新思科技 (SNPS) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Synopsys Earnings Conference Call for Second Quarter of Fiscal Year 2021. (Operator Instructions) Today's call will last 1 hour. Five minutes prior to the end of the call, we will announce the amount of time remaining in the conference. As a reminder, today's call is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加新思科技 2021 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。在電話會議結束前五分鐘，我們將宣布會議的剩餘時間。提醒一下，今天的通話正在錄音。

At this time, I would like to turn the conference over to Lisa Ewbank, Vice President of Investor Relations. Please go ahead.

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, Eric. Good afternoon, everyone, and thanks for joining us. Speaking today are Aart de Geus, Chairman and Co-CEO of Synopsys; and Trac Pham, Chief Financial Officer.

謝謝你，埃里克。大家下午好，感謝加入我們。今天發言的是 Synopsys 董事長兼聯席首席執行官 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.

在我們開始之前，我想提醒大家，在電話會議期間，Synopsys 將討論關於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未來結果和表現的最佳判斷，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中強調的任何風險之外，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 supplements 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 the site at the conclusion of the call.

此外，我們將在討論中參考非 GAAP 財務指標。與其最直接可比的 GAAP 財務指標和補充財務信息的對賬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。所有這些項目以及最新的投資者介紹均可在我們的網站 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網站上。

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

有了這個，我會把它交給 Aart de Geus。

Good afternoon. Synopsys continues to execute very well, delivering record revenue and non-GAAP earnings in the third quarter. Revenue was $1.057 billion with GAAP earnings per share of $1.27 and non-GAAP earnings of $1.81. We again made excellent progress on our margin expansion goals and generated $422 million of operating cash flow.

下午好。 Synopsys 繼續表現出色，在第三季度實現了創紀錄的收入和非 GAAP 收益。收入為 10.57 億美元，GAAP 每股收益為 1.27 美元，非 GAAP 收益為 1.81 美元。我們再次在利潤率擴張目標上取得了出色的進展，並產生了 4.22 億美元的經營現金流。

Thanks to the hard work of our entire Synopsys team, on a TTM basis, we have surpassed the major milestone we set our sights on a few years ago, $4 billion in revenue and 30% operating margin. Reflecting our strong year-to-date results, the vibrant markets we serve and technology innovations driving customer momentum in all product groups and all geographies, we are raising fiscal 2021 revenue, non-GAAP ops margin, earnings and cash flow targets.

由於我們整個 Synopsys 團隊的辛勤工作，在 TTM 的基礎上，我們已經超越了幾年前設定的重要里程碑，即 40 億美元的收入和 30% 的營業利潤率。反映我們年初至今的強勁業績、我們服務的充滿活力的市場以及推動所有產品組和所有地區客戶發展勢頭的技術創新，我們正在提高 2021 財年的收入、非 GAAP 運營利潤率、收益和現金流量目標。

We are well on the way towards our next goal of crossing $5 billion in revenue by 2023, raising our long-term revenue objective to double-digit growth with continued margin expansion. Trac will discuss the financials in more detail.

我們正在朝著到 2023 年收入超過 50 億美元的下一個目標邁進，隨著利潤率的持續擴張，我們將長期收入目標提高到兩位數增長。 Trac 將更詳細地討論財務狀況。

Meanwhile, the market is not only strong, it is transforming in a way that is very positive for Synopsys. Both consumer and business demand for Smart Everything continue to intensify and grow. Smart devices intersect many skills and technologies. Massive amounts of data to be stored, transmitted and processed, sophisticated machine learning and application software specific to each market segment. In this megatrend, semiconductors are absolutely critical. This means not just more chips, but more advanced chips, lower power chips and chips that can be above it or stacked for tight implementations. In addition, security and safety are rapidly becoming must-haves, integrating more and more system requirements.

與此同時，市場不僅強勁，而且正在以一種對 Synopsys 非常有利的方式轉變。消費者和企業對 Smart Everything 的需求不斷增強和增長。智能設備與許多技能和技術相交。需要存儲、傳輸和處理的大量數據、複雜的機器學習和特定於每個細分市場的應用軟件。在這個大趨勢中，半導體絕對是至關重要的。這不僅意味著更多的芯片，還意味著更先進的芯片、更低功率的芯片以及可以在其上方或堆疊以實現緊密實現的芯片。此外，安全性和安全性正迅速成為必備條件，集成了越來越多的系統需求。

To make Smart Everything possible, companies need more automation while transforming the way they approach the development of their systems. New entrants such as large hyperscalers increasingly design their own specialized chips and our business with them is growing rapidly. Other systems companies, such as automotive, increasingly exert heavy influence on their suppliers by specifying key elements of chip performance as well as functional safety and security.

為了使智能一切成為可能，公司需要更多的自動化，同時改變他們處理系統開發的方式。大型超大規模企業等新進入者越來越多地設計自己的專用芯片，我們與他們的業務也在快速增長。其他系統公司，如汽車，通過指定芯片性能以及功能安全和保障的關鍵要素，對其供應商施加越來越大的影響。

Synopsys is a crucial enabler and the broad economic pool is now augmented -- augmenting the traditional Moore's Law push, thus driving more opportunity for us. Synopsys is ideally suited to capitalize on these tailwinds. Over the past 5 years plus, we've invested heavily in breakthrough innovations that are now driving excellent customer results and with it, accelerated business growth. Let me highlight 3 areas: AI and autonomous design, silicon IP and security.

Synopsys 是一個關鍵的推動者，現在廣泛的經濟池得到了增強——增強了傳統的摩爾定律推動力，從而為我們帶來了更多的機會。 Synopsys 非常適合利用這些順風。在過去 5 年多的時間裡，我們對突破性創新進行了大量投資，這些創新現在正在推動卓越的客戶成果，並由此加速業務增長。讓我強調 3 個領域：人工智能和自主設計、矽 IP 和安全性。

Let's start with AI. Designing today's most advanced chips with the additional vertical market requirements is among the most difficult engineering tasks, period. As schedule pressured designers reach the practical limits of human design efforts, we must use the power of AI to automate not just design tasks but entire segments of the design flow. This is exactly what Synopsys pioneered 1.5 years ago. AI-driven autonomous design.

讓我們從人工智能開始。設計當今具有額外垂直市場要求的最先進芯片是最困難的工程任務之一。隨著日程緊張的設計師達到人類設計工作的實際極限，我們必須利用人工智能的力量不僅使設計任務自動化，而且使設計流程的整個部分自動化。這正是 Synopsys 1.5 年前開創的。 AI驅動的自主設計。

Sitting on top of our Fusion Design Platform, we have built an AI design solution that automatically explores, implements and optimizes multi-month design efforts in a matter of weeks. Called DSO.ai which stands for design space optimization using AI, the system has been used by customers on real chips going through production tape-outs and seeing silicon back from manufacturing. DSO.ai is breakthrough technology. The results are great. Through this, we've already achieved important customer renewals. Not only does it literally reduce design times from months to weeks, it improves performance, power and area substantially beyond what teams of expert achieve on their own.

坐在我們的 Fusion Design Platform 之上，我們構建了一個 AI 設計解決方案，可以在幾週內自動探索、實施和優化數月的設計工作。該系統被稱為 DSO.ai，代表使用 AI 進行設計空間優化，客戶已在實際芯片上使用該系統，通過生產流片並看到矽片從製造中返回。 DSO.ai 是一項突破性技術。結果很好。通過這種方式，我們已經實現了重要的客戶續訂。它不僅從字面上將設計時間從數月縮短到數週，而且顯著提高了性能、功耗和麵積，遠遠超出了專家團隊自己所能達到的水平。

In addition to early industry recognition, as it won a 2020 World Electronics Achievement award for Innovative Product of the Year, customer engagements have been exceptional with early endorsements by Samsung and Renesas. In addition, this quarter, a large Asia Pacific provider of advanced chips achieved with 1 engineer in 1 month, what previously required several experts over 3 months of manual work. One high-profile U.S. customer using DSO.ai attained better quality of results through a remarkable 20% reduction in power consumption. Next Monday, our keynote, the Hot Chips conference reporting on further great DSO advances and another exciting customer success.

除了早期的行業認可，它贏得了 2020 年世界電子成就年度創新產品獎，三星和瑞薩電子的早期認可也讓客戶參與度非常高。此外，本季度，亞太地區一家大型先進芯片供應商在 1 個月內實現了 1 名工程師，而之前需要多名專家 3 個月以上的手工工作。一位使用 DSO.ai 的知名美國客戶通過顯著降低 20% 的功耗獲得了更好的結果質量。下週一，我們的主題演講，即 Hot Chips 會議將報告 DSO 的進一步重大進展和另一個令人興奮的客戶成功。

The impact of this AI brain is greatly leveraged by the powerful system that it sits on top of, our Fusion Design Platform. We pioneered the Fusion concept several years ago by literally fusing together critical segments of the design flow into a single platform. The outcome, best-in-class results in terms of chip speed, power and area. Today, Fusion Compiler is the only solution available that seamlessly integrates market-leading synthesis, place and route with timing, power and physical sign-off all into a single tool. It's the fastest ramping new design solution in Synopsys history already surpassing 500 tape-outs across multiple verticals, including AI, 5G and high-performance compute for process nodes from 40-nanometer down to 3 nanometer.

這個 AI 大腦的影響被它位於我們 Fusion Design Platform 之上的強大系統極大地利用。幾年前，我們通過將設計流程的關鍵部分真正融合到一個平台中，開創了 Fusion 概念。結果，在芯片速度、功率和麵積方面取得了一流的結果。如今，Fusion Compiler 是唯一一款將市場領先的綜合、佈局和佈線以及時序、電源和物理簽核無縫集成到單個工具中的解決方案。它是 Synopsys 歷史上發展最快的新設計解決方案，已經在多個垂直領域實現了超過 500 次流片，包括人工智能、5G 和從 40 納米到 3 納米的工藝節點的高性能計算。

Notably, our leading foundry partners are already actively leveraging Fusion Compiler towards 2-nanometer enablement. Our Fusion Design Platform is relied on by the world's largest influential and hard-driving companies. Production successes include advanced tapeout by Samsung Foundry for its next-generation chip in 3-nanometer gate all around technology.

值得注意的是，我們領先的代工廠合作夥伴已經在積極利用 Fusion Compiler 實現 2 納米。我們的 Fusion Design Platform 被世界上最大的有影響力和驅動力的公司所依賴。生產上的成功包括三星代工廠為其採用 3 納米門全技術的下一代芯片進行了先進的流片。

In parallel to autonomous design, another way to reduce risk and speed time to market for complex chips is by using a ready-made IP. Our broad market-leading IP portfolio is delivering excellent double-digit growth towards what will be another outstanding year. Demand is very strong, with customers substantially expanding their reliance on us and renewing multiyear commitments faster than ever before. High-performance compute, automotive and mobile markets are especially strong, wanting both more and more advanced IP.

與自主設計並行，另一種降低風險和加快複雜芯片上市時間的方法是使用現成的 IP。我們廣泛的市場領先的 IP 產品組合正在為又一個傑出的一年帶來兩位數的出色增長。需求非常強勁，客戶大大增加了對我們的依賴，並以前所未有的速度更新多年承諾。高性能計算、汽車和移動市場尤其強勁，需要越來越先進的 IP。

Let me highlight 3 areas. First, with growth in cloud data, we're seeing high demand for faster, high-performance interfaces, such as DDR5, PCI Express 5.0 and 6.0 and 800-gig Ethernet. We saw great momentum this quarter with multiple customers selecting our first to market next-generation PCI Express 6.0 IP for advanced high-performance compute chips. This is a testament to the success of our PCI Express 5.0 IP, which has nearly 200 design wins this quarter, we also saw immediate traction for our 400, 800 gig Ethernet IP solution through multiple design wins that include our 112 gig SerDes.

讓我強調 3 個方面。首先，隨著雲數據的增長，我們看到對更快、高性能的接口的高需求，例如 DDR5、PCI Express 5.0 和 6.0 以及 800-gig 以太網。我們在本季度看到了強勁的勢頭，多個客戶選擇我們率先推出用於高級高性能計算芯片的下一代 PCI Express 6.0 IP。這證明了我們的 PCI Express 5.0 IP 的成功，本季度有近 200 個設計獲勝，我們還看到了我們的 400、800 gig 以太網 IP 解決方案通過包括我們的 112 gig SerDes 在內的多個設計獲勝的直接吸引力。

Second, the number of highly advanced chip designs across cloud, AI and 5G application has been growing rapidly. Our large and experienced R&D team remains at the forefront of delivering highly differentiated IP at the cutting edge of technology. In 5-nanometer, we've secured nearly 400 design-ins across 33 customers. And this quarter, a significant driver of our physical IP business came from 5, 4 and 3 nanometer.

其次，跨雲、人工智能和 5G 應用的高度先進的芯片設計數量一直在快速增長。我們龐大且經驗豐富的研發團隊始終處於提供尖端技術高度差異化 IP 的最前沿。在 5 納米工藝中，我們已為 33 家客戶提供了近 400 項設計。本季度，我們物理 IP 業務的一個重要驅動因素來自 5、4 和 3 納米。

Lastly, we're also seeing our customers integrating more security capabilities into their chips. This is driving excellent momentum with our security IP portfolio, including strong demand for IDE IP to secure PCI Express and CXL interfaces, which is a natural segue to software integrity. We're doing well with increasing momentum following the significant execution and operational improvements we've made. In fact, Q3 was our highest order quarter ever, and we expect to eclipse our original revenue goal for the year. As massive ongoing security threats to business safety and health become almost commonplace, companies are rethinking their protection strategies. It's no longer effective to pick and choose point tools with partial capabilities.

最後，我們還看到我們的客戶將更多的安全功能集成到他們的芯片中。這推動了我們安全 IP 產品組合的強勁勢頭，包括對 IDE IP 的強烈需求，以保護 PCI Express 和 CXL 接口，這是軟件完整性的自然延續。在我們做出重大執行和運營改進之後，我們做得很好，勢頭越來越大。事實上，第三季度是我們有史以來訂單最高的季度，我們預計今年的收入目標會超過我們最初的目標。隨著對企業安全和健康的大規模持續安全威脅變得幾乎司空見慣，公司正在重新考慮他們的保護策略。選擇具有部分功能的點工具不再有效。

Protection now requires a holistic strategic approach. Synopsys is at the forefront of this evolution with the industry's only portfolio that features the broadest set of application testing solutions, strategic consulting to assist executives and Boards in charging their software security plan and an innovative offering that elevates the impact of the Polaris platform. With the recent introduction of intelligent orchestration, our Polaris platform can seamlessly integrate and automate security testing within each company's protocol.

保護現在需要一個整體的戰略方法。 Synopsys 處於這一演變的最前沿，擁有業界唯一的產品組合，其中包含最廣泛的應用測試解決方案、戰略諮詢以協助高管和董事會制定軟件安全計劃，以及提升 Polaris 平台影響力的創新產品。隨著最近智能編排的引入，我們的 Polaris 平台可以在每個公司的協議中無縫集成和自動化安全測試。

We took another significant step in Q3 with the acquisition of Code Dx. They are the leading provider of application security risk management products that automate and accelerate the discovery, prioritization and remediation of software vulnerabilities. This combination elevates our capabilities beyond what competitors can provide, a comprehensive, easy-to-adopt holistic solution.

我們在第三季度又邁出了重要的一步，收購了 Code Dx。他們是應用程序安全風險管理產品的領先供應商，這些產品可以自動化和加速軟件漏洞的發現、優先級排序和修復。這種組合將我們的能力提升到超越競爭對手所能提供的範圍，這是一個全面的、易於採用的整體解決方案。

On the go-to-market side, we see very good progress from the enhancements we've made. Our services business, again, did better than planned with over 20 new logo wins in North America alone. Our win and renewal rates continue to improve, and we're encouraged by the progress we've made.

在上市方面，我們看到我們所做的改進取得了非常好的進展。我們的服務業務再次比計劃做得好，僅在北美就贏得了 20 多個新徽標。我們的中獎率和續訂率不斷提高，我們對所取得的進展感到鼓舞。

Industry analysts continue to recognize the strength of our strategy and portfolio. For the fifth year in a row, Synopsys was named the leader in the Gartner Magic Quadrant for Application Security Testing. And today, we were again recognized as a leader in the Forrester Wave for software composition analysis.

行業分析師繼續認可我們的戰略和投資組合的實力。 Synopsys 連續第五年被評為 Gartner 應用程序安全測試魔力像限的領導者。今天，我們再次被公認為 Forrester Wave 軟件組合分析的領導者。

So far, I've highlighted 3 major areas: AI, IP and security. Let me point out a couple of other innovations that enable this new era. One of Synopsys' strength is focused on the intersection of hardware and software, which is inherently crucial in Smart Everything. Our hardware-based verification systems continue to generate very strong business with year-to-date 36 new logos and about 150 repeat orders. In addition, with innovation spanning both emulation FPGA-based prototyping, we're off to a solid start to a multiyear product upgrade cycle.

到目前為止，我已經強調了 3 個主要領域：人工智能、IP 和安全。讓我指出一些其他創新，這些創新使這個新時代成為可能。 Synopsys 的優勢之一是專注於硬件和軟件的交集，這在 Smart Everything 中至關重要。我們基於硬件的驗證系統通過今年迄今為止的 36 個新標識和大約 150 個重複訂單繼續產生非常強勁的業務。此外，隨著跨越基於 FPGA 的仿真原型的創新，我們為多年的產品升級週期開了個好頭。

Over the last 2 quarters, we introduced new application-specific emulation products. The ZeBu empower system enables early power analysis to reduce power-related risks. And the ZeBu EP1 is the first of its kind high-performance compute for mobile, GPU, CPU and AI design. Both are substantially faster with higher capacity than any competitive solution in the market today. And we're already seeing strong demand and deployments at large influential customers around the world.

在過去的兩個季度中，我們推出了新的特定於應用程序的仿真產品。 ZeBu 授權系統支持早期功率分析，以降低與功率相關的風險。 ZeBu EP1 是第一款適用於移動、GPU、CPU 和 AI 設計的高性能計算。與當今市場上的任何競爭解決方案相比，兩者都具有更高的容量和更快的速度。我們已經看到世界各地有影響力的大型客戶的強勁需求和部署。

Q3 was our largest orders quarter ever for our HAPS prototyping product line, fueled by the new HAPS-100. With highest performance and unmatched enterprise scalability, we closed multiple competitive wins in the quarter. With the momentum in both emulation and prototyping, we expect another record revenue year, extending our market and technology leadership. With increasing chip and system complexity, growing reliability requirements are now demanding ongoing post-silicon analysis, maintenance and optimization.

在新的 HAPS-100 的推動下，第三季度是我們 HAPS 原型產品線有史以來最大的訂單季度。憑藉最高的性能和無與倫比的企業可擴展性，我們在本季度贏得了多項競爭優勢。隨著仿真和原型製作的發展勢頭，我們預計收入將再創歷史新高，擴大我們的市場和技術領先地位。隨著芯片和系統複雜性的增加，不斷增長的可靠性要求現在需要持續的矽後分析、維護和優化。

Our new silicon life cycle management platform leverages our leadership in both EDA and IP as it monitors, analyzes and optimizes chips from design to manufacturing to infield adjustments. This innovative approach opens up a substantial new TAM for us with business ramping ahead of expectations. Even at this early stage, we achieved 2 large expanded renewals this quarter.

我們新的矽生命週期管理平台利用我們在 EDA 和 IP 方面的領先地位，從設計到製造再到現場調整監控、分析和優化芯片。這種創新方法為我們開闢了一個實質性的新 TAM，業務增長超出預期。即使在這個早期階段，我們本季度也實現了 2 次大規模的擴展續訂。

In summary, Q3 results were excellent, and we are raising our full year objectives substantially. Vibrant markets, compelling innovations and strong execution position us to continue to increase shareholder and value going forward. While we will provide specific long-term objectives next quarter, we aim to cross $5 billion in revenue by 2023. We are raising our annual revenue growth objectives to double digits with continued margin expansion. These results are not possible without our global team. Through the pandemic, they have demonstrated commitment, resilience and compassion for others while executing very well. Lastly, I hope you and your families are vaccinated, healthy and staying safe.

總而言之，第三季度的結果非常好，我們正在大幅提高我們的全年目標。充滿活力的市場、引人注目的創新和強大的執行力使我們能夠在未來繼續增加股東和價值。雖然我們將在下個季度提供具體的長期目標，但我們的目標是到 2023 年收入超過 50 億美元。隨著利潤率的持續擴張，我們將年收入增長目標提高到兩位數。沒有我們的全球團隊，這些結果是不可能的。在大流行中，他們表現出對他人的承諾、韌性和同情心，同時執行得非常好。最後，希望您和您的家人接種疫苗，身體健康，保持安全。

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

有了這個，我會把它還給Trac。

Thanks, Aart. Good afternoon, everyone. Third quarter results, including record revenue and non-GAAP earnings, reflect strong momentum across the company. For the full year, we are on track to deliver mid-teens revenue growth, an increase in non-GAAP operating margin of more than 200 basis points, non-GAAP earnings per share growth of more than 20% and approximately $1.35 billion in operating cash flow. The combination of the dynamic markets we serve, the powerful impact of our products and solutions and customer results and our history of strong execution is the basis for us setting the goal of crossing $5 billion in revenue by 2023.

謝謝，阿爾特。大家下午好。第三季度的業績，包括創紀錄的收入和非 GAAP 收益，反映了整個公司的強勁勢頭。全年，我們有望實現中等收入增長，非 GAAP 營業利潤率增長超過 200 個基點，非 GAAP 每股收益增長超過 20%，營業收入約為 13.5 億美元現金周轉。我們服務的充滿活力的市場、我們的產品和解決方案的強大影響力以及我們強大的執行力歷史的結合是我們設定到 2023 年收入超過 50 億美元的目標的基礎。

Now to the third quarter results. All comparisons are year-over-year unless otherwise stated. We generated total revenue of $1.057 billion, up 10%, driven by broad-based strength across all product groups and geographies. Semiconductor & System Design segment revenue was $959 million, with solid growth in both EDA and IP. Software Integrity segment revenue was $98 million, and we are executing better than expected against our bookings plan for the year. As a result, we project that Software Integrity revenue growth will approach double digits for the full year, and we are solidly on the path to accelerate revenue growth to the 15% to 20% range long term.

現在到第三季度的結果。除非另有說明，否則所有比較均為同比。在所有產品組和地區的廣泛實力的推動下，我們的總收入為 10.57 億美元，增長了 10%。半導體與系統設計部門收入為 9.59 億美元，EDA 和 IP 均實現穩健增長。軟件完整性部門的收入為 9800 萬美元，我們今年的預訂計劃執行情況好於預期。因此，我們預計全年軟件完整性收入增長將接近兩位數，我們正堅定地將收入增長加速到 15% 到 20% 的長期範圍內。

Moving on to expenses. Total GAAP costs and expenses were $855 million, which includes approximately $15 million in restructuring costs. Total non-GAAP costs and expenses were $720 million, resulting in a non-GAAP operating margin of 31.9%. We are on track to deliver operating margin expansion to approximately 30.5% for the year. Adjusted operating margin for the Semiconductor & System Design segment was 34% and Software Integrity margin was 9%.

繼續說費用。 GAAP 總成本和費用為 8.55 億美元，其中包括約 1500 萬美元的重組成本。非 GAAP 總成本和費用為 7.2 億美元，非 GAAP 營業利潤率為 31.9%。我們有望在今年實現營業利潤率擴張至約 30.5%。半導體和系統設計部門的調整後營業利潤率為 34%，軟件完整性利潤率為 9%。

Wrapping up the income statement. GAAP earnings per share were $1.27, non-GAAP earnings per share were $1.81.

結束損益表。 GAAP 每股收益為 1.27 美元，非 GAAP 每股收益為 1.81 美元。

Turning to cash. We generated $422 million in operating cash flow. We recently completed a $175 million stock buyback, bringing the total to the fiscal year to $573 million. And we ended the quarter with a cash balance of $1.53 billion with total debt of $107 million.

轉向現金。我們產生了 4.22 億美元的經營現金流。我們最近完成了 1.75 億美元的股票回購，使本財年的總額達到 5.73 億美元。我們在本季度結束時的現金餘額為 15.3 億美元，總債務為 1.07 億美元。

For fiscal 2021, we are raising our revenue and non-GAAP operating margin and earnings guidance. Our targets are: revenue of $4.19 billion to $4.22 billion, an increase of $145 million at the midpoint, representing mid-teens growth; total GAAP costs and expenses between $3.431 billion and $3.459 billion; total non-GAAP costs and expenses between $2.915 billion and $2.925 billion, a non-GAAP operating margin of approximately 30.5%; Other income and expenses between minus $6 million and minus $4 million; non-GAAP normalized tax rate of 16%; GAAP earnings of $4.63 to $4.79 per share; non-GAAP earnings of $6.78 to $6.83 per share, representing over 20% growth; cash flow from operations of approximately $1.35 billion and capital expenditures of approximately $90 million.

對於 2021 財年，我們將提高收入和非 GAAP 營業利潤率和盈利指導。我們的目標是：收入在 41.9 億美元到 42.2 億美元之間，中點增加 1.45 億美元，代表十幾歲的增長； GAAP 總成本和費用在 34.31 億美元至 34.59 億美元之間；非 GAAP 總成本和費用在 29.15 億美元至 29.25 億美元之間，非 GAAP 營業利潤率約為 30.5%；負 600 萬美元至負 400 萬美元之間的其他收入和支出；非 GAAP 標準化稅率為 16%； GAAP 每股收益為 4.63 美元至 4.79 美元；非美國通用會計準則每股收益為 6.78 美元至 6.83 美元，增長超過 20%；運營現金流約為 13.5 億美元，資本支出約為 9000 萬美元。

Now to the targets for the fourth quarter. Revenue between $1.138 billion and $1.168 billion, total GAAP costs and expenses between $924 million and $952 million, total non-GAAP costs and expenses between $805 million and $815 million, GAAP earnings of $1.09 to $1.25 per share and non-GAAP earnings of $1.75 to $1.80 per share.

現在是第四季度的目標。收入在 11.38 億美元至 11.68 億美元之間，GAAP 總成本和支出在 9.24 億美元至 9.52 億美元之間，非 GAAP 成本和支出總額在 8.05 億美元至 8.15 億美元之間，GAAP 每股收益為 1.09 至 1.25 美元，非 GAAP 收益為 1.75 至 1.75 美元每股 1.80 美元。

We will provide detailed 2022 guidance and our updated long-term financial objectives and assumptions we'll report next quarter. As part of that discussion, we will also provide an update of our normalized -- of our 3-year normalized non-GAAP tax rate, which is under review. Although we have not completed the assessment, I want to highlight that the rate may increase in light of the assumptions under review.

我們將提供詳細的 2022 年指導以及我們將在下個季度報告的更新的長期財務目標和假設。作為討論的一部分，我們還將提供我們正在審查的 3 年標準化非 GAAP 稅率的標準化更新。雖然我們還沒有完成評估，但我想強調的是，鑑於正在審查的假設，利率可能會增加。

In conclusion, we delivered record revenue and non-GAAP earnings and strong operating cash flow. Based on our excellent results year-to-date and our outlook for Q4, we are substantially raising our targets for the full year and setting the goal of crossing $5 billion in revenue by 2023. This reflects an increase in our long-term revenue growth objectives to double digits and is also complemented by ongoing margin expansion. At the same time, we will continue to invest to further scale the business and drive increasing shareholder value going forward.

總之，我們實現了創紀錄的收入和非 GAAP 收益以及強勁的經營現金流。基於我們年初至今的出色業績和我們對第四季度的展望，我們大幅提高了全年目標，並設定了到 2023 年收入超過 50 億美元的目標。這反映了我們長期收入增長的增加目標達到兩位數，並且還得到了持續的利潤率擴張的補充。與此同時，我們將繼續投資以進一步擴大業務規模並推動股東價值的增長。

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) And the first question comes from the line of Joe Vruwink with Baird.

（操作員說明）第一個問題來自 Joe Vruwink 與 Baird 的系列。

I wanted to start on just kind of the recalibrated revenue growth framework. Can you maybe discuss some of the ways the composition of the growth profile is different than it has been in the past? You spent a lot of time in prepared remarks highlighting new products. Is vitality better today than it maybe was in the past? Or is this a huge wave of domain-specific, application-specific development? Is that just a magnitude proving to be much greater than it has been in the past?

我想從重新校準的收入增長框架開始。您能否討論一下增長概況的構成與過去不同的一些方式？您花了很多時間準備好重點介紹新產品的評論。今天的活力是否比過去更好？或者這是一個巨大的特定領域、特定應用程序開發浪潮？事實證明這只是比過去大得多的幅度嗎？

Thanks for the question. It's a bit all of that. I think that Synopsys has a high degree of vitality right now, largely as a result of many years of complex investments that certainly are intersecting in a positive way. And so you may recall the many times we talked about a Fusion Compiler, for example, as sort of a platform to do very advanced design with. Well, once you intersect that with the ability to automate some of that, in other words, put sort of a brain on top of it, that brain, if it functions well, can do a lot because the Fusion Compiler is a very, very powerful tool.

謝謝你的提問。這就是全部。我認為 Synopsys 現在具有高度的活力，這主要是多年來複雜投資的結果，這些投資肯定以積極的方式相交。因此，您可能還記得我們多次談到 Fusion Compiler，例如，作為一種可以進行非常高級設計的平台。好吧，一旦你將它與自動化其中一些的能力相結合，換句話說，在它上面放一個大腦，如果它運作良好，那麼大腦可以做很多事情，因為 Fusion Compiler 是一個非常非常功能強大的工具。

And so all of these efforts took many years to get to this point, and now they are showing results. And what is powerful about showing results is you learn very quickly from the results to get better results and improve. And so this is moving forward very rapidly. Simultaneously, you opened up a very good other comment, which is that a number of efforts become maybe not entirely domain specific, but certainly more domain sensitive. And so when you talk about automotive or industrial or other areas that require a certain degree of security and safety, well, those are additional demands that come in.

所以所有這些努力花了很多年才達到這一點，現在他們正在顯示結果。顯示結果的強大之處在於您可以從結果中快速學習以獲得更好的結果和改進。因此，這進展非常迅速。同時，您發表了一個非常好的其他評論，即許多努力可能不完全是特定於領域的，但肯定對領域更加敏感。因此，當您談論需要一定程度的安全性和安全性的汽車或工業或其他領域時，這些都是額外的需求。

And in general, if you buy into my picture of saying, hey, the whole world is heading towards Smart Everything, well, all the smart is applied in those verticals in different ways. And so some have a lot of data. Others have very difficult data to deal with, and others just require instantaneous fast computing. Those are all a bit different. And so yes, there will be an increase for gradual specializations in the vertical markets. But at the same time, you can only do that if you have an extremely strong and capable foundation. And I think we're certainly in a good spot for that.

總的來說，如果你同意我的說法，嘿，整個世界都在朝著智能萬物發展，好吧，所有的智能都以不同的方式應用於這些垂直領域。所以有些人有很多數據。其他人有非常難以處理的數據，而其他人只需要即時快速計算。這些都有些不同。所以是的，垂直市場的逐漸專業化將會增加。但同時，你也只有在你的基礎非常強大和有能力的情況下才能做到這一點。我認為我們當然處於有利地位。

Okay. Great. That's helpful. And then maybe just more of a near-term focus question. The guidance for the fourth quarter does imply a pretty big step up just relative to where the implied guidance was last quarter. I'd imagine you touched on the strength in the hardware. I would assume that's a contributor. Can you just talk about the expected performance of the software business into the fourth quarter? And I'll leave it there.

好的。偉大的。這很有幫助。然後也許只是一個近期焦點問題。與上一季度的隱含指引相比，第四季度的指引確實意味著一個相當大的進步。我想你已經觸及了硬件的力量。我認為這是一個貢獻者。您能談談軟件業務進入第四季度的預期表現嗎？我會把它留在那裡。

Yes. Let me take that one. Joe, for the core fourth quarter really reflects continuing strength across all the businesses. We continue to ramp up on software. Hardware is better than expected. Same with IP. And then you're also seeing a progression on the Software Integrity business as well. So it's coming from all areas of the business.

是的。讓我拿走那個。喬，對於核心第四季度，確實反映了所有業務的持續實力。我們繼續加大軟件開發力度。硬件好於預期。與IP相同。然後您還會看到軟件完整性業務的進展。所以它來自業務的所有領域。

And the next question comes from the line of Jackson Ader with JPMorgan.

下一個問題來自傑克遜阿德與摩根大通的合作。

The first one is on DSO.ai. Aart, I'm just curious, can we get a little bit more color on maybe how this is priced on a per seat basis and whether is it only available to those customers that are on the Fusion Compiler platform? Or is it also available elsewhere?

第一個是在 DSO.ai 上。 Aart，我只是很好奇，我們能否就每個座位的定價方式提供更多顏色，以及它是否僅適用於 Fusion Compiler 平台上的那些客戶？或者它也可以在其他地方使用？

Well, it's a bit of a complicated question because we are in the first wave of making this successful. And suddenly, we have built one of its capabilities on Fusion Compiler. And since we have pretty much all of the advanced customers using Fusion Compiler, we have plenty of opportunity to continue with that. And there's a lot of runway in terms of what we can accomplish.

嗯，這是一個有點複雜的問題，因為我們正處於取得成功的第一波浪潮中。突然之間，我們在 Fusion Compiler 上構建了它的一項功能。由於我們擁有幾乎所有使用 Fusion Compiler 的高級客戶，因此我們有很多機會繼續這樣做。就我們可以完成的工作而言，還有很多跑道。

What I did not mention is that DSO.ai is actually a capability that can also be applied in other domains. And over time, we will use some of that technology and the ability to design better silicon technologies, for example, or in the verification space. So there are many directions that we can take with that. And we are strongly engaged now with some of the most advanced design teams in the world. And maybe the only comment I want to make right now on pricing and so on is that it has already helped us see some growth in renewals. And that is really the direction that we count on for technology that truly has a big impact with our customers.

我沒有提到的是，DSO.ai其實是一個也可以應用在其他領域的能力。隨著時間的推移，我們將使用其中的一些技術和設計更好的矽技術的能力，例如，或在驗證領域。因此，我們可以採取許多方向。我們現在與世界上一些最先進的設計團隊密切合作。也許我現在想對定價等做出的唯一評論是它已經幫助我們看到了續訂的一些增長。這確實是我們對真正對客戶產生重大影響的技術所指望的方向。

Okay. All right. Great. And then a follow-up on the regions. Is there a -- this is kind of the second, third quarter in a row that China had a big sequential jump. And I'm just curious whether there's a distinct seasonal purchasing pattern in China that might be different from the other regions that you see.

好的。好的。偉大的。然後對區域進行跟進。有沒有 - 這是中國連續第二個、第三個季度出現大幅連續跳躍的情況。我只是好奇中國是否存在與您看到的其他地區不同的明顯季節性採購模式。

To be honest, I think for the last 15 years, I've said we've never had really seasonal patterns. It's just one continuous wave. And when a certain region is not as big as another, it is more often than not just the fact that the renewals at that time are different than in other regions.

老實說，我認為在過去的 15 年裡，我說過我們從來沒有真正的季節性模式。這只是一波連續波。而當某個地區沒有另一個地區那麼大時，往往不僅僅是因為當時的更新與其他地區不同。

Now commenting specifically about China. The very, very good results, and continued good results, are due to a very broad adoption. So by many companies, and of course, many companies that themselves are investing heavily in the future and driving business very hard. So it's just a very active region, and I expect that to continue.

現在專門評論中國。非常非常好的結果和持續的好結果是由於非常廣泛的採用。因此，許多公司，當然還有許多自己正在大力投資未來並非常努力地推動業務發展的公司。所以它只是一個非常活躍的地區，我希望這種情況會繼續下去。

And the next question comes from the line of Tom Diffely with D.A. Davidson.

下一個問題來自 Tom Diffely 與 D.A.戴維森。

Trac, I was hoping you could give me a little bit more about your view on operating leverage going forward. What do you see as the key drivers, be it segments or product mix or moving to a hybrid office model, whatever you think is important.

Trac，我希望你能給我更多關於你對未來運營槓桿的看法。您認為關鍵驅動因素是什麼，無論是細分市場或產品組合，還是轉向混合辦公模式，無論您認為什麼都很重要。

I think all those things that you touched on, John -- Tom will help the operating leverage. The really -- the 2 biggest ones are continue to grow revenues. And in fact, we're raising the outlook for revenue growth. Secondly, the things that really move the needle are the investments in the business and making sure that we're investing in the areas that are going to give us the biggest returns.

我認為你提到的所有事情，約翰 - 湯姆將有助於運營槓桿。真正 - 最大的兩個是繼續增加收入。事實上，我們正在提高收入增長的前景。其次，真正推動業務發展的是對業務的投資，並確保我們投資於能給我們帶來最大回報的領域。

You're also seeing strong results in the growth in revenues for this year because of changes and improvements that we've made on the go-to-market side, both on the semi and the SIG side, Software Integrity side. Those big drivers as well as a ton of work across the company in so many different areas, including the items that you mentioned is what is going to help us continue to drive operating margins up over the next several years.

由於我們在半成品和 SIG 方面、軟件完整性方面的進入市場方面做出了改變和改進，您還看到了今年收入增長的強勁成果。這些重要的驅動因素以及整個公司在許多不同領域的大量工作，包括您提到的項目，將幫助我們在未來幾年繼續提高營業利潤率。

Okay. That's helpful. And then, Aart, I was hoping you could give us a little bit more about the competitive landscape in the IP market and what you're seeing from a pricing point of view or just an overall competition point of view.

好的。這很有幫助。然後，Aart，我希望你能給我們更多關於 IP 市場競爭格局的信息，以及你從定價角度或整體競爭角度看到的情況。

Well, I think we continue to outperform well others because of both the breadth and the complexity of our platform. I want to say, though, ARM is also doing very, very well. And we are sort of almost 100% complementary to what they do. And so what I think we see is, a, that there are many more designs, that they're especially much more complex designs. And that second comment is important because the value and the cost, but also the necessity for very advanced nodes, is -- has increased.

好吧，我認為由於我們平台的廣度和復雜性，我們繼續表現出色。不過，我想說，ARM 也做得非常非常好。我們幾乎 100% 與他們的工作相輔相成。所以我認為我們看到的是，a，有更多的設計，特別是更複雜的設計。第二條評論很重要，因為價值和成本，以及非常先進的節點的必要性——已經增加。

And so we observed that in multiple ways, a, of course, by what our customers order, but also at the speed with which they absorb it. And in some of the numbers I gave in the preamble, you could see that a significant portion of our business is already at 5, 4 and 3-nanometer. And these are invariably extremely sophisticated customers that need large complex blocks and do a lot of design. So in general, for us, the market is doing extremely well, and IP has definitely been a shiny star at Synopsys for a number of quarters now.

因此，我們以多種方式觀察到，a，當然，根據我們的客戶訂購的內容，以及他們吸收訂單的速度。在我在序言中給出的一些數字中，您可以看到我們業務的很大一部分已經是 5、4 和 3 納米。這些總是非常複雜的客戶，需要大型複雜塊並進行大量設計。所以總的來說，對我們來說，市場表現非常好，而且 IP 絕對是 Synopsys 幾個季度以來閃亮的明星。

Okay. And do you see pricing strength then along the way?

好的。一路走來，您是否看到了定價優勢？

I don't think that it has changed. The more complex things are more expensive, and customers expect that. But fundamentally, it's a business of almost constant renewals. And I think we must be okay with our pricing because our customers consume what they buy often faster than the time frame that they allocated and then they renew. And a lot of this business is built on the trust that we will deliver something that they can count on at the right time. And so a lot of it is very sophisticated repeat business.

我不認為它已經改變了。越複雜的東西越貴，客戶也期望如此。但從根本上說，這是一項幾乎不斷更新的業務。而且我認為我們必須接受我們的定價，因為我們的客戶通常比他們分配的時間範圍更快地消費他們購買的東西，然後他們會續訂。很多此類業務都建立在信任之上，即我們將在正確的時間交付他們可以信賴的東西。所以很多都是非常複雜的重複業務。

And the next question comes from the line of Gary Mobley with Wells Fargo.

下一個問題來自 Gary Mobley 與 Wells Fargo 的合作。

Since you guys mentioned it in your prepared remarks and your press release, hopefully, you can give us some additional color on your long-term view of revenue, $5 billion in fiscal year '23. You can get to double-digit percent compound annual growth depending on what your starting point is. If it's fiscal year '20, you can get there. But are we talking about double-digit percent growth on average for the next 2 years? In other words, is this a preliminary view of double-digit percent revenue growth for next fiscal year?

既然你們在準備好的評論和新聞稿中提到了這一點，希望你們能給我們一些額外的顏色來說明你們長期的收入觀，23 財年的收入為 50 億美元。根據您的起點，您可以獲得兩位數的複合年增長率。如果是 20 財年，您可以到達那裡。但我們是在談論未來兩年平均兩位數的增長嗎？換句話說，這是對下一財年收入增長兩位數的初步看法嗎？

Well, I want to be careful by getting into the details on next year, but the math over the next couple of years really is off of the current guidance for '21, Gary.

好吧，我想通過進入明年的細節來小心，但未來幾年的數學確實偏離了 21 年的當前指導，加里。

Got you. Well, that makes it very clear then. Very bullish. And then I'm surprised it hasn't been asked yet, but you're raising the implied fourth quarter revenue guide from the previous implied, I should say, by 11%. That's obviously, perhaps supported by some stronger backlogs. And my question is what is the backlog? Can you share that with -- at the 10-Q filing?

得到你。那麼，這就很清楚了。非常看好。然後我很驚訝還沒有被問到，但是你將隱含的第四季度收入指南從之前的隱含，我應該說，提高了 11%。顯然，這可能得到一些更強大的積壓工作的支持。我的問題是什麼是積壓？你能與 - 在 10-Q 文件中分享嗎？

Yes, certainly. The -- when we file the Q, the backlog, you'll see is $4.7 billion. And as we've cautioned you and others in the past backlog, while it's a big number, we'll move from quarter-to-quarter, right, depending on what gets renewed and what gets recognized as revenue.

是的，當然了。 - 當我們提交 Q 時，您會看到積壓的金額為 47 億美元。正如我們在過去的積壓工作中提醒您和其他人的那樣，雖然這是一個很大的數字，但我們將按季度移動，這取決於更新的內容和確認為收入的內容。

I think this quarter is a very emphatic support of that, that we can raise the year by $145 million at the midpoint and see backlog move the other way. So overall, really, the guidance and the outlook for the year is a reflection of the strong growth in the deals that we're booking and our confidence in our ability to continue to drive that strong renewals.

我認為這個季度是一個非常有力的支持，我們可以在年中籌集 1.45 億美元，並看到積壓工作以相反的方式移動。因此，總的來說，今年的指導和展望反映了我們預訂的交易的強勁增長以及我們對繼續推動強勁續約的能力的信心。

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

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

With regard to that very interesting target now for 2023, a couple of things. Internally, how are you thinking about any structural or capacity or operational changes that you might need to put in place with respect to, let's say, R&D or go to market? Similarly, you have one customer that -- it's well known as a matter of public record, is fairly consistently over 10% of your revenue also has not grown necessarily every period, also a matter of public record.

關於現在 2023 年這個非常有趣的目標，有幾件事。在內部，您如何考慮可能需要在研發或上市方面進行的任何結構或能力或運營變化？同樣，您有一個客戶——眾所周知，這是一個公共記錄問題，相當一致地超過您收入的 10%，也不一定每個時期都在增長，這也是一個公共記錄問題。

Does your growth forecast of 2023 necessitate that, that large customer keep pace? Or can you grow the business to the degree you're talking about even if that large one lags and you can grow with others or perhaps substantially increase the total number of customers, particularly in core EDA. And then a follow-up for Trac.

您對 2023 年的增長預測是否需要大客戶跟上步伐？或者您能否將業務發展到您所談論的程度，即使那個大業務滯後，您可以與其他人一起發展，或者可能大幅增加客戶總數，尤其是在核心 EDA 中。然後是 Trac 的後續行動。

Well, so as you well know, we never comment about individual customer from -- certainly not from a business point of view, but I would just highlight that the most advanced customers, the largest customers in the world are also far and away the most aggressive in technology adoption. And for a good reason. That is why they are the most successful ones and continue to grow. And so I expect that to be the case for multiple of our top customers.

好吧，如您所知，我們從不評論個人客戶——當然不是從商業角度，但我只想強調，最先進的客戶，世界上最大的客戶也是最重要的客戶積極採用技術。並且有充分的理由。這就是為什麼他們是最成功的，並繼續成長。所以我希望我們的多個頂級客戶都是這種情況。

In terms of structural changes. We've had the good fortune to be able to somewhat continually inside of Synopsys evolve the structure as technologies either gain strength or are better put together with other products. And we've continued to do quite a bit of that under Sassine Ghazi, our COO's leadership. And I think that has been very effective because not only does a high degree of vitality. It also opens up new doors.

在結構變化方面。我們有幸能夠在 Synopsys 內部不斷改進結構，因為技術要么獲得力量，要么與其他產品更好地結合在一起。在我們的首席運營官 Sassine Ghazi 的領導下，我們繼續做了很多工作。而且我認為這非常有效，因為不僅具有高度的生命力。它還打開了新的大門。

And you've seen, for example, out of the design effort, the SLM, the silicon life cycle management suddenly emerge and a number of other capabilities. A great example, of course, is DSO because it intersects with really the entire company primarily right now in design because there the results are just fantastic and of very high value. And so we will continue in that vein.

例如，您已經看到，在設計工作中，SLM、矽生命週期管理和許多其他功能突然出現。當然，一個很好的例子是 DSO，因為它現在主要在設計方面與整個公司相交，因為那裡的結果非常棒並且具有很高的價值。所以我們將繼續這樣做。

On the field side, there are 2. We continue to optimize for the customers driving different technologies and making sure that the coverage is very good. And in many ways, the good news is that despite all the restrictions with COVID, I think we have not really missed any beat in covering the needs of our customers well. And so right now, I would consider that Synopsys is actually in a pretty good spot.

在現場方面，有2個。我們不斷為客戶優化，驅動不同的技術，確保覆蓋非常好。在許多方面，好消息是，儘管 COVID 存在所有限制，但我認為我們在很好地滿足客戶需求方面並沒有真正錯過任何節拍。所以現在，我認為 Synopsys 實際上處於一個非常好的位置。

Trac...

跟踪...

Jay, can I just emphasize Aart's comment on the restructuring before I get to your question because if you look at the operating margin results over the last 3 years. We've increased it by 8 points since the low of '18, right? And so there has been a lot of changes across the company. And so while we have been able to grow the business, reinvest in the business, we're simultaneously making a lot of that change. And so there is good opportunity for us to sustain that going forward. And so it's not a new skill that we have to acquire and develop. This is something that we've been working on for many years now. And so this practice of driving to higher profitability in the next few years is going to be more of the same, but more hard work because we're off -- we're working off a pretty high base.

傑伊，在我回答你的問題之前，我能否強調一下 Aart 對重組的評論，因為如果你看看過去 3 年的營業利潤率結果。自 18 年的低點以來，我們已經將其提高了 8 點，對嗎？因此，整個公司發生了很多變化。因此，雖然我們能夠發展業務，對業務進行再投資，但我們同時也在做出很多改變。因此，我們有很好的機會來維持這種發展。所以這不是我們必須獲得和發展的新技能。這是我們多年來一直在努力的事情。因此，這種在未來幾年內提高盈利能力的做法將更加相似，但會更加努力，因為我們已經離開了——我們的工作基數相當高。

With regards to the customer concentration, I think the -- while the reality is we're still working on finalizing the budgets for next year and the plans for the next couple of years, what we are seeing is really strong -- strength across the broad product sets and strength across the broad customer base. And there's enough confidence in our ability to execute against that, that we feel willing to go out and commit to $5 billion by '23. So it's very, very much broad-based.

關於客戶集中度，我認為——雖然現實是我們仍在努力敲定明年的預算和未來幾年的計劃，但我們所看到的確實很強大——跨領域的實力在廣泛的客戶群中擁有廣泛的產品組合和實力。我們有足夠的信心來應對這一問題，我們願意在 23 年前投入 50 億美元。所以它的基礎非常非常廣泛。

Okay. Now for you, Trac, you spoke more positively about the SIG performance and outlook. What would seem to corroborate that is there has been, over the last few months, a very significant increase in the number of open software security consulting positions you're looking to fill Q3 over Q2. And so fairly material, including in particular for Asia positions related to SIG. So have you seen over the last quarter or so, therefore, a material increase in the pipeline for SIG engagements and deployments to warrant that kind of opening of the aperture for SIG hiring?

好的。現在對您來說，Trac，您對 SIG 的表現和前景發表了更積極的看法。似乎可以證實的是，在過去幾個月中，您希望在第三季度填補的開放軟件安全諮詢職位的數量比第二季度顯著增加。所以相當重要，特別是包括與 SIG 相關的亞洲職位。因此，您是否在上個季度左右看到 SIG 參與和部署的管道中的實質性增加，以保證 SIG 招聘的開放機會？

Short answer is yes. Let me give you some color about how we're thinking about SIG. If you remember, at the beginning of the year, we said that we're going to make some changes and to get the business back on a growth path of 15% to 20%. And what we said was for this current year that we would exit the year at double digits, right, because it would take time for the improvements in bookings to translate to revenue. And that by Q4, our goal is to exit the year in double digits.

簡短的回答是肯定的。讓我為您介紹一下我們對 SIG 的看法。如果你還記得，在今年年初，我們說過我們將做出一些改變，讓業務重回 15% 到 20% 的增長軌道。我們所說的是今年我們將以兩位數退出這一年，對，因為預訂量的改善需要時間才能轉化為收入。到第四季度，我們的目標是以兩位數退出這一年。

We are now, in fact, approaching double digits for the full year and not just exiting. So I think the momentum clearly has been progressively improving. And I think if you recall the tone throughout the year, I think it was kind of cautiously optimistic because we're seeing good progression and impacting the changes that 1 quarter, 2 quarter, I think it's too early to call. But 4 quarters in, it does feel like we really are on the right path. And if we continue executing this, the goal of 15% to 20% growth long term feels very, very doable.

事實上，我們現在全年接近兩位數，而不僅僅是退出。所以我認為勢頭顯然一直在逐步改善。而且我認為，如果你回想一下全年的基調，我認為這有點謹慎樂觀，因為我們看到了良好的進展並影響了第一季度、第二季度的變化，我認為現在斷言還為時過早。但是 4 個季度後，感覺我們確實走在正確的道路上。如果我們繼續這樣做，15% 到 20% 的長期增長目標感覺非常非常可行。

With regards to the investments, I think same thing there. We are -- we have been progressively feeling positive. And again, if you remember the commentary on operating margins, we thought we would have to invest more this year and then bring margins down in order to drive growth. In fact, the team has done a really good job balancing the changes in the business, while kind of managing their investments to keep margins relatively flat.

關於投資，我認為那裡也有同樣的事情。我們 - 我們一直在逐漸感到積極。再說一次，如果您還記得對營業利潤率的評論，我們認為我們今年將不得不進行更多投資，然後降低利潤率以推動增長。事實上，該團隊在平衡業務變化的同時做得非常好，同時管理他們的投資以保持利潤率相對平穩。

And so we've -- the hiring that you're seeing certainly reflects an emphasis of hiring in the areas where we can get the most impact. And it's just a very disciplined approach in terms of hiring. So overall, just good results that supports continued investments in that business. But the outlook is very good growth in the next few years as well as margin improvements.

所以我們 - 你看到的招聘肯定反映了在我們可以產生最大影響的領域招聘的重點。在招聘方面，這只是一種非常有紀律的方法。因此，總體而言，只有良好的結果才能支持對該業務的持續投資。但未來幾年的前景是非常好的增長以及利潤率的提高。

And the next question comes from the line of Gal Munda with Berenberg.

下一個問題來自 Gal Munda 與 Berenberg 的系列。

The first one is just I'd like to go back on the full year guidance upgrade. I'm just kind of thinking about to make sure it's clear. It's not just that you were surprised by the amount of hardware orders that you're seeing in Q4. It's the mix of all different business segments that allowed you to raise the guidance by $145 million at the midpoint. Is that correct?

第一個是我想回到全年指導升級。我只是想確保它清楚。您不僅對第四季度看到的硬件訂單數量感到驚訝。這是所有不同業務部門的組合，使您能夠在中點將指導提高 1.45 億美元。那是對的嗎？

That's correct. Yes.

沒錯。是的。

Okay. Awesome. And then just as a follow-up to that. It's a big revenue number to raise with 1 quarter to go. But at the same time, when I look at the operating cash flow raised again, it's just as impressive. I think it implies more than 50% incremental operating cash margin to that revenue base. So can you just talk to me how much of that is kind of sustainable when you look at the operating cash flow incrementals versus any one-offs that kind of play and potentially help you this year a little bit because of the fact that it's a lot higher to do it than the overall operating cash flow margin that you've been generating recently?

好的。驚人的。然後作為後續行動。這是一個很大的收入數字，需要 1 個季度才能提高。但與此同時，當我再次查看籌集的經營現金流時，它同樣令人印象深刻。我認為這意味著該收入基礎的營業現金利潤率增加了 50% 以上。因此，當您查看運營現金流增量與任何一次性此類游戲時，您能告訴我其中多少是可持續的，並且今年可能對您有所幫助，因為它很多比您最近產生的整體經營現金流利潤率更高？

Yes. No, overall, both on the P&L and the cash flows, I would characterize it as just very good results across the board as opposed to being driven by onetime items or any unusual items. But keep in mind, the cash flow will be lumpy just given that depending on the day, the week that it comes in, it can flip from 1 quarter to the next or 1 year to the next. But over the long term, if we continue to drive operating margins up and drive operating income growth, cash flow should track very well to EBITDA less cash taxes over time.

是的。不，總的來說，無論是在損益表還是現金流量方面，我都會將其描述為非常好的全面結果，而不是受一次性項目或任何不尋常項目的驅動。但請記住，現金流量將是不穩定的，因為根據現金流入的日期、週數，它可以從一個季度到下一個季度或一年到下一個季度。但從長遠來看，如果我們繼續提高營業利潤率並推動營業收入增長，隨著時間的推移，現金流應該會很好地跟踪 EBITDA 減去現金稅。

And the next question comes from the line of Jason Celino with KeyBanc Capital Markets. Jason, your line is open.

下一個問題來自 KeyBanc Capital Markets 的 Jason Celino。傑森，你的線路已開通。

Okay. We'll move on to Pradeep Ramani with UBS.

好的。我們將繼續與瑞銀 (UBS) 一起討論 Pradeep Ramani。

Congrats on the quarter and the guide. I just had a couple of questions on -- first on the revenue piece. Based on what you're saying, it feels like 1.15 is more of a sort of a new base to think about just looking into October and January. Is that true? And then if we do the math on your $5 billion target over, let's say, a 2-year period, that implies roughly 1.25 sort of a run rate. So my question really is that how -- can we sort of expect just given your sort of broad-based growth you're seeing, can we sort of expect a linear progression to from, say, 1.15 to 1.25 a quarter over 2 years?

祝賀季度和指南。我只是有幾個問題 - 首先是收入部分。根據你所說的，感覺 1.15 更像是一種新的基礎，只需考慮一下 10 月和 1 月。真的嗎？然後，如果我們對您的 50 億美元目標進行數學計算，比如說，在 2 年期間，這意味著大約 1.25 種運行率。所以我的問題實際上是，鑑於您所看到的那種廣泛的增長，我們是否可以預期，我們是否可以預期線性增長，例如，在 2 年內每季度從 1.15 增加到 1.25？

I wouldn't look at it that way, Pradeep, I think you're trying to impart seasonality on the business when there really isn't one. Our business is very much recurring. 90% of the business is recurring, but it could be a little noisy from quarter-to-quarter. And I think that overall, I would look at the trend over a multiyear period and focus on what we're describing for the year. And then within the year, we'll give you very specific kind of feedback on what that quarterly profile can look like.

我不會這麼看的，Pradeep，我認為你是在試圖在業務沒有季節性的情況下賦予業務季節性。我們的業務經常重複。 90% 的業務是重複發生的，但每個季度可能會有點嘈雜。我認為總的來說，我會研究多年的趨勢，並專注於我們對這一年的描述。然後在一年內，我們將就季度概況的外觀向您提供非常具體的反饋。

And it will vary, and it doesn't really -- it will vary depending on what the customer requirements are. And I'd just remind you that last year, we had a Q3 and Q4 that was unusual by historical standards. And then this year has trended out to be a little bit more linear. And so it will vary even within a 2-year span. But over time, the -- if you look at the annual trends, it tends to be pretty steady.

它會有所不同，實際上並不會——它會根據客戶的要求而有所不同。我只想提醒你，去年，我們的第三季度和第四季度按歷史標準來看是不尋常的。然後今年的趨勢變得更加線性。因此，即使在 2 年內它也會有所不同。但隨著時間的推移，——如果你看看年度趨勢，它往往非常穩定。

Okay. And on the margin front, the semis and system design margins are approaching 34%, 35%. How do you think about sort of the feeling, if any, to margins on the semi side and sort of the progression of margins even simply backing out from your rule of 45%, the sort of the 10% to 11% sort of revenue growth rate you're guiding to?

好的。在利潤率方面，半成品和系統設計利潤率分別接近 34% 和 35%。如果有的話，你如何看待半邊的利潤率和利潤率的進展，甚至只是從你的 45% 規則中退出，那種 10% 到 11% 的收入增長你指導的率？

We'll continue to -- I'm sorry, I'm going to start then Aart can add some color, but we'll continue to look for efficiencies and productivity across all areas of the business. So that will include the semi side and Software Integrity. The opportunity is that we're spending a lot in total as a company. And so the more dollars that we can put behind projects and initiatives that are going to drive the best returns, we'll continue to do that. There's no reason to not maintain that discipline.

我們將繼續——對不起，我將開始，然後 Aart 可以添加一些顏色，但我們將繼續在業務的所有領域尋找效率和生產力。所以這將包括半邊和軟件完整性。機會是我們作為一家公司總共花費了很多。因此，我們可以為能夠帶來最佳回報的項目和計劃投入更多資金，我們將繼續這樣做。沒有理由不保持這種紀律。

That served us well the last few years because those investments that we've made and was highlighted in Aart's prepared remarks are assumption of the big investments that we've made over the last 5-plus years. And so we want to make sure that we're looking at that business as well to be more efficient. But that does not at all imply that we won't continue to invest heavily. But we'll do that in a balanced way so that all areas of the business are contributing to good growth and profitability improvements.

這在過去幾年對我們很有幫助，因為我們所做的那些投資以及在 Aart 準備好的評論中強調的那些投資都是假設我們在過去 5 年多的時間裡進行了大筆投資。因此，我們希望確保我們也在考慮該業務以提高效率。但這並不意味著我們不會繼續大量投資。但我們將以平衡的方式做到這一點，以便業務的所有領域都為良好的增長和盈利能力的提高做出貢獻。

Maybe if I can add something. You can look at it both outside and inside. Starting outside, of course, the semi and the systems industries have great opportunities right now because this age of Smart Everything will actually touch everything. And in some areas, it's going to go very fast, in others more slowly, but it is unavoidable that electronics and within that, semiconductors and software, will add substantial value to every vertical that it will touch. And so that is one of the reasons why you see the semiconductor industry do so well. And the fact that in some areas, our shortages may have nothing to do with that because it's certain specific areas. But in general, it does have to do with the fact that demand is high and higher than ability to satisfy it. So we expect that the market in aggregate, over time, will stay very healthy for a while.

也許如果我可以添加一些東西。你可以在外面和里面看看它。當然，從外部開始，半導體和系統行業現在有很大的機會，因為這個智能萬物時代實際上將觸及一切。在某些領域，它會發展得非常快，而在另一些領域會更慢，但不可避免的是，電子產品以及其中的半導體和軟件將為它所涉及的每個垂直領域增加可觀的價值。這就是您看到半導體行業表現如此出色的原因之一。事實上，在某些地區，我們的短缺可能與此無關，因為它是某些特定領域。但總的來說，它確實與需求高且高於滿足需求的能力有關。因此，我們預計，總體而言，隨著時間的推移，市場將在一段時間內保持非常健康的狀態。

On the inside, we've always said that you need to have a portfolio of things that are more mature and with more maturity, hopeful on sustainable productivity and margin. And certain things that you have to invest best in and by definition, investing means putting money in. But on balance, I think that since we communicated to you about 2.5 years or so ago, that we were going after Rule of 40. We've executed well with that. And in many ways, I would consider that episode is now over. And now we have mentioned to you that Rule of 45 is next. So the general recipe is clear, and the hard work is always hard, but I think we're on a very good track.

在內部，我們一直說你需要有一個更成熟、更成熟的東西組合，對可持續的生產力和利潤抱有希望。有些事情你必須投資最好，根據定義，投資意味著投入資金。但總的來說，我認為自從我們在大約 2.5 年前與你溝通以來，我們正在遵循 40 規則。我們'我做得很好。在很多方面，我認為那一集現在已經結束了。現在我們已經向你提到接下來是 45 法則。所以總的配方很明確，努力工作總是很艱難，但我認為我們走在一個很好的軌道上。

And the next question comes from the line of John McPeake with Rosenblatt.

下一個問題來自約翰麥克皮克與羅森布拉特的對話。

Nice work, guys. Just along the lines, you just mentioned that a lot of your customers are mentioning component shortages and you do have some hardware that has some components in it. And I'd just like to ask if you feel like you have secured enough supply to -- of components to ship...

幹得好，伙計們。順便說一下，您剛剛提到您的許多客戶都提到了組件短缺，並且您確實有一些硬件中包含一些組件。我只是想問你是否覺得你已經獲得了足夠的供應——要運送的組件......

At this point in time, the answer is yes. We have sufficient, which does not mean that we don't look for every part to see how the alternatives, what's the status? Are there going to be some challenges? Luckily enough for us, we bought the most important part at the right time in sufficient magnitude that for right now, we're covered. But right now, and so we'll keep being very diligent about this although I expect that in some areas the shortages will gradually vanish.

在這個時間點，答案是肯定的。我們有足夠的，這並不意味著我們不尋找每一個部分，看看替代品如何，現狀如何？會有一些挑戰嗎？對我們來說幸運的是，我們在正確的時間以足夠的量購買了最重要的部分，現在我們已經被覆蓋了。但是現在，因此我們將繼續對此非常勤奮，儘管我預計某些地區的短缺將逐漸消失。

One thing I've heard is the semi companies don't want to eat their seed corn, so you could be a priority customer because they can't get their designs done without your products.

我聽說過的一件事是半公司不想吃他們的玉米種子，所以你可以成為優先客戶，因為沒有你的產品他們無法完成他們的設計。

Well, we're part of a circle. Absolutely.

好吧，我們是一個圈子的一部分。絕對地。

Right. So I guess my second one is on gate-all-around. I did see the tape out at 3 with a customer. Do you see that as the future? And relative to your AI-enabled solution, things are getting pretty hairy down there. Could you just talk about that maybe as a driver for different segments of the business, placing route, timing, I don't know.

對。所以我想我的第二個是全能門。我確實在 3 點與客戶一起看到了磁帶。你認為這是未來嗎？相對於您支持 AI 的解決方案，那裡的事情變得非常棘手。你能不能談談作為不同業務部門的驅動程序，放置路線，時間，我不知道。

Sure. Well, let me make 3 comments. First is there have been a number of generations of semiconductor transistors, [planar] was for many years the way to do it. The thought to do FinFET was heresy because these were very difficult to do and impossible and then they became possible, and we moved forward on that. The way to look at data all around is essentially, it's a sophisticated variation on FinFET and a number of advanced customers and manufacturing partners are clearly investing in this and clearly going in this direction. And we can absolutely support it all the way from the very beginnings of providing them with tools that allow them to literally simulate and design individual transistors all the way to our design system. Fusion Compiler is completely capable of handling this. So that's not going to be a problem.

當然。好吧，讓我發表 3 條評論。首先是已經出現了多代半導體晶體管，[平面]多年來一直是這樣做的。做 FinFET 的想法是異端邪說，因為這些很難做到而且不可能，然後它們成為可能，我們繼續前進。從本質上講，查看周圍數據的方式是 FinFET 的複雜變體，許多高級客戶和製造合作夥伴顯然正在對此進行投資並朝著這個方向發展。我們絕對可以從一開始就為他們提供工具，讓他們能夠從字面上模擬和設計單個晶體管，一直到我們的設計系統，全程支持它。 Fusion Compiler 完全有能力處理這個問題。所以這不會有問題。

The second comment is what you're referring to when you say new types of transistor is de facto a form of continuation of Moore's Law. Meaning still smaller transistors, still less power, still faster speed. And while Moore's Law has slowed down, I want to emphasize, it is still continuing. And that, too, for many times was viewed as impossible, but it is absolutely continuing.

當您說新型晶體管實際上是摩爾定律的延續形式時，第二條評論就是您所指的內容。這意味著更小的晶體管，更小的功率，更快的速度。雖然摩爾定律已經放緩，但我想強調的是，它仍在繼續。這也多次被認為是不可能的，但它絕對是持續的。

I would amend it with something, though, which is you also see more talk of now bringing multiple chiplets or sometimes called tiles closely together, sometimes on top of other chips, on other pieces of semiconductor. And to me, that is a mega booster pack to Moore's Law because if you cannot do more transistors on a chip, can you do 2 chips closely together? And there are a number of design issues that Synopsys is particularly well equipped for because when you do something in 2 chips instead of 1, the biggest problem is the in between, right, which is how quickly can you get the signals from one to the other. And that's why you want to have them very, very closely linked.

不過，我會用一些東西對其進行修改，這也是您現在看到更多關於將多個小芯片或有時稱為貼片緊密結合在一起的討論，有時在其他芯片之上，在其他半導體片上。對我來說，這是摩爾定律的一個超級助推器，因為如果你不能在一個芯片上做更多的晶體管，你能把兩個芯片緊密地放在一起嗎？ Synopsys 特別擅長解決許多設計問題，因為當你用 2 個芯片而不是 1 個芯片做某事時，最大的問題是介於兩者之間，對，這就是你能以多快的速度將信號從一個芯片傳輸到另一個芯片其他。這就是為什麼你想讓它們非常、非常緊密地聯繫在一起。

We have a complete 3D IC, that design system for that. And as we see people do a combination of still smaller devices, but now also multiple chips closely together, we will gradually see that growing. So I'm very encouraged that for the next 10 years, we're still going to see way more complex systems. And in our case, the word complex is a good word.

我們有一個完整的 3D IC，即為此設計的系統。隨著我們看到人們將更小的設備組合在一起，但現在也將多個芯片緊密地組合在一起，我們將逐漸看到這種情況正在增長。所以我很受鼓舞，在接下來的 10 年裡，我們仍然會看到更複雜的系統。在我們的例子中，complex 這個詞是個好詞。

And just one little follow-up there. I mean you did raise the revenue growth targets to double digits. You don't have to give a number, but EDA is assumed to be raised as well inside of that. Is that fair?

那裡只是一個小小的後續行動。我的意思是你確實將收入增長目標提高到兩位數。你不必給出一個數字，但假設 EDA 也在其中被提高。公平嗎？

Yes. Trac sort of alluded to the fact that all of our business are doing well. And so absolutely, EDA is a very, very big piece of our business, the largest piece. And so you cannot get to a double digit and grow from there if that were a boat anchor. And in this context, it's actually the opposite. EDA is doing extremely well for us.

是的。 Trac 有點暗示我們所有的業務都做得很好。所以絕對地，EDA 是我們業務中非常非常大的一塊，也是最大的一塊。所以如果那是一個船錨，你就不能達到兩位數並從那裡成長。在這種情況下，它實際上是相反的。 EDA 對我們來說做得非常好。

And the last question comes from the line of Jason Celino with KeyBanc.

最後一個問題來自 Jason Celino 與 KeyBanc 的合作。

Can you hear me? Trying this again.

你能聽到我嗎？再試一次。

Yes. We can hear you.

是的。我們能聽到你的聲音。

Okay. Sorry about that. Maybe in essence of time, I'll just ask one. Aart, you mentioned you're seeing your customers renew faster than they have ever before. I'm trying to understand this a little bit. Is this because of the products and capabilities that you're adding and they're having to come to the table quicker? Or is this maybe market appetite to move faster, go to market faster, et cetera?

好的。對於那個很抱歉。也許在時間的本質上，我只會問一個。 Aart，您提到您看到您的客戶更新速度比以往任何時候都快。我試圖理解這一點。這是因為您添加的產品和功能需要更快地提交嗎？或者這可能是市場需求加快行動，加快上市速度等等？

Well, the answer is yes and yes, meaning that they see a lot of opportunity because there's a lot of demand for many of these new capabilities. And at the same time, because of the continued growth in complexity, they have to rely on more use of IP blocks, on more automation in the design process. And we are the ones providing that. And so I'm super enthusiastic about this decade because I can see the value at the end of this journey for so many vertical markets. Therefore, the economics from the end markets will come down into the systems semiconductor and in our world because we are the enablers for that. And I'm also super enthusiastic because I feel that many of the investments that we've made have led Synopsys to be at just a unique point of new innovation and having had the opportunity to be part of the early beginnings of automation via synthesis many years ago.

嗯，答案是肯定的，是的，這意味著他們看到了很多機會，因為對許多這些新功能有很多需求。同時，由於復雜性的持續增長，他們必須更多地使用 IP 塊，以及設計過程中的更多自動化。而我們正是提供這種服務的人。所以我對這十年非常熱情，因為我可以看到這個旅程結束時對這麼多垂直市場的價值。因此，終端市場的經濟將下降到系統半導體和我們的世界，因為我們是這方面的推動者。而且我也非常熱情，因為我覺得我們所做的許多投資使 Synopsys 處於新創新的獨特點，並且有機會通過綜合很多幾年前。

I would equate what we're doing right now with AI on not a design step but a whole design flow to be very, very similar. And therefore, a long-term high impact. And it's just very exciting to feel the push of the technology and the pull of the end market. And having those aligned, I think, is just perfect for us.

我將我們現在所做的與 AI 等同於不是設計步驟，而是整個設計流程非常非常相似。因此，長期的高影響。感受到技術的推動和終端市場的拉動是非常令人興奮的。我認為，讓這些保持一致對我們來說是完美的。

Well, I guess the signifies that we are done for this hour. First, thank you, as usual, for attending this and for following us. Hopefully, you read out of the discussion and the preambles that we feel that we're in a very strong, solid business situation, but also very excited about the capabilities that are rolling out and their impact on the future. And lastly, that we are in a market situation and the market really needs the capabilities we have. And so that leaves only the word execution to finish on, and that is our job.

好吧，我想這意味著我們已經完成了這個小時。首先，像往常一樣感謝您參加此次會議並關注我們。希望您讀完討論和序言，我們認為我們處於非常強大、穩固的業務狀況，但也對正在推出的功能及其對未來的影響感到非常興奮。最後，我們處於市場環境中，市場確實需要我們擁有的能力。這樣就只剩下執行這個詞了，這就是我們的工作。

So thank you very much. I hope you all stay healthy in a time where, unfortunately, the Delta waves are bigger than anybody expected. So please vaccinate and stay safe. Thank you.

所以非常感謝。我希望你們都保持健康，不幸的是，三角洲波浪比任何人預期的都要大。所以請接種疫苗並保持安全。謝謝你。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation and for using AT&T Teleconference. You may now disconnect.

女士們，先生們，我們今天的會議到此結束。感謝您的參與和使用 AT&T 電話會議。您現在可以斷開連接。