新思科技 (SNPS) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Synopsys Earnings Conference Call for the first 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，歡迎參加 Synopsys 2021 會計年度第一季財報電話會議。（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，我們將宣布本次會議剩餘時間。提醒各位，今天的電話會議將被錄音。

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

此時，我想將會議交給投資人關係副總裁 Lisa Ewbank。請開始。

Thank you, Laurie. 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，Laurie。各位下午好。今天與我們一同出席的有 Synopsys 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，Synopsys 將討論有關公司及其財務結果的預測、目標及其他前瞻性陳述。雖然這些陳述代表我們截至今日對未來結果與表現所做的最佳當前判斷，但我們的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有重大差異。除我們在會議中可能提及的任何風險外，可能影響我們未來結果的重要因素亦載於我們最新的 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. In addition, the prepared remarks will be posted on the site at the conclusion of the call.

此外，我們在討論中將引用非 GAAP 財務衡量指標。與其最直接可比的 GAAP 財務衡量指標之調節表，以及補充財務資訊，可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。上述所有資料，加上最新的投資人簡報，均可於我們的網站 synopsys.com 取得。此外，準備好的講稿將於電話會議結束後公布於網站上。

Finally, we are again all participating from different locations today. Please forgive any delays, technology glitches or awkward handoffs in the Q&A session that occur as a result. Thank you very much for that.

最後，今天我們再次分別在不同地點參與。若在問答環節中因而出現任何延遲、技術故障或交接不順，敬請見諒。非常感謝各位的體諒。

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

接下來，我將把電話會議交給 Aart de Geus。

Good afternoon. Q1 was a very good start to the year, as we met or exceeded all of our guidance targets. Revenue was $970 million, with GAAP earnings per share of $1.03 and non-GAAP earnings above our target range at $1.52. Business was strong across all geographies and product groups. And for the year, we are reaffirming our guidance with low to mid-teens non-GAAP EPS growth, revenues surpassing the $4 billion milestone, non-GAAP operating margin of 29% to 30% and more than $1 billion in operating cash flow.

各位下午好。第一季是非常好的開端，我們達成或超越了所有指引目標。營收為 9.70 億美元，GAAP 每股盈餘為 1.03 美元，非 GAAP 每股盈餘為 1.52 美元，高於我們的目標區間。各地區與各產品群的業務表現皆強勁。就全年而言，我們重申指引：非 GAAP EPS 低至中十位數成長、營收突破 40 億美元里程碑、非 GAAP 營業利益率 29% 至 30%，以及超過 10 億美元的營業現金流。

Meanwhile, our markets are strong. Wherever one looks, be it at AI and machine learning, hyperscale-enabled cloud computing, 5G, next-generation automotive, massively connected IoT or software-enhanced medical devices, all require more chips and software. Chips to store and move huge amounts of IoT data through the cloud, chips for massive general compute and AI-driven smarts in every vertical end market, still more chips to tie these huge hardware-software systems seamlessly together and make them both secure and safe, and the escalating need for evermore secure software whether embedded on an electronic system or in the enterprise software space.

同時，我們所處的市場非常強勁。無論是 AI 與機器學習、超大規模（hyperscale）驅動的雲端運算、5G、下一代汽車、海量連結的 IoT，或是軟體強化的醫療裝置，都需要更多晶片與軟體。需要晶片來儲存並透過雲端搬移大量 IoT 資料；需要晶片提供大規模通用運算與 AI 驅動的智慧以支援各垂直終端市場；還需要更多晶片將這些龐大的硬體—軟體系統無縫整合，並使其兼具資安與安全性；此外，無論是嵌入於電子系統或企業軟體領域，對更安全軟體的需求也持續升高。

This is the center of gravity for Synopsys with our product portfolio that not only excels in advanced system-on-chip design but reaches down into the critical foundation of silicon manufacturing and up to the intensifying needs of smart software, we are uniquely positioned at the heart of this opportunity space. It's quite rewarding to see the adoption and business momentum of the innovations we've introduced over the past several years and the enthusiasm around our further expansions into brand-new domains through our next wave of technology disruptions.

這正是 Synopsys 的重心所在：我們的產品組合不僅在先進系統單晶片（SoC）設計方面表現卓越，還向下延伸至矽製造的關鍵基礎，並向上滿足智慧軟體日益加劇的需求，使我們得以在此機會領域的核心占據獨特位置。看到我們過去幾年推出的創新獲得採用並帶動業務動能，以及市場對我們透過下一波技術顛覆進一步擴展至全新領域的熱情，令人相當振奮。

Let me share some highlights, beginning with EDA. Our groundbreaking Fusion Design Platform continues to drive proliferation and competitive displacements, supporting strong revenue growth. This includes major expansions and evaluations at historical competitor strongholds. Customers clearly recognize our leadership at the most advanced nodes now down to 5- and 3-nanometer. Our Fusion Compiler product, specifically, delivers superior performance, power and area results. With numerous competitive wins and wide deployments with influential, high-impact semi and systems companies around the world, we see growing business momentum.

我分享一些重點，先從 EDA 開始。我們具突破性的 Fusion Design Platform 持續推動普及與競爭性替換，支撐強勁的營收成長，其中包括在歷史上競爭對手的強勢領域出現重大擴張與評估。客戶清楚認知我們在最先進製程節點（目前已下探至 5 奈米與 3 奈米）的領導地位。尤其是我們的 Fusion Compiler 產品，在效能、功耗與面積（PPA）方面提供更優異的成果。憑藉眾多競爭性勝出，以及在全球具影響力、高衝擊力的半導體與系統公司中廣泛部署，我們看到業務動能持續增強。

Integral to our sustainable differentiation is native integration of our golden signoff products, which guarantees the most accurate and timely results. Our deep collaboration with foundries ensures that our mutual customers can access the most advanced technologies with well-honed design flows. This quarter, for example, we announced the collaboration with Samsung Foundry to deliver the fastest design closure and signoff for 5 and 3 nanometers. We continue to also see good growth and momentum in Custom. We, again, added several new Custom Compiler customers, including 2 in the wireless communications segment, also further inroads with memory companies who are adopting our complete end-to-end custom solution.

我們可持續差異化的關鍵之一，是將我們的黃金級（golden）簽核（signoff）產品進行原生整合，以確保最精準且最即時的結果。我們與晶圓代工廠的深度合作，確保共同客戶能以成熟的設計流程取得最先進技術。例如，本季我們宣布與 Samsung Foundry 合作，為 5 奈米與 3 奈米提供最快速的設計收斂（design closure）與簽核。我們也持續看到 Custom 業務良好的成長與動能。本季我們再次新增多家 Custom Compiler 客戶，其中包括無線通訊領域的 2 家客戶，並且在記憶體公司方面取得更多進展，這些公司正採用我們完整的端到端客製化解決方案。

A never-ending challenge in today's complex designs is verification, not only of the chips, but also the intersection of the chips with the software that runs on top of them. Our Verification Continuum platform is uniquely powerful in the sweet spot of modern design and is driving strong growth. Adoptions are expanding rapidly at influential customers, ranging from leading hyperscalers to automotive to the most sophisticated global semis and systems companies. For example, AWS, which utilizes our verification software to accelerate the development of data center chips and automotive supplier automotive for its autonomous driving applications.

在當今複雜設計中，驗證是一項永無止境的挑戰，不僅要驗證晶片本身，還要驗證晶片與其上層運行軟體之間的交互。我們的 Verification Continuum 平台在現代設計的關鍵甜蜜點上具備獨特強大優勢，並帶動強勁成長。採用情況在具影響力的客戶中快速擴大，涵蓋領先的超大規模業者、汽車領域，以及全球最先進的半導體與系統公司。例如，AWS 使用我們的驗證軟體來加速資料中心晶片的開發；以及汽車供應商將其用於自動駕駛應用。

Strong demand continues for our market-leading hardware solutions. Just this quarter, we added 10 new customers and had 45 repeat orders. The power of our comprehensive design plus verification solution is evident in full portfolio adoptions. This quarter, it included a global design services leader who adopted both Fusion and Verification platforms for highly complex designs, replacing their legacy tools.

我們市場領先的硬體解決方案需求持續強勁。僅在本季，我們新增了 10 家新客戶，並獲得 45 筆重複訂單。我們全面性的設計加驗證解決方案之威力，從全產品組合的採用即可見一斑。本季其中包括一家全球設計服務領導廠商，為高度複雜的設計同時採用 Fusion 與 Verification 平台，並取代其既有工具。

Now to IP, where we again delivered a strong double-digit revenue growth. Outsourcing of sophisticated IP blocks continues unabated. Our track record of innovation reliability in advanced node leadership have led to our #1 position in interface, embedded memory and foundry-specific IP. We provide the broadest portfolio by far, accelerating time-to-market and reducing risk for our customers. This quarter, we continued to show strong momentum across multiple applications and products.

接著談 IP，我們再次實現強勁的雙位數營收成長。對高階 IP 模組的外包需求持續不減。我們在先進製程節點領導地位上的創新與可靠性紀錄，使我們在介面、嵌入式記憶體與特定代工廠（foundry-specific）IP 方面位居第一。我們提供迄今最廣泛的產品組合，協助客戶加速上市時程並降低風險。本季，我們在多項應用與產品上持續展現強勁動能。

In high-performance compute, which is one of the most dynamic segments today, our comprehensive IP portfolio has driven more than 450 wins in 7-nanometer and over 100 in 5-nanometer. We achieved silicon proof of our 112-gigabit Ethernet PHY on 5-nanometer, driving the leading-edge in this key product area.

在高效能運算（HPC）這一當前最具活力的細分市場之一，我們全面性的 IP 產品組合已在 7 奈米取得超過 450 項勝出（wins），並在 5 奈米取得超過 100 項勝出。我們在 5 奈米上完成 112G 乙太網路 PHY 的矽驗證（silicon proof），推動此關鍵產品領域的最先進發展。

With the tremendous growth in Internet traffic, security is a big concern in protecting the data transfer in hyperscale cloud centers. This quarter, we launched the industry's first security IP modules for PCI Express 5.0 and CXL communication interfaces. We have already secured the first design win with a growing pipeline. Building on our lead in advanced technology, we released the first phases of our 3-nanometer foundation IP offerings.

隨著網際網路流量大幅成長，在超大規模雲端中心保護資料傳輸的安全性成為重大關切。本季，我們推出業界首款針對 PCI Express 5.0 與 CXL 通訊介面的安全 IP 模組。我們已取得首個設計導入（design win），且管線持續擴大。在先進技術領先優勢的基礎上，我們也發布了 3 奈米基礎 IP（foundation IP）產品的第一階段。

Building on our innovation and momentum in EDA and IP, we have invested in unique and breakthrough solutions to next-generation challenges that our customers face. We do this in close collaboration with ecosystem partners through a combination of R&D and technology acquisitions. While we have a number of these in our innovation pipeline, let me highlight 3 that we recently announced: one, 3D multi-die design; two, AI-driven design flows; and three, silicon life cycle management.

在 EDA 與 IP 的創新與動能基礎上，我們投入獨特且具突破性的解決方案，以應對客戶面臨的下一代挑戰。我們透過研發與技術併購的組合，並與生態系夥伴緊密合作來推進。雖然我們的創新管線中有多項計畫，我想特別強調近期宣布的 3 項：第一，3D 多晶粒（multi-die）設計；第二，AI 驅動的設計流程；第三，矽生命週期管理（silicon life cycle management）。

Starting with 3D multi-die design. Think of it as combining and stacking multiple die together, not on a board, but on a specialized large chip. This leads to extremely tight configurations with much higher data speed and bandwidth than with a traditional board and packages approach. Our new 3DIC Compiler product enables the design and analysis of these complex 3D systems, taking full advantage of our technical breadth by leveraging both Fusion Compiler and our signoff tools.

先從 3D 多晶粒設計開始。可以把它想像成將多個晶粒組合並堆疊在一起，但不是在電路板上，而是在一顆特殊的大型晶片上。相較於傳統的電路板與封裝方式，這能形成極為緊密的配置，並帶來更高的資料速度與頻寬。我們全新的 3DIC Compiler 產品可支援這些複雜 3D 系統的設計與分析，並透過同時運用 Fusion Compiler 與我們的簽核工具，充分發揮我們廣泛的技術優勢。

Early momentum is building rapidly with expanding evaluations and adoptions. Designers are seeing the performance and capacity benefits of a single environment and are beginning to move away from older mix-and-match solutions. For example, 3DIC Compiler helped a large Asian semiconductor company complete a highly advanced test chip in record time, saving weeks of design time. With this, we also combined our high-bandwidth memory and die-to-die IP that enables interconnecting these complex systems.

早期動能正隨著評估與採用的擴大而快速累積。設計人員看到了單一環境在效能與容量上的優勢，並開始從較舊的混搭式解決方案轉移。例如，3DIC Compiler 協助一家大型亞洲半導體公司以創紀錄的時間完成一顆高度先進的測試晶片，節省了數週的設計時間。同時，我們也整合了高頻寬記憶體與 die-to-die IP，以支援這些複雜系統之間的互連。

Moving next to AI-driven design. We have a breakthrough and already award-winning new solution, DSO.ai. DSO stands for design space optimization. While maximizing the contribution of engineering teams, DSO.ai leverages machine learning techniques and computation to explore the design space for still better solutions in terms of chip performance, power and area. This autonomous search substantially accelerates the work of the human design team. Indeed, in Q1, customers using DSO.ai reported remarkable productivity improvements, consistently realizing better results in a fraction of the time and effort typically required. On top of that, multiple production tapeouts have recently been completed. Our customers are already heralding DSO.ai as an anchor product and are beginning to deploy it across their organizations.

接下來談到 AI 驅動的設計。我們推出一項突破性且已獲獎的新解決方案 DSO.ai。DSO 代表設計空間最佳化（design space optimization）。在最大化工程團隊貢獻的同時，DSO.ai 運用機器學習技術與運算能力，探索設計空間，以在晶片效能、功耗與面積方面找到更佳解決方案。這種自主搜尋大幅加速了人類設計團隊的工作。事實上，在第一季，使用 DSO.ai 的客戶回報生產力顯著提升，能在通常所需時間與投入的一小部分內，持續達成更好的結果。此外，近期也已完成多次量產 tapeout。我們的客戶已將 DSO.ai 視為核心產品，並開始在其組織內全面部署。

Finally, Silicon Lifecycle Management, a new platform to monitor, analyze and optimize chips as they are designed, manufactured, tested and deployed in the field. Synopsys is uniquely well equipped to provide a comprehensive solution through our long-standing expertise in design, manufacturing and IP. We add sensors, monitors and data analytics on chip to provide insights to test yield and reliability management tools. This gives smart visibility into critical performance, reliability, safety and security issues for chip's entire lifespan.

最後是矽生命週期管理（Silicon Lifecycle Management），這是一個新平台，用於在晶片設計、製造、測試以及部署到現場使用的全過程中進行監測、分析與最佳化。Synopsys 憑藉我們在設計、製造與 IP 方面長期累積的專業能力，具備提供完整解決方案的獨特優勢。我們在晶片上加入感測器、監測器與資料分析能力，為測試良率與可靠度管理工具提供洞察。這讓我們能對晶片整個生命週期中的關鍵效能、可靠度、安全與資安議題提供智慧可視性。

In Q1, we expanded our capabilities with the acquisition of Moortec, which provides leading-edge process, voltage and temperature sensors. Initial interest and activity are strong and expanding. We're in talks with a number of leading IDM and fabless customers. We're also engaged with major cloud service providers to deploy aspects of our solution into their platforms. These new innovation areas create not only new business growth opportunities, they also leverage strong cross-disciplinary expertise in Synopsys from design to manufacturing to IP.

在第一季，我們透過收購 Moortec 擴充了能力；Moortec 提供領先製程的製程、電壓與溫度感測器。初期的市場興趣與活動強勁且持續擴大。我們正與多家領先的 IDM 與無晶圓廠（fabless）客戶洽談。我們也與主要雲端服務供應商合作，將我們解決方案的部分功能部署到其平台中。這些新的創新領域不僅創造新的業務成長機會，也運用 Synopsys 從設計、製造到 IP 的跨領域深厚專業。

Now to Software Integrity, testing software code for security vulnerabilities and quality issues. We delivered a solid beginning to the year and are on track towards meeting our fiscal '21 goals to reaccelerate growth. As I mentioned in December, we have implemented several important enhancements, all showing encouraging progress. First, evolving our go-to-market strategy and customer success organization, including tuning our sales coverage and building an indirect channel program. Second, bolstering our strategic consulting capabilities to better serve growing market needs. And third, evolving our product road map to capitalize on the latest security trend.

接著談軟體完整性（Software Integrity），也就是針對軟體程式碼進行安全漏洞與品質問題的測試。我們在年初交出穩健的開局，並正按計畫達成 2021 會計年度的目標，以重新加速成長。如我在 12 月提到的，我們已實施數項重要強化措施，且都展現令人鼓舞的進展。第一，調整我們的市場進入（go-to-market）策略與客戶成功組織，包括優化銷售覆蓋並建立間接通路計畫。第二，強化我們的策略顧問能力，以更好地滿足成長中的市場需求。第三，演進我們的產品路線圖，以掌握最新的資安趨勢。

These improvements are beginning to show in our results. All geographies delivered at or above plan. We have numerous multimillion-dollar new agreements and sizable expansions with customers ranging from industrials and aerospace to electronics and financial services. The trend towards adoption of multiple products continues. Customer interest in a consulting-led approach to software security is growing. Recent publicized security breaches only underscore that need. Our expanded team is ramping up, and we see very good long-term opportunity. In addition, industry analysts continue to recognize the quality and breadth of our portfolio. Synopsys was again named a leader in the Forrester Wave for static application security testing.

這些改善已開始反映在我們的成果上。所有地區的表現皆達到或超過計畫。我們簽下多筆數百萬美元的新合約，並與涵蓋工業、航太、電子與金融服務等領域的客戶達成可觀的擴張。採用多項產品的趨勢仍在延續。客戶對以顧問主導的軟體安全方法之興趣正在升溫。近期公開報導的資安事件更凸顯此一需求。我們擴編的團隊正在加速到位，我們也看見非常好的長期機會。此外，產業分析師持續肯定我們產品組合的品質與廣度。Synopsys 再次在 Forrester Wave 靜態應用程式安全測試（SAST）評比中被評為領導者。

To summarize, Q1 was a very good start to the year. We delivered strong financial results and are reaffirming our outlook for fiscal '21. Our markets are healthy as customer investment in critical chip and system designs as well as immense amounts of software remains very strong. Our differentiated portfolio of solutions, including exciting innovations in brand-new areas of technology disruption is generating high demand and strong growth.

總結來說，第一季是非常好的年度開局。我們交出強勁的財務成果，並重申 2021 會計年度的展望。我們的市場維持健康，因為客戶對關鍵晶片與系統設計的投資，以及對龐大量軟體的投入仍然非常強勁。我們具差異化的解決方案組合，包括在全新技術顛覆領域中的令人振奮創新，正帶動高度需求與強勁成長。

Lastly, keep an eye out for our second annual corporate social responsibility report to be published in the next few weeks. We're proud of the progress we've made in the areas of environmental stewardship, social solidarity and corporate governance. We look forward to sharing with you our metrics and future objectives.

最後，請留意我們第二份年度企業社會責任報告，將於未來幾週內發布。我們為在環境管理、社會凝聚與公司治理等方面所取得的進展感到自豪。我們期待與各位分享我們的衡量指標與未來目標。

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

接下來我把時間交給 Trac。

Thanks, Aart. Good afternoon, everyone. We delivered a very strong start to the year and continue to execute well on our short- and long-term targets. We grew revenue broadly across all product groups and geographies. We reported non-GAAP earnings above our target range and continue to expand non-GAAP operating margin. We produced another quarter of robust collections, leading to a very strong cash flow, and we announced a $250 million repurchase in the quarter. Our strong start, market leadership and the resiliency of our business model with nearly 90% recurring revenue gives us the confidence to reiterate our 2021 financial targets.

謝謝你，Aart。各位下午好。我們在年初交出非常強勁的開局，並持續在短期與長期目標上執行良好。我們在所有產品群與各地區都實現廣泛的營收成長。我們的非 GAAP 盈利高於目標區間，且持續擴大非 GAAP 營業利益率。我們又一季創造強勁的收款表現，帶動非常強的現金流，同時我們在本季宣布了 2.5 億美元的庫藏股回購。我們的強勁開局、市場領導地位，以及近 90% 經常性收入所帶來的商業模式韌性，使我們有信心重申 2021 年的財務目標。

I'll now review our first quarter results. All comparisons are year-over-year unless otherwise stated.

我現在回顧第一季的業績。除非另有說明，以下比較皆為年對年。

We grew total revenue to $970 million, up 16% as design activity generally and demand for our products in particular remain high. The quarter also reflected the timing of some product shipments shifting forward into Q1. Semiconductor & System Design segment revenue was $878 million, with both EDA and IP performing well. Software Integrity segment revenue was $92 million, a solid start towards our full year objectives.

我們的總營收成長至 9.70 億美元，年增 16%，因為整體設計活動以及對我們產品的需求仍維持高檔。本季也反映部分產品出貨時點提前至第一季。半導體與系統設計（Semiconductor & System Design）部門營收為 8.78 億美元，EDA 與 IP 表現皆佳。軟體完整性（Software Integrity）部門營收為 9,200 萬美元，為達成全年目標奠定穩健開端。

Moving on to expenses. Total GAAP costs and expenses were $822 million. Total non-GAAP costs and expenses were $684 million, resulting in a non-GAAP operating margin of 29.6%. Adjusted operating margin for Semiconductor & System Design was 31.8%, as Software Integrity was 8.6%. Finally, GAAP earnings per share were $1.03, and non-GAAP earnings per share were $1.52.

接著看費用。GAAP 總成本與費用為 8.22 億美元。非 GAAP 總成本與費用為 6.84 億美元，使非 GAAP 營業利益率達 29.6%。半導體與系統設計的調整後營業利益率為 31.8%，軟體完整性為 8.6%。最後，GAAP 每股盈餘為 1.03 美元，非 GAAP 每股盈餘為 1.52 美元。

Turning to cash. We generated $174 million in operating cash flow, our highest first quarter operating cash flow to date, driven by strong collections and a couple of large customer payments that came in early. We initiated a $250 million stock repurchase, consistent with our commitment to increasing buybacks this year. We ended the quarter with a cash balance of $1.02 billion and total debt of $123 million.

再看現金。我們創造 1.74 億美元的營運現金流，為迄今最高的第一季營運現金流，主要受惠於強勁收款，以及有幾筆大型客戶款項提前入帳。我們啟動 2.5 億美元的股票回購，符合我們今年提高回購規模的承諾。本季結束時，現金餘額為 10.2 億美元，總負債為 1.23 億美元。

I'll now provide our guidance. We are reiterating a very solid outlook growth and profitability for the year. Revenue of $4 billion to $4.05 billion; total GAAP costs and expenses between $3.234 billion and $3.279 billion; total non-GAAP cost and expenses between $2.825 billion and $2.855 billion, a non-GAAP operating margin of 29% to 30%; Other income and expenses between minus $11 million and minus $7 million; non-GAAP normalized tax rate of 16%; GAAP earnings of $4.29 to $4.45 per share; non-GAAP earnings of $6.23 to $6.30 per share; cash flow from operations of $1.2 to $1.3 billion, and capital expenditures of approximately $100 million.

我現在提供我們的財測指引。我們重申今年在成長與獲利能力方面非常穩健的展望：營收 40.0 億至 40.5 億美元；GAAP 總成本與費用 32.34 億至 32.79 億美元；非 GAAP 總成本與費用 28.25 億至 28.55 億美元，非 GAAP 營業利益率 29% 至 30%；其他收入與費用為負 1,100 萬至負 700 萬美元；非 GAAP 正常化稅率 16%；GAAP 每股盈餘 4.29 至 4.45 美元；非 GAAP 每股盈餘 6.23 至 6.30 美元；營運現金流 12 億至 13 億美元；資本支出約 1 億美元。

Now to the targets for the second quarter. Revenue between $970 million and $1 billion, total GAAP costs and expenses between $801 million and $819 million, total non-GAAP costs and expenses between $697 million and $707 million, GAAP earnings of $0.93 and to $1.02 per share and non-GAAP earnings of $1.50 to $1.55 per share.

接著是第二季目標：營收 9.70 億至 10.0 億美元；GAAP 總成本與費用 8.01 億至 8.19 億美元；非 GAAP 總成本與費用 6.97 億至 7.07 億美元；GAAP 每股盈餘 0.93 至 1.02 美元；非 GAAP 每股盈餘 1.50 至 1.55 美元。

As we announced in December, we are raising our long-term financial objective to manage to a Rule of 45 model over the next several years. We'll achieve this through a combination of solid revenue growth and non-GAAP operating margin expansion further beyond 30%. Reiterating a strong outlook for the year and executing to our plan is an important step towards that objective. At the same time, we continue to work through our long-term planning process, and we'll provide additional details, as we have in the past, once that process is complete.

如同我們在 12 月宣布的，我們將長期財務目標上調，未來數年將以「45 法則（Rule of 45）」模型作為管理目標。我們將透過穩健的營收成長與非 GAAP 營業利益率進一步擴張至 30% 以上的組合來達成。重申今年強勁展望並依計畫執行，是邁向該目標的重要一步。同時，我們仍在推進長期規劃流程；一旦流程完成，我們將如同以往提供更多細節。

In conclusion, we delivered a very good start to the year. We drove double-digit revenue and earnings growth and generated strong cash flow. Our ongoing focus on managing the business for sustainable long-term growth has served us well. While steadily expanding profitability, we continue to invest in the critical next-generation technologies driving our customers' momentum. And we've prudently managed the strong cash flow we've generated through a balance of value-enhancing M&A and substantial buybacks.

總結而言，我們在年初交出非常好的開局。我們推動營收與獲利的雙位數成長，並創造強勁現金流。我們持續聚焦以可持續的長期成長來經營業務，已證明成效良好。在穩步提升獲利能力的同時，我們持續投資於推動客戶動能的關鍵下一代技術。我們也審慎管理所創造的強勁現金流，在提升價值的併購（M&A）與大規模回購之間取得平衡。

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

接下來我把時間交給接線員進行提問。

(Operator Instructions) And our first question is from the line of Mitch Steves with RBC Capital Markets.

（接線員指示）我們的第一個問題來自 RBC Capital Markets 的 Mitch Steves。

So, obviously, a good quarter here. I just had a couple of questions. The first one is actually just on the guidance. I've got a model that goes back pretty far and I realize you guys haven't missed a quarter in something like a decade. But I guess, historically, when you guys beat the first quarter and guide up the second quarter, you usually take out the full year at lease by the magnitude of the beat. So I guess why is that not occurring this time?

所以，很明顯這是一個不錯的季度。我有幾個問題。第一個其實是關於財測指引。我有一個回溯很久的模型，我也知道你們大概有十年左右沒有錯過任何一季。但我想，從歷史上看，當你們第一季超預期、並且把第二季指引上調時，通常會至少把全年指引上調，幅度至少等同於超預期的幅度。所以我想問，為什麼這次沒有發生？

And then secondly, just in terms of the Software Integrity business, can you maybe provide us an update on kind of how you expect the margins to trend? I realize that last year is probably a difficult year in terms of getting new business, but how should that kind of trend through the year? So those are my 2 questions.

其次，就軟體完整性（Software Integrity）業務而言，您能否就您預期毛利率走勢提供一些更新？我知道去年在取得新業務方面可能是比較困難的一年，但今年整體應該會如何隨著時間推移？以上是我的兩個問題。

Okay. Mitch, this is Trac. Let me take the first question with regards to the guidance for this full year. We definitely feel very good about the outlook for the year, especially in light of the strong quarter that we just posted in Q1. Now that said, it's still early in the year, and there's still a lot of business to book. And our focus is making sure that we execute in the guidance for Q2 and ensuring that we are on track to deliver very good growth and earnings -- good growth and earnings growth for the full year. We've got a strong Q2 ahead of us, and we'll focus on that, and we'll provide more color on the year when we report in May.

好的。Mitch，我是 Trac。我先回答關於本財年全年指引的第一個問題。我們對今年的展望確實感到非常樂觀，尤其是考量到我們剛在第一季（Q1）繳出的強勁表現。不過話說回來，現在仍是年初，還有很多業務需要簽下來。我們的重點是確保第二季（Q2）能依照指引執行，並確保我們有望在全年交出非常好的成長與獲利——良好的成長與獲利成長。我們第二季的展望也很強，我們會專注在那上面，並在五月公布財報時提供更多關於全年走勢的細節。

Regarding SIG, the good news is I think that we've made a number of changes where we are starting to see some of the positives. And for this year, our main objective was not so much to change the margins but to come back to growth rates that we can be more proud of. And so that is trending in the right direction. It's just the first quarter, so it's a little early, but we're very encouraged. And I'm also very encouraged because I can see and feel a change of tone in the team. I can see some very strong people have joined. And so all of that is heading in the right direction. But as said, growth is our first objective because invariably, once growth does well, margin is much more manageable.

關於 SIG，好消息是我認為我們做了多項調整，開始看到一些正面成效。今年我們的主要目標與其說是改變毛利率，不如說是回到我們更引以為傲的成長率水準。因此目前的趨勢正朝正確方向發展。這才第一季，所以還稍早，但我們非常受到鼓舞。我也很受鼓舞，因為我能看到並感受到團隊氛圍的改變；我看到一些非常優秀的人才加入。因此整體都在往正確方向前進。但如同所說，成長是我們的第一目標，因為通常一旦成長表現良好，毛利率就更容易管理。

Yes, I would add to Aart's comment that it is a good start to the year. And as we resume growth in that business, over the long term, certainly, it's going to -- the leverage on that business is both a combination of some very strong growth and margin expansion that should contribute to the overall margin story as well.

是的，我想補充 Aart 的評論，這確實是今年一個好的開始。隨著我們在該業務恢復成長，從長期來看，該業務的槓桿效應將同時來自非常強勁的成長與毛利率擴張，這也應該會對整體毛利率敘事有所貢獻。

(Operator Instructions) We'll go next to the line of Jason Celino with KeyBanc.

（接線員指示）接下來我們請 KeyBanc 的 Jason Celino 提問。

Maybe for my first one for Trac. You mentioned a little bit of pull forward in the quarter, very solid beat, but maybe could you just quantify maybe what the amount and what products?

我第一個問題想問 Trac。您提到本季有一些拉貨（pull forward），表現大幅優於預期；您能否量化一下大概是多少，以及是哪些產品？

Jason, it's mostly on the hardware side. We saw hardware was a little bit better than expected for the quarter. And then with regards to IP, we had some IP deals that were scheduled in Q3 that we saw in Q1. That was an element of the quarter. But for most part, the results in Q1 were -- was a function of really good execution across the board, and you can see that in the mix of how we did geographically and also by the different products.

Jason，主要是在硬體端。我們看到本季硬體表現比預期稍好。至於 IP，我們有一些原本排在第三季（Q3）的 IP 交易在第一季（Q1）就發生了，這是本季的一個因素。但就大部分而言，第一季的結果——主要是因為我們在各方面的執行都非常到位；你也可以從我們在各地區以及不同產品線的表現組合中看出來。

Okay. And then for my follow-up, it looks like you've broken out China and it accelerated meaningfully in Q1 even from the whole year of last year. And even with limited data here, it seems to be kind of confirming your confidence that China wasn't pulling. But I'm curious what specifically about Q1 versus maybe what you saw all of last year?

好的。那我的追問是，看起來你們把中國單獨拆出來，而且第一季的成長明顯加速，甚至比去年全年還要強。即使目前資料有限，似乎也在印證你們對「中國並沒有拉貨」的信心。但我想了解，第一季相較於你們去年整年看到的情況，具體差異是什麼？

Well, in simple terms, China is growing well as a high-tech country. And so there are many customers that are all doing more and more chips, that are doing more sophisticated chips and that rely on our tools to get there. And so we see this essentially as a growing economy that will continue to do well for a number of years.

簡單來說，中國作為高科技國家，成長表現良好。因此有許多客戶都在做越來越多的晶片、做更複雜的晶片，並且仰賴我們的工具來達成這些目標。所以我們基本上把這視為一個持續成長的經濟體，未來幾年都會維持良好表現。

(Operator Instructions) Our next question will be from the line of Jackson Ader with JPMorgan.

（接線員指示）下一個問題來自 JPMorgan 的 Jackson Ader。

Aart, you mentioned that the kind of recent breaches, specifically with SolarWinds, has increased the awareness or the demand on consulting-led Software Integrity deals. But just curious, on the product side, either from Tinfoil or the Black Duck products, are these also seeing an increased demand? And is there anything that those products do specifically that might help this type of attack in the future?

Aart，您提到近期的資安事件，特別是 SolarWinds，提升了市場對以顧問主導的 Software Integrity 專案的認知或需求。但我想問在產品端，無論是 Tinfoil 或 Black Duck 產品，是否也看到需求增加？以及這些產品是否有任何特定功能，能在未來協助防範這類攻擊？

Well, our business tends to be not so much in the diagnostic of issues and more in the prevention of them. Now some of the products that you mentioned are sort of on the boundary of that. And to be honest, I don't know if these had any bump-up.

嗯，我們的業務重點通常不在於診斷問題，而更在於預防問題。你提到的某些產品算是介於兩者邊界。老實說，我不確定這些產品是否有出現任何需求提升。

In general, I would say that these type of breaches initially go through almost like a panic phase where people just want to find out, have they been breached and so on. That is not the business that we are in. Then they go into the longer-term considerations, which is how do they make their environment much more solid. And that is precisely where our Software Integrity Group is focused on. And more often than not, this is why sophisticated consulting is a value because there are so many different product offerings in the world and plotting a strategy that over the long term makes the development of environments stronger actually requires some sophistication. And so that is why we're trying to staff up further in those areas because we do see that it has impact.

整體而言，我會說這類資安事件一開始通常會進入某種「恐慌期」，大家只想先確認自己是否已遭入侵等等。那不是我們所處的業務領域。接著他們會進入較長期的思考，也就是如何讓他們的環境更穩固；而這正是我們 Software Integrity Group 的重點。多數情況下，這也是為什麼高階顧問服務有其價值：因為市場上有太多不同的產品方案，要規劃一個能在長期強化開發環境的策略，其實需要相當程度的專業與成熟度。因此我們也在這些領域進一步擴編，因為我們確實看到它帶來影響。

Okay. Great. And then just a quick follow-up. Given the supply chain disruptions that we see in the automotive market, can -- Trac, can you just remind us how much of your maybe IP revenue is booked on royalties or product shipments? And should we expect to see any kind of headwinds from the automotive slowdown?

好的。那再快速追問一下。考量到汽車市場的供應鏈中斷，Trac，您能否提醒我們，你們的 IP 營收中有多少是以權利金（royalties）或產品出貨來認列？而汽車市場放緩是否會帶來任何逆風？

Well, I'll start with the second part of the question. So far, we haven't seen a change in the momentum of the IP business. There's -- the IP business is pretty diversified. Obviously, automotive is a good segment and a good element of growth for that business. But so far, we're not seeing any impact in terms of the momentum that we've experienced over the last several years.

我先回答問題的第二部分。到目前為止，我們尚未看到 IP 業務動能有任何改變。IP 業務相當多元化。顯然汽車是一個不錯的區隔，也是該業務成長的一個重要元素。但截至目前，我們沒有看到對過去幾年所經歷的動能造成任何影響。

With regards to the upfront mix, that's more a function of the fact that we switched over to 606 in 2019. And so you're going to see a little bit more upfront in the business, which will create more variability, but that's something that I think we've got some good experience over the last couple of years managing. So I don't see that as an issue.

至於前收（upfront）的組合，這更多是因為我們在 2019 年改採 ASC 606。因此你會看到業務中前收比例稍微提高，這會帶來更大的波動性，但我認為我們在過去幾年已累積了不錯的管理經驗，所以我不認為這會是問題。

With regards to royalty, I don't have those numbers specifically in mind, but it tends to be a smaller portion of the overall revenue.

至於權利金，我腦中沒有具體數字，但它通常只占整體營收中較小的一部分。

Our next question will be from the line of Joe Vruwink with Baird.

下一個問題來自 Baird 的 Joe Vruwink。

I wanted to start, I was hoping to maybe get an update on where backlog has finished the quarter. And relatedly, in recent quarters, you've been making some comments to suggest order trends being in line or better than your expectations. Just wondering if we could maybe get an update on how new business track relative to your thinking at the start of the quarter.

我想先從積壓訂單（backlog）開始，想請你們更新一下本季結束時的 backlog 水位。另外，近幾季你們也提到接單趨勢大致符合或優於你們的預期。想請問新業務相對於你們在季初的想法，進展如何？

Joe, we backlog for the quarter ended at around $4.6 billion. And the bookings trend for the quarter was pretty much as planned. We did well in the quarter. Keep in mind that this -- the backlog and the bookings will vary from quarter-to-quarter depending on the large deals that are expected to be in that quarter. So it will vary. And what we typically emphasize more is looking at the quality of the deals that we closed in the quarter and whether or not run rate -- what the trend on run rate was, and that was definitely higher this quarter.

Joe，本季結束時的 backlog 約為 46 億美元。本季的接單（bookings）趨勢基本上符合計畫。我們本季表現不錯。請記得，backlog 與 bookings 會因為預期在該季簽下的大型交易而在各季之間波動，所以會有變化。我們通常更強調的是本季成交案子的品質，以及 run rate 的趨勢；而本季的 run rate 趨勢確實更高。

Okay. That's helpful. And then Aart, going back to the new product discussion between 3DIC Compiler, DSO.ai and then SLM. Just wondering, over a mid-term framework, which of these things do you think has the potential to be more material to Synopsys performance? When you throw out DSO.ai becoming an anchor product for customers, are you demonstrating the type of PCA where that, if we think a few years down the road, this is going to be a flagship like some of your other flagships? Or would you maybe point me towards one of the other products in your discussion as being more influential to Synopsys revenues in the midterm?

好的，這很有幫助。接著 Aart，回到你提到的新產品討論，包括 3DIC Compiler、DSO.ai 以及 SLM。我想問在中期的框架下，你認為哪一項最有可能對 Synopsys 的表現帶來更實質的影響？當你提到 DSO.ai 可能成為客戶的錨定（anchor）產品時，你是否在展示那種 PCA 的類型——也就是如果我們把時間拉到幾年後，它會像你們其他旗艦產品一樣成為旗艦？或者你會指向你討論中的其他產品，認為它們在中期對 Synopsys 營收的影響更大？

Well, of course, every team at Synopsys has its own preferred one, meaning the one they're working on. But you're certainly very correct to say that DSO is of high potential because DSO really applies to some of our other flagships. And in the case of design automation, it uses Fusion Compiler and a number of the tools that go with it. And so therein lies its power because if you can amend the human with machine learning-driven enhancements and acceleration, that it's very similar to what we literally did 30 years ago when we came into the market with automatic synthesis where the human did a lot of work and the synthesis became essentially a power tool for them. And so I expect that we will see impact of that already this year and certainly, next year.

嗯，當然，Synopsys 的每個團隊都有自己偏好的那一個，也就是他們正在投入的那一個。不過你說 DSO 具有很高的潛力，確實非常正確，因為 DSO 其實也適用於我們其他一些旗艦產品。而在設計自動化的情境下，它會使用 Fusion Compiler 以及一系列配套工具。因此它的威力就在於：如果你能用機器學習驅動的增強與加速來強化人類的能力，這就非常類似於我們 30 年前進入市場時所做的事——當時推出自動化綜合（automatic synthesis），原本人類需要做大量工作，而綜合工具基本上成為他們的強力工具。所以我預期我們今年就會看到其影響，當然明年也會更明顯。

If we look at 3DIC, that will be a little bit more gradual but is very fundamental because as you well know, a lot of people had predicted the death of Moore's Law. And by the way, it's far from dead, but it has slowed down. And what is so interesting, in my opinion, with 3DIC is that, that is another way to adding substantial complexity where instead of doing it all on 1 chip, you can do multiple complex chips and connect them very closely together. So over time, this will grow in importance.

如果我們看 3DIC，進展會稍微更循序漸進一些，但它非常根本，因為如你所知，很多人曾預測摩爾定律的終結。順帶一提，它遠遠還沒死，但確實放緩了。而我認為 3DIC 很有意思的一點是，這是另一種增加大量複雜度的方法：你不必把所有東西都做在一顆晶片上，而是可以做多顆複雜晶片，並把它們非常緊密地互連在一起。因此隨著時間推移，它的重要性會提升。

And then Silicon Lifecycle Management is particularly interesting because the word life cycle is in there. And that would tend to say, well, the utilization will be over a longer time frame, but the interest turns out to be extremely high already now because people see that if we could put a variety of data sources and intelligence inside of the chip for self-diagnosis, that's going to be rapidly more and more important for all the places where chips are used on applications that could engage our human life. And of course, the car comes up as the first example for that, but robotics and a number of other areas will have the same.

接著，Silicon Lifecycle Management 特別有趣，因為它包含「生命週期」這個詞。這通常會讓人覺得它的使用會在更長的時間範圍內展開，但實際上現在市場的興趣已經非常高，因為大家看到：如果我們能在晶片內部放入多種資料來源與智慧能力，用於自我診斷，那麼在所有晶片被用於可能關乎人類生命的應用場景中，這會快速變得愈來愈重要。當然，汽車是第一個會被提到的例子，但機器人以及其他許多領域也會同樣如此。

And so what from our perspective is exciting about this, these are also very much organic innovations maybe amended with some small acquisitions. And it bodes well for sort of the speed in which we are creating new value, and that's an additional reason to emphasize it to you.

因此，從我們的角度來看，令人興奮的是：這些也多半是有機的創新，可能再搭配一些小型併購。這對於我們創造新價值的速度是個好兆頭，也因此我們要特別向各位強調。

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

下一個問題來自 Wells Fargo Securities 的 Gary Mobley。

I wanted to ask kind of a, I guess, an intangible-type question to Aart, and maybe you have a good answer, maybe you don't. But one of the things that we've been hearing from fabless chip companies as they're struggling to get access to adequate manufacturing capacity, in particular, leading-edge process nodes, is that there really seems to be less of a hurry to develop the latest and greatest sub-5-nanometer chip? And so my question to you is, have you seen any slowdown or any feedback from customers indicative of perhaps a slower pace of design innovation in light of the capacity constraints the chip industry is seeing?

我想問 Aart 一個比較偏無形面的問題，也許你有很好的答案，也許沒有。不過我們從無晶圓（fabless）晶片公司那邊聽到的是：他們在努力取得足夠的製造產能、尤其是先進製程節點時，似乎對於開發最新、最強的 5 奈米以下晶片沒有那麼急迫了。所以我想問你的是：在晶片產業目前面臨的產能限制下，你是否看到任何放緩，或是從客戶那邊收到任何回饋，顯示設計創新的步調可能變慢？

Okay. I do think I have a good answer for that. For starters, on the advanced nodes, we see none of that on the contrary. I think the race is fully on. A lot of companies understand that the impact of, let me call it, AI-enhanced computation is going to be enormous on a lot of end markets, and those are sophisticated chips. And a lot of people are essentially chasing that opportunity, all in the hope of having the best offering. And so no slowdown as far as we can tell. And I emphasize in the preamble, the many new technologies we have precisely because that is of high appeal.

好。我確實覺得我有個不錯的答案。首先，在先進節點上，我們完全沒有看到那種情況；相反地，我認為競賽正全面展開。很多公司都明白，我姑且稱之為「AI 強化運算」的影響，將會對許多終端市場帶來巨大衝擊，而那需要的是高階、複雜的晶片。很多人基本上都在追逐這個機會，希望能推出最好的產品。因此就我們所能判斷，沒有放緩。我在開場特別強調我們有許多新技術，正是因為它們具有高度吸引力。

I think part of the confusion around the capacity question comes from the fact that the automotive industry, which is hammered right now by essentially the lack of a few parts in order to ship a car, it's really quite pathetic because these are little parts and they hold back a high-value product, is actually mostly in older technologies and in older manufacturing, and so not even 300-millimeter but the smaller wafer sizes. And for those, there's not really an alternative because there's a limited number of these foundries. And sure, you could redesign these chips, but who wants to redesign these old chips just because right now for a couple of months you don't have enough parts. And so that is the picture that we see. I expect that that will go away in a few months. But nonetheless, meanwhile, if you're caught in essentially the supply chain narrow spot, you can see the impact.

我認為圍繞產能問題的一部分混淆，來自汽車產業——它現在被重創，基本上是因為缺少少數幾個零件就無法出貨一輛車；這真的很可悲，因為這些都是小零件，卻拖住了高價值產品——而汽車用的晶片其實大多採用較舊的技術與較舊的製造，因此甚至不是 300 毫米，而是更小的晶圓尺寸。對於這些，並沒有真正的替代方案，因為這類晶圓代工廠數量有限。當然，你可以重新設計這些晶片，但誰會想只因為現在幾個月零件不夠，就去重做這些老晶片呢？所以這就是我們看到的情況。我預期這在幾個月內會消退。但即便如此，在此期間，如果你剛好卡在供應鏈的瓶頸點，就會看到其影響。

And so over time, I think what we will see is that a number of companies will become more careful in saying, "Hey, if I have to move this design to a newer technology, I want to design it already now so that it's better documented and can be essentially remapped to a new technology."

因此，隨著時間推移，我認為我們會看到一些公司在說「嘿，如果我必須把這個設計移到較新的技術上，我希望現在就先把它設計好，讓它有更完整的文件，並且能夠在需要時基本上重新映射到新技術」時，會變得更謹慎、更有前瞻性。

Okay. Appreciate the thoughts there. As my follow-up, I want to pin you down a little bit -- pin you down on a little more detail relating to Software Integrity. If I go back to your last earnings call, I think you guys were mentioning that perhaps you can generate 15% to 20% bookings growth in the current fiscal year, which would ultimately end up translated to that similar growth rate in the out-year, let's call it, fiscal year '22. Just to pin you down here on that. Or is that what you're reaffirming today given the start to the year?

好的，感謝你的看法。我的追問是，我想把你「釘」得更具體一點——關於 Software Integrity 的細節。如果我回到你們上一次的財報電話會議，我記得你們提到本會計年度的訂單（bookings）成長可能達到 15% 到 20%，而這最終會在之後的年度（我們稱之為 2022 會計年度）反映為類似的成長率。我想在這點上請你更明確一些。或者，基於今年開局的情況，這就是你們今天要重申的內容嗎？

Yes, Gary, that's our -- that's what we're reiterating.

是的，Gary，這就是我們——我們正在重申的內容。

(Operator Instructions) And our next question from the line of Jay Vleeschhouwer with Griffin Securities.

（操作員指示）下一個問題來自 Griffin Securities 的 Jay Vleeschhouwer。

Aart, let me start with you with a question concerning the breadth of growth in core EDA, then a follow-up for you, Trac. So for Aart, it's been quite obvious for the last number of years that there's been a rejuvenation of growth in synthesis and as well in implementation for -- obviously benefiting you in those 2 areas. But industry data and just the logic of technology would suggest that there was a close correlation between synthesis and the usage of RTL simulation, where you're also a market leader and then similarly, for implementation correlated to DFM and physical verification. The question therefore is, has the growth -- the better trajectory you've seen in both DC and implementation induced more rapid growth as well in those highly correlated technologies and products?

Aart，我先從一個關於核心 EDA 成長廣度的問題開始，接著再給你一個對 Trac 的追問。對 Aart 而言，過去幾年很明顯地，綜合（synthesis）以及實作（implementation）的成長正在復甦，而你們在這兩個領域顯然受益良多。但產業數據以及技術邏輯顯示，綜合與 RTL 模擬的使用之間高度相關，而你們在 RTL 模擬也是市場領導者；同樣地，實作也與 DFM 與實體驗證高度相關。因此問題是：你們在 DC 與實作所看到的更佳成長軌跡，是否也帶動了那些高度相關的技術與產品更快速的成長？

And then for Trac, how are you thinking about your head count growth for the year in the context of your OpEx guidance for fiscal '21? At the end of the quarter, you had what appeared to be a record number of openings, equivalent to over 6% of head count. So maybe talk about how you're thinking about the rate of bringing people on. And then frankly, if you are having issues with availability, given the large numbers that you have in your open recs as do your 2 large competitors?

接著問 Trac：在你們對 2021 會計年度的營業費用（OpEx）指引背景下，你如何看待今年的人力（head count）成長？在季度末，你們看起來有創紀錄的職缺數量，相當於人力的 6% 以上。能否談談你們如何看待招募補人的速度？另外坦白說，考量到你們有大量未補職缺（open recs），你們的兩家大型競爭對手也同樣如此，你們是否遇到人才供給不足的問題？

Okay. Jay, the question you're asking is complex because fundamentally, the picture that you're painting is a picture that started with individual tools and has long moved towards tools that are very correlated with each other and often used in tandem. And so a number of years ago, I coined the term that we're moving from scale complexity more of the same to systemic complexity, which is more of the same plus heterogeneous demands and constraints all coming together. And so if you take as I said of gravity, like you did in synthesis and implementation and you look upward, you arrive at RTL, which is essentially a way to describe hardware. But RTL does very much look like a language, and that's not a surprise because right on top of that, sits software. And so we very much see a cone upward that's broadening where hardware and software and hardware-software together have to be verified and optimized, and this is increasingly the case for all the large systems. And by the way, around the software for simulation, we added a variety of hardware accelerators such as emulation and prototyping.

好的。Jay，你問的問題很複雜，因為從根本上說，你描繪的是一幅從單一工具出發、但早已走向彼此高度關聯、且常常搭配使用的工具組合的圖景。因此在幾年前，我提出過一個說法：我們正從「規模複雜度」（scale complexity，也就是更多的同類事物）轉向「系統性複雜度」（systemic complexity，也就是更多同類事物再加上異質需求與限制條件的匯聚）。所以，如果你像剛才那樣，以綜合與實作作為重力中心往上看，你會到達 RTL——它本質上是一種描述硬體的方法。但 RTL 看起來非常像一種語言，這並不令人意外，因為在它的正上方就是軟體。因此我們確實看到一個向上擴展的錐形結構：硬體、軟體，以及硬體與軟體的整合，都必須被驗證與最佳化，而這對所有大型系統而言愈來愈是如此。順帶一提，在模擬的軟體方面，我們也加入了多種硬體加速器，例如仿真（emulation）與原型驗證（prototyping）。

If you look downward, you mentioned DFM, which stands for design for manufacturing. And that is an absolutely correct term because the manufacturing, which was nicely isolated, somebody else was worried about the physics, as you go to smaller and smaller things, you have to worry about a lot of things when you design a chip. And so the connectivity down to the manufacturing has grown substantially, and we do ourselves way more there. But aside from manufacturing, I could have added the word test because we also do design for test. You have now heard the Silicon Lifecycle Management, which is sort of designing for what happens later. I could have added to word FuSa, functional safety, because for all the cars, there are all kinds of rules that one has to follow, and we have actually a fabulous offering in that. That is, by the way, also manifested in the IP. And reliability is going to grow in importance as well for all of these products.

如果你往下看，你提到了 DFM，也就是 design for manufacturing（可製造性設計）。這個用語完全正確，因為製造原本被很好地隔離開來，由其他人去擔心物理問題；但當你做得越來越小，在設計晶片時就必須擔心很多事情。因此，與製造端的連結已大幅增加，我們在那方面也自己做了更多。不過除了製造之外，我本來也可以加上「測試」這個詞，因為我們也做 design for test（可測試性設計）。你現在也聽到 Silicon Lifecycle Management（矽生命週期管理），這有點像是為了後續會發生的事情而設計。我也可以加上 FuSa（functional safety，功能安全）這個詞，因為對所有汽車而言，有各式各樣必須遵循的規範，而我們在這方面其實有非常出色的產品組合。順帶一提，這也反映在 IP 上。而可靠性對所有這些產品而言，其重要性也會持續提升。

So for a long time, we have always looked at this as the big picture. And the complexity of these intersections is actually one of the areas where Synopsys shines. And that's precisely why I mentioned in the preamble a few times that the benefit of the cross-disciplines is something that -- where we can really add a lot of value to our customers. And I think that will continue.

所以長期以來，我們一直都把這件事當作整體大局來看。而這些交會點的複雜性，其實正是 Synopsys 擅長的領域之一。這也正是我在開場白中多次提到，跨領域所帶來的效益，是我們能夠真正為客戶創造大量價值的地方。我認為這個趨勢會持續下去。

Jay, this is Trac. So I want to make sure I understand your question correctly. You're asking about head count growth and how that matches up with our expense guidance for the year and therefore, margin for the year, is that correct?

Jay，我是 Trac。我想先確認我正確理解你的問題。你是在問人員編制（head count）的成長，以及它如何與我們今年的費用指引相匹配，進而影響今年的利潤率，對嗎？

More or less, yes. I mean you're clearly looking to bring on a large number of people. If you were to fill every one of your open positions today, would you stay within the range of OpEx guidance, for example?

差不多，是的。我的意思是你們顯然打算招募大量人員。舉例來說，如果你們今天把所有開放職缺都補滿，是否仍會落在 OpEx 指引區間內？

I don't want to comment about the rec itself. But in general -- generally speaking, we are definitely investing in the business. And that's consistent. The investments that we're making in the business is consistent with the goal of increasing margins to the 29% to 30% for this year. In addition to that, that investment is also related to our long-term goal of driving to the Rule of 40 -- 45, which is going to be making sure that we continue to grow the business over time and also expanding margins simultaneously, so the head count itself is really a commitment to -- a balanced commitment to drive growth and improve profitability.

我不想針對具體的職缺（req）本身評論。但一般來說——概括而言——我們確實正在投資這項業務，而且這是一貫且一致的。我們對業務所做的投資，與今年將利潤率提升至 29% 到 30% 的目標一致。此外，這些投資也與我們長期推動達成 Rule of 40——45 的目標相關；也就是要確保我們能隨時間持續成長，同時擴大利潤率。因此，人員編制本身其實是一項承諾——一項在推動成長與提升獲利能力之間取得平衡的承諾。

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

我們下一個問題來自 UBS 的 Pradeep Ramani。

I had a couple of questions on China. I mean your revenues are growing 74%, I guess, year-over-year, but when I look at a company level, your time-based revenues are growing 13% to 14% year-over-year and upfront grew 15%, 16%. So I mean is my interpretation correct that with regards to the mix in China with respect to EDA or hardware or IP, it is more or less in line with your mix overall? Or are you sort of -- or is the mix sort of skewed more towards EDA or hardware both in terms of absolute revenue dollars and growth?

我有幾個關於中國的問題。我的意思是，你們的營收年增 74%，但當我看公司整體層面，你們的 time-based revenues（按期認列收入）年增 13% 到 14%，而 upfront（一次性/預收）成長 15%、16%。所以我的解讀是否正確：就中國的組合而言，不論是 EDA、硬體或 IP，其占比大致與你們整體的組合一致？還是說——或是這個組合其實更偏向 EDA 或硬體，不論以絕對營收金額或成長來看都是如此？

Well, let me take it from the product side. China, of course, came online, roughly speaking, 25 years after most of the west. And so when they entered the space of starting to do, let's say, significant chips, not the really small things, but of some meaning, right away, they entered with a design methodology that was more up-to-date than what some of the other companies use. And so that predicated from the start a substantial amount of IP being used in parallel to the advanced technologies. And so from that sense, the balance is slightly different than in the traditional west if I can call it that.

好，我先從產品面來回答。中國當然是大約在西方之後 25 年才進入這個領域。當他們開始做——比方說——有一定規模的晶片（不是那些非常小的東西，而是有一定意義的產品）時，他們一開始採用的設計方法學就比一些其他公司所使用的更為先進。因此，從一開始就奠定了在先進製程技術並行之下，大量使用 IP 的基礎。從這個角度來看，如果我把它稱作傳統西方市場的話，中國的平衡確實略有不同。

At the same time, increasingly now all of these companies look the same to us be they in China, be they in Korea or in Europe or in the U.S. All the ones that are driving the state of the art have to deal with the physics underneath have to deal with the software on top and have to deal with the sophistication of large IP blocks and substantial development capabilities. And so while it was more different, maybe a decade or so ago, I think it is now more the same than it was before.

同時，現在這些公司在我們眼中越來越相似，不論是在中國、韓國、歐洲或美國。所有推動最先進技術（state of the art）的公司，都必須處理底層的物理問題、上層的軟體問題，也必須面對大型 IP 模組的複雜度以及可觀的開發能力。因此，雖然也許在十年前左右差異更大，但我認為現在比以前更趨於一致。

And in hardware, I think it's sort of a very similar picture. The most advanced users are the people that are sitting at the intersection of hardware and software, and that is precisely where Synopsys shine.

至於硬體方面，我認為情況也非常類似。最先進的使用者，是那些處在硬體與軟體交會點的人，而那正是 Synopsys 發光發熱的地方。

Okay. And for my follow-up, I guess, if I look at your -- again, the China revenue, how do you think -- how are you looking at it in terms of -- as you progress through the rest of the year? I mean do you get a sense that, obviously, it's going to grow faster than last year overall? Or are you sort of seeing the comps get harder in the back half and sort of de-selling a little bit?

好的。那我的追問是，如果我再看你們——同樣是中國營收——你們如何看待今年剩餘期間的走勢？我的意思是，你們是否覺得它顯然會比去年整體成長更快？或者你們看到下半年比較基期變得更具挑戰，成長動能稍微降溫一些？

Well, I would say last year was a strong year for us as well. And so in general, as you well know, the Chinese economy did actually grow in contrast to some of the western economies. The hope, of course, is that the west will start to grow as COVID gets hammered down more. But in general, there's no reason to believe that China will not continue to be a very live market for us. And in general, I would say, overall, everything touching chips and around it right now is doing well because of the overwhelming demand of all the end markets and the specialized verticals.

我會說去年對我們而言也是很強的一年。所以一般來說，如你所知，中國經濟確實成長了，這與一些西方經濟體形成對比。當然，我們希望隨著 COVID 被更有效地壓制，西方也會開始成長。但整體而言，沒有理由認為中國不會持續成為我們非常活躍的市場。總體來看，我會說目前所有與晶片及其周邊相關的領域表現都很好，因為所有終端市場與各種專業垂直領域都有壓倒性的需求。

(Operator Instructions) And I have a follow-up question. From Pradeep Ramani, one moment. Pradeep, your line is open. Did you have an additional question? We're going to go next to the line of Vivek Arya with Bank of America Securities.

（接線員指示）我們還有一個追問。來自 Pradeep Ramani，請稍候。Pradeep，你的線路已開通。你還有其他問題嗎？接下來我們將轉到美國銀行證券（Bank of America Securities）的 Vivek Arya。

Aart, I'm curious, are you seeing more customers design with ARM technology in the PC and the server markets? How would you think about that trend now versus what it was in the last 1 or 2 years? Any way to kind of quantify whether it has gone up or down?

Aart，我很好奇，你是否看到更多客戶在 PC 與伺服器市場採用 ARM 技術進行設計？你如何看待這個趨勢，相較於過去 1 到 2 年的變化？有沒有什麼方式可以量化它是上升還是下降？

It's hard to quantify if they're more, but it is easy to quantify that they have progressed, meaning that already a number of years ago, and it was more than 2 years ago, a number of people started to look at, is it possible to use ARM cores for -- in the server space? And some have continued to try, others have given up at that time. But now, there's definitely a small group that is looking at using the service actually in cloud environment. And I don't want to announce who these people are. Some have probably spoken publicly at this point in time. But that has followed a lot of hard work to make that possible. And now the question will be, are the economics and the capabilities sufficient to be a good counterweight to the x86 family of processes that are typically used in the cloud?

很難量化是否「更多」，但很容易量化的是他們確實有進展。也就是說，早在幾年前——而且不只 2 年前——就有一些人開始評估：在伺服器領域是否可能使用 ARM 核心？有些人持續嘗試，有些人在當時就放棄了。但現在，確實有一小群人在研究於雲端環境中實際使用這些伺服器。我不想公布這些人是誰；其中一些人可能在目前這個時間點已經公開談過。但這背後需要大量艱苦的工作才能讓它成真。接下來的問題會是：在經濟性與能力上，是否足以成為雲端通常使用的 x86 處理器家族的一個有力制衡？

So it is well possible that we're actually going to see a further diversification of computation largely because cloud is not only the regular general purpose computation, but now we have specialized efforts, certainly, in everything dealing with big data and machine learning. And for that, clearly, a number of players have put processes on the market that are dedicated to that and are particularly fast for it. And so ARM fits into all of these categories and -- but so are a number of other people doing the specialized processes.

因此，我們很可能會看到運算進一步多元化，主要是因為雲端不再只是一般用途運算；現在我們有專門化的投入，特別是在所有與大數據與機器學習相關的領域。為此，顯然有不少業者已推出專門針對這些用途的處理器，而且在這方面特別快。所以 ARM 也符合這些類別——但同時也有不少其他業者在做這些專用處理器。

Got it. Very helpful. And then for my follow-up, Trac, just 2 clarifications. I think you mentioned somewhere that some shipments moved into Q1. I was wondering how much did they impact sales and EPS? And part B of that is you've given a full year outlook of about 10% or so growth at the midpoint, I believe. What is the implied growth in the Software Integrity part of your business as part of that 10% growth for the full year?

了解，很有幫助。那我的追問，Trac，有兩點釐清。我想你在某處提到有些出貨移到 Q1。我想知道這對銷售額與 EPS 的影響有多大？第二部分是，你給了全年在中位數大約 10% 左右的成長展望。我想問，在這個全年 10% 成長之中，Software Integrity 這一塊業務所隱含的成長是多少？

Okay. So the first part of the question is that -- I'm sorry, was...

好的。所以第一部分的問題是——抱歉，是……

The shipments moving into Q1. I recall you said something along those lines?

出貨移到 Q1。我記得你說過類似的內容？

Yes. There is some IP that shift in Q1 that was originally planned for Q3, but overall, it wasn't a significant amount. Most of the quarter was really strong execution.

是的。有一些 IP 在 Q1 發生了移轉，原本是規劃在 Q3，但整體而言金額並不大。本季大部分其實是非常強的執行力所帶來的。

With regards to the SIG, Software Integrity business, what we had commented on at the beginning of the year was that we expect to grow bookings by over -- in that 15% to 20% for the full year. And that with the time-based model that we have on revenue that we would exit the year at double-digit growth. But for the full year, we'll probably be in the high single digits. And so far, we are -- after Q1, we are on track for delivering that.

關於 SIG（Software Integrity，軟體完整性）業務，我們在年初的評論是，我們預期全年訂單（bookings）成長將超過——大約在 15% 到 20% 的區間。而在我們採用的按時間認列（time-based）營收模式下，我們將在年底以雙位數成長的態勢收官。但就全年而言，我們可能會落在高個位數成長。到目前為止——在第一季之後，我們正按計畫推進以達成該目標。

Our next question from the line of John Pitzer with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 John Pitzer。

First one, Trac, just going back to the OpEx guide for the year. Maybe another way to ask an earlier question, was there anything about the COVID environment that hindered your ability to actually bring people on board to actually accelerate growth in some of the markets like Software Integrity, such that if we get to a point where the vaccine is widely distributed and things open back up, you guys might take that opportunity to kind of reaccelerate OpEx for future growth? Or how do I think about the COVID dynamic within OpEx? And then I have a follow-up.

第一個問題，Trac，回到今年的營運費用（OpEx）指引。也許換個方式問先前的問題：在 COVID 環境下，是否有任何因素妨礙你們實際招募人員到位，以便在像 Software Integrity 這樣的市場加速成長？也就是說，如果之後疫苗廣泛施打、各項活動重新開放，你們是否可能把握機會，為了未來成長而重新加速 OpEx？或者我該如何看待 COVID 對 OpEx 的影響？我還有一個追問。

Yes. Overall, I think we've done a pretty good job of bringing head count on and bringing people on board. The -- as a matter of fact, since you bring up the topic, we brought our general -- new general manager for the Software Integrity business on without ever physically meeting him. So it's something that we're managing through and much like the rest of the business, we're just learning how to work remotely and adapting pretty well, I think. And I think that we'll continue to do that throughout the rest of the year and adjust as things free up or change with the health environment.

是的。整體而言，我認為我們在擴增人力、讓人員到位方面做得相當不錯。——事實上，既然你提到這個話題，我們在從未與他實體見面的情況下，就讓 Software Integrity 業務的新任總經理到任了。所以這是我們正在管理並持續應對的事情；也和公司其他業務一樣，我們正在學習如何遠端工作，我認為適應得相當好。我也認為我們會在今年剩餘時間持續這樣做，並隨著健康環境的放寬或變化而調整。

That's helpful. And then, Aart, as my follow-up, just in the core EDA business. I'm wondering if you could help me just better understand how the business is tracking between sort of some of the more traditional customers you've had in that business. Let's call it, the Intels, Qualcomms and Broadcoms of the world, and maybe some of the more nontraditional customers, the hyperscale companies, we now have a very vibrant private semi market that we haven't had in years. I'm kind of curious, that nontraditional bucket, how big is that now part of the core EDA business? And I'm assuming it's growing meaningfully faster, but can you help me differentiate?

這很有幫助。接著，Aart，作為我的追問，關於核心 EDA 業務。我想更好地理解：在你們較傳統的客戶——例如 Intel、Qualcomm、Broadcom 這類公司——與一些較非傳統的客戶之間，業務目前的進展如何？像是超大規模（hyperscale）公司；另外我們現在也有一個非常活躍的私募半導體市場，這是多年來少見的。我有點好奇：這個「非傳統」客群目前在核心 EDA 業務中占比有多大？我假設它的成長速度明顯更快，但你能否幫我做些區分？

Sure. Well, first, I think your description fits well the situation, meaning the traditional big players continue to invest heavily because they are chasing or driving, depending how you look at it, advanced technology, no matter what. Secondly, the hyperscalers are clearly continuing to see the opportunity to do more designs themselves, to do more manufacturing -- not so much manufacturing, but the control where they get their own products from.

當然。首先，我認為你的描述很符合現況：也就是說，傳統的大型玩家仍在大幅投資，因為他們無論如何都在追逐或推動（取決於你怎麼看）先進技術。其次，超大規模業者顯然持續看到機會，想要自行做更多設計，做更多製造——倒不完全是製造，而是掌控他們的產品來源。

And the one thing that's different about hyperscalers versus other companies, they don't design chips to sell the chips. They design chips in order to use them in their own product offering. Having said that, a number of these companies have been successful already at doing that. Some have acquired small start-ups, and some are literally growing their design teams and their experience to go with it as we speak. And so it's a part of the market that is definitely on very good growth, I would say, probably twice as much as the rest.

而超大規模業者與其他公司的不同之處在於：他們設計晶片不是為了賣晶片；他們設計晶片是為了用在自己的產品與服務供給中。即便如此，其中一些公司在這方面已經相當成功。有些收購了小型新創，有些則正如我們所見，正在擴編其設計團隊並同步累積經驗。因此，這確實是市場中成長非常好的部分；我會說，可能是其他部分的兩倍。

And then the other category, you call them start-ups, sometimes we also call them all-AI companies or machine learning-ish companies because there are many companies around that and not that they all do AI processors, but there's a vibrant world that is essentially trying to change the future. And so only anything that is close to machine learning is super highly interested in -- at the minimum, 2 things, which is compute very fast and compute with a lot of data. And once you say these words, you have to also say not using too much power because otherwise you fry the chips. And so those are all good words for us because that means they tend to immediately head towards the most advanced IP, head towards the most advanced utilization of tools. And so that has also been a very good market for us.

接著是另一類，你稱之為新創；我們有時也稱它們為全 AI 公司或偏機器學習的公司，因為周邊有很多這樣的企業——而且並非每一家都在做 AI 處理器，但這是一個充滿活力、基本上試圖改變未來的世界。所以，任何接近機器學習的領域都對——至少兩件事——高度關注：一是運算要非常快，二是要能處理大量資料。一旦你說到這些，就也必須提到不能耗太多電，否則晶片會被燒壞。因此，這些對我們都是好消息，因為這意味著他們往往會立刻採用最先進的 IP，並追求工具的最先進使用方式。所以這也一直是我們非常好的市場。

So some of the AI guys get acquired by the traditionalist. Some of the traditionalist get acquired by the hyperscalers. It's a live market. And live is a good word in here because this is a field where advanced change in technology opens new doors. At the very moment, we have a lot of opportunities.

因此，有些 AI 團隊會被傳統大廠收購；有些傳統大廠又會被超大規模業者收購。這是一個活躍的市場。而「活躍」在這裡是個很貼切的詞，因為在這個領域，先進技術的變化會打開新的大門。就在此刻，我們有很多機會。

And Aart, I know it's fluid, but is there any way to size that nontraditional bucket as a percent of revenue today?

Aart，我知道這是動態變化的，但有沒有任何方式可以估算目前這個非傳統客群占營收的百分比？

Well, there is a way, but we don't do it for you, unfortunately. Sorry, we don't disclose the individual buckets. But I don't mean to be coy. I want to be very clear, I think hyperscalers, AI and a few other specialty areas are very good growth for us and are also very demanding, which is typically actually good for us because it drives angles of technology that will be meaningful.

嗯，有方法，但很遺憾我們不會為你這樣拆分。抱歉，我們不揭露各個分項的占比。但我不是想故作神祕。我想非常清楚地說：我認為超大規模業者、AI，以及其他一些專業領域，對我們而言都是非常好的成長來源，而且也非常「要求高」——而這通常其實對我們是好事，因為它會推動一些具有意義的技術方向。

And while, for example, I did mention the whole automotive space because it tends to be a little behind on the most advanced technology, it is now looking very much forward precisely because of these needs of life cycle guarantees, reliability, functional safety, and a number of those concepts are very powerful and will, over time, I think, also make it back into the other groupings. So I guess what I'm describing to you is a really live field, and our job is to find which ones of these customers are the nuggets and serve them as well as we can.

另外，例如我確實提到過整個汽車領域，因為它在最先進技術上往往稍微落後一些；但它現在正非常積極向前看，正是因為對產品生命週期保證、可靠性、功能安全等需求，而這些概念都非常有力，並且我認為隨著時間推移，也會回流到其他類別中。所以我想我在描述的是一個非常活躍的領域，而我們的工作是找出哪些客戶是「金礦」，並盡我們所能把他們服務好。

And with minutes remaining in our call, we'll take our last question in the queue from the line of Gal Munda with Berenberg Capital Markets.

在我們通話剩餘時間不多的情況下，我們將接受隊列中的最後一個問題，來自 Berenberg Capital Markets 的 Gal Munda。

The first question is just around the EDA growth that you're seeing. Clearly, above what we used to say is kind of sustainable growth of the market, and you're referring to some significant market share wins that you're taking. I was wondering if you're able to kind of separate what you're seeing in terms of what the market is growing at recently, considering the fact that there's been an acceleration in the general market trends. And how much is the market share win as in addition to what you're growing at when you're growing close to the double digits?

第一個問題是關於你們看到的 EDA 成長。顯然高於我們過去所說的市場可持續成長水準，而你也提到你們取得了一些顯著的市占率勝利。我想知道，你是否能把近期市場本身的成長（考量到整體市場趨勢加速）與你們額外取得的市占率提升做一些區分？也就是說，當你們成長接近雙位數時，其中有多少來自市場成長，有多少來自市占率提升？

Well, I think I'm always a little careful before commenting on competitors. And I do think that the overall market is actually strong, as my response to the previous question. And so I assume that all of us benefit from that. There's no question in my mind that in some of the advanced areas that we have focused on for the last few years and often communicated to you about, we are doing particularly well. And moreover, that we're building on top of that sort of next-generation capabilities that look very, very promising. So in that context, I assume that, over time, we may gain some share. But this is always in the landscape that overall is positive, and we should continue to invest in these areas because now it's a good time for that.

嗯，我在評論競爭對手之前一向會比較謹慎。我也確實認為整體市場是強勁的，正如我對上一個問題的回覆。因此我假設我們所有人都能從中受益。毫無疑問，在一些我們過去幾年聚焦、也經常與各位溝通的先進領域，我們表現得特別好。此外，我們也在此基礎上打造下一代能力，看起來非常、非常有前景。在這樣的背景下，我假設隨著時間推移，我們可能會取得一些市占率。但這一切都發生在整體景氣正向的環境中；我們應該持續在這些領域投資，因為現在是很好的時機。

Got you. And then just the last one. Going back to China. And if I look at that revenue run rate that you're on right now implying -- if you just extrapolate that around $460 million-ish of -- without any sequential growth of revenue, which is significant. How much of the China revenue in general would you classify as recurring? Is it similar to what you have in the rest of the business, similar percentage? Or is it more specific?

了解。最後一個問題，回到中國。如果我看你們目前的營收運行水準（run rate）——如果只是外推，假設營收沒有任何季對季成長——大約意味著 4.6 億美元左右，這是相當可觀的。一般而言，你們會把中國營收中的多少歸類為經常性（recurring）？它是否與你們其他業務的比例相近？還是更具特殊性？

Overall, the business mix in China is very similar to total Synopsys. We've been able to do very well across the board.

整體而言，中國的業務組合與 Synopsys 的整體組合非常相似。我們在各個面向都做得很好。

Well, I guess, this brings us to the end of the hour. And so, first and foremost, we hope that you and your families have been able to stay healthy and that in the light of coming vaccines, you have both the patience to protect yourself and get there as soon as possible. And also, thank you for your continued following of Synopsys. And for a number of you, we'll be following up in the next few hours in one-on-one calls. Be well.

那麼，我想這也把我們帶到本小時的尾聲。因此，首先也最重要的是，我們希望你和你的家人都能保持健康；並且在疫苗即將到來之際，你們既有耐心保護自己，也能盡快接種。另外，也感謝各位持續關注 Synopsys。對於其中一些朋友，我們會在接下來幾個小時內透過一對一電話進一步跟進。保重。

Thank you. Ladies and gentlemen, this will conclude our teleconference. Thank you for using the AT&T conferencing service, and you may disconnect.

謝謝。各位女士、先生，本次電話會議到此結束。感謝使用 AT&T 會議服務，您現在可以掛線。