新思科技 (SNPS) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Synopsys Earnings Conference Call for the Second Quarter of Fiscal Year 2020. (Operator Instructions) 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.

各位女士先生，感謝您稍候，歡迎參加 Synopsys 2020 會計年度第二季財報電話會議。(接線員指示) 提醒各位，今天的電話會議將被錄音。此刻，我想將會議交給投資人關係副總裁 Lisa Ewbank。請開始。

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

謝謝你，Greg。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。在開始之前，我想提醒各位，在本次電話會議過程中，Synopsys 將討論有關公司及其財務結果的預測、目標及其他前瞻性陳述。雖然這些陳述代表我們截至今日對未來結果與表現的最佳當前判斷，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的預期出現重大差異。

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. 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.

除我們在電話會議中提及的任何風險外，可能影響我們未來結果的重要因素，已載於我們最新的 SEC 報告以及今日的財報新聞稿中。此外，我們在討論中將引用非 GAAP 財務衡量指標。與其最直接可比的 GAAP 財務衡量指標之調節表，以及補充財務資訊，可在我們今日稍早發布的財報新聞稿、財務補充資料與 8-K 中查閱。上述所有資料以及最新的投資人簡報，皆可於我們的網站 synopsys.com 取得。另外，準備好的發言稿將在電話會議結束後張貼於該網站。

Finally, we are all participating from different locations today. Please forgive any delays, technology glitches or awkward handoffs in the Q&A session as we navigate this new virtual dynamic.

最後，我們今天分別在不同地點參與。在我們適應這種新的虛擬互動模式時，若在問答環節出現任何延遲、技術故障或交接不順，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. I'm happy to report outstanding second quarter results with record orders, revenue, non-GAAP earnings per share and operating cash flow. We substantially exceeded all of our key guidance metrics. Revenue was $861 million, with GAAP earnings per share of $0.71 and non-GAAP earnings of $1.22. Orders were substantially greater than our internal plan driven primarily by digital design software, and we continue to make good progress on our margin expansion goals. As a result of our first half strength and the resilience of our business, we are reaffirming our revenue and non-GAAP margin guidance for the year while raising our non-GAAP earnings and cash flow targets. Trac will discuss the financials in more detail.

各位下午好。我很高興報告第二季取得卓越成果，訂單、營收、非 GAAP 每股盈餘以及營運現金流皆創下紀錄。我們大幅超越所有主要的財測指標。營收為 8.61 億美元，GAAP 每股盈餘為 0.71 美元，非 GAAP 每股盈餘為 1.22 美元。訂單顯著高於我們的內部計畫，主要由數位設計軟體帶動；同時，我們在毛利率擴張目標上也持續取得良好進展。基於上半年強勁表現與我們業務的韌性，我們重申全年營收與非 GAAP 利潤率指引，同時上調非 GAAP 盈利與現金流目標。Trac 將更詳細說明財務表現。

Before providing quarterly highlights, let me comment on the market landscape, which is, of course, dominated by the COVID-19 pandemic and its substantial recessionary pressure on the global economy. While in a matter of weeks, many companies around the world have adapted to widespread work from home. The semiconductor sector has stayed busy as the electronic system and system design continues unabated. Driven by the sudden need for bandwidth and compute for home, be it for work, schooling or entertainment, advanced chip design is not slowing down. We've seen this continuous design activity in previous downturns. Regardless of where a company or industry is in its business cycle, continuous investment in new technologies, be they AI and machine learning, 5G, IoT, automotive or cloud-end markets, is the best way to be ready when the economy turns up again. Synopsys is at the core of this enablement.

在提供季度重點之前，我先談談市場環境；當然，目前市場由 COVID-19 疫情主導，並對全球經濟造成顯著的衰退壓力。在短短數週內，全球許多公司已適應大規模居家辦公。半導體產業仍然忙碌，因為電子系統與系統設計仍在持續推進、未見停歇。由於居家工作、上學或娛樂對頻寬與運算的需求突然增加，先進晶片設計並未放緩。我們在過去的景氣下行期間也曾看到這種持續的設計活動。不論公司或產業處於其商業循環的哪個階段，持續投資新技術——無論是 AI 與機器學習、5G、IoT、車用或雲端終端市場——都是在經濟回升時做好準備的最佳方式。Synopsys 正位於這種賦能的核心。

Combining that with our time-based business model, our high level of recurring revenue and a noncancelable backlog of $4.8 billion, Synopsys is well positioned to withstand the uncertainties of today's macro environment. With that context, let me provide some highlights from the quarter, beginning with EDA. Our unrelenting innovation push throughout our Fusion Design Platform is driving momentum in technical benchmark wins, increased competitive displacements and new breakthrough products. In Q2, our hallmark Fusion Compiler product drove a doubling of the number of tapeouts as well as significant business commitments by customers ranging from the world's largest microprocessor and consumer companies to mobile, networking and automotive system designers. Key competitive wins included a leading Asian 5G edge computing chip supplier for next-generation 5-nanometer design, a prominent North American graphics company on an advanced gaming GPU and expanding competitive displacement at some of the world's leading mobile semis on multiple designs ranging from 12-nanometer to 5 nanometer. The Fusion concept, a revolutionary invention with impact that goes far beyond even the breakthrough Fusion Compiler solution, resonates very well with our customers and partners. This quarter, we expanded our collaboration with Broadcom, who is widely deploying our Fusion Design Platform to accelerate delivery of its innovative 7-nanometer and 5-nanometer designs.

再加上我們以時間為基礎的商業模式、高比例的經常性收入，以及 48 億美元不可取消的積壓訂單（backlog），Synopsys 具備良好條件以承受當前總體環境的不確定性。在此背景下，讓我提供本季的一些重點，先從 EDA 開始。我們在 Fusion Design Platform 上持續不懈的創新推進，正帶動技術基準測試（benchmark）勝出動能、提升競爭性替換（competitive displacement），並推出新的突破性產品。在第二季，我們的旗艦產品 Fusion Compiler 推動投片（tapeout）數量倍增，並獲得客戶的重大業務承諾，客戶涵蓋全球最大的微處理器與消費性公司，以及行動、網路與車用系統設計業者。關鍵競爭勝利包括：一家領先的亞洲 5G 邊緣運算晶片供應商採用於下一代 5 奈米設計；一家知名北美圖形公司用於先進遊戲 GPU；以及在全球領先的行動半導體客戶上擴大競爭性替換，涵蓋從 12 奈米到 5 奈米的多項設計。Fusion 概念是一項革命性發明，其影響力甚至遠超突破性的 Fusion Compiler 解決方案本身，並與我們的客戶與合作夥伴產生強烈共鳴。本季，我們擴大與 Broadcom 的合作；Broadcom 正廣泛部署我們的 Fusion Design Platform，以加速其創新 7 奈米與 5 奈米設計的交付。

And our innovation continues at a rapid pace. In March, we announced several exciting new products, including DSO.ai. The result of a multiyear initiative with leading industry partners, it includes learning engines that can automatically adjust and optimize throughout the design flow. The result is impressive productivity improvements in terms of project time as well as further optimizations in chip performance, power and area. Using state-of-the-art AI and machine learning as well as a cloud-based burst computation, it enables design teams to tackle more projects, handle larger parts of a project and lets designers focus exclusively on leverage high creativity and value-added tasks.

而我們的創新仍以快速步伐持續推進。在 3 月，我們宣布多項令人振奮的新產品，包括 DSO.ai。這是與業界領先合作夥伴共同推動的多年計畫成果，包含可在整個設計流程中自動調整與最佳化的學習引擎。其成果是在專案時間方面帶來顯著的生產力提升，並進一步最佳化晶片效能、功耗與面積。透過最先進的 AI 與機器學習，以及雲端式的突發運算（burst computation），它使設計團隊能夠承接更多專案、處理專案中更大範圍的工作，並讓設計人員能專注於發揮高度創意與高附加價值的任務。

Another seminal new product is a 3DIC Compiler. Advanced designs are now so massive and complex that they require a brand-new approach. 3DIC Compiler is a single environment that enables the combination of multiple die together on a chip. This provides far better performance and capacity than conventional chip and package approaches for customers such as Samsung Electronics, who refer to it as an industry disruptor. 3DIC is also a great way to extend the power, performance and density benefits of Moore's Law as it supports the high-speed parallelism and massive data needs of new AI architectures. This opens a new path to very powerful multi-die computational engines for years to come.

另一項具里程碑意義的新產品是 3DIC Compiler。先進設計如今規模龐大且極其複雜，因此需要全新的方法。3DIC Compiler 是一個單一環境，可在同一顆晶片上整合多個晶粒（die）。對於如 Samsung Electronics 等客戶而言，這相較於傳統晶片與封裝方法可提供更佳的效能與容量；Samsung Electronics 將其稱為顛覆產業者。3DIC 也是延伸摩爾定律在功耗、效能與密度優勢的絕佳方式，因其支援新型 AI 架構所需的高速平行處理與海量資料需求。這為未來多年打造極為強大的多晶粒運算引擎開啟了新道路。

Meanwhile, in custom design, our multiyear innovation push has resulted in a highly competitive product that is being used for the most advanced FinFET designs and driving ongoing full-flow competitive displacements. For example, Alphawave replaced its legacy custom design tools with our custom design platform for development of high-speed connectivity IP. Here too, productivity was the reward as our solution helped them meet aggressive design targets in a notably shorter time frame. A major foundry in Asia expanded its internal deployment and now has more than 10 custom compiler projects underway. We also secured new deployments for memory, silicon IP and microprocessor designs.

同時，在客製化設計方面，我們多年的創新推進已打造出高度具競爭力的產品，正被用於最先進的 FinFET 設計，並推動持續的全流程競爭性替換。例如，Alphawave 以我們的客製化設計平台取代其既有的客製化設計工具，用於開發高速連接 IP。在此同樣地，生產力提升是回報；我們的解決方案協助他們在明顯更短的時間內達成具挑戰性的設計目標。亞洲一家主要晶圓代工廠擴大其內部部署，目前已有超過 10 個 custom compiler 專案在進行中。我們也取得記憶體、矽智財（silicon IP）與微處理器設計的新部署案。

Let me now move to our Verification Continuum Platform, where significant technology innovation continues to cement our market share leadership. In verification software, we're seeing notable expansions at influential hyperscaler companies, traditional semi and systems companies and global start-ups. Across the platform, our technology is strong. On the hardware side of our verification solution, which caters uniquely to unrelenting design complexity growth, demand for our products is also high. Competitively, our emulators and prototyping systems are differentiated by raw speed, higher reliability, easier installation and maintenance and overall lower cost of ownership. Just this quarter, 13 new customers purchased our hardware products, and we have more than 30 repeat orders. Here too, we're seeing good momentum with customers ranging from very large semi and systems companies to hyperscalers and start-ups. While the timing of hardware deliveries creates a tough comparison with the first half of last year, we continue to gain momentum with both new and existing customers.

現在我來談談我們的驗證連續體平台（Verification Continuum Platform），在此領域，重大的技術創新持續鞏固我們的市佔率領導地位。在驗證軟體方面，我們看到在具影響力的超大規模雲端業者（hyperscaler）、傳統半導體與系統公司，以及全球新創公司中都有顯著擴張。在整個平台上，我們的技術實力強勁。在我們驗證解決方案的硬體端，該方案能獨特地因應設計複雜度持續攀升的趨勢，對我們產品的需求同樣很高。在競爭面上，我們的模擬器（emulators）與原型系統（prototyping systems）以原始速度更快、可靠性更高、安裝與維護更容易，以及整體總持有成本更低而具差異化。僅在本季，就有 13 家新客戶購買了我們的硬體產品，且我們有超過 30 筆回購訂單。在這裡我們也看到良好動能，客戶範圍從非常大型的半導體與系統公司到超大規模雲端業者與新創公司。雖然硬體交付時點使得與去年上半年相比的比較較為艱難，但我們在新客戶與既有客戶兩方面仍持續累積動能。

Now to IP, where we are growing with solid momentum. As the #1 provider of interface, embedded memory, logic libraries and foundry specific IP, we provide the broadest portfolio addressing the most complex requirements, accelerating time to market and lowering design risk. With more than 330 wins for foundry specific 7-nanometer IP, customers are clearly placing their trust in our leadership in high-performance cloud-computing applications. Most recently, we achieved significant competitive wins, including a major Internet service as an AI company, who adopted our production proven IP subsystems and PCI Express 5.0. And a major Taiwanese fabless semiconductor company who licensed our silicon proven HBM2E for multiple networking customers.

接著談 IP，我們正以穩健動能成長。作為介面、嵌入式記憶體、邏輯庫以及晶圓代工特定 IP 的第一大供應商，我們提供最廣泛的產品組合，以滿足最複雜的需求、加速上市時程並降低設計風險。在晶圓代工特定 7 奈米 IP 方面累計超過 330 項勝出（wins），顯示客戶明確信任我們在高效能雲端運算應用的領導地位。最近，我們取得多項重要的競爭性勝出，包括一家大型網際網路服務暨 AI 公司，採用了我們經量產驗證（production proven）的 IP 子系統與 PCI Express 5.0。以及一家台灣大型無晶圓廠半導體公司，為多家網路客戶授權採用我們經矽驗證（silicon proven）的 HBM2E。

Our unrelenting focus on enabling advanced process designs continues. We recently announced availability of the broadest portfolio of IP for TSMC's 5-nanometer process for high-performance computing SoCs. A multinational technology giant in cloud services and AI selected our PCI Express 5.0, CXL and Foundation IP. And a leading e-commerce company chose our Die-to-Die HBI IP because of our performance, power and area differentiation.

我們對於推動先進製程設計的持續專注仍在延續。我們近期宣布，針對台積電 5 奈米製程的高效能運算 SoC，提供業界最廣泛的 IP 產品組合。一家在雲端服務與 AI 領域的跨國科技巨擘選用了我們的 PCI Express 5.0、CXL 與 Foundation IP。而一家領先的電子商務公司則因我們在效能、功耗與面積（PPA）上的差異化，選擇了我們的 Die-to-Die HBI IP。

Our product momentum for ARC processors also continued with the introduction of our first 64 bit processor IP. This is our highest performance ARC processor to date, targeting high-end embedded applications such as storage, automotive control and infotainment.

我們 ARC 處理器的產品動能也持續推進，並推出了我們第一款 64 位元處理器 IP。這是迄今效能最高的 ARC 處理器，鎖定儲存、車用控制與資訊娛樂等高階嵌入式應用。

Now to Software Integrity. This is one area of our business that felt more of an impact from COVID as companies delayed business decisions while working to adapt to shelter-in-place mandates. While revenue growth improved sequentially, we did see a slowdown in orders that will moderate our revenue growth this year to the low double-digit range before returning to higher growth longer term. The breadth and road map of our portfolio are uniquely well suited to serve today's DevSecOps requirements. By providing high-value products, a great new platform and strategic consulting services, we are well positioned to help companies develop more secure, high-quality software for a very interconnected world.

接著談 Software Integrity（軟體完整性）。這是我們業務中受 COVID 影響較大的一個領域，因為企業在努力適應居家避疫（shelter-in-place）命令的同時，延後了商業決策。雖然營收成長較前一季改善，但我們確實看到訂單放緩，這將使我們今年的營收成長降至低雙位數區間，之後長期仍可望回到較高成長。我們產品組合的廣度與路線圖，特別適合滿足當今 DevSecOps 的需求。透過提供高價值產品、全新的優秀平台與策略顧問服務，我們已具備良好定位，協助企業為高度互聯的世界開發更安全、更高品質的軟體。

Industry recognition of our vision and product breadth has grown significantly over the past several years. Just a few weeks ago, Gartner updated its Magic Quadrant for Application Security Testing. We are pleased to note that Synopsys is again at the farthest top right position in the leader quadrant. We made progress during this quarter in several areas. We achieved multiple competitive displacements as customers embraced the benefits of our broad portfolio and the integration onto the Polaris Software Integrity Platform. We saw a notable broadening of agreements as customers expanded the number of products they adopt. One example is a very large global electronics company who replaced the incumbent and significantly expanded its adoption to a broader set of our solutions. This quarter, our customer base continued to grow with new logos ranging from very well-known consumer electronics leaders to hyperscalers, to industrial and financial services companies. Our next objective is to scale this business to reach $500 million to $1 billion in revenue over time.

過去幾年來，業界對我們願景與產品廣度的認可顯著提升。就在幾週前，Gartner 更新了其《應用程式安全測試》魔力象限（Magic Quadrant）。我們很高興指出，Synopsys 再次位於領導者象限最右上角的位置。本季我們在多個面向取得進展。隨著客戶採納我們廣泛產品組合的效益，以及整合至 Polaris Software Integrity Platform，我們達成多起競爭性替換（competitive displacements）。我們也看到合約範圍明顯擴大，客戶增加採用的產品數量。其中一個例子是一家非常大型的全球電子公司，替換掉原有供應商，並大幅擴大採用我們更完整的一套解決方案。本季，我們的客戶基礎持續成長，新客戶標誌（new logos）涵蓋知名消費電子領導廠商、超大規模雲端業者，以及工業與金融服務公司。我們下一個目標，是隨時間推進將此業務規模擴大至 5 億至 10 億美元營收。

Before I hand it over to Trac, let me comment on our practical handling of the COVID-19 pandemic. I will begin with a sincere thank you to the many southwest caregivers who keep us safe. I also want to thank our employees, who have shown incredible commitment and agility over the past several months to execute on the dual objectives of health and business. I believe that our execution during this period has been stellar.

在我把時間交給 Trac 之前，先談談我們對 COVID-19 疫情的務實應對。我首先要向許多西南地區的照護人員致上誠摯的感謝，因為他們守護了我們的安全。我也要感謝我們的員工，過去幾個月在兼顧健康與業務這兩項目標上，展現了令人難以置信的投入與敏捷性。我相信我們在這段期間的執行表現非常出色。

In addition to the rapid actions we took to implement global shelter-in-place orders, we continue to partner with our peers, local governments and health agencies to ensure a safe work environment for those returning to the office. Our IT, HR, facilities and operations teams have done an amazing job, quickly adapting our infrastructure and systems to support work from home.

除了我們迅速採取行動以落實全球居家避疫命令之外，我們也持續與同業、地方政府及衛生機構合作，確保返辦公室人員的工作環境安全。我們的 IT、人資、設施與營運團隊表現卓越，迅速調整基礎設施與系統，以支援居家辦公。

Our R&D teams continue to execute very well and have effectively worked through some hardware supply chain and logical challenges. The large number of new products and excellent benchmark results give us strong confidence in our product pipeline. This also applies to our worldwide IP team, which had the foresight to rapidly enable remote development and delivery of high demand advanced titles. We are able to ship our products and our customers

我們的研發團隊持續維持非常好的執行力，並有效克服了一些硬體供應鏈與邏輯層面的挑戰。大量新產品以及優異的基準測試結果，讓我們對產品管線充滿信心。這同樣適用於我們全球 IP 團隊，他們具備前瞻性，迅速啟用遠端開發與交付高需求的先進產品。我們能夠出貨我們的產品以及我們的客戶

(technical difficulty)

（技術問題）

support from our application engineering teams. Last, as witnessed by the strongest orders quarter on record, our sales team also demonstrated stellar execution.

來自我們應用工程團隊的支援。最後，從創下史上最強訂單季度可見，我們的銷售團隊也展現了卓越的執行力。

As we now see a gradual opening of businesses in many countries and states, our leadership is planning a very gradual shift back to the office in coordination with local authorities and sensitive to our employees well-being. In closing, Synopsys is executing well. We delivered outstanding second quarter results with record orders, revenue, non-GAAP earnings per share and operating cash flow. Design activity remains strong and enduring. We continue to introduce innovative new products throughout our portfolio and our benchmarking strongly. Notwithstanding the extraordinary world circumstances, we continue to target high single-digit revenue growth, substantial ops margin expansion, mid-teens non-GAAP earnings per share growth and strong operating cash flow.

隨著我們看到許多國家與州逐步重啟商業活動，我們的領導團隊正與地方主管機關協調，並以員工福祉為優先，規劃非常循序漸進地回到辦公室。總結來說，Synopsys 執行表現良好。我們在第二季交出亮眼成果，訂單、營收、非 GAAP 每股盈餘與營運現金流皆創新高。設計活動仍然強勁且具持續性。我們持續在整個產品組合中推出創新新產品，且基準測試表現強勢。儘管全球情勢極為特殊，我們仍以高個位數營收成長、顯著的營業利益率擴張、非 GAAP 每股盈餘中十位數成長，以及強勁的營運現金流為目標。

Trac will now highlight the financial perspective.

接下來 Trac 將說明財務觀點。

Thanks, Aart. Good afternoon, everyone. Our record results are especially noteworthy, in light of the considerable challenges faced by ourselves and our customers over the past few months. Given our history of strong execution, sometimes it's easy to forget how much hard work goes into delivering results like these. So I'd like to add my thanks to our employees for their dedication under these difficult circumstances. Complementing our excellent execution in the first half is our very solid business foundation, technology leadership, a diverse customer base and nearly 90% recurring revenue. These elements position us well for periods of high demand as well as during times of greater stress. This rare combination gives us the confidence to reaffirm our annual revenue and non-GAAP margin guidance and to increase our non-GAAP earnings and operating cash flow targets.

謝謝你，Aart。各位下午好。考量到過去幾個月我們與客戶所面臨的重大挑戰，我們的創紀錄成果尤其值得關注。由於我們一向執行力強，有時候很容易忘記要交出這樣的成果需要投入多少努力。因此，我也要感謝我們的員工在艱難情況下的奉獻。支撐我們上半年優異執行表現的，是非常穩固的業務基礎、技術領先地位、多元的客戶基礎，以及近 90% 的經常性收入。這些要素讓我們在需求旺盛時期以及壓力較大的時期都能保持良好定位。這種罕見的組合讓我們有信心重申全年營收與非 GAAP 利潤率指引，並上調非 GAAP 獲利與營運現金流目標。

Now to our second quarter results. All comparisons are year-over-year unless otherwise stated. Orders substantially exceeded our plan, driven in large part by EDA, particularly digital design. Ending backlog was $4.7 billion. We generated total revenue of $861.3 million, above our target range, driven by broad strength and some revenue that moved in from Q3. Semiconductor & System Design segment revenue was $773 million, with strong growth in EDA software, moderated by tough hardware comparison over a strong Q2 of last year. Excluding hardware, EDA software results remain within our long-term target range of mid- to high single digits.

現在來看我們第二季的業績。除非另有說明，所有比較皆為年對年。訂單大幅超出我們的計畫，主要由 EDA 驅動，尤其是數位設計。期末在手訂單（backlog）為 47 億美元。我們創造了 8.613 億美元的總營收，高於我們的目標區間，主要受廣泛的強勁表現以及部分原本在第三季認列的營收提前至本季所帶動。半導體與系統設計（Semiconductor & System Design）事業部營收為 7.73 億美元，EDA 軟體強勁成長，但在去年第二季硬體基期較高的情況下，成長受到抑制。若排除硬體，EDA 軟體的表現仍落在我們長期目標區間的中高個位數成長。

A quick note on hardware. While COVID-19 has presented some minor house related supply chain challenges due to shelter-in-place mandates, we're managing through them well. Our contract manufacturing partners are gradually increasing capacity. And because our products are considered essential, they are top priorities. Software Integrity segment revenue was $88.3 million, 10% of total.

關於硬體補充說明一下。雖然 COVID-19 因居家避疫（shelter-in-place）命令帶來一些與工廠相關的供應鏈小挑戰，但我們目前應對得很好。我們的委外代工夥伴正逐步提升產能。而且由於我們的產品被視為必需品，因此被列為最優先事項。軟體完整性（Software Integrity）事業部營收為 8,830 萬美元，占總營收的 10%。

Moving on to expenses. Total GAAP costs and expenses were $735 million, which includes approximately $30 million in restructuring costs associated with our previously communicated program to optimize resource allocation for sustainable long-term growth. These are not COVID related. Total non-GAAP costs and expenses were $640 million, resulting in a non-GAAP operating margin of 25.7%. We are on track to generate approximately 2 percentage points of non-GAAP operating margin expansion for the year. Adjusted operating margin for the Semiconductor & System Design segment was 27.1%. And for the software integrity segment, 13.3%.

接著談費用。GAAP 總成本與費用為 7.35 億美元，其中包含約 3,000 萬美元的重組費用，與我們先前已對外說明、用以最佳化資源配置以支持長期可持續成長的計畫相關。這些並非與 COVID 相關。非 GAAP 總成本與費用為 6.40 億美元，使非 GAAP 營業利益率達 25.7%。我們正按計畫在今年實現約 2 個百分點的非 GAAP 營業利益率擴張。半導體與系統設計事業部的調整後營業利益率為 27.1%。而軟體完整性事業部為 13.3%。

Finally, GAAP earnings per share were $0.71 and non-GAAP earnings per share were $1.22, well above our target range due to excellent operational execution.

最後，GAAP 每股盈餘為 0.71 美元，非 GAAP 每股盈餘為 1.22 美元；由於卓越的營運執行，明顯高於我們的目標區間。

Turning to cash. We generated a record $380 million in the operating cash flow. We initiated a $100 million ASR and have now completed $200 million in buybacks year-to-date. We've repurchased $2 billion of our stock since 2015, approximately 75% of our free cash flow. Our capital allocation strategy has not changed. We'll continue to evaluate the best use of cash each quarter and will remain prudent as the global macro environment evolves. Our balance sheet is very strong. We entered the quarter -- we ended the quarter with a cash balance of $856 million and total debt of $236 million as we paid down $90 million of our revolver.

接著談現金。我們創下 3.80 億美元的營運現金流新高。我們啟動了 1 億美元的 ASR（加速股票回購），截至目前本年度已完成 2 億美元的回購。自 2015 年以來，我們已回購 20 億美元自家股票，約占我們自由現金流的 75%。我們的資本配置策略沒有改變。我們將持續每季評估現金的最佳用途，並在全球總體環境演變之際保持審慎。我們的資產負債表非常強健。本季結束時——我們在本季結束時的現金餘額為 8.56 億美元，總負債為 2.36 億美元，因為我們已償還循環信貸（revolver）9,000 萬美元。

Now to guidance, which continues to assume the current entity list restrictions remain in place for the rest of the year. Consistent with our expectations, revenue was skewed to later in the year due primarily to a scheduled timing of hardware and IP deliveries.

接著是財測指引；該指引仍假設目前的實體清單（entity list）限制在今年剩餘期間持續有效。符合我們的預期，營收偏向於在今年較後段認列，主要是因硬體與 IP 交付的排程時點所致。

For fiscal year 2020, our targets are: revenue of $3.6 billion to $3.65 billion; total GAAP costs and expenses between $2.99 billion and $3.03 billion; total non-GAAP costs and expenses between $2.63 billion and $2.66 billion, resulting in a non-GAAP operating margin of approximately 27%; GAAP earnings of $3.74 to $3.9 per share; non-GAAP earnings of $5.21 to $5.28 per share; cash flow from operations of $815 million to $840 million; and capital expenditures of approximately $170 million.

針對 2020 會計年度，我們的目標為：營收 36 億至 36.5 億美元；GAAP 總成本與費用介於 29.9 億至 30.3 億美元；非 GAAP 總成本與費用介於 26.3 億至 26.6 億美元，對應非 GAAP 營業利益率約 27%；GAAP 每股盈餘 3.74 至 3.90 美元；非 GAAP 每股盈餘 5.21 至 5.28 美元；營運現金流 8.15 億至 8.40 億美元；以及資本支出約 1.70 億美元。

Now to the targets for the third quarter: revenue between $875 million and $905 million; total GAAP costs and expenses between $721 million and $737 million; total non-GAAP costs and expenses between $640 million and $650 million; GAAP earnings of $1.12 to $1.22 per share; and non-GAAP earnings of $1.33 to $1.38 per share.

接著是第三季目標：營收介於 8.75 億至 9.05 億美元；GAAP 總成本與費用介於 7.21 億至 7.37 億美元；非 GAAP 總成本與費用介於 6.40 億至 6.50 億美元；GAAP 每股盈餘 1.12 至 1.22 美元；以及非 GAAP 每股盈餘 1.33 至 1.38 美元。

In conclusion, despite the unprecedented challenges faced by our employees and customers around the globe, our focused execution, portfolio strength and resilient business model enabled us to deliver a very strong quarter, reiterate our full year revenue and non-GAAP margin guidance and raise our non-GAAP earnings and cash flow targets. Our strong balance sheet and thoughtful approach to capital allocation position us well to navigate the current environment.

總結來說，儘管我們的員工與客戶在全球各地面臨前所未有的挑戰，我們專注的執行力、產品組合的優勢以及具韌性的商業模式，使我們得以交出非常強勁的一季，重申全年營收與非 GAAP 利潤率指引，並上調非 GAAP 獲利與現金流目標。我們強健的資產負債表與審慎的資本配置方式，使我們能在目前環境中更有利地前行。

And 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行提問。

(Operator Instructions) And our first question comes from the line of Rich Valera with Needham & Company.

(接線生指示) 我們的第一個問題來自 Needham & Company 的 Rich Valera。

Congrats to the team on delivering very solid results in a challenging environment. First, just on the order commentary, I think you said you saw stronger than expected orders primarily in core EDA. I was wondering if you could give any color on sort of what drove that strength. And if you thought it was maybe timing related? Or if you think that was sort of a net increase in demand relative to your original plan?

恭喜團隊在充滿挑戰的環境下交出非常穩健的成果。首先，關於訂單的評論，我想你提到核心 EDA 的訂單強於預期。我想請你多分享一些背景，究竟是什麼驅動了這股強勁表現。以及你是否認為這可能與時點有關？或者你認為相較於原先的計畫，這其實是需求的淨增加？

Well, I think there are multiple things have played in all at the same time. Obviously, in a time like this, we all pay a lot of attention to execution. And so we'll give some credit to just working hard at it. But I think the other thing that happened is that a number of the new products that we introduced last year and some that we announced just recently are very attractive and benchmark extremely well. And so the hunger for more sophisticated products continues because during the same time frame, what we're seeing is that a number of the advanced customers are moving now from 7 to 5 nanometer. And so that has both implications on the IP that they're using and on the strength of tools that they want. And so the demand, I think, was absolutely there, and it was for us to make sure that we find a way to get at it.

我認為有多個因素同時發生。顯然在這樣的時期，我們都非常重視執行。因此我們也會把一部分功勞歸於努力把事情做好。但我認為另一個因素是，我們去年推出的一些新產品，以及最近才剛宣布的一些產品都非常有吸引力，而且基準測試（benchmark）表現非常出色。因此，對更精密產品的需求持續存在，因為在同一段期間，我們看到一些先進客戶正從 7 奈米轉向 5 奈米。這同時會影響他們所使用的 IP，以及他們想要的工具強度。所以我認為需求絕對存在，而我們要做的是確保能找到方法去掌握這些需求。

Got it. And just one more on the SIG business. One, could you say what the bookings were there? I know they were pretty good last quarter despite the relatively modest revenue growth. And two, any progress on getting a business unit, a new business unit head there?

了解。另外再問一個關於 SIG 業務的問題。第一，你能否說明那邊的接單（bookings）表現？我知道上一季即使營收成長相對溫和，接單仍相當不錯。第二，那邊在尋找事業部負責人、也就是新的事業部主管方面，有沒有任何進展？

So we normally don't disclose the bookings for any subpart of the company. We did communicate that they were lower this quarter than expected, and therefore, that has some ramifications going forward. It's not completely a surprise because a lot of the interactions early on in the COVID time were very impacted by people essentially hustling for shelter or from home. On the recruiting, we have started a search. And so we expect that in the next 6 months this will be fulfilled. And now we're looking at candidates.

我們通常不會揭露公司任何子部分的接單數字。我們確實有說明本季接單低於預期，因此這會對未來帶來一些影響。這並不完全令人意外，因為在 COVID 初期，許多互動確實受到很大影響，大家基本上都忙著避難或在家工作。至於招募方面，我們已經啟動搜尋。因此我們預期在接下來 6 個月內會補齊這個職位。目前我們正在評估候選人。

Congrats again on a nice quarter.

再次恭喜這是一個很棒的季度。

Thank you very much, Rich.

非常謝謝你，Rich。

Next we turn to the line of Tom Diffely with D.A. Davidson.

接下來我們轉到 D.A. Davidson 的 Tom Diffely。

Maybe first a question on the hardware business. At this point, is that completely outsourced? Or do you still do -- or do you do a final assembly and test in-house? And just curious if COVID was a bigger issue for your suppliers or for your own internal assembly and test.

也許先問一個關於硬體業務的問題。就目前而言，那是否已經完全委外？或者你們仍然會——或者你們會在內部進行最終組裝與測試？另外也想了解，COVID 對你們供應商的影響比較大，還是對你們內部的組裝與測試影響比較大？

Well, it's an excellent question. So we do a little bit of all of that. We outsource, obviously, as much as we possibly can. There are -- depending on what the status is of the hardware, we assemble some of it ourselves. And as you would expect, when you have a global disruption of all the markets, initially, you have to watch out where all the parts are coming from, who is doing the assembly, et cetera. And the issues that we looked at initially were HAPS related. I'm quite impressed by how quickly our team was on top of that. And after that, the fact that this is essential equipment benefited us as the assembly people we work with gave us high priority. And so I think the problem is mostly resolved at this point in time.

嗯，這是個非常好的問題。所以我們在這些方面都會做一點。很明顯地，我們會盡可能把能外包的都外包出去。另外——視硬體的狀態而定，我們也會自己組裝其中一部分。而且如你所預期的，當全球所有市場都出現中斷時，一開始你必須留意所有零組件是從哪裡來、由誰負責組裝等等。我們一開始關注的問題是與 HAPS 相關的。我對我們團隊能這麼快掌握狀況印象很深。之後，由於這是關鍵設備，我們合作的組裝人員也給了我們很高的優先順序，這對我們有利。所以我認為目前這個問題大多已經解決了。

Okay. That's great to hear. And then Trac, when I look at the midpoint of guidance for, I guess, the third and the implied for the fourth quarter, pretty strong revenue growth, not a lot of model leverage off that revenue growth though. I'm curious is that because it's more hardware centric? Is it conservatism or is there something else going on?

好的。很高興聽到。接著 Trac，當我看你們指引的中位數——我想是第三季以及第四季隱含的數字——營收成長相當強勁，但從這個營收成長看起來，模型槓桿（model leverage）並不大。我很好奇，這是因為組合更偏硬體嗎？是出於保守，還是有其他因素在發生？

It is a little bit of the hardware mix. You got COGS ramping up with expenses as well. And the profile is that it does have some additional expenses in terms of hiring. But I do expect that you'll see an improvement in operating margins from Q3 to Q4.

確實有一部分是硬體組合的影響。你會看到銷貨成本（COGS）上升，同時費用也在增加。而且這個走勢也包含一些額外的費用，例如招募人員。但我確實預期你會看到營業利益率從第三季到第四季有所改善。

And next we turn to the line of Joe Vruwink with Baird.

接下來我們轉到 Baird 的 Joe Vruwink。

Apologies if this came up. I joined a little bit late, but just a current events question. I'm wondering if the recent proposals around new export restrictions have either impacted Synopsys any way or maybe since the April quarter close, caused some of your customers maybe to reconsider certain spending decisions. Or just any impacts from the past couple of weeks and some of the news that's been coming out?

如果這個問題先前已經提到，先說聲抱歉。我加入得有點晚，但這是一個關於近期時事的問題。我想了解，最近關於新增出口限制的提案，是否以任何方式影響了 Synopsys，或是自四月季度結束以來，是否讓你們的一些客戶重新考慮某些支出決策。或者就過去幾週以及近期新聞所帶來的任何影響？

Well, the bottom line of the answer is, no. The recent announcements were 1 or 2 weeks old. And while fairly complicated, we're able to get a good sense of it. And our conclusion is it does not affect us beyond what is already prohibited in the entity. We have also not had any follow on of customers that we're worried in any form. So I think that interpretation has been fairly universal.

嗯，答案的重點是：沒有。最近的公告大概是 1 到 2 週前的事。雖然相當複雜，但我們能夠很好地掌握其內容。我們的結論是，除了實體清單（entity）中既有的禁止事項之外，並不會對我們造成影響。我們也沒有看到任何客戶後續出現讓我們擔心的情況。所以我認為這樣的解讀相當普遍。

Okay. Great. And then on Software Integrity, I guess the qualitative commentary just in terms of some of the buy in to Polaris and the fact that you're getting competitive displacements for Polaris at this point, that strikes me as pretty positive. So I guess my question is, did it surprise you to have platform traction in a more difficult environment created by COVID? And does that give you maybe some optimism and thinking about bookings for the back half of your year?

好的。很好。接著談到 Software Integrity，我想你們在質性評論中提到，市場對 Polaris 的採用程度，以及目前你們能用 Polaris 取得競品替換（competitive displacements），這聽起來相當正面。所以我的問題是：在 COVID 造成更艱困的環境下，平台仍能獲得動能，這有讓你們感到意外嗎？而這是否讓你們對下半年訂單（bookings）的思考更樂觀一些？

Well, we live with optimism, and actually, this is a good example of it because the whole point of a platform is to get the benefit of multiple tools that work well together. And by the way, for the buyer, it has another benefit, especially for larger companies. They are trying to maintain an environment that is not overly complex with tools from many, many different vendors. And so being able to bring multiple capabilities together in a structured fashion that over time will gain more and more value because things work well together is actually precisely the direction that we are counting on. And the fact that a number of customers have actually bought Synopsis precisely for that reason is extremely encouraging.

嗯，我們一向抱持樂觀，而這其實就是一個很好的例子，因為平台的核心目的，就是取得多個工具彼此良好協作所帶來的效益。順帶一提，對買方而言還有另一個好處，特別是對較大型的公司。他們正試圖維持一個不會因為來自許多、許多不同供應商的工具而變得過度複雜的環境。因此，能以結構化的方式把多項能力整合在一起，並且隨著時間推移因為彼此協作良好而獲得越來越高的價值，這正是我們所仰賴的方向。而且有不少客戶確實正是基於這個原因購買 Synopsys，這讓人非常振奮。

And next we turn to the line of Mitch Steves with RBC Capital Markets.

接下來我們轉到 RBC Capital Markets 的 Mitch Steves。

I wanted to focus a little bit on the -- hello? Can you hear me?

我想稍微聚焦在——喂？你們聽得到我嗎？

Yes. We can hear you.

可以。我們聽得到你。

Yes. Sorry. Yes, so I wanted to focus a bit on the operating margin here. So the implied number, it looks like you guys are going to get to the kind of the high 20s exiting the year. So I really have 2 parts to my question. The first one is just that is that correct that you're going to kind of exit at 29%? And then secondly, does that imply that '21 should actually be better than your high 20s target? Because now you guys have kind of got a work-from-home dynamic, you don't have to have as much T&E expense. It's something we've heard that a lot of companies, particularly software companies are able to do. So is there any way you guys are going to be able to squeeze extra basis points out of the OpEx line going forward?

可以。抱歉。是的，所以我想稍微聚焦在這裡的營業利益率。從隱含的數字來看，你們在年度結束時看起來會到接近 20% 高段。所以我的問題其實有兩個部分。第一個是：你們是否正確地會在年底大概以 29% 作結？第二個是：這是否意味著 2021 年其實應該會優於你們「20% 高段」的目標？因為現在你們有居家辦公的動態，不需要那麼多差旅與交際（T&E）費用。這是我們聽到很多公司，特別是軟體公司能做到的事情。所以未來你們是否有任何方式，能在營業費用（OpEx）這條線上再擠出額外的幾個基點（basis points）？

Let me work backwards on your question, Mitch. You're right. We are -- we would be exiting in the high 20s for the year. But keep in mind that it's largely a profile of the revenue ramp. We remain committed to our long-term goals of driving margin expansion. But at this point, it's too early to talk about FY '21. We'll comment on that later in the year. As far as savings from COVID, certainly, we're seeing some elements of that flow through -- that benefit flow through to the results. But the results are largely driven by us executing the plan that we set out to do for the year, which is continue to focus on our spending, be more diligent about where we're investing and driving a plan that's going to deliver good margin growth this year and over time.

Mitch，我從你問題的後半段倒著回答。你說得對。我們——今年確實會以 20% 高段的水準作結。但請記得，這在很大程度上是營收爬升（revenue ramp）的輪廓所致。我們仍然致力於長期目標，也就是推動利潤率擴張。但就目前而言，談 2021 財年還太早。我們會在今年稍晚再做評論。至於 COVID 帶來的節省，當然，我們確實看到其中一些因素——這些效益——反映到結果中。但整體結果主要仍是由我們執行今年既定計畫所驅動：也就是持續聚焦支出、更審慎地檢視投資方向，並推動一個能在今年以及長期帶來良好利潤成長的計畫。

Got it. And then just one small one, if I could, I know I've asked multiple questions there. So just was there any revenue impact you guys could quantify in terms of what the hardware shipments would have been? Or if you had any pushouts in terms of sales? Because I'm curious to why the full year guide didn't go up. I would think that you'd be able to get at least above -- towards the high end, I guess, the revenue guide. So was there any sort of push out or anything related to COVID in the quarter?

了解。如果可以的話，再問一個小問題；我知道我剛剛問了好幾個。所以，關於硬體出貨，你們是否能量化任何營收影響，例如原本硬體出貨應該會是多少？或是在銷售上是否有任何遞延（pushouts）？因為我很好奇為什麼全年指引沒有上調。我原本以為你們至少能到——我想是更接近營收指引的高端。所以在本季是否有任何與 COVID 相關的遞延或其他因素？

No, not really. COVID had a really small effect on the results or immaterial effect on the financial results. As we mentioned, we had some initial challenges with the supply chain when the shelter-in-place mandates went into effect, but we were able to overcome that and execute on the numbers for the quarter. Good execution in Q2. The results were strong on its own, but we did see some revenues move in from Q3 to Q2. At this point, we're providing our best view of the outlook for hardware, and it really reflects a profile of it growing in Q4. And so far, we feel confident in our ability to execute to that. That's why we're reaffirming guidance.

沒有，並不算是。COVID 對結果的影響非常小，或對財務結果而言並不重大。如我們提到的，當居家避難（shelter-in-place）命令生效時，我們在供應鏈上確實遇到一些初期挑戰，但我們克服了這些問題，並且達成了本季的數字。第二季執行得很好。結果本身就很強勁，但我們確實看到部分營收從第三季提前到第二季入帳。目前我們提供的是對硬體展望的最佳判斷，而這確實反映出第四季成長的輪廓。到目前為止，我們對自己能夠執行到那個水準有信心。這也是我們重申指引的原因。

And next we turn to the line of Jackson Ader with JPMorgan.

接下來我們轉到摩根大通（JPMorgan）的 Jackson Ader 提問。

The first one to Aart is a follow-up actually on some of the trade restrictions. You addressed, I think, the entity list and Huawei's, I guess, tighter restrictions having already been factored in. But what about the military end user or military end-use case, I guess, control actions that were put out at the end of April? Do you expect any impacts from that?

第一個問題給 Aart，其實是針對一些貿易限制的追問。我想你已經提到，實體清單以及對華為更嚴格的限制大概都已經反映在內了。但那麼，4 月底公布的、針對軍事最終用戶或軍事最終用途情境的管制措施呢？你預期會有任何影響嗎？

No, we don't. So fundamentally, the guidance that we have given you encompasses all of our interpretation of all of the various actions that have been taken over the last 1.5 years. And I think we feel very solid in that interpretation at this point in time.

不，我們不預期會有。基本上，我們給出的指引已經涵蓋了我們對過去 1.5 年來各項措施的所有解讀。而且我想，就目前而言，我們對這個解讀非常有把握。

Okay. All right. Great. And then follow-up. Yes, just quickly on cash flows. Are customers -- are there any customers either in Software Integrity or in the Semiconductor business that are looking for maybe some payment flexibility? I saw that the provisions for doubtful accounts went up. But just curious where the strength in cash flow is expected to come from.

好的。好。很好。那接著追問。是的，快速問一下現金流。客戶方面——在軟體完整性（Software Integrity）或半導體業務中，是否有任何客戶在尋求例如付款彈性？我看到呆帳準備金有所上升。但我只是好奇，現金流強勁預期會主要來自哪裡。

Yes. For the most part, we haven't seen any meaningful impact of that or of customers coming back and renegotiating terms. And so far, that's been very positive. We're prepared to -- we're prepared for that kind of potential. But so far, we haven't seen much of an impact. The strength in the cash flow outlook is really the confidence in the P&L and what we're guiding to, it's pretty solid growth for the year as well as good margin improvement, and that's going to eventually translate to cash, and it's a reflection of both strong collections and more effective disbursements or lower disbursement.

是的。就大多數情況而言，我們沒有看到這方面有任何顯著影響，也沒有看到客戶回來重新協商條款。到目前為止，這是非常正面的。我們已經準備好——我們也為那種潛在情況做好準備。但到目前為止，我們沒有看到太多影響。現金流展望的強勁，主要來自我們對損益表（P&L）以及我們所給指引的信心：今年有相當穩健的成長，且毛利率也有良好改善，最終會轉化為現金；這也反映了強勁的收款，以及更有效率的付款支出或較低的支出。

And next we turn to the line of Gary Mobley with Wells Fargo Securities.

接下來我們轉到富國證券（Wells Fargo Securities）的 Gary Mobley 提問。

Let me extend my congratulations as well. The 7% sequential increase in backlog is commendable. And -- but reading between the lines, I see that your average license duration is spiked quite significantly. And so does that speak to, I guess, the concentration of the record orders with perhaps one customer renewal? Or is there some more diverse overall bookings trend there?

我也要向你們致上祝賀。積壓訂單（backlog）季增 7% 令人稱許。不過——從字裡行間看起來，你們的平均授權期間似乎大幅拉長。所以這是否意味著，創紀錄的訂單可能集中在某一位客戶的續約？還是整體接單趨勢其實更為多元分散？

It is the second. It's not a single customer at all, it is multiple customers. I think in general, there are often variations in length of contracts. At this point in time, it is encouraging that the contracts have not become shorter as in times of economic stress, people could be worried about it. That's obviously not be the case at all. And I said, from a use and approach to design, we see no difference. If nothing else, there are a number of companies that are really accelerating as they hope to have good opportunities in next year with new products. So the technology advances are on track and the business, I think, reflects that directly.

是後者。完全不是單一客戶，而是多個客戶。我想一般而言，合約長度本來就常有波動。在目前這個時間點，令人鼓舞的是合約並沒有變短；在經濟壓力時期，人們可能會擔心合約縮短。顯然這次完全不是那樣。而且我也說過，從使用與設計方法的角度來看，我們沒有看到差異。如果說有什麼不同，那就是有不少公司正在加速推進，因為他們希望明年能以新產品掌握良好機會。因此技術進展仍在軌道上，而業務表現我想也直接反映了這一點。

Gary, I would also add that the -- it's nice to have at the back that large backlog in an environment like this, in general, but particularly in an environment like this. Now the Q2 bookings was not only a record in absolute numbers, but we also saw a very good run rate growth in the quarter. So I'm pleased with that combination.

Gary，我也補充一下——在這樣的環境下，擁有龐大的積壓訂單在後面支撐是件好事，一般來說如此，但在這種環境下尤其如此。另外，第二季的接單（bookings）不僅在絕對金額上創下新高，我們也看到該季的 run rate 成長非常不錯。所以我對這樣的組合感到滿意。

Okay. And as my follow-up question, with the shelter in place, I guess, largely still intact there in the Bay Area and perhaps affecting access to your facilities in access to labs and whatnot. Is that a hindrance to completion of some IP deliverables? Is that perhaps an explanation why the fourth quarter may be so back-end loaded?

好的。那我的追問是，隨著就地避難（shelter in place）措施在灣區大致仍然維持，可能影響你們進入設施、實驗室等的使用權限。這是否會妨礙某些 IP 交付項目的完成？這是否可能解釋為什麼第四季可能會更偏向後段認列？

Well, initially, there were a number of questions of how to best get access to labs. How to manage that? Can we manage it? I think there too, we were able to find practical solutions pretty quickly. And I'm actually very positively surprised that how well the IP group is executing as we continue to send chips to manufacturing as we can -- as we continue to deliver new cores. And so I think the distribution of revenue is more a function of the uptakes from the customer than anything else.

嗯，一開始確實有不少問題：如何最好地取得實驗室的使用權？要如何管理？我們能不能管理好？我想在那方面，我們也很快就找到務實的解決方案。而且我其實非常正面地驚訝，IP 團隊執行得有多好；我們持續把晶片送去製造——也持續交付新的核心（cores）。所以我認為，營收分布更多是由客戶的採用（uptake）所決定，而不是其他因素。

And next we turn to line of Adam Gonzalez with Bank of America.

接下來我們轉到美國銀行（Bank of America）的 Adam Gonzalez 提問。

First on the Software Integrity business. I'm just wondering if you could elaborate on some of the delayed business decisions that you alluded to on -- in the prepared remarks. And then what gives you the confidence in the low double-digit growth target that you implied the business would grow this year? And then secondly, how have your sales efforts been impacted by the shelter-in-place orders in SIG? And have your spending plans changed at all versus what they were last quarter?

先談軟體完整性（Software Integrity）業務。我想請你更詳細說明一下，你在事先準備的發言中提到的一些延後的業務決策。另外，是什麼讓你對你所暗示的、今年該業務低雙位數成長目標有信心？第二，SIG 在就地避難命令下，你們的銷售工作受到什麼影響？以及相較於上季，你們的支出計畫有任何改變嗎？

Yes. Let me go backward on that. As the working at home started to become -- acted on with many of our customers, it did slow the interaction somewhat. We also saw some slowdown in our ability to hire people as quickly as we had planned. And those are the type of things that then tend to impact the orders, rates that one gets in. And so one can certainly always point at things that we could do better on the circumstances. But all in all, the reception to the type of capabilities that we have and the need have not diminished at all. As a matter of fact, you can see how a wave of concern has gone through many of our customers as they established work from home and immediately, the security of many of those installations was somewhat in question. Now we ourselves barely touched that -- that is not the field that we're in. But the secondary ramification of that is that people will look again harder at what to do in the software to protect from future security breaches. So from that perspective, I think the business opportunity is just as healthy as it was before. The circumstances will evolve. And I think our execution can improve and that's what we're focusing on.

是的。我先從後面倒著回答。當許多客戶開始採取在家工作時，互動確實稍微放慢了一些。我們也看到，我們招募人員的速度不如原先計畫那麼快。這些因素往往會影響接單的速度與節奏。因此，在這些情況下，當然總是可以指出我們有哪些地方可以做得更好。但整體而言，市場對我們能力的接受度以及需求完全沒有減弱。事實上，你可以看到，當許多客戶建立在家工作機制時，一波擔憂迅速蔓延，因為許多這類部署的安全性立刻受到某種程度的質疑。當然我們自己幾乎沒有涉入那一塊——那不是我們所在的領域。但其二次效應是，人們會更認真地重新檢視，該如何在軟體層面做得更好，以防範未來的資安入侵。因此從這個角度來看，我認為商機和之前一樣健康。外部情勢會持續演變。而我認為我們的執行也可以改善，這正是我們目前聚焦的方向。

Great. And then my follow-up, just generally speaking, do you see any read across to the EDA industry more broadly from the duplication of semis and tech supply chain that we seem to be progressing toward? Just asking following up on TSMC's decisions to build a fab in Arizona.

很好。那我的追問是，整體來說，隨著我們似乎正朝向半導體與科技供應鏈的重複建置（duplication）發展，你是否看到對更廣泛 EDA 產業有任何可供參考的影響？我這樣問是延伸追問台積電（TSMC）決定在亞利桑那州興建晶圓廠的事情。

I'm sorry, I couldn't hear the first -- you said something across, but I'm not sure what the something was.

抱歉，我沒有聽清楚前面那一段——你說了某種「read across」，但我不確定你指的是什麼。

Do you see any read across the EDA industry broadly from the duplication of supply chain efforts with U.S. and China?

你是否看到，美中在供應鏈重複建置的努力，對整體 EDA 產業有任何可供參考的影響？

That is an interesting question because whenever supply chain start to duplicate efforts, they actually become less efficient, which is actually not a bad thing for the people supplying to them in turn. And so I don't think that we see an enormous amount of effort in that yet. But clearly, there are sort of fairly big macro discussions on different countries wanting to have a high degree of independence of other countries, all the way to manufacturing of semiconductors, as you saw per the recent announcements of TSMC. And so I think that we're going to see a fairly dynamic evolution over the next year. And given that we're connected to all of those people very well. I certainly intend for us to participate in whatever they're going to build and whatever they need to construct in a fashion that is good for our business.

這是個有趣的問題，因為每當供應鏈開始重複投入時，實際上就會變得比較沒有效率，而這對反過來供應給他們的人其實不見得是壞事。因此我不認為我們目前已經看到在這方面有非常大量的投入。但很明顯地，從總體層面來看，各國都在討論希望對其他國家維持高度獨立性，甚至一路延伸到半導體製造，如同你從台積電近期的公告所看到的。所以我認為接下來一年我們會看到相當動態的演變。而且鑑於我們與所有這些人都有非常良好的連結。我當然打算讓我們參與他們將要建置的任何事情，以及他們需要以對我們業務有利的方式來建構的任何內容。

And next we turn 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, needless to say, the comments about record orders was quite important and the same about record backlog. If I'm not mistaken, the last quarterly record for bookings was 7 years ago. The question is, how will this momentum in in EDA influence or your direction or allocation of internal resources? Normally, when we see that kind of strength in EDA, again, driven by demand and new product adoption, we would see, for instance, a significant ramping up of AE capacity as a coincidental or leading indicator for that kind of strength in EDA. So perhaps you could talk about that kind of internal investment you're thinking of incrementally for EDA? And conversely, what you might be doing differently in terms of SIG investments as you go through this slower period of growth and maybe Trac can comment a little bit more elaborately on the -- yes, the restructuring intent? And then my second question is back on EDA. You, in the last year on a couple of conversations we've had, spoke about 2 big trends, driving the EDA industry. One was moving from the general to the specific or specialty chips, as you call them, and that the next big thing in EDA was, as you described it, prototyping, broadly speaking, at different levels of abstraction. I'm sure you remember those comments, is there any way to parse how either or both of those is directly having a business impact incrementally versus, let's say, older forms of design or older methods?

Aart，不用說，關於創紀錄訂單的評論非常重要，創紀錄的在手訂單（backlog）也是如此。如果我沒記錯，上一次季度接單（bookings）創新高是在 7 年前。問題是，EDA 的這股動能將如何影響你們的方向或內部資源配置？通常當我們看到 EDA 有這種強勁表現（同樣由需求與新產品導入所驅動）時，我們會看到例如 AE 產能的大幅提升，作為這種 EDA 強勢的同步或領先指標。所以也許你可以談談你們對 EDA 正在考慮的這類增量內部投資？反過來，在 SIG 投資方面，當你們正處於較慢的成長期時，你們可能會做哪些不同的事情？另外 Trac 是否能更詳細地談談——是的，重組的意圖？然後我的第二個問題回到 EDA。在過去一年我們幾次對談中，你提到兩個推動 EDA 產業的大趨勢。其一是從通用走向特定或專用晶片（你稱之為 specialty chips），其二是你所描述的 EDA 下一個大方向是原型驗證（prototyping），廣義而言是在不同抽象層級上的原型驗證。我相信你記得那些評論，有沒有辦法拆解這兩者之一或兩者如何直接在業務上帶來增量影響，相較於例如較舊的設計形式或較舊的方法？

Okay. I will try to answer that in less than half an hour. Let me start with the very good results from an order perspective. And frankly, I didn't know that was 7 years ago. At that time, we were more colored by single large customers making an impact. This was much broader.

好的。我會試著在半小時內回答完。我先從訂單角度非常好的成果談起。坦白說，我不知道那是 7 年前的事。當時，我們的表現更容易受到單一大型客戶影響。這次則廣泛得多。

Nonetheless, when we entered the global pandemic crisis, it became instantaneously clear that there were more questions than answers of what this would do to the market, to the behavior of the customers and so on. And it was also instantaneously clear to Synopsys that it was all hands on deck to make sure that we maintain strong relationships with the customers, first from a support point of view to make sure that they do well. And secondly, from the perspective of continuing to bring in the business in order for us to be able to fund however long the downturn may be.

儘管如此，當我們進入全球疫情危機時，立刻就很清楚，關於這會如何影響市場、客戶行為等等，問題遠多於答案。Synopsys 也立刻明白必須全員投入，確保我們與客戶維持強健的關係，首先從支援的角度確保他們運作良好。其次，從持續爭取業務的角度，讓我們能夠籌措資金以因應景氣下行可能持續多久。

We executed on that clearly well. And as mentioned, I think one of the very early questions today, I think, partially it is because we focus extremely well, but also because we are at a good time with new products and new necessities from a design point of view, such as the new nodes, the advanced technologies, the increase of IP reuse, et cetera.

我們在這方面的執行顯然做得很好。而如同先前提到的，我想今天非常早就有人問到的其中一個問題，部分原因是我們聚焦得非常到位，但也因為我們正處於新產品與設計面新需求的良好時點，例如新製程節點、先進技術、IP 重複使用的增加等等。

And so we will continue to manage the way we've always done, which is we committed to you -- to obviously optimize the growth rate, but also to work towards the ops margin improvement, and this helps in the right direction.

因此我們會持續以一貫方式管理，也就是我們對你們承諾的——當然要最佳化成長率，同時也要朝營運利潤率（ops margin）改善努力，而這正朝正確方向推進。

But this also ties to your next question, which is, what are the key trends behind this from a technology point of view. And what I must have called many years ago, specialty chips, now we would call AI and machine learning chips because that is really the whole generation that has completely readdressed architectures.

但這也連結到你的下一個問題，也就是從技術角度來看，背後的關鍵趨勢是什麼。而我多年前可能稱之為專用晶片（specialty chips）的東西，現在我們會稱為 AI 與機器學習晶片，因為那確實是一整個世代，徹底重新定義了架構。

And it's important to understand just a little bit why that is relevant to us because no matter what, when you do computing engines, such as for AI, you want speed, speed, speed, except these computing engines are extremely large machines of parallel small processors with very big data rates and often a big bandwidth. And so there, every company that is invested in that is doing their own thing and trying to be differentiated. And so they are truly specialty chips.

而理解這為何與我們相關很重要，因為無論如何，當你做運算引擎（例如用於 AI）時，你追求的是速度、速度、速度；但這些運算引擎是由大量平行的小型處理器所構成的極大型機器，具有非常高的資料傳輸率，且往往需要很大的頻寬。因此，所有投入這個領域的公司都在做自己的做法並試圖差異化。所以它們確實是專用晶片。

And what is particularly interesting is a number of these are now splitting into multiple chips and that is why 3DIC Compiler is such an interesting product. Because after many, many years of worrying about Moore's Law may be slowing down a little bit, and it has slowed down somewhat, although it's much more alive than people think, this is a great answer if one can go to multiple chips that are extremely well connected. And so the specialty chips, as you call them, are the architectures that are precisely driving the notion of bringing more chips together.

特別有趣的是，其中有不少現在正在拆分成多顆晶片，這也是為什麼 3DIC Compiler 會是如此有趣的產品。因為在多年來大家擔心摩爾定律可能會稍微放緩之後——它確實有些放緩，雖然其實比人們想像的更有生命力——如果能把系統拆成多顆且彼此連結得非常緊密的晶片，這就是一個很好的解法。因此，你所稱的專用晶片，其架構正是推動把更多晶片整合在一起這個概念的關鍵。

Now in that context, the prototyping is just as relevant because the other half of a product is the software that runs in it. And the more complex these specialty chips are, the more complex the software is and the more there is risk that the software doesn't work when the chip comes out or that the chip doesn't -- wasn't quite responsive to the software it was intended to be on.

在這個脈絡下，原型驗證同樣重要，因為產品的另一半是其上運行的軟體。而這些專用晶片越複雜，軟體就越複雜，軟體在晶片出來時無法運作的風險就越高，或是晶片並沒有——沒有完全符合原本預期要搭配的軟體需求。

That is where prototyping sits in the middle. It allows people to check and run their software before they actually have the hardware. And so I expect that we will see continued attention and growth to this and certainly, we are investing strongly in these areas.

這就是原型驗證所處的位置——在中間。它讓人們在實際擁有硬體之前，就能檢查並運行他們的軟體。因此我預期我們會持續看到對這方面的關注與成長，而我們當然也在這些領域大力投資。

So bottom line is nobody will ever argue that strong orders is not a good thing. Obviously, we have to execute now in the next few quarters. We'll see what the global economy does. I think that semiconductor is actually in a good spot, relatively speaking to most other markets, and we have not seen a slowdown.

所以總結來說，沒有人會主張強勁的訂單不是好事。顯然，接下來幾個季度我們必須把執行做好。我們也會看看全球經濟會如何發展。我認為相較於多數其他市場，半導體其實處在相對不錯的位置，而且我們尚未看到放緩。

Jay, in addition to that, to your question regarding the restructuring, we're committed, and we remain on path to driving margins up over time. In addition to that, we'll continue to invest in the business because all of the segments that we're in, we're seeing good growth opportunities. The restructuring is really a reflection of fine-tuning the investments and making sure that we're placing heavier bets in the areas where we think we can get the best combination of growth and profitability.

Jay，另外針對你關於重組的問題，我們已承諾，並且仍在既定路徑上，隨時間推進提升利潤率。除此之外，我們也會持續投資於業務，因為我們所處的所有細分領域都看到良好的成長機會。重組其實反映的是對投資進行微調，並確保我們在那些我們認為能取得最佳成長與獲利組合的領域下更重的賭注。

And next we turn to the line of Jason Celino with KeyBanc.

接下來我們轉到 KeyBanc 的 Jason Celino 的提問。

First question, maybe Trac, can you maybe go into the comments around the pull forward of some revenues from Q3? Was this more on the EDA side or the hardware side?

第一個問題，或許 Trac，你能否進一步說明一下關於把部分營收從第三季提前認列（pull forward）的評論？這比較偏 EDA 端還是硬體端？

Mostly on the EDA side. What we saw in EDA, particularly in Q2, was just a few shorter contracts, they're FSAs. And so we saw that benefit. And that's why you might see a little bit higher on the time base relative to the upfront. But overall, the profile for the year, there is really good growth and strength across the board.

主要是在 EDA 端。我們在 EDA 看到的情況，特別是在第二季，是有少數較短期的合約，它們是 FSA。因此我們看到了那個效益。這也是為什麼你可能會看到按期間認列（time base）相對於一次性預收（upfront）稍微高一些。但整體而言，今年的輪廓是在各方面都有非常好的成長與強勁表現。

Great. And then my follow-up, the SIG margins did increase 300 basis points, probably the highest SIG margins that you reported since breaking that segment out. How much of this was from the restructuring, maybe the slower hiring? And then would you look to prioritize managing profitability for this segment, while the growth profile is a little more challenged?

很好。接著我想追問一下，SIG 的利潤率提高了 300 個基點，這可能是你們自從把該部門獨立揭露以來所報告的最高 SIG 利潤率。其中有多少是來自重組，或是可能較慢的招募？另外，在該部門成長動能稍微更具挑戰的情況下，你們是否會優先著重於管理這個部門的獲利能力？

It's a little bit of all those things that you described, you're right. The margins did come up to around 13%. We mentioned at the beginning of the year that we were going to try to invest further in that business to invest for growth. I think we're still committed to that plan. And the profile from margins will kind of vary from quarter-to-quarter depending on the ramp up in expenses. I would extrapolate that out to the full year or as a new plan, we'll continue to balance investing the business while making sure it fits into the overall company. So…

你描述的那些因素都有一些影響，你說得沒錯。利潤率確實提升到大約 13%。我們在年初提到過，我們會嘗試在該業務上進一步投資，以投資成長。我認為我們仍然致力於這個計畫。而利潤率的表現會因費用爬坡的進度而在每一季之間有所波動。我不會把它外推成全年或視為新的計畫；我們會持續在投資該業務與確保其符合整體公司架構之間取得平衡。所以……

And next we turn to the line of Krish Sankar with Cowen and Company.

接下來我們轉到 Cowen and Company 的 Krish Sankar 的提問。

Maybe we can go to the next and come back to the gentleman.

也許我們可以先進行下一位，之後再回到那位先生。

Our -- next we turn to the line of John Pitzer with Crédit Suisse.

我們——接下來轉到瑞士信貸（Crédit Suisse）的 John Pitzer 的提問。

Aart, quick question just going back to China. I appreciate all the color you gave on the recent Huawei licensing news from last week and the military use. But I'm just kind of curious, just given how critical EDA is to the software to the semiconductor ecosystem and China's desire to kind of build that system out, you guys become a really important sort of pawn on the geopolitical sort of chessboard. And so I'm kind of curious, you break out Asia Pacific revenue, but you don't break out China revenue specifically. Can you help us kind of just ballpark that? And I guess as you look inside of China, what percent of the customers are you supporting in China today that if for some reason you couldn't, that demand would probably get soaked up somewhere else, i.e., Huawei can't ship into phones, but maybe MediaTek and Qualcomm can? And to what percent of the Chinese customers do you think are maybe a lot of start-ups that if you're not shipping to them that demand probably doesn't go elsewhere?

Aart，我有個簡短問題，回到中國的話題。我很感謝你對上週華為授權新聞以及軍事用途所提供的各種說明。但我有點好奇，考量到 EDA 對軟體與半導體生態系的重要性，以及中國希望建立該體系的企圖，你們在地緣政治的棋局上成了相當重要的一枚棋子。因此我想請教，你們揭露亞太區營收，但沒有單獨揭露中國營收。你能否協助我們大致估算一下？另外，若看中國內部，你們目前在中國所支援的客戶中，有多少比例的需求如果因某些原因你們無法供應，可能會被其他地方吸收——例如華為無法出貨到手機，但聯發科和高通可能可以？又有多少比例的中國客戶可能是許多新創公司，如果你們不出貨給他們，那些需求大概不會轉移到其他地方？

Well, this is a very difficult hypothetical question because there's so many geopolitical forces de facto in play at the same time. I can tell you that so far, a number of companies have picked up very quickly where others could not develop themselves. And I expect that to continue because after all, globally speaking, it's a very open market, and people jump in when there's an opportunity one way or another. And so really since the entity list came about, which was May last year, we obviously have learned how to live with that and really have not felt much change. Growth continues well in China. Actually, growth continues well overall in the world, but China, particularly. And there are many, many companies that are jumping in both there as well as in other parts of the globe.

嗯，這是一個非常困難的假設性問題，因為同時有太多地緣政治力量在實際運作。我可以告訴你的是，到目前為止，有一些公司很快就接手了其他公司無法自行開發的部分。我預期這種情況會持續，因為畢竟從全球角度來看，市場非常開放，只要有機會，人們就會以某種方式加入。因此自從實體清單出現以來——也就是去年 5 月——我們顯然已經學會如何與之共存，而且確實沒有感受到太多變化。中國的成長仍然良好。其實全球整體成長也都不錯，但中國尤其如此。而且有非常非常多公司在那裡以及全球其他地區都在積極投入。

That's helpful. And then maybe for a follow-up, just back to SIG. I'm just kind of making sure I understand this. Is the growth sort of slowdown here a function of your inability to actually bring on new headcount and drive channel growth there? Or is it actual customer activity? And I guess I'm asking the question, I'm just trying to get a better sense of why the confidence that once we get through this COVID phenomenon growth will reaccelerate there. What metrics are you looking at to support that view?

這很有幫助。接著可能追問一下，再回到 SIG。我只是想確認我理解正確。這裡的成長放緩，是因為你們無法實際增加新的人力編制、進而推動那邊的通路成長嗎？還是因為客戶活動本身？我之所以這樣問，是想更清楚了解，為什麼你們有信心一旦度過這個 COVID 現象，成長就會在那邊重新加速。你們是看哪些指標來支持這個觀點？

Sure. Well, I think the most objective answer has to be that it's a combination of the 2. Meaning that, yes, we did see a slowdown as a number of customers just have been sidetracked into their own survival challenges in different ways. And that tends to slow down this type of investment. At the same time, and you saw a little bit of that in our commenting that our hiring was slower than planned. That is our own execution that is in question. So bottom line is, we will need to put -- continue to put effort in bringing this part of Synopsys into a very good profile, and we're doing exactly that. Now what gives confidence, what gives confidence is that the problem is not shrinking at all, and the solution that we have is getting better and better. Now you say, well, that in itself doesn't give you money, but yes, you're right, we have to work for that. But the problem will continue to grow. And it will continue to grow because so many electronic systems are much more intertwined than they were before. And that will continue to happen in the present pathway that electronics is on. Therefore, there will be needed more assurances that the sub pieces have built in security in a variety of ways. That certainly is massively the case on software. But as a side note, will also increasingly be the case on the hardware side.

當然。我想最客觀的答案必須是兩者的組合。也就是說，沒錯，我們確實看到一些放緩，因為不少客戶在不同層面上被迫分心去面對自身的生存挑戰。而這往往會讓這類投資放慢。同時，你也從我們的評論中看到一些端倪：我們的招募速度比原先計畫更慢。這是我們自身執行力需要檢視的地方。所以歸根結底，我們需要——也將持續投入努力——把 Synopsys 的這一部分帶到非常好的狀態，而我們正是這麼做。至於信心從何而來？信心來自於問題本身完全沒有縮小，而我們的解決方案正變得越來越好。你可能會說，嗯，光是這樣本身不會帶來收入；沒錯，我們必須為此努力。但這個問題會持續成長。它會持續成長，是因為許多電子系統彼此之間的交織程度比以前高得多。而在電子產業目前的發展路徑上，這種情況會持續發生。因此，將需要更多的保證，確保各個子組件以各種方式內建安全性。這在軟體方面當然是非常明顯的趨勢。但順帶一提，在硬體方面也將日益如此。

So there's nothing that has changed in our opinion of this being a good market, a technically challenging, therefore, a particularly good market for us. And the combination of the overall situation and perhaps our own execution gave us -- led us to this point. But let's not underestimate, this is actually a very good business for Synopsys. It is now growing a bit slower than we wanted this year, but it is well on track to have a good future.

所以，我們對這是一個好市場的看法沒有任何改變；它在技術上具挑戰性，因此對我們而言是特別好的市場。整體情勢的組合，再加上可能我們自身的執行，讓我們——把我們帶到目前這個狀態。但不要低估，這其實是 Synopsys 一門非常好的業務。今年它的成長確實比我們希望的慢一些，但它很明顯正走在擁有良好未來的軌道上。

And speakers, we have no further questions in queue.

各位講者，目前提問佇列中已沒有其他問題。

Well, in that case, let me first thank you to attend. My assumption is that, if not all of you, most of you attend from home. So we hope that your home situation, family situations, are also safe and sound. And all the more do we appreciate hearing your voice and having your support on a quarterly basis through these earnings releases. Please take care of yourself and be well. Bye-bye.

那麼在這種情況下，讓我先感謝各位的參與。我猜想即使不是全部，至少大多數人都是在家參與。因此我們也希望各位的居家狀況、家庭狀況都平安無恙。我們更感謝各位在每一季透過這些財報發布會聽到你們的聲音並獲得你們的支持。請照顧好自己，祝一切安好。再見。

And ladies and gentlemen, that does conclude our conference for today. Thank you for your participation and for using AT&T conferencing service. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，並使用 AT&T 會議服務。您現在可以掛線。