新思科技 (SNPS) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Synopsys Earnings Conference Call for the Second Quarter of Fiscal year 2022. (Operator Instructions) Today's call will last 1 hour. As a reminder, today's call is being recorded. At this time, I would like to turn the conference over to Lisa Ewbank, Vice President of Investor Relations. Please go ahead.

女士們先生們，感謝您的支持並歡迎參加 Synopsys 2022 財年第二季度收益電話會議。（操作員說明）今天的電話會議將持續 1 小時。提醒一下，今天的電話正在錄音中。此時，我想將會議轉交給投資者關係副總裁 Lisa Ewbank。請繼續。

Thank you, Caroline. Good afternoon, everyone. Here today are Aart de Geus, Chairman and CEO of Synopsys; and Trac Pham, Chief Financial Officer.

謝謝你，卡羅琳。大家下午好。今天在座的是新思科技董事長兼首席執行官 Aart de Geus；和首席財務官 Trac Pham。

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

在開始之前，我想提醒大家，在電話會議期間，新思科技將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。雖然這些陳述代表了我們目前對截至今天的未來結果和業績的最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。

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

除了我們在電話會議期間強調的任何風險外，我們最近的 SEC 報告和今天的收益新聞稿中還描述了可能影響我們未來業績的重要因素。

In addition, we will refer to 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 synopsys.com. In addition, the prepared remarks will be posted on our website at the conclusion of the call.

此外，我們將在討論期間參考非公認會計準則財務指標。可以在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中找到與其最直接可比的 GAAP 財務指標和補充財務信息的對賬。所有這些項目，以及最新的投資者介紹，都可以在我們的網站 synopsys.com 上找到。此外，準備好的評論將在電話會議結束時發佈在我們的網站上。

With that, I'll turn the call over to Aart de Geus.

有了這個，我會把電話轉給 Aart de Geus。

Good afternoon. We delivered an outstanding second quarter, exceeding all of our guidance targets and reaching record revenue, operating margin, earnings per share and cash flow.

下午好。我們在第二季度的表現非常出色，超過了我們所有的指導目標，並達到了創紀錄的收入、營業利潤率、每股收益和現金流。

Revenue for the quarter was $1.28 billion. Business was very strong across all product areas and geographies. Backlog grew to $7.3 billion. GAAP earnings per share were $1.89, with non-GAAP earnings of $2.50 and non-GAAP ops margin of 37%. We generated $750 million of operating cash flow.

本季度收入為 12.8 億美元。所有產品領域和地區的業務都非常強勁。積壓增長到 73 億美元。 GAAP 每股收益為 1.89 美元，非 GAAP 收益為 2.50 美元，非 GAAP 運營利潤率為 37%。我們產生了 7.5 億美元的經營現金流。

With our significant first half strength and high confidence in our business, we are raising guidance substantially for the year. We expect to grow annual revenue approximately 20% to pass the $5 billion milestone, drive further ops margin expansion and grow earnings per share by more than 25%, while generating approximately $1.6 billion in operating cash flow. Trac will discuss the financials in more detail.

憑藉我們上半年的顯著實力和對業務的高度信心，我們將大幅提高今年的指導。我們預計年收入將增長約 20%，超過 50 億美元的里程碑，進一步推動運營利潤率擴張，每股收益增長 25% 以上，同時產生約 16 億美元的運營現金流。 Trac 將更詳細地討論財務狀況。

Our financial momentum builds on 3 drivers: an unmatched product portfolio with groundbreaking new innovations, robust semiconductor and electronics market demand and excellent operational execution. The backdrop for our outlook sits at the intersection of massively growing amounts of data and the demand for Smart Everything empowered by machine learning and AI. This is synonymous to stating that in both consumer and business applications, the need for electronics and chips is relentless: chips for data capture and IoT, for data transmission, for data storage and of course, for faster high-bandwidth and dedicated computation, plus a huge and intensifying need for more security and safety.

我們的財務勢頭建立在 3 個驅動因素之上：無與倫比的產品組合，具有開創性的新創新、強勁的半導體和電子市場需求以及出色的運營執行。我們展望的背景是大量增長的數據和對機器學習和人工智能賦能的智能一切的需求的交匯點。這意味著在消費和商業應用中，對電子產品和芯片的需求是無情的：用於數據捕獲和物聯網、數據傳輸、數據存儲，當然還有更快的高帶寬和專用計算的芯片，以及對更多安保和安全的巨大而日益強烈的需求。

All of this means escalating opportunities for Synopsys. We've seen growing demand, not only from our traditional semi and systems customers, but also from impactful new entrants such as hyperscalers, a mounting number of start-ups and nontraditional systems companies across vertical markets.

所有這些都意味著 Synopsys 的機會不斷增加。我們看到了不斷增長的需求，不僅來自我們的傳統半導體和系統客戶，還來自有影響力的新進入者，例如超大規模企業、垂直市場上越來越多的初創企業和非傳統系統公司。

Notwithstanding macroeconomic choppiness in an uncertain geopolitical environment, these companies are investing heavily in highly complex chips, systems of chips and chiplets and security initiatives. Synopsys is a catalyst in enabling this new Smart Everything era as many customers race forward to invent and deliver highly creative and optimized chips and systems. Our innovations, particularly in AI-driven design flows and at the intersection of hardware and software, are crucial for our customers and have fueled our accelerating momentum. In addition, our IP focus, particularly in high-speed connectivity and advanced interfaces supporting multichip design, is second to none and yielding excellent business growth.

儘管在不確定的地緣政治環境中宏觀經濟動盪不安，但這些公司仍在高度複雜的芯片、芯片和小芯片系統以及安全計劃上進行大量投資。隨著許多客戶競相發明和提供極具創意和優化的芯片和系統，Synopsys 是推動這個新的智能萬物時代的催化劑。我們的創新，特別是在人工智能驅動的設計流程和硬件和軟件的交叉點方面，對我們的客戶至關重要，並推動了我們加速發展的勢頭。此外，我們的 IP 重點，特別是在支持多芯片設計的高速連接和高級接口方面，是首屈一指的，並帶來了出色的業務增長。

Let me begin this quarter's highlights with AI as we continue to deliver groundbreaking results and as machine learning is revolutionizing chip design. Our DSO.ai solution, which learns and automates a substantial portion of the design flow, is seeing rapid adoption for production use. Many of the largest, highest-profile semiconductor companies are reporting tremendous productivity benefits using DSO.ai in production today.

讓我從人工智能開始本季度的亮點，因為我們將繼續提供突破性的成果，並且機器學習正在徹底改變芯片設計。我們的 DSO.ai 解決方案可以學習並自動化大部分設計流程，並在生產中迅速採用。許多規模最大、知名度最高的半導體公司都報告說，如今在生產中使用 DSO.ai 可顯著提高生產力。

At our users conference in March, MediaTek, Intel, Samsung and Sony shared with fellow engineers their impressive achievements using our DSO.ai. The reported results were truly remarkable, as much as 20x productivity improvement, 7% to 25% lower power and a dramatic reduction in turnaround time with a single engineer completing 4 design blocks in half the time that had previously took 4 engineers.

在 3 月的用戶大會上，聯發科、英特爾、三星和索尼與其他工程師分享了他們使用 DSO.ai 取得的令人矚目的成就。報告的結果非常顯著，生產率提高了 20 倍，功耗降低了 7% 到 25%，周轉時間顯著縮短，一名工程師完成 4 個設計模塊的時間是之前 4 名工程師的一半。

Critical to the high impact of DSO.ai is our powerful digital design solution, resulting in significant cross-selling opportunities and competitive wins at cornerstone semiconductor and systems customers. Orders were well ahead of plan, contributing to our backlog growth.

DSO.ai 產生巨大影響的關鍵是我們強大的數字設計解決方案，為基石半導體和系統客戶帶來了重大的交叉銷售機會和競爭優勢。訂單遠遠超出計劃，促進了我們的積壓訂單增長。

In Q2, 2 major hyperscalers selected Synopsys' highly differentiated Fusion Compiler product for multiple advanced designs. We also significantly expanded our share at a top U.S. communication semiconductor company. In aggregate, the trailing 12 months revenue for Fusion Compiler more than doubled.

在第二季度，兩家主要的超大規模生產商選擇了 Synopsys 高度差異化的 Fusion Compiler 產品用於多種高級設計。我們還顯著擴大了在美國頂級通信半導體公司的份額。總的來說，Fusion Compiler 過去 12 個月的收入翻了一番多。

At our user conference, I had the opportunity to highlight not only some of the exciting capabilities to come such as using AI in verification, but also how Synopsys overall is technically helping to transform EDA design more broadly. Our Custom Design solutions, for example, are seeing strong market disruptions as well, including 19 full-flow competitive displacements year-to-date.

在我們的用戶大會上，我有機會不僅強調了一些令人興奮的功能，例如在驗證中使用 AI，而且還強調了 Synopsys 總體上如何在技術上幫助更廣泛地改變 EDA 設計。例如，我們的定制設計解決方案也看到了強烈的市場顛覆，包括今年迄今為止的 19 款全流程競爭替代品。

Over the past year, revenue grew double digit in this area, with adoptions ranging from large semiconductor companies designing at advanced nodes to automotive to memory vendors. With advanced chips -- while advanced chips are the foundation of continued scale complexity, electronic systems now increasingly grow systemic complexity by tightly connecting many chips and the software to drive them.

在過去的一年裡，該領域的收入增長了兩位數，從大型半導體公司設計先進節點到汽車再到內存供應商。有了先進的芯片——雖然先進的芯片是持續擴展複雜性的基礎，但電子系統現在通過緊密連接許多芯片和驅動它們的軟件，越來越增加系統複雜性。

Synopsys excels at this. An ideal example of systems leadership and impact is our IP product line. Here, too, business momentum continued with another excellent quarter as demand remains very high, especially in the AI, high-performance compute and automotive markets.

Synopsys 擅長於此。系統領導力和影響力的一個理想例子是我們的 IP 產品線。由於需求仍然非常高，尤其是在人工智能、高性能計算和汽車市場，業務勢頭也繼續保持強勁。

In Q2, we enhanced our comprehensive AI IP portfolio with the introduction of the industry's highest performance neural processor IP. Simultaneously, we extended our lead in the most advanced commercial processes. We can report significant traction with our interface and foundation IP achieving more than 30 3-nanometer design wins for high-performance compute and networking, as well as notable wins in mobile applications.

在第二季度，我們推出了業界最高性能的神經處理器 IP，增強了我們全面的 AI IP 組合。同時，我們擴大了在最先進的商業流程方面的領先優勢。我們的接口和基礎 IP 在高性能計算和網絡方面取得了超過 30 項 3 納米設計勝利，並在移動應用程序中取得了顯著勝利，我們可以報告顯著的牽引力。

In automotive, our decade-plus investments, safety certifications and market engagements are not only generating continued momentum with leading semiconductor suppliers, but also with OEMs and Tier 1s now developing their own chips.

在汽車領域，我們十多年的投資、安全認證和市場參與不僅與領先的半導體供應商產生了持續的動力，而且與現在正在開發自己的芯片的 OEM 和一級供應商合作。

We count among our customers the top 12 leading automotive semiconductor suppliers, 10 automotive OEMs and 12 Tier 1 companies worldwide. For IP, we have close to 600 automotive design wins in advanced nodes, demonstrating the strength of our portfolio.

我們的客戶包括全球 12 家領先的汽車半導體供應商、10 家汽車 OEM 和 12 家一級公司。在 IP 方面，我們在先進節點中贏得了近 600 項汽車設計，證明了我們產品組合的實力。

At the hub of the system is the intersection of hardware and software. This is precisely where our verification solutions are targeted. Let me highlight 3 success drivers. First, there is high demand for our market-leading emulation and prototyping hardware products. Demand is high and we're heading towards another record year. Fueling this are our new powerful application-specific ZeBu emulation and HAPS-100 prototyping systems. While demand is broad-based across customers and geographies, we continue to see significant growth in usage expansion at many of the largest hyperscalers in the world.

系統的中心是硬件和軟件的交叉點。這正是我們驗證解決方案的目標所在。讓我強調 3 個成功的驅動因素。首先，市場領先的仿真和原型硬件產品需求量很大。需求很高，我們正邁向另一個創紀錄的一年。推動這一點的是我們新的強大的特定於應用程序的 ZeBu 仿真和 HAPS-100 原型系統。雖然客戶和地區的需求基礎廣泛，但我們繼續看到世界上許多最大的超大規模企業的使用擴展顯著增長。

Second, multi-die, sometimes called chiplet-based system design, is driving a strong need for innovation. Synopsys is uniquely differentiated with our 3DIC Compiler solution and the industry's leading portfolio of die-to-die interface IP, both of which are essential. Our focus and execution are driving adoption momentum with engagements across multiple market segments, including AI servers, automotive, telecom and aerospace.

其次，多芯片，有時稱為基於小芯片的系統設計，正在推動對創新的強烈需求。 Synopsys 憑藉我們的 3DIC 編譯器解決方案和業界領先的 die-to-die 接口 IP 產品組合獨樹一幟，這兩者都是必不可少的。我們的重點和執行力正在推動多個細分市場的採用勢頭，包括人工智能服務器、汽車、電信和航空航天。

And third, cloud-enabled design. One of the challenges for chip designers is access to sufficient, yet flexible compute power. Of course, our EDA customers have been using cloud compute for years, but true flexibility hasn't been available until now. In Q2, we expanded our cloud offering with the industry's first broad-scale cloud SaaS solution. It offers unique flexibility in both access and business model. Synopsys now offers 3 cloud approaches usable for peak demand to full deployment: One, bring your own cloud with pay-per-use access on the customer's choice of third-party cloud provider; two, a SaaS model with tools, flows and Microsoft Azure-based compute; three, hardware-based verification with ZeBu Cloud. Initial customer reception has been excellent, ranging from very small startups to large companies seeking peak compute flexibility.

第三，支持雲的設計。芯片設計人員面臨的挑戰之一是獲得足夠靈活的計算能力。當然，我們的 EDA 客戶多年來一直在使用雲計算，但直到現在還沒有真正的靈活性。在第二季度，我們通過業界首個大規模雲 SaaS 解決方案擴展了我們的雲產品。它在訪問和商業模式方面提供了獨特的靈活性。 Synopsys 現在提供了 3 種雲方法，可用於全面部署的高峰需求：一，使用您自己的雲，對客戶選擇的第三方雲提供商進行按使用付費訪問；二，具有工具、流程和基於 Microsoft Azure 的計算的 SaaS 模型；三、使用 ZeBu Cloud 進行硬件驗證。最初的客戶接待非常好，從非常小的初創公司到尋求峰值計算靈活性的大公司。

Now to Software Integrity, which is both enabling and benefiting from intensifying demand for security and safety across all market verticals. Bolstered by momentum of products and consulting as well as broadening geography strength, we delivered another strong quarter with 20% year-over-year growth, exceeding our internal plan. Internationally, we had our best quarter ever, reaching 10 new countries that we've never sold to before through our channel partners. We also continue to make good progress improving our renewal rates and new logo engagement metrics.

現在是軟件完整性，它既支持並受益於所有垂直市場對安全和安全的日益增長的需求。在產品和諮詢的勢頭以及不斷擴大的地域實力的支持下，我們實現了又一個強勁的季度，同比增長 20%，超出了我們的內部計劃。在國際上，我們度過了有史以來最好的季度，通過我們的渠道合作夥伴進入了我們以前從未銷售過的 10 個新國家/地區。我們還繼續在提高更新率和新徽標參與度指標方面取得良好進展。

From a product perspective, our broad portfolio is unique in the market, as our 3-pronged approach provides differentiated value for all stakeholders: the developers, the DevOps Group and the corporate security team. Over the past year, we've launched significant new products in each of these areas and customer response has been excellent.

從產品的角度來看，我們廣泛的產品組合在市場上是獨一無二的，因為我們的三管齊下的方法為所有利益相關者提供了差異化的價值：開發人員、DevOps 團隊和企業安全團隊。在過去的一年裡，我們在每個領域都推出了重要的新產品，客戶反應非常好。

Industry analysts continue to recognize Synopsys' strength. For the fifth year in a row, we were named a leader in the Gartner Magic Quadrant for Application Security Testing and for the fourth straight year, we were rated the farthest up and to the right.

行業分析師繼續認可 Synopsys 的實力。我們連續第五年被評為 Gartner 應用安全測試魔力像限的領導者，並且連續第四年被評為最靠前和最靠右的。

Finally, a few weeks ago, we announced a definitive agreement to acquire WhiteHat Security, a leading provider of SaaS-based dynamic application security testing, or DAST technology. This acquisition will further expand our portfolio and accelerate the build-out of our SaaS solutions. We look forward to welcoming the WhiteHat team after the close, which we currently expect to be in our third fiscal quarter.

最後，幾週前，我們宣布了收購 WhiteHat Security 的最終協議，WhiteHat Security 是基於 SaaS 的動態應用程序安全測試或 DAST 技術的領先提供商。此次收購將進一步擴大我們的產品組合併加速我們的 SaaS 解決方案的構建。我們期待在收盤後歡迎 WhiteHat 團隊，我們目前預計將在第三財季進行。

In summary, we delivered a high-momentum quarter and are substantially raising our outlook for fiscal '22. Building on a wave of technology innovations fueling growth, strong and resilient markets and excellent operational and financial execution, we're poised to cross the $5 billion mark revenue milestone this fiscal year. These results are not possible without the unwavering commitment and diligence of our employee teams. We thank you all.

總而言之，我們實現了一個高勢頭的季度，並大幅提高了我們對 22 財年的展望。基於推動增長的技術創新浪潮、強大而有彈性的市場以及出色的運營和財務執行，我們準備在本財年突破 50 億美元的收入里程碑。如果沒有我們員工團隊堅定不移的承諾和勤奮，這些結果是不可能實現的。我們感謝大家。

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

有了這個，我會把它交給 Trac。

Thanks, Aart. Good afternoon, everyone. In Q2, we delivered record revenue, operating margin, non-GAAP EPS and cash flow. We continue to execute exceptionally well despite uncertainties in the macro environment. This is a testament to our robust portfolio, healthy markets and financial discipline. Our strong execution is also enhanced by the stability and resiliency of our time-based business model and $7.3 billion of noncancelable backlog. Our results and growing confidence in our business lead us to again raise our full year 2022 targets. After surpassing $4 billion in revenue in 2021, we expect to grow 20% and cross $5 billion in 2022 as our growth accelerates for the third straight year.

謝謝，阿爾特。大家下午好。在第二季度，我們實現了創紀錄的收入、營業利潤率、非公認會計原則每股收益和現金流。儘管宏觀環境存在不確定性，但我們繼續表現出色。這證明了我們強大的投資組合、健康的市場和財務紀律。我們基於時間的商業模式的穩定性和彈性以及 73 億美元的不可取消的積壓工作也增強了我們強大的執行力。我們的業績和對業務日益增長的信心使我們再次提高了 2022 年全年目標。在 2021 年收入超過 40 億美元後，隨著我們的增長連續第三年加速增長，我們預計到 2022 年將增長 20% 並超過 50 億美元。

I'll now review our second quarter results. All comparisons are year-over-year unless otherwise stated. We generated total revenue of $1.28 billion, up 25% over the prior year, with strength across all product groups and geographies. Total GAAP costs and expenses were $916 million. Total non-GAAP costs and expenses were $809 million, resulting in a non-GAAP operating margin of 36.8%. GAAP earnings per share were $1.89, non-GAAP earnings per share were $2.50, up 47% over the prior year.

我現在將回顧我們的第二季度業績。除非另有說明，否則所有比較都是逐年比較。我們創造了 12.8 億美元的總收入，比上一年增長 25%，在所有產品組和地區都有實力。 GAAP 總成本和費用為 9.16 億美元。非 GAAP 成本和費用總額為 8.09 億美元，非 GAAP 營業利潤率為 36.8%。 GAAP 每股收益為 1.89 美元，非 GAAP 每股收益為 2.50 美元，比上年增長 47%。

Semiconductor & System Design segment revenue was $1.17 billion, up 25% with robust demand for EDA software and hardware and IP. Semiconductor & System Design adjusted operating margin was 39.2%. Software Integrity segment revenue was $113 million, up 20%. And adjusted operating margin was 11.5%.

半導體和系統設計部門的收入為 11.7 億美元，增長 25%，這得益於對 EDA 軟件和硬件以及 IP 的強勁需求。半導體和系統設計調整後的營業利潤率為 39.2%。軟件完整性部門收入為 1.13 億美元，增長 20%。調整後的營業利潤率為11.5%。

Turning to cash. We generated a record $750 million in operating cash flow. We used $250 million of our cash for buybacks and have repurchased $890 million of stock in the trailing 12 months. Our balance sheet remains very strong. We ended the quarter with cash and short-term investments of $1.72 billion and debt of $24 million.

轉向現金。我們創造了創紀錄的 7.5 億美元的經營現金流。我們將 2.5 億美元的現金用於回購，並在過去 12 個月內回購了 8.9 億美元的股票。我們的資產負債表仍然非常強勁。我們以 17.2 億美元的現金和短期投資以及 2400 萬美元的債務結束了本季度。

Before providing guidance, let me briefly comment on the WhiteHat acquisition, which is subject to regulatory review and customary closing conditions. We will pay approximately $330 million in cash when the transaction closes, which we expect to occur this quarter. Based on our preliminary review, we expect the acquisition to be roughly neutral to non-GAAP earnings this year.

在提供指導之前，讓我簡要評論一下 WhiteHat 的收購，該收購受監管審查和慣例成交條件的約束。交易完成時，我們將支付約 3.3 億美元現金，我們預計將在本季度完成。根據我們的初步審查，我們預計此次收購對今年的非公認會計原則收益大致中性。

Now to the guidance, which excludes any impact from the WhiteHat acquisitions. We are raising our full year outlook for revenue, operating margins, earnings and cash flow. For fiscal year 2022, the full year targets are: revenue of $5 billion to $5.05 billion. This represents 19% to 20% growth and a $225 million increase versus our prior outlook. Total GAAP costs and expenses between $3.928 billion and $3.975 billion. Total non-GAAP costs and expenses between $3.35 billion and $3.38 billion, resulting in a non-GAAP operating margin improvement of approximately 250 basis points. Non-GAAP tax rate of 18%. GAAP earnings of $6.22 to $6.40 per share. Non-GAAP earnings of $8.63 to $8.70 per share, representing 26% to 27% growth. Cash flow from operations of $1.55 billion to $1.6 billion. Capital expenditures of approximately $145 million, up from our prior guidance as we consolidate our campus at headquarters to create a more efficient and economical footprint.

現在來看指南，其中不包括收購 WhiteHat 的任何影響。我們正在提高對收入、營業利潤率、收益和現金流的全年展望。對於 2022 財年，全年目標是：收入 50 億美元至 50.5 億美元。與我們之前的預期相比，這代表了 19% 至 20% 的增長和 2.25 億美元的增長。 GAAP 總成本和費用在 39.28 億美元至 39.75 億美元之間。非 GAAP 總成本和支出在 33.5 億美元至 33.8 億美元之間，使非 GAAP 營業利潤率提高了約 250 個基點。非公認會計原則稅率為 18%。 GAAP 每股收益為 6.22 美元至 6.40 美元。 Non-GAAP 每股收益為 8.63 美元至 8.70 美元，增長 26% 至 27%。運營現金流為 15.5 億美元至 16 億美元。資本支出約為 1.45 億美元，高於我們之前的指導，因為我們在總部整合校園以創造更高效和經濟的足跡。

Now to the targets for the third quarter. Revenue between $1.21 billion and $1.24 billion. Total GAAP costs and expenses between $981 million and $1 billion. Total non-GAAP costs and expenses between $830 million and $840 million. GAAP earnings of $1.32 to $1.44 per share and non-GAAP earnings of $2.01 to $2.06 per share.

現在到第三季度的目標。收入在 12.1 億美元至 12.4 億美元之間。 GAAP 總成本和費用在 9.81 億美元至 10 億美元之間。非公認會計原則成本和費用總額在 8.3 億美元至 8.4 億美元之間。 GAAP 每股收益為 1.32 至 1.44 美元，非 GAAP 收益為每股 2.01 至 2.06 美元。

In conclusion, we continue to execute exceptionally well and based on our strong momentum, we expect to deliver 20% revenue growth, 250 basis points of non-GAAP operating margin improvement, more than 25% non-GAAP earnings growth and $1.6 billion of operating cash flow in fiscal 2022.

總之，我們繼續出色地執行，基於我們強勁的勢頭，我們預計將實現 20% 的收入增長、250 個基點的非 GAAP 營業利潤率改善、超過 25% 的非 GAAP 盈利增長和 16 億美元的營業收入2022財年的現金流。

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

有了這個，我會把它交給接線員提問。

(Operator Instructions) Our first question comes from the line of Gary Mobley from Wells Fargo Securities.

（操作員說明）我們的第一個問題來自 Wells Fargo Securities 的 Gary Mobley。

Let me extend my congratulations on good execution, to say the least. I want to ask a multipart question on the backlog, up, I believe, roughly 50% year-over-year and mid-single-digit percent or high single-digit percent sequentially. So to what extent is that backlog number growing as a result of longer duration -- the average longer -- longer average duration, excuse me? Maybe we can start there.

至少可以說，讓我對良好的執行表示祝賀。我想問一個關於積壓的多部分問題，我相信，同比增長大約 50%，按順序增長中個位數百分比或高個位數百分比。那麼，由於更長的持續時間 - 平均更長 - 更長的平均持續時間，積壓數量在多大程度上增加了，請問？也許我們可以從那裡開始。

Gary, the backlog is up due to overall run rate growth. Duration remains within the model that we communicated in the past, which is 2.5 to 3 years.

加里，由於整體運行速度的增長，積壓的訂單增加了。持續時間保持在我們過去溝通的模型中，即 2.5 到 3 年。

Okay. And here we sit today with the potential for your company to grow 20% this year and that's obviously much -- well, I guess it's technically within your long-term view of double-digit percent growth. But that could mean a lot of different things to different people. So I'm wondering if we can get an updated view on your long-term revenue growth target.

好的。今天我們坐在這裡，您的公司今年有 20% 的增長潛力，這顯然是很多 - 嗯，我想這在技術上符合您對兩位數百分比增長的長期看法。但這對不同的人可能意味著很多不同的事情。所以我想知道我們是否可以對您的長期收入增長目標進行更新。

Well, right now, we're not changing any targets for the long term, but clearly, we're at the right end of the double digit answer. And in general, I would say that we feel that we're in a strong position that has a potential to continue for quite a while by virtue of not only building up the backlog, but more importantly so, by the conjunction of the demand in the market and what we have to offer being particularly well aligned. So I think the company is very strong right now and you saw that we changed the objective for the year considerably from where we started the year.

好吧，現在，我們沒有改變任何長期目標，但顯然，我們處於兩位數答案的正確端。總的來說，我會說，我們認為我們處於有利地位，有可能持續相當長一段時間，不僅因為積壓，更重要的是，通過結合需求市場和我們必須提供的東西特別一致。所以我認為公司現在非常強大，你看到我們今年的目標從年初開始有了很大的改變。

Our next question comes from the line of Jason Celino with KeyBanc.

我們的下一個問題來自 Jason Celino 的 KeyBanc。

Really impressive guidance raise here. I think as we kind of second -- cross into the second half, maybe if we take a step back 6 months coming into the year versus now, what exactly in your visibility or confidence level has improved so much? Or I guess, what has surprised you to this point?

真正令人印象深刻的指導在這裡提出。我認為，當我們進入下半場時，也許如果我們在今年與現在相比退後 6 個月，那麼您的知名度或信心水平到底是什麼提高了這麼多？或者我猜，是什麼讓你感到驚訝？

Well, I wouldn't say it's a surprise. It's been hard work that has worked really well. I think we're executing extremely well at this point in time. And having the products that are needed at the right time, including some that have truly breakpoints in innovation that are very valuable for the future serves us well. Obviously, the markets around us have a lot of noise up and down and sideways, but we cater to a part of the market that is highly competitive where there is a renewed understanding of how important chips are for differentiation in literally every field you can think of. And so that is an area where the customers want to move faster with better tools, with faster solutions and I think we're well positioned in that.

好吧，我不會說這是一個驚喜。這是一項艱苦的工作，效果非常好。我認為我們在這個時間點上執行得非常好。在正確的時間擁有所需的產品，包括一些真正具有創新斷點的產品，這些產品對未來非常有價值，這對我們很有幫助。顯然，我們周圍的市場有很多上下波動的噪音，但我們迎合了競爭激烈的部分市場，在那里人們重新理解了芯片對於你能想到的幾乎每個領域的差異化的重要性的。因此，這是客戶希望通過更好的工具和更快的解決方案更快地行動的領域，我認為我們在這方面處於有利地位。

Jason, we -- keep in mind, when we entered the year, we were feeling very bullish about the business, right? Because in December, we were coming off of several years of very strong growth and margin improvement. And based on that, we had already raised our long-term outlook for the business. What's different now 6 months in is that we've booked 6 months' worth of business and we continue to see the momentum be very strong and consistent with what we have communicated. So right now, we're feeling like we're executing well against the opportunity ahead of us and the outlook is really positive.

傑森，我們——請記住，當我們進入這一年時，我們對這項業務感到非常樂觀，對吧？因為在 12 月，我們擺脫了幾年非常強勁的增長和利潤率改善。在此基礎上，我們已經提出了對業務的長期展望。現在 6 個月的不同之處在於，我們已經預訂了 6 個月的業務，我們繼續看到勢頭非常強勁，並且與我們所傳達的內容一致。所以現在，我們感覺我們在面對我們面前的機會時執行得很好，前景非常樂觀。

Okay. And then maybe just a quick one on margins. If we kind of back into the 4Q kind of implied framework and I know Q4 is typically kind of one of the lower points on margins, but this year, it seems a little bit lower than on a sequential basis. Maybe can you maybe speak to maybe some of your hiring plans or timing of investments which may impact that?

好的。然後也許只是一個快速的利潤。如果我們回到第 4 季度的隱含框架，我知道第 4 季度通常是利潤率較低的點之一，但今年，它似乎比連續的要低一些。也許你能談談你的一些招聘計劃或投資時機，這可能會影響到這一點嗎？

Well, I'll start with the fact that we are raising the overall margins for the year by 250 basis points versus '21. So it's a really strong improvement. With regards to the Q4 profile, we continue to invest in the business in the second half. Good hiring, and frankly, the other part that's contributing to it is the fact that the outlook is so strong that we are increasing our variable compensation accrual in the back half of the year.

好吧，我將從一個事實開始，即我們將今年的整體利潤率與 21 年相比提高了 250 個基點。所以這是一個非常強大的改進。關於第四季度的概況，我們在下半年繼續投資該業務。良好的招聘，坦率地說，促成它的另一部分是前景如此強勁，以至於我們在下半年增加了可變薪酬應計。

And our next question comes from the line of Ruben Roy from WestPark Capital.

我們的下一個問題來自 WestPark Capital 的 Ruben Roy。

Yes, I'd like to extend my congratulations to you on the solid execution. First question, I think is for Trac, just kind of around something that you mentioned last quarter and just thinking about durations haven't changed, but backlog orders well ahead of plan, et cetera, you had talked about being able to extract more value in negotiations. And I'm just wondering if you could comment a little bit about kind of the pricing environment as you're seeing expansion of tools across large customers, et cetera. Have the pricing dynamics across the business or product areas changed much between last year and this year?

是的，我想祝賀你的紮實執行。第一個問題，我認為是關於 Trac 的，只是你在上個季度提到的一些事情，只是考慮持續時間沒有改變，但積壓訂單遠遠超出了計劃，等等，你曾談到能夠提取更多價值在談判中。而且我只是想知道您是否可以對定價環境發表一些評論，因為您正在看到工具在大客戶中的擴展等等。去年和今年之間，整個業務或產品領域的定價動態是否發生了很大變化？

I'd say the pricing environment is pretty healthy for us right now. And it starts with the fact that we are -- our products are incredibly competitive. And as you heard in Aart's comments or prepared remarks, they are creating a lot of value for our customers. And the ability -- when you're coming to an engagement with the customer with really good products that's solving their problems in a much more efficient, effective and scalable way, it's a much more constructive conversation on pricing.

我想說現在的定價環境對我們來說非常健康。它始於我們的事實——我們的產品具有令人難以置信的競爭力。正如您在 Aart 的評論或準備好的評論中聽到的那樣，它們正在為我們的客戶創造很多價值。還有能力——當你用真正好的產品與客戶接觸時，這些產品以更有效、更有效和可擴展的方式解決他們的問題，這是一次更具建設性的定價對話。

Yes. In general, I would add there is just a lot of demand. People are designing much more complex, not just chips, but systems of chips, the intersection between those chips and the software is more important, meaning that they want to optimize the chips for certain software and optimize certain software for the chips and vice versa. And so these are all relatively difficult problems that require a lot of our tools and a lot of our IP. And I think the semiconductor market overall is heading towards continued growth by the sheer need of all these parts.

是的。總的來說，我會補充說需求量很大。人們正在設計更複雜的設計，不僅僅是芯片，而是芯片系統，這些芯片和軟件之間的交集更為重要，這意味著他們希望針對某些軟件優化芯片並針對芯片優化某些軟件，反之亦然。所以這些都是相對困難的問題，需要我們大量的工具和大量的知識產權。而且我認為，由於所有這些部件的純粹需求，整個半導體市場正朝著持續增長的方向發展。

All right. Helpful. I guess, just a quick follow-up on that, Aart, around the IP itself. Yes, as IP continues to grow for you and your competitors and a lot of companies are obviously talking about IP or using IP going forward as system complexities continue to move up into the right, how are you -- how do you -- should we, I guess, think about IP as sort of a driver for your tool sales? Is it or -- is it kind of the other way around?

好的。有幫助。我想，這只是圍繞 IP 本身的快速跟進，Aart。是的，隨著 IP 為您和您的競爭對手持續增長，許多公司顯然都在談論 IP 或使用 IP，因為系統複雜性繼續上升到正確的方向，您怎麼樣 - 你怎麼樣 - 我們應該，我猜，將 IP 視為工具銷售的一種驅動力？是不是——是不是有點相反？

You're right with both, meaning that in decades ago, clearly, was EDA driving things and then you would sell some IP. In some of the regions that have come online, let's say, in the last 10 years, IP has often been the first decision-making point and then the EDA followed. And in the system world, it's a little bit of both. But very often when people decide about what architecture they're going to build, they make big decisions on the building blocks and then they immediately look in the catalog from Synopsys, okay, which building blocks can I have, ready to go or which ones can I get with some modifications. And that is, of course, a dramatic shortcut in design and effort. So I think they're sort of, in my perspective, 2 sides of the same coin. You need both and both need to be working very well.

你對兩者都是對的，這意味著在幾十年前，很明顯，EDA 是在推動事物，然後你會出售一些 IP。在一些已經上線的地區，比方說，在過去的 10 年裡，IP 往往是第一個決策點，然後是 EDA。在系統世界中，兩者兼而有之。但是很多時候，當人們決定他們要構建什麼架構時，他們會對構建塊做出重大決定，然後他們會立即查看 Synopsys 的目錄，好吧，我可以擁有哪些構建塊，準備好使用還是哪些我可以做一些修改嗎？當然，這在設計和努力方面是一條戲劇性的捷徑。所以我認為，在我看來，它們是同一枚硬幣的兩個面。你需要兩者，並且兩者都需要很好地工作。

Our next question comes from the line of Charles Shi from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Charles Shi。

Congratulations on the strong results. I want to start with another question on IP. Thanks, Aart, for your answer on the synergy between EDA and IP. When I look at your numbers, it looks like your IP growth so far in this fiscal year has been far above your long-term target like mid-teens. Really just wonder, do you still holding the view that IP is mid-teens kind of growth long term? Or do you think it may grow faster than that given how strong the results are so far in the year?

祝賀你取得了不錯的成績。我想從另一個關於 IP 的問題開始。感謝 Aart，您對 EDA 和 IP 之間的協同作用的回答。當我查看您的數據時，您的 IP 在本財年到目前為止的增長似乎遠遠高於您的長期目標，例如十幾歲。真的只是想知道，您是否仍然認為 IP 是長期處於青少年時期的增長方式？或者，鑑於今年迄今為止的結果有多強勁，您認為它的增長速度可能會更快嗎？

Well, as you know, so far, we want to hold on to the general directives that we've given for the long term. At the same time, there's no doubt whatsoever that IP was particularly strong this quarter and actually has been strong for quite a while. And so IP tends to be a little lumpy because you often sell IP over a period of time and then the customers pick it up as they need it, or some of the things that are subject to milestones, if they want to have IP that's modified for their purpose.

好吧，如您所知，到目前為止，我們希望長期堅持我們給出的一般性指令。與此同時，毫無疑問，本季度的 IP 特別強勁，並且實際上已經持續了相當長一段時間。因此，IP 往往有點笨拙，因為您經常在一段時間內銷售 IP，然後客戶在需要時選擇它，或者某些受里程碑影響的東西，如果他們想要修改 IP為他們的目的。

So it's not always as easy to predict as some of the other things that are more time-based. But overall, they reflect very well the new designs, the new chips, but also the new types of chips. And we're particularly strong already in those interconnectivity blocks that will be used when you put chips in very, very tight proximity, sometimes also refer to as chiplets. And so that's a whole new wave of opportunity for us.

所以它並不總是像其他一些更基於時間的事情那樣容易預測。但總的來說，它們很好地反映了新設計、新芯片以及新型芯片。我們在那些互連模塊方面已經特別強大，當您將芯片放在非常非常接近的位置時將使用這些互連模塊，有時也稱為小芯片。所以這對我們來說是一個全新的機會。

Maybe a second question. I know during the quarter, there was a press article about the subpoena, the administrative subpoena you received probably like last year, by the end of last year. Can you give us an update as this is kind of an overhang, I mean in terms of what investors think about Synopsys? And any update, do you -- is it closed? Or when do you expect it to close?

也許是第二個問題。我知道在本季度，有一篇關於傳票的新聞文章，你收到的行政傳票可能像去年一樣，到去年年底。您能否給我們提供最新信息，因為這有點懸而未決，我的意思是投資者對 Synopsys 的看法？任何更新，你 - 它關閉了嗎？或者你預計它什麼時候關閉？

Well, there's not really an update. We received this, if I'm not mistaken, in November '21. And so typically, you get a number of questions and then there's some follow-up on those questions. And by the way, a lot of these are being given out to a number of companies. And so we have diligently followed up. It's not for us to know actually when these things finish. So it's wait and see, but we're following up and no issues from our perspective so far.

好吧，沒有真正的更新。如果我沒記錯的話，我們是在 21 年 11 月收到的。所以通常情況下，你會收到很多問題，然後會對這些問題進行一些跟進。順便說一句，其中很多都被分發給了許多公司。所以我們一直在努力跟進。我們不知道這些事情何時結束。所以這是觀望，但我們正在跟進，到目前為止從我們的角度來看沒有問題。

And our next question comes from the line of Joe Vruwink from Baird.

我們的下一個問題來自 Baird 的 Joe Vruwink。

Great. I'm wondering if it is possible to maybe compare the new product cycle we seem to be in at the moment and thinking of DSO.ai, Fusion, verification, hardware, 3DIC? How does kind of this cycle compare to, I think, 2019 was a big one, I think 2015 with IC Compiler was a big one? I mean do you get the sense that there is greater traction or that this era of product is different and better than some of the prior recent experience?

偉大的。我想知道是否有可能比較我們目前似乎處於的新產品週期並考慮 DSO.ai、Fusion、驗證、硬件、3DIC？這個週期與我認為 2019 年是一個大周期相比如何，我認為 2015 年的 IC Compiler 是一個大周期？我的意思是你是否感覺到有更大的吸引力，或者這個產品時代與之前的一些經驗不同並且更好？

That's actually a fun question because you seem to know some of our better birthdays here. In '15 and '19, we had absolutely great products that hit the markets that substantially advanced the existing state-of-the-art. I think when you talk about things like DSO or some of the hardware-software interaction, you're essentially talking about a new state-of-the-art. And having had the privilege to be here for a long time, I strongly feel that the early days of synthesis felt very similar to what we're doing right now with AI applied to our own design flows, because it is so revolutionary from a computer science point of view, as AI has essentially brought a whole new way to look at problems through the lens of can you recognize patterns versus can you do deductive calculations.

這實際上是一個有趣的問題，因為您似乎知道我們這裡的一些更好的生日。在 15 和 19 年，我們擁有絕對出色的產品，這些產品打入市場，大大提升了現有的最先進技術。我認為當您談論諸如 DSO 或某些硬件-軟件交互之類的事情時，您本質上是在談論一種新的最先進技術。有幸在這裡待了很長時間，我強烈地感覺到綜合的早期感覺與我們現在正在做的非常相似，將人工智能應用於我們自己的設計流程，因為它對計算機來說是如此具有革命性從科學的角度來看，因為人工智能本質上帶來了一種全新的方式來通過你能識別模式與你能進行演繹計算的鏡頭來看待問題。

And we have already demonstrated literally month after month new results that are getting better and better and also broadening the applicability beyond just design but also in verification. And so I think there's a long runway with that. But it is also literally fun to watch how excited our own teams are every time they get some better results.

而且我們已經逐月證明了新的結果，這些結果越來越好，並且不僅在設計上而且在驗證方面也擴大了適用性。所以我認為這有很長的路要走。但是，看到我們自己的團隊每次獲得更好的成績時都多麼興奮，這也確實很有趣。

Okay. Okay, that's great. And then you went through a period of time, thinking about fiscal '19, '20 and actually a lot of 2021, where your backlog, it was solid but kind of sequentially stable. And now we've had 1 big step-up and actually this quarter is another big sequential step-up. How much of that would be renewal-driven and within the scope of a renewal getting uptake behind some of these more advanced solutions versus what might be new logo growth?

好的。好的，那太好了。然後你經歷了一段時間，考慮到 19 財年、20 財年，實際上還有很多 2021 年，你的積壓工作很穩定，但順序穩定。現在我們已經有了一個大的提升，實際上本季度是另一個大的連續提升。其中有多少是更新驅動的，並且在更新的範圍內被這些更先進的解決方案所採用，而不是新的標識增長？

It's a little bit of all of that. And we have always warned to say that backlog goes up and down because if you do, let's say, a large transaction over multiple years, you get your backlog to go up and then it gradually decreases as the revenue is recognized and then it gets renewed. Now of course, we have many renewals, so it's not that spiky in aggregate. But that's the 1 flag I want to raise for backlog.

這只是其中的一小部分。而且我們一直警告說，積壓會上升和下降，因為如果你這樣做，比方說，多年的大筆交易，你的積壓會上升，然後隨著收入的確認而逐漸減少，然後它會被更新.當然，現在我們有很多續訂，所以總體上並沒有那麼高。但這是我想為積壓工作提出的第一個標誌。

On the other hand, there's no question that our business is strong and that we have many growing renewals and are broadening the portfolio of what we offer as a company. And so we are very purposefully building the company for growth at this point in time. And so we're watching to make sure that the backlog is in sync with the guidance that we give you going forward.

另一方面，毫無疑問，我們的業務很強大，我們有許多不斷增長的續約，並且正在擴大我們作為一家公司提供的產品組合。因此，我們現在非常有目的地建設公司以實現增長。因此，我們正在密切關注以確保積壓工作與我們為您提供的指導保持同步。

Yes. I'll add to Aart's comments about the backlog. That it is noisy and it will vary from quarter-to-quarter. It's great to have $7.3 billion of backlog. It's even better that the backlog is increasing because of run rate growth, as Aart described. And that momentum in terms of run rate growth in the first half is really what's driving the confidence in the outlook for the full year.

是的。我將添加 Aart 對積壓工作的評論。它很嘈雜，而且每個季度都會有所不同。有 73 億美元的積壓工作真是太好了。正如 Aart 所描述的，由於運行速度的增長，積壓工作正在增加，這甚至更好。就上半年的運行速度增長而言，這種勢頭確實推動了人們對全年前景的信心。

And our next question comes from the line of Jay Vleeschhouwer from Griffin Securities.

我們的下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Aart, you cited you all know that there is much that is new in EDA in terms of certainly accelerated growth, new customers, new customer requirements, new products and the like. But over time, EDA history has a way of repeating itself. And so when we think about, for example, the thing that you started in your comments with AI, and by the way, there was a very interesting Synopsys presentation this morning at the Ansys conference on AI.

Aart，你引用了你們都知道，在加速增長、新客戶、新客戶需求、新產品等方面，EDA 有很多新東西。但隨著時間的推移，EDA 的歷史總有重演的方式。因此，例如，當我們考慮到您在評論中開始提到 AI 時，順便說一下，今天早上在 Ansys 人工智能會議上，Synopsys 做了一個非常有趣的演示。

The question I have there is about historical precedence for earlier new tools. So for instance, in the early days of synthesis and implementation, eventually there were issues with respect to tool capacity, for example, in terms of synthesis blocks, for example; methodology, I'm sure you remember the great debate about flat and hierarchical and extensibility of the tools to new device types or applications.

我的問題是關於早期新工具的歷史優先級。因此，例如，在綜合和實施的早期，最終存在工具容量方面的問題，例如綜合模塊方面；方法論，我相信您還記得關於扁平化和分層以及工具可擴展性到新設備類型或應用程序的激烈辯論。

So the question with respect to AI is how confident are you that the platform that you have is viable for 5 to 10 years in terms of capacity performance and meeting the needs of a wider and wider set of device types, so that the kind of walls perhaps that some of your earlier tools eventually ran into, the AI doesn't necessarily run into. That's question number one.

因此，關於 AI 的問題是，您對所擁有的平台在容量性能和滿足越來越廣泛的設備類型的需求方面的 5 到 10 年的可行性有多大信心？也許您早期的一些工具最終會遇到，AI 不一定會遇到。這是第一個問題。

For you, Trac, you raised the midpoint of your non-GAAP expense expectation for the year by $95 million. Could you talk about that in terms of headcount-driven growth behind that raise in guidance for OpEx? And if, for example, you were to fill every one of the more than 2,000 positions you now have open, would you still be able to meet your margin objectives for the year?

對你來說，Trac，你將當年非公認會計原則費用預期的中點提高了 9500 萬美元。您能否談談運營支出指導上調背後的員工人數驅動增長？例如，如果您要填補您現在擁有的 2,000 多個頭寸中的每一個，您是否仍然能夠實現當年的保證金目標？

Well, let me start with your first part, 1, 2, 3 and 5 of the questions. All the things that you mentioned, I hope we have exactly those problems because we licked them in our history. The fact is that we have the good fortune of starting with synthesis, that revolutionized digital design, made it possible, in all fairness, together with simulation, later place and route. And those automations kept growing with every success the customer, it wants to do more. It's like race car drivers, you give them a faster car, they drive fast and they say, "Can you give me something that's faster?" And the good news is Synopsys for its entire history has always stayed at the state-of-the-art. So in that sense, this is normal evolution.

好吧，讓我從你的第一部分開始，即問題的 1、2、3 和 5。你提到的所有事情，我希望我們確實有這些問題，因為我們在歷史上舔過它們。事實是，我們有幸從合成開始，徹底改變了數字設計，公平地說，與模擬、後來的佈局和佈線一起，使之成為可能。這些自動化隨著客戶的每一次成功而不斷增長，它希望做得更多。就像賽車手，你給他們一輛更快的車，他們開得很快，然後他們說，“你能給我更快的車嗎？”好消息是 Synopsys 的整個歷史始終處於最先進的水平。所以從這個意義上說，這是正常的進化。

Secondly, I think the AI capabilities that we have right now and that we're building are actually quite broad in terms of the applicability. And if you add the very fact that on the side here, we have just announced that we also have a SaaS model for cloud, that's theoretically saying, "Oh, there's infinite compute waiting for you if you want to pay the price." And I don't know I want to be light-hearted about this, but the fact is that compute is not a limitation for us right now. I think what will be the challenging part is that all the problems that we're addressing are highly systemically complex, meaning there are so many different things that play together and you have to nail every single one of them, otherwise, the system doesn't work. And that plays absolutely to Synopsys' strength because we are deep in every area that we touch and we've put a high degree of emphasis now for a number of years for Synopsys to migrate its thinking from scale complexity to systemic complexity.

其次，我認為我們現在擁有的以及我們正在構建的人工智能功能在適用性方面實際上非常廣泛。如果你在這裡加上一個事實，我們剛剛宣布我們也有一個用於雲的 SaaS 模型，這在理論上是在說，“哦，如果你想付出代價，有無限的計算在等著你。”而且我不知道我想對此感到輕鬆，但事實是計算現在對我們來說並不是一個限制。我認為具有挑戰性的部分是我們正在解決的所有問題都是高度系統複雜的，這意味著有很多不同的事情可以一起發揮作用，你必須確定其中的每一個，否則，系統不會不工作。這對 Synopsys 的優勢絕對有幫助，因為我們深入接觸到的每個領域，並且多年來我們一直高度重視 Synopsys 將其思維從規模複雜性轉移到系統複雜性。

And so I actually have no fear in this direction. Trepidation on the execution is always there, but I think we're on a roll here.

所以我實際上對這個方向沒有恐懼。對執行的恐懼總是存在的，但我認為我們在這裡很順利。

Jay, with regards to your questions on OpEx, there's 2 parts to the expense increase. One is the investments in the business. We'll continue to invest in the business primarily to sustain really strong growth over the next few years. And the second part of investment is making sure that we can scale this business in a way that we can drive margin improvement over time commensurate with that growth.

Jay，關於您對 OpEx 的問題，費用增加有兩個部分。一是企業投資。我們將繼續對該業務進行投資，主要是為了在未來幾年保持真正強勁的增長。投資的第二部分是確保我們可以擴展這項業務，以便我們可以隨著時間的推移推動利潤率的提高，與增長相稱。

The second part of what's driving expenses is what I highlighted earlier, which is an increase in -- with a strong increase in the outlook for the year, it's also allowing us to accrue more for the variable compensation to reflect the overachievement.

推動支出的第二部分是我之前強調的，即增長——隨著今年前景的強勁增長，這也使我們能夠為可變薪酬積累更多以反映超額成就。

On the hiring front, our outlook for the year of 250 basis points improvement in ops margin contemplates our ability to hire and our ability to continue to invest in the business. So it's all closed loop and factored into the numbers.

在招聘方面，我們對今年運營利潤率提高 250 個基點的展望考慮了我們的招聘能力和繼續投資業務的能力。所以這一切都是閉環併計入數字中。

Our next question comes from the line of Vivek Arya from Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

I actually had 2 kind of more conceptual questions. So for the first one, I'm curious, why is there such a large gap between the growth rates of your EDA and IP business? Conceptually, they should be levered to the same underlying trend. So why is one outgrowing the other so much?

我實際上有兩種更概念性的問題。那麼對於第一個，我很好奇，為什麼你們的EDA和IP業務的增長率差距這麼大？從概念上講，它們應該被用於相同的潛在趨勢。那麼為什麼一個比另一個長得這麼多呢？

And when I look at your EDA growth, right 9%, kind of full year, more like 11%, last year was 10%. So I don't see the same acceleration that you are describing. And when I compare it to your peer who is growing in the mid-teens, there also appears to be a difference in growth. So I just want to make sure I'm looking at things apples-to-apples. So that's the first question that I have.

當我查看您的 EDA 增長時，對 9%，全年，更像是 11%，去年是 10%。因此，我看不到您所描述的相同加速度。當我將它與您在十幾歲時成長的同齡人進行比較時，似乎也存在增長差異。所以我只是想確保我正在看蘋果對蘋果的事情。所以這是我的第一個問題。

Well, in all areas, we're outgrowing our competition. And that includes EDA and IP and the other areas that we're in. At the same time, all of those have historical precedents of how the business is set up. And if you recall, it's not that many quarters ago that we were referring to IP as in the mid-single-digit growth rate. And today, we're clearly in the double-digit. So that has moved up. The IP has moved up very fast. And part of the explanation I tried to give a little bit earlier is that in a number of situations, IP is leading, as IP is, in many ways, the shortcut of EDA, right, which is you have design that's already done. And so the combination of IP and EDA actually works really well together and one should take them in aggregate. And in aggregate, the company is essentially predicting for this year, what is it, 19% to 20% growth. And so you can split the numbers anyway you want.

好吧，在所有領域，我們都超越了我們的競爭對手。這包括 EDA 和 IP 以及我們所處的其他領域。同時，所有這些領域都有關於如何建立業務的歷史先例。如果你還記得的話，在很多季度之前，我們將 IP 稱為中個位數的增長率。而今天，我們顯然處於兩位數。所以這已經上升了。 IP 的增長速度非常快。我之前試圖給出的部分解釋是，在許多情況下，IP 處於領先地位，因為 IP 在很多方面都是 EDA 的捷徑，對，就是你已經完成了設計。因此，IP 和 EDA 的結合實際上可以很好地協同工作，應該將它們綜合起來。總的來說，該公司基本上是在預測今年的增長，即 19% 到 20% 的增長。因此，您可以隨意拆分數字。

I see. So you don't agree with the market share gains or shifts that your competitor was describing in their last call?

我懂了。所以你不同意你的競爭對手在上次電話會議中描述的市場份額增長或變化？

I cannot fully -- I cannot critique what others say about their business. We are doing well. I think the semiconductor industry is growing rapidly. There's no question that most advanced nations in the world have all understood that chips are at the heart of all the software that's needed to be competitive. And so that is a very fundamental change and we are, I think, playing very well in this with the technologies we have. And some of the areas that we've highlighted, such as DSO.ai, but I could have also highlighted SLM or a few other areas that are relatively new, we're doing really well.

我不能完全——我不能批評別人對他們的業務的看法。我們做得很好。我認為半導體行業正在迅速發展。毫無疑問，世界上最先進的國家都明白，芯片是所有需要競爭的軟件的核心。所以這是一個非常根本的變化，我認為，我們在這方面的表現非常好，我們擁有的技術。我們強調的一些領域，例如 DSO.ai，但我也可以強調 SLM 或其他一些相對較新的領域，我們做得非常好。

Right. And just a quick follow-up. The math suggests Q4 earnings could actually be down year-on-year. I imagine it's more to do with just the pace of hiring because you still have pretty strong sales growth. But it will still suggest Q4 earnings based on your implied guidance would be down year-on-year. Did I get that math right? Is it just conservatism? Is it just kind of the timing of how OpEx and hiring is flowing? Is that the right way to understand why earnings could be down?

對。只是一個快速的跟進。數學表明，第四季度的收益實際上可能同比下降。我想這更多地與招聘速度有關，因為你仍然有相當強勁的銷售增長。但它仍然表明基於您的隱含指導的第四季度收益將同比下降。我算對了嗎？僅僅是保守主義嗎？這只是運營支出和招聘流動的時機嗎？這是理解為什麼收益可能下降的正確方法嗎？

Yes, I would just look at the profiling. You've got 2 years that have very different profiles. And as a result, the comparisons are -- if you're comparing any particular quarter this year relative to last year, it's going to stand out and seem unusual. But I would -- if you zoom out and look at the full year, we're delivering north of 25% EPS growth. That's really on the heels of strong revenue growth and margin improvement.

是的，我只想看看分析。您有 2 年的個人資料非常不同。因此，比較是 - 如果您將今年的任何特定季度與去年進行比較，它將脫穎而出並且看起來不尋常。但我會 - 如果你縮小並查看全年，我們的每股收益增長超過 25%。這實際上是在強勁的收入增長和利潤率提高之後。

Our next question comes from the line of Pradeep Ramani from UBS.

我們的下一個問題來自瑞銀的 Pradeep Ramani。

Congratulations. I just had a question on just the sustainability of this 20% revenue growth. It feels like everything you are saying on the call is that there are structural drivers that are accelerating the growth of your business and yet you're not taking up the financial model. So how are we to sort of interpret this? Are we to interpret this as 2022 is going to be a 20% type growth and then you reset back to a lower level? Or do you -- or should we take the other side, which is sort of EDA growth is sort of -- when I say EDA, EDA and IP growth is structurally higher than it's been before?

恭喜。我只是對這 20% 的收入增長的可持續性有疑問。感覺就像你在電話會議上所說的一切都是結構性驅動因素正在加速你的業務增長，但你並沒有採用財務模型。那麼我們該如何解釋呢？我們是否將其解釋為 2022 年將是 20% 的類型增長，然後您重新設置回較低的水平？或者，當我說 EDA、EDA 和 IP 的增長在結構上比以前更高時，您是否 - 或者我們應該站在另一邊，即某種 EDA 增長？

Let me try to put it in this context, Pradeep. We are executing incredibly well. And we're showing 20% growth off of a record year last year. The momentum of the business is really strong. We are feeling very confident about the business, not only for this year, but over a multiyear period. Where the questions are coming from with regards to changing our multiyear model, we literally just are 6 months into this and we updated you all on a raise in the model back in December. It's premature to be talking about changing our model midyear, while we still have 6 months left in the business to go. But I would just say that we are feeling very bullish and confident in the business over a multiyear period. So I would not read anything in terms of the results and are concerned about our ability to sustain very strong results over the long term.

讓我試著把它放在這個背景下，Pradeep。我們執行得非常好。我們在去年的創紀錄水平上實現了 20% 的增長。業務的發展勢頭非常強勁。我們對這項業務充滿信心，不僅是今年，而且是多年的時間。關於改變我們的多年模型的問題來自哪裡，我們實際上只有 6 個月的時間，我們在 12 月向大家更新了模型的加薪。現在談論年中改變我們的模型還為時過早，而我們的業務還有 6 個月的時間。但我只想說，我們對多年的業務感到非常樂觀和自信。因此，我不會閱讀任何關於結果的內容，並且擔心我們長期維持非常強勁的結果的能力。

Great. And as a follow-up, maybe, I mean this has sort of been asked, but let me ask it in a different way. If you grow especially in the back half of the year, is it being driven by maybe 1 big customer who's pursuing foundry plans? Or is it broad-based? Both in terms of customer mix and maybe even in terms of just product mix with respect to hardware or EDA or IP and so on?

偉大的。作為後續行動，也許，我的意思是有人問過這個問題，但讓我換個方式問。如果你在今年下半年特別增長，它是否是由可能追求代工計劃的 1 個大客戶推動的？還是基礎廣泛？無論是在客戶組合方面，還是在硬件、EDA 或 IP 等方面的產品組合方面？

Well, you can see in our disclosures that we are seeing very strong growth in all geographies and across all the product lines. So it just gives you a sense of the breadth that we have with regards to where the growth is coming from. We don't disclose, obviously, the customer detail, but the growth in all these areas are driven by really strong growth across the broad customer base. So I -- we're not attributing the change in the model or the outlook for the year to any 1 area. That's just not a sustainable way to run a business.

好吧，您可以在我們的披露中看到，我們在所有地區和所有產品線中都看到了非常強勁的增長。因此，它只是讓您了解我們在增長來源方面的廣度。顯然，我們不會透露客戶的詳細信息，但所有這些領域的增長都是由廣大客戶群的強勁增長推動的。所以我 - 我們沒有將模型的變化或今年的前景歸因於任何一個領域。這不是一種可持續的經營方式。

Our next question comes from the line of Gary Mobley from Wells Fargo Securities.

我們的下一個問題來自富國銀行證券的 Gary Mobley。

Sorry, we did lose Mr. Mobley, one moment. (Operator Instructions) We have no lines in the queue at this time.

抱歉，我們確實失去了 Mobley 先生，有一刻。 （操作員說明）此時我們的隊列中沒有任何線路。

Okay. Well, I guess we can finish on a timely fashion. Thank you very much for your interest. We had not only a very strong quarter, but more importantly, saw momentum in our entire business. It will go forward for, as Trac said, a number of quarters. And so on that basis, we appreciate your support and we'll be talking to you shortly in the one-on-ones.

好的。好吧，我想我們可以按時完成。非常感謝您的關注。我們不僅有一個非常強勁的季度，更重要的是，我們看到了整個業務的發展勢頭。正如 Trac 所說，它將持續幾個季度。因此，在此基礎上，我們感謝您的支持，我們將盡快與您進行一對一交談。