Cadence provides electronic design automation, or EDA, software, intellectual property, and systems design and analysis products that are essential to the semiconductor chip design process. As secular trends toward artificial intelligence, 5G communications, autonomous vehicles, and cloud computing, among others, accelerate, we expect Cadence to benefit from both the increasing complexity of chip design and increasing digitalization of various end markets. We believe narrow-moat Cadence has a long runway for growth as it uses strategic organic and inorganic investments to expand its platform in a growing semiconductor landscape.