Check Point Software Technologies Ltd (CHKP) 2023 Q2 法說會逐字稿

Everybody and good afternoon. It's Kip Meintzer, Head of Investor Relations for Check Point Software. Joining me today on the video conference call will be Gil Shwed, our CEO and Founder; as well as Roei Golan, our CFO.

大家下午好。我是 Check Point Software 投資者關係主管 Kip Meintzer。今天與我一起參加視頻電話會議的是我們的首席執行官兼創始人 Gil Shwed；以及我們的首席財務官 Roei Golan。

Before we begin, obviously, the good old forward-looking statement. During this presentation, Check Point's representatives may make certain forward-looking statements. These forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 include, but are not limited to, statements related to our expectations regarding our product solutions, expectations related to cybersecurity and other threats. Our expectations and beliefs regarding these matters may not materialize and 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.

在我們開始之前，顯然，先講一下古老的前瞻性聲明。在本次演示中，Check Point 的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 條的規定，包括但不限於與我們對我們的產品解決方案的期望相關的陳述、與網絡安全和其他威脅。我們對這些事項的期望和信念可能不會實現，未來的實際結果或事件會受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果或事件與預測存在重大差異。

These risks include our ability to continue to develop platform capabilities and solutions, customer acceptance, purchase of our existing products and solutions, new products and solutions, the market for IT security, et cetera, a political, economic business, everything under the sun, including the impact of the COVID-19 pandemic.

這些風險包括我們繼續開發平台能力和解決方案的能力、客戶接受度、購買我們現有的產品和解決方案、新產品和解決方案、IT安全市場等等，政治、經濟業務，陽光下的一切，包括 COVID-19 大流行的影響。

These forward-looking statements are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our annual report on Form 20-F filed with the SEC on April 27, 2023. The forward-looking statements in this presentation are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

這些前瞻性陳述還受到其他風險和不確定性的影響，包括我們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，包括我們於 2023 年 4 月 27 日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本新聞稿發布之日 Check Point 可獲得的信息，除法律要求外，Check Point 不承擔更新任何前瞻性陳述的義務。

In this presentation, our press release, which has been posted on our website, we present GAAP and non-GAAP results, along with a reconciliation of such results as well as the reasons for our presentation of non-GAAP information. And guess what, this year is our 30th year in business. I hope you'll all join us in celebrating toast to glass or what have you of your favorite beverage. We've had an accumulation of $30 billion in revenue over these 30 years. And I hope you'll hear us to the next 30. And with that...

在本演示文稿中，我們發佈在我們網站上的新聞稿，我們介紹了 GAAP 和非 GAAP 業績，以及這些結果的調節以及我們演示非 GAAP 信息的原因。你猜怎麼著，今年是我們創業的第 30 個年頭。我希望你們都能和我們一起慶祝舉杯慶祝或者喝點你們最喜歡的飲料。這 30 年來，我們的收入累計達到了 300 億美元。我希望接下來的 30 場比賽你們能聽到我們的聲音。這樣……

Actually a week ago, we just -- yes a week ago.

實際上一周前，我們只是——是的一周前。

And with that, I will toss this over to Roei Golan, our CFO. And a reminder again, please do not raise your hands. Thanks.

接下來，我會將其交給我們的首席財務官 Roei Golan。再次提醒大家，請勿舉手。謝謝。

Thanks, Kip. Just let me to share my presentation. Can you see my screen?

謝謝，基普。讓我分享一下我的演講。你能看到我的屏幕嗎？

You need doing the presentation...

你需要做演示...

No, I know, I know. But can you see, okay, great. We got it. Great. Okay. Thank you, Kip, and good things to everyone joining the call today. Excited to be here with you and begin the review of our -- of the second quarter of 2023.

不，我知道，我知道。但你能看到嗎，好吧，太棒了。我們得到了它。偉大的。好的。謝謝基普，祝今天參加電話會議的每個人都有好運。很高興能與您一起開始回顧我們的 2023 年第二季度。

We had a very strong profitable quarter, reaching the highest rate of growth for more than a decade. Our net income grew by 14% to $238 million, while our non-GAAP EPS was up by 22% higher since 2009 to $2 per share. Our revenues reached $589 million, which is $1 million above the midpoint of our projections. And as I mentioned, our -- our non-GAAP earnings per share reached $2, which is $0.05 above the top end of our projections, very strong results.

我們的季度盈利非常強勁，達到了十多年來的最高增長率。我們的淨利潤增長了 14%，達到 2.38 億美元，而我們的非 GAAP 每股收益自 2009 年以來增長了 22%，達到每股 2 美元。我們的收入達到 5.89 億美元，比我們預測的中點高出 100 萬美元。正如我所提到的，我們的非 GAAP 每股收益達到 2 美元，比我們預測的上限高出 0.05 美元，這是非常強勁的業績。

Now let's deep dive into the numbers. As I mentioned, revenues were up to $589 million, 3% growth year-over-year. Our deferred revenues went up to $1.774 billion, 7% growth year-over-year, while our current deferred revenue short term reached $1.307 billion, 8% growth year-over-year.

現在讓我們深入研究這些數字。正如我提到的，收入高達 5.89 億美元，同比增長 3%。我們的遞延收入達到 17.74 億美元，同比增長 7%，而當前的遞延收入短期達到 13.07 億美元，同比增長 8%。

Our calculated billing reached $566 million, which is 1% decline year-over-year and [17%] growth compared to Q1 2023. Our current calculated billing reached $581 million, up 4% year-over-year. Same in as in previous quarters, we see that due to the high interest rates environment, we see the fewer customers willing to pay upfront for multiyear deals, which resulted in short-term billing duration.

我們計算的賬單達到 5.66 億美元，同比下降 1%，與 2023 年第一季度相比增長 [17%]。我們當前計算的賬單達到 5.81 億美元，同比增長 4%。與前幾個季度一樣，我們發現，由於高利率環境，願意為多年期交易預付費用的客戶越來越少，這導致計費持續時間較短。

in addition as a result of Infinity becoming more and more significant, and you will see it in the upcoming slides, the flexibility in billing terms affecting, of course, the billing timing, i.e., the revenues growth, driven by strong subscription revenues with 14% growth year-over-year to $239 million.

此外，由於 Infinity 變得越來越重要，您將在接下來的幻燈片中看到，計費條款的靈活性當然會影響計費時間，即收入增長，這是由強勁的訂閱收入推動的，14同比增長 % 至 2.39 億美元。

That was driven mainly by our Harmony E-mail security, which continued to deliver great results with triple-digit growth year-over-year. With that, we saw a decline in our product revenues of 12% year-over-year, which was resulted by longer sales cycles and delaying refresh projects, but also to the fact that we saw this quarter much more customers buying our product for Infinity agreements and most of it is not translated into revenues immediately as they have the flexibility to utilize their allowance usually within 12 months. It is important to note that we did see a strong renewal business as our customers continue to benefit from our security services and support.

這主要是由我們的 Harmony 電子郵件安全性推動的，該安全性繼續以三位數的同比增長取得了良好的成果。由此，我們的產品收入同比下降了 12%，這是由於銷售週期延長和更新項目推遲造成的，而且我們看到本季度購買我們 Infinity 產品的客戶數量大幅增加協議，其中大部分不會立即轉化為收入，因為他們通常可以在 12 個月內靈活地使用津貼。值得注意的是，我們確實看到了強勁的續訂業務，因為我們的客戶繼續受益於我們的安全服務和支持。

As I mentioned, we keep seeing strong adoption of our Infinity strategy. We saw Infinity revenues exceeded 10% of our total revenue for the first time since we launched Infinity. We see more and more customers adopting our platform answering the needs under one umbrella of products and services.

正如我所提到的，我們不斷看到我們的 Infinity 戰略得到廣泛採用。自推出 Infinity 以來，我們的收入首次超過了總收入的 10%。我們看到越來越多的客戶採用我們的平台，在一系列產品和服務下滿足需求。

Now let's look at our revenues by geos. We had growth across all geos. 45% of our revenues came from EMEA, 43% came from the Americas, while the remaining 12% came from Asia Pacific.

現在讓我們按地理位置來看看我們的收入。我們在所有地區都實現了增長。我們 45% 的收入來自歐洲、中東和非洲地區，43% 來自美洲，其餘 12% 來自亞太地區。

Now let's review our P&L. We had a significant improvement in our gross margin, which went up from 88% last year to 90% this year, we saw a significant improvement in our supply chain, which resulted in lower cost. And I'll remind you that we had a various challenging supply chain last year that drove our margin below 90%. We hope to see this trend continue. We hope to see this positive trend continue in the remaining of 2023.

現在讓我們回顧一下我們的損益表。我們的毛利率有了顯著的改善，從去年的88%上升到今年的90%，我們看到我們的供應鏈有了顯著的改善，從而降低了成本。我要提醒您的是，去年我們的供應鏈面臨各種挑戰，導致我們的利潤率低於 90%。我們希望看到這種趨勢繼續下去。我們希望看到這種積極趨勢在 2023 年剩下的時間裡繼續下去。

Our operating expenses were increased by 5% and 7% on constant currency. The increase was mainly as a result of our continued investment in our workforce, cloud infrastructure, marketing and increasing in our travel costs. Our non-GAAP operating income continues to be strong at $263 million or 45% margin compared to 44% margin in previous years.

按固定匯率計算，我們的運營費用分別增加了 5% 和 7%。這一增長主要是由於我們對勞動力、雲基礎設施、營銷的持續投資以及差旅成本的增加。我們的非 GAAP 營業收入繼續保持強勁，達到 2.63 億美元，利潤率為 45%，而前幾年的利潤率為 44%。

Our financial income this quarter reached $21 million as we invest more in higher interest rates over time. And we expect this trend to continue as our securities mature, our securities mature and we invest in higher interest sales.

我們本季度的財務收入達到了 2100 萬美元，因為隨著時間的推移，我們在更高的利率上進行了更多的投資。我們預計隨著我們的證券成熟、我們的證券成熟以及我們投資於更高的利息銷售，這種趨勢將持續下去。

Our non-GAAP tax rate for this quarter was around 16%, mainly due to indexation and updates in tax provision because of several tax assessments we have worldwide. Our non-GAAP net income reached $238 million or $2 per share, which is $0.05 above our guidance, above the top end of our projections. Our GAAP net income was $202 million or $1.70, 25% growth year-over-year.

本季度我們的非公認會計準則稅率約為 16%，這主要是由於我們在全球範圍內進行的多項稅務評估而導致的指數化和稅收撥備的更新。我們的非 GAAP 淨利潤達到 2.38 億美元，即每股 2 美元，比我們的指引高出 0.05 美元，高於我們預測的上限。我們的 GAAP 淨利潤為 2.02 億美元，即 1.70 美元，同比增長 25%。

Now let's move to our cash flow and cash position. Our cash balances as of the end of the quarter was $3.5 billion, our operating cash flow was $191 million this quarter. What affected our cash flow was very back-end loaded quarter. We see that -- we can see that our account receivables went up by 20% year-over-year. The balance that we have in this compared to the same period last year is up by 20%. We saw much more booking and billing coming in the last month than usual. And it's something that we continue to see, we will continue to see this trend since the beginning of the year or actually since Q4.

現在讓我們看看現金流和現金狀況。截至本季度末，我們的現金餘額為 35 億美元，本季度的運營現金流為 1.91 億美元。影響我們現金流的是後端負載嚴重的季度。我們看到——我們可以看到我們的應收賬款同比增長了 20%。與去年同期相比，我們的餘額增加了 20%。我們看到上個月的預訂和賬單比平常多得多。我們將繼續看到這一趨勢，自今年年初或實際上自第四季度以來，我們將繼續看到這種趨勢。

During the quarter, we continued our buyback program and purchased 2.6 million shares for $325 million at an average price of $125 share. In total, we purchased $1.3 billion in the past 12 months.

本季度，我們繼續實施回購計劃，以 125 美元的平均價格，以 3.25 億美元的價格購買了 260 萬股股票。過去 12 個月，我們總共購買了 13 億美元。

Now let's summarize our results. We had a very strong subscription revenue with 40% growth year-over-year, which was driven by Harmony E-mail and continued [stock] adoption of our Infinity platform. While we saw the refresh project that has experienced delay, we saw very strong and healthy renewal business. Also, we saw improving and strong operating margin that resulted in over 22% EPS growth, highest since 2009.

現在讓我們總結一下我們的結果。我們的訂閱收入非常強勁，同比增長 40%，這得益於 Harmony 電子郵件和我們 Infinity 平台的持續採用。雖然我們看到更新項目經歷了延遲，但我們看到了非常強勁和健康的更新業務。此外，我們還看到運營利潤率不斷提高且強勁，每股收益增長超過 22%，為 2009 年以來的最高水平。

Now I'll turn the call over to Gil.

現在我將把電話轉給吉爾。

Thank you very much, Roei, and great to have all of you here with us, especially now as we celebrate 30 years for Check Point. This is -- I think we've achieved a lot, but this is just the beginning, and there is plenty more we need to achieve in the coming 30 years.

非常感謝 Roei，很高興大家能和我們在一起，特別是現在我們正在慶祝 Check Point 成立 30 週年。我認為我們已經取得了很多成就，但這僅僅是開始，在未來 30 年裡我們還需要取得更多成就。

But let me jump right in and give some of my flavor. I think we all have seen some of the kind of recapture what Roei says in the summary for the quarter. Very healthy quarter with 22% EPS growth, revenues above our midpoint of the projection. So pleased with that. Positive trends in the America, very important. That sets the tone for the rest of the world. And I hope it may be setting the stage for -- that shows that we are -- that we should expect better economy in the next 6 months all over the world, strong operating margin.

但讓我直接進入並給出一些我的看法。我想我們都已經看到了 Roei 在本季度總結中所說的一些內容。本季度非常健康，每股收益增長 22%，收入高於我們預測的中點。對此非常滿意。美國的積極趨勢非常重要。這為世界其他地區定下了基調。我希望這可能為我們應該期待未來 6 個月全球經濟更好、營業利潤率強勁奠定基礎——這表明我們正在這樣做。

And I think we're seeing that our customers are actually very happy with our products and technology so much that they defer some of the renewal, some of the refresh projects and the renewal is very strong and customers are happy with the product. I think in the future, we want to translate into additional growth. And I think we're seeing something very, very important Infinity, and I'll speak about that, which is the pinnacle of our strategy, exceeding 10% of our total revenue for the first time, and the Harmony E-mail continues its very high growth rates, capturing another segment of this busy cybersecurity market.

我認為我們看到我們的客戶實際上對我們的產品和技術非常滿意，以至於他們推遲了一些更新，一些更新項目，更新非常強勁，客戶對產品感到滿意。我認為未來我們希望轉化為額外的增長。我認為我們正在看到一些非常非常重要的 Infinity，我將談論它，這是我們戰略的頂峰，首次超過我們總收入的 10％，並且和諧電子郵件繼續其非常高的增長率，佔領了這個繁忙的網絡安全市場的另一個部分。

So let me start by speaking about some of the wins we have in Infinity. And I think our commitment and our vision is to give the best security. Infinity, I think, expresses that vision in the best possible way where we give the customer the full platform, when everything works together to deliver the best security and it can serve everyone. And you see here a few examples of recent wins in the Infinity landscape.

首先讓我談談我們在《無限》中取得的一些勝利。我認為我們的承諾和願景是提供最好的安全保障。我認為，Infinity 以盡可能最好的方式表達了這一願景，我們為客戶提供完整的平台，一切都協同工作以提供最佳的安全性，並且可以為每個人服務。您可以在這裡看到 Infinity 領域最近取得的一些勝利的例子。

One is an important bank, which expanded the network security where Maestro super high speed, but also added to that Infinity architecture. The Harmony E-mail because of its highest catch rate and combined all of that with our new Horizon family that correlates all these events and create a more collaborative security to all these systems.

其中之一是一家重要的銀行，它擴展了 Maestro 超高速的網絡安全性，而且還添加了 Infinity 架構。 Harmony 電子郵件具有最高的捕獲率，並將所有這些與我們新的 Horizo​​n 系列相結合，將所有這些事件關聯起來，並為所有這些系統創建更具協作性的安全性。

In the middle, you see another sector that in many -- some cases, is underserved in security, but here, it's a pretty large network of educational facilities replaced a competitive vendor products and chose the whole platform network, e-mail, endpoint to secure their entire estate.

在中間，你會看到另一個部門，在許多情況下，在某些情況下，安全服務不足，但在這裡，它是一個相當大的教育設施網絡，取代了有競爭力的供應商產品，並選擇了整個平台網絡、電子郵件、端點來確保他們的全部財產。

And to the right, another sector, it is very important. This is an existing customers, large existing customers, was very satisfied with our Quantum solution and translated it into a bigger win with full Infinity implementation, consolidated across the network, the cloud and the endpoint, a sizable deal. So what we are seeing here is our Infinity can serve customers in all sectors and deliver on that vision of the best security for everyone.

對於右邊的另一個部門來說，這是非常重要的。這是一個現有客戶，大型現有客戶，對我們的 Quantum 解決方案非常滿意，並通過完整的 Infinity 實施將其轉化為更大的勝利，跨網絡、雲和端點進行整合，這是一筆相當大的交易。因此，我們在這裡看到的是，我們的 Infinity 可以為所有行業的客戶提供服務，並實現為每個人提供最佳安全的願景。

Adding to that, what I already alluded is the success that we have in the e-mail security market. You can also see here a few examples of customer wins, different customers, one is a large bank, was not very happy with the fact that their existing e-mail security was missing suspicious e-mail and let them through. They tested our Harmony E-mail, and what took them before weeks and months to install to optimize the system to get to reasonable results. They got so much better security in less than 5 minutes for a large organization.

除此之外，我已經提到過我們在電子郵件安全市場上取得的成功。您還可以在這裡看到一些客戶獲勝的示例，不同的客戶（其中一個是一家大型銀行）對他們現有的電子郵件安全系統缺少可疑電子郵件並讓他們通過這一事實感到不太滿意。他們測試了我們的 Harmony 電子郵件，並花了數周和數月的時間安裝以優化系統以獲得合理的結果。他們在不到 5 分鐘的時間內為大型組織提供了更好的安全性。

Similar to that is, on top, a large pharmaceutical, shows Harmony E-mail due to the fact that it has a much higher catch rate versus the competition. And again, is implementation. We see all of that is starting to echo in the analyst report. We see [Giga] Forrester Wave when we are coming relatively quickly from nowhere to the leadership areas of these charts.

與此類似的是，在頂部，一家大型製藥公司顯示了 Harmony 電子郵件，因為它與競爭對手相比具有更高的捕獲率。再次，是實施。我們看到所有這些都開始在分析師報告中得到體現。當我們相對較快地從無到有地進入這些圖表的領先區域時，我們就會看到[千兆]福雷斯特浪潮。

One is to the top upper right, one is in the middle, and I think we're making a breakthrough in this industry, especially when we're speaking about cloud-based e-mail, but I think our solution is very, very unique in the way it works. And compared to everything has the best security and the highest catch rate.

一個在右上角，一個在中間，我認為我們正在這個行業取得突破，特別是當我們談論基於雲的電子郵件時，但我認為我們的解決方案非常非常其工作方式是獨一無二的。而且相比一切都具有最好的安全性和最高的捕獲率。

I think what I've spoken in the beginning of the year is that our vision for the year includes these free sees to create security, which is the best and prevent the attacks instead of just reporting about them and let the bad guys in. And the 3 Cs is comprehensive, consolidated and collaborative. I'm putting a huge focus on the collaborative aspect of the system, not -- the others are also relatively, Check Point is leading in them, but the collaborative is, I think, what makes that security stand out.

我認為我在今年年初所說的是，我們今年的願景包括創建安全性的這些免費視圖，這是最好的，可以防止攻擊，而不是僅僅報告攻擊並讓壞人進來。 3C 是綜合性、綜合性和協作性。我非常關注系統的協作方面，而不是 - 其他方面也相對而言，Check Point 在其中處於領先地位，但我認為協作是使安全性脫穎而出的原因。

The fact that we are able to identify threats in one location in the network and translate that into full prevention all over the network. I think it's completely unique in our industry. The way we do it, the scope it, we do it and the fact that we are able to connect so many technologies, not only from Check Point, but we are working more and more to connect also third-party technologies to that architecture.

事實上，我們能夠識別網絡中某個位置的威脅，並將其轉化為整個網絡的全面預防。我認為這在我們行業中是獨一無二的。我們的方式、範圍、我們所做的事情以及我們能夠連接如此多的技術的事實，不僅來自 Check Point，而且我們正在越來越多地努力將第三方技術連接到該架構。

And if we see an example of how it works here is the typical event. And unfortunately, these events happen every day. A single endpoint on the network notices that the user received an e-mail with attachment. The attachment is infected. This is a 0-day threat which means that it's not identified by most technologies. Some don't even detect it. Some detected few hours after the computer has been infected.

如果我們在這裡看到一個它如何工作的例子，那就是典型的事件。不幸的是，這些事件每天都在發生。網絡上的單個端點注意到用戶收到了一封帶有附件的電子郵件。附件被感染。這是一個 0day 威脅，這意味著大多數技術都無法識別它。有的甚至沒有察覺到。有些是在計算機被感染幾個小時後才檢測到的。

Check Point is the only one that has it in real time before the malicious file on a 0-day has the chance to infect the user computer, but that's not the end of the story because once this threat is being analyzed by our ThreatCloud AI, we immediately isolate that endpoint, quarantine it, and make sure that the entire network protected against these files and they won't reach any other computer.

Check Point 是唯一一家在 0day 惡意文件有機會感染用戶計算機之前實時掌握該信息的公司，但這並不是故事的結局，因為一旦我們的 ThreatCloud AI 分析了這一威脅，我們立即隔離該端點，隔離它，並確保整個網絡免受這些文件的影響，並且它們不會到達任何其他計算機。

By the way, whether these computers have our advanced endpoint or whether their security is not sufficient, we will block the download of that file on any mean of communication immediately and automatically. Again, I think this is something very typical. We are seeing examples of that happening on a constant basis. And I think we're the only vendor that can actually make the security infrastructure work together. So it does deliver that level of prevention.

順便說一句，無論這些計算機是否具有我們的高級端點，或者它們的安全性是否足夠，我們都會立即自動阻止通過任何通信方式下載該文件。我再次認為這是非常典型的事情。我們不斷看到這種情況發生的例子。我認為我們是唯一一家能夠真正使安全基礎設施協同工作的供應商。所以它確實提供了這種程度的預防。

So to summarize, I think I've talked a little bit about our strategy about how we demonstrate the technology and how it works. I think we gave you some really good cases of some of the technologies that drive our growth, Harmony E-mail to name one, Infinity, to name the other, which I'm very, very proud of what we see, the Infinity. We are working on several years now starting to be a significant part of the business.

總而言之，我想我已經談論了一些關於我們如何展示該技術及其工作原理的策略。我認為我們為您提供了一些非常好的案例，說明了推動我們發展的一些技術，和諧電子郵件（Harmony E-mail）就是其中之一，Infinity 是另一個，我對我們所看到的 Infinity 感到非常非常自豪。我們經過幾年的努力，現已開始成為該業務的重要組成部分。

Our financial results for the quarter were pretty good, 22% EPS growth, something we haven't seen for more than a decade, a 14% growth in the security subscription again, all our advanced technologies, the ThreatCloud AI, the CloudGuard, the Harmony E-mail are all driving that security subscription growth. And I think we see the collaborative security in action every day, and I think we'll see more of that in the second half of the year as we launch more products and more technologies with more innovation around the collaboration in security.

我們本季度的財務業績非常好，每股收益增長 22%，這是我們十多年來從未見過的，安全訂閱再次增長 14%，我們所有的先進技術，ThreatCloud AI、CloudGuard、 Harmony E-mail 都在推動安全訂閱的增長。我認為我們每天都會看到協作安全的實際應用，而且我認為今年下半年我們會看到更多這樣的情況，因為我們將圍繞安全協作推出更多產品和更多技術以及更多創新。

So that summarizes our results for the second quarter. Before I open it to your question, I want to maybe touch a little bit about our projections for the remainder of the year and the third quarter. So for -- let me speak for 2 minutes about the projections.

這就是我們第二季度的業績總結。在回答你的問題之前，我想先談談我們對今年剩餘時間和第三季度的預測。因此，讓我用兩分鐘時間談談預測。

For the entire year, this is -- this slide, you've seen it before. You've seen it at the beginning of the year. There was no change in that slide. We are well within the range that we provided for the year. Revenues in the range of $2.34 billion to $2.51 billion for the year. Non-GAAP EPS, $7.70 to $8.30, and GAAP EPS is expected to be approximately $1.22 less.

對於一整年來說，這是——這張幻燈片，你以前已經看過了。你在年初就已經看到了。該幻燈片沒有任何變化。我們完全在我們今年提供的範圍內。全年收入在 23.4 億美元至 25.1 億美元之間。非 GAAP 每股收益為 7.70 美元至 8.30 美元，GAAP 每股收益預計將減少約 1.22 美元。

I always say that we're projecting the future is always challenging. We are seeing the world changing around us all the time. I'm actually more optimistic about the second half of the year, but we never know what will happen. So that's, again, no changes in the annual guidance, just repeating what we've seen before.

我總是說，我們預測的未來總是充滿挑戰。我們看到周圍的世界一直在變化。我實際上對下半年更加樂觀，但我們永遠不知道會發生什麼。因此，年度指導方針沒有變化，只是重複我們之前看到的內容。

For the third quarter, we haven't shared the projections that we have. So let me share what we have now based on all the analysis that we've done so far. Revenues are expected to be in the range of $570 million to $605 million. Non-GAAP EPS is expected to be between $1.97 to $2.07. GAAP EPS is expected to be approximately $0.35 less than that. So that's where we stand in terms of projections. I think well within our projection for well the guidance for the year.

對於第三季度，我們尚未分享我們的預測。因此，讓我根據我們迄今為止所做的所有分析來分享我們現在所掌握的內容。收入預計在 5.7 億至 6.05 億美元之間。非 GAAP 每股收益預計在 1.97 美元至 2.07 美元之間。 GAAP 每股收益預計將比該數字低約 0.35 美元。這就是我們的預測。我認為今年的指導完全符合我們的預測。

And with that, I would be very frank. Thank you for joining us today, and I'll be very happy to open the call for your questions.

對此，我會非常坦率。感謝您今天加入我們，我很樂意打開電話詢問您的問題。

All right, folks. First up today is going to be Joseph Gallo followed by Tal Liani. As a reminder, please limit yourselves to 1 question so we can get through as many of the participants as possible. With that, Joe.

好吧，伙計們。今天首先登場的是約瑟夫·加洛（Joseph Gallo），其次是塔爾·利亞尼（Tal Liani）。提醒一下，請將您的問題限制在 1 個以內，以便我們能夠回答盡可能多的參與者。就這樣，喬.

Awesome, thanks for the question, Kip. And congrats on the 30 years, guys. Appreciate the cycle time commentary and delayed refresh commentary. Can you just talk through the new logo side of the business? And then maybe just talk about the macro dynamics in 2Q. Did it worse than hold course or ease a little bit versus 1Q -- and then maybe just how would you characterize your billings performance in 2Q? Was it all impacted by macro? Or are there some areas for improvement ?

太棒了，謝謝你的提問，基普。恭喜你們 30 週年了，伙計們。欣賞週期時間評論和延遲刷新評論。您能談談新標誌方面的業務嗎？然後也許只談談第二季度的宏觀動態。與第一季度相比，情況是否比保持路線或稍微放鬆一點更糟糕——那麼您將如何描述第二季度的比林斯表現？難道都是宏觀的影響？或者還有一些需要改進的地方？

For the billing, I'll leave it to Roei. I think we had pretty good billings, but Roei will comment about that. In terms of the macro environment, I think it remained tough, but it was better than Q1. I think on all the metrics, we've seen better results than the first quarter, slightly better -- much better product sales, but the metrics are slightly better than Q1, renewal much stronger. And I think what we've seen in things like Harmony E-mails and few other areas, were better.

至於賬單，我就交給 Roei 了。我認為我們的賬單相當不錯，但 Roei 會對此發表評論。從宏觀環境來看，我認為仍然嚴峻，但比一季度要好。我認為在所有指標上，我們都看到了比第一季度更好的結果，稍微好一點——產品銷售好得多，但指標比第一季度略好，更新更強。我認為我們在和諧電子郵件和其他一些領域所看到的情況要好一些。

Again, I'm also a little bit optimistic because the U.S. segment of our business has shown some good signs of recovery and some good optimistic signs of growth. So I'm -- I hope that this will be like our bellwether for the future and for the rest of the world.

同樣，我也有點樂觀，因為我們的美國業務部門已經顯示出一些良好的複蘇跡象和一些良好的樂觀增長跡象。所以我——我希望這將成為我們未來和世界其他地區的領頭羊。

Roei, you want to add something...

羅伊，你想補充一些東西......

Yes. I think we see a significant improvement, I mean, in the billing compared to Q1. I would say that even though we saw that we had -- Q2 had a lot of very nice Infinity deals that are not translated into billings or revenues, especially in America, we had a very strong Infinity business. New customers, new logos and existing customers that move to Infinity.

是的。我認為與第一季度相比，我們在計費方面看到了顯著的改善。我想說，儘管我們看到第二季度有很多非常好的 Infinity 交易，這些交易沒有轉化為賬單或收入，特別是在美國，但我們擁有非常強大的 Infinity 業務。新客戶、新徽標和現有客戶轉向 Infinity。

And this -- and some of it, you don't see still in the billing. It's not something in the billing. Some of it, yes, in the billing. But in the end, I mentioned also in the call, we I mean our billing was up 17% compared to Q1 2023. I know there is also seasonality here, but still 17% is impressive.

而這個——以及其中的一些，你在賬單中還看不到。這不是賬單上的東西。是的，其中一些在賬單中。但最後，我還在電話中提到，我的意思是，與 2023 年第一季度相比，我們的賬單增長了 17%。我知道這裡也存在季節性，但 17% 仍然令人印象深刻。

So I think that our billing was okay, it was good. I mean, this quarter, of course, that we want to be better and we want to be high, we want to grow. But I think also you can see the short-term billing, the current billing that went up by 4%. So that's -- so that's -- I think that's much better than what we (inaudible)

所以我認為我們的賬單還可以，很好。我的意思是，當然，這個季度我們想要變得更好，我們想要更高，我們想要成長。但我認為您也可以看到短期賬單，當前賬單上漲了 4%。所以那是——所以那是——我認為這比我們的要好得多（聽不清）

Our next caller is Tal Liani followed by Shaul Eyal.

我們的下一個來電者是 Tal Liani，其次是 Shaul Eyal。

I want to take a step back and kind of look at things from a higher level, and it's related to the question before. At the end of the day, your revenue growth is 3% and your billing growth is minus 1. What are your long-term targets in a sense that you invested heavily in new products in the last few years and still the growth is well, well below what other cybersecurity companies are achieving. How do you see the growth accelerating over the next few years? What are the areas that could drive it up? And what are the targets?

我想退後一步，從更高的層面來看待事情，這與之前的問題有關。最終，您的收入增長為 3%，賬單增長為負 1。您的長期目標是什麼，從某種意義上說，您在過去幾年中大力投資新產品，但增長仍然良好，遠低於其他網絡安全公司所取得的成就。您如何看待未來幾年的加速增長？哪些領域可以推動它的發展？目標是什麼？

Tal, I apologize. We got somehow disconnected. I think I heard your question, but can you see hear me now?

塔爾，我道歉。我們不知何故斷絕了聯繫。我想我聽到了你的問題，但你現在能聽到我說話嗎？

Yes, I can hear you.

是的，我能聽到你的聲音。

Okay. So I think I might have lost the last few words of the question. I think you asked about our growth rate and about our investment and what we are shooting for. And first, we are absolutely shooting for much, much higher growth rates. I think we have the technology. We have the products. I think we have a lot of differentiation and the best in the best security. And I think we have many, many loyal customers. I think we need to translate it to a much more aggressive winning of both existing and new customers to expand that. We are shooting for a double-digit growth in all the metrics, let's put it that way.

好的。所以我想我可能丟失了問題的最後幾個字。我認為您詢問了我們的增長率、我們的投資以及我們的目標。首先，我們絕對致力於實現更高的增長率。我認為我們有技術。我們有產品。我認為我們有很多差異化和最好的安全性。我認為我們有很多很多忠實的客戶。我認為我們需要將其轉化為更積極地贏得現有客戶和新客戶，以擴大這一範圍。我們的目標是所有指標都實現兩位數的增長，這麼說吧。

And I think we've started doing many good investments in our field and marketing organization in the past 1.5 years. Starting from growing the organization and investing in sheer size and growth. And this year, the focus is actually on making sure the organization is performing, calling, reaching out and engaging with customers.

我認為在過去 1.5 年裡我們已經開始在我們的領域和營銷組織上進行許多良好的投資。從發展組織開始，投資於規模和增長。今年的重點實際上是確保組織能夠有效執行、致電、接觸客戶並與客戶互動。

I must say that for the last 3 months, we've seen a big change there. I think the field people have done a good job. We're seeing much higher level of engagement with customers. And I think that the cycle is that, the engagement with customers leads to funnel creation to opportunities, and these opportunities eventually should result in increased sales for the second half of the year and especially for the fourth quarter, we already see the increase in the pipeline, even though it's just the beginning because I think most of these performance improvement happened in the last, I would say, 3 months roughly, starting kind of March.

我必須說，在過去的三個月裡，我們看到了巨大的變化。我認為現場人員做得很好。我們看到與客戶的互動程度更高。我認為循環是這樣的，與客戶的互動會導致機會的形成，這些機會最終應該會導致下半年的銷售額增加，特別是第四季度，我們已經看到了銷售額的增長管道，儘管這只是開始，因為我認為大部分性能改進發生在最後，我想說，大約 3 個月，從 3 月份開始。

And the big improvement was kind of May and June. And I hope it will be translated to the results that I'm expecting. I think we have plenty of potential, and I'm seeing the -- and I'm seeing progress. I don't want yet to say that we are seeing the wins because the numbers are not there yet. But I'm seeing the progress on our internal metrics.

最大的進步是在五月和六月。我希望它能轉化為我期待的結果。我認為我們有很大的潛力，而且我看到了——而且我看到了進步。我還不想說我們已經看到了勝利，因為數字還沒有出現。但我看到了我們內部指標的進展。

All right. Next up is Shaul Eyal, followed by Joel Fishbein.

好的。接下來是 Shaul Eyal，其次是 Joel Fishbein。

Question for Roei. So on the maintenance line front, given that, that product has been declining in recent quarters, what could be the impact on the maintenance line longer term? And maybe I know you mentioned in your prepared commentary, some linearity trends. But maybe can you talk to us how this quarter has been progressing April, May, June?

羅伊的問題。那麼在維護線方面，考慮到該產品最近幾個季度一直在下降，從長遠來看，對維護線可能會產生什麼影響？也許我知道您在準備好的評論中提到了一些線性趨勢。但也許您可以跟我們談談本季度四月、五月、六月的進展情況嗎？

Yes. Sure. So as for the first question, so I would say like that we mentioned, we had a very strong renewal business. So although customers didn't buy the product. Didn't buy mean the [deal might not product]. We sold less refresh project. We did see them renew the support, renew the maintenance. So therefore, -- on the short term, I mean, again, it's tough for me to say what's going to be long term, but short term, I don't expect any effect on this line item.

是的。當然。至於第一個問題，我想說就像我們提到的那樣，我們有非常強大的續訂業務。所以儘管顧客沒有購買該產品。不購買意味著[交易可能不會產生]。我們銷售的刷新項目較少。我們確實看到他們更新了支持，更新了維護。因此，從短期來看，我的意思是，我很難說出長期的情況，但從短期來看，我預計不會對此訂單項產生任何影響。

As long as the renewal business will keep -- will be strong and as we've seen in the last -- this quarter and also in the last few quarters. So that's in terms of that. In terms of linearity, yes. So we've seen -- it's something that we've seen, by the way, also in Q4, since Q4 2022. And also, of course, in Q1 and also this quarter, we see much more back-end loaded. I mean, we see that a significant part of the deals are coming in the last 2 or 3 weeks of the quarter.

只要續訂業務將保持強勁，正如我們在上個季度所看到的那樣，本季度以及過去幾個季度也是如此。就這一點而言。就線性而言，是的。所以我們已經看到了——順便說一下，自 2022 年第四季度以來，我們也在第四季度看到了這一情況。當然，在第一季度和本季度，我們看到了更多的後端負載。我的意思是，我們看到很大一部分交易是在本季度的最後 2 到 3 週內完成的。

And that's affected I mentioned that's affected our cash flow. But therefore, we expect a very strong cash -- I mean a stronger cash flow in Q3 because you can see our account receivables that went up significantly because most of the billing, booking and billing came in the last few weeks of the quarter. So that's something that I'm assuming will continue with us also in the next quarters as long as this existing macro environment will stay with us.

我提到這影響了我們的現金流。但因此，我們預計現金非常強勁——我的意思是第三季度現金流強勁，因為你可以看到我們的應收賬款大幅增加，因為大部分賬單、預訂和賬單都發生在本季度的最後幾週。因此，我認為只要現有的宏觀環境繼續存在，這種情況在接下來的幾個季度中也會繼續存在。

Next up is Joel Fishbein followed by Ray McDonough.

接下來是喬爾·菲什賓（Joel Fishbein），其次是雷·麥克唐納（Ray McDonough）。

Thanks for the question, and great job on the margin front. Gil, I wanted to follow up on Tal's question. Maybe you could share some specifics about investments that you're making in the go-to-market. Obviously, having a lot of new products, Infinity's getting some good traction. But how are you balancing this profitability and growth and give us some specifics around these go-to-market initiatives that could potentially lead to this revenue acceleration that you're speaking about?

感謝您提出問題，並且在保證金方面做得很好。吉爾，我想跟進塔爾的問題。也許您可以分享一些有關您在上市時進行的投資的細節。顯然，憑藉大量新產品，Infinity 獲得了良好的吸引力。但是，您如何平衡這種盈利能力和增長，並向我們提供有關這些上市計劃的一些具體信息，這些計劃可能會導致您所說的收入加速？

First, again, last year, we had a big focus on increasing the field size, making sure we have people making sure we show our field that we are willing to invest. This year, we moved into understanding are we what's our productivity? Are we engaging with enough customers? Are we engaging with enough prospects.

首先，去年我們再次重點關注擴大領域規模，確保我們有人確保我們向我們的領域展示我們願意投資。今年，我們開始了解我們的生產力是什麼？我們是否與足夠多的客戶互動？我們是否與足夠多的潛在客戶進行互動？

And I think the big focus is making sure that all the Check Point people are in connection with their customers are creating this I mean, customer engagement, which, in the end, leads to the sales. And at the end, I mean, a customer want to buy our vision. If they don't know about our vision, if we don't communicate to them, that -- and I think that's where most of the investment is, we are doing more seminar. We're doing more conferences. We're working on new programs for partners and for ours and I think we should expect much more on that front as well.

我認為重點是確保所有 Check Point 人員與客戶保持聯繫，創造客戶參與度，最終帶來銷售。最後，我的意思是，客戶想要購買我們的願景。如果他們不了解我們的願景，如果我們不與他們溝通，我認為這就是大部分投資的所在，我們就會舉辦更多研討會。我們正在舉辦更多會議。我們正在為合作夥伴和我們自己制定新計劃，我認為我們在這方面也應該期待更多。

But the #1 investment that we are seeing is, again, engaging with customers, making sure that customers know our story. I can tell you firsthand every meeting that I have with CISO, with Chief Information Security Officer, ends with wow. I didn't know that you had this amazing strategy. Your architecture is something I should definitely continue. And that's the good part.

但我們看到的第一大投資再次是與客戶互動，確保客戶了解我們的故事。我可以直接告訴你，我與 CISO、首席信息安全官的每次會議都以令人驚嘆的方式結束。我不知道你有這個驚人的策略。你的建築是我絕對應該繼續的。這就是好的部分。

Another good part is that they all say that they have a very warm place in their heart for Check Point. Check Point enjoys a very good reputation with them for being a great partner for being a great for provide security. So these are the good parts. The bad parts is usually and it's 95% of the case is how come I didn't hear from you for such a long time. So this is something we can change, we can fix by engaging with them by delivering out vision by meeting with them by showing them what we can do. And by the way, that's, by the way, explains some of the growth in Infinity. It's still potentially still huge there. But when we show customers the potential of Infinity, they buy into that vision, they realize the value, they get far more security technologies and far more security to their environment than they used to do before.

另一個好處是，他們都說 Check Point 在他們心中有一個非常溫暖的地方。 Check Point 在他們心中享有良好的聲譽，是提供安全服務的優秀合作夥伴。所以這些都是好的部分。不好的部分通常是，95%的情況是我怎麼這麼長時間沒有收到你的消息。所以這是我們可以改變的事情，我們可以通過與他們接觸來解決，通過與他們會面、向他們展示我們能做什麼來傳達願景。順便說一句，這也解釋了《無限》的一些增長。那裡的潛力仍然很大。但是，當我們向客戶展示 Infinity 的潛力時，他們就會相信這一願景，意識到其中的價值，他們會獲得比以前更多的安全技術和更高的環境安全性。

Ray followed by Brad Zelnick.

雷緊隨其後的是布拉德·澤爾尼克。

Gil, you mentioned you're more optimistic on the year. And one of the things we started to pick up in our conversations with partners is that refresh activity is actually starting to pick up. So when you talk to customers, do you sense we're at the point where sweating assets is becoming less feasible, meaning should we start to see more refresh activity in the back half of the year and into '24. How should we think about when refresh activity really comes back here?

吉爾，你提到你對今年更加樂觀。我們在與合作夥伴的對話中開始發現的一件事是，刷新活動實際上已經開始增加。因此，當您與客戶交談時，您是否感覺到我們正處於消耗資產變得越來越不可行的地步，這意味著我們應該在今年下半年和進入 24 世紀開始看到更多的刷新活動。當刷新活動真正回到這裡時，我們應該如何考慮？

First, I would like to think that we will see some this quarter and more in Q4. I know when I think that I have all the reasons to believe that we'll see far more than that next year in 2024. But also, I'm, by the way, pretty positive about the fact that such a big portion of our business become annuity business.

首先，我認為我們將在本季度看到一些，並在第四季度看到更多。我知道，當我認為我有充分的理由相信，明年 2024 年我們將看到的遠不止於此。而且，順便說一句，我對這樣一個事實非常樂觀：我們的很大一部分人業務成為年金業務。

When we look at these Infinity contracts, and I think as Roei mentioned, even some of the product has moved from the product line to the Infinity kind of backlog deferred revenues, financially on the balance sheet, it ,maybe on the balance sheet, it may be even be off the balance sheet, it depending on how the deal is recorded. But this is not a bad thing.

當我們看到這些 Infinity 合約時，我認為正如 Roei 提到的，甚至有些產品已經從產品線轉移到 Infinity 類型的積壓遞延收入，在財務上在資產負債表上，也許在資產負債表上，它甚至可能不在資產負債表內，這取決於交易的記錄方式。但這並不是一件壞事。

This is creating the more stability, more long-term relationship with the customers. And I would like to see a bigger part of the business moves to annuity. Of course, not at the cost of a slower growth rate, I think over the long term, we want to increase our growth rates. So no doubt about that.

這與客戶建立了更穩定、更長期的關係。我希望看到業務的更大一部分轉向年金。當然，我認為，從長遠來看，我們希望提高增長率，而不是以放緩增長率為代價。所以毫無疑問。

By the way, I really, really want customers to refresh some of the older appliances to get new technologies. This will give them better performance, in some cases, better security. In some cases the same security, just newer box. It will definitely give us more revenues. But the fact that customers are not so anxious to do that is actually a very, very good testimony to the quality of our products. These products, some of them are 3 years old. Some of them are 10 years old are working really, really well.

順便說一句，我真的非常希望客戶更新一些舊設備以獲得新技術。這將為它們提供更好的性能，在某些情況下，還可以提供更好的安全性。在某些情況下，同樣的安全性，只是更新的盒子。這肯定會給我們帶來更多的收入。但事實上，客戶並不那麼急於這樣做，這實際上很好地證明了我們產品的質量。這些產品，其中一些已經有 3 年曆史了。其中一些已經 10 歲了，工作得非常非常好。

I just had a conversation with a large customer that have a relatively products that are end-of-life, and they want to upgrade, they don't do it on time, but they are very happy with the product that they have, which is a very, very good testimony to a company that can produce products that 10 years later are still delivering. And I'm talking, by the way, about environments that are mission-critical, high performance, high security, not about a small business that may make -- may or may not care about that.

我剛剛與一位大客戶進行了交談，他們的產品相對已報廢，他們想要升級，他們沒有按時完成，但他們對他們擁有的產品非常滿意，這這是一個非常非常好的證明，證明一家公司能夠生產 10 年後仍然交付的產品。順便說一句，我談論的是關鍵任務、高性能、高安全性的環境，而不是可能關心或不關心這些的小企業。

Next up is Brad Zelnick followed by Adam Borg.

接下來是布拉德·澤爾尼克（Brad Zelnick），其次是亞當·博格（Adam Borg）。

Thanks very much, Kip, for taking the questions and happy anniversary to you all. Gil, there are lot of religious debates in the market around architecture. Some are adamant that native cloud proxy is the right architecture, Other than just firewall is here to stay and it just needs to be embedded natively in the cloud. What's your view on how this plays out over the next 5 years?

非常感謝基普提出問題，祝大家週年紀念日快樂。吉爾，市場上有很多圍繞建築的宗教爭論。有些人堅信本機雲代理是正確的架構，而不僅僅是防火牆保留下來，它只需要本地嵌入到雲中即可。您對未來 5 年的發展有何看法？

And specifically, I'm interested in your thoughts on the future proxies as it was actually an old friend of yours reminded me last week that the earliest firewalls were proxy firewalls that actually lost out to Check Point's network firewall almost 30 years ago.

具體來說，我對您對未來代理的想法很感興趣，因為實際上您的一位老朋友上週提醒我，最早的防火牆是代理防火牆，實際上在大約 30 年前就輸給了 Check Point 的網絡防火牆。

So first, you're absolutely right, and that is true. 30 years ago, there were some proxies. They weren't flexible. They didn't support all the protocols. They require every client to change. And I think we've really revolutionized the market by having kind of this transparent firewall that can support any protocol, any communication high speed, high performance without the applications kind of even aware of that, that still what we do, and I think we've shaped up the entire market.

首先，你是絕對正確的，這是事實。 30年前，有一些代理人。他們不靈活。他們不支持所有協議。他們要求每個客戶都做出改變。我認為我們通過這種透明的防火牆真正徹底改變了市場，它可以支持任何協議、任何高速、高性能通信，而應用程序甚至沒有意識到這一點，這仍然是我們所做的，我認為我們塑造了整個市場。

I think in the future, we will continue to see a lot of firewalls. The firewalls remain, by the way, the most important element today in securing the networks. Unfortunately or fortunately, for us, they are not really replaceable. It doesn't mean that they cannot be augmented with many, many other technologies.

我認為在未來，我們將繼續看到很多防火牆。順便說一句，防火牆仍然是當今保護網絡安全的最重要元素。不幸或幸運的是，對於我們來說，它們並不是真正可以替代的。這並不意味著它們不能通過許多其他技術來增強。

So, yes, in the cloud, we also need to use cloud-native technologies in the cloud. We also need the posture management to understand that the cloud is configured well. And cloud environment are far more susceptible to attacks. Simply because we are public, simply because they are exposed. I mean there's a lot of good things that exist on the cloud, but when your environment is more exposed, it means that it can suffer from more attacks.

所以，是的，在雲中，我們也需要在雲中使用雲原生技術。我們還需要狀態管理來了解雲是否配置良好。雲環境更容易受到攻擊。僅僅因為我們是公開的，僅僅因為他們是暴露的。我的意思是雲上存在很多好東西，但是當您的環境更加暴露時，這意味著它可能會遭受更多攻擊。

And again, unfortunately, in our business, we see it almost every day. By the way, the fact that the cloud is shared is also at the level of risk because that means that the same thing can be replicated, the same threats can be replicated. The data can leak from one environment to another is things that are less likely to happen when it's every customer is in isolated environment.

不幸的是，在我們的業務中，我們幾乎每天都會看到這種情況。順便說一句，雲共享的事實也處於風險級別，因為這意味著可以復制相同的事情，可以復制相同的威脅。當每個客戶都處於隔離環境中時，數據可能會從一個環境洩漏到另一個環境，​​這種情況不太可能發生。

Now I think that in the future, we're seeing multiple technology. I don't think that there is one that will win. The market is far more sophisticated than that these days. I think we are active in both. We have very good posture management for the cloud. We have very good firewalls or network, virtual network firewalls in the cloud, and I think we should make them simpler and easier to use even in a cloud environment.

現在我認為在未來，我們會看到多種技術。我認為沒有人會獲勝。市場比現在復雜得多。我認為我們在這兩方面都很活躍。我們對云有非常好的狀態管理。我們有非常好的防火牆或者網絡，雲中的虛擬網絡防火牆，我認為我們應該讓它們更簡單、更容易使用，即使在雲環境中也是如此。

And by the way, what we also have is a huge benefit that we can connect the hybrid cloud environment, the private data center to the public cloud, which in almost every large enterprise is crucial. Because all of you, all of us, we have data centers. We have private application, and we have cloud application, and we need to connect them together.

順便說一句，我們還有一個巨大的好處，就是我們可以將混合雲環境、私有數據中心連接到公共雲，這對於幾乎每個大型企業來說都是至關重要的。因為你們所有人，我們所有人，我們都有數據中心。我們有私有應用程序，也有云應用程序，我們需要將它們連接在一起。

All right. Our next up is Adam Borg followed by second Saket Kalia.

好的。我們的下一個是 Adam Borg，其次是 Saket Kalia。

Awesome. Thanks so much for the question, Kip. So Gil, great to hear about the positive trends you're seeing in Americas. And maybe love to hear a step deeper, just what exactly are you seeing there? What's giving you the optimism, especially as you think that could help translate to the rest of the world later this year.

驚人的。非常感謝你的提問，基普。吉爾，很高興聽到您在美洲看到的積極趨勢。也許你想更深入地了解一下，你到底看到了什麼？是什麼讓你感到樂觀，尤其是當你認為這可能有助於在今年晚些時候推廣到世界其他地區時。

I think the bottom line is that in my internal metrics of sales and so on, I'm seeing that the Americas is showing growth, and that's on all parameters. The America, a commercial region for us is showing growth, and that's great. That's what we wanted to have. I also see it in other indicators like the level of engagement with customers and so on. Americas have peaked at slightly better than average.

我認為底線是，在我的銷售等內部指標中，我看到美洲正在顯示增長，這是在所有參數上。美國作為我們的商業地區正在呈現增長，這很棒。這就是我們想要的。我還在其他指標中看到了這一點，例如與客戶的互動程度等。美洲的峰值略好於平均水平。

We also have changes in other places in the world. But -- that's what called me to be optimistic. How much of it is the macro economy outside, how much of it is our own execution. It's hard to say. I'd like to think that both -- I mean in terms of engagement, I know that it's our execution. In terms of results, I don't know if it's us or if it's the macro economy out there, let's say, slightly improving.

我們在世界其他地方也發生了變化。但是——這就是讓我保持樂觀的原因。有多少是外面的宏觀經濟，有多少是我們自己的執行力。很難說。我想認為，我的意思是就參與度而言，我知道這是我們的執行力。就結果而言，我不知道是我們的原因，還是宏觀經濟的原因，比如說，略有改善。

All right. Next up is Saket followed by Andrew Nowinski.

好的。接下來是 Saket，其次是 Andrew Nowinski。

Okay. Great. Cheers to 30 years as well. Gil, maybe for you. Great to see Infinity make up roughly 10% of total revenue. Maybe the question is, what products as part of Infinity are customers really using more broadly beyond network security. And as part of that, can you share anything on what impact Infinity may be having on metrics like revenue run rates or deal size or net retention. Does that make sense?

好的。偉大的。也為30歲乾杯。吉爾，也許適合你。很高興看到 Infinity 約佔總收入的 10%。也許問題是，客戶真正在網絡安全之外更廣泛地使用 Infinity 的哪些產品。作為其中的一部分，您能否分享一下 Infinity 對收入運行率、交易規模或淨保留率等指標可能產生的影響。那有意義嗎？

Absolutely. So first, for us, every -- in order to be Infinity deals, I'll say, what's kind of the sum of the criteria for that. First, with the customer encompasses -- it's not just 1 product or a few product purchase. It has to be an architectural win. It has to be a large kind of enterprise-wide deployment of Infinity.

絕對地。首先，對於我們來說，為了成為無限交易，我會說，其標準的總和是什麼。首先，客戶涵蓋的不僅僅是一種產品或幾種產品的購買。它必須是建築上的勝利。它必須是 Infinity 的大型企業範圍部署。

It has to include -- so these tend to be larger deals. It has to include more than one product family, more in our portfolio. So it can't be just network security, it has to be network security plus Harmony or network security plus cloud. The best ones are that we include the full architecture. And I think all the examples that I've shown, I've shown that they include the different elements.

它必須包括——所以這些往往是更大的交易。它必須包括多個產品系列，以及我們的產品組合中的更多產品。所以不能只是網絡安全，必須是網絡安全加Harmony或者網絡安全加雲。最好的是我們包含完整的架構。我認為我所展示的所有示例都表明它們包含不同的元素。

Right now, the wildcard that many people buy is the Harmony E-mail, that's growing fast. But cloud is there on almost every deal. And the Harmony endpoint is quite frequent to be in that. And more and more, we're seeing the new family. The new family is really small, the Horizon family that we launched less than a year ago. And Horizon is all about kind of security event analysis, security orchestration, analytics -- connecting all the elements of the security. So Horizon is becoming now a part of many of the new Infinity deals.

目前，許多人購買的通配符是 Harmony 電子郵件，而且增長速度很快。但幾乎​​每筆交易都存在雲。 Harmony 端點經常出現在其中。我們越來越多地見到新的家庭。新系列確實很小，我們不到一年前推出的 Horizo​​n 系列。 Horizo​​n 涉及安全事件分析、安全編排、分析——連接安全的所有元素。因此，Horizo​​n 現在正成為許多新的 Infinity 交易的一部分。

Let's try that without mute. Next up is Andrew Nowinski followed by Shebly Seyrafi.

讓我們嘗試一下不靜音。接下來是安德魯·諾溫斯基 (Andrew Nowinski)，其次是謝布利·塞拉菲 (Shebly Seyrafi)。

So I wanted to ask about your guidance for the year. It does seem a little bit more back-end loaded now in Q4 given the modest guide below in Q3. So maybe -- why not take down the annual guidance a bit in case some of those deals in the pipeline push out our customers decide to delay their firewall refreshes even further and rely more on the cloud.

所以我想問一下您今年的指導。考慮到下面第三季度的適度指導，第四季度的後端負載似乎確實增加了一些。因此，也許 - 為什麼不稍微降低年度指導，以防某些正在進行中的交易導致我們的客戶決定進一步推遲防火牆更新並更多地依賴雲。

I would start and maybe Roei would like to add. First, where there's no reason for us to take anything we think we will reveal our range, whether we'll be in the upper part or on the middle part or on the lower part of the range, we will be well within the range. So I don't see any reason to change the range.

我會開始，也許羅伊想補充一下。首先，如果我們沒有理由採取任何我們認為會暴露我們範圍的東西，無論我們是在範圍的上部、中間部分還是下部，我們都將完全在範圍之內。所以我認為沒有任何理由改變範圍。

What will happen in Q4, whether we'll be pleasantly surprised with an uptick, which we have some good signs. That's why we are there in the pipeline. Or whatever will be slightly more in the mid- to low part of the range. I still don't know, but that's why we provide the range to start with.

第四季度會發生什麼，我們是否會對增長感到驚喜，我們有一些好的跡象。這就是我們正在籌備中的原因。或者在範圍的中低部分稍微多一些。我仍然不知道，但這就是我們首先提供範圍的原因。

Roei, I don't know, if you want to add anything on that.

Roei，我不知道你是否想補充什麼。

Yes. And we don't see any risk here that we won't be in the range that for we didn't change the guidance. And we also -- again, I was paused for a few seconds. I'm not sure if you already mentioned it, but we do see a very -- I would say, very positive pipeline for the last quarter of the year.

是的。我們在這裡沒有看到任何風險，即我們不會處於我們沒有改變指導的範圍內。我們也——再一次，我停頓了幾秒鐘。我不確定您是否已經提到過，但我們確實看到了今年最後一個季度的非常積極的進展。

So again, we need to be cautious here because we see the macro environment. We see that projects are being delayed. But still, we do see that there might be a back-end loaded year in terms of refresh projects. So again. So that's something that it's worth to have. And again, no, we don't see anyhow any risk to our guidance. So to the -- I mean, it's not -- it won't be outside the range.

因此，我們在這裡需要保持謹慎，因為我們看到了宏觀環境。我們看到項目正在被推遲。但我們仍然看到，就刷新項目而言，可能會有後端負載的一年。再次如此。所以這是值得擁有的東西。再說一次，不，我們認為我們的指導不會有任何風險。因此，我的意思是，它不會超出範圍。

All right. Next up is Shebly Seyrafi, followed by Shrenik Kothari.

好的。接下來是 Shebly Seyrafi，其次是 Shrenik Kothari。

So you talked about targeting double-digit growth in all metrics. So I'm trying to figure out what needs to happen to make that happen. For example, you need a better economy, you need [SaaS] momentum, Infinity growing to 25% of revenue. Just what are some reasonable scenarios to get you to double-digit top line growth?

所以您談到了所有指標的目標是兩位數增長。所以我試圖弄清楚需要做什麼才能實現這一點。例如，你需要更好的經濟，你需要 [SaaS] 動力，Infinity 增長到收入的 25%。到底有哪些合理的方案可以讓您實現兩位數的收入增長？

There are many, many factors that can contribute to that, but it's mainly better traction by adding more customers and winning more projects with existing customers. Now again, where it can -- that come from that can come from Quantum from our network security.

有很多很多因素可以促成這一點，但主要是通過增加更多客戶並贏得現有客戶的更多項目來獲得更好的吸引力。現在再說一遍，它可以來自我們網絡安全的量子。

We have plenty of potential there, and the refresh cycle can address that. It can come from converting even more customers to Infinity and winning new Infinity customers, plenty of potential. It can come from increased success in the cloud with which also has the potential. I didn't mention Harmony E-mail because that's already growing quite fast, but that can be from there.

我們在那裡有很大的潛力，刷新周期可以解決這個問題。它可以來自於將更多客戶轉化為 Infinity 並贏得新的 Infinity 客戶，這些客戶具有巨大的潛力。它可以來自於雲技術的不斷成功，雲技術也具有潛力。我沒有提到和諧電子郵件，因為它已經增長得相當快，但可以從那裡開始。

So I think almost every aspect of the business can have a contribution to that. Most of the aspects of the business have the ability to even -- network security by itself, if we see better win rates, better refresh cycle can -- can get to that on its own. It's not that there is no potential there. It's actually the opposite. There's plenty of potential there.

所以我認為幾乎業務的每個方面都可以為此做出貢獻。業務的大多數方面甚至有能力——網絡安全本身，如果我們看到更好的獲勝率，更好的刷新周期——可以自己實現這一點。並不是說那裡沒有潛力。事實上恰恰相反。那裡有很大的潛力。

And when you look at our competitors, some are showing challenges for network security, and they are growing elsewhere, and some are actually going very, very well in network security. Which means that the potential is there. And yes, the economy is kind of has put a surprising pressure on us in the last 2.5 quarters or the last 3 quarters. But I think we can overcome that and resume where we want to be.

當你看看我們的競爭對手時，有些在網絡安全方面表現出了挑戰，而他們在其他地方正在增長，有些實際上在網絡安全方面進展得非常非常好。這意味著潛力是存在的。是的，經濟在過去 2.5 個季度或過去 3 個季度給我們帶來了令人驚訝的壓力。但我認為我們可以克服這一點並恢復我們想要的目標。

All right. Next up is Shrenik followed by Joshua Tilton.

好的。接下來是史萊尼克，其次是約書亞·蒂爾頓。

Congrats on the 30 years. So Gil, you mentioned, of course, about the Harmony traction, and you gave some examples. So you mentioned Check Point is only 1 that act in real time, the zero-day threats. You've mentioned examples of some customer wins with a large bank as well as a large pharma.

恭喜30週年。吉爾，您當然提到了和諧牽引力，並且您舉了一些例子。所以你提到 Check Point 只是一種實時行動的零日威脅。您提到了一些贏得大型銀行和大型製藥公司客戶的例子。

So I mean, given the recent kind of challenges experienced by Microsoft, especially in the e-mail security space, I mean just curious, has there been a factor in Harmony gaining traction? Are you guys trying to capitalize on that with your offering? And really going forward, like -- how do you expect or what do you expect in terms of the impact of Microsoft challenges on market share and how you guys are planning to capitalize yes.

所以我的意思是，考慮到微軟最近遇到的挑戰，特別是在電子郵件安全領域，我的意思是只是好奇，是否有一個因素讓 Harmony 獲得了關注？你們是否想通過自己的產品來利用這一點？真正展望未來，比如——就微軟挑戰對市場份額的影響而言，您有何期望或有何期望，以及你們計劃如何利用是的。

So first, Microsoft is actually investing and getting more and more into security. In the case of Harmony, most of what we are doing is not in the core of our market, and is complementary to what we do. And by the way, Microsoft has been a good partner with us and we do things together. We do a lot of go-to-market together. And we also compete in some areas, in particular on the e-mail part. In the e-mail part, in most of our e-mail security sales today are into Office 365 environment.

首先，微軟實際上正在對安全性進行越來越多的投資。就 Harmony 而言，我們所做的大部分工作並不屬於我們市場的核心，而是與我們所做的工作互補的。順便說一句，微軟一直是我們的良好合作夥伴，我們一起做事。我們一起做了很多上市工作。我們還在某些領域進行競爭，特別是電子郵件部分。在電子郵件部分，我們今天的大部分電子郵件安全銷售都進入了 Office 365 環境。

On every Office 365 environment Microsoft offers basic security for free and they offer advanced security for a fee, and we try to get it to every account. So every account that buys our Harmony E-mail. It's actually augmenting what Microsoft does. You can call it competition, which may be the right assumption, but also, I think more generically about Microsoft, we start our job on security where the platform vendor ends.

在每個 Office 365 環境中，Microsoft 免費提供基本安全性，並提供收費的高級安全性，我們嘗試將其提供給每個帳戶。因此，每個購買我們 Harmony 電子郵件的帳戶。它實際上增強了微軟的功能。你可以稱之為競爭，這可能是正確的假設，而且，我更一般地認為，對於微軟來說​​，我們從平台供應商結束的安全性開始我們的工作。

So I mean we are trying to augment the capabilities that an operating system that would have the network would have that any platform would have and start with there and provide the advanced security.

所以我的意思是，我們正在嘗試增強具有網絡的操作系統所具有的任何平台都具有的功能，並從那裡開始並提供高級安全性。

For the last 30 years, that strategy worked very, very well. There has been a big market that wants better security, more than just what the basic platforms, whether it's the routing and switching, network security or the operating systems can do. And that's pretty much all the security industry, not just us. We are augmenting what we do. And I see no reason why we would change. I mean when we look at the macro factors of cybersecurities, better cybersecurity is needed now more than ever. And the platform needs to be augmented.

在過去的 30 年裡，這一策略非常非常有效。有一個很大的市場需要更好的安全性，而不僅僅是基礎平台的功能，無論是路由和交換、網絡安全還是操作系統。這幾乎是整個安全行業的情況，而不僅僅是我們。我們正在擴大我們的工作。我認為我們沒有理由改變。我的意思是，當我們審視網絡安全的宏觀因素時，現在比以往任何時候都更需要更好的網絡安全。並且該平台需要增強。

By the way, that's also why we put so much focus on creating an architecture, creating the 3 Cs, comprehensive consolidated and collaborative, the collaborative aspect is something that most platform vendors cannot do. And I think for the most part, it works.

順便說一句，這也是為什麼我們如此關注創建架構，創建3C，全面整合和協作，協作方面是大多數平台供應商無法做到的。我認為在大多數情況下，它是有效的。

All right. Next up is Joshua Tilton, followed by Gregg Moskowitz.

好的。接下來是約書亞·蒂爾頓，其次是格雷格·莫斯科維茨。

Thank you guys, can you hear me?

謝謝大家，你們能聽到我說話嗎？

Yes.

是的。

Great. I kind of wanted to follow up on Andy's question. It does seem that -- well, it seems that things did get better from 1Q to 2Q for you guys. So my question is the things need to keep getting better in order to meet the back half guidance? Or if the environment kind of stays as it is, are you still going to fall within the range that you're reiterating today?

偉大的。我有點想跟進安迪的問題。看起來確實——嗯，從第一季度到第二季度，你們的情況確實有所好轉。所以我的問題是，為了滿足後半部分的指導，事情需要不斷變得更好嗎？或者，如果環境保持現狀，您是否仍然會落入您今天重申的範圍內？

Right now, we are within the range, and we are not happy that we are not growing faster. I want to grow faster, and I think we deserve to grow faster, but we are executing on that. Whether we want things to improve, we are doing everything that we can.

目前，我們處於這個範圍之內，但我們對自己沒有更快地增長感到不滿。我想要更快地成長，我認為我們應該更快地成長，但我們正在執行這一點。無論我們是否希望事情得到改善，我們都會盡我們所能。

Again, we don't change the economy. But on our execution, I think that there is so much we can do to improve our results and as much as I think I kind of -- a lot of what's happened for us depends on the economy. There's so much more we can do. And I think then we should do to deliver better security to more customers, and that will be translated to the financial results.

再說一次，我們不會改變經濟。但在我們的執行方面，我認為我們可以做很多事情來改善我們的業績，而且我認為我們發生的很多事情都取決於經濟。我們能做的還有很多。我認為我們應該努力為更多客戶提供更好的安全性，這將轉化為財務業績。

All right. Next up is Gregg Moskowitz followed by Gabriela Borges.

好的。接下來是格雷格·莫斯科維茨（Gregg Moskowitz），其次是加布里埃拉·博爾赫斯（Gabriela Borges）。

Congrats as well on the 30 years. So Gil, on the network refresh delays, do you have confidence that these are in fact, purely delays in that these deals will get done as intended. I understand the point that renewables have remained strong, but does that mean that this is only a timing issue from your perspective as it relates to appliance purchases?

也祝賀30週年。那麼，吉爾，關於網絡刷新延遲，您是否有信心這些實際上是純粹的延遲，因為這些交易將按預期完成。我理解可再生能源仍然強勁這一點，但這是否意味著從您的角度來看這只是一個與家電購買相關的時間問題？

I think some of it is purely timing that we see it. But the customer says, "I have this project and delaying it from Q1 to Q2. And sometimes it says, well, now it's from Q2 to Q3. And sometimes the delays keep being delayed, but the project is well identified.

我認為其中一些純粹是我們看到它的時機。但客戶說，“我有這個項目，並將其從第一季度推遲到第二季度。有時它會說，好吧，現在從第二季度推遲到第三季度。有時，延遲不斷被推遲，但該項目已明確確定。

Some of the delays are not things that are identified. We just see the trend. But in a typical quarter, X number of customers would refresh. In this quarter, it's less customers that are refreshed. We are watching very, very carefully to see whether it's kind of a loss or a refresh, and that's why we see the trend between the renewal and the refresh. So we are seeing that the retention rate of customers that we have is strong.

有些延誤並未被識別出來。我們只是看到了趨勢。但在一個典型的季度中，X 數量的客戶會刷新。本季度，刷新的客戶較少。我們正在非常非常仔細地觀察，看看這是一種損失還是一種刷新，這就是為什麼我們看到更新和刷新之間的趨勢。所以我們看到我們的客戶保留率很高。

The renewal rate is actually stronger because in our model, we calculate that X percent of customers want to renew and instead refresh. And what we see is the phenomena when less refresh, more renew. So we see that phenomena. And again, some of it is identified opportunity. I can take this X deals, and the customer can say, you see, this is the customer, they decided to postpone the project.

續訂率實際上更高，因為在我們的模型中，我們計算出 X% 的客戶想要續訂而不是刷新。而我們看到的是少刷新、多更新的現象。所以我們看到了這種現象。再說一次，其中一些是確定的機會。我可以接受這X筆交易，客戶可以說，你看，這就是客戶，他們決定推遲項目。

And some of it is just the pace of the market and say, well, the product works, I'm happy with it. I'll tighten up, by the way, tighten up spending, we see with every customer. Almost all the customers are now -- I mean like we've seen a couple of years when -- couple of years where customers were spending -- again, it's not universal, but with almost no limits and just spending more and more.

其中一些只是市場的步伐，並且說，好吧，該產品有效，我對此感到滿意。順便說一句，我會收緊開支，我們在每位客戶身上都看到了這一點。幾乎所有的客戶現在——我的意思是，就像我們幾年前看到的那樣——幾年來，客戶都在消費——再說一次，這不是普遍的，但幾乎沒有限制，只是消費越來越多。

In 2023, we see that customers started having more financial discipline more tight control over the budgets. And there are areas that customers choose to invest more, but many areas, especially in the more general infrastructure, computing servers and so on, we're seeing very tight spending and even declining spending in many, many aspects of the market.

2023 年，我們看到客戶開始加強財務紀律，對預算進行更嚴格的控制。在某些領域，客戶選擇加大投資，但在很多領域，特別是在更通用的基礎設施、計算服務器等方面，我們看到市場的許多方面的支出非常緊張，甚至支出下降。

All right. Next up is Gabriela Borges followed by [Irving Lou].

好的。接下來是加布里埃拉·博爾赫斯（Gabriela Borges），然後是[歐文·盧]（Irving Lou）。

I wanted to follow up on the comments on net retention to better understand how deal sizes are changing. And so when you look in the pipeline and when you think about your renewal activity year-to-date, would love to have some color on how is the firewall footprint changing? And how is the cross-sell footprint changing? And we've put that together how a deal size is changing.

我想跟進有關淨保留的評論，以更好地了解交易規模的變化。因此，當您查看管道並考慮今年迄今為止的更新活動時，是否希望了解防火牆足跡如何變化？交叉銷售足蹟有何變化？我們將交易規模的變化情況匯總在一起。

Roei, do you have any data on there? Any insights?

Roei，你有這方面的數據嗎？有什麼見解嗎？

No, I think again, so I would say like that, if I understood correctly your question, so we don't see -- I mean, in terms of -- we see that some of the customers that renew, they didn't do any refresh, they renew, and actually, the even upgrading their services.

不，我再想一下，所以我會這樣說，如果我正確理解了你的問題，那麼我們沒有看到——我的意思是，就——我們看到一些續訂的客戶，他們沒有看到進行任何更新，他們都會更新，實際上甚至升級他們的服務。

Sometimes they are taking more services from us. I would say not only the new, it's a renewal. They don't buy any appliances but they expand their services. They're taking more services, more security service, if it's Harmony E-mail or if it's more even under the network security business, not sure if you are okay.

有時他們會從我們這裡獲得更多服務。我想說的不僅是新的，而且是更新。他們不購買任何電器，但擴大服務範圍。他們正在採取更多的服務，更多的安全服務，如果是和諧電子郵件或者如果它更均勻地屬於網絡安全業務，不確定你是否還好。

So that's -- if I understood correctly your question, that that's something we see as for the pipeline, so we do see that some of the projects that are being postponed from this quarter -- we do see them push to the second half of the year, most of them to Q4.

所以，如果我正確理解你的問題，這就是我們所看到的管道問題，所以我們確實看到一些從本季度開始推遲的項目，我們確實看到它們被推遲到了下半年今年，其中大部分到第四季度。

So -- and therefore, the I mentioned that we see, I would say, positive pipeline for Q4 because it includes many of these deals that were postponed from this quarter even from Q1. So, and hopefully, they will be closed and there won't be an deferral, additional deferral into next year. But that's, that's my view here.

因此，我提到我們看到第四季度的積極進展，因為它包括許多從本季度甚至第一季度推遲的交易。因此，希望它們能夠關閉，並且不會推遲，不會再推遲到明年。但這就是我的觀點。

yes. The deals in the pipeline, are they -- if you take the average deal size, are the deal sizes getting bigger compared to what you might have expected 3 years ago or last year?

是的。正在醞釀的交易，如果你考慮平均交易規模，與你三年前或去年的預期相比，交易規模是否會更大？

We have both. I mean we have also large deals. I mean I'm talking now only -- we don't -- we see also large deal sizes. We see from all of them. I mean, we don't -- it's not really done many around Infinity, by the way. We see very large deal sizes in the opportunities with larger enterprises, all over. I mean it's not something that we don't think we see that. We just don't see -- we see less customer wants to pay upfront for more than a year, but that's more kind of on the billing side.

我們兩者都有。我的意思是我們還有大筆交易。我的意思是，我現在只是在談論——我們沒有——我們也看到了大規模的交易。我們從他們所有人身上都看到了。我的意思是，我們沒有——順便說一句，圍繞《無限》，我們並沒有真正做很多事情。我們在大型企業的機會中看到了非常大的交易規模。我的意思是，我們並非認為我們沒有看到這一點。我們只是沒有看到——我們看到越來越少的客戶願意提前支付一年以上的費用，但這更多的是在計費方面。

On the bookings side, on the pipeline, because Infinity has the flexibility and the flexibility around the billings, we do see a very large deal size in the pipeline. But it doesn't mean that you'll see it in the billing or in the revenues immediately.

在預訂方面，在管道方面，由於 Infinity 具有靈活性和賬單方面的靈活性，我們確實看到管道中的交易規模非常大。但這並不意味著您會立即在賬單或收入中看到它。

I actually see a nice win, especially in the second quarter, we saw an increase in the number of large deals, where I saw, again, it's not -- I don't want people to go out with the wrong feeling of that. But if I saw some weakness summer, it were more of midsized deals in mid-market and less than the high-end high-touch customers.

我實際上看到了一場不錯的勝利，特別是在第二季度，我們看到大筆交易數量有所增加，但我再次看到，這不是——我不希望人們帶著錯誤的感覺出去。但如果我在夏季看到一些疲軟的情況，那更多是中端市場的中型交易，而不是高端高接觸客戶。

All right. Our last call of the session is going to -- our last question of the session is going to come from Irving Lou.

好的。我們會議的最後一個電話將是——我們會議的最後一個問題將來自 Irving Lou。

It's great to see Harmony E-mail continue to do well. Are you able to parse out how many of your e-mail customers are stand-alone e-mail customers versus historical Check Point customers? And do you see a compelling opportunity to upsell the Infinity platform to some of these single solution kind of Harmony customers that came by way of the Avanan acquisition.

很高興看到 Harmony E-mail 繼續表現出色。您是否能夠分析出您的電子郵件客戶中有多少是獨立電子郵件客戶以及歷史 Check Point 客戶？您是否認為這是一個向通過收購 Avanan 獲得的單一解決方案 Harmony 客戶追加銷售 Infinity 平台的絕佳機會？

I'm not sure I got all the question, but generally speaking, in the Harmony E-mail, we have a combination of 3 parts. We have small midsized customers. We have MSSPs customers that are served by managed security providers, and we have enterprise customers that are more similar to the Check Point installed base.

我不確定我是否回答了所有問題，但一般來說，在 Harmony 電子郵件中，我們結合了 3 個部分。我們有中小型客戶。我們有由託管安全提供商提供服務的 MSSP 客戶，還有更類似於 Check Point 安裝基礎的企業客戶。

In the last year, by the way, we've doubled the Harmony E-mail installed base, which is huge. We've added a huge number of customers. I mean if you look at net additional customers to Check Point, it's a very, very big number that came from that. Again, big numbers are from the small and the MSSP, but the number of large enterprise customers that were added is also decent.

順便說一句，去年我們的 Harmony 電子郵件安裝基數增加了一倍，這是一個巨大的數字。我們增加了大量客戶。我的意思是，如果你看看 Check Point 的淨新增客戶，就會發現這是一個非常非常大的數字。同樣，大量來自小型企業和 MSSP，但添加的大型企業客戶數量也相當可觀。

The good news about that is that all these elements are kind of working. And there is more and more business that's coming not from the Harmony E-mail stand-alone sales, but coming from the Check Point field and the Check Point channels that are saying, well, that's a great solution. We love to include it for our customers. And yes, it does add to us a lot of customers that weren't Check Point customers before. But equally important customers that our Check Point customers are happy to buy that as well.

好消息是所有這些元素都在發揮作用。越來越多的業務不是來自 Harmony E-mail 獨立銷售，而是來自 Check Point 領域和 Check Point 渠道，他們說，這是一個很棒的解決方案。我們喜歡為我們的客戶提供它。是的，它確實為我們增加了很多以前不是 Check Point 客戶的客戶。但同樣重要的是，我們的 Check Point 客戶也很樂意購買。

All right, folks. Thank you for joining us today. We look forward to seeing you throughout the quarter. And here's duration for another 30 more years success. Thank you, guys. Have a great day.

好吧，伙計們。感謝您今天加入我們。我們期待在整個季度見到您。接下來是 30 多年的成功。感謝你們。祝你有美好的一天。

Thank you very much. Appreciate it. Thank you.

非常感謝。欣賞它。謝謝。

Thank you.

謝謝。