Anirudh Devgan: Yes, absolutely. Great point. I mean the thing with hardware, first of all, it’s in a secular growth trend like we mentioned, but it’s always good to have multiple products. And that’s why the addition of Palladium and Protium that are complementary, but address different parts, which both of them are growing, it also provides more predictable growth for our business. So, like even though we had a record year last year we still see growth this year and in the future because of this product mix, because software bring-up, I don’t need to tell you, most of the designs now are software-defined hardware design. Software is what is driving the requirements for the hardware design. So, initially, they actually start with the software model and that is run on Protium to figure out what kind of architecture to do.
And then once you do the chip design, then Palladium comes in and then at the end, Protium comes in again. So, there is a lot of back and forth between software bring-up and chip design. And therefore, having a common compiler gives a unique value that you can move it seamlessly between the two platforms. But I also believe that just like our customers have different silicon platforms, we need to do that too, okay. So, Palladium, the reason it is well differentiated is we use our own Cadence silicon. We design it ourselves, built with one of our foundry partners. And that gives advantage in terms of compile time that is unmatched, right. But for software bring-up, FPGA is good. So, we use FPGA platforms, and then we have built a differentiated offering with Protium.
And same thing on like our regular verification systems like Formal with Jasper and XLM logic simulation. We also offer multiple hardware platforms. Of course, x86, that has been traditional, but we have also ported all our software platforms, especially in verification to ARM-based systems because they can offer price performance. So, not only we have multiple products with Palladium and Protium, we are always looking at the right hardware to run them on. So, in case of Palladium, it’s a custom silicon. In case of Protium, it’s FPGA. And then in logic simulation and Formal, we look at both x86 and ARM, so to give a full variety of options to our customers.
Ruben Roy: Thanks for all that detail Anirudh. If I could just ask a quick follow-up for John, I don’t think you were asked on the pricing environment, John, and just watching the backlog move up again and kind of all the megatrends that you are talking about is understandable that things are going well. But I am just wondering, in light of the macro, etcetera, if €“ how you are thinking about pricing as in the context of the guidance that you have given for €˜23? Thank you.
John Wall: Thanks. The €“ yes, I mean we are very focused and disciplined on driving value for Cadence and for our customers. As like I said, on our hardware side, we don’t believe that’s very much on the software side too, that a lot of our customers spend with us is not really discretionary. It’s quite indispensable tools that they need from us. And everybody these days wants to focus on improving productivity, and all the tools we provide help our customers to drive that. So, I think we are in a sweet spot at the moment. So, we are disciplined on pricing. But the pricing that we are extracting for our tools has come from the increased value that our customers are getting from the use of our tools.
Ruben Roy: Makes sense. Thanks John.
