新思科技 (SNPS) 2026 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Synopsys earnings conference call for the first quarter fiscal year 2026. (Operating 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 Synopsys 2026 財年第一季財報電話會議。（操作說明）今天的通話將持續一小時。再次提醒，今天的通話將會被錄音。

At this time, I would like to turn the conference over to Tushar Jain, Head of Investor Relations. Please go ahead.

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.

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。

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

此外，我們將在討論中提及某些非GAAP財務指標。有關與最直接可比較的 GAAP 財務指標的調節表和補充財務信息，請參閱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 表格。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。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.

接下來，我將把電話交給薩辛·加齊。

Good afternoon. We're off to a strong start as we enter our 40th anniversary year with an expanded portfolio leadership positions across the business and the most compelling road map in our history.

午安.在我們邁入成立 40 週年之際，我們取得了強勁的開局，在業務的各個方面都擁有了更廣泛的領導地位，並製定了公司歷史上最令人振奮的發展路線圖。

In Q1, we achieved revenue at the high end of our guidance and non-GAAP EPS exceeded guidance. 2025 was a year that transformed the company. 2026 is the year we begin delivering on the technology promise of Synopsys plus Ansys. Let me take a few minutes to address market trends shaping our opportunity and provide some highlights from the quarter. After that, Shelagh will take you through the financials in more detail.

第一季度，我們的營收達到了預期上限，非GAAP每股盈餘也超出預期。 2025年是公司轉型的一年。 2026年，我們將開始兌現Synopsys和Ansys的技術承諾。請容許我花幾分鐘時間談談影響我們機會的市場趨勢，並介紹本季的一些亮點。之後，謝拉格將更詳細地向你介紹財務狀況。

First, the market trends, starting with AI. We continue to see a tale of two markets. On the one hand, the multitrillion-dollar AI infrastructure build-out continues unabated, that's driving system level and semiconductor R&D with continued robust design start activity for AI compute.

首先，我們來看看市場趨勢，從人工智慧開始。我們繼續看到市場呈現兩極化的局面。一方面，數萬億美元的人工智慧基礎設施建設仍在持續進行，這推動了系統級和半導體研發，並帶動了人工智慧運算領域持續強勁的設計啟動活動。

At the same time, design starts in markets like consumer, automotive, and industrial remains subdued despite signals of modest recovery. AI's rapid progress is also prompting healthy debate about whether it will disrupt established software companies.

同時，儘管有跡象顯示消費品、汽車和工業等市場正在溫和復甦，但設計業務仍低迷。人工智慧的快速發展也引發了關於它是否會顛覆現有軟體公司的熱烈討論。

Let me explain why we're different. Our deep tech solutions power the world's most complex engineering efforts. Synopsys decades of deep domain expertise, proprietary code basis and solvers, and native foundry design technology co-optimization, deliver optimal, deterministic, silicon-proven results that probabilistic AI models do not replicate.

讓我解釋一下我們之間的差異。我們先進的技術解決方案為世界上最複雜的工程專案提供動力。Synopsys 憑藉數十年的深厚領域專業知識、專有程式碼基礎和求解器，以及原生晶圓代工設計技術協同優化，可提供最佳的、確定性的、經過矽驗證的結果，而機率性 AI 模型無法複製這些結果。

While AI will transform engineering software, Synopsys is already leading that transformation. We're pioneering AI-driven design capabilities in our products that deliver orders of magnitude, productivity gains for our customers and pave the way for agent engineers with increasing levels of autonomy.

人工智慧將改變工程軟體，而 Synopsys 已經引領了這項變革。我們正在產品中率先應用人工智慧驅動的設計功能，為客戶帶來數量級的生產力提升，並為具有更高自主性的智慧體工程師鋪路。

One highlight among many this quarter were receiving World Economic Forum honors for our work with AMD to advance AI accelerated chip design. AI isn't disrupting our business. It's amplifying our strategic advantage.

本季眾多亮點之一是，我們因與 AMD 合作推動 AI 加速晶片設計而獲得世界經濟論壇的表彰。人工智慧並沒有對我們的業務造成乾擾。它正在增強我們的戰略優勢。

Another market trend and tailwind for Synopsys is the engineering transformation away from physical testing towards digital wins to build smarter, more connected products at pace and at scale, companies are investing in advanced design automation, simulation, and digital twins as a competitive imperative. There is incredible demand for silicon to system solutions that can enable holistic software hardware co-design to accelerate, de-risk, and reduce the cost of building AI-powered products.

Synopsys 的另一個市場趨勢和利好因素是工程技術從實體測試向數位轉型，以更快的速度和更大的規模建立更智慧、更互聯的產品，各公司正在投資先進的設計自動化、模擬和數位孿生技術，將其視為競爭的必然要求。市場對能夠實現整體軟硬體協同設計的矽晶片系統解決方案有著巨大的需求，這種方案可以加速、降低風險並減少人工智慧產品的開發成本。

Our combined Synopsys plus Ansys portfolio is increasingly mission-critical to the innovation of industries spanning semiconductors, aerospace, mobility, energy, and advanced manufacturing. We'll have a lot more to say about this in a couple of weeks at our Synopsys Converge Conference.

Synopsys 和 Ansys 的合併產品組合對於半導體、航空航太、行動出行、能源和先進製造等產業的創新而言，正變得越來越至關重要。我們將在幾週後的 Synopsys Converge 大會上對此進行更詳細的闡述。

Turning to Q1 business highlights. The global Synopsys team executed well against the backdrop of continued geopolitical and macro uncertainty as China headwinds persist.

接下來回顧第一季業務亮點。儘管地緣政治和宏觀經濟持續存在不確定性，且中國帶來的不利因素依然存在，但 Synopsys 全球團隊在這樣的背景下表現出色。

Let me share some segment highlights from the quarter. First, Design Automation. We saw continued strength in hardware with major competitive wins at both new and existing customers. including a marquee emulation win versus the incumbent at a leading AI/HPC customer. With growing demand for software-defined, configurable systems supporting both emulation and prototyping as well as a strong 2026 road map, we are well-positioned to capture the expanding digital twin opportunity across industries.

讓我來分享本季的一些亮點。首先是設計自動化。我們在硬體方面持續保持強勁勢頭，在與新舊客戶的競爭中均取得了重大勝利，其中包括在一家領先的 AI/HPC 客戶中擊敗現有供應商，贏得了一項標誌性的仿真解決方案。隨著對支援模擬和原型設計的軟體定義、可配置系統的需求不斷增長，以及強勁的 2026 年路線圖，我們已做好充分準備，抓住各行業不斷擴大的數位孿生機會。

In EDA, we also saw sustained momentum across three trends. First, the application of AI across the stack. Major semi and hyperscale customers using Synopsys.ai have seen up to 50% faster knowledge assistance, up to 70% faster workflow assistance and up to 5x faster formal test bench generation. Our agent engineered technology is advancing rapidly, and we have several customer engagements underway with agents across design and verification.

在EDA中，我們也看到了三大趨勢的持續發展動能。首先，人工智慧在整個技術堆疊中的應用。使用 Synopsys.ai 的主要半導體和超大規模客戶已經體驗到知識協助速度提升高達 50%，工作流程協助速度提升高達 70%，正式測試平台產生速度提升高達 5 倍。我們的代理工程技術正在快速發展，我們正在與代理商開展多項客戶合作，涵蓋設計和驗證方面。

Second, leadership in multi-die. Multi-die momentum accelerated as leading semiconductor and foundry customers adopted Synopsys' 3DIC Compiler platform. leveraging automation and AI-driven optimization with our industry-leading multi-physics analysis tools to improve signal and power integrity quality of results, enhance thermal efficiency, and speed up design convergence.

第二，多模具領域的領導力。隨著領先的半導體和代工廠客戶採用 Synopsys 的 3DIC Compiler 平台，多晶片發展動能加速。該平台利用自動化和 AI 驅動的最佳化，結合我們業界領先的多物理場分析工具，可以提高訊號和電源完整性結果的質量，增強熱效率，並加快設計收斂速度。

And third, sustained design win momentum at advanced nodes with our digital flow including Fusion Compiler and PrimeTime achieving 100% usage on critical tape-outs at 2 nanometer and below.

第三，憑藉我們的數位流程（包括 Fusion Compiler 和 PrimeTime），我們在先進節點上保持了持續的設計成功勢頭，在 2 奈米及以下的關鍵流片中實現了 100% 的使用率。

Moving to Ansys, which delivered a strong Q1 performance driven by robust demand for system level, digital engineering, multi-physics simulation, and AI-enabled design flows. We won large multiyear agreements across aerospace, hyperscale, industrial, and automotive.

轉而使用 Ansys，該公司在第一季取得了強勁的業績，這得益於對系統級、數位工程、多實體場模擬和 AI 賦能的設計流程的強勁需求。我們在航空航太、超大規模應用、工業和汽車領域贏得了多個多年期大型協議。

With Ansys as part of Synopsys, we now support more than 90% of the top 100 automotive suppliers. And at CES in January, we showcased how AI-driven simulation is helping customers like Audi reduce physical prototyping and shortened development cycles. Our confidence in this business is only increasing as global demand for electrification, autonomy, digital twins, advanced semiconductor design, and mission engineering remains resilient and expanding.

隨著 Ansys 成為 Synopsys 的一部分，我們現在為排名前 100 的汽車供應商中的 90% 以上提供支援。在 1 月的 CES 展會上，我們展示了人工智慧驅動的模擬技術如何幫助像奧迪這樣的客戶減少實體原型製作，縮短開發週期。隨著全球對電氣化、自主化、數位孿生、先進半導體設計和任務工程的需求持續強勁增長，我們對這項業務的信心也與日俱增。

Turning to design which performed in line with expectations. As we've said, 2026 is a transitional year for the IP business and we're focused on aligning the fastest-growing segments of the silicon market. We're making progress on this front. The planned sale of our processor IP solutions business to Global Foundries sharpens our focus on extending our leadership positions in interconnect and foundation IP. As interconnect standards evolve at an unprecedented pace, customers count on Synopsys' one generation ahead approach. And in Q1, we saw continued strong demand for high-speed protocol IP.

轉向符合預期的設計。正如我們所說，2026 年是 IP 業務的過渡之年，我們專注於協調矽市場中成長最快的部分。我們在這方面取得了進展。計劃將我們的處理器 IP 解決方案業務出售給 Global Foundries，這將使我們更加專注於擴大我們在互連和基礎 IP 領域的領先地位。隨著互連標準的快速發展，客戶信賴 Synopsys 領先一代的技術。第一季度，我們看到對高速協定 IP 的需求依然強勁。

We achieved more than 40 PCIe design wins in the quarter with HPC and automotive customers. achieved an industry-first demonstration of PCIe 8.0, and established first-to-market position with our 224 gig SERDES on advanced nodes and leading foundries with 10 lifetime wins.

本季度，我們與高效能運算和汽車行業的客戶達成了超過 40 個 PCIe 設計訂單。我們實現了業界首個 PCIe 8.0 的演示，並憑藉在先進工藝節點和領先代工廠上推出的 224G SERDES，在市場中佔據了領先地位，贏得了 10 個終身訂單。

We continue to expect muted FY26 growth in with sequential improvement given our road map and sales pipeline. Longer term, several industry trends give us conviction in the growth trajectory of the business. This includes the global expansion of foundries and accelerated node transitions, standards advancing at unprecedented pace and increasing demand for chiplets and subsystems.

我們仍預期 2026 財年成長將較為溫和，但鑑於我們的發展路線圖和銷售管道，將逐步改善。從長遠來看，一些產業趨勢讓我們對公司的發展軌跡充滿信心。這包括晶圓代工廠的全球擴張和節點過渡的加速，標準的以前所未有的速度發展，以及對晶片和子系統的需求不斷增長。

Our 40th anniversary year is off to a great start with operational excellence, financial discipline, and the most competitive compelling road map ever. Our priority for FY26 remains on driving sustainable growth and margin expansion by advancing our technology leadership with holistic integrated silicon to system engineering solutions by pioneering a e-driven engineering and focusing our IP portfolio for growth. And efficiently scaling to accelerate our strategy.

我們迎來了40週年慶典，開局良好，營運卓越，財務紀律嚴明，並製定了有史以來最具競爭力和吸引力的發展路線圖。2026 財年，我們的首要任務仍然是透過推進我們的技術領先地位，提供從整體整合矽到系統工程解決方案，從而推動永續成長和利潤率擴張。我們將率先採用電子驅動工程技術，並專注於我們的 IP 組合以實現成長。並有效率地擴大規模，以加速我們的策略。

The access integration is well underway. It's great how our teams have come together at pace to solve engineering's biggest challenges. We'll have a lot more to say and show at Synopsys Converge in March, and I look forward to seeing many of you there.

接入整合工作進展順利。我們的團隊能夠如此迅速地團結起來，共同解決工程領域最大的挑戰，這真是太棒了。我們將在三月的 Synopsys Converge 大會上公佈更多內容和展示更多成果，期待在那裡見到大家。

Now, over to Shelagh.

現在，請謝拉格發言。

Thank you, Sassine. As Sassine noted, Q1 '26 marked a strong start to the year with revenue at the upper end of our guided range non-GAAP operating margin of 42.1% and non-GAAP EPS above guidance. These results reflect strong execution and financial discipline across the business. Backlog ended at $11.3 billion, underscoring our strong and resilient business model. As a result, we are reiterating our full-year revenue, non-GAAP operating margin, and cash flow guidance while raising our non-GAAP EPS guidance for the full year.

謝謝你，薩辛。正如薩辛所指出的，2026 年第一季標誌著今年的強勁開局，收入達到我們預期範圍的上限，非 GAAP 營業利潤率為 42.1%，非 GAAP 每股收益也高於預期。這些績效反映了公司各部門強大的執行力和財務紀律。積壓訂單總額達到 113 億美元，凸顯了我們強大且富有韌性的商業模式。因此，我們重申全年營收、非GAAP營業利潤率和現金流預期，同時提高全年非GAAP每股收益預期。

I'll now review our first-quarter results. All comparisons are year over year unless otherwise stated. As a reminder, our Q1 '25 compares include the Optical Solutions Group, which was divested in Q4 '25. We generated total revenue of $2.41 billion coming in at the high end of our guidance, primarily due to the timing of Ansys deals. Ansys revenue was approximately $886 million, reflecting our leadership simulation and analysis portfolio and exceptional execution in the seasonally strong quarter.

接下來我將回顧我們第一季的業績。除非另有說明，所有比較均為同比比較。提醒一下，我們 2025 年第一季的比較數據包括光學解決方案集團，該集團已於 2025 年第四季剝離。我們實現了 24.1 億美元的總收入，達到了我們預期的高端水平，這主要歸功於 Ansys 交易的時機。Ansys 的營收約為 8.86 億美元，這反映了我們在模擬和分析產品組合方面的領先地位以及在季節性強勁季度中的出色表現。

Geographically, China grew approximately 21% year over year due to the inclusion of Ansys. Excluding Ansys, China revenue declined slightly year over year, consistent with our outlook.

從地理上看，由於 Ansys 的加入，中國年增約 21%。剔除 Ansys 的數據，中國市場營收年比略有下降，與我們的預期一致。

Total GAAP costs and expenses were $2.2 billion, Total non-GAAP costs and expenses were $1.4 billion at the low end of our guided range due to timing, resulting in non-GAAP operating margin of 42.1%. GAAP earnings per share were $0.34. Non-GAAP earnings per share were $3.77, coming in ahead of expectations on revenue and expense timing as well as lower net other and interest expense.

GAAP 總成本和費用為 22 億美元，非 GAAP 總成本和費用為 14 億美元，處於我們預期範圍的下限，這是由於時間安排的原因，導致非 GAAP 營業利潤率為 42.1%。GAAP每股收益為0.34美元。非GAAP每股收益為3.77美元，由於收入和支出時間表以及淨其他支出和利息支出較低，均超出預期。

Now on to our segments. Design Automation segment revenue was approximately $2 billion. In addition to strengthen Ansys, the segment saw strong growth in hardware-assisted verification, partially offset by the Optical Solutions Group divestiture. Design Automation adjusted operating margin was 47.3%.

接下來進入我們的環節。設計自動化業務部門的收入約為20億美元。除了加強 Ansys 之外，該部門在硬體輔助驗證方面也實現了強勁成長，但部分成長被光學解決方案集團的剝離所抵消。Design Automation 調整後的營業利益率為 47.3%。

Design IP segment revenue was $407 million, down approximately 6% year over year and flat sequentially. We continue to expect fiscal year '26 to be a transitional year for the business as our IP road map continues to make steady progress. Design IP adjusted operating margin was 16.2%. Free cash flow was approximately $822 million in Q1, and we ended the quarter with cash and short-term investments of $2.2 billion.

設計智慧財產權業務收入為 4.07 億美元，年減約 6%，較上季持平。我們仍預計 2026 財年將是公司業務的過渡年，因為我們的智慧財產權路線圖將繼續穩步推進。設計智慧財產權調整後的營業利益率為 16.2%。第一季自由現金流約 8.22 億美元，季末現金及短期投資總額為 22 億美元。

Total debt at the end of Q1 was $10 billion. We have repaid the entirety of the $4.3 billion term loan, consistent with our commitment last quarter.

第一季末總債務為100億美元。我們已償還全部 43 億美元的定期貸款，與上個季度的承諾一致。

Now to guidance. Our full-year targets are: total revenue of $9.56 billion to $9.66 billion. We continue to expect Ansys revenue contribution of $2.9 billion at the midpoint, growing double digits. Total GAAP costs and expenses between $8.46 billion and $8.60 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; GAAP earnings of $2.21 to $2.62 per share, non-GAAP earnings of $14.38 to $14.46 per share, up $0.06 from prior guidance due to lower net other and interest expense in Q1. We still expect cash flow from operations of approximately $2.2 billion and CapEx of approximately $300 million, resulting in free cash flow of approximately $1.9 billion.

現在進入指導環節。我們的全年目標是：總收入達到 95.6 億美元至 96.6 億美元。我們仍預期 Ansys 的營收貢獻為 29 億美元（取中間值），實現兩位數成長。GAAP 總成本和費用在 84.6 億美元至 86 億美元之間；非 GAAP 總成本和費用在 56.9 億美元至 57.5 億美元至 86 億美元之間；非 GAAP 總成本和費用在 56.9 億美元至 57.5 億美元至 86 億美元之間；非 GAAP 總成本和費用在 56.9 億美元至 57.5 億美元至 86 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%；GAAP 每股收益為 2.21 美元至 2.62 美元，非 GAAP 每股收益為 14.38 美元之前的預期0.06 美元，原因是第一季其他淨支出和利息支出減少。我們仍預期經營活動產生的現金流約為 22 億美元，資本支出約為 3 億美元，產生約 19 億美元的自由現金流。

With the term loans fully paid off and a strong cash position, our Board of Directors has replenished our existing stock repurchase program with authorization to purchase up to $2 billion of our common stock. Our capital allocation priority will continue to be investing in the business with flexibility to opportunistically repurchase shares while paying down debt.

由於定期貸款已全部償還，且現金狀況良好，董事會已批准補充現有股票回購計劃，可購買高達 20 億美元的普通股。我們的資本配置重點將繼續放在投資業務上，同時靈活地抓住機會回購股票，並償還債務。

Now to targets for the second quarter. Total revenue between $2.225 billion and $2.275 billion, total GAAP costs and expenses between $2.02 billion and $2.085 billion, total non-GAAP costs and expenses between $1.38 billion and $1.41 billion, GAAP earnings of $0.23 to $0.43 per share, and non-GAAP earnings of $3.11 to $3.17 per share. Our press release and financial supplement includes additional targets and GAAP to non-GAAP reconciliations.

接下來是第二季的目標。總收入在 22.25 億美元至 22.75 億美元之間，GAAP 總成本和費用在 20.2 億美元至 20.85 億美元之間，非 GAAP 總成本和費用在 13.8 億美元至 14.1 億美元之間，GAAP 每股收益為 0.23 美元至 10.53 美元至 43.53 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。

In conclusion, 2026 is off to a strong start, and we're executing to the priorities we've laid out at the beginning of the year. With our broad leadership portfolio, expansive market opportunity, and technology trends that play to our strength, we are focused on executing with financial discipline as we solve our customers' biggest engineering challenges from silicon to systems.

總之，2026 年開局良好，我們正在執行年初制定的各項優先事項。憑藉我們廣泛的領導地位、廣闊的市場機會以及有利於我們優勢的技術趨勢，我們專注於以嚴謹的財務紀律解決客戶從晶片到系統的最大工程挑戰。

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

這樣，我就把電話交給接線生回答問題了。

(Operating Instructions) Charles Shi, Needham & Company.

（操作說明）Charles Shi，Needham & Company。

Hi, thanks for taking my question. So the first one I want to dig a little bit more into the IP segment. Thanks for the commentary muted growth for the year, but sequential improvement from here. For the remainder of the year, but it does look to me that the second half IP revenue should see some pickup. I'm not questioning you that you're not going to deliver that. But I think going back a couple of years, you talk about visibility in some development milestone based IP revenues probably coming from some of the foundry customers, but that part of the business is going away. So wondering what is the confidence on the second half IP business, the pickup?

您好，感謝您回答我的問題。所以，首先我想更深入地探討IP領域。感謝您的評論，今年的成長較為平淡，但從現在開始會逐步改善。但就今年剩餘時間而言，我認為下半年的智慧財產權收入應該會回升。我並不是質疑你可能無法完成這件事。但我覺得，回顧幾年前，你可能會提到一些基於開發里程碑的智慧財產權收入的可見性，這些收入可能來自一些代工廠客戶，但那部分業務正在消失。那麼，大家對下半年知識產權業務的復甦情況有多大信心呢？

And maybe I can ask a second question after this. Thank you.

之後我或許可以問第二個問題。謝謝。

Yeah, sure, Charles. The confidence in our IP business is driven by the design starts. As I mentioned in the prepared remarks, for the AI segment, the design start remain very robust. And that's where we engage the customers early and have the opportunity to sell the IP as a portfolio with the various needs that this customer has. And we have an advantage in these situations, given the breadth of the portfolio. So that's one aspect.

當然可以，查爾斯。我們對智慧財產權業務的信心源自於設計啟動。正如我在準備好的演講稿中提到的，對於人工智慧領域而言，設計起點仍然非常穩健。因此，我們可以儘早與客戶接觸，並有機會根據客戶的各種需求，將智慧財產權作為一個組合進行銷售。鑑於我們投資組合的廣泛性，我們在這些情況下具有優勢。這是其中一個面向。

The other aspect that has changed over the last number of years is the pace and time in which these tenders are evolving, where historically the standard life used to be three to four years. Right now, it's about half that time. And the reason for that is the increased need for higher bandwidth, lower power, et cetera, standard.

過去幾年發生改變的另一個面向是這些招標的進展速度和時間，而歷史上標準週期為三到四年。現在，時間大約是原來的一半。原因是人們對更高頻寬、更低功耗等標準的需求不斷增長。

The last point we're seeing and observing is are customers looking for foundry optionality, and given the Synopsys portfolio is across multiple foundries, with all of that is giving us that confidence.

我們觀察到的最後一點是，客戶正在尋求代工廠的選擇權，鑑於 Synopsys 的產品組合涵蓋多家代工廠，所有這些都讓我們對此充滿信心。

Now, as far as the second half as we have communicated a number of -- a couple of quarters ago, that we have some work to do on some of the schedule on delivering on a few of the titles, and we're on track to deliver to that with an expectation that we'll be able to monetize toward the latter part of the year.

至於下半年，正如我們幾個季度前多次溝通的那樣，我們需要在一些專案進度安排上做一些工作，我們正按計劃推進，預計今年下半年就能實現盈利。

Yeah. And I would just add on, Charles, that the availability that Sassine talked about is a little bit more Q4 weighted.

是的。查爾斯，我還要補充一點，薩辛提到的供貨情況更集中在第四季。

Okay. A little bit Q4 weighted. Thanks. Maybe a follow-up question. We're also seeing -- I think in the past, you talked about not having the right resources to capture some of the IP opportunity because of -- there was a little bit of focus probably on the foundry side of the customer, but some of the hyperscalers probably needs a little bit more handholding. Wondering if you can give us a little bit of update other than -- I think that you talked about some work will be delivered in the second half of the year. But any sort of update on that front, that would be great. Thank you.

好的。第四季權重略高。謝謝。或許可以問個後續問題。我們也看到——我想你過去曾說過，由於——可能有點過於關注代工廠客戶，導致我們沒有足夠的資源來抓住一些智慧財產權機會，但一些超大規模企業可能需要更多的指導。想知道除了您之前提到的下半年會有一些工作成果交付之外，您能否再給我們提供一些最新進展？但這方面的最新消息都將不勝感激。謝謝。

Yeah, Charles, to be clear, we absolutely have the right skills. And what we have communicated, it was a prioritization of some of these skills to deliver on the schedule required for some of these hyperscalers.

是的，查爾斯，說清楚點，我們絕對具備所需的技能。我們已經傳達的訊息是，為了按時交付給一些超大規模資料中心，我們需要優先考慮其中的一些技能。

And again, it's not a question of do we have the right people with the right skill set and understanding, knowing what we want to build. Those are things that we absolutely do have. It was putting the right resources and priority of the resources to deliver on time and schedule for these titles, and that's exactly what we're doing. And I feel great actually about the progress that we're making on our road map and schedule to deliver to these opportunities.

再說一遍，這不是我們是否擁有合適的人才，具備合適的技能和理解力，知道我們想要建構什麼的問題。這些東西我們確實都有。關鍵在於投入正確的資源並合理分配資源，以按時按計劃交付這些作品，而這正是我們正在做的。事實上，我對我們在實現這些機會的路線圖和進度安排方面取得的進展感到非常滿意。

Gary Mobley, Loop Capital Markets.

Gary Mobley，Loop Capital Markets。

Thank you so much for taking my question. Maybe this is a question for Shelagh. But I noticed the RPOs are down modestly on a sequential basis. And it's clear that the fourth quarter of last year was a strong bookings quarter. So maybe if you could speak to the seasonality of the bookings as you see it on both for the balance of this fiscal year and in general, talk about the renewal activity on the EDA side and the simulation software sides of the businesses.

非常感謝您回答我的問題。或許這個問題應該要問謝拉格。但我注意到，RPO 環比略有下降。很明顯，去年第四季是預訂量強勁的一個季度。所以，您能否談談您觀察到的本財年剩餘時間和整體預訂量的季節性變化，以及EDA業務和仿真軟體業務的續約情況？

Well, as you know, it's an ebb and flow of building and consuming backlog, we feel great. We are sitting at $11.3 billion of backlog. So we've got a strong understanding of what our customer demands are and what we need to deliver to them. And as you said, just kind of ebbs and flows with renewal timing. So there's nothing there's nothing about backlog that does anything other than give us confidence sitting at $11.3 billion.

如你所知，積壓工作的建立和消耗是一個有起有落的過程，我們感覺很好。我們目前積壓的訂單金額高達113億美元。因此，我們對客戶的需求以及我們需要為他們提供什麼有了深刻的了解。正如你所說，更新時間會有起伏變化。所以，積壓訂單除了讓我們對目前 113 億美元的訂單量充滿信心之外，沒有其他作用。

Okay. If I could just ask a quick follow-up, on the verification and hardware side of the business, how do you see the product cycle of ZeBu and perhaps 200 playing out for the balance of the year in comparison to last year, and where are we at in terms of the product cycle strength?

好的。如果我能再快速問一個後續問題，關於業務的驗證和硬體方面，您認為 ZeBu 以及或許 200 的產品週期在今年剩餘時間裡與去年相比會如何發展，以及我們在產品週期實力方面處於什麼階段？

Yeah. So exactly what you pointed out. We have two parts of our hardware portfolio. We have ZeBu and HAPS. And we introduced the EP family, which is an emulation prototyping, which is a hybrid that provides our customers the flexibility to achieve the highest performance that is needed for software development as well as the ability to verify the function of the chip.

是的。正如你所指出的。我們的硬體產品組合分為兩部分。我們有ZeBu和HAPS。我們推出了 EP 系列，它是一種模擬原型，也是一種混合型產品，它為我們的客戶提供了實現軟體開發所需的最高性能的靈活性，以及​​驗證晶片功能的能力。

We had a record year last year. And it was following a number of other record years, and we have an expectation for that business to continue on delivering to such expectations given the demand and complexity that our customers are driving that requires both a ZeBu, HAPS, EP system, and we have a number of use cases today that we're leading the market in terms of technology differentiation there.

去年我們取得了創紀錄的業績。先前我們已連續多年創下業績紀錄，鑑於客戶的需求和複雜性，我們期望該業務能夠繼續滿足這些期望，因為客戶需要 ZeBu、HAPS 和 EP 系統，而我們目前有很多應用案例，在技術差異化方面處於市場領先地位。

Jay Vleeschhouwer, Griffin Securities.

Jay Vleeschhouwer，格里芬證券。

Thank you, and good evening. Sassine, the first question for you and perhaps somewhat technical. You began your remarks by noting how AI could be variously constructive to your business rather than disruptive. And I'd happy to agree with that. But I'd like to ask about three ingredients that you might have to execute upon to make sure that continues to be the case.

謝謝，晚上好。薩辛，第一個問題可能有點技術性。您在發言開始時指出，人工智慧可以對您的業務產生各種建設性影響，而不是造成破壞性影響。我非常贊同這一點。但我想問的是，為了確保這種情況持續下去，你可能需要落實以下三個要素。

We hear a lot, for example, about orchestration requirements across agentic AI. I think that's probably going to pertinent to EDA as well or engineering software broadly. Secondly, data repository across a broad apps portfolio that you now have. And then finally, traceability, particularly for simulation, but also more broadly.

例如，我們經常聽到關於智慧體人工智慧的編排要求。我認為這也可能適用於EDA或更廣泛的工程軟體領域。其次，您現在擁有的廣泛的應用程式組合的資料儲存庫。最後是可追溯性，特別是對於模擬而言，但在更廣泛的意義上也是如此。

I know it's a little technical for a call like this, but perhaps in so far as those are, I think, critical ingredients, maybe talk about your capabilities there? And then the follow-up to Shelagh.

我知道在這樣的通話中談論這些技術性問題有點奇怪，但考慮到這些我認為是關鍵要素，或許可以談談您在這方面的能力？然後是謝拉格的後續報導。

Yeah, Jay, thank you for the question. If you recall, last year at Converge, we put our road map for agent engineers. And in that road map, we mapped out L1 through 5, where L1 think of it as a reinforcement learning applied to every aspect of the technology that we offer; in L2, where we have what we call the task agent; in L3, into orchestration of these agents; and L4 into the planning, et cetera, into a full autonomy of orchestration where the human engineer will be dramatically augmented and the workflow will change on how to design the chip.

是的，傑伊，謝謝你的提問。如果你還記得的話，去年在 Converge 大會上，我們公佈了代理工程師的發展路線圖。在該路線圖中，我們規劃了 L1 到 L5，其中 L1 可以理解為將強化學習應用於我們提供的技術的各個方面；L2 中，我們有所謂的任務代理；L3 中，是對這些代理的編排；L4 中，是規劃等等，最終實現完全自主的編排，屆時人類工程師的能力將得到增強流程設計。

Now, what stitches all of that together is a visibility and continuum of data, exactly the second point that you're mentioning. And then, of course, the traceability, visibility into the accuracy of the verification because at the end of the day, what we do, our agents cannot hallucinate. They have to be 100% accurate as you move to the next phase and the following phase of the workflow.

現在，將所有這些聯繫起來的是數據的可見性和連續性，這正是你提到的第二點。當然，還有可追溯性，以及對驗證準確性的可見性，因為歸根結底，我們所做的一切，我們的代理人都不能憑空想像。在進入工作流程的下一階段和後續階段時，它們必須 100% 準確。

We have a number of the tasks agents and we have multiple orchestration layer, and we talked about this through some of our partnerships we have with NVIDIA, with Microsoft, et cetera, to leverage some of that orchestration layer and the cognitive layer that they offer. So it's a combination of what we're building and what we're partnering with the ecosystem in order to accelerate our road map on the vision of an agent engineer, which we believe strongly that we have pioneered and we continue on engaging the customers there.

我們有許多任務代理，也有多個編排層，我們透過與 NVIDIA、微軟等公司的合作，討論如何利用他們提供的編排層和認知層。因此，這是我們正在建立的以及我們與生態系統合作的結合，目的是加速我們實現代理工程師願景的路線圖，我們堅信我們已經開創了這個願景，並且我們將繼續與客戶互動。

But I want to make sure that it's clear as well in order to deliver to that vision, you need the data and you need the verification ability of every step of the flow.

但我也想確保這一點很清楚：為了實現這個願景，你需要數據，並且需要對流程的每一步進行驗證。

Okay. Shelagh, for you with regard to Ansys, two things stand out in the results and outlook. And so the question is really about the forecast ability of the Ansys business. It remains clear that their results are still heavily influenced by pronounced 606 effects, which was certainly the case for them before the acquisition. So maybe you could talk about how forecastable the Ansys business is, given that variability in that particular accounting and then also we think about the renewals cohort from 2023, it was heavily reliant upon automotive.

好的。Shelagh，就 Ansys 而言，結果和前景中有兩點特別突出。所以問題其實在於 Ansys 業務的預測能力。很明顯，他們的業績仍然受到明顯的 606 效應的嚴重影響，這在收購之前對他們來說肯定是事實。所以，鑑於特定會計準則的變動性，或許您可以談談 Ansys 業務的可預測性如何，而且我們還要考慮 2023 年的續約群體，它嚴重依賴汽車行業。

That's where they had their growth three years ago. So presumably, that's where you're going to have to rely upon the renewals cohort growth for this year as compared to A and B and high tech. So maybe talk about some of the end market assumptions behind your forecast for Ansys for this year.

三年前，他們就是在那裡發展壯大的。所以，想必今年你將不得不依靠續約群體的成長來彌補 A、B 和高科技產業的不足。那麼，或許可以談談你對 Ansys 今年業績預測背後的一些終端市場假設。

Yeah, I'll start with the back end of the question, Jay. So as we have the capability in Ansys really to service multiple market segments, that's what gives us a lot of confidence. You know simulation and analysis is still very lightly penetrated in the TAM. So there's ample place -- ample opportunity not only to grow within customers, but actually grow new customers. So that opportunity set is quite broad for us.

好的，傑伊，我先從問題的後半部開始回答。Ansys 確實有能力服務多個市場領域，這給了我們很大的信心。你知道，模擬和分析在TAM（技術、應用和市場）的滲透率仍然很低。所以，不僅有充足的空間──充足的機會──不僅可以發展現有客戶，還能發展新客戶。因此，我們面臨的機會範圍相當廣泛。

And then in terms of how we think about the business, as you know, the December was always very big for them. That happens to have fall into our Q1. They were a fiscal year. Obviously, we're a 10/31 year. So what you saw in Q1 was the combination of what they would have been their typical year-end.

至於我們如何看待這項業務，正如你所知，12 月對他們來說一直都非常重要。這恰好屬於我們第一季的範疇。這是一個財政年度。顯然，我們今年的年份是 10 月 31 日。所以你在第一季看到的，是他們通常的年末業績的組合。

So that's a real stand out in terms of our Q1 results. We anticipate that over time, that probably changes as the sales team realigns with sort of our fiscal year. But nonetheless, what we're seeing is broad opportunity really across all those segments. And as we build the forecast, incorporates what we're seeing in existing customers, what we think the new opportunity is.

所以，這在我們第一季的業績中確實非常突出。我們預計隨著時間的推移，這種情況可能會發生變化，因為銷售團隊會根據我們的財政年度進行調整。但儘管如此，我們看到的是所有這些領域都存在著廣泛的機會。我們在製定預測時，會將我們從現有客戶那裡看到的情況，以及我們認為的新機會考慮在內。

And then in terms of the 606, as I talked about last time, as we're bringing Ansys in, we're building combined products where a portion of Ansys will be in what we call SCBU, which will be with EDA, we're harmonizing those accounting policies, really aligned with how we're supporting the products, and how we're giving further updates on the product. So over time, that's a more muted impact.

至於 606，正如我上次提到的，隨著我們引入 Ansys，我們正在建立組合產品，其中 Ansys 的一部分將位於我們稱為 SCBU 的部門，該部門將與 EDA 部門合作，我們正在協調這些會計政策，真正與我們如何支援產品以及如何提供產品的進一步更新保持一致。所以隨著時間的推移，這種影響會逐漸減弱。

And I would say, really, what you're seeing here is there's just a really broad opportunity in terms of ability to service multiple markets with the leadership product finance.

我想說，實際上，你在這裡看到的是一個非常廣泛的機會，即利用領先的產品金融服務來服務多個市場。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc Capital Markets。

great, thank you. Sassine, I wanted to ask about the park processor business that you're divesting, so I understand portfolio review and you're sharpening your focus in other areas. But presumably, this was a core part of your portfolio before and should be well-positioned for physical AI. If physical AI is such a big opportunity on the come. Maybe it's not a growth driver today, but could be, I guess, why the rationale on the divestiture?

太好了，謝謝。薩辛，我想問你正在剝離的公園處理器業務，這樣我就能了解你的投資組合審查情況，以及你正在將注意力集中在其他領域。但想必這之前就是你投資組合的核心部分，應該可以很好地適應物理人工智慧領域。如果物理人工智慧真的蘊藏著如此巨大的機會。也許它現在還不是成長動力，但將來可能會成為成長動力，我想，這就是剝離的理由吧？

Sure, Jason. The ARC business went through a couple of transformation from the [art itself] architecture to the risk 5 ISA architecture. And what we are seeing is many of our customers are developing their own processor IP using, for the most part, our software, EDA software to design and verify using the EDA software, our hardware portfolio, et cetera, to develop their own processor for all kind of embedded applications, which is still a great opportunity for Synopsys. So we will continue on enabling enhancing, leading, supporting our product and our customers for their own development.

當然可以，傑森。ARC 業務經歷了幾次轉型，從 [藝術本身] 架構到風險 5 ISA 架構。我們看到，許多客戶正在開發自己的處理器 IP，他們主要使用我們的軟體、EDA 軟體進行設計和驗證，以及我們的硬體產品組合等，為各種嵌入式應用開發自己的處理器，這對 Synopsys 來說仍然是一個巨大的機會。因此，我們將持續致力於提升、引領和支持我們的產品和客戶，並協助他們自身發展。

From an IT point of view, we believe when we look at our broad IP business and the portfolio we have, there's a much bigger opportunity and a growth opportunity for the interface IP, and this is where we want to capture this opportunity and put our investments at. And GF will be a great partner to -- as they enable that part of their business on both the interface IT side and the EDA side and their engagement with our joint customers.

從 IT 的角度來看，我們認為，當我們審視我們廣泛的智慧財產權業務和我們擁有的產品組合時，介面智慧財產權領域存在著更大的機會和成長機會，而這正是我們希望抓住這一機會並進行投資的領域。GF 將成為我們的重要合作夥伴，因為他們能夠從介面 IT 方面和 EDA 方面推動業務發展，並與我們共同的客戶互動。

Okay. And then just for clarification, kind of on the IP messaging. I assume that because the divestiture hasn't closed yet, the ARC revenues are included in in the sequential improvement that was discussed, or is that not included?

好的。然後，為了澄清一下，關於 IP 訊息傳遞。我假設由於資產剝離尚未完成，ARC 的收入包含在之前討論過的連續增長中，還是不包含在內？

Jason, that's correct. Until we close, the ARC is a part of our financials.

傑森，你說得對。在關閉之前，ARC 是我們財務的一部分。

Okay. Any sense on how big it is just so we like are able to anticipate?

好的。有人知道它大概有多大嗎？這樣我們就能有所預估了。

No, we haven't provided that.

不，我們還沒有提供。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

Hi. This is Liam Pharr on for Vivek. Thank you so much for taking our question. You closed Ansys in July last year. What have you noticed by way of cost or revenue synergies thus far for fiscal '26 has been speaking with customers on joint Synopsys Ansys products?

你好。這是利亞姆·法爾替維韋克發言。非常感謝您回答我們的問題。你們去年7月關閉了Ansys公司。到目前為止，您在 2026 財年與客戶討論 Synopsys Ansys 聯合產品時，注意到了哪些成本或收入綜效？

Yes. Liam, what we communicated was the first half of '26 will be when we delivered the first wave of the joint solutions, and I'm looking really forward to communicating at Converge, which is our conference in a few weeks, the rollout of a number of the joint solutions with clear visibility to which market, which customer, and then, of course, once you release a product, you focus on the customer adoption and monetization. And we are anticipating the monetization of the joint solution to start in FY27 and with quite a bit of excitement from our customers to solve real problems that they have been looking forward for that integrated solution to come.

是的。利亞姆，我們之前溝通的內容是，2026 年上半年我們將推出第一批聯合解決方案。我非常期待在幾週後的 Converge 大會上與大家交流，屆時我們將推出一系列聯合解決方案，並明確指出目標市場和客戶。當然，產品發布後，我們會專注於客戶採納和獲利情況。我們預計聯合解決方案的商業化將於 2027 財年開始，我們的客戶對此感到非常興奮，因為他們期待著這個整合解決方案能夠解決他們一直渴望解決的實際問題。

And I would just comment that the teams were already trained on cross-selling to existing products. So Synopsys sales team being able to sell Ansys products, Ansys sales team being able to sell Synopsys products. So we're well underway in that and we do have revenue this year. We haven't given specific amounts. Our commit is $400 million in revenue synergies run rate by year four, obviously, incorporating those joint solution that Sassine talked about.

我還要補充一點，這些團隊已經接受過向現有產品進行交叉銷售的訓練。所以 Synopsys 銷售團隊能夠銷售 Ansys 產品，Ansys 銷售團隊也能銷售 Synopsys 產品。所以，我們在這方面進展順利，今年也確實有收入。我們沒有給出具體金額。我們承諾在第四年實現 4 億美元的收入協同效應，這顯然包括 Sassine 提到的那些聯合解決方案。

In terms of cost synergies, our commit was $400 million run rate by year three. We're well underway accelerating that. And as you -- as we've worked through, we're working on accelerating that into year one and year two, which is 2026. So we're well on way on those.

就成本綜效而言，我們承諾在第三年實現 4 億美元的營運成本。我們正在加速推進這項工作。正如你們——正如我們已經努力實現的，我們正在努力將這一目標加快到第一年和第二年，也就是 2026 年。所以，我們在這方面進展順利。

Thanks so much. And then for a follow-up, I want to go a little deeper on China. I understand it remains challenging. But what are the puts and takes in it being flat or even growing year over year this year? And have you seen any change in the competitive landscape against a peer who continues to see a healthy design activity environment there? Any on that would be very helpful. Thank you.

非常感謝。接下來，我想更深入探討中國問題。我知道這仍然充滿挑戰。但如果今年經濟持平甚至是年增，其利弊又是什麼呢？您是否觀察到，與那些仍保持健康設計活動環境的同行相比，競爭格局發生了任何變化？任何建議都將非常有幫助。謝謝。

Yeah. Sure, Liam. China for the quarter for Q1 performed in line with expectations. As we mentioned as well in the prepared remarks, the classic Synopsys was down slightly, whereas Ansys portfolio performed fairly well.

是的。當然可以，利亞姆。中國市場第一季的表現符合預期。正如我們在準備好的演講稿中提到的，經典的 Synopsys 產品略有下滑，而 Ansys 產品組合表現相當不錯。

Now, the reason you're seeing that mix per se in the performance is the cumulative impact of the restrictions, both in entity list and technology, are truly having an impact on our customer commitment and demand.

現在，您在業績中看到這種混合情況的原因是，實體清單和技術方面的限制的累積影響，確實對我們的客戶承諾和需求產生了影響。

The reason it impacts Synopsys in a greater way, I want to say, is the mix in our portfolio. We have a leadership position in our IP business. That part of the business in China, customers may decide not to go for an external foundry and look at the domestic foundry for an example, and therefore, that will impact the IP business, but it may not impact as much the hardware business or the EDA business. So that's from a macro standpoint, the way we're seeing the landscape in China.

我想說，它對 Synopsys 產生更大影響的原因是我們的產品組合。我們在知識產權領域處於領先地位。在中國，這部分業務的客戶可能會決定不選擇外部代工廠，而是選擇國內代工廠，因此，這將對智慧財產權業務產生影響，但可能不會對硬體業務或EDA業務產生太大影響。所以，這是從宏觀角度來看，我們對中國情勢的看法。

As far as the domestic competitors, yes, we're seeing them because, obviously, if customers cannot use our technology, they're looking for alternatives. And the customers who can use the technology that absolutely still prefer to use our technology versus domestic.

至於國內競爭對手，是的，我們看到了他們，因為很顯然，如果客戶無法使用我們的技術，他們就會尋找替代方案。而那些能夠使用這項技術的客戶，仍然絕對更喜歡使用我們的技術而不是國產技術。

Kelsey Chia, Citi.

Kelsey Chia，花旗銀行。

Hi. Thanks for taking my question. So my question is on IP. So I understand that it's not so as a leader in interconnect IP with PC-24 service, but the company is also late in terms of IP delivery. And there are that Synopsys may miss customer design starts or customers may shift away from using the IP that Synopsys has developed.

你好。謝謝您回答我的問題。所以我的問題是關於IP的。因此，我理解該公司在互連 IP 與 PC-24 服務方面並非領先者，但在 IP 交付方面也落後了。此外，Synopsys 可能會錯過客戶的設計啟動，或者客戶可能會放棄使用 Synopsys 開發的 IP。

Kelsey, the it depends. And let me explain why it depends. What we sell to is the customer schedule. Customers engagement starts with aligning what we have to when do they need the IP and their tape-out.

凱爾西，這要看情況。讓我解釋一下為什麼這取決於具體情況。我們銷售的對像是客戶的行程。客戶互動始於將我們擁有的資源與何時需要智慧財產權和流片完成時間進行配對。

So a number of the ones that you mentioned, the PCIe or the 224, I'll expand it into an HPM LPDDR, UC, which are all titles that customer need in order to design a high-end HPC chip. And for a number of those customers, we are engaged, we're selling that whole portfolio based on aligning the schedule.

所以，你提到的很多東西，像是 PCIe 或 224，我會擴展成 HPM LPDDR、UC，這些都是客戶設計高階 HPC 晶片所需要的。對於其中的一些客戶，我們已經與他們接洽，我們正在根據進度安排向他們銷售整個產品組合。

The comment I made earlier where we do have the expertise, we do have the capacity is the prioritization for specific customers to deliver. And we're putting a lot of focus on that, and that's why the point Shelagh made earlier, that our confidence in the second half weighting is coming through the road map alignment and by when do we deliver on these titles.

我之前說過，我們確實擁有專業知識和能力，但關鍵在於優先滿足特定客戶的需求。我們非常重視這一點，這也是謝拉格先前提出的觀點，即我們對下半年的權重充滿信心，這體現在路線圖的調整以及我們何時能夠實現這些目標。

Got it. And a short follow-up. So IP operating margins are be priced today. Is there -- have we used a role of [SK] to think about the operating margins at a normalized level?

知道了。以及一個簡短的後續報導。因此，IP營運利潤率是以今天的價格計算的。我們是否利用 [SK] 的角色來考慮正常水準的營業利潤率？

And also, you did talk about actually moving to our royalty business model. So is there a framework to think about a normalized operating margins for IP?

而且，您也確實談到了轉向我們的版稅商業模式。那麼，是否存在一個框架來思考知識產權的標準化營運利潤率？

Let me take the operating margin, and I'll have Sassine comment on evolving the business model.

讓我先說說營業利潤率，然後我會請 Sassine 對商業模式的演變發表意見。

So as we've talked about IP growth this year is muted, we're still investing to build out the titles that Sassine was talking through. So we've got the engineering team working very diligently, making lots of progress on the titles. But with muted growth, we get muted operating margin. So for this year, we're going to see more muted operating margin.

正如我們之前討論過的，今年的 IP 成長較為緩慢，但我們仍在投資開發 Sassine 之前提到的那些遊戲。因此，我們的工程團隊正在非常努力地工作，在遊戲開發方面取得了巨大進展。但成長乏力，營業利潤率自然也會下降。因此，今年的營業利潤率將會較為溫和。

Over time, though, once we get to the -- back to having the titles on time, my expectation is that's a very good business. So the operating margin will always be below the corporate average because it's more people-intensive but that's my expectation. That's how we've run that business over time. But you will see muted compressed operating margin this year, just driven by the muted revenue, and we're not changing our investment profile there because we're still building out those titles.

不過，隨著時間的推移，一旦我們能夠按時交付影片，我預計這將是一項非常好的業務。因此，由於該行業更加依賴人力，其營業利潤率將始終低於公司平均水平，但這符合我的預期。我們一直以來都是這樣經營這項業務的。但今年由於收入疲軟，營業利潤率將會受到一定程度的壓縮，而我們不會改變這方面的投資策略，因為我們仍在開發這些遊戲。

Yeah. In terms of the business model, I'll start with the market. The great news is there's such a high demand for customization as well as acceleration of delivering on the IP titles, in particular, for hyperscalers because they don't have their own IT team. They are counting on us to be able to deliver on time and what we call one generation ahead for various of the titles I just mentioned earlier.

是的。就商業模式而言，我將從市場談起。好消息是，市場對客製化以及加快 IP 遊戲交付的需求非常高，尤其是對於超大規模企業而言，因為他們沒有自己的 IT 團隊。他們指望我們能夠按時交付，並且能夠做到我們所說的領先一代，開發出我剛才提到的各種遊戲。

Therefore, it's an inflection point. It's a great opportunity to focus on the quality of the deals and capturing the right monetization for that value, with in active conversations with a number of these partners, and I do expect that we will close a number of these conversations will move into an actual business in FY26.

因此，這是一個轉捩點。這是一個絕佳的機會，讓我們專注於交易的質量，並實現該價值的正確變現。我們正在與許多合作夥伴積極洽談，我預計我們將在 2026 財年完成其中一些洽談，並最終轉化為實際業務。

Now, of course, you won't see it in terms of that upside until we deliver and the customer tape out and start delivering product for it. But we're very excited about this opportunity to improve the monetization.

當然，在交付產品、客戶完成驗收並開始交付產品之前，您不會看到這種好處。但我們對這個提升獲利能力的機會感到非常興奮。

Lee Simpson, Morgan Stanley.

李‧辛普森，摩根士丹利。

Great. Thanks for fitting me in. Maybe just two quick ones from me actually. We did hear from a peer last week that the monetization perhaps on agentic play would come on a value-based basis, perhaps even on a token-based basis. I wonder if you guys had looked at doing things on that similar format and whether or not this business could -- and I'm talking about agent engineer here, whether or not that could be margin accretive from day one?

偉大的。謝謝你安排我過來。或許我只需要簡單說兩句話。上週我們從一位同行那裡聽說，代理遊戲的貨幣化可能會基於價值，甚至可能基於代幣。我想知道你們是否考慮過採用類似的模式，以及這項業務——我指的是代理工程師——是否能夠從一開始就增加利潤？

And maybe as a follow-on, if we look at Ansys, clearly a market leader and its product range, but quite broad-based and its customer range. Does that maybe carry some extra risk because value isn't even across all those customers. There's some areas where there's clearly higher value, for instance, to the ICs, the emulation thereof. And so could that maybe perhaps slow some of the growth through this year and into next or Ansys or at least have some risk of it? Thanks.

或許可以進一步探討 Ansys，它顯然是市場領導者，其產品範圍廣泛，客戶群也相當龐大。這是否會帶來一些額外的風險，因為並非所有客戶都能獲得相同的價值？在某些領域，例如積體電路及其仿真，顯然具有更高的價值。那麼，這是否有可能減緩 Ansys 今年乃至明年的成長速度，或至少會帶來一定的風險？謝謝。

Thank you, Lee. On the agentic, as we communicated about a year ago when we introduced the agent engineer, is that the workflow will change. The moment the workflow will change, it's an opportunity for us to adjust the monetization based on value. So yes, what you commented on will value base be in consideration, absolutely. That's what we've been communicating for about a year now, that the workflow will change, and there will be a monetization adjustment.

謝謝你，李。關於代理，正如我們大約一年前推出代理工程師時所溝通的那樣，工作流程將會改變。工作流程一旦發生變化，我們就有機會根據價值調整獲利模式。所以，是的，您評論的內容肯定會被納入價值考量。過去一年來，我們一直在傳達這樣的訊息：工作流程將會改變，獲利模式也會有所調整。

And the customers, by the way, they are very receptive for that conversation because they understand that they have to change as the workflow changes and how will that value equation from a time-based license to a different type of license as we're accelerating their ability to deal with complexity and schedule.

順便說一句，客戶們非常樂於接受這種對話，因為他們明白隨著工作流程的變化，他們也必須做出改變，並且隨著我們加快他們應對複雜性和進度安排的能力，從基於時間的許可到不同類型的許可，價值等式將如何變化。

Now on Ansys, we see Ansys as a force multiplier for our business. As Shelagh mentioned, when you look at the various markets that are doing engineering R&D, the penetration of sophisticated simulation analysis, CAD environment, et cetera, has a significant opportunity, very different than semiconductor that the Moore's Law pushed and accelerated adoption of EDA. Now, with physical AI, if you are an industrial or automotive or robotics, you cannot build those products without investing more in R&D and therefore, investing more in system level design, simulation, and analysis.

現在，我們認為 Ansys 是我們業務的倍增器。正如 Shelagh 所提到的，當你觀察各個進行工程研發的市場時，你會發現，複雜的模擬分析、CAD 環境等的滲透率具有巨大的機會，這與摩爾定律推動和加速 EDA 普及的半導體產業截然不同。現在，對於實體人工智慧而言，如果你是工業、汽車或機器人產業的企業，你就無法製造這些產品，除非你在研發方面投入更多資金，因此，你也需要在系統級設計、模擬和分析方面投入更多資金。

So as the results speak to themselves for Q1, this is not a one-time phenomena. We see that opportunity for the long term, as I mentioned, as a force multiplier and an expansion in customer base for Synopsys that we're very excited about.

因此，從第一季的結果來看，這並非一次性現象。正如我之前提到的，我們認為從長遠來看，這是一個倍增器，可以擴大 Synopsys 的客戶群，我們對此感到非常興奮。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

Thanks for taking my question. Can you hear me?

謝謝您回答我的問題。你聽得到我嗎？

Yes, Siti.

是的，Siti。

I don't know this question may answer a question is about your NVIDIA partnership that you announced recently. There is a big investment from NVIDIA. I'm wondering how that partnership coming along? And how should we see about the product priorities evolved? And how you think about the monetization there?

我不知道這個問題是否與您最近宣布的與NVIDIA的合作關係有關。英偉達投入了大量資金。我想知道這項合作進展如何？我們該如何看待產品優先順序的演變？你如何看待這種模式的獲利模式？

Yeah. Siti, the way I explain this partnership, at least internally. This is not a press release partnership. It's a deep commitment from both companies that we both saw a market opportunity that we want to accelerate and capture. And it comes in two forms.

是的。Siti，至少在公司內部，我是這樣解釋這種合作關係的。這不是新聞稿合作。這是兩家公司共同的堅定承諾，我們都看到了市場機遇，並希望加速抓住這一機會。它有兩種形式。

The first form is a road map we communicated on bringing number of our products, EDA as well as the legacy Ansys products into GPU acceleration and delivering the multiples of acceleration that is -- that we set as a target and a goal between the two companies. So we have a joint R&D working on these products with an expectation to deliver a number of them in '26 and that will come with an upside in a business model, meaning if you're using a product A from Synopsys [suing] on a CPU. That will continue that road map will continue and will have a parallel product of that product running on a GPU. And if it's delivering 15, 20x, then there's an uplift for that value we're delivering to the customer. That's one layer.

第一種形式是我們溝通的路線圖，內容是將我們的一些產品、EDA 以及傳統的 Ansys 產品引入 GPU 加速，並實現加速倍數——這是我們兩家公司共同設定的目標。因此，我們正在進行聯合研發工作，致力於開發這些產品，預計將在 2026 年交付其中的一些產品，這將為商業模式帶來好處，這意味著如果您在 CPU 上使用 Synopsys 的產品 A，[起訴]。該路線圖將繼續推進，並且會有一個在 GPU 上運行的平行產品。如果效能提升了 15 倍、20 倍，那麼我們為客戶創造的價值就得到了提升。這是一層。

The second layer is omniverse, the ability to create a digital twin for the physical AI opportunity. Physical AI is not possible. By having an old method physical prototype, you need to create a digital twin. A digital twin is useless without an accurate simulation and analysis, and that's where we come in. That's where the Ansys portfolio comes in and where we want to lead the opportunity to monetize on both the GPU acceleration as well as the digital twin opportunity for physical AI.

第二層是全宇宙，也就是為實體人工智慧機會創造數位孿生的能力。物理人工智慧是不可能的。如果採用傳統方法製作實體原型，則需要建立數位孿生體。如果沒有精確的模擬和分析，數位孿生就毫無用處，而這正是我們能幫上忙的地方。這就是 Ansys 產品組合的用武之地，也是我們希望引領 GPU 加速和實體 AI 數位孿生科技商業化機會的地方。

Gianmarco Conti, Deutsche Bank.

吉安馬科·孔蒂，德意志銀行。

Hi. Thanks for taking my question. So maybe I just want to go back on agentic. Could you perhaps give us some color on where you currently sit with customers using it for both front end versus back end? And whether you have a sort of like an idea of customer penetration into the next 12 months? And how are customers using it right now? And will they require higher competition or needs as their designs are scaling faster with more agents.

你好。謝謝您回答我的問題。所以也許我只是想重新使用 Agentic。您能否簡要介紹一下目前使用該技術的客戶在前端和後端方面的使用情況？您對未來 12 個月的客戶滲透率有大致的了解嗎？用戶目前是如何使用它的？隨著代理商數量的增加，他們的設計規模會迅速擴大，這是否會對競爭或需求產生更大的影響？

And I'm just kind of curious as to how the delivery method being addressed to these customers as the part, for example.

我只是有點好奇，例如，對於這些客戶來說，配送方式是如何安排的。

Yes. I'll talk more about it, and Shankar will talk more about it at Converge. But at the high level, what we have right now is number of tasks, agents. For example, I mentioned in my prepared remarks, some value we're seeing with the formal adviser. That's an area where the test coverage has always been a very time and compute consuming task for our customers. This is a great opportunity on how to leverage both an agent to be able to look at a specific task and series of agents to orchestrate and accelerate both the coverage and the whole verification opportunities.

是的。我會在 Converge 大會上詳細談談這件事，Shankar 也會在大會上詳細談談這件事。但從宏觀層面來看，我們現在擁有的是任務數量和代理人數量。例如，我在準備好的演講稿中提到，我們從正式顧問那裡看到了一些價值。對於我們的客戶來說，測試覆蓋率一直是個非常耗時且耗力的任務。這是一個絕佳的機會，讓我們能夠利用單一代理來查看特定任務，並利用一系列代理來協調和加速覆蓋範圍和整個驗證過程。

So your question about front end and the back end, we're working absolutely on both where the early opportunity that we're seeing, and we're tackling it because of the bottleneck that our customers, they do see in terms of time and number of engineers they put is in the front-end area. But we have a road map on both.

所以，關於前端和後端的問題，我們絕對都在努力，我們看到早期的機會，並且正在著手解決這個問題，因為我們的客戶確實認為，他們在時間和投入的工程師數量方面，瓶頸在於前端領域。但我們在這兩方面都有路線圖。

So this is something stay tuned. We'll communicate more at Converge, but we're seeing great progress based on the number of customers engaged with early engagements.

所以，敬請期待。我們將在 Converge 大會上進行更多溝通，但從早期參與互動的客戶數量來看，我們看到了巨大的進展。

Got it. Shelagh, maybe just one last one for me would be what's driving the lowest GAAP EPS guide despite GAAP expenses being lower?

知道了。Shelagh，我最後一個問題是，儘管 GAAP 費用較低，但什麼原因導致 GAAP 每股盈餘預期最低？

So I think real delta this year between GAAP and non-GAAP is if you look at -- it's really the amortization schedule, and there's more detail in our quarterly filing on that. So we've got the restructuring, which is one-time only. It's '26 and '27, but there will be an amortization schedule that will be rolling through over the next several years.

所以我認為今年 GAAP 和非 GAAP 之間的真正差異在於——如果你看一下——實際上是攤銷計劃，我們季度文件中對此有更詳細的說明。所以我們已經進行了重組，而且是一次性的。雖然是 2026 年和 2027 年，但會有一個攤銷計劃，該計劃將在未來幾年內逐步實施。

Joshua Tilton, Wolfe Research.

Joshua Tilton，沃爾夫研究公司。

Thanks for fitting me in, and congrats on the start for the year. I have two. My first one is more of a longer-term question. And I guess the question is, Siti, I think the words you used were 2026 is the year that you begin to deliver on the technology promise of Synopsys plus Ansys. And what I'm trying to understand is and I'm assuming you will, but when you guys do deliver on this technology promise in 2026, what does it mean for the direction of growth for your business in '27 and beyond? I think a lot of investors see the growth that cadence is putting up and they're kind of excited for your organic growth sort of trend in that direction. So any help or any color would be greatly appreciated.

謝謝你安排時間，也恭喜你新的一年開了個好頭。我有兩個。我的第一個問題比較偏向長期發展。我想問題在於，Siti，我認為你之前說過，2026 年是你開始兌現 Synopsys 和 Ansys 技術承諾的一年。我想了解的是（我猜你們也會了解），當你們在 2026 年兌現這項技術承諾時，這對你們公司在 2027 年及以後的發展方向意味著什麼？我認為很多投資者都看到了 Cadence 的成長勢頭，他們對你們朝著這個方向的自然成長趨勢感到興奮。所以，任何幫助或任何顏色建議都將不勝感激。

Yeah. Sure, Josh. Look, as far as the long-term growth view, it has not changed. On EDA double digits on IP mid-teens, as well as on the simulation and analysis is a double-digit growth. So that puts the company as a whole in a double-digit growth opportunity driven by the demand and the leadership we have in our portfolio.

是的。當然可以，喬希。從長期成長前景來看，情況並沒有改變。EDA 的兩位數成長率、IP 的兩位數成長率、模擬和分析的兩位數成長率都是兩位數。因此，在市場需求和我們產品組合的領先地位的驅動下，公司整體將迎來兩位數的成長機會。

When I say that 2026 is the year where we begin delivering on technology and the value promises. There are, today, problems are not being solved with the current offering that the industry is providing the customers. And when we talk about the joint solutions, how to bring in physics analysis into the design phase when you're designing a multi-die system.

我說，2026 年是我們開始兌現技術和價值承諾的一年。目前，業界向客戶提供的產品和服務並不能解決某些問題。當我們談到聯合解決方案時，如何在設計多晶片系統時將物理分析引入設計階段。

A lot of the challenges our customers are dealing with is they design they go to sign off, they discover an issue, say, a thermal or a structure issue then they have to iterate and iterate in order to solve. So that takes time and risk. And this is what we're so excited about with the joint solution, given what Ansys has is the leadership sign-off for physics and what Synopsys has is the leadership position in the design platform. And those were the joint solution come together that our customers are anxiously waiting to see innovation and bringing these two platforms together. So that's where we're seeing the opportunity of growth.

我們的客戶面臨的許多挑戰是，他們設計好方案後準備簽字確認，卻發現存在問題，例如熱力問​​題或結構問題，然後他們必須反覆迭代才能解決。所以這需要時間和風險。正因如此，我們對這個聯合解決方案感到無比興奮，因為 Ansys 在物理學領域擁有領導地位，而 Synopsys 在設計平台領域擁有領導地位。而這些正是我們的客戶翹首以盼的聯合解決方案，它將創新和這兩個平台融合在一起。所以，這就是我們看到成長機會的地方。

Now, as we compare to the market or our closest peer, our commitment is on what I just mentioned in terms of double-digit growth. In IP, in particular, we have communicated and we repeated that it's a transitional year for us for '26, but the market opportunity is there. We have the scale, we have the skills, and we have no doubt that we will deliver to our long-term view for IP.

現在，當我們與市場或我們最接近的競爭對手進行比較時，我們致力於實現我剛才提到的兩位數成長。尤其是在智慧財產權領域，我們已經溝通並反覆強調，2026 年對我們來說是一個過渡年，但市場機會仍然存在。我們擁有規模，我們擁有技能，我們毫不懷疑我們將實現我們對智慧財產權的長期願景。

Makes sense. Maybe just a quick follow-up for Shelagh. More of a clarification question. Did I hear correctly that relative to your guide expectation that it was Ansys that drove most of the outperformance of the revenue guide? And if that is the case, when we think about the potential for upside throughout the rest of the year, are we planning for that upside coming from the Ansys business and more of an in-line year for the organic business? How do I think about that?

有道理。或許可以給謝拉格簡單提個醒。更像是一個需要澄清的問題。我理解得對嗎？相對於你們的預期，Ansys 是營收預期超額完成的主要原因？如果情況真是如此，當我們考慮今年剩餘時間的潛在成長空間時，我們是否預期 Ansys 業務的成長將帶來收益，而有機業務的成長則預期與預期持平？我該如何看待這件事？

So we saw significant strength in Q1 in Ansys. So as reflected in what we shared, the $866 million for Ansys. So the strength we saw was really across the industries that Ansys sells into.

因此，我們看到Ansys在第一季表現強勁。正如我們所分享的，Ansys 的收購價為 8.66 億美元。因此，我們看到的實力確實體現在 Ansys 所服務的各個產業。

And then for the full year, obviously, we don't guide by segment, but we're looking for strong performance across all the lines.

至於全年業績，顯然我們不以業務板塊進行預測，但我們期待所有業務線都能取得強勁的業績。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

I wanted to ask about EDA software specifically within design automation. If hardware was a big contributor to the strength for the overall segment, I'm assuming the software piece is still growing in the single digits. Maybe can you walk through some of the biggest items in your mind that start to lift the growth profile in the EDA software business higher? And are you seeing any evidence of that yet in bookings or renewal opportunities that are on the horizon?

我想諮詢設計自動化領域中關於EDA軟體的具體問題。如果硬體是推動整個細分市場成長的主要因素，那麼我估計軟體部分的成長仍然只有個位數。您能否談談您認為能夠提升EDA軟體產業成長前景的一些最重要因素？您是否已在即將到來的預訂或續約機會中看到任何這方面的跡象？

Thank you, Joe. On the EDA software, given this is a ratable fairly predictable type of business. We know when the renewals are coming up. We engage with customers early to deploy new technology. It depends on the customer.

謝謝你，喬。關於EDA軟體，鑑於這是可評估且相當可預測的業務類型。我們知道續約日期何時到來。我們儘早與客戶接洽，部署新技術。這取決於客戶。

When I talk about the tail of two markets, the first tail that are serving AI build-out. Those are the customers that they are racing to deploy the Synopsys.ai, racing to deploy the 3DIC Compiler, Fusion compiler, PrimeTime, VCS, et cetera. We have, as you know, a leadership position in the EDA software, and we continue on collaborating, engaging early and finding an opportunity to upsell during or between renewal cycles.

當我談到兩個市場的尾部時，第一個尾部是服務於人工智慧建設的尾部。Synopsys.ai、3DIC Compiler、Fusion compiler、PrimeTime、VCS 等產品正被這些客戶爭相部署。如您所知，我們在EDA軟體領域處於領先地位，我們將繼續合作，儘早介入，並在續約週期期間或續約週期之間尋找追加銷售的機會。

On the second tail of customers where the R&D investment and the push for acceleration has not been as strong as the first tail. Typically, our renewals are timed with -- the monetization is timed with the renewal exploration. But net-net, the EDA software, for us, we are excited about all the opportunities the classic Synopsys has been building.

在第二批客戶中，研發投入和加速推進力度不如第一批客戶那麼強勁。通常情況下，我們的續訂時間與－貨幣化時間與續訂探索時間相符。但總的來說，對於 EDA 軟體，我們對 Synopsys 經典產品所創造的所有機會都感到興奮。

The next opportunity, of course, is the joint solution that will leverage the Ansys portfolio to create the new product and a new opportunity to monetize.

當然，下一個機會是利用 Ansys 產品組合的聯合解決方案，以創造新產品和新的獲利機會。

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

各位，我們的問答環節到此結束。我謹將會議交還給薩辛·加齊，請她作補充或總結發言。

Thank you. It's such an exciting time to execute as one company and Ansys now part of Synopsys. With that, we have extended our technology leadership into simulation and analysis, and we expanded our customer base into new market opportunities.

謝謝。現在正是以一家公司的形式開展業務的絕佳時機，Ansys 現在是 Synopsys 的一部分。由此，我們將技術領先優勢擴展到了模擬和分析領域，並將客戶群拓展到了新的市場機會。

The other point is on AI. AI is absolutely a trend that is fueling system level and semiconductor R&D investment. And our AI products are capable and are mission-critical for our customers' success. We are focused on executing with financial discipline as we solve our customers' biggest engineering challenges from silicon to systems.

另一點是關於人工智慧。人工智慧絕對是推動系統級和半導體研發投資的一大趨勢。我們的人工智慧產品功能強大，對客戶的成​​功至關重要。我們專注於以嚴謹的財務紀律解決客戶在從晶片到系統層面面臨的最大工程挑戰。

Big thank you to the global Synopsys team for a strong start to 2026, and thank you, all, for joining us today.

非常感謝 Synopsys 全球團隊為 2026 年開了個好頭，也感謝各位今天蒞臨現場。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

再次向各位致謝，今天的會議到此結束。感謝各位的參與。您現在可以斷開連線了。