Check Point Software Technologies Ltd (CHKP) 2023 Q3 法說會逐字稿

(technical difficulty) Check Point Software 2023 Third quarter financial results video conference. I'm Kip E. Meintzer, Global Head of Investor Relations, and joining me today are Founder and CEO, Gil Shwed; and our Chief Financial Officer, Roei Golan. Before we begin, I'd like to remind everyone that the conference is being recorded and will be available for replay on our website at checkpoint.com. During the former presentation, all participants are in listen-only mode to be followed by a Q&A session.

（技術難度）Check Point Software 2023年第三季財務績效視訊會議。我是投資者關係全球主管 Kip E. Meintzer，今天加入我的還有創辦人兼執行長 Gil Shwed；以及我們的財務長 Roei Golan。在我們開始之前，我想提醒大家，會議正在錄製中，並將在我們的網站 checkpoint.com 上重播。在前一個演示過程中，所有參與者都處於僅聽模式，然後是問答環節。

During the presentation, Checkpoint representatives may make forward-looking statements within the meaning section 27A of the Securities Act of 1933 and Section 21 of the Securities and Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, to discussed in Checkpoint Software's latest filings with the Securities and Exchange Commission. Any forward-looking statements may speak only as of the date hereof, and Checkpoint software undertakes no obligation to update publicly any forward-looking statements. In our press release, which has been posted on our website, we present GAAP and non-GAAP results, along with a reconciliation of such results as well as the reasons for presentation of non-GAAP information. If you have any questions after the call, please feel free to contact Investor Relations by e-mail at kip@checkpoint.com. Now I'd like to turn the call over to Gil Shwed.

在演示過程中，Checkpoint 代表可能會做出1933 年《證券法》第27A 條和1934 年《證券交易法》第21 條含義內的前瞻性陳述。這些陳述涉及風險和不確定性，可能導致實際結果與實際結果有重大差異。前瞻性陳述中的預測。可能導致實際結果出現重大差異的因素包括但不限於 Checkpoint Software 向美國證券交易委員會提交的最新文件中討論的內容。任何前瞻性陳述僅代表截至本協議發布之日的情況，Checkpoint 軟體不承擔公開更新任何前瞻性陳述的義務。在我們網站上發布的新聞稿中，我們介紹了 GAAP 和非 GAAP 業績，以及這些業績的核對以及展示非 GAAP 資訊的原因。如果您在通話後有任何疑問，請隨時透過電子郵件聯繫投資者關係部：kip@checkpoint.com。現在我想把電話轉給 Gil Shwed。

Hi, everyone. Good morning, and glad to see all of you here. Before I turn it into Roei to go through the financial, I want to make a short statement. And I think, as you all know, Israel gone through a very terrible terror attack 3 weeks ago. And first and foremost, our heart to go to all the people that are suffering from the situation and all the people that lost their ones in this situation. And unfortunately, here in Israel and around us, there are many of them.

大家好。早安，很高興在這裡見到大家。在我將其轉入 Roei 進行財務檢查之前，我想做一個簡短的聲明。我認為，眾所周知，以色列三週前經歷了一場非常可怕的恐怖攻擊。首先，我們的心與所有遭受這種情況的人們以及所有在這種情況下失去親人的人們同在。不幸的是，在以色列和我們周圍，這樣的人有很多。

We all know people that they've suffered and we all know people that are murdered in this terror attack. Over the past 3 weeks, our employees prove that despite the (inaudible) reserve military draft to few people around 5% of our entire head count, we can continue to operate as planned and interrupted. Over the last 3 weeks, we've been able to launch products, complete acquisitions, and of course, continue and support our customers, partners excellent plan. All of that is due to the fact that we are much more accommodated to work in a hybrid manner with our operations are all around the world and mainly due to our employees and their commitment to customers and (inaudible).

我們都知道有人遭受苦難，我們都知道有人在這次恐怖攻擊中被謀殺。在過去的 3 周里，我們的員工證明，儘管（聽不清楚）預備役軍人徵兵只占我們總人數的 5% 左右，但我們仍可以繼續按計劃運營，並且不會受到干擾。在過去的三週裡，我們已經能夠推出產品、完成收購，當然還有繼續和支持我們的客戶、合作夥伴的出色計劃。這一切都是因為我們更能適應以混合方式工作，我們的業務遍布世界各地，這主要歸功於我們的員工及其對客戶的承諾（聽不清楚）。

I want to thank all our employees for their resilience and for all our customers, partners and new in the investment community because I did receive plenty of support, plenty of e-mails and calls from people that are standing behind us and are supporting us at this time. I really, really appreciate it. We want to thank you. And with that, I think we can turn to business and try to continue with business plans. Roei, the floor is yours.

我要感謝我們所有員工的韌性，感謝我們所有的客戶、合作夥伴和投資界的新人，因為我確實得到了很多支持，包括來自支持我們並支持我們的人們的大量電子郵件和電話。這次。我真的非常非常感激。我們要感謝你。有了這個，我認為我們可以轉向商業並嘗試繼續商業計劃。羅伊，地板是你的。

Thank you, Gil, and thank you for everyone for joining the call today. I'm excited to give you and begin the review of the third quarter. We had another profitable quarter with 17% growth in EPS, both double-digit growth in net income and EPS in the net income for the second quarter in a row, in the EPS for the first quarter in a row very strong results.

謝謝吉爾，也謝謝大家今天加入電話會議。我很高興向您提供並開始第三季的回顧。我們又迎來了一個獲利季度，每股盈餘成長了 17%，淨利潤和每股盈餘連續第二季度實現兩位數成長，每股盈餘連續第一季實現非常強勁的業績。

In terms of revenues, revenues reached $596 million, $9 million above the midpoint of our projection, while our EPS, as mentioned, reached $2.07 at the top end of our projection. Let's go now to the numbers. So deferred revenues grew to by 4% to $1.709 billion. Our current deferred revenues, actually, the short-term deferred revenue grew by 6% and to $1.246 billion.

就收入而言，收入達到 5.96 億美元，比我們預測的中點高出 900 萬美元，而如上所述，我們的每股收益達到我們預測的上限 2.07 美元。現在我們來看數字。因此，遞延收入成長了 4%，達到 17.09 億美元。我們目前的遞延收入，實際上，短期遞延收入成長了 6%，達到 12.46 億美元。

Our calculated billing reached $531 million, while our current calculated billings is short-term calculated billing reached $535 million. Important to note that the calculated billing includes $8 million related to the acquisition of perimeter AT1. Same as in the previous quarter, due to high interest rate environment, we saw fewer customers that are willing to pay upfront from old-tier deals which was added in shorter billing duration year-over-year. In addition, the Infinity is becoming more and more significant to our business, and the billing terms in these deals are more flexible, some of them on a monthly basis, some of them on a quarterly basis. So that also affects our duration. It is important to note that we saw many positive indicators this quarter. We saw that it's something that we are monitoring.

我們計算的帳單達到了 5.31 億美元，而我們目前計算的帳單是短期計算的帳單，達到了 5.35 億美元。值得注意的是，計算出的帳單包括與收購 Perimeter AT1 相關的 800 萬美元。與上一季相同，由於高利率環境，我們看到願意從較去年同期更短的計費期限中添加的舊層交易中預付款的客戶減少了。此外，Infinity 對我們的業務變得越來越重要，這些交易的計費條款也更加靈活，有些按月計費，有些按季度計費。所以這也會影響我們的持續時間。值得注意的是，本季我們看到了許多正面的指標。我們看到這是我們正在監控的東西。

The annualized booking actually grew year-over-year. And our RPO grew by mid-single-digit level. So I think in general, we saw a very positive indicator in Q3, and we see a positive momentum also going to Q4.

年化預訂量實際上逐年增加。我們的 RPO 實現了中個位數成長。所以我認為總的來說，我們在第三季看到了非常積極的指標，我們看到第四季也出現了積極的勢頭。

Okay. So our securities revenues grew by 15%. Actually, the highest growth that we had in 2017. This growth was driven by strong demand for our Harmony product family and mainly for Harmony email security. We keep seeing a very strong demand for the Harmony products, and that's bring this growth. On the product side, we still see delays in executing refresh projects. That's resulting in decline of product revenues by 14% year-over-year.

好的。所以我們的證券收入增加了 15%。實際上，這是我們在 2017 年實現的最高成長。這一成長是由對 Harmony 產品系列（主要是對 Harmony 電子郵件安全性）的強勁需求所推動的。我們不斷看到對 Harmony 產品的強勁需求，這帶來了這種成長。在產品方面，我們仍然看到執行更新項目的延遲。這導致產品收入年減 14%。

It is important to know that we did see strong renewal -- this strong and healthy renewal business as our customers continue to benefit from our security and support. We do see stronger pipeline for Q4 that include also refresh projects that were postponed for prior quarters. So we hope that we're going to see the positive turnaround in Q4.

重要的是要知道我們確實看到了強勁的更新——隨著我們的客戶繼續受益於我們的安全和支持，這種強大而健康的更新業務。我們確實看到第四季度的管道更加強勁，其中還包括前幾季推遲的更新項目。因此，我們希望第四季度能夠看到積極的轉變。

In terms of Infinity. So Infinity had another great quarter, continue to flow in accelerated way to the revenues with a strong double-digit growth year-over-year. In the third quarter, the revenues from Infinity exceeded the 10% of the total revenue. And we can see more and more customers adopting our platform, which entering Benita, the one umbrella of product and services.

就無窮大而言。因此，Infinity 又迎來了一個出色的季度，營收繼續加速成長，與去年同期實現強勁的兩位數成長。第三季度，Infinity的營收超過了總營收的10%。我們可以看到越來越多的客戶採用我們的平台，進入貝尼塔（Benita）這項產品和服務的統一傘。

As for the revenues by geography, so 46% of revenue came from EMEA, 43% of revenues came from the Americas, while the remaining 11% came from Asia Pacific. Now let's move to the P&L. So our gross profit increased from $507 million to $534 million, representing a gross margin of 19% compared to 88% margin last year. This is a sort of significant improvement in our supply chain this year, which had been challenging in 2022.

至於以地域劃分的收入，46%的收入來自歐洲、中東和非洲地區，43%的收入來自美洲，其餘11%來自亞太地區。現在讓我們轉向損益表。因此，我們的毛利從 5.07 億美元增加到 5.34 億美元，毛利率從去年的 88% 上升到 19%。這是我們今年供應鏈的重大改進，而供應鏈在 2022 年一直面臨挑戰。

Our operating expenses increased by 9%, and this increase is mainly as a result of our continued investment in our workforce, cloud infrastructure, marketing and travel costs. In total, the non-GAAP operating income continues to be strong at $269 million or 45% margin, same as we had last year, very strong profitability. Financial income this quarter reached $80 million as we keep investing a higher interest rate over time.

我們的營運費用增加了 9%，這一成長主要是由於我們對勞動力、雲端基礎設施、行銷和差旅成本的持續投資。總體而言，非 GAAP 營業收入持續保持強勁，達到 2.69 億美元，利潤率為 45%，與去年相同，獲利能力非常強勁。由於我們隨著時間的推移繼續以更高的利率進行投資，本季的財務收入達到了 8000 萬美元。

Our non-GAAP tax rate for this quarter was around 15%, mainly due to indexation and update in tax provision because of several tax assessments we had worldwide. Our non-GAAP net income increased to $242 million or $2.07 per diluted charging, the top end of our projection and 17% growth year-over-year.

本季我們的非公認會計原則稅率約為 15%，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稅款撥備的指數化和更新。我們的非 GAAP 淨利潤增至 2.42 億美元，即每攤薄收費 2.07 美元，這是我們預測的最高值，年增 17%。

Our GAAP net income was $205 million or $1.75 per diluted share, 19% growth year-over-year. Moving to our cash flow and cash position. So our cash balances for -- as of the end of the quarter was $3 billion. Our operating cash flow was strong at $222 million this quarter, and it includes $22 million founder rollback in connection where our acquisition that we did this quarter.

我們的 GAAP 淨利潤為 2.05 億美元，即稀釋後每股收益 1.75 美元，年增 19%。轉向我們的現金流和現金狀況。截至本季末，我們的現金餘額為 30 億美元。本季我們的營運現金流強勁，達到 2.22 億美元，其中包括與本季我們進行的收購相關的 2,200 萬美元創辦人回滾。

Excluding this effect, our cash flow grew by 2% year-over to $244 million. During the quarter, we acquired perimeter AT1 and Atmos for a total net cash amount of $477 million. We also continued our buyback program and purchased 2.5 million shares for $325 million at an average price of $131.

排除這項影響，我們的現金流年增 2%，達到 2.44 億美元。本季度，我們收購了 Perimeter AT1 和 Atmos，淨現金總額為 4.77 億美元。我們也繼續實施回購計劃，以 3.25 億美元的平均價格 131 美元購買了 250 萬股股票。

Now to summarize the financials this quarter, very strong subscription revenues with 15% growth highest growth since 2017, continued strong adoption of our Infinity platform. And while we see refresh projects that have experienced delay, we see very strong and healthy renewal business. And again, strong profitability with 17% growth in EPS. And now I'll turn the call over to Gil.

現在總結本季的財務狀況，訂閱收入成長非常強勁，成長了 15%，是自 2017 年以來的最高成長，我們的 Infinity 平台繼續被廣泛採用。雖然我們看到更新項目經歷了延遲，但我們看到更新業務非常強勁和健康。獲利能力再次強勁，每股收益成長 17%。現在我會把電話轉給吉爾。

Hi, everyone. Once again, nice to see you all. I'm pleased to be here. I'd like to shed some more light about technology and the business and what we've seen during this quarter. First, if we start with some of the highlights and the things we've already heard from Roei. I think on the financial side, we had good financial results exceeded our projections on the top end of the revenues, even beyond that, on the EPS.

大家好。再次，很高興見到大家。我很高興來到這裡。我想更多地了解技術和業務以及我們在本季度所看到的情況。首先，讓我們從一些亮點和我們已經從 Roei 那裡聽到的事情開始。我認為在財務方面，我們取得了良好的財務業績，超越了我們對收入上限的預測，甚至超越了每股盈餘的預測。

We did experience strong renewals, and we did see a lot of positive indicators of change, change that I think will mark higher growth with the economy and with all the efforts that the check when people do around the entire world. On the technology and the other activities that we've done this quarter, first, I think we've talked a lot about the acquisition of perimeter 81, new industry, more than 3,000 new customers, getting into the SaaS industry, I think the name is here several times on the slide and during -- in the next few slides, I will explain what is SaaS and why it's important and why is it such a big deal and I think a big opportunity for our business.

我們確實經歷了強勁的復興，我們確實看到了許多積極的變化指標，我認為這些變化將標誌著經濟的更高成長，以及全世界人民所做的所有努力。關於科技和我們本季所做的其他活動，首先，我認為我們已經談論了很多關於收購 Perimeter 81、新行業、超過 3000 個新客戶、進入 SaaS 行業，我認為這個名字在幻燈片上出現了好幾次，在接下來的幾張投影片中，我將解釋什麼是SaaS，為什麼它很重要，為什麼它如此重要，我認為這對我們的業務來說是一個巨大的機會。

But on top of it, we've launched several other products, especially during October, the Horizon play blocks and several others. And I think we remain very, very active. So let me start and drill down a little bit about some of the business activities that we conducted during the last quarter. So first and foremost is market expansion and our acquisitions that we've executed in the last actually 60 days.

但除此之外，我們還推出了其他幾種產品，特別是在 10 月份，Horizo​​​​n 遊戲區塊和其他幾種產品。我認為我們仍然非常非常活躍。因此，讓我開始深入了解我們在上個季度進行的一些業務活動。因此，首先也是最重要的是市場擴張以及我們在過去 60 天內執行的收購。

In the last, actually 60 days -- in the last, actually 60 days, we've acquired 3 companies making it 20 total account for Checkpoint acquisitions. In several spaces, the biggest one was -- and is a perimeter 81 for the quantum SASE. And again, I'll explain that in the second. It's a $3.4 billion market, which is very adjacent and very complementary to our customer base, and I think it's a must for us to play and be strong in that market.

在過去，實際上是 60 天——在過去，實際上是 60 天，我們收購了 3 家公司，使其成為 Checkpoint 收購總數的 20 家。在幾個空間中，最大的一個是量子 SASE 的周長 81。再次，我將在第二部分解釋這一點。這是一個價值 34 億美元的市場，與我們的客戶群非常接近且互補，我認為我們必須在這個市場上發揮作用並保持強大。

In addition to that, we've expanded our technology with a small acquisition of Atmosec, a small Israeli start-up that will let us provide better technologies for the SaaS security market, providing better technology to secure applications that are being run from the cloud.

除此之外，我們還透過小額收購Atmosec（一家以色列小型新創公司）擴展了我們的技術，這將使我們能夠為SaaS 安全市場提供更好的技術，為從雲端運行的應用程式提供更好的技術。 。

And last but not least, if you remember at the beginning of the year, we launched our Infinity Global Services, an organization that aims to complete the set of services that customer can get from Checkpoint and basically augment the capabilities that each customer has.

最後但並非最不重要的一點是，如果您還記得今年年初，我們推出了Infinity Global Services，該組織旨在完善客戶可以從Checkpoint 獲得的一系列服務，並從根本上增強每個客戶擁有的功能。

Infinity Global Services has today more than 30 different services it provides around 400 security consultant. It's a pretty big organization. And what we've done now is added to it a few additional services. The main one is actually managed firewall service. It plays very well into our installed base, and that was the acquisition of rmsource think that we've completed just 1.5 weeks ago.

Infinity Global Services 目前擁有 30 多種不同的服務，並提供約 400 名安全顧問。這是一個相當大的組織。我們現在所做的是添加一些附加服務。主要的實際上是託管防火牆服務。它對我們的安裝基礎起到了很好的作用，我們在 1.5 週前剛剛完成了對 rmsource 的收購。

So this is another addition, important addition to our market space. And again, we've done all of that in a very short period of time and continue to that even during these days. So let me jump right in and speak a little bit about the challenge of SASE. What is SASE? So SASE means Secure Access Service Edge, and that's actually a big name to the new types of connectivity that enterprises need these days. So if you're trying to understand what does that mean?

所以這是對我們市場空間的另一個補充，一個重要的補充。再說一遍，我們在很短的時間內完成了所有這些工作，並且即使在這些天裡也將繼續這樣做。因此，讓我直接談談 SASE 面臨的挑戰。什麼是 SASE？因此，SASE 意味著安全存取服務邊緣，這實際上是當今企業所需的新型連線的一個大名稱。那麼，如果您想了解這意味著什麼？

For example, if in the past, an enterprise was mainly remote users and data center or a corporate -- or few corporate offices. Today, an enterprise network is far more than that. It has SaaS application that are delivered from the cloud. It has cloud applications that are delivered from a private or public cloud. It has many, many branches talking about what we call SD-WAN branch office security and branch office traffic optimization.

例如，如果在過去，一個企業主要是遠端使用者和資料中心或一個公司——或者很少有公司辦公室。如今，企業網路遠不止於此。它具有從雲端交付的 SaaS 應用程式。它具有從私有雲或公有雲交付的雲端應用程式。它有很多很多分公司在談論我們所說的 SD-WAN 分公司安全性和分公司流量優化。

We need to secure the access of the remote users, not just when they access the data center, but also when we access the Internet, when we access the cloud application. And this don't go through the traditional enterprise gateways. So the connectivity becomes a little bit more challenging or a little bit more complicated because, obviously, each element of that as a novel layer of connectivity and a novel element of security. One approach to doing that is running a big part of it from the cloud.

我們需要保護遠端使用者的存取安全，不僅是當他們存取資料中心時，而且是當我們存取網路、存取雲端應用程式時。而且這不是透過傳統的企業網關。因此，連接性變得更具挑戰性或更複雜，因為顯然，其中的每個元素都是新的連接層和新的安全元素。實現這一目標的一種方法是從雲端運行其中的很大一部分。

And many solutions today, by the way, what they do is tunnel all the user traffic. Today, when we speak about SASE, it's mainly about taking remote user traffic and tunneling it through a cloud service that opens that communication inspect and security. We've been trying and we've been active in this space for a long time.

順便說一句，當今的許多解決方案所做的就是隧道所有用戶流量。今天，當我們談論 SASE 時，主要是獲取遠端用戶流量並透過雲端服務對其進行隧道傳輸，從而打開通訊檢查和安全性。我們一直在努力，並且在這個領域已經活躍了很長時間。

But I think now we made a very important step with the acquisition of Perimeter 81 to build the industry best, what we call a game-changing architecture or solution that addresses all the elements, not just the remote user and not just the brand as like any other vendor, but addressing all the elements of SASE connectivity in one suite, I think where we've started by launching the Quantum SASE last -- the week of actually October 8. And we will continue in building that architecture and making it the most complete SASE solutions.

但我認為現在我們透過收購Perimeter 81 邁出了非常重要的一步，以打造業界最佳，我們稱之為改變遊戲規則的架構或解決方案，解決所有元素，而不僅僅是遠端用戶，不僅僅是品牌等任何其他供應商，但在一個套件中解決 SASE 連接的所有元素，我認為我們從去年推出 Quantum SASE 開始——實際上是 10 月 8 日那一周。我們將繼續建立該架構並使其成為最完整的SASE 解決方案。

So let me describe what it is and what are the benefits. For example, if we speak about current solution, they channel all the traffic through the cloud. So on one hand, you want to get more security. On the other hand, by tunneling through the cloud, you slow it down and mainly jeopardize the privacy. All your communication that you want to keep private and secure and open it in a single entity that all the customers in the world share.

那麼讓我來描述一下它是什麼以及有什麼好處。例如，如果我們談論當前的解決方案，他們會透過雲端引導所有流量。因此，一方面，您希望獲得更多的安全性。另一方面，透過雲端進行隧道傳輸會減慢速度並主要危害隱私。您希望保持私密性和安全性的所有通信，並在全球所有客戶共享的單一實體中開放。

So basically, we're taking a huge risk to the privacy of the communication. What we do with Quantum SASE? First, we provide twice as fast interest security because we are operating in what we call the hybrid manner with on device and cloud network protection.

所以基本上，我們對通訊隱私冒著巨大的風險。我們用 Quantum SASE 做什麼？首先，我們提供兩倍的利息安全，因為我們採用設備上和雲端網路保護的混合方式進行操作。

Again, it's controlled from the cloud. But in most cases, we can -- we don't actually need to go through opening and jeopardizing the privacy, but we can do it from the user device and get a much faster and much more secure connectivity. Second is the consolidation. I described the challenge. And today, if you look at the industry, the customers they're using, if they want to get the full SASE architecture, a full connectivity architecture, we need around 4 different solutions, usually from 3-plus vendors, and in some cases, much more.

同樣，它是由雲端控制的。但在大多數情況下，我們實際上不需要經歷開放和危及隱私的過程，但我們可以從用戶設備上做到這一點，並獲得更快、更安全的連接。二是整合。我描述了這個挑戰。今天，如果你看看這個行業，他們正在使用的客戶，如果他們想要獲得完整的SASE 架構、完整的連接架構，我們需要大約4 種不同的解決方案，通常來自3 個以上的供應商，在某些情況下， 多得多。

What we want to do is create a fully mesh integrated connectivity from one vendor, 1 ability to manage it, 1 ability to deploy and get the highest level of 0 trust security that actually works. Zero trust means that we make security far more granular, far more transaction to transaction or user to application grain security, so making security at a higher level. And last but not least, is optimizing the communication when we speak about branch office communication, and that's the sector it's called SD-WAN. And SD-WAN, not just by optimizing traffic but by getting the proper level of security.

我們想要做的是從一個供應商創建一個完全網狀整合連接，1 能夠管理它，1 能夠部署並獲得實際有效的最高級別的 0 信任安全性。零信任意味著我們使安全性更加細化，使交易之間或用戶與應用程式之間的安全性更加細化，從而使安全性達到更高的水平。最後但並非最不重要的一點是，當我們談論分支機構通信時，優化通信，這就是所謂的 SD-WAN 領域。而 SD-WAN，不僅透過優化流量，還透過獲得適當的安全等級。

And I think we are going to integrate it. We've launched our SD-WAN technology at the beginning of the year, and we will make it a very important part of our entire SASE architecture as part of that solution. So overall, I think we do have a game changer with which we will be able to connect the data center gateway or quantum gateways or quantum firewalls with the branch office, with the cloud, with the end users, with the remote access and make both Internet access and data access everywhere at the highest level of security and the highest level of performance, I think we really have a game change earlier.

我認為我們將整合它。我們在今年年初推出了 SD-WAN 技術，作為解決方案的一部分，我們將使其成為整個 SASE 架構的非常重要的一部分。所以總的來說，我認為我們確實有一個遊戲規則改變者，透過它我們將能夠將資料中心網關或量子網關或量子防火牆與分支機構、雲端、最終用戶、遠端存取連接起來，並使兩者網路存取和資料存取無所不在，具有最高等級的安全性和最高等級的效能，我認為我們確實更早實現了遊戲規則的變更。

So that's about the Quantum SASE. And let me switch to that to a different technology that we launched last week. And that's the horizon play blocks. I think that Horizon playblocks can be a real game changer. Maybe I should use the game changer or maybe a breakthrough technology here that really may take security to the next level. And I think you've heard me speak even at the beginning -- since the beginning of the year about the free seats of security solutions that are comprehensive, consolidated and collaborative.

這就是 Quantum SASE。讓我轉向我們上週推出的另一項技術。這就是地平線遊戲塊。我認為 Horizo​​n 遊戲區塊可以真正改變遊戲規則。也許我應該使用遊戲規則改變者或突破性技術，這確實可以將安全性提升到一個新的水平。我想你們甚至從年初就已經聽到我談論全面、整合和協作的安全解決方案的免費席位。

And I think the element is if we get so many security technologies, and they actually don't work together, actually even worse, some of them even within the same domain, don't work together. Let me give you an example. Let's say that we spot some entity or someone that's scanning our network that is doing what's called technically port scanning to our network.

我認為關鍵在於，如果我們擁有如此多的安全技術，但它們實際上無法協同工作，實際上更糟糕的是，其中一些技術甚至在同一域內也無法協同工作。讓我舉一個例子。假設我們發現某個實體或某人正在掃描我們的網絡，這些實體或某人正在對我們的網路進行技術上所謂的連接埠掃描。

So our gateway will stop the port scan or not we stop -- they're accessing different ports. And the user will keep trying to do the port scan. And then they might even find some application that's open, and they might find the vulnerability in that application and get inside the network. We actually might even do it from a different location. With clay blocks, even within the gateway security, we can see somebody doing a port scan, let's put that entity in the penalty box, and let's not have even the chance to access even places where -- that are allowed access because maybe they are trying to exploit some vulnerability.

因此，我們的網關將停止連接埠掃描，或者我們不會停止——它們正在存取不同的連接埠。用戶將繼續嘗試進行連接埠掃描。然後他們甚至可能會發現一些開放的應用程序，他們可能會發現該應用程式中的漏洞並進入網路。實際上，我們甚至可以從不同的位置進行。使用黏土塊，即使在網關安全內，我們也可以看到有人在進行連接埠掃描，讓我們將該實體放入懲罰箱中，甚至讓我們沒有機會訪問允許訪問的地方，因為也許它們是試圖利用某些漏洞。

Now you can do it on the same gateway. You can do it in all the gateways in the company. Again, we've spotted one entity trying to get into our network. Let's not get them in. And then you can do it with multiple products, not just with the network security, but it's also doing it across products. So for example, if we are seeing suspicious activity by one of the endpoints in the company, we block access to that end point by all the gateways and by all the other security means.

現在您可以在同一個網關上執行此操作。在公司所有網關都可以進行。我們再次發現一個實體試圖進入我們的網路。我們不要讓他們進來。然後你可以使用多個產品來做到這一點，不僅僅是網路安全，而且還可以跨產品進行。例如，如果我們看到公司中某個端點的可疑活動，我們會阻止所有網關和所有其他安全手段對該端點的存取。

So that endpoint cannot compromise any other places in the network. And again, the list goes on, and that's what we call in playbooks, the story blocks that could take scenarios and turn them into automatic simple out-of-the-box playbooks that can work and can turn security to be collaborative. I believe that this is a breakthrough, other solutions today in the industry that talk about that are in a slightly different category. Super complicated requires huge investment, requires years of training and the building different scenarios and don't always address the issues.

因此該端點無法危害網路中的任何其他位置。再說一次，這樣的例子還在繼續，這就是我們所說的劇本，故事區塊可以採用場景並將它們變成自動的簡單的開箱即用的劇本，可以工作並將安全性轉變為協作性。我相信這是一個突破，當今業界談論的其他解決方案屬於稍微不同的類別。超級複雜需要巨大的投資，需要多年的培訓和建立不同的場景，並且並不總是解決問題。

What we are being able to do here is a real breakthrough in taking that idea of collaborative security of automated security and make it super simple and super effective. And you see a customer quote from one of the early customers are choosing that technology that says the level of security that I get here was previously unattainable. So I'm very proud of that technology.

我們在這裡能夠做的是真正的突破，採用自動化安全的協作安全理念，並使其變得超級簡單和超級有效。您會看到一位選擇該技術的早期客戶的客戶報價，這表明我在這裡獲得的安全等級是以前無法達到的。所以我對這項技術感到非常自豪。

That's the first step, and that's going to be included with all the Checkpoint gateways and all the checkpoint products and again, incorporate many other third-party products into that game and in the future even more. So I think it's a very, very good start to a breakthrough technology. We've talked -- again, there is many, many more technologies that we launched mainly, by the way, in the last 3 weeks. And I think Roei already described the success that we have with Infinity and Infinity becoming not just an important part of our strategy, but bigger part of our business.

這是第一步，它將包含在所有 Checkpoint 網關和所有 Checkpoint 產品中，並將許多其他第三方產品納入該遊戲中，並且在未來甚至更多。所以我認為這是突破性技術的一個非常非常好的開始。順便說一句，我們再次討論過，我們主要在過去三週內推出了很多很多技術。我認為 Roei 已經描述了我們在 Infinity 方面所取得的成功，而 Infinity 不僅成為我們策略的重要組成部分，而且成為我們業務的重要組成部分。

And you can see here a few examples of wins with Infinity. One is in Asia, financial and insurance services company, full Infinity architecture with Quantum, CloudGuard, Harmony, Single Management solution and facilitated all the security consolidation. Another one is Woodward and aerospace manufacturing in the Americas.

您可以在這裡看到一些 Infinity 獲勝的例子。一家是亞洲的金融和保險服務公司，完整的 Infinity 架構採用 Quantum、CloudGuard、Harmony、單一管理解決方案，並促進了所有安全整合。另一個是伍德沃德和美洲的航空航太製造。

Again, we are using here both the SASE, which is very nice to see the deployment with our quantum gateways. They get the scalability, they like the ease of deployment that were really, really differentiators because that's a very important part when you do security in the large scale and they are utilizing our Infinity Global Services for optimizing the security policy and delivering better security.

同樣，我們在這裡使用 SASE，很高興看到我們的量子網關的部署。他們獲得了可擴展性，他們喜歡部署的簡便性，這確實是與眾不同的因素，因為當您進行大規模安全時，這是一個非常重要的部分，他們正在利用我們的Infinity 全球服務來優化安全性策略並提供更好的安全性。

And last one in these examples. And again, you can imagine that we have many, many examples of different customer wins and customer scenarios that we sorted out. To get to this list is a very important customer for us, the U.S. DLA, the Defense Logistics Agency, that's kind of the procurement army of the U.S. Department of Defense, Americas federal government using both the Quantum and our CloudGuard Gateway and cloud and like the flexibility and the ability to deploy more and more technology with the Infinity agreement that have Wave sign.

這些例子中的最後一個。同樣，您可以想像我們有很多很多不同客戶贏得和我們整理的客戶場景的例子。進入這個名單的是我們的一個非常重要的客戶，美國國防後勤局，國防後勤局，這是美國國防部的採購部隊，美國聯邦政府使用量子和我們的 CloudGuard 網關和雲等通過Wave 簽署的Infinity 協議，可以靈活地部署越來越多的技術。

So these are a few important and interesting wins. There's many, many more. Another avenue of the business is the technology leadership and how it's being recognized by analysts. You can see here, and I won't go through the list, some of the awards and some of the mentions that we got in different analysts mentioned Frost & Sullivan, GigaOm, Forrester, Gartner and several more, but I didn't include here versus, I think, about more than 10.

所以這些是一些重要且有趣的勝利。還有很多很多。該業務的另一個途徑是技術領先地位以及分析師對它的認可程度。你可以在這裡看到，我不會詳細列出這個列表，我們在不同的分析師中提到的一些獎項和一些提及提到了Frost & Sullivan、GigaOm、Forrester、Gartner 等，但我沒有包括在內我認為，這裡大約有 10 多個。

Just here on this slide, most of them, 7 or 8 are just from the last quarter shows the leadership on that. Again, I don't remember even how many years in the Gartner Magic Quadrant for network firewalls. I think the -- but everything we are stepping more and more even in new areas like the Horizon for the security consolidation, the harmony for the user security for the CloudGuard, we're making more and more progress and winning more and more wins into the leader quadrant or the center of the circle that we have or the leadership of the wave in terms of the leadership of our technology.

就在這張投影片上，其中大多數（7 或 8 個）來自上個季度，顯示了這方面的領導。同樣，我也不記得網路防火牆在 Gartner 魔力像限中待了多少年了。我認為，但我們正在越來越多地邁進，甚至在安全整合的地平線、CloudGuard 的用戶安全和諧等新領域，我們正在取得越來越多的進展，並贏得越來越多的勝利我們擁有的領導者象限或圓的中心，或就我們技術的領先地位而言，浪潮的領導地位。

I think it's something we should be very proud that we should all understand but we're able to lead in many different markets and especially consolidate them. Last but not least, here, we were also recognized by a few publications, the Forbes 2023 World Best Employers, very proud to be here in the fourth year in a row, seems to be the leading company in our industry. Thank you for our employees for choosing us and for voting for us. These are, by the way, both to service that are unaided. We don't know how we are being managed. We don't contribute to them.

我認為我們應該感到非常自豪，我們都應該理解，但我們能夠在許多不同的市場中處於領先地位，特別是鞏固它們。最後但並非最不重要的一點是，在這裡，我們也獲得了一些出版物的認可，《富比士》2023 年世界最佳雇主，我們非常自豪能夠連續第四年入選這裡，似乎是我們行業中的領先公司。感謝我們的員工選擇我們並為我們投票。順便說一下，這些都是在無人幫助的情況下進行的。我們不知道我們是如何被管理的。我們不為他們做出貢獻。

So this is independent studies. And the second one, for the first time, we were surprised to see us on not the Newsweek world's most trustworthy companies again, leading in the industry, so customers and partners and many people trust the Check Point brand, and I think that's a very, very important thing, especially when you speak about brand, it's important for cybersecurity.

所以這是獨立研究。第二個，我們第一次很驚訝地看到我們不再是《新聞周刊》全球最值得信賴的公司，在行業中處於領先地位，因此客戶、合作夥伴以及許多人都信任Check Point 品牌，我認為這是一個非常好的結果。 ，非常重要的事情，尤其是當你談論品牌時，這對於網路安全很重要。

So this is just a complete kind of a spectrum of technology and innovation, users and wins, analysts that recognize that and our employees in general public that recognized the potential and the leadership of the Check Point brand. So to summarize my part, I think we had a pretty good quarter, very good financial results, strong profitability with 17% EPS growth, 15% growth in subscription, highest growth since 2017. I think we have game-changing innovation, free acquisition, the Quantum as Horizon playblocks for collaborative security.

因此，這只是一系列完整的技術和創新、用戶和勝利、認識到這一點的分析師以及認識到 Check Point 品牌的潛力和領導力的普通員工。總結我的部分，我認為我們有一個相當不錯的季度，非常好的財務業績，強勁的盈利能力，每股收益增長17%，訂閱量增長15%，是2017 年以來的最高增長。我認為我們擁有改變遊戲規則的創新、免費收購，Quantum 作為 Horizo​​n 的協作安全塊。

And I think like Roei mentioned, we are seeing a lot of signs for positive change. If you remember last November, we started with -- I think what we've seen is a major slowdown in our industry. I think it continued throughout the first and second quarter. And I think now in the third quarter, I'm seeing some good signs of turnaround.

我認為就像 Roei 提到的那樣，我們看到了很多積極變化的跡象。如果您還記得去年 11 月，我們一開始——我認為我們看到的是我們行業的嚴重放緩。我認為這種情況貫穿第一季和第二季。我認為現在在第三季度，我看到了一些好轉的跡象。

I think part of it is the economy and the industry and part of it is the action of our people in checkpoint especially our people in the field that are working very hard. And I think we're starting to see that, and I'm very, very positive about the signs for the future that we'll get out of that.

我認為部分原因是經濟和工業，部分原因是我們在檢查站的人們的行動，特別是我們在該領域非常努力工作的人們的行動。我認為我們已經開始看到這一點，而且我對未來我們將擺脫這種情況的跡象非常非常樂觀。

So before I open the call for question and answer, maybe it's the right time to speak about our projections for the fourth quarter. So in general, our projections, I'm actually first very positive. I think Roei shared the positive signs that we've seen, we see more positive signs in our internal indicators and what you can see on the external numbers. We have decent and healthy pipeline production by our field -- so with that, I think we can move to that.

因此，在我開始問答之前，也許是時候談談我們對第四季的預測了。所以總的來說，我們的預測，我實際上首先非常積極。我認為 Roei 分享了我們所看到的積極跡象，我們在內部指標以及外部數據中看到了更多積極跡象。我們的油田擁有體面且健康的管道生產——因此，我認為我們可以朝這個方向邁進。

I think in terms of revenue, we expect revenue to be in the range of $636 million to $686 million. It's a wide range because I think there's a lot of possibilities. Our field actually is even more positive and more optimistic than I do. I know -- you know my regular caveat, that projecting in the future is very challenging. There is a very high level of uncertainty and results can be better or worse.

我認為就收入而言，我們預計收入將在 6.36 億美元至 6.86 億美元之間。範圍很廣，因為我認為有很多可能性。我們這個領域其實比我更積極、更樂觀。我知道——你知道我經常警告你，預測未來是非常具有挑戰性的。不確定性非常高，結果可能更好也可能更糟。

So I think there are some good signs that it can be better. On the EPS side, I think we are expecting very healthy EPS between $2.35 to $2.55. GAAP EPS is expected to be approximately $0.32 less. And I think -- provided in the beginning of the year. So the next slide will show you how it plays into the ranges that we get in the beginning of the year.

所以我認為有一些好的跡象表明它可以變得更好。在每股收益方面，我認為我們預計每股收益非常健康，在 2.35 美元至 2.55 美元之間。 GAAP 每股盈餘預計將減少約 0.32 美元。我認為——是在今年年初提供的。因此，下一張投影片將向您展示它如何影響我們在年初獲得的範圍。

In the beginning, our regional range for revenues was between $2.34 billion to $2.51 billion in revenues. You can see with the fourth quarter now, the range is narrowed. I mean we have 3 quarters behind us already. And I think you see it's right in the middle. So I'm actually -- it's pretty good to see that, especially as we had the year that wasn't easy the first 2 or 3 quarters.

一開始，我們的區域收入範圍在 23.4 億美元到 25.1 億美元之間。現在你可以看到第四季度，範圍縮小了。我的意思是我們已經落後三個季度了。我想你看到它就在中間。所以我實際上 - 很高興看到這一點，特別是我們這一年的前兩三個季度並不輕鬆。

Non-GAAP EPS is we are actually even revising the range here and taking the range up. So if the original rate was $7.70 to $8.30, the new range already starts at $8.20 and goes up all the way to $8.40. So this is already expected to be at the top end and maybe even over the original range that we provided. I think these are very good projection. I think they show a lot of, I think, positivity on our side.

非公認會計準則每股收益實際上我們甚至正在修改此處的範圍並提高範圍。因此，如果原始匯率為 7.70 美元至 8.30 美元，則新價格範圍已從 8.20 美元開始，並一路上漲至 8.40 美元。因此，預計這將達到上限，甚至可能超過我們提供的原始範圍。我認為這些都是非常好的投影。我認為他們對我們表現出了很多積極的態度。

We're a little bit cautious on the revenue side, which I think is always a good thing to do. So overall, I think that we had very good results. I think we're having decent projections, and I would be very happy to hear your questions and comments about our business. Thank you very much, and let's open the call to your questions.

我們在收入方面有點謹慎，我認為這總是一件好事。總的來說，我認為我們取得了非常好的結果。我認為我們有不錯的預測，我很高興聽到您對我們業務的問題和評論。非常感謝您，讓我們開始回答您的問題。

(Operator Instructions) Today, we're going to start off with Gabriela Borges from Goldman Sachs, followed by Adam Borg of Stifel.

（操作員說明）今天，我們將從高盛的 Gabriela Borges 開始，然後是 Stifel 的 Adam Borg。

And our thoughts with you and all of the checkpoint employees on the ground in Israel. I wanted to ask a little bit about your 2024 planning assumptions as you think through what next year could look like. Maybe, Gil, share with us some of the positive indicators that you mentioned in your prepared remarks that are leading you to perhaps think through -- help us think through what the implications are from the positive indicators through to billings growth? In other words, when do you think we'll see a more material inflection in billings growth?

以及我們對您和以色列地面所有檢查站員工的思念。當您思考明年會是什麼樣子時，我想問您對 2024 年規劃的假設。也許，吉爾，請與我們分享您在準備好的發言中提到的一些積極指標，這些指標可能會引導您思考——幫助我們思考從積極指標到比林斯增長的影響是什麼？換句話說，您認為我們什麼時候會看到比林斯成長更實質的改變？

So I think first, thank you for that, and it's too early. We still don't have the 2024 projections. We are just starting to work on the 2024 plans, but we always we have some thoughts about that. And I would say there are 3 factors that contribute to that. One is the technology and the new areas that we are in, and so on. Second is our customer engagement and the level of activity that we have in the field.

所以我想首先謝謝你，但現在還為時過早。我們仍然沒有 2024 年的預測。我們剛開始製定 2024 年計劃，但我們總是對此有一些想法。我想說有三個因素促成了這一點。一是我們所處的技術和新領域等等。其次是我們的客戶參與度和我們在該領域的活動水平。

And the third one is the market itself, which is a little bit beyond our control. So from the end of -- in this year, we really -- we did -- we feel did an amazing job in increasing the engagement that we do with customers. We pretty much double our engagement rates with our customers both with existing customers and even more so with the prospects. And there's still plenty that we can do. We still can reach many more prospects for example.

第三個是市場本身，有點超出我們的控制範圍。因此，從今年年底開始，我們確實 - 我們確實 - 我們覺得在增加與客戶的互動方面做得非常出色。我們與現有客戶以及潛在客戶的互動率幾乎​​翻了一番。我們還有很多事情可以做。例如，我們仍然可以接觸到更多的潛在客戶。

And we still can do more in the qualitative side of the engagement, but we've made a real revolution, and I think there's plenty of credit that our people on the ground in the different countries in the field have done this year. So now all of these things when you engage with the customer, but you haven't met for a long time, when you start the conversation, it takes between, I would say, depends on the situation, I would say, between 6 to even 18 months until it takes fruitful.

我們仍然可以在參與的品質方面做更多的事情，但我們已經做出了一場真正的革命，我認為今年我們在不同國家的實地人員在該領域做出了很多貢獻。所以現在，當你與客戶接觸時，所有這些事情，但是你已經很長時間沒有見面了，當你開始對話時，我會說，這取決於情況，我會說，在6 到6 到6 之間。甚至18個月，直到結出果實。

And the reason I'm saying that because usually the field will say, I'm already engaged with the customers that have a current opportunity. getting me to meet with somebody new. It's usually the one that's not knocking on our door and doesn't have the current opportunity. So these are a little bit longer-term customers. I think that we will see the results from there.

我之所以這麼說，是因為業內人士通常會說，我已經與擁有當前機會的客戶進行了接觸。讓我結識新朋友。通常是那些不會來敲我們的門並且目前沒有機會的人。所以這些都是長期客戶。我想我們會從那裡看到結果。

And I think we've seen a big revolution in this engagement in the second and third quarter. So that means that we can be optimistic about some of these engagement turn into deals and pipeline in next year. We already see the correlation. The more meetings, the more engagement with customers, the bigger the pipeline with that customer. It's a very direct correlation. So I think that's one sign and that's about our activity.

我認為我們在第二季和第三季看到了這種互動的巨大革命。因此，這意味著我們可以對其中一些參與在明年轉化為交易和管道持樂觀態度。我們已經看到了相關性。會議越多，與客戶的互動越多，與該客戶的管道就越大。這是非常直接的相關性。所以我認為這是一個跡象，這與我們的活動有關。

Second, in technology, we have much more, and we've seen that some of our new technologies are sticking and are working well. I think we will see a lot of demand for SaaS solution. It's a healthy market with high growth. So I expect -- again, we're just in the first few weeks in that market.

其次，在技術方面，我們有更多的技術，我們已經看到我們的一些新技術正在堅持並且運作良好。我認為我們將會看到對 SaaS 解決方案的大量需求。這是一個健康且快速成長的市場。所以我再次預計，我們剛剛進入該市場的最初幾週。

So I don't have indicators that are too strong, but I'm very optimistic on the -- for example, on the e-mail side of things that we've got into like 2 years ago, I think, 1.5 years ago. We already see a very healthy, not just pipeline we see very good results and very high growth. So I hope that we will repeat that success with the SASE industry.

因此，我沒有太強的指標，但我對 - 例如，在我們 2 年前，我認為是 1.5 年前所涉足的電子郵件方面非常樂觀。我們已經看到了一個非常健康的，不僅僅是管道，我們看到了非常好的結果和非常高的成長。因此，我希望我們能夠在 SASE 行業複製這一成功。

Same thing with our overall vision of overall architecture, which I think is the most important, and that's the Infinity umbrella. And I think with Infinity, we're seeing very nice growth. And again, it of course, ties to are we engaging with high enough people in the organization? Are we -- do they buy into our vision? The answer is yes.

我們對整體架構的整體願景也是如此，我認為這是最重要的，那就是 Infinity 傘。我認為透過《Infinity》，我們看到了非常好的成長。再說一次，這當然與我們是否與組織中足夠高層的人交往有關？我們──他們認同我們的願景嗎？答案是肯定的。

The more qualitative engagement we have with the customer, the more likely they are to choose us as an architectural solution with the Infinity architecture. So if I'm talking about these 2, I think that we have a good pipeline of technologies, a lot of innovation and turnaround in the engagement that we have.

我們與客戶的互動越多，他們就越有可能選擇我們作為 Infinity 架構的架構解決方案。因此，如果我談論這兩個，我認為我們擁有良好的技術管道、大量創新和參與方面的周轉。

The third element, which is the market itself and especially our large market for firewall gateways. The market is went all the way to the bottom, I think, in the second quarter, which was the bottom and in the third quarter, started showing signs of improvement. If that improvement is changing and if we combine it with the other 2, we have reasons to be optimistic.

第三個要素，是市場本身，特別是我們防火牆閘道的大市場。我認為，市場已一路觸底，在第二季觸底，在第三季開始顯示出改善的跡象。如果這種改進正在發生變化，並且我們將其與其他兩個結合起來，我們就有理由保持樂觀。

If customers are going to keep tight on refreshing. And by the way, the fact that we don't refresh is, I mean we wanted to refresh our installed base and buy more, but that means that we stick to us and tailor solution, and they just pay the renewal fee, doesn't generate enough growth. But in general, the rates that we have of renewal are very high, and we have a good renewal business.

如果顧客想要保持新鮮感。順便說一句，我們不更新的事實是，我的意思是我們想更新我們的安裝基礎併購買更多，但這意味著我們堅持我們並定制解決方案，而他們只支付續訂費，並不'產生足夠的成長。但總的來說，我們的續約率非常高，而且我們的續約業務也很好。

So that means that customers like our products, and they keep working for them. So if that will change, that will be a big change. And I hope, and this is a little bit beyond our control. It's a long answer, but I think we've covered...

這意味著客戶喜歡我們的產品，並且他們會繼續為他們工作。因此，如果這種情況發生改變，那將是一個很大的改變。我希望，這有點超出我們的控制範圍。這是一個很長的答案，但我想我們已經涵蓋了...

All right. Next up, we have Adam Borg from Stifel, followed by Brad Zelnick of Deutsche Bank.

好的。接下來是來自 Stifel 的 Adam Borg，然後是德意志銀行的 Brad Zelnick。

Awesome. Maybe just for Gil on Permit 81. Obviously, great to see your entry deeper into SASE with it. I was hoping you could talk a little bit more about kind of the near-term integration priorities from a sales and marketing and R&D perspective? And how we should think about the CapEx impact as you look to build that pop, I'm assuming over time.

驚人的。也許只是針對許可證 81 上的 Gil。顯然，很高興看到您通過它更深入地進入 SASE。希望您能從銷售、行銷和研發的角度多談談近期整合的優先事項？我假設隨著時間的推移，當你希望建立這種流行趨勢時，我們應該如何考慮資本支出的影響。

I think in terms of the integration, we built a checkpoint model that we call rockets that we kind of let these businesses on one hand, keep their little bit of their independence, their vision, their integration of activities. On the other hand, work with the checkpoint, both R&D and sales and marketing organization to drive things more forward and move fast and integrated.

我認為在整合方面，我們建立了一個檢查點模型，我們稱之為火箭，我們一方面讓這些企業保持一點獨立性、願景和活動整合。另一方面，與檢查點、研發、銷售和行銷組織合作，推動事情進一步向前發展，並快速、一體化地發展。

I think Quantum SASE is going to be very tightly integrated to Check Point because it's a network solution. And in many cases, it's integrated with our gateways and integrated with our project and sales force. So it's not necessarily different buyers within the organization. It's similar buyers. I think that's the synergy, and that's extremely positive.

我認為 Quantum SASE 將與 Check Point 緊密整合，因為它是一個網路解決方案。在許多情況下，它與我們的網關集成，並與我們的專案和銷售團隊整合。因此，不一定是組織內不同的買家。都是類似的買家。我認為這就是協同作用，而且非常積極。

We already see a high level of interest in the field, people are super positive and super optimistic about that. And it will take us some time to build all the bridges, but we are working very hard. I mean, the only -- there is kind of 2 caveats. On one hand, we want to create one product. We integrate all the checkpoint security technologies into the perimeter 81 offering, connect the perimeter 81 management with checkpoint.

我們已經看到人們對該領域的高度興趣，人們對此非常積極和樂觀。建造所有橋樑需要一些時間，但我們正在努力工作。我的意思是，唯一的——有兩個警告。一方面，我們想創造一種產品。我們將所有檢查點安全技術整合到 Perimeter 81 產品中，將 Perimeter 81 管理與檢查點連接起來。

So we have a very strong road map of what we want to develop. On the other hand, it's been growing very nicely on its own and we don't want to disrupt that. So -- and I think, by the way, with the Harmony e-mail that's been a similar acquisition, we built the right bridges. For the first 6 months, kind of most of the growth was driven by their pipeline.

因此，我們對我們想要開發的內容有一個非常強大的路線圖。另一方面，它自身的發展非常好，我們不想破壞它。因此，我認為，順便說一下，透過類似的收購 Harmony 電子郵件，我們建立了正確的橋樑。前 6 個月，大部分的成長是由其管道推動的。

6 months later, we are already reporting that huge part of our pipeline is already driven and brought to them by the checkpoint salespeople and by the checkpoint channels. So I hope we will see here even a faster transition because unlike e-mail, this is even more central to our technology. And in terms of CapEx, I don't know if we have any...

6 個月後，我們已經報告說，我們的管道的很大一部分已經由檢查站銷售人員和檢查站管道驅動並帶給他們。因此，我希望我們能在這裡看到更快的轉變，因為與電子郵件不同，這對我們的技術來說更為核心。就資本支出而言，我不知道我們是否有...

No, in terms of CapEx, no toppings. I mean we expect to invest in CapEx related to pyramid AT1 few millions dollars on something. It's not significant in terms of...

不，就資本支出而言，沒有任何配料。我的意思是，我們期望在與金字塔 AT1 相關的資本支出上投資數百萬美元。就...而言，這並不重要。

All right. Next up is Brad Zelnick from Deutsche Bank, followed by Tal Liani of BofA.

好的。接下來是德意志銀行的布拉德·澤爾尼克（Brad Zelnick），其次是美國銀行的塔爾·利亞尼（Tal Liani）。

Great. Gil, I don't recall checkpoint having a significant U.S. federal business, but we saw the DLA deal that you highlighted, which I think was a $6 million deal, which is a really great win. Can you remind us, is there a broader opportunity that you're going after in U.S. federal? And is this also maybe a reason why we don't necessarily see all of the success that you're having in billings because we all know that the U.S. federal customer doesn't necessarily pay multiyears in advance?

偉大的。吉爾，我不記得 Checkpoint 擁有重要的美國聯邦業務，但我們看到了您強調的 DLA 交易，我認為這是一筆 600 萬美元的交易，這是一次非常偉大的勝利。您能否提醒我們，您在美國聯邦部門是否正在尋求更廣泛的機會？這是否也是我們不一定能看到您在帳單方面取得所有成功的原因，因為我們都知道美國聯邦客戶不一定會提前多年付款？

And I don't know if it has veteran answer about the billing and so on. I think the opportunity on the U.S. federal government is huge. Even though the U.S. federal government is a very, very is kind of -- it's a tough customer, especially for foreign companies. And foreign not just Israel, it's even Canadian company. very hard to penetrate where if you are not in America.

我不知道是否有關於計費等問題的資深答案。我認為美國聯邦政府的機會是巨大的。儘管美國聯邦政府是一個非常非常嚴格的客戶，尤其是對外國公司而言。而且外國公司不只是以色列，甚至還有加拿大公司。如果你不在美國，就很難滲透到哪裡。

And I think the fact that we have a good success there. Hopefully, it's a good sign moving forward. The opportunity is huge. I mean the opportunity in the federal market was untapped. We are making good progress on other government business in the U.S., especially the local government and again, the opportunity there. It's also very big. And I think we still have plenty of potential. And we are doing a lot of different things.

我認為我們在那裡取得了巨大的成功。希望這是一個前進的好兆頭。機會是巨大的。我的意思是聯邦市場的機會尚未開發。我們在美國的其他政府業務上取得了良好進展，特別是地方政府，以及那裡的機會。它也很大。我認為我們仍然有很大的潛力。我們正在做很多不同的事情。

The good news, again, we have many industries and many sectors that are still again, we are active in all of them. We have presence in all of them, but we are -- but in some cases, like U.S. Federal, we're too small. And Roei, does it have much effect on the...

好消息是，我們有許多行業和部門仍然活躍，我們在所有這些領域都很活躍。我們在所有這些國家都有業務，但在某些情況下，例如美國聯邦，我們的規模太小了。還有羅伊，對……有多大影響嗎？

On the federal side, it doesn't -- I mean, it doesn't have any effect on billing. I would had about the billings because I would assume that I will get questions on that. So again, on the bidding side, the timing and the duration really affect the billing. I can give you as an example is something that wasn't in -- I didn't mention it in the script. But for example, we have the large mega deal that was expected to be closed this quarter and was due to certain administrative delays was closed 2 days after.

在聯邦方面，它不會——我的意思是，它對計費沒有任何影響。我會問有關帳單的問題，因為我假設我會收到有關帳單的問題。因此，在投標方面，時間和持續時間確實會影響計費。我可以給你舉個例子，這是劇本中沒有的東西——我沒有在劇本中提到它。但例如，我們有一項大型交易預計將於本季度完成，但由於某些行政延誤而在兩天後完成。

And that's something like that affect the billing. It's a timing of billing. It's a classic timing of billing that these kind of things, effective being, I understand that you are covering the billing and it's important probably important metric for you to understand the business. But we can say that, again, we saw this quarter -- I mean positive indicators, as I mentioned, the booking went up year-over-year.

這會影響計費。這是一個計費時間。這是一個經典的計費時機，這些事情，有效的存在，我知道您正在覆蓋計費，這對您了解業務來說可能是重要的重要指標。但我們可以再次強調，我們在本季度看到了積極的指標，正如我所提到的，預訂量同比增長。

We see a very positive indicator for the pipeline for Q4. Again, we need to be cautious. It's still only pipeline and not it's converted yet to business, but we see many positive indicators it had.

我們看到第四季的管道指標非常積極。再次強調，我們需要保持謹慎。它仍然只是管道，尚未轉化為業務，但我們看到它有許多積極的指標。

All right. Next up is Tal Liani of BofA, followed by Joseph Gallo of Jefferies.

好的。接下來是美國銀行的塔爾·利亞尼 (Tal Liani)，其次是傑富瑞 (Jefferies) 的約瑟夫·加洛 (Joseph Gallo)。

Two questions. at the end of the day, you're only growing 3%. And we talked about it like last year, you talked about Infinity and you talked about the year before about other products, but it's very evident that it's hard for the company to translate technology superiority into higher growth versus competition.

兩個問題。到最後，你只成長了 3%。我們像去年一樣談論它，你談論了Infinity，你談論了前一年的其他產品，但很明顯，該公司很難將技術優勢轉化為相對於競爭的更高成長。

And the question is, what other parts do you need to invest in go-to-market, marketing, whatever it is? What other parts do you need to go to? And what are the challenges that you have in order to translate your technology into better growth rate? The second question is kind of related, not related subscription, very nice growth, 15%. What are the trends in the non-subscription? It's down about 4%. So what is their substitution? Or what are the other trends that we see in non-subscription?

問題是，您還需要在上市、行銷等方面進行哪些其他方面的投資？還需要去哪些地方？為了將您的技術轉化為更好的成長率，您面臨哪些挑戰？第二個問題是相關的，不相關的訂閱，非常好的成長，15%。非訂閱的趨勢是什麼？下降了約4%。那麼他們的替代品是什麼呢？或者我們在非訂閱方面看到的其他趨勢是什麼？

So first, you're absolutely right. We need to do better. We should do better. I by the way, believe that we were on the same big market trajectory that we've been a year ago. I think our results today would have been double-digit growth. I think we've faced a double-digit decline in the core market of buying new gateways, delaying -- what we call delaying in refresh and in a nice way, and I think we've shown it in our slide.

所以首先，你是絕對正確的。我們需要做得更好。我們應該做得更好。順便說一句，我相信我們正處於與一年前相同的大市場軌跡上。我認為我們今天的業績將會達到兩位數的成長。我認為我們在購買新網關的核心市場上面臨兩位數的下降，延遲——我們稱之為延遲刷新，並且以一種很好的方式，我認為我們已經在幻燈片中展示了這一點。

And despite that, we've seen growth. And the growth comes from both from customers sticking with us and doing the renewal, both from the fact that we've been able to transition a big part of the business from product purchase to subscription. And also from some of the -- some of it comes from the Infinity deal, with our multi-architecture, both user, cloud and other elements of the security elements.

儘管如此，我們還是看到了成長。成長來自於客戶對我們的堅持和更新，也來自於我們已經能夠將大部分業務從產品購買轉變為訂閱。還有一些來自 Infinity 協議，以及我們的多重架構，包括使用者、雲端和安全元素的其他元素。

And some of it comes from the new technology like e-mail and a few others that are gaining traction. But relatively still small but are gaining traction. So that's how we offset that. Again, if you just looked at it on a neutral basis of just selling at gateways, it wouldn't be -- it wouldn't even been 3%. Now again, I'm not happy with that percent.

其中一些來自電子郵件等新技術以及其他一些正在受到關注的技術。但規模相對較小，但正在獲得關注。這就是我們抵消這一點的方法。再說一次，如果你只是在網關銷售的中立基礎上看待它，它就不會——甚至不會是 3%。現在，我再次對這個百分比不滿意。

I think we should a much, much higher -- I think this year, my focus internally was on customer -- meet with their customers and prospect. I think I already mentioned that we have the great progress there, doubling the rate, which is not reveal and much more activity by the field. Next step, by the way, is twofold.

我認為我們應該更高層次——我認為今年，我內部的重點是客戶——與他們的客戶和潛在客戶會面。我想我已經提到過，我們在那裡取得了巨大的進展，速度翻了一番，這還沒有透露，而且該領域的活動也更多。順便說一句，下一步是雙重的。

One is to elevate the level of quality, making sure that we reach the right people that we go broader in the organization and so on. And second, I think you've seen the translation of that. Again, you'd engage with a customer, it doesn't always come -- we all sure, we'll give you the next order and say, well, if we had the project, we would come to you.

一是提高品質水平，確保我們接觸到合適的人，並在組織中擴大範圍等等。其次，我想你已經看過它的翻譯了。再說一次，你會與客戶接觸，它並不總是會來——我們都確信，我們會給你下一個訂單，並說，好吧，如果我們有這個項目，我們會來找你。

But what we'd like to have happen is once this project comes and I would say every enterprise will have a project within a year, then we will have a very much higher chance of winning that project because they are there because we know that we are present. Unfortunately, and again, I would admit our shortcomings. That's the feedback I get from when I meet with CIOs and CICOs, they all tell me, we know Check Point the leader. Check Point is a very good brand for us. We knew Check Point many years ago when we started our career and we love your store.

但我們希望發生的是，一旦這個項目到來，我想說每個企業都會在一年內有一個項目，那麼我們將有更高的機會贏得該項目，因為他們在那裡，因為我們知道我們存在。不幸的是，我再次承認我們的缺點。這是我與 CIO 和 CICO 會面時所得到的回饋，他們都告訴我，我們知道 Check Point 是領導者。 Check Point 對我們來說是一個非常好的品牌。很多年前，當我們開始職業生涯時，我們認識了 Check Point，我們非常喜歡你們的商店。

That's the main thing that they tell me, we love what you're -- what the architecture and the vision, that's the positive side, the negative side the same and how come we didn't hear for you for so many years. And that's what I want to fix because if we say all these good things that we have good technology, good brand recognition that we have a good story today then what we need to fix is making sure that they know it.

這是他們告訴我的最重要的事情，我們喜歡你的架構和願景，這是積極的一面，消極的一面也一樣，為什麼這麼多年我們沒有聽到你的消息。這就是我想要解決的問題，因為如果我們說所有這些好的事情，我們擁有良好的技術，良好的品牌認知度，我們今天有一個好故事，那麼我們需要解決的就是確保他們知道這一點。

And we know it because we need to be in front of it. And I think, by the way, as I said, we have the people, we have the bandwidth. We just need to execute on that, and I think we're making progress there. And I truly hope that it will bear fruit.

我們知道這一點，因為我們需要走在它前面。我認為，順便說一句，正如我所說，我們有人才，我們有頻寬。我們只需要執行這一點，我認為我們正在這方面取得進展。我真誠地希望它能夠結出碩果。

All right. Next up is Joseph Gallo from Jefferies, followed by Saket Kalia from Barclays.

好的。接下來是傑富瑞 (Jefferies) 的約瑟夫·加洛 (Joseph Gallo)，然後是巴克萊 (Barclays) 的薩凱特·卡利亞 (Saket Kalia)。

Congrats on another over of double-digit EPS growth. You've talked a ton about top line drivers and product drivers as we think about 2024. How should we think about leverage in the face of these investments and the M&A integration? And then what, if any, impact does FX have as we look out over the next 12 months?

恭喜每股收益再次實現兩位數成長。當我們思考 2024 年時，您已經談論了很多關於營收驅動因素和產品驅動因素的問題。面對這些投資和併購整合，我們應該如何考慮槓桿？那麼，當我們展望未來 12 個月時，外匯會產生什麼影響（如果有的話）？

Roei, will you start?

羅伊，你要開始嗎？

On the FX side. So I would say that in the next 12 months, of course, we're going to benefit probably from the shekel. I remind you that we usually hedge our currencies between 3 to 4 quarters ahead. So some of it already hedged for next year, but some of it will be hedged in the second half or they will be hedged in the next quarter or 2. So there will be a benefit next year from the FX.

在外匯方面。所以我想說，在接下來的 12 個月裡，我們當然可能會從謝克爾中受益。我提醒您，我們通常會在未來 3 到 4 個季度之間對沖我們的貨幣。因此，其中一些已經在明年進行了對沖，但其中一些將在下半年進行對沖，或者將在下一個季度或第二個季度進行對沖。因此，明年將從外匯中受益。

Again, it's still early to say to quantify that, but there will be a benefit. As for this quarter, we also -- again, because this quarter was already hedged a year ago or 3 quarters ago so we -- so the benefit was less than the FX content that you see today, which is approximately around -- we benefit around 1 point -- I would say between $5 million to $6 million of FX benefit this year compared to last year.

同樣，現在說量化還為時過早，但會有好處。至於本季度，我們也——同樣，因為這個季度已經在一年前或三個季度前進行了對沖，所以我們——所以收益小於您今天看到的外匯內容，大約是——我們受益大約1個百分點——我想說，與去年相比，今年的外匯收益在500 萬至600 萬美元之間。

What was the second part of the question?

問題的第二部分是什麼？

Just -- you talked a lot about drivers and trying to drive growth higher. But how should we think about the leverage your investment needed to drive that or the M&A integration costs?

只是——您談論了很多關於驅動因素並試圖推動更高成長的問題。但我們應該如何考慮推動這一目標所需的投資槓桿或併購整合成本？

So I think we need investment and we keep investing, but we also need to see more leverage from the investments we already made. We have today many, many people that work in driving new technologies. And again, we need to see more results of that we've been building. And I think I'd like to see us seeing the fruit of all these efforts. Again, we are going to keep investing, but I think the main thing for me is seeing the investments that we already make bear fruit, and then we can invest more in the areas that have been working with.

所以我認為我們需要投資並且我們會繼續投資，但我們也需要從我們已經進行的投資中看到更多的槓桿作用。今天，我們有很多很多人致力於推動新科技。再說一遍，我們需要看到我們一直在建立的更多成果。我想我希望看到我們看到所有這些努力的成果。再說一遍，我們將繼續投資，但我認為對我來說最重要的是看到我們已經進行的投資取得成果，然後我們可以在一直在合作的領域進行更多投資。

All right. Next up is Saket Kalia from Barclays followed by Hamza Fodderwala from Morgan Stanley.

好的。接下來是巴克萊銀行的 Saket Kalia，其次是摩根士丹利的 Hamza Fodderwala。

Okay. Great. Roei, maybe for you. Maybe just broader. Can we talk about the M&A impact here on the model, both in terms of annualized revenue and just annualized margin impact as we start to incorporate these deals into our model for next year, and maybe just a quick clarification. I think you said that there was a large deal that signed 2 days after the end of the quarter. I mean, can you give us a sense for kind of what billings would have been had that deal had closed on time?

好的。偉大的。羅伊，也許適合你。也許只是更廣泛。當我們開始將這些交易納入明年的模型時，我們能否談談併購對模型的影響，包括年化收入和年化利潤率影響，也許只是快速澄清一下。我想你說過有一筆大交易是在季度結束後兩天簽署的。我的意思是，您能否讓我們了解一下，如果該交易按時完成，帳單會是多少？

Okay. So for your first question on the M&A. So I think we mentioned when we announced on perimeter 81, we mentioned the proximate AR so that's something that when we acquired and that was the annual recurring revenue that Perimeter had. The other acquisition doesn't have any significant effect. I mean I'm talking about the Atmosec one, which didn't have any significant revenue, then -- and the one that we just recently announced, I think, in the beginning in the middle of October, also will have a few millions of dollar effect, not significant effect on our total revenues.

好的。關於你關於併購的第一個問題。所以我想我們在宣布 Perimeter 81 時提到過，我們提到了近似 AR，所以這是我們收購時的內容，這就是 Perimeter 的年度經常性收入。其他收購並無任何重大影響。我的意思是，我說的是 Atmosec，它沒有任何可觀的收入，那麼，我們最近剛剛宣布的那個，我想，在 10 月初，也將有幾百萬美元美元效應，對我們的總收入影響不大。

So that's on the -- from the top line. And again, in terms of perimeter, I mentioned that the -- it's a start of the pet. I mean right now, it's losing money. I mean, hopefully, again, in the long term, I mean, the aim is to be profitable. They're going to be possible. But again, in the next -- I would say that for the -- in the short term, it will be dilutive to our margins. So that's how you should think about it. What was your -- the second one that you had on the...

這是從最上面一行開始的。就週長而言，我再次提到——這是寵物的開始。我的意思是，現在它正在賠錢。我的意思是，希望再次，從長遠來看，我的意思是，目標是獲利。他們將成為可能。但同樣，在接下來的時間裡——我想說的是——在短期內，這將稀釋我們的利潤。所以這就是你應該如何思考的。你的──你在……上的第二個是什麼？

Yes, Yes, the large deal that closed 2 days after that impacted billings.

是的，是的，兩天後完成的大筆交易影響了帳單。

So the last year is approximately 2 points, approximately 2 points on our billings (inaudible).

所以去年大約是 2 個點，我們的帳單上大約有 2 個點（聽不清楚）。

All right. Next up is Hamza Fodderwala from Morgan Stanley, followed by Patrick Colville from Scotiabank.

好的。接下來是摩根士丹利的哈姆扎·福德瓦拉（Hamza Fodderwala），其次是豐業銀行的帕特里克·科爾維爾（Patrick Colville）。

I'd also like to offer my support to you and all your families. I'm sorry. We couldn't be there in person this year as well. So I wanted to ask a question about sort of the product refresh. And I think this was hit on earlier, but maybe in a different way, I think if we look at your historical product cadence, it suggests there's, I think, new hardware coming out possibly early next year.

我還想向您和您的所有家人提供支持。對不起。今年我們也無法親自到場。所以我想問一個有關產品更新的問題。我認為這是早些時候提出的，但也許以不同的方式，我認為如果我們看看你們歷史上的產品節奏，我認為，這表明新硬體可能會在明年初問世。

What is your -- what are you seeing in terms of demand and sort of interest around that? And to what extent are customers sweating their assets in anticipation of new appliances that may be coming up on?

您的需求和對此的興趣是什麼？客戶在多大程度上為了期待可能出現的新設備而付出了巨大的努力？

It's a good question. I wish I knew the answer. I think we are -- again, we are getting very good indicators about the price performance and about our products. Like every time, we are always looking to refresh and renew. But I don't know if there is a built-in expectation in the market or not.

這是一個好問題。我希望我知道答案。我認為我們再次獲得了有關性價比和產品的非常好的指標。就像每一次一樣，我們總是在尋求更新和更新。但我不知道市場是否有內在的預期。

And I don't know if we can speak about the timing of new solution. By the way, last week, we did announce a small new appliance but we didn't mention it here, but actually for ruggedized environment for a mission-critical application and so on. It's a small market, small submarket, but we have a very good offering. So we did come out with a new one already last week.

我不知道我們是否可以談論新解決方案的時機。順便說一句，上週，我們確實宣布了一款小型新設備，但我們在這裡沒有提及，但實際上是用於關鍵任務應用程式等的加固環境。這是一個小市場、小子市場，但我們提供非常好的產品。所以我們上週確實推出了一款新產品。

Our next question is from Patrick Colville from Scotiabank, followed by Joshua Tilton from Wolf Research.

我們的下一個問題來自豐業銀行的帕特里克·科爾維爾，隨後是來自沃爾夫研究公司的約書亞·蒂爾頓。

Echoing the other analysts, our thoughts are with you and your family. I just want to ask a clarification question and then it's a proper question. The clarification is, did you say that you thought 2Q was the bottom in terms of product demand and 3Q, you saw signs of improvement. And then I guess the other question I wanted to ask is why Perimeter 81 because in our field work their traction was kind of really strong in the SMB space and maybe lower mid-market, but not really the enterprise and Checkpoint as a business has had excellent success in the enterprise. So why that asset?

與其他分析師一樣，我們與您和您的家人同在。我只是想問一個澄清問題，然後這是一個正確的問題。澄清一下，您是否說過您認為第二季是產品需求的底部，第三季您看到了改善的跡象。然後我想我想問的另一個問題是為什麼Perimeter 81 因為在我們的現場工作中，它們在中小型企業領域甚至中低端市場的吸引力非常強大，但實際上企業和Checkpoint 作為一個企業卻沒有如此強大的吸引力。在企業中取得了巨大的成功。那為什麼要使用該資產呢？

Okay. So first, you are correct about what we said about the market and Q2 being the bottom in Q3 seeing some turnaround and improvement in demand for firewall gateways so that's correct. About why Perimeter 81, not only because the traction that we have but because of the technology. I think they have a differentiated technology, very hybrid model of doing some work in the cloud and some work at the client side.

好的。首先，您對我們關於市場的看法是正確的，第二季是第三季的底部，防火牆閘道的需求出現了一些轉變和改善，所以這是正確的。為什麼選擇 Perimeter 81，不僅因為我們擁有的吸引力，還因為科技。我認為他們擁有差異化的技術，非常混合的模型，在雲端完成一些工作，在客戶端完成一些工作。

I think it's a very good one in terms of the -- the right architecture. I believe in that. And what we also found that in many cases -- and I again, we looked at many companies in the SaaS space. I can tell you that in the past, we've almost completed 2 acquisitions in that space and somehow during the due diligence, we decided to take off.

我認為就正確的架構而言，這是一個非常好的架構。我相信這一點。我們也發現，在許多情況下，我再次研究了 SaaS 領域的許多公司。我可以告訴你，過去，我們幾乎在該領域完成了兩次收購，在盡職調查期間，我們決定起飛。

And the main reason that we've seen some companies that have nice numbers and so on, but the main challenge that we had with them that some of them didn't have an offering that's simple, but straightforward to set up -- and that's is being a solution. Again, if you look at all the startups, many of them, almost all of lose plenty of money.

主要原因是我們看到一些公司擁有不錯的數字等等，但我們與他們面臨的主要挑戰是他們中的一些公司沒有提供簡單但易於設置的產品 - 這就是正在成為一個解決方案。再說一次，如果你看看所有的新創公司，你會發現其中很多，幾乎所有都損失了大量資金。

Now the question if you can really make one. And if you can make money is because it can scale because you can take that and to sell it to more customers without enclosing the every customer win means huge efforts, huge installations, very slow to deploy, then you can scale it and getting it to the Check Point installed base, getting it to 100,000 customer installed base means that the solution has to be simple, straightforward and scalable.

現在的問題是你是否真的可以製作一個。如果你能賺錢，是因為它可以擴展，因為你可以把它賣給更多的客戶，而不是把每個客戶的勝利都包含在內，這意味著巨大的努力、巨大的安裝、部署速度非常慢，那麼你可以擴展它並讓它達到Check Point 安裝基礎達到 100,000 個客戶安裝基礎意味著解決方案必須簡單、直接且可擴展。

And by the way, that in many cases, when you take SMB technologies that have to be like that because otherwise, you can support them and you can't install them. And the -- and I think we have a very, very good by the way experience with the acquisition of the e-mail security that we have. We also took an SMB product and our largest installation are kind of in the 100,000 seats.

順便說一句，在很多情況下，當您採用 SMB 技術時，必須是這樣的，否則，您可以支援它們，但無法安裝它們。順便說一句，我認為我們在收購電子郵件安全方面擁有非常非常好的經驗。我們也採用了 SMB 產品，我們最大的安裝量大約有 100,000 個座位。

So we took a solution from 200 seats, and we are now making very nice progress in up. So again, we've checked that on the due diligence. We know what's our limitations. We know what we need to scale and so on, but we believe it's doable.

所以我們從 200 個席位中找到了一個解決方案，現在我們在 up 方面取得了非常好的進展。我們再次對此進行了盡職調查。我們知道我們的限制是什麼。我們知道我們需要擴展什麼等等，但我們相信這是可行的。

Joshua Tilton's our next, followed by Fatima Boolani as our last question of the day.

約書亞·蒂爾頓是我們的下一個問題，法蒂瑪·布爾尼是我們今天的最後一個問題。

I just want to sneak 2 quick ones in. My first is just what is your guys' current expectation around a 4Q budget flush? And do you feel like you need to see one in order to kind of hit out the numbers that you laid out for us? And then my second question is, do you guys view the Perimeter 81 acquisition as a way to kind of fill a hole that's sort of been left behind by weaker firewall appliances? Or do your customers kind of still view SASE as an incremental purchase to firewalls with the expectation being that just firewall demand will come back at some point?

我只是想快速介紹兩個。我的第一個問題是你們目前對第四季預算充裕的期望是什麼？您是否覺得您需要看到一個才能實現您為我們列出的數字？我的第二個問題是，你們是否認為收購 Perimeter 81 是為了填補較弱的防火牆設備留下的漏洞？或者您的客戶仍然將 SASE 視為對防火牆的增量購買，並期望防火牆需求會在某個時候恢復？

So let's start. First, I do hope to see budget flush in the fourth quarter. It usually happened, I think the only year that it didn't happen in my experience was last year. And when you look at our growth model, it doesn't assume high growth, huge growth in products in Q4. So we kind of don't assume that there will be a big budget flush.

那麼就讓我們開始吧。首先，我確實希望看到第四季的預算充足。它通常會發生，我認為在我的經歷中唯一沒有發生的一年是去年。當你查看我們的成長模型時，它並沒有假設第四季度產品會出現高成長、巨大成長。因此，我們並不認為會有大量預算充裕。

If there will be a huge one that we didn't anticipate. I think it will all be an upside for us. But again, every year, except 2022, I believe in my career, we've seen a budget flush in the end of the year. Last year was the exception. Second part was about the Perimeter AT1.

如果會有一個我們沒有預料到的巨大的。我認為這對我們來說都是有利的。但再說一次，除了 2022 年，我相信我的職業生涯每年都會在年底看到預算充裕。去年是例外。第二部分是關於 Perimeter AT1。

I don't think it still a big hole that we didn't have because we weren't active in that space. I don't think that in the enterprise space, we're like 90-some percent of our sales are people are going to shift to turnover traffic through the cloud. We will keep their data centers, they will do that, but there's plenty of opportunity.

我不認為這仍然是我們沒有的大漏洞，因為我們在這個領域並不活躍。我不認為在企業領域，我們 90% 的銷售額是人們透過雲端轉移到營業額的流量。我們將保留他們的資料中心，他們也會這麼做，但還有很多機會。

When we see a change when fees can happen is on the branch side, branches are important part, and there's -- when you take a company with 300 branches or 20,000 branches, then an architecture like what we have with SASE can work very well. I think incorporating branch offices, but some will have our appliances with SD-WAN and some will have pure SASE, is also a good architecture for a network I think in terms of remote user access, it's a good solution.

當我們看到分支機構方面發生費用變化時，分支機構是重要的一部分，當您擁有一家擁有300 個分支機構或20,000 個分支機構的公司時，那麼像我們使用SASE 的架構就可以很好地工作。我認為合併分支機構，但有些將擁有具有SD-WAN 的設備，有些將擁有純SASE，這也是一個很好的網路架構，我認為就遠端用戶存取而言，這是一個很好的解決方案。

So I think most of it augments what we do. They are directly in our industry. I can paint it as a different industry. it's not a different one. It's connectivity. I think 80%, 90% of that is not a replacement for our products, but it's an addition, maybe 10% or 20% was an overlap between some products, but most of it is not an overlap from a dollar standpoint..

所以我認為其中大部分都增強了我們所做的事情。他們直接屬於我們的行業。我可以把它描繪成一個不同的行業。這不是另一回事。這是連通性。我認為其中80%、90%不是我們產品的替代品，而是一種補充，也許10%或20%是某些產品之間的重疊，但從美元的角度來看，大部分都不是重疊。

All right. And last up, welcome back Ms. Fatima Boolani.

好的。最後，歡迎法蒂瑪·布爾尼女士回來。

And Gil and to your entire team just sending my thoughts in Syria, difficult tumultuous time. I wanted to ask a Roei a question regarding the security subscription segment. So the 15% acceleration we saw this quarter, I wanted to get your thoughts on where that potentially could trend up towards over the next couple of quarters? And if you can help us with some very specific pieces on -- are you seeing very strong expansion activity into other product pillars are you finding that really making a more meaningful impact in driving the acceleration there? So any thoughts around where that 15% could go in the next quarter in the near term and in the medium term? And some of the key components that are going to drive that acceleration.

吉爾和你的整個團隊剛剛向敘利亞表達了我的想法，那是一段艱難而動盪的時期。我想向 Roei 詢問有關證券訂閱領域的問題。因此，本季我們看到了 15% 的加速，我想聽聽您對未來幾季可能趨勢的看法？如果您可以幫助我們解決一些非常具體的問題——您是否看到其他產品支柱的非常強勁的擴張活動，您是否發現這確實對推動那裡的加速產生了更有意義的影響？那麼對於下個季度的短期和中期這 15% 的去向有什麼想法嗎？以及一些將推動這一加速的關鍵組件。

So first of all, again, we hope we will see the -- I mean, acceleration of this growth. I mean, I remind you that we also bought Perimeter AT1, that hopefully will also help us with accelerating this growth and the subscription because the revenues from the quantum SASE will be part of this line. I mean, will be included in this line item.

因此，首先，我們再次希望我們能夠看到——我的意思是，這種成長的加速。我的意思是，我提醒您，我們也購買了 Perimeter AT1，希望這也能幫助我們加速成長和訂閱，因為來自量子 SASE 的收入將成為該產品線的一部分。我的意思是，將包含在該行項目中。

In terms of well from a the growth is, so I would say, again, in the, hopefully, it would be higher than the 15% that we see. But again, it all depends on the execution. On where we see today, I mean the drive for the 50% growth, it's mainly coming.

就成長而言，我想再說一次，希望它會高於我們看到的 15%。但同樣，這一切都取決於執行。就我們今天看到的情況而言，我指的是 50% 成長的驅動力，它主要即將到來。

I mean it's coming, first of all, from the EMS security. It's becoming more and more significant for our business. is growing in a strong double-digit growth, very strong double-digit growth, and it's -- we don't disclose the numbers, but becoming more and more significant to the subscription revenues.

我的意思是，它首先來自 EMS 安全部門。它對我們的業務變得越來越重要。正在以強勁的兩位數成長，非常強勁的兩位數成長，我們沒有透露具體數字，但對訂閱收入來說變得越來越重要。

And also, it's driven by expansion, mainly around -- under the Infinity platform that customers are expanding, getting more services from us. So all this stuff together with the growth in the CloudGuard, it also grew double digit in revenues. This quarter, all of these came -- brought us to this 15% growth and co would be even higher in the next few quarters, but it's still too early to see.

而且，它是由擴張驅動的，主要是在 Infinity 平台下，客戶正在擴張，從我們這裡獲得更多服務。所有這些加上 CloudGuard 的成長，它的收入也成長了兩位數。本季度，所有這些都實現了 - 使我們實現了 15% 的增長，並且在接下來的幾個季度中 co 會更高，但現在判斷還為時過早。

All right. And with that, we'll conclude for the day. Thank you, guys, for joining us, and we look forward to speaking with you after the call and throughout the quarter.

好的。至此，我們今天就結束了。謝謝大家加入我們，我們期待在電話會議後以及整個季度與您交談。

Thank you very much. Appreciate that.

非常感謝。感謝。

Thank you.

謝謝。