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.

各位女士、先生，感謝您稍候並歡迎參加新思科技（Synopsys）2021 會計年度第二季財報電話會議。（接線員指示）今天的電話會議將持續 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，今天的電話會議將被錄音。

At this time, I'd like to turn the conference over to Lisa Ewbank, Vice President, 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, 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，Sean。各位下午好。今天與我們一同出席的有新思科技董事長兼共同執行長 Aart de Geus，以及財務長 Trac Pham。

Before we begin, I'd like to remind everyone that during the course of 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、目標以及其他前瞻性陳述。雖然截至今日，這些陳述代表我們對未來結果與表現所做的最佳當前判斷，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。除我們在會議中提及的任何風險外，可能影響我們未來結果的重要因素，已載於我們最近提交的 SEC 報告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 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，可在我們今日稍早發布的財報新聞稿、財務補充資料與 8-K 中找到。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。

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

另外，準備好的講稿將在電話會議結束後發布於網站上。

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. 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.

各位下午好。我很高興報告第二季繳出卓越的成果，超越我們所有主要的財測指標。我們實現營收 10.24 億美元，GAAP 每股盈餘為 1.24 美元，非 GAAP 每股盈餘為 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.

各產品群與各地區的業務表現皆強勁。我們持續在毛利率擴張目標上取得良好進展，並創下 5.26 億美元的營運現金流新高。基於上半年表現強勁以及對全年展望信心提升，我們上調營收、非 GAAP 營業利益率、獲利與現金流的財測。Trac 將更詳細說明財務狀況。

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.

在談亮點之前，我想先談幾句南亞的嚴峻情勢。當世界部分地區的疫苗接種進展良好之際，我們看到南亞人民正面臨巨大的挑戰。我們的首要任務是員工的福祉，我們已採取許多措施來支持員工及其家人，從協調氧氣濃縮機、與疫苗診所合作，到救護車服務、食物配送與家人健康照護等。我們的目標是盡可能降低 COVID 的影響，並確保每位員工都能把新思科技視為關懷與團結的燈塔。儘管疫情帶來挑戰，我們仍感謝從業務角度來看，我們持續出貨產品並支援客戶，未出現任何重大中斷，且業務表現良好。

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.

就整體市場而言，半導體需求非常強勁。雖然部分短期需求可歸因於汽車等產業在經歷 COVID 造成的一年放緩後正加速追趕，但不可否認的是，隨著各垂直產業都需要機器學習晶片來擷取其大數據以滿足特定需求，一波新的成長浪潮已在前方。

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.

換言之，機器學習在雲端的早期技術成功，如今正移往邊緣端，因為「萬物智慧化（Smart Everything）」所帶來的經濟承諾具有吸引力。技術推力已演變為垂直產業的經濟拉力。所有領域都受到影響，並且正展開競賽，為汽車、健康、消費性、5G 等提供智慧解決方案。

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／拉效應為半導體與軟體開啟全新時代，也為新思科技帶來巨大機會。首先，基礎構件是複雜晶片：用於資料生成與感測、儲存、傳輸與運算的晶片，都需要 IP 模組、高速度、低功耗與安全性。這對新思科技非常有利。

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.

第二，不只是晶片，而是晶片系統。雖然單一系統單晶片（SoC）的複雜度仍在提升，但最先進的前沿正轉向「晶片系統」。透過無縫貼合並彼此堆疊，龐大的電晶體數量為全新功能打開大門。這種日益增加的系統性複雜度對新思科技非常有利。

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.

第三，依垂直市場差異化的晶片。每個垂直領域都有其自身需求：汽車有安全要求；行動裝置需要極致低功耗；航太與工業希望內建全生命週期診斷；具高算力的新進者如超大規模雲端業者（hyperscalers）與 AI 公司會自行設計晶片以追求超高效能。而所有人——無論是醫療與健康市場、金融業、通訊或基礎建設——都需要更好的安全性。這些都是我們多年來持續投資的領域。對新思科技非常有利。

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，軟體與矽晶片緊密相連，必須彼此調校：軟體需撰寫得能在晶片上消耗更少功耗；晶片需針對大量感測資料最佳化；軟體需在尚未製造的晶片原型上進行除錯以加速上市時程；晶片需針對極高速運算最佳化；並且始終，軟體與晶片必須共同確保安全。這些都是我們領先的技術。對新思科技非常有利。因此我們已處於絕佳位置，我們的使命是在本十年內，透過交付 1,000 倍的系統效能，協助半導體合作夥伴與垂直產業客戶實現「萬物智慧化」的雄心。

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.

在此背景下，我分享一些亮點，先從 EDA 開始；EDA 在設計與驗證兩方面都再度交出強勁的一季。在數位設計方面，我們的 Fusion Design Platform 的普及與競爭性替換再次帶動強勁成長，尤其是 Fusion Compiler 的動能非常強。

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 與 N2 基礎設施核心上採用 Fusion Compiler。由於在吞吐量與每瓦效能方面表現更佳，Fusion Compiler 也被三星選用於先進的行動設計。我們在最先進的 3 奈米節點上的動能同樣明顯：在處理器、圖形與行動技術領導廠商，以及下一波 3 奈米採用者中，新增了 5 次測試晶片 tape-out。

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.

我們的 Custom Design Platform 也展現強勁創新與市場顛覆。在第二季，我們發布 PrimeSim Continuum 平台，用於類比與混合訊號模擬。透過業界全新的圖形處理器（GPU）基礎加速，它可將取得結果的時間縮短 10 倍。PrimeSim 獲得三星電子、NVIDIA 與鎧俠（Kioxia）背書，並在南亞科技等公司帶來顯著的生產力提升，南亞科技已將其部署於 DRAM 設計。此外，我們在本季再次取得多個全流程替換案，其中包括日本另一家大型類比設計公司。

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.

在驗證軟體方面，我們的 Verification Continuum Platform 受惠於超大規模雲端業者的採用動能而強勁成長。我們的硬體驗證解決方案也帶來優異成果，包括第二季新增 14 個新客戶標誌（logos）以及超過 50 筆回購訂單。支撐我們持續強勁成長的是不斷的創新，包括新的加速型、特定應用的仿真（emulation）系統，其中有 2 款在本季上市。

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 仿真系統讓客戶能在設計週期更早進行功耗分析，大幅降低與功耗相關的風險。此外，就在上週，我們推出 ZeBu EP1，這是業界首款超高速 10 兆赫（10-megahertz）仿真系統。它鎖定 5G、GPU、AI 與汽車的高效能運算，可處理高達 20 億閘（2 billion gates）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.

我們也出貨了最新一代的原型驗證 HAPS-100。憑藉最快的效能與無可匹敵的企業級擴展性，它可加速軟體開發、系統驗證與確認。NVIDIA 與 Furiosa 等客戶已經在其最具挑戰性的專案中仰賴 HAPS-100。

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.

接著談 IP，該業務在技術領先與強勁市場動能帶動下，再次實現優異的營收成長。第二季，我們擴大了在高效能運算市場的優勢。我們收購了 MorethanIP 及其 400G、800G 乙太網路控制器。結合我們既有的 112G 乙太網路 PHY，我們如今可為高效能資料中心應用提供完整的乙太網路解決方案。

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.

在下一代 PCI Express 介面方面持續領先之際，我們交付了業界第一個完整的 PCI Express 6.0 IP 解決方案。面對龐大的頻寬需求，我們看到來自領先客戶的強勁市場牽引。除了我先前提到的 EDA 採用之外，我們也宣布與 ARM 展開策略合作，緊密對齊產品路線圖，並為 Arm Neoverse 平台加入特定功能，以強化我們的介面 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.

在高效能運算、車用與 AI 等垂直領域的帶動下，我們的介面與基礎 IP 也在先進的 5 奈米 FinFET 製程上獲得廣泛的產業採用。超過 20 家領先的半導體公司使用我們的 5 奈米 IP，並在多個專案上一次投片即成功，證明我們產品組合的強健性與可靠性。

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，為了因應前述車用的安全與資安需求，我們推出了全新的 DesignWare 硬體安全模組（Hardware Secure Module）以及 ARC 安全與資安處理器 IP 解決方案，並整合功能安全特性。

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.

接下來我想談談我們近期推出的兩項令人振奮且具顛覆性的技術。第一項是 DSO.ai，我們屢獲獎項、以 AI 驅動的設計系統，正切中全新成長時代的根本：極其複雜的晶片。DSO.ai 會在龐大的設計空間中自主搜尋在效能、功耗與面積方面的最佳解。它透過非常先進的機器學習來完成這件事。這不僅大幅加速人類設計團隊的時程，也讓他們能推進技術邊界，達成更佳的解決方案。

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.

過去兩個季度的改善與成果非常驚人。其中一個例子是一家極具影響力的美國大型公司，回報了我稱之為「生產力世界紀錄」的成果。在一款先進製程晶片上，一位工程師使用 DSO.ai 在數週內完成了通常需要整個團隊花數月才能完成的工作。另一家全球領導者近期也強調，設計師生產力前所未有地提升 3 倍，且比原定時程提前數週達成時序規格。這類成果正推動顯著的採用。例如，瑞薩（Renesas）目前在其先進車用晶片設計環境中使用 DSO.ai。

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.

另一項創新推進是我們的矽生命週期管理平台（Silicon Life Cycle Management Platform），簡稱 SLM。這套端到端解決方案可在晶片設計、製造、測試以及部署到現場的各階段進行監測、分析與最佳化。SLM 運用我們長期累積的獨特專業，讓客戶能掌握晶片全生命週期的效能、可靠性、安全與資安議題。我們正與多家採用 5 奈米與 3 奈米的客戶積極合作，這些客戶希望利用測試期間蒐集的資料，透過 SLM 來最佳化其設計流程。

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，超大規模業者（hyperscalers）在垂直市場的拉動，是重要採用的強勁驅動力。第二季有 10 家新客戶採用了多項 SLM 能力。其中數家在採用我們產品組合中的某一項元素後，已開始擴大到平台的其他面向。敬請期待我們持續推出新能力。

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.

接著談軟體完整性（Software Integrity），該業務又交出一個非常穩健的季度表現，朝達成其 2021 財務目標並加速成長邁進。各地區營收皆高於計畫，反映訂單動能強勁。我們看到在市場進入策略與執行方面所做的調整帶來良好成效。第二季我們新增了 100 個新客戶標誌（logos），留存率也超過目標。

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.

服務業務表現尤其強勁，並正推動「全面服務加產品」的合作案。一個很好的例子是：我們與一家大型運輸公司拿下重要的數百萬美元新案，該客戶以 Synopsys 取代既有供應商產品，因為我們提供端到端的價值。

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.

我們也推出通路夥伴計畫，以擴大觸及目前未透過直銷涵蓋的地理區域與垂直領域。其效益已相當明顯。例如，我們在南美完成一筆數百萬美元的新採用案，而在 6 個月前我們在當地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，我們為 Polaris 平台交付了一項重大強化：智慧協同編排（Intelligent Orchestration）。這是一組在 Polaris 內運行、可與客戶 DevOps 管線並行的流程。智慧協同編排會依各公司特定的流程規範進行溝通並自動化資安測試，且設計上更容易、更有效率地整合進其開發管線。此領域的機會非常龐大，我們也對團隊持續取得的穩健進展感到鼓舞。

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.

總結來說，我們交出卓越的第二季表現，並上調 2021 會計年度展望。我們所處市場強勁，反映客戶在關鍵晶片與系統設計上的廣泛投資，且對安全與資安的需求日益提升。當我們展望今年 40 億美元營收里程碑之後，我們看到在矽與軟體交會處的新時代，將把「智慧萬物（Smart Everything）」帶到所有垂直市場領域。我們也看到技術挑戰需要多個複雜領域之間的合作與團隊協作，而這些正是我們的強項。我們也看到 Synopsys 正處於這個願景的核心，作為設備完善的催化劑，推動客戶與合作夥伴的成功。

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，我想肯定我們全球團隊在過去 1.5 年面對動盪與不確定性仍能適應並取得成功的努力。感謝各位的團結與辛勤付出。

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

接下來，我把時間交給 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.

謝謝你，Aart。各位下午好。在我們再度報告一個卓越的季度之際，讓我呼應 Aart 對團隊的感謝，不僅因為大家的投入，也因為大家始終如一地專注於創新，以驅動我們未來令人振奮的機會。

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.

在我們把目標鎖定在下一階段的財務企圖之際，我們正處於非常有利的位置。除了近 90% 經常性收入的穩固基礎、多元且持續成長的客戶基礎，以及市場與技術領導地位之外，我們優異的執行紀錄在第二季仍持續展現。我們對展望愈發有信心，並上調本年度的營收、非 GAAP 盈利、非 GAAP 營業利益率與現金流指引。

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

接著說明我們第二季的業績。除非另有說明，所有比較皆為年對年。

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.

我們的總營收為 10.24 億美元，年增 19%，且高於我們的目標區間，主要由各產品群與各地區的全面性強勁表現所帶動。半導體與系統設計（Semiconductor & System Design）事業部營收為 9.30 億美元，其中 EDA、軟體與硬體以及 IP 均呈現強勁成長。軟體完整性（Software Integrity）事業部營收為 9,400 萬美元。我們在本季度看到的正向訂單動能顯示，我們對業務所做的調整正在發揮效果。我們正按計畫達成 2021 年訂單成長 15% 至 20% 的預期，並在第四季以雙位數營收成長作為年度收官。長期而言，我們正走在良好軌道上，將營收成長加速回到 15% 至 20% 的區間。

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%.

接著談費用。GAAP 總成本與費用為 8.30 億美元。非 GAAP 總成本與費用為 7.07 億美元，使非 GAAP 營業利益率達 31%。我們正按計畫在本年度再次實現營業利益率擴張，並上調指引區間的下緣。半導體與系統設計事業部的調整後營業利益率為 33%，軟體完整性事業部的利益率為 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 每股盈餘為 1.24 美元，非 GAAP 每股盈餘為 1.70 美元，遠高於我們的目標區間。

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.

接著談現金。我們創下 5.26 億美元的營運現金流新高。我們完成了 1.45 億美元的股票回購，使全年總額達到 3.98 億美元。本季末我們的現金餘額為 14.6 億美元，總負債為 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.

接著是財測。2021 會計年度，營收預估為 40.35 億至 40.85 億美元，上調 3,500 萬美元，代表雙位數成長；GAAP 總成本與費用介於 32.41 億至 32.86 億美元；非 GAAP 總成本與費用介於 28.35 億至 28.65 億美元；非 GAAP 營業利益率為 29.5% 至 30%；其他收入與費用介於負 500 萬至負 900 萬美元；非 GAAP 正常化稅率為 16%；GAAP 每股盈餘為 4.55 至 4.72 美元；非 GAAP 每股盈餘為 6.38 至 6.45 美元，代表約中十位數成長；營運活動現金流為 12.5 億至 13 億美元；資本支出約 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.

第三季目標為：營收介於 10.3 億至 10.6 億美元；GAAP 總成本與費用介於 8.07 億至 8.25 億美元；非 GAAP 總成本與費用介於 7.07 億至 7.17 億美元；GAAP 每股盈餘為 1.30 至 1.41 美元；非 GAAP 每股盈餘為 1.75 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.

我們的過往表現反映了我們打算如何管理業務，以超越「40 法則」（Rule of 40）。基於充滿活力的市場機會、我們強大的產品組合以及卓越的執行力，我們看到有機會加速營收成長，並將非 GAAP 營業利益率擴大至 30% 以上。我們的長期財務目標是在未來幾年以「45 法則」（Rule of 45）為管理準則；待長期規劃流程完成後，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.

總結來說，我們交出強勁的營收與非 GAAP 盈餘成長，以及創紀錄的營運現金流。我們的強勢表現遍及各產品群與各地區，因此我們上調了全年財測。同時，我們持續開發並推出具變革性的創新，協助客戶推動其目標，並讓我們在未來多年保持良好定位。

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

接下來我把時間交給接線員，進入問答。

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

（接線員指示）我們的第一個問題來自摩根大通（JPMorgan）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?

很好。Aart，第一題想請教你。你提到依垂直領域進行晶片差異化，對公司而言是一個不錯的順風。我想了解的是，我們如何把這些差異化的效益——抱歉，不是「擴大」——而是如何「對上」這些差異化效益與這樣一個事實：一些較新的進入者往往會增加 IP 的使用？所以我想請教，若差異化看起來會導向更多客製化設計，這對那些「設計一次、多人使用」的 IP 模組意味著什麼？

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。這件事有兩種看法：從垂直產業的角度，或從純半導體公司的角度。從垂直產業來看，人們首先要做的選擇是：他們要不要自己設計晶片，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.

以超大規模業者（hyperscalers）為例，還有部分（不是全部）汽車公司，超大規模業者顯然正在做越來越多的自研晶片設計。汽車業者則是有些在嘗試，或是看他們的一些供應商，也就是一級供應商（Tier 1）。在所有情況下，他們都在做更多晶片設計。這對我們來說是好消息。而且你說得完全正確，這些設計有很大一部分是透過大量 IP 重複使用來完成的，你也看到我們的 IP 業務表現強勁。

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.

如果你站在另一邊、以半導體供應商的角度來看，你會把這些客戶——每一個——都視為機會：採用某種核心架構，然後思考「我如何以我的架構做出不同的衍生版本，讓它們特別適合不同的次市場，並且本質上重複使用部分 IP，或再加入一些對該垂直領域必要的 IP？」因此我認為毫無疑問，我們將看到更多不同類型的晶片與更多設計。在所有情況下，IP 的使用量都會持續成長。

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。了解。很有幫助。接著，Trac，快速追問一下。現金流表現很棒，但比我們預期大很多。有沒有什麼是被提前拉進來的，例如——有沒有任何交易提前認列，或是收款提前？

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.

沒有，完全沒有。之所以表現良好，是因為業務相當健康，而且我們顯然正在產生非常強勁的營業利益率。另一點要記住的是，過去幾年第二季通常會是我們收款最多的季度，原因在於續約的分布，以及我們在第一季末開立發票的情況。但這是兩者的組合。現在的業務確實非常健康。

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

接下來我們要請 D.A. Davidson 的 Tom Diffely 提問。

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，第一題想請教你。你們上調財測，而且幅度相當大。這主要是因為時間推進、對在手訂單（backlog）更有把握？還是你們在本季確實看到業務趨勢加速？

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.

Tom，針對你的問題，有幾件事同時在發生。第一，我們已經走過半年了，對吧？在我們完成簽單之後，所能掌握的能見度確實會改善展望。如 Aart 所描述，整體市場健康，而我們也在其中執行得很好。所以有多種不同因素。

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.

至於在手訂單——我會把在手訂單的增加解讀為業務是否健康的指標。本季在手訂單增加，主要是因為我們原本就規劃的續約。但整體而言，我們本季簽下的業務呈現非常好的經常性收入（run rate）成長。該業務的成長讓我們對全年展望非常強勁，也對全年更有信心。

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，很好。接著，Aart，想問一個較宏觀的問題。當我們進入像現在這樣有晶片短缺的市場時，這些短缺對設計活動的影響是什麼？不論是正面或負面。

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。有些人會拿現有晶片，然後決定做一些修改，好讓他們能從另一家供應商取得更多產能。大家其實很不喜歡這麼做，因為工作量很大，且沒有直接效益；唯一的好處是如果你能出貨給客戶，那就很好。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.

因此我不認為那會成為特別強的驅動因素。不過我認為，短缺不應只被解讀為市場在 COVID 期間某種程度上「沉睡」，而現在顯然正在追趕的反應。汽車業是最好的例子，因為那裡犯的錯是他們停止下單。過去他們非常強勢，只要需要什麼，大家都會立刻配合。現在則是完全沒有多餘產能了。而之所以沒有產能，是因為所有產能都被龐大的需求所占用，就這麼簡單。

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.

這也是為什麼我試著稍微區分一下：一方面是某種僅僅源自這段歷史性的 1.5 年波動所帶來的暫時性需求；另一方面，我認為有更深遠的事情正在發生，也就是半導體影響各個垂直領域的全新時代。我預期這會持續下去。順帶一提，你可以看到很多很多地方（包括各國）都已決定大幅提升產能。這些增加需要幾年時間才會真正產生影響，但它們確實說明了我們這個領域正在前進的方向。

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

很好。再快速釐清一下。你是說你們在印度幾乎沒有受到影響，關於你們的……？

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，我們和其他所有人一樣，正在面對一個非常嚴峻的人道情勢。我們已經有一段時間能夠重新平衡員工的工作安排，因此截至目前為止，我們在出貨任何產品或提供任何支援方面，都沒有出現任何重大的影響或延遲。但我預期在接下來幾個月，從人道角度來看，印度仍會是我們關注的重點，我們也會對團隊提供大量支援。

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 的提問。

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?

很好。我想先從這裡開始。像 DSO.ai、SLM 這些新技術，在最近幾個季度被更頻繁地提及。是否有方法可以描述，或許拿你們過去的產品來比較，說明這些新技術所帶來的影響？這只是 Synopsys 的自然演進嗎？還是有什麼不同之處？也許特別與產業採用 AI 有關，但這些技術是否有什麼不同，使得其後續的影響可能更為重大？

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.

這其實是個非常、非常有趣的問題。讓我先從 SLM 談起，因為 SLM 有趣之處在於「生命週期」這個詞。因為如果你只看一顆晶片，然後說把它放進手機或放進汽車，我們都知道哪一個的生命週期更長。因此——而在汽車的情境下，當然還包含安全性這個面向。

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.

因此，突然之間，把感測器與診斷系統放進晶片內的能力——順帶一提，這個系統會透過 AI 訓練，讓晶片能自我診斷，例如「嗯，我感覺不太好，你最好開始把車停下來」——將會具有非常高的價值。也許更能立即落地的例子是在雲端資料中心，人們以最高速度運行運算，他們想知道某一組處理器是否即將故障，以便在故障發生前就先更換。基本上，就是預防性維護。

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.

因此從這個角度看，SLM 很有意思，因為我們在非常早期就會接觸到這些晶片，甚至早到涉及使用什麼類型的電晶體——也就是非常細微的物理層面；但同時，我們也與我剛才描述的那些垂直領域中的大型公司，進行非常有意義的互動。

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.

至於 DSO.ai，我認為它是突破性技術。而要拿 30 多年前我們做的事情來比較，總是很困難。但在綜合（Synthesis）的早期，有些類似之處：它把一組人類需要執行的工作自動化，因為當時的複雜度已經超越人類所能負荷。結果幾乎是一夕之間，我們就能在更短的時間內做出比人類更好的電路，而且速度更快、面積更小。

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.

現在我們談的是整個晶片的區塊，是非常大型的設計，包含非常非常多不同的限制條件。而我們能把原本需要人們花好幾個月的工作，實際縮短到短短幾週、用更少的人力，並且在最近幾個季度甚至得到更好的結果，這聽起來確實非常相似。但對我而言，這本質上是 30 年後、複雜度高出許多個數量級的版本。我認為這也非常契合當下這個時刻：半導體產業將希望為所有這些垂直領域做出更多晶片。

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.

因此我們有時會說，這是用 AI 的第一線來設計 AI 晶片，而這正是它的本質。這很令人興奮。我們才剛開始，但其影響已經在經濟層面被使用者感受到。

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。這些補充很有意思。第二個問題是：在本會計年度各季度的節奏安排上，有沒有什麼地方與你們原先預期略有不同？我想到的例子包括：中國又是一個非常強勁的季度；你偶爾會聽到可能把未來的部分業務提前拉進來。再者，從今年的毛利率指引看起來，其季度分布似乎顯示第四季有一些額外成本增量，也許只是與招募相關。所以我想問的是，在時間點或季度節奏上，有沒有什麼不同之處？

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.

Joe，我是 Trac。整體而言，各季度的分布與我們規劃的非常接近。考量到去年下半年比重很高，我其實對今年的分布非常滿意。你提到的大多數項目，例如營收，今年相當線性。至於毛利率的走勢，主要是因為全年持續招募所致。但相較於我們年初的計畫，我們對目前的進展相當滿意。

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

（接線員指示）接下來我們將轉到 Wells Fargo Securities 的 Gary Mobley 的提問。

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.

恭喜本會計年度上半年表現強勁。我看到中國再次大幅成長，我想請教——我想請教你個人的看法，Aart，也希望你能補充一些觀點：美中之間不斷變化的地緣政治動態，似乎越來越受到半導體端廣泛供應短缺的影響，以及重新聚焦將晶片生產回流到美國本土。

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.

我也理解你們並不是那麼直接對應到晶片產能擴張。但我認為許多被提出的措施、法案等等，也聚焦在擴大研發投資。因此我想知道，你們是否開始在授權業務上看到任何影響，或是從長遠來看，對你們而言可能會有哪些變化？

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.

嗯，第一個評論是：當市場強勁時，通常對每個人都會強勁。甚至政治人物不僅知道晶片是什麼，可能還看過晶片，這當然令人鼓舞。各國希望投入更多資金，因為他們認為在策略上，必須貼近「萬物智慧化」與 AI 的下一個時代，我認為這些對我們都非常正面。因此，儘管不同國家之間可能會有誰做什麼的緊張關係，但競賽已經開始，而供應短缺的情況也因為其中一些緊張而更加凸顯。

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.

但我認為最有趣的是，大家逐漸更廣泛地理解到：下一波對人類產品影響等等，與「大數據與 AI 的交會」這個概念高度相關，也就是智慧化的結果。很有意思的是，現在甚至把電子產業稱為一個國家的基礎建設。這些用語都令人振奮，因為我確實相信，雖然它絕非解決所有人類問題的萬靈丹，但它有巨大的力量去推動所有垂直領域的演進。

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.

因此，我並不意外關注度提高。但就目前而言，人們想在研發或製造產能上投入更多，對半導體而言都是好消息。

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?

感謝你的說明，Aart。Trac，你提到積壓訂單（backlog）較前一季增加。我知道你們還沒提交你們的 Q（季報），但具體來說，本季度末的剩餘履約義務（remaining performance obligations）是多少？以及與此相關，你是否預期營收成長與積壓訂單會大致同步趨勢？或者你預期隨時間推移，會有更高比例的營收來自像仿真（Emulation）之類的短週期（turns）業務？

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.

我們做了一項變更——或者你看到在 FY '19 一開始，由於 606 轉換而導致 turns 組合出現變化。我會說大致上，業務一直相對穩定，而那個百分比可能會隨季度而變動，取決於他們的硬體 IP 交付情況。但我認為我們目前處在相當不錯且穩定的水準。積壓訂單在增加，我們應該會在下週提交我們的 Q，所以你應該能看到實際金額。不過我想我們會揭露大約是 48 億美元或高於 48 億美元。

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

接下來，我們將轉到 Berenberg 的 Gal Munda 的提問。

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?

第一個問題是，當我看你們上半年（H1）整體的表現時，如你所說，這其實與去年完全相反；去年是非常、非常偏後段認列。所以這是很好的復甦。但再看你們對 Q3 的指引，非常穩健。我在想，當你看今年剩下的時間，而且你現在的能見度相當不錯，尤其是對 Q3 而言，是否可以說——特別是如果一些硬體訂單或其他事項進來——你們的指引在這個階段仍然算是相當保守？還是你認為這大致上公平反映了你們所看到的情況？

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。我們為 Q3 和 Q4 提出的季度輪廓，主要反映的是 IP 與硬體的收入認列輪廓。其實我們對下半年有非常好的能見度，這也是為什麼我們上調了全年指引。此時請記住，在新的收入規則下，你會看到季度之間會有一些波動，取決於硬體 IP 何時交付。除此之外，下半年的輪廓沒有任何不尋常之處。而且實際上，業務表現真的非常好。

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.

對。是的，這很合理。對，這也是我在想的。第二個問題是，你們再次談到今年在新指引下隱含的雙位數成長。去年我們也幾乎在那個水準。

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?

我們該如何看待 Synopsys 現在是否已經是一家可有效持續維持雙位數成長的公司？尤其是如果我在想，Software Integrity 的成長可能加速並開始帶來額外貢獻——也許帶來幾個基點（bps）的成長？就中期規劃而言，這樣的輪廓是你們所滿意的嗎？

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.

我想對於未來的數字不要講得太具體，必須保持謹慎。但整體而言，你在今年與去年的結果中所看到的，正是為什麼我們對未來感到非常樂觀，也正是為什麼我們傳達了我們有信心能把業務推向「45 法則（Rule of 45）」。而這將透過非常強勁的營收成長與利潤率擴張的組合來實現。

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.

所以你也稍微提到了：你們看到業務有非常好的加速。當 Software Integrity 拉升並回到我們認為它有能力達到的營運水準時，這應該會對整體組合有所幫助。但請記住，它只占業務的 10%。整體成長率也反映了我們在 EDA 與 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.

對，不，這就是我在想的，對吧？它是 10%。如果它成長快 5 到 10 個百分點，顯然是很好的貢獻。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 的提問。

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，我想就 EDA 與你們市場的演進問兩個相關問題。今晚你提到 EDA 的新時代。我們也聽你和業界其他人談過類似的說法一段時間了，例如矽晶復興等等。問題是，這如何影響你們的業務輪廓，特別是就服務而言？也就是說，當你進入這個新時代時，是否會傾向增加你必須提供的服務與 AE 支援，以涵蓋或支援這個新時代？如果是，因為必須提供額外更高程度的支援，對毛利率可能有什麼影響？

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?

另外，關於你們談了其實已經 2、3 年的下一代晶片、你所說的特定領域（domain-specific）晶片，在設計流程中，這對授權使用量意味著什麼？如果我們把你們的模式視為一種消耗型模式（consumption model），就像模擬常見的那樣，你認為每個設計、每次 run（執行）——不管你想怎麼衡量——其消耗或使用強度必然會上升嗎？

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.

我想你的問題把我們所稱的「系統性複雜度（systemic complexity）」的所有面向串在一起。也就是說，當然，晶片持續變得更複雜、更大、電晶體更多。但這我們早就經歷過了。而且順帶一提，這還會持續一段時間。

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?

讓系統性複雜度變得有趣的是，你會看到多個參與者彼此交會。突然之間，有些坐擁垂直領域的公司非常想知道晶片實際會如何運作，因為例如他們會自己寫軟體。反過來，提供晶片的人也非常關心：這家汽車製造商到底想在上面跑什麼軟體？那必須非常快，這樣我才能調整晶片架構來配合。

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.

而我們的角色有趣地被擴大了，因為我們正坐在這一切的交會點。你可能還記得，多年前在我們的標誌下，我們真的寫了「silicon to software」。嗯，那在當時基本上就是這個願景的總結：存在一條連續體，最終把晶片的力量帶給終端使用者——而他們其實對晶片本身沒什麼興趣，除非他們需要晶片來取得智慧化的成果。

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.

因此當你進入那個領域時，與其說支援在增加，不如說出現了新的服務機會：因為一開始有不少新玩家可能對這些領域不那麼熟悉，但他們非常了解自己的機會空間，而協助他們把這些連結起來，是我們將持續成長的機會。我們也一定能把它管理好，使其（包括搭配工具）獲利能力會非常合理，甚至很好。

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.

你問題的第二部分，與此直接相關，是「特定領域」這個概念。如果我舉一個大家都理解、但仍在起步階段的例子，就是汽車。你也知道，多年前汽車產業開始思考自動駕駛這個概念，或者至少在一開始是防禦性駕駛。晶片製造商很快就發現，這可能是一個長期且巨大的機會，只是汽車業者也有一些規範，例如安全規範，而且他們已經有很長、很長的時間了。

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.

有些規範很簡單，有些正變得非常複雜。那這到底意味著什麼？嗯，對 Synopsys 這樣的公司而言，意味著我們在 IP 端與工具端都有一整套投入，去內建所謂的 FuSa（Functional Safety，功能安全）。這部分一方面是汽車業者所要求的，另一方面也會隨著複雜度提升而在實務中同步發展。

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.

因此，這些對我們而言是很棒的機會，因為我們的 IP 組合——我們在功能安全上的投資應該已經有 5 或 6 年了。這是非常龐大的投入，但現在我們擁有了它，就形成很大的差異化。所以我認為我們的角色會非常像是在這些我們都理解的不同派別之間居中促成的催化劑。而我也認為，會有越來越多的垂直領域突然以高速加入，競賽已經開始。

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

接下來，我們將請瑞士信貸（Credit Suisse）的 John Pitzer 提問。

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?

恭喜你們交出穩健的成績。Trac，這個問題稍早有人問過，但也許我可以用比較不那麼政治正確的方式來問。我的意思是，儘管你們本季超預期並上調展望，但這一季的全年指引也讓我們對第四季有一些線索。相對於這個全年指引，你們似乎在內含一個相當——相當明顯的放緩，即使不是在營收端，也是在 EPS 上。這只是一般的保守作法嗎？還是你們真的想傳達一些由下而上的因素，讓今年 Q4 比過去幾年可能更疲弱一些？

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，完全不是。我們——我們完全沒有看到業務有任何放緩。事實上，正好相反。我們對業務動能感到非常好，而這也反映在全年指引之中。

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.

我們一向提醒大家，季度之間的走勢會隨著營收的分布而變動。從營收角度來看，我其實非常、非常滿意今年的線性程度，以及我們能在上半年就簽下（booked）一半——幾乎一半的業務。因此這是一個很好的分布，能見度也非常高。

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.

我們在下半年持續加速招募，因此你會看到費用曲線上升。但在下半年擴大招募的同時，我們也會留意其軌跡，以及這對我們長期持續推動利潤率擴張能力的意涵。所以我們對此非常謹慎。

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.

但不，這個分布沒有任何不尋常之處。我也不會把它形容為放緩。我認為目前在看年對年比較時，請記得去年是異常地偏向下半年（back-end loaded）。因此會扭曲比較，特別是在下半年。

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。接著，Aart，我想回到先前一個關於半導體生產區域化或在地化的問題。這對設備生態系顯然是利多。但我想更了解它對 EDA 生態系意味著什麼。

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?

當既有晶圓代工廠在不同地區之間移轉時，在 EDA 上是否會出現某種重複或冗餘的支出，這是第一個問題。第二個問題是，外面有一家大型業者正試圖從單純的 IDM 重新崛起成為晶圓代工業務。當他們嘗試這麼做時，從概念上 EDA 支出會如何趨勢變化？

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。我們稍微談到製造，是因為我們有一些工具是專門在「矽工程（silicon engineering）」這個主題下設計，用來協助最佳化電路與晶片的製造效率與良率。但你說得完全正確：大多數純粹擴充產能的投資，對我們的直接影響不大；除非有人想要進入這個產業，例如要成為晶圓代工廠，或是要切入他們過去未涉足的特定市場區隔。在那種情況下，我們的工具確實非常重要，能幫助他們達成目標。

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.

不過一般而言，當出貨量增加時，設計數量也會隨之增加。因此，就目前而言，純粹矽技術的進步以及設計數量的增加其實都非常正面。而且更多人想投入製造，也代表更多人會投入該領域的研發投資。所以就目前來看，一切都是正向的。

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，如果我可以再問一題。這一輪半導體循環有個相當獨特之處，就是成熟製程（trailing）產能目前非常吃緊。我想請教的是，你們是否看到任何跡象顯示：由於短期供給吃緊，客戶在成熟製程上的設計活動正在升溫，並試圖重新思考以比過去更快的速度往更小節點——新的線寬——遷移？或者你怎麼看未來幾年成熟製程市場的 TAM（總可服務市場）？

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.

這是個很棒的問題，因為有些成熟製程的製造設備，隨著大家想盡辦法取得產能，其價格已經上漲了。不過另一個觀察是，不同的晶圓代工廠也會聚焦在不同類型的節點。有些主要聚焦最先進節點；有些則偏向中間地帶；而真正更老的成熟節點，通常受限於 200 毫米晶圓的產能規模。

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.

有趣的是，在那些也許不是最最先進、但比如說落後 3、4 年的節點上，我們一些較新的工具其實也能帶來很大影響，因為用於較舊節點的新工具，仍然意味著能在這些舊節點上做出更好的設計。因此從效率角度來看，等於讓它們獲得某種「第二生命」。而且如你所說，如果人們能在那些已經非常成熟、良率很高的節點上做得很好，成本方程式就非常有吸引力。舉例來說，我們最先進的工具之一 Fusion Compiler，就在一些客戶那裡以非常令人欣喜的方式回到較舊節點上使用。

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

接下來，我們將請 KeyBanc Capital Markets 的 Jason Celino 提問。

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?

很好。Aart、Trac，看起來模擬（Emulation）與原型驗證（Prototyping）的需求環境整體都相當不錯。但過去我們看到有些客戶會傾向採用最新、最強的產品。第一，現在仍然是這樣嗎？第二，如果仍然如此，ZeBu EP1 的新改良相較於市場上其他公告，表現如何？

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。很明顯地，模擬與原型驗證在某些工作環節中的價值與重要性正在提升，特別是對我們而言，這與硬體與軟體交會處的任務相關。毫無疑問，這會是一個持續成長的領域。我們在先前的對話也提到，某些垂直領域有其專長需求。有趣的是，原型驗證這類能力在汽車領域就非常受重視，例如他們在車子甚至還未完全成形之前很多很多年，就開始進行軟體開發。因此，能夠加速這一切非常重要。

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.

在此之下，永遠都有同樣的需求：讓它更快、讓它更快。這正是模擬與原型驗證的核心。但同時也包括：提供更大的容量；以及是否有某些任務希望加速，例如「如果我用這種方式寫軟體，耗電會是多少？如果我換一種寫法，能不能做得更好？」這些都是專門的問題，而我們現在愈來愈多地透過模擬與原型驗證來回答。

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.

此外，我們在機器內部採用的是市面上可取得的最先進晶片。因此，這種針對特定應用進行專門化與最佳化的能力，結果證明極具價值，而我們在這方面表現非常、非常好。

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

接下來，我們將請美銀證券（Bank of America Securities）的 Vivek Arya 提問。

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?

我也有兩個問題。第一個同樣是關於業務成長。Aart，你提到在汽車等垂直領域的互動正在明顯改善、回升。但當我看你們全年約 10% 的成長展望時，這大致與上一財年的成長相同。所以我的問題比較偏概念性：當半導體設計變得更複雜時，為什麼你們的銷售沒有加速？

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?

而且當我看隱含的第四季銷售額時，基本上是年對年持平。所以即使我忽略季度之間的能見度——或波動性——全年銷售額的成長幅度也大約和去年同一水準。為什麼你們沒有看到銷售成長加速？

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.

嗯，加速往往會在訂單透過多年期、按期（ratable）的收入認列逐步反映出來之後才出現，這是一點。另一點其實是，就在現在，我認為我們剛把對你們的預測——或者我應該說指引——在年底前上調了，而且我們非常有信心一切都在正軌上。所以我們還得看看最終會落在什麼位置。

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，我們的目標是從個位數成長提升到更高。我們目前這個時間點還沒有調整指引，我們會在進入明年時再做。不過，你應該從我們所說的一切帶走的訊息是：就目前而言，我們覺得我們有很大的機會實現非常好的成長。

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——我是 Trac。我真的想提醒你不要只看第四季，好嗎？因為記得去年第四季因為硬體和 IP 在第四季的排程而異常地高。所以第四季的那個比較——第四季的比較並不是衡量業務動能的好指標。

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.

了解。下一個問題是我很好奇，你們對所有 AI 新創公司的曝險程度有多高？你們是否看到新創數量出現任何合理化或洗牌？因為，對吧，在之前的電話會議上，Aart 你提到系統公司自己也在做不少 AI 工作，尤其是超大規模雲端業者（hyperscalers）。然後還有像 NVIDIA 等大型既有業者。

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?

你認為在半導體留在市場的成本這麼高的情況下，產業真的負擔得起這麼多小型玩家來搶這個市場嗎？所以基本問題是——你們對這些 AI 新創正在做的所有工作，曝險大概是什麼樣子？你們是否看到其中有任何合理化？

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.

嗯，我們對非常非常多的 AI 公司都有極其廣泛的曝險。是的，確實可能——稍微誇張地說——每一家都在設計史上最強的 AI 晶片。一方面你可以說，嗯，這些會隨時間整併。另一方面你也可以說，不，這正是你在一個前景非常高、處於產品或技術開發早期階段時會看到的行為。毫無疑問，一些較成功的 AI 公司已經被更大的公司收購。而且你看，兩年後，你又會看到有人——同一批人——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.

所以我認為我們正處於一個極其活躍的發明、開發、尋找終端市場的階段。然後隨著時間推移，我們也會看到 AI 本身會越來越針對各個垂直領域專業化。所以是的，在某個時間點會出現整併。但即便發生整併，設計者的數量仍然——當然不會下降。而且我們其實在這種活動非常多的階段表現得非常好。

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

接下來我們的最後一個問題，將來自 UBS 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.

我有幾個問題。第一個關於中國。把中國理解為在下半年大約貢獻你們 12% 到 13% 的營收，這樣想對嗎？還是你們看到下半年有任何放緩？我的意思是比較基期可能會變得更難，但我只是想釐清投資人應該如何看待中國。之後我還有一個追問。

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，我是 Trac。中國對我們來說持續表現得非常好。而且——雖然我們把中國作為單獨國家揭露，但我們不會按國家提供指引或評論各國的展望。

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。那我的追問是，我想，關於 45 法則（Rule of 45），今年你們會非常接近 40。而你們的半導體業務利潤率也已經——我的意思是這一季是 33%。在 45%——或 45 法則這種框架下，我們應該如何看待半導體業務利潤率的可持續性，不只是下半年，還包括更長期？

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。我試著這樣解釋。整體而言，我們確實看到在整個業務範圍內提升利潤率的機會。對我們來說，要推進到 45 法則，確實需要每個人都做出貢獻。並且請記住，半導體業務占整體組合的 90%。所以這會有所貢獻。

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.

但我會回到一點：一切從成長開始。我們之所以對在業務各領域推升利潤率的能力感到樂觀，是因為我們看到業務有非常強勁的成長。這將幫助我們有效取得更多營運槓桿，進而推升利潤率。

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.

如果我可以補充一下。從根本上說，我們把目標設定在 40 法則（Rule of 40）。顯然我們已經非常接近達成。我們甚至私下跟你們提過 45 法則，而那顯然是因為那是下一步。我們——我認為我們在紀律上做得相當好，確保如 Trac 所說，我們在提升營運利潤率的同時聚焦成長。而這兩者是相互支持的。所以如果你要從這次財報發布中帶走一件事，那就是我認為我們正按照自己的計畫穩步推進，而且過去幾年我們對你們溝通的一切，我們都在執行。

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.

我想這表示會議結束了。無論如何，非常感謝各位今天的參與。我們也希望你和你的家人都能平安，因為希望世界正走向快速接種疫苗。保重。