新思科技 (SNPS) 2024 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys earnings conference call for the fourth quarter and 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 年第四季和財年財報電話會議。

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。

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

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.

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、目標和其他前瞻性聲明。

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.

雖然這些陳述代表了我們目前對未來績效和績效的最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

In addition to any risks that we highlight during the call, important factors that may affect our future results are described in our most recent SEC reports and today's earnings press release.

除了我們在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 we released earlier today.

此外，我們將在討論中提及某些非公認會計準則財務指標。與最直接可比較的 GAAP 財務指標和補充財務資訊的調整可以在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中找到。

All of these items plus the most recent investor presentation are available on our website at www.synopsys.com. In addition, the prepared remarks will be posted on our website at the conclusion of the call.

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

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

這樣，我會將電話轉給 Sassine。

Good afternoon. We delivered a strong finish to the year, exceeding the midpoint of our Q4 guidance targets, which caps another record revenue year for Synopsys. A big thank you to our customers, partners, and the entire Synopsys team.

午安.我們以強勁的業績結束了這一年，超過了第四季度指導目標的中點，為 Synopsys 的營收再創歷史新高。非常感謝我們的客戶、合作夥伴和整個 Synopsys 團隊。

In FY24, we grew revenue 15% year over year and crossed the $6 billion mark, only three years after crossing the $4 billion mark. This is a big achievement considering it took us 35 years to achieve $4 billion.

2024 財年，我們的營收年增 15%，突破 60 億美元大關，距離突破 40 億美元大關僅三年。考慮到我們花了 35 年才達到 40 億美元，這是一項巨大的成就。

We've also expanded the bottom line with EPS growing at a 24% CAGR over the last five years. FY24 was also a transformational year for the company. We sharpened our focus on growth segments with the successful sale of our Software Integrity business, and we doubled down on our silicon to system strategy with the pending acquisition of ANSYS.

我們也擴大了獲利，過去五年每股收益複合年增長率為 24%。 2024 財年也是該公司轉型的一年。透過成功出售軟體完整性業務，我們加強了對成長領域的關注，並且透過即將收購 ANSYS，我們加倍加強了從晶片到系統的策略。

Let me take a few minutes to share some business highlights, and then Shelagh will discuss the financials in more detail. Technology is at a strategic inflection point that presents unprecedented opportunity for Synopsys from silicon to systems. We are operating in an era of pervasive intelligence, which fuels our momentum and is underpinned by multiple secular growth drivers, the mega trend of AI, silicon proliferation, and software-defined systems.

讓我花幾分鐘分享一些業務亮點，然後謝拉將更詳細地討論財務狀況。科技正處於戰略轉折點，為 Synopsys 從晶片到系統提供了前所未有的機會。我們正處於一個智慧無所不在的時代，這推動了我們的發展勢頭，並受到多種長期成長動力、人工智慧大趨勢、晶片擴散和軟體定義系統的支撐。

Unlike the broader semiconductor market, which can be cyclical in nature, Synopsys success is tied to technology innovation cycles. The AI-driven reinvention of compute is accelerating the pace, scale, and systemic complexity of technology R&D, which, in turn, expands our opportunity.

與本質上具有週期性的更廣泛的半導體市場不同，新思科技的成功與技術創新週期息息相關。人工智慧驅動的運算重塑正在加速技術研發的步伐、規模和系統複雜性，這反過來又擴大了我們的機會。

AI and HPC chip design starts continue at a relentless pace, while end demand in industries like industrial, auto, and consumer electronics are recovering more slowly. However, all industries are investing for their AI future, and Synopsys will be a strategic partner in helping them realize their ambitions.

人工智慧和高效能運算晶片設計的啟動繼續以無情的速度進行，而工業、汽車和消費性電子等行業的最終需求恢復速度較慢。然而，所有產業都在為人工智慧的未來進行投資，新思科技將成為幫助他們實現抱負的策略合作夥伴。

Our planned acquisition of ANSYS will further our growth into new adjacent areas. Together, we can deliver on the engineering need for the new AI-powered design solutions that fuse electronics and physics, giving R&D teams unprecedented insights into products under development.

我們計劃收購 ANSYS 將進一步推動我們向新的相鄰領域的發展。我們可以共同滿足融合電子和物理的新型人工智慧設計解決方案的工程需求，為研發團隊提供對正在開發的產品前所未有的洞察力。

The regulatory review process is proceeding as expected. I'm pleased to announce that this week, the HSR waiting period has expired, and we are working cooperatively with the FTC staff to conclude the investigation and their review of our proposed remedies. This marks an important milestone towards close, which we continue to expect in the first half of 2025.

監管審查程序正在按預期進行。我很高興地宣布，本週 HSR 等待期已結束，我們正在與 FTC 工作人員合作，完成調查以及他們對我們提出的補救措施的審查。這標誌著關閉的一個重要里程碑，我們仍預計在 2025 年上半年實現這一目標。

We're also making strong progress with other regulatory agencies and customers remain overwhelmingly supportive of this pro-competitive deal. Looking ahead to 2025, at the high level, we expect to deliver double-digit revenue growth and 40% operating margin.

我們與其他監管機構的合作也取得了巨大進展，客戶仍然大力支持這項有利於競爭的交易。展望 2025 年，我們預計將實現兩位數的營收成長和 40% 的營業利潤率。

We will remain focused on execution excellence and operating discipline, while balancing our guidance with pragmatism, given we are readying our company for the largest acquisition in our history and continue to manage macro uncertainties in some geographies. Shelagh will discuss the guidance in more detail.

鑑於我們正在為公司歷史上最大的收購做好準備，並繼續管理某些地區的宏觀不確定性，我們將繼續專注於卓越執行和營運紀律，同時平衡我們的指導與務實。 Shelagh 將更詳細地討論該指南。

Let's move to segment business highlights, starting with design automation. Q4 design automation revenue was up 17% year over year and full-year revenue was up 12% versus 2023. Our unparalleled design automation portfolio provides holistic insight across the flow and includes our industry-leading Fusion Compiler.

讓我們從設計自動化開始細分業務亮點。第四季設計自動化收入年增 17%，全年營收較 2023 年成長 12%。

Fusion Compiler leadership was evident in Q4 as the leading US HPC customer leverage Fusion Compiler to deliver their first TSMC N2 production tape-out, and a leading hyperscaler taped out a novel new SoC on TSMC N4.

Fusion Compiler 的領先地位在第四季度表現得很明顯，美國領先的HPC 客戶利用Fusion Compiler 交付了他們的首個TSMC N2 生產流片，而一家領先的超大規模廠商則在TSMC N4 上流片了一款新穎的SoC。

Since 2020, we've been the pioneers in adding AI optimization engines to our products. We now have Synopsys.ai solutions across the design flow that are delivering extraordinary customer results.

自 2020 年以來，我們一直是產品中添加人工智慧優化引擎的先驅。我們現在擁有涵蓋整個設計流程的 Synopsys.ai 解決方案，可為客戶帶來非凡的成果。

Customers have now used DSO.ai to optimize over 700 cumulative tape-outs and have deployed DSO.ai in up to 90% of SoC blocks on some chips. DSO.ai deployments are also accelerating, with one customer seeing up to 4x improvement in hardware utilization and another achieving 2x faster turnaround time.

客戶現已使用 DSO.ai 優化了 700 多個累計流片，並在某些晶片上高達 90% 的 SoC 模組中部署了 DSO.ai。 DSO.ai 的部署也在加速，一位客戶的硬體利用率提高了 4 倍，另一位客戶的周轉時間加快了 2 倍。

We're also augmenting the capability of Synopsys.ai by bringing the power of generative AI to our platform. We've now expanded coverage of copilot knowledge assistance to 11 EDA products with our customers seeing 30% to 60% faster time to results versus traditional approaches on our flagship products with both hosted commercial LLMs and on-prem deployments with open source LLMs. We and our customers are rescaling and redefining workflow using AI. But this is only the beginning.

我們也透過將生成式人工智慧的力量引入我們的平台來增強 Synopsys.ai 的功能。現在，我們已將副駕駛知識協助的覆蓋範圍擴大到11 種EDA 產品，我們的客戶發現，與使用託管商業LLM 和使用開源LLM 進行本地部署的旗艦產品上的傳統方法相比，獲得結果的時間縮短了30% 至60%。我們和我們的客戶正在使用人工智慧重新調整和定義工作流程。但這只是開始。

AI is evolving from a discrete capability to becoming an essential and ubiquitous part of everything we do. We are also on the cusp of a massive architectural revolution in semiconductors. Multi-die. Acceleration in multi-die designs opens a new frontier in chip architecture, but also ushers the daunting complexities that require the integration of design and multi-physics to solve.

人工智慧正在從一種離散的能力發展成為我們所做的一切中必不可少且無處不在的一部分。我們還處於半導體大規模架構革命的風口浪尖。多晶片。多晶片設計的加速開闢了晶片架構的新領域，但也帶來了需要整合設計和多物理場來解決的令人畏懼的複雜性。

Today, multi-die is the domain of a small group of customers, but third party's estimate that by 2027, 90% of HPC AI designs and 70% of PC designs will be multi-die. Multi-die adoption is also increasing the use of advanced manufacturing nodes, a positive trend for Synopsys.

如今，多晶片僅屬於一小部分客戶的領域，但第三方估計，到 2027 年，90% 的 HPC AI 設計和 70% 的 PC 設計將採用多晶片。多晶片的採用也增加了先進製造節點的使用，這對 Synopsys 來說是一個正面的趨勢。

We're partnering with ecosystem leaders like TSMC to improve predictability and yield for multi-die designs. In Q4, TSMC completed a multi-die test chip tapeout demonstrating the industries only end-to-end unified solution comprising of 3D IC compiler, silicon life cycle management, Synopsys test Solutions, UCIE, and synopsys.ai.

我們正在與台積電等生態系統領導者合作，以提高多晶片設計的可預測性和良率。第四季度，台積電完成了多晶片測試晶片流片，展示了業界唯一的端到端統一解決方案，包括 3D IC 編譯器、矽生命週期管理、Synopsys 測試解決方案、UCIE 和 synopsys.ai。

In this case, AI-driven analysis using 3DSO.ai was deployed to address thermal and power integrity challenges for CoWoS Interposer Packaging the real game changer for multi-die will be a design environment that fuses design automation and multiphysics simulation in a unified platform.

在這種情況下，部署了使用3DSO.ai 的人工智慧驅動分析，以解決CoWoS 中介層封裝的熱和電源完整性挑戰，真正的多晶片遊戲規則改變者將是一個在統一平台中融合設計自動化和多物理場模擬的設計環境。

That's a key part of the value proposition for ANSYS and why our customers are so supportive of that transaction. Closing out on design automation, we had another record year in our hardware business with exceptional momentum on both HAPS and ZeBu product lines.

這是 ANSYS 價值主張的關鍵部分，也是我們的客戶如此支持交易的原因。設計自動化結束後，我們的硬體業務再創歷史新高，HAPS 和 ZeBu 產品線都取得了非凡的發展勢頭。

During Q4, we had over 50 repeat HAPS customers and more than 10 new customers. Notable among those wins, a US hyperscaler deployed a large HAPS implementation for PCIe 6 software bring-up for AI workloads. ZeBu EP momentum also continued with customers seeing value in the reconfigurability of our system to enable all emulation and prototyping use cases.

第四季度，我們有 50 多個 HAPS 回頭客和 10 多個新客戶。其中值得注意的是，一家美國超大規模企業為 AI 工作負載的 PCIe 6 軟體啟動部署了大型 HAPS 實施。 ZeBu EP 的勢頭也在持續，客戶看到了我們系統可重新配置的價值，以支援所有模擬和原型設計用例。

In the quarter, we saw seven repeat customers and eight new customers for ZeBu EP with a key IP customer deploying ZeBu because of the unique reconfigurability of that platform. On to design IP, which was roughly flat in Q4 against a very strong prior year compare.

本季度，我們看到 ZeBu EP 的七個回頭客和八個新客戶，其中一個關鍵 IP 客戶由於該平台獨特的可重新配置性而部署了 ZeBu。設計 IP 與去年非常強勁的情況相比，第四季大致持平。

For the full year, Design IP delivered 24% revenue growth with 5 points of adjusted operating margin accretion. Design activity continued to be robust for high-performance computing customers with seven PCIe 6 design wins, spanning hyperscalers and semiconductor accounts.

Design IP 全年營收成長 24%，調整後營業利益率增加 5 個百分點。高效能運算客戶的設計活動持續保持強勁，贏得了七項 PCIe 6 設計，涵蓋超大規模和半導體客戶。

Protecting data over high-speed interfaces continues to be a critical need. And in Q4, we saw another 7 wins for security integrity and data encryption over PCIe 6 and CXL 3. We also continue to push technology differentiation in our Ethernet products.

保護高速介面上的資料仍然是一項關鍵需求。在第四季度，我們在 PCIe 6 和 CXL 3 上又獲得了 7 項安全完整性和資料加密的勝利。

In Q4, we achieved the industry's first multi-vendor 800-gig Ethernet demonstration at ECOC 2024 proving the robustness and interoperability of our IP. With the rapid acceleration of multi-die designs, there is significant demand for increased throughput.

第四季度，我們在 ECOC 2024 上實現了業界首個多供應商 800 GB 乙太網路演示，證明了我們 IP 的穩健性和互通性。隨著多晶片設計的快速發展，提高吞吐量的需求非常大。

And this quarter, we announced the industry's only complete 40-gig UCIe solution that includes controller, PHY and our verification IP. This IP offers 25% higher bandwidth than the UCIe spec with no impact on energy efficiency or area. We secured two 40-gig UCIe design wins in the quarter and ended the year with more than 20 die-to-die design wins.

本季度，我們發布了業界唯一完整的 40 Gb UCIe 解決方案，其中包括控制器、PHY 和我們的驗證 IP。此 IP 提供比 UCIe 規範高 25% 的頻寬，對能源效率或面積沒有影響。我們在本季度贏得了兩項 40 台 UCIe 設計，並在年底贏得了 20 多項晶片到晶片設計。

We also saw strengths in automotive in the fourth quarter as electrification, infotainment and ADAS features continue to drive strong demand for our comprehensive automotive IP portfolio with wins at multiple leading automotive SoC vendors. In an industry first, we achieved the third-party certification of 40 gigabit per second USB4 IP, an IP title, which is vital for automotive and mobile markets.

我們也看到了第四季度汽車領域的優勢，因為電氣化、資訊娛樂和 ADAS 功能繼續推動對我們全面的汽車 IP 產品組合的強勁需求，並贏得了多家領先的汽車 SoC 供應商的青睞。我們在業界率先獲得了每秒 40 Gb USB4 IP 的第三方認證，這是一個對於汽車和行動市場至關重要的 IP 稱號。

Switching to manufacturing, where we take great pride in our role as the IP technology on ramp to the world's foundries. We were proud to receive TSMC's 2024 Partner of the Year Award for Interface IP acknowledging our collaborative success for Synopsys interface IP on TSMC's most advanced processes.

轉向製造業，我們為自己作為 IP 技術向全球晶圓代工廠提供的角色感到非常自豪。我們很榮幸獲得台積電 2024 年介面 IP 年度合作夥伴獎，承認我們在台積電最先進製程上的新思科技介面 IP 方面的合作取得的成功。

Before closing out, I want to highlight the power of our technology portfolio with a key company-wide design win. This quarter, we strengthened our decade-long partnership with ARM, aligning our road maps to the needs of our mutual customers. As a key partner in ARM total design, we are integrating ARM compute subsystems with our industry-leading IP, AI-driven EDA solutions and industry-leading hardware accelerated verification solutions.

在結束之前，我想透過全公司範圍內的關鍵設計勝利來強調我們技術組合的力量。本季度，我們加強了與 ARM 長達十年的合作關係，根據共同客戶的需求調整了我們的路線圖。作為 ARM 整體設計的重要合作夥伴，我們正在將 ARM 運算子系統與業界領先的 IP、AI 驅動的 EDA 解決方案以及業界領先的硬體加速驗證解決方案整合。

Together, ARM and Synopsys delivered differentiated solutions delivering the next generation of chiplets, SoCs and systems across AI HPC, automotive, mobile, PC and IoT. A few closing comments before we transition to Shelagh's remarks.

ARM 和 Synopsys 共同提供了差異化的解決方案，涵蓋 AI HPC、汽車、行動、PC 和物聯網領域的下一代小晶片、SoC 和系統。在我們轉向謝拉的演講之前，有一些結束語。

We have strong 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 investment with the greatest return potential and aligning our operations to accelerate our growth.

在多個長期成長動力的支持下，我們的整個業務發展勢頭強勁。我們擁有非常有彈性的業務模式，對客戶的創新至關重要。我們正在調整我們的投資組合以實現最大的回報潛力，並調整我們的營運以加速我們的成長。

Thank you to our employees and partners for a transformative 2024. We look forward to igniting our customers ingenuity in 2025 and beyond.

感謝我們的員工和合作夥伴為我們帶來了變革性的 2024 年。

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

有了這個，我會把它交給 Shelagh。

Thank you, Sassine. 2024 was an excellent year highlighted by record revenue, record non-GAAP operating margin and record earnings. We continue our strong execution with financial discipline and are confident in our business heading into 2025, driven by our strong momentum across the business, leading technology that is mission-critical to our customers and a resilient and stable business model noncancelable backlog of $8.1 billion.

謝謝你，薩辛。 2024 年是出色的一年，收入創紀錄、非公認會計準則營業利益率創紀錄，獲利也創紀錄。我們將繼續嚴格執行財務紀律，並對進入2025 年的業務充滿信心，這得益於我們整個業務的強勁勢頭、對我們的客戶至關重要的領先技術以及富有彈性且穩定的業務模式，不可取消的積壓金額達81 億美元。

As we look into 2025, I want to highlight a few changes compared to 2024. In 2024, we had the benefit of an extra week or approximately $70.5 million in revenue. Also, as mentioned in the 8-K filed last week, we are changing our fiscal year from a 52-, 53-week period ending on the Saturday nearest to October 31 to end on October 31 of each year. While design activity remains robust, we are taking a balanced view in 2025, given the impact of fiscal periods, macro uncertainty and a pragmatic view of China.

在我們展望 2025 年時，我想強調一下與 2024 年相比的一些變化。此外，正如上週提交的 8-K 中提到的，我們正在將財政年度從最接近 10 月 31 日的星期六結束的 52 週、53 週的周期更改為每年 10 月 31 日結束。儘管設計活動依然強勁，但考慮到財政週期的影響、宏觀不確定性以及對中國的務實看法，我們對 2025 年持平衡看法。

For 2025, we expect to grow revenue 10.1% to 11.1% or 11.5% to 12.5%, excluding the impact of the extra week and calendar year change, expand non-GAAP operating margin by approximately 150 basis points and drive non-GAAP EPS growth of approximately 13%. Let me provide some highlights of our full-year 2024 results, which are presented on a continuing operations basis.

到2025 年，我們預計營收將成長10.1% 至11.1% 或11.5% 至12.5%（排除額外一週和日曆年變動的影響），將非GAAP 營業利潤率擴大約150 個基點，並推動非GAAP 每股收益成長約13%。讓我介紹一下我們 2024 年全年業績的一些亮點，這些業績是在持續經營的基礎上呈現的。

We generated total revenue of $6.13 billion, up 15% year over year, with double-digit growth across all products and geographies. Total GAAP costs and expenses were $4.77 billion and total non-GAAP costs and expenses were $3.77 billion, resulting in non-GAAP operating margin of 38.5%. GAAP earnings per share were $9.25 and non-GAAP earnings per share were $13.20, up 25% year over year.

我們的總營收為 61.3 億美元，年增 15%，所有產品和地區均達到兩位數成長。 GAAP 成本和費用總額為 47.7 億美元，非 GAAP 成本和費用總額為 37.7 億美元，非 GAAP 營業利潤率為 38.5%。 GAAP 每股盈餘為 9.25 美元，非 GAAP 每股盈餘為 13.20 美元，較去年同期成長 25%。

Now on to our segments. Design automation segment revenue was $4.22 billion, up 12%, driven by strength in EDA software and hardware. Design automation adjusted operating margin was 38.7%. Design IP segment revenue was $1.91 billion, up 24%, driven by broad-based strength. Design IP adjusted operating margin was 38.3%.

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 42.2 億美元，成長 12%。設計自動化調整後營業利益率為 38.7%。受廣泛實力的推動，設計 IP 部門營收為 19.1 億美元，成長 24%。設計 IP 調整後營業利益率為 38.3%。

Turning to cash. Operating cash flow for the year was $1.4 billion and free cash flow was $1.28 billion. We ended the year with cash and short-term investments of $4.05 billion and total debt of $15.6 million. Now to our targets, we expect the first half, second half split of roughly 45%, 55% for revenue, which is more second half weighted versus 2024's 48-52 mix based on two drivers: the first driver is 10 fewer days in the first half of 2025 versus 2024 due to the extra week in the fiscal calendar change, an impact of approximately $100 million.

轉向現金。全年營運現金流為 14 億美元，自由現金流為 12.8 億美元。截至年底，我們的現金和短期投資為 40.5 億美元，債務總額為 1,560 萬美元。現在就我們的目標而言，我們預計上半年、下半年的佔比約為45%，收入佔比55%，與2024 年基於兩個驅動因素的48-52 混合相比，下半年的權重更大：第一個驅動因素的天數減少了10 天由於財政日曆變化增加了一周，2025 年上半年與 2024 年相比，影響約為 1 億美元。

And the second driver is our current assessment of the timing of IP and hardware deliveries. Similarly, we expect first half, second half split of non-GAAP EPS to be 40%, 60% based on our current assumption for expenses. In 2025, the full-year targets are: revenue of $6.745 billion to $6.805 billion, total GAAP costs and expenses between $4.93 billion and $4.98 billion; total non-GAAP costs and expenses between $4.05 billion and $4.09 billion, resulting in non-GAAP operating margin of 40% at the midpoint.

第二個驅動因素是我們目前對 IP 和硬體交付時間的評估。同樣，根據我們目前的費用假設，我們預計上半年、下半年非 GAAP 每股盈餘分別為 40% 和 60%。 2025年，全年目標為：收入67.45億美元至68.05億美元，GAAP總成本和支出49.3億美元至49.8億美元；非 GAAP 成本和支出總額在 40.5 億美元至 40.9 億美元之間，導致非 GAAP 營運利潤率中點為 40%。

Non-GAAP tax rate of 16%, 1 point higher than the rate in 2024, GAAP earnings of $10.42 to $10.63 per share; non-GAAP earnings of $14.88 to $14.96 per share; cash flow from operations of approximately $1.8 billion; and free cash flow of approximately $1.6 billion. Our guidance for cash flow includes the impact of approximately $100 million for deal-related costs and approximately $130 million of cash taxes from the sale of our Software Integrity business.

非 GAAP 稅率為 16%，比 2024 年稅率高 1 個百分點，GAAP 每股盈餘為 10.42 美元至 10.63 美元；非公認會計準則每股收益為 14.88 美元至 14.96 美元；營運現金流量約18億美元；自由現金流約16億美元。我們對現金流量的指導包括約 1 億美元的交易相關成本的影響以及因出售軟體完整性業務而產生的約 1.3 億美元的現金稅。

Now to targets for the first quarter. Revenue between $1.435 billion and $1.465 billion; total GAAP costs and expenses between $1.14 billion and $1.16 billion, total non-GAAP costs and expenses between $945 million and $955 million; GAAP earnings of $1.81 to $1.95 per share, and non-GAAP earnings of $2.77 to $2.82 per share. Our press release and financial supplement include additional targets and GAAP to non-GAAP reconciliations.

現在討論第一季的目標。收入在14.35億美元至14.65億美元之間； GAAP 成本和開支總額在 11.4 億美元至 11.6 億美元之間，非 GAAP 成本和開支總額在 9.45 億美元至 9.55 億美元之間； GAAP 每股盈餘為 1.81 至 1.95 美元，非 GAAP 每股盈餘為 2.77 至 2.82 美元。我們的新聞稿和財務補充包括額外目標以及 GAAP 與非 GAAP 調整表。

Building on a record 2024, we are well positioned entering 2025, driven by our relentless execution and leadership position across our segments, mission-critical products to enable our customers' innovation, and a stable and resilient business model.

在2024 年創紀錄的基礎上，我們在進入2025 年時處於有利地位，這得益於我們在各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而有彈性的業務模式。

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) Joe Vruwink, Baird.

（操作員說明）Joe Vruwink，Baird。

Thanks for taking my questions. I wanted to start just the underlying growth of 11.5% to 12.5%. I think that's maybe a point below the starting ranges you've been using over recent history. Is it may be possible to reconcile just the change that went into your planning assumptions for FY25. And I know you mentioned that the ANSYS deal may potentially close. How much is maybe your updated budgeting approach related to specifically the transaction and just wanting to be prudent around any disruption that creates?

感謝您回答我的問題。我只想開始 11.5% 到 12.5% 的基本成長。我認為這可能低於您最近使用的起始範圍。是否有可能僅協調 2025 財政年度規劃假設中的變更？我知道您提到 ANSYS 交易可能會完成。您更新的預算方法可能與具體交易有多少相關，並且只是想謹慎對待所造成的任何干擾？

Hi, Joe. Thank you for the question. Really, the way we looked at it is a balanced view for FY25 taking into account few factors. The first one is the market we're in and serving. I'd like to think of it as we are in a tale of two markets. The one that our customers are serving the AI infrastructure build-out.

嗨，喬。謝謝你的提問。事實上，我們對 25 財年的看法是平衡的，考慮了一些因素。第一個是我們所處和服務的市場。我想將其視為兩個市場的故事。我們的客戶正在為人工智慧基礎設施建設提供服務。

They're doing incredibly well, and we're benefiting beautifully out of it. These are the companies that they're delivering memory chips, advanced logic, be it CPU, accelerator, GPU, et cetera. And that's helping across the board the Synopsys portfolio, the EDA, hardware, IP, et cetera. But let's not forget, there's another cohort, which is the rest of the semiconductor market, the one that they're serving mobile PC, automotive, industrial.

他們做得非常好，我們也從中受益匪淺。這些公司提供記憶體晶片、先進邏輯（CPU、加速器、GPU 等）。這對 Synopsys 產品組合、EDA、硬體、IP 等都有幫助。但我們不要忘記，還有另一群人，即半導體市場的其餘部分，他們為行動 PC、汽車、工業提供服務。

They are still, in many ways, trying to have a refresh cycle for their products and leverage AI on devices. For us, for that cohort, given we're tied to their R&D, we're still doing fine, but it's not delivering to similar level of growth as the first cohort. So that's from a market point of view.

在許多方面，他們仍在嘗試為其產品提供更新周期，並在設備上利用人工智慧。對我們來說，對於這個群體來說，考慮到我們與他們的研發息息相關，我們仍然做得很好，但它並沒有達到與第一個群體相似的成長水準。這是從市場角度來看的。

The second factor we took into account is the macro uncertainties. And in here, if you double-click on China, in particular, the economy continue on decelerate. You layer on top of it the expansion of restrictions that we needed to take into account.

我們考慮的第二個因素是宏觀不確定性。在這裡，如果你雙擊中國，特別是，經濟會繼續減速。您可以在其之上添加我們需要考慮的限制的擴展。

Lastly, we're absolutely taking into account and so excited about closing ANSYS in the first half of '25, that we need to prepare our company for this massive acquisition not only the largest for Synopsys, but the largest for engineering software industry.

最後，我們絕對考慮到並非常興奮在 25 年上半年關閉 ANSYS，我們需要為這次大規模收購做好準備，這不僅是 Synopsys 最大的收購，而且是工程軟體行業最大的收購。

So you take all these factors into account, we decided to guide FY25 with pragmatism and they're still guiding, as you mentioned, 11.5% to 12.5% growth on the tail of a 15% growth that we just delivered last year.

因此，考慮到所有這些因素，我們決定以務實的態度指導 25 財年，正如您所提到的，在我們去年剛剛實現的 15% 增長的基礎上，它們仍然指導著 11.5% 至 12.5% 的增長。

Okay. That's great detail. Second question just on the outlook period next year. Based on the $8.1 billion in backlog, another really strong quarter of bookings, it would seem like very high visibility on what the next 12 months may bring. I guess any changes in your views given all the current events that have been swirling around.

好的。這是非常詳細的。第二個問題是關於明年的展望。基於 81 億美元的積壓訂單（又是一個預訂量非常強勁的季度），未來 12 個月可能帶來的情況似乎非常清晰。考慮到當前發生的所有事件，我猜你的觀點會發生任何變化。

You touched on some of them. But in terms of like various foundry investments, you mentioned briefly geopolitics. It doesn't seem to have come up just based on your 4Q bookings performance. But what might you anticipate in quarters ahead and how backlog may progress?

你談到了其中一些。但就各種代工投資而言，您簡單地提到了地緣政治。它似乎不是僅根據您的第四季預訂表現而出現的。但您對未來幾季的預期是什麼以及積壓工作可能會如何進展？

Yes. Thank you, Joe, for pointing out the backlog because that's another factor of the health of the business because it's a flat year over year when we entered FY23 -- '24, sorry, it was roughly at $8.1 billion. So that tells you that our ability to deliver 15% without, I want to call it, burning from the backlog is another sign of the health of the business we executed on in FY24.

是的。謝謝你，喬，指出積壓，因為這是業務健康的另一個因素，因為當我們進入 2023 財年時，它與去年同期持平 - '24，抱歉，大約為 81 億美元。因此，這告訴您，我們有能力交付 15%，而不會因積壓而燃燒，這是我們在 2024 財年執行的業務健康狀況的另一個標誌。

Now to your comments regarding foundries, et cetera, I don't want to speculate regarding the various build-out that we're doing for the various foundries. As you know, the majority of our IP business comes from TSMC customers designing on TSMC.

現在，對於您對鑄造廠等的評論，我不想猜測我們正在為各個鑄造廠進行的各種擴建。如您所知，我們的大部分 IP 業務來自於台積電客戶在台積電上進行設計。

But of course, given we are the on-ramp of every foundry, including Intel, Samsung, GF, Rapidus, et cetera, the uncertainty around some of them, how fast do they go and bring in customers in '25 and beyond, it's a speculation at this stage. But we continue on investing and building out our IP across the board for these foundries.

但當然，考慮到我們是每個代工廠的入口，包括英特爾、三星、格芯、Rapidus 等，其中一些代工廠存在不確定性，他們在 25 年及以後的發展速度和引進客戶的速度如何，現階段的一個猜測。但我們繼續為這些代工廠全面投資和建立我們的智慧財產權。

Thank you.

謝謝。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Hey. Thanks for taking my question.

嘿。感謝您提出我的問題。

Maybe just a clarification on the Q1 guide. So I understand the year-over-year dynamics with like the one less week and then maybe an extra one last or two less couple of days based on the fiscal year change. But still, it's coming in sequentially down from Q4. It sounds like you had a pretty strong hardware quarter for Q4, but maybe can you just explain the seasonality that you're seeing for that first quarter?

也許只是對 Q1 指南的澄清。因此，我了解同比動態，例如根據財政年度的變化，減少一周，然後可能再減少最後一兩天或減少兩天。但仍比第四季連續下降。聽起來第四季度的硬體季度相當強勁，但也許您能解釋一下您在第一季看到的季節性嗎？

Sure. So Jason, you got it right the fiscal year change, and the impact in Q1 is eight days. So that's about $80 million. So with our ratable business, obviously, we have eight fewer days to account in Q1 of '24. Then the other thing, I would say is, actually, just looking back to Q1 of '24, it's a really tough compare because IP was actually up 53%.

當然。所以傑森，你對財政年度變化的理解是正確的，第一季的影響是八天。大約是 8000 萬美元。因此，對於我們的應納稅業務，顯然，我們在 24 年第一季的會計天數減少了八天。然後，我想說的另一件事是，實際上，回顧 24 年第一季度，這是一個非常艱難的比較，因為 IP 實際上增加了 53%。

If you think about, we always talk about that business as lumpy. And the lumpy, of course, means you have quarters where customers pulled down a lot of IP and then quarters where we're building IP, but we have lower pull down. And Q1 is going to be a quarter where we're building IP, but we have lower pull down. So Q1 is going to be a low quarter for us, and then we're building and we have a much stronger second half for IP. So it's really those two effects happening.

如果你仔細想想，我們總是說這項業務是不穩定的。當然，不穩定意味著有些季度客戶會撤下大量 IP，而有些季度我們會建立 IP，但我們的撤下量較低。第一季將是我們建構智慧財產權的季度，但我們的下一個拉力較低。因此，第一季對我們來說將是一個低迷的季度，然後我們正在建設，我們的智慧財產權下半年將更加強勁。所以這確實是這兩種效應正在發生。

Okay. Great. Thank you. And then maybe just a quick follow-up for Shelagh. The divestiture of that optical solutions group, was there any divested revenue impact there? Just trying to think about the guide here and then what could have been taken out. Thanks.

好的。偉大的。謝謝。然後也許只是謝拉的快速跟進。光學解決方案集團的剝離對收入有影響嗎？只是想這裡的指南，然後可以刪除什麼。謝謝。

So that doesn't have any effect on this. As we announced that is -- that will be part of our continuing business until we close the ANSYS transaction. So that's still included in our forecast.

所以這對此沒有任何影響。正如我們所宣布的那樣，這將成為我們持續業務的一部分，直到我們完成 ANSYS 交易。所以這仍然包含在我們的預測中。

Thank you.

謝謝。

Okay. Thank you, Jason.

好的。謝謝你，傑森。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon and thanks for taking my question. Two days ago, the Department of Commerce, BIS, Bureau put out an update on U.S. semiconductor and value chain rules and restrictions. There were some updates on the rules on EDA software. Is there any impact of these new rules to your fiscal '25 outlook?

下午好，感謝您提出我的問題。兩天前，美國商務部、國際清算銀行、國際清算銀行發布了有關美國半導體和價值鏈規則和限制的最新資訊。 EDA 軟體規則有一些更新。這些新規則對您的 25 財年前景有何影響？

Harlan, the quick answer is yes. There are -- some customers got added to the entity list in that latest ruling and some technology restrictions as well.

哈倫，快速回答是肯定的。在最新的裁決中，一些客戶被添加到實體名單中，還有一些技術限制。

But I would say, Harlan, that's all incorporated in our guidance. So all of those most recent restrictions are fully incorporated into the guide.

但我想說，哈倫，這些都已納入我們的指導中。因此，所有這些最新限制都已完全納入該指南。

Correct -- yes. No, I appreciate that. And then for my follow-up, it's good to see the strong, double-digit growth in your IP businesses and your design automation businesses in fiscal '24. Sassine, as you mentioned, design activity as measured by chip design starts, IoT adoption appears to all be increasing quite a bit.

正確——是的。不，我很欣賞這一點。然後，對於我的後續行動，很高興看到您的 IP 業務和設計自動化業務在 24 財年實現兩位數的強勁成長。 Sassine，正如您所提到的，以晶片設計衡量的設計活動已經開始，物聯網的採用似乎都在大幅增加。

We continue to see new entrants into the chip design sector, open AI being one of the more recent, like, so within your full-year guide, like how would you qualitatively describe the growth profile of your design automation and IT businesses relative to the full-year growth outlook?

我們繼續看到晶片設計領域的新進入者，開放式人工智慧是最近的一個，例如，在你的全年指南中，例如你如何定性地描述你的設計自動化和 IT 業務相對於全年成長前景？

Yes. So Harlan, the the excitement that we have across our customer base that are serving that AI infrastructure is actually the road map they're delivering, the investments they're making is at the pace that continues to -- on accelerating. That's part of our confidence when we look at what help us achieve over the last five years, a 15% revenue growth CAGR.

是的。因此，Harlan，我們為人工智慧基礎設施提供服務的客戶群所感到的興奮實際上是他們正在提供的路線圖，他們正在進行的投資正在以持續加速的速度進行。當我們看到是什麼幫助我們在過去五年中實現 15% 的收入複合年增長率時，這是我們信心的一部分。

And as we look at FY25 and where we're guiding that growth, a lot of it is coming from that increased investment, and those customers are needing the most advanced IP to do those multi-die designs because almost every one of them is designing either at a 2.5 or with a road map to 3D. The increased needs that they have for hardware-assisted verification to deal with that complexity.

當我們展望 2025 財年以及我們引導這一成長的方向時，其中很大一部分來自增加的投資，而這些客戶需要最先進的 IP 來進行這些多晶片設計，因為幾乎每個客戶都在設計無論是2.5 還是帶有3D 路線圖。他們對硬體輔助驗證的需求不斷增加，以應對這種複雜性。

And anything we offer today with our design automation, EDA software, be it with AI, with Fusion compiler, et cetera, they are the customers that they are first to adopt in order to tame that complexity they're dealing with. So it's across the board, Harlan, we're seeing the adoption with that cohort of customers.

我們今天提供的任何設計自動化、EDA 軟體，無論是人工智慧、Fusion 編譯器等等，都是他們首先採用的客戶，以降低他們正在處理的複雜性。所以，Harlan，我們看到這群客戶的採用是全面性的。

Perfect. Thank you.

完美的。謝謝。

Thank you.

謝謝。

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

Thanks for taking my question. Sassine, you mentioned you've seen very strong overall design starts, especially in AI. I'm curious, what was the growth in design starts that you saw last year? And what is your assumption? I imagine this is one of the more important metrics that you look at in forecasting the business?

感謝您提出我的問題。 Sassine，您提到您已經看到了非常強大的整體設計起點，尤其是在人工智慧領域。我很好奇，去年您看到的設計成長是多少？你的假設是什麼？我想這是您在預測業務時考慮的更重要的指標之一？

Yes. So if I look at not only the last year, if we look at the last three to five years, and let's zoom in with hyperscalers and semiconductors serving hyperscalers. With the hyperscalers, initially, there was a lot of question mark around how much can they continue on investing organically with building chips to differentiate and optimize their workload with their own silicon.

是的。因此，如果我不僅關注去年，如果我們關注過去三到五年，那麼讓我們專注於超大規模企業和服務超大規模企業的半導體。對於超大規模企業來說，最初，人們對他們能夠繼續有機投資多少來構建晶片以利用自己的晶片來區分和優化他們的工作負載存在許多疑問。

And I'm sure, as you listen to almost every one of these hyperscalers, so they're so proud that they are increasing their silicon investments. And as they're making these investments, we are in the middle of each one of these increased and broadening of these investments by hyperscalers.

我確信，當你聽到幾乎每一位超大規模企業的聲音時，他們都會為增加晶片投資而感到自豪。當他們進行這些投資時，我們正參與超大規模企業增加和擴大這些投資的每項投資。

Now you look at companies, semiconductor companies that they're trying to serve that market, be it if you're doing ASIC custom silicon delivery or delivering directly AI accelerators to that group of customers, again, that growth in road map from our customers is increasing year over year from, as I mentioned, in the last three to five years and contributed greatly to our revenue growth that we have witnessed. I don't see it slowing down going into FY25 with that cohort of customers.

現在你看看他們正在努力服務該市場的公司、半導體公司，無論你是在進行 ASIC 定制晶片交付，還是直接向該客戶群提供人工智能加速器，同樣，我們的客戶路線圖的增長正如我所提到的，在過去的三到五年裡，我們的收入逐年增長，並為我們所見證的收入成長做出了巨大貢獻。我認為進入 25 財年，這群客戶的成長速度不會放緩。

And I appreciate that you don't want to be specific to a customer. But when we look at your largest customer, how big were they in fiscal '24? And they are going through some level of restructuring and turmoil. How are you trying to deal with that?

我很欣賞您不想針對某個客戶。但是，當我們查看您最大的客戶時，他們在 24 財年的規模有多大？他們正在經歷一定程度的重組和動盪。你打算如何處理這個問題？

And how much are you assuming that becomes a headwind or Synopsys next year. I assume you have contemplated that in your outlook, but how much of a headwind is that restructuring activity at your largest customer?

您認為明年這將在多大程度上成為新思科技的逆風。我想您在展望中已經考慮到了這一點，但是您最大客戶的重組活動有多大阻力？

The profile in which our large customers, they buy from Synopsys is very similar, meaning they buy across the board. They have a multiyear committed EDA contracts. And that's, as you know, is ratable and it's over three years-plus depending on the customer agreements that we have. Then with each one of those customers, there are two other layer of contracts and commitments. One related to IP and the other one, hardware.

我們的大客戶從 Synopsys 購買產品的情況非常相似，這意味著他們全面購買。他們擁有多年的 EDA 承諾合約。如您所知，這是可評估的，根據我們簽訂的客戶協議，它的期限超過三年多。然後，對於每一位客戶，還有另外兩層合約和承諾。一是與IP相關，二是與硬體相關。

And I'm generalizing, but that applies to the top customers that we have when it comes to IP and hardware, the pull down and the timing depends on their road map. So if they're pausing, shifting to the right some of their projects, our -- their IP pull down, their hardware consumption, from a revenue point of view, impact for Synopsys does shift to the right. So you will see lumpiness on a customer-by-customer basis.

我正在概括，但這適用於我們在 IP 和硬體方面擁有的頂級客戶，下拉和時間取決於他們的路線圖。因此，如果他們暫停，將他們的一些項目向右轉移，我們的IP下降，他們的硬體消耗，從收入的角度來看，對Synopsys的影響確實會向右轉移。因此，您會看到每個客戶的塊狀情況。

And when you look at our FY25 guide and the 45%, 55% shape of the year is taking into account some of these dynamics across the board and the timing of that pull down.

當你查看我們的 25 財年指南時，你會發現今年 45%、55% 的形狀正在全面考慮其中的一些動態以及下降的時間。

Thank you.

謝謝。

You're welcome.

不客氣。

Gary Mobley, Loop Capital.

加里·莫布里，Loop Capital。

Hey, guys. Thanks for taking my question. Based on the fiscal year '25 operating margin guidance, 40%, it looks like you're bringing a lot more down to the operating income line than you did last year for each incremental revenue dollar despite the slowdown in projected revenue.

嘿，夥計們。感謝您提出我的問題。根據 25 財年營業利潤指導值 40%，儘管預計收入放緩，但每增量收入美元的營業收入線似乎比去年高得多。

And so Shelagh, my question is, is that largely a function of a slower pace of M&A activity or annualizing some of the deals that were done last year in anticipation of the ANSYS acquisition. Is that the proper read through?

因此，我的問題是，Shelagh 的出現很大程度上是由於併購活動步伐放緩或去年因預期 ANSYS 收購而完成的一些交易的年化所致。這是正確的閱讀方式嗎？

Well, I think it's a multiyear focus on driving leverage in the company. So you saw us improve by 2 points last year. We're getting 150 basis points improvement. And it's really across the board, thinking about how we do things more efficiently inside our four walls, just like we're servicing our customers to allow them to do their R&D development more efficiently. So we see it across R&D.

嗯，我認為這是多年來提高公司槓桿率的重點。所以你看到我們去年進步了 2 個百分點。我們獲得了 150 個基點的改進。這確實是全面的，思考我們如何在我們的四面牆內更有效地做事，就像我們為客戶提供服務，讓他們更有效地進行研發開發一樣。所以我們在整個研發過程中都看到了這一點。

We've invested heavily in making sure that we are getting benefit of things like AI, we're getting benefit on modernizing how we're building our software and then also things that we're driving in terms of digital transformation.

我們投入了大量資金，以確保我們能夠從人工智慧等事物中受益，我們能夠從軟體建構方式的現代化以及我們在數位轉型方面推動的事物中受益。

So modernizing how we run core of the business. This is a multiyear journey that we've been on in terms of driving leverage across -- and so I think it's a strong commit that we have. And then as you mentioned, as we then bring ANSYS in, that will be some of the work that we'll jointly then do as we work towards synergy.

因此，我們要對核心業務的運作方式進行現代化改造。這是我們在推動槓桿方面持續多年的旅程，因此我認為這是我們的堅定承諾。正如您所提到的，當我們引入 ANSYS 時，這將是我們在努力實現協同作用時共同完成的一些工作。

Got it. Okay. Just a quick clarification. Sassine, you mentioned fiscal year ending backlog for -- sorry, fiscal year '23 ending backlog of $8.1 billion. Is that adjusted for software integrity? Or was it lower excluding the software integrity.

知道了。好的。只是快速澄清一下。 Sassine，您提到了 23 財年結束的積壓工作——抱歉，23 財年結束了 81 億美元的積壓工作。是否針對軟體完整性進行了調整？或排除軟體完整性是否較低。

Yes, that's adjusted.

是的，已經調整了。

Yes. Great. Thank you.

是的。偉大的。謝謝。

You're welcome.

不客氣。

Thanks, Gary.

謝謝，加里。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Good evening. So Sassine, you mentioned that you were aligning operations to prepare for growth for '25 and beyond. Could you be more specific about some of the steps that you've taken? And how much of that are things you would have done anyway irrespective of ANSYS.

謝謝。晚安. Sassine，您提到您正在調整運營，為 25 年及以後的成長做好準備。您能否更具體地說明您已採取的一些步驟？不管使用 ANSYS，其中有多少事情是您無論如何都會做的。

You just grew our headcount for the year by 10%. You also have the largest number of R&D openings you've had in two years. So maybe just talk about some of your -- those internal initiatives that you're putting in place to prepare for more growth and AI follow-up.

你們剛剛將我們今年的員工人數增加了 10%。你們還擁有兩年來最多的研發職缺。因此，也許只是談談您為進一步成長和人工智慧後續行動而採取的一些內部舉措。

Yes. Thank you, Jay, for the question. When the company costs $6 billion, which we just did in FY24, huge milestone, the way we drive our product development and driving solutions to our customers need to scale and evolve as well. We've been talking about scaling, scaling for a while as it comes to our IP business as it comes to EDA and how to deliver solutions to our customers.

是的。謝謝傑伊的提問。當公司的成本達到 60 億美元時（我們剛剛在 2024 財年做到了這一點），這是一個巨大的里程碑，我們推動產品開發和為客戶提供解決方案的方式也需要擴展和發展。我們一直在談論擴展、擴展，涉及到我們的 IP 業務、涉及 EDA 以及如何向我們的客戶提供解決方案。

And that's part of the effort we have put in place around structure of the company in order to scale and continuing our pace to deliver market-leading solutions and innovation, et cetera. So we put some effort around structure, and the second part that we have been investing for about two years is how do we evolve our engineering workflow inside the company.

這是我們圍繞公司結構所做的努力的一部分，目的是擴大規模並繼續我們提供市場領先的解決方案和創新等的步伐。因此，我們在結構方面做了一些努力，我們投入了大約兩年的第二部分是如何發展公司內部的工程工作流程。

There are some amazing technologies out there that we're seeing some early benefits of efficiency, productivity for our R&D, and we continue on putting that emphasis and focus on how do we leverage technology and modernize the way we build both IP as well as the EDA software.

有一些令人驚嘆的技術，我們看到了研發效率和生產力的一些早期好處，我們繼續專注於如何利用技術並使我們建立智慧財產權和技術的方式現代化。

Thank you. Okay. As a follow-up on the third quarter call, you made some interesting comments about customer-specific AI use cases that with EDA models and the like that you might see more and more specificity on a customer-by-customer basis for AI. on the other hand, you and Cadence and the other EDA vendors have for the last number of years, also talked about more and more domain-specific design.

謝謝。好的。作為第三季電話會議的後續行動，您對特定於客戶的AI 用例（使用EDA 模型等）發表了一些有趣的評論，您可能會在逐個客戶的基礎上看到越來越多的AI 特異性。另一方面，您和Cadence以及其他EDA供應商在過去的幾年也談論了越來越多的特定領域的設計。

So maybe you could talk about how those two play together, the long trend towards domain specificity and now apparently there is newer phenomenon of customer specificity, how do those come together or might it have any effect in terms of your product packaging, your development, the services you need to provide to customers and so forth.

因此，也許您可以談論這兩者如何一起發揮作用，領域特異性的長期趨勢，現在顯然存在客戶特異性的新現象，這些如何結合在一起，或者可能會對您的產品包裝、開發產生任何影響，您需要向客戶提供的服務等等。

Sure. Yes. With AI, it's not only unique to Synopsys, is I to say, for every software company that is delivering AI as part of their product is rapidly learning of how to engage customers in adopting that technology and the monetization of that technology.

當然。是的。我想說的是，對於人工智慧來說，它不僅是Synopsys 獨有的，對於每家將人工智慧作為其產品一部分提供的軟體公司來說，都在快速學習如何吸引客戶採用該技術以及該技術的貨幣化。

As you know, the first step that Synopsys took was looking at our complete portfolio and asking ourselves where can we insert AI inside the products and deliver a new product to the customers where they can leverage AI to achieve better time to resolve, better quality of resolves, et cetera.

如您所知，Synopsys 採取的第一步是查看我們完整的產品組合，並問自己我們可以在產品中的哪些位置插入人工智慧，並向客戶提供新產品，讓他們可以利用人工智慧來實現更快的解決時間和更好的品質。

And I believe we've done a great job there. This is where the excess AI family comes in. And the adoption by customers, the acceptance by customers is going very well.

我相信我們在那裡做得很好。這就是多餘的人工智慧家族發揮作用的地方。

The AI use cases you mentioned, once you start moving to knowledge assistant type of AI application, the customers, they have their own workflow. They have their own data. They are not expecting that you come in and say, use the following models for AI or something that pretrained, they want to train based on their data and therefore, what is our flexibility in delivering a customer-specific AI capability that sits inside their workflow.

您提到的人工智慧用例，一旦您開始轉向知識助理類型的人工智慧應用程序，客戶就有自己的工作流程。他們有自己的數據。他們不希望你進來並說，使用以下人工智慧模型或預訓練的模型，他們希望根據他們的數據進行訓練，因此，我們在他們的工作流程中提供特定於客戶的人工智慧功能的靈活性是什麼。

So that's not the xso.ai, xso.ai is going to come in with all the products. So that's the next level of a workflow optimization that our customers are investing in and of course, investing with and around our technology.

所以這不是 xso.ai，xso.ai 將與所有產品一起出現。因此，這是我們的客戶正在投資的工作流程優化的下一個級別，當然，也是圍繞我們的技術進行投資。

The third one, which we're starting to talk about hit in some of our conferences, et cetera, Where when you look at the genetic AI, which is absolutely going to drive a completely different approach to what is it that we sell to our customers in that context.

第三個，我們開始在我們的一些會議等中討論熱門話題，當你看到基因人工智慧時，它絕對會推動一種完全不同的方法，我們向我們出售的產品是什麼？下的客戶。

And that's going to drive, in our view, an opportunity to what is it we deliver and the business model we deliver to in that disruptive wave of AI. But think back about two years ago, I don't think we were talking in that time window about agentic AI and EDA or any software company for that matter.

我們認為，這將為我們在人工智慧顛覆性浪潮中提供的產品和商業模式帶來機會。但回想一下兩年前，我認為我們在那個時間窗口內並沒有談論代理人工智慧和 EDA 或任何與此相關的軟體公司。

So that's the rapid evolution from optimization.ai or xso.ai, the AI-specific use cases with knowledge assistant based on customer use cases and the workflow, and the third one is agentic generative AI?

那麼這就是 optimization.ai 或 xso.ai 的快速演變，這是基於客戶用例和工作流程的具有知識助手的人工智慧特定用例，第三個是代理生成人工智慧？

Thank you, Sassine.

謝謝你，薩辛。

Thank you, Jay.

謝謝你，傑伊。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂菲爾。

Sassine, I had a couple of longer-term questions. I wanted to talk a little bit about the tail of the two markets in the half, I guess, versus the half not. One of the recurring themes that's been coming up more in recent times is the concept of acceleration of AI silicon designs and was wondering how you're thinking about that over the next couple of years in the context of one of the leading providers of IP for ASIC talked about leveraging cloud-based EDA tools just this week.

Sassine，我有幾個長期問題。我想談談這兩個市場的尾部，我想，與另一半不同。最近出現的反覆出現的主題之一是人工智慧晶片設計加速的概念，我想知道在未來幾年中，在領先的 IP 供應商之一的背景下，您會如何考慮這個問題。剛剛討論了利用基於雲端的EDA 工具。

And I'm wondering, I know you've been working on cloud-based tools for quite some time now. But is that something that changes your business model in any direction or in flexion and some way, I just's would love to hear your thoughts on that.

我想知道，我知道您已經研究基於雲端的工具有一段時間了。但這是否會在任何方向或以某種方式改變您的商業模式，我只是很想聽聽您對此的想法。

Yes. Two things. One, when it comes to accelerated compute to deliver a more effective, efficient EDA, that's something we've been talking about and delivering to not only talking about for a while. If you remember, at GTC, one of Janssen's slides was the various areas of Synopsys delivering accelerated EDA for, in that case, GPU from NVIDIA. And it applies to many other accelerated compute that our customers may prefer or have their own flavor.

是的。有兩件事。第一，當談到加速運算以提供更有效、高效的 EDA 時，這是我們一段時間以來一直在談論和交付的內容。如果你還記得，在 GTC 上，Janssen 的一張幻燈片是 Synopsys 為 NVIDIA GPU 提供加速 EDA 的各個領域。它適用於我們的客戶可能喜歡或有自己風格的許多其他加速運算。

There, it's a two-step. You port your software, so you can use it their preferred compute. And then you go into the next phase, which is optimization, and that's where you can deliver factors of performance. We're not talking percentages. It can be 3x, 5x, 10x performance benefit.

在那裡，有兩步。您可以移植您的軟體，以便可以將其用於他們的首選計算。然後你進入下一個階段，即最佳化，在這裡你可以提供效能因素。我們不是在談論百分比。它可以帶來 3 倍、5 倍、10 倍的效能優勢。

Now some of our customers, they want that capability to be available on cloud, not everything available on them to be able to burst for that capability. that customer you're referring to does use our EDA for cloud. So the way we sell to that customer, they have a contractual flexibility to use our software on prem. And when they decide to burst on their preferred CSP, they have that flexibility to burst, which gives us a good burn rate on our software because if they are bursting, they use more software, and we monetize it.

現在，我們的一些客戶希望在雲端上提供該功能，而不是他們身上可用的所有東西都能夠爆發該功能。您提到的那位客戶確實使用我們的雲端 EDA。因此，我們向該客戶銷售的方式使他們具有合約靈活性，可以在本地使用我們的軟體。當他們決定在他們首選的CSP 上爆發時，他們具有爆發的靈活性，這為我們的軟體提供了良好的消耗率，因為如果他們爆發，他們會使用更多的軟體，我們可以透過它來貨幣化。

Very good. That's very helpful. Thanks, Sassine. And then a quick follow-up on some of the comments you made on IP. The design activity remaining robust and you're specific around some of the interfaces that you're working or interface technologies, I should say, that you're working on and with. I read an interview recently where you talked about potentially looking at royalty models for your IP deliverables?

非常好。這非常有幫助。謝謝，薩辛。然後快速跟進您對知識產權發表的一些評論。設計活動保持穩健，並且您專注於您正在工作的一些介面或介面技術，我應該說，您正在研究和使用。我最近讀到一篇採訪，您談到可能會考慮為您的智慧財產權交付成果尋找版稅模型？

Is that something that you think can play out sooner rather than later? And would it be specific to some of these areas like PCI Express 6 or CXL and whatnot?

您認為這是宜早不宜遲的事嗎？它是否特定於其中一些領域，例如 PCI Express 6 或 CXL 等？

Yes, we always look at inflection point in order to really change the way we monetize. On the traditional interface IP, I don't see a change where we show up at the customer and say, right now we're going to change the business model and introduce royalty. It's been since its existence, the use base monetization, and that will continue.

是的，我們總是關注拐點，以便真正改變我們的獲利方式。在傳統的介面 IP 上，我沒有看到我們出現在客戶面前並說，現在我們要改變業務模式並引入版稅的變化。自從它存在以來，使用基礎貨幣化就一直存在，而且這種情況還將繼續下去。

We have other parts of our IP that does have loyalty, and that will continue. But the next inflection point that can introduce a new business model is the moment you start thinking about the delivery beyond the interface IP, meaning as you start going to a subsystem or a chiplet and beyond the standard delivery.

我們的智慧財產權的其他部分確實具有忠誠度，而且這種情況將會持續下去。但可以引入新業務模型的下一個拐點是您開始考慮超越介面 IP 的交付的那一刻，這意味著當您開始轉向子系統或小晶片並超越標準交付時。

Our customers are very receptive to it, but I want to bring it back to scaling. For us today, we have a significant investment in our interface IP, as I just described. And as we look toward the future trends, that's something we're absolutely looking at investing in and testing with our customers the opportunities and the business model.

我們的客戶非常願意接受它，但我想讓它恢復規模化。對於今天的我們來說，正如我剛才所描述的，我們在介面 IP 上進行了大量投資。當我們展望未來趨勢時，我們絕對會考慮投資並與客戶一起測試機會和商業模式。

Got it. Thank you, Sassine.

知道了。謝謝你，薩辛。

Thank you, Ruben.

謝謝你，魯本。

Charles Shi, Needham & Company.

查爾斯‧史（Charles Shi），李約瑟公司。

Hello, Sassine and Shelagh, thanks for letting me ask a couple of questions. Maybe the first one, I want to go back to the China question. The thing you said the export control does have an impact, but I wonder if the impact -- how do you characterize the amount of impact? Is it the material? Or is it -- maybe there is some impact, but it's not quite material for the FY25 outlook.

您好，Sassine 和 Shelagh，感謝您讓我問幾個問題。也許第一個問題，我想回到中國問題。你說的出口管制確實有影響，但我想知道影響是否——你如何描述影響的大小？是材質嗎？或者是——也許有一些影響，但對於 25 財年的前景來說並不是很重要。

But maybe one more related question. So I think you said you want to take a more cautious stance on China. But in fiscal '22 looks like China still grew in line with the corporate despite at the beginning of fiscal '24, you said something very similar. Wondering what's the current expectation as well for next year.

但也許還有一個相關的問題。所以我認為你說過你想對中國採取更謹慎的立場。但在 22 財年，中國的成長似乎仍然與公司的成長一致，儘管在 24 財年之初，你說了一些非常相似的話。想知道目前對明年的期望是什麼。

Is China going to grow below, the corporate average? Or is it in line? Or -- and dollar-wise, do you think it's still going to be higher year to year in fiscal '25. Thank you.

中國的成長速度會低於企業平均嗎？或者說是在排隊嗎？或者，就美元而言，您認為 25 財年的美元匯率仍會逐年走高嗎？謝謝。

Thank you, Charles. One, our revenue and growth in China has absolutely decelerated if you look at the last three, four, five years. And the reason has decelerated is due to the pool of customers we can serve and sell to continue on shrinking due to the restrictions. So that's a factor.

謝謝你，查爾斯。第一，如果你看看過去三、四年、五年，我們在中國的收入和成長絕對在減速。減速的原因是由於限制，我們可以服務和銷售的客戶群繼續減少。所以這是一個因素。

So there is no way to ignore that the pool of customers and opportunities is shrinking due to restrictions. There's another factor, which is the overall economy in China continues on decelerating as well.

因此，我們無法忽視由於限製而導致客戶和機會不斷減少的情況。還有一個因素，就是中國整體經濟也持續減速。

So the days of dozens of start-ups popping up every quarter in China. That changed. That's not there anymore. So last year, we wrapped up China around the corporate average. I don't want to say it will be in '25 because honestly, it's something that one, we don't provide ahead of ourselves.

因此，中國每季都會湧現數十家新創企業。那改變了。那已經不存在了。因此，去年我們將中國市場的平均水平納入了企業平均水平。我不想說它會在 25 年推出，因為說實話，這是我們不會提前提供的東西。

But two, we are taking into account those factors as we are guiding the year. And that's why we're saying we continue on being pragmatic on our approach when it comes to China.

但第二，我們在製定今年的指導方針時會考慮到這些因素。這就是為什麼我們說我們在對待中國問題上繼續採取務實的態度。

Got it. Maybe a question, maybe this is for Shelagh. In terms of that 45 to 55 split, because I was under the impression maybe it was more like 47-53. It looks like first half was slightly incrementally a little bit weaker, but the second half is a little bit stronger. Synopsys haven't had this much second half loaded.

知道了。也許是一個問題，也許這是給謝拉的。就 45 比 55 的比例而言，因為我的印象可能更像是 47-53。看起來上半場稍微弱了一點，但下半場稍微強了一點。新思科技還沒有加載這麼多的後半部。

You've had the second half loaded year, but this loaded. I don't think it has been like this at least in recent years, but you tend to lead to a little bit more scrappiness among investors because you appear in '24, they have the profile exactly like this.

下半年你已經過得很充實了，但今年卻很充實。我不認為至少在最近幾年是這樣的，但你往往會導致投資者更加鬥志旺盛，因為你出現在 24 年，他們的形象與此完全相同。

There was a lot of skepticism about whether they can deliver the second half. So what do you say to those investors, how do we put a little more trust into that second half, that artistic uptick? I think you guys are pretty dependable, but I do want to hear from you guys, what would you say to folks who may be a little bit of skeptical.

人們對他們能否在下半場取得好成績表示懷疑。那麼您對那些投資人有什麼想說的，我們如何對下半年的藝術成長給予更多的信任呢？我認為你們非常可靠，但我確實想聽聽你們的意見，你們會對那些可能有點懷疑的人說些什麼。

Charles, thanks for the questions. So I'd say there's really two effects that are driving this. The 1 is that mechanical effect that we talked about, which really there's 10 less days in the first half of 2025 versus the first half of 2024.

查爾斯，謝謝你的提問。所以我想說，確實有兩種效應在推動這個趨勢。 1 是我們談到的機械效應，2025 年上半年比 2024 年上半年確實少了 10 天。

And so that's right off the bat for the ratable business, $100 million headwind that we have with the 10 less days. And then as Sassine talked about, we're seeing for our upfront businesses more second half weighted, and it's really based on when the customer pull-downs are.

因此，對於可評級業務來說，這就是立即發生的事情，在減少 10 天的情況下，我們將面臨 1 億美元的逆風。然後，正如 Sassine 所說，我們看到我們的前期業務下半年的權重更大，這實際上是基於客戶下拉的時間。

And you can think about our two upfront businesses to IP. We talk about IP being lumpy. I think now that we've got our segment reporting, you can really see what we mean by lumpy, which is we can have double-digit growth in a quarter and then the next quarter can actually be a decline.

您可以考慮我們的兩項智慧財產權前期業務。我們談論 IP 是不穩定的。我認為現在我們已經有了分部報告，您可以真正理解我們所說的波動性的含義，即我們可以在一個季度實現兩位數的增長，然後下一個季度實際上可能會下降。

And we can manage that very well. Where if you will, I always think about IP, we're building titles every day. but the customers are going to ingest those titles when they're ready to put it into their design. And so we need to be ready. -- and in this case, as we think about 2025, a lot of the customer pull downs are more second half weighted.

我們可以很好地做到這一點。如果你願意的話，我總是會考慮知識產權，我們每天都在開發遊戲。但當客戶準備好將這些標題放入他們的設計中時，他們就會吸收這些標題。所以我們需要做好準備。 ——在這種情況下，當我們考慮 2025 年時，許多客戶的流失更多是在下半年。

And then similarly, hardware is an upfront business for us, and that's more second half weighted. And we haven't talked much about this, but -- we've had a record hardware year again in '24. We anticipate another record hardware year in '25.

同樣，硬體對我們來說是一項前期業務，而下半年的比重更大。我們還沒有對此進行太多討論，但是 - 我們在 24 年再次創造了硬體創紀錄的一年。我們預計 25 年將再創硬體紀錄。

But one of the things is we work with our customers is their ability to get space and power for hardware, it's the same problem you're finding that people are talking about with their data center. So we need to be able to plan with our customers that not only is the hardware available for them, but they've got space and power to be able to power that. And so that's leading to some second half bleeding.

但我們與客戶合作的一件事是他們獲得硬體空間和電力的能力，這與人們在他們的資料中心談論的問題是一樣的。因此，我們需要能夠與客戶一起規劃，不僅為他們提供可用的硬件，而且他們也有足夠的空間和能力來為其提供支援。這導致了下半場的一些流血。

What we're doing for customers in the meantime is we are building out a ZeBu, so that they can actually tap into our ZeBu servers so that they can actually be able to run some of their designs. But of course, that only has limited capability. It won't give them the scale of design.

同時，我們正在為客戶做的是建立一個 ZeBu，以便他們能夠真正利用我們的 ZeBu 伺服器，從而能夠真正運行他們的一些設計。但當然，這只是有限的能力。它不會給他們設計的規模。

It won't give them a very real-time feedback that they're going to look for, for an on-prem install -- but I would say those are the two effects, really that one very mechanical puzzle piece, which is just that $100 million. And then the other one is really timing of hardware and IP.

它不會為他們提供他們在本地安裝時需要的非常即時的回饋——但我想說的是這兩種效果，實際上是一個非常機械的拼圖，這只是那一億美元。另外一個是硬體和 IP 的時間安排。

And I appreciate the question, Charles.

我很欣賞這個問題，查爾斯。

And Charles, I would like to add, I cannot help myself, one point to Shelagh's comments. Your you're saying that we are dependable and there might be some skepticism from some. We are a company that have proved that we commit and deliver to -- and we do what we say. If you look at the successes we've had in our IP and hardware that have shifted the profile of upfront versus ratable. If you look at FY23, 26% of our revenue was upfront; FY24, 29% was upfront; FY25, that will continue on increasing.

查爾斯，我想補充一點，我無法控制自己，對謝拉的評論提出一點。您說我們是可靠的，但有些人可能會持懷疑態度。我們是一家已經證明我們承諾並兌現承諾的公司，我們言出必行。如果你看看我們在 IP 和硬體方面的成功，這些成功已經改變了預付與可評估的形象。如果你看看 2023 財年，我們的收入中有 26% 是預付的； 2024 財年，29% 為預付款； 25 財年，這一數字將持續增加。

So we need to get used to the fact that there's going to be some lumpiness quarter over quarter, but that's due to the successes we're having across the portfolio.

因此，我們需要習慣這樣一個事實，即每個季度都會出現一些波動，但這是由於我們在整個投資組合中取得的成功。

Thanks so much for the additional colors, Shelagh, Sassine. I really appreciate that.

非常感謝 Shelagh、Sassine 提供的額外顏色。我真的很感激。

Thank you, Charlie.

謝謝你，查理。

Thank you, Charles.

謝謝你，查爾斯。

Operator, let's do one more question.

接線員，我們再做一題。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓，沃爾夫研究中心。

Hey, guys. Can you hear me?

嘿，夥計們。你聽得到我嗎？

Yes, Josh.

是的，喬許。

Thank you for sneaking me in at the end. I really appreciate it. My first question, I'm going to preface with, I apologize for beating a dead horse. But it feels just the message is that the guidance is a little bit more conservative than usual, especially around your assumptions for China.

謝謝你最後偷偷帶我進來。我真的很感激。我的第一個問題，我要在序言中說，我為自己的無用功道歉。但感覺傳達的訊息是，指導意見比平常更保守，尤其是圍繞著您對中國的假設。

Can you maybe just take that one step further and just tell us how it's more conservative because for China? Is it lower revenue contribution, lower growth? Just walk us through how you embedded some conservatism around the China business for next year?

您能否更進一步，告訴我們，對中國來說，它是如何變得更加保守的？是收入貢獻較低、成長較低嗎？請向我們介紹一下明年您如何在中國業務中融入一些保守主義？

We really -- Josh, we really are looking at it from a balanced way. That is the China deceleration that I mentioned earlier, this is real, and we're seeing it in terms of the engagements we have locally, then there is the other factor which is difficult to predict is the constant expansion of restrictions on China.

我們真的——喬什，我們真的正在從平衡的角度看待它。這就是我之前提到的中國減速，這是真實存在的，我們從我們在當地的接觸中看到了這一點，然後還有另一個難以預測的因素，那就是對中國的限制不斷擴大。

So there is the China factor. And we do anticipate China to not be above the corporate growth but in line with the corporate average performance. But there are other factors besides China that I mentioned earlier that we are taking into account as we're looking at FY25.

所以這裡有中國因素。我們確實預期中國的成長不會高於企業成長，但會與企業平均績效保持一致。但除了我之前提到的中國之外，我們在展望 2025 財年時還考慮了其他因素。

Okay. Very helpful. And then maybe just a follow-up for Shelagh really quick. I thought it was interesting, unless I misheard it, but at the end of your prepared remarks, you talked about some of the confidence you have heading into next year is around the mission-critical nature of the software. And I guess my question is, how next year are you translating how mission-critical your software is into better pricing for Synopsys and its customers?

好的。非常有幫助。然後也許只是 Shelagh 的後續行動很快。我認為這很有趣，除非我聽錯了，但在你準備好的講話的最後，你談到了你明年對軟體的關鍵任務性質的信心。我想我的問題是，明年您將如何將您的軟體的關鍵任務轉化為新思科技及其客戶的更好定價？

Well, I mean, as Sassine talked about, we've got long-term contracts in EDA. And when we go to renewals with customers, we always sit down with all the improvements that we've made and align with them on what the benefits are to them.

嗯，我的意思是，正如 Sassine 所說，我們在 EDA 方面簽訂了長期合約。當我們與客戶進行續約時，我們總是坐下來討論我們所做的所有改進，並與他們就對他們的好處達成一致。

And so that's, I would call it, a regular renewal conversation that we have with customers. We haven't talked too much about AI, but obviously, a big part of that engagement is on the AI and the benefits we're having on AI. And then obviously, with IP, that's an ongoing conversation as people pull titles.

所以，我稱之為，我們與客戶進行的定期更新對話。我們沒有過多談論人工智慧，但顯然，參與的很大一部分是關於人工智慧以及我們從人工智慧中獲得的好處。顯然，對於 IP，當人們提取標題時，這是一個持續的對話。

And I would say, hardware we've talked about, too, the overall commitment that you see us driving is the improved operating margin. So that's where you really see that coming through. And we've been driving operating margin improvement year after year after year, and you see us doing again 150 basis points in 2025.

我想說的是，我們也討論過硬件，您看到我們推動的整體承諾是提高營運利潤率。所以這就是你真正看到的地方。我們年復一年地推動營業利潤率的提高，到 2025 年我們會再次實現 150 個基點的成長。

Thank you, guys. Appreciate it.

謝謝你們，夥計們。欣賞它。

Thanks, Josh.

謝謝，喬許。

Thank you, Josh.

謝謝你，喬許。

Thanks, everyone. Operator, you can close.

謝謝大家。接線員，您可以關閉。

Thank you, sir. Ladies and gentlemen, that does conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.

謝謝您，先生。女士們、先生們，今天的會議到此結束。我們衷心感謝大家的參與。您現在可以斷開連線。