新思科技 (SNPS) 2024 Q3 法說會逐字稿

This conference call for the third quarter fiscal year 2024. (Operator Instructions)

本次電話會議涉及 2024 財年第三季。

As a reminder, today's call is being recorded. At this time, I would like to turn the conference over to Trey Campbell, Senior Vice President, Investor Relations. Please go ahead.

提醒一下，今天的通話正在錄音。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, and good afternoon, everyone. With us today are Sassine Ghazi, President and CEO of Synopsys; and Shelagh Glaser, CFO.

謝謝大家，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 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 were released earlier today. All of these items, plus the most recent investor presentation, are available on our website at www.synopsys.com.

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。

In addition, the prepared remarks will be posted on our website at the conclusion of the call. With that, I'll turn the call over to Sassine.

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。這樣，我會將電話轉給 Sassine。

Good afternoon. We delivered excellent results in the third quarter, exceeding the midpoint of all our guidance targets, while setting another quarterly revenue record. We positioned the company's portfolio with one strategic end in mind, maximizing the value that we deliver to customers in the era of pervasive intelligence. Our focus is on leading innovation in EDA and IP, while deepening our differentiation in software-defined systems. Against the strategic backdrop, the Synopsys team continued its strong operational execution in the quarter, and commercial momentum remains robust.

午安.我們在第三季取得了出色的業績，超過了所有指導目標的中點，同時創下了另一個季度收入記錄。我們以一個策略目標來定位公司的產品組合，在智慧無所不在的時代，最大限度地提高我們為客戶提供的價值。我們的重點是引領 EDA 和 IP 創新，同時深化我們在軟體定義系統方面的差異化。在這一策略背景下，新思科技團隊在本季持續保持強勁的營運執行力，商業動能依然強勁。

Revenue was up 13% year over year at the high end of our guided range. Non-GAAP operating margin was 40%, up 3.6 points year over year. And non-GAAP EPS was up 27% year over year and above our guidance range. We continue to be confident in our guidance for industry-leading double-digit revenue growth. Shelagh will discuss the financials in more detail.

營收年增 13%，處於我們指導範圍的高端。非 GAAP 營運利潤率為 40%，較去年同期成長 3.6 個百分點。非 GAAP 每股盈餘年增 27%，高於我們的指引範圍。我們對行業領先的兩位數收入成長的指導仍然充滿信心。謝拉將更詳細地討論財務狀況。

First, I'll give some context for our confidence, which is grounded in the continued strong execution of our Synopsys team and industry trends, reinforced by our customers and partners. Since becoming Synopsys' CEO in January, I've travelled to eight countries participating in more than 140 meetings with over 80 customers and partners, discussing their challenges and understanding their priorities.

首先，我將介紹一些我們的信心的背景，這種信心的基礎是我們的 Synopsys 團隊的持續強勁執行力和行業趨勢，並得到我們的客戶和合作夥伴的加強。自 1 月成為 Synopsys 執行長以來，我已前往 8 個國家，參加了與 80 多個客戶和合作夥伴舉行的 140 多次會議，討論他們面臨的挑戰並了解他們的優先事項。

The message in every meeting is loud and clear. Synopsys is mission critical to their innovation, which makes our business uniquely resilient.

每次會議傳達的訊息都是響亮而清晰的。 Synopsys 對其創新至關重要，這使我們的業務具有獨特的彈性。

Our success is tied to technology innovation cycles, not end market dynamics. In this era of pervasive intelligence, technology innovation is only accelerating, fueled by the rise of artificial intelligence, silicon proliferation, and software-defined systems. The evidence is all around us. Our silicon customers are racing to design the many components necessary to optimize AI infrastructure.

我們的成功與技術創新週期相關，而不是終端市場動態。在這個智慧無所不在的時代，在人工智慧、晶片擴散和軟體定義系統崛起的推動下，技術創新只會加速。證據就在我們身邊。我們的晶片客戶正在競相設計優化人工智慧基礎設施所需的許多組件。

Remarkably, design cycles are contracting despite mounting complexity, and we help make this possible. This combination of base and complexity equals good news for Synopsys. Artificial intelligence is driving incredible demand or high-performance computing in data centers and new AI-powered smartphones and PCs, which are poised for an exciting refresh, thanks to silicon innovation.

值得注意的是，儘管複雜性不斷增加，設計週期仍在縮短，而我們幫助實現了這一目標。這種基礎性和複雜性的結合對於 Synopsys 來說是個好消息。人工智慧正在推動資料中心和新型人工智慧智慧型手機和個人電腦對高效能運算的巨大需求，由於晶片創新，這些智慧型手機和個人電腦將迎來令人興奮的更新。

Bottom line, AI needs more and more complex silicon that is good for Synopsys.

最重要的是，人工智慧需要越來越複雜的晶片，這對 Synopsys 有利。

Finally, silicon proliferation and AI chip innovation is driving the build-out of manufacturing capacity and accelerating the transition to new advanced nodes. Foundries count on our EDA and IP to enable each new process node, again, good for Synopsys. These trends reinforce the resiliency of Synopsys business.

最後，矽擴散和人工智慧晶片創新正在推動製造能力的建設，並加速向新的先進節點的過渡。代工廠依靠我們的 EDA 和 IP 來啟用每個新的製程節點，這對 Synopsys 來說同樣有利。這些趨勢增強了新思科技業務的彈性。

Additionally, our customer set is expanding as more companies and more industries define and optimize system performance at the silicon level. As a leading silicon to systems design solutions company, Synopsys' opportunity has never been greater. And our planned acquisition of Ansys will expand our TAM and further our mission of empowering technology innovators every way.

此外，隨著越來越多的公司和產業在晶片級定義和優化系統性能，我們的客戶群也不斷擴大。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。我們計劃收購 Ansys 將擴大我們的 TAM，並進一步推動我們以各種方式為技術創新者提供支援的使命。

The future of technology R&D requires system design solutions with a deeper integration of electronics and physics. That's what we can provide with ANSYS, and we're making good progress on closing this important transaction. The regulatory review is proceeding well. We are working cooperatively and constructively with the various regulatory agencies.

技術研發的未來需要電子和物理更深層融合的系統設計解決方案。這就是我們可以透過 ANSYS 提供的功能，並且我們在完成這項重要交易方面取得了良好進展。監管審查進展順利。我們正在與各個監管機構進行建設性合作。

We have completed all preliminary filings worldwide. Customers continue to express their overwhelming support, and we continue to expect the transaction to close in the first half of 2025.

我們已完成全球所有初步申請。客戶繼續表示大力支持，我們繼續預計交易將於 2025 年上半年完成。

Let's move to segment business highlights, starting with design automation. Q3 design automation revenue was up 6% year over year versus a very strong prior Q3 as Synopsys design automation solutions are helping customers accelerate their innovation despite growing complexity. Growing systemic complexity has turbocharged the criticality of verification and chip design, and we offer the most complete portfolio of solutions in the industry.

讓我們從設計自動化開始細分業務亮點。第三季設計自動化營收年增 6%，與上一季的強勁表現相比，新思科技設計自動化解決方案正在幫助客戶加速創新，儘管複雜性不斷增加。不斷增長的系統複雜性提高了驗證和晶片設計的重要性，我們提供業界最完整的解決方案組合。

Our next-generation Verdi platform for advanced debug capabilities was adopted by a large US-based GPU company and a large US mobile SoC company, reducing failure debug from days to minutes. While our flagship very vacation tool, VCS, displace competition at the large US HBC customer, a large Chinese mobile customer, and a large Chinese hyperscaler.

我們的下一代 Verdi 平台具有先進的調試功能，被美國一家大型 GPU 公司和一家美國大型行動 SoC 公司採用，將故障調試從幾天縮短到幾分鐘。我們的旗艦度假工具 VCS 取代了美國 HBC 大型客戶、中國大型行動客戶和中國大型超大規模企業的競爭。

Our AI verification product, VSO.ai, is also ramping aggressively, demonstrating up to 10x faster turnaround time, double-digit increases in verification coverage, significant reductions in verification compute requirements, and better verification quality. A marquee US GPU company deployed VSO.ai across multiple IPs, with turnaround time improvements of 2 to 7x and coverage improvements up to 33%.

我們的人工智慧驗證產品 VSO.ai 也在積極發展，展示了周轉時間提高了 10 倍、驗證覆蓋率實現兩位數成長、驗證計算要求顯著降低以及驗證品質更高。一家美國知名 GPU 公司在多個 IP 上部署了 VSO.ai，週轉時間縮短了 2 至 7 倍，覆蓋範圍提高了高達 33%。

Our hardware-assisted verification business had an excellent quarter as customers upgraded from HAPS-100 to our ZeBu EP product line to leverage one hardware platform for both emulation and prototyping. In Q3, we saw a significant ZeBu hardware expansion at a large US hyperscaler in a direct win versus competition. We also increased ZeBu adoption at a large European IP provider and two large US HBC companies. Increasing demands for high performance emulation with the opportunity for large capacity expansion were drivers in these wins.

我們的硬體輔助驗證業務在本季度表現出色，客戶從 HAPS-100 升級到我們的 ZeBu EP 產品線，以利用一個硬體平台進行模擬和原型設計。在第三季度，我們看到美國一家大型超大規模企業對 ZeBu 硬體進行了重大擴展，直接贏得了競爭。我們也提高了一家大型歐洲 IP 供應商和兩家大型美國 HBC 公司對 ZeBu 的採用率。對高性能模擬的需求不斷增長以及大容量擴展的機會是這些勝利的驅動力。

We also worked with several large US systems and hyperscaler customers on successful software bring up, workloads with our HAPS product line.

我們也與多個美國大型系統和超大規模客戶合作，利用我們的 HAPS 產品線成功開發軟體和工作負載。

Physical verification was also a point of strength in the quarter. We continue to win new designs on ACV with 20 tapeouts in Q3. Four of these tapeouts were on TSMC N3 and one on IFS 18A, where engagements are increasing rapidly.

物理驗證也是本季的亮點。我們在第三季繼續透過 20 個流片贏得 ACV 的新設計。其中四項流片是在台積電 N3 上進行的，一項是在 IFS 18A 上進行的，其中的參與度正在迅速增加。

Turning to analog design, where our competitive displacements continued in Q3. We now have more than 30 displacements for the year. This quarter, we completed analog full flow wins at the leading European Tier 1 supplier, a North American IP provider, and an Asian SoC vendor. And we displace competition and analog simulation at two US AI accelerator companies and a global analog chip company.

轉向模擬設計，我們的競爭位移在第三季仍在繼續。現在我們今年有超過 30 次流離失所。本季度，我們贏得了領先的歐洲一級供應商、北美 IP 供應商和亞洲 SoC 供應商的模擬全流程勝利。我們取代了兩家美國人工智慧加速器公司和一家全球類比晶片公司的競爭和模擬模擬。

Like in verification, our analog customers are looking to Synopsys as a scale multiplier to modernize their flows and unleash the power of AI to move to more advanced process nodes. Our Synopsys.ai engine for analog, ASO.ai, now has more than 15 customers in evaluation.

與驗證一樣，我們的模擬客戶希望 Synopsys 作為規模倍增器，以實現流程現代化，並釋放人工智慧的力量，轉向更先進的製程節點。我們的 Synopsys.ai 模擬引擎 ASO.ai 目前已有超過 15 位客戶正在接受評估。

Transitioning to digital, where we continue to expand our leadership in digital EDA across advanced node design flows. Fusion Compiler delivered the world's first mobile SoC tapeout on Samsung's 2 nanometer GAA process this quarter, along with a number of customer-first tapeouts at TSMC N2, N3E, and N5.

向數位轉型，我們將繼續擴大我們在先進節點設計流程的數位 EDA 領域的領先地位。 Fusion Compiler 本季度交付了全球首個採用三星 2 奈米 GAA 工藝的行動 SoC 流片，並在台積電 N2、N3E 和 N5 上進行了多項客戶優先流片。

Augmenting Fusion Compiler with our AI engine, DSO.ai creates a powerhouse capability for customers. We are now seeing customer adoption spread through the automotive vertical, where a leading Asian automotive silicon company demonstrated 30% power reduction in the design with DSO.ai.

DSO.ai 透過我們的 AI 引擎增強 Fusion Compiler，為客戶創造了強大的功能。我們現在看到客戶的採用遍及汽車垂直領域，一家領先的亞洲汽車晶片公司展示了 DSO.ai 的設計功耗降低了 30%。

On to design IP, which delivered 32% of revenue growth as the IP supplier of choice for leading HBC, AI, automotive, and mobile chips at advanced nodes. Driven by AI bandwidth requirements, hyperscalers are pushing consortiums to pull in specification timelines for interface protocols, creating faster innovation cycles and increased opportunity for us and our customers, and we are matching the space with our operational execution.

致力於設計 IP，作為先進節點的領先 HBC、人工智慧、汽車和行動晶片的首選 IP 供應商，其收入成長了 32%。在人工智慧頻寬需求的推動下，超大規模企業正在推動聯盟制定介面協議的規格時間表，為我們和我們的客戶創造更快的創新週期並增加機會，而我們正在將空間與我們的營運執行相匹配。

In Q3, we announced the world's first PCIe 7.0 IP solution to enable fast and secure data transfers. We are also seeing increasing momentum in AI edge devices for mobile optimized platforms. We secured two major smartphone customers on leading nodes to enable our efficient mobile devices with GenAI capabilities, while our ARC neuro processing unit and DSP processors were adopted into five edge applications, including two new customers.

在第三季度，我們推出了世界上第一個 PCIe 7.0 IP 解決方案，以實現快速、安全的資料傳輸。我們也看到針對行動優化平台的人工智慧邊緣設備的發展勢頭不斷增強。我們在領先節點上獲得了兩個主要智慧型手機客戶的支持，使我們的高效行動裝置具備GenAI 功能，同時我們的ARC 神經處理單元和DSP 處理器被採用到五個邊緣應用程式中，其中包括兩個新客戶。

Turning to multi-die, where we have an outstanding lineup of products in the IP and the EDA space for our customers. We continue to broaden our multi-die portfolio, launching 3DIO foundation IP, which is a specialized IO for 3D multi-die integration. In EDA, 3DIC Compiler momentum continued with the tapeout of multi-die design for an automotive application based on a CoWoS-R interposer and deployment at a major US hyperscaler.

談到多晶片，我們在 IP 和 EDA 領域為客戶提供了一系列出色的產品。我們繼續擴大我們的多晶片產品組合，推出 3DIO 基礎 IP，這是用於 3D 多晶片整合的專用 IO。在 EDA 領域，隨著基於 CoWoS-R 中介層的汽車應用的多晶片設計的流片以及在美國一家大型超大規模企業的部署，3DIC 編譯器的勢頭繼續保持。

We also announced Intel Foundry EMIB, a first reference flow for multi-die enabled by 3DIC Compiler, to accelerate multi-die designs at all stages from silicon to systems. As the on-ramp for the world's foundry, we achieved silicon success on Samsung's SF2 and SF4X processes for a range of interface IP.

我們也發布了英特爾代工 EMIB，這是第一個由 3DIC 編譯器支援的多晶片參考流程，可加速從晶片到系統各個階段的多晶片設計。作為全球代工廠的入口，我們在三星的 SF2 和 SF4X 製程的一系列介面 IP 上取得了矽片成功。

We also demonstrated the industry's first HBM3 operating at 9.6 gigabits per second and TSMC's advanced 3-nanometer processes, and partnered with global foundries to develop new memory compilers for the 22FDX process technology targeting Edge AI acceleration in automotive and industrial microcontrollers.

我們也展示了業界首款每秒運行速度為9.6 GB 的HBM3 和台積電先進的3 奈米工藝，並與全球代工廠合作，為22FDX 製程技術開發新的記憶體編譯器，目標是汽車和工業微控制器中的邊緣AI 加速。

A couple of closing comments before we transition to Shelagh's remarks. We are working through final closing conditions for the sale of our software integrity business and continue to expect that we'll complete that transaction in the second half of 2024.

在我們轉向謝拉的演講之前，有幾點結束語。我們正在製定出售軟體完整性業務的最終成交條件，並繼續預計我們將在 2024 年下半年完成交易。

And before closing, I want to recognize a monumental award to someone I deeply admire and I'm proud to call both and mentor and friend, Synopsys' Founder and Exec Chair, Aart de Geus. Aart was selected to receive the semiconductor industry's highest honor, the 2024 Robert Noyce Award. We look forward to celebrating his leadership and outstanding contributions to our industry at the awards ceremony in November.

在結束之前，我想向一位我深深敬佩的人頒發一個具有里程碑意義的獎項，我很自豪地稱他為良師益友，即 Synopsys 的創始人兼執行主席 Aart de Geus。 Aart 榮獲半導體行業最高榮譽——2024 年羅伯特·諾伊斯獎。我們期待在 11 月的頒獎典禮上慶祝他的領導能力和對我們行業的傑出貢獻。

In summary, we have strong continuing momentum across the business, supported by multiple secular growth drivers. We have a very resilient business model and are mission critical to our customers innovation. We are aligning our portfolio investments with the greatest return potential to accelerate our growth.

總而言之，在多種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。我們擁有非常有彈性的業務模式，並且對我們的客戶創新至關重要。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。

Thank you to our employees for their passion and to our partners and customers for trusting us to ignite their future Ingenuity. With that, I'll turn it over to Shelagh.

感謝員工的熱情，感謝我們的合作夥伴和客戶相信我們能夠點燃他們未來的創造力。有了這個，我會把它交給 Shelagh。

Thank you, Sassine. We had an excellent Q3 with record revenue and non-GAAP EPS above our guidance range. We continue to execute well, which is a testament to our strong momentum across the business, leading technology that is mission critical to our customers, and a resilient and stable business model.

謝謝你，薩辛。我們的第三季表現出色，營收創歷史新高，非公認會計準則每股收益高於我們的指導範圍。我們繼續保持良好的執行力，這證明了我們整個業務的強勁勢頭、對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。

I'll now review our third-quarter results, which are presented on a continuing basis operation. All comparisons are year over year unless otherwise stated.

我現在將回顧我們的第三季業績，這些業績是在持續營運的基礎上公佈的。除非另有說明，所有比較均為逐年比較。

We generated total revenue of $1.53 billion, up 13% and at the high end of our guided range. Total GAAP costs and expenses were $1.17 billion. Total non-GAAP costs and expenses were $915 million, resulting in non-GAAP operating margin of 40%. GAAP earnings per share were $2.73. Non-GAAP earnings per share were $3.43 and above our guided range.

我們的總收入達到 15.3 億美元，成長 13%，處於指導範圍的高端。 GAAP 成本和開支總額為 11.7 億美元。非 GAAP 成本和費用總額為 9.15 億美元，非 GAAP 營業利潤率為 40%。 GAAP 每股收益為 2.73 美元。非 GAAP 每股收益為 3.43 美元，高於我們的指導範圍。

Now onto our segment. Design automation segment revenue was $1.06 billion, up 6% compared to a very strong Q3 a year ago. Design automation adjusted operating margin was 41.5%. Design IP segment revenue was $463 million, up 32%, driven by strength in interface and foundation IP. Design IP adjusted operating margin was 36.7%.

現在進入我們的部分。設計自動化部門營收為 10.6 億美元，與去年第三季的強勁表現相比成長 6%。設計自動化調整後營業利益率為 41.5%。受介面和基礎 IP 實力的推動，設計 IP 部門收入為 4.63 億美元，成長 32%。設計 IP 調整後的營業利益率為 36.7%。

Operating cash flow including discontinued operation was $455 million for the quarter. And free cash flow, including discontinued operations, was $415 million. We ended the quarter with cash and short-term investments of approximately $2 billion.

本季營運現金流（包括終止經營業務）為 4.55 億美元。自由現金流（包括已終止經營業務）為 4.15 億美元。本季結束時，我們擁有約 20 億美元的現金和短期投資。

Now to guidance, except for cash flow metric, all targets are presented on a continuing operations basis. The full-year target for 2024 are: revenue of $6.105 billion to $6.135 billion; total GAAP costs and expenses is between $4.58 billion and $4.60 billion; total non-GAAP costs and expenses between $3.76 billion and $3.77 billion, resulting in more than 2 points of non-GAAP operating margin improvement at the midpoint; non-GAAP tax rate of 15%; GAAP earnings of $9.71 to $9.85 per share; non-GAAP earnings of $13.07 to $13.12 per share; cash flow from operations of approximately $1.3 billion; free cash flow of approximately $1.1 billion.

現在就指導而言，除了現金流量指標外，所有目標都是在持續經營的基礎上提出的。 2024年全年目標是：收入61.05億美元至61.35億美元； GAAP 成本和支出總額介於 45.8 億美元至 46 億美元之間；非 GAAP 總成本和費用在 37.6 億美元至 37.7 億美元之間，導致非 GAAP 營業利潤率中點提高超過 2 個百分點；非公認會計準則稅率為 15%； GAAP 每股盈餘為 9.71 至 9.85 美元；非公認會計準則每股收益為 13.07 美元至 13.12 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 fourth quarter. Revenue between $1.614 billion and $1.644 billion; total GAAP costs and expenses between $1.21 billion and $1.23 billion; total non-GAAP costs and expenses between $1.03 billion and $1.04 billion; GAAP earnings of $2.25 to $2.39 per share; and non-GAAP earnings of $3.27 to $3.32 per share.

現在，我們要討論第四季的目標。收入在16.14億美元至16.44億美元之間； GAAP 總成本和開支在 12.1 億美元至 12.3 億美元之間；非公認會計準則成本和支出總額在 10.3 億美元至 10.4 億美元之間； GAAP 每股收益為 2.25 美元至 2.39 美元；非公認會計準則每股收益為 3.27 美元至 3.32 美元。

Our press release and financial supplement include additional target in GAAP to non-GAAP reconciliation. Consistent with prior years, we will provide additional comments and guidance for 2025 when we report next quarter.

我們的新聞稿和財務補充包括 GAAP 與非 GAAP 調整的額外目標。與往年一樣，我們將在下個季度報告時提供 2025 年的額外評論和指導。

In conclusion, for 2024, we expect to achieve revenue growth of approximately 15%, non-GAAP operating margin improvement of more than 2 points, and approximately 24% non-GAAP EPS growth. We continue to see strong momentum in the business, reflecting our relentless execution and leadership position across our segments, mission critical products to enable our customers innovation, and a stable and resilient business model.

總而言之，我們預計 2024 年營收將成長約 15%，非 GAAP 營業利潤率提高 2 個以上，非 GAAP 每股盈餘將成長約 24%。我們繼續看到業務的強勁勢頭，反映出我們在各個細分市場的不懈執行和領導地位、支持客戶創新的關鍵任務產品以及穩定且有彈性的業務模式。

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) Harlan Sur, JPMorgan.

（操作員指令）Harlan Sur，摩根大通。

Good afternoon. Thank you for taking my question and great execution in the quarter.

午安.感謝您提出我的問題以及本季的出色執行。

So seeing as you mentioned, leading edge chip design activity continues to accelerate at the 3-nanometer, 2-nanometer nodes, especially around AI and accelerated compute by both merchant, but also a significant amount of custom ASIC chips that are ramping that are coming to the market. But despite all of this, I mean, we are coming off of a pretty severe semiconductor downturn.

因此，正如您所提到的，前沿晶片設計活動在 3 奈米、2 奈米節點繼續加速，特別是圍繞著人工智慧和商家加速運算，而且大量客製化 ASIC 晶片即將推出到市場。但儘管如此，我的意思是，我們正在擺脫相當嚴重的半導體低迷。

And one of your large leading-edge customers has recently announced a significant amount of layoffs across the organization. They did also talk about driving better efficiencies around IP and EDA solutions. I interpreted this as they're going to do less of their own internal IP development, less of their own internal EDA software tool development, and potentially buy more merchant IP and more core EDA tools from Synopsys and maybe some of your other competitors.

您的一位大型領先客戶最近宣佈在整個組織內進行大量裁員。他們也談到如何提高 IP 和 EDA 解決方案的效率。我對此的解釋是，他們將減少自己的內部 IP 開發，減少自己的內部 EDA 軟體工具開發，並可能從 Synopsys 以及其他一些競爭對手那裡購買更多商業 IP 和更多核心 EDA 工具。

But I wanted to get your interpretation of this announcement and the near- to mid-term impact with any on your bookings, revenues or market share momentum at this customer.

但我想了解您對這一公告的解釋以及對您在該客戶的預訂、收入或市場份額勢頭的近期到中期影響。

Thank you, Harlan, for the question. I want to first comment on the first part of the statement you made, which is you're right. It's such an exciting time to be in our industry, where our silicon customers are racing forward to deliver to the opportunities in the AI build-out, be it in the data center or on edge or on device, with the flavor of custom silicon, as well as the system companies increasing their investment to differentiate along that stack from workload down to silicon.

謝謝哈倫提出的問題。我想先對你所說的第一部分發表評論，你是對的。對於我們的行業來說，這是一個令人興奮的時刻，我們的晶片客戶正在競相提供人工智慧構建的機會，無論是在數據中心、邊緣還是設備上，都帶有定制晶片的味道，系統公司也增加了投資，以實現從工作負載到晶片的堆疊差異化。

As far as our customer Intel that you're referring to, it's nothing new to Intel, by the way, that they started looking at external EDA and IP. That journey started in 2007. As you recall, most of their EDA were internally developed and IP, and it's been a journey over the last number of years to transition externally.

順便說一句，對於您提到的我們的客戶英特爾來說，他們開始考慮外部 EDA 和 IP，這對英特爾來說並不是什麼新鮮事。這趟旅程始於 2007 年。

Now, with this company transformation they're going through, this is an opportunity to look deeper at what's core, what's context, and looking seriously at efficiency and where to target their resources, where they can differentiate or they can pick up from the ecosystem. So we do believe that there will be an opportunity for further ecosystem leverage for both EDA and IP.

現在，隨著他們正在經歷的公司轉型，這是一個機會，可以更深入地了解什麼是核心，什麼是背景，並認真考慮效率以及將資源定位在哪裡，他們可以在哪裡脫穎而出，或者可以從生態系統中汲取教訓。因此，我們確實相信 EDA 和 IP 將有機會進一步利用生態系統。

As far as short- to mid-term impact, we don't see much impact, actually. As you know, our agreements are committed for long term. And we continue on delivering high value and impact to that customer. So we don't see much in terms of a negative impact in the short or midterm.

就中短期影響而言，實際上我們並沒有看到太大的影響。如您所知，我們的協議是長期承諾的。我們繼續為該客戶提供高價值和影響力。因此，我們在短期或中期看不到太多負面影響。

Great. Thank you for that.

偉大的。謝謝你。

And just over the past 90 days, we've heard of many challenges your semiconductor customers are facing as they sort of push the boundaries on leading-edge chip designs, right? And these challenges don't revolve around the actual performance of the chip itself. The issue is that once you drop these chips into advanced packaging solutions, for example, the power dissipation of these chips is generating a significant amount of heat, causing thermal, mechanical, stress interactions with the packaging, causing a whole bunch of yields and reliability problems.

就在過去的 90 天裡，我們聽說您的半導體客戶在突破前沿晶片設計的界限時面臨著許多挑戰，對吧？而這些挑戰並不圍繞著晶片本身的實際性能。問題是，例如，一旦將這些晶片放入先進的封裝解決方案中，這些晶片的功耗就會產生大量的熱量，導致與封裝的熱、機械、應力相互作用，從而導致大量的產量和可靠性問題。

And then on the flip side, we see more and more of your customers moving into the systems market, like AMD and their recent announcement to acquire ZT Systems, where AMD all of a sudden is going to be doing full-blown board server, rack-scale server design. It still seems like this is exactly -- we're having ANSYS systems analysis solutions as a part of the portfolio becomes a big advantage for the team.

另一方面，我們看到越來越多的客戶進入系統市場，例如 AMD 及其最近宣布收購 ZT Systems，其中 AMD 突然將推出成熟的主機板伺服器、機架規模伺服器設計。看起來這仍然是正確的——我們將 ANSYS 系統分析解決方案作為產品組合的一部分，成為團隊的一大優勢。

But given all of these dynamics, is the support from customers around the ANSYS acquisition continuing to build positive momentum? And then maybe in the interim, what is Synopsys doing to help customers with some of these chip package and systems-level challenges?

但考慮到所有這些動態，客戶對 ANSYS 收購的支援是否會繼續形成積極的勢頭？在此期間，Synopsys 正在採取哪些措施來幫助客戶應對其中一些晶片封裝和系統級挑戰？

I will start with yes, yes on the continued support from customers. And actually, not only silicon customers, silicon and system customers in support of the transaction for the exact same reason you highlighted. If you look at an advanced silicon in an advanced package which has many dies, and those are very advanced chiplets, as you know, each chiplet by itself is a very complex die to design.

我將從「是的，是的」開始，感謝客戶的持續支持。實際上，不僅是晶片客戶，晶片和系統客戶也出於與您強調的完全相同的原因支持交易。如果您查看具有許多晶片的先進封裝中的先進晶片，並且這些都是非常先進的小晶片，如您所知，每個小晶片本身都是一個設計起來非常複雜的晶片。

You put them all together, the challenge is no longer electronics. It's electronics plus all the other attributes you mentioned, from structural, fluid dynamics to thermal. How do you design them during the architecture phase that once you go into manufacturing and packaging is going to work in the field.

把它們放在一起，挑戰就不再是電子產品了。它是電子學加上你提到的所有其他屬性，從結構、流體動力學到熱學。您如何在架構階段設計它們，一旦您進入製造和包裝階段，它們將在現場發揮作用。

Now you look at that as the chip system. That chip system to your AMD reference is going to sit on a board, is going to sit in some sort of a rack and cluster of racks. How are you designing based on that workload and that complexity at the system level to determine how to manage and design for the heat, to manage and design for what type of cooling you want to put, what type of power supplies do you need, et cetera, et cetera.

現在你將其視為晶片系統。 AMD 參考的晶片系統將安裝在主機板上，安裝在某種機架和機架集群中。您如何根據系統層級的工作負載和複雜性進行設計，以確定如何管理和設計熱量、管理和設計您想要採用的冷卻類型、需要什麼類型的電源等諸如此類，等等。

And we've been positioning our company as a silicon-to-system design solution company. And I love the reference right now, as I hear our customers talking about silicon to software to systems, which is exactly the solution and the partnership we're working with our customers on.

我們一直將公司定位為一家從晶片到系統設計解決方案的公司。我現在很喜歡這個參考，因為我聽到我們的客戶談論晶片到軟體到系統，這正是我們與客戶合作的解決方案和合作夥伴關係。

Thank you.

謝謝。

Thank you, Harlan.

謝謝你，哈蘭。

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

Thanks for taking my question. Sassine, at the Analyst Day, you had suggested that core EDA, over time, the growth would grow from 12% to 14% from AI monetization. I'm curious, where is Synopsys in that journey? What have been the early signs to drive this kind of acceleration in the business?

感謝您提出我的問題。 Sassine，在分析師日，您曾表示核心 EDA 隨著時間的推移，人工智慧貨幣化的成長將從 12% 成長到 14%。我很好奇，Synopsys 在這段旅程中處於什麼位置？推動業務加速發展的早期跡像是什麼？

Yes. So, Vivek, if you look back not too long ago, a best case outcome for traditional EDA was in the upper single digit. The reason we've been able to grow in the double digits and what we talked about 12% to 14% is due to complexity of these systems, introduction of new technology to deal with that complexity, and we referenced AI.

是的。所以，Vivek，如果你回顧一下不久前，傳統 EDA 的最佳情況結果是在高個位數。我們之所以能夠實現兩位數的成長，也就是我們所說的 12% 到 14%，是因為這些系統的複雜性，引入了新技術來處理這種複雜性，我們也提到了人工智慧。

AI from a journey point of view, we introduced first DSO.ai, which is the optimization engine on the digital portion of the design. As I mentioned in my prepared remarks, we have VSO.ai, which is in adoption and use by number of customers at this stage and ramping. ASO.ai for analog.

從人工智慧旅程的角度來看，我們首先引入了 DSO.ai，它是設計數位部分的最佳化引擎。正如我在準備好的發言中提到的，我們有 VSO.ai，現階段已有大量客戶採用和使用該產品，並且還在不斷增加。 ASO.ai 用於模擬。

And the part I did not mention in this script itself, we talked about generative AI. We're using LLM for knowledge assistant and generation of portion of the chip itself.

我在這個腳本本身中沒有提到的部分是，我們討論了生成式人工智慧。我們使用法學碩士作為知識助理和晶片本身部分的生成。

So where are we in the monetization and maturity? With DSO.ai we've been selling it for about four years now. We're capturing on average about 20% uplift from the baseline of that portion of the contract. For VSO, it's still in early stage. We're in an early monetization stage, but we don't have enough data point to share with you yet. Where is it? Will it be at the similar 20% higher or lower? We're not there yet.

那麼我們在貨幣化和成熟度方面處於什麼位置？到目前為止，我們已經銷售 DSO.ai 大約四年了。與該部分合約的基線相比，我們平均獲得約 20% 的提升。對VSO來說，還處於早期階段。我們正處於早期貨幣化階段，但我們還沒有足夠的數據點可以與您分享。它在哪裡？會高出還是低 20%？我們還沒到那兒。

ASO, we're in an eval phase. What it means is in customer validation. And so similar to the generative AI. We have a number of customers across five products we have currently that offer knowledge assistant at that stage. So the 12% to the 14% -- that's why we did not specify a timeframe, but what is absolutely clear is that value we are delivering and the impact will be able to justify a monetization to support that 2% growth we communicated.

ASO，我們正處於評估階段。這意味著客戶驗證。與生成人工智慧非常相似。我們目前擁有五種產品，其中有許多客戶在該階段提供知識助理。因此，12% 到14%——這就是為什麼我們沒有指定時間表，但絕對清楚的是，我們正在提供的價值和影響將能夠證明貨幣化的合理性，以支持我們所傳達的2% 的成長。

Thanks, Sassine. And for my follow-up, kind of more near term. So EDA growth, so far, this fiscal year has been up about 9% or so. I understand last year was a tough year for the semiconductor industry, so you're probably seeing the effects of that. But what do you see going into next year conceptually? Do you think the seeds are being laid to help drive the return back to your trend line growth in EDA? Or is it too early to make that kind of conclusion?

謝謝，薩辛。對於我的後續行動，是更近期的。所以EDA的成長，到目前為止，本財年已經成長了大約9%左右。我知道去年對於半導體行業來說是艱難的一年，所以您可能已經看到了其影響。但您對明年的概念有何看法？您是否認為正在埋下種子以幫助推動 EDA 回歸趨勢線成長？或者現在下這樣的結論還太早嗎？

So for design automation, it's double-digit growth. And please measure it based on a trailing 12 months, not quarter over quarter, because sometimes you have -- like in this particular quarter, we had an outstanding Q3 '23. It does not mean that there is anything alarming, but the comparison quarter over quarter may be misleading.

因此，對於設計自動化來說，這是兩位數的成長。請根據過去 12 個月來衡量，而不是逐季度衡量，因為有時 - 就像在這個特定季度一樣，我們的 23 年第三季度表現出色。這並不意味著有任何令人擔憂的事情，但季度與季度之間的比較可能會產生誤導。

As you look at the trailing 12 months, we still feel strongly. It's a double-digit growth. And within design automation, the mix is changing. You have the traditional ratable software; you have the hardware, which is more upfront; and then you have increasing portion becoming an FSA for the software, where customer wants that flexibility.

縱觀過去 12 個月，我們的感受仍然很強烈。這是兩位數的成長。在設計自動化中，混合正在改變。您擁有傳統的可評級軟體；你有硬件，這是更前期的；然後，您越來越多地成為該軟體的 FSA，客戶希望獲得這種靈活性。

For example, that's how they get access to cloud is through that flexible spending account. That's why quarter-over-quarter comparison, I'll caution you around it look more at the trailing 12 months.

例如，他們就是透過靈活的支出帳戶存取雲端的。這就是為什麼在進行季度環比比較時，我會提醒您更多地關注過去 12 個月。

Yeah. And I would just add that our TTM is 10%. And just as Sassine references, Q3 of last year was 23%. So 6% on top of 23% is obviously tremendous growth. And Q3 of last year did include some expiring contracts. So obviously, that's not reoccurring.

是的。我想補充一點，我們的 TTM 是 10%。正如 Sassine 所提到的，去年第三季為 23%。因此，在 23% 的基礎上，6% 顯然是巨大的成長。去年第三季確實包括一些即將到期的合約。顯然，這種情況不會再發生。

Thanks, Vivek.

謝謝，維韋克。

Thanks, Vivek.

謝謝，維韋克。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Thanks, everyone. IP with a very strong revenue growth in the quarter, but upfront products, even stronger growth in the quarter. I'm wondering if the latest generation of hardware-assisted verification is showing up and that's the incremental contributor here. And relatedly, I wanted to ask how order flow for the new hardware products compares, maybe if you compare it to the launch of EP1 a couple of years ago.

偉大的。謝謝大家。 IP 在本季的營收成長非常強勁，但前期產品在本季的成長更為強勁。我想知道最新一代的硬體輔助驗證是否正在出現，這就是這裡的增量貢獻者。與此相關的是，我想問一下新硬體產品的訂單流如何比較，也許可以將其與幾年前推出的 EP1 進行比較。

Yes. So on the hardware itself, we actually are selling our existing product. We introduced the EP system, which you need to think of it that sits between prototyping and emulation, which is a suite use case.

是的。所以在硬體本身上，我們實際上是在銷售我們現有的產品。我們介紹了 EP 系統，您需要將其視為介於原型設計和模擬之間的套件用例。

But we have a very competitive system in a number of use cases. The use case that is suite for Synopsys is software bring-up. Because of the performance our system is able to deliver, we are seeing actually a very nice adoption and pull in -- not pull in, like requirements from the customers to adopt those systems for software bring-up.

但我們在許多用例中擁有非常有競爭力的系統。適用於 Synopsys 的用例是軟體啟動。由於我們的系統能夠提供的效能，我們實際上看到了非常好的採用和吸引——而不是像客戶要求採用這些系統進行軟體啟動的要求。

The other use case that we identified a while back as an area we need to make sure we have a competitive solution is simulation acceleration. That's a use case that typically or historically, Synopsys did not compete as strongly in that use case. We had a couple of wins in the quarter where customers are looking for a same hardware, same compile that they can use it as a continuum from their prototyping to their emulation.

我們不久前確定的另一個用例是模擬加速，我們需要確保我們擁有有競爭力的解決方案。這是一個典型的或歷史上的用例，Synopsys 在該用例中的競爭並不激烈。我們在本季度取得了幾項勝利，客戶正在尋找相同的硬體、相同的編譯，以便他們可以將其用作從原型設計到模擬的連續體。

That's why, Joe, you see a strong hardware momentum, and we don't see it slowing down given the complexity.

這就是為什麼，喬，你看到了強勁的硬體勢頭，考慮到複雜性，我們認為它不會放緩。

And the other upfront component I would add is IP, and we had an exceptionally strong IP quarter. And to the extent that that IP is already available and a customer is ready to consume it, then that can happen pretty quickly.

我要添加的另一個前期組成部分是知識產權，我們的知識產權季度異常強勁。如果該 IP 已經可用且客戶已準備好使用它，那麼這種情況就會很快發生。

Okay. That's all very helpful. And then the comment was made that commercial momentum remains robust. I'm wondering if that's just evident in backlog developments. If you can give an update there. And then any -- I know you don't like to give forward guidance on backlog, but how the pipeline looks into year-end and maybe the initial part of next fiscal year. Thank you.

好的。這一切都非常有幫助。隨後評論稱商業勢頭依然強勁。我想知道這是否在積壓開發中很明顯。如果您可以在那裡提供更新。然後，我知道您不喜歡就積壓工作提供前瞻性指導，但會如何看待年底以及下一財年的初始階段。謝謝。

Sure. Thanks, Joe. So backlog for the quarter was $7.9 billion. And to give you a reference on continuing operations last Q3, so Q3 of '23 ex-SIG, that was $6.5 billion. So it's up very nicely year on year as we're continuing to race ahead to support the customers and all the complexity that they're dealing with.

當然。謝謝，喬。因此，本季的積壓訂單為 79 億美元。並為您提供上個第三季持續營運的參考，即 23 年第三季前 SIG 的營運規模為 65 億美元。因此，隨著我們繼續領先以支援客戶以及他們正在處理的所有複雜性，它逐年增長得非常好。

And that number does ebb and flow as we build and burn. It was relatively flat out quarter on quarter. Thanks, Joe.

隨著我們的建設和燃燒，這個數字會起起落落。季度環比相對持平。謝謝，喬。

Thank you.

謝謝。

Jason Celino, KeyBanc.

傑森·塞利諾，KeyBanc。

Hey, thanks for taking my questions. Maybe my first one, just on the guidance for the year. It looks like you're narrowing the revenue range. As much as I'd like you to raise every quarter, I think we've already seen you raised two to three times this year. So I think we'll give you the pass. But curious if there were any areas that could have outperformed more or any areas downtick that offset some of the strength you did see. Curious there. Thanks.

嘿，謝謝你回答我的問題。也許是我的第一個，只是關於今年的指導。看來您正在縮小收入範圍。儘管我希望你每個季度都能籌集資金，但我想我們今年已經看到你籌集了兩到三次資金。所以我想我們會給你通行證。但很好奇是否有任何領域可以表現得更好，或者任何領域的下滑抵消了您確實看到的一些優勢。那裡很好奇。謝謝。

Well, Jason, as you said, we've raised several times this year. So the confidence of the Q3 results really allowed us to narrow our guidance to give 15% at the midpoint. And I would say we're seeing -- that strength that Sassine is talking about in the industry, we're seeing that across our product line. So good engagement with customers really across the board as they accelerate their road maps to meet the robust demand.

嗯，傑森，正如你所說，我們今年已經籌集了幾次資金。因此，對第三季業績的信心確實使我們能夠將指導範圍縮小到中點 15%。我想說的是，我們正在看到 Sassine 在行業中談論的那種力量，我們在整個產品線中都看到了這一點。隨著客戶加速制定路線圖以滿足強勁的需求，他們與客戶進行了全面的良好互動。

We did raise non-GAAP operating margin and non-GAAP EPS because again, as Sassine talked about, we're being very, very deliberate in our investment and our expenses, and making sure that we're onboarding some of the things we're talking about doing with customers with AI [inefficiency]. And so you saw us improve on both those metrics. Thanks, Jason.

我們確實提高了非公認會計原則營業利潤率和非公認會計原則每股收益，因為正如薩辛所說，我們在投資和支出方面非常非常慎重，並確保我們正在實施一些我們想要做的事情。我們談論的是用人工智慧與客戶打交道[效率低]。所以你看到我們在這兩個指標上都取得了進步。謝謝，傑森。

Excellent. And then one quick one on China. It looks like it was down 8% in the quarter but still up 8% for the year. Maybe just compared to last quarter, I guess, how are you feeling about the demand environment in that region?

出色的。然後快速介紹一下中國。看起來本季下降了 8%，但全年仍上漲 8%。也許只是與上季相比，我想，您對該地區的需求環境有何看法？

Yeah. That's why, Jason, at the beginning of the year, we talked about taking a pragmatic approach on China for two factors. One, is the continued impact of the entity less technology restrictions and then the second is the macro environment in China.

是的。這就是為什麼傑森在今年年初我們談到對中國採取務實的態度有兩個因素。一是實體減技術限制的持續影響，二是中國宏觀環境。

Now all of that being said, we're still executing well in China. We're growing in China, and it's excellent to see, when you look at the rest of the regions, we are performing incredibly well. So we continue to take a balanced approach on China given those two factors.

話雖如此，我們在中國的表現仍然很好。我們在中國不斷發展，很高興看到，當你看看其他地區時，我們的表現非常好。因此，考慮到這兩個因素，我們繼續對中國採取平衡的態度。

Perfect. Thanks, Sassine.

完美的。謝謝，薩辛。

You're welcome.

不客氣。

Lee Simpson, Morgan Stanley.

李‧辛普森，摩根士丹利。

Great. Thanks for fitting me, and great quarter, guys. Just wanted to ask an R&D question, if I could. So if you look at the numbers, it looks as though R&D was maybe slightly ahead of some people's expectations out there. And I think to be fair, there's been quite a build around new product updates, particularly hardware, but obviously around IP interfaces, maybe foundational IP as well.

偉大的。謝謝你們讓我適應，夥計們，這個季度很棒。如果可以的話，我只是想問一個研發問題。因此，如果你看一下這些數字，你會發現研發可能稍微超出了某些人的預期。公平地說，我認為圍繞新產品更新（特別是硬體）進行了相當多的構建，但顯然也圍繞著 IP 接口，也許還有基礎 IP。

So I wondered if there was scope as we go through the end of this year and into next for you to maybe flatten some of the R&D. And just to help with that outperformance on the earnings line or maybe the pace of product innovation is unlikely to let you do that. I just wanted to understand the balance between those two positions.

所以我想知道今年年底和明年是否有空間讓您扁平化一些研發。只是為了幫助實現獲利上的優異表現，或者也許產品創新的步伐不太可能讓你做到這一點。我只是想了解這兩個位置之間的平衡。

Yeah. So certainly, the pace of the industry, and what Sassine talked about even the pace of new standard and IP, is accelerating. So we almost have to be a step ahead of our customers. So continuing to invest in that is incredibly important and then continuing to invest and building both on our hardware roadmap that you talked about and then continuing to evolve our EDA capabilities is really top of our priority when we think about our investment.

是的。因此，可以肯定的是，該行業的步伐，以及 Sassine 所說的新標準和 IP 的步伐，正在加快。因此，我們幾乎必須領先客戶一步。因此，繼續投資這一點非常重要，然後繼續投資和建立您談到的硬體路線圖，然後繼續發展我們的 EDA 能力，這確實是我們在考慮投資時的首要任務。

So I don't see R&D investment as an area of savings for us really anytime soon. Obviously, a lot of the benefits and efficiencies that we're driving there, we think about reinvesting those in building further product innovation.

因此，我認為研發投資不會很快成為我們節省開支的領域。顯然，我們正在考慮將這些好處和效率再投資於進一步的產品創新。

Great. Very clear. Maybe just to follow-up, I wanted to ask an end-market question maybe on automotive. I think in the past, you've noted a growing focus in automotive, and Sassine, some of your comments seem to call that out. We are seeing a pivot to software-defined vehicles. We are seeing custom silicon come coming into view.

偉大的。非常清楚。也許只是為了跟進，我想問一個關於汽車的終端市場問題。我想在過去，您已經注意到人們對汽車的日益關注，而 Sassine，您的一些評論似乎也指出了這一點。我們看到了向軟體定義車輛的轉變。我們看到客製化矽進入視野。

So just trying to understand what proportion of growth would you say is sensible for us to assume over the next couple of years coming out of automotive, given all the work, including some big microprocessors going into the car. Thanks.

因此，考慮到所有的工作，包括汽車中的一些大型微處理器，您認為未來幾年汽車產業的成長比例是多少是合理的。謝謝。

Thank you, Lee, for the question. Automotive has been a very exciting segment, I want to say over the last three to four years. And a couple of things were driving it is the whole push towards delivering a smarter car, meaning more sophisticated silicon and the same exact challenge at the system level that we talk about often and the hyperscaler context supplies to automotive number of the automotive OEMs, started -- some are already doing it, other are starting to consider building their own silicon.

謝謝李老師的提問。我想說的是，在過去的三到四年裡，汽車一直是一個非常令人興奮的領域。有幾件事推動了它的發展，那就是交付更聰明的汽車的整體推動力，這意味著更複雜的晶片和我們經常談論的系統級別的相同挑戰，以及向汽車原始設備製造商的汽車數量提供的超大規模環境，開始——有些人已經在這樣做，有些人則開始考慮建造自己的晶片。

But what is absolutely happening, even if they're not building their own silicon, they're investing in the electronics system, meaning as they're architecting the system of the car, electronic system of the car, and they're working with their Tier 1, Tier 2 suppliers, how do they communicate the spec of these chips that fits within the software and the overall system requirements.

但絕對正在發生的事情是，即使他們沒有建造自己的晶片，他們也在投資電子系統，這意味著他們正在建造汽車系統、汽車電子系統，並且他們正在與他們的一級、二級供應商如何傳達這些晶片的規格以適應軟體和整體系統要求。

For Synopsys, that's an opportunity where we sell what we call our virtualization solution, where we work with both the semiconductor companies to virtualize their chip, then we work with automotive OEMs to define that architecture for the electronics based on this virtualization and virtual models. You can think of it as digital twin for electronics. And that's contributing for acceleration in the sales of some of our solutions and products that were not generated necessarily for the automotive market. But right now, that's a new market that are adopting the solutions.

對於Synopsys 來說，這是一個機會，我們可以銷售我們所謂的虛擬化解決方案，我們與兩家半導體公司合作，虛擬化他們的晶片，然後我們與汽車OEM 合作，定義基於虛擬化和虛擬模型的電子架構。您可以將其視為電子產品的數位孿生。這有助於加速我們的一些解決方案和產品的銷售，這些解決方案和產品不一定是針對汽車市場的。但現在，這是一個正在採用這些解決方案的新市場。

We do anticipate that that market will continue on growing given those systems, those cars are going to be more intelligent, more connected, which is a great opportunity. I cannot go further than that, Lee, in terms of what percentage of the overall growth, et cetera, et cetera, because that's not how we report per se by market segments.

我們確實預計，鑑於這些系統，這些汽車將變得更加智慧、更加互聯，該市場將繼續成長，這是一個很好的機會。李，我無法進一步說明整體成長的百分比等等，因為這不是我們按細分市場本身報告的方式。

Understood. Thanks for the color.

明白了。謝謝你的顏色。

You're welcome.

不客氣。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Thank you. Sassine, hi. I wanted to go back to something you mentioned in your prepared remarks regarding design cycles contracting. And you mentioned that that's in the face of increasing chip complexity. And I think some of that, at least to me, seems like it's a relatively new development. And wondering how we should think about that as a maybe longer-term impact to your business.

謝謝。薩辛，嗨。我想回到您在準備好的評論中提到的有關設計週期承包的內容。您提到這是面對晶片複雜度不斷增加的情況。我認為其中一些，至少對我來說，似乎是一個相對較新的發展。並想知道我們應該如何看待這對您的業務可能產生的長期影響。

I'm thinking about this. Obviously, there's AI and your tools helping with those design cycle accelerations. But are there other sort of areas that your customers are asking you for -- as they try to accelerate their designs? And really, I guess the longer-term question here is, it's happening at the leading edge, it's happening with the most complex design, but do you think that that is a trend that could sort of move across the systems in IT industry as you continue to develop on your end?

我正在考慮這個問題。顯然，人工智慧和您的工具可以幫助加快設計週期。但是，當您的客戶試圖加速他們的設計時，他們是否也要求您提供其他類型的領域？事實上，我想這裡更長期的問題是，它發生在前沿，它發生在最複雜的設計中，但你是否認為這種趨勢可能會在 IT 行業的系統中發生變化，就像你你到底繼續發展嗎？

Yeah, excellent question, Ruben. If you look back at the last, I don't know, two, three decades, the entire industry had a rhythm of the next product, and it was Moore's Law. And not every company just move with the latest Moore's Law offering. You move to it when you need from a performance, power, cost, et cetera, to move to it.

是的，很好的問題，魯本。如果你回顧過去，我不知道，兩、三十年，整個產業都有下一個產品的節奏，這就是摩爾定律。並不是每家公司都會遵循最新的摩爾定律產品。當你需要從效能、功耗、成本等方面轉向它時，你就會轉向它。

Right now, when you look at number of customers that they are talking about a reduced design cycle from what it used to be 3 years, 18 months down to possibly 1 year, we cannot look at it as the traditional way of designing a chip. Those will be definitely multi-die systems with optionality in that advanced package to target a new product in their roadmap to serve a certain customer set.

現在，當你看到許多客戶正在談論將設計週期從過去的 3 年 18 個月縮短到可能的 1 年時，我們不能將其視為設計晶片的傳統方式。這些肯定是多晶片系統，在該高級軟體包中具有可選性，可以在其路線圖中瞄準新產品來服務特定的客戶群。

How fast do I see the rest of the market moving in that direction? Not too many customers can afford and have the skill and the market for them to move in that direction because it's very complex. So it's both. The cycle time of the design is shrinking with a significantly increasing complexity.

我認為市場的其他部分朝這個方向發展的速度有多快？沒有太多的客戶能夠負擔得起、擁有技能和市場來朝這個方向發展，因為它非常複雜。所以兩者都是。設計的周期時間正在縮短，複雜性卻顯著增加。

For us, as an industry, that's great news because from EDA for design automation at the chiplet level and the advanced package level, you need to use the latest technology with the AI capabilities, et cetera. For IP, it's requiring, as I mentioned as well in my prepared remarks, for these protocols to shrink from designing them over two-, three-year set of requirements to a much shorter cycle and even customer adopting it before the spec is even finalized. Then on the hardware verification side, you need, of course, the ability to verify, validate all of this.

對於我們這個行業來說，這是個好消息，因為從用於小晶片等級和高級封裝等級的設計自動化的 EDA 來看，您需要使用具有 AI 功能等的最新技術。對於 IP，正如我在準備好的發言中提到的那樣，這些協議的設計週期從兩年、三年的時間縮短到更短的周期，甚至客戶在規範最終確定之前就採用了它。然後在硬體驗證方面，您當然需要驗證、驗證所有這些的能力。

Now as you look at this whole dynamic, while it's very exciting, we need to wait and see how many customers will have the ability from resources skills investment to pace with that acceleration.

現在，當你看到整個動態時，雖然非常令人興奮，但我們需要等待，看看有多少客戶將擁有資源技能投資的能力來跟上這種加速的步伐。

Charles Shi, Needham & Company.

查爾斯‧史（Charles Shi），李約瑟公司。

Hi. Good afternoon. I have a question about China. I think at the beginning of the year, I think for two reasons, restrictions and the macro, you were sort of expecting maybe China doesn't grow as fast as the corporate, which kind of implies maybe the percentage of China revenue probably going to be lower, but you also said that dollar-wise, it's probably still going to be higher year on year for the full year.

你好。午安.我有一個關於中國的問題。我認為在今年年初，我認為出於兩個原因，限制和宏觀，你有點預期中國的增長速度可能不如企業那麼快，這意味著中國收入的百分比可能會更低，但你也說過，就美元而言，全年可能仍會比去年同期更高。

But the first three quarters of the fiscal year looks like you may be ahead of that plan, meaning that contribution-wise, it may actually get ahead of last year's 16% contribution from China, which would also imply, actually, China may grow faster than the corporate. There's a chance you actually can grow that faster than the corporate.

但本財年的前三個季度看起來可能會領先於該計劃，這意味著就貢獻而言，它實際上可能會超過去年中國16% 的貢獻，這也意味著實際上中國可能會成長得更快比企業。你實際上有可能比公司發展得更快。

Wonder what has changed. And specifically, the Q3 number from China is particularly strong. And related to that, did you see any of the pull-forward revenue from your Chinese customers for whatever reason, maybe for the fear of some getting banned by any of the new export controls? Mind if you could provide some color there.

想知道發生了什麼變化。具體來說，來自中國的第三季數據尤其強勁。與此相關的是，您是否看到任何來自中國客戶的收入因某種原因而增加，也許是因為擔心某些新出口管制措施會禁止？請介意你是否可以在那裡提供一些顏色。

So I'll start with the last part of the question. No, we're not seeing anything unusual in terms of pull-ins or a different approach to engaging Synopsys. As far as what we communicated at the beginning of the year still holds true. The reason you may see quarter-over-quarter growth in a specific region is, again, based on the mix of the products that we have. It may be a very strong hardware or IP quarter or more FSA pull down, that's why you see it. But nothing changed from what we communicated at the onset of the year.

所以我將從問題的最後一部分開始。不，我們沒有看到任何異常的拉入或與 Synopsys 合作的不同方法。就我們年初溝通的情況而言，仍然有效。您可能會看到特定地區季度環比增長的原因同樣是基於我們擁有的產品組合。這可能是一個非常強大的硬體或 IP 季度或更多 FSA 的拉低，這就是你看到它的原因。但與我們年初溝通的內容相比，沒有任何變化。

(Operator Instructions)

（操作員說明）

Operator, I think you may have had a follow-up, Charles.

接線員，我想你可能有後續行動，查爾斯。

Sorry.

對不起。

Oh, yes. I do have a follow-up, yes. The other question, maybe for Shelagh, I think the non-GAAP expense looks like you are doing better. You're actually also ahead based on the numbers I can see that the July quarter, you did a $10 million better compared with what you planned as the total non-GAAP expense and for the full year $25 million less than what you expected.

哦是的。我確實有後續行動，是的。另一個問題，也許對於 Shelagh 來說，我認為非公認會計準則費用看起來你做得更好。根據我看到的數字，您實際上也處於領先地位，即 7 月季度，您的非 GAAP 總支出比您計劃的多了 1000 萬美元，全年比您的預期少了 2500 萬美元。

But wonder what's the change compared with the three months ago. Is there anything like the timing of the hiring, et cetera? Because I did remember some of the OpEx growth into the year-end was for you to invest in some new opportunities like in IP, like [PCIe], EDA, et cetera. So what's driving the slightly lower OpEx expectation here? Thanks.

但不知道與三個月前相比有什麼變化。有什麼諸如招募時間之類的嗎？因為我確實記得年底的一些營運支出成長是為了投資一些新的機會，例如 IP，如 [PCIe]、EDA 等。那麼是什麼導致營運支出預期略低呢？謝謝。

Yeah. So we're continuing to invest. We talked about continuing to invest in building out the roadmap that we talked about at Investor Day, continuing to invest building out IP titles. And it's really all about making sure that we're being intentional about where our overall investment. And so while we're investing in things, we're also driving efficiencies in the business as we implement AI for ourselves and we implement digital transformation.

是的。所以我們會繼續投資。我們談到了繼續投資建立我們在投資者日討論的路線圖，並繼續投資建立知識產權。這實際上是為了確保我們有意識地考慮我們的整體投資。因此，在我們投資事物的同時，我們也在為自己實施人工智慧並實施數位轉型，從而提高業務效率。

So I would just say we're being really prudent about our expense structure, but we are investing in the new product innovations. And then we also had some good news on interest and other. So both of those things being really disciplined on our investments and then some good news on interest and other is what's contributing to that upside. Thank you for that question, Charles.

所以我想說，我們對我們的費用結構非常謹慎，但我們正在投資新產品創新。然後我們還有一些關於利息和其他方面的好消息。因此，這兩件事對我們的投資都非常嚴格，然後是一些關於利息和其他方面的好消息，這都是促成這一上漲的原因。謝謝你提出這個問題，查爾斯。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓，沃爾夫研究中心。

Hey, guys. Thanks for sneaking me in here. I actually kind of want to follow up on few questions that are already -- asked already. The first one is the question about Intel's comments. But I just want to ask you very straightforward and very clear. And the question is, are there any changes in your forward growth of expectations because of Intel's comments about laying people off, using IP more efficiently, using EDA vendors more efficiently? And if not, what gives you the confidence that there is no change going forward?

嘿，夥計們。謝謝你偷偷帶我來這裡。我其實有點想跟進已經提出的幾個問題。第一個是關於英特爾的評論的問題。但我只是想問你非常直接、很清楚的問題。問題是，由於英特爾有關裁員、更有效地使用 IP、更有效地使用 EDA 供應商的言論，您的預期成長是否會發生任何變化？如果沒有，是什麼讓您確信未來不會有任何改變？

Yes. So when we engage customers, we are engaging on programs that are multi-quarters type of investments we need to make before we see the needle moving in terms of impact on our business. That's why when you think of our business when -- as we refer to it as resilient because it's a multi-year type of commitment, and even if Intel were to move more IP, let's say, to Synopsys, these are things you will not see the impact in terms of revenue until it takes us the cycle to build that IP, deliver it back, et cetera, et cetera.

是的。因此，當我們與客戶合作時，我們正在參與一些項目，這些項目是我們需要進行的多個季度的投資，然後我們才能看到對我們業務的影響發生變化。這就是為什麼當你想到我們的業務時——我們稱之為有彈性的，因為這是一種多年的承諾，即使英特爾將更多的IP 轉移到新思科技(Synopsys)，這些都是你不會做的事情看看收入方面的影響，直到我們開始建立該知識產權、將其交付回來等等的周期。

So that's why short term to midterm, we don't see an impact in the positive or the negative just simply because of the way we structured our engagement. And not unique to Intel, this is just broadly. That's how we engage an IP build-out. And of course, EDA is more straightforward.

這就是為什麼從短期到中期，我們不會因為我們建構參與的方式而看到正面或負面的影響。這並不是英特爾獨有的，而是廣泛存在的。這就是我們進行智慧財產權建設的方式。當然，EDA 更簡單。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Sassine, with respect to your own product development of AI/ML branded products, one question I have is, how does the development process, or let's call it, the intensity of development for AI products differ, if at all, from your conventional product developments? In other words, how do you measure your own AI development productivity or your readiness for GA of those products versus conventional EDA products?

謝謝。 Sassine，關於您自己的人工智慧/機器學習品牌產品的產品開發，我有一個問題是，人工智慧產品的開發過程（或我們稱之為開發強度）與您的傳統產品有何不同（如果有的話）事態發展？換句話說，與傳統 EDA 產品相比，您如何衡量自己的 AI 開發生產力或這些產品的 GA 準備？

Relatedly, at DAC two months ago, there was an interesting panel discussion in which Shankar participated regarding the evolution of EDA, AI/ML products and whether they remain separately branded products indefinitely or whether inevitably they become subsumed as features within the core product. So maybe you can address all of that. And then my follow-up will be about custom.

與此相關的是，兩個月前的DAC 上，Shankar 參加了一場有趣的小組討論，討論了EDA、AI/ML 產品的演變，以及它們是否無限期地保持獨立品牌產品，或者是否不可避免地被納入核心產品的功能。所以也許你可以解決所有這些問題。然後我的後續行動將是關於定制的。

Thank you, Jay, for the question. Actually, it's a very good question. If you look back at the rhythm of product releases, let's call it, the traditional EDA software, we're driven by foundry specific PDK, tuning, tweaking we needed to do in order to make sure that the customer who's on the leading edge with that process node have the right tool that is enabling all the features that foundry has, et cetera. So that's from a process technology.

謝謝傑伊的提問。事實上，這是一個非常好的問題。如果你回顧一下產品發布的節奏，我們稱之為傳統的 EDA 軟體，我們是由代工廠特定的 PDK 驅動的，我們需要進行調整、調整，以確保處於領先地位的客戶該製程節點擁有合適的工具，可以實現鑄造廠擁有的所有功能，等等。這來自於工藝技術。

From a customer architecture point of view, we did not have to do much different from a customer to a different customer. So they can use the same product, et cetera. With AI, let's call it, that sits inside the tool or around the tool, the optimization engine using AI that can accelerate the traditional engine of EDA, to some extent, was very similar, where we just released it based on the release cycle of the products. So with DSO.ai same release as Fusion Compiler; VSO same as VCS, Verdi, et cetera.

從客戶架構的角度來看，我們不必對不同的客戶做太多不同的事情。所以他們可以使用相同的產品，等等。就AI而言，它位於工具內部或工具周圍，使用AI的優化引擎可以加速傳統的EDA引擎，在某種程度上，它非常相似，我們只是根據發布週期發布它。因此，DSO.ai 與 Fusion Compiler 版本相同； VSO 與 VCS、Verdi 等相同。

With generative AI, not only the pace of which model to use, which customer environment to accept these models because they may have their own preference in which they want to use GenAI in the context of their own environment in which they are designing the chip. So it's becoming at a different pace of releasing this technology, as well as, I want to say, customer-specific for some of these engagements and releases.

對於生成式 AI，不僅包括使用哪種模型的速度、哪種客戶環境接受這些模型，因為他們可能有自己的偏好，並希望在自己設計晶片的環境中使用 GenAI。因此，發布這項技術的步伐正在變得不同，而且我想說的是，其中一些參與和發布是針對特定客戶的。

From how to deal with it, so we're not having a special product for each customer, is from an engineering development point of view, what are the layers that we can have as common and what's the layer that we can customize at a fast pace without slowing away the investment that we have at the infrastructure level. So that's what's changing in terms of the optimization AI, there's the GenAI, and the traditional EDA.

從如何應對來說，所以我們沒有針對每個客戶有專門的產品，是從工程開發的角度來看，哪些層是我們可以通用的，哪些層是我們可以快速定制的的步伐，同時又不減慢我們在基礎建設層面的投資。這就是優化人工智慧方面發生的變化，有 GenAI 和傳統的 EDA。

As to the point that Shankar made, I agree. In our current engagement with customers, especially on the advanced most complex chips, customers is not differentiating, will I use AI with Fusion Compiler or not? They will just use it. As part of the expectation is I need to use everything you give me in order to achieve my target.

至於尚卡提出的觀點，我同意。在我們目前與客戶的接觸中，尤其是在最先進、最複雜的晶片上，客戶沒有區分，我是否會使用帶有 Fusion Compiler 的 AI？他們只會使用它。作為期望的一部分，我需要使用你給我的一切來實現我的目標。

So as we start moving forward, will we keep thinking of AI in and around EDA as a separate or as part of the solution? How we see it is absolutely will become an expected part of the solution.

因此，當我們開始前進時，我們是否會繼續將 EDA 中及其周圍的人工智慧視為單獨的解決方案還是解決方案的一部分？我們如何看待它絕對將成為解決方案的預期部分。

Okay. For my follow-up on custom, which you've now referred to the last several conference calls, what is your ambition for how large a business that can be? When we look at the industry data, things having to do with analog mixed signal, layout, and analysis are roughly a mid-teens percent of EDA, excluding IPs, in other words, mid-teens percent of design automation. A lot of that obviously is skewed towards Cadence and Ansys, but would it be your ambition that your analog mix signal business could ultimately be about a mid-teens percent of your design automation business, if not more?

好的。對於我對定制的後續報道，您現在已經在最近幾次電話會議中提到了這一點，您對業務規模的期望是什麼？當我們查看行業數據時，與模擬混合訊號、佈局和分析有關的事情大約佔 EDA 的百分之十左右（不包括 IP），換句話說，佔設計自動化的百分之十左右。其中許多顯然都偏向 Cadence 和 Ansys，但您的類比混合訊號業務最終能否占到您設計自動化業務的百分之十左右（如果不是更多），這是否是您的野心？

So, Jay, we see this as an opportunity on two fronts. When you think of analog, there are two portions of analog design that we offer solution for. One, is the verification simulation of analog. And there, as you know, we have a fairly strong portfolio. And so does our competitor. Actually, they offer a very strong portfolio.

所以，傑伊，我們認為這是兩個面向的機會。當您想到模擬時，我們為模擬設計的兩個部分提供解決方案。一是模擬驗證模擬。如您所知，我們在那裡擁有相當強大的產品組合。我們的競爭對手也是如此。事實上，他們提供了非常強大的產品組合。

Where we are a much smaller portion of the TAM is in the analog design environment. And in the analog design environment, these are the wins per se that we've been referring to in this earnings call, the previous earnings call, and they are driven by a discontinuity. And that discontinuity is those customers are dealing with the same challenge that we talked about for the traditional logic, digital type of customers, which is an increased complexity, faster cycle time for the design.

我們 TAM 的一小部分是在類比設計環境中。在模擬設計環境中，這些是我們在本次財報電話會議和上一次財報電話會議中提到的勝利本身，它們是由不連續性驅動的。這種不連續性是那些客戶正在應對我們為傳統邏輯、數位類型的客戶所討論的相同挑戰，即設計的複雜性增加、週期時間加快。

So they are leveraging any new bells and whistles that the industry can offer, in this case, ASO.ai and a more modernized approach to do an analog chip. So of course, we have an aspiration to grow into that TAM, and we're excited about the offering and our customers' interest.

因此，他們正在利用業界可以提供的任何新功能（在本例中為 ASO.ai）和更現代化的方法來製作類比晶片。當然，我們渴望成長為 TAM，並且我們對產品和客戶的興趣感到興奮。

Thanks, Jay. Operator, let's go ahead and wrap up the call. Thank you, everyone.

謝謝，傑伊。接線員，我們繼續結束通話吧。謝謝大家。

Thank you.

謝謝。

Yeah, thank you.

是的，謝謝。

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

今天的電話會議到此結束。我們感謝大家的加入。您現在可以斷開連線。