新思科技 (SNPS) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Synopsys earnings conference call for fourth quarter and fiscal year 2020. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 Synopsys 2020 年第四季度和財年財報電話會議。（操作員說明）

As a reminder, today's call is being recorded. At this time, I would like to turn the conference over to Lisa Ewbank, Vice President of Investor Relations. Please go ahead.

提醒一下，今天的電話正在錄音中。此時，我想將會議轉交給投資者關係副總裁 Lisa Ewbank。請繼續。

Thank you, Rich. Good afternoon, everyone. Hosting the call today are Aart de Geus, Chairman and Co-CEO of Synopsys; and Trac Pham, Chief Financial Officer.

謝謝你，里奇。大家下午好。今天主持電話會議的是新思科技董事長兼聯合首席執行官 Aart de Geus；和首席財務官 Trac Pham。

Before we begin, I'd like to remind everyone that during the course of 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 and performance 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，我想提醒大家，在本次電話會議期間，新思科技將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。儘管這些陳述代表了我們對截至今天的未來結果和業績的最佳判斷，但我們的實際結果和業績受到許多風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。除了我們在電話會議期間強調的任何風險外，我們最近的 SEC 報告和今天的收益新聞稿中還描述了可能影響我們未來業績的重要因素。

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

此外，我們將在討論期間參考非公認會計準則財務指標。可以在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中找到與其最直接可比的 GAAP 財務指標和補充財務信息的對賬。所有這些項目，以及最新的投資者介紹，都可以在我們的網站 synopsys.com 上找到。此外，準備好的評論將在通話結束時發佈在網站上。

Finally, we are all again participating from different locations today, so please forgive any delays or technology glitches or awkward handoffs in the Q&A session that occur as a result.

最後，我們今天再次從不同地點參與，因此請原諒在問答環節中出現的任何延誤、技術故障或尷尬的交接。

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

有了這個，我會把電話轉給 Aart de Geus。

Good afternoon. I'm pleased to report another outstanding year for Synopsys. Despite unprecedented macro challenges, we built considerable financial, technology and customer momentum. We substantially exceeded our original plan with business strengthening through the year.

下午好。我很高興地報告 Synopsys 又一個傑出的一年。儘管面臨前所未有的宏觀挑戰，我們還是建立了可觀的財務、技術和客戶動力。我們在全年的業務加強，大大超出了我們原來的計劃。

We grew revenue nearly 10% to $3.685 billion, led by EDA software and IP, expanded non-GAAP operating margin by 3 percentage points, delivered more than 20% non-GAAP earnings growth and record cash flow of $991 million. Contributing to these very positive results were the new EDA and IP products we've introduced over the past few years. We expect to further build on this momentum with several groundbreaking technologies that we launched this year. In addition, our reenergized Software Integrity business is on its way to scaling to the next level and reaccelerating growth.

在 EDA 軟件和 IP 的帶動下，我們的收入增長了近 10% 至 36.85 億美元，非 GAAP 營業利潤率提高了 3 個百分點，實現了 20% 以上的非 GAAP 盈利增長和創紀錄的 9.91 億美元的現金流。我們在過去幾年推出的新 EDA 和 IP 產品促成了這些非常積極的結果。我們希望通過今年推出的幾項突破性技術進一步鞏固這一勢頭。此外，我們重新煥發活力的軟件完整性業務正在邁向新的水平並重新加速增長。

About 2 years ago, we communicated a 3-year financial plan to drive double-digit non-GAAP earnings growth through a combination of top line growth and operating margin expansion to the high 20s by 2021. We achieved our initial ops margin target a year early and have consistently delivered high single-digit revenue growth. As we enter 2021, we expect to surpass $4 billion in revenue, with non-GAAP operating margins of 29% to 30%, low to mid-teens non-GAAP EPS growth and more than $1 billion in operating cash flow. Beyond 2021, we will raise our ambition to a Rule of 45 as we drive revenue growth and further operating margin expansion. Trac will discuss the financials in more detail.

大約 2 年前，我們傳達了一項 3 年財務計劃，通過將收入增長和營業利潤率擴大到 2021 年的高位相結合，推動兩位數的非 GAAP 收益增長。我們每年實現了最初的運營利潤率目標並一直保持高個位數的收入增長。隨著我們進入 2021 年，我們預計收入將超過 40 億美元，非 GAAP 營業利潤率為 29% 至 30%，非 GAAP 每股收益增長中低水平，營業現金流量將超過 10 億美元。 2021 年之後，隨著我們推動收入增長和進一步擴大營業利潤率，我們將把雄心提高到 45 條規則。 Trac 將更詳細地討論財務狀況。

Meanwhile, design activity remains strong across the board. Opportunities in key end markets such as AI and machine learning, high-performance computing and cloud, 5G and automotive are massive as all drive increasing adoption of our advanced solutions at a time that Synopsys enjoys particularly strong differentiation. This includes ambitious companies such as AI start-ups and cloud hyperscalers as they position themselves to leverage big data generated by the billions of cloud-connected IoT devices. They need a trusted partner who not only has the most advanced high-impact products today but complete solutions capable of scaling well beyond the traditional demands of Moore's Law into the powerful intersection of hardware and software.

與此同時，設計活動全面保持強勁。人工智能和機器學習、高性能計算和雲、5G 和汽車等關鍵終端市場的機遇是巨大的，因為在 Synopsys 享有特別強大的差異化優勢之際，所有這些都推動了我們先進解決方案的越來越多的採用。這包括雄心勃勃的公司，例如 AI 初創公司和雲超大規模公司，因為他們將自己定位為利用由數十億雲連接的物聯網設備生成的大數據。他們需要一個值得信賴的合作夥伴，不僅擁有當今最先進的高影響力產品，而且能夠遠遠超出摩爾定律的傳統需求擴展到硬件和軟件的強大交叉領域的完整解決方案。

Let me provide some highlights. In EDA, our unrelenting innovation push in digital design has strengthened our long-standing market leadership. More than 95% of advanced designs today rely on our Fusion Design Platform and over the past year, revenue growth has accelerated. In particular, we continue to see strong adoption momentum for our Fusion Compiler product, the industry's premier digital design solution. Fusion Compiler significantly exceeded its orders target, increasing 140% in 2020. The progression from technical benchmarks to competitive wins to growing orders and production proliferation is trending even better than we anticipated. We've seen widespread adoptions from customers ranging from the largest global communications, processor and graphics firms; to high-impact cloud hyperscalers; to influential system houses and AI start-ups.

讓我提供一些亮點。在 EDA，我們在數字設計方面的不懈創新推動了我們長期以來的市場領導地位。如今，超過 95% 的高級設計依賴於我們的融合設計平台，在過去一年中，收入增長加速。特別是，我們繼續看到我們的 Fusion Compiler 產品（業界首屈一指的數字設計解決方案）的強勁採用勢頭。 Fusion Compiler 大大超過了其訂單目標，在 2020 年增長了 140%。從技術基準到競爭勝利再到不斷增長的訂單和生產擴散的趨勢甚至比我們預期的要好。我們已經看到來自全球最大的通信、處理器和圖形公司等客戶的廣泛採用；到高影響力的雲超大規模；有影響力的系統公司和人工智能初創公司。

For our customers, production deployment yielded excellent results as evidenced by 5x the number of tape-outs in FY '20 compared to last year, and for us, a rapidly growing pipeline across many market segments. The Fusion Technology foundation also dovetails exceptionally well with the challenges inherent in the next wave of chip and system design. Specifically, Synopsys is addressing new TAM opportunities in AI-driven design flows, in 3D multichip design and in the new area of silicon life cycle management.

對我們的客戶而言，生產部署取得了出色的成果，與去年相比，20 財年的流片數量增加了 5 倍，對我們而言，在許多細分市場中的管道快速增長。 Fusion Technology 基礎也與下一波芯片和系統設計所固有的挑戰非常吻合。具體來說，Synopsys 正在人工智能驅動的設計流程、3D 多芯片設計和矽生命週期管理的新領域中尋找新的 TAM 機會。

Let me start with our DSO.ai product, where DSO stands for design space optimization. Our combination of Fusion and AI learns and automatically adjusts and optimizes design exploration for both better results and faster time to market. With it, design teams can also tackle larger blocks and more projects, thus focusing on more value-added tasks. Even in this early stage, the power and potential of DSO.ai is being widely recognized as it received a 2020 World Electronics Achievement award for Innovative Product of the Year.

讓我從我們的 DSO.ai 產品開始，其中 DSO 代表設計空間優化。我們將 Fusion 和 AI 相結合，學習並自動調整和優化設計探索，以獲得更好的結果和更快的上市時間。有了它，設計團隊還可以處理更大的塊和更多的項目，從而專注於更多的增值任務。即使在這個早期階段，DSO.ai 的力量和潛力也得到了廣泛認可，因為它獲得了 2020 年世界電子成就獎年度創新產品獎。

Next is our extremely timely 3DIC Compiler solution with disruptive technology that enables the design and analysis of multiple die together on a chip. At the very moment, that system architects are augmenting traditional chip complexity by connecting multiple chips very tightly together, our 3DIC product provides far better performance and capacity than conventional disaggregated chip-in-package approaches.

接下來是我們極其及時的 3DIC 編譯器解決方案，它採用顛覆性技術，能夠在一個芯片上同時設計和分析多個裸片。目前，系統架構師正在通過將多個芯片非常緊密地連接在一起來增加傳統芯片的複雜性，我們的 3DIC 產品提供了比傳統的分解式封裝芯片方法更好的性能和容量。

Finally, we launched the industry's first silicon life cycle management platform just last month. On-chip sensors and monitors feed into data analytics engines integrated with leading test and yield management. This provides visibility into critical performance, reliability and security issues for the entirety of a chip's lifespan from design to in-field operation. Early customer interest in all of these new solutions is very high.

最後，就在上個月，我們推出了業界首個矽生命週期管理平台。片上傳感器和監視器輸入與領先的測試和良率管理集成的數據分析引擎。這提供了對芯片從設計到現場操作的整個生命週期的關鍵性能、可靠性和安全性問題的可見性。早期客戶對所有這些新解決方案的興趣非常高。

Turning to custom design. Momentum for our Custom Compiler product accelerated with more than 30 new logos and 15-plus full-flow competitive displacements during the year. This resulted in over 50% revenue growth. Having seen the power of our innovations targeting advanced [system] designs, a number of the highest impact semiconductor and systems companies are putting their trust in us.

轉向定制設計。在這一年中，我們的 Custom Compiler 產品的勢頭加速了 30 多個新徽標和 15 多個全流程競爭替代品。這導致收入增長超過 50%。看到我們針對先進 [系統] 設計的創新的力量後，許多影響最大的半導體和系統公司開始信任我們。

Let me now move to our Verification Continuing Platform, which combines market-leading anchor products into a seamless, high-efficiency solution. With the complexity increase of intersecting chips, systems and software, the need for Verification continues to rise. Our #1 market share position in both software and hardware puts us at the center of this wave as we continue to innovate aggressively in state-of-the-art native integration of the fastest engines. Contributing to our solid growth on the software side are influential high-profile customers ranging from hyperscalers to AI to automotive and mobile.

現在讓我轉到我們的驗證持續平台，它將市場領先的錨定產品組合成一個無縫、高效的解決方案。隨著交叉芯片、系統和軟件的複雜性增加，對驗證的需求不斷增加。我們在軟件和硬件方面的市場份額排名第一，這使我們處於這一浪潮的中心，因為我們繼續在最快的引擎的最先進的本地集成方面進行積極創新。為我們在軟件方面的穩健增長做出貢獻的是有影響力的知名客戶，從超大規模企業到人工智能，再到汽車和移動設備。

Our hardware-based Verification products are totally focused on unmatched speed, highest capacity, lowest cost of ownership and lowest power consumption for high complexity designs. Building on our record year in 2019, in 2020 we again expanded our customer base, adding more than 50 new customers and well over 100 repeat orders. This includes major expansions at some of the world's largest semiconductor and systems companies.

我們基於硬件的驗證產品完全專注於為高複雜性設計提供無與倫比的速度、最高容量、最低擁有成本和最低功耗。在 2019 年創紀錄的一年的基礎上，我們在 2020 年再次擴大了客戶群，增加了 50 多個新客戶和超過 100 個重複訂單。這包括一些世界上最大的半導體和系統公司的重大擴張。

Now to IP, where strong market demand for our rich portfolio drove another record year, growing approximately 20% to more than $900 million in revenue. Our strength is broad-based across all regions and key market segments, particularly high-performance compute, cloud and networking, AI and automotive. In automotive, momentum continued in 2020 as we have achieved more than 400 wins on advanced processes across more than 30 major semiconductor companies. An area of particular automotive strength is our ARC processor. This year, we extended our lead in automotive-qualified titles by delivering the industry's first processor certified for full ISO 26262 Automotive Safety Integrity Level D compliance. We also broadened our portfolio, introducing DSPs, higher-performance embedded vision and a 64-bit processor family. As the undisputed leader in interface IP, we continue to see very strong adoption of generation upon generation of important titles, including PCI Express, memory interfaces and MIPI, which had an exceptional year.

現在到 IP，對我們豐富的產品組合的強勁市場需求推動了又一個創紀錄的年份，收入增長了約 20% 至超過 9 億美元。我們的優勢遍及所有地區和關鍵細分市場，尤其是高性能計算、雲和網絡、人工智能和汽車。在汽車領域，我們在 30 多家主要半導體公司的先進工藝方面取得了 400 多項勝利，這一勢頭在 2020 年繼續保持。一個特別具有汽車實力的領域是我們的 ARC 處理器。今年，我們通過提供業界首款完全符合 ISO 26262 汽車安全完整性 D 級標準的處理器，擴大了我們在汽車認證產品方面的領先優勢。我們還擴大了產品組合，推出了 DSP、更高性能的嵌入式視覺和 64 位處理器系列。作為接口 IP 領域無可爭議的領導者，我們繼續看到一代又一代重要產品的強勁採用，包括 PCI Express、內存接口和 MIPI，它們在過去的一年中表現出色。

In USB, we extended our leadership by introducing the industry's first USB4 IP. We also saw continued traction in very high-speed SerDes with multiple 56- and 112-gig wins. Building on our lead in foundation IP, we expanded our portfolio to include specialty memories used in AI and cloud compute and general purpose IOs, which had an excellent year.

在 USB 方面，我們通過推出業界首個 USB4 IP 擴大了我們的領先地位。我們還看到了超高速 SerDes 的持續牽引力，贏得了 56 和 112 演出的多項勝利。基於我們在基礎 IP 方面的領先優勢，我們擴展了我們的產品組合，包括用於人工智能和雲計算以及通用 IO 的專業存儲器，這是一個出色的一年。

Finally, our track record of being first to market with IP and advanced process nodes continues and is highly valued by our customers. We announced a full portfolio of 5-nanometer IP with multiple silicon proof points, including our industry-leading PCIe 5.0 and USB4 solutions. With already more than 50 5-nanometer design wins, we started development of next-generation 3-nanometer products, targeting high-end mobile and high-performance compute.

最後，我們率先將 IP 和先進工藝節點推向市場的記錄仍在繼續，並受到客戶的高度評價。我們宣布推出具有多個矽驗證點的完整 5 納米 IP 產品組合，包括我們行業領先的 PCIe 5.0 和 USB4 解決方案。憑藉 50 多個 5 納米設計中標，我們開始開發下一代 3 納米產品，目標是高端移動和高性能計算。

Now to Software Integrity, testing software code for security vulnerabilities and quality issues. This area contributed approximately 10% of our revenue. The market opportunity is vast with the need to address critical security challenges steadily increasing in importance. As the industry leader with the broadest portfolio of products and services available today, we're well positioned to serve this growing space. Over the past several years, we have successfully expanded our customer base with enterprise companies now representing about 75% of revenue. In 2020, we saw an increasing number of customers adopting multiple products and services, leveraging our broad portfolio. An important example is a Fortune 100 technology, industrial and aerospace conglomerate. The depth and breadth of our products and services allow them to consolidate from multiple vendors to Synopsys while significantly expanding their investment and user base.

現在到軟件完整性，測試軟件代碼是否存在安全漏洞和質量問題。該領域貢獻了大約 10% 的收入。隨著解決關鍵安全挑戰的重要性穩步增加，市場機會巨大。作為當今擁有最廣泛產品和服務組合的行業領導者，我們已做好準備服務於這個不斷增長的領域。在過去的幾年裡，我們成功地擴大了我們的客戶群，企業公司現在佔收入的 75% 左右。 2020 年，我們看到越來越多的客戶利用我們廣泛的產品組合採用多種產品和服務。一個重要的例子是財富 100 強的技術、工業和航空航天集團。我們產品和服務的深度和廣度使他們能夠從多個供應商整合到 Synopsys，同時顯著擴大他們的投資和用戶群。

Having said that, Software Integrity is one area that saw an impact from COVID as well as some near-term operational transitions. Our new General Manager hit the ground running a little over 3 months ago and has already made significant enhancements in 3 areas. First, we evolved our go-to-market strategy and customer success organization to better address and serve new and existing customers. This includes timing our sales coverage and building an indirect sales channel. Second, we are bolstering our strategic consulting capabilities. And third, we are evolving our product roadmap to capitalize on security trends in DevOps and cloud adoption.

話雖如此，軟件完整性是一個受到 COVID 影響以及一些近期運營轉型的領域。我們的新總經理在 3 個多月前開始運作，並且已經在 3 個領域進行了重大改進。首先，我們改進了進入市場戰略和客戶成功組織，以更好地解決和服務新老客戶。這包括確定我們的銷售覆蓋範圍和建立間接銷售渠道。二是加強戰略諮詢能力。第三，我們正在發展我們的產品路線圖，以利用 DevOps 和雲採用的安全趨勢。

The recent moves are encouraging, and we expect to see continuous progress towards ending the year with reaccelerated growth. We're very optimistic about the long-term opportunity as we work to scale past the $0.5 billion mark next.

最近的舉措令人鼓舞，我們預計將在今年結束時繼續取得進展，並重新加速增長。我們對長期機會非常樂觀，因為我們接下來將努力擴大規模超過 5 億美元大關。

In summary, we're entering 2021 with significant momentum. Market demand is strong, fueled by complex technologies and a multitude of high-profile verticals. Our innovation engine continues to deliver advanced capabilities as our product offering is increasing in differentiation while seeing strong adoption. Financially, we're executing very well and raising our long-term ambition. Thank you to our dedicated employees who quickly and effectively adapted to unprecedented challenges this year and to our customers and partners for their commitment and support.

總之，我們正以強勁的勢頭進入 2021 年。在復雜技術和眾多備受矚目的垂直領域的推動下，市場需求強勁。我們的創新引擎繼續提供先進的功能，因為我們的產品正在增加差異化，同時看到強大的採用。在財務上，我們執行得非常好，並提高了我們的長期抱負。感謝我們敬業的員工，他們迅速有效地適應了今年前所未有的挑戰，感謝我們的客戶和合作夥伴的承諾和支持。

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

有了這個，我會把它交給 Trac。

Thanks, Aart. Good afternoon, everyone. 2020 was another excellent year. We reported record results in all key metrics, including revenue, non-GAAP EPS and operating cash flow. We finished the year well ahead of our initial expectations.

謝謝，阿爾特。大家下午好。 2020年又是一個出色的年份。我們報告了所有關鍵指標的創紀錄結果，包括收入、非公認會計原則每股收益和經營現金流。我們在這一年結束時遠遠超出了我們最初的預期。

Our ongoing financial success reflects our dynamic end markets, our portfolio of best-in-class solutions, our resilient business model with nearly 90% recurring revenue and our return -- our determined execution. We're entering 2021 well positioned to exceed $4 billion in annual revenue and further expand non-GAAP operating margin. As a result, we are on track to deliver strong double-digit non-GAAP earnings growth and more than $1 billion in operating cash flow.

我們持續的財務成功反映了我們充滿活力的終端市場、我們一流的解決方案組合、我們具有近 90% 經常性收入的彈性業務模式和我們的回報——我們堅定的執行力。我們正在進入 2021 年，年收入將超過 40 億美元，並進一步擴大非 GAAP 營業利潤率。因此，我們有望實現強勁的兩位數非 GAAP 盈利增長和超過 10 億美元的運營現金流。

I'll now review our full year 2020 results. We generated total revenue of $3.685 billion, up nearly 10% over the prior year with strength across all geographies. Backlog grew approximately $500 million during the year to $4.9 billion. Total consolidated GAAP costs and expenses were $3.065 billion and total non-GAAP costs and expenses were $2.654 billion, resulting in a non-GAAP operating margin of 28%. GAAP earnings per share were $4.27, and non-GAAP earnings per share were $5.55, up nearly 22% over the prior year.

我現在將回顧我們的 2020 年全年業績。我們創造了 36.85 億美元的總收入，比上一年增長近 10%，在所有地區都表現強勁。積壓在這一年裡增長了大約 5 億美元，達到 49 億美元。合併 GAAP 成本和費用總額為 30.65 億美元，非 GAAP 成本和費用總額為 26.54 億美元，非 GAAP 營業利潤率為 28%。 GAAP 每股收益為 4.27 美元，非 GAAP 每股收益為 5.55 美元，比上年增長近 22%。

Semiconductor & System Design segment revenue was $3.3 billion, with particular strength in EDA software and IP. Adjusted operating margin was 30%. Software Integrity segment revenue was 385 -- $358 million with adjusted operating margin of 11%. While Software Integrity results were affected by COVID and our near-term operational transition, we are enthusiastic about the dynamic market and our leading industry position. Our long-term objective remains to grow Software Integrity in the 15% to 20% range, exceeding market growth as we and the industry evolve. We believe operating margin can reach or exceed our corporate average over time.

半導體和系統設計部門的收入為 33 億美元，在 EDA 軟件和 IP 方面尤為突出。調整後的營業利潤率為 30%。軟件完整性部門的收入為 385 - 3.58 億美元，調整後的營業利潤率為 11%。雖然軟件完整性結果受到 COVID 和我們近期運營過渡的影響，但我們對充滿活力的市場和我們的行業領先地位充滿熱情。我們的長期目標仍然是將軟件完整性提高 15% 到 20%，隨著我們和行業的發展超過市場增長。我們相信，隨著時間的推移，營業利潤率可以達到或超過我們公司的平均水平。

For 2021, as our operational adjustments take hold, we expect business levels to ramp throughout the year and to achieve 15% to 20% orders growth for the full year. Revenue will feather in overtime due to our time-based model. Our objective is to exit the year with double-digit growth in Q4 with a full year in the high single-digit range, then accelerate in 2022. We'll increase the level of internal investments in 2021 as we implement our adjustments, and we intend to resume margin expansion in 2022.

到 2021 年，隨著我們的運營調整生效，我們預計全年業務水平將提升，全年訂單增長 15% 至 20%。由於我們基於時間的模型，收入將隨著時間的推移而增長。我們的目標是在第四季度以兩位數的增長結束這一年，全年在高個位數範圍內，然後在 2022 年加速。隨著我們實施調整，我們將在 2021 年增加內部投資水平，我們打算在 2022 年恢復利潤率擴張。

Turning to cash. Operating cash flow for the year was a record $991 million, reflecting our strong results as well as robust collections. We ended the year with a cash balance of $1.2 billion with total debt of $128 million. During the year, we completed buybacks of $242 million. At this time, we expect to increase our total buyback in 2021 versus 2020.

轉向現金。今年的經營現金流達到創紀錄的 9.91 億美元，反映了我們強勁的業績以及強勁的收款。我們年底的現金餘額為 12 億美元，總債務為 1.28 億美元。年內，我們完成了 2.42 億美元的回購。目前，我們預計 2021 年的總回購量將比 2020 年增加。

Now to guidance, which assumes there are no changes to the current Entity List restrictions. For fiscal 2021, revenue of $4.0 billion to $4.05 billion; total GAAP costs and expenses between $3.226 billion and $3.271 billion; total non-GAAP costs 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 $4.39 to $4.54 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.

現在來指導一下，它假設當前的實體列表限制沒有變化。 2021財年的收入為40億至40.5億美元； GAAP 總成本和費用在 32.26 億美元至 32.71 億美元之間；非公認會計原則成本和支出總額在 28.25 億美元至 28.55 億美元之間；非美國通用會計準則營業利潤率為 29% 至 30%；負1100萬美元至負700萬美元之間的其他收入和支出；非公認會計原則標準化稅率為 16%； GAAP 每股收益為 4.39 美元至 4.54 美元；非公認會計原則每股收益為 6.23 至 6.30 美元；運營現金流為 1.2 至 13 億美元；以及大約1億美元的資本支出。

Now to the targets for the first quarter. Revenue between $935 million and $965 million, total GAAP costs and expenses between $767 million and $785 million, total GAAP -- non-GAAP costs and expenses between $674 million and $684 million. GAAP earnings of $1.05 to $1.16 per share and non-GAAP earnings of $1.44 to $1.49 per share.

現在到第一季度的目標。收入在 9.35 億美元至 9.65 億美元之間，GAAP 總成本和費用在 7.67 億美元至 7.85 億美元之間，GAAP 總額——非 GAAP 成本和費用在 6.74 億美元至 6.84 億美元之間。 GAAP 每股收益為 1.05 美元至 1.16 美元，非 GAAP 收益為每股 1.44 美元至 1.49 美元。

Longer term, we are raising our financial objectives. We intend to manage to a Rule of 45 over the next several years through a combination of solid revenue growth and continued operating margin expansion beyond 30%.

從長遠來看，我們正在提高我們的財務目標。我們打算在未來幾年內通過穩健的收入增長和超過 30% 的持續經營利潤率擴張來管理 45 規則。

In conclusion, we enter 2021 with excellent momentum, reflecting the strong markets we serve, the resiliency of our business model and the outstanding execution of our team.

總之，我們以良好的勢頭進入 2021 年，這反映了我們所服務的強大市場、我們商業模式的彈性以及我們團隊的出色執行力。

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

有了這個，我會把它交給接線員提問。

(Operator Instructions) And we'll start the Q&A with Rich Valera with Needham.

（操作員說明）我們將開始與 Rich Valera 和 Needham 的問答。

Congratulations on delivering some really solid results in challenging conditions this year. And with that, you finished off the year with another really strong quarter in Asia Pac, second quarter in a row, and I'm guessing China was a factor in that. And one of the concerns that's raised is that maybe some of that business is being pulled forward for various reasons. But just wanted to get your thoughts on the strength out of Asia Pac, in particular, China. And if you guys have any concerns about maybe some of that business having been pulled forward and what that implies for next year?

祝賀您在今年充滿挑戰的條件下取得了一些非常紮實的成果。有了這個，你在亞太地區又一個非常強勁的季度結束了這一年，連續第二個季度，我猜中國是其中的一個因素。提出的擔憂之一是，可能由於各種原因，其中一些業務正在被推進。但只是想了解一下亞太地區的實力，尤其是中國。如果你們有任何擔憂，也許其中一些業務已經向前推進，這對明年意味著什麼？

Thank you, Rich. It was indeed a very good year, and China definitely contributed substantially. In general, Asia Pac overall was very, very strong. We have no indication of pull forward from China. Obviously, there's always questions around that, but nothing really out of the ordinary, except the fact that we had very strong business with also quite a number of additional new customers.

謝謝你，里奇。這確實是非常好的一年，中國肯定做出了很大貢獻。總的來說，亞太地區整體非常非常強勁。我們沒有跡象表明中國會向前推進。顯然，這方面總是有問題，但沒有什麼特別的，除了我們與很多額外的新客戶有非常強大的業務這一事實。

Got it. And just a follow-up on the SI business. Are there any sort of green shoots you can point to at this point? I know you've made a lot of nice sort of organizational and structural changes. Are you seeing anything on kind of the bookings pipeline or funnel that might show some of those are actually starting to have an impact?

知道了。只是對 SI 業務的跟進。在這一點上，你有什麼可以指出的綠芽嗎？我知道你在組織和結構上做了很多不錯的改變。您是否在預訂渠道或渠道中看到任何可能表明其中一些實際上開始產生影響的東西？

No, we cannot say that yet because Jason Schmitt, the new GM, has been there for just about 100 days. He has made already a lot of very good changes, specifically on the whole go-to-market side, where we have been able, I think, to optimize much better. So as indicated, our expectation is that through this year, we'll gradually see the growth rate accelerate again because the business is fundamentally actually the right thing at the right time. And so I think as our execution improves, we will see the results probably fairly quickly.

不，我們還不能這麼說，因為新任總經理 Jason Schmitt 已經在那里工作了大約 100 天。他已經做出了很多非常好的改變，特別是在整個上市方面，我認為我們已經能夠更好地優化。因此，如前所述，我們的預期是，通過今年，我們將逐漸看到增長率再次加快，因為從根本上說，業務實際上是在正確的時間做正確的事情。所以我認為隨著我們執行的改進，我們可能會很快看到結果。

We'll now go to the line of Tom Diffely with D.A. Davidson.

我們現在將與 D.A. 一起前往 Tom Diffely 的路線。戴維森。

So, Aart, first question for you is, based on the news we got out of Intel this summer, a little hiccup in a node transition. So just a bigger, broader question, what is the impact to you in the EDA industry when a large customer stalls out a bit in node transition? I know that they'll redesign at the current node for a while, but just in general, what -- how does that impact EDA?

所以，Aart，你的第一個問題是，根據我們今年夏天從英特爾得到的消息，節點轉換中出現了一點小問題。所以只是一個更大、更廣泛的問題，當一個大客戶在節點轉換中停滯不前時，對您在 EDA 行業的影響是什麼？我知道他們會在當前節點重新設計一段時間，但總的來說，這對 EDA 有何影響？

Well, Tom, as you know, I never comment about individual customers. But one of the things that we know well for many decades is if anybody at any point in time stumbles a bit or gets ahead, the race is on among everybody. And at this point in time, I think all the companies that aspire to be at the leading end in technology are investing and moving very fast to move the ball forward. Now this is not just because they want to be first in line with their technology, it's that the demand of the market is very high. So it's not only do you have the latest node, it's also can you deliver in volume with the right level of yield because the production rates are pretty high. So to us, this is all good news. It is good news because we see a strong wave of new designs. The new designs are very much aimed at the latest technology. So people are taking advantage of that. And in parallel to this de facto continuation of, let me call it, Moore's Law classic, we also see more and more customers now very actively looking at multichip -- or multi-chiplets in a design. And so I think the hunger for more capability is insatiable.

嗯，湯姆，如你所知，我從不評論個別客戶。但是幾十年來我們都知道的一件事是，如果任何人在任何時間點出現了一點失誤或取得了領先，那麼每個人之間的競爭就會開始。在這個時間點上，我認為所有渴望在技術領域處於領先地位的公司都在進行投資，並以非常快的速度推動球向前發展。現在這不僅僅是因為他們想在他們的技術上成為第一個，而是因為市場的需求非常高。因此，您不僅擁有最新的節點，而且您還可以以適當的產量水平交付數量，因為生產率非常高。所以對我們來說，這都是好消息。這是個好消息，因為我們看到了一波強勁的新設計浪潮。新設計非常針對最新技術。所以人們正在利用這一點。在這種事實上的延續（我稱之為摩爾定律經典）的同時，我們還看到越來越多的客戶現在非常積極地關注多芯片或設計中的多芯片。所以我認為對更多能力的渴望是無法滿足的。

This is Trac. I just want to add that you're going to see this in the 10-K in a couple of weeks, but I'll highlight that we continue to do very well at Intel, and our business there has grown in 2020.

這是特拉克。我只想補充一點，幾週後您將在 10-K 中看到這一點，但我要強調的是，我們在英特爾繼續做得很好，我們在那裡的業務在 2020 年有所增長。

So just to reiterate Aart's points.

所以只是重申 Aart 的觀點。

Yes. Makes sense. And then Trac, I guess, in the comments -- the transcript, you talked a bit about the Software Integrity and putting in an indirect sales channel. Is that a different sales line -- a sales approach than before? And is that going to have any impact on the margin of profitability?

是的。說得通。然後是 Trac，我猜，在評論中 - 成績單，您談到了軟件完整性並建立了間接銷售渠道。那是一條不同的銷售線——一種與以前不同的銷售方式嗎？這會對利潤率產生任何影響嗎？

If I may chime in, I think I may have misspoken about the indirect sales channel. It's really a parallel utilization of a channel that typically goes to large companies that actually help install things at our customers. And so it's really sort of working more closely with the existing ecosystem and not really a different sales channel.

如果我可以插話，我想我可能誤會了間接銷售渠道。這實際上是一個渠道的並行利用，通常用於幫助我們客戶安裝東西的大公司。因此，它實際上是與現有生態系統更緊密地合作，而不是真正不同的銷售渠道。

Okay. Great. Thanks for the clarification.

好的。偉大的。感謝您的澄清。

Yes. Sorry, I got in the middle of almost cough and started to misspeak, my apologies.

是的。對不起，我差點咳嗽，開始說錯話，我很抱歉。

We'll now go to the line of Joe Vruwink with Baird.

我們現在將與 Baird 一起前往 Joe Vruwink 的路線。

I wanted to start with the cash flow outlook for next year. It's quite strong and a pretty nice step up. Can you maybe provide a bit of a bridge other than just the improvement in net income and the reduction in CapEx that factors into the improvement in cash conversion next year?

我想從明年的現金流展望開始。它非常強大，並且是非常好的一步。除了淨收入的提高和資本支出的減少，你能否提供一些橋樑，這些因素會影響明年的現金轉換？

Joe, that's -- those 2 things that you highlight are really the biggest contributor. The fact that we are growing op income and reducing our CapEx spend. The other thing I'll highlight is, over the last couple of years, as I've mentioned, we've had some unusual onetime events that has hit us. And we've always described that heading into 2021, things will start to normalize a bit with regards to onetime adjustments, whether it's tax-related or legal settlement related or build-out of our facilities. But going back to the point, it's -- the biggest part of the fact that we are driving margin expansion up in '21 that's contributing to the strong cash flows.

喬，那是——你強調的那兩件事確實是最大的貢獻者。我們正在增加運營收入並減少資本支出的事實。我要強調的另一件事是，在過去的幾年裡，正如我所提到的，我們曾經發生過一些不尋常的事件，這些事件對我們造成了打擊。而且我們一直在描述，進入 2021 年，關於一次性調整的事情將開始有點正常化，無論是與稅收相關的或與法律解決相關的，還是我們設施的擴建。但回到正題，這是我們在 21 年推動利潤率增長這一事實的最大部分，這有助於強勁的現金流。

Okay. Great. And then it's a really strong improvement in backlog here at year-end, nice to see the acceleration. I'm wondering if you could maybe help decompose some of the bigger contributors. I'm sure there's quite a bit contributing. But if I kind of step back and think, it probably helps that the broader environment seems to be improving now in terms of R&D activity accelerating into next year. So I'm sure that helps across the portfolio. But in terms of any of the individual product contributors, is it really just increased momentum behind, Aart, some of the things you called out in your prepared remarks, so things like Fusion and Verification Continuum? Anything else you would maybe point to as being, I'll say, extra good here at year-end?

好的。偉大的。然後，年底的積壓工作有了很大的改善，很高興看到加速。我想知道您是否可以幫助分解一些更大的貢獻者。我相信有相當多的貢獻。但如果我退後一步想一想，就研發活動加速到明年而言，更廣泛的環境現在似乎正在改善，這可能會有所幫助。所以我確信這對整個投資組合都有幫助。但就任何個人產品貢獻者而言，Aart 是否真的只是增加了動力，你在準備好的評論中提到的一些事情，比如 Fusion 和 Verification Continuum 之類的事情？還有什麼你可能會指出，我會說，在年底這里特別好？

Sure. Well, if I were to find a common denominator among all of those things, it is the adoption of advanced technologies. And the reason for that is that the race is so much on in everything that has to do with big data, be it from transport to storage, and of course, especially to computation, i.e., various forms of machine learning, et cetera, that people want to adopt the most advanced technologies. In order to do that, they really need to have the most advanced tools. And Fusion Compiler is really doing terrifically well. We can see the benefits. Our customers see that, and it's in broad deployment. But the other thing is the building blocks and the building blocks are IP blocks. And those IP blocks with the advanced nodes are becoming more and more difficult to do for many of our customers or just economically not all that viable if they do it themselves. And we are absolutely ready for the most advanced nodes as they come out. And so those are the areas that stand out.

當然。好吧，如果我要在所有這些事情中找到一個共同點，那就是採用先進技術。其原因在於，與大數據有關的所有事情都在進行如此激烈的競爭，從傳輸到存儲，當然，尤其是計算，即各種形式的機器學習等等，以至於人們希望採用最先進的技術。為了做到這一點，他們確實需要擁有最先進的工具。 Fusion Compiler 確實做得非常好。我們可以看到好處。我們的客戶看到了這一點，並且正在廣泛部署。但另一件事是構建塊，而構建塊是 IP 塊。對於我們的許多客戶來說，那些具有高級節點的 IP 塊變得越來越難做，或者如果他們自己做的話，在經濟上就不那麼可行了。我們已經為最先進的節點做好了充分的準備。所以這些是突出的領域。

The last one I would just highlight is that with all these systems that use more and more and more transistors, these transistors have one mission in life, which is have software run on it. And so the intersection between hardware and software, which we often refer to as prototyping, overall, is also very healthy.

我要強調的最後一點是，在所有這些使用越來越多晶體管的系統中，這些晶體管的生命中有一個使命，那就是在其上運行軟件。所以硬件和軟件之間的交集，我們通常所說的原型設計，總的來說也是非常健康的。

Joe, I'd also add that it's great to have $4.9 billion of backlog and have that certainty and the visibility to the future. And it does reflect the broad-based strength that Aart's described. More importantly, I think a more critical measure for us is run rate, and that was up pretty substantially for the quarter and the year as well, which is the one thing that we are more encouraged by when we look at the key metrics for our business.

喬，我還要補充一點，有 49 億美元的積壓訂單並擁有這種確定性和對未來的可見性，真是太好了。它確實反映了 Aart 所描述的基礎廣泛的力量。更重要的是，我認為對我們來說更關鍵的衡量標準是運行率，這在本季度和本年度也大幅上升，這是我們在查看我們的關鍵指標時更受鼓舞的一件事商業。

We'll now go to the line of Mitch Steves with RBC Capital Markets.

我們現在將與 RBC Capital Markets 聯繫 Mitch Steves。

Just wanted to double-click a little bit on the operating margin implied guidance here. When I look at the EPS growth, it looks like you're implying somewhere around 12%, 12%, 13%. That would be kind of the lowest you guys have put up over the last 4 years, 5 years or so, just looking over the past performance. Just curious as to why the incremental margin driving for '21 would be lower relative to the last 3 years or so?

只是想在這裡雙擊一點營業利潤率隱含的指導。當我查看每股收益增長時，您似乎在暗示大約 12%、12%、13%。看看過去的表現，這將是你們在過去 4 年、5 年左右的時間裡所承受的最低值。只是好奇為什麼 21 年的增量利潤率會低於過去 3 年左右？

The margin story, I think, is very constructive. We're driving margins up between 1 or 2 points. And remember, Mitch, this is coming off a what I consider a pretty extraordinary year, right, both in terms of strong revenue growth and margin improvement. At this point, this is the best visibility that we have in the business, and I think it's a pretty constructive outlook for growth profitability as well as cash flows. So a pretty strong outlook for the year, and we feel pretty good about it at this point.

我認為，保證金的故事非常有建設性。我們將利潤率提高了 1 到 2 個百分點。請記住，米奇，這是我認為非常不平凡的一年，對，無論是在強勁的收入增長還是利潤率的提高方面。在這一點上，這是我們在業務中的最佳可見性，我認為這是一個非常有建設性的增長盈利能力和現金流前景。因此，今年的前景非常強勁，我們對此感到非常滿意。

Okay. Fair enough. And then just on the Software Integrity business, is there any sort of update you guys can give us for like the long-term trajectory there? I know you guys moved over a lot of the salespeople and kind of the strategy there. So maybe you can put up a big picture as to what that should look like over the next few years or so?

好的。很公平。然後就軟件完整性業務而言，你們是否可以為我們提供任何更新，比如那裡的長期軌跡？我知道你們轉移了很多銷售人員和那裡的策略。因此，也許您可以就未來幾年左右的情況提出一個大圖景？

Sure. So aside of the go-to-market improvements and accelerations in some areas, there are 2 other things that we look at. One is to increase our consulting capabilities because there's demand for that, and they have a big impact on how well the rest of the business does. And secondly, on the product side, sort of a double focus. A focus on one hand of making sure that each one of our individual products increase more and more of their differentiation because they do battle with a lot of small companies. And simultaneously that the overall platform really becomes more and more integrated because there's a lot of demand from the larger companies to be able to look at their overall risk management picture as it applies to software. And the more we can provide multiple tools that are integrated and that can jointly report on the status, that is very helpful to the CSOs or heads of IT that are typically in charge of that.

當然。因此，除了某些領域的上市改進和加速之外，我們還關注其他兩件事。一是提高我們的諮詢能力，因為這是有需求的，它們對其他業務的表現有很大的影響。其次，在產品方面，有點雙重關注。一方面專注於確保我們的每一個單獨產品都增加了越來越多的差異化，因為它們確實與許多小公司競爭。同時，整個平台確實變得越來越集成，因為大公司有很多需求，以便能夠在應用到軟件時查看他們的整體風險管理圖。我們越能提供集成的多種工具，並且可以聯合報告狀態，這對通常負責該工作的 CSO 或 IT 負責人非常有幫助。

We'll now go to the line of Jackson Ader with JPMorgan.

我們現在將與摩根大通一起前往傑克遜·阿德的路線。

Just, Aart, on the growth in Fusion, I think you mentioned it was like 140% growth in orders. Is that order count? And is that also -- I mean, are ASPs basically coming in line with what you had expected, so total contract value is also exceeding your expectations with Fusion Compiler?

只是，Aart，關於 Fusion 的增長，我想你提到這就像訂單增長了 140%。這個訂單算不算？這也是——我的意思是，ASP 是否基本符合您的預期，所以總合同價值也超出了您對 Fusion Compiler 的預期？

Yes. Fusion is doing very well in every dimension. And as you know, this was a long road to get -- it's not only a product, but it's a whole platform to get it to really -- to the point that certainly is across the bridge where it became markedly differentiated versus any competition. And we see that not only with Fusion Compiler as -- is the core product, which, for those of you are not familiar, it does both synthesis and place and route, but also has embedded in it, timing and power and test and a number of other things. In other words, it's the intersection of many things that you look for on a design. It is also the linchpin for brand-new products such as 3DIC and also connected very well to the Silicon Lifecycle Management capabilities. And so in many ways, we feel that we have literally entered now the next decade of being able to build on that backbone that we have invested in for quite a number of years. And so both the technical stats, the booking stats and the revenue stats are all looking very encouraging.

是的。 Fusion 在各個方面都做得很好。如你所知，這是一條漫長的道路——它不僅是一個產品，而且是一個真正實現它的完整平台——到了一定程度，它與任何競爭都變得明顯不同。而且我們看到，Fusion Compiler 不僅是核心產品，對於那些不熟悉的人來說，它既可以綜合、佈局和佈線，而且還嵌入了時序、電源和測試等功能。其他東西的數量。換句話說，它是您在設計中尋找的許多東西的交集。它也是 3DIC 等全新產品的關鍵，並且與硅生命週期管理功能連接得非常好。因此，在許多方面，我們覺得我們現在已經真正進入了下一個十年，能夠建立在我們多年來投資的主乾之上。因此，技術數據、預訂數據和收入數據看起來都非常令人鼓舞。

Okay. Great. And then a financial follow-up. Time-based license was -- time-based licenses actually came down sequentially. That's a pretty rare phenomenon. In fact, it doesn't -- it's not like it never happens, but in a fourth quarter, I think it's even rarer than in another quarter. So anything that we should be aware of just in the mix between time-based and services?

好的。偉大的。然後是財務跟進。基於時間的許可證是 -- 基於時間的許可證實際上是按順序下降的。這是相當罕見的現象。事實上，它沒有——它不是從來沒有發生過，但在第四季度，我認為它比另一個季度更罕見。那麼在基於時間和服務之間的混合中我們應該注意什麼？

No, Jackson, there's really nothing unusual there. Over time, the time-based is pretty steady. But from quarter-to-quarter, you'll see it be a little bit more volatile given the timing of contracts and what gets added or falls off. So it's really nothing unusual in the business.

不，傑克遜，那裡真的沒有什麼不尋常的地方。隨著時間的推移，基於時間的時間相當穩定。但是從一個季度到另一個季度，考慮到合同的時間安排以及增加或減少的內容，您會發現它的波動性更大。因此，這在業務中確實沒有什麼不尋常的。

We'll now go to the line of Gal Munda with Berenberg Capital Markets.

我們現在將與 Berenberg Capital Markets 一起前往 Gal Munda。

The first one for the team is just around China. If I did my calculation right based on your disclosure, it grew about 30% this year, even more than that. I guess I'm trying to look a few years out, and it now represents low teens in your revenue as a proportion of total revenue. So we've seen that it can reach -- if it continues to grow that rate, it could be up to kind of high teens. Is that something that you would expect to happen in the long term, especially considering your comments earlier that you have been really seeing pull forward that this is a structural growth the way you're seeing it?

該團隊的第一個就在中國附近。如果我根據您的披露正確計算，今年增長了 30% 左右，甚至更多。我想我正試圖展望幾年，它現在代表您的收入佔總收入的比例較低。所以我們已經看到它可以達到 - 如果它繼續以這個速度增長，它可能會達到十幾歲。從長遠來看，這是您期望發生的事情，特別是考慮到您之前的評論，即您確實看到了向前發展，這是您所看到的結構性增長？

Well, as you know, the Chinese economy has rebounded post-COVID, but in general, is in a phase of growth where technology is important to where that country is going. And we see many new companies entering the fray for chip design and other areas that we can provide them with tools with. And of course, we see many of the companies that have now a number of years under their belt designing much more sophisticated chips. So I expect that to continue for a long, long, long time. And when you say a decade, it doesn't phase me at all. On the contrary, I think that's absolutely what's going to happen. And so our job will be to service that market as well as we can because it's a great opportunity. Now I would add to that, that the countries around China are doing quite well also. And so the whole Asia environment is absolutely moving forward on technology. And we have -- we're thankful that we have a very good connection in all these countries, be it ranging from Korea, Taiwan, but also Japan that is rebounding somewhat with the China phenomenon.

好吧，如您所知，中國經濟在 COVID 之後已經反彈，但總的來說，處於增長階段，技術對於該國的發展方向很重要。我們看到許多新公司進入了芯片設計和其他我們可以為他們提供工具的領域的競爭。當然，我們看到許多公司已經設計了更複雜的芯片多年。所以我預計這種情況會持續很長時間。當你說十年時，它根本不會影響我。相反，我認為這絕對會發生。因此，我們的工作將是盡我們所能為該市場服務，因為這是一個很好的機會。現在我要補充一點，中國周邊國家也做得很好。因此，整個亞洲環境絕對在技術上向前發展。我們有 - 我們很感謝我們在所有這些國家都有很好的聯繫，無論是韓國、台灣還是日本，都在某種程度上隨著中國現象而反彈。

Got you. And then the second one, I just wanted to follow up a little bit on the margin itself. If I look at the incremental margins you guys have achieved this year, it has been quite remarkable, around 60%. Your higher end of the guidance kind of implies 45% for next year. Is that really a reflection of the fact that perhaps COVID situation made it a little bit of a more inexpensive year this year and some of the investments might come back just generally in terms of the hiring and stuff? And is 45% something that you feel comfortable kind of then achieving on an ongoing basis as we move past FY '21, incremental margin.

得到你。然後是第二個，我只是想對邊緣本身進行一點跟進。如果我看看你們今年取得的增量利潤，那是相當可觀的，大約 60%。你的指導類的高端意味著明年的 45%。這是否真的反映了這樣一個事實，即今年 COVID 的情況可能使它變得更便宜，並且一些投資可能會在招聘和其他方面普遍回歸？並且隨著我們超過 21 財年的增量利潤，您會感到舒適，然後持續實現 45%。

Yes. So Gal, I would say that you're right with regards to COVID. We did get some benefit of COVID in 2020. So -- and that was for most of the year. And as we look at 2021, we do expect things to sort of stay that way for the first half, but we do expect some resumption of normal activity. So that's a bit of a drag on margins. But overall, as we said, we're expecting to drive margins up this year. With regards to the question regarding incremental margins, we'll have more to say throughout the year because we're in the process of further refining our next multiyear financial plan. But if you think about our -- the objective of Rule of 45 and the idea of driving really strong growth while expanding margins towards a Rule of 45, you're going to see pretty healthy incremental margin improvements year-over-year. So we'll have -- like I said, we'll have more to -- more specific details to provide as we progress in the year.

是的。所以，蓋爾，我會說你對 COVID 的看法是正確的。我們確實在 2020 年從 COVID 中獲得了一些好處。所以——那是一年中的大部分時間。展望 2021 年，我們確實預計上半年情況會保持這種狀態，但我們確實預計會恢復一些正常活動。所以這有點拖累利潤率。但總的來說，正如我們所說，我們預計今年的利潤率會提高。關於增量利潤率的問題，我們將在全年有更多話要說，因為我們正在進一步完善我們的下一個多年財務計劃。但是，如果您考慮我們的 - 45 規則的目標以及推動真正強勁增長的想法，同時將利潤率擴大到 45 規則，您將看到同比增長相當健康的利潤率增長。所以我們將 - 就像我說的那樣，隨著我們今年的進展，我們將提供更多 - 更具體的細節。

We'll now go to the line of Jay Vleeschhouwer with Griffin Securities.

現在，我們將與格里芬證券公司聯繫 Jay Vleeschhouwer。

Aart, let me start with you on the Silicon Lifecycle Management strategy and platform. When we look at the stack of that platform and as you depicted at your design symposium a couple of months ago, it looks like there would seem to be some logical connections that you could make between that and core EDA and/or perhaps even SIG. So perhaps talk about what your plans might be, what the road map might be for connecting SLM to one or both of the remainder of the businesses?

Aart，讓我從矽生命週期管理戰略和平台開始。當我們查看該平台的堆棧時，正如您在幾個月前的設計研討會上所描述的那樣，您似乎可以在該平台與核心 EDA 和/或什至 SIG 之間建立一些邏輯聯繫。所以也許談談你的計劃可能是什麼，將 SLM 連接到其餘業務中的一個或兩個的路線圖可能是什麼？

And then for Trac, to clarify on your comment earlier about business with your largest customer, I assume you meant in dollars, not necessarily as a percentage of revenue. But given the extent of the decline of that business in 2019 versus 2018 in dollars, could you say whether you got back to the 2018 level or not in 2020?

然後對於 Trac，為了澄清您之前關於與您最大客戶的業務的評論，我假設您的意思是美元，不一定是收入的百分比。但考慮到 2019 年該業務相對於 2018 年的美元下滑程度，您能否說您是否在 2020 年回到 2018 年的水平？

Okay. Jay, you opened a very big box with Silicon Lifecycle Management because there are multiple entry points to that. One of the entry points that's sort of obvious and actually has been asked for many years is for chips that are in the midst of a situation that could be life-threatening, i.e., in charge of a car or the brake system of a car. So you really would like to know is the chips still working. And if the answer is no, you really want to know what to do with that answer or how do you stop the car or whatever you have to do. And so that is already a first example where, for a number of years, people have started to put different mechanism inside of a chip via test connections to know is something broken, is the software still running correctly or are there heat situations and so on. And so from there, to go to the notion of, well, why don't we start to add some additional sensors? And by the way, sensors are very little things. So you can easily find a corner somewhere to put them in. That brings very quickly the next question, well, why don't we then take some data inside of the chip? And can we make the decision if the chip still works inside of it? With other words, can you have some machine learning that gets interpreted inside of the chip? In contrast to say, oh, we can now read out a lot of this data from the chip that comes from these sensors and use external learning or external interpretation of the data so that we can make better chips going forward.

好的。 Jay，你打開了一個非常大的矽生命週期管理盒子，因為它有多個入口點。很明顯並且實際上多年來一直被要求的切入點之一是處於可能危及生命的情況中的芯片，即負責汽車或汽車的製動系統。所以你真的很想知道芯片是否還在工作。如果答案是否定的，你真的很想知道如何處理這個答案，或者你如何停車，或者你必須做的任何事情。所以這已經是第一個例子，多年來，人們已經開始通過測試連接將不同的機制放入芯片內部，以了解是否有問題，軟件是否仍在正常運行或是否存在發熱情況等.所以從那裡開始，我們為什麼不開始添加一些額外的傳感器呢？順便說一句，傳感器是非常小的東西。所以你可以很容易地在某個地方找到一個角落把它們放進去。這很快就帶來了下一個問題，好吧，我們為什麼不在芯片內部獲取一些數據呢？如果芯片仍然在其中工作，我們可以做出決定嗎？換句話說，你可以在芯片內部進行一些機器學習嗎？相比之下，哦，我們現在可以從來自這些傳感器的芯片中讀出很多數據，並使用外部學習或數據的外部解釋，以便我們可以製造更好的芯片。

And so I'm trying to just give you a little bit of a visceral sense that the minute you put observation points in anything, but certainly, on the inside of a chip, and you have a way to either bring the data out or use it on-site, so to speak, all kinds of new doors open up. And that is why this is exciting because on one hand, you could say, well, nothing new here. On the other hand, you'd say, there's a lot new here and a lot new opportunity in specifically the AI that can be applied with that. So hopefully, it gives you a little bit of a sense that the opportunity space is very big. The good news is we are in a leading position with our test capabilities. So we have good connectors there. We have very strong machine learning capabilities. We can use that. And by the way, our own IP has already used a number of these type of mechanisms for a number of years. So technically, we know what to do.

所以我試圖給你一點內在的感覺，當你把觀察點放在任何東西上的那一刻，當然，在芯片的內部，你有辦法要么把數據拿出來，要么使用它在現場，可以說是打開了各種新的大門。這就是為什麼這令人興奮，因為一方面，你可以說，好吧，這裡沒有什麼新鮮事。另一方面，你會說，這裡有很多新的東西，特別是可以應用人工智能的很多新機會。所以希望它能讓你感覺到機會空間非常大。好消息是我們的測試能力處於領先地位。所以我們在那裡有很好的連接器。我們擁有非常強大的機器學習能力。我們可以使用它。順便說一句，我們自己的 IP 多年來已經使用了許多此類機制。所以從技術上講，我們知道該怎麼做。

Jay, this is Trac. So on your question, you're right. Thanks for clarifying that. The dollar revenues at our largest customer is up this year. I know that you like reading our K, so I don't want to give away too much. That's going to come out in a couple of weeks, and you can see the details of that relative to the prior years.

傑，這是特拉克。所以關於你的問題，你是對的。感謝您澄清這一點。我們最大客戶的美元收入今年有所增長。我知道你喜歡看我們的K，所以我不想放棄太多。這將在幾週內發布，您可以看到與前幾年相關的詳細信息。

Okay. Okay. Just a quick follow-up, if I may. I don't think you used the word record to talk about either hardware or IP revenues for the quarter. But certainly, for hardware, it looks like it had a record quarter and possibly for IP as well. If you could clarify those.

好的。好的。如果可以的話，只是快速跟進。我認為您沒有使用記錄這個詞來談論本季度的硬件或 IP 收入。但可以肯定的是，對於硬件來說，它似乎有一個創紀錄的季度，IP 也可能如此。如果你能澄清這些。

Yes. We had a really good year, a good year for -- good quarter and good year for hardware, and it was down slightly versus a record year in 2019. But nonetheless, a really strong revenue year for us. And same with IP. IP, I want to say, actually, is a record year for us overall.

是的。我們度過了非常好的一年，對於硬件來說是好的季度和好的一年，與 2019 年的創紀錄年份相比略有下降。但儘管如此，對我們來說，這是一個非常強勁的收入年。與IP相同。實際上，IP 對我們來說是創紀錄的一年。

We'll now go to the line of Jason Celino with KeyBanc Capital Markets.

我們現在將與 KeyBanc Capital Markets 聯繫 Jason Celino。

The first one, going into the introduction of the Rule of 45 a little bit, how much of achieving this goal is based on the SIG business being higher margin than the corporate average?

第一個，稍微介紹一下 45 規則，實現這一目標有多少是基於 SIG 業務的利潤率高於公司平均水平？

I think, for the most part, Jason -- and we'll provide more details throughout the year like I said because we are in the midst of developing that multiyear view. But for us to continue to drive margins north of 30%, a lot of it is going to come from the rest of the business, the 90% of the business that is driving the growth and profitability. Now longer term, there -- as we said pretty consistently, there's nothing structural about Software Integrity that would prevent it from converging towards the corporate margins. But that's a bit -- that's some time out. In the next few years, as we think about it, a lot of it's going to come across -- some of it's going to be contributed, I'd say, but a large portion will continue to be driven by the semi business.

我認為，在大多數情況下，傑森——我們將在全年提供更多細節，就像我說的那樣，因為我們正在製定這種多年期觀點。但對於我們來說，要繼續將利潤率提高到 30% 以上，其中很大一部分將來自其他業務，即推動增長和盈利的 90% 業務。從長遠來看，那裡 - 正如我們一直所說的那樣，軟件完整性沒有任何結構可以阻止它向公司利潤收斂。但這有點 - 這是一些時間。在接下來的幾年裡，正如我們所想的那樣，其中很多都會遇到——我想說，其中一些會有所貢獻，但很大一部分將繼續由半導體業務推動。

Okay. And then...

好的。接著...

And Jason, I would add that throughout the company, everybody understands presently our objective of the Rule of 40. And so it really applies to all of the businesses to do their best to move in that direction. But SIG is only about 10% of Synopsys. Now that's -- it's a high potential 10%. And so your conjecture that it will need to both grow and improve its margin is absolutely true. But for the numbers that we -- or the direction we're indicating to you, we think that we have a number of engines that are doing quite well.

傑森，我要補充一點，整個公司，目前每個人都理解我們的 40 規則目標。因此，它確實適用於所有企業，盡最大努力朝著這個方向前進。但 SIG 只佔 Synopsys 的 10% 左右。現在是 - 這是一個高潛力的 10%。所以你關於它需要增長和提高利潤率的猜想是絕對正確的。但是對於我們的數字 - 或者我們向您指示的方向，我們認為我們有許多引擎做得很好。

Okay. Great. And then one more quick one. The 20% growth in the IP business, I think that's what you mentioned in the prepared remarks. But I widely understood the tailwinds, the design starts and outsourcing, but what are you seeing on the competitive side? Any competitive changes on the IP side?

好的。偉大的。然後再來一個快速的。知識產權業務增長 20%，我想這就是你在準備好的評論中提到的。但我廣泛了解順風，設計開始和外包，但你在競爭方面看到了什麼？ IP 方面有任何競爭性變化嗎？

No, not really. There are a number of other companies that provide either very specialized capabilities, and I could mention ARM as a actually very good partner to Synopsys. And then we have some direct competitors that compete on some of the blocks that we do. And in general, if a market is competitive, that's actually a good sign that there is opportunity for growth and doing more. I think we will all be very busy because I do think that there's a lot of market demand, and I think it will increase. I think Synopsys is particularly well placed because increasingly, IP is very much a trust business. These things are very complex. And somewhat tongue-in-cheek, I've often said that it's a little bit like organ transplants. You want to make really sure that you're getting some very good quality solutions into your chip because otherwise, it causes all kinds of other issues. And so it is very much a trust business, and I think Synopsys is doing very well in that regard.

不，不是。還有許多其他公司提供了非常專業的功能，我可以提到 ARM 作為 Synopsys 實際上非常好的合作夥伴。然後我們有一些直接的競爭對手，他們在我們所做的一些區塊上競爭。總的來說，如果市場競爭激烈，這實際上是一個好兆頭，表明存在增長機會並做得更多。我想我們都會很忙，因為我確實認為市場需求很大，而且我認為它會增加。我認為 Synopsys 處於特別有利的地位，因為 IP 越來越成為一項信任業務。這些事情非常複雜。有點半開玩笑，我經常說這有點像器官移植。你要確保你的芯片得到了一些非常優質的解決方案，否則，它會導致各種其他問題。所以這是一個非常信任的業務，我認為新思科技在這方面做得很好。

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

接下來，我們將前往美國銀行證券公司的 Vivek Arya 行。

I think you have given us nice sales growth number for next year, about just over 9%. I was hoping if you could give us some relative indication growth in the different segments? And I think, Aart, in your prepared remarks, I thought you said growth acceleration from 2022, and I'm not sure whether you meant just in the SIG business or whether you were talking about the overall company growth rate?

我認為您為我們提供了不錯的明年銷售增長數字，大約略高於 9%。我希望你能不能給我們一些不同領域的相對增長跡象？而且我認為，Aart，在您準備好的講話中，我認為您說的是從 2022 年開始加速增長，我不確定您是指僅在 SIG 業務中，還是在談論公司的整體增長率？

Well, let me start with that part. What I meant at that point in time, I was talking about SIG because obviously, SIG is lower than our intent and our expectations. And so the changes that we've made, I think, are all in the direction to vitalize specifically the go-to-market function and really align better at the product, consulting and go to market, 3 steps for bigger business. So I was talking about that part of Synopsys accelerating back to where it should be. For the rest of the company, I think we're doing very well. I must say that it's very difficult to predict what 2021 will look like in general. There is high hope that, as you heard in second half of the year, not only the Far East will do better from an economic point of view, but also Europe and the U.S. with the coming about of vaccines. But it's not a simple situation. Having said that, I think the semiconductor segment and the technologies around that are almost immune to that part of the economy because the needs are so high. And many of the very things that got started under COVID, such as the work from home, such as the massive communication, the massive amounts of data being used, are just going to continue to be accelerated themselves.

好吧，讓我從那部分開始。我當時的意思是，我在談論 SIG，因為顯然，SIG 低於我們的意圖和期望。因此，我認為，我們所做的改變都是朝著具體激活上市功能的方向，並真正更好地協調產品、諮詢和上市，這三個步驟是更大的業務。所以我說的是 Synopsys 的那部分加速回到它應該在的地方。對於公司的其他人，我認為我們做得很好。我必須說，很難預測 2021 年的總體情況。很有希望，正如你在下半年聽到的那樣，不僅遠東從經濟角度來看會做得更好，而且隨著疫苗的出現，歐洲和美國也會做得更好。但這不是一個簡單的情況。話雖如此，我認為半導體領域及其周圍的技術幾乎不受這部分經濟的影響，因為需求如此之高。在 COVID 下開始的許多事情，例如在家工作，例如大規模通信、使用的大量數據，它們本身只會繼續加速。

Got it. And for my follow-up, we are starting to see ARM expand into new markets, Macs and other high-performance markets in the data center, even supercomputing. Is that a net positive for you? Or does it just cannibalize your presence in the x86 market?

知道了。在我的後續行動中，我們開始看到 ARM 擴展到新市場、Mac 和數據中心的其他高性能市場，甚至是超級計算。這對你來說是一個淨積極因素嗎？還是它只是蠶食了您在 x86 市場中的地位？

No, no -- well, we ourselves are not in the x86 market. We provide all the building blocks around these key processes, right? And so if that part of the market wants to go accelerate themselves through a massive food fight, by all means, go at it because acceleration, in general, tends to use more technology and newer technologies. And so I don't want to handicap any of the players. These are all very, very, very competent and great companies. But I think that the applicability of various forms of cloud computing is broadening. And what we're going to see is that there will be more and more specialty areas, not only in general processing, but various applications, of course, of graphics processors. But let's not forget, we are serving 200-or-so companies all doing the best ever AI chip. And these are all specialized computation machines that will -- many of those will be very valuable for certain specific applications. So there's no slowdown by any means here.

不，不——好吧，我們自己不在 x86 市場。我們提供圍繞這些關鍵流程的所有構建塊，對嗎？因此，如果這部分市場想要通過一場大規模的糧食大戰來加速自己，那麼一定要去做，因為加速通常傾向於使用更多的技術和更新的技術。所以我不想妨礙任何球員。這些都是非常、非常、非常有能力和偉大的公司。但我認為各種形式的雲計算的適用範圍正在擴大。我們將看到的是越來越多的專業領域，不僅在一般處理領域，當然還有圖形處理器的各種應用領域。但我們不要忘記，我們正在為 200 多家公司提供服務，這些公司都在使用有史以來最好的 AI 芯片。這些都是專門的計算機器，它們中的許多對於某些特定的應用程序將非常有價值。因此，這裡無論如何都沒有放緩。

Next, we'll go to the line of Pradeep Ramani with UBS.

接下來，我們將與瑞銀一起前往 Pradeep Ramani。

First, I guess, for Trac, can you sort of help us shape the year in terms of how the revenues are going to be weighted first half versus second half? And on the margin front, it almost feels, if my math is correct, most of the upside in margins is going to come from your semiconductor SSD business, basically. Is that correct? Or am I sort of missing something there?

首先，我想，對於 Trac，您能否幫助我們根據上半年和下半年的收入加權方式來塑造今年？在利潤率方面，如果我的數學是正確的，幾乎可以感覺到，利潤率的大部分上升將來自您的半導體 SSD 業務，基本上。那是對的嗎？還是我在那裡遺漏了什麼？

You're right, Pradeep. I'll start with the second part of it, the -- where the margin expansion is coming from. For '21, specifically, given that we will make some additional investments in Software Integrity to get it on a -- to reaccelerate growth, you'll see more of that margin improvement being driven by the semi business. With regards to the quarterly profile, it's certainly going to be a better profile this year than what we saw in 2020. Closer to fairly even, but still a strong second half.

你是對的，普拉迪普。我將從它的第二部分開始，即利潤率擴張的來源。特別是對於 21 年，鑑於我們將在軟件完整性方面進行一些額外投資以使其重新加速增長，您將看到更多的利潤率提高是由半導體業務推動的。關於季度概況，今年肯定會比我們在 2020 年看到的情況更好。更接近公平，但下半年仍然強勁。

Okay. And for my follow-up, actually, when I look at ARM from a different angle, do you feel that customers are sort of indicating greater interest in ARC simply because of the uncertainty around the ARM's situation? And is that a positive for you guys? And maybe, does ARC actually grow -- is that -- is it growing faster than your other IP business?

好的。實際上，對於我的後續行動，當我從不同的角度看待 ARM 時，您是否覺得客戶只是因為 ARM 的情況不確定而對 ARC 表現出更大的興趣？這對你們有好處嗎？也許，ARC 是否真的增長了——是這樣嗎——它的增長速度是否比您的其他 IP 業務更快？

Well, I don't really want to comment too much about ARM as they are a strong partner. I would say that there are many different applications for different types of processors. And we have never really competed with ARM in its main area, which has been very much the strong processors for mobility that are driven at a low power level in order to work well in a portable phone. And so we do an enormous number of what we do. Our customers do an enormous number of the ARM cores with our tools, I should say, and we drive them as hard as we possibly can. ARC has done particularly well in super low-power situations or in a number of specialty areas where the processors just suited the build particularly well. And automotive is one of those areas because there's all kinds of other requirements around automotive that have to be followed very strictly. And as we put a major effort in quality overall and in quality, specifically for automotive, we paid attention for that for ARC specifically, and that's why it's doing well.

好吧，我真的不想過多評論 ARM，因為它們是一個強大的合作夥伴。我想說不同類型的處理器有許多不同的應用程序。我們從未在其主要領域真正與 ARM 競爭過，ARM 一直是非常強大的移動處理器，以低功率驅動，以便在便攜式電話中正常工作。所以我們做了很多我們所做的事情。我應該說，我們的客戶使用我們的工具製作了大量的 ARM 內核，並且我們盡可能地努力驅動它們。 ARC 在超低功耗情況下或在處理器特別適合構建的許多專業領域表現得特別好。汽車就是其中之一，因為圍繞汽車的各種其他要求都必須非常嚴格地遵守。當我們在整體質量和質量方面做出重大努力時，特別是在汽車方面，我們特別關注 ARC，這就是它表現良好的原因。

Next, we'll go to the line of Krish Sankar with Cowen & Company.

接下來，我們將與 Cowen & Company 一起前往 Krish Sankar 的路線。

I have 2 of them. One on -- I just wanted to -- first question on IP business. You kind of mentioned on the IP side, like building IP blocks is getting more difficult with the advanced nodes for your customers. Is there a way to quantify what the percentage of outsourced IP blocks to the EDA companies was like, let's say, 28 or 20 nanometer? And what is it today at like 5 nanometer? Is there a way to quantify the percentage? And then I have a follow-up.

我有 2 個。關於IP 業務的第一個問題。您在 IP 方面提到過，例如使用高級節點為您的客戶構建 IP 塊變得越來越困難。有沒有辦法量化 EDA 公司的外包 IP 塊的百分比是多少，比如說 28 或 20 納米？今天的 5 納米是什麼？有沒有辦法量化百分比？然後我有一個跟進。

Well, to be honest, there's probably a very good way to quantify it, but I cannot do that live for you here because I don't have the credibility, I would have to talk to the people in the IP group. Generically, though, I can absolutely say that 28 nanometer feels like a long, long, long, long time ago. And at that point in time, we are probably in the 20% or 30% of outsourcing. Now we're much higher. But what has really changed is that the complexity of the blocks since that time, there are certain blocks, especially all these big controller and communication interfaces, they have become particularly tough to do. And they are exactly the area where maybe some customers could do it themselves. And why would they? Because there are often standards. And being better than a standard is the same as being worse than the standard. You're not the standard. And so I think that has benefited our taking on more and more of the area around chips. If you add to that, the fact that there's a large, large number of embedded memory, that covers a large swath of a chip as well. So from that perspective, we keep moving up in the percentage of what we do. But what we do itself is moving up in its complexity and in its transistor density on an ongoing basis. And I think that's why this business is very healthy, is likely to continue to grow well. And we will be very close to the differentiation side of our customers.

嗯，老實說，可能有一個很好的量化方法，但我不能在這里為你做，因為我沒有可信度，我必須和 IP 組的人交談。不過，一般來說，我絕對可以說 28 納米感覺像是很久很久以前。而在那個時間點，我們可能處於外包的 20% 或 30% 中。現在我們更高了。但真正改變的是，從那時起，塊的複雜性，有一些塊，尤其是所有這些大的控制器和通信接口，它們變得特別難做。他們正是一些客戶可以自己做的領域。他們為什麼要這樣做？因為經常有標準。比標準好就等於比標準差。你不是標準。所以我認為這有利於我們在越來越多的芯片領域開展業務。如果再加上這一事實，那就是有大量的嵌入式存儲器，它也覆蓋了芯片的大部分區域。因此，從這個角度來看，我們不斷提高我們所做工作的百分比。但我們所做的本身就是在不斷提高其複雜性和晶體管密度。我認為這就是為什麼這項業務非常健康，很可能會繼續保持良好增長。我們將非常接近客戶的差異化方面。

Got it. Got it. That's helpful. And then just as a follow-up. It's a longer-term question. In the past, when customer consolidation happened within your semiconductor customers, like Avago, Broadcom, et cetera, there's a view that it's going to be negative for EDA companies, which did not happen. But also at the same time, the EDA companies also consolidated. So therefore, your customers went with the biggest supplier. Now when I look forward, like there's still a lot of semi M&A left to be done. With future customer consolidation, there seems like there's [not] the tailwind of the supply consolidation. So do you feel like that would make a difference in the future? Or do you think it doesn't make a difference, R&D is going to be spent?

知道了。知道了。這很有幫助。然後只是作為後續行動。這是一個長期的問題。過去，當您的半導體客戶（如 Avago、Broadcom 等）內部發生客戶整合時，有人認為這將對 EDA 公司不利，但這種情況並未發生。但同時，EDA公司也進行了整合。因此，您的客戶選擇了最大的供應商。現在，當我展望未來時，好像還有很多半併購要做。隨著未來的客戶整合，供應整合似乎沒有順風。所以你覺得這會在未來產生影響嗎？或者你認為這沒有什麼區別，研發會被花掉嗎？

Well, it's a good question because many, many years ago, you recall it well every time that the word M&A in your customer base came up, it felt like a 4-letter word. And actually, it wasn't because the one thing that doesn't disappear are the very designers that are being M&A-ed around, so to speak. And so from that perspective, it didn't harm EDA and IP businesses as much as initially expected. Secondly, you're absolutely correct that we have done a certain amount of consolidation in our market. Largely to actually stay at critical mass in order to be able to afford the amount of R&D needed for all of these new capabilities. Now I think in our core technology, we are very well equipped to do these things ourselves and invest in it. But on the -- sort of what's sitting at the boundary between existing SAM and new TAM, there a lot of new opportunities that are opening up. And so if you take, for example, the Silicon Lifecycle Management, we have acquired some capabilities. We are developing a lot of capabilities ourselves. But it's a new territory. It's a new TAM. Maybe a little hard to describe how big it will be, but the promise is extremely good. And so from that perspective, I think we will grow with our customer base in aggregate, and I think that our customer base is doing well because they are at the center of what will drive the technologies of the next decade. So we will race with them.

嗯，這是一個很好的問題，因為很多很多年前，每次在你的客戶群中出現併購這個詞時，你都記得很清楚，感覺就像一個 4 個字母的詞。實際上，這並不是因為沒有消失的一件事就是正在被併購的設計師，可以這麼說。因此，從這個角度來看，它並沒有像最初預期的那樣嚴重損害 EDA 和 IP 業務。其次，您完全正確，我們在市場上進行了一定程度的整合。主要是為了真正保持臨界質量，以便能夠負擔所有這些新功能所需的研發量。現在我認為在我們的核心技術中，我們有能力自己做這些事情並進行投資。但是在現有 SAM 和新 TAM 之間的邊界上，有很多新的機會正在開放。因此，如果你以矽生命週期管理為例，我們已經獲得了一些能力。我們自己正在開發很多能力。但這是一個新領域。這是一個新的 TAM。也許有點難以描述它會有多大，但承諾非常好。所以從這個角度來看，我認為我們將與我們的客戶群一起成長，我認為我們的客戶群做得很好，因為他們是未來十年技術的核心。所以我們會和他們比賽。

And with that, we've exhausted the Q&A queue. Please continue.

有了這個，我們已經用盡了問答隊列。請繼續。

Well, with that, thank you so much for participating today. We hope, of course, that all of you have stayed healthy within your family and yourself. It's not always been an easy time for everybody, but we appreciate the very fact that many of you have stayed in contact with us through the entire year. We look forward to 2021 with momentum, and we hope that, that momentum also includes your health and your well-being. We look forward to talk to you soon again.

好了，到此，非常感謝您今天的參與。當然，我們希望你們所有人在家人和自己身上都保持健康。對於每個人來說，這並不總是一個輕鬆的時期，但我們很感激你們中的許多人整年都與我們保持聯繫。我們充滿動力地展望 2021 年，我們希望，這種動力還包括您的健康和福祉。我們期待很快再次與您交談。

Ladies and gentlemen, that does conclude our conference for today.

女士們先生們，今天的會議到此結束。