新思科技 (SNPS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys earnings conference call for the second quarter fiscal year 2025. (Operator Instructions) As a reminder, today's call is being recorded.

女士們，先生們，歡迎參加新思科技 2025 財年第二季財報電話會議。（操作員指示）提醒一下，今天的通話正在被錄音。

At this time, I would like to turn the conference over to Trey Campbell, Senior Vice President, Investor Relations. Please go ahead, sir.

現在，我想將會議交給投資者關係高級副總裁 Trey Campbell。先生，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，今天和我們在一起的是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, 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、目標和其他前瞻性陳述。

With these statements -- 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.

這些聲明——雖然這些聲明代表了我們對截至今天的未來結果和表現的最佳當前判斷，但我們的實際結果受到許多風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

In addition to any risks that we highlight during the call, important factors that may affect our future results are described in our most recent SEC reports and today's earnings press release. In addition, we will refer to certain non-GAAP financial measures during the discussion.

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。此外，我們將在討論中參考某些非公認會計準則財務指標。

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.

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

所有這些項目以及最新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. We had a strong second quarter with revenue up 10% year over year, exceeding the midpoint of our guidance and non-GAAP EPS was above our guided range.

午安.我們第二季表現強勁，營收年增 10%，超過了我們預期的中位數，非 GAAP 每股盈餘也高於我們的預期範圍。

We are reiterating our revenue guidance for the full year as these results demonstrate the strength of our products, which are mission-critical to our customers' innovation, the resiliency of our business, and relentless execution by our global team. I'll provide more details about the quarter and then Shelagh will delve deeper into the financials.

我們重申全年收入預期，因為這些業績證明了我們產品的實力，這些產品對於我們客戶的創新、我們業務的彈性以及我們全球團隊的不懈執行至關重要。我將提供有關本季度的更多詳細信息，然後 Shelagh 將深入探討財務狀況。

At the macro level, the tale of two markets persisted in Q2. Despite market fluctuations, the AI and HPC sectors remained robust. And while we're seeing signs of stabilization in industrial and automotive, non-AI end market demand remains subdued.

從宏觀層面來看，第二季兩個市場的情況依然存在。儘管市場出現波動，但人工智慧和高效能運算領域依然保持強勁。儘管我們看到工業和汽車領域出現穩定跡象，但非人工智慧終端市場需求仍然低迷。

For Synopsys, slowdown in China was offset by strong demand from customers in other regions. The mega trends of AI, software-defined systems and silicon proliferation continue to drive our growth.

對於新思科技而言，中國市場的成長放緩被其他地區客戶的強勁需求所抵銷。人工智慧、軟體定義系統和矽片擴散的大趨勢持續推動我們的成長。

These trends are increasing design complexity and costs, while also increasing compute performance and energy demand. Synopsys benefits as a mission-critical partner in addressing these challenges and as the industry leader in applying AI to help customers innovate faster.

這些趨勢增加了設計的複雜性和成本，同時也增加了運算效能和能源需求。新思科技作為應對這些挑戰的關鍵合作夥伴以及應用人工智慧幫助客戶更快創新的行業領導者，從中受益匪淺。

Our pending acquisition of Ansys will address the need for new AI-powered silicon to system design solutions, integrating electronics and multi-physics. We have regulatory clearances in all jurisdictions other than China. We are working cooperatively and actively negotiating with SAMR to secure China regulatory clearance, and we continue to anticipate closing in the first half of this year.

我們即將收購 Ansys，這將滿足對新型 AI 驅動的矽片到系統設計解決方案的需求，整合電子和多物理場。我們在中國以外的所有司法管轄區都擁有監管許可。我們正在與國家市場監督管理總局積極合作和談判，以獲得中國監管部門的批准，我們預計該交易將在今年上半年完成。

Now let's move on to the business highlights. Design Automation demonstrated resilience with revenue up 6% year over year. Our new hardware-assisted verification products, HAPS-200 and ZeBu-200, are off to a strong start. These systems offer the highest performance and ultimate flexibility between prototyping and emulation.,

現在讓我們來看看業務亮點。設計自動化表現出韌性，收入年增 6%。我們的新硬體輔助驗證產品 HAPS-200 和 ZeBu-200 取得了良好的開端。這些系統在原型設計和模擬之間提供了最高的性能和最大的靈活性。

In EDA, the industry's growing adoption of multi-die architecture plays to our strength and leadership position. In Q2, we supported multiple active production deployments with a leading HPC AI chip maker, including delivering what we consider the most complex 3D heterogeneous integrated design with over 40 chiplets and advanced packaging technology.

在 EDA 領域，業界對多晶片架構的日益採用發揮了我們的優勢和領導地位。在第二季度，我們與一家領先的 HPC AI 晶片製造商合作支援了多個活躍的生產部署，包括提供我們認為最複雜的 3D 異構整合設計，該設計包含 40 多個晶片和先進的封裝技術。

We also displaced manual high-bandwidth memory layout flows with Synopsys automated 3D IC compiler implementation at a top-tier Asian semiconductor customer, achieving best-in-class productivity and quality of results improvements. The raise for performance is driving adoption of leading-edge process nodes. And Synopsys is proud to help usher in the Engstrom era with our foundry partners.

我們也為亞洲頂級半導體客戶採用 Synopsys 自動化 3D IC 編譯器實作取代了手動高頻寬記憶體佈局流程，實現了一流的生產力和結果品質改進。效能的提升正在推動尖端製程節點的採用。Synopsys 很榮幸能與我們的代工合作夥伴一起開啟 Engstrom 時代。

In Q2, we enabled the industry's first 2-nanometer based HPC design and delivered multiple successful test chips across sub 2-nanometer process technologies. And the leading AI capabilities with pioneered across the full stack are generating wins among both semiconductor and systems customers.

在第二季度，我們實現了業界首個基於 2 奈米的 HPC 設計，並交付了多個跨 2 奈米以下製程技術的成功測試晶片。而全端開創的領先人工智慧功能正在為半導體和系統客戶帶來勝利。

In Q2, DSO.ai momentum continued, driving multiple design wins for flagship CPU and GPU cores, while a major AI infrastructure customer began large-scale deployment of VSO.ai across five projects. Additionally, our AI capabilities are winning analog designs with major automotive Tier 1 in Japan adopting Synopsys ASO.ai after extensive evaluation.

在第二季度，DSO.ai 的勢頭持續，推動了旗艦 CPU 和 GPU 核心的多個設計勝利，同時一個主要的 AI 基礎設施客戶開始在五個專案中大規模部署 VSO.ai。此外，我們的人工智慧能力正在贏得模擬設計，日本主要的汽車一級供應商經過廣泛的評估後採用了 Synopsys ASO.ai。

Turning to design IP, where revenue increased 21% year over year as customers rely on Synopsys IP to minimize integration risk and speed time to market. Our leading foundation and interface IP also expedites customer adoption of the latest protocols and leading edge process nodes.

談到設計 IP，由於客戶依賴 Synopsys IP 來最大限度地降低整合風險並加快產品上市時間，其營收年增了 21%。我們領先的基礎和介面 IP 也加快了客戶採用最新協定和前沿工藝節點的速度。

Driven by and the need to transport more data faster, we are seeing strong demand for high-speed SerDes IP. With Synopsys 224 gig PHY securing multiple competitive wins in Q2. AI accelerators and GPUs necessitate ultra-efficient networking infrastructure and Synopsys is the first mover in PCIe 7.0 with seven unique customer wins and the clear leader in UALink with over 20 customer engagements.

在更快傳輸更多資料的需求的推動下，我們看到對高速 SerDes IP 的強勁需求。Synopsys 224 gig PHY 在第二季贏得了多場競賽勝利。人工智慧加速器和 GPU 需要超高效的網路基礎設施，而新思科技是 PCIe 7.0 的先驅，已贏得 7 個獨特客戶，並且是 UALink 的明顯領導者，擁有超過 20 個客戶參與。

Our recently announced support of NVIDIA NVLink Fusion ecosystem will further enhance scale up optionality for AI factories. Before wrapping up, I want to thank the many customers and partners who joined us for SNUG Silicon Valley and our inaugural executive forum in March. There, we showcased our generative AI-powered assisted and creative capabilities, which are unlocking new levels of efficiency for customers.

我們最近宣布支援 NVIDIA NVLink Fusion 生態系統，這將進一步增強 AI 工廠的擴大規模選擇性。在結束之前，我要感謝三月參加 SNUG 矽谷和我們首屆高階主管論壇的眾多客戶和合作夥伴。在那裡，我們展示了由人工智慧驅動的生成輔助和創造能力，這些能力正在為客戶開啟新的效率水平。

For example, what previously took hours searching documentation or waiting for expert help can now take minutes with Synopsys.ai copilot assisted capabilities and using Gen AI to generate design collateral like RTL or tech benches, is helping early access customers, accelerate design and verification cycle times from days to hours and hours to minutes.

例如，以前需要花費數小時搜尋文件或等待專家協助，現在藉助 Synopsys.ai 輔助功能只需幾分鐘，並使用 Gen AI 生成 RTL 或技術平台等設計資料，可以幫助早期訪問客戶將設計和驗證週期從幾天縮短到幾小時，從幾小時縮短到幾分鐘。

Synopsys' leading Gen AI capabilities are necessary foundation for the paradigm shift that comes next. Agentic AI will transform engineering workflows, allowing R&D teams to focus on important architecture and design decisions while passing agent engineered technology with implementation details. It's an exciting time. Engineering is undergoing unprecedented transformation and Synopsis is seizing the opportunity to reengineer engineering.

Synopsys 領先的 Gen AI 功能是未來典範轉移的必要基礎。Agentic AI 將改變工程工作流程，使研發團隊能夠專注於重要的架構和設計決策，同時傳遞代理工程技術及其實施細節。這是一個令人興奮的時刻。工程學正在經歷前所未有的變革，Synopsis 正抓住機遇，對工程學進行再造。

A few closing thoughts. Our business model is resilient and our solutions are essential to our customers' innovation. We have steady momentum across the business supported by growth trends. Synopsys is leading AI for chip design, and we are investing to maintain and extend this leadership position. Thank you to our employees, customers, and partners for a strong quarter and for your continued commitment.

最後再說幾點想法。我們的商業模式具有彈性，我們的解決方案對客戶的創新至關重要。在成長趨勢的支持下，我們的整個業務保持著穩定的勢頭。Synopsys 在晶片設計人工智慧領域處於領先地位，我們正在進行投資以維持和擴大這一領導地位。感謝我們的員工、客戶和合作夥伴，感謝你們在本季的強勁表現以及你們持續的承諾。

Now over to Shelagh.

現在輪到 Shelagh 了。

Thank you, Sassine. We delivered a strong Q2 with revenue of $1.6 billion, non-GAAP operating margin of 38% and non-GAAP EPS of $3.67. Backlog came in at $8.1 billion, up $400 million quarter-on-quarter. These results reflect our leadership position, consistent execution and resilient business model in the market fueled by the secular megatrends of AI, software-defined systems, and silicon proliferation.

謝謝你，薩辛。我們第二季業績表現強勁，營收達 16 億美元，非公認會計準則營業利潤率為 38%，非公認會計準則每股收益為 3.67 美元。積壓訂單達 81 億美元，季增 4 億美元。這些結果反映了我們在市場中的領導地位、一致的執行力和有彈性的商業模式，而這些都受到人工智慧、軟體定義系統和矽片擴散等長期大趨勢的推動。

Despite a dynamic macroeconomic environment, we are reaffirming our full year 2025 targets for revenue and non-GAAP operating margin and updating our EPS and free cash flow guidance to account for our Q2 results and bond issuance.

儘管宏觀經濟環境充滿活力，我們仍重申 2025 年全年收入和非 GAAP 營業利潤率目標，並更新每股收益和自由現金流指引，以反映第二季度業績和債券發行情況。

I'll now review our second-quarter results. All comparisons are year over year unless otherwise stated. We generated total revenue of $1.6 billion, up 10% with strong growth in Design IP. Regionally, we saw strength in Europe and South Korea, offsetting China headwinds. Total GAAP costs and expenses were $1.23 billion and total non-GAAP cost and expenses were $995 million, resulting in non-GAAP operating margin of 38%.

我現在來回顧我們的第二季業績。除非另有說明，否則所有比較都是同比的。我們的總營收達到 16 億美元，成長 10%，這得益於設計 IP 的強勁成長。從地區來看，我們看到歐洲和韓國的強勁表現，抵銷了中國的不利因素。總 GAAP 成本和費用為 12.3 億美元，非 GAAP 成本和費用總為 9.95 億美元，非 GAAP 營業利潤率為 38%。

GAAP earnings per share were $2.24 and non-GAAP earnings per share were $3.67. The -- non-GAAP earnings included a $0.28 benefit from the sale of a building as well as approximately $0.06 of net charges associated with the $10 billion bond issuance in Q2. We -- these items were not included in our prior guidance.

GAAP 每股收益為 2.24 美元，非 GAAP 每股收益為 3.67 美元。非公認會計準則收益包括出售建築物產生的 0.28 美元收益以及第二季發行 100 億美元債券產生的約 0.06 美元淨費用。我們——這些項目沒有包含在我們先前的指導中。

Now on to our segments. Design Automation segment revenue was $1.12 billion, up 6% against a strong compare. Design Automation adjusted operating margin was 40.9%. Design IP segment revenue was [ $492 ] million, up 21%, with strong performance from interface IP. Design IP adjusted operating margin was 31.2%.

現在開始我們的部分。設計自動化部門營收為 11.2 億美元，較去年同期成長 6%。設計自動化調整後的營業利益率為40.9%。設計 IP 部門營收為 [ 4.92 ] 億美元，成長 21%，其中介面 IP 表現強勁。設計IP調整後的營業利益率為31.2%。

Moving to cash. Free cash flow was approximately $220 million. We ended the quarter with cash and short-term investments of $14.3 billion and debt of $10.1 billion.

轉為現金。自由現金流約2.2億美元。本季末，我們的現金和短期投資為 143 億美元，債務為 101 億美元。

Now to guidance. Full-year revenue and operating margin targets remained unchanged from the prior guidance. For fiscal year 2025, the full year targets are revenue of $6.745 billion to $6.805 billion; total GAAP costs and expenses between $5.01 billion and $5.07 billion; total non-GAAP costs and expenses between $4.05 billion and $4.09 billion, resulting in a non-GAAP operating margin of 40% at the midpoint; non-GAAP tax rate of 16%; GAAP earnings of $10.14 to $10.34 per share; non-GAAP earnings of $15.11 to $15.19 per share.

現在來指導。全年收入和營業利潤率目標與先前的指引保持不變。2025財年全年目標為收入67.45億美元至68.05億美元；總 GAAP 成本和費用在 50.1 億美元至 50.7 億美元之間；非公認會計準則成本和費用總額在 40.5 億美元至 40.9 億美元之間，導致每股會計準則為 100% 10% 50% 4016%；美元至 10.34 美元；非公認會計準則每股收益為 15.11 美元至 15.19 美元。

Our non-GAAP EPS targets have been increased from the prior guidance to reflect the Q2 outperformance, partly offset by net interest expenses associated with our bond issuance. Cash flow from operations of approximately $1.5 billion and free cash flow of approximately $1.3 billion, lower than the prior guide due to financing and acquisition-related costs.

我們的非公認會計準則每股收益目標已從先前的指引中提高，以反映第二季度的優異表現，但部分被與我們的債券發行相關的淨利息支出所抵消。營運現金流約為 15 億美元，自由現金流約為 13 億美元，由於融資和收購相關成本，低於先前的預期。

Now to target for the third quarter: revenue between $1.755 billion and $1.785 billion; total GAAP costs and expenses between $1.27 billion and $1.29 billion; total non-GAAP costs and expenses between $1.06 billion and $1.07 billion; GAAP earnings of $2.63 to $2.74 per share and non-GAAP earnings of $3.82 to $3.87 per share, which includes a $0.13 impact from bond related costs.

現在設定第三季度的目標是：收入在17.55億美元至17.85億美元之間；總 GAAP 成本和費用在 17.55億美元至17.85億美元之間；總 GAAP 成本和費用在 12.7 億美元至17.9 億美元之間；非公認會計準則成本和費用總額在 10.6 億美元至 10.7 億美元之間； GAAP 每股收益為 2.63 美元至每股收益為 2.38 美元至 2.385 美元至 2.385 美元為 2.385 美元至 2.385 美元至 2.385 美元至 2.385 美元至 2.385 美元至 2.385 美元至 2.385 美元 2.385 美元至 2.385 美元至 2.385 美元。美元，其中包括債券相關成本的 0.13 美元影響。

Our press release and financial supplement include additional targets and GAAP to non-GAAP reconciliations. In conclusion, we delivered a strong Q2 and are poised to deliver a strong second half. Our confidence reflects our relentless execution and leadership position to take advantage of the secular mega trends driving the semiconductor industry.

我們的新聞稿和財務補充包括額外的目標以及 GAAP 與非 GAAP 的對帳。總而言之，我們在第二季度取得了強勁的業績，並預計在下半年取得強勁的業績。我們的信心反映了我們堅持不懈的執行力和領導地位，以利用推動半導體產業發展的長期大趨勢。

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回答。

(Operator Instructions) Lee Simpson, Morgan Stanley.

（操作員指示）摩根士丹利的李辛普森。

Hey, operator, before you turn it to questions, I would like to make a quick comment because I'm sure it's on everyone top of mind. I acknowledge that we are aware of the reporting and speculations but Synopsys has not received a notice from BIS.

嘿，接線員，在您提問之前，我想先快速評論一下，因為我相信這是每個人最關心的問題。我承認我們知道這些報告和猜測，但 Synopsys 尚未收到 BIS 的通知。

So our guidance that we are reiterating for the full year reflects our current understanding of BIS export restrictions as well as our expectations for a year-over-year decline in China. So I want to put this upfront as we go through the questions and given the news happened in the last few hours, just to acknowledge that we have not received the letter as well as our guidance that we shared with you reflects the current understanding of BIS export control.

因此，我們重申的全年指引反映了我們目前對 BIS 出口限制的理解以及我們對中國出口年減的預期。因此，在我們討論這些問題時，我想先提出這一點，考慮到過去幾個小時發生的消息，我承認我們還沒有收到這封信，我們與您分享的指導反映了目前對 BIS 出口管制的理解。

And with that, please open it up for questions.

現在，請大家開放提問。

Thank you, Sassine. Lee Simpson, Morgan Stanley.

謝謝你，薩辛。摩根士丹利的李辛普森。

Great. Thanks for that, Sassine. Thanks for the color there. Maybe just vectoring off of what you said at the end. We note that China sales now are 10% of the mix, I think, 12% in Q1, and you're now talking about decline in China for the year. So are we to see this as probably a high single-digit percent in the mix?

偉大的。謝謝你，薩辛。感謝那裡的色彩。也許只是根據你最後說的話來推論。我們注意到，中國銷售額目前佔總銷售額的 10%，我認為第一季為 12%，而您現在談論的是今年中國銷售額的下滑。那麼，我們是否應該認為這個比例很可能是較高的個位數百分比呢？

And I think that the added question here, I suppose, is if that's the sales portion do we think there's a group average similar margin for the China business? In other words, the impact bottom line could be the same, if indeed, the rumors of a BIS change in export controls come through? Thanks.

我認為這裡還要增加一個問題，如果這是銷售額部分，我們是否認為中國業務的集團平均利潤率與之相似？換句話說，如果有關美國商務部工業和安全局改變出口管制的傳言確實屬實，那麼影響底線可能是一樣的嗎？謝謝。

Thank you, Lee, for the question. Recall, as we started sometimes in FY24 communicating that we are seeing both a cumulative impact of the restrictions in China as well as the macro situation inside China have caused us to continue on communicating that this deceleration will continue, and that headwind has gotten stronger as we go through each quarter over the last 1 year, 1.5 years.

謝謝李先生提出的問題。回想一下，正如我們在 2024 財年開始時有時所傳達的那樣，我們看到了中國限制措施的累積影響以及中國國內的宏觀形勢，這促使我們繼續傳達這種減速將持續下去，並且在過去 1 年、1.5 年的每個季度中，逆風都變得越來越強。

Now halfway through our fiscal year by us reiterating the year, we are taking into account that China will be declining year over year. So FY25 to FY24, there will be a decline in China's revenue.

現在，我們的財政年度已經過去一半了，我們重申，我們考慮到中國經濟將逐年下滑。因此，從25財年到24財年，中國的收入將會下降。

But despite that decline, we are reiterating the full-year guidance. And that's due to great execution in other regions and strength in the portfolio that we feel confident with reiterating the full-year guidance.

但儘管出現下滑，我們仍重申全年指引。這是由於其他地區的出色執行和投資組合的實力，我們有信心重申全年指導。

As far as the other part of your question regarding impact on operating margin, et cetera, et cetera, we cannot speculate about any potential impact to notice that we have not received.

至於您問題的另一部分，關於對營業利潤率的影響等等，我們無法推測我們尚未收到的任何潛在影響。

Okay. That's pretty clear. Maybe just a quick clarification question maybe for Shelagh. Obviously, we've seen $10 billion raised and I think as part of that, your first payment appears October 1 of this year. But I suppose that rather than being including semiannual coupon, it may include some of the catch-up for the for the first half month because the bond settled on March 17, but we didn't make the payment on April 1. So it would be 6.5 months payment, if that's the right way to look at this?

好的。這很清楚。也許這只是針對 Shelagh 的一個快速澄清問題。顯然，我們已經籌集了 100 億美元，我認為作為其中的一部分，您的第一筆付款將於今年 10 月 1 日到帳。但我認為，與其說是包括半年息票，不如說是包括前半個月的一些補息，因為債券在 3 月 17 日結算，但我們沒有在 4 月 1 日付款。那麼這將是 6.5 個月的付款，如果這是正確的看法的話？

Yeah, it's a bit of a catch-up, and then we'll get into the regular rhythm of the biannual payments.

是的，這有點像追趕，然後我們就會進入每半年付款的正常節奏。

Great. That's very clear. Thank you.

偉大的。這非常清楚。謝謝。

Thanks, Lee.

謝謝，李。

Thanks, Lee.

謝謝，李。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場 Jason Celino。

Hey, thanks for taking my question, and thank you, Sassine, for the clarification upfront. If it's okay, just a few prodding type of questions. Maybe one, as it relates to your revenues in China, are you able to speak to the mix? How much is software? How much is IP? And how much is hardware?

嘿，感謝您回答我的問題，也謝謝 Sassine 提前做出的澄清。如果可以的話，只需問一些刺激性的問題。也許首先，因為這與您在中國的收入有關，您能談談其中的組成嗎？軟體多少錢？IP是多少？硬體多少錢？

It's -- we don't split per region the revenue, but you can say it's similar to what we have in the rest of the world.

我們不會按地區劃分收入，但你可以說這與我們在世界其他地區的情況類似。

Okay. And then secondly, in 2019, when we had the original ban on Huawei, there was no expense impact as I imagine whatever variable expenses you had were redeployed to other customers. Is there any way to conceptualize the -- how variable your expense base is? a poorly worded question, but that on like the overall business, not specific to a region.

好的。其次，2019 年，當我們最初禁止華為時，並沒有對費用產生影響，因為我想，你所有的變動費用都被重新部署到其他客戶身上了。有沒有什麼方法可以概念化──你的費用基礎有多大改變？這個問題措辭不當，但涉及的是整體業務，而不是特定於某個地區。

Jason, it's difficult really to do that because, as you know, we have the global operations, our team not only in China around the world is a mix of R&D, field, et cetera. And at this point, there are no changes per se to our operations anywhere, not only in China. So it's difficult to really answer that question.

傑森，這確實很難做到，因為如你所知，我們擁有全球業務，我們的團隊不僅在中國，而且在世界各地都有研發、現場等人員。目前，我們在任何地方的運作本身都沒有發生任何變化，而不僅僅是在中國。所以這個問題真的很難回答。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

This is Liam Pharr on for Vivek. On your largest customer, they've been reducing R&D spend. Is that still a growth area for you? And how do you see market share evolve at that largest customer versus peers? And are there any areas that are more on to competition versus others?

我是 Liam Pharr，取代 Vivek 發言。對於你們最大的客戶，他們一直在減少研發支出。對您來說這還是一個成長領域嗎？您認為與同業相比，該最大客戶的市佔率將如何變化？與其他領域相比，有哪些領域的競爭更為激烈？

Yeah, I'm assuming you're talking about Intel in this case. The as we have communicated again that Intel has a mix of EDA software, IP and hardware. These are multiyear committed agreements and same as with other customers as their road map may be fluctuating or there are some rethinking about the road map it does not impact generally the EDA software.

是的，我假設你在這種情況下談論的是英特爾。正如我們再次傳達的那樣，英特爾擁有 EDA 軟體、IP 和硬體的混合體。這些是多年的承諾協議，與其他客戶的協議相同，因為他們的路線圖可能會發生變化，或者對路線圖有一些重新考慮，但這通常不會影響 EDA 軟體。

There might be some impact on hardware and IP pull down, even though those agreements are committed, noncancelable there might be quarter-over-quarter fluctuation, but that's really about it at this stage.

這可能會對硬體和 IP 下拉產生一些影響，即使這些協議是承諾的、不可取消的，也可能會出現季度環比波動，但目前的情況就是這樣。

And then just a quick follow-up. On the Ansys deal that is still pending. If in the scenario that the deal gets pushed out or doesn't close, what's the plan B? And how do you address the need to have more than a system design to those organically are to your peers cadence that's been developing that for the last couple of years since you announced that Ansys acquisition?

然後只是快速的跟進。關於尚未完成的 Ansys 交易。如果交易被推遲或無法完成，B 計劃是什麼？自從您宣布收購 Ansys 以來，您如何滿足對系統設計的更多需求，以及如何有機地適應您的同行的節奏？

Yeah. This transaction, as we have communicated, is so-called sequential, not only for Synopsys and Ansys, but also for the industry. The support we got from our customers and related to this transaction directly to regulators that it's a great opportunity to accelerate innovation is something that is essential for us and for our customers and the industry to focus on the completion of this transaction, as the -- really the only scenario we are considering and assessing at this stage.

是的。正如我們所傳達的，這筆交易是所謂的連續性交易，不僅對 Synopsys 和 Ansys 而言，對整個產業也是如此。我們從客戶那裡獲得的支持以及與監管機構直接相關的此次交易，是加速創新的絕佳機會，對於我們、我們的客戶和整個行業來說，專注於完成此次交易都至關重要，因為這實際上是我們現階段正在考慮和評估的唯一方案。

And the reason the confidence is high that this is the scenario for us to consider is if you look at the approvals we have received across all jurisdictions, and currently, as I mentioned in my prepared remarks, we are in active negotiation with SAMR as well as anticipating closure in the first half of this year. This is really the option we're focused on at this stage.

我們之所以有信心考慮這種情況，是因為如果你看一下我們在所有司法管轄區獲得的批准，就會發現目前，正如我在準備好的發言中提到的，我們正在與國家市場監督管理總局進行積極談判，並預計將在今年上半年結束。這確實是我們現階段關注的選擇。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Now I'll switch back to the design activity. You talked about strong demand on the AI side. Sassine,I'm wondering what design activity you're seeing on the AI customer base, especially have we seen any changes there?

現在我將切換回設計活動。您談到了人工智慧方面的強勁需求。Sassine，我想知道您在 AI 客戶群中看到了什麼樣的設計活動，特別是我們在那裡看到了什麼變化嗎？

Yeah. Thank you, Siti. Good question. As we have been communicating the tale of two markets. On 1 hand, you have and I'm talking in particular semiconductor customers, the AI, HPC infrastructure build-out remains very strong.

是的。謝謝你，Siti。好問題。正如我們一直在講述的兩個市場的故事。一方面，我特別指的是半導體客戶，人工智慧、高效能運算 (HPC) 基礎設施建設仍然非常強勁。

For a while, anything industrial automotive was declining in terms of a road map at our customer, even though their R&D is stable, but the new chips or accelerating design has been muted for a while.

有一段時間，我們客戶的工業汽車路線圖一直在下降，儘管他們的研發很穩定，但新晶片或加速設計已經沉寂了一段時間。

Now in industrial and automotive, we actually see more stabilization and new energy and vitality happening in that market and where we see it first is in our IP portfolio, because typically, this is when the customers are thinking about the next chip, next customer, they come to us to talk about here's what I'm designing for this particular foundry, for this particular application, and we're seeing that pickup in industrial and automotive, which is a very good sign.

現在，在工業和汽車領域，我們實際上看到該市場正在變得更加穩定、充滿活力和生機，而我們首先看到的是我們的 IP 產品組合，因為通常情況下，當客戶正在考慮下一個晶片、下一個客戶時，他們會來找我們討論我為這個特定的代工廠、為這個特定的應用設計的產品，我們看到工業和汽車領域的回升。

Okay. And quickly, when do you think all the AI customer that's slowly looking at building their custom chips, when do you think they will come to the level of what do you say, hyperscaler? .

好的。那麼，您認為什麼時候所有正在慢慢考慮建立客製化晶片的 AI 客戶，他們什麼時候才能達到您所說的超大規模水平？。

You're talking about hyperscalers building their own chips?

您說的是超大規模企業自行製造晶片嗎？

Or even the AI companies? Or do you see ever them building their own ships? Do you see that as an opportunity, basically expanding design beyond hyperscalers?

甚至是人工智慧公司？或者你曾經看過他們建造自己的船嗎？您是否認為這是一個機會，可以將設計擴展到超大規模之外？

Yeah, yes. Absolutely. It's been a fantastic opportunity, actually, because there are -- think of them as three categories. The first one, you're building a data center, you get a merchant chip, you know who to go get it from.

是的，是的。絕對地。事實上，這是一個絕佳的機會，因為——可以把它們看作三個類別。第一個，你正在建立一個資料中心，你得到一個商家晶片，你知道從誰那裡得到它。

There is a category two, which is driving a significant ASIC model type of business they define an architecture and to some level, they have an investment in designing the chip and with multi-die, by the way, there are many, many options there.

第二類是推動重要的 ASIC 模型類型的業務，他們定義一種架構，並且在某種程度上，他們在設計晶片和多晶片方面進行了投資，順便說一下，那裡有很多選擇。

They may design the AI accelerators themselves, but they get the GPU, CPU, the IO somewhere else. So think of that as the ASIC opportunity. Then there's the third one, and it's at different stages of maturity is designing the whole AI system themselves.

他們可能會自己設計 AI 加速器，但他們從其他地方獲得 GPU、CPU 和 IO。所以可以將其視為 ASIC 機會。然後是第三個，它處於不同的成熟階段，他們自己設計整個人工智慧系統。

For all three of them, is a great opportunity for Synopsys because you buy a mix for all of the above for EDA, IP and hardware. The opportunity for hardware there is fairly significant, because even if you're not designing your own chip and you're using an ASIC model, you still need to verify a chip in the context of your software and this is where Synopsys has a sweet spot with HAPS-200 and ZeBu-200, which is performance-based to bring the software up before the chip is available. So absolutely, it's an opportunity for Synopsys, Siti.

對於這三家公司來說，這對 Synopsys 來說是一個很好的機會，因為您可以購買 EDA、IP 和硬體的上述所有組合。硬體的機會相當大，因為即使你沒有設計自己的晶片而是使用 ASIC 模型，你仍然需要在軟體環境中驗證晶片，而這正是 Synopsys 的 HAPS-200 和 ZeBu-200 的優勢所在，它們是基於性能的，可以在晶片可用之前啟動軟體。所以，對於 Synopsys 和 Siti 來說，這絕對是一個機會。

Gianni Conti, Deutsche Bank.

德意志銀行的詹尼康蒂。

Yeah. So the first one would be, could you share any color at this stage looking ahead to the next renewal date on whether you're seeing more of an increased opportunity or a potential risk from the intel overweight? Has there been any recent developments that point to a more optimistic scenario where R&D spend increases or concentrates more towards EDA tools versus people? I guess not just for Intel, but broadly even across customers and across the region in semis.

是的。因此，第一個問題是，您能否分享一下目前對下一次續約日期的看法，即您是否看到了更多來自英特爾超重的增加的機會或潛在風險？最近是否有任何發展表明出現一種更樂觀的情況，即研發支出將增加或更集中於 EDA 工具而非人員？我想這不僅對英特爾而言，而且對整個半導體客戶和整個地區都是如此。

Yeah. Gianni, remember, where does Synopsys see an opportunity? We see an opportunity when customer is pushing their road map, designing more complex systems and chips because the more you're pushing that limit it opens up an opportunity to sell new stuff to the customers.

是的。詹尼，記住，Synopsys 在哪裡看到了機會？當客戶推動他們的路線圖、設計更複雜的系統和晶片時，我們看到了一個機會，因為你越是突破這個極限，就越有可能向客戶銷售新產品。

If a customer has a stagnant road map is one thing. They still -- when the renewal comes up, there is always an opportunity to increase the run rate for that customer for various reasons. But when a customer is investing by going to the next technology node, by developing a new chip for a new market by adopting a new methodology, multi-die, et cetera. That's a new opportunity for Synopsys to say -- to sell the new EDA software, IP to connect these chips together or to serve these new markets and, of course, the hardware.

如果客戶的路線圖停滯不前，那就是一回事。他們仍然——當續約時，總是有機會出於各種原因提高該客戶的運作率。但是，當客戶透過進入下一個技術節點、透過採用新方法、多晶片等為新市場開發新晶片時。這對 Synopsys 來說是一個新的機會——銷售新的 EDA 軟體、將這些晶片連接在一起的 IP 或服務於這些新市場，當然還有硬體。

So any time a customer continually investing in their R&D to serve these road map items is an opportunity, and that's what delivered to the resiliency of our business.

因此，任何時候客戶不斷投資於研發以滿足這些路線圖專案都是一個機會，這也為我們的業務帶來了彈性。

Okay. That makes sense. Just a quick follow-up. Sorry to reiterate this question, but I wonder if you could share a few more was on what exactly has given the confidence in closing the Ansys deal in H1 given that your only roadblock is China, I mean can you find and not reply and keep this going on for quite some time in a similar fashion to diminish AI.

好的。這很有道理。只是一個快速的跟進。很抱歉重複這個問題，但我想知道您是否可以再分享一些關於什麼讓您有信心在上半年完成 Ansys 交易，因為您唯一的障礙是中國，我的意思是您能否找到並且不回复並以類似的方式持續一段時間來削弱人工智能。

I'm just curious because we're about a month away from the deadline. Of course, everyone agrees that this is a fantastic opportunity for Synopsys. So -- and there's no overlap. Of course, so I'm just curious to hear you seem very confident and it's great. So I just want to hear your puts and takes on that.

我只是很好奇，因為距離截止日期還有一個月左右的時間。當然，每個人都同意這對 Synopsys 來說是一個絕佳的機會。所以——沒有重疊。當然，所以我很好奇聽到你看起來非常有自信，這很好。所以我只是想聽聽你對此的看法。

Yeah, Gianni, the best way to answer it is because we're in the middle of it, meaning we're in the middle of the discussions, the negotiations and you just simply looked at Synopsys clearing other jurisdictions in a Phase 1 approval due to the merits of the deal.

是的，Gianni，最好的回答方式是，因為我們正處於其中，這意味著我們正處於討論和談判之中，而您只是簡單地看一下 Synopsys 在第一階段的批准中由於交易的優點而清除了其他司法管轄區。

It's no different in our discussions with SAMR and in China. The back and forth in our negotiation with SAMR is giving us the confidence that we are committing to the first half closure based on purely the merits and the current conversations we're having.

我們與國家市場監督管理總局的討論和在中國的討論沒有什麼不同。我們與國家市場監督管理總局的反覆談判讓我們有信心，我們將致力於完成上半年的收尾工作，這完全基於案情和我們目前正在進行的對話。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Shelagh, let me start with you. Taking the numbers from the queue for RPO and current RPO, it looks like your current RPO increased by about $100 million or so, maybe more sequentially, implying roughly high single digit year over year versus mid-single coming out of Q1. So does that sound reasonable? And do you think that high single-digit current RPO growth is sustainable or perhaps something we can even improve further upon than a question for us soon.

希拉格，讓我從你開始。從 RPO 和當前 RPO 隊列中的數字來看，看起來您當前的 RPO 增加了大約 1 億美元左右，可能連續增長更多，這意味著同比約為高個位數，而第一季為中個位數。這聽起來合理嗎？您是否認為目前高個位數的 RPO 成長是可持續的，或者也許我們可以進一步改進，而這很快就會成為我們面臨的問題。

Sure. So I think as you -- as we talked about even in my prepared remarks, we're -- we built a significant backlog. We were up $400 million quarter-over-quarter. So what Sassine was outlining what we're seeing in the industry, that's really why we're seeing the strength in the business and continuing to build the backlog, part of which is in the shorter-term duration that you're talking about. So we do see a strong business environment that we're operating in.

當然。所以我認為，正如你們在我準備好的發言中談到的，我們——我們已經累積了大量的積壓工作。我們比上一季增加了 4 億美元。因此，薩辛概述了我們在行業中看到的情況，這就是我們看到業務實力和繼續建立積壓訂單的原因，其中一部分是在你談論的短期內。因此，我們確實看到了我們所處的強勁的商業環境。

Okay. Sassine, referring back to a principal team of yours at the Forum two months ago, you made some very interesting comments regarding the need for engineering workflows to change. And you alluded to 6 areas specifically.

好的。薩西內，回顧兩個月前論壇上您的一個主要團隊，您對工程工作流程需要改變發表了一些非常有趣的評論。您具體提到了 6 個領域。

And it seems to be that for most, if not all of those areas, those would be so irrespective of AI, but perhaps you could talk about how you're thinking about the pace or impact of those six areas that you spoke of in terms of having to change and what the implications would therefore be for you.

似乎對於大多數（如果不是全部）領域來說，這些領域都與人工智慧無關，但也許您可以談談您如何看待您提到的這六個領域在變革方面的速度或影響，以及這些變革對您有何影響。

And to make the question even more cumbersome. You've spoken of a tale of two markets. Perhaps there's a tale of two AI to date has been largely about optimization, which is classical NDA productivity. But I'm wondering if with Agentic AI, customers' considerations for managing that process will changed significantly, and it's a whole new way of managing the design process and perhaps at the risk as much as an opportunity.

這使得問題變得更加棘手。您談到了兩個市場的故事。也許有兩個故事，迄今為止，人工智慧主要涉及最佳化，這是經典的 NDA 生產力。但我想知道，有了 Agentic AI，客戶對管理流程的考慮是否會發生重大變化，這是管理設計流程的全新方式，可能既有風險又有機會。

Yeah, Jay, Excellent. Thank you for the question. we really covered two concepts at SNUG. One is the reengineering, engineering and the second one is the move to what we call Agent Engineer Solutions or technology.

是的，傑伊，太棒了。謝謝你的提問。我們在 SNUG 上確實涵蓋了兩個概念。一是重新設計、重新工程，二是轉向我們所謂的代理工程師解決方案或技術。

For reengineering engineering, it applies at multiple levels in both the two tales of the semiconductor market or system companies. And there, if you take a multi-die advanced package system, there, the challenge is not only electronics, as you know very well. The challenge becomes how do you take into account the thermal structure fluid to cooler off, et cetera, during the design phase.

對於再造工程而言，它適用於半導體市場或系統公司兩個故事的多個層面。如果你採用多晶片先進封裝系統，那麼，挑戰就不僅僅是電子領域，這一點你很清楚。挑戰在於，在設計階段如何考慮熱結構流體的冷卻等等。

And this is a new approach that our customers need to adopt a new methodology to ensure that they are designing the system right the first time, not running into issues after the system is in the field, et cetera. You're designing a car, a drone, a robot, how do you bring the multiple aspects of physics with electronics to engineer that end product. There the complexity, the pace, the cost, it's really the opportunity that we see to deliver the digital twin of the future of these products. That's the reengineering, engineering.

這是一種新方法，我們的客戶需要採用一種新的方法來確保他們第一次就設計出正確的系統，並且不會在系統投入現場後遇到問題等等。您正在設計一輛汽車、一架無人機、一個機器人，您如何將物理學的多個面向與電子學結合設計最終產品。儘管存在複雜性、速度和成本，但我們真正看到的是提供這些產品未來的數位孿生的機會。這就是再造工程、工程。

The next aspect is around how to simplify that complexity to our customers, and you're absolutely right. The first wave of AI was focused on optimization. And this is not only unique to Synopsis, if you look at any company that is delivering an AI solution or a different applications, the first wave of AI is how do I optimize and provide a modern, simplified way to interact with the product and in the EDA place, given it's all about optimization.

下一個方面是如何為我們的客戶簡化這種複雜性，您說得完全正確。人工智慧的第一波浪潮專注於優化。這不僅是 Synopsis 獨有的，如果你看看任何一家提供 AI 解決方案或不同應用程式的公司，你就會發現，AI 的第一波浪潮是如何優化並提供一種現代、簡化的方式來與產品和 EDA 場所進行交互，因為這一切都與優化有關。

We've made great progress with fantastic customer adoption of the DSO.ai, the VSO.ai, et cetera products because it always deliver better results faster. Where we are right now with agent engineer technology, we're seeing some great opportunities for specific tasks, say, RTL, formal verification, et cetera, that the human engineer will define a target goal, and you can pass it to an agent to deliver on an outcome.

我們在 DSO.ai、VSO.ai 等產品的廣泛客戶採用方面取得了巨大進展，因為它總是能夠更快地提供更好的結果。就我們目前的代理工程師技術而言，我們看到了一些特定任務的絕佳機會，例如 RTL、形式驗證等，人類工程師將定義一個目標，然後你可以將其傳遞給代理來實現結果。

Now once these agents -- the next phase, we see these agents communicated learning from one another, having an orchestration layer, planning layer, decision-making layer, and that's where we see the opportunity in terms of changing the workflow, which will give us an opportunity to change the monetization from the traditional EDA to a new opportunity as we deliver that value to our customers. A long answer, but it was a big question.

現在，一旦這些代理商——在下一階段，我們會看到這些代理商相互交流學習，擁有一個編排層、規劃層、決策層，這就是我們在改變工作流程方面看到的機會，這將使我們有機會將貨幣化從傳統的 EDA 轉變為一個新的機會，因為我們將這一價值傳遞給我們的客戶。答案很長，但問題很大。

Nay Soe Naing, Berenberg.

奈蘇奈恩，貝倫貝格。

I've got two, if I may. If I could start with the China performance, please. I think you mentioned that you're now expecting revenue from China this year to be down year-on-year. I remember correctly, I think you started the year with growth in China to be at corporate average. Then you take that down to below group average.

如果可以的話，我有兩個。如果我可以從中國的表現開始，謝謝。我想您提到過，您現在預計今年來自中國的收入將年減。我記得沒錯，今年年初中國市場的成長率達到了企業平均。然後你將其降低到低於該組平均值。

So I was wondering if there any changes in the business environment in China, anything that's changed in the last three months, that would be great.

所以我想知道中國的商業環境是否有任何變化，過去三個月有什麼變化，那就太好了。

And my second question is around recurring revenue in Q2 coming a little bit soft. I think it was similar dynamics in Q1 as well. I was wondering if there's any color -- additional color you could provide around recurring revenue development? And maybe if you could also comment a little bit on your pricing power with your customer base today, please?

我的第二個問題是關於第二季經常性收入略微疲軟的情況。我認為第一季也存在類似的情況。我想知道您是否可以提供有關經常性收入發展的任何額外資訊？也許您也可以就您今天對客戶群的定價能力發表一些評論，可以嗎？

Yeah. Thank you for the question. You are correct. We -- as I said, in FY24, at the beginning of '24, we started communicating the deceleration we're seeing in China due to 2 factors. One is the macro inside China; and two, the cumulative impact of restrictions in China.

是的。謝謝你的提問。你是對的。正如我所說，在 24 財年，也就是 24 年初，我們就開始傳達我們所看到的中國經濟減速現象，這有兩個因素。一個是中國內部的宏觀；二是中國限制措施的累積影響。

So halfway through this year, in FY25, we could see clearer that these headwinds will not only bring China below the corporate average, what we're factoring into our guidance is a decline in China year over year. And despite that decline, we are reiterating the full year.

因此，在今年年中，也就是25財年，我們可以更清楚地看到，這些不利因素不僅會使中國企業的表現低於平均水平，而且我們將其納入指導的因素是中國企業的同比下滑。儘管有所下降，我們仍重申全年業績。

So there is nothing per se different happened in China that cumulative effect, we thought it's prudent for us as we look at the full year guidance to say, can we reiterate that guidance with the decline happening in China? The answer is yes.

因此，中國本身並沒有發生什麼不同，這種累積效應對我們來說是謹慎的，當我們審視全年指引時，我們可以在中國出現下滑的情況下重申這項指引嗎？答案是肯定的。

Now moving into the next part of your question, that's due to the strength that we are seeing and have seen in other regions as well in the complete part of the portfolio. Recall, we announced our hardware systems and very well received by our customers, strong momentum and we have always planned the year in the 45-55 fashion, 45% in the first half, 55% in the second half.

現在進入問題的下一部分，這是由於我們看到的實力，並且已經在其他地區以及整個投資組合中看到了實力。回想一下，我們發布了我們的硬體系統，並受到了客戶的一致好評，發展勢頭強勁，我們一直以 45-55 的方式規劃今年的計劃，上半年為 45%，下半年為 55%。

And the reason the shape is that way is with the anticipation of a bigger second half as we continue on rolling out our hardware system and, of course, having visibility over renewals and our IP demands and EDA software based on our knowledge and insights with customers' road map.

之所以形成這種局面，是因為我們預期下半年會有更大的發展，因為我們將繼續推出硬體系統，當然，基於我們對客戶路線圖的了解和洞察，我們對續訂、IP 需求和 EDA 軟體有更清晰的了解。

And when you -- the point you made regarding Q1, Q2, we actually were at or above the midpoint of guidance. So there were no surprises. We delivered to exactly what we said we're going to deliver and that's the expectation for the second half.

當您提到 Q1、Q2 時，我們實際上已經達到或超越了指導的中點。所以沒有什麼意外。我們完全兌現了我們的承諾，這也是對下半年的期望。

Lastly, on pricing, we always approach pricing based on the value and impact we deliver to customers as the challenges are higher for our customers to design these chips. It's absolutely an opportunity to improve on our run rate, either at the time of the renewal or when the customer is looking for new technology, in order to address these challenges.

最後，關於定價，我們始終根據我們為客戶提供的價值和影響來定價，因為我們的客戶在設計這些晶片時面臨的挑戰更大。這絕對是一個提高我們運行率的機會，無論是在更新時還是在客戶尋找新技術時，以應對這些挑戰。

Yeah. And just want to add that I would have for just Sassine's answer is if your comment was about the percent of recurring revenue in Q2, just to help put some color on that. That's really normal based on timing. And obviously, our IP business is becoming a bigger and bigger part of the business, and so that tends to have an upfront. So as you saw, that was up 21%.

是的。我想補充一點，對於 Sassine 的回答，如果您的評論是關於第二季度經常性收入的百分比，我只是想幫助您對此進行說明。從時間角度來看這確實很正常。顯然，我們的智慧財產權業務在我們的業務中所佔的比重越來越大，因此這往往需要預付資金。如您所見，這一數字上漲了 21%。

So I would say it's just a normal part of the business that it's going to fluctuate quarter-on-quarter and particularly when you see a strong IP quarter.

所以我想說這只是業務的一個正常部分，它會逐季度波動，特別是當你看到強勁的 IP 季度時。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Maybe on the topic of China. If the Commerce Department was nearing a point of restricting a broader swath of your sales into China, do you think you would have heard about it by now or received evidence before today? Because in the past, I think the EDA vendors have actually had pretty good foresight on commerce deliberations and what we're now learning today seems a bit different, I suppose.

偉大的。也許是關於中國的話題。如果商務部即將限制貴公司對華更大範圍的銷售，您認為您現在已經聽說了這件事情，或者在今天之前就收到了證據嗎？因為在過去，我認為 EDA 供應商實際上對商業審議有著相當好的預見性，而我們今天所了解的情況似乎有些不同。

Joe, based on history, we had different flavors of either having insights, having heads up or not. The reason I wanted to address that point upfront because I saw the reporting and the swirling of the speculations -- and all I can say at this stage is we have not received anything from BIS. And I cannot speculate why, why not, et cetera, but there is nothing at this stage that Synopsys has received.

喬，根據歷史，我們有不同的看法，要嘛有見解，要嘛有預見。我之所以想提前解決這個問題，是因為我看到了相關報導和各種猜測——而目前我只能說，我們還沒有收到來自 BIS 的任何消息。我無法推測為什麼，為什麼不，等等，但目前 Synopsys 還沒有收到任何消息。

Fair enough. The early signs of pickup in auto and industrial, and I think last quarter, you were already seeing pick up in like PC and mobile. Maybe I'll frame this question as outside of China. But when you think across all the different subcategories of chip R&D, it does seem like you're seeing outright improvement or maybe the potential for improvement.

很公平。汽車和工業領域出現復甦的早期跡象，我認為上個季度，您已經看到個人電腦和行動裝置領域的復甦。也許我會把這個問題放在中國以外的地方。但是，當你思考晶片研發的所有不同子類別時，你似乎確實看到了徹底的改進，或者可能是改進的潛力。

Do you think the overall R&D landscape is maybe getting close to what you saw in the 2021, 2022 time frame? Because obviously, that was a very strong period for your bookings and revenue growth, and it maybe seems directionally, we're heading back to something similar

您是否認為整體研發狀況可能接近您在 2021 年、2022 年期間所看到的狀況？因為顯然，這是你們的預訂量和收入成長非常強勁的時期，而且從方向上看，我們可能正在回到類似的狀態

Yeah. In the non-AI part of the semiconductor, what is -- what we're clearly observing in the last quarter, quarter plus is a pickup in automotive, industrial. And by the way, when I talk about industrial, we put robotics type of application, et cetera, in that category.

是的。在半導體的非人工智慧部分，我們在上個季度、一個多季度清楚觀察到的是汽車和工業領域的回升。順便說一句，當我談到工業時，我們將機器人類型的應用等歸入該類別。

And those early signals we see them in IP. With those same set of customers, what they are contemplating when it comes to their R&D investment and their road map, is how much AI do they need to have for these chips that they are building and the applications they are building.

我們在 IP 中看到了這些早期訊號。對於同一組客戶，他們在考慮研發投資和路線圖時，正在考慮的是他們正在建造的晶片和應用程式需要多少人工智慧。

So it's not necessarily the same chip or derivative of the chip that they were applying for the same market, it's a more sophisticated type of chip they're building, therefore, it's expected that their R&D investment will either get modified to make sure they have the right skills to deliver on these chips or increase overall, which is again a few in -- these customers choose, that's the opportunity that they need to thrive towards in order to compete and have an opportunity to grow in the new opportunity of AI being everywhere.

因此，他們不一定是針對同一市場應用的同一款晶片或晶片衍生產品，而是他們正在構建的更複雜的晶片類型，因此，預計他們的研發投資要么會進行修改，以確保他們擁有正確的技能來交付這些晶片，要么會整體增加，這又是一些 - 這些客戶的選擇，這是他們需要努力爭取的機會，以便在人工智能無處不在的新機會中競爭並有機會。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Sassine, I think you would agree with this, that your customers do see some benefit as you shift more of your EDA tools to GPU-based compute and away from retrievable based compute. And I guess the benefit there would be coming up with a solution on the fly for that accelerated compute. So my question to you is what is the pricing benefit? And do you feel like you're pricing that product correctly? And is there a cost consequence as well as presumably that type of compute hosted in the cloud environment?

Sassine，我想你會同意這一點，當你將更多的 EDA 工具轉移到基於 GPU 的計算而不是基於可檢索的計算時，你的客戶確實看到了一些好處。我認為這樣做的好處是可以即時找到加速運算的解決方案。所以我想問一下，定價優勢是什麼？您覺得您對該產品的定價正確嗎？那麼，在雲端環境中託管的運算類型是否會產生成本後果？

Yeah. That's excellent question, Gary. The one product actually that has been -- was introduced first and has been talked about regarding the GPU acceleration is Proteus, which is an OPC product is in manufacturing, where it's a very, very heavy compute step in the process development, and we're talking about thousands of CPUs for every run in order to deal with the complexity of computation.

是的。這個問題問得非常好，加里。實際上，最先推出並被談論 GPU 加速的產品是 Proteus，它是一種用於製造的 OPC 產品，在流程開發中，它是計算量非常大的一個步驟，每次運行都需要數千個 CPU 來處理計算的複雜性。

There with GPU, and again, this is what we talked about at SNUG, et cetera, 15x plus speed up using a GPU, so it's not a percentage speed up is multiple factors of speed up, and we absolutely price it based on the total cost of ownership that our customer is seeing by moving from a CPU to a GPU in that case, and we're actually very happy with the pricing delta that we're able to get due to GPU acceleration.

使用 GPU，再說一次，這就是我們在 SNUG 等會議上討論的內容，使用 GPU 可以將速度提高 15 倍以上，所以這不是百分比的加速，而是多個因素的加速，我們絕對會根據客戶從 CPU 轉移到 GPU 所看到的總擁有成本來定價，實際上，我們對通過 GPU 加速能夠獲得的價格差異感到非常滿意。

Very similarly, as we look at the rest of the portfolio, where are the compute heavy applications? Verification, sign-off when it comes to timing, et cetera, those are massive machines, big compute requirement and we have the pricing associated with that value based on the customer perceived TCO and overall benefit that they are seeing.

非常相似，當我們查看投資組合的其餘部分時，計算密集型應用程式在哪裡？驗證、時間方面的簽署等等，這些都是大型機器，需要大量的計算，我們根據客戶感知到的 TCO 和他們看到的整體利益來確定與該價值相關的定價。

And I believe the other part of your question, are we seeing -- or do we believe there is a downside for an acceleration? I don't believe so because the complexity is so high. And when you have the right pricing model, it's an upside.

我相信您問題的另一部分，我們是否看到——或者我們是否認為加速存在不利的一面？我不這麼認為，因為複雜性太高了。當你擁有正確的定價模式時，它就會帶來好處。

Okay. Just a quick follow-up. As we look into the second half of the year with a high percentage of revenue coming from Zebu and HAPS-200, do you have any supply chain constrained considerations, whether it be from your chip partners or prior EMS partners.

好的。只是一個快速的跟進。展望下半年，Zebu 和 HAPS-200 的收入佔比很高，您是否有任何供應鏈限制的考慮，無論是來自晶片合作夥伴還是先前的 EMS 合作夥伴。

Yeah. Gary, this is Shelagh. No, we don't. The truth is that we would like to have more right now. but we're able to fulfill customer demand.

是的。加里，這是希拉格。不，我們不知道。事實是，我們現在想要得到更多。但我們能夠滿足客戶的需求。

And as you see in the shape of the year, we have a better supply situation in Q4 than we do in any other time of the year. So that's a bit of the heavy Q4 weighting.

正如您從今年的情況所看到的，第四季度的供應情況比一年中任何其他時間都要好。因此，這對第四季的權重來說有點大。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

I have two. The first one is more of a clarification. And I guess what I'm trying to understand is somebody else already walked you guys through the time line of what you're expecting for China going into the year. and how you walk that back a little for the last 2 quarters. And I guess, what I'm trying to reconcile is you still hit numbers this quarter.

我有兩個。第一個更多的是澄清。我想了解的是，其他人已經向你們介紹了今年中國經濟的預期時間表。以及過去兩個季度中您如何稍微回溯這一趨勢。我想，我試圖調和的是，你本季仍然達到了預期數字。

So was the China revenue in 2Q in line with expectations or was that below what you guys thought you were going to do, and that's why you now think that China is going to be worse than you thought it would be 90 days ago? That's my first question.

那麼，第二季中國市場的收入是否符合預期，還是低於你們的預期，這就是為什麼你現在認為中國市場的情況會比 90 天前想像的更糟？這是我的第一個問題。

Yeah. Josh, as you zoom out and you think about how do we forecast and therefore guide, there are the puts and takes that we have in place. And what we have hit in Q1 and Q2 for China, was in line with what we forecasted internally.

是的。喬希，當你縮小視野並思考我們如何預測並因此進行指導時，你會發現我們已經制定了投入和產出。我們在中國第一季和第二季的業績與我們的內部預測一致。

As we look at the rest of the year and some of the, let me call them, tailwinds that we have in the first half and we look at the entire year, we felt confident to reiterate the overall guidance with an assumption that even if China is a decline year over year, we feel confident that we will hit the overall company's growth that we have guided initially.

當我們展望今年剩餘時間以及上半年的一些順風時，我們回顧全年，我們有信心重申總體指引，並假設即使中國市場同比下滑，我們也有信心實現最初指引的整體公司增長。

I guess maybe just -- sorry to clarify that one more time. So is it fair to assume the updated guidance, which now includes China to decline year over year, it would imply that you need to see China get worse from where it was for the first half of the year?

我想也許只是——抱歉，我再次澄清這一點。那麼，是否可以公平地假設，更新後的指導意見現在包括中國經濟將同比下降，這是否意味著你需要看到中國經濟比上半年的情況變得更糟？

No. What we're saying -- no, there is the first half assumption in China that was lower than the second half assumption in China. So the first half, if I'm not mistaken, it's a minus 28% in China. We're not assuming that the second half is going to continue declining at that level, because when we forecasted the entire China growth, we knew that the first half is going to be tougher than the second half.

不。我們的意思是──不，對中國的上半年假設低於對中國的下半年假設。因此，如果我沒有記錯的話，上半年中國經濟的成長率為-28%。我們不認為下半年經濟會繼續以這樣的速度下滑，因為當我們預測整個中國經濟的成長時，我們就知道上半年會比下半年更加艱難。

What we wanted to communicate clearly is our reiteration of the guidance is affirming that guidance with an assumption that if China is declining year over year below the FY24 finish, we still feel confident about hitting the overall company's revenue target.

我們想要明確傳達的是，我們重申該指導方針是為了確認該指導方針，並假設如果中國市場的銷售額在 24 財年末同比下降，我們仍然有信心實現公司的整體收入目標。

And then maybe just a quick follow-up to that is, you guys put out the financial supplement every quarter in there. There's a nice little line that says, your long-term multiyear objectives or industry-leading double-digit revenue growth. And I understand the things are happening on the fly and you guys haven't received the letter yet.

然後也許只是快速跟進一下，你們每季都會發布財務補貼。有一句很好聽的話，說的是你的長期多年目標或行業領先的兩位數收入增長。我知道事情正在迅速發生，你們還沒有收到信。

But as investors are contemplating all the potential scenarios in the future, like are you guys just as confident in being able to deliver that industry-leading double-digit revenue growth even if some reason sales to China have to be halted?

但是，當投資者考慮未來所有可能的情況時，即使由於某種原因必須停止對中國的銷售，你們是否仍然有信心實現行業領先的兩位數收入增長？

Put the sales to China being halted because that's something we -- I'll be speculating. I have no idea what will be halted, what will not be. So put that aside, we are absolutely confident with an industry-leading double-digit growth at company level or Design Automation double digit for IT, mid-teens and that's what we've been delivering to and that's organic growth, it's important to emphasize that's an organic execution we have been able to deliver to these numbers.

停止對中國的銷售，因為這是我們——我會推測。我不知道什麼將會停止，什麼不會停止。所以撇開這一點不談，我們絕對有信心在公司層面實現行業領先的兩位數增長，或者在 IT 設計自動化方面實現兩位數、十幾歲的增長，這就是我們一直在努力實現的目標，這是有機增長，需要強調的是，我們能夠實現這些數字是一種有機執行。

Blair Abernethy, Rosenblatt.

布萊爾·阿伯內西，羅森布拉特。

Two quick ones. Just Sassine, on your AI portfolio, so your DSO.ai and other optimization products have done very well in the last four years. You haven't spoken a lot about design.da and Silicon.da and Fab.da. Could you speak to the adoption of those vis-a-vis the customers that have taken up the optimization products? And then secondly, do you have any sense of time line that you'd like to share with us in terms of rolling out a Agentic EDA?

兩個簡單的。Just Sassine，關於您的 AI 產品組合，您的 DSO.ai 和其他優化產品在過去四年中表現非常出色。您還沒有談論太多關於 design.da、Silicon.da 和 Fab.da 的事情。您能否談談那些採用優化產品的顧客對這些產品的採用情況？其次，在推出 Agentic EDA 方面，您是否有任何時間表可以與我們分享？

Yeah, Blair, thank you for the question. Absolutely correct, our .ai products with our flagship early introduction of DSO.ai followed by VSO, ASO, et cetera, great traction by the customers. And I'm going to say it's becoming an easier go-to-market and engagement with customers because the customers are pulling us into these engagements and finding an opportunity for every one of those AI technologies.

是的，布萊爾，謝謝你的提問。完全正確，我們的 .ai 產品，包括早期推出的旗艦產品 DSO.ai，隨後是 VSO、ASO 等，都受到了客戶的極大歡迎。我想說的是，進入市場和與客戶互動變得越來越容易，因為客戶正在把我們拉入這些互動中，並為每種人工智慧技術找到機會。

As far as A, you're right, we may need to do a better job communicating what we are seeing in terms of customer adoption. But think of the .da as an infrastructure step to tie up is like a continuum of data where you provide insights from step two back into step one, moving to step four, et cetera, in the entire design flow. Fab.da, for example, is limited to fewer customers because that's limited to companies that they typically have their manufacturing capability in-house. But think of it as an infrastructure step that makes our optimization product even stronger and better because it provides insights.

就 A 而言，您是對的，我們可能需要更好地傳達我們所看到的客戶採用。但是，將 .da 視為一個基礎設施步驟，就像一個資料連續體，您可以在整個設計流程中從第二步回到第一步提供見解，然後轉到第四步，等等。例如，Fab.da 的客戶範圍有限，因為僅限於那些通常擁有內部製造能力的公司。但可以將其視為基礎設施步驟，它使我們的優化產品更加強大和更好，因為它提供了洞察力。

As far as the Agentic road map, Today, we have a number of engagements with the limited set of partners to provide feedback on the application and when you think agents, you have to be very specific to a customer workflow to because each customer, they have different ways in bringing up that agent engineer based on their environment, their data, et cetera, et cetera.

就 Agentic 路線圖而言，今天，我們與有限的合作夥伴進行了一些接觸，以提供有關應用程式的回饋，當您考慮代理商時，您必須非常具體地針對客戶工作流程，因為每個客戶都有不同的方式來根據他們的環境、他們的數據等來調動代理工程師。

At SNUG, we communicated L1 through L5. Same analogy for automotive. And what we said today, we are in the L2 and L3 phase. It doesn't mean when you move to L4 that you stop in L2, we continue building those task agents in the L2 phase as we move to the L3, which is the orchestration between the agents. We'll make sure to continue on communicating our progress there because it's super exciting.

在 SNUG，我們透過 L1 到 L5 進行交流。汽車也是同樣的道理。正如我們今天所說，我們正處於 L2 和 L3 階段。這並不意味著當你移動到 L4 時你就停止在 L2，當我們移動到 L3 時，我們會繼續在 L2 階段建立那些任務代理，這是代理之間的協調。我們一定會繼續傳達我們的進展，因為這非常令人興奮。

Thanks very much.

非常感謝。

Thank you, Blair.

謝謝你，布萊爾。

Thanks so much for everybody who joined our call. And Lisa, thank you for shepherding us through the call. And with that, we look forward to talking to you through the quarter.

非常感謝參加我們電話會議的所有人。麗莎，謝謝你幫我們完成這通電話。因此，我們期待在本季與您進行交流。

Thank you, all.

謝謝大家。

Thank you.

謝謝。

And once again, ladies and gentlemen, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

女士們、先生們，今天的會議到此結束。我們感謝大家今天的參與。您現在可以斷開連線。