新思科技 (SNPS) 2025 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys earnings conference call for the first-quarter, fiscal year 2025.

女士們、先生們，歡迎參加新思科技 2025 財年第一季財報電話會議。

(Operator Instructions)As a reminder, today's call is being recorded.

(操作員指示)提醒一下，今天的通話正在錄音。

At this time, I would like to turn the conference over to Trey Campbell, Senior Vice President - 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新思科技總裁兼執行長 Sassine Ghazi；以及財務長 Shelagh Glaser。

Before we begin, I'd like to remind everyone that during the course of this conference call, Synopsys will discuss forecasts, targets, and other forward-looking statements regarding the company and its financial results. While these statements represent our best current judgment about future results and performance, as of today, our actual results are subject to many risks and uncertainties that could cause actual results to differ, materially, from what we expect.

在我們開始之前，我想提醒大家，在本次電話會議期間，新思科技將討論有關公司及其財務表現的預測、目標和其他前瞻性陳述。雖然這些聲明代表了我們目前對未來結果和表現的最佳判斷，但截至今天，我們的實際結果仍受到許多風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

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

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 we released, earlier today.

此外，我們將在討論中參考某些非公認會計準則財務指標。在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中可以找到與其最直接可比較的 GAAP 財務指標和補充財務資訊的對帳。

All of these items plus the 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.

所有這些項目以及最近的投資者介紹都可以在我們的網站 www.synopsys.com 上找到。此外，電話會議結束後，準備好的評論將會發佈在我們的網站上。

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

說完這些，我會把電話轉給薩辛。

Good afternoon.

午安.

We had a solid start to 2025, exceeding the midpoint of our Q1 revenue guidance and delivering non-GAAP EPS above our guidance range. As we outlined in December, Q1 revenue was down 4% year over year and non-GAAP EPS was down 10%, as we had one less work week in Q125 versus Q124.

我們在 2025 年取得了良好的開端，超過了我們第一季營收預期的中點，且非 GAAP 每股盈餘也高於我們的預期範圍。正如我們在 12 月所概述的那樣，第一季的營收年減了 4%，非 GAAP 每股收益下降了 10%，因為與第一季相比，2025 年第一季的工作週減少了一周。

Let me take a few minutes to share some business highlights. And then, Shelagh will discuss the financials, in more detail.

請容許我花幾分鐘來分享一些業務亮點。然後，希拉格將更詳細地討論財務問題。

From an end market perspective, AI and HPC remained robust in the first quarter, while industrial, automotive, and consumer electronics remained challenged.

從終端市場來看，第一季AI和HPC保持強勁，而工業、汽車和消費性電子仍面臨挑戰。

Despite the scale of two markets, along with headwinds in China, as we anticipated, Synopsys opportunity is tied to R&D and underpinned by the megatrends of AI, silicon proliferation, and software-defined systems. These trends are increasing design complexity and cost, while driving greater compute and energy demands.

儘管兩個市場規模龐大，且中國市場面臨阻力，但正如我們預期的那樣，新思科技的機會與研發息息相關，並受到人工智慧、矽片擴散和軟體定義系統等大趨勢的支撐。這些趨勢增加了設計的複雜性和成本，同時也帶來了更大的運算和能源需求。

New design paradigms are essential to address these challenges. And Synopsys is racing to deliver.

新的設計範式對於應對這些挑戰至關重要。Synopsys 正在競相實現這一目標。

I had the privilege to meet with semi and automotive customers at CES, in January, who all expressed their strong belief in the strategy we are driving. They underscored the pressing need for solutions to design, validate, and optimize intelligent products, virtually, from silicon to systems.

今年一月份，我有幸在 CES 上與半導體和汽車客戶會面，他們都對我們所推動的策略表示了堅定的信心。他們強調，迫切需要從矽到系統等各種智慧產品的設計、驗證和優化解決方案。

Our pending acquisition of Ansys will pave the way for new AI-powered design solutions that fuse electronics and physics, giving R&D teams the tools they need to ignite their future innovation. In January, the European Commission approved our pending pro-competitive acquisition of Ansys. And the UK CMA provisionally accepted our remedies toward the phase-1 approval.

我們即將收購 Ansys，將為融合電子和實體的新型人工智慧設計解決方案鋪平道路，為研發團隊提供激發未來創新所需的工具。今年一月，歐盟委員會批准了我們對 Ansys 的競爭性收購。英國CMA暫時接受了我們針對第一階段批准的補救措施。

As previously communicated, the US HSR Act waiting period has expired. And we're making strong progress with other regulatory agencies, including China. Customers overwhelmingly support this transaction. And we continue to anticipate closing in the first half of 2025.

如同先前所通報的，美國《高速鐵路法案》等待期已經到期。我們與包括中國在內的其他監管機構的合作也取得了重大進展。客戶非常支持這項交易。我們預計交易將於 2025 年上半年完成。

Moving to business highlights.

轉向業務亮點。

In Q1, Design Automation revenue was up 4% year over year, with one last week of revenue versus the prior Q1, while design activity remained strong.

第一季度，設計自動化收入年增 4%，與上一季相比，上週營收有所增加，同時設計活動依然強勁。

Synopsys is the leader in hardware-assisted verification or HAV solutions. And, this month, we strengthened our position, expanding our industry-leading HAV portfolio to include new HAPS-200 prototyping systems and new ZeBu-200 emulation systems, with up to 2x better performance versus our prior generation.

Synopsys 是硬體輔助驗證或 HAV 解決方案的領導者。本月，我們鞏固了我們的地位，擴展了我們行業領先的 HAV 產品組合，包括新的 HAPS-200 原型系統和新的 ZeBu-200 模擬系統，其性能比上一代產品提高了 2 倍。

AMD, Arm, NVIDIA, and SiFive are among a number of customers who are deploying our new prototyping and emulation technologies. And we were honored by their participation in our recent launch.

AMD、Arm、NVIDIA 和 SiFive 等眾多客戶都正在部署我們的新原型和模擬技術。我們很榮幸他們能參與我們最近的發表會。

Last year, we had our best-year-ever in hardware. And we expect another year of strong performance, based on the enthusiasm for our newly-expanded Synopsys HAV portfolio, which provides the unmatched performance and flexibility our customers require to prototype, emulate, and verify ever-more integrated, complex, and software-defined systems.

去年，我們的硬體業務取得了有史以來最好的一年。基於對我們新擴展的 Synopsys HAV 產品組合的熱情，我們預計該公司將再創輝煌一年，該產品組合為我們的客戶提供了原型設計、模擬和驗證日益集成、複雜和軟體定義的系統所需的無與倫比的性能和靈活性。

Turning to EDA software, where we are seeing strong design activity at advanced nodes, with 2-nanometer projects accelerating, rapidly. Fusion Compiler is the industry-leading platform for advanced-node digital design implementation.

談到 EDA 軟體，我們看到先進節點的設計活動十分活躍，其中 2 奈米專案正在迅速加速。Fusion Compiler 是業界領先的高階節點數位設計實現平台。

And, this quarter, we saw a US [hyperscaler] tape-out a 2-nanometer test chip, exclusively using its Synopsys design flow. Additionally, at 2-nanometer, Fusion Compiler was the platform of choice for a US HPC CPU tape-out and an Asian mobile customer's 2-nanometer SoC.

本季度，我們看到一家美國[超大規模製造商]推出了一款 2 奈米測試晶片，該晶片完全採用其 Synopsys 設計流程。此外，在 2 奈米製程上，Fusion Compiler 成為美國 HPC CPU 串流片和亞洲行動客戶 2 奈米 SoC 的首選平台。

Moving to signoff technologies, where we offer the industries essential, trusted solutions to close out timing, signal integrity, power, and variation-aware analysis. Headlining our portfolio is PrimeTime, which is used by, virtually, all key advanced-node customers.

轉向簽核技術，我們為業界提供必不可少的、值得信賴的解決方案，以完成時序、訊號完整性、功率和變化感知分析。我們的產品組合以 PrimeTime 為首，幾乎所有關鍵的高階節點客戶都在使用它。

Customers are reporting significant productivity improvements, with the most recent PrimeTime release, with one customer achieving 30% faster turnaround time with multi-core scaling.

客戶報告稱，使用最新發布的 PrimeTime 後，生產效率顯著提高，其中一位客戶透過多核心擴展將週轉時間縮短了 30%。

Our IC Validator product family is delivering tremendous value in physical verification signoff. And recent product improvements have unleashed even greater turnaround time improvements for customers.

我們的 IC Validator 產品系列在實體驗證簽核方面發揮了巨大的價值。最近的產品改進為客戶帶來了更大的周轉時間改善。

Leading-edge customers are achieving greater than 2x turnaround time for full chip, physical verification signoff at 3 nanometers and below, enabling design teams to finish more signoff runs, within the budget cycle time, to improve the quality of results.

領先的客戶正在實現 3 奈米及以下完整晶片物理驗證簽核的 2 倍以上週轉時間，從而使設計團隊能夠在預算週期內完成更多簽核運行，從而提高結果品質。

Before moving out of signoff, a few points on StarRC, which is the industry-leading tool for extraction on advanced process nodes. To date, we've seen all of our major CPU and GPU customers on TSMC N3 and Intel 18A, using StarRC for signoff extraction, with the key differentiation being the accuracy of results and tool performance, relative to competition.

在結束 signoff 之前，我想先介紹一下 StarRC，它是業界領先的用於提取先進製程節點的工具。到目前為止，我們已經看到所有主要的 CPU 和 GPU 客戶在 TSMC N3 和 Intel 18A 上都使用 StarRC 進行簽核提取，與競爭對手相比，主要區別在於結果的準確性和工具性能。

The massive AI infrastructure build-out, that's currently underway, paves the way for AI transformation, across all industries, including our own. AI is fueling chip innovation. And the AI-driven EDA capabilities we pioneered, from reinforcement learning to generative-AI capabilities, are delivering significant productivity gains and cementing our leadership position.

目前正在進行的大規模人工智慧基礎設施建設為包括我們自己在內的所有行業的人工智慧轉型鋪平了道路。人工智慧正在推動晶片創新。我們率先採用的人工智慧驅動的 EDA 功能（從強化學習到生成式人工智慧功能）正在顯著提高生產力並鞏固我們的領導地位。

But we're only at the beginning. While customers are realizing compelling value from our initial AI-driven optimization engines, these enhanced capabilities have not yet dramatically altered the underlying design flow for a chip.

但我們才剛開始。雖然客戶從我們最初的人工智慧驅動的優化引擎中意識到了引人注目的價值，但這些增強的功能尚未顯著改變晶片的底層設計流程。

We see a paradigm shift coming with agentic AI, where engineers can task autonomous agents with executing complex workflows. We believe this will be massive value and productivity unlocked, for our industry, which we'll talk more about at our Synopsys Users Group Conference in March.

我們看到代理人工智慧正在發生範式轉變，工程師可以任務自主代理執行複雜的工作流程。我們相信這將為我們的行業帶來巨大的價值和生產力，我們將在三月的 Synopsys 用戶組會議上進一步討論這一點。

But, first, AI business highlights, from this quarter.

首先，從本季來看，人工智慧業務亮點如下。

In Q1, we continue to drive Synopsys.ai adoption, across our tools in design implementation, verification, test, and analog. In verification or VSO.ai, we saw a large US memory company begin deployment of VSO.ai to find corner-case bugs, realize a 2x improvement.

在第一季度，我們將繼續推動 Synopsys.ai 的採用，涵蓋設計實作、驗證、測試和模擬等工具。在驗證或 VSO.ai 時，我們看到一家大型美國記憶體公司開始部署 VSO.ai 來查找極端錯誤，實現了 2 倍的改進。

In hardware utilization, while an Asian hyperscale customer achieved a 4x turnaround time improvement with VSO.ai on its HPC design, significantly improving hardware utilization and outperforming the competition.

在硬體利用率方面，一家亞洲超大規模客戶透過 VSO.ai 在其 HPC 設計上實現了 4 倍的周轉時間改善，顯著提高了硬體利用率並超越了競爭對手。

Our analog migration tool, ASO.ai, continues to build a strong pipeline of customer opportunities. And, in Q1, delivered a significant competitive displacement at a leading aerospace company.

我們的模擬遷移工具 ASO.ai 持續建立強大的客戶機會管道。並且，在第一季度，它在一家領先的航空航天公司中實現了顯著的競爭取代。

We also continue to expand our Generative AI offerings for customers. We recently added script-generation capabilities to the co-pilots for Fusion Compiler and PrimeTime. And early customer results are demonstrating 30% average productivity improvements for designers.

我們也將持續向客戶擴展我們的生成式人工智慧產品。我們最近為 Fusion Compiler 和 PrimeTime 的副駕駛添加了腳本生成功能。早期客戶結果顯示設計師的工作效率平均提高了 30%。

Additionally, Synopsys.ai generative formal verification capability, in Verdi, is delivering up to a 35% productivity boost, in early engagements with key partners.

此外，在與主要合作夥伴的早期合作中，Synopsys.ai 在 Verdi 中的生成形式驗證功能可將生產力提高 35%。

On to Design IP. In line with our expectations, revenue was down 17% year over year versus a record-setting prior year compare. While IP revenue can fluctuate quarter to quarter, the opportunities set for IP continues to expand. Particularly, as AI customers accelerate protocol transitions and look for creative ways to drive enhanced performance per watt.

開始設計 IP。正如我們的預期，與創紀錄的去年相比，營收年減了 17%。儘管 IP 收入每季都會有所波動，但 IP 帶來的機會卻不斷擴大。特別是，隨著人工智慧客戶加速協議轉換並尋找創意的方法來提高每瓦效能。

This quarter, we launched the industry's first Ultra Accelerator Link, or UAL, and Ultra Ethernet IP solutions to connect massive AI accelerator clusters, addressing the industry need for open-standard solutions to scale AI accelerator infrastructure. We also continue to optimize our foundation IP libraries to deliver unparalleled AI performance.

本季度，我們推出了業界首個超級加速器鏈路（UAL）和超級以太網IP解決方案，用於連接海量AI加速器集群，滿足了業界對擴展AI加速器基礎設施的開放標準解決方案的需求。我們也將繼續優化我們的基礎 IP 庫，以提供無與倫比的 AI 效能。

One high-performance AI customer used our memory and logic libraries to deliver breakthrough LLM performance, at 5 nanometers.

一位高性能 AI 客戶使用我們的記憶體和邏輯庫在 5 奈米下實現了突破性的 LLM 性能。

Across our interface IT portfolio, AI continues to push protocols forward, at breakneck pace, as customers drive for additional performance per watt.

在我們的介面 IT 產品組合中，隨著客戶對每瓦效能的追求，AI 繼續以極快的速度推動協議的發展。

This quarter, we captured several key design wins, including a cutting-edge PCIE 7.0 design, with an AI-infrastructure chip provider. And we secured a 224 Gig Ethernet win, with a major ecosystem player.

本季度，我們與一家 AI 基礎設施晶片供應商合作獲得了幾項關鍵設計勝利，包括一項尖端的 PCIE 7.0 設計。我們與主要的生態系統參與者一起贏得了 224 Gig 乙太網路的勝利。

We also secured a 112 gigs SerDes and PCIE 6.0 agreement with a leading European telecommunications equipment provider. And an interface IP development deal for a leading auto OEM's advanced 2-nanometer design.

我們也與一家領先的歐洲電信設備供應商達成了 112GiBiSerDes 和 PCIE 6.0 協議。以及為領先汽車 OEM 的先進 2 奈米設計達成的介面 IP 開發協議。

Our IP development for the Foundry ecosystem is a mission-critical ingredient for the industry. And, in Q1, we announced silicon success for PCIE 4.05 IP on Samsung's SS8 process, used in auto, mobile, networking and storage applications.

我們針對 Foundry 生態系統進行的 IP 開發是該產業的關鍵要素。並且，在第一季度，我們宣布基於三星 SS8 製程的 PCIE 4.05 IP 成功流片，該 IP 可用於汽車、行動、網路和儲存應用。

Also, in Q1, we demonstrated silicon's success for our one-time programmable, non-volatile memory IP. This technology enables secure storage for encryption keys, product configuration, and SRAM repair information. And is now available in TSMC N4P, N5, N6, and N7 processes.

此外，在第一季度，我們展示了一次性可程式非揮發性記憶體IP矽片的成功。該技術可以實現加密金鑰、產品配置和 SRAM 修復資訊的安全儲存。並且目前已在台積電 N4P、N5、N6、N7 製程中可用。

Moving to mobile and consumer markets, where end market demand is challenging but design activity continues, as customers ready a next wave of innovative products.

轉向行動和消費市場，終端市場需求面臨挑戰，但設計活動仍在繼續，因為客戶已經準備好迎接下一波創新產品。

A leading Asian automotive supplier adopted Synopsys' interface, processor, and foundation IP, due to our long track record of delivering high-quality IP. Also, in Q1, we closed the design win, including PCIE 4.0, MIPI, and USB, with a leading mobile provider for an Arm-based application processor.

一家領先的亞洲汽車供應商採用了新思科技的介面、處理器和基礎 IP，因為我們在提供高品質 IP 方面有著長期的記錄。此外，在第一季度，我們與一家領先的行動供應商達成了基於 Arm 的應用處理器的設計合作，其中包括 PCIE 4.0、MIPI 和 USB。

UFS, or Universal Flash Storage, is a key technology in these verticals. And we closed the UFS design, with a key company driving [AI PCs], this quarter. We also continue to see strong demand for the advanced UFS protocol, in mobile, to support LLM storage for GenAI use cases.

UFS，即通用閃存，是這些垂直領域的關鍵技術。本季度，我們與一家推動 [AI PC] 發展的重點公司合作，完成了 UFS 設計。我們也繼續看到行動領域對先進 UFS 協定的強烈需求，以支援 GenAI 用例的 LLM 儲存。

A few closing comments, before we transition to Shelagh's remarks.

在我們轉到 Shelagh 的發言之前，我們先說幾點結束語。

We have a very resilient business model. And our solutions are mission-critical to our customers' innovation. We have strong momentum, across the business, bolstered by secular growth tailwinds, including AI.

我們擁有非常有彈性的商業模式。我們的解決方案對於客戶的創新至關重要。受人工智慧等長期成長因素的推動，我們整個業務都呈現強勁發展勢頭。

The application of AI for EDA and engineering, more broadly, is just beginning, which we'll discuss in more detail at SNUG, in March.

更廣泛地說，人工智慧在 EDA 和工程中的應用才剛開始，我們將在 3 月的 SNUG 上進行更詳細的討論。

Finally, thank you to our employees, customers, and partners for a strong start to 2025. We are excited to continue our partnership journey, with you, through the year.

最後，感謝我們的員工、客戶和合作夥伴，為 2025 年帶來了強勁開端。我們很高興能在新的一年繼續與您合作。

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

說完這些，我將把它交給 Shelagh。

Thank you, Sassine.

謝謝你，薩辛。

We delivered a solid start to the year, with revenue in the upper end of our guided range, non-GAAP operating margin of 36.5%, and non-GAAP earnings above the high end of our guidance range.

我們今年取得了良好的開局，收入處於我們預期範圍的上限，非公認會計準則營業利潤率為 36.5%，非公認會計準則收益高於我們預期範圍的上限。

Our Q1 results are driven by our strong execution across the business, leading technology that is mission-critical to our customers, and a resilient and stable business model. As a result, we are reaffirming our full-year 2025 targets for revenue, non-GAAP operating margin, and non-GAAP EPS.

我們第一季的業績得益於我們整個業務的強大執行力、對客戶至關重要的領先技術以及有彈性和穩定的業務模式。因此，我們重申 2025 年全年收入、非 GAAP 營業利潤率和非 GAAP 每股盈餘的目標。

I'll, now, review our first-quarter results. All comparisons are year over year, unless otherwise stated.

現在，我將回顧我們的第一季業績。除非另有說明，否則所有比較都是同比進行的。

We generated total revenue of $1.46 billion. Total GAAP costs and expenses were $1.2 billion and total non-GAAP costs and expenses were $924 million, resulting in non-GAAP operating margin of 36.5%. GAAP earnings per share were $1.89 and non-GAAP earnings per share were $3.03.

我們創造了 14.6 億美元的總收入。總 GAAP 成本和費用為 12 億美元，非 GAAP 成本和費用總和為 9.24 億美元，非 GAAP 營業利潤率為 36.5%。GAAP 每股收益為 1.89 美元，非 GAAP 每股收益為 3.03 美元。

Now, onto our segments.

現在，進入我們的環節。

Design Automation segment revenue was $1.02 billion, up 4%, as broad-based strength was partially offset by one last week in Q125 compared to Q124. Design Automation adjusted operating margin was 39.7%.

設計自動化部門營收為 10.2 億美元，成長 4%，因為與 2024 季度相比，2025 季的廣泛成長被上週的強勁成長部分抵消。設計自動化調整後的營業利益率為39.7%。

Design IP segment revenue was $435.1 million, down 17%, due to timing and a tough record-setting prior year compare. Design IP adjusted operating margin was 29.1%.

設計 IP 部門收入為 4.351 億美元，下降 17%，原因是時間安排以及與去年創下的紀錄相比較為艱難。設計IP調整後的營業利益率為29.1%。

Free cash flow was $108.2 million outflow, for the quarter. And we ended the quarter with cash and short-term investments of $3.81 billion.

本季自由現金流出為 1.082 億美元。截至本季末，我們的現金和短期投資為 38.1 億美元。

Now, to guidance.

現在，開始指導。

For fiscal year 2025, the full-year targets are revenue of $6.745 billion to $6.805 billion. Total GAAP costs and expenses between $4.97 billion and $5.03 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.

2025 財年的全年目標是營收 67.45 億美元至 68.05 億美元。總 GAAP 成本和費用在 49.7 億美元至 50.3 億美元之間。非公認會計準則下的成本和費用總額在 40.5 億美元至 40.9 億美元之間，非公認會計準則下營業利潤率為 40%，位於中間值。

Non-GAP tax rate of 16%. GAAP earnings of $10.09 to $10.31 per share. Non-GAAP earnings of $14.88 to $14.96 per share.

非GAP稅率為16%。每股 GAAP 收益為 10.09 美元至 10.31 美元。非公認會計準則每股收益為 14.88 美元至 14.96 美元。

Cash flow from operations of approximately $1.8 billion and free cash flow of approximately $1.6 billion.

經營活動現金流約 18 億美元，自由現金流約 16 億美元。

Now, to targets for the second quarter.

現在，我們來討論第二季的目標。

Revenue between $1.585 billion and $1.615 billion. Total GAAP costs and expenses between $1.19 billion and $1.21 billion. Total non-GAAP costs and expenses between $985 million and $995 million.

營收在 15.85 億美元至 16.15 億美元之間。總 GAAP 成本和費用在 11.9 億美元至 12.1 億美元之間。非公認會計準則成本和費用總額在 9.85 億美元至 9.95 億美元之間。

GAAP earnings of $2.21 to $2.33 per share and non-GAAP earnings of $3.37 to $3.42 per share.

GAAP 每股收益為 2.21 美元至 2.33 美元，非 GAAP 每股收益為 3.37 美元至 3.42 美元。

Our press release and financial supplement include additional targets and GAAP to non-GAAP reconciliations.

我們的新聞稿和財務補充包括額外目標以及 GAAP 與非 GAAP 的對帳。

In conclusion, we delivered a solid start to the year. We continue to execute. And, for 2025, are reiterating 10.1% to 11.1% revenue growth, non-GAAP operating margin of 40%, and approximately 13% non-GAAP EPS growth.

總而言之，我們今年取得了良好的開端。我們繼續執行。並且，對於 2025 年，重申營收成長 10.1% 至 11.1%，非 GAAP 營業利潤率 40%，非 GAAP 每股盈餘成長約 13%。

Our confidence reflects our relentless execution and leadership position across our segments, mission-critical products to enable our customers' innovation, and a stable and resilient business model.

我們的信心反映了我們在各部門的不懈執行和領導地位、支持客戶創新的關鍵產品以及穩定且有彈性的商業模式。

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

說完這些，我將把問題交給接線員。

(Operator Instructions)

（操作員指令）

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Thank you. Congrats on a nice quarter. And, Shelagh, that 200 bps margin (inaudible) is impressive.

謝謝。恭喜您度過了一個愉快的季度。而且，希拉格，200 個基點的利潤（聽不清楚）令人印象深刻。

Sassine, I want to ask about growth trends that you expect to unfold, over the short to long term?

薩西內，我想問一下，您預計短期和長期內會出現哪些成長趨勢？

And when you segment your growth into AI and non-AI sites, you talked about the strong AI-driven design activities. So how do you see DeepSeek going to impact EDA, in general, and Synopsys, in particular?

當您將成長細分為人工智慧和非人工智慧網站時，您談到了強大的人工智慧驅動的設計活動。那麼您認為 DeepSeek 對 EDA 整體以及 Synopsys 的具體影響是什麼？

And, then, I have a follow-up.

然後，我有一個後續問題。

Yeah. Hi, Siti. Thank you for the question.

是的。你好，Siti。感謝您的提問。

We started talking about the tale of two markets, maybe, about a year ago. And the reason for that is, if you look at the semiconductor market, in particular, you have the grouping of customers -- that they're developing semiconductor chips for AI, HPC. And they've had a very strong demand and a very healthy roadmap that we are engaged with and supporting and selling to.

大約一年前，我們開始談論兩個市場的故事。原因是，如果你特別關注半導體市場，你會發現有一群客戶——他們正在為 AI、HPC 開發半導體晶片。他們有著非常強烈的需求和非常健康的發展路線圖，我們正致力於與他們合作、提供支援和銷售。

Then, you have the other grouping of customers, which is primarily the consumer electronics, automotive, industrial. Their opportunity to leverage AI has been shifting to the right.

然後，您還有另一組客戶，主要是消費性電子，汽車和工業。他們利用人工智慧的機會正在向右轉移。

Now, you look at the consumer electronics, in particular, the PC and mobile, it has picked up, recently, due to applications like AI-on-PC, AI-on-phone. And this is where DeepSeek will provide an opportunity to expand the adoption of AI on devices, given the affordability, the effectiveness. You don't have to go back to cloud in order to retrieve information, et cetera.

現在，我們來看看消費性電子產品，特別是個人電腦和手機，由於個人電腦上的人工智慧和手機上的人工智慧等應用，它最近已經回暖了。鑑於其經濟實惠和有效性，DeepSeek 將為擴大 AI 在設備上的應用提供機會。您不必返回雲端來檢索資訊等等。

Now, you look at the whole semiconductor R&D, it's expected to grow from a 6% of sales per year to about 9%. For us, that's fantastic. Because, remember, we sell to R&D, inside our customers.

現在，看看整個半導體研發，預計將從每年銷售額的 6% 增長到 9% 左右。對我們來說，這太棒了。因為，請記住，我們的產品銷售給客戶內部的研發部門。

Now, you zoom out, completely, to the Synopsys opportunity. We don't only sell to semiconductors. We sell to system companies, which are developing chips not to be sold but developing chips for them to consume. And that opportunity, as well, has been great for Synopsys, given they are consuming IP hardware, software to design some of the most sophisticated chips.

現在，您可以完全縮小範圍，看到 Synopsys 的機會。我們的產品不只賣給半導體。我們將晶片銷售給系統公司，他們開發的晶片不是為了銷售，而是為了他們自己消費。對於 Synopsys 來說，這次機會也非常好，因為他們正在使用 IP 硬體和軟體來設計一些最先進的晶片。

So that's how we see the landscape. I hope that that gave you a sense of how we see the monetization.

這就是我們所看到的景觀。我希望這能讓你了解我們如何看待貨幣化。

Okay.

好的。

And do you see that, now, in those traditional semi non-AI side, do you think that we already hit the trough? And do you expect -- what trends you're seeing on those, outside of making AI chips?

而現在，您是否看到，在那些傳統的半非人工智慧方面，您是否認為我們已經觸底了？您預計，除了製造人工智慧晶片之外，您還看到了哪些趨勢？

On the consumer electronics side, PC, mobile. Yes, we have seen, over the last two to three quarters, an acceleration in our customers' roadmap, in building these chips.

在消費性電子方面，有PC、手機。是的，在過去的兩到三個季度裡，我們看到客戶在建造這些晶片的路線圖中加速發展。

In automotive industrial, I want to say it's, still, about the same.

在汽車工業方面，我想說的是，情況仍然大致相同。

Thank you. That's helpful.

謝謝。這很有幫助。

Thank you.

謝謝。

Lee Simpson, Morgan Stanley.

摩根士丹利的李辛普森。

Great. Thanks for fitting me in. And great quarter, guys.

偉大的。謝謝你給我安排。大家，這一季表現非常出色。

Maybe, just the first question, just on China. It does seem like Chinese growth is flattening off, I think 12% of sales, in this last quarter. And, I assume, herein, given the discussion that you made around hardware -- that hardware, at least, is shipping quite nicely to China. But, probably, not much else. So I wonder if you can, maybe, give us a sense for the moving parts. If we leave aside export controls and the changes there, what is driving that flattening of sales in China? And how should we think of that, as we go through the year?

也許，只是第一個問題，只是關於中國。看起來中國的成長確實趨於平穩，我認為最近一個季度的銷售額成長了 12%。而且，我認為，鑑於您圍繞硬體所做的討論 — — 至少這些硬體可以順利運往中國。但可能僅此而已。所以我想知道您是否可以讓我們了解其中的活動部件。如果我們不考慮出口管制及其變化，那麼是什麼原因導致中國銷售趨於平穩呢？那麼，在這一年中，我們該如何思考這個問題呢？

And, maybe, as a follow on -- see, couldn't help it -- you did tease us with the agentic AI and the productivity gains. And so I'm just trying to understand the viewpoint that Synopsys would have, here, utilizing, I assume, deep research and like. Are you looking at this as an operating margin driver? Or are you looking at this as a product development acceleration?

而且，也許，作為後續 — — 瞧，沒辦法 — — 你確實用代理 AI 和生產力提升來戲弄我們。因此，我只是想了解 Synopsys 的觀點，我想，這裡需要利用深入的研究等。您是否將其視為營業利潤率的驅動因素？或者您將其視為產品開發的加速？

Thank you.

謝謝。

Thank you.

謝謝。

Regarding China, if you recall, when we reported Q423 and guided FY24, we said that we're going to be pragmatic regarding China. And we saw, absolutely, a trend of deceleration, driven by two factors.

關於中國，如果你還記得的話，當我們報告23年第四季和24財年指引時，我們說過我們將對中國採取務實的態度。我們確實看到了由兩個因素推動的減速趨勢。

The first one is the cumulative effect of restrictions. And the second one, that cannot be ignored, which is the slowing local economy and the money that's flowing into startups and the overall economy in China.

第一個是限制措施的累積效應。第二個不容忽視的因素是本土經濟放緩以及流入中國新創企業和整體經濟的資金。

As we wrapped up FY24, China finished, roughly, at corporate average. As we started looking at FY25 and all these -- I won't call them -- stress points in China, we have assumed in our guidance that China will continue on decelerating and be below the corporate average, due to the two factors I just mentioned.

當我們結束 24 財年時，中國企業的業績大致與平均值相當。當我們開始展望25財年以及所有這些（我不會稱之為）中國的壓力點時，我們在指導中假設，由於我剛才提到的兩個因素，中國經濟將繼續減速並低於企業平均水平。

Now, you pointed out hardware, in particular, and that really has nothing to do with one part of the portfolio or the other. Because, customers, when they're buying from us, they're still buying the software, the IP, and the hardware.

現在，您特別指出了硬件，但這實際上與投資組合的某個部分無關。因為，當客戶向我們購買產品時，他們仍然在購買軟體、IP 和硬體。

But it has all this impact of roadmap shifting and customers we cannot sell to due to the restrictions of either technology or entity lists. So that's China.

但它具有路線圖轉變的影響，而且由於技術或實體名單的限制我們無法向其銷售產品。這就是中國。

In terms of agentic AI, it's such an exciting opportunity. And the reason it's so exciting is truly the evolution of AI to get to a point of maturity that will truly change the engineering workflow for our customers. And we're well on our way to partner with key leading AI partners to bring in that transformation from generative AI to agentic AI to the engineering world.

對於代理人工智慧而言，這是一個令人興奮的機會。它之所以如此令人興奮的原因在於人工智慧的發展已經達到了成熟的程度，這將真正改變我們客戶的工程工作流程。我們正與主要領先的人工智慧合作夥伴合作，將這種從生成式人工智慧到代理式人工智慧的轉變引入工程領域。

In terms of us leveraging AI inside our company, absolutely, we are taking advantage of every opportunity for every function -- not only the engineering functions, the various functions inside the company -- to modernize and capture the productivity of AI.

就我們在公司內部利用人工智慧而言，絕對的，我們正在利用每個職能部門的每一個機會——不僅是工程職能部門，還有公司內部的各種職能部門——來現代化並掌握人工智慧的生產力。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Thanks for taking the questions.

感謝您回答這些問題。

I was wondering if I could ask, again, on the design activity for non-AI versus AI. For the non-AI customers, have you seen, like, the rate of change, over the past few quarters, in terms of design activity? Is that stabilized and improved, maybe, outside of the PC, smartphone, AI dynamic?

我想知道我是否可以再次詢問非人工智慧與人工智慧的設計活動。對於非人工智慧客戶，您是否看到過去幾季設計活動的變化率？在個人電腦、智慧型手機和 AI 動態之外，這是否可能得到穩定和改進？

Thanks, Joe, for the question.

謝謝喬提出這個問題。

For the way Synopsys engage with semiconductor companies, we engage on, pretty much, every single chip they have on their roadmap. So our observation and insights is based on the following:

對於新思科技與半導體公司的合作方式，我們幾乎參與了他們路線圖上的每一款晶片。因此，我們的觀察和見解是基於以下內容：

When a customer is designing a chip, say, within a window of about 14 to 16 months' tape-out -- meaning, before they hand it over to the foundry to manufacture -- are we seeing a shift to the right of that road map?

當客戶在約 14 到 16 個月的流片期內設計晶片時——也就是在他們將其交給代工廠製造之前——我們是否看到了該路線圖的右移？

And that's what we classified as the tale of two markets. Where, if you are in the AI HPC, they're going from 16, 18 months development down to 12 months. So it's a significant acceleration.

這就是我們所說的兩個市場的故事。如果你身處 AI HPC 領域，他們的開發時間將從 16、18 個月縮短至 12 個月。因此，這是一個顯著的加速。

For the consumer electronic market, as well as auto industrial, for a period of time, the roadmap was not being fueled by the opportunity to accelerate. So we observed it through our IP pull-down and the pace in which they move to the next project on their roadmap. We are seeing, absolutely, the pick-up in the mobile and PC.

對於消費性電子市場以及汽車工業來說，一段時間內，路線圖並沒有受到加速機會的推動。因此，我們透過 IP 下拉和他們進入路線圖上的下一個項目的速度來觀察這一點。我們確實看到了行動裝置和個人電腦的成長。

And when it comes to auto and industrial, I want to say there is not much change compared to what we've seen over the last three-ish, four quarters or so.

說到汽車和工業，我想說跟過去三、四個季度相比，沒有太大變化。

But it does not mean they're not investing in their roadmap and they're not building chips. But the pace in which they're developing and releasing, it's not with the same pace and acceleration.

但這並不意味著他們沒有對其發展路線圖進行投資，也沒有製造晶片。但他們開發和發布的速度和加速度並不相同。

That helpful. I appreciate the detail.

這很有幫助。我很欣賞這個細節。

As a follow-up, you talked about the new hardware solutions that you launched, this month. How should we think about just the growth trajectory there, the pipeline?

作為後續報道，您談到了本月推出的新硬體解決方案。我們應該怎麼看待那裡的成長軌跡和管道？

And, then, in the context of, I think your inventory increased a decent amount this quarter -- I think it's at a record level.

那麼，在這種情況下，我認為本季度您的庫存增加了相當多 - 我認為它達到了創紀錄的水平。

Yeah. Let me make a comment, in general, on the market. Then, I would like to turn it to Shelagh.

是的。讓我對市場做一個總體評論。然後，我想把它交給 Shelagh。

In terms of the new hardware system, we're so excited about our launch because we focused on the use case of a hybrid-emulation prototyping use case, where customers are looking for every bit of performance they can achieve, in order to validate their software, before the chip is available. And this has been the use case that Synopsys has led for many years.

就新硬體系統而言，我們對新系統的發布感到非常興奮，因為我們專注於混合仿真原型用例，在晶片上市之前，客戶希望獲得他們可以實現的每一點性能，以便驗證他們的軟體。這也是Synopsys多年來一直引領的用例。

And, with this new launch, we continue on expanding that leadership.

隨著新產品的推出，我們將繼續擴大這一領導地位。

Shelagh?

希拉格？

Yeah. And we've been investing in hardware, as you note, we're up about 15% quarter on quarter, about 9% year on year. That's not all finished goods.

是的。我們一直在投資硬件，正如您所說，我們的季度環比增長約 15％，同比增長約 9％。這還不是全部的成品。

So obviously, as Sassine mentioned, we just launched, a few weeks ago, the exciting new platforms. We're racing to build those products, finish those products out. Demand exceeds supply, right now.

顯然，正如薩辛所提到的，我們幾週前剛剛推出了令人興奮的新平台。我們正在加速生產這些產品並完成它們。目前，需求超過供應。

We see much more back-half loaded. In fact, a Q4-loaded hardware year just because of availability of those new units.

我們看到更多的是後半部滿載。事實上，由於這些新設備的供應，第四季的硬體需求旺盛。

So we're racing, as quickly as we can, to fulfill that customer demand. But that's why we're putting so much more investment in hardware -- to be able to service those important workloads for our customers.

因此，我們正在盡快滿足客戶的需求。但這就是我們在硬體上投入更多資金的原因——為了能夠為我們的客戶提供這些重要的工作負載。

Charles Shi, Needham & Company.

查爾斯·施（Charles Shi），Needham & Company。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe, the first one, a housekeeping item. Shelagh, what's the backlog, exiting fiscal Q125?

也許，第一個是家事。希拉格，退出財政 Q125 後積壓的工作有哪些？

The backlog, exiting Q1, is $7.7 billion.

截至第一季，積壓訂單金額為 77 億美元。

Okay, got it. Thanks.

好的，明白了。謝謝。

Maybe, a more of a longer-term question. The question is, like, rooted in last year's number. Last year, fiscal '24, the EDA revenue for Synopsys, by back-half -- the extra week impact in fiscal Q124 -- the growth rate was around 9% year on year.

或許，這是一個更長期的問題。這個問題的根源在於去年的數字。去年，也就是24財年，新思科技的EDA收入，以後半年計算──24財年第一季的額外一週影響──年成長率約為9%。

But, when I look at your peer, their core EDA revenue, also, kind of shows some deceleration from double digit to, like, high-single digit, in the last fiscal year. So it feels like you, guys, are probably seeing the same thing, here.

但是，當我查看您的同行時，他們的核心 EDA 收入在上個財年也顯示出從兩位數減速到高個位數的趨勢。因此，感覺你們在這裡可能看到了同樣的事情。

But, wonder, what do you think about the long term? You, guys, were thinking about 12%, over the long term. But was last year hitting a cyclical bottom, in terms of EDA revenue growth? Or we still need to wait a little bit of a recovery? Let's say, the non-AI side -- you keep referring to a pair of two markets, right? -- for that to recover to get back to the low-double-digit EDA growth.

但是，想知道，您對長期前景有什麼看法嗎？你們考慮的是長期的 12%。但從 EDA 營收成長的角度來看，去年是否觸及了周期性底部？還是我們還需要等待一點復甦？比如說，非人工智慧方面——你一直提到兩個市場對，對嗎？ ——以便恢復到低兩位數的 EDA 成長。

Charles, thanks for the question.

查爾斯，謝謝你的提問。

For Design Automation, it has both EDA software and hardware. So you can expect lumpiness quarter over quarter.

對於設計自動化，它既有EDA軟體，也有硬體。因此，你可以預期季度環比會出現波動。

If you look at trailing 12 months and what we have communicated in our Investor Day, which is a 12% growth for Design Automation, that was based on the next five-year CAGR.

如果你回顧過去 12 個月以及我們在投資者日所傳達的訊息，你會發現設計自動化成長了 12%，這是基於未來五年的複合年增長率。

And we do believe that that will continue and we have no signals, at this stage, to believe that that will be any different.

我們確實相信這種情況將會持續下去，而且現階段我們還沒有跡象表明情況會有任何變化。

Remember, we sell to two grouping of customers. There are the system companies and there are the semiconductor companies.

請記住，我們的產品銷售給兩類客戶。有系統公司，也有半導體公司。

The semiconductor R&D investment has been going up, which is very good for Synopsys because, as I said earlier, from 6% to 9%, we benefit from that growth because they're investing more in hardware, in IP, in EDA, et cetera.

半導體研發投資一直在增加，這對新思科技來說非常好，因為正如我之前所說，從 6% 到 9%，我們從這種增長中受益，因為他們在硬體、IP、EDA 等方面投入了更多資金。

And, then, you have the system companies, which is growing at a higher rate than the 9%. And that's why we believe the 12% is appropriate for us to commit to and deliver towards the 12%.

然後，還有系統公司，其成長率高於 9%。這就是為什麼我們認為 12% 是我們願意承諾並實現的適當目標。

Thanks.

謝謝。

Maybe, a quick follow-up on China. So seeing, I think, last quarter, when you provided the first outlook at the fiscal '25, China -- you adopted that, like the prior fiscal year, you want to be a little bit more cautious. But you actually did not provide a quantitative guidance on where you think the China growth rate or percentage contribution to a total revenues can be, in fiscal '25.

或許，快速跟進一下中國的情況。因此，我認為，上個季度，當您提供 2025 財年的第一個展望時，您就採取了與上一財年一樣的策略，即更加謹慎一些。但實際上，您並沒有提供量化的指導，說明您認為 25 財年中國市場的成長率或對總收入的貢獻百分比應該達到多少。

But I look at the reported fiscal Q1 number, it's a pretty meaningful step-down from last year's average China revenue run rate. Let's say, $250 million per quarter but fiscal Q1 was, like, $174 million.

但我看了報告的第一季財報數據，發現與去年中國市場的平均收入運行率相比，這是相當明顯的下降。假設每季 2.5 億美元，但財政第一季的營收為 1.74 億美元。

Even if I think that China is going to be flat year on year, for you, that means a pretty meaningful catch-up for the next three quarters. So are you at a place where, maybe, you can start to call the direction of China? Maybe, even the absolute database or percentage-wise, where the China revenue can go, this year, in fiscal '25. Are you there yet to make a call?

即使我認為中國的經濟年增速將持平，但對你來說，這意味著未來三個季度的經濟將迎來相當有意義的追趕。那麼，您是否可以開始預測中國的發展方向呢？或許，從絕對資料庫或百分比來看，今年，也就是 25 財年，中國的營收將會達到什麼水準。你還在那裡打電話嗎？

So, Charles, what I can say, at this point: last year, we finished at corporate average. The deceleration and the headwinds in China are getting stronger, that we don't believe it will be at corporate average. We will finish below corporate average, in terms of China growth. And that has been accounted for, in our guide.

所以，查爾斯，現在我可以說的是：去年，我們的成績達到了企業平均。中國的經濟減速和逆風愈發強勁，我們認為不會達到企業的平均水準。就中國市場的成長而言，我們的業績將低於企業平均。我們的指南已經對此進行了說明。

Thanks.

謝謝。

You're welcome.

不客氣。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Hi, everyone.

偉大的。大家好。

I see, in the 10-Q, that backlog composition actually swung a bit more to current balances this quarter, where I think, over recent history, you've had strong backlog developments. But it's been particularly notable in long-term RPO and those multi-year engagements.

我看到，在 10-Q 中，本季度的積壓訂單組成實際上與當前餘額有了一點變化，我認為，在最近的歷史上，您的積壓訂單發展勢頭強勁。但它在長期 RPO 和多年期合作中尤其引人注目。

I'm just wondering how you think about the trade-off between annual contract value and total contract value. Is it true that there's a, maybe, shifting in duration that you generally don't mind, as it provides an opportunity to re-engage with customers, over that contract? Or are some of the changes we've seen in backlog composition -- is that, at all, reflecting how customers are preferring to engage with you?

我只是想知道您如何看待年度合約價值和總合約價值之間的權衡。是否確實存在合約期限的變化，但您通常不介意，因為這提供了透過合約與客戶重新接觸的機會？或者我們在積壓訂單組成中看到的一些變化——是否反映了客戶更喜歡與您互動的方式？

There is definitely no change, in terms of customer behavior. And, as you know, Joe, the backlog -- you build and burn the backlog.

從顧客行為方面來看，肯定沒有改變。而且，正如你所知，喬，積壓工作——你建立並燒毀了積壓工作。

The EDA-type of contracts, they're still on the same average duration. So we have not seen a big customer behavior change at all.

EDA 類型的合同，它們的平均期限仍然相同。因此我們根本沒有看到客戶行為有重大變化。

On IP and hardware, as I mentioned in the-tale-of-two-markets remarks -- that it, even though the contract may be committed, by when the customer pulls it down -- varies based on the pace in which they're building these chips.

關於 IP 和硬件，正如我在兩個市場的故事中所提到的那樣 — — 即使合約可能已經承諾，但當客戶將其撤下時 — — 還是會根據他們製造這些晶片的速度而變化。

But there is no behavior change from customer or market point-of-view or anything, differently, we're driving, in terms of extending durations with customers.

但從客戶或市場的角度來看，行為沒有任何變化，只是我們在延長客戶持續時間方面做出了不同的努力。

Yeah. And, Joe, I would just add a nuance.

是的。喬，我只想補充一點細微差別。

When we do our backlog, we also report our FSA. That next 12 months of backlog is ex the FSA. So if you look at it that way, there's not really as much variation.

當我們完成積壓工作時，我們也會報告我們的 FSA。接下來 12 個月的積壓訂單都來自 FSA。所以如果你這樣看待它，實際上的變化並沒有那麼多。

Anyway, just -- and, again, that's the customer preference, when we go to sign a contract with them, what's in the base contract and, then, what's in the FSA.

無論如何，只是 — — 再說一次，這是客戶偏好，當我們與他們簽訂合約時，基本合約中有什麼，然後，FSA 中有什麼。

And, as you know, the FSA is a committed non-cancelable. But it's going to be pulled down, when the customer needs it.

而且如你所知，FSA 是不可取消的承諾。但當客戶需要它時，它會被拆下來。

Yeah. Okay. That makes sense, Shelagh.

是的。好的。這很有道理，希拉格。

I wanted to go back to your comments, Sassine, at the current generation of AI you have available, the optimization products -- that's not necessarily changing design methodology.

我想回到你的評論，薩辛，在當前一代人工智慧中，優化產品 - 這不一定會改變設計方法。

Would you say that impacts your view, at all, that you expressed, a year ago, about how AI could lift industry growth rates for EDA, by about 200 basis points? Or, a different way to ask, have you actually seen that type of benefits? And it's either because of your product demand or the market you serve.

您認為這會對您一年前表達的觀點產生影響嗎？或者，換一種問法，您真正看到過這種好處嗎？這要么是因為您的產品需求，要么是因為您所服務的市場。

But that 200 basis points of benefit is, maybe, being a bit masked by the more tepid results, from the analog markets you've been discussing.

但是，這 200 個基點的收益可能會被您所討論的模擬市場的較為平淡的業績所掩蓋。

Yeah. Excellent question, Joe.

是的。非常好的問題，喬。

When we talked a year ago, we talked about two things, if you remember. We talked about Synopsys.ai having two offerings from Synopsys: the AI optimization and the generative AI. We were not talking, at the time, about agentic AI because we thought it was further down the road.

如果你還記得的話，一年前我們談話時談到了兩件事。我們談到了 Synopsys.ai 提供的兩種來自 Synopsys 的產品：AI 優化和生成 AI。我們當時還沒有談到代理人工智慧，因為我們認為這還遠遠不夠。

And we teased autonomous design, at the time. But it did not, from a technology point-of-view, feel that it's coming as fast as it's coming, right now.

我們當時曾預想過自主設計。但從技術角度來看，目前還沒有感覺到它來得這麼快。

From a monetization point-of-view, the AI optimization -- we are monetizing it. But is that monetization, on aggregate, will result on the 200 basis points? Not by itself, no. But when you add generative and agentic, are we still seeing an opportunity, when we change the workflow for our customers and give them a different approach to design a chip cheaper, faster, for us to monetize, given the business model for agentic will be very different? The answer is yes.

從貨幣化的角度來看，我們正在透過人工智慧優化將其貨幣化。但整體而言，貨幣化是否會導致 200 個基點的升幅？不是單獨存在的，不是的。但是，當你添加生成性和代理性時，我們是否仍然看到機會，當我們為客戶改變工作流程並為他們提供不同的方法以更便宜、更快地設計晶片時，我們可以賺錢嗎，因為代理性的商業模式會非常不同？答案是肯定的。

And that's why, if you recall during our Investor Day, when we talked about AI optimization and generative, we did not put, necessarily, a timeline for that 200 basis points, for that specific reason.

這就是為什麼，如果你還記得，在我們的投資者日，當我們談論人工智慧優化和生成時，我們並沒有為這 200 個基點設定時間表，就是因為這個特定原因。

But adoption from customers, excitement about the technology, penetration of the optimization across DSO, VSO, et cetera., is something, actually, where we're very positive about and exactly what where we thought we would be, in this cycle.

但客戶的採用、對技術的興奮、優化在 DSO、VSO 等方面的滲透，實際上是我們非常樂觀的事情，也正是我們認為在這個週期中我們會達到的水平。

Okay. That's great color. Thank you very much.

好的。顏色真棒。非常感謝。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jason Celino。

Hi. Thanks for taking my questions.

你好。感謝您回答我的問題。

I just wanted to follow-up on some of Charles's questions on China. Compared to 90 days ago, when you initially set guidance, have your assumptions changed, at all?

我只是想跟進查爾斯關於中國的一些問題。與 90 天前您最初設定的指導相比，您的假設有任何變化嗎？

I understand, below corporate average. It makes sense. But, if this is a change -- the implication, if it's true, since you're holding the full-year guidance the same, is that something, maybe, in your EDA or IP business, might have improved, since 90 days ago?

我明白，低於公司平均。這是有道理的。但是，如果這是一個變化——這意味著，如果這是真的，因為你維持全年指導不變，那麼自 90 天前以來，你的 EDA 或 IP 業務是否可能有所改善？

Wanted to clarify that and see if that's the case, on those segments.

想要澄清這一點，看看在那些部分是否確實如此。

Yeah. Jason, the assumptions in our planning and, therefore, guiding-the-year, has not changed. We've always believed that there will be headwind and ongoing deceleration in China.

是的。傑森，我們計劃中的假設以及指導今年的假設並沒有改變。我們始終相信，中國經濟將面臨逆風和持續減速。

What we, I want to say in our communication, have (inaudible) clarifying and changing is will it end similar to last year, the deceleration towards corporate average? Or do we believe it will go further below corporate average?

我想說，我們在溝通上（聽不清楚）需要澄清和改變的是，它是否會像去年一樣減速至企業平均？或者我們相信它會進一步低於企業平均？

And that's really the nuance in clarifying where do we believe China will be. But the assumptions we made in our guidance and our internal forecasting based on regions, the portfolio, EDA software, IP hardware, none of that changed.

這實際上是澄清我們認為中國將會處於什麼位置的細微差別。但是，我們在指導中所做的假設以及基於地區、產品組合、EDA 軟體、IP 硬體的內部預測都沒有改變。

Okay.

好的。

And, then, the HAPS-200, the ZeBu-200 announcements -- you upgrade your products, more frequently, than your two competitors. How should we view these versus the prior iterations?

然後，HAPS-200 和 ZeBu-200 的發布——你們比你們的兩個競爭對手更頻繁地升級你們的產品。與先前的迭代相比，我們應該如何看待這些迭代？

I'm just trying to wonder if we could see an air pocket in demand, as customers wait for their orders in the second half.

我只是想知道，當客戶等待下半年的訂單時，我們是否會看到需求出現空洞。

Thank you.

謝謝。

That's the advantage we have, with an FPGA versus a custom chip -- that you have a much faster refresh cycle and ability. So with the HAPS-200 and the ZeBu-200, actually, no air pocket.

這就是我們的優勢，FPGA 相對於客製化晶片而言，擁有更快的刷新週期和能力。因此，HAPS-200 和 ZeBu-200 實際上不存在氣穴。

And the reason for that is the same customers, that they were buying from us, the EP-- remember we talked about the EP, before? Now, with the next-generation, they have already -- are purchasing the prior-generation EP plus the new capacity that we can provide with the 200.

原因在於，他們都是同樣的客戶，他們從我們這裡購買 EP——還記得我們之前談論過 EP 嗎？現在，隨著下一代產品的推出，他們已經 - 正在購買上一代 EP 加上我們可以提供的 200 的新容量。

And, as Shelagh mentioned, right now, the demand is absolutely there. It's our ability to deliver to that demand, which we're building the capacity and our ability to expand it.

而且，正如 Shelagh 所提到的，現在，需求絕對存在。這是我們滿足這一需求的能力，我們正在建立這項能力並擴大這項能力。

Amazing. Thank you.

驚人的。謝謝。

Yeah. And, Jason, my comment was more about availability. Not about air pocket in demand.

是的。傑森，我的評論更多是關於可用性。與氣穴需求無關。

That it's much more Q4-weighted. Yeah.

其第四季權重更大。是的。

Yes. Thank you.

是的。謝謝。

Thank you.

謝謝。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，Griffin Securities。

Thank you. Good evening.

謝謝。晚安.

Sassine, I'd like to ask your tale-of-two-markets point, from a different perspective. And that is strictly with respect to semi R&D. And that is we do seem to have seen, over the last number of quarters, more concentration of those semiconductor companies that are continuing to show good or even very good growth, as compared to what we might have seen, previously, where the growth was broader among the population of semi companies.

薩西內，我想從不同的角度來談談你關於「兩個市場」的觀點。這完全涉及半研發。也就是說，在過去的幾個季度裡，我們似乎確實看到，與之前我們所看到的相比，半導體公司的集中度有所提高，這些公司繼續表現出良好甚至非常好的成長，而之前的成長範圍更廣泛。

Is this something that you've seen or might be concerned about that, in an already concentrated market in the semis, that the sources of really good growth are becoming fewer and fewer?

在半導體這個已經很集中的市場中，您是否看到或擔心，真正良好的成長源正在變得越來越少？

Then, I have a follow-up.

然後，我有一個後續問題。

Jay, as you can imagine, we are very intimate with every customer's chips, roadmap, investments, et cetera. And we track it very closely.

傑伊，你可以想像，我們非常了解每個客戶的晶片、路線圖、投資等等。我們對此進行了密切的追蹤。

If you look at it, in aggregate, the increased investment in order to support their roadmap, be it very advanced chips-- N2, N3 -- multi-die advanced package or even, actually, earlier this week, discussions with automotive and industrial customers looking for the next opportunity to deal with more integration on their chip and move to the next node, albeit it's not an N3 or an N2, but going to FinFET, for example, in order to provide a cheaper, more competitive chip.

如果你從總體上看，為了支持他們的路線圖而增加的投資，無論是非常先進的晶片 N2、N3，還是多晶片先進封裝，甚至實際上，本週早些時候，與汽車和工業客戶的討論正在尋找下一個機會來處理他們晶片上的更多集成並轉向下一個節點，雖然它不是 N3 或 N2，而是轉向 FinFET，例如，以提供更便宜、更具競爭力的晶片。

That's a great opportunity for us because they are investing more in R&D. And they're doing a refresh, per se, on the IP that they want to pull-down, using more hardware, using the latest EDA software, et cetera.

這對我們來說是一個很好的機會，因為他們在研發方面投入了更多資金。他們正在對想要下拉的 IP 進行刷新，使用更多的硬件，使用最新的 EDA 軟體等等。

So, in aggregate, when we see the growth from 6% to 9% in the semiconductor R&D, we are seeing how it's matching with our growth. It's not like they're growing from 6% to 9% and we're staying flat.

因此，總體而言，當我們看到半導體研發支出成長率從 6% 到 9% 時，我們看到的是它與我們的成長是如何匹配的。這並不意味著他們的成長率從 6% 上升到 9%，而我們的成長率卻保持不變。

We are growing with their growth of R&D investment.

隨著他們研發投入的成長，我們也在成長。

In aggregate, that's as a whole. Yeah.

整體來說，這就是一個整體。是的。

Right. Understood.

正確的。明白了。

So your point about changes in productivity and workflow and the like is, historically, I think, really interesting. And over the last four decades that commercial EDA has existed, it has, probably, always been the case that there are differences in how customers employ EDA and get a return on investment in EDA.

所以，從歷史上看，我認為，您關於生產力和工作流程等變化的觀點確實很有趣。在過去四十年的商業 EDA 存在過程中，客戶在使用 EDA 和獲得 EDA 投資回報的方式上可能一直存在差異。

It's never been equally-distributed productivity. Let's say, you look at a current example where the largest spender on EDA spent a higher percentage of R&D on commercial EDA, probably more-than-double the next largest company, and, yet, we can look at differences in return on the employment of the EDA.

生產力從來就不是均等分配的。假設，你看一個目前的例子，其中 EDA 上花費最大的公司在商業 EDA 上的研發支出比例更高，可能比排名第二的公司高出一倍以上，但是，我們可以看看 EDA 使用回報的差異。

So the question is, as you infuse -- you and your peers -- more AI capabilities, across the design process, do you think that that historical differentiation of capability changes? And customers become perhaps more and more alike in their capabilities because of the availability of this whole new class of technology?

所以問題是，當您和您的同事在整個設計過程中註入更多的人工智慧功能時，您是否認為能力的歷史差異會改變？而由於這項全新技術的出現，客戶的能力可能會變得越來越相似？

The leading customers, they, I want to say, worry about the -- as they invest a bigger amount of their budget towards R&D, will AI democratize across and will make the number 2 catch up faster to the number 1, because of the AI and improving productivity?

我想說，領先的客戶擔心的是，隨著他們在研發上投入越來越多的預算，人工智慧是否會普及，並會讓第二名更快地趕上第一名，因為人工智慧和生產力的提高？

The answer is the following:

答案如下：

If you look at the workflow, so far, AI has not changed the workflow. The steps that you go through from the first phase until tape-out of a chip has been the same, from a workflow point-of-view, even though there has been a tremendous amount of automation and innovation to deal with the increased complexity.

如果你看一下工作流程，到目前為止，人工智慧還沒有改變工作流程。從工作流程的角度來看，從第一階段直到晶片流片所經歷的步驟都是相同的，儘管現在已經有大量的自動化和創新來應對日益增加的複雜性。

Where we believe the agentic AI will have an opportunity is to change the workflow.

我們相信代理人工智慧將有機會改變工作流程。

And the moment -- and, by the way, this is no different than other leading enterprise-software companies, the way they're talking about agentic. The moment it changes the workflow, then, you have an opportunity to monetize.

順便說一句，目前這與其他領先的企業軟體公司談論 agentic 的方式沒有什麼不同。一旦它改變了工作流程，您就有機會獲利。

So, so far, EDA, for the last x number of years or a couple of decades, has provided an amazing amount of technology and innovation. But the workflow has remained the same.

所以，到目前為止，EDA 在過去的 x 年或幾十年裡已經提供了大量的技術和創新。但工作流程維持不變。

So that's the nuance, Jay, that we're highlighting, in terms of opportunity with agentic.

所以傑伊，這就是我們在與 agentic 合作的機會方面所強調的細微差別。

I understood. Thanks.

我明白了。謝謝。

Thank you.

謝謝。

Nay Soe Naing, Berenberg.

不，索納英，貝倫貝格。

Hi. Thank you for the question.

你好。感謝您的提問。

Just got one, please, on your cost control, in the quarter. And, then, how you got (inaudible) next quarter, as well.

我剛剛收到一份關於本季成本控制的資訊。那麼，下個季度您情況如何（聽不清楚）。

If I've got my math right, I think, for the Q1, you were guiding towards at the midpoint, about 5% year-on-year total expense growth. I think the quarter came in around 2%. So a really nice performance, there.

如果我的計算正確的話，我認為，對於第一季度，您預計的中間值是總支出將年增約 5%。我認為本季的成長約為 2%。所以這是一場非常精彩的表演。

But, for Q2, you were guiding for cost growth, about 8.5%, at the midpoint. So in light of how you performed in Q1, how should we think about the Q2 guide? And, also, if you could maybe -- just some thoughts on the cost-element H2, as well, please?

但是，對於第二季度，您預計成本成長率中間值約為 8.5%。那麼，鑑於您在第一季的表現，我們應該如何考慮第二季的指南？另外，如果您可以的話——也請就成本要素 H2 提出一些想法，可以嗎？

Sure. So we were a little bit lighter on cost, in Q1, than we had originally anticipated. And that really came down to just timing of hiring and timing of some big-ticket expense items. We expect no change for the year.

當然。因此，第一季我們的成本比原先預期的要低。這其實只是招募時機和一些大額開支項目時機的問題。我們預計今年不會有變動。

Structurally, Q2 always steps up because that's when our merit, our annual performance budget kicks in. And so that's the structural change that you see between Q1 and Q2. But no change for the full year. even though Q1, we're a little bit lighter just due to some timing elements.

從架構來看，第二季總是會有所提升，因為那時我們的績效、年度績效預算就開始發揮作用了。這就是您在第一季和第二季之間看到的結構性變化。但全年沒有變化。儘管 Q1 期間，由於一些時間因素，我們的業務量稍微小了一些。

Got it. Thank you. That's helpful.

知道了。謝謝。這很有幫助。

Thanks for the question.

謝謝你的提問。

Joshua Tilton, Wolfe Research.

喬舒亞·蒂爾頓（Joshua Tilton），沃爾夫研究公司。

Hey, guys. I really appreciate you sneaking me in here. Can you hear me?

嘿，大家好。我真的很感激你讓我偷偷來到這裡。你聽得到我嗎？

Yes.

是的。

Great.

偉大的。

Sasine, maybe this one is for you. It's more of a, first, a clarification and, then, find, maybe, a point of understanding.

Sasine，也許這個適合你。這更像是先澄清一點，然後也許找到一個理解點。

But, if I remember correctly, the talk track around the guidance for this year, coming out of Q4, was that you, guys, expected China to grow, in line with the corporate average. And I feel, I correct me if I'm wrong, like now, the message is that the expectation is that China is actually going to grow below the corporate average, for the year.

但是，如果我沒有記錯的話，關於今年第四季的預期，你們預期中國經濟將會成長，與企業平均值保持一致。如果我錯了，我會糾正我，例如現在，資訊是預計今年中國的經濟成長率實際上將低於企業平均。

So my first part of my question is just to clarify if that's correct. And my follow-up part to that question is what gives you guys the confidence to reiterate the guide, given, as now, that you feel like China will be growing below the corporate average, for the year?

所以我的問題的第一部分只是為了澄清這是否正確。我對這個問題的後續問題是，鑑於您現在認為今年中國的經濟成長將低於企業平均水平，是什麼讓你們有信心重申這一指導意見？

Thank you.

謝謝。

Yeah. Joshua, you got it correctly.

是的。約書亞，你說對了。

When we guided FY25, given we just came out of FY24 where China decelerated to a corporate average, we did say that based on our guide of FY25, it will be around the corporate average growth.

當我們對 2025 財年進行指導時，考慮到我們剛剛走出 2024 財年，而中國經濟增速放緩至企業平均水平，我們確實說過，根據我們對 2025 財年的指導，其增長速度將接近企業平均水平。

Now, given the headwinds that we are seeing, and I want to say they're getting stronger, even after we announced or guided -- number of customers got added to the entity list, et cetera.

現在，考慮到我們所看到的阻力，我想說的是，即使在我們宣布或指導之後，這些阻力還在變得越來越強大——許多客戶被添加到實體名單中，等等。

We believe that China, by itself, will be decelerating below the corporate average. However, the guide, in itself, is not changing. We see a number of strengths in technology and other regions' customers that we feel very good about the guide that we provided for the year.

我們認為，中國自身的經濟減速將低於企業平均。然而，指南本身並沒有改變。我們看到科技和其他地區客戶的許多優勢，我們對今年提供的指南感到非常滿意。

Super helpful.

超有幫助。

Maybe, is there any way you could just take that one step further and just, maybe, unpack one layer deeper into some of the strengths that you're seeing that is offsetting the China weakness?

或許，您有沒有辦法可以更進一步，更深入地挖掘出您所看到的一些可以抵消中國弱點的優勢？

Yes. If, for example, the one that we just talked about, the HAPS-200 and ZeBu-200 family, that's a great opportunity for us to monetize IP in the strong demand and requirement from system companies and AI HPC grouping of semiconductors, given our scale for IP. That's another opportunity.

是的。例如我們剛才談到的 HAPS-200 和 ZeBu-200 系列，考慮到我們的 IP 規模，這對我們來說是一個很好的機會，可以在系統公司和 AI HPC 半導體集團的強烈需求和要求下將 IP 貨幣化。這是另一個機會。

Today, with IP, I want to say it's really a challenge and an opportunity around scaling. It's not the lack of opportunities. We have plenty of opportunities. And given our leadership position in the market, that's a great opportunity.

今天，對於 IP，我想說這確實是一個圍繞擴展的挑戰和機會。這並不是缺乏機會。我們有很多機會。鑑於我們在市場上的領導地位，這是一個絕佳的機會。

These chips require very advanced EDA. And to reemphasize what I said earlier about AI optimization, the latest fusion design platform, the IC V, the IC Validator, competitive displacement, ASO. Those are all things that are giving us great confidence, both growing share and being able to monetize that share.

這些晶片需要非常先進的 EDA。再次強調我之前關於 AI 優化、最新的融合設計平台、IC V、IC Validator、競爭性置換、ASO 所說的內容。這些都給了我們很大的信心，既能增加份額，又能將份額貨幣化。

And, therefore, sticking to the guide that we provided.

因此，請遵循我們提供的指南。

Super helpful, Sassine. Thank you so much.

非常有幫助，薩辛。太感謝了。

You're welcome, Joshua.

別客氣，約書亞。

Thanks, Josh?

謝謝，喬希？

Will you close this out, operator?

接線員，您可以關閉它嗎？

Yes. Thank you.

是的。謝謝。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。

Thank you.

謝謝。