新思科技 (SNPS) 2025 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys earnings conference call for the fourth quarter and fiscal year 2025. (Operator Instructions)

女士們、先生們，歡迎參加 Synopsys 2025 財年第四季及全年業績電話會議。（操作說明）

Today's call will last one hour. As a reminder, today's call is being recorded. At this time, I would like to turn the conference over to Tushar Jain, Head of Investor Relations. Please go ahead.

今天的通話將持續一個小時。再次提醒，今天的通話將會被錄音。此時，我謹將會議交給投資人關係主管圖沙爾‧賈恩先生。請繼續。

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

各位下午好。今天與我們在一起的是 Synopsys 的總裁兼執行長 Sassine Ghazi；以及財務長 Shelagh Glaser。在會議開始之前，我想提醒大家，在本次電話會議期間，Synopsys 將討論有關公司及其財務業績的預測、目標和其他前瞻性聲明。儘管這些聲明代表了我們目前對未來業績和表現的最佳判斷，但我們的實際業績受到許多風險和不確定因素的影響，可能導致實際業績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. As shown in today's financial statements, all of Ansys revenue appears under the Ansys product group, including the Ansys semiconductor products.

除了我們在本次電話會議中強調的任何風險之外，可能影響我們未來業績的重要因素已在我們最新的美國證券交易委員會報告和今天的盈利新聞稿中進行了描述。如今每日財務報表所示，Ansys 的所有收入均歸入 Ansys 產品組，包括 Ansys 半導體產品。

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

此外，我們將在討論中提及某些非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調節表和補充財務資訊可在我們今天早些時候發布的盈利新聞稿財務補充文件和 8-K 文件中找到。所有這些資料以及最新的投資者簡報都可以在我們的網站 www.synopsys.com 上找到。

In addition, the prepared remarks will be posted on our website at the conclusion of the call.

此外，準備好的發言稿將在通話結束後發佈在我們的網站上。

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

接下來，我將把電話交給薩辛·加齊。

Good afternoon. In 2025, we redefined Synopsis. With Ansys, Synopsys has transformed from an EDA leader to the leader in engineering solutions from silicon to systems. We achieved a record annual revenue of $7.05 billion and exited FY25 with more than $11 billion in backlog. In Q4, we made strong progress executing the actions we identified to accelerate our strategy and drive long-term growth. More specifically, Ansys integration is well underway following completion of the planned divestitures of the Optical Solutions and PowerArtist businesses.

午安.2025年，我們重新定義了概要。借助 Ansys，Synopsys 已從 EDA 領導者轉型為從晶片到系統的工程解決方案領導者。我們實現了創紀錄的年度收入 70.5 億美元，並在 2025 財年結束時擁有超過 110 億美元的積壓訂單。第四季度，我們在執行已確定的加速策略和推動長期成長的行動方面取得了顯著進展。更具體地說，隨著光學解決方案和 PowerArtist 業務的計劃剝離完成，Ansys 的整合工作正在順利進行。

We've also initiated restructuring actions to drive efficiency and accelerate our committed synergies. And recently, we welcomed industry veteran, Mike Ellow as our new Chief Revenue Officer. Fourth quarter revenue was in line with our guidance and EPS came in slightly ahead of guidance.

我們還啟動了重組措施，以提高效率並加速實現我們承諾的協同效應。最近，我們迎來了業界資深人士 Mike Ellow 擔任我們的新首席營收長。第四季營收符合預期，每股收益略高於預期。

Looking ahead to FY26, we're guiding revenue of $9.61 billion at the midpoint, which factors the addition of Ansys, the completed divestitures and continued pragmatism around China. Zooming out we are operating amidst the multitrillion dollar AI infrastructure build-out, which is driving robust semiconductor demand and design starts for both specialized and general purpose compute.

展望 2026 財年，我們預計營收中位數為 96.1 億美元，其中考慮了 Ansys 的併入、已完成的資產剝離以及在中國市場持續採取的務實態度。從更宏觀的角度來看，我們正處於價值數兆美元的人工智慧基礎設施建設之中，這推動了專用和通用運算半導體的強勁需求和設計啟動。

We're also seeing stronger semiconductor demand in mobile and automotive, while markets like industrial and China broadly remain subdued. AI will revolutionize every industry, demanding more compute performance while compounding engineering complexity. AI is driving chips to the atomic level, while scaling from factory to edge to intelligent devices everywhere.

我們也看到行動和汽車領域的半導體需求更加強勁，而工業和中國等市場整體上仍然低迷。人工智慧將徹底改變各行各業，對運算效能提出更高要求，同時也加劇工程的複雜性。人工智慧正在推動晶片發展到原子級別，並從工廠擴展到邊緣，再到無處不在的智慧型裝置。

As AI evolves from large language models to world models, engineering AI's future is not just a software challenge. It's a physics challenge. AI makes it both possible and imperative that we reengineer how engineering is done, building complex AI-powered systems with the right performance, scale, and efficiency requires new tools with multi-domain integration and new workflows to enable tight software and hardware codesign. That's why we're so excited about the combination of Synopsys and Ansys.

隨著人工智慧從大型語言模型發展到世界模型，人工智慧的未來工程不僅僅是一個軟體挑戰。這是一個物理難題。人工智慧使得我們重新設計工程方式成為可能，也勢在必行。建構具有適當性能、規模和效率的複雜人工智慧系統需要具有多領域整合的新工具和新的工作流程，以實現緊密的軟體和硬體協同設計。這就是為什麼我們對 Synopsys 和 Ansys 的合併感到如此興奮的原因。

Ansys diversified our revenue, expanded our customer base and supercharged our opportunity. Together, we can bridge digital and physical design to help engineering teams across industries deliver better products faster and at lower cost. Our recently announced strategic partnership with NVIDIA further positions us to revolutionize design and engineering with AI and accelerated computing. Now more than ever, Synopsys is mission-critical to technology innovation.

Ansys 讓我們的收入來源多元化，擴大了我們的客戶群，並大大促進了我們的發展機會。攜手合作，我們可以將數位設計和實體設計結合，幫助各行各業的工程團隊以更快的速度、更低的成本交付更好的產品。我們最近宣布與 NVIDIA 建立策略合作夥伴關係，這將進一步鞏固我們在人工智慧和加速運算領域革新設計和工程的地位。如今，Synopsys 對技術創新比以往任何時候都更加至關重要。

I'll briefly share some Q4 business highlights, and then Shelagh will provide the financial details. First, design automation. In Q4, we saw continued strong demand in hardware-assisted verification driven by the increasing engineering complexity of and high-performance computing.

我將簡要介紹第四季度的一些業務亮點，然後謝拉格將提供財務細節。首先是設計自動化。第四季度，受工程複雜性不斷增加和高效能運算的推動，硬體輔助驗證的需求持續強勁。

Our HIV business ended a record year with 12 competitive wins in the fourth quarter. We're also seeing continued demand for virtual prototyping among automotive and high-performance compute customers looking to accelerate their software development. Our leadership on advanced node, multi-die and AI design drove steady demand and growth in the fourth quarter.

我們的愛滋病業務在第四季度取得了創紀錄的成績，贏得了 12 場競爭性勝利。我們也看到，汽車和高效能運算領域的客戶對虛擬原型設計的需求持續成長，他們希望加速軟體開發。我們在先進節點、多晶片和人工智慧設計方面的領先地位，推動了第四季的穩定需求和成長。

Last week's AWS Graviton5 launch is a great example. For years, we've collaborated with AWS to enable their custom silicon development and Synopsys tools, including VCS, PrimeTime, Fusion Compiler, and IC Validator were critical to the design of this new custom chip with impressive gen-on-gen performance gains. Importantly, Synopsys continues to pioneer AI-driven chip design. Nearly 5,000 active users among our Tier 1 semi customers are applying Synopsys.ai's assisted and creative capabilities to increase their engineering productivity.

上週 AWS Graviton5 的發布就是一個很好的例子。多年來，我們一直與 AWS 合作，以支援他們的客製化晶片開發，而 Synopsys 工具（包括 VCS、PrimeTime、Fusion Compiler 和 IC Validator）對於這款具有令人印象深刻的代際性能提升的新型定制晶片的設計至關重要。重要的是，Synopsys 將繼續引領人工智慧驅動的晶片設計。在我們一級半導體客戶中，近 5,000 名活躍用戶正在應用 Synopsys.ai 的輔助和創新功能來提高他們的工程生產力。

We also continue to advance agent engineered technology with partners like NVIDIA and Microsoft. Agentic AI capabilities promise to transform engineering workflows and unlock new business models. The Ansys business continues to demonstrate robust growth across key industries, including industrial, where customers are using simulation to virtualize and optimize production, saving time and money. At Microsoft Ignite, we partnered with Microsoft, NVIDIA and Krones, a leader in packaging and bottling to show what's possible. Using Ansys accelerated physics solvers, NVIDIA Omniverse and Microsoft Azure, Krones built a digital twin of its bottle filling line to simulate and optimize operations in real time.

我們也將繼續與 NVIDIA 和微軟等合作夥伴共同推動代理工程技術的發展。智慧體人工智慧功能可望改變工程工作流程，並開啟新的商業模式。Ansys 的業務在包括工業在內的關鍵產業中持續保持強勁成長，客戶正在使用模擬技術來虛擬化和最佳化生產，從而節省時間和金錢。在 Microsoft Ignite 大會上，我們與微軟、NVIDIA 和包裝及灌裝行業的領導者 Krones 合作，展示了各種可能性。利用 Ansys 加速實體解算器、NVIDIA Omniverse 和 Microsoft Azure，克朗斯建構了其瓶裝生產線的數位孿生體，以即時模擬和最佳化操作。

A powerful example of how open ecosystems and cross-industry collaboration are redefining industrial innovation.

這是一個強而有力的例子，說明了開放的生態系統和跨產業合作如何重新定義產業創新。

Turning to Design IP, which performed in line with our adjusted expectations. As interconnect standards evolved at an unprecedented pace, customers count on Synopsys' one generation ahead approach. We saw strong momentum in the quarter for PCIe 224 gig and UCIe IP.

設計知識產權方面，其表現符合我們調整後的預期。隨著互連標準的快速發展，客戶信賴 Synopsys 領先一代的技術。本季我們看到了 PCIe 224 Gb 和 UCIe IP 的強勁成長勢頭。

Notably, we secured 13 PCIe 7.0 design wins during FY25 and established first-to-market position with our silicon-proven 224 gig IP and the new standard UA Link. We also had 10 competitive wins in FY25 for LPDDR6 and MR2 memory IP, which address two critical challenges in AI hardware, data throughput and power efficiency while also improving reliability and security.

值得一提的是，我們在2025財年斬獲了13項PCIe 7.0設計訂單，並憑藉我們經過晶片驗證的224G IP和全新UA Link標準，確立了市場領先地位。此外，我們在2025財年也贏得了10項LPDDR6和MR2記憶體IP的競標訂單，這些IP解決了人工智慧硬體的兩大關鍵挑戰：資料吞吐量和能源效率，同時也提高了可靠性和安全性。

As stated last quarter, 2026 is a transitional year for the IT business, and we expect growth to be muted. However, given our leadership position in essential interconnect and foundation IP, our healthy sales pipeline and a renewed focus on the highest value opportunities, we are confident in our long-term mid-teens growth target.

正如上個季度所述，2026 年是 IT 產業的過渡年，我們預期成長將較為緩慢。然而，鑑於我們在關鍵互連和基礎 IP 領域的領先地位、健康的銷售管道以及對最高價值機會的重新關注，我們對實現長期 15% 左右的成長目標充滿信心。

To sum it up, we continue to transform and drive our strategy forward with a focus on technology leadership, operational excellence and financial discipline. Our priorities for FY26 include advancing our technology leadership by continuing to pioneer the use of AI for engineering workloads and delivering our first Synopsys Ansys joint solutions in the first half of 2026 and efficiently scaling to accelerate our strategy through disciplined cost and portfolio management, resulting in sustainable growth and margin expansion.

總而言之，我們將繼續轉型並推進我們的策略，重點關注技術領先、卓越營運和財務紀律。2026 財年我們的優先事項包括：繼續引領人工智慧在工程工作負載中的應用，從而提升我們的技術領先地位；在 2026 年上半年交付我們的首個 Synopsys Ansys 聯合解決方案；透過嚴格的成本和產品組合管理，高效擴展規模，加速我們的策略，從而實現可持續增長和利潤率提升。

I want to thank our global team for their commitment and adaptability navigating an unprecedented year of transformation. Together, we've built the foundation for our future success. I'm also grateful to our shareholders, partners and customers for your continued support, and I look forward to seeing many of you at CES in January.

我要感謝我們的全球團隊，感謝他們在應對前所未有的變革之年中所展現的奉獻精神和適應能力。我們共同為未來的成功奠定了基礎。我還要感謝各位股東、合作夥伴和客戶一直以來的支持，期待在1月的CES展上見到大家。

Now over to Shelagh.

現在輪到謝拉格了。

Thank you. As Sassine said, 2025 was a transformational year, highlighted by the close of the Ansys acquisition, record revenue and strong backlog. Backlog came in at $11.4 billion, up from $10.1 billion last quarter, driven by strength in bookings across the business. We are acutely focusing on executing with financial discipline as we head into fiscal year 2026. We are well into delivering on our plan to improve efficiency with the previously announced workforce reductions.

謝謝。正如薩辛所說，2025 年是具有變革意義的一年，亮點包括完成對 Ansys 的收購、創紀錄的收入和強勁的積壓訂單。積壓訂單金額為 114 億美元，高於上一季的 101 億美元，主要得益於公司各業務預訂量的強勁成長。進入 2026 財年，我們將高度重視財務紀律的執行。我們正穩步推進先前宣布的透過裁員來提高效率的計畫。

These decisions are never easy, and I'm thankful to the Synopsys team as we execute these actions and accelerate realizing our cost synergy commitment.

這些決定從來都不容易，我感謝 Synopsys 團隊，感謝他們幫助我們執行這些行動，並加速實現我們的成本綜效承諾。

Let me provide some highlights of our fourth quarter and full year 2025. All comparisons are year-over-year unless otherwise noted. As a reminder, full year comparisons do not adjust for the eight extra days in fiscal 2024. In 2025, we generated total revenue of $7.05 billion, up approximately 15%, which included $757 million of Ansys revenue.

讓我來介紹一下我們2025年第四季和全年的一些亮點。除非另有說明，所有比較均為同比比較。提醒一下，全年比較並未考慮 2024 財年多出的 8 天。2025 年，我們的總營收為 70.5 億美元，成長約 15%，其中包括 Ansys 的 7.57 億美元收入。

Q4 revenue was $2.25 billion, coming in at the high end of our guidance. Ansys Q4 revenue was $668 million. Geographically, China continued to be challenged, consistent with our commentary last quarter. China ended 2025 down 18%. Excluding Ansys, China was down 22% this year.

第四季營收為 22.5 億美元，達到我們預期的高端水準。Ansys第四季營收為6.68億美元。從地理上看，中國繼續面臨挑戰，這與我們上個季度的評論一致。中國經濟在2025年底下降了18%。剔除 Ansys 的數據，中國今年下跌了 22%。

2025 total GAAP cost and expenses were $6.14 billion, and total non-GAAP costs and expenses were $4.42 billion, resulting in a non-GAAP operating margin of 37.3%. Q4 GAAP cost and expenses were $2.13 billion and total non-GAAP cost and expenses were $1.43 billion, resulting in a non-GAAP operating margin of 36.5%. Q4 and full year 2025 GAAP earnings per share were $2.39 and $8.07 respectively, which included the gain on the sales from the recent divestitures. Q4 and full year non-GAAP earnings per share were $2.90 and $12.91, respectively, ahead of our guidance on lower expenses.

2025 年 GAAP 總成本和費用為 61.4 億美元，非 GAAP 總成本和費用為 44.2 億美元，非 GAAP 營業利潤率為 37.3%。第四季 GAAP 成本和費用為 21.3 億美元，非 GAAP 成本和費用總額為 14.3 億美元，非 GAAP 營業利潤率為 36.5%。2025 年第四季和全年 GAAP 每股收益分別為 2.39 美元和 8.07 美元，其中包括近期資產剝離帶來的銷售收益。第四季和全年非GAAP每股收益分別為2.90美元和12.91美元，高於我們先前因費用降低而作出的預期。

Now on to our segments. Full year 2025 Design Automation segment revenue, which includes EDA, Ansys and other, was $5.3 billion, up 26%. Excluding Ansys, Design Automation revenue grew approximately 8% with steady growth in EDA software and a record year in hardware. Design Automation adjusted operating margin was approximately 42% in 2025. Full year Design IP segment revenue was $1.75 billion, down 8% due to the challenging second half with the headwinds highlighted last quarter. The IP business performed in line with our revised Q3 expectations. Design IP adjusted operating margin was 24% in 2025.

接下來進入我們的環節。2025 年全年設計自動化部門收入（包括 EDA、Ansys 和其他）為 53 億美元，成長 26%。除 Ansys 外，設計自動化收入成長約 8%，EDA 軟體穩定成長，硬體業務創下歷史新高。Design Automation 2025 年的調整後營業利潤率約為 42%。全年設計智慧財產權部門營收為 17.5 億美元，下降 8%，原因是下半年充滿挑戰，上個季度凸顯了不利因素。知識產權業務的業績符合我們修訂後的第三季預期。2025 年，設計智慧財產權調整後的營業利益率為 24%。

Moving to cash. Free cash flow for 2025 was approximately $1.35 billion and came in ahead of expectations, primarily due to the accelerated timing of collections. We ended the quarter with cash and short-term investments of $2.96 billion, which includes approximately $600 million in proceeds from the sale of the Optical Solutions Group and Ansys PowerArtist business. Total debt ended at $13.5 billion. We repaid approximately $850 million of our term loans in Q4 '25 and $900 million in November and plan to prepay the balance of $2.55 billion in the first half of 2026.

轉為現金交易。2025 年的自由現金流約 13.5 億美元，超出預期，主因是收款速度加快。本季末，我們持有現金和短期投資29.6億美元，其中包括出售光學解決方案集團和Ansys PowerArtist業務所得的約6億美元收益。總債務最終為135億美元。我們在 2025 年第四季償還了約 8.5 億美元的定期貸款，11 月償還了 9 億美元，並計劃在 2026 年上半年提前償還剩餘的 25.5 億美元。

We have incorporated this in our guidance that I will now discuss.

我們已將此內容納入我們的指導方針中，我接下來將對此進行討論。

For 2026, the full year targets are total revenue of $9.56 billion to $9.66 billion. Within that, Ansys revenue contribution is expected to be $2.9 billion at the midpoint, growing double digits. Following the close of the Optical Solutions Group and PowerArtist divestiture in October, our fiscal year '26 guidance excludes revenue associated with those groups, resulting in an impact of approximately $110 million. We expect the first half, second half revenue split to be approximately 48% and 52%. We expect Ansys revenue to be strongest in Q1, given their historical strength in the December quarter driving the sequential revenue increase.

2026 年全年目標總收入為 95.6 億美元至 96.6 億美元。其中，Ansys 的營收貢獻預計為 29 億美元（中位數），實現兩位數成長。隨著光學解決方案集團和 PowerArtist 於 10 月完成剝離，我們 2026 財年的業績指引不包括與這些集團相關的收入，這將造成約 1.1 億美元的影響。我們預計上半年和下半年的收入佔比分別約為 48% 和 52%。我們預計 Ansys 的營收將在第一季達到最強勁，因為該公司在 12 月季度的歷史強勁表現推動了營收季增。

Total GAAP costs and expenses between $8.47 billion and $8.61 billion; total non-GAAP costs and expenses between $5.69 billion and $5.75 billion, resulting in non-GAAP operating margin of 40.5% at the midpoint, up approximately 320 basis points versus 2025, driven by the inclusion of Ansys and cost synergy acceleration. We are adopting a normalized non-GAAP tax rate of 18% projected through 2028 to provide consistency across future periods.

GAAP 總成本和費用在 84.7 億美元至 86.1 億美元之間；非 GAAP 總成本和費用在 56.9 億美元至 57.5 億美元之間，非 GAAP 營業利潤率中值為 40.5%，比 2025 年增長約 320 個基點，這主要得益於 Ansys 的效應和加速。為了確保未來各期間的一致性，我們採用 18% 的標準化非公認會計準則稅率，預計該稅率將持續到 2028 年。

The 2-point increase is driven by geographic mix of earnings inclusive of Ansys and recent tax law changes. GAAP earnings of $2.49 to $2.90 per share, non-GAAP earnings of $14.32 to $14.40 per share. We expect the first half, second half EPS split to be 46-54, with the second half benefiting from the debt repayment.

此次成長 2 個百分點主要受獲利地域組成變化（包括 Ansys 的收益）以及近期稅法變化的影響。GAAP每股收益為2.49美元至2.90美元，非GAAP每股收益為14.32美元至14.40美元。我們預計上半年和下半年的每股盈餘比例將為 46:54，下半年將受益於債務償還。

Cash flow from operations of approximately $2.2 billion, up approximately $700 million year on year. The cash flow guide includes the impact of certain nonrecurring outflows, such as restructuring costs of approximately $225 million and $135 million of incremental cash taxes from recent divestitures.

經營活動產生的現金流約 22 億美元，比去年同期增加約 7 億美元。現金流量指南包括某些非經常性支出的影響，例如約 2.25 億美元的重組成本和近期資產剝離產生的 1.35 億美元的額外現金稅。

We expect CapEx of approximately $300 million, up $130 million versus 2025, driven by investments primarily in compute infrastructure. resulting in free cash flow of approximately $1.9 billion. Fully diluted shares outstanding are expected to be between 192 million and 194 million shares.

我們預計資本支出約 3 億美元，比 2025 年增加 1.3 億美元，主要投資於運算基礎設施，從而產生約 19 億美元的自由現金流。完全稀釋後的流通股數量預計在 1.92 億股至 1.94 億股之間。

This includes the impact of the recent share issuance to NVIDIA as part of our strategic partnership. With our plans to accelerate our term loan repayment, we expect the net impact to be accretive to EPS in fiscal year 2026, which is incorporated in the guidance.

這包括近期作為我們策略夥伴關係的一部分而向 NVIDIA 發行股份的影響。我們計劃加快償還定期貸款，預計這將對 2026 財年的每股收益產生淨增長，這已納入業績指引。

Now to targets for the first quarter. Total revenue between $2.365 billion and $2.415 billion, total GAAP costs and expenses between $2.165 billion and $2.23 billion, total non-GAAP costs and expenses between $1.395 billion and $1.425 billion, GAAP earnings of $0.22 to $0.41 per share, and non-GAAP earnings of $3.52 to $3.58 per share. Our press release and financial supplement include additional targets and GAAP to non-GAAP reconciliations.

現在來看第一季的目標。總收入在 23.65 億美元至 24.15 億美元之間，GAAP 總成本和費用在 21.65 億美元至 24.15 億美元之間，非 GAAP 總成本和費用在 13.95 億美元至 14.25 億美元之間，GAAP 每股收益為 0.222 美元至 505 美元至 505 美元至 50505 美元，美元。我們的新聞稿和財務補充文件包括其他目標以及 GAAP 與非 GAAP 的調整表。

Before we take your questions, I'd like to reiterate our focus on driving sustainable growth and margin expansion through unmatched innovation and disciplined execution. 2025 was a transformational year that redefines Synopsys. In 2026, we will expand our position as a leader in engineering solutions from silicon to systems.

在回答各位的問題之前，我想重申我們致力於透過卓越的創新和嚴謹的執行力，推動永續成長和利潤率提升。 2025年是具有變革意義的一年，它將重新定義Synopsys。2026年，我們將鞏固我們在從矽晶片到系統工程解決方案的領導地位。

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

這樣，我就把電話交給接線生回答問題了。謝謝。

(Operator Instructions) Jason Celino, KeyBanc.

（操作員說明）Jason Celino，KeyBanc。

Great, thanks for taking my question. Maybe my first one for Shelagh. The embedded organic growth rate in the 2026 guide. I don't know if there's a way for us to understand what that might be and what that might imply for IP growth. I'm okay at math, but I'm just a sell-side analyst. I mean, if we adjust for the Ansys and the divestitures, I'm getting like 8% growth organic, I ask the question because I'm just trying to understand the level of conservatism.

太好了，謝謝你回答我的問題。或許這是我為謝拉格寫的第一篇。2026 年指南中嵌入的有機成長率。我不知道我們是否有辦法了解那可能是什麼，以及那對智慧財產權成長可能意味著什麼。我的數學還行，但我只是個賣方分析師。我的意思是，如果考慮到 Ansys 和資產剝離的影響，我估計有機成長率約為 8%，我提出這個問題是因為我只是想了解保守程度。

Yeah. It's definitely in that ballpark. And I think two things that I would highlight. One is, and I had it in my prepared remarks, we did have the disposition of the Optical Solutions Group and the PowerArtist Group, it's $110 million. So that's about 1.5 points.

是的。肯定就在這個範圍內。我想重點強調兩點。其中之一是，正如我在準備好的發言稿中提到的，我們確實處置了光學解決方案集團和 PowerArtist 集團，價值 1.1 億美元。所以大概是1.5分。

So just point that out to you. And as we talked about in Q3, we do anticipate a muted year of growth for IP. We are very much well into repositioning workforce to build out the HPC title so that we've got those fully available customers. but we do expect the group to be in transition this year. And so we factored in muted growth for the IP business.

所以，我只是想指出這一點。正如我們在第三季討論的那樣，我們預計知識產權業務今年的成長將較為平緩。我們正在積極調整員工隊伍，以拓展高效能運算（HPC）業務，確保能夠服務所有客戶。但我們預計該集團今年將處於轉型期。因此，我們將知識產權業務成長乏力的預期納入考量。

So you're seeing that. And as I talked about, Ansys, our guide for Ansys is $2.9 billion at the midpoint, and that's double-digit growth brand. So we're trying to be fragmented with our forecast in light of the body of work that the IP team needs to do in '26 to be able to get us back to the long-term growth rate in IP.

所以你看到了。正如我剛才提到的，Ansys，我們對 Ansys 的預測中位數為 29 億美元，這是一個兩位數成長的品牌。因此，鑑於智慧財產權團隊需要在 2026 年完成大量工作，才能使我們的智慧財產權業務恢復到長期成長率，所以我們正在嘗試對我們的預測進行細分。

Okay. And then the operating margin EPS guide is pretty fabulous even when considering the extra dilution from the NVIDIA investment. I don't know if I heard you talk about a specific synergy number, but curious if there's any extra details there.

好的。即使考慮到 NVIDIA 投資帶來的額外稀釋，其營業利潤率 EPS 預期仍然非常出色。我不知道你是否提到過具體的協同效應數值，但很好奇是否有其他細節。

Sure. So one of the things we had talked about last time that we're well on way to do is the 10% workforce reduction that encompasses a body of work that we've been doing on synergies. We've already done in action November timeframe. We anticipate that we're largely complete with that in 2026. So we're very much on the path of working to accelerate those synergies as quickly as possible.

當然。上次我們討論過的一件事，也是我們正在穩步推進的事情之一，就是裁減 10% 的員工，這涵蓋了我們一直在進行的一系列協同增效工作。我們已經在11月份的時間範圍內完成了行動。我們預計到 2026 年，這項工作將基本完成。因此，我們正在全力以赴，盡快加速這些協同效應的實現。

And as you know, Jason, we've been very focused on driving margin expansion over multiple years with this guide. It's about a 12-point margin expansion since 2020. So we're very focused on that, very focused on driving both sustainable growth and expansion of margin.

正如你所知，傑森，多年來，我們一直致力於透過這份指南來推動利潤率的成長。與 2020 年相比，這一差距擴大了約 12 個百分點。因此，我們非常注重這一點，非常注重推動永續成長和利潤率擴張。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Hi, guys. Thanks for tasking my questions. If I exclude Ansys to the to the person that asked the question before me. The core EDA plus IP is growing about 8%, 8.5% year over year in the fiscal year guidance. Can you just help us understand what you're embedding for growth in EDA and IP. In the guidance? For example, if I assume IP is growing modestly as you guys say, let's say, 5%, then your EDA business is growing around 9%, which is still below kind of your forward target of like 12%, 13%.

嗨，大家好。感謝您提出這些問題。如果我排除 Ansys，那就等於把問題拋給了之前提問的人。核心 EDA 加 IP 業務年增約 8%，財年預期為 8.5%。您能否幫助我們了解一下，您在EDA和IP領域為實現成長而採取了哪些措施？指南中有提到嗎？例如，如果我假設 IP 業務像你們所說的溫和成長，比如說 5%，那麼你們的 EDA 業務成長約為 9%，這仍然低於你們 12%、13% 的預期目標。

Is that kind of the way to think about it? And if so, like why is the EDA business still undergoing your long-term sort of forward target CAGR?

是這樣想的嗎？如果是這樣，為什麼EDA業務仍然在經歷你們長期預期的複合年增長率目標？

Yes. Thank you, Harlan, for the question. Your math is in the ballpark. What we're taking into account for the EDA growth because on IP, you captured it well, we're guiding a muted growth for IP.

是的。謝謝你的提問，哈蘭。你的計算結果基本上正確。我們正在考慮 EDA 成長的因素，因為在 IP 方面，你已經很好地概括了這一點，我們正在引導 IP 實現溫和成長。

In EDA, we're taking a couple of things into account. One, the China environment, where the cumulative impact of restrictions is something that we are seeing and have seen in '25 that has had an impact is different than, say, 2020, '21 timeframe where many startups and a significant spending was happening in China.

在探索性資料分析（EDA）中，我們需要考慮以下幾個因素。第一，中國的環境，也就是我們在 2025 年看到的和已經看到的，各種限制措施的累積影響，與 2020 年、2021 年的情況不同，當時中國有很多新創企業和大量的支出。

And the other factor is we're still operating in the tale of two markets. There are a number of companies that they are building chips for industrial, automotive and anything outside the AI infrastructure build their road map is somewhat muted. They're not driving at the same pace as what we're seeing with the other group of customers that they are delivering chips for the AI infrastructure.

另一個因素是，我們仍然處於兩個截然不同的市場。有許多公司正在為工業、汽車以及人工智慧基礎設施以外的任何領域製造晶片，但它們的路線圖卻顯得有些低調。他們的交付速度與我們從另一組客戶那裡看到的交付速度（他們正在為人工智慧基礎設施交付晶片）並不相同。

Then as you know, with EDA, there are a number of components that is the software and the hardware-assisted verification, on HAV, we continue on seeing a significant demand due to the complexity of verification.

如您所知，EDA 包含許多元件，例如軟體和硬體輔助驗證。在 HAV 方面，由於驗證的複雜性，我們持續看到巨大的需求。

The long-term view is double digits, but that's what we have took into account in terms of the guide for '26.

從長遠來看，成長率將達到兩位數，但這是我們在 2026 年的指導方針中考慮的因素。

And the other thing that I would add, that's just a mechanical item, Harlan, is the divestiture of the Optical Solutions group and the PowerArtist Group. So that's a $110 million headwind, but that's just a mechanical thing just to add that into what has been outlined.

哈蘭，我還要補充一點，這只是一個技術性的問題，那就是剝離光學解決方案集團和 PowerArtist 集團。所以這會帶來 1.1 億美元的不利影響，但這只是一個機械性的問題，需要將其添加到已經概述的內容中。

Got it. Got it. That was insightful. And then Shelagh a question for you. Total expenses, editing Q4 was about $1.43 billion. You're guiding that to roughly about $1.41 billion in the first quarter. But if I look at your average quarterly expense run rate through the year on the full year guidance., it's still averaging about $1.43 billion per quarter.

知道了。知道了。這很有見地。謝拉，我有個問題想問你。第四季編輯總支出約 14.3 億美元。您預計第一季這一數字約為 14.1 億美元。但如果我看一下你們全年業績指引中的平均季度支出運作率，它仍然平均每季約為 14.3 億美元。

So that doesn't seem like there's much in the way of synergy unlocking in fiscal '26 or are cost synergies being offset by increased spending in other areas? And where do you expect the total expense to be run rate in sort of exiting fiscal '26?

所以，2026 財年似乎沒有太多綜效可以釋放，或者說成本綜效被其他領域支出的增加所抵銷了？那麼，您預計在即將結束的 2026 財年，總支出將達到怎樣的水平？

Yeah. So our commitment on the cost synergies, you're really seeing that flow through kind of back to Jason's question on the op margin, the 40.5%. Obviously, we've committed to mid-40s long term. So we're well on the way to that. And when we think about kind of the profile of expense structure, it is changing a little bit just because the ingestion of Ansys as to how the quarterly splits run.

是的。所以，我們對成本協同效應的承諾，你真的可以看到這種效應正在發揮作用，這可以解釋 Jason 關於營業利潤率的問題，即 40.5%。顯然，我們已經承諾長期目標設定在40多歲。所以，我們正朝著這個目標穩步前進。當我們考慮費用結構概況時，由於引入了 Ansys，季度拆分方式發生了一些變化，所以情況略有不同。

But our expectation is throughout the pace of the year, we're going to continue to have reductions in workforce. But we're still going to focus our main investment on driving innovation and driving the road map. And so the reductions will still allow us to have significant investment in R&D.

但我們預計，在今年剩餘的時間裡，我們將繼續裁員。但我們仍將把主要投資集中在推動創新和推進發展路線圖上。因此，即使削減開支，我們仍然可以對研發進行大量投資。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

Good afternoon. Thanks for taking questions. I was wondering if you could maybe give us a bit of an update on the IP business and your expectations you laid out last quarter around some of the headwinds that you're seeing, whether that be your foundry customer, China and the execution on custom IP blocks. Can you maybe give us an update on sort of the level of progress you've had in each of those three dimensions? And how that sort of plays into the overall IP outlook for the year? Do you expect it to be sort of low single digit or you think mid-single digit as possible?

午安.謝謝回答問題。我想請您簡要介紹 IP 業務的最新情況，以及您上個季度針對目前面臨的一些不利因素所提出的預期，例如您的代工廠客戶、中國市場以及定制 IP 模組的執行情況。您能否簡單介紹一下您在上述三個方面所取得的進展？那麼，這會對今年的整體智慧財產權前景產生怎樣的影響呢？你預計會是個位數左右，還是覺得最有可能是個位數？

Thank you, James. I want to start with, as we zoom out, my confidence in our long-term mid-teens for our IP business only gets stronger. I know when we talked 90 days ago, we have focused on some of the headwinds. But the overall strength of the portfolio we have is such a privilege to have the portfolio as we engage our customers in various markets, not only AI, HPC because as you know, the market of semiconductor is much broader.

謝謝你，詹姆斯。首先，我想說的是，隨著我們放眼長遠，我對我們知識產權業務長期實現十幾英里增長的信心只會越來越強。我知道90天前我們談話時，我們主要關注了一些不利因素。但我們擁有的整體產品組合的強大實力，讓我們倍感榮幸，因為我們可以在各個市場與客戶互動，而不僅僅是人工智慧、高效能運算，因為正如您所知，半導體市場要廣泛得多。

Today, we are the leader in providing the IP for automotive, for mobile, for many other segments. In the AI HPC, we have a very strong position. And our customers constantly are reminding us how mission critical we are to their road map and development. We outlined 90 days ago, three headwinds: China and the whole foundry uptake we're assuming in our guide that not much change going into FY26. In other words, we are being balanced and pragmatic the way we're taking into account in our guide for IP, these two factors. In terms of resources and prioritization we made a number of changes.

如今，我們在為汽車、行動通訊以及許多其他領域提供智慧財產權方面處於領先地位。在人工智慧高效能運算領域，我們擁有非常強大的地位。我們的客戶不斷提醒我們，我們對他們的發展路線圖和發展是多麼至關重要。90 天前，我們概述了三個不利因素：中國和整個代工廠的採用情況，我們在指南中假設，到 2026 財年不會有太大變化。換句話說，我們在製定智慧財產權指南時，採取了平衡務實的態度，考慮到了這兩個因素。在資源和優先順序方面，我們做了一些改變。

We made changes in our development leadership. We made some changes in the sales leadership as it relates to IP. And we are well on our way to close some of the gaps you're going to see from a customer engagement point of view on some couple of the titles that we are being pressed on timing of delivery is that we will close these gaps by midyear FY26.

我們對研發領導階層進行了調整。我們對與知識產權相關的銷售領導層進行了一些調整。我們正在努力縮小一些差距，從客戶互動的角度來看，您將會看到一些我們在交貨時間方面存在差距。我們承諾，到 2026 財年年中，我們將縮小這些差距。

So all in all, we're looking at '26 as a transitional year, muted growth with the long-term objective of mid-teens, and that we feel very strongly about.

總而言之，我們將 2026 年視為過渡之年，成長較為溫和，長期目標是實現十幾英里的成長，我們對此深信不疑。

That's helpful. And then maybe just as a follow-up, obviously, last week, you had your announcement of the NVIDIA partnership and the investment in the company. Can you maybe give us a little bit more color on sort of the rationale for why an investment made sense? What could have been done with an investment that couldn't have been done simply through a strategic partnership that maybe kind of walk us through the logic around that.

那很有幫助。然後，作為後續報道，很顯然，上週您宣布了與 NVIDIA 的合作關係以及對該公司的投資。您能否再詳細解釋一下這項投資的理由？如果進行一項投資，就能實現一些僅靠策略合作無法實現的事情，這或許能幫助我們理解其中的邏輯。

Sure. I'm happy to walk through how it ended up being an investment where the discussion started with NVIDIA is enthusiasm and excitement about the new synopsis, the sell-in to systems engineering solutions that addresses not only the silicon part it's going up to the whole physical AI and delivering solutions to the future of engineering in every industry.

當然。我很樂意詳細闡述這筆投資是如何最終促成的，從與 NVIDIA 的討論開始，大家對新的概要充滿熱情和興奮，並致力於向系統工程解決方案推銷，這些解決方案不僅涵蓋晶片部分，還延伸到整個物理 AI，並為各行各業的未來工程提供解決方案。

So the discussion with NVIDIA started around how do we accelerate at the computational level with the GPU, and that's something that is already a number of our products, we have a road map for that acceleration. Then it went up to the omniverse level, how to modernize or the way we refer to it, how do we reengineer engineering for intelligent systems.

因此，我們與 NVIDIA 的討論始於如何利用 GPU 在運算層面進行加速，而這已經是我們許多產品的功能之一，我們已經制定了加速路線圖。然後，問題上升到了全宇宙層面，即如何現代化，或者用我們的話來說，如何重新設計智慧系統的工程。

And this is where the Ansys portfolio is very unique as they bring in a multi-physics simulation leadership to bring that physical simulation physical AI into effect and providing that modernization of engineering. The third element is our go-to-market reach. Ansys has built a very strong channel partnership and direct sales channel that we touch thousands and thousands of customers in many industries.

而這正是 Ansys 產品組合的獨特之處，他們引入了多物理場模擬領域的領先地位，將物理模擬物理人工智慧付諸實踐，從而實現了工程的現代化。第三個要素是我們的市場拓展能力。Ansys 已建立起非常強大的通路合作夥伴關係和直銷管道，我們得以接觸到眾多行業的成千上萬的客戶。

So as the discussion with NVIDIA started evolving on defining the technology partnership the discussion with Janssen moved to I want to endorse it with investment because I know we can make money. And I know you heard his onwards as we announced the partnership.

因此，隨著與 NVIDIA 的討論開始圍繞技術合作夥伴關係的定義展開，與 Janssen 的討論也轉向了「我想透過投資來支持它，因為我知道我們可以賺錢」。我知道你們都聽到了他接下來的話，當時我們宣布了合作關係。

So the financial aspect was second because as you can see, we have a very strong balance sheet. And we welcome the $2 billion investment. And as Shelagh outlined, we will accelerate some of the debt payment and help us with accelerating some of the strategy we have. So that's how it really came about.

所以財務方面排在第二位，因為正如你所看到的，我們的資產負債表非常穩健。我們歡迎這20億美元的投資。正如謝拉格所概述的那樣，我們將加快部分債務償還，並幫助我們加快實施一些既定策略。事情的來龍去脈就是這樣。

Kelsey Chia, Citi.

Kelsey Chia，花旗銀行。

Hi, Sassine and Shelagh. Thanks for taking my question. So I'd like to tap on the EDA growth rate again. So you mentioned that the lower EDA growth in fiscal year '26 is due to slower (inaudible) momentum in China. Is that the same reason for the lower growth rate this year as well? And are there any share dynamics happening over there? And if synergies of Ansys could drive that revenue growth back to target?

嗨，Sassine 和 Shelagh。謝謝您回答我的問題。所以我想再探討一下EDA成長率。所以你提到，2026 財年 EDA 成長放緩是因為中國經濟成長動能放緩（聽不清楚）所致。今年的成長率較低也是出於同樣的原因嗎？那邊的股票市場有什麼動態變化嗎？如果Ansys的綜效能夠推動營收成長恢復到目標水準呢？

Yes. As it relates to China, there is some share shift happening inside China, because when you restrict the sale of EDA or IP, the customers in China are looking for alternatives. And that is happening, and it's happening at an accelerated rate. The customers we can serve we're fine selling to and they're buying from Synopsys or other that the companies we cannot sell to, they're looking for alternatives, and these alternatives are typically organic, local, EDA or IP companies.

是的。就中國而言，中國國內正在發生一些市場份額轉移，因為當你限制EDA或IP的銷售時，中國的客戶就會尋找替代品。這種情況正在發生，而且正在加速發生。我們能夠服務的客戶，我們很樂意向他們銷售產品，他們會從 Synopsys 或其他公司購買產品；而我們無法向其銷售產品的公司，則正在尋找替代品，這些替代品通常是有機產品、本地產品、EDA 或 IP 公司。

In terms of the longer-term growth opportunities for EDA, and that's why we're still standing behind double-digit growth for EDA is going to come from the joint solutions between Synopsys and Ansys. We are targeting the first half of '26 to deliver the first wave of these solutions. There is the need for customers -- from customers to address the current challenges they are facing as they're designing the most advanced chips, advanced package, 3D IC, but they need the physics analysis to be taken into account during the design phase of the chip. And this is something we're very excited about. The team is already working toward the goal of delivering the first wave of the solution, and that's a monetization opportunity. But of course, that opportunity in terms of monetization will happen over time as customers adopt, et cetera.

就 EDA 的長期成長機會而言，我們仍然堅信 EDA 的兩位數成長將來自 Synopsys 和 Ansys 的聯合解決方案。我們的目標是在 2026 年上半年推出第一批解決方案。客戶需要解決他們在設計最先進的晶片、先進的封裝、3D IC 時面臨的挑戰，但他們需要在晶片設計階段考慮物理分析。我們對此感到非常興奮。團隊已經在朝著交付第一階段解決方案的目標努力，這是一個獲利的機會。當然，從獲利角度來看，這種機會會隨著時間的推移而出現，例如隨著客戶逐漸接受等等。

The second monetization opportunity is as the Agentic AI solution start maturing and start changing the workflow, that's another opportunity for our industry to rethink how do we sell our solution for the value and impact. So again, the China impact, we're taking it into account in our guide and the upside opportunity as we look at the long term is joint solutions and the AI changing the workflow.

第二個獲利機會是，隨著智慧人工智慧解決方案逐漸成熟並開始改變工作流程，這為我們行業提供了一個重新思考如何銷售我們的解決方案以體現其價值和影響的機會。所以，中國的影響，我們在指南中已經考慮到了；從長遠來看，聯合解決方案和人工智慧改變工作流程帶來的機會是潛在的成長點。

Got it. So on the IP business, so I know that Synopsys provides several IP for a large foundry customer, including the IT advanced packaging technology, it seems that there are several customers evaluating that, using that technology from a large foundry customer. Will that be incrementally positive for Synopsis given the muted growth that you have provided? And also relating to that on the operating margin, I believe are the expenses related to those IP tests have been consistently recognized over the prior quarters despite the lack of customers. So does that imply that operating margins for that segment could come back to historical average when the revenue for that large foundry customers are being recognized?

知道了。在智慧財產權業務方面，我知道 Synopsys 為一家大型代工廠客戶提供了多項智慧財產權，包括 IT 先進封裝技術，似乎有幾家客戶正在評估這項技術，並使用這家大型代工廠客戶提供的技術。考慮到您所描述的成長較為緩慢，這對 Synopsis 來說是否會產生正面影響？另外，關於營業利潤率，我認為儘管缺乏客戶，但與這些智慧財產權測試相關的費用在前幾個季度一直得到確認。那麼，這是否意味著，當確認來自大型代工廠客戶的收入時，該業務部門的營業利潤率可能會恢復到歷史平均值？

Yes. Let me address the first part of your question, then I'll turn it to Shelagh. The way we monetize our IP, the first step is to build it. And what you build on foundry A is not the same on what you build on foundry B, even though it's the same protocol, the same title. It does require what's called porting.

是的。讓我先回答你問題的第一部分，然後再把問題交給謝拉格。我們實現知識產權變現的第一步是建構它。即使協議相同、名稱相同，在 A 代工廠上建造的東西與在 B 代工廠上建造的東西也不相同。這確實需要進行所謂的移植。

And that's not a simple effort. It requires quite a bit of an R&D effort to achieve the same performance power, et cetera. Now that's one part of the monetization. But where we look for the incremental monetization is when that foundry start on ramping customers. And if whichever foundry has expansion of customers that are using the technology that we already developed the IP, that's an incremental opportunity for us.

這並非易事。要達到相同的性能功率等，需要投入大量的研發力。這是獲利模式的一部分。但我們期待實現增量獲利的地方在於，當代工廠開始擴大客戶規模的時候。如果任何一家代工廠的客戶群擴大，並且正在使用我們已經開發出知識產權的技術，那麼這對我們來說就是一個增量機會。

And there, we sell to the end customer who is on ramping to the foundry customer. And for us, we're -- as we're looking at FY26, for that particular foundry that we talked about in Q3, we're assuming a status quo in terms of new customers being on ramp. Shelagh, if you want to address the operating margin?

在那裡，我們向最終客戶銷售產品，而這些最終客戶正逐步過渡到代工廠客戶。而對我們來說，展望 2026 財年，對於我們在第三季談到的那家特定的代工廠，我們假設新客戶的成長將維持現狀。Shelagh，如果你想討論營業利潤率的話？

Yeah, sure. So in terms of operating margin, Kelsey, you're right. We still are investing in building the titles out. We've repositioned the workforce to be able to build the HPC titles up, as Sassine talked about, and so it is really -- we're going to have muted growth in '26, which will mean there will be some pressure on the operating margins. But as we get back to that mid-teens growth long term, we'll see expansion in the margins.

當然可以。所以就營業利潤率而言，凱爾西，你是對的。我們仍在投資開發這些遊戲。正如薩辛所說，我們已經重新調整了員工隊伍，以便能夠發展高效能運算（HPC）業務，因此，2026 年我們的成長將會放緩，這意味著營運利潤率將面臨一些壓力。但隨著長期成長恢復到十幾個百分點的水平，我們將看到邊際效益的提升。

And I do expect that IP margins are always slightly below the corporate average because it's such a people-intensive body of work to deliver but it's really a short-term effect just because of the kind of the headwinds on revenue of the up margin challenge through '26 on IP.

而且我預期智慧財產權利潤率總是略低於企業平均水平，因為交付智慧財產權是一項非常耗費人力的工作，但這實際上只是短期影響，因為到 2026 年，智慧財產權利潤率上升的挑戰會對收入造成不利影響。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

Thanks for taking my question. I want to drill into the answer double-digit growth for next year is pretty good. So I would love to hear what's best into that in terms of (inaudible) there? It's been now more than four months since you closed Ansys.

謝謝您回答我的問題。我想深入探討一下答案，明年兩位數的成長相當不錯。所以我很想知道，就（聽不清楚）而言，最好的做法是什麼？Ansys公司關閉至今已超過四個月。

Do you expect, in terms of business model or contract, which are different? Do you expect them to convert to subscription? And if you do so, what kind of uplift or any kind of multiplier effect we should expect there. And Sassine, in terms of integration, where are you so far? Any color would be helpful.

你認為它們在商業模式或合約方面會有什麼不同？你認為他們會轉為訂閱用戶嗎？如果這樣做，我們應該期待什麼樣的提升或任何類型的乘數效應？Sassine，就整合而言，你們目前進展如何？任何顏色都會有幫助。

Sure. Thank you, Siti, for the question. In terms of what's driving our confidence in double-digit growth for Ansys, the way we look at it, there is two markets we're serving with the Ansys portfolio. There is the semiconductor market that the joint solutions will bring an opportunity to uplift our pricing as we integrate the Ansys solution into the EDA solution that we offer today.

當然。謝謝Siti的提問。至於是什麼推動了我們對 Ansys 實現兩位數成長的信心，我們認為，Ansys 產品組合服務於兩個市場。半導體市場方面，聯合解決方案將帶來提升我們定價的機會，因為我們將把 Ansys 解決方案整合到我們目前提供的 EDA 解決方案中。

Then the rest of the Ansys market, if you look at the significant transformation that's happening on how to develop a modern car, robot, any industrial applications, drones, et cetera, aerospace. Those are all customers of Ansys. And the demand the increase in R&D investment that we are seeing in those markets is giving us the confidence to continue on expanding the growth opportunity.

然後，如果你看看Ansys市場的其他部分，你會發現現代汽車、機器人、任何工業應用、無人機等等，以及航空航太領域正在發生重大變化。這些都是Ansys的客戶。我們看到這些市場研發投入的增加，讓我們有信心繼續擴大成長機會。

In terms of the business that Ansys has, they've always had a mix of subscription and perpetual. And that will continue based on the customer need requirement demand. So that's what's driving the double-digit growth assumption for the portfolio, which, by the way, is no different than what the legacy Ansys team has delivered in the prior year. So it's consistent in line with prior expectations.

就 Ansys 的業務而言，他們一直以來都採用訂閱和永久授權相結合的模式。這將根據客戶的需求而持續進行。因此，這就是推動該投資組合實現兩位數成長假設的原因，順便說一句，這與 Ansys 傳統團隊在前一年取得的成績並無二致。所以這與之前的預期一致。

In terms of integration, since we finalized the divestitures in October, we're full force ahead in terms of integrating the teams. Our R&D teams right now, they're one team. They're delivering on the joint solutions I just mentioned. From a go-to-market point of view, we are maintaining a separate go-to-market engagement. The one that they deal with semiconductor.

在整合方面，自從我們在 10 月完成資產剝離以來，我們正在全力推動團隊整合工作。我們目前的研發團隊就是一個團隊。他們正在落實我剛才提到的聯合解決方案。從市場推廣的角度來看，我們正在進行一項獨立的市場推廣活動。他們從事半導體行業。

Those are integrated given the relationship Synopsys has with semiconductor companies. And the slew of other customers, and I'm talking multiple factors larger than the classic synopsis in terms of the space that the legacy access has served that will remain separate. So we don't miss a beat in terms of how to go to market with existing portfolio that we have.

鑑於 Synopsys 與半導體公司之間的關係，這些功能已經整合在一起。還有一大批其他客戶，我指的是比經典概要規模大好幾倍的客戶，就傳統訪問所服務的空間而言，這些客戶將保持獨立。因此，在如何利用我們現有的產品組合來開拓市場方面，我們不會受到任何影響。

Yeah. And I would just add, Siti, that the portion that Sassine talked about of Ansys that's in lockstep with the EDA business, that is moving to a similar ratable, and that's included in our guidance.

是的。Siti，我還要補充一點，Sassine 提到的 Ansys 與 EDA 業務同步發展的那部分，正在向類似的評級方式轉變，這部分也包含在我們的指導意見中。

Okay. And then I just want to clarify that we need the same customers now using Synopsys PD and Ansys. Would you launch your combined product. Should we expect any kind of uplift there? Or what kind of uplift should we expect?

好的。然後我想澄清一下，我們現在需要的是使用 Synopsys PD 和 Ansys 的同一批客戶。你們會推出合併後的產品嗎？我們是否應該期待那裡出現任何增長？或者我們應該期待什麼樣的提升？

I mean, is that 1 plus 1 would be more than two or less than two there? And Sassine, quickly, any update on that royalty model for IP, you talked about traction you're seeing?

我的意思是，1加1在那裡是大於2還是小於2？Sassine，請快速更新你提到的知識產權版稅模式的最新進展，你之前說過這種模式取得了一些進展？

Sure. Yes. When we talk about joint solutions, the customers have the options. They have the choice if they don't have a need for that new joint solution, they can continue buying the classic synopsis and legacy Ansys products, and we'll negotiate those based on value and usage and need, et cetera. If the customer is looking for the joint solutions because we're solving a new problem, 1 plus 1 is greater than 2, for sure.

當然。是的。當我們談到聯合解決方案時，客戶有很多選擇。如果他們不需要新的聯合解決方案，他們可以選擇繼續購買經典的 Synopsis 和舊版 Ansys 產品，我們將根據價值、使用情況和需求等進行談判。如果客戶尋求的是聯合解決方案，因為我們正在解決一個新問題，那麼 1 加 1 肯定大於 2。

And that's where we will capture that monetization opportunity over time as they start adopting the technology. As I stated, the first wave where the customers start using feeling the technology and evaluating it is the first half of '26.

隨著他們開始採用這項技術，我們將逐漸抓住這個獲利機會。正如我所說，客戶開始使用、感受和評估這項技術的第一個浪潮出現在 2026 年上半年。

In terms of the IP value capture the focus we put together in Q4 that I'm very pleased with. We looked at it from, I want to say, two pathways. The first one is just the discipline in pricing and guardrails because we have a differentiated IP portfolio. And I was very pleased with the go-to-market team in monetizing around the newly established, I want to say, guardrail and disciplines we put in place.

就智慧財產權價值而言，我們在第四季集中精力取得的成果令我非常滿意。我想說，我們從兩個角度來看這個問題。第一點就是定價和監管方面的紀律，因為我們擁有差異化的智慧財產權組合。我對市場推廣團隊在圍繞我們新建立的（我想說是）護欄和紀律進行盈利方面的表現非常滿意。

Then the second aspect of it, and that's where we spent quite a bit of time, 90 days ago talking about, there's an increase in customization and IP. And we are having discussions with a number of strategic customers that were happy to allocate resources to deliver on that work but we need to change the business model from an NRE plus a use fee to NRE plus used fee plus royalty and upside.

然後是第二個方面，這也是我們在 90 天前花了很多時間討論的，那就是客製化和智慧財產權的增加。我們正在與一些策略客戶進行討論，他們很樂意投入資源來完成這項工作，但我們需要改變商業模式，從非經常性費用加使用費改為非經常性費用加使用費加特許權使用費和收益。

And these discussions are happening, and I feel very good that in FY26, we'll be able to lock up some customers in that new business model where they see the value of bringing that customization and portfolio to their road map.

這些討論正在進行中，我感覺非常好，在 2026 財年，我們將能夠把一些客戶鎖定在這種新的商業模式中，讓他們看到將這種客製化和產品組合納入其發展路線圖的價值。

(Operator Instructions) Vivek Arya, Bank of America.

（操作員說明）維韋克·阿亞，美國銀行。

For the first one, Sassine, I'm trying to gauge whether the IP business is derisk because if I look at your Q4 IP, and I just annualize that, that's about $1.6 billion and change. But if I assume that it grows modestly, that's more like $1.8 billion, right, or so. So from a year-on-year perspective, it seems derisk, but off of Q4 levels, not as much. And I wanted to get your sense, is that a fair pushback? Just how are you thinking about the sequential recovery in your IP business?

對於第一個問題，Sassine，我正在嘗試評估知識產權業務是否具有降低風險的作用，因為如果我看一下你第四季度的知識產權數據，然後將其年化，那大約是 16 億美元多一點。但如果我假設它溫和成長，那大概就是 18 億美元左右，對吧。因此，從年比來看，風險似乎有所降低，但與第四季水準相比，降低幅度並不大。我想聽聽你的看法，這樣的反對意見是否合理？您在知識產權業務中是如何考慮順序恢復的？

And if Shelagh, you have a number for Q1, that would be very helpful also.

Shelagh，如果你有 Q1 的聯絡方式，那也很有幫助。

Yes. I really urge you not to look at it at -- from a quarter basis because the IP business, as we often refer to, is -- can be lumpy. I am very confident very confident in our portfolio as well as the market position we have. We were very transparent in Q3 that there were a couple of titles that we needed to do some work to accelerate our road map to deliver to customers. And for those titles, we're having ongoing customer -- ongoing engagement with the customers with our revised road map.

是的。我強烈建議您不要從季度角度來看待這個問題，因為我們經常提到的智慧財產權業務可能會出現波動。我對我們的投資組合以及我們所擁有的市場地位非常有信心。我們在第三季非常坦誠地表示，我們需要對幾個遊戲進行一些改進，以加快我們的開發進度，盡快交付給客戶。對於這些遊戲，我們正在透過修訂後的路線圖與客戶進行持續的客戶互動。

And I have no doubt that we will capture an opportunity for these couple of titles. The rest of the portfolio is performing incredibly well. So yes, I feel very good that we have derisked the headwinds that we communicated last quarter as we look into '26.

我毫不懷疑我們會抓住機會拿下這兩部作品。投資組合中的其他部分錶現都非常出色。所以，是的，我感覺非常好，因為我們已經降低了上個季度我們溝通過的不利因素帶來的風險，展望 2026 年。

And Vivek, what I'd give you with a sort of flavor for the year is IP will be back half loaded. And that's really got to do with the availability of all the HPC titles. So the team is actively working, hitting all the milestones to be able to deliver that, but a few of them are not going to be available until the second part of the year. And so that's really kind of how we built the forecast. As Sassine said, the demand is there from the customers and very solid, but some of our delivery is more back half weighted.

維韋克，我給你透露今年的情況，IP 將會以一半的價格回歸。這其實與所有高效能運算遊戲的可用性有關。因此，團隊正在積極努力，按計劃完成所有里程碑，以實現這一目標，但其中一些目標要到今年下半年才能實現。所以，我們基本上就是這樣建構預測模型的。正如薩辛所說，顧客的需求非常強勁，但我們的部分交付量更集中在後半段。

Understand. And for my follow-up, what are you assuming for your China sales and on an absolute dollar basis relative to the $814 million or so, that you're doing in fiscal '25. And I guess, Sassine, the broader question there is, can your EDA and IP business get back to double-digit growth if we continue to see these China restrictions or if you kind of proactively derisk your business from China engagements?

理解。我的後續問題是，您如何估計您在中國的銷售額，以及相對於您在 2025 財年實現的約 8.14 億美元的絕對美元銷售額而言，您的預期是多少？薩辛，我想，更廣泛的問題是，如果我們繼續看到這些中國限制，或者如果你主動降低與中國業務相關的風險，你的 EDA 和 IP 業務能否恢復到兩位數的成長？

Thank you, Vivek. So we expect the environment to remain challenging in China. That's why when we look at FY26 compared to '25. What we are taking into account in our forecast and guide is truly a pragmatic balanced view we're not assuming that the environment is going to change in the next one or two quarters to the positive. So therefore, we continue on derisking it in our guide for FY26.

謝謝你，維韋克。因此，我們預期中國的環境仍將充滿挑戰。這就是為什麼當我們把 2026 財年和 2025 財年做比較時。我們在預測和指導中考慮的是一種務實平衡的觀點，我們並沒有假設環境會在未來一兩個季度內向好轉。因此，我們在 2026 財政年度指南中繼續降低其風險。

In terms of the double-digits growth for EDA, we still feel strongly about the opportunity to achieve double digits on the -- from a long-term basis, and it's driven by the complexity and the need for the joint solutions. And as AI evolves from generative to agentic, it will change the workflow, and that's a great opportunity for our industry to find a new way to monetize for the value that we will be delivering to the customers. So again, from a China point of view, we continue on derisking with an assumption of the environment remains the same. And the long term for EDA double digits is something we were holding for that commitment.

就 EDA 的兩位數成長而言，我們仍然堅信從長遠來看，實現兩位數成長的機會很大，這主要得益於其複雜性以及對聯合解決方案的需求。隨著人工智慧從生成式轉向代理式發展，它將改變工作流程，這對我們行業來說是一個絕佳的機會，可以找到一種新的方式，將我們為客戶創造的價值貨幣化。所以，從中國的角度來看，我們繼續降低風險，並假設環境保持不變。而 EDA 兩位數的長期成長是我們一直堅持的承諾。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

I just wanted to say on the IP topic and given everything that's come up so far in terms of the titles you're seeking availability on midyear and some of the other like strategic elements, the custom IP, and potentially changing the business model. The midyear timeframe, would you expect to know by then the magnitude of commitments you have in hand so that FY27, you can maybe make the statement. It will be back to mid-teens growth. I guess, my question is mid-teens growth. Is that capable for FY27 based on the pipeline of opportunities you see today?

我只是想就知識產權問題說幾句，考慮到目前為止出現的所有問題，例如您希望在年中推出的遊戲以及其他一些戰略要素、定制知識產權，以及可能改變商業模式等。年中時，您是否預計能夠了解您手頭上的承諾規模，以便在 2027 財年做出聲明？生長速度將恢復到十幾歲中期水準。我想問的是關於青少年中期生長發育的問題。根據您目前看到的市場機會，2027財年能否達成此目標？

Yeah. Just let me clarify the midyear. We're not waiting for us to talk to the customer until midyear. We talk to the customer. We have active engagement and even in contract phases with customers based on their road map. And based on our road map of delivery, we have established very strong trust with those customers and they build their road map based on our ability and delivery.

是的。讓我解釋一下年中的情況。我們不會等到年中才與客戶洽談。我們與客戶交談。我們根據客戶的路線圖，與客戶積極互動，甚至進入了合約階段。根據我們的交付路線圖，我們與這些客戶建立了非常牢固的信任，他們也根據我們的能力和交付情況制定了自己的路線圖。

So the other thing I'll point out in terms of IP, and in general, is the strength of the backlog we're entering the year. Entering the year at $11.4 billion in backlog, that shows the strength of the bookings, the commitment we've had with customers, and it's all about execution and delivery. So Joe, in general, as I keep repeating, my confidence in our IP portfolio is driven by the discussions we're having with customers and the essentialness of what we're delivering here.

所以，關於智慧財產權，我還要指出一點，那就是我們今年的積壓項目非常充足。年初積壓訂單達 114 億美元，這表明訂單量強勁，體現了我們對客戶的承諾，而這一切都取決於執行和交付。所以喬，總的來說，正如我一直強調的，我對我們智慧財產權組合的信心源於我們與客戶的討論以及我們在這裡所交付成果的必要性。

Okay. No clarification. I guess I'll next ask about cash flow performance. I look at your adjusted EBIT margins better than 40%, that's mirroring the mid-40 goal. Cash flow, I think the guide implies something closer to 20%.

好的。無需進一步說明。接下來我應該會問現金流表現方面的問題。我認為你們的調整後 EBIT 利潤率高於 40%，這與 40% 左右的目標相符。現金流方面，我認為該指南暗示的比例接近 20%。

So obviously, a lot of upside still to the margin framework there. Just would you expect some of these onetime cash items, restructuring, do those start to settle out of the model as we think forward into the out years?

顯然，這種利潤率框架還有很大的上升空間。您是否認為，隨著我們展望未來幾年，這些一次性現金項目和重組等因素會逐漸從模型中消失？

Yeah, absolutely, Joe. That's why I called them out because I very much think they're onetime kind of one-off items; and two, that I called out was the restructuring. And then obviously, as a part of the OSC PowerArtist, there is a gain, and so there's the tech on the gain but those are not recurring. And we're very much focused. That's a $700 million improvement year on year.

是的，沒錯，喬。所以我才指出這些問題，因為我認為它們只是一次性的偶發事件；其次，我指出的還有重組的問題。顯然，作為 OSC PowerArtist 的一部分，它具有增益功能，因此增益技術也很重要，但這些功能不會重複出現。我們非常專注。比前一年增加了7億美元。

We're very much focused on driving to that long-term commit of unlevered free cash flow in the mid-30s margin.

我們非常專注於實現長期目標，即無槓桿自由現金流利潤率達到 30% 左右。

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

Sassine, maybe a question for you, a little bit longer term, a little bit beyond fiscal '26. A lot of the pushback I'm hearing from the investment community on Synopsys and actually not just the synopsis, but in car EDA industry entire group is AI is doing very well, but the sector you're in continue to show -- I mean, continue to show deceleration, I would say, since 2022.

薩辛，或許我可以問你一個問題，這個問題要著眼於更長遠的未來，例如 2026 財年之後。我從投資界聽到很多對 Synopsys 的反對意見，其實不只是 Synopsys，而是整個汽車 EDA 產業。人工智慧發展得非常好，但你所在的行業自 2022 年以來持續放緩。

And it's kind of hard for a lot of folks to understand given you have all the exposures to all the players there, but the business didn't really turn up. And over the past few years, is that a monetization problem? And if yes, how do you plan to solve the monetization problem?

很多人很難理解，因為你接觸到了那裡的所有參與者，但生意並沒有真正好起來。過去幾年，這是否是一個獲利問題？如果答案是肯定的，您打算如何解決獲利問題？

Charles, if I understood your question correctly, when you look at the AI from a semiconductor road map development point of view, it continues on being very strong. if you're a hyperscaler and pretty much every hyperscaler, there they have three parts to satisfy their infrastructure buildout. They are buying merchant chips that engage in ASIC and pretty much each one of them, they have their own COT where the customer own tooling, where they're developing their own semiconductor chips.

查爾斯，如果我理解你的問題沒錯，從半導體發展路線圖的角度來看，人工智慧依然非常強勁。如果你是一家超大規模資料中心營運商（幾乎所有超大規模資料中心營運商都是如此），那麼他們需要三個部分來滿足基礎設施建設的需求。他們購買的是從事 ASIC 製造的商用晶片，而且幾乎每個商用晶片都有自己的 COT（客戶擁有自己的工具），他們自己開發半導體晶片。

And the reason they are counting on all 3, it's because of the optimization they need to do for different workloads from a cost and power consumption and the overall ownership of the consumption, it makes sense for them to have a strategy based on these three vectors.

他們之所以依賴這三個方面，是因為他們需要針對不同的工作負載進行最佳化，從成本、功耗和整體功耗控制等方面考慮，因此，制定基於這三個方面的策略對他們來說是有意義的。

From a Synopsis point of view, that's a great opportunity because remember, we don't sell based on volume. We sell based on chip start. So if the chip is coming from a merchant or coming from ASIC or the customer themselves building it, for us and the industry, that's an upside. So we don't see that changing actually, and we see these hyperscalers are doubling down on that strategy.

從 Synopsis 的角度來看，這是一個絕佳的機會，因為請記住，我們的銷售並非基於銷售量。我們以籌碼起始價進行銷售。所以，如果晶片來自商家、ASIC 或客戶自己製造，對我們和整個產業來說都是有利的。所以，我們實際上並沒有看到這種情況發生改變，而且我們看到這些超大規模資料中心營運商正在加倍投入這項策略。

Yes. So Sassine, maybe I should make my question clear because I think all the trends you described, I think that's pretty well understood. But at the same time, folks.

是的。所以薩辛，或許我應該把我的問題說清楚，因為我覺得你描述的所有趨勢，大家應該都比較了解了。但同時，各位。

So looking at your revenue growth, especially the EDA IP part, maybe not just the synopsis, but also Cadence and some of your peers this whole EDA/IP industry seems to have quite a bit of a deceleration, a growth deceleration over the last couple of years. So this is a kind of in the opposite way of semis, which have seen the very strong AI uplift.

因此，從你們的收入成長來看，特別是 EDA IP 部分，也許不僅僅是概要，還有 Cadence 和你們的一些同行，整個 EDA/IP 行業在過去幾年裡似乎出現了相當大的增速放緩。所以這與半導體產業的情況正好相反，半導體產業已經經歷了人工智慧帶來的強勁成長。

So kind of led us to kind of think maybe you -- what the problem you have is not exposure not that you don't have exposure to AI, but you have a little bit of difficulty to monetize. And I think one of the things you mentioned about maybe opening out a third avenue of monetization for IP business, basically getting into the royalty is the right direction, but we're still kind of curious what do you do about that on the EDA side. It has been a segment that's kind of growing in the single-digit range for a couple of years.

所以這讓我們覺得，也許你的問題不在於接觸人工智慧，而是如何將其變現。我認為你提到的關於為知識產權業務開闢第三條盈利途徑（即收取版稅）的一點是正確的方向，但我們仍然很好奇，在EDA方面，你們會如何處理這個問題。近幾年來，這個細分市場一直保持著個位數的成長速度。

It looks like it's going to be another single-digit growth year again.

看來今年又將是一個個位數成長的年份。

Yeah Charles, thank you for clarifying. Absolutely, as an industry, we can do better and capturing more value for the impact we're delivering to our customers. No question. Given the complexity of these chips, what these customers are building is not possible without Synopsys and the industry to deliver to the complexity of what we're building. If you look at it from an EDA point of view, the hardware part of EDA is growing at a pace that each year we're saying we're breaking the prior record.

是的，查爾斯，謝謝你的解釋。當然，作為一個產業，我們可以做得更好，為我們為客戶帶來的影響創造更多價值。毫無疑問。鑑於這些晶片的複雜性，如果沒有 Synopsys 和整個行業提供滿足我們所構建的複雜性的產品，這些客戶正在構建的產品是不可能實現的。從EDA的角度來看，EDA的硬體部分正在以每年打破前一個記錄的速度成長。

And so customers are willing to pay in order to deal with that complexity.

因此，客戶願意付費來應對這種複雜性。

On the EDA software, there is a challenge in terms of the inflection point of monetization. From a Synopsis perspective, every one of these advanced customers are looking for the joint solutions between Ansys and Synopsys. That's an opportunity 1 plus 1 to be greater than to as we move to a different workflow for agenetic AI, that's another opportunity for the industry to rethink how do we sell that solution. From an IP standpoint, the conversations are happening. And that's why when we talked about it 90 days ago, we were talking about it from a position of strength and an opportunity that those customers are expecting and wanting to engage differently.

在EDA軟體方面，貨幣化拐點是一項挑戰。從 Synopsys 的角度來看，所有這些高階客戶都在尋求 Ansys 和 Synopsys 的聯合解決方案。隨著我們向基因人工智慧的不同工作流程邁進，這是一個「1+1大於2」的機會，這也是該行業重新思考如何銷售該解決方案的另一個機會。從智慧財產權的角度來看，相關對話正在進行中。正因如此，90 天前我們談到這個問題時，我們是從優勢地位出發，認為這是一個客戶期望並希望以不同方式參與其中的機會。

And we're having the right conversations right now to say we're happy to do it but we need a different monetization upside for these engagements. So good observation charts, and I hope my -- the way I'm describing where we've been, where we are, where we're going, it's giving you confidence and shedding some light to it.

我們現在正在進行正確的對話，表明我們很樂意這樣做，但我們需要為這些互動找到不同的獲利模式。所以，這些觀察圖表很好，我希望我——我描述我們過去、現在和未來方向的方式，能夠帶給你信心，並闡明一些問題。

Ruben Roy, Stifel.

魯本·羅伊，斯蒂費爾。

Thank you. Sassine, you spent a lot of time talking about China. But I do have one question on sort of where you are with China revenue, still meaningful exit rate around 10% of overall revenue. And I'm wondering if you could talk about the mix there and if the headwinds that you're sort of seeing in the pragmatism is across the mix? Meaning, is it core EDA plus IT plus hardware and Ansys? Or are there specific areas that you're more concerned about as you think about this year or even longer term relative to China?

謝謝。薩辛，你花了很多時間談論中國。但我確實有一個關於你們中國市場收入的問題，目前中國市場的退出率仍然佔總收入的 10% 左右。我想請您談談其中的混合情況，以及您在實用主義方面看到的阻力是否也存在於整個混合情況中？也就是說，它是否包含核心EDA、IT、硬體和Ansys？或者，就今年甚至更長遠的未來而言，您更關注中國的一些特定領域嗎？

And I guess I'm trying to get to -- is this a reasonable floor once you get past maybe some of the IP issues that you have there? Or are there other shoes to maybe drop in China as we think about the longer-term model?

我想問的是──在解決了你們遇到的一些智慧財產權問題之後，這個價格是否算是合理的底線？或者，當我們考慮長期模式時，中國是否還有其他需要解決的問題？

Yeah. Thank you, Ruben. I want to clarify, and I know Shelagh mentioned it in her prepared remarks, the Synopsys Classic had a decline in China. The Ansys portfolio performed fairly well in China because they sell to a very broad market that is not restricted, and we believe a lot of those customers will continue on seeing the value in the legacy Ansys portfolio, and that will continue on growing.

是的。謝謝你，魯本。我想澄清一下，我知道謝拉格在她的準備好的發言稿中提到過，Synopsys Classic 在中國市場銷量下滑了。Ansys 產品組合在中國表現相當不錯，因為他們面向的是一個非常廣泛的市場，不受限制，我們相信很多客戶會繼續看到 Ansys 傳統產品組合的價值，而且這種價值還會繼續增長。

On the classic Synopsis side, what we're facing in China is primarily our inability to sell to our -- to the market that needs the most advanced solution. And you're familiar, not only with entity list, but with technology restrictions from a synopsis standpoint, where it impacts us the most is in IP, given the proportion of our business and our leadership in IP, not only in China broadly, but in China that has a fairly big impact on Synopsys.

就 Synopsis 的傳統業務而言，我們在中國面臨的主要問題是無法將產品銷售給——銷售給需要最先進解決方案的市場。您不僅熟悉實體清單，而且從概要的角度來看，您也熟悉技術限制，而這些限制對我們影響最大的是知識產權，因為知識產權在我們業務中所佔的比例以及我們在知識產權領域的領先地位，不僅在中國整體上，而且在中國，這對 Synopsys 產生了相當大的影響。

From EDA in general, as I answered that earlier, we're not losing share to our standard or the peers that you think about when we're losing share in China are for customers, our industry cannot sell to. And therefore, there's an erosion that is happening on the EDA side on customers that we cannot deliver or support due to entity restriction or technology. So we believe we have derisked in our guide for '26. And of course, when you pass '26 and assuming the environment is the same, meaning no additional restrictions, then the comps get easier in terms of comparing year over year.

從EDA的角度來看，正如我之前回答的那樣，我們並沒有因為與我們的標準或同行的競爭而失去市場份額。你認為我們在中國失去市場份額是因為我們的客戶，而我們這個行業無法向他們銷售產品。因此，由於實體限製或技術原因，我們無法向 EDA 客戶交付或提供支持，導致 EDA 客戶群萎縮。因此，我們認為我們在 2026 年的指導方針中降低了風險。當然，到了 2026 年，假設環境相同，沒有其他限制，那麼逐年比較就會變得容易。

And everyone, that does conclude our question-and-answer session. I would like to hand the conference to Tushar Jain for any additional or closing remarks.

各位，我們的問答環節到此結束。我謹將會議交給圖沙爾‧賈恩先生，請他作補充或總結發言。

Thank you all for joining the call. We look forward to talking to you during the quarter and meeting you at CES. Lisa, you can go and close this out. Thanks.

感謝各位參與通話。我們期待在本季與您交流，並期待在CES上與您見面。麗莎，你可以去結束這個任務了。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

And once again, everyone, that does conclude today's conference. Thank you all for your participation today. You may now disconnect.

再次向各位致謝，今天的會議到此結束。感謝各位今天的參與。您現在可以斷開連線了。