新思科技 (SNPS) 2025 Q3 法說會逐字稿

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

女士們，先生們，歡迎參加新思科技 2025 財年第三季財報電話會議。（接線員指示）今天的通話將持續一個小時。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 Tushar Jain, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係部門的 Tushar Jain。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有 Synopsys 總裁兼執行長 Sassine Ghazi 和財務長 Shelagh Glaser。

Before we begin, I'd like to remind everyone that during the course of this conference call, Synopsis 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，Synopsis 將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。

While these statements represent our best current judgment about future results and performance as of today, our actual results are subject to many risks and uncertainties that could cause actual results to differ materially from what we expect.

雖然這些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 this call, important factors that may affect our future results are described in our most recent SEC reports and today's earnings press release. Pursuant to the close of the Ansys acquisition on July 17, our results include roughly two weeks of Ansys financials.

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。根據 7 月 17 日 Ansys 收購的完成情況，我們的業績包括約兩週的 Ansys 財務資料。

As shown in today's financial statements, the vast majority of Ansys revenue appears under the Simulation and Analysis Product Group with the remainder included under EDA.

正如今天的財務報表所示，Ansys 的絕大部分收入來自模擬和分析產品組，其餘部分來自 EDA。

In addition, we will refer to certain non-GAAP financial measures during this discussion. Reconciliations to their most directly comparable GAAP financial measures and supplemental financial information can be found in the earnings press release, financial supplement and 8-K that we released earlier today. All of these items plus the most recent investor presentation are available on our website at www.synopsys.com. In addition, the prepared remarks will be posted on our website at the conclusion of the call.

此外，我們將在討論中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。所有這些內容以及最新的投資者簡報均可在我們的網站 www.synopsys.com 上查閱。此外，準備好的演講稿將在電話會議結束後發佈在我們的網站上。

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

說完這些，我將把電話轉給 Sassine Ghazi。

Good afternoon. Q3 was a transformational milestone quarter for Synopsys. Against an unprecedented and challenging geopolitical backdrop, we closed the Ansys acquisition, expanding our revenue, our customer base and our long-term opportunity.

午安.第三季是新思科技轉型里程碑的一個季度。在前所未有的、充滿挑戰的地緣政治背景下，我們完成了對 Ansys 的收購，擴大了我們的收入、客戶群和長期機會。

We delivered third quarter revenue of $1.74 billion and non-GAAP EPS of $3.39. Our results were primarily impacted by underperformance in the IT business as we had the expectation of deals that did not materialize, driven largely by the following three factors, one, new export restrictions disrupted design starts in China, compounding China weakness; two, challenges at a major foundry customer are also having a sizable impact on the year.

我們第三季營收為17.4億美元，非公認會計準則每股收益為3.39美元。業績主要受IT業務表現不佳的影響，因為我們預期的交易未能實現，這主要受以下三個因素的影響：第一，新的出口限制擾亂了中國的設計啟動，加劇了中國市場的疲軟；第二，一家主要代工客戶面臨的挑戰也對全年業績產生了相當大的影響。

And finally, we made certain road map and resource decisions that did not yield their intended results. We are actively pivoting our IP resources and road map towards the highest growth opportunities, which I'll discuss in more detail.

最後，我們所製定的某些路線圖和資源決策並未產生預期的結果。我們正在積極地將我們的 IP 資源和路線圖轉向最高的成長機會，我將對此進行更詳細的討論。

Looking ahead, we believe, we have derisked our forecast knowing that transformation takes time and the external headwinds I cited will continue. We are taking a more cautious view of Q4 while still expecting to deliver a record revenue year. Let me provide more color on our Q3 execution and the actions we're taking to accelerate our strategy. Before Shelagh covers the financials in more detail.

展望未來，我們相信，我們已經降低了預測的風險，因為我們知道轉型需要時間，而我提到的外部阻力仍將持續存在。我們對第四季持更加謹慎的看法，但仍預期今年的營收將創歷史新高。讓我更詳細地介紹一下我們第三季的執行情況以及我們為加速策略而採取的行動。在 Shelagh 更詳細地介紹財務狀況之前。

Zooming out, AI continues to drive unprecedented investment in infrastructure and R&D. Demand for high-performance computing and AI applications continues, while semiconductor demand in markets like industrial and automotive remains subdued.

從宏觀角度來看，人工智慧持續推動基礎設施和研發領域前所未有的投資。對高效能運算和人工智慧應用的需求持續存在，而工業和汽車等市場對半導體的需求仍然低迷。

Despite the uncertainties in industry dynamics that we must navigate, I remain very optimistic about Synopsys future. The increasing complexity, cost and time-to-market pressure of designing and delivering AI-powered systems is a trend that persists across industries and underpins our opportunity.

儘管我們必須應對產業動態的不確定性，但我對新思科技的未來仍然非常樂觀。設計和交付人工智慧系統的複雜性、成本和上市時間壓力日益增加，這是各行各業持續存在的趨勢，也是我們機會的基礎。

Now more than ever, we believe Synopsys will be a mission-critical partner in addressing these challenges. Adding Ansys gold standard simulation and analysis solutions to our portfolio dramatically expands our long-term growth opportunity.

現在，我們比以往任何時候都更加相信，新思科技將成為我們應對這些挑戰的關鍵合作夥伴。將 Ansys 黃金標準模擬和分析解決方案添加到我們的產品組合中，大大擴展了我們的長期成長機會。

We are now not only the EDA leader, we are the global leader in engineering solutions from silicon to systems. This acquisition marks a significant milestone for not only Synopsys, but also our customers and the industry.

我們現在不僅是 EDA 領導者，我們也是來自矽片到系統的工程解決方案的全球領導者。此次收購不僅對新思科技，對我們的客戶和產業而言都是一個重要的里程碑。

As products evolve into more sophisticated intelligence systems, their designs grow increasingly complex while development cycles continue to accelerate. The rise of physical AI underscores the importance of our combined expertise.

隨著產品發展成為更複雜的智慧系統，其設計變得越來越複雜，而開發週期也不斷加快。物理人工智慧的興起凸顯了我們綜合專業知識的重要性。

R&D teams must not only optimize product design for performance and efficiency, but also consider the real world interactions of these products. That's why, for example, we're embedding NVIDIA Omniverse technology into our Ansys simulation solutions making it easier to develop, train, test and validate autonomous systems with greater speed and confidence.

研發團隊不僅必須優化產品設計以提高效能和效率，還必須考慮這些產品在現實世界中的互動。這就是為什麼我們將 NVIDIA Omniverse 技術嵌入到我們的 Ansys 模擬解決方案中，從而更輕鬆、更快速、更自信地開發、訓練、測試和驗證自主系統。

Not only can we deliver new innovation with Ansys now part of Synopsys, we have diversified our portfolio and our global customer base. Together, we will maximize the capabilities of engineering teams across industries, from semiconductor to automotive, industrial, aerospace and beyond, enabling them all to rapidly innovate AI-powered products.

現在，Ansys 已成為 Synopsys 的一部分，我們不僅能夠實現新的創新，還能實現產品組合和全球客戶群的多樣化。我們將共同最大限度地發揮半導體、汽車、工業、航空航天等各行各業工程團隊的能力，使他們能夠快速創新人工智慧產品。

Let's move on to business highlights. Design automation revenue, inclusive of Ansys products was up 23% year-over-year, led by strength in hardware, as the complexity of designing silicon for AI workloads drives demand for Synopsys powerful emulation and prototyping solutions.

讓我們繼續討論業務亮點。包括 Ansys 產品在內的設計自動化收入年增 23%，這主要得益於硬體實力，因為為 AI 工作負載設計矽片的複雜性推動了對 Synopsys 強大的模擬和原型解決方案的需求。

In Q3, we achieved multiple competitive wins with leading hyperscalers and shipped record ZeBu Server 5 and HAPS-200, ZeBu-200 units. EDA continues to demonstrate resiliency. Our Q3 results reinforce our leadership in next-generation chip design.

在第三季度，我們與領先的超大規模企業取得了許多競爭勝利，並創下了 ZeBu Server 5 和 HAPS-200、ZeBu-200 單元的出貨量記錄。EDA 持續展現出彈性。我們的第三季業績鞏固了我們在下一代晶片設計領域的領先地位。

Synopsys continues to win competitive bids for full flow digital implementations, including a multiyear commitment with a leading AI customer. Synopsys sign-off and extraction platforms also continue to set the industry standard with broader customer deployments and successful tape-outs on advanced designs.

Synopsys 繼續贏得全流程數位實施的競爭性投標，包括與領先的 AI 客戶達成的多年承諾。Synopsys 簽核和提取平台也透過更廣泛的客戶部署和先進設計的成功流片繼續樹立業界標準。

Synopsys leading AI capabilities are a key differentiator. Today, roughly 20 customers are broadly piloting synopsis.ai, GenAI-powered capabilities. These capabilities pave the way for agent engineered technology.

Synopsys 領先的 AI 功能是其關鍵的區別因素。目前，大約有 20 位客戶正在廣泛試用 synopsis.ai 和 GenAI 驅動的功能。這些能力為代理工程技術鋪平了道路。

We believe the evolution of AI from a helper to a door will truly transform engineering workflows. Multi-die momentum also continued in Q3, we enabled multiple successful multi-die tape-outs for leading AI semi companies.

我們相信，人工智慧從助理到門的演變將真正改變工程工作流程。多晶片發展勢頭在第三季度也持續，我們為領先的 AI 半導體公司實現了多次成功的多晶片流片。

Customers are enthusiastic about the promise of integrating our semiconductor timing and power sign-off capabilities with Ansys gold standard of thermal sign-off, and we expect to deliver our first fully integrated solution in the first half of next year.

客戶對於將我們的半導體時序和電源簽核功能與 Ansys 熱簽核黃金標準相結合的承諾充滿熱情，我們預計將在明年上半年提供我們的第一個完全整合的解決方案。

I'll turn now to simulation and analysis products, which empower users to build and test products virtually. These solutions represent the largest portion of our Ansys acquisition and performed in line with our expectations for the quarter.

現在我將討論模擬和分析產品，它們使用戶能夠虛擬地建構和測試產品。這些解決方案是我們收購 Ansys 的最大部分，其表現符合我們對本季的預期。

As is typically the case, the largest contributors were in the high-tech aerospace and automotive verticals. In Q3, we released Ansys 2025 R2, providing customers access to groundbreaking advancements in AI-driven simulation, GPU acceleration, system-level modeling and cloud computing.

通常情況下，最大的貢獻者是高科技航空航天和汽車垂直行業。在第三季度，我們發布了 Ansys 2025 R2，為客戶提供人工智慧驅動模擬、GPU 加速、系統級建模和雲端運算方面的突破性進展。

These newly released products extends Synopsis AI leadership into simulation and analysis to help customers more efficiently develop and deliver their innovations.

這些新發布的產品將 Synopsis AI 的領導地位擴展到模擬和分析領域，以幫助客戶更有效地開發和交付他們的創新。

Turning to design IP, which was down 8% year-over-year due to the headwinds I previously mentioned. Again, we need to pivot our IP resources and road map to the highest growth opportunities. These changes are already underway. Let me give some context. Zooming out evolving data center architectures, particularly those focused on AI, are accelerating the demand for faster data movement.

談到設計 IP，由於我之前提到的不利因素，其年減了 8%。再次，我們需要將我們的 IP 資源和路線圖轉向最高的成長機會。這些變化已經在進行中。讓我介紹一些背景。不斷發展的資料中心架構，特別是專注於人工智慧的架構，正在加速對更快資料傳輸的需求。

This trend is driving strong demand for high-speed protocol IP and solutions that enable both scaling up and scaling out of large-scale systems. At the same time, the semiconductor and IP landscape is undergoing profound change.

這一趨勢推動了對高速協定 IP 和支援大規模系統擴展和擴展的解決方案的強勁需求。同時，半導體和智慧財產權格局正在發生深刻變化。

What was once a business rooted and individual IP licensing is rapidly evolving. The industry is increasingly requiring more sophisticated subsystems and chiplet-based solutions to combat complexity and accelerate time to market.

曾經以商業為根基、個人智慧財產權許可的製度正在迅速演變。該行業越來越需要更複雜的子系統和基於晶片的解決方案來應對複雜性並加快產品上市時間。

In summary, our high-performance silicon-proven IP portfolio positions us as the leader in the fast-growing interface IP market. We support a broad spectrum of applications, including HPC, Edge AI, automotive, mobile and consumer.

總而言之，我們經過矽驗證的高效能 IP 產品組合使我們成為快速成長的介面 IP 市場的領導者。我們支援廣泛的應用，包括 HPC、Edge AI、汽車、行動和消費者。

By retargeting our resources and portfolio toward higher-value solutions, we are further strengthening our leadership in advanced interface and foundation IP.

透過將我們的資源和產品組合重新定位到更高價值的解決方案，我們進一步加強了我們在先進介面和基礎 IP 方面的領導地位。

Before handing over to Shelagh, I want to address the company-wide steps we're taking to achieve greater scale and efficiency to accelerate our silicon to systems strategy and drive long-term growth. Synopsys transformation, which began with the divestiture of the Software Integrity Group, followed by our strategic acquisition of Ansys continues.

在將權力移交給 Shelagh 之前，我想先談談我們正在採取的全公司範圍的措施，以實現更大的規模和效率，以加速我們的矽片到系統戰略並推動長期增長。Synopsys 的轉型始於剝離軟體完整性部門，隨後又對 Ansys 進行了策略性收購。

Specifically, we are conducting a strategic portfolio review and we'll be taking actions to focus our investments and our execution on the highest growth opportunities. We look forward to delivering with Ansys a differentiated design solutions road map and remain firmly committed to realizing the projected synergies of the merger.

具體來說，我們正在進行策略性投資組合審查，並將採取行動，將我們的投資和執行重點放在最高的成長機會上。我們期待與 Ansys 共同提供差異化的設計解決方案路線圖，並堅定地致力於實現合併預期的協同效應。

In addition, our enterprise-wide initiative to develop and deploy custom GenAI is boosting productivity. We will continue harnessing AI efficiencies to optimize our cost structure. Taken together, we expect to undertake related actions starting soon that will reduce our global head count to roughly 10% by the end of fiscal year 2026.

此外，我們在整個企業範圍內開發和部署客製化 GenAI 的舉措正在提高生產力。我們將繼續利用人工智慧的效率來優化我們的成本結構。總的來說，我們預計很快就會採取相關行動，到 2026 財年末將我們的全球員工人數減少到約 10%。

A few closing thoughts. Synopsys is transforming with Ansys, we are now the leader in engineering solutions from silicon to systems. We've expanded our opportunity broadened our portfolio and increase the resiliency of our business.

最後再說幾點想法。Synopsys 正在與 Ansys 合作轉型，我們現在是從矽片到系統的工程解決方案領域的領導者。我們擴大了我們的機會，拓寬了我們的產品組合，並提高了我們業務的彈性。

We remain focused on maintaining our leadership position while pioneering new solutions that will shape the next wave of innovation. Near term, we are deeply committed to prioritizing our IP execution and improving our efficiency to scale the business, accelerate our strategy and capitalize on the highest growth opportunities.

我們將繼續專注於維持我們的領導地位，同時開拓新的解決方案，引領下一波創新浪潮。短期內，我們將堅定致力於優先考慮我們的 IP 執行並提高我們的效率，以擴大業務規模、加速我們的策略並利用最高的成長機會。

Thank you to our employees, customers and partners for your continued commitment. Engineering is undergoing unprecedented transformation and Synopsis is seizing the opportunity to reengineer engineering.

感謝我們的員工、客戶和合作夥伴的持續承諾。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。

Now over to Shelagh.

現在輪到 Shelagh 了。

Thank you, Sassine. Q3 revenue came in at $1.74 billion, non-GAAP operating margin of 38.5% and non-GAAP EPS at $3.39. Backlog came in at $10.1 billion, including Ansys, underscoring the resilience of our business. Our results were impacted by the underperforming. We are taking a conservative view on Q4 and updating our full year 2025 targets for revenue, operating margin, EPS and free cash flow.

謝謝你，薩辛。第三季營收17.4億美元，非公認會計準則營業利益率為38.5%，非公認會計準則每股收益為3.39美元。包括Ansys在內的未完成訂單總額達101億美元，凸顯了我們業務的韌性。我們的業績受到了表現不佳的影響。我們對第四季持保守看法，並更新了 2025 年全年的收入、營業利潤率、每股盈餘和自由現金流目標。

I'll now review our third quarter results. All comparisons are year-over-year unless otherwise stated. We generated total revenue of $1.74 billion, up 14% with strong growth in design automation. Regionally, we saw strength in Europe and North America, and despite sequential improvement in China, headwinds persist.

我現在來回顧一下我們第三季的業績。除非另有說明，所有比較均為同比。我們的總營收達到 17.4 億美元，成長 14%，這得益於設計自動化的強勁成長。從地區來看，我們看到歐洲和北美的強勁表現，儘管中國市場較上季有所改善，但逆風依然存在。

Total GAAP costs and expenses were $1.57 billion, and total non-GAAP costs and expenses were $1.07 billion, resulting in non-GAAP operating margin of 38.5%. GAAP earnings per share were $1.50 and non-GAAP earnings per share were $3.39. Earnings included the impact of lower cash on our balance sheet and the additional $4.3 billion term loan used to fund a portion of the cash consideration and expenses associated with the Ansys acquisition.

總 GAAP 成本和費用為 15.7 億美元，非 GAAP 成本和費用總為 10.7 億美元，非 GAAP 營業利潤率為 38.5%。GAAP每股收益為1.50美元，非GAAP每股收益為3.39美元。收益涵蓋了資產負債表現金減少的影響，以及用於支付部分Ans​​ys收購相關現金對價和費用的43億美元額外定期貸款。

Now on to our segments. Design Automation segment revenue was $1.31 billion, up 23% with strong performance from our hardware business. Design Automation adjusted operating margin was 44.5%. Design IP segment revenue was $428 million, down 8%.

現在開始我們的部分。設計自動化部門營收為 13.1 億美元，成長 23%，這得益於硬體業務的強勁表現。設計自動化調整後的營業利益率為44.5%。設計IP部門收入為4.28億美元，下降8%。

As mentioned before, our IP business faced several headwinds. In response, we are taking a more conservative view of Q4, and we are realigning our IP resources to the highest growth opportunities and improving our execution.

如前所述，我們的知識產權業務面臨多重阻力。作為回應，我們對第四季度持更保守的看法，我們正在將我們的 IP 資源重新調整到最高的成長機會並提高我們的執行力。

Third quarter Design IP adjusted operating margin was 20.1% due to the lower-than-expected revenue and the investments we are making in the IP road map.

由於收入低於預期以及我們在 IP 路線圖上進行的投資，第三季設計 IP 調整後的營業利潤率為 20.1%。

Moving to cash. Free cash flow was approximately $632 million. We ended the quarter with cash and short-term investments of $2.6 billion and debt of $14.3 billion. Now to guidance, which has been updated to include Ansys as well as factoring the continuation of the headwinds previously discussed.

轉為現金。自由現金流約6.32億美元。本季末，我們的現金和短期投資為 26 億美元，債務為 143 億美元。現在來看看指導意見，該指導意見已更新，包括 Ansys 以及考慮到之前討論過的持續不利因素。

For fiscal year 2025, the full year targets are, revenue of $7.03 billion to $7.06 billion; total GAAP costs and expenses between $6.08 billion and $6.10 billion, total non-GAAP costs and expenses between $4.43 billion and $4.44 billion, non-GAAP tax rate of 16%.

2025財年，全年目標為：營收70.3億美元至70.6億美元；GAAP總成本及支出60.8億美元至61億美元之間；非GAAP總成本及支出44.3億美元至44.4億美元之間；非GAAP稅率16%。

GAAP earnings of $5.03 to $5.16 per share; non-GAAP earnings of $12.76 to $12.80 per share. Cash flow from operations of approximately $1.13 billion and free cash flow of approximately $950 million, lower than prior expectations due to lower revenue and the interest impact of cash utilization and additional debt for the Ansys acquisition.

每股 GAAP 收益為 5.03 美元至 5.16 美元；每股非 GAAP 收益為 12.76 美元至 12.80 美元。經營活動現金流約為 11.3 億美元，自由現金流約為 9.5 億美元，低於先前的預期，原因是收入下降以及現金使用和收購 Ansys 的額外債務對利息的影響。

Now to targets for the fourth quarter. Revenue between $2.23 billion and $2.26 billion; total GAAP costs and expenses between $2.12 billion and $2.14 billion, total non-GAAP costs and expenses between $1.44 billion and $1.45 billion; GAAP earnings of negative $0.27 to negative $0.16 per share and non-GAAP earnings of $2.76 to $2.80 per share. Our press release and financial supplement include additional targets and GAAP to non-GAAP reconciliations.

現在來談談第四季的目標。營收在 22.3 億美元至 22.6 億美元之間；GAAP 總成本和費用在 21.2 億美元至 21.4 億美元之間，非 GAAP 總成本和費用在 14.4 億美元至 14.5 億美元之間；GAAP 每股收益為 -0.27 美元至 -0.16 美元至每股收益 2.808.808 美元。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。

With the Ansys acquisition now closed, we remain confident in achieving the committed synergies of the merger. This is despite the delay in completing the follow-on divestitures of the Optical Solutions Group and Power Artist business, which is elongating the full integration of Ansys as we work to obtain a final regulatory approval of the buyer.

隨著 Ansys 收購的完成，我們仍然有信心實現合併所承諾的綜效。儘管光學解決方案集團和 Power Artist 業務的後續剝離工作延遲完成，但由於我們正在努力獲得買方的最終監管部門批准，因此 Ansys 的全面整合被延長。

In conclusion, this was a milestone quarter for Synopsys. We are clear-eyed about the challenges we face and the actions we must take to align our portfolio to the highest growth opportunities, optimize our cost structure to drive greater scale and efficiency, which will include reducing our global head count roughly 10% by the end of fiscal 2026 and importantly, to extend our leadership position in engineering solutions from silicon to systems, delivering a differentiated design solutions road map with Ansys.

總而言之，對於新思科技來說，這是一個里程碑式的季度。我們清楚地認識到所面臨的挑戰和必須採取的行動，以使我們的投資組合與最高的成長機會保持一致，優化我們的成本結構，以提高規模和效率，其中包括到 2026 財年末將全球員工人數減少約 10%，更重要的是，擴大我們在從矽到系統的工程解決方案領域的領導地位，與 Ansys 的設計提供差異化。

The team is laser-focused on executing a strong finish to the year and delivering resilient long-term growth for our shareholders.

該團隊致力於在今年取得圓滿成功，並為我們的股東帶來長期的穩健成長。

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

說完這些，我將把問題交給接線員回答。謝謝。

(Operator Instructions)

（操作員指示）

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Yeah, hi, thank you very much, Sassine, I'm wondering if you could maybe spend a few minutes just walking through the three challenges around the IP business. Just kind of thinking through export restrictions and design starts in China and then the foundry customer versus the road map and the impact of that.

是的，你好，非常感謝您，Sassine，我想知道您是否可以花幾分鐘時間簡單介紹一下 IP 業務面臨的三大挑戰。只是思考一下出口限制和從中國開始的設計，然後是代工客戶與路線圖以及其影響。

It seems like that's potentially a bigger issue that could be a headwind longer term? And maybe you could just kind of describe Q3 and kind of what the impacts were across each of those three issues? And then as you think about next year, and resource reallocation, et cetera.

這似乎是一個潛在的更大問題，並且可能成為長期的阻力？也許您可以描述一下第三季的情況以及這三個問題各自產生的影響？然後，您再考慮明年、資源重新分配等等。

Will this require acceleration in things like M&A? Or are you kind of positioned to address the needs of your customers with what you're working on organically? And how soon can you turn this around on what sounds to be the most important part of those three headwinds? Thank you.

這是否需要加速併購等方面的進程？或者您可以透過您正在進行的工作來滿足客戶的需求？您多久能扭轉這三大不利因素中最重要的部分？謝謝。

Yeah. Thank you, Ruben, for the question. You're right. There are three factors that we mentioned that impacted our IP performance for the year. The first one is the China BIS.

是的。謝謝 Ruben 提出的問題。你說得對。我們提到有三個因素影響了我們今年的 IP 表現。第一個是中國國際清算銀行。

Even though the restriction was only limited to six weeks, the impact from our customer behavior lasted definitely longer than the six weeks restriction. Customers were questioning whether or not they will invest in a multiyear commitment with Synopsys, how broad will they make that investment?

儘管限制僅限於六週，但我們客戶行為的影響肯定比六週的限制持續更長。客戶們正在詢問他們是否會與新思科技達成多年的投資承諾，他們將進行多大範圍的投資？

If they start an investment in a chip, can they finish it? Can they take it out. So I don't want us to assume that the restriction was -- that the impact was limited to the restriction period, which was six weeks.

如果他們開始投資一個晶片，他們能完成它嗎？他們能把它拿出來嗎？所以我不希望我們假設限制的影響僅限於限制期，即六週。

The other factor, which is the foundry customer impact where we have made a significant investment in building out our IP for that foundry customer with an expectation that there will be a return in the second half of '25, and that did not materialize for a number of reasons out of our control, there are market-driven reasons and customer-related reasons for that.

另一個因素是代工客戶的影響，我們為該代工客戶建立 IP 進行了大量投資，預計在 25 年下半年會有回報，但由於一些我們無法控制的原因，這一目標並未實現，其中有市場驅動的原因，也有客戶相關的原因。

So when we look at the impact for the quarter and as we derisk our Q4, those two primary reasons where were -- what created the impact for the revenue during Q3 and as we're anticipating Q4 and continuation of these factors.

因此，當我們審視本季的影響並降低第四季度的風險時，這兩個主要原因是——是什麼對第三季度的收入產生了影響，以及我們對第四季度的預期以及這些因素的延續。

As for the last point, which is the road map and resource allocation, it's somewhat related to bullet number two, as we make investments and as the leader in IP we have responsibility as part of the market position we have. We're not a boutique IP. We have the broadest IP portfolio, and our customers expect us to serve various needs and requirements that they have.

至於最後一點，即路線圖和資源分配，這在某種程度上與第二點相關，因為我們進行投資，並且作為知識產權領域的領導者，我們有責任保持市場地位。我們不是精品IP。我們擁有最廣泛的智慧財產權組合，客戶期望我們能夠滿足他們的各種需求和要求。

So some of the decisions we made were investing, for example, in Edge AI opportunities for IP that we put resources on delivering to these opportunities, and it came at some road map cost on which foundry to make that investment and for data center delay in some of our IP titles.

因此，我們做出的一些決定是投資，例如，投資 IP 的 Edge AI 機會，我們投入資源來實現這些機會，並且它需要一些路線圖成本，以確定哪家代工廠進行投資，以及我們的一些 IP 所有權的資料中心延遲。

That is something we know exactly what we need to do, and we're already underway to address them. And to give you some color on what we are doing, within Q3 we have merged two engineering teams. So we have our IP team that builds and deliver on what we call stand-alone IP and the market is shifting towards subsystem and potentially in the future, chiplet delivery. And we have a separate team that works on customization, which we call the System Solutions Group.

我們清楚地知道我們需要做什麼，我們已經開始著手解決這些問題。為了讓您了解我們正在做的事情，我們在第三季合併了兩個工程團隊。因此，我們擁有自己的 IP 團隊，負責建立和交付我們所謂的獨立 IP，市場正在轉向子系統，並可能在未來轉向晶片交付。我們有一個單獨的團隊負責定制，我們稱之為系統解決方案組。

We merged these two groups together in order to accelerate our ability to deliver to the opportunities that they are in front of us. So it's all about scaling, and we are addressing the scaling opportunities, and I have no doubt that we will see our ability to pivot these resources. And these are things you cannot fit within a 90-day window, but as we look at the road map and the priority of the road map, we will commit and deliver to these items.

我們將這兩個集團合併在一起，以加快我們抓住眼前機會的能力。所以一切都與擴展有關，我們正在解決擴展機會，我毫不懷疑我們將看到我們調動這些資源的能力。這些事情不可能在 90 天內完成，但當我們審視路線圖並確定路線圖的優先順序時，我們會致力於並完成這些項目。

Thank you for that detail, Sassine if I could segue then into question for Shelagh on the operating margin with IP coming down and Ansys sort of coming into the model here. If I've done my math correctly, it looks like Shelagh, the operating margin is going to net out or a little less than 6% for Q4. And just wondering if you can comment on kind of the decline in operating margins and maybe how you bridge to the longer-term target in the mid-40s.

感謝您提供的詳細信息，Sassine，如果我可以轉入 Shelagh 的問題，關於 IP 下降以及 Ansys 進入這裡的模型時的營業利潤率。如果我沒算錯的話，看起來 Shelagh 的第四季營業利潤率將會達到或略低於 6%。我只是想知道您是否可以評論一下營業利潤率的下降以及如何實現 40 年代中期的長期目標。

Yeah. Thanks for the question, Ruben. It's really the impact of the IP business and the downside on revenue of the IP business. As Sassine talked about, that's a very resource-intensive business. So as the revenue headwinds that we talked about are hitting the business, we're realigning the resources, but we want to continue to invest in that road map for the long term.

是的。謝謝你的提問，魯本。這確實是IP業務的影響力以及IP業務收入的負面影響。正如薩辛所說，這是一項資源密集的業務。因此，當我們談到的收入逆風對業務造成衝擊時，我們正在重新調整資源，但我們希望繼續長期投資於該路線圖。

And so that's really the impact. I would say it's a lesser impact, obviously, Ansys is fully integrated. Ansys came with a higher operating margin. So the impact is really the IP.

這才是真正的影響。我想說它的影響較小，顯然，Ansys 是完全整合的。Ansys 的營業利潤率較高。因此影響實際上是 IP。

And our commitment to the long-term operating margin in the mid-40s is still intact. So our short-term headwinds that we're managing through are really short-term headwinds, but there's no change in our long-term commitment.

我們對 40 年代中期長期營業利潤率的承諾仍然沒有改變。因此，我們正在應對的短期阻力確實只是短期阻力，但我們的長期承諾不會改變。

Got it. Thank you, Shelagh.

知道了。謝謝你，希拉格。

Thank you, Ruben.

謝謝你，魯本。

Lee Simpson, Morgan Stanley.

摩根士丹利的李辛普森。

Great. Maybe I'll start again with the Design IP. I mean, clearly, the weakness here has come as quite a surprise for everyone. We haven't seen this elsewhere. It does look maybe on the simplistic mathematics that it's around about $120 million that you're weaker versus expectation anyway for Design IP.

偉大的。也許我會從設計 IP 重新開始。我的意思是，顯然，這裡的弱點讓每個人都感到驚訝。我們在其他地方還沒有見過這種情況。從簡單的數學計算來看，設計 IP 的金額約為 1.2 億美元，低於預期。

And I think you've called out the two elements, China and, of course, the foundry customer as primary here. So I'm just trying to understand how much of a heads-up did you have on this weakness, this design IP slowdown.

我認為您已經指出了兩個主要因素：中國，當然還有代工客戶。所以我只是想了解你對這個弱點，這個設計 IP 減速有多少了解。

And maybe how much of this is permanent? I mean does the China business come back? Do you think does the foundry business evolve into something else? I really just want to get a color on how permanent this might actually be. Thanks.

其中有多少是永久的？我的意思是中國業務會恢復嗎？您認為代工業務會演變成其他業務嗎？我真的只是想了解這實際上有多持久。謝謝。

Thank you, Lee, for the question. I want to start with that we had an aggressive plan in IP for FY25 after an outsized performance the year prior, where we grew that IP business by 24% and the year before that by 17%. And there were some large agreements we were not able to get during this, I want to call it, hyper and intense period of our company's history.

謝謝李先生提出的問題。首先，我們在 2025 財年制定了積極的 IP 計劃，因為前一年我們的 IP 業務表現非常出色，增長了 24%，前年增長了 17%。我想稱其為我們公司歷史上高度緊張的時期，但我們未能達成一些重大協議。

I know I communicated to some of you that during Q3, I was in China 6 times in order to work on the transformative acquisition that we got to a positive outcome, of course. And it was the most important thing we had to do, and we got it done, and we're very excited about it.

我知道我已經和你們中的一些人交流過，在第三季度，我六次前往中國，致力於變革性收購，當然，我們取得了積極的成果。這是我們必須做的最重要的事情，我們完成了它，我們對此感到非常興奮。

In the process there were signals that were missed in the forecast as to the magnitude of the factors I described, the two factors that you outlined. So I don't believe that these factors are just a Q3 impact. We will continue on derisking our forecast and anticipate that we will have a transitional, a muted year in IP, as we look ahead into FY26.

在此過程中，預測中遺漏了一些訊號，這些訊號與我所描述的因素（即您概述的兩個因素）的重要性有關。所以我不認為這些因素只是第三季的影響。我們將繼續降低我們的預測風險，並預計在展望 26 財年時，IP 將經歷一個過渡的、低迷的一年。

Now in December, we'll provide more color, but the overall FY26 components and we feel strongly about the other segments of the business. But as it relates to IT and these two factors regarding China and the conditions in China, I don't believe this is a Q3 only challenge, as it relates to the foundry customer.

現在到了 12 月，我們將提供更多顏色，但整體 FY26 組成部分以及我們對業務的其他部分有強烈的感覺。但由於它與 IT 以及與中國和中國情況有關的這兩個因素有關，我不認為這是第三季唯一的挑戰，因為它與代工客戶有關。

It all depends on where do they go with the technology that we already developed the IP for and what's the opportunity to sell that IP after we developed it. Now is it permanent? It depends what you mean by permanent and at what level of the IP business.

這完全取決於他們將如何使用我們已經開發了 IP 的技術，以及在我們開發該 IP 之後出售該 IP 的機會是什麼。現在它是永久的嗎？這取決於你所說的永久是什麼意思，以及在智慧財產權業務的哪個層面。

We have an incredible market position in the demand actually is much higher than our capacity to deliver. One of the challenges that I described as road map, resource allocation, we have a massive team working on IT yet, we cannot capture all the opportunities ahead.

我們在市場上佔據著令人難以置信的地位，需求實際上遠高於我們的交付能力。我所描述的挑戰之一是路線圖、資源分配，我們有一個龐大的團隊致力於 IT 工作，但我們無法抓住未來的所有機會。

I mentioned some of the actions we took. There will be more deeper look in terms of priority as well as our ability to scale by leveraging technology like a new methodology to be able for our team to deliver the IP faster, higher quality, et cetera. So the opportunity in IT is absolutely strong, but there will be a transitional period due to the factors I mentioned.

我提到了我們採取的一些行動。我們將更深入地研究優先事項以及我們利用新方法等技術進行擴展的能力，以便我們的團隊能夠更快、更高品質地交付 IP 等等。因此，IT 領域的機會絕對很大，但由於我提到的因素，將會有一個過渡期。

Got you. And maybe just one for the clarification on the road map and resourcing. I'm just trying to understand, is there a specific area that we should be thinking about here. It sounds to my years, and I could be wrong, obviously, that this is mainly foundational IP that you're realigning for, because you did mention interface technology but didn't suggest that was where you're realigning that almost seemed like where you were doubling down. Have I got that the right way, around?

明白了。也許只需要澄清一下路線圖和資源。我只是想了解，我們是否應該在這裡考慮一個特定的領域。以我多年的經驗來看，顯然我可能是錯的，這聽起來主要是您正在重新調整的基礎 IP，因為您確實提到了接口技術，但並沒有表明這是您正在重新調整的地方，這幾乎看起來像是您加倍努力的地方。我這樣理解正確嗎？

Let me add more color, Lee, because it's not quite. So today, if you look at the Synopsys portfolio for IP, we serve multiple markets HPC, Edge AI, automotive, mobile consumer, and we serve that portfolio for multiple foundries, not only one foundry.

讓我添加更多顏色，李，因為它不完全是。因此，今天，如果您查看 Synopsys 的 IP 產品組合，您會發現我們服務多個市場 HPC、Edge AI、汽車、行動消費者，並且我們為多個代工廠提供服務，而不僅僅是一個代工廠。

And as I mentioned to Ruben when he asked the question, we have and our customer has expectations and we have the responsibility given that portfolio breadth that we have to serve the multiple foundries for those multiple markets in both interface IP and foundation IP.

正如我在 Ruben 提問時提到的那樣，我們和客戶都有期望，並且我們有責任根據產品組合的廣度為多個市場的多個代工廠提供服務，包括介面 IP 和基礎 IP。

In -- there's more and more customization in particular, for interface IP. And this customization are moving from an off-the-shelf to a more subsystem delivery which is it takes longer, it takes more resources and our ability to change the business model or the need to change the business model is an ongoing dialogue with our customers.

特別是對於介面 IP，客製化程度越來越高。這種客製化正在從現成的產品轉向更多的子系統交付，這需要更長的時間，需要更多的資源，我們改變商業模式的能力或改變商業模式的需要是與客戶持續對話。

Because as they're expecting us to do more work than just off-the-shelf IP, there's an opportunity for higher monetization and that's what we're pivoting our resources, our methodology, our approach from an architecture point of view to serve that market for the interface IP that I talked about.

因為他們期望我們做的工作不僅僅是現成的 IP，所以才有機會實現更高的貨幣化，這就是我們從架構的角度調整我們的資源、方法和方法來服務我談到的介面 IP 市場的原因。

Great, that's very clear. Thanks so much.

太好了，非常清楚。非常感謝。

Thank you, Lee.

謝謝你，李。

Charles Shi, Needham & Company.

Charles Shi，Needham & Company。

Yeah, good afternoon. I do want to follow up on the pivoting on the IP side of the business. It does sound like other than the China and maybe the foundry customer challenges, Synopsys is really going through a transition in the IP business model.

是的，下午好。我確實想跟進 IP 方面的業務轉型。聽起來，除了中國和代工客戶的挑戰之外，新思科技確實正在經歷 IP 業務模式的轉型。

I think one thing really caught my attention in your prior remarks as I then was about higher level of customization, maybe more migration into subsystems. It seems like that it's something your IP not necessarily a competitor, but another peer of our in the IT business has been going through over the past couple of years.

我認為您之前的評論中有一件事引起了我的注意，當時我談論的是更高級別的定制，也許是更多的子系統遷移。看起來，這不一定是你的 IP 的競爭對手，而是我們 IT 行業的另一個同行在過去幾年中一直在經歷的事情。

I wonder how should we rethink about the long-term IT operating profitability from that perspective because we do get the idea why this is moving to that direction, but are you able to maintain the same kind of IP long-term operating profitability targets going forward? Wonder if you can provide some strategic thoughts on that direction. Thanks.

我想知道我們應該如何從這個角度重新思考長期 IT 營運獲利能力，因為我們確實明白為什麼會朝著這個方向發展，但是您是否能夠在未來保持相同類型的 IP 長期營運獲利能力目標？不知道您是否可以就該方向提供一些戰略思想。謝謝。

Yeah. Thank you, Charles. You know the pivot from our customers in terms of expectation from off-the-shelf IP to customization it's not new. But what is new is the magnitude in which the number of customers are expecting for us to deliver instead of discrete IP to deliver a number of IP that we glue them together with some customization, logic and logic, et cetera, and validate and ensure that it hits the mark with the right quality.

是的。謝謝你，查爾斯。您知道，我們的客戶期望從現成的 IP 轉向定制，這並不是什麼新鮮事。但新的是，客戶數量之多，他們期望我們交付的不是離散的 IP，而是大量的 IP，我們透過一些客製化、邏輯和邏輯等將它們黏合在一起，然後進行驗證並確保它達到正確的品質。

Each one of those engagements historically had two components. It had an NRE component and a used fee component. Given the demand for that customization, we need to ensure that we are capturing the right value for the impact we're delivering.

從歷史上看，每一次交戰都有兩個組成部分。它有一個 NRE 組件和一個使用費組件。考慮到這種客製化的需求，我們需要確保我們能夠獲得我們所產生的影響的正確價值。

Therefore, it's not something that we are, I want to say, happy to just say it's an NREs use fee, there has to be another element in order for us to put priority for these opportunities and deliver to. And that's what the discussions we're having with a number of these customers. And as you look ahead, if you fast forward two plus years from now, will we start delivering from a discrete IP to a subsystem to possibly chiplet?

因此，我想說，我們不能只樂意說這是 NRE 使用費，還必須有其他因素，以便我們優先考慮這些機會並實現這些機會。這就是我們與許多客戶的討論。展望未來，如果快轉兩年多，我們是否會開始從分離 IP 到子系統再到可能的晶片？

What level of chiplet? Is it a soft chiplet? Is it a hardened chip like meaning GDS 2, is it all the way down to a non-good die with a partner? These are all questions and expectations our customers are asking us, given we are the leader in that space, and we have a number of engagements with a few strategic partners.

什麼等級的 chiplet？它是軟小晶片嗎？它是否像 GDS 2 那樣是一種強化晶片，它是否與合作夥伴一起成為一種非優質晶片？鑑於我們是該領域的領導者，並且與一些策略合作夥伴有合作，這些都是我們的客戶向我們提出的問題和期望。

We are absolutely assessing as this market is pivoting, and we're pivoting with it. What is the business model to maintain the right profitability in order to capture the opportunity and growth that we have.

我們絕對會評估這個市場正在發生的變化，我們也在隨之變化。什麼樣的商業模式能夠保持正確的獲利能力，從而抓住我們所擁有的機會和成長？

Maybe a follow up, a short-term question, $10.1 billion backlog for the quarter exiting July. How much of that was Ansys backlog and how much of that was legacy Synopsys backlog?

也許是一個後續問題，一個短期問題，7 月結束的季度積壓訂單為 101 億美元。其中有多少是 Ansys 積壓訂單，有多少是 Synopsys 遺留積壓訂單？

Charles, we're going to be breaking that out, but we have strength across the business. So we continue to see strength in our core business. We saw strong finances -- and that gives us a lot of confidence in the long-term growth of the business, $10.1 billion.

查爾斯，我們將會打破這個局面，但我們在整個業務領域都擁有實力。因此，我們的核心業務持續保持強勁。我們看到了強勁的財務狀況——這讓我們對業務的長期成長充滿信心，達到 101 億美元。

Thank you.

謝謝。

Thanks for the question, Charles.

謝謝你的提問，查爾斯。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Yeah, thanks for taking the questions. Maybe just to follow up on that last kind of train of thought on the IP business. I mean, are we to think about you looking at different business models in terms of royalties and things of that nature, similar to some of your competitors?

是的，感謝您回答這些問題。也許只是為了跟進智慧財產權業務的最後一種思路。我的意思是，我們是否應該考慮您在版稅和諸如此類的事情方面採用不同的商業模式，與您的一些競爭對手類似？

And I guess, can you talk about just your customers, I think you talked about them wanting to move very quickly on the subsystems and IP, I guess, can you talk about just time to market and the competition there?

我想，您能談談您的客戶嗎？我想您談到他們希望在子系統和 IP 上快速發展，我想，您能談談上市時間和競爭情況嗎？

Yeah, Joe, the key is the IP business is scaling. And Synopsys, we've been fortunate. We've been in that business for 26 years, and we do have the investment and the scale. But given the fragmentation, I want to call it, based on our customer needs and requirements that are becoming more customized, no matter how much scale you have, you need to put priority.

是的，喬，關鍵是 IP 業務正在擴大規模。對於 Synopsys 來說，我們很幸運。我們從事該行業已有 26 年，我們確實擁有投資和規模。但考慮到碎片化，我想說，基於我們的客戶需求和要求越來越客製化，無論你的規模有多大，你都需要優先考慮。

And based on the priority, the right business model in order to capture the right value for what we are delivering to those customers. And some of the discussions we're having with our customers is a combination that does include some sort of a royalty.

根據優先級，採用正確的商業模式，以便為我們向客戶提供的產品獲得正確的價值。我們與客戶進行的一些討論確實涉及某種形式的特許權使用費。

We're in fairly early phase in this discussion, and those are very much related to subsystem type of delivery to our customers. So I hope that clarifies it, Joe. What I mean by we need to look at something different than an NRE plus use fee, given that customization opportunity.

我們對這項討論還處於相當早期的階段，這些內容與向客戶交付子系統類型密切相關。所以我希望這能解釋清楚，喬。我的意思是，考慮到客製化機會，我們需要考慮一些不同於NRE加使用費的東西。

Yeah. Appreciate the detail. And then as a follow-up, for Shelagh. How should we think about just on a go-forward basis? Like what's the right level of cash balance that you need day-to-day as we think about just the debt paydown and the pace?

是的。欣賞細節。接下來是 Shelagh 的後續行動。我們該如何思考未來發展？當我們只考慮償還債務和償還速度時，您每天需要的適當現金餘額水準是多少？

Sure. So in terms of our day-to-day cash balance, we have a minimum that we hold just to ensure that we're properly able to invest in the business. We're well above that with the cash balance we have. This year, we'll make interest payments on the debt, and we anticipate being able to start to pay some of the principal next year on the term loans. Those two term loans are due in '27 and in the '28 time frame.

當然。因此，就我們的日常現金餘額而言，我們持有的最低限額只是為了確保我們能夠適當地投資於業務。我們的現金餘額遠高於這個數字。今年，我們將支付債務利息，並且預計明年能夠開始支付定期貸款的部分本金。這兩筆定期貸款分別於 1927 年和 1928 年到期。

So we're well above our minimum to be able to manage the business. And the one other cash inflow that we'll have once in my prepared remarks. But once we complete the approval with of the buyer of OSG and Power Artist, will have that cash inflow from both of those disposition.

因此，我們的水平已經遠遠超出了管理業務的最低標準。在我準備好的發言中，我們也會提到另一筆現金流入。但是，一旦我們完成 OSG 和 Power Artist 買家的批准，我們將從這兩項處置中獲得現金流入。

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Thank you. I want to switch to the Ansys acquisition. So it's been now Ansys 1.5 -- more than 1.5 months with -- after the close. So what are the puts and takes in terms of what you expected the beginning last year, when talked about versus after you having? What are the surprises that you have seen?

謝謝。我想轉向 Ansys 收購。因此，現在距離 Ansys 收盤已經過了 1.5 個多月。那麼，就您去年年初所預期的、在談到這些事情時以及在談到這些事情之後的預期而言，付出和收穫是什麼？你看到了哪些驚喜？

And specifically, I think you talked about the revenue synergy you still reiterated. But going back to the Ansys growth, if we look at S4 filing there, they are talking about low to mid-teens over the next few years. So what are the potential drivers for that Ansys to grow above that 10% market growth? Any color would be helpful.

具體來說，我認為您談到了您仍然重申的收入協同效應。但回顧 Ansys 的成長，如果我們看一下 S4 文件，他們談論的是未來幾年的低至十幾歲的成長。那麼，推動 Ansys 實現超過 10% 市場成長率的潛在驅動因素是什麼？任何顏色都會有幫助。

Yeah. Thank you, Citi, for the question. As you can imagine, we are incredibly thrilled and enthusiastic about the opportunities ahead. And the market is speaking actually. When you look at the moves that are happening in the market to grab assets in order to bring in the solution that is required for physical AI to have a digital twin of a system.

是的。謝謝花旗提出的問題。正如您所想的，我們對未來的機會感到無比興奮和熱情。市場確實在說話。當您觀察市場上正在發生的搶佔資產的舉動時，您會了解到，為了引入實體 AI 擁有系統數位孿生所需的解決方案。

And in order to have it on time with high quality and low cost, you need simulation, you need virtualization of these systems. And in order to have it with high quality, you need a sign-off product at multiple level of physics in order to make it happen.

為了按時、高品質、低成本地完成任務，您需要對這些系統進行模擬和虛擬化。為了獲得高品質，您需要在多個實體層面上簽收產品才能實現它。

Now the opportunity is not waiting for the physical AI when it takes place, and it happens. There's an immediate opportunity, which is 3DIC. With 3DIC, there's a thermal need, there's a structure need, there's fluid needs. And Ansys is bringing a great position into the Synopsys portfolio and integrating this technology during the sum conductor and chip design phase.

現在機會不再等待實體人工智慧的出現，而是發生了。現在有一個直接的機會，就是 3DIC。對於 3DIC，有熱需求、有結構需求、有流體需求。Ansys 為 Synopsys 產品組合帶來了巨大優勢，並在整體導體和晶片設計階段整合了這項技術。

So when you're building that multi-die system, you are confident that you're signing off with the right technology in order to achieve the right outcome. So from a surprises, there are no surprises actually, except pleasant ones, given we know the team very well, a lot of enthusiasm and energy and excitement from the teams.

因此，當您建造多晶片系統時，您可以確信您採用了正確的技術，從而實現了正確的結果。因此，從驚喜的角度來看，實際上並沒有什麼驚喜，除了令人愉快的驚喜，因為我們非常了解這個團隊，團隊充滿了熱情、活力和興奮。

As Shelagh mentioned in her remarks, we -- there's a final stage that we're trying to close with as soon as possible, which is the acquisitions scope has been -- or sorry, the divestiture scope has been approved, but the buyer is in the process of approval.

正如 Shelagh 在她的演講中提到的那樣，我們 - 我們正試圖盡快完成最後階段，即收購範圍已經 - 或者抱歉，剝離範圍已經獲得批准，但買家正在審批過程中。

So we are taking some measures that -- to keep the business and the integrity of the optical and Power Artists separate. But once that is behind us, the integration is full force ahead to deliver on these solutions.

因此，我們正在採取一些措施——保持光學和 Power Artists 的業務和完整性分離。但一旦解決了這些問題，我們將全力推動整合，實現這些解決方案。

And Shelagh, just a follow-up to that. Ansys revenue, $78 million in Q3. But what's your adjuntion of Ansys revenue embedded into the Q4 guidance. Q4 historically a strong quarter for Ansys, but again, it will only include October. So is there any linearity in the quarter that we should consider? Any color would be helpful.

還有 Shelagh，這只是對此的後續報導。Ansys 第三季營收 7,800 萬美元。但是，您對第四季度指引中嵌入的 Ansys 收入有何補充？從歷史上看，第四季度是 Ansys 表現強勁的季度，但同樣，它只包括 10 月。那麼本季是否存在我們應該考慮的線性因素？任何顏色都會有幫助。

Yeah. So in Q3, as you noted, the $78 million in revenue disaggregation of S&A. And as we noted in the prepared remarks at the beginning, there's a small portion of Ansys revenue that is also in our EDA. And for Q4, it's included in the full guide that we have Ansys for all weeks of the quarter. And then in terms of Ansys, they have conformed to our fiscal calendar, which, as you note, their Q4 only one month and it falls into our fiscal calendar.

是的。因此，正如您所說，在第三季度，S&A 的收入分解為 7800 萬美元。正如我們在一開始的準備好的發言中提到的那樣，Ansys 收入的一小部分也來自我們的 EDA。對於第四季度，完整指南中包含了本季所有週的 Ansys 資訊。就 Ansys 而言，他們符合我們的財政日曆，正如您所說，他們的第四季度只有一個月，它落入我們的財政日曆中。

So obviously, some of that strength that you see in sort of the November December time frame, that will be in our Q1. And so we've aligned that fully. But I'm not going to give a subsegment view as we don't guide below the total company.

因此，顯然，您在 11 月至 12 月期間看到的一些優勢將出現在我們的第一季。我們已經完全調整了這一點。但我不會給出細分市場的觀點，因為我們不會對整個公司進行指導。

Thanks for the question.

謝謝你的提問。

Thank you.

謝謝。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great, thanks for taking my questions. EDA and IP as industries have fairly diversified opportunities, and that's true across customer accounts and end markets. But Synopsys has always been fairly unique in that traditionally. You have one outsized account exposure and some of the things you're saying seem to consider a need to diversify further.

太好了，謝謝你回答我的問題。EDA 和 IP 作為行業擁有相當多樣化的機會，無論是客戶帳戶還是終端市場都是如此。但 Synopsys 在這方面的傳統一直相當獨特。您有一個超大的帳戶敞口，而您所說的一些事情似乎表明需要進一步實現多樣化。

You made a remark, Sassine, earlier about two years. two years from now, we'll look back and I think about contract lengths being two to three years.

薩西內，你之前說過大約兩年。兩年後，我們回顧一下，我認為合約期限是兩到三年。

Is that the appropriate time frame to fully enact the changes you're focused on and getting the business back on the track you believe is right?

這是全面實施您所關注的變革並讓業務回到您認為正確的軌道上的適當時間框架嗎？

You're right in terms of EDA and IP, we have a fairly diversified customer base simply because you cannot build the semiconductor chip without the need of EDA or IP. So while we have a fairly diversified customer base, Synopsys has been very successful with capturing the large percentage of wallet from leading large semiconductor companies. That has been our strength.

就 EDA 和 IP 而言，您說得對，我們擁有相當多樣化的客戶群，因為如果不需要 EDA 或 IP，就無法製造半導體晶片。因此，雖然我們擁有相當多樣化的客戶群，但新思科技已經非常成功地從領先的大型半導體公司手中奪取了大部分的資金。這是我們的優勢。

With this one customer exposure that you're talking about, we have derisked part of that exposure in our FY25 and there's a blend of contracts we have with that customer no different than any other customer, which is EDA software, hardware and IP.

對於您談到的這個客戶風險，我們在 25 財年已經降低了部分風險，我們與該客戶簽訂的合約與其他客戶沒有什麼不同，即 EDA 軟體、硬體和 IP。

They have different time horizons and it's very difficult at this stage to forecast what will happen and by when, not knowing the situation of that customer 1, 2 years from now. But that being said, we work very actively to expand our business at multiple level of growth opportunities and that's where Ansys will bring us a significant and positive opportunity to diversify the portfolio as well in terms of customer concentration as well as regional concentration.

他們有不同的時間範圍，現階段很難預測會發生什麼以及何時發生，因為不知道 1 到 2 年後客戶的情況。但話雖如此，我們非常積極地在多個成長機會層面擴展我們的業務，而這正是 Ansys 為我們帶來的重要而積極的機會，使我們在客戶集中度和區域集中度方面實現產品組合多樣化。

For example, the percentage of business in Europe versus China for Ansys is very different than Synopsis classic. So there's a big opportunity to diversify further with the Ansys addition to the portfolio.

例如，Ansys 在歐洲和中國的業務比例與 Synopsis classic 有很大不同。因此，將 Ansys 納入投資組合將為進一步多元化帶來巨大的機會。

Okay. That's helpful. Shelagh, maybe you answered this already, but I think it would be helpful just to get a baseline around what's changing in this guidance versus the guidance that was previously on the table. How much is IP coming down, how much does Ansys China is a factor, just anything there that can help get us all on the right baseline going forward?

好的。這很有幫助。謝拉格，也許你已經回答了這個問題，但我認為，了解一下本指南與先前指南相比有哪些變化會很有幫助。IP 下降了多少，Ansys 中國在其中發揮了多大作用，有什麼因素可以幫助我們在未來走上正確的道路嗎？

Sure. So as you know, the three headwinds that Sassine talked about in the IP, those are fully incorporated and a balance between those, what the impact was. And then as you noted, Ansys has been added, and it was a stub period in Q3. So somewhat minimal. You saw the S&A $78 million.

當然。因此，如您所知，Sassine 在 IP 中談到的三個不利因素已被完全納入，並且它們之間達到了平衡，其影響是什麼。然後正如您所說，Ansys 已被添加，並且它是第三季的一個短暫時期。所以有點極簡。您看到了 S&A 7800 萬美元。

And then Ansys for Q4, again, I will remind you the question that was asked previously. The big part of the Ansys quarter is usually in the November-December time frame, and that will be in our Q1. So I would say the biggest decline was really that update on the IP, and then that's offset by the addition of (inaudible)

然後是第四季度的 Ansys，我會再次提醒您之前提出的問題。Ansys 季度的大部分時間通常在 11 月至 12 月期間，這將是我們的第一季。所以我想說，最大的下降實際上是 IP 的更新，然後被新增的（聽不清楚）

Okay, thank you.

好的，謝謝。

Thanks for the question.

謝謝你的提問。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Good afternoon. Thanks for taking my question. I assume that the Q3 foundry revenue weakness in IP was due to your largest customer, as they pivot from their prior focus on [18 8] to now [14 8] foundry manufacturing technology. Is that the right assessment? And given the challenges of this customer, I mean, there's still question marks on their ability to be successful in foundry. Is this Synopsys team still going to support this customer under future foundry road maps?

午安.感謝您回答我的問題。我認為第三季代工 IP 收入疲軟是由於你們最大的客戶造成的，因為他們的重點從先前的 [18 8] 轉向了現在的 [14 8] 代工製造技術。這是正確的評估嗎？考慮到這位客戶面臨的挑戰，我的意思是，他們在代工領域取得成功的能力仍然存在疑問。根據未來的代工路線圖，Synopsys 團隊是否仍將為該客戶提供支援？

Harlan, as you know, this -- I used the word earlier, there's an expectation when you're the leader in and you engage with a customer. We cannot tell that customer that we want to pick and choose what project or which foundry and for which application we want to engage, because then they will not trust and expand the relationship with Synopsys.

哈蘭，正如你所知，我之前用過這個詞，當你作為領導者與客戶打交道時，你會有一種期望。我們不能告訴客戶我們想挑選什麼專案、哪個代工廠以及我們想參與哪個應用，因為這樣他們就不會信任並擴大與 Synopsys 的關係。

And that has been our strength. As far as the whole 18a and the pivot to possibly a different technology, that's a customer choice, whatever choice they make, we already have the IP available to the node that we have built it to. And part of the relationship with the foundry is we look ahead at timing and the size of the opportunity.

這就是我們的優勢。至於整個 18a 以及可能轉向不同的技術，這是客戶的選擇，無論他們做出什麼選擇，我們都已經有了可用於我們建造它的節點的 IP。我們與代工廠的關係的一部分在於，我們展望時機和機會的規模。

Meaning the commitment to Synopsys and the post delivery on that IP, what is the available market that we can sell it to. So that's really the situation that we have in general in IP and specifically with some of our foundry customers.

這意味著對 Synopsys 的承諾以及該 IP 的交付後，我們可以將其出售給哪個可用市場。這就是我們在 IP 方面，特別是我們的一些代工客戶所面臨的普遍情況。

Thank you for that, Sassine. And then, Shelagh, it looks like your total expense guidance for Q4, it's coming in about $5 million higher, about 3.5% higher -- and if I just combine your total expense structure and Ansys' total expense structure prior to the close of the acquisition.

謝謝你，薩辛。然後，Shelagh，看起來你對第四季度的總支出指導將高出約 500 萬美元，約高出 3.5％——如果我將你的總支出結構和收購結束前 Ansys 的總支出結構結合起來。

So what's driving the higher expense outlook for Q4? And then more importantly, from the Q4 base,-- how do we -- how should we think about the potential cost synergies looking out over the next few quarters? In other words, how should we think about the fiscal '26 4Q exit run rate on total expenses?

那麼，是什麼因素推動了第四季支出前景的上升呢？更重要的是，從第四季的基礎來看，我們應該如何看待未來幾季的潛在成本綜效？換句話說，我們該如何看待 26 財年第四季的總支出退出率？

Thanks for the question, Harlan. On the first one, there's just some costs with really the initial quarter of bringing Ansys on, and we want to make sure that it's a very successful integration. So I would say it's just part of ensuring that we've got a smooth integration going on. And then in terms of longer-term guidance, we'll talk about that in our Q4 earnings, what the expectations are for 2026.

謝謝你的提問，哈蘭。首先，引入 Ansys 的第一個季度確實會產生一些成本，我們希望確保這是一個非常成功的整合。所以我想說這只是確保我們順利進行整合的一部分。然後，就長期指導而言，我們將在第四季度收益中討論對 2026 年的預期。

As we talked about in our prepared remarks, we are taking a comprehensive portfolio look and we're also driving greater scale and efficiency with 10% overall head count reduction that will drive through fiscal year 2026.

正如我們在準備好的演講中談到的那樣，我們正在全面審視投資組合，同時我們還將透過 10% 的整體裁員來提高規模和效率，這一舉措將持續到 2026 財年。

And so that has the effect of actually accelerating our synergies that we had talked about when we announced the deal. So we'll talk more specifically though, Harlan, about sort of the direction of travel in '26 when we do Q4 earnings.

因此，這實際上加速了我們在宣布交易時談到的協同效應。因此，哈蘭，當我們公佈第四季度收益時，我們會更具體地談論 26 年的發展方向。

Okay. Thank you.

好的。謝謝。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you. Good evening. Sassine, for you first. is the 10% targeted reduction of headcount, something that you would have done irrespective of the current and anticipated unpleasantness in IP. And in other words, you would have done that anyway.

謝謝。晚安.薩西內，首先為您準備的是削減 10% 的員工數量，無論 IP 目前和預期會出現什麼不愉快的情況，您都會這麼做。換句話說，無論如何你都會這麼做。

It looks as though your organic head count ex Ansys was up over 2,000 heads year-over-year, up over 600 sequentially. So perhaps you got a bit ahead of yourselves in terms of the organic expansion. And in the meantime, can you talk about the integration or consolidation that you've done of Ansys already. Our understanding is that very soon after the close, you consolidated around the named accounts direct business.

看起來，除了 Ansys 外，貴公司的有機員工人數比去年同期增加了 2,000 多人，比上一季增加了 600 多人。因此，就有機擴張而言，你們可能有點超前了。同時，您能否談談您已經完成的 Ansys 整合或整合？我們的理解是，收盤後不久，您就合併了指定帳戶的直接業務。

And perhaps you can also talk about your intentions on their very large indirect business. And then my follow-up for Shelagh.

或許您也可以談談您對他們非常龐大的間接業務的意向。接下來是我對 Shelagh 的跟進。

Jay, thanks for the question. As you can imagine. With an 18 months regulatory process, we were somewhat limited in terms of our ability to take actions on either portfolio or head count adjustments. So the 10% head count adjustment is something we would have done, and we've been planning for it for a while. And before even the acquisition was approved in preparation that we will be ready to act and carefully and thoughtfully of where to target that reduction.

傑伊，謝謝你的提問。正如你所想像的。由於監管流程長達 18 個月，我們在投資組合或員工人數調整方面採取行動的能力受到了一定限制。因此，10% 的員工人數調整是我們會做的事情，而且我們已經為此計劃了一段時間。甚至在收購獲得批准之前，我們就會做好準備，認真、周到地確定削減目標。

So we have gone through internal strategic portfolio review. We're looking at the multiple layer of management, processes, systems, the impact of AI that we have been deploying inside the company for about two years.

因此，我們進行了內部策略組合檢討。我們正在研究多層管理、流程、系統以及我們已經在公司內部部署了大約兩年的人工智慧的影響。

So there are many opportunities actually to make sure we're putting the resources at the high impact, high return and reducing where we can reduce leveraging technology and the impact of it for further reduction or cost avoidance in the future. So there's a very thoughtful process. We've gone through for a number of months in preparation for action to be taken post close.

因此，實際上有很多機會可以確保我們將資源投入高影響力、高回報的領域，並減少利用技術及其影響，以便在未來進一步減少或避免成本。所以這是一個非常深思熟慮的過程。我們已經花了數月時間為交易結束後採取的行動做準備。

In terms of integration, as I mentioned a few questions ago, we have to make sure that we are very careful in our integration speed, as we still are owning OSG, which is the optical business and Power Artists to make sure there is no contamination. There's no impact whatsoever in terms of the health of that business as we're handing it over to the buyer. So we are moving an integration in some places where there's no impact. In other places, we've been very cautious and careful how fast do we go.

在整合方面，正如我之前提到的幾個問題，我們必須確保在整合速度上非常謹慎，因為我們仍然擁有 OSG（即光學業務）和 Power Artists，以確保沒有污染。當我們將該業務移交給買家時，該業務的健康狀況不會受到任何影響。因此，我們正在一些沒有影響的地方進行整合。在其他地方，我們一直非常謹慎，小心行駛的速度。

Okay. For Shelagh, you made the interesting comment that you've already coordinated Ansys' fiscal period with yours, and you noted the Q1 concentration. Following up on that, historically, Ansys was indeed highly seasonal, particularly in their Q4, but not only in their Q4 because of 606 effects.

好的。對於 Shelagh，您做出了有趣的評論，您已經將 Ansys 的財政期間與您的財政期間進行了協調，並且您注意到了 Q1 的集中度。從歷史上看，Ansys 確實具有很強的季節性，尤其是在第四季度，但由於 606 的影響，這一特點並不僅僅出現在第四季度。

So the question is, do you think that over time, you could perhaps smooth out the seasonality and/or 606 effects that they had, so pronounced in their numbers. In other words, do you think you might change their lease and upfront model to more of your prevailing subscription model?

所以問題是，您是否認為隨著時間的推移，您或許可以消除季節性和/或 606 效應，而這些效應在數字上非常明顯。換句話說，您是否認為您可能會將他們的租賃和預付模式更改為更普遍的訂閱模式？

Jay, that's certainly something we're looking at over time as we deploy new products and have new offerings for customers, how they're might be more alignment with how we renew with customers, we give products to customers and then we service customers.

傑伊，這當然是我們在部署新產品並為客戶提供新產品時一直在關注的事情，它們如何與我們與客戶的更新方式更加一致，我們向客戶提供產品，然後為客戶提供服務。

So that's certainly something that, as you mentioned, that's a bit longer term because the renewal dates and the products that customers are buying are those have to be on the shelf right now. So as we move forward, there's opportunity to do that.

所以，正如您所說，這肯定是一個長期的事情，因為續約日期和客戶購買的產品現在都必須上架。因此，隨著我們不斷前進，我們就有機會做到這一點。

I do want to follow up because you had a question for Sassine on the channel, I think, and so I want to make sure that we do address that. As a really important part of Ansys is about 25% of Ansys. We're really thrilled to have such a robust channel, and we are ensuring that, that's very smooth, and that's very seamless and those customers continue to get service.

我確實想跟進一下，因為我認為您在頻道上向 Sassine 提出了一個問題，所以我想確保我們確實解決了這個問題。作為 Ansys 真正重要的一部分，它約佔 Ansys 的 25%。我們非常高興擁有如此強大的管道，我們確保它非常順暢、無縫銜接，並且客戶能夠繼續獲得服務。

And then there's an opportunity, of course, because that Synopsys classic, we did not have a channel, but now there's opportunity for our products to be sold by those great partners. So there's no change whatsoever for the channel there, just a wonderful asset, and we're ensuring that there's no disruption to the channel as we move forward.

當然，這是一個機會，因為在 Synopsys 經典產品中，我們沒有管道，但現在我們的產品有機會透過那些優秀的合作夥伴進行銷售。因此，那裡的渠道沒有任何變化，只是一筆寶貴的資產，我們確保在前進的過程中不會對渠道造成乾擾。

I'll take one more question.

我再回答一個問題。

Jason Celino, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jason Celino。

Hey, no, I appreciate you fitting me in, I'll just ask one in the essence of time. I think, you've mentioned multiple times that you've tried to derisk the Q4 guide to adjust for some of the headwinds you've been seeing without knowing how much Ansys is contributing, it's hard to measure how conservative or derisked it is.

嘿，不，我很感謝你為我安排時間，我只是在時間緊迫的情況下問一個問題。我認為，您曾多次提到，您曾嘗試降低第四季度指南的風險，以適應您所看到的一些不利因素，但不知道 Ansys 的貢獻有多大，很難衡量它有多保守或多低風險。

So maybe I'll ask it a different way and say, IP historically has been up sequentially for the past two years in Q4. Maybe it's regular seasonality or maybe it was something more specific. But given the headwinds you've seen directionally, could we see the same trend again with seasonality in IP for the last couple of years?

因此，也許我會換個方式問，從歷史上看，IP 在過去兩年的第四季一直呈現連續上漲趨勢。也許是正常的季節性，或者是某種更具體的東西。但考慮到您在方向上看到的逆風，我們是否會在過去幾年中再次看到 IP 季節性的相同趨勢？

Yes. Jason, we do expect a transitional period and the muted year as we look ahead in and that's due to the two factors we don't believe they will disappear in a short period of time. Now we have it balanced with a number of other opportunities to scale and deliver to the points I mentioned, like the subsystem opportunity that's serving the various markets, various foundries, et cetera, et cetera. But that's the expectation as we look ahead.

是的。傑森，展望未來，我們確實預計會有一個過渡期和平靜的一年，這是由於這兩個因素，我們認為它們不會在短時間內消失。現在，我們已經將其與許多其他機會進行平衡，以擴大規模並實現我所提到的要點，例如服務於各個市場、各個代工廠等的子系統機會。但這是我們展望未來的期望。

Thank you all for joining our call. We look forward to talking to you through the quarter. Sarah, could you please close the call.

感謝大家參加我們的電話會議。我們期待本季與您進行交流。莎拉，請你結束通話好嗎？

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

謝謝。今天的會議到此結束。我們感謝大家的加入。您現在可以斷開連線。