新思科技 (SNPS) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Synopsys Earnings Conference Call for the Third Quarter of Fiscal year 2020. (Operator Instructions) As a reminder, today's call is being recorded.

各位女士、先生，感謝您稍候並歡迎參加 Synopsys 2020 會計年度第三季財報電話會議。（接線員指示）提醒您，今天的電話會議將被錄音。

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

此刻，我想將會議交給投資人關係副總裁 Lisa Ewbank。請開始。

Thank you, Moses. 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，Moses。各位下午好。今天主持電話會議的是 Synopsys 董事長暨共同執行長 Aart de Geus，以及財務長 Trac Pham。

Before we begin, I'd like to remind everyone that during the course of 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.

在開始之前，我想提醒各位，在本次電話會議過程中，Synopsys 將討論與公司及其財務結果相關的預測、目標及其他前瞻性陳述。雖然這些陳述代表我們截至今日對未來結果與表現所做的最佳判斷，但我們的實際結果與表現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存在重大差異。

In addition to any risks that we highlight during the call, important factors that may affect our future results are described in our most recent SEC reports and today's earnings press release.

除我們在會議中可能特別提及的風險外，可能影響我們未來結果的重要因素，已載於我們最新的 SEC 申報文件以及今日發布的財報新聞稿中。

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

此外，我們在討論中將引用非 GAAP 財務衡量指標。與其最直接可比的 GAAP 財務衡量指標之調節表，以及補充財務資訊，可在我們今日稍早發布的財報新聞稿、財務補充資料與 8-K 文件中找到。上述資料加上最新的投資人簡報，皆可於我們的網站 synopsys.com 取得。

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

另外，準備好的講稿也將在電話會議結束後張貼於網站上。

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

最後，今天我們再次分別在不同地點參與。若在問答環節因而出現任何延遲、技術問題或交接不順之處，敬請見諒。

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

接下來，我把電話交給 Aart de Geus。

Good afternoon. Synopsys continues to execute very well and delivered record revenue, non-GAAP earnings and cash flow in the third quarter. Revenue was $964 million, with GAAP earnings per share of $1.62, non-GAAP earnings per share of $1.74 and $399 million of operating cash flow.

各位下午好。Synopsys 持續展現優異的執行力，並在第三季創下營收、非 GAAP 盈利與現金流的新高。營收為 9.64 億美元，GAAP 每股盈餘為 1.62 美元，非 GAAP 每股盈餘為 1.74 美元，營運現金流為 3.99 億美元。

Revenue growth was strong across all product groups and geographies. Orders were greater than our internal plan, with particular strength in EDA software. We also continue to make excellent progress on our margin expansion goals. As a result of this overachievement and broad-based strength, we are raising fiscal 2020 revenue, operating margin, non-GAAP earnings and cash flow targets. Trac will discuss the financials in more detail.

各產品群與各地區的營收成長皆相當強勁。訂單高於我們的內部計畫，其中 EDA 軟體表現尤為突出。我們在毛利率／營業利益率擴張目標上也持續取得極佳進展。基於這項超預期表現與全面性的強勁動能，我們上調 2020 會計年度的營收、營業利益率、非 GAAP 盈利與現金流目標。Trac 將更詳細說明財務表現。

Our excellent results and confidence reflects product differentiation and technical strength, bolstered by an intense multiyear innovation push and high demand for our advanced solutions. We're progressing rapidly towards crossing the $4 billion revenue milestone, while simultaneously increasing bottom line value through continued operating margin expansion.

我們的優異成果與信心，反映出產品差異化與技術實力，並受益於多年來密集的創新推進以及市場對先進解決方案的高度需求。我們正快速邁向突破 40 億美元營收里程碑，同時透過持續擴大營業利益率來提升獲利端的價值。

Even if the world navigates through the pandemic, a slowing economy and geopolitical uncertainty, the market in which we operate remains robust. Global design activity and customer engagements are flourishing, driven by unrelenting complexity of chip and system design, under both fabless and vertically integrated strategies.

即使全球正面對疫情、經濟放緩與地緣政治不確定性，我們所處的市場仍然穩健。全球設計活動與客戶互動持續蓬勃發展，驅動力來自晶片與系統設計複雜度不斷攀升，無論是無晶圓廠（fabless）或垂直整合策略皆然。

Growing segments, such as AI, 5G, high-performance compute, cloud and the proliferation of "Smart Everything" are especially strong for Synopsys. As a result of extensive technology investments, our product platforms are the best they've ever been. Take AI, for example, in addition to being a leading provider to this market, we, ourselves, apply AI and machine learning throughout our portfolio. The results are excellent.

AI、5G、高效能運算、雲端以及「智慧萬物」的普及等成長型領域，對 Synopsys 尤其強勁。由於大量的技術投資，我們的產品平台已達到歷來最佳水準。以 AI 為例，除了我們是該市場的領先供應商之外，我們也在自身的產品組合中全面導入 AI 與機器學習，成果非常出色。

Our new DSO.ai product announced last quarter is just the latest example of machine learning directly benefiting our customers' time to market.

我們在上季宣布的新產品 DSO.ai，就是機器學習直接協助客戶縮短上市時間的最新例證。

With that backdrop, let me provide some highlights from the quarter, beginning with EDA. We delivered double-digit revenue growth, driven by both design and verification software. In digital design, our intense multiyear innovation push is bearing fruit, with accelerated product adoption and revenue growth across our Fusion Design Platform. Most notably, our Fusion Compiler product continues to win benchmarks and drive increased competitive displacements that solidify plan of record status.

在此背景下，我將從 EDA 開始，分享本季的一些重點。我們實現了兩位數的營收成長，主要由設計與驗證軟體共同帶動。在數位設計方面，我們多年來密集的創新推進已開花結果，Fusion Design Platform 全線產品的採用加速、營收成長亦同步提升。尤其值得一提的是，我們的 Fusion Compiler 產品持續在基準測試中勝出，並帶動更多競品替換，進一步鞏固其成為標準採用方案（plan of record）的地位。

When we announced this groundbreaking new solution about 18 months ago, we expected it to be highly differentiating and deliver great results. Quarter-by-quarter, this has proven to be true as customers are consistently realizing the best results with lowest run time. Consequently, the adoption rate in production design is accelerating, especially in new projects and for the most advanced process nodes that require this high level of integration.

約 18 個月前我們宣布這項突破性新解決方案時，就預期它將具高度差異化並帶來卓越成果。隨著每一季的驗證，事實證明確實如此：客戶持續以最低的運行時間取得最佳結果。因此，在量產設計中的採用率正加速提升，特別是在新專案以及需要高度整合的最先進製程節點上。

In this quarter alone, we literally saw a doubling of tape-outs. Proliferation momentum is broad across many different markets, ranging from very large global semis, specializing in automotive and communication chips, to promising AI start-ups and notably a microprocessor leader who is expanding Fusion Compiler usage as plan of record across next-generation projects.

僅在本季，我們就實際看到 tape-out 數量倍增。擴散動能廣泛涵蓋多個市場，從專注於車用與通訊晶片的全球大型半導體公司，到具潛力的 AI 新創，尤其包括一家微處理器領導廠商，正將 Fusion Compiler 的使用擴大為下一代專案的標準採用方案（plan of record）。

The Fusion vision and impact extends well beyond Fusion Compiler. For example, our industry gold standard sign-off, which is used in approximately 95% of all advanced designs today is highly integrated with Fusion Compiler and throughout the entire flow.

Fusion 的願景與影響力遠不止於 Fusion Compiler。例如，我們業界黃金標準的 sign-off 解決方案，目前約用於 95% 的先進設計，並與 Fusion Compiler 及整體流程高度整合。

Another dimension of continuous innovation is cloud enablement. Our collaboration with industry leaders, Microsoft and TSMC has delivered cloud-enabled sign-off product, showing dramatically higher throughput and 2x savings on cloud computing resources.

持續創新的另一個面向是雲端化。我們與產業領導者 Microsoft 與 TSMC 的合作，已推出雲端支援的 sign-off 產品，展現顯著更高的吞吐量，並在雲端運算資源上節省達 2 倍。

Let me now turn to custom design, which again grew by double digits. We continue to secure full flow competitive displacements with multiple high-profile advanced customers choosing Synopsys. Panasonic, for example, adopted our full flow custom design platform for its analog, mixed-signal and RF designs. We also have a record number of new evaluations underway. These include several traditional analog companies as well as the advanced node customers we have historically been close to.

接著談客製化設計（custom design），本季同樣實現兩位數成長。我們持續拿下全流程（full flow）的競品替換，並有多家高知名度的先進客戶選擇 Synopsys。例如 Panasonic 採用我們的全流程客製化設計平台，用於其類比、混合訊號與 RF 設計。我們也正在進行創紀錄數量的新評估案，包含數家傳統類比公司，以及我們歷來關係密切的先進製程節點客戶。

Moving now to our Verification Continuing Platform, where significant technology innovation sustains our market share leadership. Verification software growth continues unabated, reflecting tight integration of the fastest engines on the market infused with multicore, machine learning and cloud technologies. Contributing substantially to this growth are large influential cloud hyperscalers and global systems companies.

再來是我們的 Verification Continuing Platform，重大的技術創新支撐我們的市占領先地位。驗證軟體的成長持續不減，反映出市場上最快的引擎與多核心、機器學習及雲端技術的緊密整合。對此成長貢獻顯著的，包括大型且具影響力的雲端 hyperscaler 與全球系統公司。

The power of VCS performance and throughput also led to key competitive displacements in the AI and security IP verticals. Hardware-based verification continues to perform well. Differentiated by unmatched speed, high reliability, easy installation and maintenance and lower cost of ownership, were the solution of choice for complex hardware-software designs.

VCS 的效能與吞吐量優勢，也在 AI 與安全 IP 垂直領域帶來關鍵的競品替換。以硬體為基礎的驗證同樣維持良好表現。憑藉無可匹敵的速度、高可靠性、易於安裝與維護，以及更低的總持有成本（TCO），我們成為複雜軟硬體協同設計的首選解決方案。

In Q3 alone, we continue to broaden our customer base, adding 11 new hardware customers and more than 25 repeat orders, ranging from the largest systems and semiconductor companies in the world to high-impact AI chip designers, hyperscalers and automotive suppliers. One example is Fuji Xerox, where our ZeBu emulation accelerated development of an advanced multifunction printer chip by 2 months. We expect to deliver another strong year for hardware. Be it the design or in verification, the completeness and strength of our EDA portfolio is key to many important ecosystem partnerships and collaborations. During the quarter, we extended our strategic teamwork with ARM to help accelerate design and verification of ARM-based designs for our mutual customers.

僅在第三季，我們持續擴大客戶基礎，新增 11 家硬體客戶，並取得超過 25 筆回購訂單，客戶範圍涵蓋全球最大的系統與半導體公司、高影響力的 AI 晶片設計商、hyperscaler 以及車用供應商。其中一個例子是 Fuji Xerox，我們的 ZeBu 仿真（emulation）將其先進多功能印表機晶片的開發時程加速了 2 個月。我們預期硬體業務將再交出強勁的一年。無論在設計或驗證領域，我們 EDA 產品組合的完整性與實力，都是多項重要生態系夥伴關係與合作的關鍵。本季我們也擴大與 ARM 的策略合作，協助共同客戶加速 ARM 架構設計的設計與驗證。

Also, Synopsys was selected as a prime contractor for the government's DARPA Automatic Implementation of Secure Silicon program. Synopsys will collaborate with researchers from commercial, academic and defense leaders to increase security of the semiconductor supply chain.

此外，Synopsys 也被選為政府 DARPA「Automatic Implementation of Secure Silicon」計畫的主要承包商。Synopsys 將與來自商業、學術與國防領域的研究人員及領導者合作，以提升半導體供應鏈的安全性。

Now to IP, which again delivered outstanding results with record revenue in the quarter, contributing to what we expect will be another year of excellent growth. Our success is driven by high market demand and an unrivaled portfolio. Specifically, Synopsys has the broader set of critical IP for today's most dynamic verticals, a long-standing track record of high reliability and quality and early availability of titles as the key advanced manufacturing processes. This quarter, we saw especially strong momentum in both interface and foundation IP. Bolstering our market-leading interface portfolio, we introduced the industry's first complete USB4 IP solution, production-ready for advanced 5-nanometer processes.

接著談 IP，本季再次交出亮眼成績，營收創下季度新高，並為我們預期將再度實現優異成長的一年做出貢獻。我們的成功來自市場的高度需求與無可匹敵的產品組合。具體而言，Synopsys 擁有更廣泛的關鍵 IP，涵蓋當今最具動能的垂直領域；長期以來在高可靠性與品質方面具備卓越紀錄；並能隨關鍵先進製造製程及早提供相應的 IP。本季我們在介面 IP 與基礎 IP 兩方面都看到特別強勁的動能。為強化我們市場領先的介面產品組合，我們推出業界首個完整的 USB4 IP 解決方案，可用於先進 5 奈米製程並已達量產就緒。

With a record orders quarter, we also further extended our lead in foundation IP, which includes critical embedded memories and advanced logic libraries. In the automotive space, which continues its design investments, even during the current revenue downturn, our years of investment are driving continued success with our ARC processors. Perhaps the hottest vertical in the current COVID era is high performance compute. Widespread work-from-home environments mean greater need for huge amounts of servers, GPUs, AI accelerators, data centers and enterprise storage. For Synopsys, it drives significant IP demand for protocols such as PCI Express, 112-gig Ethernet and DDR.

在訂單創紀錄的一季中，我們也進一步擴大在基礎 IP 的領先地位，其中包含關鍵的嵌入式記憶體與先進邏輯元件庫。在車用領域，即使目前營收下滑，設計投資仍持續進行；我們多年投資正推動 ARC 處理器持續取得成功。或許在當前 COVID 時代最火熱的垂直領域是高效能運算。廣泛的居家辦公環境意味著對大量伺服器、GPU、AI 加速器、資料中心與企業儲存的需求更高。對 Synopsys 而言，這帶動了對 PCI Express、112G 乙太網路與 DDR 等協定相關 IP 的顯著需求。

NVIDIA, for example, selected our advanced DDR PHY IP for its high-performance cloud computing networking chips from multiple processes, including 7-nanometer. We had multiple design wins for our new 112-gig high-speed SerDes offerings. And meanwhile, we taped out our full IP portfolio for high-performance compute in the 5-nanometer process, which brings me to software integrity, which delivered double-digit revenue growth in the quarter.

例如，NVIDIA 從多個製程（包括 7 奈米）中，為其高效能雲端運算網路晶片選用了我們先進的 DDR PHY IP。我們在全新 112G 高速 SerDes 產品上也取得多項設計導入（design win）。同時，我們已在 5 奈米製程完成面向高效能運算的完整 IP 產品組合流片（tape-out），這也帶到軟體完整性（Software Integrity）業務，本季該業務實現了雙位數營收成長。

Orders remain softer than planned as we navigate COVID-related delays and our ongoing field adjustments. Our long-term value proposition and market opportunity are very compelling. The need for security and quality testing is high as the impact of a breach is immense. The breadth and road map of our portfolio are well suited for evolving DevSecOps requirements. We have the broadest portfolio of key products that we are integrating onto a cloud-native platform. While our strategic consulting services are an important differentiator to enable high-level value-added engagements. This business has grown to roughly $350 million in annual revenue, with expanding profitability.

在我們因應與 COVID 相關的延遲以及持續的現場調整之際，訂單仍較原先規劃疲弱。我們的長期價值主張與市場機會非常具吸引力。由於資安事件的影響極其巨大，對安全性與品質測試的需求很高。我們產品組合的廣度與路線圖非常適合不斷演進的 DevSecOps 需求。我們擁有最廣泛的關鍵產品組合，並正將其整合到雲原生平台上。同時，我們的策略顧問服務是重要的差異化因素，可促成高層級、高附加價值的合作案。這項業務年營收已成長至約 3.5 億美元，且獲利能力持續提升。

As we've mentioned in the past several quarters, our ambition is to now scale to our next objective of $500 million to $1 billion. We've made good progress, ramping up consulting sales and support to better serve large enterprise companies and upgrading our systems to enable faster, more nimble engagements. In Q3, we saw an increasing number of customers who want to move from a disparate collection of individual tools to vendors who can deliver multiple products. We signed 9 new Polaris Platform agreements this quarter, and we saw customers replacing incumbent point tools. For example, an expanded agreement with a large U.S. software provider and a new engagement with a global hospitality company.

如同我們在過去幾季所提到的，我們的企圖是將規模擴大到下一個目標：5 億至 10 億美元。我們已取得良好進展，提升顧問式銷售與支援能力，以更好地服務大型企業客戶，並升級系統以促成更快速、更靈活的合作。在第三季，我們看到越來越多客戶希望從分散的單點工具集合，轉向能提供多項產品的供應商。本季我們簽下 9 份新的 Polaris Platform 平台協議，並看到客戶以我們的方案取代既有的單點工具供應商。例如，與一家大型美國軟體供應商擴大合作，以及與一家全球旅宿業公司展開新的合作案。

Two weeks ago, we also welcomed our new General Manager, Jason Schmitt, to help drive the business to the next level of impact. In his 20-plus years of security industry experience, Jason has scaled or managed sizable security businesses, both inside a large organization and most recently, as CEO of a successful startup.

兩週前，我們也迎來新的總經理 Jason Schmitt，協助推動業務邁向下一個影響力層級。Jason 在資安產業擁有 20 多年的經驗，曾在大型組織內擴張或管理具規模的資安業務，最近則擔任一家成功新創公司的執行長（CEO）。

Jason has hit the ground running and has begun to implement his 90-day plan. Our team is eager to move into this next phase.

Jason 已迅速上手，並開始推動其 90 天計畫。我們的團隊也迫不及待要進入下一階段。

As we head into the final quarter of this eventful year, we're already planning for next year and beyond. A key element of that planning is another announcement we made today. We are promoting Sassine Ghazi to Chief Operating Officer. As most of you know, Sassine has led the design group for the past 3.5 years. During that time, he has made a great impact on our innovation focus and capabilities, accelerating development of market-changing new products that are now seeing excellent momentum in revenue growth.

在這個多事之年的最後一季即將到來之際，我們已在規劃明年及更長遠的未來。該規劃的一個關鍵要素，是我們今天發布的另一項公告：我們將晉升 Sassine Ghazi 為營運長（COO）。如各位所知，Sassine 在過去 3.5 年一直領導設計團隊。在此期間，他對我們的創新聚焦與能力帶來重大影響，加速開發改變市場的新產品，而這些產品目前在營收成長上展現出極佳動能。

With experience that spans R&D, customer support, sales management and corporate leadership, he is the right person at the right time with the right team to help solidify and increase our momentum even more. With accelerated innovation across the board, complemented by execution excellence, we look forward to growing Synopsys well beyond $4 billion in revenue, while further expanding profitability.

他具備橫跨研發（R&D）、客戶支援、銷售管理與公司領導的經驗，在此時此刻、與合適的團隊一起，是協助我們鞏固並進一步提升動能的最佳人選。隨著全方位加速創新並以卓越執行相輔相成，我們期待推動 Synopsys 的營收成長遠超過 40 億美元，同時進一步擴大獲利能力。

In summary, our compelling new products and strong execution resulted in outstanding and record third quarter results. We are raising our annual guidance for revenue, operating margin, non-GAAP earnings per share and operating cash flow.

總結而言，我們具吸引力的新產品與強勁執行力，帶來了卓越且創紀錄的第三季成果。我們將上調全年營收、營業利益率、非 GAAP 每股盈餘以及營運現金流的財測指引。

Design activity is robust and expected to remain so for the foreseeable future. The momentum of our technology innovation is palpable and resonating very well with customers, and we are well on track to reaching the financial objectives we communicated last year. We thank all of our employees for an outstanding quarter under challenging global condition.

設計活動十分強勁，且預期在可預見的未來仍將維持。技術創新的動能清晰可見，並與客戶產生良好共鳴；我們也正穩步朝去年所溝通的財務目標邁進。在充滿挑戰的全球環境下，我們感謝所有員工在本季的傑出表現。

Trac will now highlight the financial perspective.

接下來由 Trac 說明財務觀點。

Thanks, Aart. Good afternoon, everyone. Q3 was an outstanding quarter with record revenue, non-GAAP earnings and cash flow. Orders were ahead of plan and business growth is very strong. Our ongoing success reflects robust end market demand, technology strength and momentum and our focused execution.

謝謝你，Aart。各位下午好。第三季表現非常出色，營收、非 GAAP 盈利與現金流皆創下新高。訂單高於計畫，業務成長非常強勁。我們持續的成功反映了終端市場需求強勁、技術實力與動能，以及我們聚焦的執行力。

In addition, our solid financial foundation of nearly 90% recurring revenue and sizable noncancelable backlog positions us well for variability in the environment around us. These dynamics provide us with the confidence to raise guidance for the full year.

此外，我們近 90% 的經常性收入與可觀的不可取消在手訂單（noncancelable backlog）所構成的穩健財務基礎，使我們能更好地因應周遭環境的變動。這些動態讓我們有信心上調全年指引。

Now to our third quarter results. All comparisons are year-over-year unless otherwise stated. We generated total revenue of $964 million, with double-digit growth in each of the product groups and strength across all geographies. Semiconductor & System Design segment revenue was $871 million, an increase of 13%, while Software Integrity segment revenue was $93 million, up 12%.

接著說明第三季業績。除非另有說明，所有比較皆為年對年。我們的總營收為 9.64 億美元，各產品群皆呈現雙位數成長，且所有地區均表現強勁。半導體與系統設計（Semiconductor & System Design）部門營收為 8.71 億美元，成長 13%；軟體完整性（Software Integrity）部門營收為 9,300 萬美元，成長 12%。

Total GAAP costs and expenses were $754 million and total non-GAAP cost and expenses were $641 million, resulting in a non-GAAP operating margin of 33.6%. By segment, adjusted operating margin was 35.4% for Semiconductor & System Design and 15.8% for Software Integrity. As expected, margins are higher in the second half of the year due to the quarterly profile of revenue. Based on our top line overachievement and ongoing expense management, we now expect a non-GAAP operating margin of approximately 28% for the year.

總 GAAP 成本與費用為 7.54 億美元，總非 GAAP 成本與費用為 6.41 億美元，使非 GAAP 營業利益率達 33.6%。按部門來看，調整後營業利益率：半導體與系統設計為 35.4%，軟體完整性為 15.8%。如預期，由於營收的季度分布特性，下半年毛利率/營業利益率較高。基於營收優於預期以及持續的費用管理，我們目前預期全年非 GAAP 營業利益率約為 28%。

Wrapping up the income statement, GAAP earnings per share were $1.62, and non-GAAP earnings per share were $1.74.

在損益表的最後，GAAP 每股盈餘為 1.62 美元，非 GAAP 每股盈餘為 1.74 美元。

Turning to cash. We generated a total -- a record $399 million in total operating cash flow. Our balance sheet is very strong. We ended the quarter with a cash balance of $1.05 billion and total debt of $131 million.

接著看現金。我們的營運現金流合計為——創紀錄的 3.99 億美元。我們的資產負債表非常強健。本季末現金餘額為 10.5 億美元，總負債為 1.31 億美元。

Now to guidance, which continues to assume that the current Entity List restrictions remain in place for the remainder of the year. For fiscal year 2020, our targets are: Revenue of $3.66 billion to $3.69 billion; total GAAP costs and expenses between $3.04 billion and $3.06 billion; total non-GAAP cost and expenses between $2.645 billion and $2.655 billion, resulting in a non-GAAP operating margin of approximately 28%; GAAP earnings of $4.10 and to $4.21 per share; non-GAAP earnings of $5.48 to $5.53 per share; cash flow from operations of approximately $900 million and capital expenditures of approximately $170 million.

接著是財測指引；該指引仍假設目前的 Entity List 限制在今年剩餘期間持續有效。2020 會計年度目標如下：營收 36.6 億至 36.9 億美元；總 GAAP 成本與費用 30.4 億至 30.6 億美元；總非 GAAP 成本與費用 26.45 億至 26.55 億美元，對應非 GAAP 營業利益率約 28%；GAAP 每股盈餘 4.10 至 4.21 美元；非 GAAP 每股盈餘 5.48 至 5.53 美元；營運現金流約 9 億美元；資本支出約 1.7 億美元。

Now to the targets for the fourth quarter. Revenue between $1 million and $1.03 billion. Total GAAP costs and expenses between $802 million and $822 million. Total non-GAAP costs and expenses between $717 million and $727 million. GAAP earnings of $1.10 to $1.21 per share and non-GAAP earnings of $1.51 to $1.56 per share.

再來是第四季目標：營收 10 億至 10.3 億美元；總 GAAP 成本與費用 8.02 億至 8.22 億美元；總非 GAAP 成本與費用 7.17 億至 7.27 億美元；GAAP 每股盈餘 1.10 至 1.21 美元；非 GAAP 每股盈餘 1.51 至 1.56 美元。

Based on our strong outlook for the year, I realize there will be questions about 2021. Over the last 2 years, we've expanded operating margins by 6 points through a combination of strong revenue growth and excellent expense management. Having said that, there are some onetime expense savings this year that we need to contemplate and factor through into our 2021 outlook. Therefore, we would suggest it's premature to update your 2021 estimates at this time.

基於我們對今年的強勁展望，我知道大家會對 2021 年提出問題。過去兩年，我們透過強勁的營收成長與優異的費用管理相結合，將營業利益率提升了 6 個百分點。不過，今年有一些一次性的費用節省需要納入考量並反映到 2021 年展望中。因此，我們認為此時更新各位對 2021 年的預估仍為時過早。

As is our normal practice, we're in the process of finalizing our budget, and we'll provide an outlook when we report in early December.

依照我們一貫作法，我們正在完成預算定案，並將在 12 月初公布財報時提供展望。

I will, however, reiterate our general multiyear objectives. High single-digit revenue growth, non-GAAP operating margin expansion to the high 20s in 2021 in the 30% range longer term, double-digit non-GAAP earnings growth and strong cash flow.

不過，我仍要重申我們一般性的多年期目標：營收維持高個位數成長；非 GAAP 營業利益率於 2021 年擴張至接近 20% 後段，長期則達到約 30% 的水準；非 GAAP 盈利維持雙位數成長；以及強勁的現金流。

In conclusion, we delivered a record quarter across our key metrics. Based on our strong results year-to-date and our solid outlook for Q4, we are raising our targets for the year.

最後總結，我們在關鍵指標上交出創紀錄的一季。基於今年迄今的強勁表現以及對第四季的穩健展望，我們上調全年目標。

Finally, I'd like to thank our team for their commitment to our business and customers during these unusual and often trying times.

最後，我要感謝我們的團隊在這些不尋常、且往往充滿挑戰的時期，對公司業務與客戶的投入與承諾。

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

接下來我把時間交給接線生，進入提問環節。

(Operator Instructions) Our first question comes from Tom Diffely with D.A. Davidson.

（接線生指示）我們的第一個問題來自 D.A. Davidson 的 Tom Diffely。

So wanted to jump on the upside that we saw during the quarter. It looks 2 big drivers there, is that true? And is that kind of the growth, I guess, the upside from what your expectations were going into the quarter?

我想追問一下本季看到的超預期表現。看起來有兩個主要驅動因素，是這樣嗎？另外，這是否就是你們在季初預期之上所出現的成長／超預期幅度？

Sorry, we missed a part of your question. Would you mind repeating that, please?

抱歉，我們漏聽了你問題的一部分。可以請你再重複一次嗎？

Sure. Yes. So I'm just looking at what drove the incremental upside during the quarter. And it looked like maybe a combination of just really strong IP in Asia Pacific, maybe China as the 2 big drivers that were unexpected when the quarter began. But just curious if that's true and what, in your view, were the big drivers?

好的，當然。我是在看本季增量的超預期是由什麼驅動的。看起來可能是亞太地區非常強勁的 IP 表現，再加上中國，這兩個是本季初未預期到的主要驅動因素。但我想確認是否屬實，以及以你們的角度來看，主要驅動因素是什麼？

So what you said is all true. But on top of that, the EDA part was also quite strong. And I think that has been the result of the innovation that we've done for a number of years. And you may recall that we introduced some new products last year that now are really starting to see rapid growth in utilization. But overall, it was really pretty much across the board that we saw strength, and certainly, IP stood out. But I would say all of Asia was strong.

所以你說的都完全正確。但除此之外，EDA 的部分也相當強勁。我認為這是我們多年來所做創新的成果。你可能還記得，我們去年推出了一些新產品，現在在使用率上確實開始看到快速成長。但整體而言，我們看到的強勁表現幾乎是全面性的，當然，IP 特別突出。不過我會說整個亞洲都很強。

Okay. And then when you look at the orders themselves, you said the orders came in ahead of plan, similar profile to the strength that we saw in the revenue during the quarter?

好的。那再看訂單本身，你提到訂單進來的表現優於計畫，是否與本季營收所呈現的強勁態勢類似？

Yes, similar. Again, emphasis on EDA has been particularly strong.

是的，類似。同樣地，特別強的是 EDA。

Okay. And then just finally, a quick maybe technical question. The recent acquisition of Qualtera, what is post-silicon optimization?

好的。最後再問一個可能偏技術的問題。最近收購 Qualtera，那麼什麼是後矽（post-silicon）最佳化？

More and more as silicon enters places where human life is involved such as cars, for example, but also robotics and so on, it becomes important for the silicon to be able to self-diagnose, if it's still working. So just imagine sitting in your car and one of the chips says, "Hey, I'm not working quite well anymore, better start parking the car." Well, in order to do that, you need to put all kinds of things on the chip that can then diagnose itself. I'm still okay. I'm still okay, I'm still okay until it's not. And of course, we hope that that's never the case, but those are the capabilities that we're aiming at.

隨著矽晶片越來越多地進入與人類生命相關的場景，例如汽車，還有機器人等等，讓晶片能夠自我診斷、確認自己是否仍在正常運作，就變得很重要。想像你坐在車裡，其中一顆晶片說：「嘿，我運作得不太好了，最好開始把車停到路邊。」要做到這點，你需要在晶片上放入各種能夠進行自我診斷的機制：我還好、我還好、我還好——直到不行為止。當然，我們希望永遠不會走到那一步，但這就是我們要達成的能力。

Next, we go to the line of Joe Vruwink with Baird.

接下來我們轉到 Baird 的 Joe Vruwink。

Yes, can you hear me?

是的，你們聽得到我嗎？

Now we can.

現在聽得到。

Perfect. Hope you all are doing well. Aart, I'd be curious, just given some of the headlines that have come out with your customers recently on just changes in strategic direction, maybe developments and technology trends as the chip industry moves new advanced processes, given the nature of EDA and the proximity to your customers, are some of these developments necessarily a surprise? Would you have perhaps thought just given the direction of certain customers and trends that there was a certain inevitability behind some of the technology updates we've heard over recent months? And then if all of that is perhaps true, how is the Synopsys portfolio may be positioned to capitalize on some of the current events we're all hearing and reading about?

太好了。希望大家都一切順利。Aart，我想請教，考量到最近你們客戶的一些新聞標題——例如策略方向的改變、以及隨著晶片產業走向更先進製程所出現的一些發展與技術趨勢——鑑於 EDA 的特性以及你們與客戶的緊密程度，這些發展是否真的會讓你們感到意外？就某些客戶的方向與趨勢而言，你是否會認為，過去幾個月我們聽到的一些技術更新其實有某種必然性？如果這些都大致成立，Synopsys 的產品組合又如何定位，以把握我們目前聽到、讀到的這些事件所帶來的機會？

Well, there's, of course, many, many events right now. At the base level, fundamentally, the quest for faster, cheaper, lower-power chips is unabated. Unabated, largely because the amount of computation continues to grow massively. So that means there's a lot of opportunity for many providers. If you throw on top of that AI capabilities, now the desire for compute is even more extreme.

嗯，當然，現在有非常非常多的事件。在最根本的層面上，對更快、更便宜、更低功耗晶片的追求仍未減弱。之所以未減弱，很大程度是因為運算量仍在大幅成長。因此，對許多供應商而言都有很多機會。如果再加上 AI 能力，對運算的渴望就更為極端。

Now having said that, there are a variety of technology developments that continue and technology developments are never quite linear, meaning the new silicon technologies get pushed towards dimensions that are so small, but there's a certain degree of uncertainty every time somebody introduces a new node. And what we see more often than not is that the first introduction gets some results and then there's a second version and a third version. But in aggregate, that push forward is still very, very fast. And we have seen this back and forth many, many times.

話雖如此，各種技術發展仍在持續，而技術發展從來都不是完全線性的；也就是說，新一代矽技術被推向非常小的尺寸，但每當有人導入新的製程節點時，都會伴隨一定程度的不確定性。我們更常看到的是，第一次導入會得到一些結果，接著會有第二版、第三版。但整體而言，這股向前推進的速度仍然非常、非常快。我們已經多次看到這種來回反覆。

Now there's one more trend that I would like to signal, although I don't think it's massively big yet, but I think it's important is that more and more providers are now looking at doing multiple chips not just in a package, but literally sitting on top of other chips to bring them in high proximity. This used to be called in the late '90s and early 2000, more than more referring to Moore's Law, meaning it's not just more transistors on a chip, but it's actually multiple chips really squeezed together maximally, also refer to as 3D IC. And so this is a trend that was sort of difficult for a long time because it's difficult to do technically. And now certainly, we see it growing very rapidly. And all of that tells me that AI is starting to drive the architectures because AI has a lot of data. And so you want to bring the data as close as possible to the processing. And those efforts are massively moving forward right now. So I see we have a lot of opportunities, frankly.

另外還有一個趨勢我想特別指出，雖然我不認為它目前已經非常巨大，但我覺得很重要：越來越多供應商正在考慮使用多顆晶片，不只是放在同一個封裝裡，而是讓晶片真正堆疊在其他晶片上方，以拉近彼此距離。這在 90 年代末到 2000 年代初期曾被稱為「More than Moore」，意思是不只是單一晶片上有更多電晶體，而是多顆晶片被盡可能緊密地擠在一起，也稱為 3D IC。這個趨勢過去很長一段時間都很困難，因為技術上不容易做到。而現在我們確實看到它快速成長。這些都告訴我，AI 正開始驅動架構設計，因為 AI 有大量資料，所以你希望把資料盡可能靠近運算處理。這些努力目前正大幅向前推進。所以坦白說，我看到我們有很多機會。

It's Trac. Can I just add that in general, I think, the points you've raised and Aart provided a very thoughtful commentary on the technology? But from a practical business perspective, what your -- what you're seeing our results to date, is the fact that despite the macro environment, the design activity continues to be very strong. And I wouldn't necessarily associate manufacturing challenges with any impact on design because ultimately, that's what drives our business. And that's been very healthy year-to-date.

我是 Trac。我補充一下：整體而言，我認為你提出的觀點，以及 Aart 對技術面非常周到的評論都很到位。但從實務的商業角度來看，你從我們目前的業績所看到的是：儘管總體環境如此，設計活動仍然非常強勁。我不會把製造端的挑戰與設計端的影響直接連結，因為最終驅動我們業務的是設計，而今年迄今這一直非常健康。

Great. And Trac, if I can follow-up with one question, just in regards to the implied operating margins in Q4 relative to the very strong levels you saw in Q3. Is that a function of intended product mix? Is it a function of just timing of certain incremental investments? Just any thoughts there.

很好。Trac，如果我可以追問一題，關於第四季隱含的營業利益率相較於第三季你們看到的非常強勁水準。這是預期產品組合的因素嗎？還是某些額外投資的時點因素？你對此有什麼看法？

It's a combination of a few things. The variability of the margin is really a combination of the fact that the outlook for the year is really strong. And so you're seeing a bit of a true-up in variable comp expenses in Q4. There is some impact of mix related to hardware and IP. And then lastly, we'll continue to prudently add to our head count. But other than that, it's a normal transition.

這是幾個因素的綜合。利益率的波動主要是因為全年展望非常強勁，所以你會在第四季看到一些變動薪酬費用的調整（true-up）。另外，硬體與 IP 的組合也有一些影響。最後，我們也會持續審慎地增加人力編制。除此之外，這就是正常的過渡。

Next to the line of Mitch Steves with RBC Capital Markets.

接下來轉到 RBC Capital Markets 的 Mitch Steves。

I really had 2. So first, kind of addressing the server market. I mean there's been a lot of changes over there and potentially or may become a more viable solution long term. So my question is really just, if we draw parallels between what happened in mobile when that started to take off, and we assume -- just -- I'll make the assumption that the server environment becomes more competitive. Would the EDA space see ASP increases in additional demand? And if so, why would that be? Or why wouldn't that be the case if we have more different server chips coming out in the market over the next few years?

我其實有兩個問題。第一個是關於伺服器市場。我是說，那邊有很多變化，而且可能——或許——長期來看會成為更可行的解決方案。所以我的問題是，如果我們把它和當年行動市場開始起飛時的情況做類比，並假設——我先做個假設——伺服器環境變得更具競爭性，EDA 領域是否會看到 ASP（平均售價）上升以及額外需求？如果會，原因是什麼？或者如果未來幾年市場上會出現更多不同的伺服器晶片，為什麼反而不會是這樣？

Well, it's an interesting question. And the first part is an obvious positive, which is more servers is good for our market because even if there's competition among the providers, they're all going to race forward to high performance and low power and high density. But the second observation -- the second thing, I think, you alluded to is also interesting, which is there will be more diversity in the type of computations. And so a variety of accelerations are going to make their way more and more into the cloud and that includes, of course, all kinds of different AI algorithms. And because these things are so compute-hungry, they're all going to get optimized for some aspects that is of particularly high value.

這是個有趣的問題。第一部分是顯而易見的正面因素：更多伺服器對我們的市場是好事，因為即使供應商之間有競爭，他們都會競相追求高效能、低功耗與高密度。但第二個觀察——我想你也提到了——同樣很有意思：運算類型會更加多樣化。因此，各式各樣的加速器會越來越多地進入雲端，其中當然包括各種不同的 AI 演算法。由於這些東西對運算的需求極高，它們都會針對某些特別有價值的面向進行最佳化。

So if nothing else, I think the whole compute space itself will have many providers with many different chips. And both the word many and the word different are really good for Synopsys because they all need to be optimized and designed and verified and tested.

所以至少可以說，整個運算領域本身會有許多供應商、許多不同的晶片。「許多」以及「不同」這兩個詞對 Synopsys 都非常有利，因為它們都需要被最佳化、設計、驗證與測試。

Okay. Yes. My second one is just on the Software Integrity business. So it's actually starting to turn up a bit year-over-year growth. So I'm just curious about maybe you can give us an update on how the sales process is working there. I know you guys have hired a bunch of new people, et cetera. But maybe you could talk about win rates. I think that's probably the more relevant item because it's not really possible for you guys to win some new accounts because of the current environment. But can you maybe update us on what the win rates look like? And how confident you are in getting that back to kind of mid-teens to potentially 20% growth long-term again?

好的。是的，我第二個問題是關於 Software Integrity 業務。它的年對年成長似乎開始有些回升。所以我想請你們更新一下那邊的銷售流程運作情況。我知道你們聘了很多新的人等等。但也許你們可以談談贏單率（win rates）。我認為那可能是更相關的指標，因為在目前環境下，你們不太可能贏得一些新客戶帳戶。但你們能否更新一下目前的贏單率看起來如何？以及你們對於長期把成長拉回到大約中十位數、甚至 20% 成長的信心如何？

Well, so there's 2 aspects. One is I think the situation over the last few quarters has been a little murky just because the attention of people on these type of tools has been a little lower than it was before. I think that will come back, I think, pretty substantially as the market now has stabilized and as people will come back to having to be defensive about their chips.

嗯，這裡有兩個面向。第一個是，我認為過去幾季的情況有點不明朗，因為大家對這類工具的關注度比以前低了一些。我認為這會回來，而且會相當明顯地回來，因為市場現在已經穩定下來，人們也會回到必須對他們的晶片採取防禦性措施的狀態。

The second aspect is much more internal. We grew the company -- or that part of the company very, very fast. We pushed very hard on ops margin last year. And we came to the conclusion that we needed to do a bit of a reset in terms of how we're managing this and how do we scale all of the processes. That includes the field processes. It also includes how we look at integrations and the clear focus for the platform. And it's in that context that we're really very enthusiastic about Jason joining because he brings an experience base that we didn't have there in the past.

第二個面向則更偏向內部。我們讓公司——或公司裡那一部分——以非常、非常快的速度成長。去年我們在營運利潤率（ops margin）上推得非常用力。而我們得出的結論是：在我們如何管理這件事、以及如何擴展所有流程方面，需要做一些重置（reset）。這包括現場流程（field processes）。也包括我們如何看待整合（integrations）以及平台的明確聚焦。也正是在這樣的背景下，我們對 Jason 的加入感到非常振奮，因為他帶來了我們過去在那裡所欠缺的經驗基礎。

And therefore, we can see that in a matter of a couple of quarters, I expect that we'll see the impact of just some corrections that we're making in that business unit. Yes, the initial reactions have been very, very positive. And I must say, having interacted with him, I can immediately see that there is a degree of competence that will benefit us greatly as the business itself is actually in a very good position. And yes, you've seen a good quarter, but it's not as good as we want it to be. So there's work to be done.

因此，我們可以看到在接下來幾個季度之內，我預期會看到我們在該事業單位所做的一些修正所帶來的影響。是的，初期反應非常、非常正面。我必須說，與他互動之後，我立刻就能看出他具備的能力水準，將在業務本身其實已處於非常良好位置的情況下，對我們帶來很大的助益。是的，你們看到了一個不錯的季度，但還沒有好到我們希望的程度。所以仍有工作要做。

Questions from the line of Jackson Ader with JPMorgan.

接下來是來自 JPMorgan 的 Jackson Ader 的提問。

First one, without discussing any customer in particular, I think people are curious, what impact does manufacturing have on your customer relationships? I think customer switches their fabrication provider, perhaps.

第一個問題，在不討論任何特定客戶的前提下，我想大家很好奇，製造（manufacturing）對你們的客戶關係有什麼影響？我想客戶可能會更換他們的晶圓代工（fabrication）供應商。

Sure. Well, we touch manufacturing in many places. The most profound place with some customers, we are very involved in the actual literal development of their process to create advanced transistors because we have the capability to simulate those before they get built. From there, we move up in terms of helping customers create what are essentially the descriptions of their process so that it can be linked to the design tools, and we are very proficient in that. And this is the area where you see constant change even a new process gets introduced, a matter of a month or 2 later their modifications because people are constantly driving, not so much the performance of the process anymore, but the yields.

當然。我們在很多環節都會接觸到製造。對某些客戶而言，最深的切入點是：我們非常深入參與他們製程的實際開發，以打造先進電晶體，因為我們具備在它們被製造出來之前就先行模擬的能力。接著，我們往上延伸，協助客戶建立本質上是其製程的描述（descriptions），使其能與設計工具連結，而我們在這方面非常熟練。你也會看到這個領域持續變動——即便導入一個新製程，往往一、兩個月後就會有修改，因為大家持續推動的已不太是製程效能本身，而是良率（yields）。

Meaning initially, the early chips don't yield very well and then they yield better and better and better over time and so we're involved in that. Where our engagement grows very, very rapidly is right after that, which is making sure that our tools intersect well with the process, with other words, that our tools bring the best out of the manufacturing process. But the same can be said identically for our IP, meaning that we provide building blocks that get highly optimized for the different processes. And as we go to smaller and smaller geometries, this is a more and more differentiated and difficult task. And difficult is actually good for us because Synopsys is uniquely competent at that.

也就是說，一開始早期晶片的良率不會很好，之後會隨時間變得越來越好，而我們也參與其中。我們的投入在那之後會非常、非常快速地增加，也就是確保我們的工具能與製程良好交會——換句話說，讓我們的工具把製造製程的最佳效果發揮出來。同樣的道理也完全適用於我們的 IP，也就是我們提供的建構模組（building blocks）會針對不同製程做高度最佳化。隨著我們走向越來越小的幾何尺寸（geometries），這會變成越來越差異化、也越來越困難的任務。而「困難」其實對我們是好事，因為 Synopsys 在這方面具備獨特的能力。

As we then move to yet a higher level as people design chips, we, of course, assist the different design companies with how they design their circuits in light of the processes that we know very well. So -- and then probably the last level where that intersect is that these chips have to also be tested and different testing techniques get used for different silicon technologies. So it's another way of saying that we are both a connector and a buffer throughout the entire design flow and complexity flow. And the experience that we bring helps, at any level, make up for some of the shortcomings that invariably happen.

接著當我們再往更高一層走、也就是人們開始設計晶片時，我們當然會協助不同的設計公司，讓他們能依據我們非常熟悉的製程來設計電路。所以——而最後一個交會點大概是：這些晶片也必須被測試，而不同的矽技術會採用不同的測試技術。換句話說，我們在整個設計流程與複雜度流程中，既是連接者（connector）也是緩衝者（buffer）。而我們帶來的經驗能在任何層級上，彌補那些不可避免會發生的不足之處。

And I'm not pointing fingers at any of this level, it's just all substantially challenging stuff to do. And so our support teams help people bridge towards the new nodes on a constant basis. And so the fact that you see at times sort of disruptions or accelerations in silicon development is a very natural phenomenon in silicon design for the last 20 years, the fact that these things are very large investments is, of course, always of concern because one hopes to get high yield as soon as possible. But invariably, it just takes time for that to happen.

我並不是要指責任何一個層級；只是這些事情本質上都非常具挑戰性。因此，我們的支援團隊持續協助大家跨越、邁向新的節點（nodes）。所以你有時看到矽開發出現某種中斷或加速，其實是過去 20 年矽設計中非常自然的現象。這些事情需要非常龐大的投資，當然總是令人關切，因為大家都希望能盡快達到高良率。但不可避免地，這就是需要時間才能發生。

In all cases, we are involved to the point that it is beneficial to us to support many different silicon nodes for many different vendors. And at the end of the day, it's the end customer, the semiconductor chip designers that decide which nodes they will be using. And of course, we listen carefully to them.

在所有情況下，我們都會參與到一個程度：對我們而言，支援許多不同供應商的許多不同矽節點是有利的。歸根結底，是終端客戶——也就是半導體晶片設計者——決定他們要使用哪些節點。而我們當然會仔細聆聽他們的需求。

Jackson, this is Trac. Independent of the manufacturing challenge is the -- right, the demand for our tools continues to be really strong. Because in the end, it's about the technical challenges of designing those chips, whether you're manufacturing it in-house or outsourcing it. And we're -- we remain really optimistic about our business, considering where our portfolio is and the fact that we continue to see really good demand for our products. So that's -- it's a useful item, but we're not seeing an effect at our business.

Jackson，我是 Trac。撇開製造端的挑戰不談——對，我們工具的需求仍然非常強勁。因為最終重點在於設計那些晶片的技術挑戰，不論你是自製（in-house）或外包（outsourcing）製造。我們——考量到我們的產品組合所處的位置，以及我們持續看到對產品非常好的需求——我們對業務仍然非常樂觀。所以——這是一個有用的觀察點，但我們並沒有看到它對我們的業務造成影響。

Quick follow-up, Aart, on Design Compiler and IC Compiler II, the kind of 2 main components in fusion -- of the Fusion Platform. Are you seeing much demand at all for the individual products on a stand-alone basis? Or is it -- would you turn the corner toward the platform demand?

快速追問一下，Aart，關於 Design Compiler 和 IC Compiler II——也就是 Fusion Platform 中融合（fusion）的兩個主要組成。你們是否仍看到對單一產品、以獨立（stand-alone）方式採購的需求？還是說——需求已經轉向平台化需求？

Weirdly enough, the answer is yes and yes. And so let me start with Fusion Compiler.

很奇妙的是，答案是「是」以及「是」。所以我先從 Fusion Compiler 談起。

I think it's doing terrifically well. And we do see that a lot of the future will be heading in that direction as the results are just very, very compelling. At the same time, completely by accident this morning, I was writing a little note to the team that's working on IC Compiler because they had some stellar results at a very important large customer that actually decided to have a significant portion of their chips done with ICC II. And so it just shows that different people have different forms of flows that some people like to have the integrated version, some people have maybe design flows that they have optimized in the past for the individual tools. And both are absolutely at the state of the art, and it's been a good choice for us to be able to maintain both of those directions.

我認為它表現非常出色。我們確實看到未來有很大一部分會朝那個方向發展，因為成果非常、非常有說服力。同時，完全是巧合，今天早上我正在寫一則小訊息給負責 IC Compiler 的團隊，因為他們在一個非常重要的大型客戶那裡取得了非常亮眼的成果；該客戶實際上決定讓其相當大一部分晶片使用 ICC II 來完成。這也顯示不同的人有不同形式的流程（flows）：有些人喜歡整合版，有些人可能過去已針對單一工具把設計流程最佳化。而兩者都絕對是最先進（state of the art）的；我們能同時維持這兩個方向，對我們而言是個很好的選擇。

Next, we go to the line of Jay Vleeschhouwer with Griffin Securities.

接下來我們轉到 Griffin Securities 的 Jay Vleeschhouwer 的提問。

Aart, a technology question to start for you, and then, Trac, a financial question for you.

Aart，我先問你一個技術問題，然後 Trac，我再問你一個財務問題。

Aart, your comments on the application of AI and design space exploration were quite interesting. My question for you is, what do you think the resource requirements or implications might be for you and for your customers to implement that? For you, in particular, for example, what might it mean in terms of your capacity needs for applications engineers in terms of having to scale that up as you've been doing anyway, the last couple of years for the general business, might it have any effect, in fact, on where you have AEs because to date, the bulk of your hiring anyway for AEs has been very heavily in Asia. So when you think about where AI might be adopted geographically, how might that affect your resource requirements, it's not just for AEs, but also, of course, for R&D?

Aart，你對 AI 的應用以及設計空間探索（design space exploration）的評論相當有意思。我想問的是，你認為你們以及你們的客戶在導入這些做法時，資源需求或影響可能會是什麼？就你們而言，特別是例如，這對你們的應用工程師（applications engineers）的產能需求可能意味著什麼——你們過去幾年本來就一直在為整體業務擴編——這是否會對你們 AEs 的配置地點產生任何影響？因為截至目前，你們對 AEs 的招募大多非常集中在亞洲。所以當你思考 AI 可能在地理上被採用的區域時，這會如何影響你們的資源需求？不僅是 AEs，當然也包括研發（R&D）。

And then for you, Trac, I don't think you mentioned backlog number, if you could update us on that. And then with respect to the strong IP numbers, would it be correct to infer that the majority of your IP revenue is upfront perhaps even more upfront than it's been? And is there any geographic difference in terms of upfront IP revenue? In other words, is Asia more heavily upfront than perhaps other regions in terms of your IP business?

然後 Trac，我想你沒有提到積壓訂單（backlog）的數字，能否更新一下？另外，針對強勁的 IP 數字，我們是否可以推論你們的 IP 營收大多是預收（upfront）的，甚至可能比過去更偏預收？而在 IP 預收營收方面，是否存在地理差異？換句話說，就你們的 IP 業務而言，亞洲是否比其他地區更偏向預收？

Okay. Jay, you have about 17 questions in that 1 question, but let me try to split it like this. There's 2 types of AI. One is the AI that we apply inside of our tools. And in many ways, for the application engineers, that's not any different than what they did in the past. Of course, they need to be knowledgeable about the tools. They need to know how to use it well, in what circumstances you get the highest return. But fundamentally, it's a continuation of being experts in some phase of the design flow. One of the other aspects of AI is to now look more at sections of the design flow, and they are engaging with the design community is actually of high value. Now many of our AEs do that as part of their daily job anyway. Even so everybody is sort of working from home today, it's quite amazing how good the connectivity continues with the design community.

好的。Jay，你在這一個問題裡大概塞了 17 個問題，不過我試著這樣拆開來回答。AI 有兩種類型。一種是我們在工具內部所應用的 AI。從很多角度來看，對應用工程師而言，這和他們過去做的事情並沒有不同。當然，他們需要熟悉工具，需要知道如何把它用好、在什麼情境下能得到最高回報。但從根本上說，這只是延續他們在設計流程某個階段成為專家的工作。AI 的另一個面向，是把視角更多放在設計流程的某些區段，而他們與設計社群的互動其實具有很高價值。現在我們許多 AEs 本來就把這當作日常工作的一部分。即便如今大家某種程度上都在家工作，設計社群之間的連結仍然維持得相當好，這點非常令人驚訝。

And so over time, it is possible that we'll see gradually an emphasis to look a little bit more at the complete flows because there's a lot of benefit from an AI point of view there over time. But right now, I think it's mostly a continuation of the type of people that we have because they have to be very versatile anyway, know the tools, know how the customers design, know the urgencies, et cetera.

因此，隨著時間推移，我們有可能會逐步更強調去多看一些完整的流程（flows），因為從 AI 的角度來看，長期而言那裡有很大的效益。但就目前而言，我認為這主要還是延續我們現有人才的類型，因為他們本來就必須非常多才多藝，了解工具、了解客戶如何設計、了解緊急程度等等。

As to where, I don't think that it changes the profile. It's the most advanced people that will also be the early adopters. Now there's no question that Asia, in general, China, Korea, Taiwan, continue to be the areas of rapid adoption of new technologies. And I don't expect that to change all that much either. In all cases, it's a great opportunity space for us, where we're making really quite astounding progress.

至於在哪裡，我不認為這會改變人才輪廓。最先進的人也會是最早採用者。毫無疑問，亞洲整體而言，包括中國、韓國、台灣，仍然是新技術快速採用的地區。我也不預期這會有太大改變。無論如何，這對我們而言都是一個很好的機會領域，我們正在取得相當驚人的進展。

Jay, regarding your questions, backlog, we finished at $4.6 billion for the quarter. As we mentioned in our prepared remarks, bookings were better than planned for the quarter. But more importantly than that, the run rate for the business was up pretty significantly. So that's a good indicator of the health of the business.

Jay，關於你的問題，積壓訂單（backlog）方面，本季結束時為 46 億美元。正如我們在事先準備的講稿中提到的，本季訂單（bookings）優於原先規劃。但更重要的是，業務的運行速率（run rate）顯著上升。因此，這是衡量業務健康狀況的一個良好指標。

With regards to IP, you're going to see a little bit more variability, as we've talked about over the last 1.5 years with IP due to 606. The upfront profile is really a function of when our customers are logging on to our site and downloading IP. So some quarters may be bigger than others, depending on their development schedule and that's what you saw this quarter.

關於 IP，你會看到一些更大的波動性，正如我們在過去 1.5 年談到的，因為在 606（ASC 606）之下，IP 的認列會有影響。前期（upfront）的型態其實取決於客戶何時登入我們的網站並下載 IP。因此，某些季度可能會比其他季度更大，取決於他們的開發時程，而這就是你在本季看到的情況。

With regards to the geo mix, it's really not focused on any particular area. That issue is kind of broad based. The business continues to be very much recurring in nature and based on a multiyear subscription. Does that help?

至於地理組合（geo mix），其實並不是集中在任何特定地區。那個問題是相當廣泛的。業務本質上仍然高度屬於經常性（recurring），並且以多年期訂閱為基礎。這樣有幫助嗎？

Yes.

是的。

Next, we go to the line of Jason Celino with KeyBanc.

接下來我們轉到 KeyBanc 的 Jason Celino。

Really just one for Trac. You mentioned at the beginning, some onetime cost savings this year. Are you seeing those cost savings in one side of the business versus the other kind of referencing the SIG business, 15% margins there? It's a big improvement over the last quarter, which was a big improvement over the quarter before that.

我其實只有一個問題要問 Trac。你在一開始提到今年有一些一次性（onetime）的成本節省。你看到這些成本節省是出現在業務的某一側還是另一側嗎？我指的是 SIG 業務，那邊的利潤率是 15%。這比上一季有很大的改善，而上一季又比再前一季有很大的改善。

No. Jason, the onetime savings related to COVID is really across the board. And similar to other companies, it's mostly around travel. Obviously, with us working remotely, we're not seeing the level of travel that we had in the past. Now that's on the net, we realize a savings for the year, but there are some incremental costs that we -- incremental costs and investments that we've had to make to support the company working remotely. And that's as we think through what those ongoing costs are going to be -- that's going to be factored into our guidance for next year. That's what I was referring to. But overall, the strong margin improvement that we're showing for this year is largely a function of the really good revenue growth and expense management.

沒有。Jason，與 COVID 相關的一次性節省其實是全面性的。和其他公司類似，主要是在差旅方面。顯然，因為我們遠端工作，我們沒有看到過去那樣的差旅水準。就淨額而言，我們今年確實實現了節省，但也有一些我們必須投入的增量成本——為了支援公司遠端運作所需的增量成本與投資。當我們思考這些持續性成本會是什麼——這會被納入我們對明年的指引。這就是我所指的。不過整體而言，我們今年展現的強勁利潤率改善，主要是非常好的營收成長與費用管理所致。

Okay. And then relative to the SIG margins being up quarter-over-quarter, just under the impression that we wouldn't see as much improvement in that this year.

了解。那麼相較之下，SIG 的利潤率季對季上升，我原本的印象是今年不會看到那麼多改善。

Not -- because that wasn't deliberate. We'll continue to invest in that business, as you said at the beginning of the year. I would say that's a function of us getting some savings on the travel side and some events. And in addition to that, the team is doing a really good job managing their expenses in light of where we are with revenues and bookings. As we've mentioned, it's not -- it's improving since Q1, but still below where we want it to be. And so the team is doing a really good job managing both sides of the business.

不是——因為那並非刻意為之。我們會持續投資那項業務，正如你在年初所說。我會說那是因為我們在差旅與一些活動上取得了節省。除此之外，團隊也在考量我們目前的營收與訂單狀況下，把費用管理做得非常好。正如我們提到的，它自第一季以來確實在改善，但仍低於我們希望達到的水準。因此，團隊在業務兩端的管理都做得非常好。

(Operator Instructions)

（接線員指示）

At this time, we go to the line of Pradeep Ramani with UBS.

此時我們轉到 UBS 的 Pradeep Ramani。

I guess first one for Trac, maybe. You guys beat the midpoint in Q3 by $75 million and yet the full year was raised roughly by $50 million. I guess what's driving that sort of conservative drop through? So that's the first one. And then I have a follow-up.

我想第一個問題可能給 Trac。你們第三季比指引中點高出 7,500 萬美元，但全年卻只大約上調了 5,000 萬美元。我想問是什麼驅動了這種較保守的落地（drop-through）？這是第一個問題。然後我還有一個追問。

Yes. So overall, the business is doing really well. I mean we're seeing that the mix of the geo growth and product growth. But there were some elements of timing as well, right, that we saw some of the revenues that were originally planned for Q4 shifting to Q3. And I would say that it's shaping up to be another good quarter for us, but it's a pretty big quarter in Q4. So I think on a whole, it's a pretty balanced outlook for the year, and we're providing the best outlook we have at this point.

是的。整體而言，業務表現非常好。我們看到地理成長與產品成長的組合。但也有一些時點因素，對吧？我們看到原本規劃在第四季的一些營收轉移到第三季。我會說我們看起來會迎來另一個不錯的季度，但第四季是一個相當大的季度。因此整體來看，對全年而言這是相當平衡的展望，而我們也在此刻提供我們所能給出的最佳展望。

Okay. And the second one is sort of a bigger picture question. I guess you talked about hyperscalers and autos and system companies how they're driving growth. In terms of roughly what percent of your revenue they account for today? And how we should think about that traction on the EDA side, especially growing. I guess can you provide some color on that?

好的。第二個問題是比較宏觀的。我想你談到超大規模業者（hyperscalers）、汽車以及系統公司如何驅動成長。就目前而言，他們大約占你們營收的百分之多少？以及我們應該如何看待 EDA 端的動能，尤其是成長方面。你能否提供一些說明？

Well, we don't break out the hyperscalers, but we've said already quite a number of years ago that system companies, which is really the people that we lump together that do more than just chips that also add software, in some cases, have a broader value proposition, has been about 40-plus percent of our revenue for quite a number of years.

我們不會單獨拆分超大規模業者，但我們在相當多年前就已經說過，系統公司——也就是我們把那些不只做晶片、也會加入軟體、在某些情況下具備更廣泛價值主張的公司歸在一起——多年來一直約占我們營收的 40% 以上。

I would put the hyperscalers in that domain because they have many different interests and actually may be making their money not so much by selling the chips, but by using them themselves. And so right there, that's a bit of a different category. Having said that, I think they are interesting because per the earlier question that one of you asked about how many different servers are you seeing? Are you seeing people investing in a broad set of architectures? Well, they all are. And they all are as a function of whatever their customer base has workloads. And so there's a very big difference between doing, let's say, credit card checks versus doing AI research for some oil exploration, both require a lot of computation, but it's very different computation.

我會把超大規模業者放在那個範疇裡，因為他們有許多不同的利益點，而且他們實際上可能不是靠賣晶片賺錢，而是靠自己使用晶片來賺錢。因此，那又是有點不同的類別。話雖如此，我認為他們很有意思，因為呼應先前你們其中一位問到的問題：你們看到多少種不同的伺服器？你們看到人們在廣泛的架構集合上投資嗎？他們全都在做。而且他們這麼做是基於其客戶群的工作負載（workloads）。因此，例如做信用卡查核與做用於石油探勘的 AI 研究，兩者都需要大量運算，但運算型態非常不同。

And so I think that the hyperscalers, because they have so much opportunity, are going to continue to be more and more interested in, if not influencing, even controlling some of the architectures and have an opportunity to literally create a lot of different chips that suit just their need. And in that regard, we have just excellent relationships there, and we see a lot of growth opportunity.

因此我認為，超大規模業者因為擁有如此多的機會，將會持續對於——即便不是影響——甚至是掌控某些架構更感興趣，並且有機會真正打造許多不同的晶片來滿足他們自身的需求。在這方面，我們與他們的關係非常好，也看到很多成長機會。

Next, we go to the line of Rich Valera with Needham.

接下來我們轉到 Needham 的 Rich Valera。

I was hoping to get a little more color on the hardware business in the quarter. I know you had some pretty significant backlog that had slipped out of last year and was expected to ship in the second half of this year from a large customer. I believe that was on the emulation side. And I was wondering if FPGA prototyping was one of the contributing factors to the very strong performance in the IP and system integration side. So just wondering how hardware overall did, if you could give any sense of growth and if you're seeing those emulation orders that pushed into this year shipping as expected?

我希望能多了解本季硬體業務的一些細節。我知道你們有一些相當可觀的積壓訂單，從去年延後，原本預期在今年下半年由一個大型客戶出貨。我相信那是在仿真（emulation）那一側。我也想知道 FPGA 原型驗證（prototyping）是否是 IP 與系統整合那一側表現非常強勁的因素之一。所以想請教整體硬體表現如何，若可以的話能否提供一些成長的概況，以及你們是否看到那些延到今年的仿真訂單如預期出貨？

Let me take that one. I think -- I would say, overall, this year is shaping up to be another strong year for hardware. And that's a really strong statement considering that last year was a record year for hardware despite that pushout. We're not going to break down the emulation versus HAPS, but we're seeing good growth on both sides.

我來回答這題。我認為——我會說，整體而言，今年看起來會是硬體業務的另一個強勁年度。考量到去年即便有延後出貨，硬體仍創下紀錄，這其實是個非常強的說法。我們不會拆分仿真與 HAPS，但我們看到兩邊都有不錯的成長。

Got it. And then, Trac, just wanted to clarify on your commentary on fiscal '21. Since onetime expense savings, at the risk of stating the obvious, shouldn't impact revenue for fiscal '20 or '21. When you said you don't want to change your EPS, were you referring to your op margins or specifically your EPS, which I would think could be -- could go up if you changed your revenue but not your op margin assumption?

了解。接著，Trac，我想釐清你對 2021 會計年度的評論。因為一次性費用節省，冒著說明顯之事的風險，應該不會影響 2020 或 2021 會計年度的營收。當你說你不希望大家改變你們的 EPS，你指的是營業利益率（op margins）還是特別指 EPS？我會認為如果你改變營收但不改變營業利益率假設，EPS 可能會——可能會上升。

Ideally, I'd like you all to be patient on estimates across the board until we report in December. But most specifically, I just don't want you to focus on margins being on a certain trajectory. It was an ops margin focus.

理想上，我希望大家在我們 12 月公布之前，對各項預估都先保持耐心。但更具體地說，我只是不希望你們把焦點放在利潤率必須沿著某個特定軌跡走。我指的是營業利益率（ops margin）的焦點。

Next question comes from the line of Gary Mobley with Wells Fargo Securities.

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

Some questions about China. And I know you don't break out your China revenue from the APAC category. But obviously, AsiaPac was at a record level by a pretty wide margin. So I'm curious if you saw any pull in activity as perhaps some customers based in China were trying to get ahead of the export restriction of the month, so to speak. And maybe if you can give us an update on what you're seeing on the competitive front from some of the start-ups that are locally based in China?

有幾個關於中國的問題。我知道你們不會把中國營收從亞太（APAC）類別中單獨拆分出來。但很明顯，亞太地區的表現以相當大的幅度創下新高。所以我想了解一下，你們是否看到活動有任何提前拉貨的情況，例如一些以中國為基地的客戶，可能想要趕在本月出口限制之前先行採購（可以這麼說）。另外，也想請你們更新一下，在競爭面上，你們看到一些在中國本地的新創公司目前的情況如何？

Sure. Let's start with the Entity List. As you know, there was a bit of an update this week. We analyzed it. Understood it. And fundamentally, it does not change the outlook that we have given you and the outlook encompasses the fact that we expect the Entity List to continue where it's been now for the last 9 months or so.

好的。我們先從「實體清單」（Entity List）談起。如你所知，本週有一些更新。我們已經分析並理解了。從根本上來說，這不會改變我們先前給你的展望；而這個展望也包含了我們預期實體清單會延續過去大約 9 個月以來的狀態。

Having said that, China is strong across the board. And that's largely because its economy has, I wouldn't say return to normal, but certainly a degree of normalcy that is relatively advanced. And there are a lot of investments in a lot of company that are not on the Entity List. And so throughout the electronics economy, we're doing very well there. But it's partially true for the country surrounding China as well, so Far East, in general.

話雖如此，中國整體表現都很強勁。這主要是因為其經濟——我不會說已經回到正常，但確實已達到相對更高程度的常態化。而且有很多投資發生在許多不在實體清單上的公司。因此在整個電子產業鏈中，我們在那裡做得非常好。不過，這種情況在中國周邊國家也部分成立，所以整體遠東地區普遍都不錯。

In terms of competitive endeavors, obviously, there's a lot of talk about every aspect of high tech, China wanted to become independent of the West. That will take a long time. And so while there are efforts, certainly in semiconductor manufacturing, there are few efforts as well on the EDA side. There, too, it is relatively very, very small compared to what we can provide. And I think it will take a long time before it's very competitive.

就競爭動態而言，顯然外界對高科技各個面向都有很多討論，中國希望在某種程度上擺脫對西方的依賴。這會需要很長時間。因此，雖然確實有一些努力，特別是在半導體製造方面；在 EDA 端也有一些嘗試。但同樣地，這些相對於我們能提供的規模仍然非常、非常小。我認為要變得非常有競爭力，還需要很長一段時間。

And so lastly, we are doing well in China in general and do not see that changing rapidly. But well, looking forward to see what happens after the elections. And if at that point in time, there's a mellowing or harshening of the situation.

最後，我們在中國整體表現良好，也不認為這會在短期內快速改變。不過，我們也會觀察選舉之後會發生什麼，以及到那個時間點，情勢是會趨於緩和還是變得更嚴峻。

Okay. Quick follow-up question for Trac. How should we read into the fact that you guys didn't buy back any stock during the quarter? Is that not wanting to chase the share price? Or is it something more strategic in mind?

好的。給 Trac 一個快速追問：你們這一季沒有回購任何股票，這件事我們應該怎麼解讀？是不想追高股價？還是背後有更具策略性的考量？

No, I wouldn't read into that at all, actually. Our capital allocation strategy has been pretty consistent, and that hasn't changed. Right now, we didn't set out not to do buybacks in Q3, but it turned out that way. Mostly, my focus was just making sure the team continues to be very prudent about how we're managing our cash, especially in light of the current macro environment. I want to make sure that we're managing our balance sheet in a way that gives us the most stability and flexibility to run the business. But overall, the approach in terms of managing the balance sheet for organic investments versus M&A versus buyback, that overall approach hasn't changed. We remain committed to making that a key part of this strategy.

不，我其實不會讓大家從中做任何解讀。我們的資本配置策略一直相當一致，這點沒有改變。現在，我們並不是在第三季一開始就決定不做回購，但結果就是如此。主要是我把重點放在確保團隊在現行總體環境下，持續以非常審慎的方式管理現金。我希望確保我們以能讓公司營運最穩定、最具彈性的方式來管理資產負債表。不過整體而言，在資產負債表管理上，包含有機投資、併購（M&A）與回購之間的取捨與方法，這個整體做法並沒有改變。我們仍然致力於把它作為這項策略的關鍵部分。

Next we go to the line of Krish Sankar with Cowen and Co.

接下來我們請 Cowen and Co. 的 Krish Sankar 提問。

Aart, I had 2 of them. It's a 2-part question. So I'll ask both right away. When you look at your hyperscaler customers, as they move to custom silicon from merchant, how does that impact the need for EDA? And along the same path, when computing move more towards the edge, what is the impact for EDA relative to, like, a cloud system?

Aart，我有兩個問題，是一個兩段式問題，所以我先一次問完。當你看你們的超大規模雲端（hyperscaler）客戶時，隨著他們從採用商用（merchant）晶片轉向自研客製化矽晶片，這會如何影響對 EDA 的需求？另外同一條脈絡，當運算更多往邊緣端移動時，相較於雲端系統，對 EDA 的影響是什麼？

Okay. Let me start with the first one. As people learn how to do design chips themselves, of course, they will need a lot more EDA than they had before, which was essentially 0. And so that -- this is all upside. But what is interesting is that in parallel to that, these are typically people that get hired from other design companies. And they immediately jump on -- well, and I hear all the IP blocks that I need because I want to design really fast. And so we think that there's the potential in a number of these hyperscalers for them to actually develop very, very competent, but also very driven teams where the time to market is really what is going to be pushing for doing a lot of business.

好。我先回答第一個。當人們開始學著自己做晶片設計時，當然他們會需要比以前多得多的 EDA；以前基本上是 0。所以這完全是增量機會。但有趣的是，與此同時，這些人通常是從其他設計公司挖來的。他們一進來就會說——好，我需要的所有 IP 模組我都要買，因為我想要非常快速地完成設計。因此我們認為，在一些 hyperscaler 身上，確實有潛力讓他們建立非常、非常有能力、同時也非常有衝勁的團隊，而上市時間（time to market）將會是推動大量業務的關鍵。

And given that the opportunity space for them is different, they use their own chips. Therefore, they are very -- they factor very close to their own market. I think they will recognize quickly that being able to differentiate through electronics is actually going to be a high value. So I expect them to be big spenders over time. I must say I didn't quite understand your second question. Would you mind clarifying?

而且由於他們的機會空間不同，他們使用的是自家晶片，因此他們會非常——他們與自身市場的連結非常緊密。我認為他們會很快意識到，能透過電子技術來做差異化其實是高價值的。因此我預期他們隨時間會成為大手筆的支出者。我必須說，我沒有完全理解你的第二個問題。你介意再澄清一下嗎？

Sure. Like, as the computing moves more towards the edge, how does that impact the need for EDA?

當然。像是，當運算更多往邊緣端移動時，這會如何影響對 EDA 的需求？

Well, there's always been this debate, how much compute goes to the edge and how much goes to the center. And the answer, I think, is yes, both are growing rapidly. And part of that is that a lot of the data that gets now generated on the edge rather than transporting it all to some center compute place gets, at a minimum, triaged or simplified or concentrated. And so we see a lot of development of AI for the edge in a broad, broad set of companies.

嗯，一直以來都有這樣的辯論：到底有多少運算會到邊緣端、又有多少會留在中心端。我的答案是：是的，兩者都在快速成長。部分原因是，現在在邊緣端產生了大量資料；與其把所有資料都傳到某個中心運算地點，至少會先在邊緣端做分流（triage）、簡化或彙整。因此我們看到非常廣泛的公司都在開發用於邊緣端的 AI。

So from my perspective, sort of the more of the merrier because there, too, we're going to see more and more specialties, meaning that because AI can be very compute intense, if you can reduce that intensity by focusing on specific problems, specific types of data, you cannot only get much better results, you can also do it in a much shorter amount of time. And that is why I think we're going to see a continued broadening of these type of chips. And many of those, by the way, use embedded cores or embedded IP just to reduce their go-to-market time. So we actually see growth in both of these camps for us.

所以從我的角度來看，越多越好，因為在那裡我們也會看到越來越多的專用化（specialties）。也就是說，由於 AI 可能非常吃運算，如果你能透過聚焦特定問題、特定資料類型來降低運算強度，你不只能得到更好的結果，也能在更短時間內完成。這就是為什麼我認為我們會看到這類晶片持續擴散、種類持續增加。順帶一提，其中很多會使用嵌入式核心或嵌入式 IP，以縮短上市時間。因此對我們而言，這兩個陣營都會成長。

Got it. Super helpful, Aart. If I can just squeeze one more in, just like as the shift to edge happens, is that negative for the HAPS business?

了解。非常有幫助，Aart。如果我再塞一個問題：隨著往邊緣端的轉移發生，這對 HAPS 業務會是負面影響嗎？

No, not at all. I mean for most chips, the minute they become sophisticated enough that they have some software running on it, you cannot go fast enough to some prototype to at least developing the software before you actually have the chips. And HAPS is not as expensive as a big emulation machine and very often actually gets used to not only mimic the chip that you're designing, but also mimic some of the surroundings, maybe the sensors that will be connected to that chip. You can just plug those into the HAPS board. And so the word prototype really is the way you imagine it. I think that is very compact, but where you can plug-in a lot of wires to bring the reality directly to the chip. And that is what HAPS does particularly well. And so I expect it to continue to grow. It is growing very well, by the way.

不，完全不會。我的意思是，對大多數晶片而言，一旦它們複雜到需要在上面跑一些軟體，你就會迫不及待地要有一個原型，至少能在真正拿到晶片之前先進行軟體開發。而 HAPS 的成本不像大型仿真（emulation）機那麼高，而且它常常不只是用來模擬你正在設計的晶片，也用來模擬周邊環境，例如會連到該晶片的感測器。你可以直接把那些接到 HAPS 板上。所以「原型」這個詞真的就是你想像的那樣：它很緊湊，但你可以插上很多線，把真實世界直接帶到晶片上。這正是 HAPS 特別擅長的地方。因此我預期它會持續成長。順帶一提，它目前成長得非常好。

There are no others in queue.

目前沒有其他人排隊提問。

Okay. Well, in that case, thank you so much for the time you spend. I hope that you -- I got a sense that we were blessed with a very, very strong quarter, but just as much with a very strong outlook forward and that much of that is due to the technologies introduced over the last few years doing well. But also thanks to the team and our customers for working on the situations that are far from ordinary yet are imminently practical in how we are managing it.

好的。那麼在此非常感謝大家撥冗參與。我希望你們——我感覺我們這一季非常、非常強勁；同樣地，未來展望也非常強勁，而其中很大一部分要歸功於過去幾年推出的技術表現良好。同時也要感謝團隊與客戶，大家一起面對這些遠非尋常、但在我們管理方式上又極其務實的情況。

So thank you for your attention, and we will follow-up with the usual Q&A with individuals. Thank you.

因此謝謝各位的關注，我們接下來會照例與個別人士進行後續的一對一問答。謝謝。

That does conclude our conference for today. Thank you for your participation and for using AT&T conferencing service.

今天的電話會議到此結束。感謝各位的參與，並使用 AT&T 的電話會議服務。