Check Point Software Technologies Ltd (CHKP) 2022 Q2 法說會逐字稿

This meeting is being recorded.

正在錄製此會議。

I like to welcome everyone to our Second Quarter 2022 Financial Results Video Conference Call.

我歡迎大家參加我們的 2022 年第二季度財務業績視頻電話會議。

(Operator Instructions)

（操作員說明）

Formal presentation will be followed by a question-and-answer session.

正式報告之後將進行問答環節。

Joining me remotely today are Gil Shwed, Founder and CEO; along with our CFO and COO, Tal Payne. As a reminder, the video conference is live on our website and is recorded for replay. To access the live conference and replay information, please visit the company's website at checkpoint.com. For your convenience, the replay will be available on our website. If you'd like to reach us after the call, please contact Investor Relations by e-mail at kip@checkpoint.com.

今天遠程加入我的是創始人兼首席執行官 Gil Shwed；以及我們的首席財務官兼首席運營官 Tal Payne。提醒一下，視頻會議在我們的網站上直播，並被錄製以供重播。要訪問現場會議和重播信息，請訪問公司網站 checkpoint.com。為了您的方便，重播將在我們的網站上提供。如果您想在通話後聯繫我們，請發送電子郵件至 kip@checkpoint.com 聯繫投資者關係部。

During this presentation, Check Point's representatives may make certain forward-looking statements. These forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 include, but are not limited to, statements related to Check Point's expectations regarding our products and solutions, expectations regarding customer adoption of our products and solutions, expectations related to cyber security and other threats, expectations regarding our Q3 2022 projections, our 2022 initiatives, the market for IT security, competition from other products and services supply chain, general market, political, economic and business conditions, including the impact of the COVID-19 pandemic.

在本演示文稿中，Check Point 的代表可能會做出某些前瞻性陳述。這些在 1933 年證券法第 27A 條和 1934 年證券交易法第 21E 條含義內的前瞻性陳述包括但不限於與 Check Point 對我們的產品和解決方案的預期、對客戶對我們產品和解決方案的採用、與網絡安全和其他威脅相關的期望、對我們 2022 年第三季度預測的期望、我們的 2022 年計劃、IT 安全市場、來自其他產品和服務供應鏈的競爭、一般市場、政治、經濟和商業狀況，包括 COVID-19 大流行的影響。

These forward-looking statements are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our annual report on Form 20-F filed with the SEC. The forward-looking statements in the presentation are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law. In our press release, which has been posted on our website, we present GAAP and non-GAAP results, along with a reconciliation of such results as well as the reasons for our presentation of non-GAAP information.

這些前瞻性陳述還受到其他風險和不確定性的影響，包括我們提交給證券交易委員會的文件中更全面描述的風險和不確定性，包括我們提交給美國證券交易委員會的 20-F 表格年度報告。演示文稿中的前瞻性陳述基於 Check Point 截至本文發布之日可獲得的信息，並且 Check Point 不承擔更新任何前瞻性陳述的任何義務，除非法律要求。在我們網站上發布的新聞稿中，我們介紹了 GAAP 和非 GAAP 結果，以及此類結果的對賬以及我們提供非 GAAP 信息的原因。

Now I'd like to turn the call over to Tal Payne for a review of our financial results.

現在，我想將電話轉給 Tal Payne，以審查我們的財務業績。

Thank you, Kip. Good morning, and good afternoon to everyone joining us on the call. I will start with a review of the second quarter and right at the back, you can see that we had an excellent quarter both revenues and earnings per share at were the high end of our projections, $571 million revenues, which is $11 million above the midpoint of our projections. Earnings per share of $1.64, which is also at the high end of our guidance and $0.04 above the midpoint of our projections.

謝謝你，基普。早上好，下午好，所有加入我們電話會議的人。我將從回顧第二季度開始，在後面，您可以看到我們的季度收入和每股收益都非常出色，處於我們預測的高端，收入為 5.71 億美元，比預期高出 1100 萬美元我們預測的中點。每股收益為 1.64 美元，這也是我們指導的高端，比我們預測的中點高 0.04 美元。

Before I proceed further into the numbers, let me remind you that our GAAP financial results include stock-based compensation charges, amortization of acquired intangible assets and acquisition-related expenses as well as the related tax effects. Keep in mind, as applicable non-GAAP information is presented excluding these items.

在我進一步討論這些數字之前，讓我提醒您，我們的 GAAP 財務業績包括基於股票的薪酬費用、所購無形資產的攤銷和與收購相關的費用以及相關的稅收影響。請記住，因為適用的非公認會計原則信息不包括這些項目。

Now let's take a dive into the numbers, and I will start first with the revenues, which were quite nice this quarter. I will start from the total revenues. Revenues for the quarter accelerated reaching $571 million, which is 9% increase and increased from the $526 million, basically more than doubled the growth rate compared to last year Q2, which was around 4%.

現在讓我們深入研究一下這些數字，我將首先從收入開始，這個季度的收入相當不錯。我將從總收入開始。本季度收入加速達到 5.71 億美元，增長 9%，較去年的 5.26 億美元有所增長，與去年 Q2 約 4% 的增長率相比基本翻了一番多。

And now you will ask me about the billing. So let's hit it as we start. Billing in the quarter reached $571 million, which is a 6% increase I want to remind you that the billing for us is affected significantly by the deal timing, duration and the payment terms. Hence, it can fluctuate between quarter-to-quarter. Specifically, when we have the mega deals, mega deals is $20 million, $30 million, $40 million deals. In Q2 last year, if you recall and go through the script back then, we said specifically, we had quite a few (inaudible) mega deals, which were built in advance. So mega deal can happen but can be built over time or once a year in the split payment.

現在你會問我關於帳單的問題。因此，讓我們在開始時進行操作。本季度的賬單達到 5.71 億美元，增長了 6% 我想提醒您，我們的賬單受到交易時間、期限和付款條款的顯著影響。因此，它可以在季度之間波動。具體來說，當我們進行大型交易時，大型交易是 2000 萬美元、3000 萬美元、4000 萬美元的交易。在去年的第二季度，如果你回想一下當時的劇本，我們特別說過，我們有很多（聽不清）大型交易，這些都是提前建立的。因此，大型交易可能會發生，但可以隨著時間的推移或每年一次的分期付款而建立。

Last year, we had a few large deals, which were built actually in advance which created the dip in the billing right now, but no effect on the run rate and on the growth rate in general, which you can see very clearly in the P&L.

去年，我們有幾筆大筆交易，實際上是提前建立的，導致現在的賬單有所下降，但對運行率和總體增長率沒有影響，你可以在損益表中非常清楚地看到.

Deferred revenues is somewhat including that because if you compare the deferred revenues, if deals came instead of in Q2. In Q4, or got advanced it, then it will be part of the deferred revenues. So you can see deferred revenues is healthy at $1.666 billion, which is an increase of $194 million or 13% growth year-over-year. So that's to cover the subject of the revenues.

遞延收入在某種程度上包括了這一點，因為如果你比較遞延收入，如果交易是在第二季度而不是在第二季度出現的。在第四季度，或者提前了，那麼它將成為遞延收入的一部分。因此，您可以看到遞延收入為 16.66 億美元，同比增長 1.94 億美元或 13%。這就是收入的主題。

If you go to the split in the revenues, first, let's start with the 2 line items that together called product and subscription revenues, together with a double-digit growth, 13% growth year-over-year, reaching $343 million. It's a double-digit growth in this 2 lines together for 2 quarters in a row. So it's nice to see it stabilizing on a double digit, and hopefully, it's planned to continue. So it's a great milestone for us.

如果你去拆分收入，首先，讓我們從一起稱為產品和訂閱收入的 2 個項目開始，加上兩位數的增長，同比增長 13%，達到 3.43 億美元。這兩條線連續兩個季度都實現了兩位數的增長。所以很高興看到它穩定在兩位數上，希望它計劃繼續下去。所以這對我們來說是一個偉大的里程碑。

Even more than that for the first time in many, many quarters, probably maybe 10 years, we had a really strong product and license revenues. I'll remind you that last quarter, when you asked me about the billing, I told you some of it is products that had delayed delivery Infinity where we wait for customers to pull or just delivery of 2, 3 weeks after the order. It could happen every quarter. It also happened this quarter. We have quite a lot of that as well in this quarter.

甚至比這在許多、許多季度，可能是 10 年來的第一次還要多，我們擁有非常強勁的產品和許可收入。我會提醒你，上個季度，當你問我關於賬單的問題時，我告訴你其中一些是延遲交貨的產品 Infinity，我們等待客戶拉貨或在訂單後 2、3 週交貨。每個季度都可能發生。本季度也發生了這種情況。我們在本季度也有很多這樣的事情。

So that's also slightly affecting the billing, but you can start it already seeing it translating into the P&L, and we see 12% growth in our appliances. It came from -- like last quarter when we talked about it also from SMB mid, large appliances, Maestro was very strong, which is the switches that enable us hyperscale network. We see Infinity customers also starting to use their product allowance as they implement the security solution in the organization. So it's a very nice quarter for the product reaching double digits for the first time in a long time.

所以這也略微影響了計費，但你可以開始看到它轉化為損益表，我們看到我們的設備增長了 12%。它來自 - 就像上個季度一樣，當我們也從 SMB 中型大型設備中談到它時，Maestro 非常強大，這是使我們能夠實現超大規模網絡的交換機。我們看到 Infinity 客戶在組織中實施安全解決方案時也開始使用他們的產品配額。因此，對於該產品在很長一段時間內首次達到兩位數來說，這是一個非常好的季度。

We look at the subscription, it was double-digit for a while and it continues to be nice with 14% growth in the subscription, reaching $210 million, an increase from the 12% last year of the $184 million last year. The growth continues to be driven by all the items growing, Quantum, CloudGuard, Harmony. But the double digit is driven by CloudGuard and Harmony, both of them considered new pillars for us on the last year or 2. Our Harmony e-mail security continues to deliver great results and reminding you that we acquired some of the e-mail came from an acquisition in September last year, which will be annualized in September. So we see nice growth in both of them, both cloud and in harmony. All in all, it's about 37% of our revenue is the subscription now. So it's becoming quite a large engine for us in the revenue growth and creation.

我們看看訂閱量，有一段時間是兩位數，訂閱量增長了 14%，達到 2.1 億美元，比去年的 12% 增加了 1.84 億美元。增長繼續受到所有增長項目的推動，Quantum、CloudGuard、Harmony。但兩位數是由 CloudGuard 和 Harmony 推動的，它們在過去一兩年都被認為是我們的新支柱。我們的 Harmony 電子郵件安全繼續提供出色的結果，並提醒您我們獲得的一些電子郵件來自從去年 9 月的一次收購開始，將在 9 月進行年化。因此，我們看到兩者都有很好的增長，無論是雲還是和諧。總而言之，我們現在大約 37% 的收入來自訂閱。因此，它正在成為我們收入增長和創造的一個相當大的引擎。

If I'm going to revenues by geographies. So what you can see here, the percentages are the same like last year. So you see 44% in EMEA, 44% of our revenues coming from Americas and 12% from APAC. If you calculate year-over-year, you will see the revenues grew across all geographies in quite a similar rate. So quite a healthy business all across our regions. So that's also pretty nice and stable.

如果我要按地區計算收入。所以你可以在這裡看到，百分比與去年相同。因此，您會看到 44% 來自歐洲、中東和非洲，我們 44% 的收入來自美洲，12% 來自亞太地區。如果您按年計算，您會看到所有地區的收入都以非常相似的速度增長。因此，我們整個地區的業務都非常健康。所以這也很好而且很穩定。

I'll move to the profitability. So of course, you hear it from many, many companies have included. Revenues we discussed. Gross profit moved up from $470 million to $501 million strong gross margins. So we continue to have strong with 88%. It's a tick down. We actually pay significantly -- we talked about in the last 2 quarters in a row. It's -- I actually expect it to continue for the rest of the year, which is part of the pressure on the margin, but it's okay. It's the temporary increase in the cost relating to either putting our hands on raw material on the open market or expediting shipment because you need to get it early to the production line.

我將轉向盈利能力。所以當然，你從很多很多公司那裡聽到了它。我們討論的收入。毛利潤從 4.7 億美元上升到 5.01 億美元，毛利率強勁。因此，我們繼續保持強勁的 88%。這是一個勾號。我們實際上付出了很多——我們連續兩個季度都談到了這一點。這是 - 我實際上預計它會在今年剩下的時間裡持續下去，這是利潤壓力的一部分，但沒關係。這是與將原材料放在公開市場上或加快發貨相關的成本暫時增加，因為您需要儘早將其送到生產線。

These are strong margin taking into account these higher material costs and also shipping costs. Hopefully, this temporary phenomena will go back to normal towards in 2022. It's too early to say, but it looks like for the second half of the year, it's still here. We see the raw material coming in, this raw material that we produce now are going to be part of the cost in the next 2 quarters. So great results taking into account the massive pressures that all the companies are seeing in the raw material market.

考慮到這些較高的材料成本和運輸成本，這些利潤很高。希望這種暫時現象會在 2022 年恢復正常。現在說還為時過早，但看起來下半年，它仍然存在。我們看到原材料進來了，我們現在生產的這種原材料將成為未來兩個季度成本的一部分。考慮到所有公司在原材料市場上看到的巨大壓力，結果如此之好。

Operating expenses very similar to last quarter. We see operating expenses increasing faster than the revenues in 18%. This is in line with our plan from the beginning of the year. I'll just remind you, our plan was -- we're going to continue to increase our workforce, mainly in sales and R&D. We continue the elevated investment in our bucket, which is mainly CloudGuard and Harmony. So in line with the plan, we increased our workforce year-over-year, even double digits, both in sales and in R&D. In sales, we still have some recruiting to continue. The year-over-year operating expenses increased mainly as a result of that fact, the compensation. Of course, return to travel and face-to-face interaction some cloud expenses and the acquisition that we had last year of Avanan and Spectral this year. So that's also part of those expenses. And there was not part of the original guidance, therefore, us meeting the EPS after these acquisitions as well, it just shows the strength of the results.

運營費用與上一季度非常相似。我們看到運營費用的增長速度快於收入的 18%。這符合我們從年初開始的計劃。我只想提醒你，我們的計劃是——我們將繼續增加我們的勞動力，主要是在銷售和研發方面。我們繼續加大對我們的投資，主要是 CloudGuard 和 Harmony。因此，按照計劃，我們的員工隊伍逐年增加，甚至在銷售和研發方面都達到了兩位數。在銷售方面，我們還有一些招聘要繼續。營業費用同比增加的主要原因是薪酬。當然，回到旅行和麵對面互動的一些雲費用以及我們去年收購的 Avanan 和今年的 Spectral。所以這也是這些費用的一部分。並且沒有部分原始指導，因此，我們在這些收購之後也達到了每股收益，這只是顯示了結果的強度。

If I'm moving to the -- below the operating income. So what we can see here, operating margin is higher than we planned. It's actually 44%. We planned it slightly below because we're still in the recruiting process, we still haven't finished. Financial income. We're starting -- you don't see it here because Q2 versus Q2 is $10 million. But if you compare to Q1, the sequential quarter, you will see an increase. As our portfolio is being released, we invested in higher interest rate and we start to see an increase there.

如果我要轉移到 - 低於營業收入。所以我們在這裡可以看到，營業利潤率比我們計劃的要高。實際上是 44%。我們在下面稍微計劃了一下，因為我們仍在招聘過程中，我們還沒有完成。財政收入。我們開始了——你在這裡看不到它，因為第二季度與第二季度相比是 1000 萬美元。但是，如果您與第一季度（連續季度）相比，您會看到增長。隨著我們的投資組合被釋放，我們投資了更高的利率，我們開始看到那裡的增長。

On the other hand, on the taxes, tax provision are getting indexed since -- as you know, the index is quite high. The inflation, which is the indexation is quite higher than nobody planned for it. It's part of our tax expenses. That's why you see it moving up to 19%. They deducted each other. Therefore, the net effect was minimal this quarter. And the total net income is $209 million, earnings per share, $1.64, which is $0.04 above the midpoint of our guidance. So quite good earnings per share in operating income.

另一方面，在稅收方面，稅收準備金正在被索引，因為如您所知，該指數相當高。通貨膨脹，即指數化，比沒有人計劃的要高得多。這是我們稅費的一部分。這就是為什麼你看到它上升了 19%。他們互相扣分。因此，本季度的淨影響很小。總淨收入為 2.09 億美元，每股收益為 1.64 美元，比我們指導的中點高 0.04 美元。所以每股收益相當不錯的營業收入。

If I'm moving to our cash position and cash flow, I will start with the cash balances. So our cash balances as of the end of the quarter was $3.7 billion. Our operating cash flow this quarter was $212 million, I'm reminding you that we hedge our balance sheet against currency fluctuations in order to minimize the effect on the P&L. So as you do balance sheet hedge, it minimize an effect on the P&L and protects our P&L and also this quarter it happened, but the fluctuations you see in the cash flow. This quarter, the fluctuation in the cash flow was significant. It was about $47 million, the hedge cash expense versus $6 million income in Q2 last year.

如果我要轉向我們的現金頭寸和現金流，我將從現金餘額開始。因此，截至本季度末，我們的現金餘額為 37 億美元。我們本季度的經營現金流為 2.12 億美元，我提醒您，我們對資產負債表進行貨幣波動的對沖，以盡量減少對損益的影響。因此，當您進行資產負債表對沖時，它可以最大限度地減少對損益的影響並保護我們的損益以及本季度發生的情況，但您會看到現金流的波動。本季度現金流量波動較大。對沖現金費用約為 4700 萬美元，而去年第二季度的收入為 600 萬美元。

Net operating cash flow, excluding the effect of the hedge and taxes is an increase of 2%. So quite a healthy cash flow with continued strong collection from our customers and expenses in line with the growth of our headcount and expenses in the P&L. During the quarter, we also continue our buyback. You can see here, $325 million share repurchase continue. We purchased 2.6 million shares for $325 million, an average price of $123 to $127 per share. So that's the cash position.

不包括對沖和稅收影響的淨經營現金流增長了 2%。因此，現金流量相當健康，我們的客戶和費用持續強勁，與我們員工人數的增長和損益表中的費用保持一致。在本季度，我們還將繼續回購。你可以在這裡看到，3.25 億美元的股票回購仍在繼續。我們以 3.25 億美元的價格購買了 260 萬股，平均每股價格為 123 至 127 美元。這就是現金狀況。

So if I summarize, we had strong results, revenues and EPS in the high end of our projection with accelerated revenue growth, double-digit growth in products, double-digit growth in subscription and we are continue to be focused on the top line while maintaining very strong profitability.

因此，如果我總結一下，我們在預測的高端有強勁的業績、收入和每股收益，收入增長加速，產品兩位數增長，訂閱數兩位數增長，我們將繼續專注於收入，同時保持非常強勁的盈利能力。

And now I will turn over the call to Gil for his insightful comments.

現在，我將把電話轉給 Gil，讓他發表有見地的評論。

So thank you, everyone, and glad to have you all join us. I will jump right in to give a little bit more color to the business and the environment and mainly about some customer wins. But before that, I want to congratulate our Kip for his birthday. You see that Kip picked a very special day for his birthday and the best group of people that you wanted to celebrate with. So happy birthday, Kip.

所以謝謝大家，很高興你們都加入我們。我會立即加入，為業務和環境增添一點色彩，主要是關於一些客戶的勝利。但在此之前，我要祝賀我們的基普生日。您會看到 Kip 選擇了一個非常特別的日子來慶祝他的生日，以及您想與之慶祝的最好的一群人。生日快樂，基普。

Happy Birthday, Kip.

生日快樂，基普。

Thank you. Thank you very much.

謝謝你。非常感謝。

And now let's talk a little bit about the threat landscape, which, as you can see, continues to intensify. We've continued -- I mean, we are seeing it for a very long time, and it's actually quite rare that for so many years, we are seeing such a, I would say, tense market, but we're seeing 32% increase in overall cyber attack. We see per organization on a global basis and 59% is sophisticated attacks like ransomware. You can see the statistics last quarter, 1 out of every 40 organizations was impacted by ransomware.

現在讓我們談談威脅形勢，正如你所見，威脅形勢繼續加劇。我們繼續——我的意思是，我們已經看到了很長一段時間，實際上，這麼多年來，我們看到如此緊張的市場是非常罕見的，但我們看到的是 32%整體網絡攻擊增加。我們在全球範圍內看到每個組織，其中 59% 是複雜的攻擊，例如勒索軟件。您可以看到上個季度的統計數據，每 40 個組織中就有 1 個受到勒索軟件的影響。

And even more so, these attacks are now going beyond just small scale attacks or just hacking groups to a much bigger impact. We've seen country extortion, we've seen a nation state organization using Gen V attack tools. And we've even seen a lot of geopolitical attacks happening in many, many parts of the world when one country is either spying or actually even attacking and using cyber warfare as a way to disrupt life in another country.

更重要的是，這些攻擊現在已經超越了小規模攻擊或黑客團體，產生了更大的影響。我們看到了國家勒索，我們看到了一個民族國家組織使用第五代攻擊工具。我們甚至看到在世界許多地方發生了很多地緣政治攻擊，一個國家要么從事間諜活動，要么實際上攻擊並利用網絡戰作為擾亂另一個國家生活的一種方式。

So this is something that's now part of our real life. And with that, we anticipate, and I think almost everyone around us that the strong demand for cybersecurity will continue with that continuous wave of fifth-generation cyber attacks.

所以這已經成為我們現實生活的一部分。因此，我們預計，而且我認為幾乎我們周圍的每個人都認為，隨著第五代網絡攻擊的持續浪潮，對網絡安全的強烈需求將繼續存在。

I believe, and I think we are seeing that customers, of course, will need the best security, which is what we stand for and what we aim to provide I'm pretty sure that customers will understand and will prefer solutions that are focusing on prevention and not just on detection of cyber attacks. And I think at the end, consolidation will also take a bigger pace both because it delivers better security and also because most organizations cannot manage the complexity of using tens or even more of different cyber solutions, which is happening in many, many cases.

我相信，並且我認為我們看到客戶當然需要最好的安全性，這就是我們所代表的以及我們旨在提供的東西我很確定客戶會理解並更喜歡專注於的解決方案預防，而不僅僅是檢測網絡攻擊。我認為最後，整合也將採取更大的步伐，既因為它提供了更好的安全性，也因為大多數組織無法管理使用數十種甚至更多不同網絡解決方案的複雜性，這種情況在很多很多情況下都會發生。

So that's kind of the big threat landscape. How do we address that? Just to remind you, we have in Check Point, what we call the Infinity architecture. I think it's, by far, the most integrated, the most comprehensive cyber security architecture in the market built on 3 pillars or 3 product families, Quantum, most of our business network security; CloudGuard, for the cloud and Harmony to secure users access; and now even e-mail, it's built upon a common management layer; and on ThreatCloud, which actually makes sure that all that information is being shared, integrated and proliferated in real time from one vector to another and we achieved the highest level of security.

所以這是一種巨大的威脅格局。我們如何解決這個問題？提醒您，我們在 Check Point 中有我們所說的 Infinity 架構。我認為它是迄今為止市場上集成度最高、最全面的網絡安全架構，建立在 3 個支柱或 3 個產品系列上，Quantum，我們的大部分業務網絡安全； CloudGuard，用於雲和 Harmony 保護用戶訪問；現在甚至是電子郵件，它都建立在一個共同的管理層之上；在 ThreatCloud 上，它實際上確保所有信息都在從一個向量到另一個向量的實時共享、集成和擴散中，我們實現了最高級別的安全性。

How did we do on all these 3 pillars in the last quarter? And I think the good news is that we've seen accelerated core growth in every product pillar. In Quantum, we've seen nice growth from the low end, from the branches and SMBs all the way to the large installations. We've seen I mean you heard about the product numbers, the product double-digit growth, but even more so the unit growth was also very good.

上個季度我們在這三個支柱上的表現如何？我認為好消息是我們已經看到每個產品支柱的核心增長加速。在 Quantum，我們看到了從低端、分支機構和 SMB 一直到大型裝置的良好增長。我們已經看到我的意思是您聽說過產品數量，產品兩位數的增長，但更重要的是單位增長也非常好。

And again, all the way from the very small to the very large. CloudGuard, same thing continues double-digit growth and with Harmony that we've extended Harmony with big investment in e-mail security last year. We've seen over 50% growth in the e-mail security part, which is great.

再一次，從很小到很大。 CloudGuard，同樣的事情繼續保持兩位數的增長，並且與 Harmony 一起，我們去年在電子郵件安全方面進行了大量投資，從而擴展了 Harmony。我們已經看到電子郵件安全部分增長了 50% 以上，這很棒。

And I think you've already seen this slide from Tal. So I'll just repeat that shortly. We've seen 9% revenue growth, highest growth in years, more than double than the rate that we've seen in the last couple of years. And that's really fueled by the double-digit growth in products and subscription. You see the green line here. And you see the correlation between the lines when the green line actually takes up eventually the blue line, the total revenue growth. So I mean we are very happy about that trend. We've been investing in that for a long time. And the last 2, 3 quarters, we are glad that restrained intensified. How does it go with the different pillars? So I think the story here is kind of repetitive. Quantum, we've seen strong product demand from the SMB to the large enterprises double-digit growth from the gateways.

我想你已經看過 Tal 的這張幻燈片。所以我很快就會重複一遍。我們看到了 9% 的收入增長，這是多年來的最高增長，是過去幾年的兩倍多。產品和訂閱的兩位數增長確實推動了這一點。你看到這裡的綠線。當綠線最終佔據藍線時，您會看到線之間的相關性，即總收入增長。所以我的意思是我們對這種趨勢感到非常高興。我們已經在這方面投資了很長時間。而最後2、3個季度，我們慶幸的克制加劇了。它如何與不同的支柱一起使用？所以我認為這裡的故事有點重複。昆騰，我們已經看到從中小企業到大型企業的強勁產品需求，從網關實現了兩位數的增長。

And let's look at a few wins. I'll actually start from the small gateways here, and these are both branch offices and also for small businesses. Here are a few examples. Utility companies in Europe, more than 6,500 ruggedized gateways for the different power stations that are stationed all over the country. Another example is the European telco that's using our product to secure shops across the country, zero-touch deployment, very nice type of deployment.

讓我們來看看一些勝利。我實際上將從這裡的小型網關開始，它們既是分支機構，也適用於小型企業。這裡有一些例子。歐洲的公用事業公司，為遍布全國的不同發電站提供了 6,500 多個加固網關。另一個例子是歐洲電信公司使用我們的產品來保護全國各地的商店，零接觸部署，非常好的部署類型。

A little bit less usual in Europe, another humanitarian organization that's actually using our gateways for refugee housing project. And this is actually -- first, it's so nice to see that our products are used for such purposes. And it's also nice to see that in 2022, one of the first things that refugees get is actually Internet access and even secure Internet access. That's so important. So that's another project that we just won. And last but not least, is 2,500 gateways in APAC, a big telco that's using that to manage service for again 2,500 small businesses across the nation. And this somewhat represents some of the wins that we have in the lower part of the market.

在歐洲不太常見，另一個人道主義組織實際上正在使用我們的網關進行難民住房項目。這實際上是 - 首先，很高興看到我們的產品用於此類目的。而且很高興看到在 2022 年，難民獲得的第一件事實際上是互聯網訪問，甚至是安全的互聯網訪問。這太重要了。這是我們剛剛贏得的另一個項目。最後但並非最不重要的是，亞太地區的 2,500 個網關，一家大型電信公司正在使用它來管理全國 2,500 家小型企業的服務。這在某種程度上代表了我們在市場較低部分的一些勝利。

If you look at the upper end of the market, I picked Tier 2 examples. Both of them are new customers. Both of them are competitive replacements. You can see on the right, the health care provider in Asia support high capacity to get to 20 sites. They liked our management. We replaced their Fortinet and won against Palo Alto. And on the left side, very similar story, slightly different product sets, super high performance with our Maestro scalable performance.

如果你看看高端市場，我選擇了第 2 層的例子。他們倆都是新客戶。他們都是有競爭力的替代品。您可以在右側看到，亞洲的醫療保健提供者支持訪問 20 個站點的高容量。他們喜歡我們的管理。我們替換了他們的 Fortinet 並戰勝了 Palo Alto。在左側，非常相似的故事，略有不同的產品集，超高性能和我們的 Maestro 可擴展性能。

And the reason we picked as is wasn't just for the performance even though we took Maestro is simply because our solution was the only one that actually blocked the malicious file that they were getting. They were getting malicious files -- all the average solution that they tested merely detected these files, but let them through. So people can open the attachment and still be infected, even though the system, in some cases, could recognize them, Check Point, and again, that's consistent with our architecture. We were the only solution that actually blocked the malicious files and didn't let them through. And of course, that's by no coincidence, should be a winning factor to get such an installation. So this is for Quantum.

即使我們採用 Maestro，我們仍選擇按原樣選擇的原因不僅僅是為了性能，因為我們的解決方案是唯一真正阻止他們獲得的惡意文件的解決方案。他們得到了惡意文件——他們測試的所有平均解決方案都只是檢測到這些文件，但讓它們通過。所以人們可以打開附件並且仍然被感染，即使系統在某些情況下可以識別他們，Check Point，這與我們的架構是一致的。我們是唯一真正阻止惡意文件並且沒有讓它們通過的解決方案。當然，這絕非巧合，應該是獲得這樣一個裝置的一個成功因素。所以這是給量子的。

Let's look at 1 or 2 examples around CloudGuard. Again, here also continued the growth, and let's look at these 2 examples. In Europe, an important financial institution had the business transaction -- business acquisition. As a result of that, they were looking a way to control their more sophisticated cloud environment that spans between AWS, Azure and the Google Cloud. They wanted better compliance, better visibility, and they actually -- even though, by the way, in this case, many organizations are deploying a solution for the first time. Here, we did replace another solution and won this account.

讓我們看一下 CloudGuard 周圍的 1 或 2 個示例。同樣，這裡也繼續增長，讓我們看看這兩個例子。在歐洲，一家重要的金融機構進行了商業交易——商業收購。因此，他們正在尋找一種方法來控制跨越 AWS、Azure 和谷歌云的更複雜的雲環境。他們想要更好的合規性、更好的可見性，而且他們實際上——儘管順便說一句，在這種情況下，許多組織是第一次部署解決方案。在這裡，我們確實更換了另一個解決方案並贏得了這個帳戶。

Another organization in Europe, a leading retailer, part of our cloud transformation. They wanted to get better manageability. They liked our road map of how we provide more and more security to the cloud and another winning factor was the fact that they can connect and control both for on-premise environment and we're a public cloud solution using the same unified experience using similar tools and connect them in a better way. So another nice win on the cloud front.

歐洲的另一家組織，一家領先的零售商，是我們雲轉型的一部分。他們希望獲得更好的可管理性。他們喜歡我們如何為雲提供越來越多的安全性的路線圖，另一個成功因素是他們可以連接和控製本地環境，我們是一個公共雲解決方案，使用相同的統一體驗，使用類似的工具並以更好的方式連接它們。因此，在雲方面又取得了一次不錯的勝利。

Last but not least is the Harmony sector, securing users. And again, we've augmented the Harmony with the e-mail security towards the end of last year, and you see the numbers have really accelerated there. They were good before, but we're even better after the consolidation. And 3 quarters later, the numbers are still growing very, very nicely with over 50% growth.

最後但並非最不重要的是和諧部門，保護用戶。再一次，我們在去年年底用電子郵件安全性增強了 Harmony，您會看到那裡的數字確實在加速。他們以前很好，但合併後我們甚至更好。三個季度後，這些數字仍然非常非常好地增長，增長超過 50%。

And here, you can see 2 examples in the U.S. One is a holding company. They're challenged by the way, similar to what we've seen with Quantum before, and that's the nice thing in Check point. We apply the same principles, the same technology to different attack vectors to different entrance vectors to the organization. So here it's with the Harmony e-mail. Their old security solution didn't stop the ransomware attempt. Harmony e-mail, identified over 2,800 attacks from very mailboxes and not only identified them, but actually blocked them, highest -- they found the highest effectiveness of e-mail security packages from everything they've seen.

在這裡，你可以看到美國的兩個例子。一個是控股公司。順便說一句，它們受到了挑戰，類似於我們之前在 Quantum 上看到的，這就是 Check Point 的好處。我們將相同的原則、相同的技術應用於組織的不同入口向量的不同攻擊向量。這裡是 Harmony 的電子郵件。他們舊的安全解決方案並沒有阻止勒索軟件的嘗試。 Harmony 電子郵件，從一個郵箱中識別出超過 2,800 次攻擊，不僅識別了它們，而且實際上阻止了它們，最高 - 他們從他們所見過的所有東西中發現了電子郵件安全包的最高效力。

And to the right, another major company in the U.S. in the safety and regulatory compliance industry. Harmony was the only solution that was able to deliver to the unified experience across e-mail, endpoint and mobile, both cases, by the way, it's both new customers and the competitive replacement, which is, in many cases, the best cases. So as you can see, we have this winning streak across all product pillars, across all geographies and across many customer segments.

右邊是美國另一家安全和監管合規行業的大公司。 Harmony 是唯一能夠提供跨電子郵件、端點和移動設備的統一體驗的解決方案，在這兩種情況下，順便說一下，它既是新客戶，也是競爭替代品，在許多情況下，這是最好的情況。如您所見，我們在所有產品支柱、所有地區和許多客戶群中都取得了這種連勝。

So to summarize, the quarter what we had, I think you see that the main theme here was the double digit -- the fact that we doubled the revenue growth, the fact that we had a double-digit growth on our products and subscription that drives the new business and drive the business growth. We've got to the upper end of our projection on both revenues and EPS -- and we've continued to see healthy demand both from Quantum, from the small to the large and for Harmony and CloudGuard. So I think overall, I'm very pleased with the results this quarter. And I hope that we'll keep seeing a good market in the quarters to come.

總而言之，本季度我們所擁有的，我認為你看到這裡的主題是兩位數——我們的收入增長翻了一番，我們的產品和訂閱實現了兩位數的增長帶動新業務，帶動業務增長。我們對收入和每股收益的預測都達到了上限——我們繼續看到來自 Quantum、從小型到大型以及 Harmony 和 CloudGuard 的健康需求。所以我認為總的來說，我對本季度的結果感到非常滿意。我希望我們將在未來幾個季度繼續看到良好的市場。

Now before we open it for the question and answer, let me touch a little bit on the guidance and the projections for the next quarter. So let's speak about the projections. Our projections for the third quarter, as you can see on the slide, revenues in the range of $555 million to $585 million. Non-GAAP earnings per share between $1.60 to $1.72. GAAP EPS is expected to be approximately $0.32 less. I always say this caveat, projecting the future is nothing that was given to human kind. I mean, it can be better than what we anticipate it can be worse. I think overall, we are seeing, on one hand, good execution on the Check Point field side, good enthusiasm for us and our team and the healthy demand in the marketplace.

現在，在我們為問題和答案打開它之前，讓我談談下一季度的指導和預測。那麼讓我們談談預測。正如您在幻燈片中看到的，我們對第三季度的預測收入在 5.55 億美元至 5.85 億美元之間。非 GAAP 每股收益在 1.60 美元至 1.72 美元之間。 GAAP 每股收益預計將減少約 0.32 美元。我總是說這個警告，預測未來不是人類的事。我的意思是，它可能比我們預期的更糟。我認為總體而言，一方面，我們看到 Check Point 領域的良好執行，對我們和我們的團隊的良好熱情以及市場上的健康需求。

On the other hand, I think you all know that the economy is showing some signs of softness, and there is a lot of uncertainties around that. Some things we see and we know that will affect us like the increase in cost, the fact that the supply chain remains challenging in our regional model, for example, we were predicting that the supply chain issues will kind of get sold in the second half of this year and cost will return to the original cost. Right now, we don't think it will happen in the next half of the year that has an impact on the expenses side.

另一方面，我想大家都知道經濟出現了一些疲軟的跡象，並且存在很多不確定性。我們看到並且我們知道會影響我們的一些事情，例如成本的增加，供應鏈在我們的區域模型中仍然具有挑戰性的事實，例如，我們預測供應鏈問題將在下半年出售今年，成本將恢復到原來的成本。目前，我們認為下半年不會發生對費用方面產生影響的情況。

The revenues and the business growth side, that's something that's even less in our control and less in our ability to project. But again, I think we remain quite positive and with actually a little bit up the range for the revenue. So I mean, you can see that for projection for our third quarter, we're actually better than our original plan and better than what many of you expect based on your current models. So that's -- for the forecast, Tal, do you want to add something on the projection before we open it for questions? You're mute, Tal?

收入和業務增長方面，這在我們的控制範圍內甚至更少，我們的預測能力也更少。但同樣，我認為我們仍然非常積極，實際上收入範圍略有上升。所以我的意思是，你可以看到，對於我們第三季度的預測，我們實際上比我們最初的計劃要好，也比你們許多人根據當前模型所期望的要好。所以這就是預測，Tal，在我們打開它提出問題之前，你想在預測上添加一些東西嗎？你是啞巴嗎，塔爾？

Sorry, no, let's leave it because probably going to ask questions about it. So let's open the floor for the questions.

對不起，不，讓我們離開它，因為可能會問有關它的問題。那麼讓我們開始提問吧。

Good. So I'll stop the presentation, and we'll open it to your questions.

好的。所以我會停止演示，我們會打開它來回答你的問題。

All right. (Operator Instructions) Today, we're going to start out with Gregg Moskowitz from Mizuho followed by Tal Liani of BofA.

好的。 （操作員說明）今天，我們將從瑞穗的 Gregg Moskowitz 開始，然後是 BofA 的 Tal Liani。

All right. Happy 20th birthday to you. So question for Gil or Tal or perhaps both of you. regardless of the macro environment, Gil, if I'm understanding your tone correctly, it sounds like the demand drivers for Check Point are still healthy and intact. But similar to last quarter, your billings were a little below consensus. And in the Q1 period, you had called out that bookings grew strong double digits year-over-year, and that RPO grew over 20%. And so wondering if you're able to share with us what the bookings growth and/or the RPO growth was this quarter.

好的。祝你 20 歲生日快樂。所以問 Gil 或 Tal 或者你們兩個。不管宏觀環境如何，吉爾，如果我正確理解你的語氣，聽起來 Check Point 的需求驅動因素仍然健康且完好無損。但與上個季度類似，您的賬單略低於共識。在第一季度，您曾表示預訂量同比增長兩位數，RPO 增長超過 20%。所以想知道您是否能夠與我們分享本季度的預訂增長和/或 RPO 增長。

I will let Tal talk about that. But before that, I'll just say that I think the main reason for that is that a year ago, we had some mega deals. And these mega deals, again, we have like a group of like a dozen customers worldwide that even get to -- not even a dozen, less than a dozen customers. And I think a year ago, we had 3 of these customers that signed a 3-year contract prepaid in advance, and I'm talking contracts for tens of millions of dollars, that had a very positive impact on the billing last year.

我會讓塔爾談談這件事。但在此之前，我只想說，我認為主要原因是一年前，我們進行了一些大型交易。這些大型交易，再一次，我們在全球範圍內擁有大約十幾個客戶，他們甚至可以獲得 - 甚至不是十幾個，不到十幾個客戶。我認為一年前，我們有 3 個客戶簽署了一份 3 年預付合同，我說的是數千萬美元的合同，這對去年的計費產生了非常積極的影響。

So that's the main reason. In this year since they were a 3-year deal, they are not even a renewal or anything like that in this year. So I think overall, for the quarter and for the first half, I think we finished it in line with -- or not in line, slightly better than what I would anticipate for what I wanted. And again, Tal, you can speak more about the numbers.

所以這是主要原因。今年因為他們是3年的合同，他們甚至在今年都沒有續約或類似的事情。所以我認為總體而言，在本季度和上半年，我認為我們完成了 - 或不符合，比我預期的要好一點。再一次，塔爾，你可以多談談數字。

Maybe I'll just add another one because it's important. I know we're going to be asked about it every quarter. And you know, Gregg, because we are following us for so many years. I always said, billing is not a relevant indicator, but I will provide it to you because you're asking. The reason I said it is always because of that. The mega deals changed dramatically that number and the timing of the payment as well.

也許我會再添加一個，因為它很重要。我知道我們每個季度都會被問到這個問題。你知道，格雷格，因為我們跟踪我們這麼多年了。我總是說，計費不是一個相關的指標，但我會提供給你，因為你在問。我說它的原因總是因為這個。大型交易極大地改變了這個數字和付款時間。

And if a deal is being pulled 1 quarter forward, then you have -- and it's a big one, then you will see an effect on the billion with absolutely no effect on the real run rate and vice versa. They can come one week later. It can affect your billing and then a week later, it comes and suddenly it's very high.

如果一筆交易被提前 1 個季度推進，那麼你就有了——而且這是一筆大交易，那麼你會看到對十億美元的影響，而對實際運行率絕對沒有影響，反之亦然。他們可以在一周後來。它會影響您的帳單，然後一周後，它來了，突然變得非常高。

So it is an indicator, but I would look at it as part of the bigger picture, and that's why I'm trying to give you more color. So last quarter, it was not about the comparable. Last quarter was about -- we talked about that we had the booking that came, there was not even invoiced yet. And we talked about that in length last time. This quarter end goes. You had invoices billing or bookings that came in was not invoiced. And they're part of the booking. And I can tell you that the new business grew in double digits this quarter as well, okay?

所以它是一個指標，但我會將它視為大局的一部分，這就是為什麼我試圖給你更多顏色。所以上個季度，這不是可比的。上個季度是關於 - 我們談到我們已經預訂了，甚至還沒有開具發票。上次我們詳細討論了這個問題。本季度結束。您有發票開票或進來的預訂未開票。他們是預訂的一部分。我可以告訴你，本季度新業務也以兩位數增長，好嗎？

But the biggest effect was really relating to the last year comparable that had a few really large deals, but think if a customer had a large deal last year, it will create a big increase in the billing hence translate over time deferred revenues and so on. But in this quarter, you won't have it so it will actually create a flat or even a reduction, although the business is very healthy with that customer. So I'll say be careful from just concluding for billing. That's why I always tell you, look at the deferred revenues, look at the revenues over time, look over 4 quarters and so on.

但最大的影響實際上與去年有幾筆非常大的交易有關，但想想如果客戶去年有大筆交易，這將導致賬單大幅增加，因此隨著時間的推移轉化為遞延收入等等.但是在本季度，您將不會擁有它，因此它實際上會造成持平甚至減少，儘管該客戶的業務非常健康。所以我會說要小心，不要僅僅結束計費。這就是為什麼我總是告訴你，看看遞延收入，看看一段時間內的收入，看看四個季度等等。

So I keep saying the same thing. This quarter was mainly about the fact that there was quite a lot of deals last year that not only was booked in advance, but also build in advance.

所以我一直在說同樣的話。這個季度主要是因為去年有很多交易，不僅提前預訂，而且提前建立。

Our next up is Tal Liani, BofA, followed by Adam Tindle, Raymond James.

我們的下一位是美國銀行的 Tal Liani，其次是 Raymond James 的 Adam Tindle。

I want to talk about demand and ask. Can you -- can you talk about your expectations for demand cyclicality, meaning in past years, we had better years of higher growth and lower growth, and we're coming here after 3 years of very strong growth of demand for core products. And beyond just the new products, can you talk about your expectations for any demand cyclicality? Any reasons for demand to slow down or accelerate for core products?

我想談談需求並詢問。你能 - 你能談談你對需求週期性的預期嗎，這意味著在過去幾年中，我們經歷了更高增長和更低增長的更好年份，並且在核心產品需求的 3 年非常強勁增長之後，我們來到了這裡。除了新產品，您能談談您對任何需求週期性的期望嗎？核心產品需求放緩或加速的任何原因？

And second, on the same topic, you have new sales management in certain regions and you have new products. Can you talk about the breakdown of new customers and old customers, meaning are the new efforts -- do they help you to bring in new customers that you didn't have before?

其次，在同一主題上，您在某些地區有新的銷售管理，您有新產品。你能談談新客戶和老客戶的細分，意思是新的努力——他們是否幫助你帶來了你以前沒有的新客戶？

First, I don't see much patterns right now in the cyclicality. There is, of course, many factors. Some people anticipate that the network security business will slow down because there is a shift to the cloud. So far, we haven't seen that. Actually, if there's a mistake that we made in the past, is maybe under investing in the network security and overinvesting in the cloud. On the same time, again, the cloud will become and is becoming a very important factor. So I think the investment that we have here is well justified. But I think the network security so far remains a strong element.

首先，我目前在周期性方面看不到太多模式。當然，有很多因素。一些人預計網絡安全業務將放緩，因為轉向雲。到目前為止，我們還沒有看到。實際上，如果我們過去犯了一個錯誤，可能是對網絡安全的投資不足而對雲的投資過度。同時，雲將再次成為並且正在成為一個非常重要的因素。所以我認為我們在這裡的投資是合理的。但我認為到目前為止，網絡安全仍然是一個重要因素。

And from the cyclicality, again, we have customers all sizes all around the world. So I think a lot of it is our execution. But again, we may see bigger factors than just that.

從周期性來看，我們在世界各地都有各種規模的客戶。所以我認為很多是我們的執行。但同樣，我們可能會看到比這更大的因素。

In terms of sales management, I think you're hitting on a good point. We do have a relatively new sales management, reenergized, leading our field. Rupal who's running -- Rupal Hollenbeck who is running our global commercial organization, sales, marketing, and all these functions. Joined us about a quarter ago. This was her first quarter in Check Point. Before that, she was a Board member in Check Point. So she knows us quite well and it was very enthusiastic about the opportunity. It's great to see that refreshed energy. Her team is also relatively new.

在銷售管理方面，我認為你說得很好。我們確實有一個相對較新的銷售管理人員，重新煥發活力，領導我們的領域。負責運營的 Rupal——負責運營我們的全球商業組織、銷售、營銷和所有這些職能的 Rupal Hollenbeck。大約四分之一前加入我們。這是她在 Check Point 的第一個季度。在此之前，她是 Check Point 的董事會成員。所以她非常了解我們，並且對這個機會非常熱情。很高興看到這種煥然一新的能量。她的團隊也相對較新。

Our Head of Americas has been with us for just over a year, and our Head of Europe where both is about a little bit more than 1.5 years. So I think overall, it's a very, very good thing. By the way, Interestingly enough, when you look at this new world, this week, we are meeting here in Tel Aviv for the first time in person. So it's kind of interesting to see that we are a global management team from, I don't know, 5 countries, maybe more. That's been working together for anything from a year to 3 years and are meeting, seeing each other for the first time in person just this week. We started the week by asking everybody to stand up and saying, "well, you got legs", because for the first time, we've met the entire team. And we are also very tall so that's a challenge. So we are here in Tel Aviv this week.

我們的美洲負責人已經在我們這里工作了一年多，而我們的歐洲負責人都在這兩個地方工作了大約 1.5 年多一點。所以我認為總的來說，這是一件非常非常好的事情。順便說一句，有趣的是，當你看到這個新世界時，本週，我們將第一次在特拉維夫親自見面。因此，看到我們是一個來自我不知道的 5 個國家，甚至更多國家的全球管理團隊，這有點有趣。這已經合作了一年到三年，並且正在見面，就在本週第一次見面。本週開始時，我們要求每個人都站起來說：“好吧，你有腿了”，因為我們第一次見到了整個團隊。而且我們也很高，所以這是一個挑戰。所以我們本週在特拉維夫。

So, in terms of new customers, existing customers, I do put a strong emphasis on new customers. We are seeing that successful, especially in Europe and Asia. We also got some nice wins. I think I showed them in the Americas. But I think in America, in the U.S., especially, we have plenty of potential toward more new customers that will join the Check Point family. And a lot of our growth also comes from existing customers that expand. We are actually seeing that -- in many cases, we win new customers with our network security, and we win and with the existing customers, we've actually expanded and add things like the CloudGuard.

因此，就新客戶、現有客戶而言，我確實非常重視新客戶。我們看到了這種成功，尤其是在歐洲和亞洲。我們也取得了一些不錯的勝利。我想我在美洲展示了它們。但我認為在美國，尤其是在美國，我們有足夠的潛力吸引更多將加入 Check Point 大家庭的新客戶。我們的很多增長也來自現有客戶的擴展。我們實際上看到了——在許多情況下，我們通過網絡安全贏得了新客戶，我們贏得了現有客戶，我們實際上已經擴展並添加了 CloudGuard 之類的東西。

I think the pattern in many cases is that they like Check Point because of the network security and then we expand to the cloud. With Harmony, I've seen both cases, some new customers that start with Harmony and some existing customers that expand to Harmony.

我認為在很多情況下，他們喜歡 Check Point 是因為網絡安全，然後我們擴展到雲。使用 Harmony，我看到了這兩種情況，一些從 Harmony 開始的新客戶和一些擴展到 Harmony 的現有客戶。

All right. Our next question is going to come from Adam Tindle from Raymond James, followed by Saket Kalia from Barclays.

好的。我們的下一個問題將來自 Raymond James 的 Adam Tindle，其次是 Barclays 的 Saket Kalia。

I just wanted to ask, you've got some company-specific tailwinds to both growth and margins as we look forward and I wanted to double-click on each. On growth, maybe you could recap the pricing actions that you've taken to date if I've got it right, I think there was maybe another one just about a month ago that you took. So pricing actions to date that should catalyze growth moving forward.

我只是想問一下，在我們期待的過程中，您在增長和利潤率方面都有一些公司特有的順風，我想雙擊每一個。關於增長，如果我做對了，也許你可以回顧一下你迄今為止採取的定價行動，我認為大約一個月前你可能還採取了另一種定價行動。因此，迄今為止的定價行動應該會促進增長。

And on margin, Tal, you mentioned material costs. You also have some currency that I'm not sure immediately reflects. So the tailwinds to both growth from ASP increases and margin from material costs and currency moving forward would be helpful.

在保證金方面，Tal，你提到了材料成本。您還有一些我不確定是否會立即反映的貨幣。因此，平均售價增加帶來的增長以及材料成本和貨幣向前推進帶來的利潤將是有益的。

Yes. So maybe first on the pricing, you're correct. We had a price increase from the beginning July. So it's not relevant for this quarter. theoretically should be relevant for the future, but I would say, there's a gap between the theory and the actuality in terms of what you see when the deals are coming in. So hopefully, it will help. But I'm not counting on it, let's put it this way, because there's a lot of pressure also on our customers now because we're all in this new economic environment. So it's a tool to try to , but I hope it will help, but I'm not sure. So that's one. Regarding the...

是的。所以也許首先在定價上，你是對的。我們從七月初開始漲價。所以這與本季度無關。理論上應該與未來相關，但我想說的是，就交易到來時你所看到的而言，理論與現實之間存在差距。所以希望它會有所幫助。但我不指望它，讓我們這樣說吧，因為現在我們的客戶也有很大的壓力，因為我們都處於這個新的經濟環境中。所以這是一個嘗試的工具，但我希望它會有所幫助，但我不確定。所以這是一個。關於...

Just to capture that. I think so far, the price increases that we are doing are trying to kind of pay for the increase in COGS. But on the same time, there is a counter pressure on discounts. I think overall, it kind of balances off. It's not -- customers are not paying -- let's -- if you look at the average, customers are not paying a higher unit cost to Check Point at the moment.

只是為了捕捉它。我認為到目前為止，我們正在做的價格上漲正試圖為 COGS 的增加買單。但與此同時，折扣也存在反壓力。我認為總的來說，它有點平衡。這不是——客戶沒有支付——讓我們——如果你看一下平均水平，客戶目前沒有向 Check Point 支付更高的單位成本。

So Adam, it is the good result is the discount will not increase, right? I don't plan it to actually increase (inaudible), but maybe who knows. I don't think so, but we will see. When we're looking at the cost, it's definitely increased. You can see, to be honest, I'm not that concerned about it because I believe at this point of time, I think it's a short-term phenomenon and much more important is to be able to deliver. I think you can see in many industries, there's just no ability to deliver. And that kills the entire model, right? It kills your ability to deliver. So our focus is -- even if we need to pay more, we want to pay more in order to get it and to be able to ship it to our customers and keep them secure.

所以Adam，結果就是折扣不會增加，對吧？我不打算實際增加（聽不清），但也許誰知道。我不這麼認為，但我們會看到的。當我們查看成本時，它肯定會增加。你可以看到，老實說，我並不擔心它，因為我相信在這個時候，我認為這是一個短期現象，更重要的是能夠交付。我認為您可以在許多行業中看到，只是沒有交付能力。這會殺死整個模型，對嗎？它會扼殺你的交付能力。所以我們的重點是——即使我們需要支付更多費用，我們也希望支付更多費用以便獲得它並能夠將其運送給我們的客戶並確保他們的安全。

So that's our -- and the price for it is that we lose a few sells, but I don't think it's a big deal. I was hoping that it will fade away in the second half of 2022, but it doesn't look like it's going to fade away at this point of time. So we will follow up, and we will update you as we see some changes. But again, for a company like us, $10 million is not nice, but it's not something that move us to a problem, right? We have profit. It's okay. So that's regarding that.

所以這就是我們的 - 它的代價是我們失去了一些銷售，但我認為這沒什麼大不了的。我希望它會在 2022 年下半年消失，但目前看來它不會消失。所以我們會跟進，當我們看到一些變化時我們會更新你。但同樣，對於像我們這樣的公司來說，1000 萬美元並不好，但這不會讓我們遇到問題，對吧？我們有利潤。沒關係。所以就是這樣。

Will it stay the same or increase the gap might even increase, right? Because remember, every time there's something new showing up, some things are moving like problems solved in certain raw material -- and some problems are not solved. And if you follow the company or the chip companies that's published, it doesn't look like they're going to solve the problem in Q3, I hope, in the future.

它會保持不變還是會增加差距甚至可能會增加，對嗎？因為請記住，每次出現新事物時，有些事情就像在某些原材料中解決的問題一樣移動——有些問題沒有解決。而且，如果您關注已發布的公司或芯片公司，我希望他們將來不會在第三季度解決問題。

So everything they see in publish is affecting companies like I think like servers and all the raw material that the server needs. It's quite a lot of effect.

因此，他們在發布中看到的所有內容都在影響我認為的服務器以及服務器所需的所有原材料等公司。效果還是蠻大的。

All right. Our next up is Saket Kalia, followed by Joel Fishbein.

好的。我們的下一個是 Saket Kalia，其次是 Joel Fishbein。

Okay. Great. And happy birthday, Kip. Tal, maybe for you, just on the mega deals from last year. You talked about a few customers and tens of millions of prepaid. Just to make sure that everyone is on the same page, can you put a finer point on that, right, just so that we could kind of think about that normalized comparable just to make sure we're not maybe necessarily mispositioned kind of going forward. How do you think about -- you called out in Q3, Avanan, I think, is going to lap just as we calibrate our Q3 billings, how much should we think about Avanan sort of lapping year-over-year, if you will.

好的。偉大的。生日快樂，基普。 Tal，也許對你來說，只是去年的大筆交易。你談到了幾個客戶和數千萬的預付。只是為了確保每個人都在同一個頁面上，你能不能說得更清楚一點，對，只是為了讓我們可以考慮一下標準化的可比性，以確保我們不一定會走錯位.你怎麼想 - 你在第三季度打電話，我認為 Avanan 將在我們校準第三季度的賬單時進行單圈，如果你願意的話，我們應該如何考慮 Avanan 的逐年單圈。

Avanan actually joined in September. So that's not a big deal. And in general, remember, Avanan is a few low millions, right? It was when we acquired. So, It will have some effect, maybe on the subscription, right? But it's not 10%. It's 1%, maybe 2%, right? So it's nothing dramatic there. But -- so that's regarding that. Spectral acquisition, a few million dollars increased expenses but it was this year. And again, nothing dramatic. But when you accumulate a few acquisitions, it's, of course, affected like when you looked at our expenses, then of course, it added to our expenses, a few millions of dollars as well, right? So that's part of that growth that you see in the year-over-year when you compare Q2 versus Q2.

Avanan 實際上是在 9 月加入的。所以這沒什麼大不了的。總的來說，請記住，Avanan 是幾百萬，對吧？那是我們收購的時候。所以，它會產生一些影響，也許是在訂閱上，對吧？但這不是 10%。是 1%，也許是 2%，對吧？所以那裡沒有什麼戲劇性的。但是——這就是關於那個的。光譜收購，增加了幾百萬美元的費用，但這是今年。再一次，沒有什麼戲劇性的。但是當你積累一些收購時，它當然會受到影響，就像你看我們的費用一樣，當然，它增加了我們的費用，也是幾百萬美元，對吧？因此，當您比較 Q2 和 Q2 時，這是您看到的同比增長的一部分。

Remember on the mega deals of going back to the billing, it's also very hard to predict it, right? Because even if you know that you have in a final specific deal, you don't know if it will account for 1 year or 3 years and what will be the payment is, right? So this is something that's hard to predict. That's why I would say billing is a trick. It's okay for you to measure it, but be careful not to give it overweight. That's all I'm saying.

還記得回到賬單的大型交易，也很難預測，對吧？因為即使你知道你有一個最終的具體交易，你也不知道它會佔 1 年還是 3 年，付款是多少，對吧？所以這是很難預測的。這就是為什麼我會說計費是一個技巧。您可以測量它，但請注意不要超重。這就是我要說的。

Our next question is coming from Joel Fishbein, followed by Brad Zelnick of Deutsche Bank.

我們的下一個問題來自 Joel Fishbein，其次是德意志銀行的 Brad Zelnick。

Happy Birthday, Kip. Gil, for you, you did -- you helped us with the customer wins around Quantum. But I was hoping that you would help give us a little color around some of the customer wins with regard to CloudGuard and Harmony and what the competitive dynamics look like in that -- in those 2 areas.

生日快樂，基普。 Gil，對你來說，你做到了——你幫助我們在 Quantum 贏得了客戶。但我希望您能幫助我們了解一些關於 CloudGuard 和 Harmony 的客戶勝利以及這兩個領域的競爭動態。

So I think I gave the examples on all fronts. I gave a few examples with Harmony and we've one of them, Harmony e-mail we won because we were -- we're blocking files that weren't blocking. And again, that's ransomware that was impacting the customers. another one, it was that plus the fact that they got a more consolidated view.

所以我想我在各個方面都舉了例子。我舉了幾個 Harmony 的例子，我們有一個例子，我們贏得了 Harmony 電子郵件，因為我們 - 我們阻止了沒有被阻止的文件。同樣，這是影響客戶的勒索軟件。另一個，就是這樣，再加上他們得到了更統一的觀點。

First, in both cases of Harmony and CloudGuard, the markets are a little bit more fragmented. We actually compete against many, many different vendors, cloud, for example, there is probably a suite of, I don't know, at least half a dozen, if not more different, even major different subsegments of the market with Harmony even more, it's from endpoint, mobile, e-mail, disk and data security, so many categories. I think the value proposition that we provide is not to compete necessarily by against each one of the vendors, especially on the cloud side, but also on the endpoint, but more providing the overall architecture, providing an end-to-end cybersecurity solution.

首先，在 Harmony 和 CloudGuard 的兩個案例中，市場都更加分散。我們實際上與許多不同的供應商競爭，例如雲，可能有一套，我不知道，至少有六個，如果不是更多的話，甚至與 Harmony 市場的主要不同細分市場甚至更多，它來自端點、移動、電子郵件、磁盤和數據安全，如此多的類別。我認為我們提供的價值主張不一定是與每個供應商競爭，尤其是在雲方面，而且在端點上，而是更多地提供整體架構，提供端到端的網絡安全解決方案。

And I think that completeness of solution, the architecture and the vision is something that's very, very unique to us, especially because these are all integrated. Because when we see a malicious file coming from your e-mail, this file will also get blocked when you try to download it on the network. And I don't think any other solution does it actually even worse. Many of these average solutions will see the malicious file, we let it through, and 20 minutes later, we'll send some alert that says, hey, you've been infected, and that's too late.

而且我認為解決方案的完整性、架構和願景對我們來說是非常非常獨特的，特別是因為這些都是集成的。因為當我們看到來自您的電子郵件的惡意文件時，當您嘗試在網絡上下載該文件時，該文件也會被阻止。而且我認為沒有任何其他解決方案實際上會更糟。許多這些普通的解決方案都會看到惡意文件，我們讓它通過，20 分鐘後，我們會發送一些警報，說，嘿，你被感染了，那太晚了。

And again, I don't think that we get the full credit from customers that understand that. I think we need to do a better job demonstrating showing and winning that. But this is a fact, and this is something that makes the Check Point's security so much better than anyone else.

再說一次，我不認為我們能從理解這一點的客戶那裡得到充分的信任。我認為我們需要更好地展示並贏得這一點。但這是事實，這使得 Check Point 的安全性比其他任何人都好得多。

All right. Our next call -- our next question will come from Brad Zelnick of Deutsche Bank, followed by Shaul Eyal Al from Cowen.

好的。我們的下一個電話——我們的下一個問題將來自德意志銀行的 Brad Zelnick，然後是來自 Cowen 的 Shaul Eyal Al。

Excellent. Happy birthday. Kip. Gil, congrats on the accelerating top line results, which seem to demonstrate strong resiliency in the business. You overachieved first half expectations, you've guided stronger for Q3. But you also gave some caveats when you guided about the environment, and you didn't update your full year guidance. Is there something you're seeing in real time that gives you hesitation? Or is not raising the full year just your typical conservatism? But regardless, Check Point has weathered many cycles. And people seem to expect spending on security to be resilient during a downturn. What is your experience from prior downturns? And what are you seeing today, Gil?

出色的。生日快樂。基普。 Gil，祝賀業績加速增長，這似乎表明該業務具有很強的彈性。您超出了上半年的預期，為第三季度提供了更強的指導。但是您在指導環境時也提出了一些警告，並且您沒有更新全年指導。有沒有什麼你實時看到的東西讓你猶豫不決？或者不提高全年只是你典型的保守主義？但無論如何，Check Point 經歷了許多周期。人們似乎期望安全支出在經濟低迷時期具有彈性。您從之前的低迷時期有什麼經驗？你今天看到了什麼，吉爾？

Okay. That's very multiple parts. And I think they're all related to the same subject, but it's excellent because I think your question is something that many people here probably worry about. First, I don't see anything that you don't see. I mean my concern about the global economy is what we all see in terms of the Check Point sales force, the Check Point customers, I don't see any changes. I mean our forecast or our pipeline, the feedback, as I mentioned, we are just seeing here for the first time, our sales leader in person. I haven't sensed from them that they sense any -- anything different about the third quarter or about the rest of the year, but we also see the economy, and we know that things can happen.

好的。這是非常多的部分。而且我認為它們都與同一主題相關，但這非常好，因為我認為您的問題可能是這裡很多人擔心的問題。首先，我看不到任何你看不到的東西。我的意思是我對全球經濟的擔憂是我們都看到的 Check Point 銷售團隊和 Check Point 客戶，我沒有看到任何變化。我的意思是我們的預測或我們的管道，反饋，正如我所提到的，我們只是第一次在這裡看到我們的銷售負責人。我沒有從他們那裡感覺到他們感覺到任何 - 關於第三季度或今年剩餘時間的任何不同，但我們也看到了經濟，我們知道事情可能會發生。

In terms of the full year guidance, we didn't want to open the full year guidance. We are still within the range that we've provided at the beginning of the year, but we've actually looked into that and it's likely that we'll be slightly to the right there. That we will be -- I mean, we probably won't get to the lower part of it because we've already got some, I don't know, over $10 million in additional revenues from the first 2 quarters. I don't know, Tal, if you want to discuss it a little bit more in detail. But yes, the guidance for the -- we can provide we can calculate a narrowing range a little bit more to the right, more to the upper end of the guidance that we provided at the beginning of the year. Tal, do you want to?

就全年指引而言，我們不想公開全年指引。我們仍在年初提供的範圍內，但我們實際上已經對此進行了調查，並且很可能會稍微向右。我們將——我的意思是，我們可能不會達到它的較低部分，因為我們已經從前兩個季度獲得了一些，我不知道，超過 1000 萬美元的額外收入。我不知道，Tal，如果你想更詳細地討論一下。但是，是的，我們可以提供的指導可以計算出一個更向右的縮小範圍，更接近我們在年初提供的指導的上限。塔爾，你願意嗎？

Yes. I just said, Brad, it's like I know you know us, but it's not only about knowing us. It's about we gave a guidance in the beginning of the year. We are in a very, I would call it, bizarre macroeconomic environment, many different metrics showing up on different direction, unemployment on the one hand, inflation, on the other hand, interest rate war -- many moving parts, Ukraine, Russia, there's many things happening and you should be cautious.

是的。我只是說，布拉德，就像我知道你了解我們一樣，但這不僅僅是了解我們。這是關於我們在年初給出的指導。我們處於一個非常奇怪的宏觀經濟環境中，許多不同的指標出現在不同的方向上，一方面是失業率，另一方面是通貨膨脹，利率戰——許多活動的部分，烏克蘭，俄羅斯，有很多事情發生，你應該小心。

So on the one hand, we don't see anything to worry about, except for everything that we see around us, right? So -- and we never -- if you look at our history, we -- I don't think we ever updated our guidance because this is not -- we don't think you should update your guidance to the year. Some companies provide guidance only for 1 quarter. We provided a year, in the beginning of the year and then each quarter going forward.

所以一方面，除了我們周圍看到的一切，我們沒有什麼可擔心的，對吧？所以 - 我們從來沒有 - 如果你看看我們的歷史，我們 - 我認為我們從未更新過我們的指導，因為這不是 - 我們認為你不應該將你的指導更新到今年。一些公司僅提供 1 個季度的指導。我們提供了一年，在年初，然後是每個季度。

So in the short term, looking into Q3, you see quite a good guidance. So that means we don't see anything dramatic. Q4, It looks like beyond the mountains, right. We need to wait to see what's happening in general in the market. Q3 is ahead of us, and it looks like we gave a very good guidance there. So there's not too much details into that logic.

因此，在短期內，展望第三季度，您會看到相當不錯的指導。所以這意味著我們看不到任何戲劇性的東西。 Q4，看起來好像在山那邊，對吧。我們需要等著看市場的總體情況。第三季度就在我們前面，看起來我們在那裡給出了很好的指導。所以這個邏輯沒有太多細節。

All right. Our next question is coming from Shaul Eyal, followed by Matthew Hedberg of RBC.

好的。我們的下一個問題來自 Shaul Eyal，然後是 RBC 的 Matthew Hedberg。

So maybe let me try and continue on Brad's prior question on narrowing the annual range. Tal, I understand that maybe you haven't done it in the past. But in the past, you haven't even like had a powerful presentation that you've started like 2, 3 quarters ago. It's a great thing by the way. So, maybe that -- it's a good point to reconsider that. In other words, any reason to think that you wouldn't be growing at least the midpoint or above your former wide range guidance.

所以也許讓我試著繼續布拉德先前關於縮小年度範圍的問題。塔爾，我知道你過去可能沒有這樣做過。但是在過去，您甚至不喜歡像 2、3 個季度前開始的強大演示。順便說一句，這是一件很棒的事情。所以，也許那 - 這是重新考慮這一點的好點。換句話說，有任何理由認為你不會增長至少中點或高於你以前的廣泛指導。

I was going to say, you know what, I'll take you advance. And next quarter, I will update the annual guidance.

我正要說，你知道嗎，我會帶你提前。下個季度，我將更新年度指導。

We are probably going to come. Again, I want to -- Tal, don't kill me, but I think we'll probably be roughly at least $10 million more than -- the new midpoint should be probably at least $10 million more than the previous midpoint. On the revenue side, and I think we're very happy about that.

我們可能會來。再一次，我想 - Tal，不要殺了我，但我認為我們可能會至少多出 1000 萬美元 - 新的中點應該可能比之前的中點多出至少 1000 萬美元。在收入方面，我認為我們對此感到非常高興。

I would say just -- I would just say, if you look at Q4, which is the biggest quarter, the biggest risk always relating to the product line, right? It's a huge product quarter and to product the very low visibility by the nature of the beast, right? So taking into account the general situation, it's -- think about it, it's like 6 months away because all the booking coming in December. It's just a bit too early to be brave about December. That's my opinion.

我只想說——我只想說，如果你看看第四季度，這是最大的季度，最大的風險總是與產品線有關，對吧？這是一個巨大的產品季度，並且由於野獸的性質而產生了非常低的知名度，對嗎？因此，考慮到總體情況，考慮一下，這就像 6 個月之後，因為所有預訂都在 12 月到來。對 12 月感到勇敢還為時過早。這是我的意見。

No argument.

沒有爭論。

All right. Our next question is going to come from Matthew Hedberg, followed by Gray Powell of BTIG.

好的。我們的下一個問題將來自 Matthew Hedberg，其次是 BTIG 的 Gray Powell。

Happy Birthday too, Kip. You've been around security for a long time. And in prior downturns, you were primarily a firewall appliance center. Obviously, now it's a much more diversified platform. How do you think some of the newer lines like CloudGuard and Harmony will do versus Quantum? And I guess specifically, is there a higher ROI aspect to some of the newer products, maybe quicker implementation versus maybe some historical maybe more transformational type sales?

生日快樂，基普。你已經在安全部門工作了很長時間。在之前的低迷時期，您主要是一個防火牆設備中心。顯然，現在它是一個更加多元化的平台。您認為 CloudGuard 和 Harmony 等一些較新的產品線將如何與 Quantum 相比？我想具體來說，一些較新的產品是否有更高的投資回報率，可能更快的實施與一些歷史可能更具變革性的銷售相比？

First, you're right. I mean if you implement the full Infinity architecture, you can get an amazing ROI and you can get much better security in much shorter time. And we've seen it. We've seen it in some installation. I think I gave the example in Q1 about one major Infinity deal that we have but we're getting installed through Harmony agent immediately. So malware, we didn't stop there. And so that this organization was infected with some really serious spying from probably another country. And within 2 weeks, we completed the full transformation for that organization security architecture with the full Infinity architecture. This process usually takes between 6 to 18 months in most organizations. So I think that potentially, if you jump into the Infinity architecture and adopt both Quantum, CloudGuard and Harmony is huge to elevate the level of security in a short time.

首先，你是對的。我的意思是，如果您實施完整的 Infinity 架構，您可以獲得驚人的投資回報率，並且您可以在更短的時間內獲得更好的安全性。我們已經看到了。我們已經在一些安裝中看到了它。我想我在第一季度舉了一個關於我們擁有的一項重大 Infinity 交易的例子，但我們會立即通過 Harmony 代理安裝。所以惡意軟件，我們並沒有就此止步。因此，這個組織感染了可能來自另一個國家的一些非常嚴重的間諜活動。在 2 週內，我們使用完整的 Infinity 架構完成了該組織安全架構的全面轉型。在大多數組織中，此過程通常需要 6 到 18 個月。所以我認為，如果你跳入 Infinity 架構並同時採用 Quantum、CloudGuard 和 Harmony，那麼在短時間內提升安全級別是巨大的。

Our most organizations doing that. I think, unfortunately, there's still a lot of work to develop the work methodologies to convince the customer to jump into this deepwater and do the transformation. By the way, once people do the transformation, the ROI is amazing. You've got one console, one set of products. You're seeing -- you're preventing, again, everybody speaks about visibility. We get much better visibility, but more important, you simply block the attacks that other people don't, I think, just some of the wind cases that we've seen is it's actually so ridiculous to see that -- another solution, we'll take a file, let the filing in and 20 minutes later will tell you you've been infected.

我們大多數組織都在這樣做。我認為，不幸的是，仍然需要大量工作來開發工作方法來說服客戶跳入這個深水區並進行轉型。順便說一句，一旦人們進行轉型，投資回報率是驚人的。你有一個控制台，一套產品。你看到了——你再次阻止了每個人都在談論能見度。我們獲得了更好的可見性，但更重要的是，您只需阻止其他人沒有的攻擊，我認為，只是我們看到的一些風案例實際上是非常荒謬的 - 另一種解決方案，我們'將拿一個文件，讓備案進來，20分鐘後將告訴您您已被感染。

We know how to stop the file from getting in if it's infected. Or another solution, you'll see a malicious e-mail coming to your organization. You will identify. An hour later, the same file can come from the network because somebody will download it and it won't be stopped. And these are all the things that are unique about the Check Point architecture. We know how to block all these cases. And I think if customers would implement our CloudGuard, our Harmony and our Quantum solution as part of the Infinity architecture, we'll get huge return on investment and much, much better security.

如果文件被感染，我們知道如何阻止文件進入。或者另一種解決方案，您將看到一封惡意電子郵件發送到您的組織。你會識別的。一個小時後，同樣的文件可以從網絡上來，因為有人會下載它，而且它不會被停止。這些都是 Check Point 架構的獨特之處。我們知道如何阻止所有這些情況。我認為，如果客戶將我們的 CloudGuard、Harmony 和 Quantum 解決方案作為 Infinity 架構的一部分來實施，我們將獲得巨大的投資回報和更好的安全性。

All right. Our next question and last question will be coming from Gray Powell, BTIG.

好的。我們的下一個問題和最後一個問題將來自 BTIG 的 Gray Powell。

Yes. So just to follow up on sort of the macro line of questioning. I was hoping we could drill in on Europe a little bit. How have customer conversations been in Europe, like the last 3 months. Are you seeing any changes in sales cycles there? Or any additional scrutiny on deals? Just any additional color you can give us on Europe would be great.

是的。所以只是跟進一些宏觀的提問。我希望我們能在歐洲稍微深入一點。過去 3 個月，歐洲的客戶對話情況如何。您是否看到那裡的銷售週期有任何變化？或者對交易進行任何額外的審查？您可以在歐洲為我們提供的任何其他顏色都會很棒。

No, I haven't noticed any change in Europe. I mean, it's -- the markets are open. It looks like -- I mean our discussion around in Europe is the fact that we are seeing that the everything is being opened up. People behave like there's no corona and you have the corona increases. But it's not -- in terms of cyber spending, I don't think that I've seen much discussion, maybe with the exception of Russia, that's partly in Europe that has impacted our revenues.

不，我沒有註意到歐洲有任何變化。我的意思是，市場是開放的。看起來——我的意思是我們在歐洲的討論是我們看到一切都在開放的事實。人們表現得好像沒有電暈，而您的電暈增加了。但這並不是——就網絡支出而言，我認為我沒有看到太多討論，也許除了俄羅斯之外，這部分是在歐洲影響了我們的收入。

And actually, the results in Q2 are very good. So we didn't see like some issues there.

實際上，第二季度的結果非常好。所以我們沒有看到那裡的一些問題。

Okay. Just in terms of the 12% product revenue growth, was that pretty evenly split across geographies or anything stand out Europe or elsewhere?

好的。僅就 12% 的產品收入增長而言，這在各個地區之間是否相當均勻，或者在歐洲或其他地方有什麼突出的？

You can see at the slide that shows the -- the sales by geography, and we were the same this quarter and a year ago, 44% in Europe and in America and 12% in APAC, both Q2 last year and Q2 this year in terms of revenues.

您可以在幻燈片中看到按地區劃分的銷售額，本季度和一年前的銷售額相同，歐洲和美洲為 44%，亞太地區為 12%，去年第二季度和今年第二季度都是收入條款。

All right, guys. Thank you very much -- guys and gals, thank you for attending today, and thank you for all the birthday wishes. We look forward to seeing you during the quarter. And we'll be speaking to you after the call, obviously. So take care, and have a great day. Bye-bye.

好吧，伙計們。非常感謝你們——伙計們，謝謝你們今天的出席，也謝謝你們所有的生日祝福。我們期待在本季度見到您。顯然，我們將在電話會議後與您交談。所以保重，祝你有美好的一天。再見。

And thank you, Kip for sharing your birthday with us.

謝謝你，Kip 與我們分享你的生日。

Thank you. Have a great day, guy. Bye-bye.

謝謝你。祝你有美好的一天，伙計。再見。

Bye-bye.

再見。