新思科技 (SNPS) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Synopsys Earnings Conference Call for the Second Quarter of Fiscal Year 2021. (Operator Instructions) Today's call will last 1 hour. 5 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，感謝您的耐心等待，歡迎參加 Synopsys 2021 財年第二季度收益電話會議。（接線員說明）今天的電話會議將持續 1 小時。在通話結束前 5 分鐘，我們將宣布會議剩餘時間。提醒一下，今天的通話正在錄音中。

At this time, I'd like to turn the conference over to Lisa Ewbank, Vice President, 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, Sean. Good afternoon, everyone. With us today are Aart de Geus, Chairman and Co-CEO of Synopsys; and Trac Pham, Chief Financial Officer.

謝謝你，肖恩。大家下午好。今天和我們在一起的有 Synopsys 董事長兼聯席首席執行官 Aart de Geus；以及首席財務官 Trac Pham。

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

在我們開始之前，我想提醒大家，在本次電話會議期間，Synopsys 將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。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，這些風險和不確定性可能導致實際結果與我們的預期存在重大差異。除了我們在電話會議中強調的任何風險外，我們最近的 SEC 報告和今天的收益新聞稿中還描述了可能影響我們未來業績的重要因素。

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

此外，我們將在討論中提及非 GAAP 財務指標。可以在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中找到與其最直接可比的 GAAP 財務措施和補充財務信息的調節。所有這些項目以及最新的投資者介紹都可以在我們的網站 synopsys.com 上找到。

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

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. I'm happy to report outstanding second quarter results, exceeding all of our key guidance metrics. We delivered revenue of $1.024 billion with GAAP earnings per share of $1.24 and non-GAAP earnings of $1.70.

下午好。我很高興地報告出色的第二季度業績，超過了我們所有的關鍵指導指標。我們實現了 10.24 億美元的收入，其中 GAAP 每股收益為 1.24 美元，非 GAAP 收益為 1.70 美元。

Business was strong across all product groups and geographies. We continue to make good progress on our margin expansion goal and generated record operating cash flow of $526 million. As a result of our first half strength and growing confidence in our year, we are raising guidance for revenue, non-GAAP ops margin, earnings and cash flow. Trac will discuss the financials in more detail.

所有產品組和地區的業務都很強勁。我們繼續在實現利潤率擴張目標方面取得良好進展，並產生了創紀錄的 5.26 億美元運營現金流。由於我們上半年的實力和對今年的信心增強，我們正在提高對收入、非 GAAP 運營利潤率、收益和現金流量的指導。 Trac 將更詳細地討論財務狀況。

Before commenting on highlights, let me say a few words about the dire situation in South Asia. While parts of the world are progressing well with vaccination, we are seeing an enormous challenge for the people of South Asia. Our top priority is the well-being of our employees, and we have taken many steps to support them and their families. Ranging from orchestrating oxygen concentrators to teaming up with vaccination clinics to ambulance services, food delivery and family health, our objective is to maximally mitigate the impact of COVID and make sure that every employee can call on Synopsys as a beacon of care and solidarity. Despite the pandemic challenges, we are thankful that from a business perspective, we continue to ship our products and support our customers with no material disruptions, and our business is doing well.

在評論亮點之前，讓我先談談南亞的嚴峻局勢。雖然世界部分地區在疫苗接種方面進展順利，但我們看到南亞人民面臨著巨大挑戰。我們的首要任務是員工的福祉，我們已經採取了許多措施來支持他們和他們的家人。從協調氧氣濃縮器到與疫苗接種診所合作，再到救護車服務、送餐和家庭健康，我們的目標是最大限度地減輕 COVID 的影響，並確保每位員工都可以將 Synopsys 視為關懷和團結的燈塔。儘管面臨著大流行病的挑戰，但我們很慶幸，從業務角度來看，我們繼續運送我們的產品並為我們的客戶提供支持，沒有出現重大中斷，我們的業務表現良好。

Looking at the overall market, demand for semiconductors is very strong. While some of the near-term demand can be attributed to segments such as automotive catching up after a year of COVID slowing, there is an undeniable new wave of growth on the horizon as every vertical market demands machine learning chips to harvest their big data for their specific needs.

縱觀整體市場，對半導體的需求非常旺盛。雖然一些近期需求可歸因於汽車等細分市場，在 COVID 放緩一年後迎頭趕上，但不可否認的是，新的增長浪潮即將出現，因為每個垂直市場都需要機器學習芯片來收集大數據以用於他們的具體需求。

In other words, the early technical successes of machine learning in the cloud are now moving to the edge, attracted by the economic promise of Smart Everything. The technology push has grown into a vertical economic pull. All segments are impacted, and the race is on to provide smart solutions in automotive, health, consumer, 5G and so on.

換句話說，雲中機器學習的早期技術成功現在正在轉移到邊緣，被 Smart Everything 的經濟承諾所吸引。技術推動已經發展成為垂直經濟拉動。所有細分市場都受到影響，在汽車、健康、消費、5G 等領域提供智能解決方案的競賽已經展開。

This push/pull opens a whole new era for semiconductors and software, and with it, great opportunities for Synopsys. First, the foundational building blocks are complex chips, chips for data generation and sensors, for storage, for transport and for compute, all needing IP blocks, speed, low power and security. This is great for Synopsys.

這種推/拉為半導體和軟件打開了一個全新的時代，並為 Synopsys 帶來了巨大的機遇。首先，基礎構建塊是複雜的芯片，用於數據生成和傳感器、存儲、傳輸和計算的芯片，所有這些都需要 IP 塊、速度、低功耗和安全性。這對 Synopsys 來說非常棒。

Second, not just chips, systems of chips. While the complexity of a system on a chip continues to grow, the leading edge is moving to systems of chips. By abutting them seamlessly and stacking them on top of each other, massive transistor counts open the door to brand-new functionality. This growing systemic complexity is great for Synopsys.

其次，不僅僅是芯片，芯片系統。隨著片上系統的複雜性不斷增加，前沿正在轉向芯片系統。通過將它們無縫對接並將它們堆疊在一起，大量的晶體管數量為全新功能打開了大門。這種不斷增長的系統複雜性對 Synopsys 來說非常有利。

Third, chips differentiated by vertical market. Each vertical has its own needs. Automotive has safety requirements. Mobile requires extreme low power. Aerospace and industrial wants built in life cycle diagnostics. High-powered new entrants such as hyperscalers and AI design their own chips for super performance. And everybody, be it medical and health markets, financial sector, communications or infrastructure, everybody needs much better security. All of these are disciplines that we have invested in for years. Great for Synopsys.

三是芯片垂直市場差異化。每個垂直領域都有自己的需求。汽車有安全要求。移動需要極低的功率。航空航天和工業需要內置生命週期診斷。超大規模和 AI 等強大的新進入者設計自己的芯片以實現超強性能。每個人，無論是醫療和健康市場、金融部門、通信還是基礎設施，都需要更好的安全性。所有這些都是我們多年來投資的學科。非常適合 Synopsys。

And lastly, software and silicon are tightly linked and must be tuned for each other: software to be written to consume less power in the chips; chips to be optimized for huge amount of sensor data; software to be debugged on prototypes of chips that have not been built yet to speed time to market; chips to be optimized for blindingly fast computation; and always, software and chips must be secured together. These are all technologies we are leading in. Great for Synopsys. So we're perfectly placed, and our mission is to capitalize the Smart Everything ambitions of our semiconductor partners and vertical customers by delivering 1,000x system performance in this decade.

最後，軟件和芯片緊密相連，必須針對彼此進行調整：要編寫的軟件在芯片中消耗更少的功率；針對大量傳感器數據進行優化的芯片；在尚未構建的芯片原型上調試軟件以加快上市時間；為極快的計算而優化的芯片；並且始終，軟件和芯片必須一起保護。這些都是我們領先的技術。非常適合 Synopsys。因此，我們處於完美的位置，我們的使命是通過在這十年內提供 1,000 倍的系統性能來實現我們的半導體合作夥伴和垂直客戶的 Smart Everything 雄心。

In that context, let me share some highlights, beginning with EDA, which delivered another strong quarter both in design and verification. In digital design, proliferation and competitive displacement by our Fusion Design Platform again drove strong growth. In particular, strong momentum for Fusion Compiler.

在這種情況下，讓我分享一些亮點，首先是 EDA，它在設計和驗證方面又創造了一個強勁的季度。在數字設計方面，我們的 Fusion Design Platform 的擴散和競爭優勢再次推動了強勁增長。特別是 Fusion Compiler 的強勁勢頭。

For example, ARM is leveraging Fusion Compiler on its next-generation Neoverse V1 and N2 infrastructure cores. Fusion Compiler was also selected for advanced mobile designs at Samsung driven by superior throughput and performance per watt results. Our momentum in the most advanced 3-nanometer node is also evident with 5 new test chip tape-outs at processor, graphics and mobile technology leaders as well as next wave 3-nanometer adopters.

例如，ARM 正在其下一代 Neoverse V1 和 N2 基礎架構內核上使用 Fusion Compiler。 Fusion Compiler 還因卓越的吞吐量和每瓦性能結果而被三星選中用於高級移動設計。我們在最先進的 3 納米節點方面的勢頭也很明顯，處理器、圖形和移動技術領導者以及下一波 3 納米採用者的 5 個新測試芯片流片。

We see strong innovation and market disruption with our Custom Design Platform as well. In Q2, we announced our PrimeSim Continuum platform for analog, mixed signal simulation. With the industry's brand-new graphics processor base acceleration, it cuts time to results by 10x. Endorsed by Samsung Electronics, NVIDIA and Kioxia, PrimeSim delivers significant productivity gains at companies such as Nanya Technology, where it is deployed on DRAM design. In addition, we again secured multiple full-flow displacements in the quarter, including another large analog design company in Japan.

我們也看到我們的定制設計平台帶來了強大的創新和市場顛覆。在第二季度，我們發布了用於模擬混合信號仿真的 PrimeSim Continuum 平台。憑藉業界全新的圖形處理器基礎加速，它可將獲得結果的時間縮短 10 倍。 PrimeSim 得到三星電子、NVIDIA 和 Kioxia 的認可，在 DRAM 設計中部署 PrimeSim 為 Nanya Technology 等公司帶來了顯著的生產力提升。此外，我們在本季度再次獲得了多個全流量置換，包括日本的另一家大型模擬設計公司。

In verification software, we have strong growth with our Verification Continuum Platform driven by adoption momentum with hyperscalers. Our hardware verification solutions drove excellent results as well, including 14 new logos and more than 50 repeat orders in Q2. Fueling our ongoing strong growth is continuous innovation, including new turbocharged application-specific emulation systems, 2 of which went to market in the quarter.

在驗證軟件方面，我們的 Verification Continuum 平台在超大規模採用勢頭的推動下實現了強勁增長。我們的硬件驗證解決方案也取得了優異的成績，包括在第二季度推出了 14 個新徽標和 50 多個重複訂單。推動我們持續強勁增長的是持續創新，包括新的渦輪增壓特定應用仿真係統，其中 2 個已在本季度上市。

The ZeBu Empower emulation system lets customers perform power analysis earlier in the design cycle, dramatically reducing power-related risks. Also, just last week, we launched ZeBu EP1, the industry's first ultrafast 10-megahertz emulation system. It targets high-performance compute for 5G, GPU, AI and automotive, handling designs up to 2 billion gates.

ZeBu Empower 仿真係統使客戶能夠在設計週期的早期進行功耗分析，從而顯著降低與功耗相關的風險。此外，就在上週，我們推出了業界首款超快 10 兆赫茲仿真係統 ZeBu EP1。它面向 5G、GPU、人工智能和汽車的高性能計算，處理多達 20 億個門的設計。

We also shipped the latest generation of prototyping HAPS-100. With the fastest performance and unmatched enterprise scalability, it accelerates software development, system validation and verification. Customers like NVIDIA and Furiosa are already relying on HAPS-100 for their most demanding projects.

我們還交付了最新一代原型 HAPS-100。憑藉最快的性能和無與倫比的企業可擴展性，它加速了軟件開發、系統驗證和驗證。 NVIDIA 和 Furiosa 等客戶已經依賴 HAPS-100 來完成他們最苛刻的項目。

Now to IP, which again achieved excellent revenue growth driven by technical leadership and strong market dynamics. In Q2, we extended our advantage in the high-performance compute market. We acquired MorethanIP and its 400-gig, 800-gig Ethernet controllers. Combined with our existing 112-gig Ethernet PHY, we now offer a full Ethernet solution for high-performance data center applications.

現在是 IP，在技術領先和強大的市場動態的推動下，它再次實現了出色的收入增長。在第二季度，我們擴大了在高性能計算市場的優勢。我們收購了 MorethanIP 及其 400-gig、800-gig 以太網控制器。結合我們現有的 112-gig 以太網 PHY，我們現在為高性能數據中心應用提供完整的以太網解決方案。

Advancing our lead in next-generation PCI Express interfaces, we delivered the industry's first complete PCI Express 6.0 IP solution. Needed for huge bandwidth demand, we see strong market traction with leading customers. And in addition to the EDA adoption I referenced earlier, we announced a strategic collaboration with ARM to closely align product road maps and enhance our interface IP solutions with specific features for the Arm Neoverse platform.

為了鞏固我們在下一代 PCI Express 接口領域的領先地位，我們推出了業界首個完整的 PCI Express 6.0 IP 解決方案。需要巨大的帶寬需求，我們看到領先客戶的強大市場吸引力。除了我之前提到的 EDA 採用之外，我們還宣布了與 ARM 的戰略合作，以密切調整產品路線圖，並通過 Arm Neoverse 平台的特定功能增強我們的接口 IP 解決方案。

Our interface and foundation IP are also gaining broad industry adoption on the advanced 5-nanometer FinFET process driven by vertical segments such as high-performance compute, automotive and AI. More than 20 leading semiconductor companies use our 5-nanometer IP with multiple first-pass silicon successes, attesting to the robustness and reliability of our portfolio.

我們的接口和基礎 IP 也在高性能計算、汽車和人工智能等垂直領域驅動的先進 5 納米 FinFET 工藝上獲得了廣泛的行業採用。超過 20 家領先的半導體公司使用我們的 5 納米 IP，並取得了多項首次矽片成功，證明了我們產品組合的穩健性和可靠性。

Lastly, to address the above-mentioned safety and security requirements for automotive, we launched a new DesignWare Hardware Secure Module and ARC Safety and Security Processor IP solutions with integrated functional safety features.

最後，為了滿足上述汽車安全和保障要求，我們推出了新的 DesignWare 硬件安全模塊和 ARC 安全處理器 IP 解決方案，具有集成的功能安全特性。

Let me now turn to 2 exciting and disruptive technologies we recently introduced. First is DSO.ai, our award-winning AI-powered design system that hits right at the foundation of the new growth era, very complex chips. DSO.ai autonomously searches the vast design space for optimal solutions in terms of chip performance, power and area. It does this using very sophisticated machine learning. This not only substantially accelerates the schedule of human design teams, but it enables them to push the technology envelope towards better solutions.

現在讓我談談我們最近推出的 2 項激動人心的顛覆性技術。首先是 DSO.ai，這是我們屢獲殊榮的 AI 驅動設計系統，它恰好擊中了新增長時代的基礎，非常複雜的芯片。 DSO.ai 自主搜索廣闊的設計空間，在芯片性能、功率和麵積方面尋找最佳解決方案。它使用非常複雜的機器學習來做到這一點。這不僅大大加快了人類設計團隊的進度，而且使他們能夠將技術推向更好的解決方案。

The improvements and results over the last 2 quarters have been extraordinary. One example is a very large influential U.S. company who reported what I like to call a productivity world record. On a leading-edge chip, a single engineer using DSO.ai was able to achieve in weeks what typically takes an entire team months to complete. Another global leader recently highlighted unprecedented 3x designer productivity and meeting timing specs weeks ahead of schedule. Results like these are driving notable adoptions. For example, Renesas now uses DSO.ai for its advanced automotive chip design environment.

過去兩個季度的改進和結果非同尋常。一個例子是一家非常有影響力的美國公司，它報告了我喜歡稱之為生產力世界紀錄的事情。在前沿芯片上，使用 DSO.ai 的一名工程師能夠在數週內完成通常需要整個團隊數月才能完成的工作。另一位全球領導者最近強調了前所未有的 3 倍設計師生產力，並提前數周滿足了時序規範。像這樣的結果正在推動顯著的採用。例如，瑞薩電子現在將 DSO.ai 用於其先進的汽車芯片設計環境。

The other innovation push is our Silicon Life Cycle Management Platform, or SLM for short. This end-to-end solution monitors, analyzes and optimizes chips as they are designed, manufactured, tested and deployed in the field. SLM leverages our long-standing unique expertise to give customers visibility into performance, reliability, safety and security issues for chip's entire lifespan. We're actively engaged with multiple customers at 5- and 3-nanometer that seek to use SLM to optimize their design flow with data collected during test.

另一個創新推動力是我們的矽生命週期管理平台，簡稱 SLM。這種端到端的解決方案在芯片設計、製造、測試和現場部署時對其進行監控、分析和優化。 SLM 利用我們長期積累的獨特專業知識，讓客戶了解芯片整個生命週期的性能、可靠性、安全性和安全性問題。我們積極與 5 納米和 3 納米的多個客戶合作，他們尋求使用 SLM 來優化他們在測試期間收集的數據的設計流程。

The vertical market pull by hyperscalers, for example, is a strong driver of important adoptions. In Q2, 10 new customers adopted a variety of SLM capabilities. Several of them, having adopted one element of our portfolio, are already broadening to other aspects of our platform. Stay tuned as we continue to roll out new capabilities.

例如，超大規模企業對垂直市場的拉動是重要採用的強大驅動力。在第二季度，有 10 個新客戶採用了各種 SLM 功能。其中一些已經採用了我們產品組合的一個元素，已經擴展到我們平台的其他方面。請繼續關注我們不斷推出的新功能。

Now to Software Integrity, which had another very solid quarter towards meeting its financial '21 goal and accelerating growth. Revenue was ahead of plan in every region, reflecting strong orders momentum. We're seeing good results from the changes we've made in our go-to-market strategy and execution. In Q2, we added 100 new logos, and retention exceeded our targets.

現在是 Software Integrity，它在實現其 21 世紀財務目標和加速增長方面又迎來了一個非常穩健的季度。每個地區的收入都超前於計劃，反映出強勁的訂單勢頭。我們在進入市場戰略和執行方面所做的改變看到了良好的結果。在第二季度，我們添加了 100 個新徽標，保留率超過了我們的目標。

The services business was particularly strong and is driving comprehensive service plus products engagements. A great example is an important multimillion-dollar new business win with a large transportation company who replaced incumbent products with Synopsys for the end-to-end value we provide.

服務業務尤其強勁，正在推動全面的服務加產品參與。一個很好的例子是與一家大型運輸公司贏得數百萬美元的重要新業務，該公司用 Synopsys 取代了現有產品，以獲得我們提供的端到端價值。

We also launched our channel partner program to expand our reach into geographies and verticals not currently touched through direct sales. The benefits are apparent. For example, we closed a multimillion-dollar new adoption in South America, where we didn't have any selling capability 6 months ago.

我們還啟動了渠道合作夥伴計劃，以將我們的影響力擴大到目前未通過直銷觸及的地區和垂直領域。好處是顯而易見的。例如，我們在南美洲關閉了一個價值數百萬美元的新收養項目，而 6 個月前我們在那裡還沒有任何銷售能力。

On the technology front, we delivered a significant enhancement to our Polaris platform, Intelligent Orchestration. It's a set of processes within Polaris that run parallel to our customers' DevOps pipelines. Intelligent Orchestration communicates and automates security testing in synchronization with each company's specific protocol and is built for easier and efficient integration into their development pipeline. The opportunity in this space is vast, and we're encouraged by the steady progress the team is making.

在技術方面，我們對 Polaris 平台 Intelligent Orchestration 進行了重大改進。它是 Polaris 中的一組流程，與我們客戶的 DevOps 管道並行運行。 Intelligent Orchestration 與每個公司的特定協議同步進行通信和自動化安全測試，旨在更輕鬆、更高效地集成到他們的開發管道中。這個領域的機會是巨大的，我們對團隊正在取得的穩步進展感到鼓舞。

In summary, we delivered an outstanding Q2 and are raising our outlook for fiscal '21. Our markets are strong, reflecting extensive customer investments in critical chip and system designs with an increasing need for safety and security. As we look beyond this year's $4 billion revenue milestone, we see a new era at the intersection of silicon and software that will deliver Smart Everything to all vertical market segments. We see technology challenges that demands the cooperation and teamwork around many complex disciplines, disciplines we are strong in. And we see Synopsys in the midst of this vision as a well-equipped catalyst to our customers and partners' success.

總之，我們交付了出色的第二季度，並提高了我們對 21 財年的展望。我們的市場強勁，反映出客戶對關鍵芯片和系統設計的廣泛投資，以及對安全和保障的需求不斷增加。當我們超越今年 40 億美元的收入里程碑時，我們看到了矽和軟件交叉點的新時代，它將向所有垂直細分市場提供 Smart Everything。我們看到技術挑戰需要圍繞我們擅長的許多複雜學科進行合作和團隊合作。我們認為 Synopsys 處於這一願景之中，是我們客戶和合作夥伴取得成功的裝備精良的催化劑。

Finally, I want to recognize the efforts of our global team who over the past 1.5 years have adopted and succeeded despite upheaval and uncertainty. Thank you all for your solidarity and hard work.

最後，我想感謝我們全球團隊的努力，他們在過去 1.5 年中儘管動盪和不確定，但仍然採用並取得了成功。感謝大家的團結和辛勤工作。

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

有了這個，我會把它交給 Trac。

Thanks, Aart. Good afternoon, everyone. As we report another outstanding quarter, let me echo Aart's thanks to our team not only for their dedication but also for their unwavering focus on innovation to fuel the exciting opportunities we have ahead.

謝謝，阿爾特。大家下午好。在我們報告另一個出色的季度時，讓我與 Aart 一樣感謝我們的團隊，不僅感謝他們的奉獻精神，也感謝他們堅定不移地專注於創新，為我們未來的激動人心的機遇提供動力。

We are in a great position as we set our sights on the next level financial ambitions. On top of a solid foundation of nearly 90% recurring revenue, a diverse and growing customer base and market and technology leadership, our track record of excellent execution continued in Q2. We are increasingly confident in our outlook and are raising our revenue, non-GAAP earnings, non-GAAP operating margin and cash flow guidance for the year.

當我們將目光投向下一個財務目標時，我們處於有利地位。除了近 90% 的經常性收入、多元化且不斷增長的客戶群以及市場和技術領先地位的堅實基礎之外，我們在第二季度繼續保持出色執行記錄。我們對我們的前景越來越有信心，並且正在提高我們今年的收入、非 GAAP 收益、非 GAAP 營業利潤率和現金流量指導。

Now to our second quarter results. All comparisons are year-over-year unless otherwise stated.

現在來看我們的第二季度業績。除非另有說明，否則所有比較均為同比。

We generated total revenue of $1.024 billion, up 19% and above our target range, driven by broad-based strength across product groups and geographies. Semiconductor & System Design segment revenue was $930 million, with strong growth in both EDA, software and hardware and IP. Software Integrity segment revenue was $94 million. The positive orders momentum we saw in the quarter shows that the adjustments we've made in the business are taking hold. We are on track to meet our 2021 expectations of 15% to 20% orders growth and to exit the year with double-digit revenue growth in the fourth quarter. We're on a good path to accelerate revenue growth back to the 15% to 20% range long term.

我們的總收入達到 10.24 億美元，增長 19%，高於我們的目標範圍，這得益於產品組和地區的廣泛實力。半導體與系統設計部門收入為 9.3 億美元，EDA、軟件和硬件以及 IP 均實現強勁增長。軟件完整性部門的收入為 9400 萬美元。我們在本季度看到的積極訂單勢頭表明我們在業務中所做的調整正在發揮作用。我們有望實現 2021 年訂單增長 15% 至 20% 的預期，並在今年第四季度實現兩位數的收入增長。從長遠來看，我們正處於將收入增長加速回 15% 至 20% 的良好道路上。

Moving on to expenses. Total GAAP costs and expenses were $830 million. Total non-GAAP costs and expenses were $707 million, resulting in a non-GAAP operating margin of 31%. We are on track to again deliver operating margin expansion for the year and are raising the bottom end of our guidance range. Adjusted operating margin for the Semiconductor & System Design segment was 33%, and Software Integrity margin was 9%.

繼續討論費用。 GAAP 成本和支出總額為 8.3 億美元。非 GAAP 成本和支出總額為 7.07 億美元，非 GAAP 營業利潤率為 31%。我們有望再次實現今年的營業利潤率增長，並提高我們指導範圍的下限。半導體與系統設計部門的調整後營業利潤率為 33%，軟件完整性利潤率為 9%。

Finally, GAAP earnings per share were $1.24, and non-GAAP earnings per share were $1.70, well above our target range.

最後，GAAP 每股收益為 1.24 美元，非 GAAP 每股收益為 1.70 美元，遠高於我們的目標範圍。

Turning to cash. We generated a record $526 million in operating cash flow. We completed $145 million of stock buybacks, bringing the total for the year to $398 million. And we ended the quarter with a cash balance of $1.46 billion and total debt of $116 million.

轉向現金。我們產生了創紀錄的 5.26 億美元運營現金流。我們完成了 1.45 億美元的股票回購，使全年回購總額達到 3.98 億美元。本季度結束時，我們的現金餘額為 14.6 億美元，總債務為 1.16 億美元。

Now to guidance. For fiscal 2021, revenue of $4.035 billion to $4.085 billion, an increase of $35 million, representing double-digit growth; total GAAP costs and expenses between $3.241 billion and $3.286 billion; total non-GAAP costs and expenses between $2.835 billion and $2.865 billion; a non-GAAP operating margin of 29.5% to 30%; other income and expenses between minus $5 million and minus $9 million; non-GAAP normalized tax rate of 16%; GAAP earnings of $4.55 to $4.72 per share; non-GAAP earnings of $6.38 to $6.45 per share, representing mid-teens growth; cash flow from operations of $1.25 billion to $1.3 billion; and capital expenditures of approximately $100 million.

現在來指導。 2021財年，營收40.35億美元至40.85億美元，增加3500萬美元，實現兩位數增長； GAAP 成本和支出總額在 32.41 億美元至 32.86 億美元之間；非美國通用會計準則成本和支出總額在 28.35 億美元至 28.65 億美元之間；非美國通用會計準則營業利潤率為 29.5% 至 30%；其他收入和支出介於 -500 萬美元和 -900 萬美元之間；非 GAAP 標準化稅率為 16%； GAAP 每股收益為 4.55 美元至 4.72 美元；非 GAAP 每股收益為 6.38 美元至 6.45 美元，增長幅度處於中等水平；運營產生的現金流為 12.5 億美元至 13 億美元；資本支出約為 1 億美元。

Targets for the third quarter are: revenue between $1.03 billion and $1.06 billion; total GAAP costs and expenses between $807 million and $825 million; total non-GAAP costs and expenses between $707 million and $717 million; GAAP earnings of $1.30 to $1.41 per share; and non-GAAP earnings of $1.75 to $1.80 per share.

第三季度的目標是：收入在 10.3 億美元至 10.6 億美元之間； GAAP 成本和支出總額在 8.07 億美元至 8.25 億美元之間；非 GAAP 成本和支出總額在 7.07 億美元至 7.17 億美元之間； GAAP 每股收益為 1.30 美元至 1.41 美元；非 GAAP 每股收益為 1.75 美元至 1.80 美元。

Our track record is reflective of how we intend to manage the business to exceed the Rule of 40. Based on a vibrant market opportunity, our strong portfolio and our excellent execution, we see an opportunity to accelerate revenue growth and expand non-GAAP operating margin beyond 30%. Our long-term financial objective is to manage to Rule of 45 over the next several years, and we will provide additional details once our long-term planning process is complete.

我們的業績記錄反映了我們打算如何管理業務以超越 40 條規則。基於充滿活力的市場機會、我們強大的產品組合和出色的執行力，我們看到了加速收入增長和擴大非 GAAP 營業利潤率的機會超過 30%。我們的長期財務目標是在未來幾年內達到 45 規則，一旦我們的長期規劃過程完成，我們將提供更多細節。

In conclusion, we delivered strong revenue and non-GAAP earnings growth and record operating cash flow. Our strength is broad-based across product groups and geographies, and we are raising our guidance for the year. At the same time, we continue to develop and deliver transformative innovations that enable our customers' endeavors and position us well for many years to come.

總之，我們實現了強勁的收入和非 GAAP 收益增長以及創紀錄的運營現金流。我們的實力廣泛分佈於各個產品組和地區，我們正在提高今年的業績指引。與此同時，我們繼續開發和提供變革性創新，以支持我們客戶的努力，並使我們在未來許多年處於有利地位。

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

有了這個，我會把它交給接線員提問。

(Operator Instructions) Our first question is going to come from the line of Jackson Ader from JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的 Jackson Ader。

Great. Aart, first one is for you. You talked about the chip differentiation by vertical as a nice tailwind for the company. I'm just curious, how do we scale the benefits of those -- I'm sorry, not scale -- square the benefits of those differentiations with the fact that there's -- there tends to be more increased IP usage from some of these newer entrants? And so I'm just curious, with differentiation seeming to lead to more custom design, what does that mean for those IP blocks that get designed once and used by many?

偉大的。 Aart，第一個是給你的。你談到垂直芯片差異化對公司來說是一個很好的順風。我只是好奇，我們如何擴大這些優勢 - 抱歉，不是規模 - 將這些差異化的優勢與存在的事實相乘 - 其中一些往往會增加更多的 IP 使用新進入者？所以我很好奇，差異化似乎會導致更多的定制設計，這對於那些設計一次並被多次使用的 IP 塊意味著什麼？

Okay. Well, there's 2 ways to look at this, from the perspective of the vertical or from the perspective of the pure semiconductor companies. From the vertical, the first thing that people need to choose is, will they design their own chips, yes or no.

好的。嗯，有兩種方式來看待這個問題，從垂直的角度或從純粹的半導體公司的角度。從垂直方向來看，人們首先需要選擇的是，他們是否會設計自己的芯片，是或否。

And if you take the example of the hyperscalers, some, not all, but some of the automotive companies, the hyperscalers clearly are doing more and more of their own chip design. And automotive are either sort of dabbling in it or looking at some of their suppliers, the Tier 1s. In all cases, they are doing more chip design. And so that is good news for us. And absolutely, you're right that a lot of that design is done by substantial IP reuse, and you saw that our IP business is strong.

如果你以超大規模製造商為例，一些，不是全部，而是一些汽車公司，超大規模製造商顯然正在做越來越多的自己的芯片設計。汽車行業要么涉足其中，要么關注他們的一些供應商，即一級供應商。在所有情況下，他們都在做更多的芯片設計。所以這對我們來說是個好消息。當然，你是對的，很多設計都是通過大量 IP 重用完成的，而且你看到我們的 IP 業務很強大。

Now if you sit on the other side of the fence as a semiconductor provider, you look at these customers are -- each of them as opportunities to take sort of a core architecture and then say, "Well, how do I take my architecture and do different derivatives that are particularly good for different submarkets and essentially reuse some IP or add some that are just -- that is just necessary for that vertical?" And so I think there's no doubt that, therefore, we will see more chips of different type and more design. In all cases, consumption of IP will continue to grow.

現在，如果你作為半導體供應商站在柵欄的另一邊，你會看看這些客戶——他們每個人都是採用某種核心架構的機會，然後說，“好吧，我如何採用我的架構和做不同的衍生品，特別適合不同的子市場，基本上重用一些 IP 或添加一些只是 - 這對於那個垂直市場來說是必要的？”因此，我認為毫無疑問，我們將看到更多不同類型和更多設計的芯片。在所有情況下，IP 消費都將繼續增長。

Okay. All right. Great. That's helpful. And then, Trac, quick follow-up. Any -- I think the cash flow performance is great to see, but it was so much bigger than I think we expected. Was there anything that was pulled forward, either -- any deals pulled forward or collections pulled forward?

好的。好的。偉大的。這很有幫助。然後，Trac，快速跟進。任何 - 我認為現金流表現很好看，但它比我認為我們預期的要大得多。是否有任何事情被提前了——任何交易被提前了或收藏被提前了？

No, not at all, actually. It's -- the profile is good because the business is pretty healthy, and we're generating obviously very strong operating margins. The other part to keep in mind is Q2 over the last couple of years will be normally our biggest collections quarter given the profile of renewals and where we end up invoicing at the end of Q1. But it was a combination of both. It's definitely a very healthy business right now.

不，實際上一點也不。這是 - 形像很好，因為業務非常健康，而且我們的營業利潤率顯然非常強勁。要記住的另一部分是過去幾年的第二季度通常是我們最大的收款季度，考慮到續約的情況以及我們在第一季度末最終開具發票的地方。但這是兩者的結合。現在這絕對是一項非常健康的業務。

Next then, we're going to go to the line of Tom Diffely from D.A. Davidson.

接下來，我們將轉到 D.A. 的 Tom Diffely 台詞。戴維森。

Trac, first one is for you. When you look at your increased guidance, which was a pretty substantial increase, is this more a factor of passage of time with comfort in your backlog? Or did you actually see an acceleration of business trends during the quarter?

Trac，第一個是給你的。當您查看增加的指導時，這是一個相當可觀的增加，這是否更多是時間流逝的一個因素，讓您的積壓感到舒適？還是您真的看到了本季度業務趨勢的加速？

Tom, as to your question, there's a number of things going on. First part is that we're -- we've got half of the year behind us, right? And the visibility that we have after the business that we booked certainly improves the outlook. As Aart described, the overall markets are healthy, and we're executing well against that. So there's a number of different factors.

湯姆，關於你的問題，有很多事情正在發生。第一部分是我們 - 我們已經過去了半年，對吧？在我們預訂的業務之後，我們的知名度肯定會改善前景。正如 Aart 所描述的那樣，整體市場是健康的，我們在這方面表現良好。所以有很多不同的因素。

The backlog -- I would translate the increase in backlog to whether the business is healthy or not. The backlog increased this quarter as a function of the renewals that we had planned. But overall, the business that we did book saw very good run rate growth. And the growth in that business gave us really strong outlook for the year and confidence in the year.

積壓——我會將積壓的增加轉化為業務是否健康。由於我們計劃的續訂，本季度的積壓增加了。但總的來說，我們預訂的業務的運行率增長非常好。該業務的增長給了我們今年非常強勁的前景和信心。

Okay. Great. And then, Aart, just a broad question for you. When you enter into a market like we have today where there's chip shortages, what are the impact of those shortages on design activity, either positive or negative?

好的。偉大的。然後，Aart，只是問你一個寬泛的問題。當你進入像我們今天這樣芯片短缺的市場時，這些短缺對設計活動有什麼影響，無論是積極的還是消極的？

Actually, very little impact. There are some people that do take existing chips and decide that they're going to do modification so that they can get more capacity with another vendor. People really hate to do that because it's a lot of work and no direct benefit, except that if you can ship to a customer, that's great. But it takes some time.

其實影響很小。有些人確實採用了現有芯片並決定他們將進行修改，以便他們可以從另一家供應商處獲得更多容量。人們真的很討厭這樣做，因為它需要大量的工作並且沒有直接的好處，除非你可以運送給客戶，那就太好了。但這需要一些時間。

And so I don't think that, that is going to be a particularly strong driver. But the shortages should not be just interpreted, I think, as a reaction to a market that has been partially asleep during the COVID time and now is obviously catching up. And automotive is the best example because the mistake that was made there is they stopped ordering. And in the past, they were very powerful, and everybody jumped when they needed something. Now there was just no capacity left. And the reason there's no capacity left is because all the capacity is used by huge demand period.

所以我不認為，這將是一個特別強大的驅動力。但我認為，不應將短缺僅僅解釋為對 COVID 期間部分沉睡的市場的反應，現在顯然正在迎頭趕上。汽車是最好的例子，因為他們犯的錯誤是他們停止了訂購。在過去，他們非常強大，每個人都在需要的時候跳起來。現在已經沒有容量了。而沒有剩餘產能的原因是因為所有產能都被巨大的需求期使用了。

And that's why I'm trying to differentiate a little bit with the temporary demand that comes out of sort of just this historical 1.5-year wave versus, I think, something that is much more profound, which is a whole new era of semiconductors impacting verticals. And I expect that to continue. And by the way, you can see how many, many places, including countries have decided to substantially increase the capacity. Those increases will take a couple of years to actually have impact. But they do illustrate the direction that our field is taking.

這就是為什麼我試圖將這種歷史性的 1.5 年浪潮產生的臨時需求與我認為更深遠的東西區分開來，這是影響半導體的全新時代垂直領域。我希望這種情況會繼續下去。順便說一句，你可以看到有多少地方，包括國家已經決定大幅增加容量。這些增加將需要幾年時間才能真正產生影響。但它們確實說明了我們領域的發展方向。

Great. And just a quick clarification. Did you say you had virtually no impact in India with your...

偉大的。并快速澄清一下。你說你對印度幾乎沒有影響嗎？

Well, we're dealing, like everybody else, with a humanitarian situation that is very demanding. We've been able already for a while to rebalance the activities of our employees in such a fashion that to date, we have 0 material impact or delays in shipping anything or supporting anything. But I expect that for a number of months, India will still be, from a humanitarian point of view, a point of focus where we'll give a lot of support to our team.

嗯，和其他人一樣，我們正在應對非常嚴峻的人道主義局勢。一段時間以來，我們已經能夠以這樣一種方式重新平衡我們員工的活動，以至於迄今為止，我們在運送任何東西或支持任何東西方面的物質影響或延誤為 0。但我預計在接下來的幾個月裡，從人道主義的角度來看，印度仍將是一個焦點，我們將為我們的團隊提供大量支持。

Next, we're going to go to the line of Joe Vruwink from Baird.

接下來，我們將轉到 Baird 的 Joe Vruwink 台詞。

Great. I maybe wanted to start. New technologies like DSO.ai, SLM, these have been getting called out more regularly over recent quarters. Is there a way to characterize or maybe compare to products in your past and the consequence of these new technologies? Is this just the natural evolution of Synopsys? Or is there something different? And perhaps it's specifically about AI adoption in the industry, but is there something different about these technologies where the ramification later on could be more consequential?

偉大的。我也許想開始。 DSO.ai、SLM 等新技術在最近幾個季度更頻繁地被提及。有沒有一種方法可以描述或比較您過去的產品以及這些新技術的結果？這只是 Synopsys 的自然演變嗎？或者有什麼不同？也許它特別是關於人工智能在行業中的採用，但這些技術有什麼不同之處，以後的影響可能會更重要嗎？

That's a really, really interesting question actually. Let me start with SLM because what's interesting about SLM is this word life cycle. Because if you just take a chip and you say, put it in a phone or put it in a car, we all know which one has the longer life cycle. And so -- and in the case of the car, you have, of course, safety that is part of it.

這實際上是一個非常非常有趣的問題。讓我從 SLM 開始，因為 SLM 的有趣之處在於生命週期這個詞。因為如果你只拿一個芯片，然後說，把它放在手機里或放在汽車裡，我們都知道哪一個的生命週期更長。所以——就汽車而言，當然，安全是其中的一部分。

And so suddenly, the ability to put inside of the chip sensors and the diagnostic system that, by the way, gets trained by AI so that a chip can self-diagnose as, well, I'm not feeling so good. You better start stopping the car, so to speak, is going to be a very high value. Maybe even more practical immediately is in cloud centers, where people run compute at the max speed and they want to know is a certain set of processors going to go down so that I replace them before it happens. So in essence, preventive maintenance.

突然間，將芯片傳感器和診斷系統放入芯片內部的能力，順便說一句，由人工智能訓練，這樣芯片就可以自我診斷，好吧，我感覺不太好。你最好開始停車，可以說，這將是一個非常高的價值。也許更實際的是在雲中心，人們以最大速度運行計算，他們想知道某組處理器是否會出現故障，以便我在它發生之前更換它們。所以從本質上講，預防性維護。

And so in that sense, SLM is interesting because we touch these chips literally at the early days of even what are the type of transistors. So very minute physics, but now we also have very meaningful interaction with very large companies that are exactly in those verticals I described.

因此，從這個意義上說，SLM 很有趣，因為我們甚至在晶體管類型的早期就接觸了這些芯片。非常細微的物理學，但現在我們也與非常大的公司進行了非常有意義的互動，這些公司正是我所描述的那些垂直領域。

Now DSO.ai, I think, is breakthrough technology. And it's always difficult to compare something that we did over 30 years ago. But the early days of Synthesis had something similar, which is it took a set of human tasks where complexity just was outrunning the human and automated it. And overnight, we could do circuits that were better than what a human could do in a fraction of the time, and were faster and smaller.

我認為，現在 DSO.ai 是一項突破性技術。我們總是很難比較 30 多年前所做的事情。但是 Synthesis 的早期也有類似的東西，那就是它採用了一組複雜性超過人類的人工任務並將其自動化。一夜之間，我們可以在很短的時間內做出比人類更好的電路，而且速度更快，體積更小。

Now we're talking of entire chip pieces, very large designs with many, many different constraints. And the fact that we can take tasks that take people multiple months and bring them down literally to a few weeks with fewer people and, in the last few quarters, even better results certainly sounds very similar. But to me, it's sort of essentially 30 years later, many orders of magnitude more complexity. And I think it fits well the very moment where the semiconductor industry will want to do many more chips for all these verticals.

現在我們談論的是整個芯片，非常大的設計，有很多很多不同的限制。事實上，我們可以完成需要人們幾個月的任務，並用更少的人將其縮短到幾週，並且在過去的幾個季度中，甚至更好的結果聽起來非常相似。但對我來說，這基本上是 30 年後的事，複雜性要高出許多個數量級。而且我認為這非常適合半導體行業希望為所有這些垂直領域生產更多芯片的時刻。

And so we use sometimes the front line of using AI to design AI chips, but that is exactly what this is. And it's exciting. We're just at the beginning of that, but the impact is already economically felt by the users.

因此，我們有時會使用 AI 設計 AI 芯片的前線，但事實就是如此。這很令人興奮。我們才剛剛開始，但用戶已經在經濟上感受到了影響。

Okay. That's really interesting color. Second question, is there anything about the sequencing by quarter of this particular fiscal year that maybe is a bit different than you originally expected? I'm thinking about things like it was another very strong quarter in China. You occasionally hear about maybe pulling forward some future business. And then the way the margin guidance appears to sequence this year, it looks like perhaps 4Q has a bit more incremental cost. Maybe that's just hiring related. So I suppose is there anything that is maybe different timing-wise or just the sequencing of your quarters?

好的。這真是有趣的顏色。第二個問題，這個特定財政年度的季度排序是否與您最初預期的有所不同？我在想的是中國又一個非常強勁的季度。您偶爾會聽說可能會推進一些未來的業務。然後今年利潤率指導似乎排序的方式，看起來 4Q 可能有更多的增量成本。也許這只是與招聘有關。所以我想有什麼可能在時間上有所不同，或者只是你們宿舍的順序？

Joe, this is Trac. Overall, the profiling of the quarters is very much close to what we had planned around. I'm actually really happy with the profile this year given how back-end loaded last year was. Most of the things you described, the revenue, pretty linear this year. As far as the margin profile, that's just a function of hiring -- largely a function of hiring throughout the year. But we're pretty pleased with how it's shaping up relative to the plan that we had at the beginning of the year.

喬，這是 Trac。總的來說，這些季度的概況非常接近我們的計劃。考慮到去年的後端加載情況，我實際上對今年的配置文件非常滿意。你描述的大部分事情，今年的收入都是線性的。就利潤率而言，這只是招聘的一個功能——主要是全年招聘的一個功能。但我們對它相對於我們年初的計劃的形成情況感到非常滿意。

(Operator Instructions) Next, we're going to go to the line of Gary Mobley from Wells Fargo Securities.

（操作員說明）接下來，我們將轉到 Wells Fargo Securities 的 Gary Mobley。

Congrats on a strong first half of the fiscal year. I see that China was up strong again, and I wanted to ask about -- I wanted to ask your personal view, Aart, and perhaps to get some color from you on the changing geopolitical dynamic between the U.S. and China seemingly now more so influenced by the broad supply shortage we have in the semiconductor side and this renewed focus on onshoring chip production to the U.S.

祝賀本財年上半年表現強勁。我看到中國再次強大起來，我想問一下 - 我想問問你的個人觀點，Aart，也許是想從你那裡了解一些關於美國和中國之間不斷變化的地緣政治動態的顏色，現在似乎影響更大由於我們在半導體方面普遍存在供應短缺，並且重新關注將芯片生產轉移到美國

And I realize that you're not so much aligned to expansion in chip production. But I think a lot of these measures that are proposed, these bills and whatnot are focused on growing R&D investments as well. So I'm wondering perhaps if you're starting to see any sort of influence from that in your licensing or what may be in order for you guys looking down the road.

而且我意識到你不太贊同芯片生產的擴張。但我認為很多這些提議的措施，這些法案等等也都集中在增加研發投資上。因此，我想知道您是否開始在您的許可中看到任何形式的影響，或者對於你們展望未來的人來說可能是為了什麼。

Well, the first comment is when a market is strong, it typically tends to be strong for everybody. And the very fact that even politicians know -- not only know what a chip is but may have seen one is certainly encouraging. And the fact that nations want to invest more because they think it's strategically important to be close to this whole next age of Smart Everything and AI, I think this is all very encouraging for us. And so while there may be tension between different countries of who does what, the race is on, and the fact that there's shortage is just accentuated by some of those tensions.

好吧，第一個評論是當市場強勁時，它通常對每個人來說都是強勁的。事實上，即使是政治家也知道——不僅知道芯片是什麼，而且可能已經見過芯片，這無疑是令人鼓舞的。事實上，各國希望進行更多投資，因為他們認為接近智能萬物和人工智能的整個下一個時代具有戰略重要性，我認為這對我們來說非常鼓舞人心。因此，儘管不同國家之間在誰做什麼方面可能存在緊張關係，但競爭仍在繼續，而短缺的事實只是因其中一些緊張局勢而加劇。

But I think the most interesting part of all of this is that there is gradually now a broader understanding that the whole next wave of human products impact and so on is very, very much linked to the notion of big data intersecting with AI, i.e., smart results. And it's interesting that now even electronics are referred to as infrastructure in a country. Well, all of these words are encouraging because I certainly believe that while it's not a panacea to all human problems by any means, it has enormous power to evolve all vertical fields.

但我認為所有這一切中最有趣的部分是，現在逐漸有了更廣泛的理解，即下一波人類產品的影響等等與大數據與人工智能交叉的概念非常非常相關，即，聰明的結果。有趣的是，現在連電子產品在一個國家都被稱為基礎設施。好吧，所有這些話都令人鼓舞，因為我當然相信，儘管它無論如何都不是解決所有人類問題的靈丹妙藥，但它具有推動所有垂直領域發展的巨大力量。

And so I'm not surprised really that the degree of attention has gone up. But right now, the fact that people want to spend more on R&D or manufacturing capacity, it's all good news for semiconductors.

所以我對關注度的上升並不感到驚訝。但現在，人們希望在研發或製造能力上投入更多，這對半導體來說都是好消息。

Appreciate that, Aart. Trac, you mentioned that backlog was up sequentially. I know you haven't filed your Q yet, but specifically, what was -- what were the remaining performance obligations for the end of the quarter? And related to that, would you expect revenue growth and backlog to trend sort of in line with each other? Or would you expect over time to generate a larger percentage of revenue from turns business like Emulation or whatnot?

對此表示讚賞，阿爾特。 Trac，你提到積壓按順序增加。我知道你還沒有提交你的問題，但具體來說，本季度末剩餘的履約義務是什麼？與此相關，您是否期望收入增長和積壓趨勢相互一致？或者你會期望隨著時間的推移從 Emulation 等輪流業務中產生更大比例的收入嗎？

We've made a change -- or you saw a change in the turns mix largely at the beginning of FY '19 as a result of the 606 transition. And I would say for the most part, the business has been relatively stable, and it'll be -- that percentage might move from quarter-to-quarter depending on their hardware IP deliveries. But I think we're in a pretty good stable level right now. The backlog is up, and we should be filing our Q next week. So you should be able to see the actual amount. But I think we're going to disclose that it's about $4.8 billion or north of $4.8 billion.

我們已經做出了改變——或者你看到在 19 財年開始時由於 606 過渡，輪流組合發生了很大變化。我想說的是，在大多數情況下，業務一直相對穩定，而且未來的百分比可能會有所不同，具體取決於他們的硬件 IP 交付量。但我認為我們現在處於一個相當穩定的水平。積壓了，我們應該在下週提交我們的 Q。所以你應該能夠看到實際數量。但我認為我們將披露它約為 48 億美元或超過 48 億美元。

Next, we're going to go to the line of Gal Munda from Berenberg.

接下來，我們要從貝倫貝格去到Gal Munda這條線。

The first one is just when I look at your performance in H1 actually in total, like you said, it's really the opposite of what we had last year when it was very, very back-end loaded. So nice recovery there. But then also looking at the Q3 guide, which is very solid, I'm thinking when you look at for the rest of the year and you have a pretty good visibility now, especially into Q3, is it fair to say that if -- especially some of the hardware orders, some other stuff comes in, you could consider the guidance as fairly conservative still at this stage? Or do you think that's kind of a fair representation of what you're seeing?

第一個是當我實際上總體上看你在 H1 中的表現時，就像你說的那樣，這真的與我們去年非常非常後端負載的情況相反。那裡恢復得很好。但同時也看看第三季度的指南，它非常可靠，我在想當你看今年剩下的時間時，你現在有很好的可見性，尤其是進入第三季度，可以公平地說，如果 -特別是一些硬件訂單，一些其他的東西進來了，你可以認為這個指導在這個階段仍然相當保守嗎？還是您認為這是對您所見情況的一種公平表述？

Yes. It's a good question. The profile we laid out, the quarterly profile we laid out for Q3 and Q4 is largely a reflection of the revenue recognition profile of IP and hardware. We actually had very good visibility in the second half, and that's why we raised the guidance for the full year. At this point, keep in mind, given the new revenue rules, you're going to see some variability from quarter-to-quarter depending on when hardware IP is delivered. But there's nothing unusual in the profile in the second half other than that. And actually, the business is really doing really well.

是的。這是個好問題。我們制定的概況，我們為第三季度和第四季度製定的季度概況主要反映了 IP 和硬件的收入確認概況。事實上，我們在下半年的知名度非常好，這就是我們提高全年指導的原因。在這一點上，請記住，鑑於新的收入規則，您將看到季度與季度之間的一些變化，具體取決於交付硬件 IP 的時間。但除此之外，下半場的情況沒有什麼不尋常的。實際上，業務確實做得很好。

Right. Yes, that makes sense. And yes, that's what I was thinking. And then the second one, you talked again about double-digit growth for this year now implied in the new guidance. Last year, we were virtually at that level as well.

正確的。是的，這是有道理的。是的，這就是我的想法。然後是第二個，你再次談到今年的兩位數增長現在隱含在新的指導方針中。去年，我們幾乎也處於那個水平。

How do we think about Synopsys as an effectively sustainable double-digit growth company now, especially if I'm thinking potentially Software Integrity ramping up growth a little bit and starts contributing incremental -- maybe a few bps of growth? Like is that a profile that you're happy with when you're kind of thinking about the midterm planning?

我們現在如何將 Synopsys 視為一家有效可持續的兩位數增長公司，特別是如果我認為軟件完整性可能會稍微加快增長並開始貢獻增量 - 可能是幾個基點的增長？當您考慮中期計劃時，您對這樣的配置文件感到滿意嗎？

I want to be cautious about getting too specific about the numbers looking forward. But overall, what you're seeing in the results for this year and last year really is why we feel really optimistic about the future and why we have communicated our confidence in being able to drive the business towards a Rule of 45. And that's really going to come through a combination of really strong revenue growth and margin expansion.

我想對未來的數字過於具體保持謹慎。但總的來說，你在今年和去年的結果中看到的確實是我們對未來感到非常樂觀的原因，也是我們表達了我們有信心推動業務走向 45 規則的原因。這確實是將通過真正強勁的收入增長和利潤率擴張相結合。

And so you've touched on it a little bit. You're seeing some really good acceleration in the business. And as Software Integrity ramps up and gets back to where we believe it's capable of operating at, that should help with the overall mix. But keep in mind, it's only 10% of the business. The overall growth rate is a reflection of what we're -- how well we're doing in EDA and IP as well.

所以你已經觸及了一點點。你看到了一些非常好的業務加速。隨著軟件完整性的提升並回到我們認為它能夠運行的位置，這應該有助於整體組合。但請記住，它只佔業務的 10%。整體增長率反映了我們在 EDA 和 IP 方面的表現。

Right. No, that's why I was thinking, right? It's 10%. So it's growing 5 to 10 points faster. Obviously, that's a nice contribution. Congrats again.

正確的。不，這就是為什麼我在想，對吧？是 10%。所以它的增長速度快了 5 到 10 個百分點。顯然，這是一個很好的貢獻。再次恭喜。

Next, we're going to go to the line of Jay Vleeschhouwer from Griffin Securities.

接下來，我們將轉到 Griffin Securities 的 Jay Vleeschhouwer 的台詞。

Aart, let me ask you 2 related questions regarding the evolution of EDA and your markets. Tonight, you referred to a new era of EDA. We've heard similar remarks from you and others in the industry for some time now or silicon renaissance and so forth. The question is how that affects your business profile specifically with respect to services. That is to say as you move into this new era, does this tend to increase the kind of services and AE support that you necessarily have to provide to encompass or support this new era? And if so, what could be the margin implications of having to provide that incrementally higher degree of support?

Aart，讓我問你 2 個關於 EDA 的發展和你的市場的相關問題。今晚，您提到了 EDA 的新時代。一段時間以來，我們已經從您和業內其他人那裡聽到過類似的言論，或者矽文藝復興等等。問題是這如何影響您的業務概況，特別是在服務方面。也就是說，當你進入這個新時代時，這是否會增加你必須提供的服務和 AE 支持，以涵蓋或支持這個新時代？如果是這樣，必須提供越來越高程度的支持對利潤率有何影響？

Relatedly with respect to the next generation of chips, the domain-specific chips that you talked about now for actually 2 or 3 years, what does that mean during the design process in terms of license consumption? If we think about your model as now prospectively a kind of consumption model, as is often the case in simulation, do you think that the consumption or utilization intensity per design, per run, however you want to think about it, necessarily goes up?

與下一代芯片相關，您現在談論的特定領域芯片實際上已經有 2 或 3 年了，這在設計過程中的許可證消耗方面意味著什麼？如果我們現在將您的模型視為一種前瞻性的消耗模型，就像模擬中經常出現的情況一樣，您是否認為每次設計、每次運行的消耗或利用強度，無論您想如何考慮，都必然會上升？

Well, I think your question brings sort of together everything that we would refer to as systemic complexity, meaning that, of course, chips continue to be more complex and bigger and more transistors. But been there, done that. And by the way, that will continue for a while.

好吧，我認為你的問題將我們稱之為系統複雜性的所有事物結合在一起，這意味著，當然，芯片繼續變得更複雜、更大和更多的晶體管。但是去過那裡，做到了。順便說一句，這將持續一段時間。

What makes systemic complexity interesting is that you get multiple players intersecting. Suddenly you have companies that are sitting on these verticals that are highly interested in knowing how the chips will actually work because they write their own software, for example. And vice versa, the people providing chips are really interested. So what software does this car manufacturer really want to run on it that has to be really fast so that I can change the architecture of my chip to accommodate that?

讓系統複雜性變得有趣的是，你讓多個參與者交叉。突然之間，這些垂直領域的公司對了解芯片的實際工作方式非常感興趣，因為他們編寫了自己的軟件。反之亦然，提供芯片的人真的很感興趣。那麼，這家汽車製造商真正希望在其上運行的軟件必須非常快，以便我可以更改芯片架構以適應這種情況？

And our role is interestingly broadened because we're sitting at the intersection of all of that. And you may recall that a number of years ago, under our logo, we literally put silicon to software. Well, that was essentially the summary at that time of this vision that there's a continuum that ultimately brings the power of chips to end users that have -- that are not really interested in chips, except that they need them to get smart outcomes.

我們的角色得到了有趣的擴展，因為我們正處於所有這些的交叉點。您可能還記得，很多年前，在我們的徽標下，我們確實將矽放入軟件中。好吧，這基本上就是當時這個願景的總結，即有一個連續統一體最終將芯片的力量帶給那些對芯片並不真正感興趣的最終用戶，除了他們需要芯片來獲得智能結果。

And so when you move into that space, it's not so much that support is increasing but that there are new service opportunities as a number of new players initially may not know so much about these domains but they know a lot about their opportunity space and helping them connect is an opportunity that will continue to grow for us. And we will certainly be able to manage it so that, including with the tools, the profitability will be very reasonable or even good.

因此，當您進入該領域時，與其說支持在增加，不如說有新的服務機會，因為許多新玩家最初可能對這些領域了解不多，但他們對自己的機會空間和幫助了解很多他們連接是一個機會，將繼續為我們成長。我們當然能夠管理它，包括使用工具在內，盈利能力將非常合理甚至良好。

The second part of your question, which ties directly to this, is this notion of domain specific. And if I can take one example that is well understood and yet in its infancy, is automotive. And as you know, a number of years ago, a car started to think about this whole notion of autonomous driving or, at least at the beginning, defensive driving. And chip manufacturers quickly figured out that there may be a long-term big opportunity there, except automotive guys also have rules such as safety rules. And they've had those for a long, long time.

與此直接相關的問題的第二部分是特定領域的概念。如果我可以舉一個很好理解但仍處於起步階段的例子，那就是汽車。如你所知，幾年前，汽車開始考慮自動駕駛的整個概念，或者至少在開始時考慮防禦性駕駛。芯片製造商很快發現，那裡可能存在長期的大機會，除了汽車製造商也有安全規則等規則。他們已經有很長時間了。

Some are simple. Some are becoming very complex. And certainly, what does it mean? Well, it means for companies such as Synopsys that we have a whole effort on the IP side and on the tool side to build in what's called FuSa, Functional Safety. And this is partially mandated by the automotive guys. Partially, it is being developed on the fly with the complexity.

有些很簡單。有些變得非常複雜。當然，這是什麼意思？嗯，對於 Synopsys 這樣的公司來說，這意味著我們在 IP 方面和工具方面都付出了全部努力，以構建所謂的 FuSa，即功能安全。這部分是由汽車專家強制執行的。部分地，它正在隨著複雜性的發展而動態發展。

And so these are great opportunities for us because our IP collection, we must have invested in Functional Safety, there for 5 or 6 years. It's an enormous amount of effort, but now that we have that, it's a great differentiation. And so I see our role to be very much a catalyst in the middle of these different factions that we all understand. And I think there will be more and more verticals that will engage suddenly at high speed and the race is on.

所以這些對我們來說是很好的機會，因為我們的 IP 集合，我們必須在功能安全方面投資 5 或 6 年。這是一項巨大的努力，但現在我們有了這些，這是一個很大的區別。因此，我認為我們的角色在我們都理解的這些不同派系中間起到了非常大的催化劑作用。而且我認為將會有越來越多的垂直方向突然高速參與，比賽已經開始。

Next, we'll go to the line of John Pitzer from Credit Suisse.

接下來，我們將轉到瑞士信貸的 John Pitzer。

Congratulations on the solid results. Trac, this question was asked a little bit earlier, but maybe I can ask it in a less politically correct way. I mean despite the beat and the raise, this is the quarter where the full year guide gives us some insight into the last quarter as well. And relative to that full year guide, you are kind of embedding a pretty -- a meaningful deceleration, if not in top line, in EPS. Is this nothing more than normal conservatism? Or are you really trying to signal that there's something bottoms-up that just makes Q4 a little bit softer this year than it might have been in other years?

祝賀你取得了不錯的成績。 Trac，這個問題之前有人問過，但也許我可以用政治上不那麼正確的方式來問。我的意思是，儘管有節拍和加薪，但全年指南也讓我們對上一季度有了一些了解。相對於全年指南，你在 EPS 中嵌入了一個漂亮的 - 一個有意義的減速，如果不是在頂線。這不過是正常的保守主義嗎？或者你真的在試圖表明有一些自下而上的東西讓今年第四季度比其他年份更溫和一些？

No, not all. We're -- we don't see any deceleration in the business at all. In fact, it's quite the reverse. We feel really good about the momentum we have in the business. And that's reflected in the full year guide.

不，不是全部。我們 - 我們根本看不到業務有任何減速。事實上，情況恰恰相反。我們對我們在業務中的發展勢頭感到非常滿意。這反映在全年指南中。

We've always cautioned that the quarter-on-quarter profile is going to move depending on what the profile of revenue is. And from a revenue perspective, I'm actually really, really pleased with how linear it is this year and the fact that we were able to get half -- almost half the business booked in the first half of the year. So it's a great profile with really good visibility.

我們一直警告說，季度環比情況將根據收入情況而變化。從收入的角度來看，我真的非常非常高興今年的線性度以及我們能夠獲得一半 - 幾乎是上半年預訂業務的一半。所以這是一個很好的形象，具有很好的知名度。

We continue to ramp up hiring in the second half. And so you're going to see the expense profile go up. But as we're ramping up hiring in the second half, we're mindful of the trajectory and what it implies for our ability to continue to drive margin expansion over time. So we're very cognizant of that.

下半年我們將繼續加大招聘力度。所以你會看到費用狀況上升。但隨著我們在下半年加大招聘力度，我們注意到了這一軌跡以及它對我們隨著時間的推移繼續推動利潤率擴張的能力意味著什麼。所以我們非常清楚這一點。

But no, there's nothing unusual to the profile. And I wouldn't characterize it as deceleration at all. I think right now, when you look at the year-over-year comparison, just keep in mind that last year was unusually back-end loaded. So it's going to skew the comparisons, particularly in the second half.

但是不，個人資料沒有什麼不尋常的。而且我根本不會將其描述為減速。我認為現在，當您查看同比比較時，請記住去年的後端負載異常。所以它會扭曲比較，尤其是在下半年。

That's helpful. And then, Aart, I want to go back to an earlier question about sort of the regionalization or domestication of semiconductor production. It's a clear benefit to the equipment ecosystem. But I'm trying to get a better understanding of what it means to the EDA ecosystem.

這很有幫助。然後，Aart，我想回到之前關於半導體生產區域化或本土化的問題。這對設備生態系統來說是一個明顯的好處。但我正試圖更好地理解它對 EDA 生態系統的意義。

As existing foundries kind of move from region to region, is there sort of redundant or duplicative spend on the EDA, kind of question number one? And question number two, there's one big guy out there that's trying to reemerge as a foundry business from just an IDM. How does the EDA spend conceptually trend as they try to do that?

隨著現有代工廠從一個地區轉移到另一個地區，EDA 上是否存在冗餘或重複支出，這是第一個問題？第二個問題，有一個大人物正試圖從 IDM 重新崛起為代工企業。 EDA 在嘗試這樣做時如何在概念上花費趨勢？

Good question. So we touched manufacturing a little bit because we have a number of tools that are designed specifically under the topic of silicon engineering to help optimize circuitry and chips for manufacturing efficiency and yield. But you're absolutely right that most of the investments on sheer capacity don't touch us so much, except if people want to enter the business such as be in a foundry or go after specific segments of the market that they didn't go before. There, certainly our tools matter a great deal to help them get there.

好問題。所以我們稍微觸及了製造業，因為我們有許多專門根據矽工程主題設計的工具，以幫助優化電路和芯片以提高製造效率和產量。但你是絕對正確的，大部分對純粹產能的投資並沒有對我們產生太大影響，除非人們想進入這個行業，比如在鑄造廠或追求他們沒有進入的特定市場領域前。在那裡，我們的工具當然對幫助他們到達那裡非常重要。

In general though, when volume increases, with it, also the number of designs increases. And so the advances in sheer silicon technology and the number of designs are actually very positive at this point in time. And the fact that more people want to be in the manufacturing means that more people are also into the investment of R&D around the field. So at this point in time, it's all positive.

但總的來說，當體積增加時，設計的數量也會隨之增加。因此，純矽技術的進步和設計的數量在這個時間點實際上是非常積極的。而更多人希望進入製造業這一事實意味著更多人也參與到該領域的研發投資中。所以在這個時間點，一切都是積極的。

And then, Aart, if I could just take one more in. One thing that's kind of unique about this current semiconductor cycle is how tight trailing capacity is right now. And I'm just kind of curious, are you seeing any evidence that perhaps design activity on the trailing edge is picking up as customers are using some of this tightness in the near term to try to rethink about moving down node widths -- new line widths at maybe a faster rate than they've historically seen? Or how do you see kind of the TAM for that trailing edge market over the next several years?

然後，Aart，如果我能再接受一次。當前半導體週期的一個獨特之處在於，現在的尾隨產能是多麼緊張。我只是有點好奇，你是否看到任何證據表明，隨著客戶在短期內使用這種緊度來重新考慮向下移動節點寬度——新線，後緣的設計活動可能正在增加寬度可能比歷史上看到的更快？或者您如何看待未來幾年後緣市場的 TAM？

Well, it's an excellent question because some of the trailing edge manufacturing equipment has already gone up in terms of pricing as people try to get capacity wherever they can. But the other comment would be different foundries are sort of also focusing on different type nodes. Some focus mostly on the most advanced nodes. Other would be sort of in the middle field. And then the truly older trailing edge nodes, they're typically limited by the amount of capacity at 200-millimeter wafers.

好吧，這是一個很好的問題，因為隨著人們試圖盡可能地獲得產能，一些落後的製造設備在定價方面已經上漲。但另一個評論是，不同的代工廠也在某種程度上關注不同類型的節點。有些主要關注最先進的節點。其他人會在中間領域。然後是真正較舊的後緣節點，它們通常受到 200 毫米晶圓容量的限制。

What is interesting in the nodes that are maybe not the leading, leading edge but, let's say, 3, 4 years behind that, there, the application of the newer tools that we have actually has a lot of impact on those, too, because newer tools for older nodes still means a lot better design out of these older nodes. And so it actually gives them a bit of a second life from an efficiency point of view. And as you said, if people can do really well with nodes that have been well honed where the yield is high, the cost equation is very attractive. And we see, for example, one of our most advanced tools, Fusion Compiler, going back to older nodes with some of our customers with great delight.

有趣的節點可能不是領先的、前沿的，但比方說，比這晚了 3、4 年，在那裡，我們擁有的新工具的應用實際上也對這些節點產生了很大的影響，因為用於舊節點的新工具仍然意味著這些舊節點的設計要好得多。因此，從效率的角度來看，它實際上給了他們一點第二次生命。正如您所說，如果人們可以在產量高的地方使用經過精心打磨的節點做得很好，那麼成本方程式就非常有吸引力。例如，我們看到我們最先進的工具之一 Fusion Compiler 非常高興地與我們的一些客戶一起回到舊節點。

Next, we'll go to the line of Jason Celino from KeyBanc Capital Markets.

接下來，我們將轉到 KeyBanc Capital Markets 的 Jason Celino 的路線。

Great. Aart, Trac, it seems like a pretty good demand environment for Emulation and Prototyping just across the board. But in the past, we've seen some customers gravitate towards the latest and greatest products here. One, is that still the case? And then two, if that is still the case, how does the new improvements to the ZeBu EP1 compare to some of the other announcements in the market?

偉大的。 Aart、Trac，這似乎是一個非常好的仿真和原型設計需求環境。但在過去，我們看到一些客戶被這裡最新最好的產品所吸引。一，現在還是這樣嗎？其次，如果情況仍然如此，那麼 ZeBu EP1 的新改進與市場上的其他一些公告相比如何？

You're welcome. So clearly, Emulation and Prototyping is increasing in value and importance in some parts of the tasks and especially for us in the task that has to do at this intersection of hardware and software. And there's no question whatsoever that, that is an area that will continue to grow. And we had mentioned in earlier conversation specialties for certain verticals. It's interesting that these are capabilities, Prototyping, that are of high interest in the automotive space, for example, because they start working on the software many, many years before a car is even fully conceived. And so being able to accelerate all of that is of high importance.

不客氣。很明顯，仿真和原型設計在任務的某些部分中的價值和重要性正在增加，尤其是對於我們在硬件和軟件的這個交叉點必須完成的任務中。毫無疑問，這是一個將繼續增長的領域。我們在之前的對話中提到了某些垂直領域的專業知識。有趣的是，這些功能，原型設計，在汽車領域引起了高度關注，例如，因為他們在汽車完全構思之前很多很多年就開始研究軟件。因此，能夠加速所有這些非常重要。

Now underneath that, there is invariably always the same demand, which is make it faster, make it faster. And that is what Emulation and Prototyping is all about. But it's also give it a larger capacity. And it's also are there certain tasks that you would like to accelerate such as the question of, "Well, if I write my software this way, how much power is it going to consume versus if I write it differently, will I be able to do better?" Well, those are specialty questions that we now are increasingly answering using Emulation and Prototyping.

在這之下，總是有相同的需求，那就是讓它更快，讓它更快。這就是仿真和原型設計的全部意義所在。但它也給了它更大的容量。還有一些你想加速的任務，比如這樣的問題，“好吧，如果我用這種方式編寫我的軟件，它會消耗多少功率與如果我以不同的方式編寫它相比，我是否能夠做得更好？”嗯，這些是我們現在越來越多地使用仿真和原型設計來回答的專業問題。

On top of that, we're on the most advanced chips inside of our machines that are available. And so this ability to specialize and optimize for specific applications turns out to be extremely valuable, and we're doing very, very well with that.

最重要的是，我們在可用的機器內部使用了最先進的芯片。因此，這種針對特定應用程序進行專業化和優化的能力被證明是非常有價值的，我們在這方面做得非常非常好。

Next, we'll go to the line of Vivek Arya from Bank of America Securities.

接下來，我們將轉到美國銀行證券公司的 Vivek Arya 系列。

I had 2 as well. The first one also about the growth in the business. So Aart, you mentioned a fair bit of improving engagement verticals such as autos coming back up. But when I look at your full year growth outlook of about 10%, it's about the same growth that you did in the last fiscal year. So my question is a more conceptual one. Why aren't your sales accelerating when semiconductor designs are getting more complex?

我也有2個。第一個也是關於業務增長的。所以 Aart，你提到了相當多的改進垂直參與度，比如汽車的回歸。但當我看到你們的全年增長前景約為 10% 時，這與你們上一財年的增長大致相同。所以我的問題是一個更概念化的問題。當半導體設計變得越來越複雜時，為什麼您的銷售沒有加速？

And when I look at the implied Q4 sales, they are basically flat year-on-year. So even if I ignore the quarter-to-quarter visibility -- or volatility, the full year sales are about the same level of growth as last year. Why aren't you seeing an acceleration in your sales growth?

當我查看隱含的第四季度銷售額時，它們與去年同期基本持平。因此，即使我忽略季度到季度的可見性——或波動性，全年銷售額的增長水平與去年大致相同。為什麼您沒有看到銷售增長加速？

Well, the acceleration tends to come after the orders play themselves out through a multiyear ratable revenue recognition, for one. The other thing is actually, right now, I think we just increased our projection for you for the -- or guidance, I should say, towards the end of the year with a high degree of confidence that it is well on track. So we'll have to see where we ultimately land.

好吧，加速往往是在訂單通過多年的可分級收入確認發揮作用之後出現的，例如。另一件事實際上是，現在，我認為我們剛剛增加了對你的預測 - 或者指導，我應該說，到今年年底，我們非常有信心它正在步入正軌。所以我們必須看看我們最終會在哪裡著陸。

But there's no doubt that our objective is to move beyond the single digits to higher. We have just not changed our guidance at this point in time, and we will do that as we enter next year. But the message you should take away from everything we're saying is that right now, we feel that we have great opportunity to grow very well.

但毫無疑問，我們的目標是超越個位數到更高。我們目前還沒有改變我們的指導方針，我們將在明年進入時這樣做。但是你應該從我們所說的一切中得到的信息是，現在，我們覺得我們有很好的機會發展得很好。

Vivek, I also -- this is Trac. I really want to caution you about looking at Q4, okay? Because remember, last year, Q4 was extraordinarily high because of the schedule of hardware and IP in Q4. And so that comparison is not going to be -- that comparison in Q4 is not a good indicator of the momentum of the business.

Vivek，我也是——這是 Trac。我真的想提醒你不要看 Q4，好嗎？因為請記住，去年第四季度由於硬件和 IP 在第四季度的時間表而異常高。因此，這種比較不會發生——第四季度的比較並不是業務發展勢頭的良好指標。

Got it. And the next one is I'm curious, what's your level of exposure to all the AI start-ups? And do you see any kind of rationalization or shakeout in the number of start-ups? Because, right, in previous calls, Aart, you have mentioned the systems companies doing a fair bit of their own AI work, especially the hyperscalers. And then we have the large incumbents such as NVIDIA and others.

知道了。下一個是我很好奇，你對所有 AI 初創企業的了解程度如何？您是否看到初創企業數量出現任何形式的合理化或重組？因為，在之前的電話中，Aart，你提到了系統公司在自己的 AI 工作中做了大量工作，尤其是超大規模公司。然後是 NVIDIA 等大型企業。

Do you think that the industry can really afford to have so many smaller players going after this market when the cost of staying in semis is so high? So the basic question is that -- what is sort of your exposure to all the work that's being done by these AI start-ups? And do you see any kind of rationalization in that?

當留在半決賽的成本如此之高時，你認為這個行業真的有能力讓這麼多小公司追逐這個市場嗎？所以基本問題是——你對這些人工智能初創企業所做的所有工作有什麼樣的了解？你看到其中有任何合理化嗎？

Well, we're exposed extremely broadly to many, many, many AI companies. And yes, it is true that maybe as a little bit of a caricature, every single one of them is designing the best-ever AI chip. And on one hand, you can say, well, you know that will consolidate over time. On the other hand, you can say, no, this is exactly the behavior that you see in a very high promise, early phase of a product or technology development. And there's no doubt that a number of the more successful AI companies have already been acquired by larger companies. And lo and behold, 2 years later, you have someone -- the same people doing the next one.

好吧，我們非常廣泛地接觸了很多很多人工智能公司。是的，的確，這可能有點像漫畫，他們中的每一個人都在設計有史以來最好的人工智能芯片。一方面，你可以說，嗯，你知道這會隨著時間的推移而鞏固。另一方面，你可以說，不，這正是你在產品或技術開發的早期階段看到的非常有前途的行為。毫無疑問，許多更成功的人工智能公司已經被大公司收購。你瞧，2 年後，你有一個人——同樣的人在做下一個。

And so I think we're in an extremely active phase of invention, development, finding end markets. And then over time, we'll also see that the AI itself is going to become more and more specialized to the verticals. So yes, there will be consolidation at some point in time. But the number of designers remain -- is certainly not declining when that happens. And we have actually done very well through exactly these type of phases where there's a lot of activity.

因此，我認為我們正處於發明、開發和尋找終端市場的極其活躍的階段。然後隨著時間的推移，我們也會看到人工智能本身將變得越來越專用於垂直領域。所以是的，在某個時間點會有合併。但設計師的數量仍然存在——當這種情況發生時，肯定不會減少。實際上，我們在這些類型的階段中做得非常好，其中有很多活動。

And then our final question is going to come from the line of Pradeep Ramani from UBS.

然後我們的最後一個問題將來自瑞銀的 Pradeep Ramani。

I had a couple. First, on China. Is the right way sort of to think about China as being -- contributing to roughly 12% to 13% of your revenues in the back half? Or do you see any sort of deceleration in the back half? I mean the comps are probably getting harder, but I just want a clarification around how investors can think about China. And I have a follow-up after that.

我有一對。首先，關於中國。正確的方式是將中國視為 - 在後半部分貢獻大約 12% 到 13% 的收入嗎？或者你看到後半部分有任何減速嗎？我的意思是比較可能越來越難，但我只想澄清投資者如何看待中國。之後我有一個跟進。

Pradeep, this is Trac. China continues to do very well for us. And we -- while we disclose China as a separate country, we don't guide to that or comment on the outlook by country.

Pradeep，這是 Trac。中國繼續為我們做得很好。我們——雖然我們將中國作為一個單獨的國家披露，但我們不會對此提供指導或對各國的前景發表評論。

Okay. And for my follow-up, I guess, with respect to the Rule of 45, I mean, this year, you're going to be very close to 40. And your sort of semis margins are sort of already -- I mean this quarter were 33%. How should we think about sort of just the sustainability of margins in semis not just for in the back half but longer term within the 45% -- or the Rule of 45 kind of framework?

好的。對於我的後續行動，我想，關於 45 條規則，我的意思是，今年，你將非常接近 40。而且你的半決賽利潤已經有點 - 我的意思是這個季度為 33%。我們應該如何考慮半決賽利潤率的可持續性，不僅是在後半段，而且在 45% 或 45 規則框架內的長期內？

Okay. Let me try to explain it this way. The -- overall, we do see an opportunity to improve margins across the entire business. Really for us to drive to Rule of 45, it really is going to require everyone to contribute. And keep in mind that the semi business does represent 90% of the overall mix. And so that's going to contribute.

好的。讓我試著這樣解釋。總的來說，我們確實看到了提高整個業務利潤率的機會。真的要讓我們達到 45 條規則，真的需要每個人都做出貢獻。請記住，半導體業務確實佔整體組合的 90%。所以這將有所貢獻。

But I would circle back to the fact that it starts with growth. The reason why we do feel good about our ability to drive margins up in all areas of the business is that we're seeing really strong growth in the business. And that's going to help us effectively get more operating leverage and therefore drive margins up.

但我會回到一個事實，即它始於增長。我們之所以對我們在所有業務領域提高利潤率的能力感到滿意，是因為我們看到了業務的強勁增長。這將幫助我們有效地獲得更多的運營槓桿，從而提高利潤率。

If I can add to that. Fundamentally, we set our objective on the Rule of 40. We're obviously in striking distance to meet that. We even whispered to you Rule of 45, and that's obviously because that's what's coming next. We're -- I think we are reasonably well disciplined to make sure that, as Trac said, we focus on growth while increasing ops margin. And the 2 support each other. So if nothing else out of this earnings release, you should take away that I think we're well on track with our own plans and that everything we've communicated to you for the last few years, we're executing on.

如果我可以補充一點。從根本上說，我們將目標設定為 40 條規則。顯然，我們離實現這一目標還有很遠的距離。我們甚至悄悄告訴過你 45 條規則，這顯然是因為這就是接下來要發生的事情。我們 - 我認為我們有相當良好的紀律性來確保，正如 Trac 所說，我們專注於增長，同時增加運營利潤率。並且兩者相互支持。因此，如果本次財報發布沒有其他內容，你應該帶走我認為我們在自己的計劃上進展順利，以及我們在過去幾年與你溝通的一切，我們正在執行。

I assume that this means that the meeting is over. In any case, thank you so much for participating today. And we hope that you and your family stay safe as hopefully the world is moving to rapid vaccination. Be well.

我想這意味著會議結束了。無論如何，非常感謝您今天的參與。我們希望您和您的家人保持安全，因為希望世界正在轉向快速疫苗接種。好起來。