新思科技 (SNPS) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Synopsys Earnings Conference Call for the First Quarter of Fiscal Year 2022. (Operator Instructions) Today's call will last 1 hour. Five minutes prior to the end of the call, we will announce the amount of time remaining in the conference.

女士們先生們，感謝您的支持，歡迎參加 Synopsys 2022 財年第一季度收益電話會議。（操作員說明）今天的電話會議將持續 1 小時。在電話會議結束前五分鐘，我們將宣布會議剩餘時間。

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

提醒一下，今天的會議正在錄製中。此時，我想將會議轉交給投資者關係副總裁 Lisa Ewbank。請繼續。

Thank you, Eric. Good afternoon, everyone. With us 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 the conference call, Synopsys will discuss forecasts, targets and other forward-looking statements regarding the company and its financial results.

謝謝你，埃里克。大家下午好。今天和我們在一起的是新思科技董事長兼聯合首席執行官 Aart De Geus；和首席財務官 Trac Pham。在開始之前，我想提醒大家，在電話會議期間，新思科技將討論有關公司及其財務業績的預測、目標和其他前瞻性陳述。

While these statements represent our best current judgment about future results and performance as of today, our actual results are subject to many risks and uncertainties that could cause actual results to differ materially from what we expect.

雖然這些陳述代表了我們目前對截至今天的未來結果和業績的最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，可能導致實際結果與我們的預期存在重大差異。

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期間強調的任何風險外，我們最近的 SEC 報告和今天的收益新聞稿中還描述了可能影響我們未來業績的重要因素。

In addition, we will refer to non-GAAP financial measures during the discussion. Reconciliations to their most directly comparable GAAP financial measures and supplemental financial information can be found in the earnings press release, financial supplement and 8-K that we released earlier today.

此外，我們將在討論期間參考非公認會計準則財務指標。可以在我們今天早些時候發布的收益新聞稿、財務補充和 8-K 中找到與其最直接可比的 GAAP 財務指標和補充財務信息的對賬。

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

所有這些項目以及最新的投資者介紹都可以在我們的網站 synopsys.com 上找到。此外，準備好的評論將在通話結束時發佈在網站上。有了這個，我會把電話轉給 Aart de Geus。

Good afternoon. Q1 was an excellent start to the year. Building on the strength and momentum from 2021, we met or exceeded all of our key guidance targets with strength across all product groups and geographies. Revenue was $1.27 billion, with GAAP earnings per share of $1.99 and non-GAAP earnings at the high end of our target range at $2.40.

下午好。第一季度是今年的一個良好開端。基於 2021 年以來的實力和勢頭，我們在所有產品組和地區都達到或超過了我們所有的關鍵指導目標。收入為 12.7 億美元，GAAP 每股收益為 1.99 美元，非 GAAP 收益位於我們目標範圍的高端，為 2.40 美元。

As a result of this solid start and confidence in our business, we are raising our full year revenue and earnings guidance. We're also executing well on the long-term accelerated revenue growth and margin expansion objectives we communicated to you in December.

由於這一穩健的開端和對我們業務的信心，我們正在提高全年收入和盈利指引。我們在 12 月與您溝通的長期加速收入增長和利潤率擴張目標方面也執行良好。

The excellent results can be attributed to 3 reasons; strong semiconductor markets, strong technology with increasing differentiation, strong execution by our teams and adoption of new products. Trac will provide more financial details.

優異的成績可歸因於三個原因；強大的半導體市場、強大的技術以及不斷增加的差異化、我們團隊的強大執行力以及新產品的採用。 Trac 將提供更多財務細節。

Assessing the landscape, our market is very sound and growing in a way that is positive for Synopsys. As the power and impact of massive amounts of big data are increasingly realized, demand for Smart Everything continues to intensify.

評估前景，我們的市場非常穩健，並且以對 Synopsys 有利的方式增長。隨著海量大數據的力量和影響越來越被人們意識到，對Smart Everything的需求不斷增加。

As a result, customers ranging from traditional semiconductor companies to AI start-ups, hyperscalers and vertical system houses are all investing heavily and prioritizing design activity.

因此，從傳統半導體公司到 AI 初創企業、超大規模製造商和垂直系統公司的客戶都在大力投資並優先考慮設計活動。

Rapidly escalating technical complexity as big data and AI software are brought together in increasingly advanced ways means that today's products require highly complex chips, systems of chips and more security and safety. As a result, customer investments are increasing across all market segments.

隨著大數據和人工智能軟件以越來越先進的方式結合在一起，技術複雜性迅速升級，這意味著當今的產品需要高度複雜的芯片、芯片系統以及更高的安全性。因此，所有細分市場的客戶投資都在增加。

Synopsys has invested heavily over the past 5 years in a wave of unique innovations targeted at and ideally suited for this new era. These investments are yielding excellent technical differentiation and business results. At the center of enabling the Smart Everything era, sits the power of AI to develop more complex chips, better and faster.

在過去的 5 年中，新思科技在一系列獨特的創新浪潮中投入巨資，這些創新針對並非常適合這個新時代。這些投資正在產生出色的技術差異化和業務成果。實現智能萬物時代的核心在於人工智能的力量，它可以開發更複雜、更好、更快的芯片。

Our solutions have featured machine learning technology for many years. About 1.5 years ago, though, after a multiyear development effort, we released a groundbreaking, new AI-driven solution that directs not just individual tools, but greatly impacts results and productivity on major segments of the design flow.

我們的解決方案多年來一直採用機器學習技術。然而，大約 1.5 年前，經過多年的開發努力，我們發布了一個突破性的、新的 AI 驅動解決方案，它不僅指導單個工具，而且極大地影響設計流程主要部分的結果和生產力。

Our award-winning DSO.ai solution is the first of its kind and the only one proven in customer production environments today. DSO.ai learns and autonomously drive our design tools in the design space to find the best combination of chip's performance, power and area.

我們屢獲殊榮的 DSO.ai 解決方案是同類產品中的第一個，也是當今唯一在客戶生產環境中得到驗證的解決方案。 DSO.ai 在設計空間中學習並自主驅動我們的設計工具，以找到芯片性能、功率和麵積的最佳組合。

This automation substantially accelerates the work of design teams while delivering better results than traditional design flows. Customers are seeing remarkable outcomes and are deploying quickly to production use.

這種自動化大大加快了設計團隊的工作，同時提供比傳統設計流程更好的結果。客戶看到了顯著的成果，並正在快速部署到生產使用中。

DSO.ai has already been adopted in production design by 5 of the top 10 semiconductor leaders. In Q1, we saw multiple additional deployments across verticals, including mobile, data center and processor design. Samsung has completed multiple tape-outs in mobile, including a state-of-the-art high-performance design in their latest process technology.

DSO.ai 已被 10 大半導體領導者中的 5 家用於生產設計。在第一季度，我們看到了多個垂直領域的額外部署，包括移動、數據中心和處理器設計。三星已經在移動領域完成了多項流片，包括採用最新工藝技術的最先進的高性能設計。

A leading hyperscaler boosted DSO.ai by using hundreds of CPUs on the cloud and achieved excellent results for advanced SoC. These breakthrough results demonstrates how DSO.ai can leverage abundant cloud compute for deep design space optimization.

領先的超大規模廠商通過在雲上使用數百個 CPU 來提升 DSO.ai，並在高級 SoC 上取得了優異的成績。這些突破性結果展示了 DSO.ai 如何利用豐富的雲計算進行深度設計空間優化。

Critical to the success of DSO.ai are the powerful engines that sit underneath, the integrated fusion design platform. The overall solution is resulting in significant cross-selling opportunities and accelerating growth across our platform. Momentum is manifested across a wide spectrum of market verticals and manufacturing processes. During the quarter, we achieved multiple 3-nanometer design wins, including at a top processor provider. 100% plan of record adoption for 3-nanometer flagship SoC at a leading mobile provider and advanced node wins at the world's largest CPU providers. We're also achieving competitive wins at established nodes, including as a leading LCD driver provider.

DSO.ai 成功的關鍵是位於其下方的強大引擎，即集成融合設計平台。整體解決方案帶來了重大的交叉銷售機會並加速了我們平台的增長。勢頭體現在廣泛的垂直市場和製造過程中。在本季度，我們取得了多項 3 納米設計勝利，包括在頂級處理器供應商處。 3 納米旗艦 SoC 的 100% 創紀錄採用計劃在領先的移動供應商和先進的節點贏得全球最大的 CPU 供應商。我們還在已建立的節點上取得了競爭優勢，包括作為領先的 LCD 驅動器供應商。

As a result, of these high-value innovations, hyperscalers continue to expand their reliance on us throughout our portfolio, including multiple new designs using the Fusion platform. A critical aspect of enabling Smart Everything is tackling technical complexity across the entire system.

因此，在這些高價值創新中，超大規模製造商繼續在我們的整個產品組合中擴大對我們的依賴，包括使用 Fusion 平台的多項新設計。啟用 Smart Everything 的一個關鍵方面是解決整個系統的技術複雜性。

The Synopsis maxim "from silicon to software" is truly indicative of not only our long-standing focus on the system but also our differentiating portfolio that puts us in a unique position to enable today's design.

Synopsis 格言“從芯片到軟件”不僅真正表明了我們對系統的長期關注，而且還表明了我們差異化的產品組合，使我們處於實現當今設計的獨特位置。

A bellwether of systems leadership is IP. Following a record 2021, we continued to deliver excellent results in Q1 and demand remains very high. Driven by tremendous complexity and time-to-market pressures, customers increasingly choose to jump start their designs by relying more and more on the market-leading IP portfolio we've built and honed for more than 20 years.

系統領導力的領頭羊是知識產權。在 2021 年創紀錄之後，我們在第一季度繼續取得優異成績，需求仍然很高。在巨大的複雜性和上市時間壓力的推動下，客戶越來越多地選擇通過越來越多地依賴我們 20 多年來構建和磨練的市場領先的 IP 產品組合來快速啟動他們的設計。

In fact, a recent comprehensive IP market study performed by an independent research firm ranked Synopsys #1 for the best IP, highest quality IP and best support compared to other providers in the industry. We're seeing great momentum across key market segments, including automotive, high-performance compute, mobile and consumer.

事實上，與業內其他提供商相比，一家獨立研究公司最近進行的一項綜合 IP 市場研究將 Synopsys 評為最佳 IP、最高質量 IP 和最佳支持的第一名。我們在汽車、高性能計算、移動和消費等關鍵細分市場看到了強勁的發展勢頭。

In automotive, for example, Infineon announced at the Consumer Electronics Show, the next-generation AURIX TC4x microcontroller family, which utilizes Synopsys' IP and virtualization technologies.

例如，在汽車領域，英飛凌在消費電子展上宣布了下一代 AURIX TC4x 微控制器系列，該系列採用了 Synopsys 的 IP 和虛擬化技術。

Securing their data center is a top priority for our customers. We see strong demand for our integrity and data encryption security IP with 20-plus design wins to date on a rapidly growing number of active opportunities.

保護他們的數據中心是我們客戶的首要任務。我們看到對我們的完整性和數據加密安全 IP 的強勁需求，迄今為止已獲得 20 多項設計勝利，活躍機會數量迅速增加。

Given the skyrocketing data requirements, storage is an important market for us as well. We continue to gain wide adoption of our PCI Express, art processors and next-generation mobile storage protocol IP.

鑑於飛速增長的數據需求，存儲對我們來說也是一個重要的市場。我們繼續廣泛採用我們的 PCI Express、藝術處理器和下一代移動存儲協議 IP。

Let me talk a bit about some of the innovative system solutions driving our results. First, at the intersection of hardware and software, system verification is a Synopsys strong suit.

讓我談談推動我們取得成果的一些創新系統解決方案。首先，在硬件和軟件的交匯處，系統驗證是 Synopsys 的強項。

Adjacent to our long-standing market leadership with chip simulation, static analysis and debug technology, we are early innovators in software and hardware-based prototyping now a critical enabler of complex systems.

與我們在芯片仿真、靜態分析和調試技術方面長期以來的市場領先地位相鄰，我們是基於軟件和硬件的原型設計的早期創新者，現在是複雜系統的關鍵推動者。

Building on another record year in 2021, we continue to see excellent growth in hardware with both our ZeBu emulation and HAPS prototyping products. Demand is very strong as our solutions with the fastest engines, highest capacity and lowest cost of ownership are especially compelling for today's sweet spot of software bring-up.

在 2021 年又一個創紀錄的一年的基礎上，我們繼續看到我們的 ZeBu 仿真和 HAPS 原型產品在硬件方面的出色增長。需求非常強勁，因為我們的解決方案具有最快的引擎、最高的容量和最低的擁有成本，對於當今軟件開發的最佳點尤其引人注目。

This quarter, we achieved major expansions with our newest ZeBu and HAPS-100 hardware at several of the largest semiconductor systems and hyperscaler companies in the world. This included noteworthy wins over the newest solutions from our competition.

本季度，我們在世界上幾家最大的半導體系統和超大規模公司中使用我們最新的 ZeBu 和 HAPS-100 硬件實現了重大擴展。這包括從我們的競爭中贏得了最新的解決方案。

Second, 3DIC design. This is a new generation of system design that uses tightly abutting or stacking multiple die on a specialized connection chip in order to enable massively more compute, storage and data management.

二、3DIC設計。這是新一代的系統設計，它在專用連接芯片上使用緊密鄰接或堆疊的多個裸片，以實現更多的計算、存儲和數據管理。

Our 3DIC compiler platform is a single unified design environment that combines exploration, construction and sign-off analysis. It showcases significant performance, capacity and ease-of-use differentiation over much older competitor solutions.

我們的 3DIC 編譯器平台是一個單一的統一設計環境，結合了探索、構建和簽核分析。與更老的競爭對手解決方案相比，它展示了顯著的性能、容量和易用性差異。

In the quarter, 3DIC continued its strong momentum deployed on production tape-outs at a leading U.S. hyperscale and a large networking systems company. Our 3DIC platform was recognized by winning TSMC's customer choice award for leadership in 3DIC design and analysis.

在本季度，3DIC 繼續其在美國領先的超大規模和大型網絡系統公司的生產流片中部署的強勁勢頭。我們的 3DIC 平台因在 3DIC 設計和分析方面的領導地位而獲得台積電客戶選擇獎的認可。

And third, we have leveraged our expertise in design, manufacturing and IP to develop an innovative approach that expands and redefines what's possible in terms of optimizing an entire electronic system. Our silicon life cycle management platform allows customers to monitor, analyze and optimize systems as they are designed, manufactured, tested and deployed in the field.

第三，我們利用我們在設計、製造和 IP 方面的專業知識開發了一種創新方法，可以擴展和重新定義優化整個電子系統的可能性。我們的矽生命週期管理平台允許客戶在現場設計、製造、測試和部署系統時對其進行監控、分析和優化。

We are seeing strong customer traction and growing adoptions of key elements, including by AI pioneer Cerebras, who used our embedded monitors to understand on-chip dynamic thermal and voltage conditions in order to optimize power and performance.

我們看到強大的客戶吸引力和越來越多的關鍵元素採用，包括人工智能先驅 Cerebras，他們使用我們的嵌入式監視器了解片上動態熱和電壓條件，以優化功率和性能。

The growing complexity of systems greatly expand security and safety requirements across the spectrum from chips all the way up to the application software. Our Software Integrity business attacks this very challenged with the industry-leading portfolio of security testing products and services.

系統的日益複雜性極大地擴展了從芯片到應用軟件的整個範圍內的安全和安全要求。我們的軟件完整性業務通過行業領先的安全測試產品和服務組合來應對這一挑戰。

Software Integrity had a very good start to the year, crossing the $400 million trailing 12-month revenue threshold with strong growth across product groups, consulting and geographies. Companies from a wide range of verticals, including hyperscalers, financial services, mill aero and industrial continue to grapple with the challenge of bolstering their security posture.

Software Integrity 今年開局非常好，過去 12 個月的收入突破了 4 億美元的門檻，產品組、諮詢和地區的強勁增長。來自各種垂直領域的公司，包括超大規模、金融服務、航空航天和工業，繼續應對加強其安全態勢的挑戰。

Security vulnerabilities for the entire software supply chain, including open source software are top of mind for developers, reinforced by government directives and recent publicized breaches. Our strategic consulting services are not only becoming more vital to customers, they're also driving increasing product sales adoptions and longer-term engagements.

包括開源軟件在內的整個軟件供應鏈的安全漏洞是開發人員最關心的問題，政府指令和最近公開的違規行為強化了這些漏洞。我們的戰略諮詢服務不僅對客戶變得越來越重要，而且還在推動產品銷售採用率和長期參與度的增加。

In Q1, this was particularly evident in the financial services space. In DevOps, we see increased customer traction with our solutions, including intelligent orchestration to integrate application security testing into DevOps workflows and Code Dx to correlate and prioritize findings to help developers efficiently address remediation while maintaining development velocity.

在第一季度，這在金融服務領域尤為明顯。在 DevOps 中，我們的解決方案增加了客戶的吸引力，包括智能編排將應用程序安全測試集成到 DevOps 工作流中，以及 Code Dx 以關聯並確定優先級，以幫助開發人員在保持開發速度的同時有效地解決補救問題。

In addition, the progress of our indirect partner strategy is very encouraging. Even in the early stages, the program is resulting in many new company adoptions around the globe and business that is ahead of plan.

此外，我們間接合作夥伴戰略的進展非常令人鼓舞。即使在早期階段，該計劃也正在全球範圍內促成許多新公司的採用和超前計劃的業務。

In summary, Q1 was an excellent start to the year. We delivered strong financial results and are raising our outlook for fiscal '22. Our significant game-changing innovations are driving outstanding technical and business results. The market we serve is strong with intensifying customer investment in critical chips, systems design and immense amount of software.

總之，第一季度是今年的一個良好開端。我們實現了強勁的財務業績，並提高了對 '22 財年的展望。我們重大的改變遊戲規則的創新正在推動出色的技術和業務成果。我們服務的市場很強大，客戶在關鍵芯片、系統設計和大量軟件方面的投資不斷增加。

Lastly, we will publish our third annual corporate social responsibility report in which we share the solid progress we've made and the goals we've set in the areas of environmental stewardship, including achieving our third year of carbon neutrality, social solidarity and corporate governance. With that, I'll turn it over to Trac.

最後，我們將發布我們的第三次年度企業社會責任報告，我們將在其中分享我們在環境管理領域取得的紮實進展和我們設定的目標，包括實現我們第三年的碳中和、社會團結和企業治理。有了這個，我會把它交給 Trac。

Thanks, Aart. Good afternoon, everyone. First quarter results reflect good momentum across the company. We delivered a very strong start to the year with significant revenue growth across all product groups and geographies, expanded -- expanding non-GAAP offering margin, non-GAAP earnings at the high end of our target range and solid operating cash flow.

謝謝，阿爾特。大家下午好。第一季度業績反映了整個公司的良好勢頭。我們在今年的開局非常強勁，所有產品組和地區的收入都顯著增長，擴大了 - 擴大了非 GAAP 產品利潤率，非 GAAP 收益處於我們目標範圍的高端，運營現金流穩健。

Driving these results is a compelling combination of unprecedented market opportunities, accelerating customer adoptions of our groundbreaking new products and our excellent execution. Our confidence in our business is strong, and we are raising our full year 2022 targets.

推動這些成果的推動力是前所未有的市場機會、加速客戶採用我們開創性的新產品和我們出色的執行力。我們對自己的業務充滿信心，我們正在提高我們的 2022 年全年目標。

I'll now review our first quarter results. All comparisons are year-over-year unless otherwise stated. We generated total revenue of $1.27 billion, up 31% over the prior year. As expected, the quarter reflected strength in EDA software as well as outstanding demand for IP and hardware.

我現在將回顧我們的第一季度業績。除非另有說明，否則所有比較都是逐年比較。我們創造了 12.7 億美元的總收入，比上一年增長 31%。正如預期的那樣，本季度反映了 EDA 軟件的強勁勢頭以及對 IP 和硬件的突出需求。

Total GAAP costs and expenses were $923 million. Total non-GAAP costs and expenses were $811 million, resulting in a non-GAAP operating margin of 36.2%. GAAP earnings per share were $1.99. Non-GAAP earnings per share were $2.40, up 58% over the prior year. Semiconductor & System Design segment revenue was $1.16 billion with both EDA and IP performing well.

GAAP 總成本和費用為 9.23 億美元。非 GAAP 成本和費用總額為 8.11 億美元，非 GAAP 營業利潤率為 36.2%。 GAAP每股收益為1.99美元。非美國通用會計準則每股收益為 2.40 美元，比上年增長 58%。半導體和系統設計部門的收入為 11.6 億美元，其中 EDA 和 IP 表現良好。

Software Integrity segment revenue was $108 million, a better-than-expected start to the year. We are on track to reaching our 15% to 20% growth objective for Software Integrity with expanded adjusted operating margin in 2022.

軟件完整性部門收入為 1.08 億美元，年初好於預期。我們有望實現 15% 至 20% 的軟件完整性增長目標，並在 2022 年擴大調整後的營業利潤率。

Turning to cash. We generated $156 million in operating cash flow, higher than planned, primarily due to early collections. We used $250 million of our cash for stock buybacks and ended the quarter with cash and short-term investments of $1.27 billion with total debt of $24 million.

轉向現金。我們產生了 1.56 億美元的經營現金流，高於計劃，主要是由於早期收款。我們將 2.5 億美元現金用於股票回購，本季度末現金和短期投資為 12.7 億美元，總債務為 2400 萬美元。

Now to guidance. we are raising our full year outlook for revenue, earnings and cash flow. For fiscal year 2022, the full year targets are: revenue of $4.775 billion to $4.825 billion, representing 14% to 15% growth. Total GAAP costs and expenses between $3.809 billion and $3.856 billion.

現在來指導。我們正在提高對收入、收益和現金流的全年展望。 2022財年全年目標為：收入47.75億美元至48.25億美元，增長14%至15%。 GAAP 總成本和費用在 38.09 億美元至 38.56 億美元之間。

Total non-GAAP costs and expenses between $3.255 billion and $3.285 billion, resulting in a non-GAAP operating margin improvement of more than 100 basis points. Non-GAAP tax rate of 18%. GAAP earnings of $5.53 to $5.72 per share. Non-GAAP earnings of $7.85 to $7.92 per share, representing 15% to 16% growth. Cash flow from operations of $1.45 billion to $1.5 billion.

非 GAAP 總成本和費用在 32.55 億美元至 32.85 億美元之間，使非 GAAP 營業利潤率提高了 100 多個基點。非公認會計原則稅率為 18%。 GAAP 每股收益為 5.53 美元至 5.72 美元。非美國通用會計準則每股收益為 7.85 至 7.92 美元，增長 15% 至 16%。運營現金流為 14.5 億美元至 15 億美元。

Now to the targets for the second quarter. Revenue between $1.24 billion and $1.27 billion. Total GAAP costs and expenses between $931 million and $951 million. Total non-GAAP costs and expenses between $800 million and $810 million. GAAP earnings of $1.67 to $1.78 per share. And non-GAAP earnings of $2.35 to $2.40 per share.

現在到第二季度的目標。收入在 12.4 億美元至 12.7 億美元之間。 GAAP 總成本和費用在 9.31 億美元至 9.51 億美元之間。非公認會計原則的總成本和費用在 8 億美元至 8.1 億美元之間。 GAAP 每股收益為 1.67 美元至 1.78 美元。非公認會計原則每股收益為 2.35 至 2.40 美元。

We continue to anticipate revenue for Q3 and Q4 to be roughly evenly distributed with expenses skewed to Q4. As we announced in December, our long-term financial objectives are to deliver annual double-digit revenue growth, non-GAAP operating margin expansion of more than 100 basis points a year and non-GAAP EPS growth in the mid-teens range.

我們繼續預計第三季度和第四季度的收入將大致均勻分佈，費用偏向第四季度。正如我們在 12 月宣布的那樣，我們的長期財務目標是實現每年兩位數的收入增長、每年超過 100 個基點的非 GAAP 營業利潤率增長以及在十幾歲左右的非 GAAP 每股收益增長。

In conclusion, we delivered a very good start to the year and are raising our 2022 outlook. Our long-standing commitment to managing the business for enduring long-term growth has not only generated the most compelling product portfolio we've ever had, but also positions us uniquely well for the current dynamic market landscape.

總之，我們今年的開局非常好，並正在提高我們對 2022 年的展望。我們長期致力於管理業務以實現持久的長期增長，這不僅產生了我們所擁有的最引人注目的產品組合，而且使我們在當前充滿活力的市場環境中獨樹一幟。

As a result, we remain confident in the accelerated long-term financial targets we communicated to you in December. With that, I'll turn it over to the operator for questions.

因此，我們對 12 月與您溝通的加速長期財務目標仍然充滿信心。有了這個，我會把它交給接線員提問。

(Operator Instructions) And we'll start questions from the line of Joe Vruwink from Baird.

（操作員說明）我們將從 Baird 的 Joe Vruwink 開始提問。

I was hoping maybe to get a bit more detail on the product areas or geographies driving the $50 million increase in revenue guidance for the full year. And then in thinking about the sequencing of quarters this year since 1Q finished within the guidance range, is it fair that most of this upside is maybe coming in 2Q, just thinking about maybe your original expectations?

我希望能夠更詳細地了解推動全年收入指引增加 5000 萬美元的產品領域或地理位置。然後在考慮自第一季度在指導範圍內完成以來今年的季度排序時，這種上行空間的大部分可能來自第二季度是否公平，只是考慮一下您最初的預期？

Let me start with the first part and maybe Trac can do the second part. Our strength has been really very much across the board. We can certainly say that the IP continues to stand out as growing very well. But some of the new capabilities that we see at EDA tools really are showing more and more opportunity going forward.

讓我從第一部分開始，也許 Trac 可以做第二部分。我們的實力確實非常全面。我們可以肯定地說，IP 繼續以非常好的方式脫穎而出。但是我們在 EDA 工具上看到的一些新功能確實顯示出越來越多的機會。

Now you heard about the Software Integrity Group. They continue on an excellent path. Last year was really a return to good growth and now we are improving the growth there as well.

現在您聽說了 Software Integrity Group。他們繼續走上一條優秀的道路。去年確實恢復了良好的增長，現在我們也在改善那裡的增長。

And lastly, the systems area, which is sort of at the intersection between -- so we like to call it at the end of the section between silicon and software is an area that will continue to grow because most of the systems get now optimized to make the software run as well as possible on the hardware and the hardware be as responsive as possible to the software all the way to trying to optimize even the power consumption.

最後，系統領域，有點像介於兩者之間的交叉點——所以我們喜歡在矽和軟件之間的部分末尾稱它為一個將繼續增長的領域，因為大多數係統現在都已經優化到使軟件在硬件上盡可能好地運行，硬件盡可能地對軟件做出響應，以嘗試優化甚至功耗。

So these things are very linked and our hardware and prototyping solutions are extremely well suited for that to have been strong.

所以這些東西是非常相關的，我們的硬件和原型設計解決方案非常適合這一點。

Joe, let me take the second part. I would characterize the upside for the year, the raise of $50 million. That's simply a Q2 upside. We delivered Q1 largely as planned. It was the biggest quarter of the year. The business that we booked in Q1, we saw very strong growth in EDA software, which should give us a nice trajectory not only for this year but going forward.

喬，讓我講第二部分。我將描述今年的上漲空間，即籌集 5000 萬美元。這只是第二季度的上行空間。我們在很大程度上按計劃交付了第一季度。這是一年中最大的一個季度。我們在第一季度預訂的業務，我們看到了 EDA 軟件的強勁增長，這不僅會給我們今年而且未來的發展軌跡。

And then we continue to see very strong demand in IP and hardware. The momentum that we saw through last year continued in Q1 in terms of results for revenue, but also just the overall demand, as Aart highlighted.

然後我們繼續看到對 IP 和硬件的非常強勁的需求。正如 Aart 強調的那樣，我們在去年第一季度看到的勢頭在收入結果方面繼續存在，但也只是整體需求。

And traditionally, we don't raise the full year at this point -- this early point of the year, but just given the visibility we have, not only Q2 but for the rest of the year, we have the confidence to raise the overall guidance.

傳統上，我們不會在這一點上提高全年 - 今年年初，但考慮到我們擁有的知名度，不僅是第二季度，而且在今年剩下的時間裡，我們有信心提高整體指導。

Okay. That's helpful. And then I just wanted to focus in a bit more given it came up in the prepared remarks, just the recent attention around open source vulnerability. I'm curious if you've seen a bit of a lift for Black Duck within the portfolio, maybe an acceleration in interest that could end up benefiting growth for software integrity as we move through the year?

好的。這很有幫助。然後我只是想多關註一點，因為它出現在準備好的評論中，只是最近對開源漏洞的關注。我很好奇您是否在投資組合中看到了 Black Duck 的一些提升，也許隨著我們這一年的發展，興趣的加速最終可能有利於軟件完整性的增長？

Well, I think in general, the Software Integrity Group is doing better and better because it is managed really well and is executing well. But what you have said still bears truth because there have been in the past year, a number of moments of high visibility of hacking on also open source capabilities.

嗯，我認為總的來說，軟件完整性小組做得越來越好，因為它管理得非常好並且執行得很好。但是你所說的仍然是事實，因為在過去的一年中，有許多黑客攻擊開源功能的高能見度時刻。

Even the U.S. government have made some mandates saying you have to pay more attention to this in their systems. And so I think in general, there's a higher degree of recognition and that helps Black Duck because the capabilities that we have there and also our consulting capability is precisely what customers need.

甚至美國政府也做出了一些規定，說你必須在他們的系統中更加關注這一點。所以我認為總的來說，有更高程度的認可，這對 Black Duck 很有幫助，因為我們在那裡擁有的能力以及我們的諮詢能力正是客戶所需要的。

Next, we'll move to the line of Jackson Ader with JPMorgan.

接下來，我們將轉向JPMorgan 的Jackson Ader。

The first one is on the -- that hyperscaler that you mentioned, the deployed DSO.ai in the cloud. And I'm curious I guess, number one, the deployment was that in offices cloud, other cloud, the customer's private cloud?

第一個是在您提到的超大規模器上，即在雲中部署的 DSO.ai。我很好奇，第一，部署是在辦公室雲、其他雲、客戶的私有云中？

And then the follow-up being depending on where the customer chooses to kind of run those, I think you've got hundreds of CPUs, is there any kind of revenue leakage if the customer chooses to do something in their private cloud versus maybe the Synopsys cloud?

然後後續取決於客戶選擇在哪裡運行這些，我認為你有數百個 CPU，如果客戶選擇在他們的私有云中做某事，是否存在任何形式的收入洩漏，而不是可能新思云？

Well, let me start at the end. No, there's no leakage. They have to use licenses like any other licenses. Pretty much all the hyperscalers do have large clouds themselves. Some are also commercial cloud providers, obviously.

好吧，讓我從最後開始。不，沒有洩漏。他們必須像使用任何其他許可證一樣使用許可證。幾乎所有的超大規模企業本身都有大片雲。顯然，有些也是商業雲提供商。

And it doesn't matter if it's a private cloud or a commercial cloud. If you have both, it is the same results. In this case, these are people that are extremely competent on managing clouds so consider it a commercial cloud.

它是私有云還是商業雲都沒有關係。如果兩者都有，結果是一樣的。在這種情況下，這些人在管理雲方面非常有能力，因此將其視為商業雲。

And Jack, I would just add that we do see cloud as a very strong incremental growth opportunity, and that is independent of whether or not they're using Synopsys cloud or a third-party cloud. We can support other scenarios, but the goal is to gain that business overall.

傑克，我只想補充一點，我們確實將雲視為一個非常強大的增量增長機會，這與他們是否使用 Synopsys 雲或第三方云無關。我們可以支持其他場景，但目標是整體獲得該業務。

Yes. I mean the point of the question, right, is just to see if the customer would say, hey, thanks for DSO.ai and now I'm going to take my ball and go play over here with it, right, and maybe try and game the licenses. But no, that answers that.

是的。我的意思是問題的重點，對，只是看看客戶是否會說，嘿，感謝 DSO.ai，現在我要帶著我的球去這裡玩，對，也許試試和遊戲許可證。但不，這回答了這個問題。

And then the second question is actually around the labor market. Is there anything that you might see in a tight labor market that might suggest a slowdown in the hiring of engineers at your more traditional, maybe semiconductor companies?

然後第二個問題實際上是關於勞動力市場的。在緊張的勞動力市場中，您是否會看到任何可能表明在您的更傳統的（可能是半導體公司）招聘工程師的速度放緩？

I think there is certainly no slowdown attempting to hire. As you well know, throughout most industries, there's an increase in turnover. A lot of people have been sitting at home for a few years and are looking for fresh air. And so the entire semiconductor industry right now is looking for people. And we ourselves have had a bit of that, actually, not that much negative turnover, but we have hired substantially -- substantial amounts of people.

我認為招聘肯定不會放緩。眾所周知，在大多數行業中，營業額都有所增加。很多人已經在家里呆了幾年，正在尋找新鮮空氣。所以現在整個半導體行業都在找人。實際上，我們自己也有過這樣的情況，並沒有那麼多的負營業額，但我們已經大量僱傭了——大量的人。

And so I think that this will continue because there's no end in sight to the need and the opportunity space, I think, is very, very fertile. So these things tend to last for a year, 1.5 years, and then they gradually equalize again.

所以我認為這將繼續下去，因為需求沒有盡頭，而且我認為機會空間非常非常肥沃。所以這些東西往往會持續一年，1.5年，然後它們又逐漸趨於平衡。

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

接下來，我們與富國銀行證券一起去 Gary Mobley 的路線。

Congratulations to a strong start to the fiscal year. I wanted to pick up on the last question and ask more so about wage inflation. Just a debate whether it's transitory or structural in nature, but I think it's probably fair to say that wage inflation or at least higher wages are here to stay.

祝賀本財年開局良好。我想回答最後一個問題，並更多地詢問有關工資通脹的問題。只是爭論本質上是暫時的還是結構性的，但我認為可以公平地說工資通脹或至少更高的工資將繼續存在。

And so my question for you is, are you able to pass this along in the way you're pricing license deals? And might there be a period of time in a labor-intensive business that you're in where you've got a mismatch in the way deals are priced versus wage inflation?

所以我問你的問題是，你能以你定價許可交易的方式傳遞這個嗎？在勞動密集型企業中，是否有一段時間你所處的交易定價方式與工資通脹不匹配？

It's an excellent question because, obviously -- especially in the conjunction with the question Jackson had, whenever there is movement, there tends to be some increase in wages because otherwise, people wouldn't necessarily move and we see the same.

這是一個很好的問題，因為很明顯——尤其是結合傑克遜的問題，每當有運動時，工資往往會有所增加，因為否則，人們不一定會搬家，我們也看到了同樣的情況。

Fortunately, we have had the good fortune that our business continues to grow very well. And it tends to be a little bit more stable in terms of change because we have many multiyear transactions. But many of the transactions are becoming larger because customers want more tools, need more capabilities. And so we are more gradual in how we pass these costs along.

幸運的是，我們的業務繼續發展得很好。而且它在變化方面往往更穩定一些，因為我們有許多多年交易。但是許多交易變得越來越大，因為客戶需要更多的工具，需要更多的功能。因此，我們在如何傳遞這些成本方面更加循序漸進。

Having said that and Trac can emphasize from the ops margin perspective, but we are staying on track with not only growing the business but also continuing to improve the profitability of it. So all of these things have been taken into account as we project forward.

話雖如此，Trac 可以從運營利潤率的角度強調，但我們不僅在發展業務，而且還在繼續提高其盈利能力。因此，在我們向前推進時，所有這些事情都已被考慮在內。

I would add, Gary, that it's not -- in effect, we're able to manage the wage inflation and still drive margins up. The way we do that, obviously, we factor those costs and the incremental cost into our expense and that's reflected in our guidance and our expectations for improving margins this year.

加里，我要補充的是，實際上，我們能夠控制工資膨脹並仍然提高利潤率。顯然，我們這樣做的方式是將這些成本和增量成本計入我們的費用中，這反映在我們的指導和我們對今年提高利潤率的預期中。

The way -- the best way to deal with it is really continue to invest in the business is twofold. One is over the last several years, we've continued to invest in innovation and new technology to drive value in our products. And that has helped us extract more value in the negotiations and that certainly has helped the accelerated growth in the business.

處理它的最佳方法是真正繼續投資於業務是雙重的。一是在過去幾年中，我們繼續投資於創新和新技術，以提高我們產品的價值。這幫助我們在談判中獲得更多價值，這無疑有助於業務的加速增長。

Secondly, we've also been on path over the last few years of redeploying and being really critical about where we deploy resources in order to get the best return. So the combination of those things really is helping us manage wage inflation in that way.

其次，在過去幾年中，我們也一直在進行重新部署，並且對於我們在哪裡部署資源以獲得最佳回報非常關鍵。所以這些東西的結合確實幫助我們以這種方式管理工資通脹。

Got it. Appreciate the color. And then I wanted to ask a specific question about the RPOs or backlog. If you can't give us the amount, can you give us at least a sense of whether you built on that record high you published at the end of the fiscal year and to what degree has a longer average license duration factor? And I know you don't give that metric anymore, but are we are moving higher on that front as well?

知道了。欣賞顏色。然後我想問一個關於 RPO 或積壓的具體問題。如果您不能告訴我們金額，您能否至少讓我們了解您是否建立在您在本財政年度結束時發布的創紀錄高位之上，以及在何種程度上具有更長的平均許可期限因素？而且我知道您不再提供該指標，但是我們是否也在這方面走得更高？

Backlog remained at $6.9 billion.

積壓仍為 69 億美元。

Got it. And average license duration, could you say it either...

知道了。和平均許可期限，你能不能說...

In the normal range. In that normal range that we traditionally manage to, nothing unusual.

在正常範圍內。在我們傳統上設法達到的正常範圍內，沒有什麼不尋常的。

And next, we'll go to the line of Jay Vleeschhouwer with Griffin Securities.

接下來，我們將與格里芬證券一起前往 Jay Vleeschhouwer 的路線。

Aart, for you first. You've spoken often of course, about the intersection of hardware and software as a center of gravity of your business, which is perhaps another way of saying that semiconductor companies are becoming more like systems companies and systems companies are becoming more like semiconductor companies.

阿爾特，先給你。當然，您經常談到硬件和軟件的交叉點是您業務的重心，這也許是另一種說法，即半導體公司越來越像系統公司，系統公司越來越像半導體公司。

The question is with respect to the support implications for your business, that is to say the support you have to provide to customers given the growing complexity, the growth of the contracts and so forth. And perhaps you could just talk about that in general, how the profile of what you need to do on behalf of customers as evolving vis-à-vis your evolution of your contracts and the portfolio.

問題在於對您的業務的支持影響，也就是說，鑑於日益複雜的複雜性、合同的增長等等，您必須向客戶提供的支持。也許您可以籠統地說一下，您需要代表客戶做什麼的概況如何隨著您的合同和投資組合的演變而演變。

For instance, over the last year, we've seen that there's been a more than 140% increase in your openings for application engineers, even more than the increase in R&D openings over the last year. So perhaps tying to the earlier questions on hiring, what the AE environment looks like, specifically as a critical component of supporting your customers.

例如，在過去的一年中，我們看到您的應用工程師職位增加了 140% 以上，甚至超過了去年研發職位的增加。因此，也許與之前關於招聘的問題有關，AE 環境是什麼樣的，特別是作為支持客戶的關鍵組成部分。

And then the second question for Trac. When we look at your segment results, if we strip out from the IT and systems integration segment, what we think your hardware business may have been, it looks like your annualized run rate for IP in Q1 was well north of $1.5 billion as compared to the $1.1 billion, $1.2 billion coming out of Q4.

然後是 Trac 的第二個問題。當我們查看您的細分市場結果時，如果我們從 IT 和系統集成細分市場中剔除，我們認為您的硬件業務可能已經是，看起來您在第一季度的 IP 年化運行率遠高於 15 億美元，與來自第四季度的 11 億美元，即 12 億美元。

Clearly a substantial increase in the ARR, so to say, of IP. And that looks like it was fairly well correlated to the increase in China in the quarter. So perhaps you could talk about those correlations within the IP business.

顯然，可以說，IP 的 ARR 大幅增加。這看起來與本季度中國的增長有很好的相關性。因此，也許您可以談談 IP 業務中的這些相關性。

Okay. Jay, the question you asked will only take about half an hour. You touch pretty much on everything we have to do. Let me phrase it like this. A number of years ago, we put the silicon to software under our logo. It was aspirational at that time because it meant moving to where the center of gravity was moving.

好的。傑，你問的問題只需要半個小時左右。你幾乎觸及了我們必須做的一切。讓我這樣說吧。幾年前，我們將矽片放在我們的標誌下的軟件中。這在當時是有抱負的，因為它意味著移動到重心移動的地方。

I am absolutely convinced that the center of gravity for everything that will impact Smart Everything, big data, automation in various ways is actually the intersection of those 2. And so let me first go downwards from the hardware. And there, clearly, 1 trend continues, still smaller, more sophisticated devices, that's technology evolution.

我絕對相信，以各種方式影響智能一切、大數據、自動化的一切的重心實際上是這兩者的交集。所以讓我先從硬件開始。顯然，1 趨勢仍在繼續，更小、更複雜的設備，這就是技術的發展。

The second trend that is complementing that is a multichip and -- or chiplets. And that is because at some point in time, you want 100x more transistors, but that is technically not feasible. And so you split it up, and we'll see more of that.

與之互補的第二個趨勢是多芯片和 - 或小芯片。那是因為在某個時間點，您需要 100 倍以上的晶體管，但這在技術上是不可行的。所以你把它分開，我們會看到更多。

And the third trend is that many of the chips become specialized architecture for just a limited set of tasks. And this is not new because with graphical processes already 20 years ago, they were essentially accelerators to manage pixels. Now of course, there's a lot of that goes in the AI direction or data management direction and so on.

第三個趨勢是許多芯片成為專門用於有限任務集的架構。這並不是什麼新鮮事，因為 20 年前就已經有了圖形處理，它們本質上是管理像素的加速器。當然，現在有很多是在人工智能方向或數據管理方向等等。

So then we move to the other side of the equation, which is the software. And the software, of course, has 1 ambition, which is do applications that add a lot of value at every domain you can think of, including many of the automation domains, the big data/machine learning domains.

因此，我們轉向等式的另一端，即軟件。當然，該軟件有一個雄心壯志，那就是在您能想到的每個領域（包括許多自動化領域、大數據/機器學習領域）都增加大量價值的應用程序。

And so the software needs to be matched to the hardware and the hardware needs to be matched to the software. And that is where this prototyping is effective from both perspectives and we're seeing rapid growth. And just like anything else, people wish the prototype would be another 10x faster because then they could do 10x more. And so I think that will continue for quite a while.

所以軟件需要與硬件相匹配，硬件需要與軟件相匹配。這就是這種原型設計從兩個角度都有效的地方，我們看到了快速增長。就像其他任何事情一樣，人們希望原型能夠再快 10 倍，因為這樣他們就可以多做 10 倍。所以我認為這將持續很長一段時間。

Now in regards to the different support, you're absolutely correct that in the semiconductor area, there or the hardware down, it is more an evolution of what we've done for the last 35 years. And AI is very important because it's now taking on much more complex multi-step tasks. And so that's where we give a lot of support.

現在關於不同的支持，你是絕對正確的，在半導體領域，那里或硬件方面，它更像是我們過去 35 年所做工作的演變。人工智能非常重要，因為它現在正在承擔更複雜的多步驟任務。這就是我們給予大力支持的地方。

Whereas if you look upwards, there the system houses in the past, only a few really have invested substantially in chip design or electronic system design. And now because the software is so much closer to the realization, they are investing. But these are also the type of companies that if they can buy partially finished solutions like big IP blocks, that is where they start. And so increasingly look at our IP as reaching into that middle.

而如果你往上看，過去的系統廠商，只有少數真正在芯片設計或電子系統設計上投入了大量資金。現在因為軟件離實現更近了，他們正在投資。但是，如果他們可以購買像大型 IP 塊這樣的部分完成的解決方案，那麼這些公司也是他們開始的地方。因此，越來越多地將我們的 IP 視為進入這個中間。

And then the last comment is for each of the verticals, there are often additional needs. And automotive is a prime example of that because safety matters and security is a subcategory for safety in that case. Security, of course, applies to many, many places.

最後的評論是針對每個垂直行業，通常還有額外的需求。汽車就是一個很好的例子，因為在這種情況下，安全很重要，而安全是安全的一個子類別。當然，安全適用於很多很多地方。

So long story short, our opportunity is that we touch all of these players and become increasingly a catalyst between multiple players to make something successful. And therein lies a big opportunity for Synopsys.

長話短說，我們的機會是我們接觸所有這些參與者，並日益成為多個參與者之間取得成功的催化劑。這對 Synopsys 來說是一個巨大的機遇。

Jay, let me take your -- the second part of your question. So you're right, Q1 was a very strong quarter for IP in addition to the other products. But at a high level, the IP business is strong in all areas, all geographies and across a very diverse customer base.

傑，讓我來回答你的問題的第二部分。所以你是對的，除了其他產品之外，第一季度對於 IP 來說是一個非常強勁的季度。但在高層次上，IP 業務在所有領域、所有地區以及非常多樣化的客戶群中都很強大。

And so tying that connection to China would be misleading. And in fact, in China, we're doing very well across all of our product categories. We had very good growth in EDA software, hardware did well in addition to IP. So trying to make that connection at the top level of the results that I think would be -- would give you a misleading conclusion.

因此，將這種聯繫與中國聯繫起來會產生誤導。事實上，在中國，我們在所有產品類別中都做得很好。我們在 EDA 軟件方面的增長非常好，除了 IP 之外，硬件也做得很好。因此，試圖在我認為的結果的頂層建立這種聯繫——會給你一個誤導性的結論。

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

接下來，我們轉到 KeyBanc Capital Markets 的 Jason Celino 的路線。

Maybe first one for Trac. The semi and design margins in the quarter were really impressive, 38%. That's the highest we've ever seen them. How much of that strength is just mainly from the upfront nature of the IP and hardware strength?

也許是 Trac 的第一個。本季度的半成品和設計利潤率令人印象深刻，達到 38%。這是我們見過的最高的。這種實力有多少主要來自 IP 的前期性質和硬件實力？

I'd characterize it more as the quarterization of the results, Jason, right? Because remember, when we talked to you in December, we described expenses as being relatively flat throughout the year, but the mix of revenue and the timing of revenues would skew margins to the front end.

我更傾向於將其描述為結果的四分之一，傑森，對吧？因為請記住，當我們在 12 月與您交談時，我們將費用描述為全年相對平穩，但收入的組合和收入的時間安排會使利潤率偏向前端。

But overall, I think margins are doing very well, and we do expect that over a multiyear period, we'll continue to improve margins.

但總的來說，我認為利潤率表現非常好，我們確實預計在多年期間，我們將繼續提高利潤率。

Okay. Perfect. Interesting. And then, Aart, I thought it was interesting how you mentioned hyperscalers with your SIG business comments. I didn't think strengthen with the hyperscalers was levered at all to the SIG business. So my question is, do these hyperscalers typically purchase the EDA and the SIG products separately? Or do they have opportunities to bundle them together?

好的。完美的。有趣的。然後，Aart，我認為您在 SIG 業務評論中提到超大規模企業的方式很有趣。我不認為超大規模的增強對 SIG 業務有任何影響。所以我的問題是，這些超大規模生產商通常會單獨購買 EDA 和 SIG 產品嗎？還是他們有機會將它們捆綁在一起？

In general, we sell these things relatively separately. There often are very different buyers in the company that are looking at that. And we have proactively kept it somewhat separate. It's a better business practice than negotiating everything to the lowest common denominator. And so -- but of course, these hyperscalers have absolutely big needs in security. And so we are collaborating well with them.

一般來說，我們這些東西都是相對分開銷售的。公司中經常有非常不同的買家正在關注這一點。我們主動將其保持在一定程度上分開。這是一種更好的商業實踐，而不是把所有事情都談判到最低的共同點。所以——但當然，這些超大規模企業在安全方面有絕對大的需求。所以我們與他們合作得很好。

And next, we go to the line of Pradeep Ramani with UBS.

接下來，我們將與瑞銀一起前往 Pradeep Ramani。

I had a couple. So your deferred revenue saw a big pop. I think what is driving that? Is that -- first of all, is it from a product standpoint, broad-based or sort of concentrated amongst either IP or EDA or hardware? Sorry, IP or EDA? And in terms of just geographical or customer concentration that sort of drove that delta if you could expand upon that, that would be helpful.

我有一對。因此，您的遞延收入大幅增長。我想是什麼驅動了它？是不是——首先，從產品的角度來看，它是基礎廣泛還是集中在 IP、EDA 或硬件中？抱歉，IP 還是 EDA？就地理或客戶集中度而言，如果您可以對此進行擴展，那將是有幫助的。

I'm sorry, so I'll start with the first question, Pradeep. The deferred is very broad-based across all product lines and the variability of deferred from 1 quarter to next really just reflects the timing of when we bill and invoice our customers. I didn't hear clearly the second part of your question.

抱歉，我先從第一個問題開始，Pradeep。延期在所有產品線中的基礎非常廣泛，從第一季度到下一個季度的可變性實際上只是反映了我們向客戶開具賬單和開具發票的時間。我沒有聽清楚你問題的第二部分。

Yes. It was more around whether any 1 customer or 1 geographic -- geography sort of drove the upside or whether that was broad-based as well?

是的。更多的是圍繞任何一個客戶或一個地理 - 地理類型推動了上漲，或者這是否也是廣泛的？

The overall growth was really broad-based, just customers -- across customers globally.

整體增長確實是基礎廣泛的，只是客戶——跨越全球客戶。

Okay. And for my follow-up, I guess you're talking about DSO.ai and SLM. How would you characterize just in terms of what percent of your semiconductor and system design revenue they are at right now? And how should we think about sort of the growth path going forward for these 2 contributors?

好的。對於我的後續行動，我猜你是在談論 DSO.ai 和 SLM。您如何描述他們目前在半導體和系統設計收入中所佔的百分比？我們應該如何考慮這兩個貢獻者的增長路徑？

Yes. We're in early stage. And typically, we don't disclose for individual products. But both of these areas have the potential to certainly grow faster than the rest of the company because they're in the early stage, but also because they bring a whole set of new values to the customer.

是的。我們處於早期階段。通常，我們不會針對單個產品進行披露。但這兩個領域肯定有可能比公司其他部門增長得更快，因為它們處於早期階段，而且還因為它們為客戶帶來了一整套新價值。

And back to an earlier question, I didn't mention that in both of those areas, we also hire more people in order to help our customers succeed and quickly get to the high value that these capabilities offer.

回到前面的問題，我沒有提到在這兩個領域，我們還僱傭了更多的人來幫助我們的客戶取得成功並迅速獲得這些能力提供的高價值。

(Operator Instructions) Next question comes from the line of Charles Shi with Needham & Company.

（操作員說明）下一個問題來自於 Needham & Company 的 Charles Shi。

Maybe the first question is for Aart. You may be very well aware of the debate right now in semiconductors -- on semiconductor industry cycles, there is a debate about whether we're at the peak cycle or we are stronger for longer.

也許第一個問題是針對 Aart 的。您可能非常清楚目前在半導體領域的爭論——在半導體行業周期中，關於我們是否處於高峰週期或者我們是否更強大的爭論會持續更長時間。

Given your probably 40-year experience in this industry, can you kind of give us a sense how does the cycle -- what do you think about the current cycle? Is it the same as both the previous ones you've seen? Or is there something different? And how do you think the cycle affect the EDA industry and specifically to your business and in one way or another?

鑑於您在這個行業可能有 40 年的經驗，您能否讓我們了解一下這個週期是如何發生的——您如何看待當前的周期？和你之前看到的一樣嗎？還是有什麼不同？您認為這個週期會以何種方式影響 EDA 行業，特別是對您的業務有何影響？

Okay. I'm very clear about this. I think that we are into a long-term great opportunity wave because the opportunity to change how the world operates with the combination of enormous amount of data combined with machine learning, ultimately, AI and automation has very, very big economic impact for every vertical.

好的。這一點我很清楚。我認為我們正處於一個長期的巨大機遇浪潮中，因為有機會通過將大量數據與機器學習相結合來改變世界的運作方式，最終，人工智能和自動化對每個垂直領域都有非常非常大的經濟影響.

And so while one could argue that for many decades, Moore's Law has sort of pushed technology forward and that always had new benefits. Now there is simultaneously a pool from the end markets that all realize that hey, they could potentially shave some economics out of their operations by just understanding the data better or even find better solutions.

因此，儘管有人可能會爭辯說，摩爾定律在某種程度上推動了技術的發展，並且總是帶來新的好處。現在，同時有一個來自終端市場的池子，他們都意識到，嘿，他們可能會通過更好地了解數據甚至找到更好的解決方案來削減一些運營成本。

And I think that is so profound that is as profound, I would say, as computation 35 years or 30 years ago impacting the world. Now at the same time, we are all well aware that there are some shortage of certain -- actually, a fairly limited set but crucial set of parts.

我認為這是如此深刻，就像 35 年或 30 年前計算對世界的影響一樣深遠。現在，與此同時，我們都清楚地知道，某些——實際上，一套相當有限但至關重要的部分——存在一些短缺。

And I'm hesitate to call that a cycle. There have been interruptions in the supply chains due to global politics. There have been COVID that stop people from ordering. There have been a lot of things and it's mostly older parts. And so yes, there's some shortage there. There's some additional capacity being built in. Most of the capacity is being lined up for actually advanced nodes because of the earlier point I made, all these new opportunities.

我不敢稱其為循環。由於全球政治，供應鏈出現了中斷。已經有 COVID 阻止人們訂購。發生了很多事情，而且大部分都是較舊的部分。所以是的，那裡有一些短缺。有一些額外的容量正在內置。由於我前面提到的所有這些新機會，大部分容量都被安排用於實際高級節點。

And so there will be always a little bit of a cycle of supply and providers alignment. But in general, I think that we're in for a decade of great opportunities in semiconductors.

因此，供應商和供應商之間總會有一點點循環。但總的來說，我認為我們在半導體領域迎來了十年的巨大機遇。

By the way, I should add that includes us, of course, yes, that was maybe the end of the key part of the question for Synopsys. Yes, we're very much in the middle of that. And we love this term of being a catalyst because we interact with literally the deepest technology with the design, with the system, configuring the optimization there all the way into the software and the security.

順便說一句，我應該補充一下，當然，是的，這可能是 Synopsys 問題的關鍵部分的結尾。是的，我們正處於其中。我們喜歡這個作為催化劑的術語，因為我們與設計、系統、配置優化一直到軟件和安全性的最深層次的技術進行交互。

And so it puts us very much in a position to interact with all the players that have to interact well for success. And that's where a big part of our enthusiasm comes from.

因此，它使我們能夠與所有必須良好互動才能取得成功的玩家互動。這就是我們很大一部分熱情的來源。

Maybe a quick follow-up. Maybe a question for Trac. In terms of your full year guidance and your fiscal second quarter guidance, it does seem to imply there's a bit of a moderation of your revenue in the second half of the fiscal year.

也許是一個快速的跟進。也許是對 Trac 的一個問題。就您的全年指導和第二財季指導而言，這似乎意味著您在本財年下半年的收入有所放緩。

I have to think your time-based revenue has been quite linear, typical as linear through the year, steadily growing and maintenance service, I don't expect any nonlinear parity there. I was kind of wondering if you're sort of expecting a little bit of a moderation in upfront revenue there, either it's the hardware or the perpetual licenses or the IP contracts here going into the second half.

我不得不認為您的基於時間的收入一直是線性的，典型的全年都是線性的，穩定增長和維護服務，我不希望那裡有任何非線性平價。我有點想知道你是否期望那裡的前期收入會有所緩和，無論是硬件還是永久許可，或者是進入下半年的 IP 合同。

Charles, the quarterization profile is a function of when the customer -- when we expect the customers to pull down IP and hardware. So it's really those 2 items. Everything else, as you described, is quite linear. A little bumpy as well, but generally, very linear.

查爾斯，季度配置文件是客戶何時 - 我們期望客戶何時下拉 IP 和硬件的函數。所以這真的是那兩個項目。正如您所描述的，其他一切都是非常線性的。也有點顛簸，但通常非常線性。

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

女士們先生們，今天的會議到此結束。感謝您的參與和使用 AT&T 電話會議。您現在可以斷開連接。