Check Point Software Technologies Ltd (CHKP) 2023 Q1 法說會逐字稿

Pleasure to be here today. Our Founder and CEO, Gil Shwed; and acting CFO, Roei Golan are joining me remotely.

很高興今天來到這裡。我們的創始人兼首席執行官 Gil Shwed；和代理首席財務官 Roei Golan 正在遠程加入我的行列。

Before we begin, I'd like to remind everyone that this conference is being recorded and will be available for replay on our website at checkpoint.com. (Operator Instructions) During this presentation, Check Point's representatives may make certain forward-looking statements within the -- forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934.

在我們開始之前，我想提醒大家，這次會議正在錄製中，可以在我們的網站 checkpoint.com 上重播。 （操作員說明）在本次演示期間，Check Point 的代表可能會根據 1933 年證券法第 27A 條和 1934 年證券法第 21E 條的含義做出某些前瞻性陳述。

Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include, but are not limited to, statements related to our expectations regarding our product solutions, expectations related to cybersecurity and other threats.

前瞻性陳述通常與未來事件或我們未來的財務或經營業績有關。前瞻性陳述包括但不限於與我們對產品解決方案的期望、與網絡安全和其他威脅相關的期望相關的陳述。

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.

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，這些風險和不確定性可能導致實際結果或事件與預期的結果或事件存在重大差異。

These risks include our ability to continue developing platform capabilities and solutions, customer acceptance, purchase of our existing solutions and new solutions. The market for IT security continuing to develop competition from other products and services, general market, political, economic and business conditions, including as a result of the impact of COVID-19 pandemic.

這些風險包括我們繼續開發平台功能和解決方案的能力、客戶接受度、購買我們現有解決方案和新解決方案的能力。 IT 安全市場繼續發展來自其他產品和服務的競爭，一般市場，政治，經濟和商業條件，包括由於 COVID-19 大流行的影響。

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.

這些前瞻性陳述也受到風險和不確定性的影響，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性，包括我們在 20-F 表上的年度報告。

The forward-looking statement in this management 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.

本管理層介紹中的前瞻性陳述基於截至本協議發布之日 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, which it's been posted on our website, we present GAAP and non-GAAP results, along with a reconciliation of such results and the reasons for our presentation of non-GAAP information. If you have any questions after the call, please contact investor relations at kip@checkpoint.com.

在發佈在我們網站上的新聞稿中，我們介紹了 GAAP 和非 GAAP 結果，以及此類結果的調節和我們提供非 GAAP 信息的原因。如果您在通話後有任何疑問，請通過 kip@checkpoint.com 聯繫投資者關係部。

Now I'd like to turn the call over to Roei Golan, for a review of our financial statements.

現在我想把電話轉給 Roei Golan，讓他審查我們的財務報表。

Thank you, Kip, and thank you for everyone for joining the call. Let me just share the presentation.

謝謝 Kip，也感謝大家加入電話會議。讓我分享一下演示文稿。

Yes. So I'm excited to be with you to present our results for the first quarter of 2023. Our revenues this quarter reached $566 million, which is $1 million above the midpoint of our projections.

是的。因此，我很高興能與您一起介紹我們 2023 年第一季度的業績。我們本季度的收入達到 5.66 億美元，比我們預測的中點高出 100 萬美元。

Our earnings per share were $1.80 surpassed our endpoint of our projection and $0.07 above the midpoint of our projections. So despite the market uncertainty and the tough macro environment, we delivered 4% growth based on our projection and reached our projection and delivered 15% growth in our earnings to $1.80.

我們的每股收益比我們的預測端點高出 1.80 美元，比我們的預測中點高出 0.07 美元。因此，儘管存在市場不確定性和嚴峻的宏觀環境，我們仍根據我們的預測實現了 4% 的增長，並實現了我們的預測，實現了 15% 的收益增長，達到 1.80 美元。

Now let's dive to the detailed view of the quarter. As I mentioned, our revenue increased by 4% to $566 million. Our deferred revenues was half by 8% to $1.797 billion. Our short-term deferred revenues were up by 8%.

現在讓我們深入了解該季度的詳細視圖。正如我提到的，我們的收入增長了 4%，達到 5.66 億美元。我們的遞延收入減半 8% 至 17.97 億美元。我們的短期遞延收入增長了 8%。

Our calculated billing reached $485 million, a decline of 3% year-over-year. Let me remind you that our billing is affected by duration, payment terms, and in this kind of market uncertainty, we saw this quarter fewer customers willing to pay upfront for a multiyear deal, which resulted in shorter billing duration.

我們計算出的賬單金額達到 4.85 億美元，同比下降 3%。讓我提醒您，我們的計費受持續時間、付款條件的影響，在這種市場不確定性的情況下，本季度我們發現願意為多年期交易預付款的客戶減少，這導致計費持續時間縮短。

If we are looking on our current calculate billing, it was actually up 2% year-over-year. Our product revenues declined by 7% year-over-year. This was the result of the market uncertainty that resulted in extended sales cycles and in deferral projects, mainly refresh projects in the Quantum Appliances, and we see more cautious spending by customers at around refresh projects and deferral projects.

如果我們查看當前的計算賬單，它實際上同比增長了 2%。我們的產品收入同比下降了 7%。這是市場不確定性導致銷售週期延長和延期項目（主要是 Quantum Appliances 的更新項目）的結果，我們看到客戶在更新項目和延期項目上的支出更加謹慎。

If we are looking on the security subscription, we had a very strong quarter with 13% growth year-over-year and reached $228 million. This double-digit growth was driven by our CloudGuard and Harmony E-mail businesses that were both had a strong double-digit growth, both in revenues and both in new business bookings.

如果我們關注安全訂閱，我們有一個非常強勁的季度，同比增長 13%，達到 2.28 億美元。這種兩位數的增長是由我們的 CloudGuard 和 Harmony 電子郵件業務推動的，它們在收入和新業務預訂方面都實現了強勁的兩位數增長。

Also, we see that we had a great quarter with Infinity to continue to flow in an accelerated rate to our revenues and reached a growth of over 140% year-over-year in revenues. We see that we reached a key milestone of 80% of recurring revenue out of our total revenue. Actually 81% of our revenues are recurring revenues, which are the subscription revenues plus the support and maintenance revenues.

此外，我們看到我們與 Infinity 有一個很好的季度，繼續以更快的速度流入我們的收入，並實現收入同比增長超過 140%。我們看到我們達到了一個關鍵里程碑，即經常性收入占我們總收入的 80%。實際上，我們 81% 的收入是經常性收入，即訂閱收入加上支持和維護收入。

And out of the 81% recurring revenue, 50% of them are subscription based, and we see a consistent growth of our subscription and our recurring revenues over the last few years.

在 81% 的經常性收入中，有 50% 是基於訂閱的，我們看到過去幾年我們的訂閱和經常性收入持續增長。

Now let's look at the revenue by geographies. 45% of our revenues came from EMEA, 43% of our revenues came from Americas, while 12% of our revenues came from Asia Pacific. And let's dive now to the P&L highlights for the quarter.

現在讓我們看看按地區劃分的收入。我們 45% 的收入來自 EMEA，43% 的收入來自美洲，而 12% 的收入來自亞太地區。現在讓我們深入了解本季度的損益亮點。

Our gross profit was increased by 5% to $502 million, which represented a gross margin of 89%, which is higher than 88% that we had last year. Those store margins are impressive considering we still see pricing increase by many vendor. We see an improvement in the supply chain environment that was very challenging last year and we hope to see this trend continue in the remaining of 2023.

我們的毛利潤增長了 5%，達到 5.02 億美元，毛利率為 89%，高於去年的 88%。考慮到我們仍然看到許多供應商的價格上漲，這些商店利潤率令人印象深刻。我們看到去年極具挑戰性的供應鏈環境有所改善，我們希望看到這一趨勢在 2023 年剩餘時間裡繼續下去。

Our operating expenses were increased by 11%. This was mainly as a result of our continued investment in our workforce, cloud infrastructures and in-person marketing activities, including our CPX event that took place this quarter.

我們的運營費用增加了 11%。這主要是由於我們持續投資於我們的員工隊伍、雲基礎設施和現場營銷活動，包括本季度舉行的 CPX 活動。

So we reached a very strong operating income of $238 million that was 42% margin -- operating margin this quarter. Our financial income this quarter reached $19 million as we invest in higher interest rates over time. And we expect that this income will increase in the last -- in the next few quarters by $1 million or $2 million every quarter.

因此，我們實現了 2.38 億美元的非常強勁的營業收入，即本季度營業利潤率為 42%。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 1900 萬美元。我們預計，在接下來的幾個季度中，這一收入將每季度增加 100 萬或 200 萬美元。

Our non-GAAP tax rate for this quarter was around 15%, mainly due to indexation and updating tax provision because of several tax assessments we have worldwide our non-GAAP net income increased to $218 million, 7% growth year-over-year and $1.80 -- EPS of $1.80, which represents 50% -- double digit or 50% growth year-over-year, very strong results. Our GAAP net income was $184 million or $1.52 per diluted share.

我們本季度的非 GAAP 稅率約為 15%，主要是由於指數化和更新稅收撥備，因為我們在全球範圍內進行了多項稅收評估，我們的非 GAAP 淨收入增加到 2.18 億美元，同比增長 7%， 1.80 美元——每股收益 1.80 美元，佔 50%——兩位數或 50% 的同比增長，非常強勁的結果。我們的 GAAP 淨收入為 1.84 億美元或每股攤薄收益 1.52 美元。

If I move into our cash flow and cash position. So our cash balances as of the end of the quarter were $3.6 billion. Our operating cash flow was strong at $386 million this quarter. During the quarter, we continued our buyback program and purchased 2.6 million shares for $325 million at an average price of $127 per share.

如果我進入我們的現金流和現金狀況。因此，截至本季度末，我們的現金餘額為 36 億美元。本季度我們的運營現金流強勁，達到 3.86 億美元。本季度，我們繼續實施回購計劃，以每股 127 美元的平均價格以 3.25 億美元的價格購買了 260 萬股股票。

In the past 12 months, we acquired in total -- we purchased in total $1.3 billion of shares. So if we summarize our financial results, so we had a double-digit growth in subscription revenues, driven by Harmony E-mail and CloudGuard products.

在過去的 12 個月裡，我們總共收購了——我們總共購買了 13 億美元的股票。因此，如果我們總結我們的財務業績，那麼在 Harmony E-mail 和 CloudGuard 產品的推動下，我們的訂閱收入實現了兩位數的增長。

Our recurring revenues achieved the key milestone of 80% or more than 80% of our total revenues. The macro environment resulted in extended sales cycle that resulted in a decline in our product revenues and we finished a very strong profitability of 15% growth in EPS.

我們的經常性收入達到了我們總收入的 80% 或超過 80% 的關鍵里程碑。宏觀環境導致銷售週期延長，導致我們的產品收入下降，我們實現了每股收益增長 15% 的非常強勁的盈利能力。

Now I'll turn the call over to Gil.

現在我會把電話轉給吉爾。

Thank you, Kip. Thank you, Roei. That was a very good update on the financial side. On the business side, I'd like to reiterate some of the messages and give some more color to the technology to the trend that we see.

謝謝你，基普。謝謝你，羅伊。這是財務方面的一個非常好的更新。在業務方面，我想重申一些信息，並為我們看到的趨勢賦予技術更多色彩。

As you know, the need for cybersecurity remains high. The level -- the number of attacks keeps growing, the sophistication of attacks keep growing and with that, what we are doing. But just to reiterate a little bit about some of the quarterly highlights that we see. So first, I'm very, very proud of the financial results.

如您所知，對網絡安全的需求仍然很高。水平 - 攻擊的數量不斷增加，攻擊的複雜性不斷增加，我們正在做的事情。但只是重申一下我們看到的一些季度亮點。所以首先，我對財務結果感到非常非常自豪。

Our revenues were above the midpoint. 15% EPS growth is actually exceptional, and we had a very healthy business in the renewal which shows that our customers are loyal and care about it.

我們的收入高於中點。 15% 的 EPS 增長實際上是非常出色的，我們在續約方面的業務非常健康，這表明我們的客戶是忠誠的並且關心它。

Having said that, we are still operating in a challenging economy. We still -- we saw the effect of that economy on our business with extended sales cycles, projects being postponed, and I think Roei also shared the decline in new deals with product sales. Still with a double-digit growth in CloudGuard and Harmony E-mail, 140% growth in Infinity revenues, 13% growth in all the security subscription. And again, I'm very proud that we now reached over 80% of recurring revenues. This is all driven by many, many important initiatives and many technologies that we are delivering this quarter and every quarter.

話雖如此，我們仍然在充滿挑戰的經濟中運營。我們仍然——我們看到了經濟對我們業務的影響，銷售週期延長，項目被推遲，我認為 Roei 也分享了新交易與產品銷售的下降。 CloudGuard 和 Harmony E-mail 仍然保持兩位數增長，Infinity 收入增長 140%，所有安全訂閱增長 13%。再一次，我很自豪我們現在達到了 80% 以上的經常性收入。這一切都是由我們在本季度和每個季度交付的許多重要舉措和許多技術推動的。

Let me give you some highlights for the things we launched in the first quarter. First and foremost is the Infinity Global Services. Second is getting into the new market of Security Operations Center, SOC, with Horizon XDR/XPR and I'll dive into each and every 1 of them. And last but not least, is the expansion that we did in the cloud with cloud native application protection.

讓我為您介紹我們在第一季度推出的一些亮點。首先也是最重要的是 Infinity Global Services。其次是使用 Horizon XDR/XPR 進入安全運營中心 SOC 的新市場，我將深入研究其中的每一個。最後但並非最不重要的是，我們在雲中通過雲原生應用程序保護進行了擴展。

Again, each and every one of them addresses an important market in the security landscape and all presented pretty good results for the quarter. So let me start with the new Infinity Global Services.

同樣，他們中的每一個都針對安全領域的一個重要市場，並且都在本季度取得了不錯的成績。那麼讓我從新的 Infinity Global Services 開始。

I think we all know that customer wants to have better security, more security. We all know that there is a huge skills shortage in the market for cybersecurity. Our partners, our customers all have a lot of expertise in cybersecurity, but none of them have everything included. And the idea here with introducing our Infinity Global Services is to augment the needs of our customers and partners.

我想我們都知道客戶希望有更好的安全性，更多的安全性。眾所周知，網絡安全市場存在巨大的技能短缺。我們的合作夥伴、我們的客戶都在網絡安全方面擁有豐富的專業知識，但他們都沒有面面俱到。引入我們的 Infinity Global Services 的想法是增加我們客戶和合作夥伴的需求。

When they want to run fast and get the best security and get the full deployment, whatever stage they need, we will always miss something. It can be on the security assessment side. It can be in how to optimize their security environment. It can be in training and certifications and things like that, and it can be in the full operation and response to incidents and managed security services. We are here to help them. So we are taking many, many services that we have. Adding to them a whole new set of services based on the needs that our customers have and coming to our customer with a simple value proposition. We are here to help you to augment that.

當他們想要快速運行並獲得最佳安全性並獲得全面部署時，無論他們需要什麼階段，我們總會錯過一些東西。它可以在安全評估方面。它可以是如何優化他們的安全環境。它可以是培訓和認證之類的，也可以是全面運營和對事件的響應以及託管安全服務。我們是來幫助他們的。所以我們正在接受我們擁有的很多很多服務。根據我們客戶的需求向他們添加一整套全新的服務，並以簡單的價值主張來吸引我們的客戶。我們在這裡幫助您擴大這一點。

I believe that this is serving a very important market security services market is a $75 billion market. We're not going to be agile player here, but we are going to participate in this market and help our customers accelerate their value realization from the security technology.

我相信這是一個非常重要的服務市場，安全服務市場是一個價值 750 億美元的市場。我們不會在這裡成為敏捷玩家，但我們將參與這個市場，並幫助我們的客戶加速從安全技術中實現價值。

So last quarter we introduced Infinity Global Services, and we look forward to expand our capabilities and show results in the next few years.

因此，上個季度我們推出了 Infinity Global Services，我們期待在未來幾年擴展我們的能力並展示成果。

Next is, I think I've talked about the new family for Horizon. This is another important market. Today, it's a sub-$1 billion market, expected to grow to almost $3 billion market in 5 years. And our approach here, XDR/XPR, it's meaning how do you collect information from multiple sources and out of them get additional security value.

接下來是，我想我已經談到了地平線的新家庭。這是另一個重要的市場。如今，它是一個價值不到 10 億美元的市場，預計將在 5 年內增長到近 30 億美元的市場。而我們這裡的方法，XDR/XPR，意味著你如何從多個來源收集信息，並從中獲得額外的安全價值。

Now most XDR products today, we actually called EDR endpoint detection and response focused about detection, focused about endpoint. What we are talking about XDR and also XPR is extensive prevention and response to all type of security events.

現在大多數 XDR 產品，我們實際上將 EDR 端點檢測和響應稱為專注於檢測，專注於端點。我們所說的 XDR 和 XPR 是對所有類型安全事件的廣泛預防和響應。

Our approach here is very different because we turn things into automatic prevention very, very quickly. AI-driven and again, focused on the prevention first approach. We include the network, we include the endpoint, we include the e-mail. We include the Check Point architecture, but we also connect today to many, many third-party tools that are available in the infrastructure from Microsoft, from other vendors, all parts of the system we already know how to include. And I think through that system in the last few months since we introduced it, we are seeing on a weekly basis, new incidents that we find in our customers' environment and immediately turn that into prevention.

我們在這裡的方法非常不同，因為我們非常非常快地將事情變成自動預防。人工智能驅動，並再次專注於預防至上的方法。我們包括網絡，我們包括端點，我們包括電子郵件。我們包括 Check Point 體系結構，但我們今天也連接到許多第三方工具，這些工具在 Microsoft 和其他供應商的基礎設施中可用，我們已經知道如何包括系統的所有部分。我認為自從我們推出該系統以來的最後幾個月，我們每週都會看到我們在客戶環境中發現的新事件，並立即將其轉化為預防措施。

So I think you see some of the analyst quotes here from ESG, Dave Gruber from ESG. The integrated approach here is unique, which can drive change across the broader security industry. I think it's a very, very good start to us. It gives access to the CSO, access to the security operations center. And for our customers is tremendous value what they drive from this family and from the rest of the Check Point technologies that they have.

所以我想你在這裡看到了 ESG 的一些分析師引述，來自 ESG 的 Dave Gruber。這裡的集成方法是獨一無二的，可以推動更廣泛的安全行業發生變化。我認為這對我們來說是一個非常非常好的開始。它允許訪問 CSO，訪問安全運營中心。對於我們的客戶來說，他們從這個系列和他們擁有的其他 Check Point 技術中獲得的價值是巨大的。

Last but not least is the expansion of the CloudGuard family. We've for CloudGuard native application protection platform. Here, we are combining 6 different technologies into 1 solution. And when you look at the market for cloud security. It's a multibillion dollar market, not a giant one, but a big one. But it spread around many, many different technologies.

最後但同樣重要的是 CloudGuard 系列的擴展。我們擁有 CloudGuard 原生應用程序保護平台。在這裡，我們將 6 種不同的技術組合成 1 個解決方案。當您查看雲安全市場時。這是一個價值數十億美元的市場，不是一個巨大的市場，而是一個巨大的市場。但它傳播了很多很多不同的技術。

Some of the in this market speaking mainly about posture management, something we do for more than 5 years. Others are talking about workload protection, other in the development cycle, the pipeline or store security. And there's many, many subsegments. And when the customer is getting into that, they simply need too many technologies to get all of that work together.

這個市場上的一些主要是關於姿勢管理，我們已經做了 5 年多了。其他人則在談論工作負載保護、開發週期中的其他人、管道或存儲安全性。還有很多很多細分市場。當客戶參與其中時，他們只需要太多的技術來讓所有這些一起工作。

And I think with the Check Point CloudGuard we are combining all these elements into 1 family that get more context, more actionable security, smarter prevention. And again, turning some of these things are prevention all the time like the web application protection and the cloud network security, some of them like the posture management turn configuration, incident analysis things like that into very quick prevention by changing configuration and by putting the right information in front of the security operations. So this is good.

我認為通過 Check Point CloudGuard，我們將所有這些元素組合成一個系列，獲得更多上下文、更可操作的安全性和更智能的預防。再一次，將其中一些事情一直作為預防措施，如 Web 應用程序保護和云網絡安全，其中一些如狀態管理將配置、事件分析之類的事情轉變為非常快速的預防措施，通過更改配置和將對安全操作前面的信息。所以這很好。

And by the way, I hope it helped us drive some of the cloud revenues that we've seen increasing last quarter. All of these elements play into the -- what we discussed last quarter, the 3C strategy that we talked about. How do we make security comprehensive, consolidated and collaborative. And I think it's not enough to come up with a bunch of security technologies. It's not enough to come with a lot of different elements. We really need to make the whole architecture work together.

順便說一下，我希望它能幫助我們推動上個季度我們看到的一些雲收入增長。所有這些元素都參與了——我們上個季度討論的內容，即我們談到的 3C 戰略。我們如何使安全全面、統一和協作。而且我認為僅僅提出一堆安全技術是不夠的。光有很多不同的元素是不夠的。我們真的需要讓整個架構協同工作。

And I'm putting a lot of emphasis on the collaborative element of that strategy, making all the different elements of the security work together. But also, if you look at the other 2 Cs, I think no one has a more comprehensive architecture and checkpoint, and no one has an architecture that's truly consolidate and when you can get into 1 unified portal management to automate, to do the same security management operation from 1 single management contract.

我非常強調該策略的協作元素，使安全的所有不同元素協同工作。而且，如果你看看其他 2 C，我認為沒有人擁有更全面的架構和檢查點，也沒有人擁有真正整合的架構，當你可以進入 1 個統一的門戶管理來自動化時，做同樣的事情一份單一管理合同的安全管理操作。

And I think this is reflected in some of the wins that we've experienced in the last quarter. Of course, we are doing thousands of deals every quarter. So it's hard to pick the leading one, but we picked here. A few examples that show all the different elements, the Infinity, the Harmony, the CloudGuard, for example, here is an airline that got our security assessment. We've got in with our services delivered a quick security assessment despite this vendor using 12 different vendors. They don't have the skills to manage. They don't have the personnel to manage all these different vendors. And they weren't getting the highest score. They decided that the approach of using a platform consolidating many solutions is the right approach.

我認為這反映在我們上個季度取得的一些勝利中。當然，我們每個季度都會進行數千筆交易。所以很難選擇領先的，但我們選擇了這裡。顯示所有不同元素的幾個示例，例如 Infinity、Harmony、CloudGuard，這是一家獲得我們安全評估的航空公司。儘管這家供應商使用 12 家不同的供應商，但我們已經通過我們的服務提供了快速的安全評估。他們沒有管理技能。他們沒有人員來管理所有這些不同的供應商。而且他們沒有得到最高分。他們認為使用整合許多解決方案的平台是正確的方法。

We did a very fair process, and I'm very glad to see that they standardize on Infinity. It's a new customer to us, and we are very proud of that. Another one is giant media companies, one of the most complex cloud environments that we've seen thousands of cloud accounts, different cloud platforms, using different cloud security solutions in the environment.

我們做了一個非常公平的過程，我很高興看到他們在 Infinity 上標準化。這是我們的新客戶，我們為此感到非常自豪。另一個是巨型媒體公司，我們已經看到數以千計的雲帳戶、不同的雲平台、在該環境中使用不同的雲安全解決方案的最複雜的雲環境之一。

And again, they found it almost impossible to manage, not addressing all the needs and the new cloud projects that we have drove with consolidation, we went in, we went live in less than 1 month and showed them how we can really elevate the level of security, consolidate so many elements, and all of that is just the beginning of the very strong road map and vision that we liked about what Check Point does.

再一次，他們發現幾乎無法管理，沒有解決所有需求和我們通過整合推動的新雲項目，我們進去了，我們在不到 1 個月的時間內上線並向他們展示了我們如何真正提升水平安全性，整合如此多的元素，所有這些只是我們喜歡 Check Point 所做的非常強大的路線圖和願景的開始。

Last example is about our Harmony E-mail, something that's actually a fast-selling solution that we have now. In this case, we are talking about a giant telco suffered to embarrassing incidents that resulted in e-mails that got through their security defenses. They used multiple solutions from multiple vendors and both solutions fail to improve, fail to address the issues and show them that next time this attack won't happen.

最後一個例子是關於我們的和諧電子郵件，它實際上是我們現在擁有的一種快速銷售的解決方案。在這種情況下，我們談論的是一家巨型電信公司，它遭遇了令人尷尬的事件，導致電子郵件通過了他們的安全防禦。他們使用了來自多個供應商的多種解決方案，但兩種解決方案都未能改進，未能解決問題並向他們表明下次不會發生這種攻擊。

We got in, showed them within days that we can immediately that we can block this attack, but even more important, that we can scale our solution and provide the solution to a very large environment, usually, by the way, our email business started with midsized kind of customers. And here, we showed them that within a few weeks, we were able to scale to thousands and tens of thousands. And finally, we won the contract with over 100,000 mailboxes on Harmony E-mail, worked, real-world production and protecting that customer that failed to achieve the same thing with our solution.

我們進去了，幾天之內就向他們展示了我們可以立即阻止這種攻擊，但更重要的是，我們可以擴展我們的解決方案並將解決方案提供給一個非常大的環境，通常，順便說一句，我們的電子郵件業務開始了與中型客戶。在這裡，我們向他們展示了在幾週內，我們能夠擴展到數千和數万。最後，我們贏得了超過 100,000 個 Harmony 郵箱的合同 E-mail，工作，實際生產並保護未能通過我們的解決方案實現相同目標的客戶。

So these are just demonstrating some of the successes that we have in different areas of the cybersecurity. So to summarize, this quarter, we had very good results despite the economic slowdown, which affected us and what we see in the marketplace. Very glad to see the double-digit growth, the 13% growth in subscription revenues, the 15% growth in EPS, which is exceptional.

因此，這些只是展示了我們在網絡安全的不同領域取得的一些成功。因此，總而言之，本季度，儘管經濟放緩影響了我們和我們在市場上看到的情況，但我們取得了非常好的結果。很高興看到兩位數的增長，訂閱收入增長 13%，每股收益增長 15%，這是非常了不起的。

And I think we're demonstrating the values that we are talking about of providing the best securities with the 3C strategy with the new launches of the Infinity Global Services, the new Horizon family with XDR/XPR and with the smarter cloud prevention as part of our strategy. So I think that summarizes a pretty good quarter.

而且我認為我們正在展示我們正在談論的價值，即通過新推出的 Infinity Global Services、具有 XDR/XPR 的新 Horizon 系列以及更智能的雲預防作為一部分的 3C 戰略提供最佳證券。我們的戰略。所以我認為這總結了一個很好的季度。

Before I get to your question, I'd like to share our projections. So I'll start with the projections for the year. These are unchanged. We are just including that slide. As a reminder, it's the exact same slide that we showed last quarter.

在回答您的問題之前，我想分享一下我們的預測。所以我將從今年的預測開始。這些是不變的。我們只是包括那張幻燈片。提醒一下，這是我們上個季度展示的完全相同的幻燈片。

Revenues for the year are expected to be between $2.34 billion to $2.510 billion. Despite the economy, despite the challenges, we are -- we believe that we can still be in that range. Non-GAAP EPS, same thing. Ranges between $7.70 to $8.30. Non-GAAP EPS is expected to be approximately $1.22 less. Again, same slide that we showed last quarter.

全年收入預計在 23.4 億美元至 25.10 億美元之間。儘管經濟不景氣，儘管面臨挑戰，但我們相信我們仍然可以在這個範圍內。非公認會計原則每股收益，同樣的事情。範圍在 7.70 美元到 8.30 美元之間。非 GAAP 每股收益預計將減少約 1.22 美元。同樣，我們上個季度展示的是同一張幻燈片。

And I'm going to share the range for the second quarter, which we haven't shared before. And this, again, within the same landscape here, revenues are expected to be between $570 million to $605 million. And non-GAAP EPS is expected to be between $1.85 to $1.95, pretty healthy EPS and GAAP EPS is expected to be approximately $0.31 less. So this is the update for the quarter, for the projections and be very happy to open the call for your questions. Thank you.

我將分享第二季度的範圍，我們之前沒有分享過。同樣，在同樣的情況下，收入預計在 5.7 億美元至 6.05 億美元之間。非 GAAP 每股收益預計在 1.85 美元至 1.95 美元之間，相當健康的每股收益和 GAAP 每股收益預計將減少約 0.31 美元。所以這是本季度的更新，關於預測，很高興打開您的問題電話。謝謝。

(Operator Instructions) Starting today is going to be Shaul Eyal, as our first up with a question, followed by Keith Bachman from BMO.

（操作員說明）從今天開始，Shaul Eyal 將是我們第一個提出問題的人，然後是來自 BMO 的 Keith Bachman。

Good to see, Gil, that you're keeping fiscal '23 guidance intact. I had a question on the product decline. How much of that was attributed to Infinity actually showing a very solid performance?

很高興看到，吉爾，你保持財政 '23 指導不變。我對產品下降有疑問。其中有多少歸因於 Infinity 實際上表現出非常穩定的表現？

Product decline obviously doesn't come from Infinity, which actually showed very good performance when customers are buying more of our architecture, more comprehensive solutions and showing that.

產品下降顯然不是來自 Infinity，當客戶購買更多我們的架構、更全面的解決方案並展示這一點時，Infinity 實際上表現出了非常好的性能。

It's coming from -- mainly from refresh projects that are being delayed. As I mentioned, since I think Q4 since November, we see a very big change in the industries and again, I think you've seen it in many other companies' results, you've seen it in the decline in PC shipments in the first quarter. We've seen it in results of other companies in the industry. And it's part of our business as well. That's why I'm so proud in the results that we've achieved because despite the fact that customers are holding back on refresh projects are trying to tighten up our budget, our results are excellent.

它來自 - 主要來自被延遲的更新項目。正如我提到的，自從我認為自 11 月以來的第四季度以來，我們看到行業發生了非常大的變化，我想你已經在許多其他公司的業績中看到了這一點，你已經在 PC 出貨量的下降中看到了這一點第一季度。我們已經在業內其他公司的業績中看到了這一點。這也是我們業務的一部分。這就是為什麼我對我們取得的成果感到如此自豪，因為儘管客戶正在阻止更新項目並試圖收緊我們的預算，但我們的結果非常好。

The renewal rates that we have and the recurring business that we have is very healthy. But again, I can't do without sharing the concern that we have about the tightening spending that we see across the marketplace.

我們擁有的續訂率和我們擁有的經常性業務非常健康。但同樣，我不能不分享我們對我們在整個市場上看到的緊縮支出的擔憂。

All right. Next up will be Keith Bachman from BMO, followed by Patrick Colville of Scotiabank.

好的。接下來是 BMO 的 Keith Bachman，隨後是豐業銀行的 Patrick Colville。

It's Keith Bachman from BMO. I wanted to ask a question about why do things get better? What's the driver of improvement? And what I mean by that, let's break it into -- you commented that billings growth net of duration changes was, call it, 2%. What's the catalyst in terms of a product acceptance driver that gets that to mid-single digits or even higher? And if you could comment, do you envision billings being a positive or a negative number during the course of calendar year '23?

我是 BMO 的 Keith Bachman。我想問一個問題，為什麼事情會變得更好？改進的驅動力是什麼？我的意思是，讓我們把它分解成——你評論說扣除持續時間變化的賬單增長是 2%。將產品接受度提高到中個位數甚至更高的驅動因素是什麼？如果您可以發表評論，您認為 23 年日曆年的賬單是正數還是負數？

I can let Roei maybe speak a little bit more about the technicalities of the billings and so on. But in terms of the business trend, which I think is the most important. There are several elements that I think can improve and can cause us to get into much higher growth.

我可以讓 Roei 多談談賬單的技術細節等等。但就商業趨勢而言，我認為這是最重要的。我認為有幾個因素可以改進，可以使我們實現更高的增長。

First, again, it's the economy, and that's not up to us. But what we can do, there's plenty of we can do. First, I think the new products that we have everything from Horizon, Harmony, CloudGuard and the full Infinity architecture can drive accelerated growth. Second is our engagement with customers.

首先，還是經濟，這不取決於我們。但我們能做的，有很多我們能做的。首先，我認為我們擁有的新產品，包括 Horizon、Harmony、CloudGuard 和完整的 Infinity 架構，可以推動加速增長。其次是我們與客戶的互動。

There is so much potential in the market that we don't touch within our installed base and outside our installed base. We are meeting with so many stores with chief information security officers. They love Check Point, they like our brand, and they don't know the full Check Point story. They don't know how much value we can provide to them. And I believe that we can do so much more by engaging more with customers and covering more of the market. So if I take all these elements, I'm actually -- I think that we have plenty to do to drive more business I think we're doing that. I think it takes time until we will see the results.

市場潛力如此之大，以至於我們不會觸及我們的已安裝基礎和已安裝基礎之外的市場。我們正在與許多擁有首席信息安全官的商店會面。他們喜歡 Check Point，他們喜歡我們的品牌，但他們並不了解 Check Point 的全部故事。他們不知道我們能為他們提供多少價值。而且我相信，通過更多地與客戶互動並覆蓋更多的市場，我們可以做得更多。因此，如果我考慮所有這些因素，我實際上 - 我認為我們有很多工作要做來推動更多業務，我認為我們正在這樣做。我認為我們需要時間才能看到結果。

And I think, again, we can't forget the economy but also as either a tailwind or a headwind right now is very strong headwind, unfortunately.

而且我認為，我們不能忘記經濟，但不幸的是，現在無論是順風還是逆風都是非常強大的逆風。

All right. Our next up is Patrick Colville, followed by Tomer Zilberman, Tal Liani of BofA.

好的。我們的下一位是 Patrick Colville，其次是美國銀行的 Tomer Zilberman 和 Tal Liani。

So last week at RSA conference, was the talk of the town. So it's really exciting to see the launch this morning, CloudGuard which you called out a combined 6 technologies into 1 solution. I guess my question is, of those 6 technologies, what's new here? Is it just kind of rebranding and bundling? Or is there new product launch alongside this announcement?

因此，上週在 RSA 大會上，大家談論了這個話題。所以今天早上看到 CloudGuard 的發布真的很令人興奮，您將 6 種技術組合成 1 個解決方案。我想我的問題是，在這 6 項技術中，這裡有什麼新內容？這只是一種品牌重塑和捆綁嗎？或者是否有新產品發布與此公告一起發布？

And then I guess kind of the second part of the question is, do you expect CloudGuard to be -- to allow Check Point and new customers? Or do you think it's mostly going to be kind of cross-sell into the existing base?

然後我想問題的第二部分是，您是否希望 CloudGuard 允許 Check Point 和新客戶？還是您認為它主要是對現有基礎進行交叉銷售？

So I think there are several things that are new in the CloudGuard The pipeline store security is new, the entitlement management is more new. There's a lot of new capabilities and new technology and AI technology that drives the posture management into much more focused security -- results and security I mean, again, when you analyze the cloud infrastructure or any infrastructure, you see thousands of different issues.

所以我認為 CloudGuard 中有幾個新東西，管道存儲安全是新的，授權管理是新的。有很多新功能、新技術和 AI 技術將狀態管理推向更加集中的安全性——結果和安全性，我的意思是，再次，當你分析雲基礎設施或任何基礎設施時，你會看到成千上萬個不同的問題。

The point here is to take the important ones, highlight them and fix them. And I think our new technology with the launch is part of that. In the workload protection, we had several new technologies in the last few months and that's also helping. So clearly, we have a lot new in that package. And last but not least, I don't think it's the newest technology, but it's a very important one. It's the web application protection that protects all the connection between application.

這裡的重點是選擇重要的，突出顯示並修復它們。我認為我們推出的新技術就是其中的一部分。在工作負載保護方面，我們在過去幾個月採用了多項新技術，這也有所幫助。很明顯，我們在那個包中有很多新東西。最後但同樣重要的是，我不認為這是最新的技術，但它是一項非常重要的技術。它是保護應用程序之間所有連接的 Web 應用程序保護。

This technology has proven to be one of the best technology to provide prevention, all the latest web vulnerabilities or cloud vulnerability with log for shell, web for shell, all these latest vulnerabilities that existed in the market place. Check Point was the only vendor that blocked them on 0 day. There was a recent -- by one of the a recent survey by one of the -- actually, in the security marketplace that tested, I think, around 20 different web application security solution and say that they're all vulnerable with these attack except one, which was Check Point.

該技術已被證明是提供預防的最佳技術之一，所有最新的 web 漏洞或云漏洞與 log for shell，web for shell，市場上存在的所有這些最新漏洞。 Check Point 是唯一一家在 0 day 時阻止它們的供應商。最近有一項 - 通過一項最近的調查 - 實際上，在安全市場上，我認為測試了大約 20 種不同的 Web 應用程序安全解決方案，並說它們都容易受到這些攻擊的攻擊，除了一個是檢查點。

I mean we basically said our industry can deal with it, except Check Point. So I mean, combining all of that, there's a lot new here and there is a lot that I think the offer of combining all of them brings plenty of value to customers because I think no customer can take all these technologies and apply it to multi-cloud environment in an effective manner.

我的意思是我們基本上說我們的行業可以處理它，除了 Check Point。所以我的意思是，結合所有這些，這裡有很多新東西，我認為將所有這些結合起來的提議會給客戶帶來很多價值，因為我認為沒有客戶可以採用所有這些技術並將其應用於多- 有效的雲環境。

All right. Next up is Tomer -- Tal Liani is here. All right, followed by Gray Powell from BTIG.

好的。接下來是 Tomer -- Tal Liani 也來了。好的，接下來是來自 BTIG 的 Gray Powell。

Life is like moves on, unfortunately. I have a question on kind of the correlation between historical orders and supply constraints and what we're seeing now with products. And I'm trying to understand if you can take us through the history of -- you had some -- all the companies that you didn't provide the data, but all the companies had some elevated orders in the past that were not -- they were not able to ship because of supply constraints.

不幸的是，生活就像繼續前進。我有一個關於歷史訂單和供應限制之間的相關性以及我們現在看到的產品的問題。我想知道你是否可以帶我們回顧一下歷史——你有一些——所有你沒有提供數據的公司，但所有公司過去都有一些提升的訂單，但不是—— - 由於供應限制，他們無法發貨。

So as we go into this year, we were -- we thought that the product revenues of all companies will be safe for a quarter or 2 because now there are deliveries of supplies. So the question is, as we see today, the product declines despite some historical orders or backlog of orders, is it going to get worse in the next few quarters because of the environment because you're running out of kind of backlog of historical orders? Or are we seeing now a reflection of the environment?

因此，當我們進入今年時，我們認為所有公司的產品收入在一兩個季度內都是安全的，因為現在有供應品交付。所以問題是，正如我們今天所看到的，儘管有一些歷史訂單或訂單積壓，但產品仍在下降，在接下來的幾個季度裡，由於環境原因，情況會變得更糟嗎，因為你已經用完了歷史訂單的積壓訂單？或者我們現在看到的是環境的反映？

I believe I can -- again, I don't know, Roei, if you want to add, but I believe that we've been able to ship product all the quarters. I mean it's not that we had a huge backlog that we can fulfill. Last Q1, by the way, we had one of the strongest quarters that we had in terms of driving new business. So the compare this quarter to last Q1 is a tough one.

我相信我可以——再一次，我不知道，Roei，如果你想補充，但我相信我們已經能夠在所有季度交付產品。我的意思是，這並不是說我們有大量積壓工作可以完成。順便說一下，去年第一季度，我們在推動新業務方面擁有最強勁的季度之一。因此，將本季度與上一季度進行比較是一項艱難的工作。

But still, I think the comparable is fair. We are seeing a real change in the business environment. I want to be very clear on that. It's the second quarter. It's not the first quarter that we see that. And again, I don't think that we have any overhang in product supply. Unlike other vendors, we were able to supply pretty much all the orders that our customers expected us to ship every quarter.

但是，我認為可比性是公平的。我們看到商業環境發生了真正的變化。我想非常清楚這一點。這是第二季。這不是我們看到的第一季度。再一次，我認為我們的產品供應沒有任何過剩。與其他供應商不同，我們能夠提供幾乎所有客戶希望我們每季度發貨的訂單。

We paid the price for that in previous years with extended costs that we've worked really, really hard to secure components for our manufacturing of appliances and so on, which is actually helping us a little bit now on the margin side, but not on the revenues or the shipment side. Roei, anything you want to add on that?

在過去的幾年裡，我們為此付出了額外的代價，我們真的非常努力地為我們的電器製造等確保組件的安全，這實際上對我們現在的利潤率有所幫助，但不是收入或發貨方。 Roei，你還有什麼要補充的嗎？

Yes, yes, I think it's definitely right. We didn't have any -- I mean, we didn't have any significant issues last year in terms of delivering on time. Again, as Gil mentioned, it was mainly affected our cost, we had increased cost, but in general, we delivered on time, and it's mainly the effect of the environment that we did. The numbers that you see now, it's mainly the effect of what we see in the environment in Q1 in the first quarter. We've seen in the environment in the first quarter.

是的，是的，我認為這是絕對正確的。我們沒有任何 - 我的意思是，去年我們在按時交付方面沒有任何重大問題。同樣，正如吉爾提到的，這主要影響了我們的成本，我們增加了成本，但總的來說，我們按時交付，這主要是我們所做的環境的影響。你現在看到的數字，主要是我們在第一季度第一季度的環境中看到的影響。我們在第一季度的環境中看到了。

(Operator Instructions) Next up is Gray Powell from BTIG, followed by Joshua Tilton from Wolfe Research.

（操作員說明）接下來是來自 BTIG 的 Gray Powell，然後是來自 Wolfe Research 的 Joshua Tilton。

Is it possible to parse out how much of the billings weakness in Q1 was related to uncertainty in the banking sector around things like SBV, and just dynamics that are maybe more temporary in nature versus the general slowdown in refresh activity that we saw back in November? And then anything that you can say in April trends would be really helpful.

是否有可能分析出第一季度的賬單疲軟在多大程度上與銀行業圍繞 SBV 等問題的不確定性有關，以及與我們在 11 月份看到的更新活動普遍放緩相比，這些動態可能在本質上更為暫時？然後，您在 4 月趨勢中可以說的任何內容都會非常有幫助。

Do you want me to start? In terms -- I think in terms of quantifying it, we cannot -- it's not something that we can quantify. We saw it broadly. I mean, in terms of refresh projects being postponed not specifically in certain industry. So I don't see -- it's not something that, again, in terms of something that we can quantify in dollars. And as for your second -- what is the second question that you had?

你想讓我開始嗎？就而言 - 我認為就量化而言，我們不能 - 這不是我們可以量化的東西。我們廣泛地看到了它。我的意思是，就被推遲的更新項目而言，並非專門針對某些行業。所以我看不到——這不是我們可以用美元量化的東西。至於你的第二個問題——你的第二個問題是什麼？

Just anything on April that in terms of the recovery in April trends in terms of deals that they have slipped and closed or just anything on April that you can say?

就 4 月份的複蘇趨勢而言，就他們已經下滑和關閉的交易而言，4 月份的任何事情，或者你可以說的 4 月份的任何事情？

First, we usually don't provide -- first, I think it's too early in the quarter to say where we are. But again, when we are getting ready for this call, we do collect all the information about for the projections. About our pipeline, about the trends in the marketplace about everything our salespeople are saying.

首先，我們通常不提供——首先，我認為在本季度說我們的位置還為時過早。但同樣，當我們為這次電話會議做準備時，我們確實會收集有關預測的所有信息。關於我們的管道，關於市場趨勢，關於我們的銷售人員所說的一切。

Our salespeople are generally actually positive on the second quarter. They have an increased pipeline. I think if I want to be very, very honest, I would say that Roei and me are a little bit more cautious because of what we saw Again, that's the usual trend. Salespeople tend to be optimistic. Finance people tend to be -- I don't want to say pessimistic, but realistic. And I think I mean, I think that we are realistic in our projection, and I think our salespeople are a little bit more positive than us in the range that they provide.

我們的銷售人員實際上對第二季度持樂觀態度。他們有一個增加的管道。我想如果我想非常非常誠實的話，我會說 Roei 和我更加謹慎，因為我們所看到的再次，這是通常的趨勢。銷售人員往往很樂觀。財務人員往往——我不想說悲觀，而是現實。我想我的意思是，我認為我們的預測是現實的，我認為我們的銷售人員在他們提供的範圍內比我們更積極一點。

All right. Next up is Joshua Tilton followed by Brad Zelnick from Deutsche Bank.

好的。接下來是 Joshua Tilton，然後是德意志銀行的 Brad Zelnick。

I just want to clarify quickly. Did the macro impacts that you saw in 4Q actually get worse in 1Q. And then could you just remind us what exactly is baked into that full year guidance that you reiterated today in terms of your expectations for the macro environment for the rest of the year?

我只想快速澄清一下。你在第四季度看到的宏觀影響實際上在第一季度變得更糟了嗎？然後，您能否提醒我們，您今天就您對今年餘下時間的宏觀環境的預期重申的全年指導方針中到底包含了什麼？

So I think from Q4 to Q1, the situation became a little bit worse in the internal trends that we've seen. But I think also we had a very tough compare because Q1 last year was an exceptional quarter.

所以我認為從第四季度到第一季度，我們所看到的內部趨勢的情況變得更糟了。但我認為我們也有一個非常艱難的比較，因為去年第一季度是一個特殊的季度。

I think in terms of the internal metrics that we have Q1 of 2022 was the exceptional quarter that I don't think we saw in a decade. So the compare is tough I think for the full year, there's really no change. I mean, when we did the forecast for the year, we were a little bit more optimistic in terms of the preparing the plan for the year than we are now.

我認為就我們擁有的內部指標而言，2022 年第一季度是十年來未曾見過的非凡季度。所以我認為全年比較很難，真的沒有變化。我的意思是，當我們進行年度預測時，我們在準備年度計劃方面比現在更加樂觀。

But I think we're still in the range, and we still hope to deliver on that. And there is a lot of expectation for improvement in the second half that would put us in the upper end of the range, but there's also risks involved, so we have to remember that.

但我認為我們仍在範圍內，我們仍然希望實現這一目標。人們對下半年的改善抱有很大的期望，這將使我們處於區間的上限，但也存在風險，所以我們必須記住這一點。

Next up is Brad Zelnick, followed by Ray McDonough.

接下來是 Brad Zelnick，然後是 Ray McDonough。

Gil, I've always appreciated the vision that you have within cybersecurity. Any thoughts on the impact of generative AI on the space and in particular, how it might be used by both good and bad actors.

吉爾，我一直很欣賞你在網絡安全領域的遠見。關於生成人工智能對空間的影響的任何想法，特別是好人和壞人如何使用它。

Absolutely. That's a subject that we are very busy with. I think AI, in general, is something that we've been investing in the last few years. And generative AI, that's in the market now for like 5 months, I think it's really creating a change in everything in technology.

絕對地。這是一個我們非常忙的話題。我認為人工智能，總的來說，是我們過去幾年一直在投資的東西。生成式 AI 已經上市 5 個月了，我認為它確實在改變技術的方方面面。

I'm not sure if it's going to be a real change revolution in technology or not, but I believe in it. I think it has the potential to be one of the biggest revolution that we saw. We are in the kind of in the middle of the change. So too early to say.

我不確定這是否會成為真正的技術變革革命，但我相信它。我認為它有可能成為我們所看到的最大的革命之一。我們正處於變革的中間。所以說還為時過早。

Now it has an effect. It has a big effect on cybersecurity. And I don't think that we can even comprehend the effect of a change. We've shown already in December, researchers showed how you can use generative AI to write tech code which, again, have access to all the code repositories, it can take hold from them and without being a security expert, right, sophisticated malware. If you're talking about phishing attack, which are fairly common actually, e-mail phishing attacks are the #1 entry points of attacks into organization, which plays into our Harmony E-mail, but when you look into them, when you look at most phishing e-mails, you see that we don't have the perfect English or the perfect other language.

現在有效果了。它對網絡安全有很大影響。而且我認為我們甚至無法理解變化的影響。我們已經在 12 月展示過，研究人員展示瞭如何使用生成式 AI 編寫技術代碼，這些代碼再次可以訪問所有代碼存儲庫，它可以從他們那裡掌握，而不需要成為安全專家，對，複雜的惡意軟件。如果您談論的是網絡釣魚攻擊，這實際上相當普遍，電子郵件網絡釣魚攻擊是組織攻擊的第一切入點，它與我們的 Harmony 電子郵件有關，但是當您查看它們時，當您查看在大多數網絡釣魚電子郵件中，您會發現我們沒有完美的英語或完美的其他語言。

And you can spot that with generative AI become seconds to write a very convincing phishing e-mail. You can link that e-mail, we call, let's say, collect customer information, collect personal information. Again, this code can be written by the generative AI. And you don't have to be a real expert, you actually get all the instruction from the generative AI out to create this kind of code. So this is pretty scary about access to malicious things.

你可以發現，有了生成式 AI，只需幾秒鐘就可以編寫出非常有說服力的網絡釣魚電子郵件。你可以鏈接那個電子郵件，我們打電話，比方說，收集客戶信息，收集個人信息。同樣，此代碼可以由生成式 AI 編寫。而且你不必成為真正的專家，你實際上從生成式 AI 那裡獲得了所有指令來創建這種代碼。因此，訪問惡意內容非常可怕。

Equally on our side, there's plenty of usage that we can get from generative AI. And we are investing a lot in AI. We just had, I can tell -- first, just to be clear, we are on AI for many, many years. And last year, we've introduced 12 new threat cloud engines that are based on AI.

同樣在我們這邊，我們可以從生成 AI 中獲得很多用途。我們在人工智能方面投入了大量資金。我可以說，我們剛剛 - 首先，要明確一點，我們在 AI 上已經很多很多年了。去年，我們推出了 12 個基於 AI 的新威脅雲引擎。

By now, our threat cloud, which is the kind of brain of our central system a 70-something threat engines, 42 of them are AI-based. AI is pretty big in what we do. But just for the first quarter, based on this AI revolution, we did the Hackathon, for example, within Check Point, and let different teams here see what they can do with generative AI, and I was very positively surprised with the level of innovation. I'm participating in this Hackathons for years.

到目前為止，我們的威脅雲是我們中央系統的大腦，有 70 多個威脅引擎，其中 42 個是基於人工智能的。人工智能在我們所做的事情中非常重要。但就在第一季度，基於這場人工智能革命，我們舉辦了黑客馬拉松，例如，在 Check Point 內，讓不同的團隊看到他們可以用生成人工智能做什麼，我對創新水平感到非常驚訝.我參加這個 Hackathons 很多年了。

Seeing the innovation, it's the first time that like they presented 10 finalist project. And all the 10 I said, we can use them now. Like good technology. It's not like, okay, doesn't belong here, maybe not at the right quality, almost all 10 were something and said, why aren't we using it now?

看到創新，這是他們第一次提出10個入圍項目。我說的所有 10 個，我們現在都可以使用它們。喜歡好的技術。這不像，好吧，不屬於這裡，也許質量不對，幾乎所有 10 個都說，我們為什麼現在不使用它？

Some were more internal, but 7 or 8 out of the 10 were things we can actually incorporate into our products, and I think we will incorporate most of them. So generative AI has the potential to change our market as well.

有些是更內部的，但 10 個中有 7 個或 8 個是我們可以實際納入我們的產品的東西，我認為我們會納入其中的大部分。因此，生成式人工智能也有可能改變我們的市場。

All right. Next up is Ray, followed by Max Gambrell from Goldman Sachs.

好的。接下來是 Ray，然後是來自高盛的 Max Gambrell。

Gil, maybe for you, how would you characterize the level of discounting you're seeing industry-wide? And how do you think about pricing concessions in this environment. And along with that, how much of an impact is the increase in financing costs that customers have to bear, having on deal activity at this point? Would you characterize it as material? And has it become more apparent in recent months?

吉爾，也許對你來說，你如何描述你在整個行業看到的折扣水平？您如何看待這種環境下的定價優惠。與此同時，客戶必須承擔的融資成本增加對此時的交易活動有多大影響？你會把它描述為物質嗎？最近幾個月它變得更加明顯了嗎？

I don't think it changed materially. We are operating in a tough environment, not in tough, but we are in a competitive environment and sometimes customers get high discounts. I don't know, Roei, did we have an increase in this on the last quarter. I didn't see something big, but I think it was relatively consistent, Roei?

我不認為它有實質性的改變。我們在艱難的環境中運營，但並不艱難，但我們處於競爭激烈的環境中，有時客戶會獲得高折扣。我不知道，Roei，我們在上個季度有沒有增加。沒看出什麼大的東西，不過我覺得還是比較一致的，羅伊？

Relatively consistently a bit higher discount because we also raised our prices this quarter. So in the end, we had a bit higher discounts, but pretty consistent with what we've seen in the past few quarters.

相對一致地提供更高的折扣，因為我們在本季度也提高了價格。所以最後，我們有更高的折扣，但與我們在過去幾個季度看到的情況非常一致。

And again, I think the one thing I'm very encouraged with is the healthy renewal business that we've seen in this past quarter. Customers are renewing, which means that, a, they are using the technology. Second, they are -- they like it. And that's actually a very, very good sign. I'm hearing from other colleagues, not necessarily in the cyber industry, but other industries. But for them, the renewal business was always a source for growth and expansion, especially SaaS vendors. And suddenly, this business is also under pressure.

再一次，我認為讓我感到非常鼓舞的一件事是我們在上個季度看到的健康的續訂業務。客戶正在續訂，這意味著，a，他們正在使用該技術。其次，他們是——他們喜歡它。這實際上是一個非常非常好的跡象。我從其他同事那裡聽到，不一定是在網絡行業，而是在其他行業。但對他們來說，續訂業務始終是增長和擴張的源泉，尤其是 SaaS 供應商。突然之間，這項業務也面臨壓力。

So far, we haven't seen -- again, it's tough people ask for discounts, people want that, but it was relatively healthy in the samples that I've seen, I can't even say that I'm seeing a consistent drive for more discounts. Actually, some deals were even lower discounts this year in the type spotted.

到目前為止，我們還沒有看到——再次強調，人們要求折扣很難，人們想要折扣，但我所看到的樣本相對健康，我什至不能說我看到的是一致的爭取更多折扣。實際上，今年發現的某些交易類型的折扣甚至更低。

Next up Max, followed by Saket Kalia of Barclays.

接下來是 Max，然後是巴克萊銀行的 Saket Kalia。

I wanted to ask on sales force productivity given that you substantially hired in 2022, especially towards the end of the year. How are some of the changes that you made to your go-to-market organization last year playing out this year? And do you still plan to grow your sales headcount by double digits in 2023?

鑑於您在 2022 年大量招聘，尤其是在年底前，我想問一下銷售人員的生產力。您去年對上市組織所做的一些改變今年如何發揮作用？您是否仍計劃在 2023 年將銷售人數增加兩位數？

So sales productivity remains -- our target for the salespeople remains healthy and remains similar. We are not planning to grow the sales force significantly this year, given the economy and given the fact that we want to digest and we want to make the people which we hire productive, I do believe that our sales force can be far more productive and engage more with customers.

所以銷售效率保持不變——我們對銷售人員的目標保持健康並且保持相似。考慮到經濟形勢以及我們想要消化並提高我們僱用的人員的生產力，我們今年不打算大幅增加銷售隊伍，我相信我們的銷售隊伍可以更有生產力，更多地與客戶互動。

We can do more. So I think that we can do more with the people that we have. On the same time, I think because we are cautious because we are not overspending because I think we watch everything, we have the freedom and the flexibility to add people whenever we see it makes sense. So I'm -- I mean it's the same message that you're hearing from even our sales force hears from me if you have opportunities to add people, if you see that, if you'll add certain people in certain segments, certain countries, certain places that add value, I'll be happy to add them because we can.

我們可以做得更多。所以我認為我們可以利用現有人員做更多事情。同時，我認為因為我們謹慎，因為我們沒有超支，因為我認為我們觀察了一切，所以我們可以自由靈活地在我們認為有意義的時候增加人員。所以我 - 我的意思是如果你有機會增加人，如果你看到，如果你會在某些細分市場中添加某些人，某些國家，某些增加價值的地方，我很樂意增加它們，因為我們可以。

All right. Next up is Saket Kalia, followed by Jonathan Ho.

好的。接下來是 Saket Kalia，接著是 Jonathan Ho。

Roei, maybe for you. I was wondering if you could just talk a little bit about the impact that ITP is having on billings. And I know that we don't guide to billings, but even qualitatively, can you just touch on how you're sort of thinking about billings through the rest of this year as you sort of balance ITP, a higher mix of obviously, duration changes within the industry. Any thoughts you could have on billings for the year would be helpful.

Roei，也許適合你。我想知道您能否談談 ITP 對賬單的影響。而且我知道我們不指導賬單，但即使是定性的，你能不能談談你在今年剩餘時間裡如何考慮賬單，因為你有點平衡 ITP，顯然，持續時間的更高組合行業內的變化。您對年度賬單的任何想法都會有所幫助。

Yes. Thanks for the question, Saket. So I think, in general, again, Infinity, most of the Infinity digital not being billed upfront. Most of them, we have a specific payment terms. Usually, it's annual payment terms, not paid upfront. So the duration of the billing for Infinity deals are usually not more than 1 year. So that's something that -- again, we see very strong Infinity environment.

是的。謝謝你的問題，Saket。所以我認為，一般來說，Infinity，大多數 Infinity 數字產品都沒有預先收費。其中大多數，我們有特定的付款條件。通常，它是年度付款條件，而不是預付。因此 Infinity 交易的計費期限通常不超過 1 年。所以這就是 - 我們再次看到非常強大的 Infinity 環境。

I mean, we see very strong implementation of our Infinity platform, and we see it growing in all regions. But in terms of billing, it can fluctuate because again, it's specifically based on the payment terms for each deal. In terms of billing as in general, so again, we've seen this behavior in the last 2 quarters that we see customers that less intend to repay upfront for multiyear deals. Again, in this kind of market environment that we have higher interest rates. So it's something that I can -- we can -- we see and we understand.

我的意思是，我們看到 Infinity 平台的實施非常有力，而且我們看到它在所有地區都在增長。但就計費而言，它可能會有所波動，因為它又具體基於每筆交易的付款條件。就一般計費而言，我們在過去兩個季度再次看到了這種行為，我們看到客戶不太願意為多年交易提前還款。同樣，在這種我們有更高利率的市場環境中。所以這是我可以——我們可以——我們看到並理解的事情。

But again, still see healthy, healthy billing, annual billings, LTE renewals, as Gil mentioned, healthy billing in terms of all of the growth pillars, mainly around the cloud business and the Harmony E-mail business. So again, in terms of building it tough to me to say how it will affect in the end, how it will impact the annual billing for 2023 because we just finished the first quarter, but that's how we see it.

但是，正如 Gil 提到的，仍然看到健康的、健康的賬單、年度賬單、LTE 續訂，在所有增長支柱方面的健康賬單，主要圍繞雲業務和 Harmony 電子郵件業務。因此，就建設而言，我很難說它最終會如何影響，它將如何影響 2023 年的年度賬單，因為我們剛剛完成了第一季度，但這就是我們的看法。

Next up is Jonathan Ho from William Blair, followed by Joel P. Fishbein Jr. from Truist.

接下來是來自 William Blair 的 Jonathan Ho，然後是來自 Truist 的 Joel P. Fishbein Jr.。

Fantastic. Can you maybe help us understand the impact from some of the deal postponements and delays that you talked about on the quarter, if there's a way to quantify that? And perhaps relative to the guidance, like why not sort of take the opportunity to take a more conservative view here? What's maybe giving you the confidence to support that?

極好的。如果有辦法量化的話，您能否幫助我們了解您在本季度談到的一些交易推遲和延遲的影響？也許相對於指導，為什麼不藉此機會在這裡採取更保守的觀點？是什麼讓你有信心支持它？

First, I think you see some of the impact in the product revenues, and that's -- I think we were very straightforward about that. That's the impact of the changes that we've seen in especially, again, it's refresh what we call new deals, the new business that we have in the business.

首先，我認為你看到了對產品收入的一些影響，那就是——我認為我們對此非常直截了當。這就是我們所看到的變化的影響，尤其是，它再次刷新了我們所說的新交易，即我們在業務中擁有的新業務。

About the forecast, right now, we are basing our projection based on our sales forecast based on our pipeline and so on. And they still seem to support the projection for the year. I definitely don't -- again, I don't really don't want to lower guidance just so that we can show better numbers in the future. I think we have to be very responsible here.

關於預測，現在，我們的預測基於我們的銷售預測，基於我們的管道等等。他們似乎仍然支持今年的預測。我絕對不會 - 再說一次，我真的不想降低指導，以便我們將來可以顯示更好的數字。我認為我們必須在這裡非常負責任。

So as I said, the arrangement we have is wide. There's a good potential that will be on the upper hand. There is a risk that we want. We have to take it into consideration. I think we are kind of very realistic about the range that we provide. And I don't want to lower range unless I'm sure that I'm not going to hit it, let's put it that way.

正如我所說，我們的安排很廣泛。有一個很好的潛力將佔上風。存在我們想要的風險。我們必須考慮到它。我認為我們對我們提供的範圍非常現實。而且我不想降低射程，除非我確定我不會擊中它，讓我們這樣說吧。

And I think, by the way, I mean, what will happen in the second half guys, I think we don't know. I mean, over the last, I don't want to bowel my experience, but just if we look at the last 2 or 3 years, there has been up and downs that nobody could have predicted in the last 2 or 3 years, including the last 15 quarters that were pretty dramatic in my mind and whether that will take a quarter to whether it will stabilize, take a quarter to go back to modest growth or take 2 quarters to get to hydro. I have no clue. It's really something that's very hard to predict at this point.

我想，順便說一句，我的意思是，下半場會發生什麼，我想我們不知道。我的意思是，在過去，我不想說出我的經歷，但如果我們回顧過去 2 或 3 年，就會發現在過去 2 或 3 年裡出現了沒人能預料到的起伏，包括在我看來，過去 15 個季度非常戲劇化，這是否需要一個季度才能穩定下來，需要一個季度才能恢復適度增長，或者需要兩個季度才能實現水力發電。我沒有任何線索。在這一點上，這確實是很難預測的事情。

All right. Our next caller is Joel P. Fishbein followed by Gregg Moskowitz.

好的。我們的下一位來電者是 Joel P. Fishbein，然後是 Gregg Moskowitz。

Gil, just curious, you have $3.6 billion in cash on the balance sheet. You generate a lot of cash wanted to ask you, I know you've been buying back a lot of stock. If there's been any change in your appetite for potential for doing more M&A, what the environment looks like on the M&A side, I would love to get your input from that?

吉爾，很好奇，你的資產負債表上有 36 億美元現金。你產生了很多現金想問你，我知道你已經回購了很多股票。如果您對進行更多併購的潛力有任何改變，併購方面的環境如何，我很想听聽您的意見？

So first, absolutely, we have more appetite to doing M&A. We are looking at additional deals. I think the -- I think I'm kind of cautiously optimistic about that because I see that company's valuation become a little bit more realistic more companies understand that they need to partner with someone because the market consolidation will happen in that part, just like we're seeing in the market change from unlimited supply of money to profitability, which is, again, part of the economy rule, it's bound to happen.

所以首先，絕對地，我們更有興趣進行併購。我們正在尋找額外的交易。我認為 - 我認為我對此持謹慎樂觀態度，因為我看到該公司的估值變得更加現實，更多公司明白他們需要與某人合作，因為市場整合將在這部分發生，就像我們在市場上看到從無限供應貨幣到盈利能力的變化，這又是經濟規則的一部分，它必然會發生。

I think consolidation in the industry that's so fragmented like cybersecurity will happen too. At this point, I think it's still hard to see what's happening.

我認為像網絡安全這樣分散的行業整合也會發生。在這一點上，我認為仍然很難看出發生了什麼。

Some of the -- let's give you a few examples, not without specific companies, but some of the companies, the valuation went down, are still not profitable. So it's hard to justify that. I mean -- and -- but as I say, I mean I feel cautiously optimistic. We see more opportunities in all market segments from small companies to midsized companies that we are looking into that, and I hope that we'll find the right opportunities.

一些——讓我們舉幾個例子，不是沒有具體的公司，而是一些公司，估值下降了，仍然沒有盈利。所以很難證明這一點。我的意思是——而且——但正如我所說，我的意思是我感到謹慎樂觀。我們在從小型公司到中型公司的所有細分市場中看到了更多機會，我們正在研究這些機會，我希望我們能找到合適的機會。

Next up is Gregg Moskowitz followed by Shebly Seyrafi.

接下來是 Gregg Moskowitz，然後是 Shebly Seyrafi。

So Gil, we've spoken a lot about the macro on this call, but since this is the lowest product revenue growth that we've seen from Check Point since mid-2018, I just wanted to ask, would you attribute the weakness entirely to macro? Or were there any execution areas that may have also contributed to some degree?

所以吉爾，我們在這次電話會議上談了很多關於宏觀的問題，但由於這是我們從 Check Point 看到的自 2018 年年中以來最低的產品收入增長，我只想問，你能把這個弱點完全歸因於宏？或者是否有任何執行領域也可能在某種程度上做出了貢獻？

I want to be -- I don't want to sound arrogant here. I think we can do so much better in Check Point, and we have so much potential with our sales force. But what we see now is completely the result of the economy.

我想成為——我不想在這裡顯得傲慢。我認為我們可以在 Check Point 做得更好，而且我們的銷售團隊潛力巨大。但是我們現在看到的完全是經濟的結果。

I think our sales force is performing better, is doing better on every parameter that I'm looking into. Again, I can think that they can do so much more. I mean, I don't think that we are at 100% productivity. I think we can get much more productivity from our sales force, but our sales force is improving.

我認為我們的銷售人員表現更好，在我正在研究的每個參數上都做得更好。同樣，我可以認為他們可以做得更多。我的意思是，我不認為我們的生產力達到了 100%。我認為我們可以從我們的銷售隊伍中獲得更高的生產力，但我們的銷售隊伍正在改進。

In the last year, we hired a lot of good people actually in the last 6 months, the level of attrition went drastically down and so on. We did hire some new people in the second half of 2022. I think if you remember, when we went into 2022, I came in with pretty aggressive hiring targets for the sales force. Some hired them in the first half of the year, some only got to that hiring in the second half of the year.

去年，我們實際上在過去 6 個月僱傭了很多優秀人才，人員流失率急劇下降等等。我們確實在 2022 年下半年招聘了一些新員工。我想如果你還記得的話，當我們進入 2022 年時，我為銷售人員制定了非常激進的招聘目標。有的是上半年錄用的，有的是下半年才錄用的。

But still, in our sales force, I think, is not the source of the challenge, the source of the dollar challenge is clearly the economy.

但是，我認為，在我們的銷售隊伍中，這並不是挑戰的源頭，美元挑戰的源頭顯然是經濟。

Next up is Shebly Seyrafi followed by Dan Ives from Wedbush.

接下來是 Shebly Seyrafi，然後是來自 Wedbush 的 Dan Ives。

Any vertical callouts, especially in the financial services vertical and the technology vertical?

任何垂直標註，特別是在金融服務垂直和技術垂直方面？

No, I think the trends in the marketplace are very universal. We had some challenges in the financial sector. We had some big wins in the financial sectors. Same with the technology sector, which is the financial sector is maybe our largest sector.

不，我認為市場趨勢非常普遍。我們在金融領域遇到了一些挑戰。我們在金融領域取得了一些重大勝利。與技術部門一樣，金融部門可能是我們最大的部門。

And again, I think that's what we've seen in terms of the trends in the marketplace are pretty universal, I must say. Roei, anything you want to add to that?

再一次，我認為這就是我們所看到的市場趨勢非常普遍，我必須說。 Roei，你還有什麼要補充的嗎？

Not in specific vector or industry vertical or industry. I mean we've seen broadly enabled. I mean, in everything, not specifically, we didn't see it in finance or something other -- or some other industries.

不在特定向量或垂直行業或行業中。我的意思是我們已經看到廣泛啟用。我的意思是，在所有方面，但不是具體而言，我們在金融或其他行業或其他行業都沒有看到它。

All right. It looks like Dan Ives is on CNBC or some other place. So we're going to move forward with Urban Lou, followed by Michael Turits.

好的。看起來 Dan Ives 在 CNBC 或其他地方。所以我們將與 Urban Lou 一起前進，然後是 Michael Turits。

Thanks for the question. Perhaps another one on macro. So I wanted to better understand the thought process behind some of our customers delaying project refreshes are some of these longer sales cycles, the result of lower-than-expected IT spending budgets broadly or if there was a specific targeting of moderating cybersecurity spending just following a few years of accelerated spend there.

謝謝你的問題。也許是另一個關於宏觀的。因此，我想更好地了解我們的一些客戶延遲項目更新背後的思考過程，其中一些是較長的銷售週期，是普遍低於預期的 IT 支出預算的結果，或者是否有特定的目標是緊隨其後的適度網絡安全支出在那裡加速花費了幾年。

From what I can say is the general trend in the industry and now nothing about cyber. When I speak to people, everybody, and I'm saying everybody from CFOs, CEOs, CSOs, they all say that cyber is still a great source for investment. It's still very much needed. When you see the attack landscape, there is definitely -- you see the reasons for that.

據我所知，這是行業的總體趨勢，現在與網絡無關。當我與人交談時，每個人，我說的是 CFO、CEO、CSO 中的每個人，他們都說網絡仍然是一個重要的投資來源。還是非常需要的。當您看到攻擊情況時，您肯定會看到其中的原因。

So nobody is thinking that cybersecurity spending should go down. So I believe that what I see is the general trend from friends that I have in the industry in other areas of IT, the situation in other segments is much worse actually than in cyber.

所以沒有人認為網絡安全支出應該下降。所以我相信我看到的是我在IT其他領域的行業朋友的大趨勢，其他領域的情況實際上比網絡更糟糕。

Our next caller is Michael Turits, followed by Ittai Kidron, who will be our last call for the day.

我們的下一位來電者是 Michael Turits，接下來是 Ittai Kidron，他將是我們今天的最後一位來電者。

Just wanted to come back to the sales force growth, which I think, Gil, just said, not significant growth. I think you'd said for this year. I think you said double-digit growth previously. So is there a change there? Are you pulling back on your expectations?

只是想回到銷售隊伍的增長上來，吉爾，我認為這不是顯著的增長。我想你說的是今年。我想你之前說過兩位數的增長。那麼那裡有變化嗎？你在降低你的期望嗎？

And if so, what does that mean in terms of some of the things we're trying to achieve from a go-to-market perspective and to get that greater sales engagement you're talking about?

如果是這樣，就我們試圖從進入市場的角度實現的某些事情以及獲得您正在談論的更大的銷售參與度而言，這意味著什麼？

I think we've invested a lot in the sales force last year. We want to see it pays off. We want to see that it's being digestible. If we see that -- as I said, when we see an area that we believe that we can hire more people to increase customer coverage or productivity will not be shy to do that. We have the resources to do that.

我認為我們去年在銷售隊伍上投入了很多。我們希望看到它得到回報。我們希望看到它易於消化。如果我們看到——正如我所說，當我們看到一個我們認為可以僱用更多人來增加客戶覆蓋率或生產力的領域時，我們將不會羞於這樣做。我們有資源做到這一點。

I think our sales engagement can be much higher. I think we are not meeting enough CSOs, I think we're not. We can convey better our story at higher levels in the organization I think we can engage our customers in multiple ways. We see good examples of that every day.

我認為我們的銷售參與度可以更高。我認為我們會見的 CSO 不夠多，我認為我們沒有。我們可以在組織的更高級別更好地傳達我們的故事，我認為我們可以通過多種方式吸引客戶。我們每天都能看到很好的例子。

When we are meeting with customers and say, well, I know Check Point. I've been working with you for 20 years. I didn't know that you have such an amazing platform today. I didn't know that you have this architecture. I should consider you for other projects. So I think we can do so much more even with the people that we have today, and we have good people.

當我們與客戶會面時說，好吧，我知道 Check Point。我和你一起工作了 20 年。我不知道你們今天有這麼棒的平台。我不知道你有這種架構。我應該考慮你的其他項目。所以我認為，即使是我們今天擁有的人，我們也可以做更多的事情，而且我們有優秀的人。

All right. Thank you, Michael. Next up, Ittai.

好的。謝謝你，邁克爾。接下來，伊泰。

And thanks for the time, Gil. I guess I had a question about the productivity that you just talked about. You've tried for quite some time to improve productivity. So what is it do you think that you're not doing internally to get the productivity. Why is it so hard? What are things that you're trying that are not working what is the process to fix the things that are not working right?

謝謝你給我時間，吉爾。我想我對你剛才談到的生產力有疑問。您已經嘗試了相當長的一段時間來提高工作效率。那麼，您認為您沒有在內部做什麼來提高生產力。為什麼這麼難？您正在嘗試的哪些東西不起作用？修復這些不起作用的東西的過程是什麼？

First, we are doing, and we are improving, and I'm glad to see that. And again, we have a lot of new people in the sales force in the management ranks and in all the different tracks that we are doing.

首先，我們正在做，我們正在改進，我很高興看到這一點。再一次，我們在管理層和我們正在做的所有不同領域的銷售隊伍中有很多新人。

I think the main thing is how the sales force is being structured. It's been -- it's a very distributed organization that over the years grew in an environment that's not very structured. That's been a pool mode, that's being how to provide the best technology, how to best serve our customers.

我認為最主要的是銷售隊伍的結構。它一直是一個非常分散的組織，多年來在一個結構化程度不高的環境中成長。那是一種池模式，那就是如何提供最好的技術，如何最好地為我們的客戶服務。

And I think we can instill far more discipline in being more aggressive, going to more outbound, going to more customers, fighting for the customers or for the -- for getting to the people that don't know us, not just for the people who know us. And I think creating that environment creating that change in 3,000 people distributed organization that doesn't have the discipline is challenging.

而且我認為我們可以灌輸更多的紀律，更加積極進取，更多地出境，接觸更多的客戶，為客戶而戰，或者為了接觸不了解我們的人，而不僅僅是為了人們誰知道我們。而且我認為，在沒有紀律的 3,000 人分佈式組織中創造這樣的環境是具有挑戰性的。

By the way, in some cases, that may be the good thing in our sales force that we have very good people that know how to work with customers, to keep the customers happy to keep the customers loyal, but know the technology. But some of it can be changed and can be improved.

順便說一句，在某些情況下，這可能是我們銷售團隊中的一件好事，因為我們擁有非常優秀的人員，他們知道如何與客戶合作，讓客戶滿意，保持客戶忠誠度，但了解技術。但有些是可以改變的，可以改進的。

Thank you, guys, all for joining us today. That's going to conclude our call. We'll look forward to seeing you guys throughout the quarter. and the best to everybody. Thank you, guys. Bye-bye.

伙計們，謝謝你們今天加入我們。我們的通話到此結束。我們期待在整個季度見到你們。和最好的給大家。感謝你們。再見。

Thank you very much. Bye-bye. Thank you.

非常感謝。再見。謝謝。