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.

各位女士、先生，感謝您稍候。歡迎參加新思科技（Synopsys）2021 會計年度第二季財報電話會議。（接線員指示）今天的會議將持續 1 小時。在會議結束前 5 分鐘，我們將宣布會議剩餘時間。提醒您，今天的會議正在錄音。

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

此刻，我想將會議交給投資人關係副總裁 Lisa Ewbank。請開始。

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，Eric。各位下午好，感謝加入我們。今天出席發言的是新思科技董事長暨共同執行長 Aart de Geus，以及財務長 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，我想提醒各位，在本次電話會議過程中，新思科技將討論有關公司及其財務結果的預測、目標及其他前瞻性陳述。雖然這些陳述代表我們截至今日對未來結果與表現所做的最佳判斷，但實際結果仍受多項風險與不確定性影響，可能導致實際結果與我們預期出現重大差異。

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.

除我們在會議中可能提及的任何風險外，可能影響我們未來結果的重要因素，已載於我們最新的 SEC 申報文件以及今日的財報新聞稿中。

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，我們在討論中將引用非 GAAP 財務衡量指標。與其最直接可比的 GAAP 財務衡量指標之調節表，以及補充財務資訊，可見於我們今日稍早發布的財報新聞稿、財務補充資料與 8-K。上述資料以及最新的投資人簡報皆可於我們的網站 synopsys.com 取得。此外，準備好的講稿將於會議結束後張貼於網站。

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

接下來，我把時間交給 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.

各位下午好。新思科技持續展現非常出色的執行力，在第三季交出創紀錄的營收與非 GAAP 盈利表現。營收為 10.57 億美元，GAAP 每股盈餘為 1.27 美元，非 GAAP 每股盈餘為 1.81 美元。我們在毛利率擴張目標上再次取得優異進展，並創造 4.22 億美元的營運現金流。

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.

歸功於整個新思科技團隊的努力，以過去十二個月（TTM）為基礎，我們已超越幾年前所設定的重要里程碑：40 億美元營收與 30% 營業利益率。反映我們年初至今的強勁成果、所服務市場的蓬勃發展，以及在所有產品群與各地區推動客戶動能的技術創新，我們正上調 2021 會計年度的營收、非 GAAP 營業利益率、獲利與現金流目標。

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.

我們正穩步邁向下一個目標：在 2023 年前突破 50 億美元營收，並將長期營收目標上調為雙位數成長，同時持續擴大利潤率。Trac 將更詳細說明財務表現。

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.

同時，市場不僅強勁，且正以對新思科技非常有利的方式轉型。無論消費端或企業端，對「萬物智慧化（Smart Everything）」的需求持續升溫並成長。智慧裝置交會多種技能與技術：需要儲存、傳輸與處理的海量資料；精密的機器學習；以及針對各市場區隔的應用軟體。在這股巨型趨勢中，半導體至關重要。這不僅意味著更多晶片，也意味著更先進的晶片、更低功耗的晶片，以及可採用上方堆疊或堆疊封裝以實現緊密整合的晶片。此外，資安與安全性正迅速成為必備要素，並整合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.

為了實現萬物智慧化，企業需要更多自動化，同時也必須改變其系統開發方式。大型超大規模業者（hyperscalers）等新進者日益自行設計專用晶片，我們與他們的業務正快速成長。其他系統公司（例如汽車產業）也日益透過指定晶片效能的關鍵要素，以及功能安全與資安要求，對其供應商施加重大影響。

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.

新思科技是關鍵的賦能者，而整體經濟價值池如今也在擴大——在傳統摩爾定律推進之外再度加乘，因而為我們帶來更多機會。新思科技具備理想條件，可把握這些順風因素。過去 5 年多來，我們在突破性創新上投入大量資源，如今正推動客戶取得卓越成果，並帶動業務加速成長。我想強調三個領域：AI 與自主設計、矽智財（silicon IP）以及資安。

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.

先從 AI 談起。設計當今最先進的晶片，並同時滿足垂直市場的額外需求，是最困難的工程任務之一，毫無疑問。當在時程壓力下的設計團隊逐漸逼近人力設計的實務極限時，我們必須運用 AI 的力量，不僅自動化設計任務，更要自動化設計流程中的整個區段。這正是新思科技在 1.5 年前所開創的：以 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.

在我們的 Fusion Design Platform 之上，我們打造了一套 AI 設計解決方案，可在數週內自動探索、實作並最佳化原本需要數月的設計工作。該方案名為 DSO.ai，意指以 AI 進行設計空間最佳化（design space optimization using AI）。客戶已將此系統用於實際晶片，完成量產前的 tape-out，並已看到製造回來的矽晶片。DSO.ai 是突破性技術，成果非常出色。透過它，我們已取得重要的客戶續約。不僅能將設計時間從數月縮短至數週，還能在效能、功耗與面積（PPA）方面，顯著優於專家團隊單靠人力所能達成的結果。

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.

除了早期的產業肯定——例如榮獲 2020 World Electronics Achievement 年度創新產品獎——客戶合作也非常亮眼，並獲得三星與瑞薩（Renesas）的早期背書。此外，本季一家亞太地區先進晶片大型供應商，以 1 名工程師在 1 個月內完成了過去需要多位專家花 3 個月手動作業才能完成的成果。一家備受矚目的美國客戶使用 DSO.ai，透過令人驚豔的 20% 功耗降低，取得更佳的結果品質。下週一，我們將在 Hot Chips 大會的主題演講中，報告 DSO 的更多重大進展，以及另一項令人振奮的客戶成功案例。

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 大腦的影響力，因其所依附的強大系統——我們的 Fusion Design Platform——而被大幅放大。我們在數年前率先提出 Fusion 概念，將設計流程中的關鍵區段真正「融合」到單一平台中。其成果是在晶片速度、功耗與面積方面達到同級最佳。如今，Fusion Compiler 是唯一可用的解決方案，能將市場領先的綜合（synthesis）、布局繞線（place and route），以及時序、功耗與實體 sign-off 無縫整合於單一工具中。它是新思科技史上導入速度最快的新設計解決方案，已在多個垂直領域（包括 AI、5G 與高效能運算）累計超過 500 次 tape-out，涵蓋從 40 奈米到 3 奈米的製程節點。

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，我們的領先晶圓代工夥伴已在積極運用 Fusion Compiler 以支援 2 奈米的技術就緒。我們的 Fusion Design Platform 受到全球最大、最具影響力且要求嚴苛的公司所倚賴。量產成功案例包括：三星晶圓代工（Samsung Foundry）以其 3 奈米 GAA（gate-all-around）技術，完成下一代晶片的先進 tape-out。

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，另一種降低複雜晶片風險並加速上市時程的方法，是使用現成的 IP。我們廣泛且市場領先的 IP 產品組合持續帶來優異的雙位數成長，朝向另一個出色年度邁進。需求非常強勁，客戶大幅提升對我們的依賴，並以前所未有的速度更快續簽多年期承諾。高效能運算、汽車與行動市場尤其強勁，對 IP 的需求不僅更多，也更先進。

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.

我想強調三個領域。第一，隨著雲端資料成長，我們看到對更快、更高效能介面的強勁需求，例如 DDR5、PCI Express 5.0 與 6.0，以及 800G 乙太網路。本季我們動能強勁，多家客戶選用我們率先上市的下一代 PCI Express 6.0 IP，用於先進的高效能運算晶片。這也印證了我們 PCI Express 5.0 IP 的成功——本季接近 200 個設計導入（design wins）。我們也看到 400G、800G 乙太網路 IP 解決方案立即獲得市場採用，透過多個設計導入案（包含我們的 112G SerDes）展現強勁牽引力。

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.

第二，雲端、AI 與 5G 應用中的高度先進晶片設計數量正快速成長。我們龐大且經驗豐富的研發團隊持續站在最前線，提供處於技術尖端、具高度差異化的 IP。在 5 奈米節點，我們已在 33 家客戶中取得近 400 個 design-in。而本季，我們實體 IP 業務的重要驅動力來自 5、4 與 3 奈米。

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，我們也看到客戶在其晶片中整合更多安全能力。這正推動我們安全 IP 產品組合展現極佳動能，包括對 IDE IP 的強勁需求，用以保護 PCI Express 與 CXL 介面，這也自然銜接到軟體完整性。我們在進行重大的執行與營運改善後，動能持續增強、表現良好。事實上，第三季是我們史上訂單最高的一季，我們預期將超越年初設定的年度營收目標。隨著對企業安全與健康的重大且持續的安全威脅幾乎成為常態，各公司正重新思考其防護策略。僅挑選具部分能力的單點工具已不再有效。

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.

如今的防護需要整體性的策略方法。Synopsys 站在此一演進的最前沿，擁有業界唯一的產品組合，涵蓋最廣泛的應用程式測試解決方案、協助高階主管與董事會制定軟體安全計畫的策略顧問服務，以及可提升 Polaris 平台影響力的創新方案。隨著近期導入智慧編排（intelligent orchestration），我們的 Polaris 平台可在各公司流程中無縫整合並自動化安全測試。

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.

我們在第三季透過收購 Code Dx 再邁出重要一步。該公司是應用程式安全風險管理產品的領先供應商，可自動化並加速軟體弱點的發現、優先排序與修補。此一結合使我們的能力超越競爭對手所能提供，形成一套全面、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 go-to-market 方面，我們看到所做強化帶來非常良好的進展。我們的服務業務再次優於原先規劃，僅北美就新增超過 20 個新客戶（new logo）勝出。我們的贏單率與續約率持續改善，我們對已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.

產業分析師持續肯定我們策略與產品組合的實力。連續第五年，Synopsys 獲 Gartner《Magic Quadrant for Application Security Testing》評選為領導者。而今天，我們也再次在 Forrester Wave 的軟體組成分析（software composition analysis）領域獲認定為領導者。

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，我已強調三大領域：AI、IP 與安全。接著我再指出幾項能促成這個新時代的其他創新。Synopsys 的一項優勢在於聚焦硬體與軟體的交會點，而這在「萬物智慧化（Smart Everything）」中本質上至關重要。我們的硬體式驗證系統持續帶來非常強勁的業務表現，今年迄今新增 36 個新客戶（new logos）並取得約 150 筆重複訂單。此外，隨著涵蓋模擬（emulation）與 FPGA 式原型驗證（FPGA-based prototyping）的創新，我們已穩健啟動一個為期多年的產品升級週期。

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.

在過去兩季，我們推出新的特定應用模擬產品。ZeBu Empower 系統可進行早期功耗分析，以降低與功耗相關的風險。而 ZeBu EP1 則是同類首創、面向行動、GPU、CPU 與 AI 設計的高效能運算方案。兩者在速度與容量上都大幅領先目前市場上的任何競爭方案。我們也已看到全球具影響力的大型客戶展現強勁需求並開始部署。

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.

第三季是我們 HAPS 原型驗證產品線史上訂單最大的一季，主要受新款 HAPS-100 帶動。憑藉最高效能與無可匹敵的企業級可擴展性，我們在本季拿下多個競爭性勝出。隨著模擬與原型驗證兩方面的動能，我們預期今年營收將再創新高，延續我們的市場與技術領導地位。隨著晶片與系統複雜度提升、可靠度要求日增，市場如今需要持續的後矽（post-silicon）分析、維護與最佳化。

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.

我們全新的矽生命週期管理平台，運用我們在 EDA 與 IP 兩方面的領導地位，從設計到製造再到現場（infield）調整，持續監控、分析並最佳化晶片。此一創新方法為我們開啟了可觀的新 TAM（總可服務市場），且業務爬坡速度超出預期。即使在如此早期階段，我們本季也達成兩筆大型擴大續約。

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.

總結而言，第三季成果非常出色，我們也大幅上調全年目標。充滿活力的市場、具吸引力的創新與強勁的執行力，使我們得以在未來持續提升股東價值。雖然我們將在下季提供具體的長期目標，但我們的目標是在 2023 年前突破 50 億美元營收。我們將年度營收成長目標上調至雙位數，並持續擴大利潤率。若沒有我們的全球團隊，這些成果不可能達成。在疫情期間，他們展現了投入、韌性與對他人的關懷，同時也執行得非常出色。最後，我希望你與家人都已接種疫苗、身體健康並注意安全。

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

接下來，我把時間交還給 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.

謝謝你，Aart。各位下午好。第三季的成果，包括創紀錄的營收與非 GAAP 盈利，反映公司各面向的強勁動能。就全年而言，我們正按計畫達成：營收中十位數百分比（mid-teens）的成長、非 GAAP 營業利潤率提升超過 200 個基點、非 GAAP 每股盈餘成長超過 20%，以及約 13.5 億美元的營運現金流。我們所服務市場的動態性、產品與解決方案的強大影響力與客戶成果，以及我們一貫強勁的執行紀錄，共同構成我們設定在 2023 年前突破 50 億美元營收目標的基礎。

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.

接著說明第三季業績。除非另有說明，所有比較皆為年對年。我們的總營收為 10.57 億美元，成長 10%，主要由所有產品群與各地區的廣泛強勁表現所帶動。半導體與系統設計（Semiconductor & System Design）部門營收為 9.59 億美元，EDA 與 IP 皆有穩健成長。軟體完整性（Software Integrity）部門營收為 9,800 萬美元，而我們在年度接單（bookings）計畫的執行上優於預期。因此，我們預估軟體完整性部門全年營收成長將接近雙位數，且長期而言，我們正穩健走在將營收成長加速至 15% 至 20% 區間的道路上。

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%.

接著談費用。GAAP 總成本與費用為 8.55 億美元，其中包含約 1,500 萬美元的重整費用。非 GAAP 總成本與費用為 7.20 億美元，使非 GAAP 營業利潤率達 31.9%。我們正按計畫在全年實現營業利潤率擴張至約 30.5%。半導體與系統設計部門的調整後營業利潤率為 34%，軟體完整性部門利潤率為 9%。

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

最後是損益表摘要。GAAP 每股盈餘為 1.27 美元，非 GAAP 每股盈餘為 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.

接著看現金。我們創造了 4.22 億美元的營運現金流。我們近期完成 1.75 億美元的庫藏股回購，使本財年累計回購總額達 5.73 億美元。本季結束時，現金餘額為 15.3 億美元，總負債為 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.

針對 2021 財年，我們上調營收以及非 GAAP 營業利潤率與每股盈餘的指引。我們的目標為：營收 41.9 億至 42.2 億美元，中位數上調 1.45 億美元，代表中十位數百分比（mid-teens）的成長；GAAP 總成本與費用介於 34.31 億至 34.59 億美元；非 GAAP 總成本與費用介於 29.15 億至 29.25 億美元，非 GAAP 營業利潤率約 30.5%；其他收入與費用介於負 600 萬至負 400 萬美元；非 GAAP 正常化稅率 16%；GAAP 每股盈餘 4.63 至 4.79 美元；非 GAAP 每股盈餘 6.78 至 6.83 美元，代表超過 20% 的成長；營運現金流約 13.5 億美元，資本支出約 9,000 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.

接著是第四季目標：營收介於 11.38 億至 11.68 億美元；GAAP 總成本與費用介於 9.24 億至 9.52 億美元；非 GAAP 總成本與費用介於 8.05 億至 8.15 億美元；GAAP 每股盈餘 1.09 至 1.25 美元；非 GAAP 每股盈餘 1.75 至 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.

我們將在下個季度提供 2022 年的詳細指引，以及我們更新後的長期財務目標與假設並對外報告。作為該討論的一部分，我們也將就我們的常態化——我們的 3 年常態化非 GAAP 稅率（目前正在審查中）提供更新。雖然我們尚未完成評估，但我想強調，鑑於正在審查的假設，該稅率可能會上升。

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.

總結來說，我們實現了創紀錄的營收與非 GAAP 盈利，以及強勁的營運現金流。基於我們年初至今的優異成果以及對第四季的展望，我們大幅上調全年目標，並設定在 2023 年前營收突破 50 億美元的目標。這反映出我們將長期營收成長目標提高至雙位數，同時也由持續的毛利率擴張所支撐。與此同時，我們將持續投資以進一步擴大業務規模，並在未來推動股東價值持續提升。

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

接下來，我把時間交給接線員進行提問。

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

（接線員指示）第一個問題來自 Baird 的 Joe Vruwink。

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?

我想先從重新校準後的營收成長架構談起。你能否討論一下，成長輪廓的組成方式相較過去有哪些不同？你在事先準備的發言中花了很多時間強調新產品。現在的活力是否比過去更好？或者這是一波龐大的、特定領域／特定應用的開發浪潮？其規模是否證明遠大於過去？

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.

謝謝你的問題。這些因素都有一些。我認為 Synopsys 目前的活力非常高，主要是多年來複雜投資的成果，而這些投資正以正向方式相互交會。你可能還記得我們多次談到 Fusion Compiler，例如把它視為一個可用於非常先進設計的平台。當你把它與自動化其中部分流程的能力結合起來——換句話說，在其上加上一個「大腦」——如果這個大腦運作良好，就能做很多事情，因為 Fusion Compiler 是一個非常、非常強大的工具。

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.

因此，所有這些努力都花了很多年才走到今天，而現在開始展現成果。成果之所以強大，是因為你能非常快速地從結果中學習，以取得更好的結果並持續改進。因此，這正非常快速地向前推進。同時，你也提出了另一個很好的觀點：有不少努力可能不完全是特定領域（domain-specific），但確實更偏向「對領域敏感」（domain-sensitive）。因此，當你談到汽車、工業或其他需要一定程度資安與安全性的領域時，就會出現額外的需求。

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.

總體而言，如果你認同我所描繪的圖像——也就是整個世界正走向「萬物皆智慧」（Smart Everything）——那麼這些智慧在不同垂直領域的應用方式也各不相同。有些領域有大量資料；有些領域的資料非常難處理；還有些則需要即時、快速的運算。這些都略有不同。因此，是的，垂直市場將逐步增加更細緻的專業化。但同時，只有在你擁有極其強大且有能力的基礎之下，才能做到這一點。我認為我們在這方面確實處於很好的位置。

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。很棒。這很有幫助。接著可能是一個更偏短期焦點的問題。第四季的指引相較於上季隱含的指引，確實意味著相當大的上調。我想你提到硬體的強勁表現，我猜那是其中一個貢獻因素。你能否談談軟體業務在第四季的預期表現？我就先問到這裡。

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.

好的。我來回答這題。Joe，第四季的核心反映出各項業務持續走強。我們持續推升軟體業務；硬體表現優於預期；IP 也是如此；同時你也看到 Software Integrity（軟體完整性）業務的進展。因此，成長來自公司業務的各個面向。

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

下一個問題來自 JPMorgan 的 Jackson Ader。

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?

第一個問題關於 DSO.ai。Aart，我想了解能否多給一些細節，例如它是否以每席位（per seat）為基礎定價？以及它是否只提供給使用 Fusion Compiler 平台的客戶？還是也能在其他地方使用？

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，這個問題有點複雜，因為我們正處於讓它成功的第一波推進中。而且我們已經把其中一項能力建構在 Fusion Compiler 上。由於幾乎所有先進客戶都在使用 Fusion Compiler，我們有充足的機會持續推進，並且在可達成的成果方面仍有很長的跑道。

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.

我剛才沒有提到的是，DSO.ai 其實是一項也能應用於其他領域的能力。隨著時間推進，我們會把部分技術用於其他方向，例如協助設計更好的矽技術，或應用在驗證領域。因此，我們可以走的方向很多。我們目前也正與全球一些最先進的設計團隊深度合作。至於定價等方面，我現在唯一想補充的是，它已經幫助我們在續約上看到一些成長。而這正是我們對真正能對客戶產生重大影響的技術所期待的方向。

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。明白。接著追問一下區域表現。這大概是連續第二、第三個季度中國出現很大的季比跳升。我想了解，中國是否存在某種明顯的季節性採購模式，可能與你在其他地區看到的不同？

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，我過去 15 年一直說，我們其實從未真正有季節性模式。它就是一波接一波的連續浪潮。當某個地區的規模不如另一個地區時，多半只是因為該時點的續約節奏與其他地區不同。

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.

再特別談中國。非常、非常好的結果以及持續的良好表現，來自非常廣泛的採用——也就是很多公司採用；當然也包括許多本身正大力投資未來、積極推動業務的公司。因此那是一個非常活躍的區域，我預期這種情況會持續。

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

下一個問題來自 D.A. Davidson 的 Tom Diffely。

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，我希望你能多談一點你對未來營運槓桿的看法。你認為關鍵驅動因素是什麼——不論是事業部、產品組合、轉向混合辦公模式，或任何你覺得重要的因素。

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.

我認為你提到的那些因素，John——我是說 Tom——都會有助於營運槓桿。真正——最大的兩個因素是：第一，持續提升營收。事實上，我們正在上調營收成長展望。第二，真正能帶來顯著影響的是對業務的投資，並確保我們投資在能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.

你也看到今年營收成長的強勁成果，部分來自我們在市場推進（go-to-market）方面所做的改變與改善，涵蓋半導體（semi）以及 SIG（Software Integrity，軟體完整性）端。這些重大驅動因素，再加上公司在許多不同領域所投入的大量工作（包括你提到的項目），將幫助我們在未來幾年持續推升營運利潤率。

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。接著，Aart，我希望你能多談一點你對 IP 市場競爭態勢的看法，以及你從定價角度或整體競爭角度所看到的情況。

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.

嗯，我認為我們持續明顯優於其他競爭者，原因在於我們平台的廣度與複雜度。不過我也想說，ARM 的表現也非常、非常好。而我們與他們所做的事情幾乎是 100% 互補。因此，我們看到的是：第一，設計案更多；而且特別是更複雜的設計案更多。第二點很重要，因為非常先進製程節點的價值與成本——同時也是其必要性——都已經提高。

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.

因此我們觀察到多個面向：當然，一方面是看客戶訂購了什麼，但也看他們吸收的速度。在我在開場提到的一些數字中，你可以看到我們相當大一部分業務已經在 5、4 與 3 奈米。而這些客戶無一例外都非常成熟，需求是大型且複雜的模組，並且投入大量設計工作。所以整體而言，對我們來說市場表現非常好，而 IP 在 Synopsys 過去好幾個季度確實一直是耀眼的明星。

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

好的。那麼你們是否一路上也看到定價力道？

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.

我不認為這有改變。越複雜的東西就越昂貴，客戶也預期如此。但從根本上說，這是一個幾乎持續不斷續約的業務。我想我們的定價應該是可以的，因為客戶消耗他們購買的內容，往往比他們原先分配的時間框架還快，然後就會續約。而這門生意很大一部分建立在信任之上：我們會在正確的時間交付他們可以依賴的東西。因此其中很多都是非常成熟的重複性業務。

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

下一個問題來自 Wells Fargo 的 Gary Mobley。

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?

既然你們在事先準備的講稿與新聞稿中都提到了，希望你們能提供更多關於你們對長期營收的看法：2023 會計年度達到 50 億美元。依起點不同，你們可以達到兩位數百分比的年複合成長率；如果以 2020 會計年度為起點，就能達到。但我們談的是未來兩年平均兩位數百分比成長嗎？換句話說，這是否是對下一個會計年度營收兩位數百分比成長的初步看法？

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.

嗯，我想謹慎一些，不要深入談明年的細節；但未來幾年的數學推算，確實是以目前對 2021 年的指引為基礎，Gary。

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?

了解。那就很清楚了。非常看多。另外我很驚訝還沒有人問：你們把第四季的隱含營收指引，相較於先前的隱含值（我應該說）提高了 11%。這顯然可能是由更強的積壓訂單所支撐。我的問題是：積壓訂單是多少？你們能在 10-Q 申報時分享嗎？

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.

可以，當然。我們在提交季度報告（Q）時，你會看到積壓訂單是 47 億美元。也如同我們過去提醒你和其他人的，積壓訂單雖然是個很大的數字，但會隨季度變動，對吧？取決於哪些合約被續約，以及哪些被認列為營收。

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.

我認為本季非常有力地證明了這一點：我們可以把全年指引在中位數上調 1.45 億美元，同時看到積壓訂單往相反方向變動。所以整體而言，指引與全年展望反映的是我們正在簽訂的交易強勁成長，以及我們對持續推動強勁續約能力的信心。

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.

關於你們現在提出的 2023 年這個非常有趣的目標，有幾點。內部而言，你們如何看待為了因應成長，可能需要在研發或市場推進（go to market）等方面建立的任何結構性、產能或營運上的變革？同樣地，你們有一位客戶——眾所周知、公開紀錄也顯示——其營收占比相當穩定地超過 10%，但其成長並非每個期間都發生，這也是公開紀錄。

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.

你們對 2023 年的成長預測是否需要那位大客戶同步成長？或者即使那位大客戶落後，你們仍能達到你們所談的成長幅度，透過其他客戶成長，或許大幅增加客戶總數，特別是在核心 EDA？另外還有一個給 Trac 的追問。

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.

嗯，如你所知，我們從不評論個別客戶——當然從商業角度更不會——但我想強調的是，最先進的客戶、全球最大的客戶，也遠遠是技術採用上最積極的。這有其充分理由：這也是他們最成功並持續成長的原因。因此我預期我們多位頂級客戶都會是如此。

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.

至於結構性變革，我們很幸運能在 Synopsys 內部持續演進組織結構，隨著技術變得更強、或更適合與其他產品整合。我們在 COO Sassine Ghazi 的領導下持續做了不少這類調整。我認為這非常有效，因為它不僅帶來高度的活力，也開啟了新的機會之門。

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.

例如你已經看到，從設計投入中，SLM（矽生命週期管理）突然浮現，以及其他多項能力。一個很好的例子當然是 DSO，因為它與幾乎整個公司都有交集，而目前主要是在設計端，因為那裡的成果非常出色、價值也非常高。因此我們會持續沿著這個方向前進。

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.

在前線（field）方面，有兩點。我們持續針對推動不同技術的客戶進行最佳化，並確保覆蓋度非常到位。從很多角度來看，好消息是即使在 COVID 的各種限制下，我認為我們在滿足客戶需求的覆蓋上並沒有真正落拍。因此目前我會認為 Synopsys 的位置其實相當不錯。

Trac...

Trac……

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.

Jay，在我回答你的問題之前，我想先強調 Aart 對重組的評論。因為如果你看過去三年的營業利益率結果，自 2018 年的低點以來，我們提高了 8 個百分點，對吧？因此公司各處都發生了很多變化。所以在我們能夠成長業務、再投資於業務的同時，我們也同步推動了大量變革。因此我們有很好的機會在未來持續下去。這不是我們必須新學會並培養的技能；這是我們多年來一直在做的事情。因此，未來幾年推動更高獲利能力的做法，會是類似的方向，但需要更辛苦的努力，因為我們是以相當高的基礎在運作。

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完成明年的預算與未來幾年的規劃——但我們看到的是：在廣泛的產品組合上有很強的力道，在廣泛的客戶基礎上也有很強的力道。我們對自身執行能力有足夠信心，因此願意對外承諾到 2023 年達到 50 億美元。所以這非常、非常是廣泛基礎所支撐的。

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。接著給你，Trac，你對 SIG 的表現與展望談得更正面。似乎能佐證這點的是：過去幾個月，你們要補的軟體安全顧問職缺數量在 Q3 相較 Q2 大幅增加，而且相當顯著，尤其是亞洲與 SIG 相關的職缺。因此，你們在過去一季左右是否也看到 SIG 專案與部署的管線有實質增加，足以支撐你們把 SIG 招募的範圍開得那麼大？

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.

簡短回答是：是的。我補充一些我們如何看待 SIG 的背景。如果你還記得，在年初我們說過要做一些改變，讓業務回到 15% 到 20% 的成長軌道。我們也說過，在今年我們會以兩位數成長的狀態結束年度，對吧？因為訂單改善需要時間才能轉化為營收。而到第四季，我們的目標是以兩位數成長的狀態結束年度。

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，我們現在正朝著全年接近兩位數成長邁進，而不只是剛要走出來。所以我認為動能顯然一直在逐步改善。而且如果你回想一下今年一整年的語氣，我覺得是偏向審慎樂觀，因為我們看到良好的進展，並且正在產生影響；至於這些變化是 1 個季度、2 個季度就能定論，我認為還太早。但走過 4 個季度之後，確實感覺我們真的走在正確的道路上。而且如果我們持續這樣執行，長期 15% 到 20% 的成長目標看起來非常、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.

就投資而言，我認為也是同樣的情況。我們——我們一直逐步感到更正面。而且同樣地，如果你記得我們對營業利益率的評論，我們原本以為今年必須加大投資、讓利益率下滑，才能推動成長。事實上，團隊在平衡業務變化的同時，也很好地管理了投資，使利益率大致維持持平。

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.

因此，我們——你所看到的招募，確實反映出我們把重點放在能產生最大影響的領域進行招募。而且在招募方面採取非常嚴謹自律的方法。所以整體而言，成果很好，支持我們在該業務持續投資。但展望未來幾年，成長前景非常好，同時也會有利益率改善。

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

下一個問題來自 Berenberg 的 Gal Munda。

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?

第一個問題，我想回到你們上調全年指引這件事。我只是想確認我理解正確。並不只是你們對第 4 季看到的硬體訂單量感到意外，而是所有不同業務部門的組合，讓你們能在中位數上把指引上調 1.45 億美元。是這樣嗎？

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。太棒了。接著追問一下。距離年底只剩 1 個季度，卻上調這麼大的營收數字。但同時，當我看到營運現金流也再次上調，這同樣令人印象深刻。我認為這意味著在那個營收基礎上，增量營運現金流利潤率超過 50%。你能否談談，當你看營運現金流的增量表現時，其中有多少是可持續的，又有多少是一次性因素在發揮作用、可能在今年稍微幫了你們一把，因為這個數字明顯高於你們近期整體營運現金流利潤率？

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，整體而言，不論是損益表還是現金流，我會把它形容為全面性的非常好成果，而不是由一次性項目或任何不尋常項目所驅動。但請記住，現金流會有波動，因為取決於款項進來的日期、週期，它可能會從一個季度翻到下一個季度，或從一年翻到下一年。但長期來看，如果我們持續推升營業利益率並帶動營業利益成長，現金流應該會隨時間與 EBITDA 減去現金稅款的走勢高度一致。

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。Jason，你的線路已開通。

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

好的。我們接著請 UBS 的 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?

恭喜本季表現以及指引。我有幾個問題——先談營收部分。根據你們的說法，感覺 1.15（十億）更像是一個新的基準，用來看 10 月和 1 月之後的走勢。是這樣嗎？另外，如果我們以你們 50 億美元的目標、假設是 2 年期間來算，這大概意味著約 1.25（十億）的運行率。所以我的問題是：考量你們看到的廣泛成長，我們是否可以期待在 2 年內，每季從 1.15 線性地推進到 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.

Pradeep，我不會那樣看。我覺得你是在把季節性套用到這個業務上，但其實並沒有明顯季節性。我們的業務高度經常性，90% 是經常性收入，但季度之間可能會有些雜訊。我認為整體上應該看多年的趨勢，並聚焦在我們對全年所描述的內容。而在一年之內，我們會給你非常具體的回饋，說明季度輪廓可能會是什麼樣子。

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.

而且它會變動，並不會——它會因客戶需求而有所不同。我也提醒你，去年我們的第 3 季和第 4 季以歷史標準來看是比較不尋常的；而今年的走勢則更偏向稍微線性一些。所以即使在 2 年的跨度內也會變動。但隨著時間推移——如果你看年度趨勢，通常是相當穩定的。

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。那在毛利率方面，半導體與系統設計的毛利率正接近 34%、35%。你如何看待半導體端毛利率的感受（如果有的話），以及在你們指引的約 10% 到 11% 營收成長率之下，若單純從你們的 45% 法則倒推，毛利率的推進會是怎樣？

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.

我們會持續——抱歉，我先回答，之後 Aart 可以補充一些看法——我們會持續在業務各個領域尋找效率與生產力提升。因此這也包括半導體端以及 Software Integrity。機會在於，我們公司整體的支出規模很大。所以我們能把更多資金投入到能帶來最佳回報的專案與計畫上，我們就會持續這麼做。沒有理由不維持這樣的紀律。

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——正如 Aart 在事先準備的發言中所強調——是建立在我們過去 5 年以上的大型投資之上。因此我們也希望確保在那項業務上同樣追求更高效率。但這完全不代表我們不會繼續大力投資；我們會以更平衡的方式來做，讓業務各個領域都能對良好的成長與獲利能力改善做出貢獻。

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.

也許我可以補充一些。你可以從外部與內部兩個角度來看。先從外部來說，當然，半導體與系統產業目前都有很好的機會，因為「萬物智慧化（Smart Everything）」的時代實際上會觸及所有事物。在某些領域會進展很快，在其他領域則較慢，但電子化，以及其中的半導體與軟體，將不可避免地為它所觸及的每一個垂直領域增加可觀價值。因此，這也是你看到半導體產業表現如此出色的原因之一。至於在某些領域，我們的短缺可能與此無關，因為那是特定的細分領域；但總體而言，確實與需求很高、且高於供給能力有關。所以我們預期，整體市場隨著時間推移，仍會在一段時間內保持非常健康。

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.

在內部方面，我們一直說你需要一個組合：有些項目較成熟，而成熟度越高，就越有望帶來可持續的生產力與利潤率；也有些項目你必須投入最佳資源，而按定義，投資就是要投入資金。但整體平衡來看，自從大約 2.5 年前我們向你們溝通要追求「40 法則（Rule of 40）」以來，我們在這方面執行得很好。從很多角度來看，我會認為那個階段現在已經結束。現在我們也提到下一步是「45 法則（Rule of 45）」。所以整體配方很清楚，艱苦的工作永遠都很艱苦，但我認為我們正走在非常好的軌道上。

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

下一個問題來自 Rosenblatt 的 John McPeake 專線。

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...

各位做得很好。延續剛才的話題，你們剛提到很多客戶都在談零組件短缺，而你們也有一些硬體產品包含某些零組件。我想請問你們是否覺得已經確保了足夠的零組件供應，以便出貨……

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.

就目前而言，答案是肯定的。我們的供應充足，但這不代表我們不會逐一檢視每個零件，看看替代方案如何、目前狀態如何？會不會出現一些挑戰？很幸運的是，我們在正確的時間以足夠的量買到了最重要的零件，所以就目前來說我們是有保障的。不過我們仍會持續非常謹慎地管理這件事，雖然我預期在某些領域短缺會逐步消失。

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.

我聽到的一個說法是，半導體公司不想把「種子玉米」吃掉，所以你們可能會是優先客戶，因為沒有你們的產品，他們就無法完成設計。

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

嗯，我們是這個生態圈的一部分。完全沒錯。

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.

好的。那我第二個問題是關於環繞閘極（gate-all-around）。我確實看到你們在 3 奈米與一位客戶完成 tape-out。你們認為這會是未來的方向嗎？以及相對於你們的 AI 賦能解決方案，那個節點下情況變得相當棘手。能否談談這可能如何成為不同業務區塊的驅動因素，例如布局繞線（place and route）、時序（timing）之類的？

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。我先講三點。第一，半導體電晶體已經歷多個世代，[planar] 多年來一直是主流做法。當初提出 FinFET 的想法被視為異端，因為它非常難做、甚至被認為不可能，但後來變得可行，我們也因此往前推進。看待環繞閘極（gate-all-around）的方式，本質上它是 FinFET 的一種更精密的變體；許多先進客戶與製造夥伴顯然正在投入並朝這個方向前進。我們可以全程支援，從一開始提供工具讓他們能夠真正去模擬並設計單顆電晶體，一直到我們的設計系統。Fusion Compiler 完全能夠處理這些，因此不會是問題。

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.

第二點，你所說的新型電晶體，事實上是一種延續摩爾定律的形式。也就是更小的電晶體、更低的功耗、更快的速度。雖然摩爾定律的速度已經放緩，但我想強調，它仍在持續。而這件事過去也多次被認為不可能，但它確實仍在延續。

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.

不過我想補充一點：你也會看到更多討論把多個 chiplet（有時也稱 tiles）緊密地放在一起，有時甚至堆疊在其他晶片上、或其他半導體基板上。對我而言，這是摩爾定律的超級加速器，因為如果你無法在單一晶片上放入更多電晶體，那能不能把兩顆晶片非常靠近地放在一起？而這裡有許多設計議題是 Synopsys 特別擅長的，因為當你把原本在 1 顆晶片上的東西拆成 2 顆晶片時，最大的問題就在於中間那一段，對吧？也就是你能多快把訊號從一顆傳到另一顆。因此你才希望它們能非常、非常緊密地連結。

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.

我們有完整的 3D IC 設計系統可支援這件事。隨著人們同時採用更小的元件、以及把多顆晶片緊密整合在一起，我們會逐步看到這個趨勢成長。因此我對未來 10 年非常有信心，我們仍將看到更複雜得多的系統。而對我們而言，「複雜」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?

再追問一個小問題。你們把營收成長目標提高到雙位數。你不必給出具體數字，但在這之中，市場也假設 EDA 也會被上調。這樣理解合理嗎？

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 也稍微提到，我們所有業務表現都很好。所以當然，EDA 是我們業務中非常、非常重要的一塊，也是最大的一塊。如果它是拖累，你不可能達到雙位數成長並在此基礎上繼續成長。而在這個情境下，情況正好相反：EDA 對我們來說表現極為出色。

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

最後一個問題來自 KeyBanc 的 Jason Celino 專線。

Can you hear me? Trying this again.

你們聽得到我嗎？我再試一次。

Yes. We can hear you.

是的，我們聽得到。

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。抱歉。也許為了節省時間，我只問一題。Aart，你提到你看到客戶的續約速度比以往任何時候都更快。我想更理解這點。這是因為你們新增的產品與能力，讓他們必須更快回到談判桌前嗎？還是可能因為市場想更快推進、更快上市等等？

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「是」以及「也是」。也就是說，他們看到很多機會，因為對許多新能力的需求很大。同時，由於複雜度持續提升，他們必須更依賴 IP 模組、更依賴設計流程中的自動化。而這正是我們所提供的。因此我對這十年非常振奮，因為我能看到這段旅程終點對許多垂直市場所帶來的價值。於是終端市場的經濟效益會往下傳導到系統半導體，也會傳導到我們這個領域，因為我們是促成者。我也非常振奮，因為我覺得我們所做的許多投資，讓 Synopsys 站在一個非常獨特的新創新位置；而且多年前我們也有機會參與透過綜合（synthesis）實現自動化的早期起點。

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.

我會把我們現在用 AI 做的事情——不是針對某一個設計步驟，而是針對整個設計流程——視為非常相似的發展，因此會帶來長期且高影響力。能同時感受到技術的推力與終端市場的拉力，真的非常令人興奮。而且兩者能夠對齊，我認為對我們來說再完美不過。

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.

那我想這表示我們這一小時的會議就到此結束。首先，一如往常，感謝各位參與並持續關注我們。希望你們從討論與開場說明中讀到的是：我們認為自己正處於非常強勁、穩健的業務狀態，同時也對正在推出的各項能力及其對未來的影響感到非常興奮。最後，我們也處在一個市場環境中，而市場確實需要我們所具備的能力。因此最後只剩下一個詞作結：執行（execution），那是我們的工作。

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.

非常感謝。也希望大家都能保持健康；很不幸地，Delta 變異株的疫情浪潮比任何人預期的都更大。所以請接種疫苗並注意安全。謝謝。

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.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，並使用 AT&T 電話會議服務。您現在可以掛線。