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.

女士們，先生們，感謝你們的支持，歡迎來到 Synopsys 2020 財年第二季度收益電話會議。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員說明）提醒一下，今天的通話正在錄音中。

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

此時，我想將會議轉交給投資者關係副總裁 Lisa Ewbank。

Please go ahead.

請繼續。

Thank you, Greg.

謝謝你，格雷格。

Good afternoon, everyone.

大家下午好。

Hosting the call today are Aart de Geus, Chairman and Co-CEO of Synopsys; and Trac Pham, Chief Financial Officer.

今天主持電話會議的是 Synopsys 董事長兼聯席首席執行官 Aart de Geus；以及首席財務官 Trac Pham。

Before we begin, I'd like to remind everyone that during the course of this conference call, Synopsys will discuss forecasts, targets and other forward-looking statements regarding the company and its financial results.

在我們開始之前，我想提醒大家，在本次電話會議期間，Synopsys 將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。

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.

雖然這些陳述代表了我們目前對未來結果和表現的最佳判斷，但我們的實際結果和表現受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的預期存在重大差異。

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.

除了我們在電話會議中強調的任何風險外，我們最近的 SEC 報告和今天的收益新聞稿中還描述了可能影響我們未來業績的重要因素。

In addition, we will refer to non-GAAP financial measures during the discussion.

此外，我們將在討論中提及非 GAAP 財務指標。

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.

可以在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中找到與其最直接可比的 GAAP 財務措施和補充財務信息的調節。

All of these items plus the most recent investor presentation are available on our website at synopsys.com.

所有這些項目以及最新的投資者介紹都可以在我們的網站 synopsys.com 上找到。

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

此外，準備好的評論將在電話會議結束時發佈在網站上。

Finally, we are all participating from different locations today.

最後，今天我們都來自不同的地點。

Please forgive any delays, technology glitches or awkward handoffs in the Q&A session as we navigate this new virtual dynamic.

在我們瀏覽這個新的虛擬動態時，請原諒問答環節中的任何延遲、技術故障或尷尬的交接。

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

有了這個，我會把電話轉給 Aart de Geus。

Good afternoon.

下午好。

I'm happy to report outstanding second quarter results with record orders, revenue, non-GAAP earnings per share and operating cash flow.

我很高興地報告出色的第二季度業績，包括創紀錄的訂單、收入、非 GAAP 每股收益和運營現金流。

We substantially exceeded all of our key guidance metrics.

我們大大超出了我們所有的關鍵指導指標。

Revenue was $861 million, with GAAP earnings per share of $0.71 and non-GAAP earnings of $1.22.

收入為 8.61 億美元，GAAP 每股收益為 0.71 美元，非 GAAP 收益為 1.22 美元。

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.

訂單大大超過了我們主要由數字設計軟件驅動的內部計劃，我們繼續在利潤擴張目標方面取得良好進展。

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.

由於我們上半年的實力和我們業務的彈性，我們重申了我們今年的收入和非 GAAP 利潤率指導，同時提高了我們的非 GAAP 收益和現金流量目標。

Trac will discuss the financials in more detail.

Trac 將更詳細地討論財務狀況。

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.

在提供季度亮點之前，讓我評論一下市場格局，當然，市場格局主要由 COVID-19 大流行及其對全球經濟的巨大衰退壓力所主導。

While in a matter of weeks, many companies around the world have adapted to widespread work from home.

而在短短幾週內，世界各地的許多公司已經適應了廣泛的在家工作。

The semiconductor sector has stayed busy as the electronic system and system design continues unabated.

隨著電子系統和系統設計繼續有增無減，半導體行業一直很忙。

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.

在家庭對帶寬和計算的突然需求的推動下，無論是工作、上學還是娛樂，先進的芯片設計都沒有放慢腳步。

We've seen this continuous design activity in previous downturns.

我們在之前的經濟低迷時期已經看到了這種持續的設計活動。

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.

無論一家公司或行業處於其商業周期的哪個階段，持續投資新技術，無論是人工智能和機器學習、5G、物聯網、汽車還是雲端市場，都是在經濟復甦時做好準備的最佳方式.

Synopsys is at the core of this enablement.

Synopsys 是這一支持的核心。

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.

結合我們基於時間的商業模式、我們高水平的經常性收入和不可取消的 48 億美元積壓訂單，Synopsys 完全有能力承受當今宏觀環境的不確定性。

With that context, let me provide some highlights from the quarter, beginning with EDA.

在這種情況下，讓我從 EDA 開始提供本季度的一些亮點。

Our unrelenting innovation push throughout our Fusion Design Platform is driving momentum in technical benchmark wins, increased competitive displacements and new breakthrough products.

我們在整個 Fusion Design Platform 中不懈的創新推動正在推動技術基準獲勝、增加競爭優勢和新突破性產品的勢頭。

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.

在第二季度，我們的標誌性 Fusion Compiler 產品使流片數量翻了一番，並獲得了從全球最大的微處理器和消費品公司到移動、網絡和汽車系統設計人員等客戶的重大業務承諾。

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.

主要競爭勝利包括亞洲領先的 5G 邊緣計算芯片供應商的下一代 5 納米設計、北美著名圖形公司的高級遊戲 GPU 以及在一些世界領先的移動半成品中擴大競爭優勢的多種設計，範圍從 12 - 納米到 5 納米。

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.

Fusion 概念是一項革命性發明，其影響力甚至遠遠超過突破性的 Fusion Compiler 解決方案，在我們的客戶和合作夥伴中引起了很好的共鳴。

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.

本季度，我們擴大了與 Broadcom 的合作，Broadcom 正在廣泛部署我們的 Fusion Design Platform 以加速其創新的 7 納米和 5 納米設計的交付。

And our innovation continues at a rapid pace.

我們的創新仍在快速進行。

In March, we announced several exciting new products, including DSO.ai.

3 月，我們發布了幾款激動人心的新產品，包括 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.

作為與領先行業合作夥伴多年計劃的成果，它包括可以在整個設計流程中自動調整和優化的學習引擎。

The result is impressive productivity improvements in terms of project time as well as further optimizations in chip performance, power and area.

其結果是在項目時間方面以及在芯片性能、功率和麵積方面的進一步優化方面顯著提高了生產力。

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.

使用最先進的人工智能和機器學習以及基於雲的突發計算，它使設計團隊能夠處理更多項目，處理項目的更大部分，並讓設計師專注於利用高創造力和附加值任務。

Another seminal new product is a 3DIC Compiler.

另一個開創性的新產品是 3DIC 編譯器。

Advanced designs are now so massive and complex that they require a brand-new approach.

先進的設計現在如此龐大和復雜，以至於它們需要一種全新的方法。

3DIC Compiler is a single environment that enables the combination of multiple die together on a chip.

3DIC Compiler 是一個單一的環境，可以將多個管芯組合在一個芯片上。

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.

這為三星電子等客戶提供了比傳統芯片和封裝方法更好的性能和容量，後者將其稱為行業顛覆者。

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.

3DIC 也是擴展摩爾定律的功率、性能和密度優勢的好方法，因為它支持新 AI 架構的高速並行性和海量數據需求。

This opens a new path to very powerful multi-die computational engines for years to come.

這為未來幾年非常強大的多芯片計算引擎開闢了一條新途徑。

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.

同時，在定制設計方面，我們多年的創新推動產生了極具競爭力的產品，該產品正用於最先進的 FinFET 設計並推動持續的全流程競爭性替代。

For example, Alphawave replaced its legacy custom design tools with our custom design platform for development of high-speed connectivity IP.

例如，Alphawave 將其傳統的定制設計工具替換為我們用於開發高速連接 IP 的定制設計平台。

Here too, productivity was the reward as our solution helped them meet aggressive design targets in a notably shorter time frame.

在這裡，生產力也是回報，因為我們的解決方案幫助他們在明顯更短的時間內實現了激進的設計目標。

A major foundry in Asia expanded its internal deployment and now has more than 10 custom compiler projects underway.

亞洲的一家大型代工廠擴大了內部部署，現在有 10 多個定制編譯器項目正在進行中。

We also secured new deployments for memory, silicon IP and microprocessor designs.

我們還確保了內存、矽 IP 和微處理器設計的新部署。

Let me now move to our Verification Continuum Platform, where significant technology innovation continues to cement our market share leadership.

現在讓我轉到我們的 Verification Continuum 平台，重大技術創新繼續鞏固我們的市場份額領導地位。

In verification software, we're seeing notable expansions at influential hyperscaler companies, traditional semi and systems companies and global start-ups.

在驗證軟件方面，我們看到有影響力的超大規模公司、傳統半導體和系統公司以及全球初創企業顯著擴張。

Across the platform, our technology is strong.

在整個平台上，我們的技術很強大。

On the hardware side of our verification solution, which caters uniquely to unrelenting design complexity growth, demand for our products is also high.

在我們的驗證解決方案的硬件方面，它獨特地迎合了不斷增長的設計複雜性，對我們產品的需求也很高。

Competitively, our emulators and prototyping systems are differentiated by raw speed, higher reliability, easier installation and maintenance and overall lower cost of ownership.

在競爭方面，我們的仿真器和原型系統在原始速度、更高的可靠性、更容易的安裝和維護以及更低的總體擁有成本方面脫穎而出。

Just this quarter, 13 new customers purchased our hardware products, and we have more than 30 repeat orders.

就在這個季度，有13個新客戶購買了我們的硬件產品，我們有超過30個重複訂單。

Here too, we're seeing good momentum with customers ranging from very large semi and systems companies to hyperscalers and start-ups.

在這方面，我們也看到了從超大型半導體和系統公司到超大規模和初創企業的客戶的良好勢頭。

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.

雖然硬件交付的時間與去年上半年形成了鮮明的對比，但我們繼續獲得新老客戶的支持。

Now to IP, where we are growing with solid momentum.

現在到 IP，我們正在以強勁的勢頭增長。

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.

作為接口、嵌入式存儲器、邏輯庫和代工廠特定 IP 的第一供應商，我們提供最廣泛的產品組合來滿足最複雜的需求，加快上市時間並降低設計風險。

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.

代工廠特定的 7 納米 IP 贏得了 330 多次勝利，客戶顯然信任我們在高性能雲計算應用程序中的領導地位。

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.

最近，我們在競爭中取得了重大勝利，包括作為 AI 公司的一家主要互聯網服務公司，該公司採用了我們經過生產驗證的 IP 子系統和 PCI Express 5.0。

And a major Taiwanese fabless semiconductor company who licensed our silicon proven HBM2E for multiple networking customers.

一家大型台灣無晶圓廠半導體公司為多個網絡客戶授權了我們經過矽驗證的 HBM2E。

Our unrelenting focus on enabling advanced process designs continues.

我們將繼續不懈地專注於實現先進的工藝設計。

We recently announced availability of the broadest portfolio of IP for TSMC's 5-nanometer process for high-performance computing SoCs.

我們最近宣佈為 TSMC 用於高性能計算 SoC 的 5 納米工藝提供最廣泛的 IP 組合。

A multinational technology giant in cloud services and AI selected our PCI Express 5.0, CXL and Foundation IP.

一家云服務和人工智能領域的跨國技術巨頭選擇了我們的 PCI Express 5.0、CXL 和 Foundation IP。

And a leading e-commerce company chose our Die-to-Die HBI IP because of our performance, power and area differentiation.

由於我們的性能、功率和麵積差異化，一家領先的電子商務公司選擇了我們的 Die-to-Die HBI IP。

Our product momentum for ARC processors also continued with the introduction of our first 64 bit processor IP.

隨著我們首款 64 位處理器 IP 的推出，我們的 ARC 處理器產品勢頭也得以延續。

This is our highest performance ARC processor to date, targeting high-end embedded applications such as storage, automotive control and infotainment.

這是我們迄今為止性能最高的 ARC 處理器，面向存儲、汽車控制和信息娛樂等高端嵌入式應用。

Now to Software Integrity.

現在到軟件完整性。

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.

這是我們業務中受到 COVID 影響更大的一個領域，因為公司在努力適應就地避難所的要求時推遲了業務決策。

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.

雖然收入增長環比有所改善，但我們確實看到訂單放緩，這將使我們今年的收入增長放緩至較低的兩位數範圍，然後在長期內恢復更高的增長。

The breadth and road map of our portfolio are uniquely well suited to serve today's DevSecOps requirements.

我們產品組合的廣度和路線圖非常適合滿足當今的 DevSecOps 要求。

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.

通過提供高價值產品、出色的新平台和戰略諮詢服務，我們有能力幫助公司為高度互聯的世界開發更安全、更優質的軟件。

Industry recognition of our vision and product breadth has grown significantly over the past several years.

在過去幾年中，行業對我們的願景和產品廣度的認可度顯著提高。

Just a few weeks ago, Gartner updated its Magic Quadrant for Application Security Testing.

就在幾週前，Gartner 更新了其應用程序安全測試魔力像限。

We are pleased to note that Synopsys is again at the farthest top right position in the leader quadrant.

我們很高興地註意到 Synopsys 再次位於領導者象限中最右上角的位置。

We made progress during this quarter in several areas.

本季度我們在幾個領域取得了進展。

We achieved multiple competitive displacements as customers embraced the benefits of our broad portfolio and the integration onto the Polaris Software Integrity Platform.

隨著客戶受益於我們廣泛的產品組合以及與 Polaris 軟件完整性平台的集成，我們實現了多項競爭優勢的取代。

We saw a notable broadening of agreements as customers expanded the number of products they adopt.

隨著客戶擴大他們採用的產品數量，我們看到協議顯著擴大。

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.

一個例子是一家非常大的全球電子公司，它取代了現有的公司，並將其採用顯著擴大到我們更廣泛的解決方案中。

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.

本季度，我們的客戶群繼續增長，新標識從非常知名的消費電子領導者到超大規模企業，再到工業和金融服務公司。

Our next objective is to scale this business to reach $500 million to $1 billion in revenue over time.

我們的下一個目標是隨著時間的推移擴大這項業務，使其收入達到 5 億至 10 億美元。

Before I hand it over to Trac, let me comment on our practical handling of the COVID-19 pandemic.

在我將其交給 Trac 之前，讓我評論一下我們對 COVID-19 大流行的實際處理。

I will begin with a sincere thank you to the many southwest caregivers who keep us safe.

首先，我要真誠地感謝許多保護我們安全的西南護理人員。

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.

我還要感謝我們的員工，他們在過去幾個月中表現出了令人難以置信的承諾和敏捷性，以實現健康和業務的雙重目標。

I believe that our execution during this period has been stellar.

我相信我們在此期間的執行非常出色。

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.

除了我們迅速採取行動實施全球就地避難令外，我們還繼續與同行、地方政府和衛生機構合作，確保為返回辦公室的員工提供安全的工作環境。

Our IT, HR, facilities and operations teams have done an amazing job, quickly adapting our infrastructure and systems to support work from home.

我們的 IT、人力資源、設施和運營團隊做得非常出色，他們迅速調整我們的基礎設施和系統以支持在家工作。

Our R&D teams continue to execute very well and have effectively worked through some hardware supply chain and logical challenges.

我們的研發團隊繼續執行得很好，並有效地解決了一些硬件供應鍊和邏輯挑戰。

The large number of new products and excellent benchmark results give us strong confidence in our product pipeline.

大量的新產品和出色的基準測試結果使我們對我們的產品線充滿信心。

This also applies to our worldwide IP team, which had the foresight to rapidly enable remote development and delivery of high demand advanced titles.

這也適用於我們的全球 IP 團隊，該團隊具有遠見卓識，可以快速實現遠程開發和交付高需求的高級遊戲。

We are able to ship our products and our customers

我們能夠運送我們的產品和我們的客戶

(technical difficulty)

（技術難度）

support from our application engineering teams.

我們的應用工程團隊的支持。

Last, as witnessed by the strongest orders quarter on record, our sales team also demonstrated stellar execution.

最後，正如有記錄以來最強勁的訂單季度所見證的那樣，我們的銷售團隊也展示了出色的執行力。

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.

隨著我們現在看到許多國家和州的業務逐漸開放，我們的領導層正在與地方當局協調並考慮我們員工的福祉，計劃非常逐步地回到辦公室。

In closing, Synopsys is executing well.

最後，Synopsys 表現良好。

We delivered outstanding second quarter results with record orders, revenue, non-GAAP earnings per share and operating cash flow.

我們以創紀錄的訂單、收入、非 GAAP 每股收益和運營現金流交付了出色的第二季度業績。

Design activity remains strong and enduring.

設計活動仍然強勁而持久。

We continue to introduce innovative new products throughout our portfolio and our benchmarking strongly.

我們繼續在我們的產品組合和我們的基準測試中不斷推出創新的新產品。

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.

儘管世界形勢非同尋常，但我們繼續以個位數的高收入增長、大幅的運營利潤率擴張、中等的非 GAAP 每股收益增長和強勁的運營現金流為目標。

Trac will now highlight the financial perspective.

Trac 現在將重點介紹財務方面的內容。

Thanks, Aart.

謝謝，阿爾特。

Good afternoon, everyone.

大家下午好。

Our record results are especially noteworthy, in light of the considerable challenges faced by ourselves and our customers over the past few months.

鑑於我們自己和我們的客戶在過去幾個月中面臨的巨大挑戰，我們創紀錄的業績尤其值得注意。

Given our history of strong execution, sometimes it's easy to forget how much hard work goes into delivering results like these.

鑑於我們強大執行力的歷史，有時很容易忘記交付這些結果需要付出多少努力。

So I'd like to add my thanks to our employees for their dedication under these difficult circumstances.

因此，我要感謝我們的員工在這些困難的情況下所做的奉獻。

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.

與我們上半年出色的執行相輔相成的是我們非常堅實的業務基礎、技術領先地位、多元化的客戶群和近 90% 的經常性收入。

These elements position us well for periods of high demand as well as during times of greater stress.

這些因素使我們能夠很好地應對高需求時期和壓力更大的時期。

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.

這種罕見的組合使我們有信心重申我們的年度收入和非 GAAP 利潤率指導，並提高我們的非 GAAP 收益和經營現金流量目標。

Now to our second quarter results.

現在來看我們的第二季度業績。

All comparisons are year-over-year unless otherwise stated.

除非另有說明，否則所有比較均為同比。

Orders substantially exceeded our plan, driven in large part by EDA, particularly digital design.

訂單大大超出了我們的計劃，這在很大程度上是由 EDA 推動的，尤其是數字設計。

Ending backlog was $4.7 billion.

期末積壓訂單為 47 億美元。

We generated total revenue of $861.3 million, above our target range, driven by broad strength and some revenue that moved in from Q3.

我們產生了 8.613 億美元的總收入，高於我們的目標範圍，這得益於廣泛的實力和從第三季度開始的一些收入。

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.

半導體與系統設計部門的收入為 7.73 億美元，EDA 軟件增長強勁，與去年第二季度強勁的硬件相比有所緩和。

Excluding hardware, EDA software results remain within our long-term target range of mid- to high single digits.

不包括硬件，EDA 軟件結果仍處於我們中高個位數的長期目標範圍內。

A quick note on hardware.

關於硬件的快速說明。

While COVID-19 has presented some minor house related supply chain challenges due to shelter-in-place mandates, we're managing through them well.

雖然 COVID-19 由於就地避難所的要求，給供應鏈帶來了一些與房屋相關的小挑戰，但我們正在很好地應對這些挑戰。

Our contract manufacturing partners are gradually increasing capacity.

我們的合同製造合作夥伴正在逐步提高產能。

And because our products are considered essential, they are top priorities.

由於我們的產品被認為是必不可少的，因此它們是重中之重。

Software Integrity segment revenue was $88.3 million, 10% of total.

軟件完整性部門收入為 8830 萬美元，佔總收入的 10%。

Moving on to expenses.

繼續討論費用。

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.

GAAP 成本和支出總額為 7.35 億美元，其中包括與我們之前溝通的優化資源分配以實現可持續長期增長的計劃相關的重組成本約 3000 萬美元。

These are not COVID related.

這些與 COVID 無關。

Total non-GAAP costs and expenses were $640 million, resulting in a non-GAAP operating margin of 25.7%.

非 GAAP 成本和支出總額為 6.4 億美元，非 GAAP 營業利潤率為 25.7%。

We are on track to generate approximately 2 percentage points of non-GAAP operating margin expansion for the year.

我們有望在本年度產生約 2 個百分點的非 GAAP 營業利潤率增長。

Adjusted operating margin for the Semiconductor & System Design segment was 27.1%.

半導體與系統設計部門的調整後營業利潤率為 27.1%。

And for the software integrity segment, 13.3%.

而對於軟件完整性部分，則為 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 每股收益為 0.71 美元，非 GAAP 每股收益為 1.22 美元，由於出色的運營執行，遠高於我們的目標範圍。

Turning to cash.

轉向現金。

We generated a record $380 million in the operating cash flow.

我們產生了創紀錄的 3.8 億美元運營現金流。

We initiated a $100 million ASR and have now completed $200 million in buybacks year-to-date.

我們發起了 1 億美元的 ASR，今年迄今已完成 2 億美元的回購。

We've repurchased $2 billion of our stock since 2015, approximately 75% of our free cash flow.

自 2015 年以來，我們回購了 20 億美元的股票，約占我們自由現金流的 75%。

Our capital allocation strategy has not changed.

我們的資金配置策略沒有改變。

We'll continue to evaluate the best use of cash each quarter and will remain prudent as the global macro environment evolves.

我們將繼續每個季度評估現金的最佳使用方式，並將隨著全球宏觀環境的發展保持謹慎。

Our balance sheet is very strong.

我們的資產負債表非常強勁。

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.

我們進入了本季度 - 我們在本季度結束時現金餘額為 8.56 億美元，總債務為 2.36 億美元，因為我們還清了 9000 萬美元的左輪手槍。

Now to guidance, which continues to assume the current entity list restrictions remain in place for the rest of the year.

現在開始指導，繼續假設當前的實體清單限制在今年剩餘時間仍然有效。

Consistent with our expectations, revenue was skewed to later in the year due primarily to a scheduled timing of hardware and IP deliveries.

與我們的預期一致，收入偏向於今年晚些時候，這主要是由於硬件和 IP 交付的預定時間。

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.

對於 2020 財年，我們的目標是：收入 36 億美元至 36.5 億美元； GAAP 成本和支出總額在 29.9 億美元至 30.3 億美元之間；非 GAAP 成本和支出總額在 26.3 億美元至 26.6 億美元之間，導致非 GAAP 營業利潤率約為 27%； GAAP 每股收益為 3.74 美元至 3.9 美元；非美國通用會計準則每股收益為 5.21 美元至 5.28 美元；運營產生的現金流為 8.15 億美元至 8.4 億美元；資本支出約為 1.7 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.

現在是第三季度的目標：收入在 8.75 億美元到 9.05 億美元之間； GAAP 成本和支出總額在 7.21 億美元至 7.37 億美元之間；非 GAAP 成本和支出總額在 6.4 億美元至 6.5 億美元之間； GAAP 每股收益為 1.12 美元至 1.22 美元；非 GAAP 每股收益為 1.33 美元至 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.

總之，儘管我們的全球員工和客戶面臨著前所未有的挑戰，但我們專注的執行、產品組合實力和彈性業務模式使我們能夠交付非常強勁的季度，重申我們的全年收入和非 GAAP 利潤率指引，並提高我們的非 GAAP 收益和現金流量目標。

Our strong balance sheet and thoughtful approach to capital allocation position us well to navigate the current environment.

我們強大的資產負債表和深思熟慮的資本配置方法使我們能夠很好地駕馭當前環境。

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

有了這個，我會把它交給接線員提問。

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

（操作員說明）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.

祝賀團隊在充滿挑戰的環境中取得了非常紮實的成果。

First, just on the order commentary, I think you said you saw stronger than expected orders primarily in core EDA.

首先，就訂單評論而言，我想你說過你看到主要在核心 EDA 中的訂單強於預期。

I was wondering if you could give any color on sort of what drove that strength.

我想知道你是否可以給出任何顏色來說明是什麼驅動了這種力量。

And if you thought it was maybe timing related?

如果您認為這可能與時間有關？

Or if you think that was sort of a net increase in demand relative to your original plan?

或者，如果您認為相對於您的原始計劃，這是需求的淨增長？

Well, I think there are multiple things have played in all at the same time.

好吧，我認為同時發生了很多事情。

Obviously, in a time like this, we all pay a lot of attention to execution.

顯然，在這樣的時刻，我們都非常注重執行力。

And so we'll give some credit to just working hard at it.

因此，我們將對努力工作給予一定的讚揚。

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.

但我認為發生的另一件事是我們去年推出的一些新產品和我們最近宣布的一些新產品非常有吸引力並且基準非常好。

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.

因此，對更複雜產品的渴望仍在繼續，因為在同一時間段內，我們看到許多高級客戶現在正在從 7 納米轉向 5 納米。

And so that has both implications on the IP that they're using and on the strength of tools that they want.

因此，這對他們正在使用的 IP 和他們想要的工具的強度都有影響。

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.

因此，我認為需求絕對存在，我們要確保找到一種方法來實現它。

Got it.

知道了。

And just one more on the SIG business.

還有一個關於 SIG 業務的。

One, could you say what the bookings were there?

第一，你能說說那裡的預訂嗎？

I know they were pretty good last quarter despite the relatively modest revenue growth.

我知道他們上個季度的表現相當不錯，儘管收入增長相對溫和。

And two, any progress on getting a business unit, a new business unit head there?

第二，在建立一個業務部門，一個新的業務部門負責人方面有什麼進展嗎？

So we normally don't disclose the bookings for any subpart of the company.

因此，我們通常不會披露公司任何子部門的預訂。

We did communicate that they were lower this quarter than expected, and therefore, that has some ramifications going forward.

我們確實傳達了他們本季度低於預期的情況，因此，這會對未來產生一些影響。

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.

這並不完全令人驚訝，因為在 COVID 時代的早期，很多互動都受到了人們本質上是匆忙尋找庇護所或離家出走的影響。

On the recruiting, we have started a search.

在招聘方面，我們已經開始尋找。

And so we expect that in the next 6 months this will be fulfilled.

因此，我們預計在接下來的 6 個月內，這將得以實現。

And now we're looking at candidates.

現在我們正在尋找候選人。

Congrats again on a nice quarter.

再次祝賀一個不錯的季度。

Thank you very much, Rich.

非常感謝，里奇。

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

接下來我們轉向 Tom Diffely 和 D.A. 的台詞。戴維森。

Maybe first a question on the hardware business.

也許首先是關於硬件業務的問題。

At this point, is that completely outsourced?

在這一點上，這是完全外包的嗎？

Or do you still do -- or do you do a final assembly and test in-house?

或者你仍然這樣做 - 或者你在內部進行最終組裝和測試？

And just curious if COVID was a bigger issue for your suppliers or for your own internal assembly and test.

只是好奇 COVID 對您的供應商或您自己的內部組裝和測試來說是否是一個更大的問題。

Well, it's an excellent question.

好吧，這是一個很好的問題。

So we do a little bit of all of that.

所以我們做了所有這些。

We outsource, obviously, as much as we possibly can.

顯然，我們盡可能多地外包。

There are -- depending on what the status is of the hardware, we assemble some of it ourselves.

有——取決於硬件的狀態，我們自己組裝了一些。

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.

正如您所預料的那樣，當您對所有市場進行全球性破壞時，最初，您必須注意所有零件的來源，誰在進行組裝，等等。

And the issues that we looked at initially were HAPS related.

我們最初關注的問題與 HAPS 相關。

I'm quite impressed by how quickly our team was on top of that.

我們的團隊在這方面取得領先的速度給我留下了深刻的印象。

And after that, the fact that this is essential equipment benefited us as the assembly people we work with gave us high priority.

在那之後，這是必不可少的設備這一事實使我們受益，因為與我們一起工作的裝配人員給予了我們高度重視。

And so I think the problem is mostly resolved at this point in time.

所以我認為這個問題在這個時間點已經基本解決了。

Okay.

好的。

That's great to hear.

聽到這個消息我很高興。

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.

然後是 Trac，當我查看第三季度和第四季度的隱含指導的中點時，收入增長相當強勁，但收入增長的模型槓桿並不多。

I'm curious is that because it's more hardware centric?

我很好奇是因為它更以硬件為中心嗎？

Is it conservatism or is there something else going on?

是保守主義還是有其他事情發生？

It is a little bit of the hardware mix.

這是一點硬件組合。

You got COGS ramping up with expenses as well.

您的 COGS 也隨著費用的增加而增加。

And the profile is that it does have some additional expenses in terms of hiring.

而且簡介是它在招聘方面確實有一些額外的費用。

But I do expect that you'll see an improvement in operating margins from Q3 to Q4.

但我確實希望您會看到從第三季度到第四季度的營業利潤率有所提高。

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

接下來我們轉向 Joe Vruwink 和 Baird 的台詞。

Apologies if this came up.

如果出現這種情況，我們深表歉意。

I joined a little bit late, but just a current events question.

我加入有點晚，但只是一個時事問題。

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.

我想知道最近關於新出口限制的提議是否以任何方式影響了 Synopsys，或者自 4 月季度結束以來，是否導致您的一些客戶可能重新考慮某些支出決定。

Or just any impacts from the past couple of weeks and some of the news that's been coming out?

或者只是過去幾週的影響和一些已經出現的新聞？

Well, the bottom line of the answer is, no.

好吧，答案的底線是，不。

The recent announcements were 1 or 2 weeks old.

最近的公告是 1 或 2 週前發布的。

And while fairly complicated, we're able to get a good sense of it.

雖然相當複雜，但我們能夠很好地理解它。

And our conclusion is it does not affect us beyond what is already prohibited in the entity.

我們的結論是它不會影響我們超出實體中已經禁止的範圍。

We have also not had any follow on of customers that we're worried in any form.

我們也沒有以任何形式擔心的客戶後續行動。

So I think that interpretation has been fairly universal.

所以我認為這種解釋相當普遍。

Okay.

好的。

Great.

偉大的。

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.

然後在軟件完整性方面，我猜定性評論只是根據對 Polaris 的一些購買以及你在這一點上獲得 Polaris 的競爭性替代這一事實，這讓我覺得非常積極。

So I guess my question is, did it surprise you to have platform traction in a more difficult environment created by COVID?

所以我想我的問題是，在 COVID 造成的更困難的環境中擁有平台牽引力是否讓您感到驚訝？

And does that give you maybe some optimism and thinking about bookings for the back half of your year?

這是否會讓您對下半年的預訂有一些樂觀和思考？

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.

好吧，我們樂觀地生活，實際上，這是一個很好的例子，因為平台的全部意義在於獲得可以很好地協同工作的多種工具的好處。

And by the way, for the buyer, it has another benefit, especially for larger companies.

順便說一下，對於買方來說，它還有另一個好處，尤其是對於大公司而言。

They are trying to maintain an environment that is not overly complex with tools from many, many different vendors.

他們試圖使用來自許多不同供應商的工具來維護一個不太複雜的環境。

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.

因此，能夠以一種結構化的方式將多種功能結合在一起，隨著時間的推移，這些功能將獲得越來越多的價值，因為它們可以很好地協同工作，這實際上正是我們所指望的方向。

And the fact that a number of customers have actually bought Synopsis precisely for that reason is extremely encouraging.

許多客戶實際上正是出於這個原因購買了 Synopsis，這一事實非常令人鼓舞。

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

接下來我們轉向 RBC 資本市場的 Mitch Steves。

I wanted to focus a little bit on the -- hello?

我想稍微關註一下——你好？

Can you hear me?

你能聽到我嗎？

Yes.

是的。

We can hear you.

我們能聽到你的聲音。

Yes.

是的。

Sorry.

對不起。

Yes, so I wanted to focus a bit on the operating margin here.

是的，所以我想在這裡稍微關註一下營業利潤率。

So the implied number, it looks like you guys are going to get to the kind of the high 20s exiting the year.

所以隱含的數字，看起來你們將達到今年結束時的 20 多歲。

So I really have 2 parts to my question.

所以我的問題真的有兩個部分。

The first one is just that is that correct that you're going to kind of exit at 29%?

第一個就是你要以 29% 的比例退出是正確的嗎？

And then secondly, does that imply that '21 should actually be better than your high 20s target?

其次，這是否意味著 21 歲實際上應該比您的 20 歲高目標更好？

Because now you guys have kind of got a work-from-home dynamic, you don't have to have as much T&E expense.

因為現在你們有了在家工作的動力，所以您不必支付那麼多的 T&E 費用。

It's something we've heard that a lot of companies, particularly software companies are able to do.

我們聽說很多公司，尤其是軟件公司能夠做到這一點。

So is there any way you guys are going to be able to squeeze extra basis points out of the OpEx line going forward?

那麼，你們有什麼辦法可以從未來的運營支出線中擠出額外的基點嗎？

Let me work backwards on your question, Mitch.

米奇，讓我倒推一下你的問題。

You're right.

你是對的。

We are -- we would be exiting in the high 20s for the year.

我們是 - 我們將在今年退出 20 多歲。

But keep in mind that it's largely a profile of the revenue ramp.

但請記住，這主要是收入增長的概況。

We remain committed to our long-term goals of driving margin expansion.

我們仍然致力於推動利潤率擴張的長期目標。

But at this point, it's too early to talk about FY '21.

但在這一點上，談論 21 財年還為時過早。

We'll comment on that later in the year.

我們將在今年晚些時候對此發表評論。

As far as savings from COVID, certainly, we're seeing some elements of that flow through -- that benefit flow through to the results.

就 COVID 帶來的節省而言，當然，我們看到了其中的一些要素——這些好處會轉化為結果。

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.

但結果在很大程度上是由我們執行今年制定的計劃推動的，該計劃將繼續關注我們的支出，更加勤奮地關注我們的投資領域，並推動一項能夠實現良好利潤率增長的計劃今年和隨著時間的推移。

Got it.

知道了。

And then just one small one, if I could, I know I've asked multiple questions there.

然後只是一個小問題，如果可以的話，我知道我在那裡問了很多問題。

So just was there any revenue impact you guys could quantify in terms of what the hardware shipments would have been?

那麼你們是否可以根據硬件出貨量來量化對收入的影響？

Or if you had any pushouts in terms of sales?

或者，如果您在銷售方面有任何突破？

Because I'm curious to why the full year guide didn't go up.

因為我很好奇為什麼全年指南沒有上升。

I would think that you'd be able to get at least above -- towards the high end, I guess, the revenue guide.

我認為你至少能夠達到——我想是朝著高端收入指南的方向發展。

So was there any sort of push out or anything related to COVID in the quarter?

那麼本季度是否有任何形式的推出或與 COVID 相關的任何事情？

No, not really.

不，不是真的。

COVID had a really small effect on the results or immaterial effect on the financial results.

COVID 對結果的影響非常小，或者對財務結果的影響很小。

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.

正如我們所提到的，當就地避難令生效時，我們在供應鏈方面遇到了一些最初的挑戰，但我們能夠克服這些挑戰並執行本季度的數字。

Good execution in Q2.

第二季度執行良好。

The results were strong on its own, but we did see some revenues move in from Q3 to Q2.

結果本身就很強勁，但我們確實看到一些收入從第三季度轉移到了第二季度。

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.

在這一點上，我們提供了我們對硬件前景的最佳看法，它確實反映了它在第四季度增長的概況。

And so far, we feel confident in our ability to execute to that.

到目前為止，我們對自己的執行能力充滿信心。

That's why we're reaffirming guidance.

這就是我們重申指導的原因。

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

接下來我們轉向 Jackson Ader 與 JPMorgan 的關係。

The first one to Aart is a follow-up actually on some of the trade restrictions.

Aart 的第一個實際上是一些貿易限制的跟進。

You addressed, I think, the entity list and Huawei's, I guess, tighter restrictions having already been factored in.

我認為你提到了實體列表和華為，我想，更嚴格的限制已經被考慮在內。

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?

但是，我想，4 月底推出的軍事最終用戶或軍事最終用例控制行動如何？

Do you expect any impacts from that?

您認為這會產生什麼影響嗎？

No, we don't.

不，我們沒有。

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.

因此，從根本上說，我們為您提供的指導涵蓋了我們對過去 1.5 年中採取的所有各種行動的所有解釋。

And I think we feel very solid in that interpretation at this point in time.

而且我認為我們在這個時間點對這種解釋感到非常可靠。

Okay.

好的。

All right.

好的。

Great.

偉大的。

And then follow-up.

然後跟進。

Yes, just quickly on cash flows.

是的，現金流很快。

Are customers -- are there any customers either in Software Integrity or in the Semiconductor business that are looking for maybe some payment flexibility?

客戶 - 軟件完整性或半導體業務中是否有任何客戶正在尋找一些支付靈活性？

I saw that the provisions for doubtful accounts went up.

我看到呆賬準備金上去了。

But just curious where the strength in cash flow is expected to come from.

但只是好奇現金流的強勁預計來自哪裡。

Yes.

是的。

For the most part, we haven't seen any meaningful impact of that or of customers coming back and renegotiating terms.

在大多數情況下，我們還沒有看到這種情況或客戶回來重新談判條款的任何有意義的影響。

And so far, that's been very positive.

到目前為止，這是非常積極的。

We're prepared to -- we're prepared for that kind of potential.

我們已經準備好——我們已經為這種潛力做好了準備。

But so far, we haven't seen much of an impact.

但到目前為止，我們還沒有看到太大的影響。

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.

現金流前景的實力實際上是對損益的信心以及我們的指導方針，今年的增長相當穩健，利潤率也有良好的改善，這最終將轉化為現金，這反映了強大的收款和更有效的支出或更低的支出。

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

接下來我們轉向 Gary Mobley 與 Wells Fargo Securities 的對話。

Let me extend my congratulations as well.

我也表示祝賀。

The 7% sequential increase in backlog is commendable.

積壓訂單連續增加 7% 是值得稱道的。

And -- but reading between the lines, I see that your average license duration is spiked quite significantly.

並且 - 但從字裡行間來看，我發現您的平均許可期限大幅增加。

And so does that speak to, I guess, the concentration of the record orders with perhaps one customer renewal?

我想，這是否說明記錄訂單的集中可能與一個客戶續約有關？

Or is there some more diverse overall bookings trend there?

還是那裡有一些更多樣化的整體預訂趨勢？

It is the second.

這是第二個。

It's not a single customer at all, it is multiple customers.

根本不是單個客戶，而是多個客戶。

I think in general, there are often variations in length of contracts.

我認為總的來說，合同的長度通常會有所不同。

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.

在這個時間點，令人鼓舞的是合同沒有變短，因為在經濟壓力時期，人們可能會擔心。

That's obviously not be the case at all.

顯然根本不是這樣。

And I said, from a use and approach to design, we see no difference.

我說，從用途和設計方法來看，我們看不出有什麼不同。

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.

如果不出意外，有許多公司確實在加速發展，因為他們希望在明年有新產品的好機會。

So the technology advances are on track and the business, I think, reflects that directly.

因此，技術進步正在步入正軌，我認為，業務直接反映了這一點。

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.

加里，我還要補充一點——總的來說，在這樣的環境中，尤其是在這樣的環境中，有大量積壓工作是很好的。

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.

現在，第二季度的預訂量不僅在絕對數量上創下歷史新高，而且我們在該季度也看到了非常好的運行率增長。

So I'm pleased with that combination.

所以我對這種組合很滿意。

Okay.

好的。

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.

作為我的後續問題，我想，有了避難所，灣區的避難所基本上仍然完好無損，可能會影響您進入實驗室等設施。

Is that a hindrance to completion of some IP deliverables?

這是否會阻礙某些 IP 可交付成果的完成？

Is that perhaps an explanation why the fourth quarter may be so back-end loaded?

這也許可以解釋為什麼第四季度可能如此後端負載？

Well, initially, there were a number of questions of how to best get access to labs.

嗯，最初，有很多關於如何最好地進入實驗室的問題。

How to manage that?

如何管理？

Can we manage it?

我們可以管理它嗎？

I think there too, we were able to find practical solutions pretty quickly.

我也認為，我們能夠很快找到實用的解決方案。

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.

實際上，當我們繼續盡可能地向製造商發送芯片時，IP 小組的執行情況讓我感到非常驚訝——因為我們繼續提供新的內核。

And so I think the distribution of revenue is more a function of the uptakes from the customer than anything else.

因此，我認為收入分配更多地取決於客戶的接受程度，而不是其他任何因素。

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

接下來我們轉向 Adam Gonzalez 與美國銀行的合作。

First on the Software Integrity business.

首先是軟件完整性業務。

I'm just wondering if you could elaborate on some of the delayed business decisions that you alluded to on -- in the prepared remarks.

我只是想知道你是否可以詳細說明你在準備好的評論中提到的一些延遲的業務決策。

And then what gives you the confidence in the low double-digit growth target that you implied the business would grow this year?

那麼是什麼讓您對您暗示今年業務將增長的低兩位數增長目標充滿信心？

And then secondly, how have your sales efforts been impacted by the shelter-in-place orders in SIG?

其次，SIG 的就地避難訂單對您的銷售工作有何影響？

And have your spending plans changed at all versus what they were last quarter?

與上一季度相比，您的支出計劃是否發生了變化？

Yes.

是的。

Let me go backward on that.

讓我回顧一下。

As the working at home started to become -- acted on with many of our customers, it did slow the interaction somewhat.

隨著在家工作開始成為 - 與我們的許多客戶一起採取行動，它確實在一定程度上減慢了互動。

We also saw some slowdown in our ability to hire people as quickly as we had planned.

我們還發現，我們按計劃快速招聘人員的能力有所放緩。

And those are the type of things that then tend to impact the orders, rates that one gets in.

這些都是隨後會影響訂單、訂單率的事情。

And so one can certainly always point at things that we could do better on the circumstances.

因此，人們肯定總是可以指出我們可以根據情況做得更好的事情。

But all in all, the reception to the type of capabilities that we have and the need have not diminished at all.

但總而言之，對我們擁有的能力類型和需求的接受程度絲毫沒有減少。

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.

事實上，您可以看到，當我們的許多客戶開始在家工作時，一波擔憂浪潮席捲了他們，而這些設施中的許多設施的安全性立即受到質疑。

Now we ourselves barely touched that -- that is not the field that we're in.

現在我們自己幾乎沒有觸及那個——那不是我們所處的領域。

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.

但其次要後果是，人們將再次更加努力地研究如何在軟件中做些什麼來防止未來的安全漏洞。

So from that perspective, I think the business opportunity is just as healthy as it was before.

所以從這個角度來看，我認為商業機會和以前一樣健康。

The circumstances will evolve.

情況會發生變化。

And I think our execution can improve and that's what we're focusing on.

我認為我們的執行力可以提高，這就是我們關注的重點。

Great.

偉大的。

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?

然後我的後續行動，一般來說，你是否看到我們似乎正在朝著 EDA 行業的重複半導體和技術供應鏈更廣泛地閱讀？

Just asking following up on TSMC's decisions to build a fab in Arizona.

只是詢問跟進台積電在亞利桑那州建造晶圓廠的決定。

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

抱歉，我聽不到第一聲——你對面說了些什麼，但我不確定那是什麼。

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

您是否從美國和中國的供應鏈工作重複中看到整個 EDA 行業的任何解讀？

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.

這是一個有趣的問題，因為每當供應鏈開始重複工作時，它們的效率實際上就會降低，這對於反過來向它們供應的人來說實際上並不是一件壞事。

And so I don't think that we see an enormous amount of effort in that yet.

所以我認為我們在這方面還沒有看到巨大的努力。

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.

但顯然，正如你在台積電最近的公告中看到的那樣，關於不同國家希望擁有高度獨立於其他國家的相當大的宏觀討論，一直到半導體製造。

And so I think that we're going to see a fairly dynamic evolution over the next year.

所以我認為我們將在明年看到一個相當動態的演變。

And given that we're connected to all of those people very well.

鑑於我們與所有這些人的聯繫非常好。

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.

我當然希望我們以對我們的業務有利的方式參與他們將要建造的任何東西以及他們需要建造的任何東西。

And next we turn to the line of Jay Vleeschhouwer with Griffin Securities.

接下來我們轉向 Jay Vleeschhouwer 與 Griffin Securities 的對話。

Aart, needless to say, the comments about record orders was quite important and the same about record backlog.

Aart，不用說，關於記錄訂單的評論非常重要，關於記錄積壓的評論也是如此。

If I'm not mistaken, the last quarterly record for bookings was 7 years ago.

如果我沒記錯的話，上一次的季度預訂記錄是 7 年前的事了。

The question is, how will this momentum in in EDA influence or your direction or allocation of internal resources?

問題是，EDA 中的這種勢頭將如何影響您的方向或內部資源分配？

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.

通常，當我們在需求和新產品採用的驅動下再次看到 EDA 的這種優勢時，我們會看到，例如，AE 產能的顯著增加是 EDA 中這種優勢的巧合或領先指標。

So perhaps you could talk about that kind of internal investment you're thinking of incrementally for EDA?

那麼，也許您可以談談您正在為 EDA 逐步考慮的那種內部投資？

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?

相反，當你經歷這個增長較慢的時期時，你在 SIG 投資方面可能會做些什麼不同的事情，也許 Trac 可以更詳細地評論 - 是的，重組意圖？

And then my second question is back on EDA.

然後我的第二個問題又回到了 EDA。

You, in the last year on a couple of conversations we've had, spoke about 2 big trends, driving the EDA industry.

在去年我們進行的幾次對話中，您談到了推動 EDA 行業發展的兩大趨勢。

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.

一個是從通用芯片轉向專用芯片或專用芯片，正如您所稱，EDA 的下一件大事，正如您所描述的，廣義上講，是在不同的抽象層次上製作原型。

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?

我相信您還記得那些評論，有什麼方法可以分析其中一個或兩個是如何直接對業務產生增量影響的，比方說，舊的設計形式或舊方法？

Okay.

好的。

I will try to answer that in less than half an hour.

我會盡量在半小時內回答這個問題。

Let me start with the very good results from an order perspective.

讓我從訂單的角度來看非常好的結果。

And frankly, I didn't know that was 7 years ago.

坦率地說，我不知道那是 7 年前的事了。

At that time, we were more colored by single large customers making an impact.

那時，我們更多地受到影響的單一大客戶的影響。

This was much broader.

這要廣泛得多。

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.

儘管如此，當我們進入全球大流行危機時，人們立即清楚地知道，對於這將對市場、客戶行為等產生什麼影響，問題多於答案。

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.

Synopsys 也立即清楚地知道，要確保我們與客戶保持牢固的關係，首先要從支持的角度確保他們做得很好。

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.

其次，從繼續引入業務的角度來看，無論低迷期有多長，我們都能為我們提供資金。

We executed on that clearly well.

我們在這方面執行得很好。

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.

如前所述，我認為今天很早的問題之一，我認為，部分原因是因為我們非常專注，但也因為從設計的角度來看，我們正處於新產品和新必需品的好時機，例如新節點、先進技術、IP 重用的增加等等。

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，我們將繼續管理我們一直以來所做的方式，這是我們向您承諾的——顯然要優化增長率，同時也要努力提高運營利潤率，這有助於朝著正確的方向發展。

But this also ties to your next question, which is, what are the key trends behind this from a technology point of view.

但這也與您的下一個問題有關，即從技術角度來看，這背後的主要趨勢是什麼。

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.

很多年前我一定稱之為專業芯片，現在我們稱之為人工智能和機器學習芯片，因為那真的是整整一代人都完全重新設計了架構。

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.

重要的是要理解一點為什麼這與我們相關，因為無論如何，當你做計算引擎時，比如 AI，你想要速度，速度，速度，除了這些計算引擎是非常大的並行小型機器具有非常大數據速率和通常大帶寬的處理器。

And so there, every company that is invested in that is doing their own thing and trying to be differentiated.

因此，每家投資於此的公司都在做自己的事情並試圖與眾不同。

And so they are truly specialty chips.

因此它們是真正的專業芯片。

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.

特別有趣的是，其中一些現在正在拆分成多個芯片，這就是為什麼 3DIC Compiler 是一個如此有趣的產品。

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.

因為經過很多年對摩爾定律的擔憂可能會放慢一點，而且已經放慢了一點，雖然它比人們想像的要活躍得多，但如果可以使用多種芯片，這是一個很好的答案連接良好。

And so the specialty chips, as you call them, are the architectures that are precisely driving the notion of bringing more chips together.

因此，正如您所說，專用芯片正是推動將更多芯片聚集在一起這一概念的架構。

Now in that context, the prototyping is just as relevant because the other half of a product is the software that runs in it.

現在在這種情況下，原型設計同樣重要，因為產品的另一半是在其中運行的軟件。

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.

這些專用芯片越複雜，軟件就越複雜，當芯片問世時軟件無法運行或芯片無法正常運行的風險就越大——對軟件的響應不是很好它本來是要開的。

That is where prototyping sits in the middle.

這就是原型設計處於中間位置的地方。

It allows people to check and run their software before they actually have the hardware.

它允許人們在實際擁有硬件之前檢查並運行他們的軟件。

And so I expect that we will see continued attention and growth to this and certainly, we are investing strongly in these areas.

因此，我希望我們會看到對此的持續關注和增長，當然，我們正在這些領域進行大力投資。

So bottom line is nobody will ever argue that strong orders is not a good thing.

所以底線是沒有人會爭辯說強訂單不是一件好事。

Obviously, we have to execute now in the next few quarters.

顯然，我們必須在接下來的幾個季度內立即執行。

We'll see what the global economy does.

我們將看看全球經濟的表現。

I think that semiconductor is actually in a good spot, relatively speaking to most other markets, and we have not seen a slowdown.

我認為相對於大多數其他市場而言，半導體實際上處於有利位置，而且我們沒有看到放緩。

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.

傑伊，除此之外，對於你關於重組的問題，我們承諾，我們將繼續努力隨著時間的推移提高利潤率。

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.

除此之外，我們將繼續投資於該業務，因為我們所處的所有細分市場都看到了良好的增長機會。

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.

重組實際上反映了對投資進行微調，並確保我們在我們認為可以實現增長和盈利能力最佳組合的領域投入更多賭注。

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

接下來我們轉向 Jason Celino 與 KeyBanc 的關係。

First question, maybe Trac, can you maybe go into the comments around the pull forward of some revenues from Q3?

第一個問題，也許是 Trac，你能否談談關於第三季度部分收入提前的評論？

Was this more on the EDA side or the hardware side?

這更多是在 EDA 方面還是在硬件方面？

Mostly on the EDA side.

主要是在 EDA 方面。

What we saw in EDA, particularly in Q2, was just a few shorter contracts, they're FSAs.

我們在 EDA 中看到的，尤其是在第二季度，只是一些較短的合同，它們是 FSA。

And so we saw that benefit.

所以我們看到了這種好處。

And that's why you might see a little bit higher on the time base relative to the upfront.

這就是為什麼您可能會看到相對於前期的時基略高一些。

But overall, the profile for the year, there is really good growth and strength across the board.

但總的來說，今年的概況確實有很好的增長和實力。

Great.

偉大的。

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.

然後是我的後續行動，SIG 利潤率確實增加了 300 個基點，這可能是您報告的自細分市場以來最高的 SIG 利潤率。

How much of this was from the restructuring, maybe the slower hiring?

其中有多少來自重組，也許是招聘放緩？

And then would you look to prioritize managing profitability for this segment, while the growth profile is a little more challenged?

然後，您是否會優先考慮管理該細分市場的盈利能力，同時增長狀況面臨更多挑戰？

It's a little bit of all those things that you described, you're right.

這是你描述的所有這些事情中的一點點，你是對的。

The margins did come up to around 13%.

利潤率確實達到了 13% 左右。

We mentioned at the beginning of the year that we were going to try to invest further in that business to invest for growth.

我們在年初提到我們將嘗試進一步投資該業務以投資增長。

I think we're still committed to that plan.

我認為我們仍然致力於該計劃。

And the profile from margins will kind of vary from quarter-to-quarter depending on the ramp up in expenses.

根據費用的增加，利潤率的情況會因季度而異。

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.

我會將其推斷為全年或作為新計劃，我們將繼續平衡投資業務，同時確保它適合整個公司。

So…

所以…

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

接下來我們轉向 Krish Sankar 與 Cowen and Company 的合作。

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

也許我們可以去下一個，然後回到先生身邊。

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

我們的——接下來我們轉向 John Pitzer 與 Crédit Suisse 的合作。

Aart, quick question just going back to China.

Aart，回到中國的快速問題。

I appreciate all the color you gave on the recent Huawei licensing news from last week and the military use.

我感謝你對上週最近的華為許可新聞和軍事用途所給予的所有顏色。

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.

但我只是有點好奇，考慮到 EDA 對軟件對半導體生態系統的重要性以及中國構建該系統的願望，你們成為地緣政治棋盤上真正重要的棋子。

And so I'm kind of curious, you break out Asia Pacific revenue, but you don't break out China revenue specifically.

所以我有點好奇，你打破了亞太地區的收入，但你沒有具體打破中國的收入。

Can you help us kind of just ballpark that?

你能幫我們大致了解一下嗎？

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?

我想當你看看中國內部時，你今天在中國支持的客戶中有多少百分比，如果出於某種原因你不能，這些需求可能會在其他地方被吸收，即華為不能運送到手機中，但也許聯發科和高通可以？

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?

你認為有多少中國客戶可能是很多初創企業，如果你不向他們發貨，那麼需求可能不會流向其他地方？

Well, this is a very difficult hypothetical question because there's so many geopolitical forces de facto in play at the same time.

好吧，這是一個非常困難的假設性問題，因為實際上有太多的地緣政治力量同時在起作用。

I can tell you that so far, a number of companies have picked up very quickly where others could not develop themselves.

我可以告訴大家，到目前為止，很多公司在別人發展不起來的地方，已經迅速崛起。

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.

我希望這種情況會繼續下去，因為畢竟從全球範圍來看，這是一個非常開放的市場，人們會在有機會時以這種或那種方式加入進來。

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.

因此，自去年 5 月實體清單出台以來，我們顯然已經學會瞭如何接受它，而且真的沒有感覺到太大的變化。

Growth continues well in China.

中國的增長繼續良好。

Actually, growth continues well overall in the world, but China, particularly.

實際上，全球總體增長持續良好，但中國尤其如此。

And there are many, many companies that are jumping in both there as well as in other parts of the globe.

並且有很多很多公司都在跳進那里以及全球其他地方。

That's helpful.

這很有幫助。

And then maybe for a follow-up, just back to SIG.

然後可能需要跟進，回到 SIG。

I'm just kind of making sure I understand this.

我只是想確保我理解這一點。

Is the growth sort of slowdown here a function of your inability to actually bring on new headcount and drive channel growth there?

這裡的增長放緩是否是因為您無法真正帶來新員工並推動那裡的渠道增長？

Or is it actual customer activity?

還是實際的客戶活動？

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.

而且我想我是在問這個問題，我只是想更好地理解為什麼一旦我們克服了這種 COVID 現象，增長就會在那裡重新加速。

What metrics are you looking at to support that view?

您正在查看哪些指標來支持該觀點？

Sure.

當然。

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.

好吧，我認為最客觀的答案必須是兩者的結合。這意味著，是的，我們確實看到了放緩，因為許多客戶只是以不同的方式陷入了他們自己的生存挑戰。

And that tends to slow down this type of investment.

這往往會減緩此類投資。

At the same time, and you saw a little bit of that in our commenting that our hiring was slower than planned.

與此同時，你在我們評論說我們的招聘速度比計劃慢時看到了一點。

That is our own execution that is in question.

那是我們自己的執行有問題。

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.

所以底線是，我們將需要——繼續努力使 Synopsys 的這一部分成為一個非常好的形象，我們正在這樣做。

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.

現在給信心的是，給信心的是問題根本沒有縮小，我們擁有的解決方案越來越好。

Now you say, well, that in itself doesn't give you money, but yes, you're right, we have to work for that.

現在你說，嗯，這本身並不能給你錢，但是是的，你是對的，我們必須為此努力。

But the problem will continue to grow.

但問題將繼續增長。

And it will continue to grow because so many electronic systems are much more intertwined than they were before.

而且它將繼續增長，因為如此多的電子系統比以前更加交織在一起。

And that will continue to happen in the present pathway that electronics is on.

這將繼續發生在當前電子產品的發展道路上。

Therefore, there will be needed more assurances that the sub pieces have built in security in a variety of ways.

因此，將需要更多保證子部分以各種方式內置安全性。

That certainly is massively the case on software.

在軟件方面肯定是這種情況。

But as a side note, will also increasingly be the case on the hardware side.

但作為旁注，硬件方面的情況也將越來越多。

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.

因此，我們認為這是一個很好的市場，在技術上具有挑戰性，因此對我們來說是一個特別好的市場，這沒有任何改變。

And the combination of the overall situation and perhaps our own execution gave us -- led us to this point.

整體情況和我們自己的執行力的結合給了我們 - 把我們帶到了這一點。

But let's not underestimate, this is actually a very good business for Synopsys.

但大家不要小看，這對Synopsys來說其實是一筆非常不錯的生意。

It is now growing a bit slower than we wanted this year, but it is well on track to have a good future.

它現在的增長速度比我們今年想要的要慢一些，但它有望擁有美好的未來。

And speakers, we have no further questions in queue.

發言者，我們沒有其他問題要排隊了。

Well, in that case, let me first thank you to attend.

好吧，既然如此，首先讓我感謝你的出席。

My assumption is that, if not all of you, most of you attend from home.

我的假設是，如果不是你們所有人，你們中的大多數人都是在家裡參加的。

So we hope that your home situation, family situations, are also safe and sound.

所以我們希望你的家庭情況，家庭情況，也都平安無事。

And all the more do we appreciate hearing your voice and having your support on a quarterly basis through these earnings releases.

更重要的是，我們非常感謝通過這些收益發布每季度聽到您的聲音並得到您的支持。

Please take care of yourself and be well.

請照顧好自己，身體健康。

Bye-bye.

再見。

And ladies and gentlemen, that does conclude our conference for today.

女士們，先生們，我們今天的會議到此結束。

Thank you for your participation and for using AT&T conferencing service.

感謝您的參與和使用 AT&T 會議服務。

You may now disconnect.

您現在可以斷開連接。