新思科技 (SNPS) 2024 Q2 法說會逐字稿

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

女士們、先生們，歡迎參加 Synopsys 2024 財年第二季財報電話會議。

At this time, I would like to turn the conference over to Trey Campbell, Senior Vice President, 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。

Thanks, Sarah. Good afternoon, everyone. With us today are Sassine Ghazi, President and CEO of Synopsys; and Shelagh Glaser, CFO.

謝謝，莎拉。大家下午好。今天與我們在一起的有 Synopsys 總裁兼執行長 Sassine Ghazi；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. In addition to any risks that we might 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.

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。除了我們在本次電話會議中可能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。

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.

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。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 Sassine.

這樣，我會將電話轉給 Sassine。

Thanks, Trey. Good afternoon. In Q2, we continued our strong execution and momentum. Semiconductor and systems companies continue to invest in Synopsys solutions to maximize their R&D capabilities and productivity. Revenue was up 15% year-over-year and at the high end of our guided range. Non-GAAP operating margin was 37.3%, up approximately 3 points year-over-year. And non-GAAP EPS was up 26% year-over-year and above guidance. Given our momentum and continued confidence in our business, we are again raising our full year revenue and non-GAAP EPS guidance. Shelagh will discuss the financials in more detail.

謝謝，特雷。午安.第二季度，我們持續保持強勁的執行力和勢頭。半導體和系統公司繼續投資 Synopsys 解決方案，以最大限度地提高其研發能力和生產力。營收年增 15%，處於我們指導範圍的高端。非 GAAP 營運利潤率為 37.3%，較去年同期成長約 3 個百分點。非 GAAP 每股盈餘年增 26%，高於指引值。鑑於我們的勢頭和對業務的持續信心，我們再次提高了全年收入和非公認會計準則每股收益指引。謝拉將更詳細地討論財務狀況。

First, I'll give some context for our confidence and share some business highlights from the quarter. We are in an era of pervasive intelligence, fueled by the rise of artificial intelligence, silicon proliferation and software-defined systems. These trends are driving systemic complexity for technology, R&D, which in turn drives unprecedented opportunity for Synopsys. Our silicon customers are racing to design and manufacture complex purpose-built silicon and our customer set is expanding as systems companies are also either designing their own chips or defining and optimizing their system performance at the silicon level.

首先，我將介紹一些有關我們信心的背景信息，並分享本季度的一些業務亮點。我們正處於一個智慧無所不在的時代，人工智慧、晶片擴散和軟體定義系統的興起推動了這一時代的發展。這些趨勢正在推動技術和研發的系統複雜性，進而為新思科技帶來前所未有的機會。我們的晶片客戶正在競相設計和製造複雜的專用晶片，我們的客戶群正在不斷擴大，因為系統公司也在設計自己的晶片或在晶片層級定義和優化其係統性能。

In March, many of our semiconductor and systems customers attended SNUG, our yearly Synopsys User Group Conference in Silicon Valley. Thousands of passionate design engineers shared best practices and learned about the innovations we're driving. And we were honored to have a dozen key customers, including NVIDIA, and Intel, AMD, AWS, Tesla and others contribute their perspective regarding the mission-critical role Synopsys plays in their innovation.

三月，我們的許多半導體和系統客戶參加了 SN​​UG，我們在矽谷舉行的年度 Synopsys 使用者小組會議。數千名充滿熱情的設計工程師分享了最佳實踐並了解了我們正在推動的創新。我們很榮幸有十幾個關鍵客戶，包括 NVIDIA、Intel、AMD、AWS、Tesla 等，就 Synopsys 在其創新中扮演的關鍵任務角色發表了自己的觀點。

As a leading silicon to system design solutions company, Synopsys opportunity has never been greater. Today, we have best-in-class EDA tools and the broadest portfolio of silicon IP. Our planned acquisition of Ansys will expand our TAM and further our mission of empowering technology innovators everywhere.

作為一家領先的晶片到系統設計解決方案公司，Synopsys 面臨著前所未有的機會。如今，我們擁有一流的 EDA 工具和最廣泛的矽 IP 產品組合。我們計劃收購 Ansys 將擴大我們的 TAM，並進一步推動我們為世界各地的技術創新者提供支援的使命。

Let me provide a brief update on this important transaction. Our customers have overwhelmingly told us that they see tremendous potential for the combination to accelerate their innovation and address their rapidly increasing need for system design solutions that provided deeper integration between electronics and physics.

讓我簡要介紹一下這項重要交易的最新情況。我們的客戶絕大多數告訴我們，他們看到了這個組合的巨大潛力，可以加速他們的創新，並滿足他們對系統設計解決方案快速增長的需求，這些解決方案可以在電子和物理之間提供更深入的整合。

We're pleased to announce that Ansys' stockholders approved the transaction this morning. Synopsys and Ansys are making progress towards securing the necessary regulatory approvals, and we remain confident in the regulatory review process given the clear and compelling benefits of this combination for customers and partners. We continue to expect the transaction to close in the first half of 2025.

我們很高興地宣布 Ansys 股東今天上午批准了該交易。 Synopsys 和 Ansys 在獲得必要的監管批准方面正在取得進展，鑑於這一組合為客戶和合作夥伴帶來的明顯且引人注目的優勢，我們對監管審查流程仍然充滿信心。我們仍預計交易將於 2025 年上半年完成。

Let's move to segment business highlights, starting with Design Automation. Q2 Design Automation revenue was up 14% year-over-year with strength across the business and continued rapid adoption of Synopsys.ai, customer's realize impressive gains in performance, power and area. In Analog and Mixed Signal Design, customers are looking to Synopsys as they modernize their flows and move to more advanced process nodes. We saw 10 displacement design wins in the quarter and now have 20 displacements through the first half of the year. In Q2, we delivered a marquee win for full flow displacement at a leading U.S. systems company, while a leading Asian memory company chose our analog design environment for their next-generation memory designs.

讓我們從設計自動化開始細分業務亮點。第二季設計自動化收入年增 14%，憑藉整個業務的實力以及 Synopsys.ai 的持續快速採用，客戶在性能、功耗和麵積方面實現了令人印象深刻的收益。在模擬和混合訊號設計中，客戶正在尋求 Synopsys 來實現流程現代化並轉向更先進的製程節點。我們在本季獲得了 10 項排氣量設計勝利，而今年上半年已有 20 項排氣量設計。在第二季度，我們在一家領先的美國系統公司的全流位移方面取得了巨大勝利，而一家領先的亞洲記憶體公司則選擇了我們的模擬設計環境用於其下一代記憶體設計。

Our Synopsys.ai engine for analog, ASO.ai allows analog customers to harness the power of AI to simplify node migration. A high-speed connectivity customer recently reported a 10x productivity gain using ASO.ai. Transitioning to digital, where we continue to expand our leadership across advanced node design flows. In Q2, Fusion Compiler continued to push boundaries and performance and power efficiency optimization, demonstrating 8% better power on a 2-nanometer based CPU at a U.S. CPU company and higher performance versus competition for the flagship mobile CPU at Samsung.

我們的 Synopsys.ai 模擬引擎 ASO.ai 允許模擬客戶利用 AI 的力量來簡化節點遷移。一位高速連接客戶最近報告稱，使用 ASO.ai 將生產力提高了 10 倍。向數位轉型，我們繼續擴大在先進節點設計流程中的領導地位。在第二季度，Fusion Compiler 繼續突破性能和能效優化的界限，在美國CPU 公司的2 奈米CPU 上展示了8% 的性能提升，在三星的旗艦移動CPU 上展示了與競爭產品相比更高的性能。

Demonstrably, better PPA results such as these also led to Fusion Compiler wins at a large U.S. hyperscaler and a top U.S. mobile CPU company. While the customer results from Fusion are exceptional, we believe the combination of Fusion and AI-based optimization is game-changing. In Q2, multiple Asian design services firms exceeded maximum frequency targets with DSO.ai and a leading U.S. GPU company deploy DSO.ai for improved productivity.

顯然，諸如此類的更好的 PPA 結果也導致 Fusion Compiler 在美國一家大型超大規模企業和美國頂級行動 CPU 公司中獲勝。雖然 Fusion 為客戶帶來了卓越的成果，但我們相信 Fusion 和基於人工智慧的優化的結合將改變遊戲規則。第二季度，多家亞洲設計服務公司透過 DSO.ai 超越了最大頻率目標，一家領先的美國 GPU 公司部署了 DSO.ai 以提高生產力。

In Verification, our flagship VCS product delivered 15 competitive displacements in the quarter led by wins at an Asian systems company, a leading U.S. hyperscaler and a top U.S. GPU company. The Synopsys.ai optimization engine that partners with VCS, VSO.ai saw significant adoption as well.

在驗證方面，我們的旗艦 VCS 產品在本季度實現了 15 項具有競爭力的替代，其中包括一家亞洲系統公司、一家領先的美國超大規模企業和一家美國頂級 GPU 公司的勝利。與 VCS 合作的 Synopsys.ai 優化引擎 VSO.ai 也被廣泛採用了。

We are now engaged with over 30 customers demonstrating up to 10x fast turnaround time and double-digit increase in coverage. Shifting to hardware-assisted verification, Demand exceeded our expectations for the quarter with 4 new customer wins and over 50 repeat customer wins. At SNUG, we announced ZeBu EP2 and saw the first sales to a large Asian mobile SoC company and a competitive win for full SoC verification. We also saw significant customer pull for HAPS. Including at a large U.S. mobile company, which deployed multi-die designs on HAPS and reduce bring-up time by approximately 40%.

我們現在與 30 多家客戶合作，展示了高達 10 倍的快速週轉時間和兩位數的覆蓋範圍成長。轉向硬體輔助驗證後，Demand 超出了我們對本季的預期，贏得了 4 個新客戶和 50 多個重複客戶。在 SNUG 上，我們發布了 ZeBu EP2，並見證了向亞洲大型行動 SoC 公司的首次銷售，並在全面 SoC 驗證方面取得了競爭性勝利。我們也看到了 HAPS 的大量客戶需求。其中包括一家美國大型行動公司，該公司在 HAPS 上部署了多晶片設計，並將啟動時間縮短了約 40%。

On to Design IP which delivered 19% revenue growth as the IP supplier of choice for leading HPC, AI, automotive and mobile chips at advanced nodes. Q2 was a particularly strong quarter for automotive wins. Electrification, infotainment and ADAS features continue to drive strong demand for our comprehensive automotive portfolio. Chip level security continues to be a concern to chip designers. In Q2, we announced the acquisition of Intrinsic ID to add physical unclonable functions or POS technology to our extensive IP portfolio.

Design IP 作為領先 HPC、AI、汽車和行動晶片先進節點的首選 IP 供應商，營收成長了 19%。第二季度是汽車產業勝利尤其強勁的季度。電氣化、資訊娛樂和 ADAS 功能繼續推動對我們全面的汽車產品組合的強勁需求。晶片級安全性仍然是晶片設計人員關注的問題。在第二季度，我們宣布收購 Intrinsic ID，為我們廣泛的 IP 產品組合添加實體不可複製功能或 POS 技術。

More broadly, we gained over 10 secure interface IP wins in the quarter including 5 new customers. Demand for interface IP for AI and data center applications is growing at a blistering pace. In the quarter, we launched the industry's first 1.6 terabyte Ethernet solution to meet the high bandwidth needs of AI and hyperscaler chips, securing design wins at 2 leading high-speed Ethernet customers.

更廣泛地說，我們在本季贏得了 10 多個安全介面 IP，其中包括 5 個新客戶。人工智慧和資料中心應用對介面 IP 的需求正在快速成長。本季度，我們推出了業界首款 1.6 TB 乙太網路解決方案，以滿足人工智慧和超大規模晶片的高頻寬需求，確保贏得 2 家領先高速乙太網路客戶的設計勝利。

Additionally, we secured more than 10 design wins for PCIe 6.0 and CXL 3.0 solutions. We also have the industry's most expensive IP library for multi-die starting with the standard for die-to-die interconnect UCIe. We won 5 UCIe IP licenses in the quarter across end markets from memory to mobile to HPC.

此外，我們還獲得了 10 多個 PCIe 6.0 和 CXL 3.0 解決方案的設計勝利。我們還擁有業界最昂貴的多晶片 IP 庫，從晶片到晶片互連 UCIe 標準開始。我們在本季贏得了 5 個 UCIe IP 許可證，涵蓋從記憶體到行動再到 HPC 的終端市場。

With these wins, we now have 50 lifetime wins for die-to-die connectivity. As silicon becomes foundational to innovation in nearly every industry, we've seen an infusion of government support and funding for chip manufacturing around the world. Synopsys plays a mission-critical role as an on-ramp to the world's foundries, enabling manufacturing success for our mutual customers.

憑藉這些勝利，我們現在在晶片間連接方面獲得了 50 項終生勝利。隨著矽成為幾乎每個產業創新的基礎，我們看到了世界各地政府對晶片製造的支持和資助。新思科技 (Synopsys) 作為通往全球代工廠的入口，發揮著至關重要的作用，幫助我們共同的客戶實現製造成功。

In Q2, we won a significant enablement engagement with the emerging leading-edge Japanese foundry, Rapidus Corporation, involving our leadership 2-nanometer interface IP. This builds on a major Rapidus design win for foundation, having a portfolio of trusted IP is a requirement for every world-class foundry. As the leading provider of interface and foundation IP, Synopsys is often the first stop for foundry enablement. Synopsys IP provides a path for mutual customers to bring rapidest manufactured chips to market faster and with lower risk.

在第二季度，我們贏得了與新興的領先日本代工廠 Rapidus Corporation 的重大支援合作，涉及我們領先的 2 奈米介面 IP。這是建立在 Rapidus 重大設計勝利基礎上的，擁有值得信賴的 IP 組合是每個世界級代工廠的要求。作為介面和基礎 IP 的領先供應商，Synopsys 通常是代工支援的第一站。 Synopsys IP 為共同客戶提供了一條途徑，以更快、更低的風險將最快製造的晶片推向市場。

The design and manufacturing of semiconductors is inextricably linked, and we engage deeply with all the major foundries. At TSMC symposium, we announced TSMC N2 IP development and demonstrated silicon proof points for N3E and N3P IP.

半導體的設計和製造是密不可分的，我們與所有主要代工廠都有深入合作。在台積電研討會上，我們宣布了台積電 N2 IP 開發，並展示了 N3E 和 N3P IP 的矽證明點。

At Samsung, we secured multiple IP wins, enabling customers to confidently adopt Samsung's leading processes for AI, storage, automotive and other applications. We also partnered with Intel Foundry to accelerate advanced chip designs with Synopsys IP and certified EDA flows for their 18A process.

在三星，我們贏得了多項智慧財產權，使客戶能夠自信地採用三星領先的人工智慧、儲存、汽車和其他應用流程。我們也與 Intel Foundry 合作，利用 Synopsys IP 和經過認證的 18A 製程 EDA 流程加速先進晶片設計。

This quarter also marked another transformative milestone as we accelerate our silicon to systems strategy and prioritize growth investments and our core EDA and IP businesses. We recently announced the definitive agreement to sell the Software Integrity business to Clearlake Capital and Francisco Partners. This transaction valued at up to $2.1 billion will establish SIG as a newly independent leading application security testing software provider and is expected to close in the second half of 2024, subject to customary closing conditions and regulatory approval. This agreement fulfilled the key priorities we had for the sale. Find our team and our customers great new owners that can care about nurturing and investing in the business to deliver to its full potential, focus on speed and certainty to close and deliver financial value and smooth transition for Synopsys.

本季也標誌著另一個變革性里程碑，我們加快了從晶片到系統的策略，並優先考慮成長投資以及我們的核心 EDA 和 IP 業務。我們最近宣布了最終協議，將軟體完整性業務出售給 Clearlake Capital 和 Francisco Partners。這項價值高達 21 億美元的交易將使 SIG 成為一家新的獨立領先應用程式安全測試軟體提供商，預計將於 2024 年下半年完成，具體取決於慣例成交條件和監管機構批准。該協議滿足了我們出售的主要優先事項。尋找我們的團隊和客戶的偉大新主人，他們能夠關心培育和投資業務，以充分發揮其潛力，專注於完成交易的速度和確定性，並為 Synopsys 帶來財務價值和平穩過渡。

We are proud to have started the business, grown it to be the application and security testing leader and will partner with the new owners to ensure a seamless transition. We have strong continuing momentum across the business supported 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.

我們很自豪能夠開始這項業務，將其發展成為應用程式和安全測試的領導者，並將與新所有者合作以確保無縫過渡。在多個長期成長動力的支持下，我們的整個業務擁有強勁的持續動力。我們擁有彈性的業務模式，我們的客戶繼續優先考慮對晶片和系統的投資，以實現未來的成長。

We are aligning our portfolio investment with the greatest return potential to accelerate our growth. Thank you to our employees, partners and customers for their passion and commitment.

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。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. We continued our strong momentum in Q2 with revenue at the high end of our guided range, non-GAAP operating margin of 37.3% and non-GAAP earnings above the high end of our guidance.

謝謝你，薩辛。我們在第二季度繼續保持強勁勢頭，營收處於指導範圍的高端，非 GAAP 營運利潤率為 37.3%，非 GAAP 收益高於我們指導的高端。

Our Q2 results are driven by our relentless focus on execution, leading technology that is mission-critical to our customers and a resilient and stable business model was $7.9 billion in non-cancelable backlog. We remain confident in our business. And after raising guidance at our Investor Day in March, we are again raising our full year targets for revenue and non-GAAP EPS.

我們第二季的業績得益於我們對執行的不懈關注、對我們的客戶至關重要的領先技術以及富有彈性和穩定的業務模式，不可取消的積壓訂單達到了 79 億美元。我們對我們的業務仍然充滿信心。在三月的投資者日提高指引後，我們再次提高了全年營收和非 GAAP 每股盈餘目標。

As Sassine noted, we entered into an agreement to sell our Software Integrity business. Unless otherwise noted, our Software Integrity business has been presented as a discontinued operation and our consolidated financial statements for all periods presented.

正如 Sassine 指出的，我們簽訂了出售軟體完整性業務的協議。除非另有說明，否則我們的軟體完整性業務已作為已終止業務列報，且我們所有期間的合併財務報表均已列報。

I'll now review our second quarter results which are presented on a continuing operations basis. All comparisons are year-over-year unless otherwise stated. We generated total revenue of $1.45 billion, up 15%. Total GAAP costs and expenses were $1.12 billion. Total non-GAAP costs and expenses were $911.7 million resulting in non-GAAP operating margin of 37.3%. GAAP earnings per share were $1.92 and non-GAAP earnings per share were $3.

我現在將回顧我們第二季的業績，這些業績是在持續經營的基礎上呈現的。除非另有說明，所有比較均為逐年比較。我們的總收入達 14.5 億美元，成長 15%。 GAAP 成本和開支總額為 11.2 億美元。非 GAAP 成本和費用總額為 9.117 億美元，非 GAAP 營業利潤率為 37.3%。 GAAP 每股盈餘為 1.92 美元，非 GAAP 每股盈餘為 3 美元。

Now on to our segment. Design Automation segment revenue was $1.05 billion, up 14%, driven by strength in EDA software and hardware. Design Automation adjusted operating margin was 39.6%. Design IP segment revenue was $399.8 million, up 19%, driven by broad-based strength. Design IP adjusted operating margin was 31.2%. Operating cash flow, including discontinued operations, was $477 million for the quarter, and free cash flow, including discontinued operations, was $438 million. We ended the quarter with cash and short-term investments of $1.66 billion.

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 10.5 億美元，成長 14%。設計自動化調整後的營業利益率為 39.6%。受廣泛實力的推動，設計 IP 部門收入為 3.998 億美元，成長 19%。設計 IP 調整後營業利益率為 31.2%。本季營運現金流（包括終止經營業務）為 4.77 億美元，自由現金流（包括終止經營業務）為 4.38 億美元。本季結束時，我們的現金和短期投資為 16.6 億美元。

Now to guidance. Presented on a continuing operations basis. For fiscal year 2024, the full year targets are: revenue of $6.09 billion to $6.15 billion; total GAAP costs and expenses between $4.56 billion and $4.61 billion; total non-GAAP costs and expenses between $3.77 billion and $3.81 billion, resulting in non-GAAP operating margin improvement of approximately 2 percentage points at the midpoint; non-GAAP tax rate of 15%; GAAP earnings of $9.14 to $9.36 per share; non-GAAP earnings of $12.90 to $12.98 per share; cash flow from operations of approximately $1.3 billion; free cash flow of approximately $1.1 billion.

現在來指導一下。在持續經營的基礎上呈現。 2024財年，全年目標為：營收60.9億美元至61.5億美元； GAAP 成本和支出總額介於 45.6 億美元至 46.1 億美元之間；非 GAAP 成本和支出總額在 37.7 億美元至 38.1 億美元之間，導致非 GAAP 營運利潤率中點提高約 2 個百分點；非公認會計準則稅率為 15%； GAAP 每股收益為 9.14 美元至 9.36 美元；非公認會計準則每股收益為 12.90 美元至 12.98 美元；營運現金流量約13億美元；自由現金流約11億美元。

Now to targets for the third quarter. Revenue between $1.505 billion and $1.535 billion; total GAAP costs and expenses between $1.10 billion and $1.12 billion; total non-GAAP costs and expenses between $920 million and $930 million; GAAP earnings of $2.22 to $2.35 per share; and non-GAAP earnings of $3.25 to $3.30 per share. Our press release and financial supplement include additional targets and GAAP to non-GAAP reconciliations as well as historical financial and operating metrics presented on a continuing operations basis.

現在討論第三季的目標。收入在15.05億美元至15.35億美元之間； GAAP 總成本和開支在 11 億美元至 11.2 億美元之間；非公認會計準則成本和支出總額在 9.2 億美元至 9.3 億美元之間； GAAP 每股盈餘為 2.22 至 2.35 美元；非公認會計準則每股收益為 3.25 美元至 3.30 美元。我們的新聞稿和財務補充包括額外的目標和公認會計準則與非公認會計準則的對賬，以及在持續營運的基礎上提出的歷史財務和營運指標。

In conclusion, we are on track to achieve revenue growth of 14.5% to 15.6%, approximately 2 percentage points of non-GAAP operating margin improvement and 22% to 23% non-GAAP EPS growth in 2024. Our confidence reflects our leadership position across our segments, mission-critical products to enable our customers' robust design activity and a stable and resilient business model.

總之，我們預計在2024 年將營收成長14.5% 至15.6%，非GAAP 營業利潤率提高約2 個百分點，非GAAP 每股盈餘成長22% 至23%。地位。

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) Your first question comes from the line of Joseph Vruwink with Baird.

（操作員說明）您的第一個問題來自 Joseph Vruwink 和 Baird 的線路。

I wanted to start, it sounds like analog and verification AI products are really gaining a nice foothold at customers. So there's probably a bit more of a baseline financial experience. Is it possible to say just what the uplift around ACV tends to be with these customers adopting the newer AI products? I think the 20% uplift upon renewal figure you provided last year was more driven by DSO.ai. I'm just wondering how the newer AI products are maybe starting to change and factor into the model.

我想開始，聽起來模擬和驗證人工智慧產品確實在客戶中獲得了很好的立足點。所以可能有更多的基本財務經驗。是否可以說一下，隨著這些客戶採用較新的人工智慧產品，ACV 的提升趨勢是什麼？我認為您去年提供的續訂後 20% 的提升更多是由 DSO.ai 推動的。我只是想知道較新的人工智慧產品可能會如何開始改變並納入模型。

Yes, very good question. So it's true the 20% uplift is based on the DSO.ai incremental booking and revenue we're able to capture and the baseline increase for Fusion Compiler.

是的，非常好的問題。因此，20% 的提升確實是基於我們能夠捕獲的 DSO.ai 增量預訂和收入以及 Fusion Compiler 的基線增長。

On ASO.ai and VSO.ai, we're still in early stages. It's very difficult at this stage to give you what will the average be. So give us some time before we're able to capture more data points. But the one thing that we can confirm is as customers are using the technology in production, we're able to monetize it through the same approach and uplift to get access for the technology and an uplift based on the baseline consumption.

在 ASO.ai 和 VSO.ai 上，我們仍處於早期階段。在這個階段很難給出平均值是多少。因此，請給我們一些時間，然後我們才能捕獲更多數據點。但我們可以確認的一件事是，當客戶在生產中使用該技術時，我們能夠透過相同的方法和提升將其貨幣化，以獲取該技術並根據基準消耗進行提升。

Okay. That's great. And then yes, good to hear about the update on Ansys. Maybe anything you can say in terms of financial performance of Ansys and just how you 2 are working together and kind of your expectations for the balance of the year as you approach joint customers and kind of think about the financial performance of the Ansys business?

好的。那太棒了。是的，很高興聽到 Ansys 的更新。也許您可以就 Ansys 的財務表現以及您 2 的合作方式以及您在接觸聯合客戶時對今年剩餘時間的期望以及對 Ansys 業務的財務業績的思考說些什麼？

So two points on the Ansys performance. One, as you know, we're operating as 2 separate companies. So my suggestion here is to refer you back to what they're communicating, which is their continued commitment for double-digit ACV and revenue growth for their FY '24.

關於 Ansys 效能的兩點。第一，如您所知，我們作為兩家獨立的公司運作。因此，我在這裡的建議是讓您回顧他們正在傳達的內容，即他們對 24 財年實現兩位數 ACV 和收入成長的持續承諾。

And the other point is during our diligence process, we had a close insights in terms of the shape of the year, where is tilted more for a second half performance compared to the first half in terms of shape. So really, that's the most we can say at this stage. But if you have any questions, refer back to the Ansys commentary.

另外一點是，在我們的盡職調查過程中，我們對今年的情況有一個深刻的認識，下半年的表現比上半年的情況更加傾斜。確實，這是我們現階段能說的最多的話。但如果您有任何疑問，請參閱 Ansys 評論。

Your next question comes Jason Celino with KeyBanc.

您的下一個問題來自 KeyBanc 的 Jason Celino。

This quarter was a little unique in that we got basically an update 60 days ago at SNUG in the Analyst Day. Nice to see the quarter come at the high end and raising the guide again. But curious, like I don't see Synopsys as being like a very back-end loaded company, but curious what exactly drove the strength and the upside just from that short period ago.

這個季度有點獨特，因為我們基本上在 60 天前的分析師日在 SNUG 得到了更新。很高興看到本季處於高端並再次提高了指導值。但很好奇，就像我不認為新思科技是一家後端負載嚴重的公司，但很好奇是什麼推動了短時間內的實力和上漲。

So continued momentum in the core business. I mean what we're seeing is the ongoing demand for faster compute, energy-efficient compute, either by semiconductor companies or by hyperscalers is increasing the demand for the latest, greatest EDA technology as well as the demand for our IT portfolio. So with that, we are in a fortunate position with our customers and our portfolio that's driving that growth. And I know just 60 days ago, we updated to take the Software Integrity as a discontinued operation. But as we went through the quarter, and we're looking at the rest of the year, it gave us confidence to raise the midpoint to 15%, which is roughly another $30 million raise for the year.

因此，核心業務持續保持成長動能。我的意思是，我們看到半導體公司或超大規模企業對更快計算、節能運算的持續需求正在增加對最新、最出色的 EDA 技術的需求以及對我們 IT 產品組合的需求。因此，我們的客戶和我們的產品組合推動了這一成長，我們處於一個幸運的位置。 據我所知，就在 60 天前，我們進行了更新，將軟體完整性視為一項已終止的操作。但當我們回顧本季並展望今年剩餘時間時，我們有信心將中點提高到 15%，這相當於今年又增加了 3000 萬美元。

Yes. And other thing I would add is, I think as Sassine said in his prepared remarks, we outperformed on hardware this quarter. So it was another nice quarter of execution by the hardware team.

是的。我要補充的另一件事是，我認為正如薩辛在他準備好的演講中所說的那樣，我們本季度在硬體方面表現出色。因此，這是硬體團隊執行力出色的另一個季度。

Okay. Perfect. And then maybe just a quick one for Shelagh. I think you said backlog of $7.9 billion. Is that a ex SIG backlog number?

好的。完美的。然後也許對謝拉來說只是一個快速的。我想你說的是 79 億美元的積壓。這是前 SIG 積壓訂單數量嗎？

Absolutely, Jason. So thanks for the question. It's ex SIG because, of course, that's moved into discontinued operations. And just to give you some relevant comps that will come out later in this week as you get the quarterly filing. Q1 '24 on that same basis was $7.7 billion. And then Q2 '23 on that same basis was $6.8 billion So that's versus what I just shared our Q2 actual $7.9 billion.

絕對是，傑森。謝謝你的提問。它是前 SIG，因為當然，它已經停止運作。只是為了給您一些相關的比較，這些比較將在本週晚些時候當您收到季度備案時發布。 24 年第一季的銷售額為 77 億美元。然後，在同樣的基礎上，2023 年第二季的收入為 68 億美元，而我剛剛分享的第二季的實際收入為 79 億美元。

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

你的下一個問題來自查爾斯·施（Charles Shi）與李約瑟（Leedham）的對話。

Congrats on the solid results for the quarter. I have a question about the IT business. It seems like it takes a little bit of a pause in April quarter, but your full year guidance seems to suggest maybe IP will have a slightly higher run rate from the fiscal second quarter level into the third and into the fourth. I recall like 90 days ago, you were talking about maybe IP is going to be a little bit the first half weighted. Is that still the shape you're expecting? And if I may, is it more concentrated in Q4? Because your Q3 guidance and the full year guidance kind of implies another very strong sequential growth into the year-end, I wonder if it's IP-driven.

恭喜本季取得的穩健業績。我有一個關於 IT 業務的問題。似乎在 4 月的季度需要稍微暫停一下，但您的全年指導似乎表明，IP 從第二財季到第三財季和第四財季的運行率可能會稍高一些。我記得 90 天前，您談到 IP 可能會在前半部分加權。這還是你期待的形狀嗎？如果可以的話，它是否更集中在第四季？ 因為你們的第三季指導和全年指導意味著年底將出現另一個非常強勁的連續成長，我想知道它是否是知識產權驅動的。

Well, as you noted, IP tends to be lumpy for us. And so you saw us have about 53% IP growth in Q1 -- so Q1 is -- Q2 is a bit muted from that, although we're still up 19% year-over-year, and we anticipate another strong year for IP. And the lumpiness is really about the time line in which the customers need to ingest the IP into their design. And so as you noted, that will continue through the year, and we expect continued growth throughout Q3 and Q4 with a strong Q4.

嗯，正如您所指出的，智慧財產權對我們來說往往是不穩定的。所以你看到我們第一季的智慧財產權成長了大約53%——所以第一季——第二季的成長有點平淡，儘管我們仍然比去年同期成長19%，而且我們預計智慧財產權又將迎來強勁的一年。塊狀性實際上與客戶需要將 IP 納入其設計的時間軸有關。正如您所指出的，這種情況將持續一整年，我們預計第三季和第四季將持續成長，第四季將表現強勁。

May I ask again that the China revenue, you guys were expecting contribution to be lower in fiscal '24 compared with '23, but the dollar wise still going to be a record -- I mean, are still going to grow on a year-on-year basis. Is that still the case?

我可以再問一下，你們預計 24 財年的中國收入貢獻將低於 23 財年，但美元明智的收入仍將創紀錄——我的意思是，仍將在一年內增長——按年計算。現在還是這樣嗎？

Yes. As you recall, Charles, we communicated early in the year that we're a little bit cautious on China as we see macro challenges in the economy in China and some impact of the restrictions. We had a good first half. We are anticipating growth in China, but overall, we're taking a balanced approach for the overall macro.

是的。查爾斯，你還記得嗎，我們在今年稍早表示，我們對中國持謹慎態度，因為我們看到中國經濟面臨的宏觀挑戰以及限制措施的一些影響。我們上半場表現不錯。我們預期中國會出現成長，但總體而言，我們對整體宏觀採取平衡的方法。

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

您的下一個問題來自沃爾夫研究中心的喬許·蒂爾頓。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Really appreciate the color on kind of tracking these displacements that you called out, I think you mentioned the 20. I don't remember if that was this quarter or year-to-date. But can you maybe just give us a little bit more color on what's driving those? Where they're coming from? And kind of how we should expect those displacements to trend for the rest of the year?

真的很欣賞您所指出的追蹤這些位移的顏色，我想您提到了 20 個。但您能否給我們更多關於驅動這些因素的資訊？他們從哪裡來？我們該如何預期今年剩餘時間這些流離失所的趨勢？

Sure. Our customers are expecting analog design workflows and environment, methodology, et cetera, to be more modernized, think of it feeling more like digital. And this is a great opportunity for Synopsys, and we introduced a couple of things. One is the AI for analog, which is ASO.ai. Our customers are using it primarily for migration from a node to node or in some cases, foundry to foundry. And the other aspect of the analog competitive wins that we've had is the full flow. When you look at the complete design environment, simulation, et cetera and offering a modern competitive platform for our customers. And we're actually very excited about the momentum that ASO.ai is driving and the overall workflow that we're putting together for our customers.

當然。我們的客戶期望模擬設計工作流程和環境、方法等更加現代化，感覺更像數位化。這對 Synopsys 來說是一個很好的機會，我們介紹了一些東西。一是模擬AI，即ASO.ai。我們的客戶主要使用它來從一個節點遷移到另一個節點，或者在某些情況下，從一個代工廠遷移到另一個代工廠。我們在模擬競爭中獲勝的另一個方面是完整的流程。當您查看完整的設計環境、模擬等並為我們的客戶提供現代化的競爭平台。事實上，我們對 ASO.ai 所推動的勢頭以及我們為客戶整合的整體工作流程感到非常興奮。

Maybe just a follow-up to that. I know you mentioned that you and Ansys are running a separate businesses at the moment. But are you already seeing any changes in purchasing behavior? And what I mean by that, are there any customers you can identify that maybe weren't the strong buyers or starting to go more all in or maybe weren't customers at all but are now starting to buy Synopsys because of the future they see between you and Ansys that will exist in the combined business?

也許只是後續行動。我知道您提到您和 Ansys 目前正在經營獨立的業務。但您是否已經看到購買行為有任何變化？我的意思是，您是否可以識別出哪些客戶可能不是強有力的買家，或者開始更加全力以赴，或者可能根本不是客戶，但現在開始購買 Synopsys，因為他們看到了未來您和Ansys 之間將存在哪些合併後的業務？

Yes. Remember, Josh, we've had a partnership since 2017. So the customers that we Synopsys engage with in our core business, we already have that established go-to-market and established technology connections between the products that are relevant for that grouping of customers. So I won't say there is anything different in terms of customer behavior at this stage. Think of it as a continuation of what we started in 2017.

是的。請記住，喬什，我們自2017 年以來就建立了合作夥伴關係。 。所以我不會說現階段客戶行為有什麼不同。將其視為我們 2017 年開始的工作的延續。

Super helpful. Congrats on the great quarter guys.

超有幫助。恭喜這些出色的季度人員。

Thank you.

謝謝。

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

您的下一個問題來自富國銀行證券公司的加里‧莫布里 (Gary Mobley)。

I wanted to ask about the regulatory approval process for the Ansys acquisition. And I guess what's developed most recently was China SAMR approval. I presume that you always expected to file with China SAMR given the close time frame of first half next year. Maybe if you can just speak to your confidence in that approval process and any concessions you might be willing to make to get that across the finish line?

我想詢問收購 Ansys 的監管審批流程。我想最近進展的是中國國家市場監督管理總局的批准。鑑於明年上半年時間已經臨近，我想您一直希望向國家市場監督管理總局備案。也許您可以談談您對批准過程的信心以及您可能願意做出的任何讓步以跨越終點線？

Sure. So Gary, a few things. One, from a regulatory process point of view, we had really a thorough road map on different jurisdiction, filing and processes that we needed to. With China, the first step we took was to communicate that our transaction is below the merger notification threshold. And that was confirmed last week in the latter, which is actually a positive confirmation.

當然。加里，有幾件事。第一，從監管流程的角度來看，我們確實對我們需要的不同司法管轄區、備案和流程有一個全面的路線圖。對於中國，我們採取的第一步是表明我們的交易低於合併通知門檻。上週後者證實了這一點，這實際上是一個積極的確認。

At the same time, it was communicated that they will desire to review the transaction, which, at this stage, we're reviewing the notice, we're evaluating the potential next steps. And as we communicated to every jurisdiction, it's important to work collaboratively, try to understand what are any customer competitive, et cetera, concerns that we need to take into account. And we're just following that process at this stage.

同時，據悉他們希望審查該交易，在現階段，我們正在審查該通知，我們正在評估潛在的後續步驟。當我們與每個司法管轄區溝通時，合作非常重要，嘗試了解客戶的競爭力，等等，我們需要考慮的問題。我們現階段只是遵循流程。

Okay. Sassine, my follow-up, you mentioned in your prepared remarks about a customer win with an Asian memory designer. And if I'm not mistaken, memory as a subgroup of the semiconductor industry hasn't historically leaned heavily on commercial EDA. Maybe if you can just give us how that -- some insight and how that might be changing. And then in particular, how HBM memory for data center might be factoring into some of the needs for your tools?

好的。 Sassine，我的跟進者，您在準備好的評論中提到了一位亞洲記憶體設計師贏得客戶的消息。如果我沒記錯的話，記憶體作為半導體產業的子集，歷史上並沒有嚴重依賴商業 EDA。也許你能給我們一些見解以及這可能會如何改變。特別是，資料中心的 HBM 記憶體如何影響您的工具的某些需求？

Yes. There are a couple of parts of the portfolio actually that they are incredible sweet spot for memory design. As you know, memory design is more a custom -- structured custom design, where we have our leadership position in FastSPICE simulation, where you take a memory design and you try to bring in an acceleration in our FastSPICE simulation.

是的。該產品組合中有幾個部分實際上是記憶體設計的最佳選擇。如您所知，記憶體設計更多的是一種客製化——結構化客製化設計，我們在 FastSPICE 模擬方面處於領先地位，您進行記憶體設計並嘗試在我們的 FastSPICE 模擬中引入加速。

And there, over the last number of years, actually, the memory market has been a sweet spot for growth for us in that space. We even introduced GPU acceleration for that FastSPICE simulation that the memory customers were the leaders and early adopters of that technology in order to deal with the complexity as these memories, especially the HBM3 and all flavors of new memory design, it drove nice opportunity for us to continue on expanding those engagements. So it's true. While memory companies were more a custom type of design flows, over the last number of years they've been leaning quite heavily to adopt latest technology to deal with that complexity.

事實上，在過去的幾年裡，記憶體市場一直是我們在該領域成長的最佳點。我們甚至為FastSPICE 模擬引入了GPU 加速，記憶體客戶是該技術的領導者和早期採用者，為了處理這些記憶體的複雜性，特別是HBM3 和所有風格的新記憶體設計，它為我們帶來了很好的機會繼續擴大這些接觸。所以這是真的。雖然記憶體公司更多的是客製化類型的設計流程，但在過去的幾年裡，他們一直非常傾向於採用最新技術來處理這種複雜性。

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

你的下一個問題來自李辛普森與摩根士丹利的對話。

Great. I just wanted to ask an IP question. And really just in relation to a new node being stood up at TSMC. So I think as many of us know, the N2 capacity is being stood up probably around mid-2025. I just want to get an understanding of when you thought that would impact on your business, particularly from the foundational IP perspective. And maybe more broadly, as last caller was asking around about how might pull in things like HBM and so forth as well.

偉大的。我只是想問一個IP問題。實際上只是與台積電建立的一個新節點有關。因此，我認為正如我們許多人所知，氮氣產能可能會在 2025 年中期左右恢復。我只是想了解您何時認為這會對您的業務產生影響，特別是從基礎智慧財產權的角度來看。也許更廣泛地說，正如最後一個來電者詢問如何引入 HBM 等內容一樣。

Yes. So when a new node comes online, we engage in the 0.1 and in some cases, like foundation IP, even we engaged before a 0.1 PDK and the reason we engage that early is in order to deliver what's called the node entitlement to get a sense of what's the power, the performance, the area of that node. And that's a very deep in the trenches collaboration with, in this case, TSMC, but it applies to Samsung, Intel, many other foundries.

是的。因此，當新節點上線時，我們會參與 0.1，在某些情況下，例如基礎 IP，甚至我們在 0.1 PDK 之前參與，我們儘早參與的原因是為了提供所謂的節點權利以了解情況該節點的功率、性能和麵積是多少。在本例中，這是與台積電的深入合作，但它也適用於三星、英特爾和許多其他代工廠。

So the first is with our foundation IP. Then shortly after it's followed by the interface IP, where we are a number of the test chip shuttles that they have for internal validation of their process technology. And those come way before the customer is buying the IP from us. So by the time the customer is ready at a 0.5 PDK and in some cases, as you know, they wait for 0.9 PDK, et cetera. That's when they start pulling the IP from us. So the engagement starts, in some cases, a year, a year plus before we see a customer ready to pull the IP.

首先是我們的基礎 IP。緊接著是介面 IP，其中有一些測試晶片穿梭機，用於對其製程技術進行內部驗證。這些都是在客戶向我們購買 IP 之前就已經完成的。因此，當客戶準備好 0.5 PDK 時，在某些情況下，如您所知，他們會等待 0.9 PDK，等等。那時他們就開始從我們手中奪走智慧財產權。因此，在某些情況下，在我們看到客戶準備好提取 IP 之前，我們就開始了一年、一年多的接觸。

Great. That's really clear. Maybe just a quick follow-up. I noted quite a lot of color around Fusion and the AI-based optimization doing quite well over the last quarter, at least some good call-out wins at 2 nanometers, and I think also with a flagship mobile chip at Samsung. I guess where I'm really going with this is I think the way that Fusion could work with RedHawk going forward and some of the build around that you've got is a stack around Fusion, which looks quite interesting. Is it too much to make the leap to say that interoperability in EDA might become a thing in the past and that there will be no interest to make this the various stages of design flow interoperable with other people's offerings?

偉大的。這真的很清楚。也許只是快速跟進。我注意到 Fusion 周圍有很多色彩，並且基於人工智慧的優化在上個季度表現得相當好，至少在 2 奈米方面取得了一些不錯的勝利，而且我認為三星的旗艦移動晶片也是如此。我想我真正想說的是，我認為 Fusion 可以與 RedHawk 一起工作，並且圍繞 Fusion 的一些構建是圍繞 Fusion 的堆疊，這看起來非常有趣。這麼說 EDA 中的互通性可能會成為過去，並且沒有興趣讓設計流程的各個階段與其他人的產品互通，這樣說是否太過分了？

Not at all. Interoperability is so essential for the workflows, so essential. As far as I can go back and remember in EDA, you have customers that they're using mix flows, mixed environments. It's very well alive and thriving in terms of customers using this mixed environment for many reasons. Many times, the customer wants to introduce their special sauce inside the flow, and they want to have these handshakes in an industry standard interoperable ways. And we've been doing it with Ansys, we've been doing it with our competitors, et cetera. And I don't see anything changing there.

一點也不。互通性對於工作流程來說非常重要，非常重要。據我所知，在 EDA 中，您有客戶，他們正在使用混合流程、混合環境。由於多種原因，它在使用這種混合環境的客戶方面表現得非常活躍和蓬勃發展。很多時候，客戶希望在流程中引入他們的特殊醬汁，並且他們希望以行業標準的可互通方式進行這些握手。我們一直在與 Ansys 合作，與我們的競爭對手合作，等等。我沒有看到任何變化。

The one thing that you hear when we talk about Fusion is there is absolutely value when you integrate deeper the technology into your platform, the value of it to our customer is a predictable outcome, where the step 1 is correlated with step 2 correlated with step 3, et cetera. But that as well can be achieved through an interoperable mix environment. So I absolutely see that will -- continuing and you absolutely need an ecosystem in order to deal with the complexity of the future. It cannot be, in my mind, a one platform that is sufficient to close the gap of complexity.

當我們談論Fusion 時，您聽到的一件事是，當您將技術更深入地整合到您的平台中時，它絕對有價值，它對我們客戶的價值是可預測的結果，其中步驟1與步驟2 與步驟相關3、等等。但這也可以透過可互通的混合環境來實現。所以我絕對認為這種情況會持續下去，而且你絕對需要一個生態系統來應對未來的複雜性。在我看來，它不可能是一個足以彌補複雜性差距的單一平台。

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

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

Starting with an AI question. You noticed some adoption of some of your branded products are seen. But perhaps a two-part question. Number one, what are you seeing in terms of the relative adoption of AI, your branded AI by semi versus systems customers? And over time, would you be indifferent to the economics of supporting those two classes of customers with AI, in other words, with your ACV, your margin structure, et cetera, be indifferent to that mix with respect to AI adoption? And are you also beginning to see any signs of customers taking two or more solutions at this point of AI-branded products? And then my follow-up.

從一個人工智慧問題開始。您注意到您的一些品牌產品得到了一些採用。但也許是一個由兩部分組成的問題。第一，您對人工智慧的相對採用有何看法，即半客戶和系統客戶的品牌人工智慧的採用情況如何？隨著時間的推移，您是否會對透過人工智慧支援這兩類客戶的經濟性漠不關心，換句話說，您的 ACV、利潤結構等是否會對人工智慧採用方面的這種組合漠不關心？您是否也開始看到客戶在人工智慧品牌產品上採用兩種或更多解決方案的跡象？然後是我的後續行動。

Actually, it's an interesting question regarding the mix. The advantage, I want to say, of a system company is typically they're starting from scratch, meaning they don't have the legacy CAD teams, the legacy workflows, et cetera. So the adoption of new technology is typically faster, that's what we observed. So when we introduce a new technology, the rate of adoption is faster. But now as I look back, for example, at the DSO.ai or even the new technology, ASO, VSO.ai, we have a mix of adoption at the classic semis and hyperscalers as well.

事實上，這是一個關於混合的有趣問題。我想說，系統公司的優勢通常是他們從頭開始，這意味著他們沒有遺留的 CAD 團隊、遺留的工作流程等等。因此，正如我們所觀察到的那樣，新技術的採用通常會更快。所以當我們引入一項新技術時，採用的速度會更快。但現在，當我回顧 DSO.ai 甚至新技術、ASO、VSO.ai 時，我們在經典的半成品和超大規模工廠中也有混合採用。

And the second part of your question, if I understood it correctly, are we seeing customers that they're using two or more of the AI technology? The answer is yes, absolutely. What is different, Jay, now compared to 2020 when we introduce DSO.ai, AI was such a foreign new concept for even Synopsys engineers supporting it in the field and the customer adopting it. They were trying to prove can I trust it? How do I use it? What's the compute requirement to use it?

你問題的第二部分，如果我理解正確的話，我們是否看到客戶正在使用兩種或多種人工智慧技術？答案是肯定的，絕對的。 Jay，與 2020 年我們推出 DSO.ai 時相比，現在的不同之處在於，即使對於在現場支援 AI 的 Synopsys 工程師和採用它的客戶來說，AI 也是一個陌生的新概念。他們試圖證明我可以相信它嗎？我該如何使用它？使用它的計算要求是什麼？

Now it's a completely different discussion. Our customers' executives are pushing their teams to leverage any AI productivity booster that they can get, and it's absolutely giving an acceleration of adoption compared to what we witnessed in 2020.

現在這是一個完全不同的討論。我們客戶的高階主管正在推動他們的團隊利用他們可以獲得的任何人工智慧生產力助推器，與我們在 2020 年目睹的情況相比，這絕對會加快採用速度。

Okay. Now you noted the strength of hardware, this is a follow-up. And hardware, of course, for you and your peers has been a substantial growth category for a decade. The latest data shows that including your numbers, it's well over $1.2 billion of total revenue for the category. The question is where do you still see pockets of underutilization or under automation vis-a-vis EDA hardware? I mean do you foresee this, including yourselves, growing to be, for example, a $2 billion category, the way IT has grown into a $2 billion category?

好的。現在您注意到了硬體的強度，這是後續內容。當然，對於您和您的同行來說，十年來硬體一直是一個大幅成長的類別。最新數據顯示，包括您的數字在內，該類別的總收入遠遠超過 12 億美元。問題是，相對於 EDA 硬件，您在哪些地方仍然看到未充分利用或自動化不足的情況？我的意思是，您是否預見到這一點（包括您自己）將成長為 20 億美元的類別，就像 IT 成長為 20 億美元的類別一樣？

So if you step back and ask why do customers use hardware? There are really two use cases. One, there is the whole verification acceleration, can I get the verification done faster; and two, software bring-up. I don't think we will debate the fact that there are going to be more software content. Customers are going to have to bring up as much as possible the software before the silicon is ready. And for both use cases, but we're -- I want to say biased that the software bring-up use case is going to have a bigger opportunity of adoption for the reasons I just described.

因此，如果您退一步問客戶為什麼要使用硬體？實際上有兩個用例。一、有全程驗證加速，能不能更快的完成驗證；第二，軟體啟動。我認為我們不會爭論將會有更多軟體內容這一事實。在晶片準備就緒之前，客戶必須提供盡可能多的軟體。對於這兩個用例，但我們——我想說的是，由於我剛才描述的原因，軟體啟動用例將有更大的採用機會。

And as you know, we are more suited with our solution to a software bring-up use case given the architecture of our hardware system. And those are the areas that I don't believe there will be any slowdown or direct -- change in direction when it comes to the hardware-assisted verification use cases.

如您所知，鑑於我們的硬體系統架構，我們的解決方案更適合軟體啟動用例。我認為在硬體輔助驗證用例方面，這些領域不會出現任何放緩或直接改變方向。

Your next question comes from the line of Gianmarco Conti with Deutsche Bank.

您的下一個問題來自德意志銀行的 Gianmarco Conti。

Congrats on another great quarter. So perhaps the first one will be around AI. In your prepared remarks, you spoke about a leading American GPU designer deploying DSO.ai. Could you perhaps talk a little bit more about the penetration rates and any relevant KPIs here? Are you starting to see more material revenue generation in the broader XSO.ai [seats]? And how much is it currently included in the backlog? I'll ask a follow-up after.

恭喜又一個偉大的季度。所以也許第一個將圍繞人工智慧。在您準備好的發言中，您談到了一位領先的美國 GPU 設計師部署 DSO.ai。您能否在這裡多談談滲透率和任何相關的 KPI？您是否開始在更廣泛的 XSO.ai [席位] 中看到更多物質收入的產生？目前積壓的訂單數量是多少？之後我會問後續情況。

Okay. Yes, for DSO.ai, what we communicated actually during Investor Day that if you look at the TAM, for the DSO.ai use cases that you can take advantage of that technology, we're still in early stages. We are in roughly 20% of the TAM from an adoption point of view for DSO.ai. So there's plenty of opportunity to continue on expanding. And within that 20% we are roughly at the 15-ish percent in terms of adoption. And the reason for that, not because customers are pushing back or they're not seeing value, there's a rhythm of adoption where you have to finish the tape out, go into the next project and broader that deployment across more, we call them, blocks, meaning partitions of the design. So that's DSO.ai.

好的。是的，對於 DSO.ai 來說，我們在投資者日期間實際傳達的訊息是，如果你看看 TAM，對於可以利用該技術的 DSO.ai 用例，我們仍處於早期階段。從 DSO.ai 的採用率來看，我們約佔 TAM 的 20%。因此，有很多機會繼續擴張。在這 20% 的範圍內，我們的採用率大約是 15% 左右。原因不是因為客​​戶拒絕或他們沒有看到價值，而是有一種採用節奏，您必須完成磁帶製作，進入下一個項目並將部署範圍擴大到更多，我們稱之為，塊，意味著設計的分區。這就是 DSO.ai。

On VSO.ai, we anticipate the adoption to be faster and the ramp to be faster than DSO.ai because what it does, it looks at your verification cycles, and it improves the coverage by not having to go back and run and verify something you already verified in the previous one. So it's smarter approach to improve coverage while reducing the time and the need to just waste more verification cycles. And what the customer, the way they're looking at it, is the TCO reduction, because it impacts their hardware utilization where they're running that software on in order to get a higher coverage and speed up.

在 VSO.ai 上，我們預計採用速度和提升速度都會比 DSO.ai 更快，因為它會查看您的驗證週期，並且無需返回並運行和驗證某些內容，從而提高了覆蓋範圍您已經在上一篇中驗證過。因此，這是一種更明智的方法，可以提高覆蓋率，同時減少時間和浪費更多驗證週期的需要。客戶的看法是 TCO 降低，因為這會影響他們運行該軟體的硬體利用率，以獲得更高的覆蓋範圍和速度。

As I mentioned, on ASO.ai, it's all about modernization of the workflow. And in the early use cases we're seeing is a node migration. So to automate, accelerate the customer feel of moving from node A to node B, where do they stand in terms of power performance area, and it's not only a digital thing, you need -- because you need the whole SoC to go through this entitlement exercise.

正如我所提到的，在 ASO.ai 上，一切都與工作流程的現代化有關。在早期的用例中，我們看到的是節點遷移。因此，為了實現自動化，加速客戶從節點 A 轉移到節點 B 的感覺，他們在功率性能方面處於什麼位置，這不僅僅是數位化的東西，你需要 - 因為你需要整個 SoC 來經歷這個權利行使。

Understood. And I have a second one follow-up for perhaps Shelagh. I noticed your R&D expenses grew well above revenue in the quarter. Could you perhaps talk about where are you directing most of the investments? Are you pouring more into the whole AI development? Or is more budget being allocated in setup of what would be the product integration development post-Ansys acquisition? Any color would be great.

明白了。我可能還有謝拉的第二個後續行動。我注意到你們本季的研發費用成長遠超過營收。您能否談談您將大部分投資投向何處？您是否會在整個人工智慧開發上投入更多？或者是否會分配更多預算來設定 Ansys 收購後的產品整合開發？任何顏色都會很棒。

Sure. So our main focus on our investment is obviously investing in both design automation and design IP. So I think as we talked about in Investor Day in the IP group, we're building out IP blocks for the leading-edge technology, the standards are moving much more rapidly, especially driven by the kind of the insatiable needs of AI. So we're building out the standards in a more rapid fashion. And so that's a significant part of our R&D. And then in the Design Automation group and EDA in particular, we're investing in building out all our Synopsys.ai capabilities and continuing to further those, because even the ones that we've already launched, we're driving improvements in those. Those aren't just static investments.

當然。因此，我們投資的主要重點顯然是投資於設計自動化和設計 IP。因此，我認為正如我們在智慧財產權小組的投資者日所討論的那樣，我們正在為尖端技術建立智慧財產權模組，標準的發展速度要快得多，特別是在人工智慧永不滿足的需求的推動下。因此，我們正在以更快的速度製定標準。所以這是我們研發的重要部分。然後，在設計自動化團隊，特別是 EDA 中，我們正在投資建立所有 Synopsys.ai 功能，並繼續進一步發展這些功能，因為即使是我們已經推出的功能，我們也在推動這些功能的改進。這些不僅僅是靜態投資。

Your next question comes from the line of Clarke Jeffries with Piper Sandler.

你的下一個問題來自克拉克·傑弗里斯和派珀·桑德勒的對話。

First is for Shelagh. I wanted to clarify two percentage point of operating margin expansion is within continuing operations, not based off of the removal of SIG, and how you think about that number for ongoing operating margin expansion for the core business going forward? And then one follow-up.

首先是謝拉。我想澄清兩個百分點的營業利潤率擴張是在持續經營業務範圍內，而不是基於取消 SIG，您如何看待未來核心業務持續營業利潤率擴張的數字？然後是一個後續行動。

Correct. It's within the continuing operations and thanks for the clarification. I know there's a lot of moving parts here with the movement of SIG to discontinued operations. And the way we're thinking about it is as we are scaling the business, how do we drive better leverage across the R&D and then how do we drive better leverage across the core infrastructure of the company.

正確的。這是持續營運的範圍內，感謝您的澄清。我知道隨著 SIG 停止運營，這裡有很多變動的部分。我們思考這個問題的方式是，當我們擴展業務時，我們如何在研發中提高槓桿率，然後如何在公司的核心基礎設施中提高槓桿率。

And our long-term expectation that we shared in Investor Day and when we did Ansys is that our expectation is that we're going to drive operating margin to the mid-40s. So we see continued expansion, and it's very much a part of how we're thinking about the growth of the company. And Sassine talked a lot about the AI that we're infusing in our customers. And if you will, we're eating at our own restaurant, we're infusing AI into everything we do inside the company to drive more modern ways of doing things so that allows us to drive more innovation.

我們在投資者日和 Ansys 上分享的長期預期是，我們將把營業利潤率提高到 40 多歲。因此，我們看到了持續的擴張，這在很大程度上是我們思考公司發展的一部分。 Sassine 談論了很多關於我們為客戶注入的人工智慧。如果你願意的話，我們正在自己的餐廳吃飯，我們正在將人工智慧融入公司內部所做的一切中，以推動更現代的做事方式，使我們能夠推動更多創新。

Perfect. Just how should we think about net proceeds for the SIG sale? What to consider there, absent of timing? I know there was a payable payment in cash. Just any way to think about net proceeds as the deal closes.

完美的。我們應該如何看待 SIG 出售的淨收益？如果沒有時間安排，要考慮什麼？我知道有一筆應付現金的款項。交易結束時，可以用任何方式來考慮淨收益。

Certainly. So what we talked about with SIG is it's up to $2.1 billion in consideration. And the way that breaks out is in three distinct parts. So we'll have $1.5 billion payment at close of the SIG transaction. And as we had noted, we expect that this transaction will close in the second half of '24. So that would happen in this year.

當然。所以我們與 SIG 討論的是高達 21 億美元的考量。爆發的方式分為三個不同的部分。因此，SIG 交易結束時我們將收到 15 億美元的付款。正如我們所指出的，我們預計這筆交易將在 2024 年下半年完成。所以這會在今年發生。

And then over the subsequent 5 quarters, starting in Q1, our first fiscal quarter of 2025, there's a cumulative $125 million payment. So you can think about the cash that we'll get is $1.625 billion. So think about that. And then the balance, the $475 million is payable upon agreed to specified rate of return, that the sponsors would achieve and that we would participate in that upside through potential liquidity transaction.

然後，在接下來的 5 個季度中，從第一季（2025 年第一個財政季度）開始，累計支付了 1.25 億美元。所以你可以想一下，我們將獲得 16.25 億美元的現金。所以想一想。然後餘額，即 4.75 億美元，將根據贊助商將實現的指定回報率支付，我們將透過潛在的流動性交易參與這一上漲。

Your next question comes from the line of Blair Abernethy with Rosenblatt Securities.

您的下一個問題來自羅森布拉特證券公司的布萊爾‧阿伯內西 (Blair Abernethy)。

Nice quarter, guys. Sassine, just wanted to come back on the analog side of things. And it seems like you've had a good performance here. Are you seeing a shift in momentum in that part of the business for Synopsys? And where do you see sort of the lowest hanging fruit or the best opportunities for you in analog?

夥計們，這個季度不錯。 Sassine，只是想回到模擬方面。看來你在這裡的表現不錯。您是否看到 Synopsys 這部分業務的勢頭髮生了轉變？您在哪裡看到了最容易實現的目標或類似的最佳機會？

So from a customer base point of view, there are the core analog companies that are truly trying to improve their productivity, improve the way they approach design. And what we are hearing from that cohort of customers is how can we digitize our analog workflows to be more efficient, more productive, take advantage of the latest technology, et cetera. So that's a grouping of customers. And for that grouping of customers is very exciting because we're engaging them based on new technology and a new approach, if you think about it for designing their chips.

因此，從客戶群的角度來看，有些核心模擬公司確實在努力提高生產力，並改善設計方式。我們從這群客戶那裡聽到的是我們如何將類比工作流程數位化，以提高效率、生產力，利用最新技術等等。這就是一組客戶。對於這群客戶來說，這是非常令人興奮的，因為我們正在基於新技術和新方法來吸引他們，如果你考慮到設計他們的晶片的話。

Then there is the other grouping of customers where, as you know, customers always encourage and enjoy to see a competitive strong player to have alternatives to have -- for many other -- for many motivations. And that's part of it as well. So where we see a competitive displacement and engagement in that space as well. So think of it as two buckets that we're seeing the momentum that we have.

然後還有另一類客戶，如您所知，客戶總是鼓勵並喜歡看到有競爭力的強大玩家有其他選擇 - 對於許多其他 - 出於許多動機。這也是其中的一部分。因此，我們在該領域也看到了競爭性的取代和參與。因此，可以將其視為我們所看到的動力的兩個桶。

There are no further other questions at this time.

目前沒有其他問題。

Let's go ahead and close out the call. Thanks, Sarah.

讓我們繼續結束通話。謝謝，莎拉。

Thank you.

謝謝。

Thank you. This concludes today's conference call. We thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。我們感謝您的加入。現在您可以斷開線路。