Check Point Software Technologies Ltd (CHKP) 2022 Q3 法說會逐字稿

Greetings. I'd like to welcome everyone to our Third Quarter 2022 Financial Results Video Conference. (Operator Instructions) the presentation, to which will be followed by a question-and-answer session.

問候。我想歡迎大家參加我們的 2022 年第三季度財務業績視頻會議。 （操作員說明）演示文稿，隨後將進行問答環節。

Joining me today are Gil Shwed, Founder and CEO; along with our CFO and COO, Tal Payne.

今天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。

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.

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 and Exchange Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, include, but are not limited to: statements related to our expectations regarding our products and solutions; our expectations regarding customer adoption of our products and solutions; expectations related to cybersecurity and other threats; expectations regarding our Q4 and full year 2022 projections; and our projections regarding growing markets for IT security.

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 年證券交易法第 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：與我們對我們的產品和解決方案的預期相關的陳述；我們對客戶採用我們的產品和解決方案的期望；與網絡安全和其他威脅相關的期望；對我們第四季度和 2022 年全年預測的預期；以及我們對不斷增長的 IT 安全市場的預測。

Our expectations and beliefs regarding these matters may not materialize in actual results or events in the future, are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. These risks include our ability to continue to develop platforms and solutions; customer acceptance and purchase of our existing products and solutions and new products and solutions; the continued effects of our business related to COVID-19 pandemic; the market for IT security continuing to develop competition from other products and services; and general market, political, economic and business. I think we covered everything.

我們對這些事項的期望和信念可能不會在未來的實際結果或事件中實現，並受到可能導致實際結果或事件與預測結果或事件存在重大差異的風險和不確定性的影響。這些風險包括我們繼續開發平台和解決方案的能力；客戶對我們現有產品和解決方案以及新產品和解決方案的接受和購買；我們的業務對 COVID-19 大流行的持續影響； IT 安全市場繼續發展來自其他產品和服務的競爭；和一般市場、政治、經濟和商業。我認為我們涵蓋了所有內容。

These forward-looking statements are also subject to 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 Securities and Exchange Commission.

這些前瞻性陳述也受到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，包括我們提交給證券交易委員會的 20-F 表格年度報告。

The forward-looking statements in this 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.

本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。

In our press release, which has been posted on our website, we present GAAP and non-GAAP results, along with the reconciliation of the results as well as reasons for our presentation of non-GAAP information.

在我們網站上發布的新聞稿中，我們展示了 GAAP 和非 GAAP 結果，以及結果的對賬以及我們展示非 GAAP 信息的原因。

And finally, now I would like to turn the call over to Tal Payne for a review of our financial results.

最後，現在我想將電話轉給 Tal Payne，以審查我們的財務業績。

Thank you, Kip. Let me start the presentation. I will show this slide again in case you missed what Kip was reading to you. Okay.

謝謝你，基普。讓我開始演示。我會再次展示這張幻燈片，以防你錯過了 Kip 給你讀的內容。好的。

Now let's move to the presentation. Can you see the presentation?

現在讓我們轉到演示文稿。你能看到演示文稿嗎？

We got the presentation. We got the forward-looking statements still.

我們得到了演示文稿。我們仍然得到前瞻性陳述。

Excellent. Okay. So let's start with the result. Thank you, Kip. Good morning, good afternoon to everyone joining us on the call today.

出色的。好的。所以讓我們從結果開始。謝謝你，基普。早上好，今天加入我們電話會議的每個人下午好。

I'm pleased to begin another quarter, which ended up to be a great quarter. Revenues reached $578 million, which is in the top part of our projections, $8 million above the midpoint of the projections. Earnings per share, non-GAAP earnings per share reached $1.77, which is again $0.05 above the top end of our projection. So really good results, both in the revenues and the earnings per share.

我很高興開始另一個季度，這最終是一個很棒的季度。收入達到 5.78 億美元，這是我們預測的最高部分，比預測的中點高出 800 萬美元。每股收益，非公認會計原則每股收益達到 1.77 美元，再次比我們預測的上限高 0.05 美元。所以在收入和每股收益方面都取得了非常好的結果。

Before I proceed further into the numbers, let me just 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 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適用的相關稅收影響。非公認會計原則信息不包括這些項目。

Now let's then dive into the result. So revenues increased from $534 million to $578 million. This revenue growth is an acceleration from the 5% that we've seen last year, reaching 8% in total.

現在讓我們深入研究結果。因此，收入從 5.34 億美元增加到 5.78 億美元。這一收入增長比我們去年看到的 5% 有所加快，總計達到 8%。

We see deferred revenues $1,647 million, a 13% growth year-over-year, an increase of $191 million.

我們看到遞延收入為 16.47 億美元，同比增長 13%，增加了 1.91 億美元。

Billing also this quarter was strong and grew by 8%, reaching $559 million. So that's from the high level.

本季度的賬單也很強勁，增長了 8%，達到 5.59 億美元。所以這是從高層。

If we dive into the revenues, we can see that Products and Security Subscription as a whole increased by 13%. This is the third quarter -- consecutive quarter of double-digit growth in our Product and Security subscription revenues. Remember, we had the big target to have above 10%. And to reach that, the double digits, three quarters in a row, it's very nice to see that, reaching $348 million.

如果我們深入研究收入，我們可以看到產品和安全訂閱作為一個整體增長了 13%。這是我們的產品和安全訂閱收入連續第三個季度實現兩位數增長。請記住，我們的大目標是超過 10%。為了達到這個數字，連續三個季度達到兩位數，很高興看到這一點，達到 3.48 億美元。

If we look what drives this total growth of the 13%, we can see it's coming from both items separately. One of them is the product and license revenues, which is mainly our gateways and appliances. We see, again, second quarter in a row of double-digit growth, 11% growth, versus negative actually last year. The growth came from many appliance lines, large appliances, SMB appliances, Maestro switches, which is the hyperscale network, and also the smart one, which is the management appliances. So pretty much across the board we've seen a nice increase in Quantum.

如果我們看看是什麼推動了這 13% 的總增長，我們可以看到它分別來自這兩個項目。其中之一是產品和許可收入，主要是我們的網關和設備。我們再次看到，第二季度連續兩位數增長，增長 11%，而去年實際上是負增長。增長來自許多家電產品線，大型家電、SMB 家電、Maestro 交換機，即超大規模網絡，以及智能交換機，即管理設備。因此，我們幾乎全面看到了 Quantum 的大幅增長。

If we look at the subscription line, also double digit, 13% growth, reaching $216 million. The double-digit growth coming from Cloud and Harmony, just we've seen in the last few quarters, both of them are in a double-digit growth and continuing to grow nicely. Just as a reminder, this is -- we purchased Avanan in September last year. So Q4 this year will be the year of apple-to-apple compare when it comes to the e-mail security acquisition. So nice results in the subscription.

如果我們看訂閱線，也是兩位數，增長 13%，達到 2.16 億美元。來自云和和諧的兩位數增長，就像我們在過去幾個季度看到的那樣，它們都是兩位數的增長，並且繼續保持良好的增長。提醒一下，這是 - 我們在去年 9 月購買了 Avanan。因此，在電子郵件安全收購方面，今年第四季度將是蘋果對蘋果比較的一年。訂閱結果非常好。

If I move into the revenue by geographies, we had the growth across all geographies also this quarter. 44% of the revenues came from Americas; 43% of the revenues came from EMEA; and the remaining 13% from Asia Pacific. Nothing dramatic here.

如果我按地區劃分收入，本季度我們在所有地區都有增長。 44% 的收入來自美洲； 43% 的收入來自歐洲、中東和非洲；其餘 13% 來自亞太地區。這裡沒有什麼戲劇性的。

If we look at the gross profit, gross profit this quarter increased from $474 million to $506 million. This is a nice 7% growth with gross margin remains around 88%. It's quite impressive taking into account that we continue to pay additional cost for raw materials and shipping as a result of the shortages. There is some relief in the shortages, but we still pay quite a lot in order to get the inventory on time and to be able to deliver to our customers. This storage was as well about maybe between $8 million to $10 million in the cost of goods sold relating to the extra cost. Hopefully, by 2023, we will see more relief and improvement in that number, which will help as part of next year.

如果我們看毛利潤，本季度的毛利潤從 4.74 億美元增加到 5.06 億美元。這是一個不錯的 7% 增長，毛利率保持在 88% 左右。考慮到由於短缺，我們繼續為原材料和運輸支付額外的成本，這令人印象深刻。短缺情況有所緩解，但我們仍然付出了很多才能按時獲得庫存並能夠交付給我們的客戶。與額外成本相關的商品銷售成本也可能在 800 萬至 1000 萬美元之間。希望到 2023 年，我們會看到這個數字有更多的緩解和改善，這將在明年有所幫助。

Although I can say that while the relief on the shortages is starting to be seen, we see an increase in the raw material price across many components. So think it will end up in a lower cost, but not all the way to the original level. Having said that, still, the margin is amazing with 88%. So nothing to complain about.

雖然我可以說，雖然短缺的緩解開始顯現，但我們看到許多組件的原材料價格上漲。所以認為它最終會以更低的成本結束，但不會一直達到原來的水平。話雖如此，88% 的利潤率仍然令人驚嘆。所以沒什麼可抱怨的。

Looking at the operating expenses. If you remember, last quarter, I think it was 20-something percent, maybe 24%. This quarter, the year-over-year growth is 14%. So it's starting to normalize, reaching $244 million. The increase mainly comes as usual from compensation, return to travel year-over-year and face-to-face interaction and cloud expenses. Remember, at the beginning of the year, we said that our focus is to continue to increase our workforce, both in sales and R&D and to continue the elevated investment in our rockets as we see nice result there.

看運營費用。如果你還記得，上個季度，我認為是 20% 左右，也許是 24%。本季度，同比增長 14%。所以它開始正常化，達到2.44億美元。增長主要來自薪酬、同比返回旅行以及面對面互動和雲費用。請記住，在年初，我們說過我們的重點是繼續增加我們在銷售和研發方面的勞動力，並繼續增加對火箭的投資，因為我們在那裡看到了不錯的結果。

So in line with the plan, we increased our workforce year-over-year, both in sales and R&D. Of course, in also other departments, and we remain focused on continuing the growth in the sales.

因此，按照計劃，我們在銷售和研發方面逐年增加了員工隊伍。當然，在其他部門也是如此，我們仍然專注於繼續銷售增長。

So operating income, actually, this quarter, it increased slightly also in dollars compared to previous quarter that we saw some reduction. Now we started to see an increased $263 million operating income. The margin is higher than we planned. It's 45% operating margin. The plan, if you recall, was in the beginning of the year around 42%, 43%. It's a reduction from last year and an improvement from the previous quarter.

因此，實際上，本季度的營業收入與上一季度相比也略有增加，我們看到了一些減少。現在我們開始看到營業收入增加了 2.63 億美元。利潤比我們計劃的要高。營業利潤率為 45%。如果您還記得的話，該計劃是在年初的 42% 和 43% 左右。與去年相比有所減少，與上一季度相比有所改善。

Our financial income continued to increase as we invest in higher interest rates over time. So it's increased from $9 million to $12 million and probably, will continue to increase slightly every quarter as we've seen also in the past few quarters.

隨著我們隨著時間的推移投資於更高的利率，我們的財務收入繼續增加。因此，它從 900 萬美元增加到 1200 萬美元，並且可能每個季度都會繼續小幅增長，正如我們在過去幾個季度中所看到的那樣。

Tax expenses, $54 million, around 19.5%. Again, everything as usual. We continue to see the indexation of the tax provision. That's why we're higher than the original plan. So the financial income, higher tax expenses, higher net, pretty similar to what we projected, which resulted in net income of $221 million and EPS of $1.77, which is $0.05 above the top end and 7% growth year-over-year. GAAP net income was $184 million or $1.47 per diluted share.

稅收支出，5400 萬美元，約為 19.5%。再次，一切照常。我們繼續看到稅收撥備的指數化。這就是為什麼我們比原來的計劃要高。因此，財務收入、更高的稅收支出、更高的淨額與我們的預期非常相似，這導致淨收入為 2.21 億美元，每股收益為 1.77 美元，比高端高 0.05 美元，同比增長 7%。 GAAP 淨收入為 1.84 億美元或每股攤薄收益 1.47 美元。

If we look at our cash position, cash position remains very strong. Our cash balances are $3.6 billion. Our operating cash flow was strong at $240 million this quarter. Our collection from customers continue to be very healthy. Of course, payments naturally increased as a result of the elevated raw material costs that we have to pay for and investment in the workforce as we discussed. During the quarter, we continued our buyback program and purchased 2.7 million shares for $325 million on an average price of $122 per share.

如果我們看一下我們的現金狀況，現金狀況仍然非常強勁。我們的現金餘額為 36 億美元。本季度我們的經營現金流強勁，達到 2.4 億美元。我們從客戶那裡收集的產品仍然非常健康。當然，正如我們所討論的，由於我們必須支付的原材料成本增加和對勞動力的投資，支付自然而然地增加了。本季度，我們繼續我們的回購計劃，以每股 122 美元的平均價格以 3.25 億美元的價格購買了 270 萬股股票。

So if I summarize, strong quarter, strong revenues and earnings per share, strong billing, revenues above the midpoint. Non-GAAP EPS exceeded the top line. We see double-digit growth both in Product and in Security Subscription, and we continue to focus on the top line while maintaining a very strong profitability.

因此，如果我總結一下，強勁的季度，強勁的收入和每股收益，強勁的賬單，高於中點的收入。非公認會計原則每股收益超過了頂線。我們看到產品和安全訂閱的兩位數增長，我們繼續專注於收入，同時保持非常強勁的盈利能力。

So now I'll turn the call over to Gil for his business review. Thank you.

所以現在我將把電話轉給 Gil 進行業務審查。謝謝你。

Thank you, Tal, and very glad to see all of you here. That's I think one -- just like Tal said, another very good quarter that we had.

謝謝你，Tal，很高興在這裡見到你們所有人。這就是我認為的一個 - 就像 Tal 說的那樣，我們有另一個非常好的季度。

So I would like to give you a little bit of highlights both on the state of cybersecurity and mainly about many innovations and the new technologies that we've actually launched in the last couple of months that were pretty active.

因此，我想向您介紹一些關於網絡安全狀況的亮點，主要是關於我們在過去幾個月中實際推出的非常活躍的許多創新和新技術。

So first because we all know the state of cybersecurity remains very active, very challenging, you can see here just a few attacks from the last few months. Australia hit pretty bad, everything from retail to telco; U.S., we see a major case in L.A. school district; health care system in the U.K. Attacks are occurring every day and are pretty big, and this is very much reflected also in the statistics that we see.

首先，因為我們都知道網絡安全狀況仍然非常活躍，非常具有挑戰性，你可以在這裡看到過去幾個月的一些攻擊。澳大利亞的打擊非常嚴重，從零售到電信。美國，我們在洛杉磯學區看到了一個大案子；英國的醫療保健系統每天都在發生襲擊事件，而且規模相當大，這也很大程度上反映在我們看到的統計數據中。

28% increase in average weekly cyberattacks globally, reaching over 1,100 attacks per week per organization. Let's think about that on normal things, and we never get to these kinds of levels.

全球平均每週網絡攻擊增加 28%，達到每個組織每週超過 1,100 次攻擊。讓我們在正常的事情上考慮這一點，我們永遠不會達到這種水平。

1 out of 63 organization is impacted by ransomware, and these attacks are all over. I mean we've seen countries being extorted as a whole country. We are seeing the attacks are getting more and more sophisticated when Gen V, fifth-generation cyberattacks are taking a bigger place. And again, it's coming from everywhere, and it's impacting pretty much everyone.

63 個組織中有 1 個受到勒索軟件的影響，這些攻擊已經結束。我的意思是我們已經看到國家作為一個整體被勒索。當第五代第五代網絡攻擊佔據更大的位置時，我們看到攻擊變得越來越複雜。再一次，它來自世界各地，幾乎影響到每個人。

We do believe that there is an answer to that. I mean if you look around us, everybody says, well, cyber, it's maybe an unsolvable problem. We think it is solvable, and we think that the Check Point Infinity architecture is very, very uniquely positioned to solve that. It's the only prevention-first consolidated security that addresses all the key attack vectors on the network, on the cloud, to the users.

我們確實相信有一個答案。我的意思是，如果你環顧四周，每個人都會說，嗯，網絡，這可能是一個無法解決的問題。我們認為這是可以解決的，我們認為 Check Point Infinity 架構非常非常獨特地可以解決這個問題。它是唯一一種以預防為先的綜合安全性，可以解決網絡、雲上和用戶的所有關鍵攻擊向量。

And that's pretty much, by the way, the structure of our Infinity architecture. You can see the 3 pillars on the top, Quantum, CloudGuard and Harmony who handle the network, the biggest part of our network, the cloud and the Harmony for the users and their access. And this quarter or last month, we've actually launched a new family, Horizon, which focuses for the first iteration on managing the security operations on that.

順便說一下，這就是我們無限架構的結構。您可以在頂部看到 3 個支柱，處理網絡的 Quantum、CloudGuard 和 Harmony，我們網絡的最大部分，雲和供用戶及其訪問的 Harmony。本季度或上個月，我們實際上推出了一個新系列 Horizon，它的第一次迭代專注於管理安全操作。

So let me speak a little bit about Horizon. I think it's fairly exciting. So the first product in the Horizon family is the Horizon, what we call MDR/MPR. And MDR stands for Managed Detection and Response, which means analyzing everything that's happened on your environment, the network, the endpoint and so on and trying to detect and respond to attacks. Now we don't like to call it MDR, we actually like to call it MPR, Managed, Prevention and Response. And I think that's fairly unique in the Check Point architecture. That's 1 solution that actually prevent the attack and not just detects them. It's also -- and again, that's also fairly unique, the 1 solution that works across multiple attack vectors. So not just -- most of these solutions are addressing only 1 vector, we know how to combine better more attacks.

所以讓我談談地平線。我認為這相當令人興奮。所以 Horizon 系列的第一款產品就是 Horizon，我們稱之為 MDR/MPR。 MDR 代表 Managed Detection and Response，這意味著分析您的環境、網絡、端點等發生的一切，並嘗試檢測和響應攻擊。現在我們不喜歡稱它為 MDR，實際上我們更喜歡稱它為 MPR、Managed、Prevention and Response。我認為這在 Check Point 架構中是相當獨特的。這是一種真正防止攻擊而不僅僅是檢測到攻擊的解決方案。它也是——同樣，這也是相當獨特的，1 解決方案適用於多個攻擊向量。所以不僅僅是——這些解決方案中的大多數只解決了一個向量，我們知道如何更好地組合更多的攻擊。

It is based on a very solid foundation that we built in Check Point, a lot of engines, a lot of automation tools. And the idea here that this can be outsourced and be provided as a SaaS solution.

它基於我們在 Check Point 中構建的非常堅實的基礎、大量引擎、大量自動化工具。這裡的想法是可以外包並作為 SaaS 解決方案提供。

So -- and then when you think about it, most organizations cannot afford having their own security operation center. Think about a center that you have security experts sitting 24/7. That's very, very hard to get access to these people to develop the work methodologies and very expensive. I mean something that works 7/24 is millions of dollars to operate. And our service provides just that and outsources that as a SaaS service for organization.

所以——再想想，大多數組織都負擔不起擁有自己的安全運營中心。考慮一個擁有 24/7 全天候安全專家的中心。要接觸到這些人來開發工作方法非常非常困難，而且非常昂貴。我的意思是 7/24 工作的東西是數百萬美元的運營。我們的服務正是提供了這一點，並將其外包為組織的 SaaS 服務。

We launched that. If you remember, we talked about the rocket structure at the beginning of the year. So this is one of the rockets we launched in the beginning of the year, and now we are ready to launch the product for the mass market. Just to keep in mind, we already have a few hundred customers on our SOC platform. So this is actually having a lot of traction since the beginning of the year, and we hope that it's now ready for prime time.

我們推出了那個。如果你還記得，我們在年初談到了火箭結構。所以這是我們年初推出的火箭之一，現在我們準備推出面向大眾市場的產品。請記住，我們的 SOC 平台上已經有幾百個客戶。因此，自今年年初以來，這實際上具有很大的吸引力，我們希望它現在已經為黃金時段做好了準備。

I think that this one is going to get us access to a pretty big market. It's -- people expect it to be -- it's already a crowded market with many, many small companies. But I think what you can see here, just like IDC analysts are saying, the Check Point Horizon of prevention first is a game-changing feature for this market. So we definitely hope that that's going to be a good entrance to an interesting market and a platform, by the way, for more technologies and more products.

我認為這將使我們進入一個相當大的市場。它是——人們期望它是——它已經是一個擁擠的市場，有很多很多小公司。但我認為您在這裡可以看到，就像 IDC 分析師所說的那樣，預防優先的 Check Point Horizon 是這個市場的一個改變遊戲規則的功能。因此，我們絕對希望這將成為一個有趣的市場和平台的良好入口，順便說一下，更多的技術和更多的產品。

Next, and I think if you remember, our commitment is to provide our customers with the best security. With our slogan, You Deserve the Best Security, and we keep working very, very hard to elevate the level of security we give our customers. And just the last few weeks, we launched the new Quantum Titan set of technologies for our network security customers. So that's right in the core of our business, and I think that's very, very important.

接下來，我想如果你還記得的話，我們的承諾是為我們的客戶提供最好的安全保障。憑藉我們的口號，您值得擁有最好的安全保障，我們一直非常非常努力地提高我們為客戶提供的安全級別。就在最近幾週，我們為我們的網絡安全客戶推出了新的 Quantum Titan 技術集。所以這正是我們業務的核心，我認為這非常非常重要。

So let me talk for 2 minutes about what's included in Quantum Titan. It's free. If you remember, our architecture based on what we call software blades, 3 new software blades. The first 2, the DNS security and the zero phishing are kind of hardening the security that any customer can have. And by the way, phishing and DNS are 2 of the most critical attack vectors that are being used by hackers today.

因此，讓我用 2 分鐘時間來談談 Quantum Titan 中包含的內容。免費。如果您還記得，我們的架構基於我們所說的軟件刀片，即 3 個新的軟件刀片。前 2 個，DNS 安全性和零網絡釣魚是一種強化任何客戶都可以擁有的安全性。順便說一句，網絡釣魚和 DNS 是當今黑客使用的兩個最關鍵的攻擊媒介。

DNS is one of the only protocol which remains open to the internet from any company. DNS stands for the Domain Network Service, and that's the one that resolves our IP address checkpoint.com into something that our computer can access. So it must be open. And hackers are more and more finding ways to use the simple protocol to send attack vector, whether it's to transfer information between a computer and its operator or to leak information or even for some other more severe cases. So now we have a new blade which focuses solely on DNS. It's based on AI. It's based on deep learning, and it can address as many, many attacks.

DNS 是唯一對任何公司的互聯網開放的協議之一。 DNS 代表域網絡服務，它可以將我們的 IP 地址 checkpoint.com 解析為我們的計算機可以訪問的東西。所以它必須是開放的。黑客越來越多地想方設法使用簡單協議發送攻擊向量，無論是在計算機與其操作員之間傳輸信息，還是洩露信息，甚至是其他一些更嚴重的情況。所以現在我們有了一個新的刀片，它只專注於 DNS。它基於人工智能。它基於深度學習，可以應對很多很多的攻擊。

And similarly so the zero-phishing prevention blade. Again, if you look at phishing attack, when somebody redirect you to the wrong site and they might take your credentials and use them to strike back, many of these attacks are being analyzed. And a few hours later after they start, there is a signature that this site should not be accessed. Unfortunately, most of the damage in phishing is done in these early hours and many of these sites actually go offline after a few hours and are being replaced with new sites.

同樣，零網絡釣魚防護刀片也是如此。同樣，如果您查看網絡釣魚攻擊，當有人將您重定向到錯誤的站點並且他們可能會獲取您的憑據並使用它們進行反擊時，正在分析其中的許多攻擊。並且在他們開始幾個小時後，有一個簽名表明這個站點不應該被訪問。不幸的是，網絡釣魚中的大部分破壞都是在凌晨完成的，其中許多站點實際上在幾個小時後就下線了，並且正在被新站點所取代。

Our zero-phishing technology does it in real time, analyzes many, many factors around the sites and can block access to the wrong site. You can see the result of that. With zero phishing, we get 4x better ability to block phishing sites than signature-based technologies. With the DNS blade, 5x better, more attacks blocked compared to signature-based technologies. I think this is very, very impressive results based on advanced AI and deep learning technology.

我們的零網絡釣魚技術實時進行，分析站點周圍的許多因素，並可以阻止對錯誤站點的訪問。你可以看到它的結果。通過零網絡釣魚，我們阻止網絡釣魚站點的能力比基於簽名的技術高 4 倍。與基於簽名的技術相比，使用 DNS 刀片可將攻擊性能提高 5 倍，阻止更多攻擊。我認為這是基於先進的人工智能和深度學習技術的非常非常令人印象深刻的結果。

Last but not least is the Quantum IoT Protect software, and this is far more than better technology on the main gateway. It's actually a whole new system to protect IoT devices. And IoT devices now pose some of the biggest threats to any network because these devices cannot be controlled. In many cases, they are fairly simple, and that also means that in many cases, they are fairly simple to use them as an attack vector to get into our enterprises.

最後但並非最不重要的是 Quantum IoT Protect 軟件，這不僅僅是主網關上更好的技術。它實際上是一個保護物聯網設備的全新系統。物聯網設備現在對任何網絡都構成了一些最大的威脅，因為這些設備無法控制。在許多情況下，它們相當簡單，這也意味著在許多情況下，將它們用作進入我們企業的攻擊媒介相當簡單。

Now there is a whole industry of IoT security vendors. Many of them are our partners. We like them. We work with them. But what we focus today is what's called discovery. They map your network, they give you a list of all the devices that you have, and I just recently met the customer and said, well, yes, we got at least 30,000 IoT devices on the network. Now what do we do with it? It takes months to map them and understand what's the threat from each one. And by the time you do that, there is new devices and there's new threats.

現在有整個行業的物聯網安全供應商。他們中的許多人是我們的合作夥伴。我們喜歡他們。我們與他們合作。但是我們今天關注的是所謂的發現。他們映射您的網絡，為您提供您擁有的所有設備的列表，我最近才遇到客戶並說，嗯，是的，我們在網絡上至少有 30,000 台物聯網設備。現在我們用它做什麼？繪製它們並了解每個威脅的威脅需要幾個月的時間。而當你這樣做時，就會出現新設備和新威脅。

And I think that's the beauty and the focus that we have on the Quantum IoT Protect, which I believe is unique in the marketplace. This is being translated from automatic discovery, that's included in the product, into autonomous threat prevention. So we take the network map, we automatically map it into security profile and security rules that limits each IoT access and reduces drastically the attack surface and eliminates the ability for somebody ever to get on to that device or mainly to use that attack as a launch pad for additional attacks. This is, by the way, part of a much broader IoT solution that we have in Check Point that have -- that we can harden IoT devices, firmware and do far -- and analyze them and do far more than that to give the most comprehensive solution for IoT devices on the network.

我認為這就是我們對 Quantum IoT Protect 的美麗和關注，我相信它在市場上是獨一無二的。這正在從產品中包含的自動發現轉換為自主威脅預防。因此，我們採用網絡地圖，自動將其映射到安全配置文件和安全規則中，以限制每個物聯網訪問並大幅減少攻擊面，並消除某人進入該設備或主要使用該攻擊作為啟動的能力墊額外的攻擊。順便說一句，這是我們在 Check Point 擁有的更廣泛的物聯網解決方案的一部分——我們可以強化物聯網設備、固件並做很多事情——並分析它們並做更多的事情以提供最大的收益網絡上物聯網設備的綜合解決方案。

So we are very proud of that. That was just launched a couple of weeks ago, and I think it can be a great platform for market expansion. And remember, all these three blades that I just described, they don't require the customer to use another vendor, to build a new set of systems. This is all plugged into the existing Check Point Quantum gateways and Quantum management which they have. So this is, again, another breakthrough in this industry.

所以我們為此感到非常自豪。那是幾週前剛剛推出的，我認為它可以成為一個很好的市場擴張平台。請記住，我剛剛描述的所有這三個刀片，它們不需要客戶使用另一個供應商來構建一套新的系統。這一切都插入到他們擁有的現有 Check Point Quantum 網關和 Quantum 管理中。因此，這又是該行業的又一次突破。

And you can see that we got some good quotes here, a large automotive company in Germany. So that it works. Clarks in the U.S., again, use the new -- 2 new blades and seen that it actually works.

你可以看到我們在這裡得到了一些不錯的報價，這是一家德國的大型汽車公司。這樣它就可以工作了。美國的 Clarks 再次使用新的 -- 2 個新刀片並看到它確實有效。

And I think this recognition comes from many different areas. You can see some additional quotes that we got from Forrester, that once again put us in the leaders part of the Forrester wave and even more important because we've been on that leader for many, many years and many analysts is to say what we liked about Check Point, customer obsession and admirable prevention vision. So they got it. And you see for other products as well. GigaOm for the CloudGuard Posture Management. GigaOm for our Harmony Connect SASE solution that's early in the market, but you see it's in the fast-mover category. So we are very, very proud of this recognition and many others.

我認為這種認可來自許多不同的領域。您可以看到我們從 Forrester 那裡獲得的一些額外報價，這再次使我們成為 Forrester 浪潮的領導者，甚至更重要的是，因為我們已經擔任該領導者很多年了，許多分析師想說我們喜歡 Check Point、客戶至上和令人欽佩的預防願景。所以他們得到了它。你也會看到其他產品。 GigaOm 用於 CloudGuard 姿勢管理。 GigaOm 用於我們的 Harmony Connect SASE 解決方案，該解決方案在市場上處於早期階段，但您會看到它屬於快速推動者類別。因此，我們為這種認可和許多其他認可感到非常非常自豪。

You can see some customer wins from financial services in the U.S. to a big university in EMEA. Carnival Cruise in the U.S., if you remember, we've launched another rocket based on our acquisition a year ago of e-mail security. So Harmony e-mail continues to be a fast-growing platform for us and being bought and recognized by many customers.

從美國的金融服務到歐洲、中東和非洲的一所大型大學，您可以看到一些客戶的成功案例。美國的嘉年華巡遊，如果你還記得的話，我們在一年前收購電子郵件安全的基礎上又發射了一枚火箭。因此，Harmony 電子郵件繼續成為我們快速發展的平台，並被許多客戶購買和認可。

And last but not least is the new Horizon MDR/MPR; Arch, one of the large energy companies in the U.S., picked that up and see that it works, that this actually enables them to stop attacks in real time.

最後但並非最不重要的是新的 Horizon MDR/MPR； Arch 是美國大型能源公司之一，它發現了這一點，並發現它確實有效，這實際上使他們能夠實時阻止攻擊。

And last but not least is the third year in a row that Forbes speaks us as one of the World's Best Employer, and I think we're #1 in terms of cyber companies here, which makes us very proud. And I think it also shows a lot about the employees of Check Point, how proud they feel in the portfolio that they bring to the market.

最後但同樣重要的是，福布斯連續第三年將我們評為全球最佳雇主之一，我認為我們在這裡的網絡公司方面排名第一，這讓我們感到非常自豪。我認為這也顯示了 Check Point 員工的很多情況，他們對自己為市場帶來的產品組合感到多麼自豪。

So to summarize, I think we finished the quarter with very strong financial results, revenues above our midpoint and better than your expectation. EPS even better outside our range, $1.77. And more important than that is the innovation because I think this quarter, we really, really delivered on our vision and mission with the Horizon platform, with the Quantum type and really elevating the level of security that we deliver on the customers.

總而言之，我認為我們以非常強勁的財務業績結束了本季度，收入高於我們的中點並且好於您的預期。每股收益在我們的範圍之外甚至更好，為 1.77 美元。比這更重要的是創新，因為我認為本季度，我們通過 Horizon 平台、Quantum 類型真正實現了我們的願景和使命，並真正提升了我們為客戶提供的安全級別。

So I'd like to thank you for being with us. And actually, before we open it to your question, one more thing. Let me speak about our projection for the fourth quarter and update the ranges for the year. No big surprises here, and I think this is fairly good. Revenues are expected to be between $608 million to $658 million, very much in line with what we planned at the beginning of the year. And despite all the turmoil that's going on in the market, I think we're seeing steady and very, very good results.

所以我要感謝你和我們在一起。實際上，在我們回答您的問題之前，還有一件事。讓我談談我們對第四季度的預測並更新今年的範圍。這裡沒有什麼大的驚喜，我認為這是相當不錯的。收入預計在 6.08 億美元至 6.58 億美元之間，非常符合我們年初的計劃。儘管市場上發生了所有動盪，但我認為我們看到了穩定且非常非常好的結果。

Non-GAAP EPS is expected to be between $2.22 and $2.42. GAAP EPS is expected to be approximately $0.31 less. And I think these are all very good and healthy numbers that we will have.

非公認會計原則每股收益預計在 2.22 美元至 2.42 美元之間。 GAAP每股收益預計將減少約0.31美元。我認為這些都是我們將擁有的非常好的和健康的數字。

I always remind you my caveats: projecting the future is always very, very challenging; there's high level of uncertainty. Now in particular, I think on one hand, we see very good feedback from channel partners. The need for cybersecurity is obvious. But on the same time, we can't ignore the economical uncertainty around us, and I think there is a higher level of uncertainty now than ever. I hope that the good signs that we see, again, from the channel, from the need for cyber and from the amazing technologies that we launch will end up with very good results.

我總是提醒你我的警告：預測未來總是非常非常具有挑戰性的；存在高度不確定性。現在特別是，我認為一方面，我們看到了來自渠道合作夥伴的非常好的反饋。對網絡安全的需求是顯而易見的。但與此同時，我們也不能忽視我們周圍的經濟不確定性，我認為現在的不確定性比以往任何時候都高。我希望我們再次從渠道、對網絡的需求以及我們推出的驚人技術中看到的良好跡象最終會產生非常好的結果。

Last but not least is how does that fit into our full year projection? So what you see here in gray is the full year ranges from $2.2 billion to $2.375 billion. Now that we give the guidance for the projection for the fourth quarter, you can see that the updated range for the year will be from $2.299 billion to $2.349 billion. That means that we are placed very much at the high end of our projection from the beginning of the year. No surprise, but makes us proud in that.

最後但並非最不重要的一點是，這與我們的全年預測有何關係？所以你在這裡看到的灰色是全年從 22 億美元到 23.75 億美元不等。現在我們給出了第四季度預測的指導，您可以看到今年的更新範圍將從 22.99 億美元到 23.49 億美元。這意味著我們從年初開始就處於預測的高端。毫不奇怪，但讓我們為此感到自豪。

And similarly so for the non-GAAP EPS, original range was $6.90 to $7.50, and the updated range is $7.20 to $7.40, which is, again, at the high end of the EPS expectation. GAAP EPS expected to be $1.22 less. So this is an update on the projection, and I think it's a very good one.

同樣，對於非 GAAP 每股收益，原始範圍為 6.90 美元至 7.50 美元，更新後的範圍為 7.20 美元至 7.40 美元，這再次處於每股收益預期的高端。 GAAP每股收益預計將減少1.22美元。所以這是對投影的更新，我認為這是一個非常好的預測。

So thank you very much, and I would love to open the call for your questions.

非常感謝您，我很樂意為您的問題打開電話。

All right, gang. (Operator Instructions) Our first question is going to come from Keith Bachman from BMO Capital Markets, followed by Hamza Fodderwala from Morgan Stanley. Keith?

好吧，幫派。 （操作員說明）我們的第一個問題將來自 BMO 資本市場的 Keith Bachman，然後是摩根士丹利的 Hamza Fodderwala。基思？

All right. I wanted to ask -- I don't know if it's Tal or Gil, but I'll throw it out there for both is, what does the journey to double-digit billings look like? In other words, you had a good quarter, 8% kind of billings growth. And even sequentially, I would argue it was better than normal seasonality to billings. But what needs to happen from here in order to reach the double-digit range that we've talked about for a while?

好的。我想問——我不知道是 Tal 還是 Gil，但我會把它扔在那裡，因為兩位數的賬單之旅是什麼樣的？換句話說，你有一個不錯的季度，比林斯增長了 8%。甚至按順序，我認為這比比林斯的正常季節性要好。但是從這裡開始需要發生什麼才能達到我們已經討論過一段時間的兩位數範圍？

And specifically, within the context of the question, if you could give us any update on current demand trends. In other words, during the quarter, as you look over the quarter into December, have trends gotten any better? Has demand across the industry gotten any better, stayed the same or gotten a little bit worse? Just sort of a micro update within your journey to double-digit billings growth. That's it for me.

具體來說，在問題的背景下，您能否向我們提供有關當前需求趨勢的任何更新。換句話說，在本季度，當您回顧到 12 月的這個季度時，趨勢是否有所好轉？整個行業的需求是變得更好、保持不變還是變得更糟了？在您實現兩位數的賬單增長過程中，這只是一種微更新。對我來說就是這樣。

Maybe I'll start -- can you hear me?

也許我會開始——你能聽到我說話嗎？

Yes. Yes, I can hear you.

是的。是的，我能聽到你的聲音。

Maybe I'll start with the double-digit question. So when you talk about billing, and you remember, that's one of the metrics that we don't really use. You're using, that's why we give it to you. But in essence, if the billing would have been a reflection of the annualized, which means you will issue a billing for 1 year, then it should be in line with the revenues over time. So to your question, how do you get to billing double digit is when the revenues will reach double digits, right? Maybe it can be slightly earlier. And I'm avoiding fluctuations that can happen between quarters when you get a deal early or you get a deal sometimes a quarter later. But in general, in the essence, for stable double digit, you need to be in a stable double digit in the P&L. Excluding the -- a deal that you can get a multiyear deal and then it can get you to a strong double digit.

也許我會從兩位數的問題開始。因此，當您談論計費時，您會記得，這是我們並沒有真正使用的指標之一。您正在使用，這就是我們將其提供給您的原因。但從本質上講，如果計費是按年計算的，這意味著您將開具 1 年的計費，那麼它應該與一段時間內的收入保持一致。所以對於你的問題，當收入達到兩位數時，你如何達到兩位數的計費，對吧？也許可以稍微早一點。我正在避免當你提前達成交易或有時在一個季度後達成交易時可能在季度之間發生的波動。但一般來說，本質上，為了穩定的兩位數，您需要在損益表中處於穩定的兩位數。不包括——你可以獲得一份多年合同，然後它可以讓你達到兩位數。

Look at Q4 last year, for example. That was a strong double digit. You reached that constant double digit because also there was a few multiyear deals that were built and Q4 typically can be that type. You can get a very large deal or it can be earlier and that can create a higher number. But the stable one has to be in link with revenues reaching double digits.

例如，看看去年第四季度。這是一個強勁的兩位數。你達到了這個恆定的兩位數，因為還有一些多年的交易已經建立，第四季度通常可以是那種類型。你可以得到一個非常大的交易，或者它可以更早，這可以創造一個更高的數字。但穩定的必須與收入達到兩位數掛鉤。

The good news is, we reached double digit, both in Product and in Subscription. Support is not a double-digit animal, right? It's a low single digit. So to get to a total double digit, you need even more acceleration of the Product and the Subscription in order to get to a total double digit. I hope that answers your question.

好消息是，我們在產品和訂閱方面都達到了兩位數。支持不是兩位數的動物，對吧？這是一個低個位數。因此，要達到兩位數，您需要對產品和訂閱進行更多加速才能達到兩位數。我希望這能回答你的問題。

Yes. And, Tal, any comments on just within the -- how did demand trends fare within the quarter? Companies like Microsoft have called out incremental weakness in demand trends. ServiceNow, not so much. But just any change in aggregate demand that you're sensing that occurred during the quarter of September or as you look over into December quarter?

是的。並且，Tal，關於本季度的需求趨勢如何？像微軟這樣的公司已經指出需求趨勢的逐漸疲軟。 ServiceNow，沒那麼多。但是，您是否感覺到在 9 月季度或回顧 12 月季度時發生的總需求變化？

I think September was very strong for us. But for us, it's very hard to know because remember that majority of part of the booking actually comes in the last month. And September and Q3 is quite a small quarter because of the vacations. So it's very hard to conclude out of it.

我認為九月對我們來說非常強勁。但對我們來說，很難知道，因為要記住大部分預訂實際上是在上個月進行的。由於假期，9 月和第三季度是相當小的一個季度。所以很難得出結論。

Also, by the way, when you talk about Q4, majority of the number actually comes in the last month and in the last week. So it's very, very hard to have also visibility when you look into Q4. And Q4, it's a huge quarter, right? So it's also very important for going forward. So it's very early to say.

另外，順便說一下，當您談論第四季度時，大多數數字實際上來自上個月和上週。因此，當您查看第四季度時，很難獲得可見性。第四季度，這是一個巨大的季度，對吧？所以這對於前進也很重要。所以現在說還為時過早。

All right. Our next question is coming from Hamza Fodderwala and with Rob Owens and Shaul.

好的。我們的下一個問題來自 Hamza Fodderwala 以及 Rob Owens 和 Shaul。

And, Tal, congrats on well-earned sabbatical. I'll keep it to one. Tal, can you remind us what the pricing impact on the growth rate looks like after the discounting? And just any thoughts you have around pricing going forward, just given the fact that the dollar has gotten somewhat stronger and you do price in U.S. dollars in a lot of the regions.

而且，塔爾，恭喜你來之不易的休假。我會保留一個。 Tal，您能否提醒我們折扣後定價對增長率的影響是什麼樣的？考慮到美元已經有所走強，而且您在許多地區確實以美元計價，您對未來定價的任何想法。

It's a good question because on the one hand, if you build it in an Excel file, then it should be a nice -- a tailwind, right? Because you have an increase in the price and the dollar getting stronger. So -- but on the other hand, you have the customers which we have many around Europe and Asia. And for them, the budget actually effectively shrink in that regard. So I think previously, we've seen somewhat disconnect the balance themselves. So when I looked at the -- at Q3, it looks like it balanced. We didn't have an increase in the discount rate probably because it balanced each other. Q4, again, it's a big quarter. Q3 is almost not indications for anything because it's a small model. So in Q4, I think we'll have more colors.

這是一個很好的問題，因為一方面，如果你在 Excel 文件中構建它，那麼它應該是一個很好的——順風，對吧？因為你有價格上漲和美元走強。所以 - 但另一方面，您擁有我們在歐洲和亞洲擁有的許多客戶。對他們來說，這方面的預算實際上實際上是在縮減。所以我認為以前，我們已經看到平衡本身有些脫節。因此，當我查看第三季度的情況時，它看起來很平衡。我們沒有提高貼現率可能是因為它相互平衡。第四季度，又是一個重要的季度。 Q3 幾乎沒有任何跡象，因為它是一個小模型。所以在第四季度，我認為我們會有更多的顏色。

Next up is Rob Owens, followed by Michael Turits.

接下來是 Rob Owens，然後是 Michael Turits。

Great. I'll take the opposite side of Hamza's question and maybe FX relative to OpEx. Number one, can you remind us of the breakdown of OpEx shekel versus non-U.S. dollar versus dollar? And number two, maybe around your hedging policies for the shekel, what hedges you have in place, when they roll off and impact of rehedging?

偉大的。我將採取 Hamza 問題的另一面，也許是相對於 OpEx 的 FX。第一，您能否提醒我們運營支出謝克爾兌非美元兌美元的細分？第二，也許圍繞您對謝克爾的對沖政策，您有哪些對沖措施，它們何時滾落以及重新對沖的影響？

Sure. So I'm putting aside the balance sheet hedge because that had an effect on the cash flow, but the P&L is pretty much minimal, right? So you're talking about the operational, and we hedged in the beginning of the year pretty much the whole shekel and also the euro. So -- and that's majority of the exposure. It's probably together maybe 50%, right? So I think the shekel might be 30%, and that's the major one.

當然。所以我把資產負債表對沖放在一邊，因為這對現金流有影響，但損益非常小，對吧？所以你說的是運營，我們在年初對沖了幾乎整個謝克爾和歐元。所以 - 這是大部分的曝光。可能加起來可能是 50%，對吧？所以我認為謝克爾可能是 30%，這是主要的。

So if I'm looking now, it's actually working for our benefit for next year, meaning if it will stay that way, it should -- this year, we got the hit from all directions, right? We had the raw material, we had increased cost, we had the currency against us. We hedged at probably around 3.1, I think, if I recall. So next year, if the dollar will stay that way, hopefully, it will help us.

所以如果我現在看，它實際上對我們明年的利益起作用，這意味著如果它會保持這種狀態，它應該 - 今年，我們受到了來自各個方面的打擊，對吧？我們有原材料，我們增加了成本，我們有對我們不利的貨幣。我想，如果我記得的話，我們可能在 3.1 左右進行了對沖。所以明年，如果美元保持這種狀態，希望它會對我們有所幫助。

So for this quarter, we enjoyed from it slightly, but nothing dramatic because most of the amounts were hedged. We actually enjoyed from the currencies that were not hedged, but it's a smaller amount because the majority of the exposure is in Israel. And in Israel, which is the shekel, all the R&D is located in Israel and Europe, which is the euro, which we also hedged. And the U.S., which is dollar anyways.

因此，對於本季度，我們從中獲得了一些好處，但沒有什麼戲劇性的，因為大部分金額都被對沖了。我們實際上享受了未對沖的貨幣，但數量較少，因為大部分風險敞口都在以色列。在以色列，即謝克爾，所有的研發都位於以色列和歐洲，即歐元，我們也對沖。而美國，無論如何都是美元。

Our next caller is Michael Turits, followed by Andrew Nowinski.

我們的下一位來電者是 Michael Turits，然後是 Andrew Nowinski。

Very solid quarter in, obviously, tough environment. So maybe I'll pursue Keith Bachman's question about double digit. So thanks for the clarification, Tal, regarding revenues and billings, but from a fundamental perspective in terms of what would be the catalyst to get you to growth, what we call billings or revenue, but economic growth that's over 10%. There's so much that's wonderful in your product line, and it keeps expanding. So is the real trigger for that acceleration to something where you're really gaining share within the industry in the double digits? Is that trigger on the sales and marketing side? Is it something else within the product line? So fundamentally, what gets us there?

顯然，在艱難的環境中非常穩固。所以也許我會追查基思巴赫曼關於兩位數的問題。因此，感謝 Tal 關於收入和賬單的澄清，但從基本的角度來看，什麼是推動您實現增長的催化劑，我們稱之為賬單或收入，但經濟增長超過 10%。您的產品線中有很多很棒的東西，而且還在不斷擴大。那麼，這種加速的真正觸發因素是你真正在行業中獲得兩位數份額的東西嗎？這是銷售和營銷方面的觸發因素嗎？它是產品線中的其他東西嗎？所以從根本上說，是什麼讓我們到達那裡？

I think over the last few months, we've built a lot of infrastructure for that. Part of it is, of course, having better products and better technologies, which always been our strong point. But I think a lot of it is also about our sales execution.

我認為在過去的幾個月裡，我們為此建立了很多基礎設施。當然，部分原因是擁有更好的產品和更好的技術，這一直是我們的強項。但我認為其中很多也與我們的銷售執行有關。

Just to remind you what we did this year, and I think we did a lot and we are still in the building phase, we've started the new structure with rockets which pushed some of the new technologies. We've created a new go-to-market or what we call commercial organization and have a new head of that, Rupal, who joined us in March, I think. We've put a big investment into getting more frontline sales, more people that would address the customers and go there. And I think we are making very good progress on all of these initiatives.

只是提醒你今年我們做了什麼，我認為我們做了很多，我們仍處於建設階段，我們已經開始使用火箭推動一些新技術的新結構。我們已經創建了一個新的進入市場或我們稱之為商業組織的組織，並且有一個新的負責人，Rupal，我認為他在 3 月份加入了我們。我們已經投入大量資金來獲得更多的一線銷售，更多的人會解決客戶並去那裡。我認為我們在所有這些舉措上都取得了很好的進展。

I think there's definitely plenty of potential, you're all absolutely right. And I think I'm quite positive about both the midterm and the long-term potential for that. And in the short term, since the beginning of the year, we actually saw pretty good signs internally how it would translate now in the fourth quarter with everything around us. That remains a good question. But as you see, we have very solid projections for the revenues and EPS.

我認為肯定有很大的潛力，你說得對。而且我認為我對中期和長期潛力都非常樂觀。在短期內，自今年年初以來，我們實際上在內部看到了很好的跡象，現在它在第四季度將如何轉化為我們周圍的一切。這仍然是一個很好的問題。但正如你所看到的，我們對收入和每股收益有非常可靠的預測。

Next up is Andrew Nowinski, followed by Fatima Boolani.

接下來是 Andrew Nowinski，其次是 Fatima Boolani。

Okay. Congrats on the nice quarter this morning. So I wanted to ask about Infinity and some of the enhancements you've made to that subscription. So first, you noted that Horizon, the new one, could be a game changer, and you launched some other enhancements to Quantum that you mentioned. So the question is, do you think these new product launches and enhancements will be enough for your subscription growth to accelerate growth going forward? Because it seems like it may have peaked at that 14% level and it's maybe decel. I'm just wondering if you have enough in the portfolio now to get this -- to keep going higher.

好的。恭喜今天早上的美好時光。所以我想問一下 Infinity 以及您對該訂閱所做的一些改進。因此，首先，您注意到新的 Horizon 可能會改變遊戲規則，並且您對您提到的 Quantum 進行了一些其他增強。所以問題是，您認為這些新產品的發布和增強功能是否足以讓您的訂閱增長加速未來的增長？因為看起來它可能已經達到了 14% 的峰值，而且可能正在減速。我只是想知道你現在是否有足夠的投資組合來獲得這個——繼續走高。

I think we have plenty in our portfolio. I think our portfolio today is very -- I want to say too wide, but it's very, very deep and wide. And I think no other vendor has this kind of portfolio for addressing all the need of security.

我認為我們的投資組合中有很多。我認為我們今天的投資組合非常 - 我想說太廣泛了，但它非常非常深入和廣泛。而且我認為沒有其他供應商擁有這種解決所有安全需求的產品組合。

The challenge that we have today is actually to educate the market, to get the adoption of the Infinity architecture. Once again, we get great feedback. I mean you can see some of the feedback that we get from customers, from channels about the message about Infinity resonating. And again, I'm glad to see it. Remember, it's few years into that and so now we are getting more and more traction.

我們今天面臨的挑戰實際上是教育市場，讓 Infinity 架構得到採用。再一次，我們得到了很好的反饋。我的意思是你可以看到我們從客戶那裡得到的一些反饋，這些反饋來自關於 Infinity 引起共鳴的信息的渠道。再次，我很高興看到它。請記住，這已經過去了幾年，所以現在我們越來越受到關注。

Business wise, the potential is almost unlimited. We are really, really at the early stages of that. And that will be the catalyst of growth and subscription growth and everything that's our #1 focus.

商業方面，潛力幾乎是無限的。我們真的，真的處於早期階段。這將成為增長和訂閱增長的催化劑，以及我們第一關注的一切。

All right. Our next step is Fatima Boolani, followed by Brad Zelnick.

好的。我們的下一步是 Fatima Boolani，然後是 Brad Zelnick。

This question's for Tal. Tal, thank you so much for your partnership. I hope you have a very productive sabbatical. I wanted to focus on the product growth performance in the quarter. I understand there's a number of factors here, especially with pricing. I was hoping you could break the inputs down for us. I know you mentioned in your prepared remarks that the appliance families, all of them did well. But if you can give us a sense of how much some of the pricing actions you took this year? And if you can remind us how many you took this year? How much that impacted the product performance as well as, I think, historically, you've talked about customers who've purchased the Infinity package, they tend to pull product at their discretion. So how much of the product performance was more of a catch-up from some of the Infinity transactions that you may have done in the past quarters that didn't necessarily have a product revenue recognition component? So just some more granularity on the product revenue strength because I appreciate there's a number of factors in there.

這個問題是給塔爾的。塔爾，非常感謝您的合作。我希望你有一個非常有成效的休假。我想專注於本季度的產品增長表現。我知道這裡有很多因素，尤其是定價方面。我希望你能為我們分解輸入。我知道你在準備好的評論中提到家電系列，他們都做得很好。但是，您能否讓我們了解一下您今年採取了多少定價措施？如果你能提醒我們今年你拿了多少？這對產品性能的影響有多大，我認為，從歷史上看，您曾談到購買了 Infinity 套餐的客戶，他們傾向於自行決定是否拉動產品。那麼，您在過去幾個季度可能完成的一些 Infinity 交易中，有多少產品性能更多的是追趕，這些交易不一定包含產品收入確認部分？因此，只需對產品收入強度進行更詳細的說明，因為我很欣賞其中有許多因素。

So I'll say, remember that Infinity is now part of the model, right? So every quarter, you sign deals and every quarter, you recognize some deals based on the pull. So there's no discrepancy between the signing and the pull at this point of time. They're probably around similar number. If we looked at the beginning of the year or last year, it was a big discrepancy because we signed contract, but you still didn't have it. Again, not extra dramatic, but still, it takes some time for people to pull it.

所以我會說，記住 Infinity 現在是模型的一部分，對吧？因此，每個季度，您都會簽署交易，並且每個季度，您都會根據拉動識別一些交易。因此，此時簽名和拉取之間沒有差異。他們可能在相似的數字附近。如果我們看年初或去年，這是一個很大的差異，因為我們簽訂了合同，但你仍然沒有它。再一次，不是特別戲劇化，但人們仍然需要一些時間來拉動它。

Let's look first at the product. What I was referring to is, if you ask me from the beginning of this year, I can tell you, product, you can see is performing well from the beginning of the year. It's both in units and in dollars. It's not all the product family this quarter. I mentioned the specific one. It was the large. It was the small. It was the SMB. It was the smart one, and it was the switches. So it's a majority of them, but not all of them, just to be correct, okay? But it was a strong quarter.

我們先來看看產品。我指的是，如果你從今年年初問我，我可以告訴你，產品，你可以看到從年初開始表現良好。它以單位和美元為單位。這不是本季度的所有產品系列。我提到了具體的。這是大的。這是小的。這是中小企業。這是聰明的，它是開關。所以這是他們中的大多數，但不是全部，只是為了正確，好嗎？但這是一個強勁的季度。

It's coming from units or dollars. When I look at the full year, it's probably similar. This quarter, I think when you talked about the price increase, there were 2 price increases this year. I think the first one was in the beginning of the year and the second was in the beginning of this quarter. And probably, again, I'm now throwing it from my mind, I think the previous one was 7%, and this one had a range, maybe around 6%, 7%, right? But the range depends on the appliance. Most of it was hitting by the discounts, right? So it's balanced itself. That's what I was referring to when I said at the end, it sort of balances itself.

它來自單位或美元。當我查看全年時，它可能是相似的。這個季度，我想當你談到價格上漲時，今年有兩次價格上漲。我認為第一個是在年初，第二個是在本季度初。也許，再一次，我現在把它從我的腦海中拋開，我認為前一個是 7%，而這個有一個範圍，可能在 6%、7% 左右，對吧？但范圍取決於設備。大部分都是打折的，對吧？所以它本身是平衡的。這就是我在最後說的時候所指的，它本身就是一種平衡。

Next up is Brad Zelnick, followed by Jonathan Ho.

接下來是 Brad Zelnick，其次是 Jonathan Ho。

And congrats, Gil and Tal, on the strong execution, even if Q3 isn't necessarily seasonally indicative of what's happening out there. But I wanted just to revisit the investments that you've made into sales and marketing capacity. Can you remind us exactly where you are, and specifically, the productivity ramp? And how it's playing out versus what you'd expected? And how we should think about additional capacity coming online even into next year?

並祝賀 Gil 和 Tal 的強勁執行力，即使第三季度不一定能季節性地表明正在發生的事情。但我只想重新審視您對銷售和營銷能力所做的投資。你能準確地提醒我們你在哪裡，特別是生產力提升嗎？以及它與您的預期相比如何？以及我們應該如何考慮甚至到明年上線的額外容量？

So first, I don't want to say specifically from a competitive reason exactly where we stand in each place, in each location. But in terms of productivity, I'm actually not expecting improved productivity because as we add more salespeople, the new people are coming at very low productivity and it takes them between 6 to 12 months to ramp up to the normal productivity. That's kind of the productivity scale that we have.

因此，首先，出於競爭原因，我不想具體說明我們在每個地方、每個位置的確切位置。但就生產力而言，我實際上並不期望提高生產力，因為隨著我們增加更多銷售人員，新員工的生產力非常低，他們需要 6 到 12 個月才能提高到正常生產力。這就是我們所擁有的生產力規模。

Our focus this year -- and again, I think it is very important for us to get much higher number of frontline salespeople, people that address customers. I think that's one of the key elements that we have is simply being bold enough and going to new customers and showing them the Check Point portfolio. We are seeing a lot of these customers. I'm now seeing a lot of people visiting us on our executive briefing center here in our headquarters from all over the world. The reactions are amazing. People that love us, no doubt that they keep liking what we -- the people that didn't know us, people that haven't heard from us for many, many years, they really like our vision. And we need more people on the ground to actually deliver the Check Point message to existing and to new customers.

我們今年的重點——再說一次，我認為讓更多的一線銷售人員、與客戶聯繫的人對我們來說非常重要。我認為這是我們所擁有的關鍵要素之一，那就是足夠大膽並接觸新客戶並向他們展示 Check Point 產品組合。我們看到很多這樣的客戶。我現在看到很多人從世界各地到我們總部的執行簡報中心訪問我們。反應是驚人的。愛我們的人，毫無疑問，他們一直喜歡我們的東西——那些不認識我們的人，很多年沒有收到我們消息的人，他們真的很喜歡我們的願景。我們需要更多的實地人員將 Check Point 信息真正傳遞給現有客戶和新客戶。

Next up is Jonathan Ho, followed by Saket Kalia.

接下來是 Jonathan Ho，其次是 Saket Kalia。

And let me echo my congratulations as well, Tal, on your well-deserved sabbatical. One thing I wanted to dig in a little bit is, with your announcement around Horizon MDR and MPR, how do you think about going to market with that product? Is there a need to sort of educate the channel as well around your capabilities here? And it does sort of strike me as being a little bit of a different go-to-market than what we typically see on the product side. So yes, just any color there would be helpful.

讓我也對你當之無愧的休假表示祝賀，Tal。我想深入挖掘的一件事是，隨著您關於 Horizon MDR 和 MPR 的宣布，您如何看待將該產品推向市場？是否需要圍繞您的能力對渠道進行某種程度的教育？它確實讓我覺得它與我們通常在產品方面看到的市場有點不同。所以是的，任何顏色都會有幫助。

First, you're absolutely right, and we are doing that. We are doing that since the beginning of the year. The good news is that we have a lot of pull. I mean when people hear about it, they like the idea, they try it. In many cases, we start on the mid-level or small scale. And then they scale up, and the demand is there.

首先，你是絕對正確的，我們正在這樣做。我們從年初開始就這樣做了。好消息是我們有很大的吸引力。我的意思是當人們聽到它時，他們喜歡這個想法，他們會嘗試它。在許多情況下，我們從中等或小規模開始。然後他們擴大規模，需求就在那裡。

We created what we call a rocket, which is an organization which focuses around that, so we can give it the right focus and attention. But the good news is that the demand is actually coming from our salespeople and from our channel partners.

我們創造了我們所說的火箭，這是一個專注於此的組織，因此我們可以給予它正確的關注和關注。但好消息是需求實際上來自我們的銷售人員和我們的渠道合作夥伴。

There is, by the way, theoretically a potential of being with some conflict in the channel partners because some channel partners may offer services. And that's always -- we are very, very careful whenever we launch new services to limit the competition or the conflict with our channel partners. And so far, the reaction from the channel is very good because most channels cannot perform this level of service, and they actually like to be in that market. And when it goes to other companies in the field or our startups in that field, they do not participate here, they can participate with us.

順便說一句，理論上存在與渠道合作夥伴發生衝突的可能性，因為某些渠道合作夥伴可能會提供服務。這總是——每當我們推出新服務以限制與我們的渠道合作夥伴的競爭或衝突時，我們都會非常非常小心。到目前為止，渠道的反應非常好，因為大多數渠道無法提供這種水平的服務，他們實際上喜歡進入那個市場。當它涉及該領域的其他公司或我們在該領域的初創公司時，他們不會在這裡參與，他們可以和我們一起參與。

So overall, the reaction is -- again, it's very, very small. Remember, we're talking about very small numbers, but we're already at hundreds of customers that are connected to our stock, and that's a big number. I mean I'm looking into other companies in that space, and there is not a lot of companies that have hundreds of customers that we are serving.

所以總的來說，反應是 - 再次，它非常非常小。請記住，我們談論的是非常小的數字，但我們已經有數百名與我們的庫存相關的客戶，這是一個很大的數字。我的意思是我正在研究該領域的其他公司，並且沒有很多公司擁有數百個我們正在服務的客戶。

Our next caller is Saket Kalia, followed by Shaul Eyal.

我們的下一位來電者是 Saket Kalia，其次是 Shaul Eyal。

Okay. Great. And congrats, Tal, as well. Gil, maybe for you. Just to zoom out a little bit. You've been through several firewall cycles before over the decades that you've been in the industry. I guess based on your customer conversations, do you still feel like there are drivers for healthy growth in firewall going into next year? Or do you maybe see a little bit more of a normalization? And I know that there are a lot of factors, whether it's supply or pricing, but from a demand perspective, how do you feel about -- and I understand, I'm not looking for '23 guide, but as an industry, how do you feel about sort of growth prospects for firewall going into next year?

好的。偉大的。恭喜，塔爾，以及。吉爾，也許適合你。只是為了縮小一點。在您從事該行業的幾十年之前，您已經經歷了幾個防火牆週期。我猜根據您與客戶的對話，您是否仍然覺得明年防火牆有健康增長的驅動力？或者你可能會看到更多的標準化？而且我知道有很多因素，無論是供應還是定價，但從需求的角度來看，你感覺如何——我理解，我不是在尋找 '23 指南，而是作為一個行業，如何您對防火牆進入明年的增長前景有何看法？

It's a very good question, and I think if there's one mistake that we've made in the last few years, it's actually thinking that we should invest more in our technologies and less in firewalls because I mean there is a very, very healthy demand in firewalls today. I think people more and more realize that as much as we speak about advanced technologies and more environment, the network is the best, and it's the most important vector to defend our enterprise, especially as you look at more applications and more IoT devices and things like that, that simply cannot be protected using our technologies.

這是一個非常好的問題，我認為如果我們在過去幾年中犯了一個錯誤，實際上是認為我們應該更多地投資於我們的技術而不是防火牆，因為我的意思是有一個非常非常健康的需求今天在防火牆中。我認為人們越來越意識到，當我們談論先進技術和更多環境時，網絡是最好的，它是保護我們企業的最重要載體，尤其是當你看到更多應用程序和更多物聯網設備和事物時像那樣，使用我們的技術根本無法保護。

Now when I look into next year, I don't have any strong indication one way or the other. I am very, very positive about our potential because we have plenty of potential, not just to grow with the market, but also to grab market share. And I think with the level of security that we provide now with Quantum Titan, with everything we're doing to our Quantum platform, we need to work much, much harder to show the differentiation. Our gateways, our network security platforms are doing far more than any other solution in the marketplace.

現在，當我展望明年時，我沒有任何強有力的跡象。我對我們的潛力非常非常樂觀，因為我們有很大的潛力，不僅可以與市場一起成長，還可以搶占市場份額。而且我認為，以我們現在為 Quantum Titan 提供的安全級別，以及我們對 Quantum 平台所做的一切，我們需要更加努力地工作以展示差異化。我們的網關、我們的網絡安全平台比市場上的任何其他解決方案做得更多。

You can also see the consolidation. Things that few years ago, everybody thought will be a separate subsystem in a new category are now -- it's very obvious to everyone that we are part of the gateway, that we are part of the firewall. So the consolidation does take place. Sometimes it's a big struggle. Sometimes it takes a few years. But clearly, we're seeing that we're -- let's put it that way. There's not many other platforms that emerges critical or a major platform in cybersecurity. And the gateway, it's not just a firewall, it's the -- actually, today may be the biggest one.

您還可以看到合併。幾年前，每個人都認為將是一個新類別中的單獨子系統的事情現在 - 每個人都非常清楚我們是網關的一部分，我們是防火牆的一部分。所以合併確實發生了。有時這是一場大斗爭。有時需要幾年時間。但很明顯，我們看到我們 - 讓我們這麼說吧。沒有多少其他平台在網絡安全中出現關鍵或主要平台。網關，它不僅僅是一個防火牆，它是——實際上，今天可能是最大的一個。

Next question is with Shaul Eyal, followed by Joel Fishbein.

下一個問題是 Shaul Eyal，然後是 Joel Fishbein。

Congrats. Tal, a quick question. So 2 quarters ago, you shared with us your RPO number, indicating you're going to be doing it on just a onetime basis. Maybe just before you depart on your brief sabbatical, can you leave us with some color on it, just color?

恭喜。塔爾，一個快速的問題。所以 2 個季度前，您與我們分享了您的 RPO 編號，表明您將只做一次。也許就在你短暫休假之前，你能給我們留下一些顏色，只是顏色嗎？

And also, if I recall correctly, and I think Gil might have mentioned that or maybe you did, you had some mega deals back in 4Q of '21. So how should we be thinking about it in the context of your updated 4Q '22 guidance?

而且，如果我沒記錯的話，我認為 Gil 可能已經提到過，或者你可能提到過，你在 21 年第四季度有一些大型交易。那麼，在您更新的 22 年第 4 季度指南的背景下，我們應該如何考慮呢？

I can start with the first part. I'm sorry because I didn't listen to the second part. I might have even answered the second part, but I'll start with the first part. So we talked about -- we said, we don't provide it because again, it's a backlog, which is affected by many, many factors, including mainly the multiyear transaction. But if you really want it, I can tell you, it's a double digit as well.

我可以從第一部分開始。對不起，因為我沒有聽第二部分。我什至可能已經回答了第二部分，但我將從第一部分開始。所以我們談到 - 我們說，我們不提供它，因為它是一個積壓的訂單，受很多很多因素的影響，主要包括多年交易。但如果你真的想要它，我可以告訴你，它也是一個兩位數。

Got it. Double-digit growth. Okay. Good. Congrats.

知道了。兩位數的增長。好的。好的。恭喜。

And you will see it in the annual, of course, because we do provide it every annual, right, as part of our financial reports.

當然，您會在年度中看到它，因為我們確實每年都會提供它，對，作為我們財務報告的一部分。

We'll have to wait patiently then to February.

我們將不得不耐心等待到二月。

Next question. Oh wait. Go on.

下一個問題。等一下。繼續。

What was the second part? Sorry, can you repeat it then?

第二部分是什麼？對不起，那你能重複一遍嗎？

No, no. The second part of it was about the mega deals in the context of your mega deals of 4Q '21 in the context of they are (inaudible) 4Q '22 guidance.

不，不。它的第二部分是關於您在 21 年 4 季度的大型交易背景下的大型交易，因為它們是（聽不清）22 年 4 季度的指導。

So I think it's a good question. Q4 last year was heavy on mega deals. Probably, maybe 4 deals -- 4, 5 deals around 10% and above. So it's quite heavy, which can again affect the billing. It's very hard to predict those ones because multiyear can affect significantly, but the ACV is very healthy and growing, so I'm not concerned around that. Billing can be affected always. That's why I always say, watch out from the billing number. It can fluctuate between quarters easily.

所以我認為這是一個很好的問題。去年第四季度大量交易大量湧現。可能，也許是 4 筆交易——4 筆、5 筆約 10% 及以上的交易。所以它很重，這會再次影響計費。很難預測這些，因為多年會產生顯著影響，但 ACV 非常健康且不斷增長，所以我對此並不擔心。計費總是會受到影響。這就是為什麼我總是說，注意帳單號碼。它可以很容易地在季度之間波動。

Our next question is coming from Joel Fishbein, followed by Tal Liani from BofA.

我們的下一個問題來自 Joel Fishbein，然後是來自美國銀行的 Tal Liani。

Tal, congrats again to you for your sabbatical. I'm going to follow up with a question for my good friend, Shaul, on number one, visibility into '23. Obviously, not asking specifically, but also asking if there was any deals that may have been pulled into 3Q or early renewed in 3Q? We've heard that happening as well in this environment. Love to hear any color on that.

塔爾，再次祝賀你休假。我將繼續向我的好朋友 Shaul 提出一個問題，第一個問題是對 23 年的可見性。顯然，不是特別問，而是問有沒有交易可能被拉到三季度或三季度提前續約？我們聽說在這種環境中也發生了這種情況。喜歡聽到任何顏色。

I don't think I saw anything major pulled from Q3 to Q4. I did see actually some pulls in Q1 and Q2 from Q3 and Q4. You always have pulls. So yes, we had in Q1, I think. We had in Q4 from Q1 last year. It's always happened. That's why I always tell you, watch out from the billing, not to get over excited or over depressed, it can fluctuate easily. Many times, it depends on customer budgets and timing. I didn't see anything dramatic between Q3 and Q4. I did see a few multiyear that relates to Q4 that came last year and also collected last year. That's relating to the previous question. That's what I mentioned.

我認為我沒有看到從第三季度到第四季度的任何重大變化。我確實看到 Q3 和 Q4 的 Q1 和 Q2 有一些拉動。你總是有拉力。所以是的，我們在第一季度有過，我想。從去年第一季度開始，我們在第四季度就有了。它總是發生。這就是為什麼我總是告訴你，注意計費，不要過度興奮或過度沮喪，它很容易波動。很多時候，這取決於客戶的預算和時間。我沒有看到第三季度和第四季度之間有什麼戲劇性的事情。我確實看到了一些與去年第四季度相關的多年期，去年也收集了。這與上一個問題有關。這就是我提到的。

Great. And then just to follow up on that, is the -- are there still mega deals in the pipeline in this 4Q coming up? I think that was Shaul's point about there being maybe a hole in this 4Q relative to last 4Q.

偉大的。然後只是跟進這一點，在即將到來的第四季度，是否仍有大型交易正在進行中？我認為這是 Shaul 的觀點，即與上一個第四季度相比，這個第四季度可能存在漏洞。

We have a lot of large deals, of course, because Q4 is heavy on large deals, but multiyears is many times depends on the customer, not on us. And that's why it can create big shifts because if you're supposed to renew $10 million, and because you have a budget, you decide to take 5 years and renew $50 million, it's really not in our hands. And even now when I'm thinking because you asked, because the interest rates are so high, it's probably less attractive to customers to pay in advance with such a high interest rate around. So probably you would expect less multiyear. Again, no effect on the run rate or anything, but it can affect billing and booking.

當然，我們有很多大宗交易，因為第四季度的大宗交易很重，但多年很多時候取決於客戶，而不是我們。這就是為什麼它可以創造巨大的轉變，因為如果你應該更新 1000 萬美元，並且因為你有預算，你決定用 5 年時間更新 5000 萬美元，它真的不在我們手中。即使是現在，當我想因為你問的時候，因為利率如此之高，在如此高的利率附近提前付款對客戶的吸引力可能會降低。因此，您可能會期望更少的多年。同樣，對運行率或其他任何內容都沒有影響，但它會影響計費和預訂。

All right. Our next call is coming -- our next question is coming from Tal Liani's line. It doesn't look like Tal Liani, it must be his associate, followed by Gregg Moskowitz, who will be our last question.

好的。我們的下一個電話即將到來——我們的下一個問題來自 Tal Liani 的電話。看起來不像是 Tal Liani，肯定是他的同事，其次是 Gregg Moskowitz，他將是我們的最後一個問題。

This is Tomer Zilberman on for Tal Liani. Just a quick one for me. EMEA growth was a little bit lower this quarter than the past few quarters. Is there anything to call out there? And how has the new sales leadership across the region been progressing?

這是 Tal Liani 的 Tomer Zilberman。對我來說只是一個快速的。本季度歐洲、中東和非洲地區的增長略低於過去幾個季度。那裡有什麼要叫的嗎？該地區新的銷售領導層進展如何？

I didn't hear the last part, but the quarter…

我沒有聽到最後一部分，但四分之一...

The question was about EMEA. It may look like it's a slower growth. So EMEA is actually doing well with few issues, by the way, around Russia. There, keep in mind that Russia has been a good market for us in the past. And right now, the revenue for Russia is very, very minimal given the political uncertainties and its reflection on accounting.

問題是關於 EMEA。它可能看起來是一個較慢的增長。因此，順便說一句，歐洲、中東和非洲實際上在俄羅斯周圍的問題很少。在那裡，請記住，俄羅斯過去對我們來說是一個很好的市場。目前，鑑於政治不確定性及其對會計的反思，俄羅斯的收入非常非常少。

And beyond that, there's -- again, Europe, for us is doing well. The sales leadership, the latest senior sales leader that we added was in the U.S., but in the next few levels of regional directors and so on, both in the original VPs now, we've elevated that level in both U.S. and Europe, we got some new people, and we got some very good people that are doing a good job in restructuring and building things the right way.

除此之外，還有 - 歐洲，因為我們做得很好。銷售領導，我們添加的最新高級銷售領導在美國，但在接下來的幾個級別的區域總監等中，現在都是原來的副總裁，我們在美國和歐洲都提高了這個級別，我們有一些新人，我們有一些非常優秀的人，他們在重組和以正確的方式構建事物方面做得很好。

Tal, anything else that I missed on that, on the...

塔爾，還有什麼我錯過的，關於...

No, you're absolutely right. It's mainly Russia affecting the revenues as it was a nice part of those of Europe as well. So was expected.

不，你完全正確。主要是俄羅斯影響了收入，因為它也是歐洲收入的一部分。所以意料之中。

And last question of the day will come from Gregg Moskowitz.

當天的最後一個問題將來自 Gregg Moskowitz。

I'll send my congrats to Tal. I think one interesting analysis, Tal, would be comparing the number of miles that you log over the next 6 months with the number of hours that each of us spend processing earnings during that the same time. So my question for you is on net new business. I recall you saying that you did see double-digit growth in net new business in Q2. Curious kind of how that looked in Q3?

我會向塔爾表示祝賀。我認為一個有趣的分析，Tal，將比較您在未來 6 個月內登錄的里程數與我們每個人在同一時間花在處理收入上的小時數。所以我的問題是關於網絡新業務。我記得你說過你確實看到第二季度的淨新業務實現了兩位數的增長。好奇第三季度的情況如何？

And then any comments as it relates to not sort of expansionary business, per se, but just the prospects when you look at new customers as part of the pipeline? Any commentary that you could add around that, Gil, would be helpful as well.

然後有任何評論，因為它本身不是擴張性業務，而是當您將新客戶視為管道的一部分時的前景？ Gil，您可以圍繞它添加的任何評論也會有所幫助。

So I'm trying to remember now, I apologize. I think it was a high single digit the new. Maybe, Gil, take the second part, and I'll just verify it, okay?

所以我現在試著記住，我道歉。我認為這是一個高個位數的新。也許，吉爾，拿第二部分，我來驗證一下，好嗎？

Second part of what, about the new customers? We do see every quarter some very nice win of new customers. Their share are still not big enough. We need to focus and do more about getting new customers. Our people are still finding good and a great place to expand within our existing customers, but that actually varies across regions. In Asia, there is more new customers. There are some markets in the world that people have learned how to bring new customers, and that's a very, very big focus that we invest. By the way, some of the new hires to our sales force, we make them hunters and focus solely on new customers. It's a long journey. It's not an easy one. It's not coming easily, but it's an investment, but I think well worth it because the potential is huge.

第二部分，關於新客戶？我們確實每個季度都會看到一些非常好的新客戶。他們的份額還不夠大。我們需要集中精力並在獲得新客戶方面做更多工作。我們的員工仍在尋找在現有客戶中擴展業務的好地方，但這實際上因地區而異。在亞洲，有更多的新客戶。世界上有一些市場，人們已經學會瞭如何吸引新客戶，這是我們投資的一個非常非常大的重點。順便說一句，我們銷售團隊的一些新員工，我們讓他們成為獵手，只專注於新客戶。這是一個漫長的旅程。這不是一件容易的事。這並不容易，但這是一項投資，但我認為非常值得，因為潛力巨大。

Yes. And to your question, it was high single digit, as I remembered. There's a large deal that was supposed to be in Q3 and been pulled to Q1. That's what I answered 2 questions before, and that new portion actually been brought earlier.

是的。對於你的問題，我記得是個位數。有一大筆交易本應在第三季度進行，但被拉到第一季度。這就是我之前回答的兩個問題，而新的部分實際上是更早帶來的。

Well, thank you, everyone, for joining us today. We appreciate your participation in our earnings call, and we look forward to seeing you throughout the quarter and into the new year. Thank you, and all of you, take care. Bye-bye.

好吧，謝謝大家今天加入我們。感謝您參加我們的財報電話會議，我們期待在整個季度和新的一年與您見面。謝謝大家，大家保重。再見。

Thank you very much. Bye-bye.

非常感謝。再見。