Check Point Software Technologies Ltd (CHKP) 2022 Q4 法說會逐字稿

(technical difficulty) Fourth quarter and full year 2022 Financial Results Video Conference. (Operator Instructions) Joining me remotely today are Gil Shwed, Founder and CEO; along with our Acting CFO, Roei Golan.

（技術難度）2022 年第四季度和全年財務業績視頻會議。 （操作員說明）今天遠程加入我的是創始人兼首席執行官 Gil Shwed；以及我們的代理首席財務官 Roei Golan。

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 would 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，並進行了錄製以供重播。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。如果您想在通話後與我們聯繫，請發送電子郵件至 kip@checkpoint.com 聯繫投資者關係部。

During this presentation, Check Point 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 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 2023 initiatives; our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the market for IT security continuing to develop; competition from other products and services; our share purchase plans; and general market, political, economic and business conditions, trying to cover everything.

在此演示過程中，Check Point 代表可能會做出某些前瞻性陳述。這些前瞻性陳述符合 1933 年證券交易法第 27A 條和 1934 年證券交易法第 21E 條的含義，包括但不限於：與 Check Point 對我們的產品和解決方案的預期相關的陳述;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 2023 年計劃的期望；我們繼續開發平台功能和解決方案的能力；客戶接受和購買我們現有的解決方案和新的解決方案； IT安全市場持續發展；來自其他產品和服務的競爭；我們的股票購買計劃；以及一般市場、政治、經濟和商業狀況，試圖涵蓋一切。

These forward-looking statements are 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 this presentation are based on the 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.

這些前瞻性陳述受其他風險和不確定因素的影響，包括我們向美國證券交易委員會提交的文件中更全面描述的風險和不確定因素，包括我們向美國證券交易委員會提交的 20-F 表格年度報告。本演示文稿中的前瞻性陳述基於截至發布之日 Check Point 可獲得的信息，除法律要求外，Check Point 不承擔任何更新任何前瞻性陳述的義務。

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

在我們的新聞稿中，它已發佈在我們的網站上，我們提供了 GAAP 和非 GAAP 結果以及這些結果的調節以及我們提供非 GAAP 信息的原因。

And with that, I'd like to hand the call over to Roei Golan, our Acting CFO, for a review of our financial results. Roei?

因此，我想將電話轉交給我們的代理首席財務官 Roei Golan，以審查我們的財務業績。雷伊？

I'm going to review our fourth quarter. So we had a strong quarter with revenues reached $638 million, which is $5 million above the midpoint of our projections. Our non-GAAP EPS was $2.45, $0.03 above the top end of our projections.

我將回顧我們的第四季度。因此，我們有一個強勁的季度，收入達到 6.38 億美元，比我們預測的中點高出 500 萬美元。我們的非 GAAP 每股收益為 2.45 美元，比我們預測的上限高出 0.03 美元。

As we move to the full year, our revenue reached $2.330 billion, $42 million above the midpoint of our initial projections and non-GAAP EPS of $7.40, $0.20 above the midpoint of our initial projections.

隨著我們進入全年，我們的收入達到 23.3 億美元，比我們最初預測的中點高出 4200 萬美元，非 GAAP 每股收益為 7.40 美元，比我們最初預測的中點高出 0.20 美元。

Yes, so we can see also here the accelerated growth that we had this quarter also and also for the full year, both on revenues and EPS. And before I proceed 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 that as applicable, non-GAAP information is presented excluding these items.

是的，所以我們也可以在這裡看到本季度和全年的加速增長，包括收入和每股收益。在我繼續討論數字之前，讓我提醒您，我們的 GAAP 財務業績包括基於股票的補償費用、收購的無形資產攤銷和收購相關費用以及相關的稅收影響。請記住，在適用的情況下，非 GAAP 信息不包括這些項目。

So now let's dive into the detailed review of the quarter. As I mentioned, our revenues grew this quarter by 7%. This is 6% last year. Our deferred revenues reached $1.878 billion, represents 10% growth year-over-year. Our calculated billings reached $869 million. Let me remind you that our billing is affected by deal timing, duration and payment terms and can fluctuate.

那麼現在讓我們深入了解本季度的詳細回顧。正如我提到的，本季度我們的收入增長了 7%。這是去年的 6%。我們的遞延收入達到 18.78 億美元，同比增長 10%。我們計算出的賬單額達到了 8.69 億美元。讓我提醒您，我們的賬單受交易時間、持續時間和付款條件的影響，並且可能會波動。

Now we'll see that our accelerated revenues growth is mainly driven by our subscription revenues that reached $231 million, representing 30% growth year-over-year. That was mainly driven by our CloudGuard and Harmony pillars that both delivered double-digit growth. Also, I want to remind you that Q4 2021 was the first full quarter with Avanan impact on our subscription revenues.

現在我們將看到我們的收入加速增長主要是由我們的訂閱收入推動的，該收入達到 2.31 億美元，同比增長 30%。這主要是由我們的 CloudGuard 和 Harmony 支柱推動的，它們都實現了兩位數的增長。另外，我想提醒您，2021 年第四季度是 Avanan 對我們的訂閱收入產生影響的第一個完整季度。

Another effect that had on our accelerated revenues growth was the strong adoption of our Infinity strategy, which had a great quarter, continue to flow in accelerated rate to the revenues with 140% growth year-over-year.

對我們加速收入增長的另一個影響是我們大力採用 Infinity 戰略，該戰略有一個很好的季度，繼續以加速的速度流入收入，同比增長 140%。

If we move to our revenues by geo, so we can see that 49% of our revenues came from EMEA, 39% revenues came from America and the remaining revenues came from APAC with 12%. It's important to note that we had growth across all geographies.

如果我們按地理轉移我們的收入，那麼我們可以看到我們 49% 的收入來自 EMEA，39% 的收入來自美國，其餘收入來自亞太地區，佔 12%。重要的是要注意我們在所有地區都有增長。

Now if we are looking on the P&L highlights for this quarter, so our gross profit reached $559 million with a strong gross margin of 88%. Those strong margins are impressive considering we continue to have some additional costs for raw materials and shipping as well as price increase by many vendors. While we still see supply chain challenges, there is some relief, and we expect to see modest improvement in 2023.

現在，如果我們查看本季度的損益亮點，那麼我們的毛利潤達到 5.59 億美元，毛利率高達 88%。考慮到我們繼續承擔一些額外的原材料和運輸成本以及許多供應商的價格上漲，這些強勁的利潤率令人印象深刻。雖然我們仍然看到供應鏈挑戰，但情況有所緩解，我們預計 2023 年會出現適度改善。

Our operating expenses increased by 13% this quarter. This increase was mainly as a result of the continued investment of our -- in our workforce, including compensation and increased travel. Offsetting this increase, we also benefited from the stronger U.S. dollar by approximately $10 million this quarter.

本季度我們的運營費用增加了 13%。這一增長主要是由於我們對員工隊伍的持續投資，包括補償和增加差旅。抵消了這一增長，本季度我們還從美元走強中受益約 1000 萬美元。

Now we see that our operating income reached $289 million, representing 45% operating margin this quarter. Our financial income this quarter reached $15 million as we invest in higher interest rate over time. Our non-GAAP tax rate for the quarter was around 1% mainly due to update of our tax provision because of several tax assessments we have worldwide. Our non-GAAP net income was $301 million or $2.45 per diluted share, which is $0.03 above the top end of our projections, 9% growth year-over. Our GAAP net income was $270 million or $2.20 per diluted shares.

現在我們看到我們的營業收入達到 2.89 億美元，本季度營業利潤率為 45%。隨著時間的推移，我們投資於更高的利率，本季度我們的財務收入達到了 1500 萬美元。我們本季度的非 GAAP 稅率約為 1%，這主要是由於我們在全球範圍內進行了多項稅收評估而更新了我們的稅收規定。我們的非 GAAP 淨收入為 3.01 億美元或每股攤薄收益 2.45 美元，比我們預測的上限高出 0.03 美元，同比增長 9%。我們的 GAAP 淨收入為 2.7 億美元或每股攤薄收益 2.20 美元。

Now if we're going to move to the P&L highlights for the full year. So you can see again that our revenues had a nice growth of 8% to $2.330 billion. Our gross margin was strong at 88%. Our operating expenses increased by 15% this year mainly related to the increase in our workforce. Our headcount was -- increased by 415 employees, 7% increase year-over-year. The effect of the P&L was higher mainly due to the fact that we hedged the compensation in Israel in the beginning of 2022 with lower U.S. dollar rates. And also, we had this travel and entertainment expenses as we go back to travel.

現在，如果我們要轉向全年的損益亮點。所以你可以再次看到我們的收入增長了 8%，達到 23.3 億美元。我們的毛利率高達 88%。今年我們的運營費用增加了 15%，這主要與我們勞動力的增加有關。我們的員工人數增加了 415 名，同比增長 7%。損益的影響較高，主要是因為我們在 2022 年初以較低的美元匯率對沖了以色列的薪酬。而且，當我們回去旅行時，我們還有這筆旅行和娛樂費用。

Our non-GAAP operating margin was strong at 45% compared to 48% last year. As for 2023, a few factors about 2023. A significant part of our workforce increase was towards the end of the year. We started 2023 with a higher run rate. Let me remind you, when we discussed last year's plan for 2022, we planned to be around 42%, 43%. But as the hiring took longer than anticipated, significant portion of it was done in H2 2022. Also during the second half of 2022, we returned to higher levels of travel. And we expect that our travel and entertainment expenses will continue to grow and continue to normalize at higher levels in 2023.

我們的非美國通用會計準則營業利潤率為 45%，高於去年的 48%。至於 2023 年，有幾個關於 2023 年的因素。我們的勞動力增加的很大一部分是在年底。我們以更高的運行率開始了 2023 年。提醒一下，去年我們討論2022年的計劃時，我們計劃在42%、43%左右。但由於招聘時間比預期的要長，其中很大一部分是在 2022 年下半年完成的。同樣在 2022 年下半年，我們恢復了更高的旅行水平。我們預計我們的旅行和娛樂費用將繼續增長，並在 2023 年繼續在更高水平上正常化。

As for the FX effects in 2023, more than 50% of our expenses are in local currency, and the strength of the U.S. dollar is expected to provide us a benefit. Based on these factors that I just mentioned, we expect that our operating margin for 2023 will be around 42%.

至於 2023 年的外匯影響，我們 50% 以上的支出都是以當地貨幣計算的，美元走強預計會給我們帶來好處。基於我剛才提到的這些因素，我們預計 2023 年的營業利潤率將在 42% 左右。

Our financial income for 2022 was $44 million, reflecting the increased yield on the portfolio. For 2023, we expect incremental financial income between $1 million to $2 million every quarter due to the higher yield pro forma investment yield. As for the tax rate for 2023, we expect similar tax rate this year compared to 2022 while for the modeling purposes, we expect a 14% tax rate for all 4 quarters.

我們 2022 年的財務收入為 4400 萬美元，反映了投資組合收益率的增加。到 2023 年，由於備考投資收益率較高，我們預計每個季度的財務收入增量將在 100 萬至 200 萬美元之間。至於 2023 年的稅率，我們預計今年的稅率與 2022 年相似，而出於建模目的，我們預計所有 4 個季度的稅率均為 14%。

Now let's move to our cash flow and our cash position. Our cash balances, marketable securities and short-term deposits were $3.5 billion as of the end of the year. We had a strong operating cash flow of $230 million this quarter. Payments increased naturally as a result of elevated raw material costs and investments in workforce as discussed. During the quarter, we continued our buyback program and purchased 2.6 million shares for $325 million at an average price of $124 per share.

現在讓我們轉向我們的現金流量和現金狀況。截至年底，我們的現金餘額、有價證券和短期存款為 35 億美元。本季度我們擁有 2.3 億美元的強勁運營現金流。如前所述，由於原材料成本上升和勞動力投資增加，付款自然增加。本季度，我們繼續實施回購計劃，以每股 124 美元的平均價格以 3.25 億美元的價格購買了 260 萬股股票。

If we are moving to the portfolio, we see that we generated very strong cash flow with $1.08 billion for the year. We also -- if we're taking the cash flow from operation decreased by 9%. But net of hedge taxes and acquisition-related costs, the operating cash flow was in the same level as in 2021.

如果我們轉向投資組合，我們會看到我們產生了非常強勁的現金流，全年達到 10.8 億美元。我們也——如果我們從運營中獲得的現金流量減少了 9%。但扣除對沖稅和收購相關成本後，經營現金流與 2021 年持平。

We repurchased 10.3 million shares for $1.3 billion at an average price of $126. For 2023, we expect our average diluted number of shares to be approximately 119 million shares for the year, starting with 121 million shares in Q1, moving down to 115 million shares by Q4, assuming share repurchases of $325 million in the quarter. We -- in addition, we announced today also our expansion to our buyback program in an amount of $2 billion. Under the program, we are authorized to continue repurchase share up to $325 million each quarter as we did in the last period.

我們以 126 美元的平均價格以 13 億美元的價格回購了 1030 萬股股票。到 2023 年，我們預計全年平均攤薄後的股票數量約為 1.19 億股，從第一季度的 1.21 億股開始，到第四季度下降到 1.15 億股，假設本季度回購 3.25 億美元的股票。我們 - 此外，我們今天還宣布將我們的回購計劃擴大到 20 億美元。根據該計劃，我們有權像上一期一樣，每季度繼續回購高達 3.25 億美元的股份。

So if we summarize our results, we had strong revenues and EPS for Q4 and for the full year of 2022. Our revenues and non-GAAP it was above the mid of our projection, triple-digit growth for Infinity revenues. And we keep focus on top line growth while maintaining strong profitability.

因此，如果我們總結我們的結果，我們在第四季度和 2022 年全年都有強勁的收入和每股收益。我們的收入和非 GAAP 高於我們預測的中值，即 Infinity 收入的三位數增長。我們繼續關注收入增長，同時保持強勁的盈利能力。

And now I'll turn the call over to Gil.

現在我會把電話轉給吉爾。

Thank you, Roei, and hello, everyone, and very good to be here and talk a little bit -- shed some little bits of (inaudible) on the business and especially what we do moving forward. So let's dive in and go ahead to (inaudible).

謝謝你，Roei，大家好，很高興來到這裡談一談 - 關於業務的一些（聽不清），特別是我們正在做的事情。因此，讓我們深入研究並繼續（聽不清）。

First, let me just -- quick slide on the full year of 2022. I think we've covered many of these things in the previous quarter, but it was a very, very active year. We started the year with Lightspeed, a major platform for high-performance security. We've ended the year with Titan, Horizon, 2 very important upgrades for security.

首先，讓我快速回顧一下 2022 年全年。我認為我們在上一季度已經討論了很多這些事情，但這是非常非常活躍的一年。我們從 Lightspeed 開始了這一年，這是一個高性能安全的主要平台。我們以 Titan、Horizon 和 2 個非常重要的安全升級結束了這一年。

We've created many internal organizational changes with the new Rockets organization, new commercial organization and even rebranding and changing our logo for the first time in almost 30 years. And I think financially, I think as you've seen from Roei, we've done very, very well, both for the full year and for Q4.

我們通過新的火箭隊組織、新的商業組織進行了許多內部組織變革，甚至近 30 年來首次更名和更改我們的徽標。而且我認為在財務上，我認為正如你從 Roei 那裡看到的那樣，我們在全年和第四季度都做得非常非常好。

I already mentioned it in some other comments. This year was a little bit interesting from a financial perspective. We are very proud of the results and the strength of the business that we saw. But for the first 3 quarters, we had a very good business environment. We grew our internal metrics the way we wanted them in a very high rate.

我已經在其他一些評論中提到了它。從財務角度來看，今年有點有趣。我們為我們所看到的業務成果和實力感到非常自豪。但前三個季度，我們的商業環境非常好。我們以非常高的速度按照我們希望的方式發展了我們的內部指標。

Q4 was a little bit different, and we did face some challenges towards year-end. Projects were postponed. Customers didn't have the budget flush but usually expect in Q4. Despite that, again, the numbers that we have are very, very good, but I just want us to know that it's not business as usual and that -- and even though we have good numbers and good forecast for next year, I think we need to be a little bit cautious more than usual. So that's for summarizing everything we had.

第 4 季度有點不同，我們在年底確實面臨一些挑戰。項目被推遲。客戶沒有預算充裕，但通常預計在第四季度。儘管如此，我們擁有的數字再次非常非常好，但我只想讓我們知道，這與往常不同——儘管我們對明年的數字和預測都很好，但我認為我們需要比平時多一點謹慎。所以這是為了總結我們所擁有的一切。

But let's talk a little bit about the future. So I think one thing we know and one thing that's changing, the cyber environment is growing. I mean, it's -- there's more cyber attacks and they've become more and more sophisticated. And we as security professional are in charge of keeping the business secure, and that's our job.

但是讓我們談談未來。所以我認為我們知道的一件事和正在改變的一件事，網絡環境正在發展。我的意思是，網絡攻擊越來越多，而且變得越來越複雜。作為安全專家，我們負責確保業務安全，這是我們的工作。

Just to see the statistics here, a typical organization gets almost 1,200 attacks every single week. That's not per year, that's per week, the 1,150 here. And some sectors are much higher, and some geographies are much higher. That's very, very alarming. So the question is how to win that battle against the bad guys, how to win against the fifth generation and more sophisticated cyber attacks that we see. So what I wanted actually to start with here, let me do that and share some -- is invite a friend and see a real case study of a Chief Information Security Officer from a real case and then understand how we can win that battle.

僅查看此處的統計數據，一個典型的組織每週都會受到近 1,200 次攻擊。這不是每年，而是每週，這裡的 1,150 人。有些行業要高得多，有些地區要高得多。這非常非常令人震驚。所以問題是如何打贏與壞人的戰鬥，如何打贏我們看到的第五代和更複雜的網絡攻擊。所以我實際上想從這裡開始，讓我這樣做並分享一些 - 邀請朋友並從真實案例中查看首席信息安全官的真實案例研究，然後了解我們如何才能贏得這場戰鬥。

So let's watch that.

所以讓我們看看吧。

(presentation)

（推介會）

Thank you, Alex. And by the way, Alex that you saw here, both the script and Alex were creation of AI, and 2023 is also the year of AI. But the story that you've heard is real. And even though we at cyber don't have the nice hair that Alex has, the challenges that we face are the same challenges.

謝謝你，亞歷克斯。順便說一句，你在這裡看到的亞歷克斯，劇本和亞歷克斯都是人工智能的創造，2023 年也是人工智能的一年。但你聽到的故事是真實的。即使我們在網絡上沒有亞歷克斯那樣漂亮的頭髮，但我們面臨的挑戰是相同的挑戰。

And you see here the real-case study that occurred last year. On the end of February, I think it was 28th February, that company got some malware. Actually, the malware was first caught by some security software on one of the endpoints, and nothing happened. But 6 days later, on, I think it was March 4 if I recall correctly, the malware did enter the company, and that message was shown to all employees after the weekend. The plants were shut down. 250,000 employees were sent home. And after negotiation, the company paid $14 million of ransomware.

你在這裡看到了去年發生的真實案例研究。 2 月底，我想是 2 月 28 日，那家公司收到了一些惡意軟件。實際上，該惡意軟件首先被其中一個端點上的某些安全軟件捕獲，但什麼也沒發生。但是 6 天后，如果我沒記錯的話應該是 3 月 4 日，惡意軟件確實進入了公司，並且在周末之後向所有員工顯示了該消息。工廠被關閉。 250,000 名員工被遣送回家。經過談判，該公司支付了 1400 萬美元的勒索軟件。

And the question is how to battle it and how we can win that battle. You know this happens everywhere, and you see some more here in L.A., Uber. And again, we see, unfortunately, every day such attacks that occur. So how to win that battle? What should be done differently? Let me draw an analogy to our real world. When we have a fire alarm on the sixth floor, everybody is rushing to stop it. We all get an alert. We are all checking what's going on. The door is shut down, the center of the building checks what's going on, a message on the messaging system. And we are -- the entire building responds to that attack so we can contain it and stop it and hopefully, even prevent it and keeping outside.

問題是如何與之抗爭以及我們如何才能贏得這場戰鬥。你知道這種情況無處不在，你在洛杉磯看到更多，優步。不幸的是，我們再次看到每天都發生此類攻擊。那麼如何贏得這場戰鬥呢？應該採取哪些不同的做法？讓我用我們的現實世界做個類比。當我們在六樓發出火警時，每個人都爭先恐後地阻止它。我們都會收到警報。我們都在檢查發生了什麼。門關上了，大樓的中心檢查發生了什麼，消息系統上有一條消息。我們是——整棟大樓都對那次攻擊做出反應，所以我們可以控制它並阻止它，甚至希望阻止它並保持在外面。

Now let's draw the analogy and see what happens in the cyberspace. There is an endpoint here on the right. It receives some malware. Let's assume that it even catches that malware and stops it. And what's happened with the rest of the entities around it, the different workloads, the different -- the networking security, the cloud security, everybody else, they don't care. Nothing happens actually. All the other products remain unaware to that security incident and are not doing much to stop it. And that's the thing we need to change. We need to get to an environment when everything works together.

現在我們打個比方，看看網絡空間會發生什麼。右邊有一個端點。它收到一些惡意軟件。讓我們假設它甚至捕獲了該惡意軟件並阻止了它。它周圍的其他實體發生了什麼，不同的工作負載，不同的——網絡安全、雲安全，以及其他所有人，他們不關心。實際上什麼也沒有發生。所有其他產品都不知道該安全事件，也沒有採取太多措施來阻止它。這就是我們需要改變的地方。當一切都協同工作時，我們需要進入一個環境。

And that's what we're trying to build with the Infinity architecture and new in 2023, we call it the 3 Cs. And what do these 3 Cs means? Comprehensive prevention across all attack vectors, and you see these domes across all the different elements of the IT systems, the cloud, the cloud applications, the endpoints, the remote users, the network, everything has to be secured.

這就是我們正在嘗試使用 Infinity 架構構建的內容，並在 2023 年推出新架構，我們將其稱為 3 C。這些 3 C 是什麼意思？全面預防所有攻擊媒介，你會看到這些圓頂橫跨 IT 系統的所有不同元素、雲、雲應用程序、端點、遠程用戶、網絡，一切都必須得到保護。

Consolidate. Customers spend out tremendous amount of energy, resources, buying, managing, upgrading, renewing 2 dozen security solutions instead of fix together actually, instead of unifying it, reducing that complexity and mainly managing in a way that actually creates more value.

鞏固。客戶花費大量的精力、資源、購買、管理、升級、更新 2 打安全解決方案，而不是實際修復在一起，而不是統一它，降低複雜性，主要以實際創造更多價值的方式進行管理。

And last but not least, that's the one I want to focus on of the 3 Cs is the collaborative nature of the security. When we see something suspicious on one hand or when we have a technology that can stop an attack, we apply these technologies to all attack vectors. And we do it in real time and that's the collaborative element of the cybersecurity.

最後但並非最不重要的一點是，我想關注的 3 C 是安全的協作性質。當我們一方面看到可疑的東西，或者當我們擁有可以阻止攻擊的技術時，我們將這些技術應用於所有攻擊向量。我們實時進行，這是網絡安全的協作元素。

So how do we do that? We have in the middle of our architecture with ThreatCloud, and now we are launching the ThreatCloud AI. And I'll explain exactly why do we say AI, not just because it's a nice buzzword in 2023. That central ThreatCloud connects to all the elements of the security systems to the users and the devices with Harmony, to the cloud elements, to the networking elements and feeds them all and collects information and prevents attack in real time.

那我們該怎麼做呢？我們在 ThreatCloud 架構的中間，現在我們正在啟動 ThreatCloud AI。我將準確解釋為什麼我們說人工智能，不僅僅是因為它是 2023 年的流行詞。中央 ThreatCloud 將安全系統的所有元素連接到用戶和具有 Harmony 的設備，連接到雲元素，連接到網絡元素並為它們提供所有信息並實時收集信息並防止攻擊。

Now why do I call it AI, not just because it's a nice buzzword. You see, for example, our latest five engines -- prevention engines, which we introduced into ThreatCloud, we talked about them, I think, 2 months ago, and they are getting to market now -- they're in market now. All of these are based on AI technologies. And by now, just to give you the sophistication and the power of ThreatCloud, we have in ThreatCloud 75 prevention engines. 42 of them are already based on AI.

為什麼我稱它為 AI，不僅僅是因為它是一個漂亮的流行詞。例如，你看到我們最新的五個引擎——我們引入 ThreatCloud 的預防引擎，我們在 2 個月前討論過它們，它們現在正在上市——它們現在已經上市了。所有這些都基於人工智能技術。到目前為止，為了讓您了解 ThreatCloud 的複雜性和強大功能，我們在 ThreatCloud 中擁有 75 個預防引擎。其中 42 個已經基於 AI。

Just in 2022, released 12 AI engines. So that shows you the strength of ThreatCloud, something that I don't think any other vendor can match collecting and responding information from all attack vectors, from the cloud, from the users, from the network together, and applying AI to them and generating the best prevention actions that we can do over then.

就在 2022 年，發布了 12 個 AI 引擎。因此，這向您展示了 ThreatCloud 的優勢，我認為任何其他供應商都無法比擬從所有攻擊媒介收集和響應信息，從雲端、用戶、網絡，並將 AI 應用於它們並生成屆時我們可以採取的最佳預防措施。

So that's the heart and the brain of the system here. So once again, the 3 Cs comprehensive prevention of attack across all the factors from cloud to cloud, consolidation, unified management, one way the security admins at CISO can manage the entire system and last but not least, the collaborative element of that.

這就是這裡系統的核心和大腦。因此，3 Cs 再次全面預防從雲到雲的所有因素的攻擊、整合、統一管理，這是 CISO 的安全管理員可以管理整個系統的一種方式，最後但並非最不重要的一點是，協作元素。

The best security engines, but they are applied not to one vector, not a great vector applied just to e-mail, not a great engine applies just to endpoint, but all the best engine applies to all attack vectors and are doing their work in real time with an architecture that's based on APIs, that's based on integration and that allows even integration within our framework and even to external vendors.

最好的安全引擎，但它們並不適用於一個向量，不是僅適用於電子郵件的偉大向量，也不是僅適用於端點的偉大引擎，但所有最好的引擎都適用於所有攻擊向量，並且正在開展工作實時使用基於 API 的架構，該架構基於集成，甚至允許在我們的框架內甚至外部供應商進行集成。

So that's the 3 principles. Along these 3 principles, we will announce many, many new products. And we launched products to speak about in many, many areas. I want stop here to do that. That will take too much, and I don't think that's necessarily the main focus of an investor call, but you see from the Quantum elements to the left to the centralized management with Infinity from the cloud or not from the cloud in the middle, all the way to the new.

這就是 3 個原則。沿著這 3 個原則，我們將發布許多新產品。我們推出了在很多很多領域都值得談論的產品。我想在這裡停下來做那件事。這將花費太多時間，我認為這不一定是投資者電話會議的主要焦點，但你可以看到，從左邊的 Quantum 元素到來自云端或不來自云端的 Infinity 的集中管理，一路向新。

You remember, we had 3 product pillars, 3 major families, Quantum, CloudGuard and Harmony. And now we've added Horizon that provides far more threat intelligence in a centralized way that creates this collaborative effort. And we don't call it just XDR or MDR, which is detection. We call it MPR or XPR prevention, prevention and response.

你還記得，我們有 3 個產品支柱，3 個主要係列，Quantum、CloudGuard 和 Harmony。現在我們添加了 Horizon，它以集中的方式提供更多的威脅情報，從而創建這種協作。我們不只是稱其為 XDR 或 MDR，它們是檢測。我們稱之為 MPR 或 XPR 預防、預防和應對。

One interesting product that I think touches to a market that has importance in terms of market size and customer demand, that's the SD-WAN element. We are introducing now an SD-WAN engine or an SD-WAN what we call it Blade, into our different gateway families, very comprehensive prevention, making networking both fast, optimized in many networking environment, but also with the highest level of security, so just one important product amongst all the others.

我認為有一個有趣的產品觸及了一個在市場規模和客戶需求方面具有重要意義的市場，那就是 SD-WAN 元素。我們現在正在將 SD-WAN 引擎或 SD-WAN 我們稱之為刀片，引入我們不同的網關係列，非常全面的預防，使網絡既快速，在許多網絡環境中優化，又具有最高級別的安全性，所以只是所有其他產品中的一個重要產品。

Just to show an interesting quote, we had last week our CPX 360 conference, again, in a live mode in New York. It actually was kind of a hybrid conference when we did it in 6 different locations live plus virtual to gain access to many, many more customers and partners. And an analyst that we invited doing actual security analysis and testing of product, Rob Smithers, CEO of Miercom, surprised us even with -- not with the data because the data we know, but very, very good slogans that he shared with us on stage, says, "Check Point, what you got is unreal. 99.7% 0-day prevention is unreal."

為了展示一個有趣的引用，我們上週在紐約再次以現場模式舉行了 CPX 360 會議。這實際上是一種混合會議，我們在 6 個不同的地點進行了現場直播和虛擬會議，以便接觸到更多的客戶和合作夥伴。我們邀請一位分析師對產品進行實際的安全分析和測試，Miercom 的首席執行官 Rob Smithers 甚至讓我們感到驚訝 - 不是數據，因為我們知道數據，而是他與我們分享的非常非常好的口號階段，說，“Check Point，你得到的是不真實的。99.7% 0-day 預防是不真實的。”

Then he continued and say, "You know guys, I thought when I saw that maybe our tests are too easy, but other vendors, your competitors, not our vendors, only reached 30%." I've checked the report, actually, some of them get all the way to 40%. But guys, this is very, very different.

然後他繼續說，“你們知道伙計們，當我看到也許我們的測試太簡單時，我想，但其他供應商，你們的競爭對手，而不是我們的供應商，只達到了 30%。”我查看了報告，實際上，其中一些已經達到了 40%。但是伙計們，這是非常非常不同的。

It's not the same, a little bit better. It's the difference between letting the bad guys in or preventing the attack altogether, and that's actually what Rob continues. He says, "Prevention is first place. Only Check Point is doing prevention. Second place is the victim, and that's what we don't want to be." So just an interesting anecdote from last week.

不一樣，好一點點。這是讓壞人進來或完全阻止攻擊之間的區別，而這實際上是 Rob 繼續做的事情。他說，“預防是第一位的，只有Check Point在做預防，第二位是受害者，這是我們不想做的。”所以只是上週的一個有趣的軼事。

So I think what we have altogether is a very, very robust strategy, a lot of activity inside the company to bring this message to the market. And I think a lot of work on new technologies to implement this vision in a better way.

所以我認為我們擁有的是一個非常非常強大的戰略，公司內部開展了大量活動，將這一信息傳遞給市場。我認為在新技術方面做了大量工作，以更好地實現這一願景。

But before I finish and summarize, just to provide you with our projections for 2023 in the first quarter. As I mentioned before, and as I'm mentioning every time, predicting the future is always difficult. The level of uncertainty in the market now is actually higher than usual, not that we haven't seen that kind of uncertainty in the markets in the last few years. But even to that level, I think we are -- 3 years ago, we've been through a similar situation. Now I think we're getting into another interesting period of the marketplace.

但在我完成和總結之前，只是向您提供我們對 2023 年第一季度的預測。正如我之前提到的，正如我每次都提到的，預測未來總是很困難。現在市場的不確定性水平實際上比平時要高，並不是說過去幾年我們在市場上沒有看到這種不確定性。但即使達到那個水平，我認為我們 - 3 年前，我們也經歷過類似的情況。現在我認為我們正在進入另一個有趣的市場時期。

I think, by the way, in the mid- and long range, it can play to Check Point's strength because in times like that, people look for consolidation. In times like that, people look for strong vendors. And I think that can very much play into our strength of providing the best security. But just to put things in perspective, the projection for the year shows continued healthy growth, continued healthy investment with revenues between $2.340 billion to $2.510 billion. Non-GAAP EPS is expected to be between $7.70 to $8.30. GAAP EPS is expected to be approximately $1.22 less.

我認為，順便說一句，在中長期，它可以發揮 Check Point 的優勢，因為在那樣的時代，人們尋求整合。在那樣的時代，人們尋找強大的供應商。我認為這可以極大地發揮我們提供最佳安全性的優勢。但從長遠來看，今年的預測顯示持續健康增長，持續健康投資，收入在 23.4 億美元至 25.1 億美元之間。非 GAAP 每股收益預計在 7.70 美元至 8.30 美元之間。 GAAP 每股收益預計將減少約 1.22 美元。

For the first quarter, we are also expecting decent numbers, especially given the economy. Revenues are expected to be between $545 million to $585 million. Non-GAAP EPS is expected to be between $1.68 to $1.78, and GAAP EPS is expected to be approximately $0.31 less.

對於第一季度，我們也期待不錯的數字，特別是考慮到經濟。收入預計在 5.45 億美元至 5.85 億美元之間。非 GAAP 每股收益預計在 1.68 美元至 1.78 美元之間，而 GAAP 每股收益預計將減少約 0.31 美元。

So that summarizes, I think, what we had to share so far. We're very proud of the strong financial results, I think the highest revenue growth in many, many years. EPS for the fourth quarter exceeded our range. We will be working very hard to harness these 3 Cs of best security, providing a comprehensive, consolidated and collaborative solution. And we expect both our investment in the business and the growth that we will see as a result of that to continue in 2023.

我認為，這總結了我們迄今為止必須分享的內容。我們對強勁的財務業績感到非常自豪，我認為這是多年來最高的收入增長。第四季度的每股收益超出了我們的範圍。我們將非常努力地利用這 3 C 的最佳安全性，提供全面、整合和協作的解決方案。我們預計我們對業務的投資以及由此帶來的增長將在 2023 年繼續。

So I really want to thank you for joining us today, and we'd love to open the call for your questions.

所以我真的要感謝你今天加入我們，我們很樂意打開你的問題的電話。

All right, gang. (Operator Instructions) So up first is Adam Tindle from Raymond James, followed by Joseph Gallo from Jefferies.

好吧，幫派。 （操作員說明）首先是 Raymond James 的 Adam Tindle，然後是 Jefferies 的 Joseph Gallo。

Okay. Gil, I guess I just wanted to start with kind of the financial model here. If I look at 2022, margins came down by about 400 basis points, and billings growth was only about 5%. If I look at your guidance for 2023, we've got more margin compression coming and not a significant acceleration in terms of revenue growth. So just curious to get your take on how patient you're going to be with this investment and the timing to see some growth acceleration on the other side of it.

好的。吉爾，我想我只是想從這裡的財務模型開始。如果我看一下 2022 年，利潤率下降了大約 400 個基點，而賬單增長率僅為 5% 左右。如果我看一下您對 2023 年的指導，我們會看到更多的利潤壓縮，而不是收入增長的顯著加速。所以很想知道你對這項投資會有多耐心，以及看到它的另一面出現一些增長加速的時機。

So as I mentioned in 2022 -- first, I mean, I think we do want to invest. Our goal is to grow. Our goal is to do what's right, and I think our margins are very rich. So my focus is not on -- again, I've always been proud and I'm still proud to be a profitable company and don't intend to change that.

所以正如我在 2022 年提到的——首先，我的意思是，我認為我們確實想要投資。我們的目標是成長。我們的目標是做正確的事，我認為我們的利潤非常豐厚。所以我的重點不是——再一次，我一直很自豪，我仍然為成為一家盈利的公司而自豪，並且不打算改變這一點。

I actually think that it gives us a lot of strength, the fact that we have this flexibility and freedom to do whatever we want and generate very good results. And if I looked in 2022, actually, what I've seen in the first 3 quarters, we've actually got into -- internally, again, in the measures that I see, but some of them you've seen too, very high growth rates. We've created more new business, and everything worked according to plan.

事實上，我認為它給了我們很大的力量，事實上我們有這種靈活性和自由度來做我們想做的事並產生非常好的結果。如果我回顧 2022 年，實際上，我在前 3 個季度看到的情況，我們實際上進入了——在內部，再次，在我看到的措施中，但其中一些你也看到了，非常高增長率。我們創造了更多新業務，一切都按計劃進行。

Fourth quarter changed that. And again, I'm not shy in sharing that. I wish it was different. And again, I think it's an industry-wide phenomena. We actually kept winning projects, kept getting very good feedback from customers. Just in the last week, 2 weeks, I met with about 100 customers and partners. And they all shared their enthusiasm with our technology, with our strategy. They all were interested in expanding the solution, but there is a but. I think we've seen what usually we see at the fourth quarter, which is huge budget flush, big projects, projects got delayed, no budget flush. And again, I think from what I've seen in the last few weeks, it's an industry-wide phenomenon that we need to be aware of.

第四季度改變了這一點。再一次，我並不害羞地分享這一點。我希望它有所不同。再一次，我認為這是一個全行業的現象。我們實際上一直在贏得項目，不斷從客戶那裡得到很好的反饋。就在上週，2 週，我會見了大約 100 位客戶和合作夥伴。他們都對我們的技術和戰略充滿熱情。他們都對擴展解決方案感興趣，但有一個但是。我認為我們已經看到了我們通常在第四季度看到的情況，即巨額預算充裕、大型項目、項目被推遲，沒有預算充裕。再一次，我認為從我過去幾週所看到的情況來看，這是一個我們需要意識到的全行業現象。

So, so far, what I've seen is that the investment does pay off. Again, unfortunately, we didn't have the fourth quarter to kind of create with strong momentum moving forward. And I think in the future, we will continue to invest.

所以，到目前為止，我所看到的是投資確實得到了回報。同樣，不幸的是，我們沒有第四節來創造強勁的前進勢頭。我認為在未來，我們將繼續投資。

The level of investment in 2023 is not necessarily going to be the same as 2022. I think in 2022, we built a lot of new organizations. We've been very, very strong in recruiting a lot of frontline salespeople, which, by the way, I think Roei mentioned it in his comments. Some of them -- some of the effect we'll only see in the spending in 2023 because in December, for example, we hired a lot of people, and they will show only in our Q1 run rate.

2023 年的投資水平不一定會與 2022 年相同。我認為在 2022 年，我們建立了很多新組織。我們在招募大量一線銷售人員方面做得非常非常好，順便說一下，我認為 Roei 在他的評論中提到了這一點。其中一些 - 我們只會在 2023 年的支出中看到一些影響，因為例如在 12 月，我們僱用了很多人，他們只會在我們的第一季度運行率中顯示出來。

All right. Next up is Joseph Gallo from Jefferies followed by Keith Bachman, BMO.

好的。接下來是 Jefferies 的 Joseph Gallo，然後是 BMO 的 Keith Bachman。

A bit of a follow-up to that last one, but I understand there was macro in a tough 4Q comp, but what is needed to explicitly grow double digits? Is it products? I saw you lean more into SD-WAN or is it go to market? And then I may have missed it, but just a quick clarification. Could you give us a sense of RPO or annualized new business in the quarter?

有點跟進最後一個，但我知道在艱難的 4Q comp 中有宏，但明確增長兩位數需要什麼？是產品嗎？我看到你更傾向於 SD-WAN 還是要進入市場？然後我可能錯過了，但只是快速澄清一下。您能否給我們介紹一下本季度的 RPO 或年化新業務？

So I will answer that, and I'll let Roei answer the RPO part. I think what's needed is mainly go to market. When we see -- when we engage with customers, when we deliver our message to the customer, to the CSOs, to the CIOs, they love the message and they expand the usage.

所以我會回答這個問題，我會讓 Roei 回答 RPO 部分。我認為需要的主要是走向市場。當我們看到——當我們與客戶互動時，當我們向客戶、CSO 和 CIO 傳遞我們的信息時，他們會喜歡這些信息並擴大使用範圍。

That's by the way, when you see the growth of Infinity, it's an amazing testimony to what we've got. We can do much better in that. And that's why I'm saying we hired a lot of salespeople. We are still training most of them. And internally, we have plenty of room to engage more with customers, to call on more customers to bring this message in -- to more customers and in a much stronger voice to the marketplace. And I think that's where the main thing.

順便說一句，當你看到 Infinity 的成長時，這是對我們所擁有的東西的驚人見證。我們可以在這方面做得更好。這就是為什麼我說我們僱傭了很多銷售人員。我們仍在培訓他們中的大多數人。在內部，我們有足夠的空間與客戶進行更多互動，呼籲更多客戶將這一信息傳達給更多客戶，並向市場發出更強大的聲音。我認為這才是最主要的。

Of course, we need more products. Of course, we're expanding the products. But on that, that's actually not the comments that I hear from customers. When I meet with customers, they're enthusiastic about what we do, and they just share more with us because it resonates with what we need. And Roei, I'll let you talk about the RPO.

當然，我們需要更多的產品。當然，我們正在擴展產品。但就此而言，這實際上不是我從客戶那裡聽到的評論。當我與客戶會面時，他們對我們所做的事情充滿熱情，他們只是與我們分享更多，因為它與我們的需求產生共鳴。 Roei，我會讓你談談 RPO。

Yes. So as for the RPO, it's something that we usually don't disclose. We disclosed it onetime, but it grew high-single digits overall.

是的。所以關於 RPO，這是我們通常不會透露的事情。我們曾經披露過它，但它總體上增長了高個位數。

Next up is Keith Bachman from BMO followed by Andrew Nowinski from Wells Fargo.

接下來是 BMO 的 Keith Bachman，然後是 Wells Fargo 的 Andrew Nowinski。

Gil, I wanted to ask about the product market dynamics. If I think about your guidance that you gave, it suggests that products will grow probably low-single digits in FY '23. You grew 4% in Q4, but I think it will be below that for the balance of '23.

吉爾，我想問一下產品市場動態。如果我考慮你給出的指導，它表明產品在 23 財年可能會以低個位數增長。你在第四季度增長了 4%，但我認為在 23 年的剩餘時間裡會低於這個水平。

And your competitor Fortinet gave guidance kind of mid-teens for product revenue growth. Now there's probably some backlog usage in that number. But I'm just wondering, you talk about the strength of your product and whatnot and the efficacy of it, and yet you're still undergrowing one of your major competitors.

而您的競爭對手 Fortinet 為產品收入增長提供了十幾歲的指導。現在該數字中可能有一些積壓使用情況。但我只是想知道，你談論你的產品的實力和諸如此類的東西以及它的功效，但你仍然落後於你的主要競爭對手之一。

So I'm just wondering, similar to the last question, what do you think needs to catalyze or ignite the product-specific side of the growth? And then if you could specifically address the SD-WAN announcement that you made this morning, how important was that and when that might help manifest in terms of improved growth for the product side? That's it for me.

所以我只是想知道，與上一個問題類似，您認為需要什麼來催化或點燃增長的特定產品方面？然後，如果您可以具體解決您今天早上發布的 SD-WAN 公告，那有多重要以及何時可能有助於在產品方面改善增長方面體現出來？對我來說就是這樣。

Thank you. So first, I mean, as far -- first, you are right in many of the things you've said, but I'll give a least the way I view these things. First, we are shifting more and more business from a product perspective to a subscription business.

謝謝。首先，我的意思是，就目前而言——首先，你所說的很多事情都是對的，但我至少會給出我對這些事情的看法。首先，我們正在將越來越多的業務從產品角度轉向訂閱業務。

And by the way, we keep doing that with Infinity and even most of our new products, and again, that's another highlight that it will take some time, but we've started it. Many of our new products we want to offer them on a monthly basis, simple pricing model.

順便說一下，我們在 Infinity 甚至我們的大部分新產品中都在這樣做，這又是另一個亮點，它需要一些時間，但我們已經開始了。我們的許多新產品都希望按月提供，採用簡單的定價模式。

So it's really easy for a customer to say, I want to secure a branch that starts, I don't know, $13 or $15 per branch per month, very easy, very affordable, very simple model as opposed to the complicated business models that sometimes exist in our industry. That does have an effect whether what's growing is product or not growing.

所以客戶真的很容易說，我想保護一個分支機構，我不知道，每個分支機構每月 13 或 15 美元，非常簡單，非常實惠，非常簡單的模型，而不是複雜的商業模型有時存在於我們的行業中。這確實會影響正在增長的是產品還是不增長。

Same for Infinity. Again, the Infinity contract that we've signed throughout all of last year have shown some effect in Q4, and that didn't necessarily had a big effect on the quarter when we actually got the contract.

無窮大也一樣。同樣，我們在去年全年簽署的 Infinity 合同在第四季度顯示出一定的影響，而這並不一定對我們實際獲得合同的那個季度產生重大影響。

Now I think the phenomenon that we've seen over the last year is that our growth rate was going up, and some of our competitor growth rates was going down. I hope that this trend will continue, as I said. I think the economy now changed a little bit this assumption.

現在我認為我們在去年看到的現像是我們的增長率在上升，而我們的一些競爭對手的增長率在下降。正如我所說，我希望這種趨勢將繼續下去。我認為現在的經濟稍微改變了這個假設。

If you'd asked me that 3, 4 months ago, I would be far more optimistic. And again, I think we did generate almost double-digit growth rate this year. And in some aspects, internally, we did generate more than double-digit growth rate.

如果你在 3、4 個月前問我這個問題，我會樂觀得多。再一次，我認為我們今年確實實現了近兩位數的增長率。在某些方面，在內部，我們確實產生了超過兩位數的增長率。

So that's the plan. And the plan is to accelerate our growth. As I said, our potential and opportunity is reaching more customers, engaging more. And I think we are working very, very hard internally to achieve it. I think we have what it takes, but we need to get our act together on that.

這就是計劃。該計劃是為了加速我們的增長。正如我所說，我們的潛力和機會正在接觸更多的客戶，吸引更多的人。而且我認為我們在內部非常非常努力地工作以實現它。我認為我們有能力，但我們需要齊心協力。

And when do you think SD-WAN can contribute, Gil?

Gil，您認為 SD-WAN 什麼時候可以做出貢獻？

I think that from everything I know, we actually have a pretty healthy pipeline for SD-WAN. We have customers waiting for it. We actually have many customers already using it in early access program.

我認為，據我所知，我們實際上有一個非常健康的 SD-WAN 管道。我們有客戶在等它。我們實際上有很多客戶已經在搶先體驗計劃中使用它。

Usually to have some real contribution, it takes between 3 to 6 months. This one, I think, has some pent-up demand ready, but still, it's a product that because it's rollout, SD-WAN is usually to roll out to many branch offices, it takes a little bit more time because it's not just installing it in one major location. It's actually a longer rollout.

通常要有一些真正的貢獻，需要 3 到 6 個月。這個，我認為，已經準備好了一些被壓抑的需求，但它仍然是一個產品，因為它正在推出，SD-WAN 通常要推廣到許多分支機構，它需要更多的時間，因為它不僅僅是安裝它在一個主要位置。這實際上是一個更長的推出。

All right. Next up is Andrew Nowinski from Wells Fargo followed by Brian Essex of JPMorgan.

好的。接下來是富國銀行的 Andrew Nowinski，然後是摩根大通的 Brian Essex。

So I know your billings can be unpredictable due to large deal activity. So I was wondering if you could discuss both linearity in the quarter and any large deals you may have had in Q4 or lack thereof that might have impacted your billings growth in Q4, notwithstanding that tough comp you had from last year.

所以我知道由於大宗交易活動，您的賬單可能無法預測。因此，我想知道您是否可以討論本季度的線性度以及您在第四季度可能進行的任何大型交易或缺乏可能影響您在第四季度的賬單增長的交易，儘管您去年的表現很艱難。

Yes. So I think this quarter, I think Gil also mentioned it, we've seen less budget flush. I think we didn't see any budget flush this quarter. I mean, last quarter, we saw -- we had some mega deals that came through this due to budget -- some of them due to budget flush in Q4 2021.

是的。所以我認為這個季度，我認為 Gil 也提到了這一點，我們看到預算不足。我認為本季度我們沒有看到任何預算充裕。我的意思是，上個季度，我們看到——由於預算原因，我們進行了一些大型交易——其中一些是由於 2021 年第四季度的預算充裕。

And this quarter because of also the macro environments and also deals with the longer sales cycle, so we've seen some of these deals are deferred, the projects were deferred or slipped to Q1. So I think that's, in general, that's affected -- that's what you see in the billing.

本季度，由於宏觀環境和更長的銷售週期，我們看到其中一些交易被推遲，項目被推遲或推遲到第一季度。所以我認為，總的來說，這會受到影響——這就是你在賬單中看到的。

Also, need to mention, as Gil also mentioned, when we are signing Infinity contract, you won't see it in the billing mostly because the Infinity contract is built based on specific payment terms, and most of them are not being billed upfront. So it can be billed in the next -- in the future periods. So I mean, that's in terms of the billings.

另外，需要提一下，正如 Gil 也提到的，當我們簽署 Infinity 合約時，您不會在賬單中看到它，主要是因為 Infinity 合約是基於特定的付款條件構建的，而且大多數都不會預先計費。所以它可以在下一個 - 在未來的時期內計費。所以我的意思是，這是在賬單方面。

All right. Thank you. Next up is Brian Essex with JPMorgan followed by Patrick Colville of Scotiabank.

好的。謝謝。接下來是摩根大通的 Brian Essex，其次是豐業銀行的 Patrick Colville。

Gil, I was wondering if you could maybe kind of circle back on SD-WAN. Maybe one, hit the decision to build versus buy. And then two, are you seeing the pull-forward or the pull-in from -- for demand on a point solution SD-WAN basis? Or this full end-to-end SaaS that you're seeing, is that kind of the larger driver here?

吉爾，我想知道你是否可以回到 SD-WAN 上。也許一個，做出構建還是購買的決定。然後兩個，你是否看到了基於點解決方案 SD-WAN 的需求的拉動或拉動？或者你看到的這個完整的端到端 SaaS，是這裡更大的驅動力嗎？

I think there's multiple factors driving it. On one end, customers are looking for SaaS solutions that they can consume the security from the cloud. Some of it makes sense. Some of it make not. Still many, many customers are deploying customers on site, which gives them a better performance, better latency, in some cases, better economics and the whereas SD-WAN element that talks about the network optimization.

我認為有多種因素在推動它。一方面，客戶正在尋找可以使用雲安全性的 SaaS 解決方案。其中一些是有道理的。其中一些沒有。仍然有很多很多客戶在現場部署客戶，這為他們提供了更好的性能、更好的延遲，在某些情況下，更好的經濟性以及談論網絡優化的 SD-WAN 元素。

Now the reason to build versus buy, first, we are looking for vendors to buy. We've looked in the past. I think the real answer is that the SD-WAN is very well tightly integrated into the gateway itself, and we build the gateways. And it's integrated in our networking code. So buying an SD-WAN vendor and integrating it might take longer and might not necessarily generate better results after all.

現在是構建還是購買的原因，首先，我們正在尋找要購買的供應商。我們回顧過去。我認為真正的答案是 SD-WAN 非常緊密地集成到網關本身，我們構建了網關。它集成在我們的網絡代碼中。因此，購買 SD-WAN 供應商並將其集成可能需要更長的時間，而且不一定會產生更好的結果。

Still having said that, we've looked at many vendors with -- even in the past, almost completed the one deal to acquire an SD-WAN vendor. If we want to find -- the reason we didn't complete it is was the quality of the solution.

話雖如此，我們已經看過許多供應商——甚至在過去，幾乎完成了收購 SD-WAN 供應商的一筆交易。如果我們想找到——我們沒有完成它的原因是解決方案的質量。

Today, SD-WAN solutions are still complicated. I wouldn't say niche because there are some important vendors, but not widely spread as they should be. And we haven't found a solution that will be really the silver bullet to have the quality technology that we can embed in our gateways.

如今，SD-WAN 解決方案仍然很複雜。我不會說利基，因為有一些重要的供應商，但沒有像他們應該的那樣廣泛傳播。而且我們還沒有找到一個解決方案，它真的是擁有我們可以嵌入我們網關的優質技術的靈丹妙藥。

Next up is Patrick Colville from Scotiabank followed by Shaul Eyal from Cowen.

接下來是豐業銀行的 Patrick Colville，然後是 Cowen 的 Shaul Eyal。

So Roei, from a financial perspective, I mean, how shall we model gross margins in 2023? Because we've seen product margins rise for the last 2 quarters sequentially. I mean, should we think that, that trend continues as supply chain constraints ease?

那麼 Roei，從財務角度來看，我的意思是，我們將如何為 2023 年的毛利率建模？因為我們看到過去兩個季度的產品利潤率連續上升。我的意思是，我們是否應該認為，隨著供應鏈限制的緩解，這種趨勢會繼續下去？

And I guess, similarly, I mean, FX has been a big determinant for the last couple of quarters and I presume will continue to be the case in calendar 2023. So how should we model the FX impact at the OpEx next year?

我想，同樣，我的意思是，外彙在過去幾個季度一直是一個重要的決定因素，我認為在 2023 年日曆中將繼續如此。那麼我們應該如何在明年的 OpEx 上模擬外匯影響？

So I think as for your first question, so as for the gross margin, so as I mentioned, I think we expect to have additional improvement. Again, we hope to see additional improvement unless something in the environment will be changed in the supply chain. But right now, it seems like we're going to have a modest -- we expect to see a modest improvement in the gross margin. Again, to -- I would say that, again, it can range between 0.25 to 0.5 point of the margin -- improvement of between 0.25 to 0.5 point to the margin.

所以我認為關於你的第一個問題，關於毛利率，正如我提到的，我認為我們希望有更多的改進。同樣，我們希望看到進一步的改進，除非環境中的某些東西會在供應鏈中發生變化。但現在，我們似乎會有一個適度的 - 我們預計毛利率會適度改善。再次，我要說的是，它可以在利潤率的 0.25 到 0.5 個百分點之間變化——利潤率提高 0.25 到 0.5 個百分點。

As for the FX, so again, yes, as I mentioned also in my presentation, we had the benefit of the FX of approximately $10 million this quarter. We expect to see also a benefit in 2023 as again, we hedged -- one of our primary currencies in shekels. So we hedged the shekel for -- most of the shekels for 2023, and we expect to see a benefit in 2023. But again, taking all the -- we took all these factors into the model. And I think it's something that, of course, these efforts will benefit us in 2023.

至於外匯，是的，正如我在演講中也提到的那樣，本季度我們從外匯中受益約 1000 萬美元。我們希望在 2023 年也能看到收益，因為我們再次對沖——我們以謝克爾為單位的主要貨幣之一。因此，我們對沖了謝克爾 - 2023 年的大部分謝克爾，我們預計 2023 年會看到收益。但是，再次考慮 - 我們將所有這些因素都納入了模型。我認為這些努力當然會讓我們在 2023 年受益。

And that will help us, by the way, invest more without big effect on the margins. That's -- I think we are using it for the good that's...

順便說一句，這將幫助我們在不對利潤產生重大影響的情況下進行更多投資。那是——我認為我們使用它是為了……

Next up is Shaul Eyal followed by Ryan McDonough.

接下來是 Shaul Eyal，然後是 Ryan McDonough。

Gil, I know Rupal is not on the call, but can you maybe talk to us about some of our initiatives over the course of the past, a little less than a year and maybe as we think about 2023, what's in store in that respect?

吉爾，我知道 Rupal 不在電話會議上，但你能不能和我們談談我們在過去不到一年的時間裡採取的一些舉措，也許在我們考慮 2023 年的時候，在這方面有什麼計劃？

In which initiative you mean that's in which aspects?

在哪個倡議中，你的意思是在哪些方面？

All of our initiatives, sales, marketing, go-to-market that actually you brought up.

您實際提出的我們所有的計劃、銷售、營銷、上市。

So I think we are doing a lot of things in Check Point to create a lot of change and a lot of innovation in all these aspects. If you remember, and I think we've created the beginning of the year what we call Rockets that are this kind of organizations that have more flexibility and more freedom to run fast, integrating the go-to-market element to the product element.

所以我認為我們在 Check Point 做了很多事情，以在所有這些方面創造很多變化和創新。如果你還記得的話，我認為我們在今年年初創建了我們稱之為火箭隊的組織，這種組織具有更大的靈活性和更多的自由來快速運行，將進入市場元素集成到產品元素中。

And I think we had 3 Rockets. One was the e-mail Rocket based on acquisition we did, which actually grows very, very fast. I don't know, we didn't mention it much today, but the e-mail aspects, that acquisition is very successful, and it's contributing a lot to our growth.

我認為我們有 3 支火箭隊。一個是基於我們所做的收購的電子郵件 Rocket，它實際上增長非常非常快。我不知道，我們今天沒有提到太多，但在電子郵件方面，那次收購非常成功，對我們的成長貢獻很大。

Another one is the cloud one. Started the year, the cloud one. We've actually did quite well in fourth quarter, nice growth in the fourth quarter.

另一個是雲。始年，雲一。我們實際上在第四季度做得很好，第四季度增長不錯。

And the last one is what we call the MDR/MPR, which is the management of kind of managed security for customers. And that's a tiny start-up, but that's overwhelming response from the market. We have hundreds of customers. We have a nice demand for it and that's with very limited investment even to promote it. We're just a -- nice response from the market to these services.

最後一個是我們所說的 MDR/MPR，它是對客戶的一種託管安全性的管理。那是一家很小的初創公司，但市場的反應卻是壓倒性的。我們有數百個客戶。我們對它有很好的需求，即使是推廣它，投資也非常有限。我們只是市場對這些服務的良好回應。

By the way, these services or this technology, it's the same technology that we will have in our XPR product. So we're actually leveraging one another. So you can get it as a product in the XPR product for it's a managed service with the MPR service that we provide today.

順便說一句，這些服務或這項技術，與我們將在 XPR 產品中擁有的技術相同。所以我們實際上是在互相利用。因此，您可以將它作為 XPR 產品中的一個產品獲取，因為它是我們今天提供的 MPR 服務的託管服務。

Next to that at the beginning of the year, we've created a new go-to-market organization, appointed new leadership Rupal Hollenbeck based in Silicon Valley. And again, she is building a very robust infrastructure for everything, doing many changes. Again, I think we do less revolution, more evolution, the Check Point way, and we are doing them nicely without creating too much earthquakes.

除此之外，在今年年初，我們還創建了一個新的上市組織，任命了位於矽谷的新領導 Rupal Hollenbeck。再一次，她正在為所有事物構建一個非常強大的基礎架構，並進行了許多更改。再一次，我認為我們做的革命更少，進化更多，Check Point 方式，我們做得很好，沒有造成太多地震。

Actually, I think you see that going well, but she's doing a very, very good job building an organization that can scale too much what we think we have the potential to a much bigger scale. In the product organization, we also have a lot of investment in many areas from SD-WAN to [SSC and SaaS], which is cloud-based delivery of security, the whole -- I mentioned the XPR technologies are also quite interesting in terms of new technologies.

事實上，我認為你看到這一切進展順利，但她在建立一個可以擴展我們認為我們有潛力擴大規模的組織的組織方面做得非常非常好。在產品組織方面，我們在從 SD-WAN 到 [SSC 和 SaaS] 的許多領域也有大量投資，這是基於雲的安全交付，整個 - 我提到 XPR 技術在術語方面也很有趣的新技術。

We talked, I think it was last quarter about the Titan package, which again, some of it is great new security technology. Some of it is really new markets like IoT security. So there's a lot going on in our organization. We are building now a new model for partnership with our partners. We've invested in the brand last year. So I think there's a lot going on in the organization right now.

我們談過，我認為是上個季度關於 Titan 軟件包的討論，其中一些是很棒的新安全技術。其中一些是真正的新市場，如物聯網安全。所以我們的組織中發生了很多事情。我們現在正在與合作夥伴建立新的合作模式。我們去年投資了這個品牌。所以我認為現在組織中發生了很多事情。

All right. Thank you. And next up is Ryan from Guggenheim.

好的。謝謝。接下來是來自古根海姆的 Ryan。

Kip, I've only known you for, I think, half a decade. It's Ray. Ray McDonough from Guggenheim, but I appreciate it.

Kip，我想我只認識你五年。是雷。來自古根海姆的 Ray McDonough，但我很感激。

I'm sorry. I blew it.

對不起。我搞砸了。

It's all good. I wanted to double-click on cash flow if I could. And Gil, the comment that you made for shifting towards more of a subscription-based model and more flexible buying programs, so to speak and what's again, the impact of cash flow would be on -- or the impact of lower invoicing duration, if you're seeing that this quarter, what the impact of cash flow was this quarter from lower invoicing duration, again, if you're seeing it? And then how we should think about that going into '23? Should we think about that as being a headwind to '23 cash flow as we look forward?

都很好。如果可以的話，我想雙擊現金流量。吉爾，你對轉向更多基於訂閱的模式和更靈活的購買計劃所做的評論，可以這麼說，現金流的影響將是 - 或者縮短髮票期限的影響，如果你在這個季度看到，如果你看到的話，本季度現金流量的影響是什麼，因為較低的發票持續時間？然後我們應該如何考慮進入 23 年？在我們期待的時候，我們是否應該將其視為 23 年現金流的逆風？

So I think, again, I think it's tough to quantify, I mean, the effect on the cash flow, I mean, in terms of moving to -- in terms of the duration, but I would say that, yes, we've seen less multi-year deals, more kind of 1-year deals that customers intend because of the macro environment, the higher interest rates.

所以我認為，我認為很難量化對現金流的影響，我的意思是，就移動到持續時間而言，但我會說，是的，我們已經多年期交易較少，客戶由於宏觀環境、利率較高而打算進行的 1 年期交易較多。

And so we've seen less multi-year deals. Also effect on our cash flow, something that we should -- again, our cash flow was -- this quarter was much more back-end loaded. I mean, usually, Q4 isn't back-end loaded, but this specifically quarter was much more back-end loaded. We've seen much higher billings in December. You can see it also in our receivables in the balance sheet. So again -- so that's also affected our cash flow this quarter.

因此，我們看到的多年期交易較少。對我們的現金流也有影響，我們應該——再次，我們的現金流是——這個季度的後端負載要多得多。我的意思是，通常第四季度沒有後端加載，但這個特定的季度後端加載更多。我們在 12 月份看到了更高的賬單。您也可以在資產負債表的應收賬款中看到它。所以再次 - 這也影響了我們本季度的現金流量。

As for the future, again, it's also -- it depends on -- again, on our billings next quarter and next year. In order to quantify, I mean, again, it seems again as long as this macro environment will continue, we probably will see the same. But again, you never know. It's not something that we can project.

至於未來，它也——這取決於——再次取決於我們下個季度和明年的賬單。為了量化，我的意思是，只要這種宏觀環境繼續下去，我們可能會再次看到同樣的情況。但同樣，你永遠不會知道。這不是我們可以預測的。

All right. Thank you. Next up is Gray Powell from BTIG followed by Brad Zelnick from Deutsche Bank.

好的。謝謝。接下來是來自 BTIG 的 Gray Powell，然後是來自德意志銀行的 Brad Zelnick。

So one for Gil. Just looking back over the last few years, demand across the firewall space has been pretty strong. You all sound fairly cautious about 2023. To me, it kind of sounds like 2023 is going to be more of like a digestion type year or a consolidation kind of year. Feels fairly similar to what we saw in 2016, I think that was like the last cycle. Does my read seem correct to you? Does it feel like 2016? And if so, like on a relative basis, like how do you feel today versus sort of the last consolidation period within network security?

所以一個給吉爾。回顧過去幾年，防火牆領域的需求非常強勁。你們聽起來都對 2023 年相當謹慎。對我來說，2023 年聽起來更像是消化型年份或整合型年份。感覺與我們在 2016 年看到的非常相似，我認為那就像上一個週期。我的閱讀對你來說正確嗎？感覺像2016年嗎？如果是這樣，就像在相對的基礎上，比如你今天感覺如何與網絡安全領域的最後一個整合期相比？

First, I think we have -- there is a lot of demand and there is a lot of need to continue with what we've done on network security. What I see now is a little bit different. It's not just digestion because I don't think that we finished all the refresh cycles and all the upgrade cycles. I think it's more of a huge change in the economy.

首先，我認為我們有很多需求，並且非常需要繼續我們在網絡安全方面所做的工作。我現在看到的有點不同。這不僅僅是消化，因為我不認為我們完成了所有更新周期和所有升級週期。我認為這更像是經濟的巨大變化。

Again, I mentioned it several times. What I've seen is 3 good quarters in 2022 that we have in one way, and then the fourth quarter was different. Now again, whether this difference will continue, I mean, I've heard some companies saying that we reached the bottom in December. I don't know if it will be that way or it will continue. I hope it won't.

同樣，我多次提到它。我所看到的是 2022 年我們以一種方式擁有的 3 個好季度，然後第四季度就不一樣了。再一次，這種差異是否會繼續下去，我的意思是，我聽到一些公司說我們在 12 月觸底。我不知道會是那樣還是會繼續下去。我希望不會。

I think from -- when I speak to customers, and as I mentioned, I did a very nice tour in the last few weeks around the world and met with many, many customers and partners. They see the need, they want to invest. They see the value in more security and the Check Point Infinity architecture.

我認為 - 當我與客戶交談時，正如我所提到的，我在過去幾週在世界各地進行了一次非常愉快的旅行，並會見了許多客戶和合作夥伴。他們看到了需求，他們想要投資。他們看到了更高安全性和 Check Point Infinity 架構的價值。

But I can't do without the back about the economy. And right now, I think it's nothing to do with network security or anything like that. It's clearly the -- more of the macro economy that behaves a little bit different in the last quarter.

但我離不開經濟方面的支持。而現在，我認為這與網絡安全或類似的事情無關。很明顯，上一季度宏觀經濟的表現略有不同。

All right. Next up is Brad Zelnick from Deutsche Bank followed by Fatima Boolani from Citi.

好的。接下來是德意志銀行的 Brad Zelnick，其次是花旗銀行的 Fatima Boolani。

Gil, just wanted to ask you about the buyback. It's good to see the continued discipline on the share repurchases. But why cap the quarterly amount at $325 million? And is there a scenario where opportunistically, perhaps you'd look to buy back more stock?

吉爾，只是想問你關於回購的問題。很高興看到對股票回購的持續約束。但為什麼將季度金額限制在 3.25 億美元？是否存在機會主義的情況，也許您希望回購更多股票？

And related, is this a time to maybe get aggressive with M&A? I mean, it's -- we all know there's a ton of great technologies out there, in some cases, companies that are having trouble raising funding maybe to do something even transformative.

與此相關的是，現在是時候積極進行併購了嗎？我的意思是，我們都知道那裡有很多偉大的技術，在某些情況下，在籌集資金方面遇到困難的公司可能會做一些甚至具有變革性的事情。

So first, both your questions are right on spot. There is a possibility that we will increase it if we need to. So far, again, I think we've been doing that policy for buyback for over 10 years, and it worked well. But again, there's no -- I don't have any objection to see that if there's an opportunity in the marketplace, we will increase the buyback. I hope, by the way, it will go the other way around that -- in the buyback.

所以首先，你的兩個問題都是正確的。如果需要，我們有可能增加它。到目前為止，我認為我們已經執行回購政策超過 10 年，而且效果很好。但同樣，沒有 - 我不反對看到如果市場上有機會，我們將增加回購。順便說一下，我希望在回購中能反過來。

In terms of opportunities to acquire companies, you're absolutely right. There will be more opportunities. But still, I mean, when I look at the market and we analyze it all the time, it's not that -- we don't do it on a public market, the valuation starts to change a little bit, even though still you can find a lot of cyber companies that are losing tons of money. And I'm not sure that what you want us to do is to buy a company that will cause us to start to growing from very nice earnings to fund their business model, which may or may not be justified over the long run. I mean, that's one challenge.

就收購公司的機會而言，你是絕對正確的。會有更多的機會。但是，我的意思是，當我觀察市場並且我們一直在分析它時，並不是那樣 - 我們不在公開市場上這樣做，估值開始發生一點變化，儘管你仍然可以發現許多正在虧損大量資金的網絡公司。而且我不確定你想讓我們做的是收購一家公司，這將使我們從非常好的收益開始增長，為他們的商業模式提供資金，從長遠來看，這可能是合理的，也可能不是。我的意思是，這是一個挑戰。

On the private market, I think we will see some opportunities in the future. I'm not sure that the valuation reached the level that we need to reach yet. Some -- we do get once in a while a call from a company that we think is interesting and reached this point of time that it may be interesting. So far, we haven't made -- I mean again, we made many acquisitions. If you look, we've made I think like 18 acquisitions over the history of Check Point. Over the last 3, 4 years, I think made like 6 or 7.

在私人市場上，我認為我們將來會看到一些機會。我不確定估值是否達到了我們需要達到的水平。有些——我們確實偶爾會接到一家公司的電話，我們認為這家公司很有趣，而且到了這個時間點，它可能會很有趣。到目前為止，我們還沒有——我的意思是，我們進行了很多收購。如果你看的話，我認為在 Check Point 的歷史上我們已經進行了 18 次收購。在過去的 3、4 年裡，我認為大概有 6 或 7 個。

So it's not that we are not active on the M&A frame. But I think in the future, there's definitely an opportunity that we will do more. And by the way, that is a good reason to keep some cash, especially if we will find something more transformative, and then not that I'm underestimating, spending a few hundred million dollars on a company is also a big bet and a big investment. But maybe we'll find something even bigger, and then it's good to have some cash to fund that.

所以這並不是說我們在併購框架上不活躍。但我認為在未來，我們肯定有機會做得更多。順便說一下，這是保留一些現金的一個很好的理由，特別是如果我們能找到更具變革性的東西，那麼並不是我低估了，在一家公司上花費幾億美元也是一個大賭注，也是一個大賭注投資。但也許我們會發現更大的東西，然後有一些現金來資助它是件好事。

All right. Next up is Fatima Boolani followed by our last caller, Sami Badri from Credit Suisse.

好的。接下來是 Fatima Boolani，然後是我們最後一位來電者，來自瑞士信貸的 Sami Badri。

Either for Roei or Gil, but I would love to get a more financial and quantitative perspective on this. Going back to your margin guidance for calendar '23. So we are seeing a compression in spite of the fact that you will benefit from the stronger dollar more visibly in 2023.

無論是 Roei 還是 Gil，但我很想從財務和定量的角度來看待這個問題。回到日曆 '23 的保證金指導。因此，儘管您將在 2023 年更明顯地受益於美元走強，但我們看到了壓縮。

So what I wanted to understand is as you think about the go-to-market organization, the sales capacity, the productivity trends that you've been seeing and maybe attrition trends you're seeing, how is that changing, if at all, in 2023? And where can we see potential uplift? Or if you're changing any incentives to drive some of this new product adoption? I'd love to get a little bit more granular on why we'd still underneath the hood, if you will, from the FX impact, still see margin compression.

因此，我想了解的是，當您考慮進入市場的組織、銷售能力、您所看到的生產力趨勢以及您所看到的人員流失趨勢時，這些變化是如何變化的，如果有的話， 2023年？我們在哪裡可以看到潛在的提升？或者，如果您正在改變任何激勵措施來推動某些新產品的採用？我想更詳細地說明為什麼我們仍然在引擎蓋下，如果你願意，從 FX 影響來看，仍然看到保證金壓縮。

So first, I mean, before I jump -- Roei might add some more value with the numbers, but because you asked about the sales force and so on, so I think in 2022, we grew the number of sellers, the number of frontline salespeople by like mid-teen percent. In 2023, we still plan to grow it by a double-digit number.

所以首先，我的意思是，在我跳之前——Roei 可能會增加一些數字的價值，但因為你詢問了銷售人員等問題，所以我認為在 2022 年，我們增加了賣家的數量，一線的數量銷售人員減少了百分之十五左右。 2023年，我們仍然計劃以兩位數的速度增長。

Again, I think we will adjust it according to the economy. But we've already started the year with many people that were in the process and in the pipeline in 2022. So it's not just a question what we'll decide in the second half. We've already started with a strong momentum, again, -- by the way, in the U.S., when you hire somebody, they join in like a month or so. So that's a cycle that's relatively short.

同樣，我認為我們會根據經濟情況進行調整。但我們已經開始了這一年，許多人正在處理和籌備 2022 年的工作。所以這不僅僅是我們將在下半年決定什麼的問題。我們已經以強勁的勢頭再次開始——順便說一句，在美國，當你僱用某人時，他們會加入大約一個月左右。所以這是一個相對較短的周期。

In Europe, the cycle is usually 6 months. So if we have somebody that started in January, it may be somebody that we've started recruiting in April, and we've signed a contract in kind of July, August. It's not -- it's a very long cycle. And again, our sales force is very distributed around the world, not necessarily U.S. dominated.

在歐洲，週期通常為6個月。因此，如果我們有人在 1 月開始，那麼可能是我們在 4 月開始招募的人，我們已經在 7 月、8 月簽署了合同。這不是——這是一個很長的周期。同樣，我們的銷售隊伍分佈在世界各地，不一定以美國為主。

So we keep the investment on that. We do want to use some of the [FX] trends that we have to invest in our workforce. Some of it may be in existing sales force, some of it is -- again, to allow us to recruit more without any major effect. Remember, if I would say that we grow the company by 5% or 10%, the impact on the margin would have been much, much bigger if we haven't using what we have.

所以我們繼續投資。我們確實想利用我們必須投資於我們的勞動力的一些 [FX] 趨勢。其中一些可能在現有的銷售人員中，其中一些是 - 再次讓我們在沒有任何重大影響的情況下招募更多人。請記住，如果我說我們將公司增長 5% 或 10%，那麼如果我們不使用現有資源，對利潤率的影響會大得多。

What else are the trends that are impacting that? By the way, there is a trend in general of providing more cloud-based solutions. And many of our products and technologies are now delivered from the cloud or are using the cloud. The margins on this are usually lower than the margin that we have on just software or even in some cases, on just [appliances]. Cloud is expensive. Let's remember that. So our cloud expenses are high.

還有什麼趨勢正在影響它？順便說一句，總體上有提供更多基於雲的解決方案的趨勢。我們的許多產品和技術現在都是從雲端交付或正在使用雲端。這方面的利潤率通常低於我們僅在軟件上的利潤率，甚至在某些情況下甚至低於 [appliances] 上的利潤率。雲很貴。讓我們記住這一點。所以我們的雲費用很高。

Again, like everything we do in Check Point, I think we manage them, and we do them far more efficiently than most companies that we see. We see it on M&A that we have a very efficient operation, but I think we will keep investing in that because it makes sense and that gives us an opportunity to bring many more technologies to the market and up the level of security.

同樣，就像我們在 Check Point 所做的一切一樣，我認為我們管理它們，而且我們比我們看到的大多數公司更有效率地做它們。我們在併購中看到我們的運營效率非常高，但我認為我們會繼續投資，因為這是有道理的，這讓我們有機會將更多技術推向市場並提高安全水平。

Next up is Sami Badri, our last question.

接下來是 Sami Badri，我們的最後一個問題。

Absolutely. My question is on any visibility you can give us on the Harmony product portfolio? So that's my first question.

絕對地。我的問題是關於 Harmony 產品組合的任何知名度？這是我的第一個問題。

Second question is when I go back to one of your product slides on Blades, you put a reference in there that the Blade product is now optimized for 1,000-plus applications or other type maybe vendors or integrations. Can you describe or maybe elaborate on how hard it was for you guys to get to that point? And how many other vendors actually have comparable integrations for a very similar type of product or solution set?

第二個問題是，當我回到您關於 Blades 的產品幻燈片時，您在其中引用了 Blade 產品現在針對 1,000 多個應用程序或其他類型（可能是供應商或集成）進行了優化。你能描述一下或詳細說明你們達到這一點有多難嗎？有多少其他供應商實際上為非常相似類型的產品或解決方案集提供了類似的集成？

Okay. I think what you meant with the Blade is the SD-WAN Blade. I mean, again, we have a software architecture that we call software Blades, which we featured many years ago, but it's still a big part of how our products are being built.

好的。我認為您所說的刀片是 SD-WAN 刀片。我的意思是，我們有一個我們稱為軟件刀片的軟件架構，這是我們多年前的特色，但它仍然是我們產品構建方式的重要組成部分。

And now we built the SD-WAN Blade. And the SD-WAN build is very robust with -- we're supporting, I think, well over 1,000 different applications, and we are optimized. I don't exactly remember, but I think it's 2, 3x even more -- supporting more application and optimized for more application than our direct competitors.

現在我們構建了 SD-WAN 刀片。 SD-WAN 構建非常強大——我認為我們支持超過 1,000 種不同的應用程序，並且我們已經過優化。我記不太清了，但我認為它比我們的直接競爭對手多 2 倍、3 倍——支持更多的應用程序並針對更多的應用程序進行了優化。

By the way, part of it is the investment in SD-WAN. Part of it is the fact that it is integrated. It's not a different product. And it leverages the know-how that we have about the deep analysis of application that we already have on our network security products. So that's there.

順便說一句，其中一部分是對SD-WAN的投資。部分原因在於它是集成的。這不是一個不同的產品。它利用了我們對網絡安全產品已有的深入分析應用程序的專業知識。就是這樣。

Anything I didn't answer? So then that's the -- so I hope that our SD-WAN product will reach market success that it deserves. And I think many of our customers are waiting for it.

有什麼我沒有回答的嗎？所以那就是 - 所以我希望我們的 SD-WAN 產品能夠取得應有的市場成功。我認為我們的許多客戶都在等待它。

And then just the Harmony product portfolio visibility. Anything you can give to us for 2023?

然後就是 Harmony 產品組合的知名度。 2023 年你能給我們什麼？

So the Harmony is comprised for many different products that are securing users and access. Some of them are growing very fast. Some of them, there is -- we have different strategic thoughts on their future.

因此，Harmony 包含許多保護用戶和訪問的不同產品。其中一些增長非常快。其中一些，我們對他們的未來有不同的戰略思考。

The one that's growing very fast and the one that we are very happy with is the Harmony e-mail, doing extremely well, reaching -- meets all the expectation from an important acquisition like that, integrates well with the rest of our technology like our anti-malware engine is used in that product. Their anti-phishing engine is used in many, many of our other technologies, everything that I said about centralizing this threat cloud brain is working well.

Harmony 電子郵件是增長非常快而且我們非常滿意的一個，它做得非常好，達到了——滿足了像這樣的重要收購的所有期望，與我們的其他技術很好地集成，比如我們該產品中使用了反惡意軟件引擎。他們的反網絡釣魚引擎被用於我們的許多其他技術中，我所說的關於集中這種威脅雲大腦的一切都運作良好。

Sales are integrating quite well. I think in the beginning, they had separate sales force, and that's what brought most of the growth. Now most of the -- big part of the growth comes from the Check Point enterprise sales force. And these are all the right signs because that means that we can leverage the Check Point engine, reaching more customers and reaching more places.

銷售整合得很好。我認為一開始，他們有獨立的銷售隊伍，這就是帶來大部分增長的原因。現在大部分 - 大部分增長來自 Check Point 企業銷售人員。這些都是正確的跡象，因為這意味著我們可以利用 Check Point 引擎，接觸到更多的客戶和更多的地方。

So -- and let's not forget, for years, I've been cautious about whether we want to enter into the e-mail space or not because it's a crowded market. I'm very happy we did, first because we see the success, but mainly because most of the attacks start with an e-mail. So it's really, really important that we are there.

所以——我們不要忘記，多年來，我一直對我們是否要進入電子郵件領域持謹慎態度，因為這是一個擁擠的市場。我很高興我們做到了，首先是因為我們看到了成功，但主要是因為大多數攻擊都是從電子郵件開始的。所以我們在那裡真的非常重要。

Our competitors, by the way, are not there. So we know how to secure that e-mail link and especially the cloud e-mail, which is where the world is going to. So I think that should -- I mean, if we do it right, that should give us many years of success and growth because the market potential there is very, very high.

順便說一句，我們的競爭對手不在那裡。因此，我們知道如何保護該電子郵件鏈接，尤其是雲電子郵件，這是世界要去的地方。所以我認為應該 - 我的意思是，如果我們做得對，那應該會給我們帶來多年的成功和增長，因為那裡的市場潛力非常非常大。

All right. That concludes our call today. Thank you all for joining us. We look forward to speaking to you throughout the quarter, and we'll see you at the next earnings. Thank you, and have a great day.

好的。我們今天的電話會議到此結束。謝謝大家加入我們。我們期待在整個季度與您交談，我們將在下一次財報中見到您。謝謝你，祝你有美好的一天。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Bye-bye.

再見。