新思科技 (SNPS) 2024 Q1 法說會逐字稿

Ladies and gentlemen, welcome to Synopsys Earnings Conference Call for the First Quarter Fiscal Year 2024. (Operator Instructions) Today's call will last 1 hour. As a reminder, today's call is being recorded.

女士們，先生們，歡迎參加新思科技 2024 財年第一季財報電話會議。 （操作員指示）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 of Investor Relations. Please go ahead.

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

Thank you, operator. Good afternoon, everyone. With us today are Sassine Ghazi, President and CEO; and Shelagh Glaser, CFO. 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, including statements regarding our pending acquisition of Ansys. However, we will not be commenting on Ansys' financial results. While these forward-looking 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.

謝謝您，接線生。大家下午好。今天與我們在一起的有總裁兼執行長 Sassine Ghazi；以及財務長 Shelagh Glaser。在我們開始之前，我想提醒大家，在本次電話會議期間，新思科技將討論預測、目標和其他前瞻性陳述，包括我們即將收購 Ansys 的陳述。不過，我們不會對 Ansys 的財務結果發表評論。雖然這些前瞻性陳述代表了我們對截至目前為止的未來結果和表現的最佳當前判斷，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 risks that we highlight during this call, important factors that may affect such statements 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此類聲明的重要因素。此外，我們將在討論中參考某些非公認會計準則財務指標。在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中可以找到與其最直接可比較的 GAAP 財務指標和補充財務資訊的對帳表。所有這些項目以及最新的投資者介紹均可在我們的網站 www.synopsys.com 上找到。此外，準備好的評論將在電話會議結束時發佈在我們的網站上。

With that, I'll turn the call over to Sassine.

說完這些，我會把電話轉給薩辛。

Good afternoon. In Q1, we continued our strong momentum with revenue in the upper end of our guidance range and non-GAAP EPS surpassing the upper end of our guidance range. Revenue was $1.65 billion, up 21% year-over-year. Non-GAAP operating margin was 38.7%, up approximately 3.5 points year-over-year. Non-GAAP EPS was $3.56, up 36% year-over-year. While maintaining our laser focus on meeting our quarterly financial commitments, we strategically drive the business for long-term financial success.

午安.在第一季度，我們延續了強勁的發展勢頭，收入處於指導範圍的上限，非 GAAP 每股收益也超過了指導範圍的上限。營收為16.5億美元，年增21%。非美國通用會計準則營業利益率為38.7%，較去年成長約3.5個百分點。非公認會計準則每股收益為 3.56 美元，年增 36%。在專注於實現季度財務承諾的同時，我們策略性地推動業務實現長期財務成功。

Over the last 3 years, we have delivered a 17% revenue CAGR, non-GAAP operating margin improvement of 7 points and non-GAAP EPS growth at a 26% CAGR. Shelagh will discuss the financials and guidance in more detail.

在過去 3 年中，我們的收入複合年增長率達到 17%，非 GAAP 營業利潤率提高了 7 個百分點，非 GAAP 每股收益複合年增長率達到 26%。 Shelagh 將更詳細地討論財務和指導問題。

Let's turn to market trends. We've entered an era of pervasive intelligence, driven by the rise of artificial intelligence, silicon proliferation and software-defined systems. These trends demand more compute, new architectures and new design methodologies, while requiring us to address the significant challenges of complexity, cost, energy consumption and security. Despite the mounting challenges, design starts continue to rise as the semiconductor industry scales to $1 trillion in revenue or more by the end of the decade.

讓我們來看看市場趨勢。我們已經進入了普適智能的時代，這一時代由人工智慧的興起、矽片的普及和軟體定義系統的推動。這些趨勢需要更多的運算、新的架構和新的設計方法，同時要求我們解決複雜性、成本、能耗和安全性等重大挑戰。儘管挑戰日益嚴峻，但隨著到 2020 年半導體產業營收規模將達到甚至超過 1 兆美元，設計起步數量仍持續上升。

As the leading silicon-to-system design solution company with best-in-class EDA tools and the broadest portfolio of semiconductor IP, Synopsys' growth opportunity is truly incredible and already underway. Across industries, a paradigm shift is underway as companies race to deliver on this era of pervasive intelligence, where AI and smart technologies are omnipresent and interconnected.

作為領先的矽到系統設計解決方案公司，新思科技擁有一流的 EDA 工具和最廣泛的半導體 IP 組合，其成長機會確實令人難以置信，而且已經在進行中。在各個產業中，隨著企業競相迎接這個人工智慧和智慧技術無所不在、相互連結的時代，典範轉移正在發生。

To capitalize on this shift, the technology industry is overcoming -- is converging on a silicon-to-systems approach to innovation. As the company at the heart of silicon and systems, Synopsys was made for this moment. There is no one more capable of helping companies innovate for this era of pervasive intelligence. Semiconductor companies are now designing with a system approach in mind, while system companies are unlocking additional value through purpose-built chips and software-defined systems. At the same time, customers see the fusion of electronics design and physics simulation as critical to delivering high-performing and high-yielding solutions for their business.

為了利用這種轉變，技術產業正在克服困難——採用從矽到系統的創新方法。作為矽片和系統領域的核心公司，新思科技 (Synopsys) 正是為此時刻而生。沒有人比我們更有能力幫助企業在這個無所不在的智慧時代進行創新。半導體公司現在採用系統方法進行設計，而係統公司則透過專用晶片和軟體定義系統來釋放額外價值。同時，客戶認為電子設計與實體模擬的整合對於為其業務提供高性能、高收益的解決方案至關重要。

Building on our 7-year partnership with Ansys, the industry leader in simulation and a deliberate multiyear strategy to reshape our business to support system-level design, last month, we announced our intent to acquire Ansys. This transaction will grow our TAM by 1.5x to $28 billion and further enhance our silicon to system strategy. Both across our core EDA segment and a highly attractive adjacent growth areas where Ansys has an established presence and successful go-to-market expertise. Customer feedback on the proposed transaction has been incredibly supportive, and we look forward to closing this transaction in the first half of 2025.

我們與模擬行業領導者 Ansys 建立了 7 年的合作夥伴關係，並製定了重塑業務以支持系統級設計的多年戰略，上個月，我們宣布了收購 Ansys 的意向。這筆交易將使我們的 TAM 成長 1.5 倍，達到 280 億美元，並進一步增強我們的矽到系統策略。在我們的核心 EDA 領域以及極具吸引力的相鄰成長領域中，Ansys 都已確立了地位並擁有成功的行銷專業知識。客戶對擬議交易的回饋非常支持，我們期待在 2025 年上半年完成此交易。

Now I'll share some segment highlights starting with Design Automation, where we saw strong design win activity across the business. We continue to enhance our leadership in digital EDA as our capabilities become increasingly critical for the leading chips at advanced nodes. We are proud to have partnered with our customers to achieve a number of industry firsts in Q1: The world's first GAA-based next-generation ARM Cortex-X mobile core tape-out at a leading Asian mobile SoC provider, the first completed tape-out for a server SoC on 18A and Asia's first N5 ARM flagship automotive core tape-out for a leading EV OEM.

現在，我將分享一些細分領域的亮點，從設計自動化開始，我們在整個業務中看到強勁的設計獲勝活動。隨著我們的能力對於先進節點的領先晶片變得越來越重要，我們繼續增強在數位 EDA 領域的領導地位。我們很榮幸能與客戶合作，在第一季度實現多項行業首創：全球首個基於 GAA 的下一代 ARM Cortex-X 移動核心在亞洲領先的移動 SoC 提供商處流片，首個在 18A 上完成流片的服務器 SoC，以及亞洲首個核心為領先的電動汽車 OEM 流片的 N5 ARM 旗艦汽車。

In addition, we had multiple competitive wins, anchored by 2-nanometer and 3-nanometer projects at a leading Asian mobile semiconductor company. We are also gaining momentum with analog/mixed signal customers. We won several competitive full flow displacements at analog/mixed signal companies including networking OEMs in Europe and Japan.

此外，我們還在一家亞洲領先的行動半導體公司的 2 奈米和 3 奈米專案中贏得了許多競賽勝利。我們也正在與模擬/混合訊號客戶取得進展。我們在模擬/混合訊號公司中贏得了多項具有競爭力的全流程置換訂單，其中包括歐洲和日本的網路 OEM。

A key differentiator in these competitive wins was the breadth and leadership of our EDA platform, from digital to analog and from architecture to sign off, all turbo charged with the industry's leading full-flow AI platform, Synopsys.ai. Synopsys.ai focuses on 3 distinct pillars of value for our customers: optimization, XSO.ai; data analytics, X.da; and generative AI, including our Copilot. Starting with our XSO.ai family, which includes design, verification, test and analog space optimization. We continue to expand our footprint and drive sell-up in our core EDA tools. DSO.ai was key in several major wins and continues to drive a 20% plus uplift to Fusion Compiler revenue at multiple accounts. Increasing share of usage of DSO.ai versus the competition was driven by superior PPA results on our platform versus alternatives.

這些競爭勝利的一個關鍵區別在於我們的 EDA 平台的廣度和領導力，從數位到模擬，從架構到簽名，所有這些都透過業界領先的全流程 AI 平台 Synopsys.ai 進行增強。 Synopsys.ai 專注於為客戶打造 3 個不同的價值支柱：最佳化、XSO.ai；資料分析，X.da；以及生成性人工智慧，包括我們的 Copilot。從我們的 XSO.ai 系列開始，其中包括設計、驗證、測試和模擬空間優化。我們將繼續擴大我們的足跡並推動核心 EDA 工具的銷售。 DSO.ai 在幾次重大勝利中發揮了關鍵作用，並繼續推動 Fusion Compiler 在多個帳戶的收入增長 20% 以上。與競爭對手相比，DSO.ai 的使用份額不斷增加，得益於我們平台比其他平台更優異的 PPA 結果。

We saw a very strong pull for VSO.ai with multiple production deployments that are seeing excellent improvements in test coverage and turnaround time. A large North American HPC semiconductor company made a significant investment in VSO.ai technology with plans to immediately deploy on 4 projects and eventually deploy corporate-wide.

我們看到 VSO.ai 在多個生產部署中具有非常強大的吸引力，測試覆蓋率和周轉時間都有了顯著的改善。北美一家大型 HPC 半導體公司對 VSO.ai 技術進行了大量投資，計劃立即在 4 個專案上部署，並最終在整個公司範圍內部署。

Another large North American GPU company saw 2x faster turnaround time and a 20% improvement in coverage and is planning a large-scale deployment of the technology. Our analog AI tool, ASO.ai, now has multiple deployments moving to production with reference flows at TSMC, Samsung and Intel for analog migration. We also broadened the capability of TSO.ai, adding a design-for-test feature to the proven ability for advanced pattern generation.

另一家北美大型 GPU 公司發現週轉時間加快了 2 倍，覆蓋率提高了 20%，並且正在計劃大規模部署該技術。我們的模擬 AI 工具 ASO.ai 目前已有多個部署投入生產，並參考台積電、三星和英特爾的模擬遷移流程。我們也擴展了 TSO.ai 的功能，在經過驗證的高階模式產生能力中加入了測試設計功能。

At the International Test Conference this quarter, we demonstrated a 20% reduction in total pattern count using TSO.ai. Our data analytics AI products also saw a significant logo engagement growth. A great example is Silicon.da production analytics, which is part of the Silicon Lifecycle Management family and spans design through product manufacturing phases. Silicon.da automatically highlights silicon data outliers, enabling engineering teams to quickly identify and correct underlying issues in design and manufacturing and boost productivity.

在本季的國際測試會議上，我們展示如何使用 TSO.ai 將總模式數量減少 20%。我們的數據分析 AI 產品的標誌參與度也顯著成長。一個很好的例子是 Silicon.da 生產分析，它是矽生命週期管理系列的一部分，涵蓋從設計到產品製造階段。 Silicon.da 自動突出顯示矽數據異常值，使工程團隊能夠快速識別和修正設計和製造中的潛在問題並提高生產力。

Last quarter, we had a groundbreaking generative AI announcement with Microsoft for accelerating chip design, Synopsys.ai Copilot. The integration of GenAI across Synopsys.ai provides chip designers with collaborative capabilities that offer expert tool guidance, generative capabilities to enable RTL and collateral creation from natural language.

上個季度，我們與微軟聯合發布了用於加速晶片設計的開創性的生成式人工智慧產品 Synopsys.ai Copilot。 GenAI 與 Synopsys.ai 的集成為晶片設計師提供了協作功能，可提供專家工具指導、生成功能以實現 RTL 和從自然語言中創建附屬品。

Following positive feedback from initial pilot participants, AMD, Intel and Microsoft will be adding a number of other companies with our beta rollout. In Q1, we also won significant multi-die package designs. Our 3DIC Compiler platform gained substantial momentum in multi-die packaging. Multi-die implementations continue to increase in the HPC market with an expectation that by 2028, 40% of HPC designs will be multi-die architectures. Like the transition to AI, this new design paradigm will create significant opportunity for both our EDA and IP businesses.

根據初始試點參與者的正面回饋，AMD、英特爾和微軟將在我們的測試版發布中添加一些其他公司。在第一季度，我們還贏得了重要的多晶片封裝設計。我們的 3DIC 編譯器平台在多晶片封裝方面獲得了長足的發展。多晶片實施在 HPC 市場中持續增加，預計到 2028 年，40% 的 HPC 設計將採用多晶片架構。就像向人工智慧的過渡一樣，這種新的設計範式將為我們的 EDA 和 IP 業務創造重大機會。

Moving to our systems business. Hardware-assisted verification had a strong quarter with excellent bookings on ZeBu and HAPS, across multiple geos with 8 new hardware logos. We saw share expansion at a large Asian OEM on ZeBu 5 and grew our HAPS footprint at 2 top North American customers. In System Software, bookings momentum continued with key automotive OEMs and Tier 1s.

轉向我們的系統業務。硬體輔助驗證在本季度表現強勁，在 ZeBu 和 HAPS 上的預訂量非常可觀，在多個地區擁有 8 個新的硬體標誌。我們看到 ZeBu 5 在一家大型亞洲 OEM 上的份額擴大，並在兩家北美頂級客戶中擴大了我們的 HAPS 足跡。在系統軟體方面，主要汽車原始設備製造商和一級供應商的訂單動能持續強勁。

One example was the collaboration we announced with Continental. Integrating our industry-leading virtual prototyping solutions within Continental's Automotive Edge development framework, we're building the digital twin capabilities that allow automakers to accelerate their software development and improve their time to market.

其中一個例子就是我們宣布與大陸航空的合作。我們將業界領先的虛擬原型解決方案整合到大陸的汽車邊緣開發框架中，建構數位孿生功能，使汽車製造商能夠加速其軟體開發並縮短產品上市時間。

Now moving to Design IP, which continues to deliver industry-leading growth as the IP supplier of choice for leading HPC, AI, automotive and mobile chips at advanced nodes. This quarter, we closed the multiyear, multi-node and multi-foundry agreements to enable the next-generation automotive and IoT platforms in a landmark design win at the major North American semiconductor company. A keystone IP in HPC and AI is PCIe 6.0, where we lead the industry with more than 50 lifetime wins. We demonstrated our next wave of innovation by showcasing our PCIe 7.0 technology at DesignCon 2024.

現在轉向設計 IP，作為先進節點領先 HPC、AI、汽車和行動晶片的首選 IP 供應商，它繼續實現領先業界的成長。本季度，我們與北美主要半導體公司達成了具有里程碑意義的設計勝利，從而為下一代汽車和物聯網平台提供了多年期、多節點和多代工廠協議。 PCIe 6.0 是 HPC 和 AI 領域的關鍵 IP，我們在該領域已累計獲得 50 多項大獎，引領產業發展。我們在 DesignCon 2024 上展示了我們的 PCIe 7.0 技術，展示了我們的下一波創新。

Multi-die packaging is a significant tailwind to IP as well as EDA. We want 4 die-to-die IP engagements in the quarter surpassing 45 lifetime, enhancing our leadership in this emerging space. We proudly demonstrated the industry's first silicon success for UCIe S PHY IP in TSMC N3E and N5. The tight integration with our flagship EDA tool, 3DIC Compiler, is generating significant productivity gains with improved design margins.

多晶片封裝對 IP 和 EDA 來說是一個重要的推動力。我們希望本季能有 4 個 die-to-die IP 合作，使生命週期超過 45 個，從而增強我們在這個新興領域的領導地位。我們自豪地展示了業界首次在台積電 N3E 和 N5 上實現 UCIe S PHY IP 的矽片成功。與我們的旗艦 EDA 工具 3DIC Compiler 的緊密整合，正在顯著提高生產效率並改善設計利潤率。

Finally, at the beginning of the quarter, we launched our new ARC-V RISC-V based portfolio with strong customer interest. The ARC-V processors are highly configurable and extensible to deliver optimal power performance efficiency for a broad range of applications such as automotive, storage and IoT.

最後，在本季初，我們推出了基於 ARC-V RISC-V 的全新產品組合，引起了客戶的濃厚興趣。 ARC-V 處理器具有高度可配置性和可擴充性，可為汽車、儲存和物聯網等廣泛的應用提供最佳的電源效能效率。

Now to the Software Integrity segment, which delivered record revenue despite a challenging macroeconomic backdrop for enterprise software. We continue to evaluate strategic alternatives for this business, and we will provide an update when we complete this process. While the company engages in this process, the Software Integrity Group will continue to focus on investing and innovating in our market-leading products and serving customers with our leading application security testing portfolio and a global go-to-market execution.

現在來看看軟體完整性部門，儘管企業軟體面臨嚴峻的宏觀經濟背景，該部門仍實現了創紀錄的收入。我們將繼續評估該業務的策略替代方案，並在完成此流程後提供最新消息。在公司參與此過程的同時，軟體完整性小組將繼續專注於投資和創新我們市場領先的產品，並透過我們領先的應用程式安全測試組合和全球市場執行力為客戶提供服務。

In summary, we had an excellent start to the year, building on momentum underpinned by multiple secular growth drivers. We have a resilient business model and our customers continue to prioritize investments in the silicon and systems that position them for future growth. We are aligning our portfolio investment with the greatest return potential to accelerate our growth.

總而言之，在多個長期成長動力的支撐下，我們今年取得了良好的開端。我們擁有一個有彈性的商業模式，我們的客戶繼續優先投資於矽片和系統，為未來的成長做好準備。我們正在調整我們的投資組合，以期獲得最大的回報潛力，從而加速我們的成長。

Thank you to our employees partners and customers for their passion and commitment. Finally, we look forward to providing you more insight into our business, strategy and growth opportunities at our upcoming Investor Day, which will be held in conjunction with our Synopsys User's Group Event in Santa Clara on March 20. I hope to see many of you there.

感謝我們的員工、合作夥伴和客戶的熱情和承諾。最後，我們期待在即將舉行的投資者日上為您提供有關我們的業務、策略和成長機會的更多見解，投資者日將於 3 月 20 日與我們在聖克拉拉舉行的 Synopsys 用戶組活動同時舉行。我希望在那裡見到你們。

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

說完這些，我將把它交給 Shelagh。

Thank you, Sassine. We delivered a solid start to the year with revenue in the upper end of our guided range, non-GAAP operating margin of 38.7% and non-GAAP earnings above the high end of our guidance range. Our Q1 results are driven by our execution and leadership position across our segments, robust design activity across semiconductor and systems customers and the stability and resilience of our time-based business model. We remain confident in our business, and as a result, we are reaffirming our full year 2024 targets for revenue and non-GAAP operating margin and raising our non-GAAP EPS guidance.

謝謝你，薩辛。我們今年取得了良好的開局，收入處於我們預期範圍的上限，非公認會計準則營業利潤率為 38.7%，非公認會計準則收益高於我們預期範圍的上限。我們的第一季業績得益於我們在各部門的執行力和領導地位、半導體和系統客戶的強勁設計活動以及基於時間的商業模式的穩定性和彈性。我們對我們的業務仍然充滿信心，因此，我們重申了 2024 年全年收入和非 GAAP 營業利潤率的目標，並提高了非 GAAP EPS 指引。

I'll now review our first quarter results. All comparisons are year-over-year unless otherwise stated. We generated total revenue of $1.65 billion. Total GAAP costs and expenses were $1.29 billion. Total non-GAAP costs and expenses were $1.01 billion, resulting in a non-GAAP operating margin of 38.7%. GAAP earnings per share were $2.89, and non-GAAP earnings per share were $3.56. Q1 included an extra fiscal week which contributed $70.5 million in revenue and $0.11 in non-GAAP EPS.

我現在來回顧我們的第一季的業績。除非另有說明，所有比較均為同比比較。我們創造了 16.5 億美元的總收入。總 GAAP 成本和費用為 12.9 億美元。非公認會計準則成本和費用總額為 10.1 億美元，導致非公認會計準則營業利潤率為 38.7%。 GAAP 每股收益為 2.89 美元，非 GAAP 每股收益為 3.56 美元。 Q1 包含一個額外的財政週，貢獻了 7,050 萬美元的收入和 0.11 美元的非 GAAP EPS。

Now on to our segment. Design Automation segment revenue was $985.3 million, up 11%. Design Automation adjusted operating margin was 37%. Design IP segment revenue was $525.7 million, up 53%, driven by broad-based strength. Design IP adjusted operating margin was 47.5%. Software Integrity revenue was $138.2 million, up 8%, and adjusted operating margin was 17.3%. Operating cash outflow was $88 million for the quarter and we ended the quarter with cash and short-term investments of $1.27 billion.

現在開始我們的部分。設計自動化部門營收為 9.853 億美元，成長 11%。設計自動化調整後的營業利益率為 37%。設計 IP 部門營收為 5.257 億美元，成長 53%，這得益於廣泛的實力。設計IP調整後的營業利益率為47.5%。軟體完整性收入為 1.382 億美元，成長 8%，調整後營業利益率為 17.3%。本季經營現金流出為 8,800 萬美元，本季末我們的現金和短期投資為 12.7 億美元。

Now to guidance. For fiscal year 2024, the full year targets are: revenue of $6.57 billion to $6.63 billion. Total GAAP costs and expenses between $5.02 billion and $5.08 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 $9.56 to $9.74 per share. Non-GAAP earnings of $13.47 to $13.55 per share. Cash flow from operations of approximately $1.4 billion.

現在來指導。 2024財年的全年目標是：營收65.7億美元至66.3億美元。總 GAAP 成本和費用在 50.2 億美元至 50.8 億美元之間，總非 GAAP 成本和費用在 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%，公認會計準則每股收益為 9.56 美元至 9.74 美元。非公認會計準則每股收益為 13.47 美元至 13.55 美元。經營活動現金流約14億美元。

Now to targets for the second quarter. Revenue between $1.56 billion and $1.59 billion, total GAAP costs and expenses between $1.21 billion and $1.23 billion. Total non-GAAP costs and expenses between $1.01 billion and $1.02 billion, GAAP earnings of $2.05 to $2.16 per share and non-GAAP earnings of $3.09 to $3.14 per share. Our press release and financial supplement include additional targets and GAAP to non-GAAP reconciliation.

現在來談談第二季的目標。收入在 15.6 億美元至 15.9 億美元之間，總 GAAP 成本和費用在 12.1 億美元至 12.3 億美元之間。非 GAAP 成本和費用總額在 10.1 億美元至 10.2 億美元之間，GAAP 每股收益在 2.05 美元至 2.16 美元之間，非 GAAP 每股收益在 3.09 美元至 3.14 美元之間。我們的新聞稿和財務補充包括額外目標以及 GAAP 與非 GAAP 的調整。

In conclusion, we delivered a solid start to the year. We continue to execute and for the full year expect 12.4% to 13.5% revenue growth, non-GAAP operating margin improvement of roughly 2 percentage points and 20% to 21% non-GAAP EPS growth. Our confidence reflects our leadership position across our segments, robust design activity by our customers and the stability and resiliency of our time-based business model.

總而言之，我們今年取得了良好的開端。我們將繼續執行，預計全年營收成長 12.4% 至 13.5%，非 GAAP 營業利潤率提高約 2 個百分點，非 GAAP 每股收益成長 20% 至 21%。我們的信心反映了我們在各個領域的領導地位、客戶強勁的設計活動以及我們基於時間的商業模式的穩定性和彈性。

With that, I'll turn it over to the operator for questions.

說完這些，我將把問題交給接線員。

(Operator Instructions) Our first question comes from the line of Gary with Wells Fargo Securities.

（操作員指示）我們的第一個問題來自富國證券的 Gary。

I think when you started or you initially gave fiscal year '24 guidance you were expecting like China to, I guess, be a drag on the overall revenue growth. But in the first quarter results, it looks like sales into China were modestly accretive to the overall growth. And so my question is, do you still anticipate some headwinds specific to China? And anything specific you wanted to call out there with respect to the dilution to the overall revenue trends?

我想，當您開始或最初給出 24 財年指引時，您預計中國會拖累整體收入成長。但從第一季的業績來看，中國市場的銷售似乎對整體成長起了一定促進作用。我的問題是，您是否仍預期中國將面臨一些特殊阻力？關於整體收入趨勢的稀釋，您有什麼具體想說的嗎？

Thank you, Gary, for the question. You are correct. When we guided FY '24, we called out 2 possible headwinds. One, the continued enterprise software slowness and the other one was around China, both the macro and the impact of the export control. That will continue in terms of our balanced view as we're looking at the year. And as we communicated as well, we believe that being pragmatic around the China growth as we look at FY '24 was important. Now as you saw in Q1, as you're calling out, strong Q1 that is due to some timing of our pull down of our business, be it in EDA or IP that can vary quarter-over-quarter but the remainder of the year is pretty much what we communicated when we guided the year.

謝謝加里提出的問題。你是對的。當我們指導24財年時，我們指出了兩個可能出現的不利因素。一是企業軟體持續放緩，二是中國週邊，既有宏觀影響，也有出口管制的影響。從我們平衡的觀點來看，展望今年，這種情況仍將持續。正如我們所傳達的，我們認為，在展望24財年時，務實地考慮中國的成長非常重要。正如您在第一季看到的那樣，第一季的強勁表現是由於我們在某些​​時候縮減了業務，無論是在 EDA 還是 IP 領域，其可能會因季度而異，但今年剩餘時間的表現與我們在指導全年時所傳達的情況基本一致。

Okay. Just a follow-up housekeeping question. What was the RPO balance at the end of the quarter? And it looks like the other income is coming in stronger than the original projection, including some upside in the first quarter. Shelagh, can you give some clarity on the source of that?

好的。這只是一個後續的問題。季度末的 RPO 餘額是多少？而且看起來其他收入也比最初的預測要強，包括第一季的一些成長。希拉格，你能解釋一下這個消息的來源嗎？

Yes. The backlog is $8.2 billion for the quarter. So we had obviously a record backlog in Q4 of $8.6 billion, and that's sort of the natural lumpiness of timing of big orders. So that was a pretty normal expectation. And then some of the goodness we saw in some of our other with some improvement in some ForEx. And so obviously, that can ebb and flow, but that's what we saw in Q1.

是的。本季積壓訂單為 82 億美元。因此，我們第四季的積壓訂單顯然達到了創紀錄的 86 億美元，這是大訂單時間的自然不平衡。所以這是一個非常正常的預期。然後，我們在其他一些領域也看到了一些優點，外匯領域也取得了一些進展。顯然，這種情況可能會有起有落，但這就是我們在第一季看到的情況。

Our next question comes from the line of KeyBanc.

我們的下一個問題來自 KeyBanc。

This is Jason. Can you guys hear me?

這是傑森。你們聽得到我的聲音嗎？

Yes, Jason.

是的，傑森。

Perfect. Maybe building off of Gary's question, the backlog, $8.2 billion, really nice to see in the high teens year-over-year growth again. I get it lumpy coming off a record, but it was down a little more sequentially than what we've seen typically from Q4s to Q1s. Is there any way to think about the linearity through the year, first half, second half or renewal timing? Just trying to understand the shape.

完美的。也許從加里的問題來看，積壓訂單量為 82 億美元，很高興看到同比增長再次達到十幾歲的高點。我知道這是一個不穩定的記錄，但是與我們從第四季度到第一季的通常情況相比，它的下降幅度要大一些。有沒有辦法思考全年、上半年、下半年或更新時間的線性？只是想了解形狀。

Yes. I wouldn't say there's anything unusual about it. I mean, year-over-year, we're up about 19%. So we kind of think about managing these things on a yearly increment because you think about timing of renewals and things like that, which usually we think about over the course of 12 months. So there's nothing really specific about the Q4 to Q1 other than I would point out that Q4 was an all-time high. So in some senses, that all-time high. We'll go through sort of the natural pull down and then replenishment of the backlog as we drive renewals and expansion.

是的。我不認為這有什麼不尋常的。我的意思是，與去年同期相比，我們成長了約 19%。因此，我們考慮以年度增量來管理這些事情，因為您要考慮續約的時間安排等，通常我們會在 12 個月內考慮這些事情。因此，除了我要指出第四季創下歷史新高之外，第四季與第一季相比並沒有什麼特別之處。從某種意義上來說，這是歷史最高水準。隨著我們推動更新和擴張，我們會經歷自然的減少，然後補充積壓訂單的過程。

Okay. Perfect. And then on the IP side, again, really strong quarter, 50% growth. I know you mentioned a lot of new IP titles that are coming out or have come out. I guess, what was the main driver of the strength in IP? And then how should we think about that trend through the rest of the year on IP?

好的。完美的。然後在 IP 方面，本季再次表現強勁，成長 50%。我知道您提到了很多即將推出或已經推出的新 IP 作品。我想問一下，IP 實力的主要驅動力是什麼？那麼，我們該如何看待今年剩餘時間的 IP 趨勢呢？

Yes. Thanks, Jason. As far as IP goes, the beauty of what we have in our IP business, given it's an interface IP, more silicon proliferation, more chip starts, they need IP to connect the chip, inside the chip, the different blocks to each other and connect the chip to the outside world, and this is where we lead with our IP business. Now that being said, there are constant new standards that are being delivered in order to support the complexity and the performance requirements for be it an AI chip or any chip that goes into data center, et cetera.

是的。謝謝，傑森。就 IP 而言，我們的 IP 業務的優點在於它是一個介面 IP，隨著矽片的增多，越來越多的晶片開始問世，他們需要 IP 來連接晶片、晶片內部的不同模組以及將晶片與外界連接起來，而這正是我們的 IP 業務的領先之處。話雖如此，為了支援人工智慧晶片或進入資料中心的任何晶片等的複雜性和效能要求，不斷有新的標準推出。

Multi-die is another factor. The moment you start stacking dies together in a package, you need more and more interface IP to connect that multi-die package together. So those were the factors that were driving the IP opportunity, and we are very confident that this secular trend with IP demand will continue as long as there is more demand for silicon and more sophisticated silicon.

多晶片是另一個因素。當你開始將晶片堆疊在一個封裝中時，你需要越來越多的介面 IP 來將多晶片封裝連接在一起。這些都是推動 IP 機會的因素，我們非常有信心，只要對矽和更複雜的矽的需求增加，這種對 IP 需求的長期趨勢就會持續下去。

Yes. And Jason, I would just add the shape of the year is a bit opposite from last year. Last year, we were very back-end loaded, as you recall. And this year, we're a little bit more towards the front of the year. And that's really driven, as we always talk about lumpy in IP because we're building those new standards that Sassine talked about every day. But then when the customers need it to ingest into their design, that's when we get those big pull downs.

是的。傑森，我想補充一點，今年的情況與去年有點相反。您還記得，去年我們的後端負載非常大。今年，我們的目標更加接近年初。這確實是個推動力，因為我們總是在談論 IP 中的塊狀問題，因為我們正在建立 Sassine 每天談論的那些新標準。但是當客戶需要將其融入他們的設計中時，我們就會遇到這些巨大的阻力。

Our next question comes from the line of Jay with Griffin Securities.

我們的下一個問題來自 Griffin Securities 的 Jay。

So I'm seeing with the Ansys acquisition, you are, of course, pursuing the largest convergence event in the industry. But the question is, in the meantime, could you talk about the kind of internal resources or investments you were making anyway as you await the transaction in terms of new technologies, new methodologies to effectuate conversions even before the Ansys transaction closes, particularly for the target markets that is motivating the acquisition, such as aero, auto and industrial.

因此，我看到，透過收購 Ansys，你們當然是在追求產業中最大的融合事件。但問題是，同時，您能否談談在等待交易的過程中，您在新技術、新方法方面進行的內部資源或投資，以便在 Ansys 交易結束之前實現轉換，特別是針對激勵收購的目標市場，例如航空、汽車和工業。

Yes. Excellent question, Jay. So I want to break it into 2 areas of investment. One in the core EDA, not only with multi-die 3DIC but even if you have a single die in a package, a homogeneous chip, when we started the collaboration with Ansys in 2017, the intention of that collaboration was to bring an industry leader sign-off technology to our design implementation portfolio. That did not mean we stopped investing in our own organic implementation portfolio because you need to integrate some key engines in order to correlate with the industry sign-off.

是的。非常好的問題，傑伊。所以我想將其分為兩個投資領域。核心 EDA 中不僅有多晶片 3DIC，而且即使封裝中只有一個晶片，即同質晶片，當我們在 2017 年開始與 Ansys 合作時，合作的目的是將業界領先的簽核技術引入我們的設計實施組合中。這並不意味著我們停止投資我們自己的有機實施組合，因為您需要整合一些關鍵引擎才能與行業簽約相關聯。

As the complexity since 2017 grew, our investments organically expanded in order to have engines sitting inside our Fusion Design Platform to correlate with the broadened touch points we created with Ansys from a simulation and sign-off standpoint. So that will continue in order to serve our customers deliver to a solution that they are looking in order to design and develop their products. So that's one bucket of investment.

隨著 2017 年以來複雜性的增加，我們的投資有機地擴大了，以便讓引擎位於我們的 Fusion 設計平台中，從而從模擬和簽署的角度與我們使用 Ansys 創建的擴展接觸點相關聯。因此，我們將繼續為客戶提供他們正在尋找的解決方案，以設計和開發他們的產品。這就是一類投資。

The second one, as we started expanding into new markets, automotive, driving our systems aspiration, the investment there was not only from the product side, was go-to-market investment as well in order to expand and call into a new set of customers like the automotive OEMs and other. And this is where we called out a month or so ago when we announced the Ansys acquisition that Ansys will bring in an acceleration of knowledge into that new market segments that they have an experience and brand selling into those markets. So those are the investments, both on the R&D side and the go-to-market side that we will continue on making until we closed the agreement and we start talking integration at the time.

第二，當我們開始向新市場擴張，汽車市場，推動我們的系統願景時，我們的投資不僅僅是來自產品方面，還包括進入市場的投資，以便擴大和吸引一批新的客戶，例如汽車原始設備製造商和其他客戶。一個月前，當我們宣布收購 Ansys 時，我們曾呼籲，Ansys 將加速向新的細分市場引入知識，他們擁有豐富的經驗，並且擁有向這些市場銷售品牌的實力。因此，這些都是我們在研發和市場推廣方面的投資，我們會一直進行這些投資，直到我們達成協議並開始談論整合。

Okay. For the follow-up, one of the things that distinguishes your current business is the customer concentration. That is at least with one customer, Shelagh's former company. Over time, as AI becomes increasingly pervasive and all the other phenomena that you've talked about and that Aart talked about this morning at the IFS event call. How do you foresee your customer concentration perhaps evolving in core EDA, IP and/or hardware over the next number of years. When you think about all the various trends, technology trends that you've been speaking about for some time, do you think the concentration gets more? Or do you think that you will have less customer concentration over time and set aside Ansys for the moment?

好的。接下來，您目前業務的一個顯著特徵是客戶集中度。至少有一位客戶，就是希拉格以前的公司，是這樣的。隨著時間的推移，人工智慧變得越來越普及，以及您所談到的所有其他現像以及 Aart 今早在 IFS 活動電話會議上談到的現象。您如何預見未來幾年客戶在核心 EDA、IP 和/或硬體方面的集中度將會如何演變？當您考慮到您一段時間以來一直在談論的各種趨勢、技術趨勢時，您是否認為集中度會更高？或者您認為隨著時間的推移，您的客戶集中度會降低，因此暫時將 Ansys 放在一邊？

So Jay, just a correction, both Shelagh and I were alumni of Intel. I felt left out, so I had to correct you here. So I believe the market will go through phases of both verticalization and horizontalization. And the reason for that is when there's a new opportunity, you see many customers either are trying to build a complete stack of the platform. And you hear many of our traditional semiconductor chip companies talking about building a -- or delivering a system to their customers, delivering a platform to their customers. And when you see system companies are trying to go deeper into silicon to drive their own differentiation for their specific workload, specific application, et cetera.

所以 Jay，需要更正一下，Shelagh 和我都是英特爾的校友。我感到被冷落了，所以必須在這裡糾正你。所以我相信市場將經歷垂直化和水平化的階段。原因是，當出現新機會時，您會看到許多客戶要么試圖建立完整的平台堆疊。你會聽到許多傳統的半導體晶片公司談論構建或向客戶提供一個系統，向客戶提供一個平台。當你看到系統公司正在嘗試更深入地研究矽片，以針對其特定工作負載、特定應用等實現差異化。

Regardless which direction it goes, for us, we benefit both ways because if the silicon customers are delivering more silicon and specialized silicon for these different market verticals, we sell them IP and EDA to deliver to those products. Same thing with the system companies, you know our concentration correct, that is focused on the chip companies that are working on the most complex SoCs because those are the guys that they spend, at the end, most money to absorb the latest technology that we offer in order to deliver on these complicated chips. So I don't see it changing in the near term. Now if you fast forward 5-plus years from now and many system companies have a very solid, broad semiconductor ARM inside them will be an expanded opportunity for us to serve.

無論朝哪個方向發展，對我們來說，都是雙贏的，因為如果矽片客戶為這些不同的垂直市場提供更多的矽片和專用矽片，我們就會向他們出售 IP 和 EDA 來交付這些產品。系統公司也是一樣，你知道我們的重點是正確的，那就是專注於那些致力於開發最複雜的 SoC 的晶片公司，因為這些公司最終會花費最多的錢來吸收我們提供的最新技術，以實現這些複雜的晶片。因此我認為短期內不會改變。現在，如果快轉 5 年以上，許多系統公司都擁有非常穩定、廣泛的半導體 ARM，這將為我們提供服務的擴大機會。

Our next question comes from the line of Lee Simpson with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Lee Simpson。

Just really rolling back to a couple of things you mentioned on the product summary. I think you mentioned a gate all around work with a mobile SoC player and then went on to talk about 2-nanometer products with leading semis companies out of Asia. Great progress clearly there. And I guess I'm just trying to understand, how does this come through as we get closer to things like 18A, 2-nanometers or N2 more generally at TSMC, all of which seem to be standing up in the 2025 time frame. So that feels to me as though that could and should be a pretty decent secular driver into the back half of the year. Is that the right way to be looking at this? Or does this come further into '25?

只是回顧一下您在產品摘要中提到的幾件事。我記得您曾提到與行動 SoC 廠商合作進行門控工作，然後繼續與亞洲領先的半導體公司談論 2 奈米產品。顯然取得了巨大進步。我想我只是想了解，當我們越來越接近台積電的 18A、2 奈米或 N2 等技術時，這將如何實現，所有這些技術似乎都將在 2025 年的時間範圍內實現。因此，我覺得這可能也應該成為今年下半年相當不錯的長期驅動力。這是看待此事的正確方式嗎？或者這會進一步延伸到‘25’？

So any time there is a new technology, in this case, the GAA, the N2, the 18A and maybe you heard Intel earlier today talking about 14A, that's a fantastic opportunity for 2 reasons. In order for the customer to be able to explore that process technology innovation, even if they want to get a feel, do they want to move in the direction or not? Does it add value in terms of performance, power, et cetera? That technology, that process technology needs to be enabled. In order to be enabled, it means Synopsys needs to design its IP on that process technology and make sure that our EDA products are comprehending that new technology in order to deliver to the target performance power area of this process technology.

因此，任何時候出現一項新技術，在這種情況下，GAA、N2、18A，也許你今天早些時候聽到英特爾談論14A，這是一個絕佳的機會，原因有二。為了讓客戶能夠探索此工藝技術創新，即使他們想感受一下，他們是否願意朝著這個方向前進？它在性能、功率等方面是否增加了價值？那項技術、那項工藝技術需要被啟用。為了實現這一目標，這意味著 Synopsys 需要在該製程技術上設計其 IP，並確保我們的 EDA 產品能夠理解該新技術，以便達到該製程技術的目標效能功率區域。

So our work starts at least 2 years before we start talking about the GAA tape-out that I mentioned in the script in order to deliver the IP, design the IP and making sure that our EDA products are available and ready. So you can think of it in the time frame that whenever you hear a new technology being introduced, process technology, there is an early, early effort to provide what is called the entitlement of that technology from a design point of view, and then you start seeing IP coming in, design start coming in around 24 months from announcement of technology from the leading foundries.

因此，我們的工作至少在開始討論我在腳本中提到的 GAA 流片的兩年前就開始了，以便交付 IP、設計 IP 並確保我們的 EDA 產品可用且準備就緒。因此，你可以想像這樣的時間框架：每當你聽到一種新技術、新工藝被引入時，人們都會很早就開始努力從設計的角度提供這種技術所謂的授權，然後你就會開始看到 IP 的出現，設計會在領先代工廠宣布該技術後大約 24 個月內開始出現。

Great. That's pretty clear, actually. And maybe just as a follow-up, when going back to the Ansys announcement that you made and some of the verticals that they play into, clearly, one of the main drivers that are happening around the automotive industry is this transition or migration to software-defined vehicles. And it does feel as software and hardware decouples, there's a scope here for someone to drive standards, particularly in automotive testing -- sorry, particularly in software, having that fully tested before sent over-the-air. Could that be one of the ambitions for a deal like this? And does that behoove scale to drive standards through? I'm just trying to get my head around what the opportunity might be there in new standards.

偉大的。事實上，這一點非常清楚。或許只是作為後續問題，回顧您所做的 Ansys 公告以及他們所涉及的一些垂直領域，顯然，汽車行業正在發生的主要驅動因素之一是向軟體定義汽車的轉變或遷移。而且確實感覺到，隨著軟體和硬體的分離，有人可以推動標準，特別是在汽車測試領域 - 對不起，特別是在軟體領域，在無線發送之前必須進行全面測試。這會是此類協議的目標之一嗎？這是否有利於推動標準的實施？我只是想弄清楚新標準可能帶來什麼機會。

Yes. Lee, good question. We're actually at -- if you think at the software over-the-air update that is being pushed out to, say, a car, what is needed in order for that software to be implemented is for the hardware to be adaptable to the software changes that got pushed down.

是的。李，好問題。事實上，如果你想想正在推送到汽車的軟體無線更新，那麼為了實現該軟體，需要讓硬體能夠適應推送的軟體變化。

How do you know? Now let's assume you're an automotive OEM? How do you know the response or the reaction of that software update to the function of that system, the cost. And this is where we come in. where you look at the entire electronic system of a car, we can model every chip. We can test every chip. So as the software is adaptable and changing, the automotive OEM will get a feel and validation to every change they make without having to change, of course, the chips and the actual silicon that is in the car. So that's really where we come in, is that's what we're referring to electronics digital twin, where we have the ability to model every aspect of the electronics, the chips and the car. So those automotive OEMs can do exactly what you described.

你怎麼知道？現在我們假設您是汽車 OEM？您如何知道該軟體更新對該系統功能以及成本的回應或反應。這就是我們的用武之地。當你觀察汽車的整個電子系統時，我們可以模擬每一個晶片。我們可以測試每一個晶片。因此，隨著軟體的適應性和變化，汽車原始設備製造商將能夠感受和驗證他們所做的每個改變，而無需改變汽車內的晶片和實際的矽片。這就是我們真正要做的事情，這就是我們所說的電子數位孿生，我們有能力模擬電子設備、晶片和汽車的各個方面。所以那些汽車原始設備製造商可以做到您所描述的。

Our next question comes from the line of Joe with Baird.

我們的下一個問題來自貝爾德的喬。

Great. I wanted to go back to IP performance. Sassine, in your prepared remarks, you mentioned how AI is starting to lift growth around some of the core EDA software lines. I'm wondering if you can maybe do that but for IP and how AI development that customers are maybe starting to lift growth in your IP portfolio. And then related to that, I would imagine these are a lot of advanced IP applications. Is this starting to show up? And what could maybe be favorable price mix, I think it's interesting, if you look at margins over the last 4 quarters now is actually higher than the Design Automation segment. So there seems to be something going on there that's quite impressive.

偉大的。我想回到 IP 效能。 Sassine，在您準備好的演講中，您提到了人工智慧如何開始推動一些核心 EDA 軟體系列的成長。我想知道您是否可以這樣做，但對於 IP 以及客戶如何開始提升您的 IP 產品組合的成長？與此相關，我想像這些是許多先進的 IP 應用程式。這開始顯現了嗎？這可能是有利的價格組合，我認為這很有趣，如果你看看過去 4 個季度的利潤率，現在的利潤率實際上高於設計自動化部門。那裡發生的一些事情似乎令人印象深刻。

Yes. So maybe first, a comment because we did not get to that point where we are in IP overnight. We have built that business 25 years ago. Actually, if I'm not mistaken, this month, is our 25th year anniversary for that business with a scale that is truly serving our customers in an amazing way. And the reason I'm emphasizing on scale, the number of these standards that are required in order to keep up with the complexity of a chip, let's say, when you're talking about an AI chip, the bandwidth requirement to connect the chip to the memory to the networking part of it to the compute aspect of it is changing at a rapid, rapid pace. For us, that's a great opportunity because what it means any time you're going to the next version of that interface IP is a new opportunity to monetize because it's a new IP with an uplift in our pricing in order for our customer to get access to the latest and the greatest. So that's from our ability to execute and deliver high-quality IP to the customer when the customer needs it.

是的。因此也許首先要提出一個評論，因為我們並不是一夜之間就達到 IP 領域的水平的。我們25年前就創立了這項業務。事實上，如果我沒有記錯的話，這個月是我們這家規模龐大的公司成立 25 週年，我們以令人驚嘆的方式為客戶服務。我之所以強調規模，是為了跟上晶片的複雜性而需要的標準數量，例如，當你談論一個人工智慧晶片時，將晶片連接到記憶體、網路部分和運算部分的頻寬要求正在迅速變化。對我們來說，這是一個很好的機會，因為這意味著任何時候你轉向該介面 IP 的下一個版本都是一個新的獲利機會，因為它是一個新的 IP，我們的定價會有所提升，以便我們的客戶能夠獲得最新和最好的產品。這就是我們在客戶需要時執行並向客戶提供高品質 IP 的能力。

Now the other part of your question, please look at the trailing 12 months. The IP, by its nature, it's pulled down where the customer consumes the IP out of typically what we call an FSA, a committed multiyear agreement that we have with the customer that they pull it down when they pulled the IP down when they need it. So naturally, you're going to see very, very strong quarter from either an operating margin or a revenue with a lumpiness where the next quarter may be significantly lower. But as you measure over trailing 12 months, you will absolutely see it up and to the right consistently.

現在，關於您問題的另一部分，請看一下過去的 12 個月。從本質上講，IP 是被拉下來的，客戶使用它時通常會使用我們所謂的 FSA，這是我們與客戶達成的多年期承諾協議，當客戶需要 IP 時，就可以將其拉下來。因此很自然地，你會看到本季的營業利潤率或收入都非常強勁，但下個季度的收入可能會大幅下降。但當你對過去​​ 12 個月進行衡量時，你絕對會看到它持續向上和向右移動。

Okay. That's great. And then second question, just looking at your inventory balances, a pretty nice jump there, which I imagine relates just to your expectations on the hardware business looking forward. Any changes in those expectations here at the start of the year? And then I guess related to this, how do you think about the concept of hardware cycles at this point? In the past, there was an all-new platform generation and then upgrading along the way. So you would kind of get ebbs and flows, but we're now several years into a strong hardware environment. How do you see that progressing going forward?

好的。那太棒了。然後是第二個問題，只看一下您的庫存餘額，那裡有一個相當不錯的增長，我想這與您對未來硬體業務的期望有關。今年年初這些預期有什麼改變嗎？然後我想與此相關的是，您現在如何看待硬體循環的概念？過去，我們會不斷產生全新平台，然後再升級。因此，你可能會遇到起起落落的情況，但現在我們已經進入了強大的硬體環境幾年了。您認為未來會有什麼進展？

Sure. So let me start, and then I'll have Sassine fill in, so we did grow inventory about 17% quarter-on-quarter, and that's to align with -- we had a record hardware year last year, we're anticipating another record hardware -- hardware year and so we're building to ensure that we have proper supply to support our customers. And the reason that it's so important in our customer design is they're designing more and more complex chips, this allows them to help infuse into their design environment, the ability to model the software before they actually have the chips, so they can find issues and improve their essentially time to market. So it's an incredibly valuable capability for our customers. We want to make sure that we have sufficient hardware available to be able to support this next record year. And I would say the capability that we're delivering to our customers through hardware is something they value greatly which is why we've been able to have record year after record year. In terms of the cycles, maybe, Sassine, do you want to comment on that?

當然。那麼讓我開始吧，然後我會讓 Sassine 填寫，所以我們的庫存確實環比增長了約 17％，這與去年我們的硬體年創紀錄相一致，我們預計今年將是另一個創紀錄的硬體年，因此我們正在努力確保我們有足夠的供應來支持我們的客戶。它對我們的客戶設計如此重要的原因是他們正在設計越來越複雜的晶片，這使他們能夠在他們的設計環境中註入在實際擁有晶片之前對軟體進行建模的能力，這樣他們就可以發現問題並改善他們的產品上市時間。所以這對我們的客戶來說是一項非常寶貴的功能。我們希望確保我們有足夠的硬體來支持下一個創紀錄的年份。我想說，我們透過硬體為客戶提供的功能是他們非常看重的，這也是我們能夠年復一年創下紀錄的原因。就週期而言，也許，薩辛，你想對此發表評論嗎？

Yes, sure. Joe, if you go back 8, 10 years ago, selling hardware to customers. The customers viewed it at the time as an option. They could have gotten the job done without it, but they used it because it accelerated their efforts. You fast forward to now, there is no way a chip can go to tape-out, meaning to manufacturing without having many, many cycles of emulation and prototyping to make sure that you cover as much as possible in terms of verifying the chip before you committed to manufacturing. So it's no longer a ebbs and flows of demands around hardware. There's a constant need by our customers to expand their investment and support the latest and greatest systems in order to take advantage of ensuring that the silicon they get back from manufacturing is going to be functioning and working.

是的，當然。喬，如果你回顧 8 至 10 年前，向客戶銷售硬體。顧客當時將其視為一種選擇。沒有它他們同樣可以完成工作，但是他們使用了它，因為它加速了他們的工作。快進到現在，晶片不可能進入流片階段，也就是說，如果不經過許多輪仿真和原型設計，就無法製造，以確保在投入製造之前盡可能多地驗證晶片。因此，這不再是圍繞硬體的需求的起伏。我們的客戶不斷需要擴大投資並支援最新、最好的系統，以便確保他們從製造中獲得的矽片能夠正常運作。

Our next question comes from the line of Harlan with JPMorgan.

我們的下一個問題來自摩根大通的哈蘭。

Great start to the fiscal year. On the AI front, much of the focus has been on data center lake, data center GPU, networking, custom ASICs, focus there continue strong, but now we're seeing sort of this broadening of AI moving into edges and endpoints, right? So now many of your semiconductor customers focused on smartphones, automotive, PCs, home assistance appliances like they're all scrambling to add AI capabilities to their future chip road maps. I think it's resulting in more complex chip designs, more demand for higher performance IP, more systems-level analysis. Like is the team already seeing this in terms of design activity momentum, IP licensing engagements, maybe more potential opportunities for Ansys? I mean any color here would be helpful.

財政年度開局良好。在人工智慧方面，大部分焦點放在資料中心湖、資料中心 GPU、網路、客製化 ASIC 上，這些方面的關注度持續增強，但現在我們看到人工智慧正在向邊緣和端點擴展，對嗎？因此，現在許多半導體客戶都專注於智慧型手機、汽車、個人電腦、家庭輔助設備，他們都在爭先恐後地將人工智慧功能添加到其未來的晶片路線圖中。我認為這會導致更複雜的晶片設計、對更高性能IP的更多需求以及更多的系統級分析。例如，團隊是否已經從設計活動動能、IP 許可參與等方面看到了這一點，也許 Ansys 有更多潛在機會？我的意思是這裡的任何顏色都會有幫助。

Thank you, Harlan, for the question. Actually, that's exactly what we refer to as pervasive intelligence. Exactly what we -- when we talk about, we're entering and we are in the era of pervasive intelligence, it's more and more devices are interconnected and smart devices. So that exactly means the reference you made AI on the edge, et cetera, which requires more sophisticated silicon and a broader silicon proliferation of those advanced chips.

感謝 Harlan 提出這個問題。事實上，這正是我們所說的普適智能。正如我們所說，我們正在進入一個無處不在的智慧時代，越來越多的設備相互連接，成為智慧型設備。所以這恰恰意味著您提到的邊緣人工智慧等等，它們需要更複雜的矽片以及這些先進晶片的更廣泛的矽片擴散。

And for our industry, for us, when you think about EDA and IP, that's a fantastic opportunity. And this is where when we make commentary that despite the ebbs and flows of the semiconductor market, the cyclical market, we don't see it because the design starts is tied to those R&D investments that customers are expanding for all these different applications. So absolutely, we're seeing it. We're engaged with those customers and when we start describing our company as silicon to systems in that era of pervasive intelligence is exactly the opportunity that we're talking about here.

對於我們的行業，對我們來說，當你想到 EDA 和 IP 時，這是一個絕佳的機會。這就是我們評論說儘管半導體市場、週期性市場有起有落，但我們沒有看到它，因為設計開始與客戶為所有這些不同應用擴展的研發投資息息相關。所以，我們絕對看到了這一點。我們與這些客戶進行了接觸，當我們開始將我們的公司描述為普適智能時代的系統矽片時，這正是我們在這裡談論的機會。

Great insights there. And then on Ansys, looks like your -- looks like your customers' feedback has been, quite positive. We cover 20-something-odd semiconductor companies, and we've asked them about this, and they also seem to be positively inclined on the deal as well. And maybe you can tell me, as a further endorsement on the strategy, I mean, you did see, I think it was last week, right, Renesas, which is a major semiconductor company, they announced that they're going to acquire Altium, this PCB design and analysis company for $6 billion, right? Looks like the systems opportunity is so important that they decided to bring the design and analysis capability directly in-house. But maybe more importantly, I just wanted to know like what you're hearing from Ansys' large customers about the potential combination?

很有見解。然後在 Ansys 上，看起來您的客戶的回饋非常積極。我們報道了 20 多家半導體公司，並就此事詢問了他們，他們似乎也對這筆交易持積極態度。也許您可以告訴我，作為對該策略的進一步認可，我的意思是，您確實看到了，我想是上週，瑞薩電子，一家大型半導體公司，他們宣布將以 60 億美元收購這家 PCB 設計和分析公司 Altium，對吧？看起來系統機會非常重要，因此他們決定將設計和分析能力直接帶入內部。但也許更重要的是，我只是想知道您從 Ansys 的大客戶那裡聽到了有關潛在組合的資訊嗎？

So the customer feedback has been truly overwhelmingly positive around 2 points they make. One, the challenges they're dealing with, they're looking for a deeper collaboration in order to solve the problems they're running into today. And as importantly, they're going to face into the future. So from a -- anticipated solution the way the customers are looking at their current product and future products, they are looking forward to this combination.

因此，對於他們提出的 2 點，客戶回饋確實非常積極。首先，他們正在應對挑戰，他們正在尋求更深入的合作，以解決他們今天遇到的問題。同樣重要的是，他們將要面向未來。因此，從預期的解決方案來看，客戶看待當前產品和未來產品的方式，他們都期待這種結合。

Now the second feedback that is consistent is what where you were touching on, which is the system-level perspective which is, if you look at the various market verticals, you can argue each one of them is going to go through an inflection point at various points in time. If you fast forward 7, 8, 10 years from now and you pick an industry, let's say, industrial health, et cetera, they will go through that inflection point of transforming and digitizing their applications in order to be connected in order to be smarter devices in their application, et cetera. And this, again, where Ansys has a very strong presence. Because Synopsys for -- since its existence, we serve the chip design customer base.

現在一致的第二個回饋就是您剛才提到的系統級視角，也就是說，如果您看一下各個垂直市場，您會發現每個市場都會在不同的時間點經歷一個拐點。如果你快進 7、8、10 年後，你選擇一個行業，比如說工業健康等等，它們將經歷轉變和數字化其應用程序的轉折點，以便實現連接，從而在其應用程序中成為更智能的設備，等等。而這再次證明了 Ansys 的強大影響力。因為 Synopsys 自成立以來，一直為晶片設計客戶群提供服務。

And of course, we extended into our system companies where today, about 45% of our business is with system companies, but those are system companies around hyperscalers and mobile primarily, with many, many opportunities to expand with other system companies. And that's where Ansys will bring in more than just the silicon aspect that is needed for 3DIC, but that whole silicon-to-system modernization for the rest of the market verticals.

當然，我們也將業務擴展到系統公司，今天，我們大約 45% 的業務來自系統公司，但這些系統公司主要圍繞超大規模和行動領域，有很多與其他系統公司一起擴展的機會。這就是 Ansys 不僅能為 3DIC 所需的矽片方面帶來的東西，而且還能為其餘垂直市場帶來從矽片到系統的整個現代化。

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

您的下一個問題來自 Wolfe Research 的 Joshua。

Guys, can you hear me?

夥計們，你們聽得到我說話嗎？

Yes.

是的。

Great. Actually, I really want to follow up on that last question about the customer feedback on the Ansys acquisition. Is the positive feedback that you're hearing from customers that currently don't leverage the benefits of the existing Ansys-Synopsys partnership? Or are these existing customers of both Synopsys and Ansys?

偉大的。實際上，我真的很想跟進關於客戶對 Ansys 收購的反饋的最後一個問題。您是否聽到那些目前沒有利用現有 Ansys-Synopsys 合作夥伴關係優勢的客戶給予了正面的回饋？還是這些是 Synopsys 和 Ansys 的現有客戶？

They're both Synopsys and Ansys customers. Actually, I want to go back to give you the journey of the customer feedback. In 2017, when we announced the partnership, there was a lot of customer excitement because the way we structured the platform is an open platform, meaning you can use the Ansys sign-off product that can plug then into the Fusion Design Platform from Synopsys. And that same Ansys product can plug into other industry available platforms.

他們都是 Synopsys 和 Ansys 的客戶。實際上，我想回去跟你講一下客戶回饋的歷程。 2017 年，當我們宣布合作關係時，許多客戶都很興奮，因為我們建立平台的方式是一個開放平台，這意味著您可以使用 Ansys 簽核產品，然後將其插入 Synopsys 的 Fusion 設計平台。而同一個 Ansys 產品可以插入其他產業可用平台。

Then as you move from 2017 to where we are today, that deeper, tighter integration is required not only for 1 or 2 products that Ansys is offering is for the broader portfolio. If you look at a multi-die package, the electronics aspect of it to design that multi-die package, you have a solution today that you can use from Synopsys plus Ansys, and you're good. As it's going through manufacturing, what they're facing is mechanical stress issues, and those are issues where as you squeeze in those dies inside the package and you're running the software workload, it's overheating.

然後，隨著從 2017 年到今天的水平，更深層、更緊密的整合是必需的，不僅針對 Ansys 提供的 1 或 2 種產品，還針對更廣泛的產品組合。如果您查看多晶片封裝，從電子方面來設計該多晶片封裝，那麼您現在就可以使用 Synopsys 和 Ansys 提供的解決方案，這樣就很好了。在製造過程中，他們面臨的是機械應力問題，而這些問題是當你將這些晶片擠進封裝內部並運行軟體工作負載時，它就會過熱的問題。

Some of these dies are cracking or warping, et cetera. So it's very mechanical intense challenge. We have that deeper integration will be required and needed, and that's what the customer is excited about. And when I say but deeper integration, this is where you need to move in actual algorithms and engines during the design phase, not only when you go into the later stage of the design for sign-off.

其中一些模具出現破裂或彎曲等情況。所以這是一個非常機械化的挑戰。我們認為需要更深層的整合，而這正是客戶所興奮的。當我說更深層的整合時，這意味著您需要在設計階段採用實際的演算法和引擎，而不僅僅是在進入設計的後期階段進行簽署時。

Makes total sense. I guess my follow-up to that then is just are you seeing any signs from your existing Synopsys customers of excitement around customers who didn't leverage this partnership previously and now because of these integrations to come are like reaching out to you asking about the potential, the opportunities? And basically, is there any early signs that you're going to see incremental Synopsys plus Ansys users and payers because of this partnership or this acquisition that will close in the first half of '25.

非常有道理。我想我的後續問題是，您是否看到現有 Synopsys 客戶對以前沒有利用這種合作關係的客戶感到興奮的跡象，而現在由於這些即將到來的整合，他們向您詢問潛力和機會？基本上，是否有任何早期跡象表明，由於此合作或將於25年上半年完成的收購，您將看到 Synopsys 和 Ansys 的用戶和付款人數量增加。

Yes. So Josh, what today, any advanced chip. And when I'm talking about advanced chip, I'm talking about 5-nanometer and below, AI, chip, et cetera, is already using Synopsys and Ansys. I cannot think of customers that are designing most advanced chip with the complexity I described that they are not leveraging Synopsys Fusion platform and Ansys. So they're already there. But given the complexity is going to be further increasing that deeper integration and addressing the challenges beyond the electronics is going to provide the opportunity where 1 plus 1 is more than 2. That's from the core current chip semiconductor business perspective.

是的。那麼 Josh，今天有什麼先進的晶片嗎？當我談到先進晶片時，我指的是 5 奈米及以下，AI 晶片等已經在使用 Synopsys 和 Ansys。我想不出有哪位客戶在設計具有我所描述的複雜性的最先進晶片時沒有利用 Synopsys Fusion 平台和 Ansys。所以他們已經在那裡了。但考慮到複雜性將進一步增加，更深層的整合和解決電子領域以外的挑戰將提供 1 加 1 大於 2 的機會。這是從核心目前晶片半導體業務的角度來看的。

Now the other part of your question, are there Ansys customers that today, they're not a Synopsys customer? The answer is yes. There are many, many Ansys customers that we don't see them, by the way, becoming a Synopsys customer in the next 1 or 2 years, but there are going to be many other that they will be a Synopsys customer regardless if they are designing a chip or not.

現在你的問題的另一部分是，目前有哪些 Ansys 客戶不是 Synopsys 的客戶？答案是肯定的。順便說一句，我們預計許多 Ansys 客戶不會在未來 1 到 2 年內成為 Synopsys 的客戶，但無論他們是否在設計晶片，還會有許多其他客戶成為 Synopsys 的客戶。

I'll give you an example. If you are an industrial OEM and today, you are an Ansys customer because you're using Ansys to design the mechanical aspect, et cetera, of your product. And you want to move to the next level of product delivery where you have more chip content in order to support connected robot, let's say, and a connected and smarter device. Even if you're not developing the chip, you're going to need an ability to model that chip to verify that chip back to the example of automotive and over-the-air software updates. Those industries are going to move in that direction. And this is where Ansys has a very broad presence, that presence, that market knowledge, that brand that they have will absolutely expand the Synopsys market in the future, where it's an Ansys customer, but not a Synopsys customer.

我給你舉個例子。如果您是工業 OEM，並且現在您是 Ansys 客戶，因為您正在使用 Ansys 來設計產品的機械方面等等。您希望進入產品交付的下一個階段，擁有更多的晶片內容，以支援連網機器人以及連網的更智慧的設備。即使您沒有開發晶片，您也需要有能力對該晶片進行建模，以便將該晶片驗證為汽車和無線軟體更新的範例。這些行業將會朝這個方向發展。這就是 Ansys 擁有非常廣泛影響力的地方，這種影響力、這種市場知識和這種品牌絕對會在未來擴大 Synopsys 的市場，在那裡它是 Ansys 的客戶，但不是 Synopsys 的客戶。

So just to be clear, the opportunity is more about making Ansys customers that aren't Synopsys customers, Ansys plus Synopsys customers and less about making Synopsys customers, Synopsys plus Ansys customers.

因此需要明確的是，機會更多的是讓不是 Synopsys 客戶的 Ansys 客戶成為 Ansys 加 Synopsys 的客戶，而不是讓 Synopsys 的客戶成為 Synopsys 加 Ansys 的客戶。

It's both. And there are Synopsys customers that today, they're using part of the Ansys portfolio, the more you integrate the Ansys portfolio into a current Synopsys platform, you're going to expand it. For example, the fluid dynamics inside the chip or a mechanical stress challenge that you need to deeper integrate into a Synopsys platform that will expand the 1 plus 1 will be greater than 2.

兩者都有。如今，Synopsys 的客戶正在使用部分 Ansys 產品組合，如果將 Ansys 產品組合越多地整合到目前的 Synopsys 平台中，它的擴充就會越大。例如，您需要將晶片內部的流體動力學或機械應力挑戰更深入地整合到 Synopsys 平台中，這將擴大 1 加 1 大於 2 的規模。

Yes. And Josh, what we shared in the announced that by year 4, we'll have a run rate of $400 million in synergies. It was cross-sell both ways is a big part of that. And then as Sassine's talking about that multi-die that is further monetization inside an existing customer because that's a more integrated solution than they're currently able to buy from either one of us individually.

是的。喬希，我們在公告中宣布，到第四年，我們的綜效運行率將達到 4 億美元。雙向交叉銷售是其中很重要的一環。然後，正如 Sassine 所談論的多晶片可以進一步實現現有客戶的貨幣化，因為這是一個比他們目前能夠從我們任何一家單獨購買的解決方案更整合的解決方案。

Thanks, Josh. I just want to thank everybody for coming on the call today. And again, remind you that we're less than a month from our investor meeting, and we look forward to seeing a bunch of you here in the Bay Area or if you can, at least join our webcast. So we look forward to talking with you then. So thanks for coming to the call, and we'll talk to you soon.

謝謝，喬希。我只想感謝大家今天的來參加電話會議。再次提醒大家，距離我們的投資者會議還有不到一個月的時間，我們期待在灣區見到你們，如果可以的話，至少加入我們的網路廣播。因此我們期待與您交談。感謝您接聽電話，我們很快就會與您通話。

Yes. Thank you, everyone.

是的。謝謝大家。

Thank you.

謝謝。

Ladies and gentlemen, that ends today's conference. You may now disconnect.

女士們、先生們，今天的會議到此結束。您現在可以斷開連線。