 2025 年的收入來說是個好兆頭。同時，也許你在中國發出的增量放緩信號，正如我在過去12 個月中所想到的那樣，我認為中國貢獻了大約2 個百分點的收入增長，而這僅僅是來自中國的增量收入貢獻。因此，達到 13% 的成長指引後，您（聽不清楚）是否超過 13%？那麼中國可能只是您觀點中更中性的因素？

We really took a balanced approach as we look at the guidance and the forecast for FY '24. We took into account some of the headwinds that we're seeing and of course, the number of the tailwinds that we are observing in the market. A couple of the headwinds, as we mentioned, one of them is China. And the 2 factors. One is the continued export restrictions and the other one that I'm sure all of you are observing, which is the macro economy inside China. The other headwind we took into account is the continued stress and pressure from enterprise software spending that does impact our software integrity business. Some tailwinds, and this is where we get excited about is exactly what we're seeing.

在查看 24 財年的指導和預測時，我們確實採取了平衡的方法。我們考慮了我們所看到的一些不利因素，當然還有我們在市場上觀察到的有利因素的數量。正如我們所提到的，有幾個不利因素，其中之一就是中國。還有2個因素。一是持續的出口限制，二是相信大家都在觀察，就是中國國內的宏觀經濟。我們考慮到的另一個不利因素是企業軟體支出帶來的持續壓力和壓力，這確實影響了我們的軟體完整性業務。一些順風順水，這正是我們所看到的，這正是我們感到興奮的地方。

The AI as a megatrend is driving amazing silicon demand and that silicon demand is complex. It's on the most advanced nodes and it's giving us an amazing opportunity for our design automation and design IP. So as we took into account the both headwinds and the tailwinds. We came with a balanced view of the guidance around 13% midpoint for FY '24.

人工智慧作為一個大趨勢正在推動驚人的矽需求，而矽需求是複雜的。它位於最先進的節點上，為我們的設計自動化和設計 IP 提供了絕佳的機會。因此，當我們考慮到逆風和順風時。我們對 24 財年中點 13% 左右的指導持平衡看法。

Okay. That's clear. And then just on the topic of generative AI. I did want to maybe get your take, if it's possible to contrast just the pace of product development incorporating such a technology relative to what you've done in the past? And I guess the context for this question, as I think back to DAC in July, there were actually members of the Microsoft verification team speaking about how they wanted more robust tools from their EDA vendors that incorporated gen AI and we're not very far from July. And here you are with a product in conjunction with Microsoft and now Microsoft verification is using this in their workflows. So it seems like a very quick turnaround. Is it that much quicker than maybe what Synopsys was able to do in the past?

好的。很清楚。然後就是產生人工智慧的話題。我確實想聽聽您的看法，是否可以將採用這種技術的產品開發速度與您過去所做的進行比較？我猜想這個問題的背景，正如我回想起7 月份的DAC 那樣，實際上Microsoft 驗證團隊的成員正在談論他們如何希望EDA 供應商提供更強大的工具來整合gen AI，而我們距離這一目標並不遠從七月開始。現在您可以使用與 Microsoft 合作的產品，現在 Microsoft 驗證正在其工作流程中使用該產品。所以這看起來是一個非常快的轉變。它是否比 Synopsys 過去能夠做到的要快得多？

Maybe we made it look too easy, Joe, but there was a lot of work that started well ahead of the DAC time frame. If I take a quick step back, when we talk about Synopsys.ai, there are really 4 pillars under it. The one that we -- the first one we did produce was DSO.ai in the 2020 time frame. That was focused mostly on optimizing the -- our product and using every opportunity to leverage machine learning and AI in the product and around the product.

也許我們讓它看起來太簡單了，Joe，但有很多工作早在 DAC 時間框架之前就開始了。如果我退後一步，當我們談論 Synopsys.ai 時，它實際上有 4 個支柱。我們生產的第一個產品是 2020 年時間範圍內的 DSO.ai。主要重點是優化我們的產品，並利用一切機會在產品和產品周圍利用機器學習和人工智慧。

The second pillar, which is what we're calling a collaborative capability using gen AI, and that's what we announced with Microsoft, which is using a CoPilot approach for supporting our users for knowledge-based or workflow base or results, CoPilot and assistance. And that's in our announcement where AMD, Intel, Microsoft were some of the early users of the technology. Then we talked a little bit about what's coming down the path, which is around both generative and autonomous capability using gen AI and natural language. We're super excited actually about the early results we're seeing with the CoPilot in terms of the productivity of our customers and users.

第二個支柱，就是我們所說的使用 gen AI 的協作能力，這就是我們與 Microsoft 宣布的，它使用 CoPilot 方法來支援我們的用戶獲得基於知識或工作流程基礎或結果、CoPilot 和協助。在我們的公告中，AMD、英特爾、微軟都是該技術的一些早期用戶。然後我們討論了未來的發展方向，即使用人工智慧和自然語言的生成和自主能力。事實上，我們對 CoPilot 在客戶和使用者生產力方面所取得的早期成果感到非常興奮。

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

我們將回答美國銀行證券公司的 Vivek Arya 提出的下一個問題。

If I remove the -- I think you said about $17 million or so impact of the extra week. You're guiding to roughly 12% sales growth right, which seems to be very conservative relative to the strong backlog that you have built up. So I'm curious, Sassine, I think you mentioned the impact of China and enterprise software and AI is kind of neutral, but then when I look at the 12% growth that is lower than what you had in the last 3 years, even though there is all this AI excitement that's starting now. So is it conservative? How should we kind of put this 12% in the context of the kind of growth rates we are used to seeing from Synopsys over the last 3 years?

如果我去掉——我想你說過額外一周的影響大約是 1700 萬美元。您指導的銷售成長率約為 12%，相對於您已累積的大量積壓訂單而言，這似乎非常保守。所以我很好奇，Sassine，我認為你提到了中國和企業軟體和人工智慧的影響是中性的，但是當我看到 12% 的增長低於過去 3 年的增長時，即使儘管所有這些令人興奮的人工智慧現在才開始。那麼保守嗎？我們該如何看待這 12% 的成長率？在過去 3 年裡，我們已經習慣了 Synopsys 的成長率？

So Vivek, thanks for the question. This is Shelagh. I'll jump in on that. So we're obviously taking a balanced stance as Sassine talked about at the we're at a 13% growth year-over-year. And we're seeing design automation, design IP have incredibly strong momentum. You mentioned the $8.6 billion backlog. We're seeing that growth in line with our long-term targets.

維韋克，謝謝你的提問。這是謝拉。我會立即介入。因此，正如 Sassine 所說，我們顯然採取了平衡的立場，我們的同比增長率為 13%。我們看到設計自動化、設計 IP 有著令人難以置信的強勁勢頭。您提到了 86 億美元的積壓。我們看到這種成長符合我們的長期目標。

And we're seeing AI as a catalyst, but it's in its early inning. So we think it's a long-term growth catalyst. And we're looking forward to having it be able to help drive our business over the horizon. But the 2 headwinds are China, as we've talked about, the macro situation in China and the restrictions that have been imposed on China, are having some dampening effect.

我們將人工智慧視為催化劑，但它還處於早期階段。所以我們認為這是一個長期成長催化劑。我們期待它能夠幫助推動我們的業務跨越地平線。但第二個阻力是中國，正如我們已經談到的，中國的宏觀情勢和對中國施加的限制正在產生一些抑製作用。

We expect China to grow in '24, but at a lesser rate than it grew in '23. And the other headwind that we have is we are expecting a muted environment for enterprise software spend to impact our Software Integrity business, and we're assuming that, that business will be single-digit growth in 2024. So it's the combination of those headwinds and tailwinds that's leading to our 13% growth rate at the midpoint.

我們預計中國將在 24 年實現成長，但成長速度將低於 23 年。我們面臨的另一個不利因素是，我們預期企業軟體支出的溫和環境將影響我們的軟體完整性業務，我們假設該業務將在 2024 年實現個位數成長。因此，這是這些不利因素的結合以及推動我們13% 中點成長率的順風車。

Got it. And for my follow-up, the AI CoPilot, seems like a very interesting new product. I'm curious what is the right way to track how you are able to monetize it? Are you selling it as incremental feature. Are you selling it as a separate tool, right? What is the right way to just kind of track how successful you are with this capability?

知道了。對於我的後續產品，AI CoPilot 似乎是一個非常有趣的新產品。我很好奇追蹤您如何將其貨幣化的正確方法是什麼？您是否將其作為增量功能出售？您是否將其作為單獨的工具出售，對嗎？追蹤您使用此功能的成功程度的正確方法是什麼？

So the way we're thinking and we expect this over the last few calls, which is AI will be offered to our customers through a subscription license, meaning, if a customer wants to use an AI capability, be it a DSO.ai or VSO.ai, it will be offered as an incremental spend for the customer to get access to that technology.

因此，我們在過去幾通通話中的想法和期望是，人工智慧將透過訂閱授權提供給我們的客戶，這意味著，如果客戶想要使用人工智慧功能，無論是 DSO.ai 還是VSO.ai ，它將作為增量支出提供給客戶以獲取該技術。

And in some early adopter cases where they're still not ready to make the long-term commitment, we're offering it as well in terms of consumption base. They may be looking for one project to use it, et cetera. And the CoPilot in particular case, it's still very early, very early stage in terms of us to talk about monetization and how is it contributing overall. But those are the flexibility tools per se, we're providing the customer to get access to it.

在一些尚未準備好做出長期承諾的早期採用者案例中，我們也會根據消費基礎提供它。他們可能正在尋找一個項目來使用它，等等。尤其是 CoPilot，對我們來說，談論貨幣化以及它對整體的貢獻如何仍處於非常早期的階段。但這些本身就是靈活性工具，我們為客戶提供存取它的機會。

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

我們將透過 KeyBanc 回答 Jason Celino 的下一個問題。

Great. The backlog number, it's quite impressive. Looking back at the last couple of years, it looks like it's sequentially the biggest quarter-over-quarter increase we've ever seen, up 20% year-over-year. Just wanted to check how much of this has been driven just from the AI design activity or the AI tool revenue. It sounds like it was more broad-based, but just wanted to check.

偉大的。積壓的數量，相當可觀。回顧過去幾年，這似乎是我們見過的最大季度環比增幅，年增 20%。只是想檢查其中有多少是由人工智慧設計活動或人工智慧工具收入驅動的。聽起來它的基礎更廣泛，但只是想檢查一下。

With AI, we communicated last quarter that what we're observing on average and that's average -- emphasizing the average because in some cases, we're seeing a much bigger number or lesser number. About 20% contract over contract growth when a customer is renewing their EDA agreement and asking for the AI capability to be added.

對於人工智慧，我們在上個季度傳達了我們觀察到的平均情況，這只是平均值——強調平均值是因為在某些情況下，我們看到的數字要大得多或少得多。當客戶續約 EDA 協議並要求添加 AI 功能時，合約成長量約為合約成長的 20%。

The other point that I made earlier with Vivek, I'd like to emphasize as well, that we are in early stages of that monetization with AI. We still have customers that they are in early adoption, meaning if they have x number of projects, they may be using it on 1 or 2 projects and other customers, they stopped early and they're going more aggressively. But to give you a sense, it's roughly 20% on the EDA side, contract over contract growth we're observing.

我之前與 Vivek 提出的另一點，我也想強調，我們正處於人工智慧貨幣化的早期階段。我們仍然有客戶處於早期採用階段，這意味著如果他們有 x 個項目，他們可能會在 1 或 2 個項目上使用它，而其他客戶則很早就停止了，並且會更加積極地採用。但為了讓您有一個感覺，我們觀察到 EDA 方面的合約成長率約為 20%。

Okay. Interesting. And then one question on the OCF guidance. It will be down next year. Are you saying that there's a $600 million headwind from cash taxes and then additional amortization and then are you saying it's going to grow just in line with net income growth that you're after? Can you clarify?

好的。有趣的。然後是關於 OCF 指南的一個問題。明年就會下降。您是說現金稅和額外攤銷帶來了 6 億美元的阻力，然後您是否說它的成長將與您追求的淨收入成長保持一致？你能澄清一下嗎？

Yes, Jason, thanks for the question. So the total impact from taxes is $600 million as we're moving to the new tax guidance where R&D is capitalized. Out of that $600 million, $200 million of it was payable in November. We've already paid it, which was for 2023 and then $400 million of that $600 million is for 2024. And again, both of those are impacted by the amortization of R&D. As we move forward, as we move into 2025 and beyond, we anticipate that the growth of the cash tax rate will align with the growth of our operating income. So there is a bit of a big step up this year. We do not anticipate that same level step up as we move forward.

是的，傑森，謝謝你的提問。因此，隨著我們轉向將研發資本化的新稅收指導方針，稅收的總影響為 6 億美元。在這 6 億美元中，其中 2 億美元是在 11 月支付的。我們已經支付了 2023 年的費用，然後 6 億美元中的 4 億美元支付了 2024 年的費用。同樣，這兩者都受到研發攤銷的影響。隨著我們前進，進入 2025 年及以後，我們預計現金稅率的成長將與我們營業收入的成長保持一致。所以今年有一個很大的進步。我們預計隨著我們的前進，不會出現同樣的水平。

Got. But this is the new base level, right?

得到。但這是新的基礎水平，對嗎？

It is because we're now going forward for the foreseeable future, we will be amortizing R&D. And for us, about half of our R&D is in the U.S. and about half of our R&D is outside the U.S. So that new scheme is with us for the foreseeable future.

這是因為我們現在正朝著可預見的未來前進，我們將攤銷研發費用。對我們來說，大約一半的研發工作在美國，大約一半的研發工作在美國境外。因此，在可預見的未來，新計畫將與我們同在。

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。

For Aart and Sassine, first, then a financial follow-up for Shelagh. For Aart and Sassine, one of the tailwinds that you've had for the last number of years, and we've spoken about this often is what you've referred to as domain-specific architectures on the part of your customers or specialty chips. And AI is probably a very special case of that. The question is, how do you think the whole phenomenon of the main specific design at either the chip or system level is going to be fundamentally altered by the AI phenomenon? And in turn, what does it mean for any additional investments you need to make outside of R&D, for example, in AE capacity services, et cetera?

首先是 Aart 和 Sassine，然後是 Shelagh 的財務後續行動。對於 Aart 和 Sassine 來說，過去幾年你們所擁有的順風之一，我們經常談到的就是你們所說的客戶或專用晶片的特定領域架構。人工智慧可能是一個非常特殊的例子。問題是，您認為人工智慧現象將如何從根本上改變晶片或系統層級主要特定設計的整個現象？反過來，這對於您需要在研發之外進行的任何額外投資（例如 AE 產能服務等）意味著什麼？

Yes. Thank you, Jay, for the question. You're right. The whole domain-specific architecture I want to say, about 6, 7 years ago, we started seeing a number of customers investing in it mostly hyperscalers. And you can argue before that couple of the mobile companies started optimizing based on their own system software optimizing their silicon.

是的。謝謝傑伊的提問。你說得對。我想說的是整個特定領域的架構，大約六、七年前，我們開始看到許多客戶對其進行投資，其中大部分是超大規模企業。您可以說，之前有幾家行動公司開始根據自己的系統軟體來優化其晶片。

With the hyperscalers, initially, the target was -- can they -- based on the workload -- on a specific workload, can they develop a chip that is more effective for power, performance cost, et cetera. And the answer is yes, and they made a number of these investments. Now you're seeing another wave of expanded investment around AI and how can they train the models that they are creating for, again, their specific applications.

對於超大規模處理器，最初的目標是——根據工作負載——在特定的工作負載上，他們能否開發出在功耗、效能成本等方面更有效的晶片。答案是肯定的，他們進行了大量此類投資。現在，您將看到圍繞人工智慧的另一波擴大投資，以及他們如何訓練他們為其特定應用程式創建的模型。

And I'm sure you've noticed in the last couple of weeks almost the top 3 hyperscalers announce their own silicon investments and chips for AI specific training to drive more optimization and efficiency for their workloads. What that means for Synopsys is not only it's another chip that our customer base is investing in, which drives both EDA and IP, typically, they are the most advanced node and different methodology in many cases, they're pushing towards multi-die and chiplets, which opens up the door for IP and the comments I made earlier.

我相信您已經注意到，在過去的幾周里，幾乎前 3 名超大規模企業都宣布了自己的晶片投資和用於 AI 特定訓練的晶片，以推動其工作負載的更多優化和效率。這對 Synopsys 來說意味著不僅是我們的客戶群正在投資的另一個晶片，它驅動 EDA 和 IP，通常，它們在許多情況下是最先進的節點和不同的方法，它們正在推動多晶片和Chiplet ，它為IP 和我之前發表的評論打開了大門。

From our solution point of view, yes, we're expanding the solution offering to enable our customers to design these complex chips. On IP, I want to say it's fairly straightforward. You deliver 2 standards to connect these chips. But the work is not straightforward, but the road map is fairly straightforward what you need to do. On the EDA side, we have a number of those customers using 3DIC Compiler, which gives them the ability to architect that chip for that system in that case.

從我們解決方案的角度來看，是的，我們正在擴展解決方案，使我們的客戶能夠設計這些複雜的晶片。關於IP，我想說這是相當簡單的。您提供 2 個標準來連接這些晶片。但這項工作並不簡單，但路線圖相當簡單，說明了您需要做什麼。在 EDA 方面，我們有許多客戶使用 3DIC 編譯器，這使他們能夠在這種情況下為該系統建立晶片。

SLM, the silicon life cycle management to give them the ability to trace the health and the connectivity of these dies into the system and all the way in the field or in the hyperscale case as it sits into their data center and it's up and running. So we have a number of expansions in our portfolio in order to support these opportunities. And that's why we are bullish and excited about the opportunity to continue the growth for design, automation and design IP.

SLM 是一種矽生命週期管理，使他們能夠在現場或超大規模情況下追蹤這些晶片在系統中的運作狀況和連接情況，當晶片位於資料中心並啟動並運行時。因此，我們對產品組合進行了多次擴展，以支持這些機會。這就是為什麼我們對設計、自動化和設計 IP 持續成長的機會感到樂觀和興奮。

Okay. For Shelagh, one of the largest components of your backlog has been FSAs which are, I would assume, largely related to IP. Is there any reason to believe that in future, the pull down of FSAs for IP consumption would be faster or larger than has been the case to date. And for that matter, were FSA is a large component of the $1.5 billion sequential increase in backlog, which you noted.

好的。對於 Shelagh 來說，您積壓的最大組成部分之一是 FSA，我認為這主要與智慧財產權相關。是否有理由相信，未來 IP 消費的 FSA 下降速度會比迄今為止的情況更快或更大。就此而言，FSA 是您提到的 15 億美元積壓訂單環比成長的重要組成部分嗎？

There's not a -- I wouldn't note a different percent of FSAs. It's certainly something that many of our customers who are purchasing IP preferred that model, but there's not a different mix.

我不會注意到 FSA 的百分比有什麼不同。當然，我們的許多購買 IP 的客戶更喜歡這種模式，但沒有不同的組合。

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 on the very strong results, guidance and the backlog number. I want to ask a little bit -- I think a little bit more into the backlog number because you have relatively consistent, I mean, ratios in terms of how much backlog goes into RPO, how much RPO goes into current RPO and how much the current RPO covers next year's revenue. With that at the same ratio as in the past few years, I thought you would have guided a little bit higher given that $8.6 billion backlog.

祝賀非常強勁的結果、指導和積壓數量。我想問一點——我認為更多的是積壓數量，因為我的意思是，在有多少積壓進入 RPO、有多少 RPO 進入當前 RPO 以及多少比例方面，您有相對一致的比率。目前的RPO 涵蓋了明年的收入。與過去幾年的比率相同，考慮到 86 億美元的積壓，我認為你們的指導價會更高一些。

So how should I reconcile this? Is it something like at this time, the average contract duration is a little bit longer within that $8.6 billion backlog? Or there's some conservatism around what will you want to guide for '24?

那我該如何協調這個問題呢？目前，在 86 億美元的積壓訂單中，平均合約期限是否有點長？或者對於 24 世紀你想指導什麼，存在一些保守主義？

Yes. Thanks for the question. So the backlog was broad-based. It was across multiple customers. And as Sassine said, some of them was larger renewals and new deals that we booked. There was -- there's no change in the duration in our contracts. So there's no change from our typical duration. As we were putting the forecast together for the year, we are really balancing the headwinds and tailwinds that we're seeing in the business, and we're seeing -- because of the backlog, we're seeing very strong momentum in the core business in design automation and design where we're seeing the headwinds is on China, in particular, which obviously has been a large growth driver for us for the last several years.

是的。謝謝你的提問。因此，積壓的情況是廣泛的。它涉及多個客戶。正如 Sassine 所說，其中一些是我們預訂的更大規模的續約和新交易。我們的合約期限沒有變動。因此，與我們的典型持續時間沒有改變。當我們對今年進行預測時，我們確實正在平衡我們在業務中看到的逆風和順風，並且我們看到 - 由於積壓，我們看到核心業務的強勁勢頭在設計自動化和設計業務中，我們看到的阻力尤其來自中國，這顯然是我們過去幾年的巨大成長動力。

We're seeing that growth rate slower and then the other one is SIG, which the Software Integrity business is still -- we anticipate going to be impacted by a difficult software enterprise purchasing environment. And so that's why we've got that business forecast at single-digit growth. So it's really the balancing of those things. But we are seeing design automation and design IP aligned with our long-term goals for those businesses.

我們看到成長速度較慢，另一個是 SIG，軟體完整性業務仍在繼續 - 我們預計將受到困難的軟體企業採購環境的影響。這就是為什麼我們的業務預測為個位數成長。所以這其實是這些事情的平衡。但我們看到設計自動化和設計 IP 與我們這些業務的長期目標一致。

Yes. Maybe a quick follow-up on the half-over-half profile for next year because I mean, I would think that EDA revenue, I mean, because of its time-based nature and you guys keep signing bigger contracts, you tend to be like up to the right kind of profile through the year. but you're relatively flattish half-over-half profile seems to suggest that the IP maybe some of the hardware is going to be a little bit front half loaded. Is that the case? And why is that a thing?

是的。也許對明年的一半以上的概況進行快速跟進，因為我的意思是，我認為 EDA 收入，我的意思是，由於其基於時間的性質，而且你們不斷簽署更大的合同，你們往往會喜歡在這一年裡保持正確的形象。但你相對平坦的一半以上的配置文件似乎表明 IP 可能某些硬體將被稍微前半部分加載。是這樣嗎？為什麼會這樣呢？

Yes. It's really just the balance of how we see the customers wanting to ingest our hardware and our IP business. So it's fairly aligned also with what we saw in '23 and fairly aligned with what we saw in '21.

是的。這實際上只是我們如何看待想要使用我們的硬體和 IP 業務的客戶之間的平衡。因此，它也與我們在 23 年看到的情況相當一致，也與我們在 21 年看到的情況相當一致。

Maybe, Charles, if I'll add a couple of comments to what Shelagh just said. Rough numbers, our design automation is about 65% of our business and then design IP, 25% and software -- 10% and the $8.6 billion is mostly those agreements in EDA and IP and given the large percentage of the overall revenue we have, which is 25% is IP. There's a different pull down and development of the IP, especially on the advanced nodes, when we're talking about we're developing our IP portfolio on the most advanced foundries, from the day you sign an agreement to the day you deliver, there's a time lapse by when did you deliver the IP and you get the pull down.

查爾斯，也許我可以對謝拉剛才所說的話添加一些評論。粗略計算，我們的設計自動化約占我們業務的65%，然後是設計IP，25% 和軟體——10%，86 億美元主要是EDA 和IP 方面的協議，考慮到我們佔總收入的很大比例，其中25%是IP。 IP 有不同的下拉和開發，特別是在先進節點上，當我們談論我們正在最先進的代工廠開發我們的 IP 產品組合時，從您簽署協議之日到交付之日，有過了一段時間，你什麼時候交付IP，你就得到了下拉。

So while the backlog number, the $8.6 billion is large, we need to get, I would say, used to that the consumption for EDA and IP will be very different across that backlog number and the timing of the renewal et cetera.

因此，雖然積壓數量（86 億美元）很大，但我想說的是，我們需要習慣 EDA 和 IP 的消耗在積壓數量和續約時間等方面會有很大差異。

Thanks, Charles. Let's do one more question and then if you could turn it back over to me, Lisa.

謝謝，查爾斯。讓我們再做一個問題，然後你可以把它轉回給我嗎，麗莎。

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。

So I guess the first one would be, how should we think about the recurring revenue rate into 2024? Is it fair to assume that given that we're expecting another record hard of the year into '24, it will inch closer to 80%.

所以我想第一個問題是，我們應該如何考慮 2024 年的經常性收入率？考慮到我們預計 24 年將再創今年新紀錄，這一比例將接近 80%，這樣的假設是否公平？

And secondly, could you provide some more color on the SIG strategic initiatives that you're considering?

其次，您能否對您正在考慮的 SIG 戰略計劃提供更多資訊？

Maybe I'll talk about the SIG initiative, and Shelagh will comment on the backlog. The -- what we've said in the remarks that we went through a strategic portfolio review, just to put some context around what we went through. As I stated earlier, we have the 3 business segments and we are truly fortunate that we have a leading position in each one of those segments. As we look at the opportunities over the next 5 to 10 years of these market segments, I cannot express how excited we are about the opportunities we have in design automation and design IP. And the more we can expand our portfolio within these market segments.

也許我會談論 SIG 倡議，Shelagh 會評論積壓的工作。我們在發言中說過，我們進行了策略性投資組合審查，只是為了了解我們所經歷的情況。正如我之前所說，我們有 3 個業務部門，我們真的很幸運，我們在每個部門都處於領先地位。當我們展望未來 5 到 10 年這些細分市場的機會時，我無法表達我們對設計自動化和設計 IP 領域的機會有多麼興奮。我們越能在這些細分市場中擴展我們的產品組合。

So that led us to discuss and make a decision to explore the strategic alternatives for software integrity to put priority of where to make our investments and where we believe there's a higher ROI for the investments based on the 90% of our portfolio between the design automation and design IP business segments. So that's really the process that we went through in order to get to that point.

因此，這促使我們討論並做出決定，探索軟體完整性的策略替代方案，以優先考慮在哪裡進行投資，以及我們認為基於設計自動化之間 90% 的投資組合，投資回報率更高。和設計IP業務部門。這確實是我們為了達到這一點而經歷的過程。

Yes. And I would add that on the recurring revenue question, we're not expecting a substantial change in that. We've had a record hardware year in '22 and '23, and we're expecting another one in '24, but the overall business is growing too. So it won't substantially change the mix of recurring revenue.

是的。我想補充一點，關於經常性收入問題，我們預計不會有重大變化。我們在 22 年和 23 年經歷了創紀錄的硬體年，我們預計在 24 年還會再創紀錄，但整體業務也在成長。因此，它不會顯著改變經常性收入的結構。

Thanks, Johnny. Let me turn it over to Aart for some closing remarks.

謝謝，強尼。讓我把它交給 Aart 做一些結束語。

Thank you. A couple of personal words in closure here. Since the IPO in 1992, this is my 128th earnings call. I did not miss a single one, but I suspect that literally only (inaudible) remembers exactly what was said at each one of these calls. So a big thank you to you, Jay. But really huge gratitude to all of you for your feedback, your write-ups, your advocacy on the market. but also for never giving up on asking questions where you perfectly well know that we will never answer them.

謝謝。在此結束時說幾句個人的話。自 1992 年 IPO 以來，這是我第 128 次召開財報電話會議。我沒有錯過任何一個電話，但我懷疑只有字面上（聽不清楚）才能準確地記住每一個電話中所說的內容。非常感謝你，傑伊。但非常感謝你們所有人的回饋、評論和市場宣傳。但也感謝您在明知我們永遠不會回答的情況下永不放棄提出問題。

So I really hope that you will keep that up with Sassine, but more importantly, a gratitude for having been travel made and family members in raising this fragile Synopsys start-up child into the strong worldwide market and technology leader that is today. Thank you.

因此，我真心希望您能與 Sassine 保持同樣的態度，但更重要的是，感謝您的旅行和家人將這個脆弱的新思科技 (Synopsys) 初創企業培養成為當今強大的全球市場和技術領導者。謝謝。

Now some CEO transitions are hard, but I think we're doing very well. Sassine is the perfect choice for CEO. He already leads with ambition, heart and smart and of course, his 25 years of experience at Synopsys is comprehended is complemented, I should say, by great customer relationships and very importantly, trust. Sassine has my respect, my enthusiasm and my full support. So please give him your support as well. With that, I look forward to from time to time, touching base with you, so until then, be well and thank you very much.

現在一些執行長的過渡很困難，但我認為我們做得很好。 Sassine 是執行長的完美選擇。他已經充滿雄心、熱情和智慧，當然，我應該說，他在 Synopsys 25 年的經驗得到了良好的客戶關係和非常重要的信任的補充。 Sassine 得到了我的尊重、熱情和全力支持。所以也請大家給他支持。因此，我期待著時不時地與你接觸，所以在那之前，祝你一切順利，非常感謝你。

Thanks, everyone, for joining the call. Lisa, can you close this out?

感謝大家加入通話。麗莎，你能結束這個嗎？

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

謝謝。今天的演講到此結束。感謝您今天的參與。您現在可以斷開連線。今天的演講到此結束。謝謝。