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.

各位女士、先生，感謝您稍候並參與，歡迎收聽新思科技（Synopsys）2022 會計年度第一季財報電話會議。（接線員指示）今天的電話會議將持續 1 小時。在會議結束前 5 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.

提醒各位，今天的會議將被錄音。現在，我想把會議交給投資人關係副總裁 Lisa Ewbank。請開始。

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，Eric。各位下午好。今天與我們一同出席的有新思科技董事長兼共同執行長 Aart De Geus，以及財務長 Trac Pham。在開始之前，我想提醒各位，在本次電話會議過程中，新思科技將討論有關公司及其財務結果的預測、目標及其他前瞻性陳述。

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.

雖然截至今日，這些陳述代表我們對未來結果與表現所做的最佳當前判斷，但我們的實際結果仍面臨許多風險與不確定性，可能導致實際結果與我們的預期出現重大差異。

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

除我們在電話會議中提及的任何風險外，可能影響我們未來結果的重要因素，已載於我們最新的 SEC 申報文件以及今日的財報新聞稿中。

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

此外，我們在討論中將引用非 GAAP 財務衡量指標。與其最直接可比的 GAAP 財務衡量指標之調節表，以及補充財務資訊，可在我們今日稍早發布的財報新聞稿、財務補充資料與 8-K 文件中查閱。

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.

上述所有資料以及最新的投資人簡報，皆可於我們的網站 synopsys.com 取得。此外，準備好的講稿將在電話會議結束後張貼於網站上。接下來，我把電話交給 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.

各位下午好。第一季是今年非常出色的開局。在 2021 年的強勁表現與動能基礎上，我們在所有主要指引目標上皆達成或超越，且各產品群與各地區均展現強勁表現。營收為 12.7 億美元，GAAP 每股盈餘為 1.99 美元，非 GAAP 每股盈餘達到我們目標區間上緣的 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.

由於開局穩健且對業務充滿信心，我們上調全年營收與獲利指引。我們也正順利推進 12 月向各位溝通的長期加速營收成長與利潤率擴張目標。

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.

這些優異成果可歸因於三個原因：強勁的半導體市場、具備日益差異化的強大技術，以及我們團隊的強力執行與新產品的採用。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.

從整體環境來看，我們的市場非常穩健，且以對新思科技有利的方式成長。隨著海量大數據的威力與影響日益被認知，對「智慧萬物（Smart Everything）」的需求持續升溫。

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 新創、超大規模雲端業者（hyperscalers）以及垂直整合系統公司，都在大幅投資並將設計活動列為優先事項。

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.

隨著大數據與 AI 軟體以更先進的方式加速融合，技術複雜度迅速攀升，意味著今日的產品需要高度複雜的晶片、晶片系統（systems of chips），以及更高的資安與安全性要求。因此，客戶在所有市場區隔的投資都在增加。

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.

過去 5 年，新思科技在一波獨特創新上投入大量資源，這些創新正是為這個新時代量身打造並最為契合。這些投資正在帶來卓越的技術差異化與商業成果。在推動智慧萬物時代的核心，是運用 AI 的力量，以更好、更快的方式開發更複雜的晶片。

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具備機器學習技術。不過，大約在 1 年半前，經過多年研發投入後，我們推出了一項突破性的全新 AI 驅動解決方案，它不僅能引導單一工具，更能在設計流程的主要環節大幅影響成果與生產力。

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.

我們屢獲獎項的 DSO.ai 解決方案為業界首創，也是目前唯一在客戶量產環境中證實可行的方案。DSO.ai 會學習並以自主方式驅動我們的設計工具，在設計空間中尋找晶片效能、功耗與面積的最佳組合。

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.

這種自動化大幅加速設計團隊的工作，同時提供優於傳統設計流程的成果。客戶正看到顯著成效，並迅速部署至量產使用。

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 已被前十大半導體領導廠商中的 5 家採用於量產設計。第一季，我們看到跨多個垂直領域的更多部署，包括行動裝置、資料中心與處理器設計。三星已在行動領域完成多次 tape-out，其中包含在其最新製程技術上完成的最先進高效能設計。

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.

一家領先的超大規模雲端業者在雲端使用數百顆 CPU 來運行 DSO.ai，並在先進 SoC 上取得優異成果。這些突破性結果顯示 DSO.ai 能夠運用充沛的雲端運算資源，進行深度的設計空間最佳化。

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，在於其底層強大的引擎——整合式 Fusion 設計平台。整體解決方案正帶來顯著的交叉銷售機會，並加速我們平台的成長。動能體現在廣泛的市場垂直領域與製造製程之中。本季我們取得多項 3 奈米設計案（design wins），其中包括一家頂尖處理器供應商；一家領先行動裝置供應商的 3 奈米旗艦 SoC 達成 100% 記錄計畫（plan of record）採用；並在全球最大 CPU 供應商取得先進節點的勝出。我們也在成熟節點取得競爭性勝利，包括一家領先 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.

由於這些高價值創新，超大規模雲端業者持續在我們的整體產品組合中擴大對我們的依賴，包括多個採用 Fusion 平台的新設計。推動智慧萬物的關鍵之一，是在整個系統層級處理技術複雜度。

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.

新思科技「從矽到軟體（from silicon to software）」的格言，真正體現的不僅是我們長期以來對系統的專注，也反映了我們具差異化的產品組合，使我們處於獨特位置以支援當今的設計需求。

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.

系統領導力的一項風向球是 IP。繼 2021 年創下紀錄後，我們在第一季持續交出優異成果，需求仍然非常強勁。在龐大複雜度與上市時程壓力的驅動下，客戶愈來愈傾向透過採用我們 20 多年來打造並精進的市場領先 IP 產品組合，來加速啟動其設計。

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，近期由一家獨立研究機構進行的全面 IP 市場研究，將新思科技評為業界第一名：最佳 IP、最高品質 IP，以及相較其他供應商提供最佳支援。我們在關鍵市場區隔看到強勁動能，包括汽車、高效能運算、行動與消費性產品。

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.

以汽車為例，英飛凌（Infineon）在消費性電子展（CES）上宣布其下一代 AURIX TC4x 微控制器系列，採用了新思科技的 IP 與虛擬化技術。

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.

確保其資料中心安全是我們客戶的首要任務。我們看到對完整性與資料加密安全 IP 的強勁需求，迄今已取得 20 多項設計案（design wins），且活躍機會數量正快速成長。

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.

鑑於資料需求飆升，儲存也是我們的重要市場。我們持續在 PCI Express、Art 處理器以及下一代行動儲存協定 IP 上獲得廣泛採用。

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.

接下來我談談一些推動我們成果的創新系統解決方案。首先，在硬體與軟體的交會點上，系統驗證是新思科技的強項。

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.

除了我們在晶片模擬、靜態分析與除錯技術方面長期的市場領導地位之外，我們也在軟體與硬體式原型驗證方面屬於早期創新者，而這如今已成為複雜系統的關鍵推動要素。

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 年再創紀錄的一年基礎上，我們持續看到硬體業務的優異成長，涵蓋 ZeBu 模擬（emulation）與 HAPS 原型（prototyping）產品。由於我們的解決方案具備最快的引擎、最高的容量以及最低的總持有成本（TCO），對於當前軟體 bring-up 的最佳甜蜜點而言特別具吸引力，因此需求非常強勁。

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，我們在全球數家最大的半導體系統與超大規模（hyperscaler）公司，針對最新的 ZeBu 與 HAPS-100 硬體取得重大擴展部署。其中也包括在與競爭對手最新解決方案的競爭中贏得多項值得關注的勝利。

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.

第二，3DIC 設計。這是一種新一代的系統設計方式，透過在專用連接晶片上緊密貼合或堆疊多顆晶粒（die），以實現大幅提升的運算、儲存與資料管理能力。

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、統一的設計環境，整合探索、建構與簽核（sign-off）分析。相較於更老舊的競品解決方案，它在效能、容量與易用性方面展現出顯著差異化。

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.

本季，3DIC 持續保持強勁動能，已部署於一家領先的美國超大規模客戶以及一家大型網路系統公司的量產 tape-out。憑藉在 3DIC 設計與分析方面的領導地位，我們的 3DIC 平台榮獲台積電（TSMC）客戶票選獎。

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，我們運用在設計、製造與 IP 方面的專業，開發出一種創新方法，擴展並重新定義在最佳化整體電子系統方面的可能性。我們的矽生命週期管理平台可讓客戶在系統設計、製造、測試以及現場部署的各階段進行監測、分析與最佳化。

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.

我們看到客戶採用動能強勁，關鍵要素的導入持續增加；其中包括 AI 先驅 Cerebras，其使用我們的嵌入式監測器來了解晶片內動態的溫度與電壓狀況，以最佳化功耗與效能。

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.

系統日益複雜，使得從晶片一路到應用軟體的各個層面，安全與安保（safety）需求大幅提升。我們的 Software Integrity 業務以業界領先的資安測試產品與服務組合，正面迎戰這項極具挑戰的課題。

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 在今年有非常好的開局，過去 12 個月（TTM）營收突破 4 億美元門檻，並在各產品群、顧問服務與各地區皆呈現強勁成長。來自多元垂直產業的企業，包括超大規模業者、金融服務、軍工航太與工業領域，仍持續面臨強化其資安態勢的挑戰。

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.

整體軟體供應鏈（包含開源軟體）的安全弱點，是開發者最關切的議題之一，並受到政府指令與近期公開的資安事件所強化。我們的策略顧問服務不僅對客戶愈發關鍵，也正帶動更多產品採用與更長期的合作投入。

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，這在金融服務領域尤為明顯。在 DevOps 方面，我們看到客戶對解決方案的採用度提升，包括以智慧化編排將應用程式安全測試整合進 DevOps 工作流程，以及透過 Code Dx 進行結果關聯與優先排序，協助開發者在維持開發速度的同時，更有效率地完成修補。

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，我們的間接合作夥伴策略進展令人振奮。即使仍在早期階段，該計畫已在全球帶來許多新企業採用，且業務表現超出原先規劃。

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.

總結而言，第一季是今年極佳的開端。我們交出強勁的財務成果，並上調 2022 會計年度展望。我們具顛覆性的重大創新正推動卓越的技術與商業成果。我們所服務的市場依然強勁，客戶在關鍵晶片、系統設計以及龐大軟體規模上的投資持續加速。

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，我們將發布第三份年度企業社會責任報告，分享我們在環境管理（包括連續第三年達成碳中和）、社會凝聚力與公司治理等面向所取得的扎實進展與設定的目標。接下來我把時間交給 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.

謝謝你，Aart。各位下午好。第一季的結果反映公司整體良好的動能。我們以非常強勁的表現展開今年，在所有產品群與各地區皆實現顯著營收成長，並擴大——持續擴大非 GAAP 的營業利益率（operating margin），非 GAAP 每股盈餘落在我們目標區間的高端，同時帶來穩健的營運現金流。

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，是前所未有的市場機會、客戶對我們突破性新產品的加速採用，以及我們優異的執行力所形成的強大組合。我們對業務的信心依然強勁，並上調 2022 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.

接下來我將回顧第一季業績。除非另有說明，所有比較皆為年對年。我們的總營收為 12.7 億美元，較去年同期成長 31%。如預期，本季反映 EDA 軟體的強勁表現，以及 IP 與硬體的卓越需求。

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 總成本與費用為 9.23 億美元。非 GAAP 總成本與費用為 8.11 億美元，使非 GAAP 營業利益率達 36.2%。GAAP 每股盈餘為 1.99 美元。非 GAAP 每股盈餘為 2.40 美元，較去年同期成長 58%。半導體與系統設計（Semiconductor & System Design）事業部營收為 11.6 億美元，其中 EDA 與 IP 均表現良好。

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.

Software Integrity 事業部營收為 1.08 億美元，為今年帶來優於預期的開局。我們正按計畫在 2022 年達成 Software Integrity 15% 至 20% 的成長目標，並擴大調整後營業利益率。

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.

接著談現金。我們產生 1.56 億美元的營運現金流，高於原先規劃，主要由於提前收款。我們使用 2.5 億美元現金進行庫藏股回購，季末現金與短期投資為 12.7 億美元，總負債為 2,400 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.

接下來是財測。我們上調全年營收、獲利與現金流展望。就 2022 會計年度而言，全年目標為：營收 47.75 億至 48.25 億美元，代表 14% 至 15% 的成長。GAAP 總成本與費用介於 38.09 億至 38.56 億美元。

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 總成本與費用介於 32.55 億至 32.85 億美元，使非 GAAP 營業利益率提升超過 100 個基點。非 GAAP 稅率為 18%。GAAP 每股盈餘為 5.53 至 5.72 美元。非 GAAP 每股盈餘為 7.85 至 7.92 美元，代表 15% 至 16% 的成長。營運現金流為 14.5 億至 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.

再來是第二季目標。營收介於 12.4 億至 12.7 億美元。GAAP 總成本與費用介於 9.31 億至 9.51 億美元。非 GAAP 總成本與費用介於 8 億至 8.1 億美元。GAAP 每股盈餘為 1.67 至 1.78 美元；非 GAAP 每股盈餘為 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.

我們仍預期第三季與第四季的營收分布大致平均，但費用將偏向第四季。正如我們在 12 月宣布的，我們的長期財務目標是：每年實現兩位數營收成長、非 GAAP 營業利益率每年擴張超過 100 個基點，以及非 GAAP 每股盈餘在 10% 中段（mid-teens）區間成長。

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.

最後總結，我們在今年取得非常好的開局，並上調 2022 年展望。我們長期以來致力於以可持續的長期成長來經營業務，這不僅打造出我們有史以來最具競爭力的產品組合，也使我們在當前動態的市場環境中具備獨特且有利的定位。

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，我們仍然對我們在12月向各位溝通的加速長期財務目標充滿信心。接下來我把時間交給接線員進行提問。

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

（接線員指示）我們將從Baird的Joe Vruwink這條線開始提問。

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?

我希望能更進一步了解，是哪些產品領域或地理區域推動了全年營收指引上調5,000萬美元。接著，考量到今年各季的節奏，因為第一季的結果落在指引區間內，那麼是否可以說，這次上修的大部分利多可能會在第二季實現，從你們原先的預期來看？

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.

我先回答第一部分，第二部分也許Trac可以補充。我們的強勁表現其實是全面性的。我們當然可以說，IP仍然非常突出、成長表現很好。不過，我們在EDA工具上看到的一些新能力，確實正展現出越來越多的未來機會。

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.

另外你也聽到我們提到Software Integrity Group。他們持續走在非常出色的軌道上。去年基本上是回到良好成長的一年，而現在我們也正在進一步改善那邊的成長。

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.

最後是系統（systems）領域，這有點位於——我們喜歡把它稱為介於矽（silicon）與軟體之間的交會點——這個領域會持續成長，因為現在多數系統都會被最佳化，讓軟體能在硬體上以最佳方式運行，同時讓硬體對軟體的反應盡可能靈敏，甚至一路延伸到嘗試最佳化功耗。

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

因此這些事情彼此高度連動，而我們的硬體與原型驗證（prototyping）解決方案非常適合這類需求，所以表現一直很強勁。

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.

Joe，我來回答第二部分。我會把全年上修5,000萬美元的利多，描述為單純來自第二季的上行。我們第一季基本上是按計畫交付；那是全年最大的一季。我們在第一季簽下的業務中，看到EDA軟體非常強勁的成長，這應該能讓我們不僅在今年、也在未來有不錯的成長軌跡。

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.

此外，我們在IP與硬體方面也持續看到非常強勁的需求。正如Aart所強調的，去年一路延續的動能在第一季仍然持續，不僅反映在營收結果上，也反映在整體需求上。

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.

而且傳統上，我們不會在一年這麼早的時間點就上調全年指引；但鑑於我們目前的能見度——不僅是第二季，還包括今年剩餘期間——我們有信心上調整體指引。

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。接著我想再聚焦一點，因為你們在事先準備的講稿中也提到：近期市場對開源漏洞的關注。我想了解你們是否看到Black Duck在產品組合中有一些拉抬，例如興趣加速，進而在今年推進過程中有利於software integrity的成長？

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.

我想整體而言，Software Integrity Group之所以表現越來越好，是因為管理得非常到位、執行也很出色。不過你提到的確實也成立，因為在過去一年裡，發生過多次高度受關注的駭客事件，其中也包含針對開源能力的攻擊。

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.

甚至美國政府也發布了一些要求，表示你必須在其系統中更重視這件事。因此我認為整體上，市場的認知度更高了，而這對Black Duck有幫助，因為我們在那裡的能力以及我們的顧問服務能力，正是客戶所需要的。

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

接下來我們轉到JPMorgan的Jackson Ader這條線。

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?

第一個問題是關於——你提到的那家超大規模業者（hyperscaler）在雲端部署了DSO.ai。我想問的是，第一，這次部署是在你們的雲、其他雲，還是客戶的私有雲？

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?

接著追問是，取決於客戶選擇在哪裡運行這些工作負載——我想你們提到有數百顆CPU——如果客戶選擇在他們的私有雲而不是Synopsys雲上運行，是否會有任何營收流失（revenue leakage）？

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.

我先從最後一點回答。不會，沒有任何流失。他們必須像其他授權一樣使用授權。幾乎所有hyperscaler本身都有大型雲端；其中一些顯然也同時是商用雲服務供應商。

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.

而且不論是私有雲或商用雲，如果你兩者都有，結果是一樣的。在這個案例中，這些客戶在雲端管理方面非常專業，所以你可以把它視為商用雲。

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.

Jack，我再補充一點：我們確實把雲端視為非常強勁的增量成長機會，而這與他們是否使用Synopsys雲或第三方雲無關。我們可以支援其他情境，但目標是整體上拿下那筆業務。

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，我的問題重點其實是想確認，客戶會不會說：謝謝你們的DSO.ai，然後我就把球帶走、改到別的地方玩，對吧，並且可能想在授權上鑽漏洞。但你們的回答已經解答了。

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?

第二個問題其實是關於勞動市場。在緊俏的勞動市場下，你們是否看到任何跡象，顯示你們較傳統的、可能是半導體公司客戶，在工程師招募上可能會放緩？

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.

我認為在嘗試招募這件事上，確實沒有放緩。正如你所知，在多數產業中，離職率都在上升。很多人過去幾年都待在家裡，現在想要換個環境、呼吸新鮮空氣。因此整個半導體產業目前都在找人。我們自己其實也有一點這種情況——但負面的離職並不算多——同時我們也大量招募了人員。

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.

所以我認為這種情況會持續，因為對人才的需求與機會空間看起來都沒有盡頭，而且我認為非常肥沃。這類狀況通常會持續一年到一年半，之後才會逐步再度趨於平衡。

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

接下來我們轉到Wells Fargo Securities的Gary Mobley這條線。

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.

恭喜你們在會計年度有個強勁的開局。我想延續上一個問題，改從薪資通膨的角度來問。大家在辯論這是短暫性的還是結構性的，但我想可以說，薪資通膨或至少較高的薪資，可能會長期存在。

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?

因此我想問的是，你們是否能在授權交易的定價上把這部分轉嫁出去？而且在你們這種勞力密集型的業務中，是否可能在一段時間內出現交易定價與薪資通膨之間不匹配的情況？

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.

這是個很好的問題，因為很顯然——尤其結合Jackson剛才的問題——只要有人才流動，薪資往往就會有所上升，否則人們未必會選擇跳槽；我們也看到同樣的現象。

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，我們的業務持續成長得非常好。而且由於我們有許多多年期交易，在變動方面相對更穩定。不過，許多交易的規模正在變大，因為客戶想要更多工具、需要更多能力。因此我們在轉嫁這些成本時會採取較為循序漸進的方式。

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也可以從營運利潤率（ops margin）的角度再強調，但我們仍然按計畫推進：不僅要擴大業務規模，也要持續提升其獲利能力。因此在我們向前預測時，這些因素都已納入考量。

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.

我想補充一下，Gary，這並不是——實際上，我們能夠在管理薪資通膨的同時，仍然推動毛利率上升。我們做到這一點的方式很明確：我們把這些成本以及增量成本納入費用之中，並且這已反映在我們的指引以及我們對今年毛利率改善的預期上。

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.

應對它——最好的方式其實是持續投資於業務，分成兩個面向。第一，在過去幾年裡，我們持續投資於創新與新技術，以提升我們產品的價值。這幫助我們在談判中取得更高的價值，也確實推動了業務加速成長。

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.

第二，過去幾年我們也一直在重新配置資源的道路上，並且非常嚴格地檢視資源投放的位置，以取得最佳回報。因此，這些因素的組合確實正在以這種方式幫助我們管理薪資通膨。

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?

了解。感謝補充說明。接著我想問一個關於 RPO 或積壓訂單的具體問題。如果你們不能提供金額，至少能否讓我們了解一下：你們是否在財年末公布的創新高基礎上再度增加？以及較長的平均授權期間在其中扮演了多大程度的因素？我知道你們不再提供那個指標，但在那方面我們是否也在走高？

Backlog remained at $6.9 billion.

積壓訂單維持在 69 億美元。

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

了解。那平均授權期間，你能否說一下，至少……

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

在正常範圍內。在我們傳統上管理的正常區間，沒有任何異常。

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

接下來，我們請 Griffin Securities 的 Jay Vleeschhouwer 提問。

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.

Aart，先請教你。你當然經常談到硬體與軟體交會處是你們業務的重心，換句話說，半導體公司正變得更像系統公司，而系統公司也正變得更像半導體公司。

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.

我的問題是關於這對你們業務的支援意涵，也就是說，隨著複雜度提高、合約規模成長等等，你們需要為客戶提供的支援。也許你可以概括談談：隨著你們合約與產品組合的演進，你們代表客戶需要做的事情，其樣貌如何在演變。

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，在過去一年，我們看到你們針對應用工程師的職缺開放數增加了超過 140%，甚至高於過去一年研發職缺的增幅。因此，呼應先前關於招募的問題，能否談談 AE 的環境，特別是作為支援客戶的關鍵組成部分，現在看起來如何？

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.

第二個問題給 Trac。當我們看你們的部門結果時，如果把 IT 與系統整合部門中我們認為可能屬於硬體業務的部分剔除，看起來你們第一季 IP 的年化運行率遠高於 15 億美元，相較於第四季的 11 億到 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 IP 的 ARR（可這麼說）大幅增加。而這看起來與本季中國的增長相當高度相關。因此，也許你可以談談 IP 業務內部的這些相關性。

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。Jay，你問的問題大概得花半小時才能回答。你幾乎觸及了我們必須做的所有事情。我這樣說吧：幾年前，我們把「從矽到軟體」放在我們的標誌之下。當時那是願景性的，因為它意味著要往重心正在移動的方向前進。

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.

我非常確信，所有將影響「智慧萬物」、大數據、以及各種形式自動化的重心，其實就在這兩者的交會處。所以我先從硬體端往下說。在那裡，很明顯有一個趨勢仍在延續：更小、更精密的裝置，這是技術演進。

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.

第二個與之互補的趨勢是多晶片以及——或晶粒（chiplets）。原因是到了某個時間點，你想要多 100 倍的電晶體，但在技術上不可行。因此你把它拆分，我們會看到更多這樣的做法。

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，許多晶片會變成針對有限任務集合的專用架構。這並不新，因為早在 20 年前，圖形處理器本質上就是用來處理像素的加速器。當然，現在有很多朝 AI 方向或資料管理方向發展，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.

接著我們移到等式的另一端，也就是軟體。軟體當然有一個目標：在你能想到的每個領域做出能增加大量價值的應用，包括許多自動化領域、大數據／機器學習領域。

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.

因此，軟體需要與硬體匹配，硬體也需要與軟體匹配。這就是原型驗證在兩個面向都有效的地方，而我們也看到快速成長。就像其他任何事情一樣，人們希望原型能再快 10 倍，因為那樣他們就能多做 10 倍的事情。所以我認為這種趨勢還會持續相當一段時間。

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.

至於不同的支援需求，你完全正確：在半導體領域，或者說在硬體往下的部分，更多是我們過去 35 年所做事情的延伸。AI 非常重要，因為它現在正在承擔更複雜的多步驟任務。因此，我們在那裡提供大量支援。

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.

然而如果往上看，過去系統廠商中只有少數真正大幅投資於晶片設計或電子系統設計。現在因為軟體更接近實現層面，他們正在投資。但這類公司如果能購買部分完成的解決方案，例如大型 IP 模組，往往就會從那裡開始。因此，他們也愈來愈把我們的 IP 視為延伸到中間地帶的方案。

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.

最後一點是：對於每個垂直領域，往往還有額外需求。汽車就是一個典型例子，因為安全至關重要，而在那種情況下，資安是安全的一個子類別。當然，資安也適用於非常多的場景。

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.

簡而言之，我們的機會在於：我們觸及所有這些參與者，並且愈來愈成為多方之間的催化劑，讓某件事得以成功。而這正是 Synopsys 的一大機會所在。

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.

Jay，我來回答你問題的第二部分。你說得對，第一季對 IP 來說是非常強勁的一季，此外其他產品也表現不錯。但從高層次來看，IP 業務在所有領域、所有地區，以及非常多元的客戶基礎上都很強。

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，把這個連結直接指向中國會具有誤導性。事實上，在中國，我們在所有產品類別的表現都很好。我們的 EDA 軟體成長非常好，硬體表現也不錯，此外還有 IP。所以若試圖在結果的最高層級做這樣的連結，我認為——會讓你得到誤導性的結論。

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

接下來，我們請 KeyBanc Capital Markets 的 Jason Celino 提問。

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?

也許先問 Trac 一題。本季半導體與設計的利潤率非常亮眼，達到 38%。這是我們見過的最高水準。這樣的強勁表現有多少主要是來自 IP 與硬體較偏前收（upfront）的特性與強勢表現？

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.

我會把它更形容為結果的「季度化」，Jason，對吧？因為請記得，當我們在 12 月和你談時，我們描述費用在全年相對持平，但營收組合與營收認列時點會使毛利率偏向前段。

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

但整體而言，我認為毛利率表現非常好，而且我們確實預期在多年期間內，我們會持續改善毛利率。

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。有意思。接著，Aart，我覺得你在談到 SIG 業務時提到超大規模雲端業者（hyperscalers）很有意思。我原本不認為與 hyperscalers 的強化合作會與 SIG 業務有任何連動。所以我的問題是，這些 hyperscalers 通常會分別採購 EDA 與 SIG 產品嗎？還是他們有機會把兩者打包在一起？

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，我們相對是分開銷售這些產品。公司內部往往有非常不同的採購方在看這些。且我們也主動讓它們在某種程度上保持分開。這比把所有東西都一起談、最後被壓到最低共同標準的談判方式，是更好的商業做法。所以——但當然，這些 hyperscalers 在資安方面確實有很大的需求。因此我們也與他們合作得很好。

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

接下來我們請 UBS 的 Pradeep Ramani 提問。

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.

我有幾個問題。你們的遞延收入大幅跳升。我想知道是什麼在驅動？首先，從產品面來看，這是全面性的，還是主要集中在 IP 或 EDA 或硬體？抱歉，是 IP 或 EDA？另外，就地理區域或客戶集中度而言，是不是有某些因素推動了這個變化？如果你能進一步說明，會很有幫助。

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，Pradeep，我先回答第一個問題。遞延收入在所有產品線上都非常廣泛；而遞延收入在不同季度之間的波動，主要只是反映我們向客戶開立帳單與發票的時間點。我沒有很清楚聽到你第二部分的問題。

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。主要是想問是否有任何單一客戶或單一地理區域——某個地區——推動了這個上行，或這同樣也是廣泛分布的？

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

整體成長確實是廣泛分布的，也就是全球各地、跨客戶的成長。

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。那我的追問是，我想你提到 DSO.ai 和 SLM。你會如何描述它們目前占你們半導體與系統設計營收的比例大概是多少？以及我們應該如何看待這兩個貢獻來源未來的成長路徑？

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。我們仍在早期階段。一般而言，我們不會揭露單一產品的占比。但這兩個領域都具備潛力，成長速度當然可能快於公司其他部分，因為它們處於早期階段，同時也為客戶帶來一整套新的價值。

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.

另外回到先前的問題，我沒有提到的是，在這兩個領域，我們也會增聘更多人員，以協助客戶成功，並更快達到這些能力所提供的高價值。

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

（接線員指示）下一個問題來自 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.

第一個問題可能是問 Aart。你應該很清楚目前半導體領域的爭論——關於半導體產業循環，大家在辯論我們是否正處於景氣循環高峰，或是「強勢更久」。

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?

以你在這個產業大概 40 年的經驗，你能否給我們一些看法：你怎麼看目前這一輪循環？它和你過去看到的循環一樣嗎？還是有什麼不同？以及你認為這個循環會如何影響 EDA 產業，特別是對你們的業務，會以何種方式產生影響？

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。我對這點非常清楚。我認為我們正進入一波長期且巨大的機會浪潮，因為透過海量資料與機器學習的結合，最終到 AI 與自動化，能改變世界運作方式；而這對每一個垂直產業都具有非常、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，雖然可以說在過去數十年，摩爾定律某種程度上推動了技術前進，並且總是帶來新的效益；但現在同時也有來自終端市場的拉力，大家都意識到：嘿，他們可能只要更好地理解資料，就能從營運中省下一些成本，甚至找到更好的解決方案。

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.

而我認為這件事非常深遠；我會說，它的深遠程度就像 35 年或 30 年前運算技術對世界造成的影響一樣。同時，我們也都很清楚，某些——其實是相當有限但關鍵的一組——零組件存在短缺。

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.

我有點猶豫要不要把那稱為一個循環。供應鏈曾因全球政治而中斷；也有 COVID 讓人們停止下單；還有很多因素，而且多半是較舊的零組件。所以是的，那裡有一些短缺。也正在建置一些額外產能。大部分產能其實是為先進製程節點而規劃，因為我前面提到的那些新機會。

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，供需與供應商之間的對齊總會有一些小幅循環。但整體而言，我認為半導體產業將迎來十年的巨大機會。

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.

順帶一提，我應該補充，當然也包括我們，是的——這可能是針對 Synopsys 那部分問題的重點結尾。是的，我們非常身處其中。我們也很喜歡「催化劑」這個詞，因為我們實際上會接觸到最深層的技術：從設計、系統、在那裡進行配置與最佳化，一直到軟體與資安。

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，這讓我們處於一個能與所有必須良好協作、才能成功的參與者互動的位置。而我們很大一部分的熱情也正是來自於此。

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.

我想快速追問一下，可能是問 Trac 的問題。就你們全年指引與你們會計年度第二季指引來看，似乎暗示你們在下半年營收會有些放緩。

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.

我認為你們的時間型（time-based）營收一直相當線性，通常全年都很線性、穩定成長；維護服務我也不預期會有任何非線性的差異。我在想，你們是否預期下半年一次性（upfront）營收會稍微放緩，可能是硬體、永久授權或 IP 合約在下半年會有些變化？

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.

Charles，季度化的型態取決於客戶——也就是我們預期客戶何時會提取（pull down）IP 與硬體。所以主要就是這兩項。其他部分如你所描述，都相當線性。也會有些小幅起伏，但整體而言非常線性。

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.

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