Check Point Software Technologies Ltd (CHKP) 2023 Q4 法說會逐字稿

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Fourth Quarter and Full Year Financial Results Video Conference. I'm Kip Meintzer Global Head of Investor Relations. And joining me today are Founder and CEO, Gil Shwed; and our Chief Financial Officer, Roei Golan.

第四季和全年財務業績視訊會議。我是投資者關係全球主管 Kip 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。

Before we begin, I'd like to remind everyone that this conference is being recorded and will be available for replay on our website at checkpoint.com. (Operator Instructions)

在開始之前，我想提醒大家，本次會議正在錄製中，並將在我們的網站 checkpoint.com 上重播。 （操作員說明）

During the presentation, Check Point's representatives may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E 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 those discussed in Check Point Software's latest filings with the Securities and Exchange Commission.

在演示過程中，Check Point 的代表可能會做出1933 年《證券法》第27A 條和1934 年《證券交易法》第21E 條含義內的前瞻性陳述。這些陳述涉及可能導致實際結果與實際結果不同的風險和不確定性。與前瞻性陳述中預測的內容有重大差異。可能導致實際結果有重大差異的因素包括但不限於 Check Point Software 向美國證券交易委員會提交的最新文件中討論的因素。

Any forward-looking statements made speak only as of the date hereof, and Check Point 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 our 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.

任何前瞻性陳述僅代表截至本協議發布之日的情況，Check Point Software 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，以及這些業績的調節表以及我們介紹非 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。

Now I'd like to turn the call over to Gil Shwed.

現在我想把電話轉給 Gil Shwed。

Hi, everyone, and I'm pleased to see you all. I want to start with this picture, and then I'll turn it into the financial results. But I've started my journey in Check Point exactly 31 years ago, just before we started the company in February of 1993. And since then, it's been an amazing journey and amazing growth, which is not over. And I just want to -- I think you've all read the announcement today that I intend to transition my role into an Executive Chairman, which means that I'm going to -- I want to be super involved in Check Point, super involved in the future of Check Point and shift a lot of my attention from the day-to-day management of the company into shaping the future of the cybersecurity market and Check Point, in particular.

大家好，很高興見到你們。我想從這張圖片開始，然後將其轉化為財務結果。但我在 Check Point 的旅程正好在 31 年前開始，就在我們於 1993 年 2 月創辦公司之前。從那時起，這是一段奇妙的旅程和驚人的成長，而且還沒有結束。我只是想 - 我想你們都讀過今天的公告，我打算將我的角色轉變為執行主席，這意味著我將 - 我想超級參與 Check Point，超級我參與了Check Point 的未來，並將我的大量注意力從公司的日常管理轉移到塑造網路安全市場，特別是Check Point 的未來。

I think I've gone a long way. I didn't start quite that, but I started when I was 24 years old. I've grown a lot with Check Point. I think I changed my -- I've learned a lot. I've changed my management style, and I think I'm ready for that next step, which is to moving to an Executive Chairman role. So I want to thank you all for your support.

我想我已經走了很長一段路。我並沒有開始這麼做，但我在 24 歲的時候就開始了。我在 Check Point 的幫助下成長了很多。我想我改變了——我學到了很多。我已經改變了我的管理風格，我想我已經為下一步做好了準備，那就是擔任執行主席。所以我要感謝大家的支持。

It's on -- we are not doing anything today. We're actually starting the journey. And I think starting tomorrow, we will start a more thorough succession planning process. We will start the search for replacement for my current role as CEO, which will take anything from -- again, maybe lucky and it will be very short, but to find the right person, to find the right woman or man that can be the Check Point CEO, can take -- usually would take anything from 6 months to 2 years.

一切都開始了——我們今天什麼都不做。我們實際上正在開始旅程。我認為從明天開始，我們將開始更徹底的繼任計畫流程。我們將開始尋找替代者來替代我目前擔任執行長的職位，這將需要任何東西——再次，也許幸運，而且時間會很短，但要找到合適的人，找到合適的女人或男人可以成為我們的執行長。Check Point 執行長可以 — 通常需要 6 個月到 2 年的時間。

We are all in Check Point super-energetic about 2024. I'll talk more about that in the slides later, and about what's going on. And I'm very excited to start the year and also start the journey into finding a replacement and -- in the future, and I hope it will be in the near future to step into the Executive Chairman role.

2024 年，我們都在 Check Point 充滿活力。稍後我將在幻燈片中詳細討論這一點以及正在發生的事情。我很高興能夠開始新的一年，並開始尋找替代者的旅程，並且在未來，我希望在不久的將來能夠擔任執行主席一職。

So with that, I think I'm ready to move the torch to Roei that will take us through the numbers, and then I'll talk more about the vision, the business trends that we've seen this quarter -- this year.

因此，我想我已經準備好將火炬傳遞給 Roei，它將帶領我們了解這些數字，然後我將更多地談論我們本季度（今年）看到的願景和業務趨勢。

Thank you, Gil, and thank you, everyone, for joining the call today.

謝謝吉爾，也謝謝大家今天加入電話會議。

So I'm excited to be with you today and begin the review of the fourth quarter for 2023. We had a strong quarter, with operating income of $309 million, representing a growth of 7% year-over-year, with a very strong operating margin of 47% -- non-GAAP operating margin of 47%. Our revenues reached $664 million, a $3 million above the midpoint of our projection, while our non-GAAP EPS was $2.57, $0.02 above the top end of our projection.

因此，我很高興今天能和大家一起開始回顧 2023 年第四季度。我們度過了一個強勁的季度，營業收入為 3.09 億美元，同比增長 7%，表現非常強勁。營業利潤率為47%— —非GAAP 營業利益率為47%。我們的收入達到 6.64 億美元，比我們預測的中點高出 300 萬美元，而我們的非 GAAP 每股收益為 2.57 美元，比我們預測的上限高出 0.02 美元。

As for the full year, our revenues -- as portfolio of 2023, our revenues reached $2.450 billion, representing a growth of 4% year-over-year, while our EPS reached $8.42, a 14% growth year-over-year. Actually it's the highest quarter to have an EPS since 2011.

就全年而言，我們的營收－作為2023年的投資組合，我們的營收達到24.5億美元，年增4%，而我們的每股盈餘達到8.42美元，年增14%。事實上，這是自 2011 年以來每股收益最高的季度。

Moving to the revenues and other and deferred revenues and billings. So, as I have indicated our revenues grew by 4%. Our deferred revenues reached $1.908 billion, representing an increase of 2% year-over-year, while our short-term deferred revenues reached $1.440 million, a growth of 4% year-over-year.

轉向收入和其他及遞延收入和帳單。因此，正如我所指出的，我們的收入成長了 4%。遞延收入達19.08億美元，較去年成長2%；短期遞延收入達144萬美元，較去年同期成長4%。

Our calculated billing reached $862 million, while our current calculated billings reached $831 million. And same as I mentioned in prior quarter, actually since, I think, the beginning of 2023, due to our interest rate environment, we saw also in this quarter a few customers that are willing to pay upfront for multiyear deals, which was already in shorter billing duration.

我們計算的帳單達到 8.62 億美元，而目前計算的帳單達到 8.31 億美元。正如我在上一季提到的那樣，實際上，我認為自 2023 年初以來，由於我們的利率環境，我們在本季度也看到一些客戶願意為多年期交易預付款，而這些交易已經在計費持續時間較短。

Also in Infinity deals, our billing terms are more flexible. We have much more Infinity -- the Infinity becoming more and more significant in our business, and the billing terms are much more flexible there. So some of the annualized bookings that we'll show you in the next 2 slides are not [billed] yet, and it's -- but they are included in our backlog.

此外，在 Infinity 優惠中，我們的計費條款更具彈性。我們擁有更多的 Infinity——Infinity 在我們的業務中變得越來越重要，而且計費條款也更加靈活。因此，我們將在接下來的兩張幻燈片中向您展示的一些年度預訂尚未[計費]，但它們已包含在我們的積壓訂單中。

The remaining performance obligation, which actually is also our backlog is approximately -- it's approximately $2 billion, $250 million -- $49 million, representing a growth of 5% year-over-year. So our revenue growth was driven mainly by subscription revenue. We see consistent strong subscription revenues growth of 15% this quarter to $266 million. This call is mainly driven by strong performance, a strong demand for our Infinity platform, our Infinity consolidated platform and [Harmony] Email. We continue to see strong momentum for both of them, and that's going -- that's what we see here, the 15% growth in the last quarter.

剩餘的履約義務，實際上也是我們的積壓訂單，約 20 億美元、2.5 億美元、4,900 萬美元，年增 5%。因此，我們的營收成長主要是由訂閱收入推動的。我們預計本季訂閱營收將持續強勁成長 15%，達到 2.66 億美元。這次電話會議主要是由於強勁的業績以及對我們的 Infinity 平台、Infinity 整合平台和 [Harmony] 電子郵件的強勁需求所推動的。我們繼續看到他們兩家公司的強勁勢頭，而且這就是我們在這裡看到的，上個季度成長了 15%。

Moving into the -- something that I want to show you this quarter, we did see a real positive turnaround this quarter. I think what we've seen is something -- it's telematic that we are following, but this is the new business annualized bookings that we've seen in this quarter. You'd see double-digit new business growth. Across all geo, by the way, it's not only specific geo. We did see double-digit new business growth in all geos.

進入本季我想向您展示的內容，我們確實在本季度看到了真正的積極轉變。我認為我們所看到的是——我們正在關注遠端資訊處理，但這是我們在本季度看到的新業務年度預訂量。您將看到兩位數的新業務成長。順便說一句，跨越所有地理區域，不僅僅是特定地理區域。我們確實在所有地區看到了兩位數的新業務成長。

We do see the turnaround -- the real turnaround that we started to see in Q3. We mentioned it in Q4. In Q3, it was still approximately flat. But in Q4, we did see a really positive turnaround with double-digit growth. And as I mentioned, we expect it to be translated into billings and revenues in the next few quarters.

我們確實看到了轉變——我們在第三季開始看到的真正轉變。我們在第四季提到過。第三季仍基本持平。但在第四季度，我們確實看到了真正積極的轉變，實現了兩位數的成長。正如我所提到的，我們預計它將在未來幾個季度轉化為帳單和收入。

As indicated, we continue to see strong adoption for our Infinity platform. Infinity consolidated platform continue to flow in an accelerated way to our revenues, with a strong double-digit growth year-over-year. In this quarter, the revenue on Infinity will keep exceeding the 10% of the total revenues, and we can see more customers -- also new customers, adopting our platform, which enhancing their needs under one umbrella of product and services.

如前所述，我們的 Infinity 平台繼續廣泛採用。 Infinity 整合平台持續加速為我們帶來收入，較去年同期實現強勁的兩位數成長。在本季度，Infinity 的收入將繼續超過總收入的 10%，我們可以看到更多的客戶——還有新客戶，採用我們的平台，這在產品和服務的統一下增強了他們的需求。

As for the revenues by geography, we saw strong demand in America. We see 42% of the total revenues came in America. It represented double-digit growth in revenues in America, mainly driven by Infinity's strong demand for Infinity there and [Harmony Email] business. 48% of the revenues came from EMEA, and the remaining 10% came from Asia Pacific.

至於按地區劃分的收入，我們看到美國的需求強勁。我們看到 42% 的總收入來自美國。它在美國的收入實現了兩位數的成長，這主要是由 Infinity 在那裡對 Infinity 和 [Harmony Email] 業務的強勁需求推動的。 48% 的收入來自歐洲、中東和非洲地區，其餘 10% 來自亞太地區。

Important to say, as I mentioned in the previous slides, that also the new business bookings -- annualized booking in these geos went up double digits. So I think it's a very good momentum, positive momentum that we've seen in Q4.

重要的是，正如我在先前的幻燈片中提到的，這些地區的新商務預訂量——年化預訂量也增加了兩位數。所以我認為這是我們在第四季看到的一個非常好的勢頭、積極的勢頭。

And now let's move to the P&L this quarter. Our gross profit increased to $591 million, representing a gross margin of 89% compared to 88% last year. Our operating expenses increased by 4%. The increase was mainly as a result of our continuing investment in our workforce, our recent acquisition and also investment in cloud infrastructure and marketing. Non-GAAP operating income continues to be strong at $309 million, a 7% growth year-over-year and represented a 47% operating margin compared to 45% operating margin last year.

現在讓我們來看看本季的損益表。我們的毛利增加至 5.91 億美元，毛利率為 89%，去年為 88%。我們的營運費用增加了 4%。這一成長主要是由於我們對員工隊伍的持續投資、最近的收購以及對雲端基礎設施和行銷的投資。非 GAAP 營業收入持續保持強勁，達到 3.09 億美元，年增 7%，營業利潤率為 47%，而去年營業利潤率為 45%。

To explain, the improvement in operating margin is a result of 1.5 points better gross margin that we can see here. Another 1.5 points benefit from FX, $200, mainly around -- against the share (inaudible), which offset by approximately 2% headwind related to our recent acquisition. So that's explained, the improvement that we see here in the operating margin this quarter.

解釋一下，營業利潤率的提高是由於我們在這裡看到的毛利率提高了 1.5 個百分點。另外 1.5 個點受益於外匯，200 美元，主要圍繞 - 相對於股票（聽不清楚），這抵消了與我們最近收購相關的約 2% 的阻力。這就是我們在本季看到的營業利潤率改善的原因。

As for the financial income, we -- our financial income this quarter reached $18 million as we keep investing in higher interest rates over time. Our non-GAAP tax rate for this quarter was around 9% due to (inaudible) tax provision and deferred taxes. We do see that the tax expenses in this quarter were significantly higher than last year, but it's mainly because of tax accounting in the end.

至於財務收入，我們本季的財務收入達到了 1800 萬美元，因為我們隨著時間的推移繼續投資於更高的利率。由於（聽不清楚）稅務撥備和遞延稅款，我們本季的非公認會計準則稅率約為 9%。我們確實看到這個季度的稅務支出明顯高於去年，但這主要是因為最終的稅務會計。

And you're going to see it in the next few slides that the effective tax rate for the full year is similar in 2023 compared to 2022. As for the GAAP, net (inaudible) the non-GAAP net income, it was $298 million or $2.57 per diluted share, posing the top end of our projection by $0.02 and represented 5% growth year-over-year. Our GAAP net income was $249 million or $2.15 per diluted share, 2% decrease year-over-year, and it's mainly due to higher amortization related to our recent acquisition of mainly of Perimeter 81.

您將在接下來的幾張投影片中看到，2023 年全年的有效稅率與 2022 年相似。至於 GAAP，淨（聽不清楚）非 GAAP 淨利潤為 2.98 億美元或稀釋後每股2.57 美元，比我們預測的上限高0.02 美元，年增5%。我們的 GAAP 淨利潤為 2.49 億美元，即稀釋後每股收益 2.15 美元，年減 2%，這主要是由於我們最近主要收購 Perimeter 81 相關的攤銷費用增加。

Moving to our cash flow and cash position. So our cash balances as of the end of the year was $3 billion, same level as we had in Q3. Our operating cash flow was strong at $236 million this quarter, representing a growth of 3% year-over-year. We also continued our buyback program and purchased 2.2 million shares or $313 million at an average price of $142 per share.

轉向我們的現金流和現金狀況。因此，截至年底我們的現金餘額為 30 億美元，與第三季的水平相同。本季我們的營運現金流強勁，達到 2.36 億美元，年增 3%。我們也繼續實施回購計劃，以每股 142 美元的平均價格購買了 220 萬股股票（約 3.13 億美元）。

Now let's review the 2023 annual performance. So our revenues, as mentioned before, grew by 4% to $2,415 million. Our gross profit increased from -- increased to $2,154 million, representing a gross margin of 89%. This is a result of significant improvement during the year in the supply chain environment, which is much better than what we've seen last year in 2022.

現在讓我們回顧一下2023年的業績。因此，如前所述，我們的營收成長了 4%，達到 24.15 億美元。我們的毛利從 -- 增加至 21.54 億美元，毛利率為 89%。這是今年供應鏈環境顯著改善的結果，比我們去年2022年看到的情況好得多。

Our operating expenses increased by 7% to $1,075 million. The increase was mainly as a result of our continued investment in our workforce, cloud infrastructure, marketing, travel costs and of course, the recent acquisition that we have -- that we completed in September and October this year. Our non-GAAP operating income continued to be strong at $1,079 million, a 45% operating margin similar to what we've seen in 2022.

我們的營運費用增加了 7%，達到 10.75 億美元。這一成長主要是由於我們對勞動力、雲端基礎設施、行銷、差旅成本的持續投資，當然還有我們最近在今年 9 月和 10 月完成的收購。我們的非 GAAP 營業收入持續保持強勁，達到 10.79 億美元，營業利潤率為 45%，與 2022 年的情況類似。

Looking into next year and our operating margin, we need to take into account the recent acquisition that we completed in September and October that will have a headwind of approximately 2 points to operating margin in 2024. So on the other hand, we do see a tailwind of approximately between 0.5 point to 1 point related to stronger dollar and weaker shekels that are going to benefit us next in 2024.

展望明年和我們的營業利潤率，我們需要考慮到我們在 9 月和 10 月完成的最近收購，這將使 2024 年的營業利潤率下降約 2 個百分點。因此，另一方面，我們確實看到與美元走強和謝克爾走弱有關的大約0.5 點到1 點之間的順風車將在2024 年讓我們受益。

So as for the financial income this year, our financial income this year reached $77 million as we keep investing higher interest rates over time. As for 2024, we are expecting to see incremental financial income every quarter of approximately $1 million. As for the tax expenses in 2023, amounted to $159 million.

那麼就今年的財務收入而言，我們今年的財務收入達到了7700萬美元，因為我們隨著時間的推移不斷投資更高的利率。到 2024 年，我們預計每季的財務收入增量約為 100 萬美元。至於2023年的稅務支出，則達1.59億美元。

And our non-GAAP tax rate as you see was around 14%, similar to what we did -- we saw in 2022. As for 2024 tax expense, we are expecting to be around the same level of 14% effective tax rate -- non-GAAP effective tax rate in each quarter and also annually.

正如您所看到的，我們的非公認會計原則稅率約為 14%，與我們在 2022 年看到的情況類似。至於 2024 年的稅收支出，我們預計將達到 14% 有效稅率的相同水平。每季度和每年的非公認會計原則有效稅率。

Our non-GAAP net income increased to $997 million or $8.42 per diluted share, posing the top end of our projections by -- of the original projection by $0.02 and representing a growth of 14% year-over-year. Our GAAP net income was $840 million or $7.10 per diluted share, 13% growth year-over-year.

我們的非 GAAP 淨利潤增至 9.97 億美元，即稀釋後每股收益 8.42 美元，較最初預測高出 0.02 美元，年增 14%。我們的 GAAP 淨利潤為 8.4 億美元，即稀釋後每股收益 7.10 美元，年增 13%。

As for the number of shares for 2024, we expect the average diluted share to be somewhere around 130 million shares, starting in 160 million in the end of 2023 and going down by the year-end to somewhere around 111. We expect to see a decrease of approximately 1.3 million shares every quarter as a result of our expected buyback. And we need to take into account also the higher stock price that means that, again, we're going to keep our buyback in the same -- in the approximately same dollar amounts, but it means that we're going to have -- we're going to buy less shares if the stock price will stay in these levels.

至於 2024 年的股票數量，我們預計平均稀釋後股票數量約為 1.3 億股，從 2023 年底的 1.6 億股開始，到年底下降至 111 股左右。由於我們的預期回購，每季減少約130萬股。我們還需要考慮到更高的股價，這意味著我們將再次以大致相同的美元金額進行回購，但這意味著我們將——如果股價保持在這些水平，我們將購買更少的股票。

As for the operating cashflow for the entire year, it was strong with $1.035 billion of operating cash flow. In 2023, the operating cash flow includes also $25 million related to our acquisitions upon the oldest facility to our acquisition, and another $39 million of cost related to our hedging activity. As part of our buyback program, we purchased during the year almost 10 million, 9.9 million shares for $1.3 billion, at an average price of $131 per share.

全年營運現金流表現強勁，營運現金流達10.35億美元。 2023 年，營運現金流還包括與我們收購最古老設施相關的 2,500 萬美元，以及與我們的對沖活動相關的另外 3,900 萬美元成本。作為回購計畫的一部分，我們在這一年以 13 億美元的價格購買了近 1,000 萬股（990 萬股）股票，平均價格為每股 131 美元。

To summarize our results, we had strong results. Revenues for the quarter was above the midpoint and EPS exceeded our projections, acceleration in quarterly and annual subscription revenues, strong performance that's driven the total performance of our Infinity and Harmony Email . We did see a very -- real turnaround -- a positive turnaround in our business environment during Q4, with double-digit growth in new business annualized booking and strong profitability. A 47% operating margin in Q4 and 14% EPS growth for the full year of 2022.

總結我們的結果，我們取得了很好的成果。本季的營收高於中點，每股盈餘超出了我們的預期，季度和年度訂閱營收加速成長，強勁的業績推動了我們 Infinity 和 Harmony Email 的整體業績。我們確實看到了第四季度業務環境的真正轉變，新業務年化預訂量實現了兩位數增長，盈利能力強勁。第四季營業利益率為 47%，2022 年全年每股收益成長 14%。

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

現在我會把電話轉給吉爾。

Thank you very much, Roei, and thank you, everyone, again, for joining me.

非常感謝你，Roei，再次感謝大家加入我的行列。

Let me give you a slightly discussion of what we have achieved and mainly what's our strategy moving forward and the differentiator of Check Point.

讓我稍微討論一下我們所取得的成就，主要是我們前進的策略以及 Check Point 的獨特之處。

So just to recap some of the points we've talked about. I think, overall, we had great results in the fourth quarter, exceeded EPS, did the 15% growth in subscription, double-digit growth in revenues in Americas. And I think -- overall, I think for the year, I'm very proud that we had a very strong execution.

回顧一下我們討論過的一些要點。我認為，總體而言，我們在第四季度取得了出色的業績，超過了每股收益，訂閱量增長了 15%，美洲收入實現了兩位數增長。我認為，總的來說，我認為今年，我為我們擁有非常強大的執行力感到非常自豪。

We started here, I just want to be clear. It sounds like everything was amazing. But now we started the year. We actually ended 2022 with what we think was a very tough economy, and customers held back on projects, postponed investments and actually the level of new business was going down.

我們從這裡開始，我只是想澄清一下。聽起來一切都太奇妙了。但現在我們開始了新的一年。實際上，我們認為 2022 年經濟狀況非常嚴峻，客戶推遲了項目，推遲了投資，實際上新業務的水平正在下降。

It lasted for 4 quarters, from Q4 2022 to Q3 2023. And I think last quarter, we told you that we are seeing the signs of a slight turnaround. I don't know how much of that turnaround is a result of the economy and how much of it is the result of the great execution of the Check Point team, with double customer engagement, which led to an increased pipeline in all geos.

它持續了 4 個季度，從 2022 年第四季到 2023 年第三季。我想上個季度，我們告訴過你們，我們看到了輕微好轉的跡象。我不知道這種轉變有多少是經濟的結果，有多少是 Check Point 團隊出色執行力的結果，客戶參與度翻倍，從而導致所有地區的管道增加。

And I'm very glad to say that in the fourth quarter, we've seen double-digit growth in our new business -- in our internal measures. I think Roei showed you the slides. I will have it again at the end. I think that's -- for me that's a very strong indicator of the change that's happened. And I truly hope that this change will continue in 2024, and that we'll get a tailwind, not headwind, from the economy.

我很高興地說，在第四季度，我們的新業務——根據我們的內部衡量標準——實現了兩位數的成長。我想 Roei 給你看了幻燈片。最後我會再次擁有它。我認為這對我來說是一個非常強大的指標，表明已經發生了變化。我真誠地希望這種變化能夠在 2024 年持續下去，我們將從經濟中獲得順風，而不是逆風。

But let's speak a little bit about some of the wins. We talked about the Infinity platform and its importance. We have hundreds of customers now on Infinity. These are generally customers with high volume of business with us. We take our platform. We use it on multiple layers of security. And you can see here some of the names -- company, I mean, like the best names and the best brands in the world, companies like FedEx, Benetton, Bayer, Pirelli. And again, you can see here that we have it on almost every industry and different parts of the world. Very proud of that continuous achievement that continued throughout the year and throughout Q4.

但讓我們來談談一些勝利。我們討論了 Infinity 平台及其重要性。現在，我們在 Infinity 上擁有數百名客戶。這些通常是與我們有大量業務的客戶。我們採取我們的平台。我們在多個安全層上使用它。你可以在這裡看到一些名字——公司，我的意思是，像世界上最好的名字和最好的品牌，像聯邦快遞、貝納通、拜耳、倍耐力這樣的公司。再次，您可以在這裡看到我們幾乎在每個行業和世界不同地區都有它。對全年和第四季度持續取得的成就感到非常自豪。

I think also in terms of our recognition in the industry, you can see here industry analysts leadership. And you can see a number of leadership mentions that we got every year, 2019, '20, '21, '22, '23. And you can see that it's increasing very drastic manner every single year, which means that our products are getting better, our marketing is getting better, our security is getting better.

我認為就我們在行業中的認可而言，您可以在這裡看到行業分析師的領導力。您可以看到我們每年（2019 年）、'20、'21、'22、'23 都會收到許多關於領導力的提及。你可以看到它每年都在急劇增長，這意味著我們的產品越來越好，我們的行銷越來越好，我們的安全越來越好。

Customers, analysts all recognize that, and you can see the different spaces to the left, endpoint firewall, cloud network security, e-mail security, workload protection, cloud posture management, SaaS secure access service edge, XDR.

客戶、分析師都意識到這一點，你可以看到左邊的不同空間，端點防火牆、雲端網路安全、電子郵件安全、工作負載保護、雲端態勢管理、SaaS 安全存取服務邊緣、XDR。

I think it's a very good testimony to the Check Point product team to be able to get into a leadership -- into a leadership position in so many categories. So we're very proud of that, and I think it shows. I think for 2024, our focus is what we call the platform company.

我認為這是對 Check Point 產品團隊能夠進入領先地位的一個很好的證明——在如此多的類別中處於領先地位。所以我們對此感到非常自豪，我認為這表明了這一點。我認為2024年，我們的重點是我們所謂的平台公司。

The Infinity platform that we have, we've talked about it in the past, but it's getting more and more important and more and more focused. And there's two main attributes that I want to emphasize when we speak about the Infinity platform and then will be the third one.

我們過去曾討論過我們擁有的 Infinity 平台，但它變得越來越重要、越來越集中。當我們談論 Infinity 平台時，我想強調兩個主要屬性，然後是第三個屬性。

One, it's cloud delivered, so many services that are delivered assisted from the Check Point Cloud. And second, that it's AI-powered, and we talked about the beginning of 2023 that -- it's going to be the year of AI. I'm going to demonstrate to you a little bit about the fact that it was a year of AI. And now we have AI very, very much embedded into every aspect of our products. And I think we are pioneering and leading in that aspect of AI in cybersecurity and AI in the kind of products that we produce.

第一，它是雲端交付的，許多服務是在 Check Point 雲端的協助下交付的。其次，它是由人工智慧驅動的，我們談到 2023 年初——這將是人工智慧年。我將向您展示這一事實：今年是人工智慧的一年。現在我們已經將人工智慧非常非常嵌入到我們產品的各個方面。我認為我們在網路安全人工智慧和我們生產的產品中的人工智慧方面處於領先地位。

Last but not least, we talked about the 3Cs, Comprehensive Consolidated and Collative for cybersecurity, and I'm going to touch on that and especially focusing on one element of that, and that's the collaborative nature of the platform.

最後但並非最不重要的一點是，我們討論了網路安全的 3C，即全面綜合和對照，我將談到這一點，並特別關注其中的一個要素，那就是平台的協作性質。

But let's start a little bit with ThreatCloud. ThreatCloud today has more than 90 security engines and I know how to identify block every type -- or many types of attacks. Over 50 of those engines are already AI-powered. It was 40 last year. It was 80 engines and 40 AI powered last year. You see both the number and the percentage grew that year, which means that every month, we introduced approximately one more -- one new engine to the Infinity platform, and that's a huge strength.

但讓我們先從 ThreatCloud 開始。 ThreatCloud 如今擁有 90 多個安全引擎，我知道如何識別阻止每種類型或多種類型的攻擊。其中 50 多個引擎已經由人工智慧驅動。去年是40歲。去年有 80 台發動機和 40 台人工智慧驅動。你會看到那一年的數量和百分比都在成長，這意味著每個月我們都會向 Infinity 平台推出大約一個新引擎，這是一個巨大的優勢。

And what makes it a platform is that these engines can be used by many different delivery vehicles. Delivery vehicle can be the network security gateway, it can be the e-mail security, it can be the cloud security. And every engine we've -- our internal audit, almost every engine here is used by multiple delivery methods. That's the strength of the Check Point platform.

它之所以成為一個平台，是因為這些引擎可以被許多不同的運載工具使用。送貨車輛可以是網路安全網關，可以是電子郵件安全，也可以是雲端安全。我們的每一個引擎－我們的內部審計，幾乎每個引擎都被多種交付方式使用。這就是 Check Point 平台的優點。

We make an investment in advanced security. These investments can then be used by the customer in multiple places, in multiple vectors. And the result is that we blocked 3 billion yearly attacks -- which prevented 3 billion attacks just last year. That's a huge number -- think about that.

我們對先進的安全性進行了投資。然後，客戶可以在多個地方、多個方向使用這些投資。結果是我們每年阻止了 30 億次攻擊——光是去年就阻止了 30 億次攻擊。這是一個巨大的數字——想一想。

I've talked about the AI powered. So what you've seen in the previous slide is how it's AI powered in the backend on the ThreatCloud, but that's the big renovation for this year for the beginning of 2024. We make AI also go to the front, and we take full advantage of generative AI.

我已經談到了人工智慧驅動的問題。所以你在上一張投影片中看到的是 ThreatCloud 後端的人工智慧是如何支援的，但這是今年 2024 年初的重大革新。我們讓人工智慧也走到了前端，我們充分利用了這一優勢生成式人工智慧。

So what you can see in this demo, I won't do it, but it's generated a lot of excitement when I showed it on stage last week on our CPX conference, something that would have taken an analyst anything from few minutes, few hours to analyze, to understand why Emily Jones cannot access the SAP server in America.

所以你在這個演示中看到的，我不會這樣做，但是當我上週在CPX 會議的舞台上展示它時，它引起了很大的興奮，這需要分析師幾分鐘甚至幾個小時的時間分析一下，了解為什麼Emily Jones無法存取美國的SAP伺服器。

And as you can see, with one sentence to our generative AI, the Infinity copilot, it analyzes the situation. It explains why she wasn't able to access. It suggests a solution either to a certain group. It asks the user whether they want to implement this change and whether they want to install the new policy, and boom, in a matter of 1 or 2 minutes, everything is done.

正如您所看到的，只要對我們的生成式人工智慧（Infinity 副駕駛）說一句話，它就會分析情況。這解釋了為什麼她無法訪問。它向特定群體提出解決方案。它詢問使用者是否要實施此變更以及是否要安裝新策略，然後，在 1 或 2 分鐘內，一切就完成了。

Now it's not as simple as it sounds because, I mean, we are all experiencing with generative AI, and we know how powerful it is. But to connect it to that system, we're not uploading all the user data to the AI cloud, we are not -- which is a huge amount of data. It's not real time. It's actually the opposite.

現在它並不像聽起來那麼簡單，因為我的意思是，我們都在體驗生成式人工智慧，我們知道它有多強大。但為了將其連接到該系統，我們不會將所有用戶資料上傳到人工智慧雲，我們不會——這是一個巨大的數據量。這不是實時的。事實上恰恰相反。

We taught the AI tools about all our interfaces, all our different systems around the world. Some are cloud-based and some will be even on-site. We connect it all, and we let the generative AI tool, create the right calls and use to the full advantage, the Check Point architecture, the Check Point platform to make very smart moves on behalf of us as the users.

我們向人工智慧工具教授了我們所有的介面、我們在世界各地的所有不同系統的知識。有些是基於雲端的，有些甚至是現場的。我們將這一切連接起來，讓生成式人工智慧工具創建正確的呼叫並充分利用 Check Point 架構和 Check Point 平台，代表我們作為使用者做出非常明智的行動。

It can be used for troubleshooting. It can be used for policy management. It can be used to analyze security events, and it will give you advice in a second. And this is not the future. This is not what will happen in 2025. This is happening now. Customers can work with it. Customers can use it. We just opened it last week to customers.

它可用於故障排除。它可用於策略管理。它可以用來分析安全事件，它會在一秒鐘內給你建議。這不是未來。這不是 2025 年會發生的情況。這種情況現在正在發生。客戶可以使用它。客戶可以使用它。我們上週剛向顧客開放。

And in our CPX in Bangkok, we had huge lines of customers that wanted to experiment that in our export. And many users have started registering to use that on their instance on Infinity -- on our Infinity portal.

在曼谷的 CPX 中，我們有大量的客戶想要在我們的出口中進行實驗。許多使用者已經開始在我們的 Infinity 入口網站上的 Infinity 實例上註冊使用該服務。

So I think that shows you some of the things we are doing. As far as I know, we are pioneering in the industry in that, and we are way ahead of everybody in the industry in showing the use compared to our companies similar to us in that aspect.

所以我認為這向您展示了我們正在做的一些事情。據我所知，我們在這方面處於行業領先地位，並且與我們在這方麵類似的公司相比，我們在展示用途方面遙遙領先於行業中的每個人。

I've talked about the cloud-delivered aspect of the platform, and I've showed you the Infinity architecture in the cloud in the middle, just to understand how much this part is really in our platform. 80%-plus of our security gateways, which is the big part of our network, already use the ThreatCloud. They already used few services from the ThreatCloud. And whenever they get the connection or whenever they get the relevant connection, they call the ThreatCloud, they consult and they ask for advice. And this is -- and ThreatCloud gives them real-time advice about how to handle a certain type of threat.

我已經談到了平台的雲端交付方面，並且向您展示了中間的雲端中的 Infinity 架構，只是為了了解這部分在我們的平台中到底有多少。我們 80% 以上的安全網關（我們網路的重要組成部分）已經使用 ThreatCloud。他們已經使用了 ThreatCloud 的一些服務。每當他們獲得連接或每當他們獲得相關連接時，他們就會致電 ThreatCloud，進行諮詢並尋求建議。這就是——ThreatCloud 為他們提供有關如何處理某種類型威脅的即時建議。

And 100% of our e-mail, endpoint, mobile and cloud workloads work with the Infinity ThreatCloud. So almost all of our customers and installations are already part in the ThreatCloud, and there is so much room for growth in that because, again, not only that we can go to 100%, but we also use more and more cloud services by each and every customer. And I think that's huge in terms of making it a true platform that is cloud delivered. So this is a pretty big part of our business, and we are very proud on what we've done with that and the value and the security that we can deliver to customers that nobody else can.

我們 100% 的電子郵件、端點、行動和雲端工作負載均與 Infinity ThreatCloud 搭配使用。因此，幾乎我們所有的客戶和安裝都已經成為 ThreatCloud 的一部分，而且這方面還有很大的成長空間，因為我們不僅可以達到 100%，而且我們每個人都使用越來越多的雲端服務和每一位顧客。我認為這對於使其成為真正的雲端交付平台而言意義重大。因此，這是我們業務的一個相當大的部分，我們對我們在這方面所做的事情以及我們可以為客戶提供其他人無法提供的價值和安全性感到非常自豪。

And last but not least, I will speak about the most important element, I think, that we'll focus in 2024, and that's the collaborative nature of the platform. What makes this platform unique, what makes this platform more powerful and better for every customer is the fact that actually, all the elements here collaborate.

最後但並非最不重要的一點是，我認為我們將在 2024 年關注的最重要的元素，那就是該平台的協作性質。這個平台的獨特之處在於，實際上，這裡的所有元素都是協作的，這個平台對於每個客戶來說都更加強大和更好。

So if we see an attack, we know how to block the attacker everywhere. If we see an attack, we see the indicators in that attack, and make sure -- for example, we see in the malicious file that the indicators that we find in the file are not present anywhere else, that we quarantine the compromised endpoint.

因此，如果我們看到攻擊，我們知道如何在各處阻止攻擊者。如果我們看到攻擊，我們會看到該攻擊中的指標，並確保（例如，我們在惡意檔案中看到我們在檔案中找到的指標不存在於其他任何地方），並確保我們隔離受感染的端點。

That we've -- if we see somebody scanning on our network, no reason we will let them complete the scan, and do more scan and come from another place until they fly -- find the weak link. The opposite, let's block them. Let's make sure that if we identify a scanner, we will put them in a way that they won't be able to access our network at all.

如果我們看到有人在我們的網路上進行掃描，我們沒有理由讓他們完成掃描，並進行更多掃描並從另一個地方進行掃描，直到他們飛行為止 - 找到薄弱環節。相反，我們阻止他們。讓我們確保，如果我們識別出掃描儀，我們會將它們置於根本無法存取我們網路的方式。

So this is a very powerful platform. Unlike other very complicated systems that exist in the market that requires many, many months of training and millions of dollars of investment, this is simple. It works out of the box. And the idea here is to unveil the power of the collaboration of the Check Point platform. And also, by the way, it's available for third-party product to every customer.

所以這是一個非常強大的平台。與市場上存在的其他非常複雜的系統需要許多個月的培訓和數百萬美元的投資不同，這很簡單。它開箱即用。這裡的想法是揭示 Check Point 平台協作的力量。順便說一句，它也適用於每個客戶的第三方產品。

So I think we're making here the first few steps. And I think it's a very important -- it's not just a vision, it's not just the technology, it's actually technology that works and can be used by every customer. And when we see collaboration on many, many other aspects of our platform, and my focus is to make sure that we -- that all our products collaborate.

所以我認為我們正在邁出最初的幾步。我認為這是非常重要的——它不僅僅是一個願景，它不僅僅是技術，它實際上是每個客戶都可以使用的有效技術。當我們看到我們平台的許多其他方面的協作時，我的重點是確保我們所有的產品都能協作。

So I think when we look at all of that, the ThreatCloud AI, the brain behind that, the fact that it's cloud delivered to almost every customer and every installation, and the collaborative element of all the different elements within one customer installation and even between multiple customers through the cloud that creates automation response, deliver the best security, one need to ask yourself, "Okay, so what does it end up? Does it end up generating, delivering the best security or better security than others?"

因此，我認為，當我們審視所有這些時，ThreatCloud AI 是其背後的大腦，事實上，它是雲端交付給幾乎每個客戶和每個安裝的，以及一個客戶安裝中甚至之間的所有不同元素的協作元素。多個客戶透過雲端創建自動化回應，提供最好的安全性，人們需要問自己，「好吧，那麼它最終會是什麼？它最終會產生、提供最好的安全性還是比其他人更好的安全性？”

And what I want to share with you here is a bit of that is the latest MyCom report that shows the effectiveness of that. So MyCom did this survey last year, which I think we scored like 99.7%. This year we did it again. We scored 99.8%. So it's nice to see an improvement even with such numbers.

我想在這裡與大家分享的是最新的 MyCom 報告，該報告顯示了該方法的有效性。 MyCom 去年進行了這項調查，我認為我們的分數為 99.7%。今年我們又這麼做了。我們的得分是99.8%。因此，即使在這樣的數字下，看到進步還是很高興的。

We're talking here about what's called zero-day plus 1 attacks, that's attacks that exist for 1 day. So the new -- usually platforms don't know how to deal them. And we did a test for 100, I think almost 500 different attacks like that, that were very fresh, and you can see the effectiveness. You can see who Check Point stands, blocking pretty much all the attacks and you can see that the competitors are way, way, way behind.

我們這裡討論的是所謂的零日加1攻擊，即存在1天的攻擊。因此，新的平台通常不知道如何處理它們。我們做了 100 次測試，我認為幾乎有 500 次不同的攻擊，這是非常新鮮的，你可以看到有效性。您可以看到 Check Point 的立場，阻止幾乎所有的攻擊，並且您可以看到競爭對手遠遠落後。

Now I think we all understand the difference between 70% to 100%. But it's not just 50% better, it's much, much more than that. Actually, it's almost infinitely better because -- let's understand what it means. And we asked our researchers at Check Point how many different families, types, new attacks can organization face or exist or come -- can come up in an organization way in a period of time, let's say, for a year?

現在我想我們都明白70%到100%之間的差別了。但這不僅僅是好 50%，而是好得多。事實上，它幾乎無限好，因為——讓我們理解它的意義。我們詢問 Check Point 的研究人員，組織可以面對或存在或出現多少種不同的家族、類型、新攻擊——可以在一段時間內（比如說一年）以組織的方式出現？

And they said, like facing 177 new families like that can be very typical for an organization per year. Now let's see how many of them would be blocked by each product. And you can see with Check Point, it will be 100%. Zero attacks will get through. Nobody will be able to cross this platform that knows how to address this kind of an attack.

他們表示，對於一個組織來說，每年面對 177 個這樣的新家庭是非常典型的。現在讓我們看看每種產品會阻止多少個。您可以透過 Check Point 看到，這將是 100%。零攻擊將會成功。沒有人能夠跨越這個知道如何應對此類攻擊的平台。

And you can see with new competitors. Anything from 28 to 92 attacks can get through their security. And that means that you bought up something, you invested, and yet dozens of attacks can go through your security infrastructure because we are new. And that's not what we need. We need a platform that can prevent against the known and the unknown attacks, the most sophisticated attacks, the fifth-generation attacks, and I'm very proud that that's what [MyCom] found that Check Point delivers.

你可以看到新的競爭對手。任何從 28 到 92 次的攻擊都可以突破他們的安全。這意味著您購買了一些東西，您進行了投資，但數十次攻擊可能會通過您的安全基礎設施，因為我們是新的。而這不是我們需要的。我們需要一個能夠防範已知和未知攻擊、最複雜的攻擊、第五代攻擊的平台，我感到非常自豪的是，[MyCom] 發現 Check Point 提供了這一點。

And if I quote their CEO, he said it last year, even though what you see here is the results from last week, this is very updated results from January of this year. He says basically prevention is number 1. Number 2 is the victim, and you don't want to be that victim. And I think that's what we are aiming to deliver. And I think I'm very, very proud of our team around the world that works very hard to deliver these results.

如果我引用他們的執行長的話，他去年就說過，儘管你在這裡看到的是上週的結果，但這是今年 1 月的最新結果。他說，基本上，預防是第一位的。第二位是受害者，而你不想成為那個受害者。我認為這就是我們的目標。我認為我為我們在世界各地的團隊非常非常自豪，他們非常努力地取得了這些成果。

So I think altogether, if we see that. And if we see the platform, we have Quantum family to secure the network, the CloudGuard to secure the cloud, Harmony to secure the workspace, including e-mail, endpoint, everything. All of them use the Infinity core services, the ThreatCloud, the play blocks, all of that and many, many other core services that we have in the middle to deliver the best security, and I'm very proud that we are able to do so.

所以我認為，如果我們看到這一點的話。如果我們看到這個平台，我們有 Quantum 系列來保護網絡，CloudGuard 來保護雲，Harmony 來保護工作空間，包括電子郵件、端點等一切。它們都使用 Infinity 核心服務、ThreatCloud、遊戲區塊，所有這些以及我們中間的許多其他核心服務來提供最佳的安全性，我很自豪我們能夠做到這一點。

So before I conclude, let me just -- one more thing to share with you. We've opened the year last week with our CPX Experience, Check Point Experience conference. First time in 4 years that we are doing it in full force physically. Thousands of people are going to participate in that. And we had the first one, which are kind of our pilot 1 in Bangkok last week.

因此，在結束之前，讓我再與大家分享一件事。上週我們以 CPX 體驗、Check Point 體驗會議拉開了新的一年的序幕。四年來我們第一次全力以赴。成千上萬的人將參與其中。我們有了第一個，這就是我們上週在曼谷進行的試點 1。

1,500 people participated, very high rate of participation and even of attendance. Almost everybody that registered actually showed up, which is also a good indication of the enthusiasm. The highest satisfaction rate ever over 9, and the highest satisfaction we measure it on many, many different aspects. They were all very, very strong. It's not just the organization in the conference, it's the content, it's the relevance, it's the fitness of Check Point. And we rate even each individual session. All the sessions got very high score, which I was very proud of all the people in Check Point to do that.

1500人參與，參與率甚至到座率都非常高。幾乎所有報名的人都到場了，這也很好地顯示了熱情。有史以來最高的滿意度超過 9，也是我們在許多不同方面衡量的最高滿意度。他們都非常非常強大。這不僅是會議的組織，還包括內容、相關性以及 Check Point 的適用性。我們甚至對每個單獨的會話進行評分。所有課程都獲得了很高的分數，我為 Check Point 的所有人都能做到這一點感到非常自豪。

And for me, it was great to see so many people after such a long time and the level of enthusiasm. It was heartwarming to see that people are truly enthusiastic and truly need for the best security. I met personally in small roundtables with -- I mean, 100 to 200 customers/partners in these days, and I got a lot of feedback.

對我來說，很高興在這麼長時間後看到這麼多人，看到這麼多人的熱情。看到人們真正熱情並且真正需要最好的安全，真是令人心曠神怡。我在小型圓桌會議上親自會見了——我的意思是，這些天有 100 到 200 名客戶/合作夥伴，我得到了很多反饋。

And I mean, I'm -- again, now after COVID, it's like 4 years, but I never had such an experience. And it was an amazing experience to see what we've seen. And I hope it will mean good for the next two conferences that we are going to hold in Europe in 2 weeks and in America, exactly in a month from now in Las Vegas. So I think that's a good start. Sharing all the product news, showing AI in action and getting the customer to participate in that.

我的意思是，我再次強調，在新冠疫情之後，已經過去四年了，但我從未有過這樣的經歷。看到我們所看到的一切真是一次奇妙的經歷。我希望這對接下來的兩場會議有好處，我們將在兩週後在歐洲舉行，並在一個月後在美國拉斯維加斯舉行。所以我認為這是一個好的開始。分享所有產品新聞，展示人工智慧的實際應用並讓客戶參與其中。

So if I need to summarize, we finished -- we started 2023, and you see it here in the graph, with a very challenging market condition. And despite those challenging conditions, I'm very proud with our team that was able to produce good results every single quarter.

因此，如果我需要總結一下，我們已經結束了——我們從 2023 年開始，您可以在圖表中看到，市場狀況非常具有挑戰性。儘管條件充滿挑戰，但我對我們的團隊感到非常自豪，他們每季都能取得良好的成果。

We finished it with a very strong finish, turning into double-digit growth in new business, which is my main indicator to the health of the business, driven by the momentum of Infinity strong profitability, 47% last year, 45% for the year. And I think I'm very proud of all the innovation that the Check Point team did in 2023 that we'll deliver now in 2024, again, AI-powered and cloud delivered. So -- I mean, I think it's a good summary, and you can see how enthusiastic I am for the future of Check Point and with our team.

我們以非常強勁的成績完成了這一目標，新業務實現了兩位數的成長，這是我衡量業務健康狀況的主要指標，受到 Infinity 強勁盈利勢頭的推動，去年為 47%，今年為 45% 。我認為我對 Check Point 團隊在 2023 年所做的所有創新感到非常自豪，我們將在 2024 年再次交付這些創新，這些創新是由人工智慧驅動和雲端交付的。所以 - 我的意思是，我認為這是一個很好的總結，您可以看到我對 Check Point 以及我們團隊的未來有多熱情。

And before I open the call for your question, let's just quickly go through our projections for 2024 in the first quarter. You know my regular caveat, that you cannot predict the future. But despite that, I'm always sharing our projections based on what we see in our pipeline, with our sales force and a little bit of the market trends.

在開始提問之前，讓我們快速瀏覽一下我們對 2024 年第一季的預測。你知道我經常警告你，你無法預測未來。但儘管如此，我總是根據我們在管道中看到的情況、與我們的銷售人員和一些市場趨勢分享我們的預測。

And so I'm ready to share the 2024 projections in the Q1. So let's look at 2024. Revenues are going to be in the range of $2.475 billion to $2.625 billion, which means growth of 6% in the midpoint and 9% growth in the high end. Non-GAAP EPS is expected to be between $8.70 to $9.30, 7% growth in the midpoint, 10% growth at the high end. GAAP EPS is expected to be approximately $1.70 less than that.

因此，我準備分享 2024 年第一季的預測。讓我們看看 2024 年。營收將在 24.75 億美元至 26.25 億美元之間，這意味著中端成長 6%，高端成長 9%。非 GAAP 每股盈餘預計在 8.70 美元至 9.30 美元之間，中點成長 7%，高階成長 10%。 GAAP 每股收益預計將比該數字低約 1.70 美元。

And I think this is a pretty good numbers that we are starting with. I think Roei also indicated the challenge. It's not a challenge, I think. If you look at the EPS, I think it's very healthy and it's great numbers. But with the number of shares not declining in the rate that we anticipated, thanks to you guys and thanks to the increase in share price, so I think it's a good phenomenon.

我認為這是我們開始時的一個相當不錯的數字。我認為 Roei 也表明了這個挑戰。我認為這不是一個挑戰。如果你看看每股收益，我認為它非常健康，而且數字很大。但由於股票數量沒有以我們預期的速度下降，感謝你們，感謝股價的上漲，所以我認為這是一個很好的現象。

And let me maybe focus last slide on the first quarter and the projection there. Revenues are expected to be between $575 million to $610 million, 5% growth at the midpoint and 8% growth at the high end. And non-GAAP EPS is expected to be between $1.95 to $2.05, 11% growth at the midpoint and 14% growth at the high end. GAAP EPS is expected to be $0.44 less.

讓我把最後一張投影片的重點放在第一季和那裡的預測。營收預計在 5.75 億美元至 6.1 億美元之間，中點成長 5%，高端成長 8%。非 GAAP 每股盈餘預計在 1.95 美元至 2.05 美元之間，中點成長 11%，高階成長 14%。 GAAP 每股盈餘預計將減少 0.44 美元。

And again, I think this is going to pretty healthy numbers to start the year. And I hope that all the effort and the trend that we've seen in customer engagement, building pipeline, technology pipeline, products that we are launching and hopefully, with some help, some tailwind from the industry and from the economy, we'll be able to translate that into these numbers, and maybe even better numbers.

再說一遍，我認為今年伊始的數字將相當健康。我希望我們在客戶參與、建立管道、技術管道、我們正在推出的產品方面所看到的所有努力和趨勢，並希望在一些幫助下，在行業和經濟的一些推動下，我們將能夠將其轉化為這些數字，甚至可能是更好的數字。

So thank you, everyone, and I think we are ready to open the call for your questions.

謝謝大家，我想我們已經準備好開始詢問你們的問題了。

(Operator Instructions) So our first question is going to come from Adam Tindle at Raymond James, followed by Patrick Colville from Scotiabank.

（操作員說明）我們的第一個問題將由雷蒙德詹姆斯 (Raymond James) 的 Adam Tindle 提出，然後是豐業銀行的 Patrick Colville。

Gil, I just wanted to start with your announcement, and congrats on many years of building such a strong, profitable company. But I guess I'd like to start asking why now? It sounds like, based on the initial guidance, we're at a point of acceleration at Check Point.

吉爾，我只想從你的公告開始，祝賀你多年來建立瞭如此強大、盈利的公司。但我想我現在想開始問為什麼？聽起來，根據最初的指導，我們在 Check Point 正處於加速點。

So why was this the time to make that announcement? And secondly, the characteristics that you'd be looking for in a success or the key vision items that you and the Board would like to see?

那麼為什麼在這個時候宣布這一消息呢？其次，您希望成功的特徵是什麼，或是您和董事會希望看到的關鍵願景項目？

Okay. So first, it's an excellent question. I think there's no good time to do these kind of changes. And I'm struggling with that question. I mean, people ask me, when are we going to move on? When are we going to do something else for approximately 27 years now, almost since we went public?

好的。首先，這是一個很好的問題。我認為現在還不是進行此類改變的好時機。我正在為這個問題苦苦掙扎。我的意思是，人們問我，我們什麼時候才能繼續前進？自從我們上市以來，大約 27 年了，我們什麼時候才能做點別的事情？

And I think my answer was pretty straightforward every single year. I like what I'm doing. I like Check Point. That's my life mission. I want to stay here and I want to make it successful. Of course, when times are tough, you always ask yourself, maybe I should do something else.

我認為每年我的答案都非常簡單。我喜歡我正在做的事情。我喜歡檢查點。這就是我的人生使命。我想留在這裡，我想讓它成功。當然，當困難的時候，你總是會問自己，也許我應該做點別的事情。

But then -- again, it's a time -- you say, times are tough. Then I need to be here. I need to make sure Check Point is successful, and it's not the right time. And in the last few months, I would say, I've been struggling again with that question.

但話又說回來，現在是時候了，你說，時代很艱難。那我需要在這裡。我需要確保 Check Point 成功，但現在還不是時候。我想說，在過去的幾個月裡，我再次為這個問題而苦苦掙扎。

Now again, I'm fully committed to Check Point. I intend to stay in Check Point and work at Check Point. So don't get me wrong. I'm not going away. Check Point remains my life mission, and I like what I'm doing. And I think you see in everything I'm doing and what we have.

現在，我再次完全致力於 Check Point。我打算留在 Check Point 並在 Check Point 工作。所以不要誤會我的意思。我不會離開。 Check Point 仍然是我的人生使命，我喜歡我正在做的事情。我想你可以從我所做的一切以及我們所擁有的一切中看到。

And I finally got to the decision to announce it now and start the process now, I think, last week when I saw that everything is working and everything is in its place. The products are delivering. The results are excellent. The trends that I've seen internally in the fourth quarter were excellent.

我想，上週我看到一切都在運作並且一切都就位時，我終於決定現在就宣布它並開始這個過程。產品正在交付。結果非常好。我在第四季內部看到的趨勢非常好。

And again, I did last week because I met the people in Bangkok in CPX, and I showed -- I've seen the level of enthusiasm. And customers -- actually I was even more encouraged when I saw even prospects that came to the conference and wanted to hear about Check Point.

上週我再次這樣做了，因為我在 CPX 見到了曼谷的人們，我表現出了——我看到了他們的熱情程度。還有客戶——實際上，當我看到甚至有潛在客戶來參加會議並想了解 Check Point 時，我感到更加鼓舞。

And I said it's the top and that's the time to start the process. Now remember, I think it's important to understand we are just starting the process. We haven't started the search yet. So it will take time. I wish we will be able to find somebody very quickly, but these processes usually takes between 6 months to 2 years. So I'm not -- again, I'm here. I'm staying.

我說現在是頂部，是時候開始這個過程了。現在請記住，我認為重要的是要了解我們才剛開始這個過程。我們還沒有開始搜尋。所以需要時間。我希望我們很快就能找到人，但這些過程通常需要 6 個月到 2 年的時間。所以我不——再說一次，我在這裡。我會留下來。

And once we identify the right person, I will work with her or him to do the right passes of the torches, and then I intend to stay here. Executive Chairman means it's not just the title, I want to stay at Check Point, I want to dedicate more time and I want to select the subjects that I'm working on. Whether it's the future of cyber, whether it's new security technologies, whether it's making everything a Check Point platform work and tick and simple like -- I would like it to be.

一旦我們找到了合適的人選，我將與她或他一起進行正確的火炬傳遞，然後我打算留在這裡。執行主席的意思是，這不僅僅是頭銜，我想留在 Check Point，我想投入更多時間，我想選擇我正在研究的主題。無論是網路的未來，無論是新的安全技術，還是讓 Check Point 平台上的一切都能正常運作、正常運行，我都希望如此。

Whether it's meeting more customers, partners because it will give me more time to hear them and understand them. And maybe it's supporting the management, which is -- by the way, maybe the last point that I didn't mention about the timing is the management of Check Point. I think we had an amazing team that runs the business. I mean it gives me the comfort that Check Point is in good hands. And I think that's maybe the most important element when you think about that. So I think that's the explanation for the timing.

無論是認識更多的客戶、合作夥伴，因為這會讓我有更多的時間傾聽並理解他們。也許它正在支持管理層，順便說一句，也許我在時間上沒有提到的最後一點是 Check Point 的管理。我認為我們擁有一支出色的團隊來經營業務。我的意思是，Check Point 得到了良好的管理，這讓我感到安心。我認為當你考慮這個問題時，這可能是最重要的因素。所以我認為這就是對時機的解釋。

The characteristics of the candidates. As mentioned again, we are starting the process, and we will refine that. I would look for somebody that's very passionate about cybersecurity. I think what Check Point stands for is the best security. So I want somebody to promote that value, care about it, understands that and so on. So that's one.

候選人的特徵。正如再次提到的，我們正在啟動這個過程，我們將對其進行改進。我會尋找對網路安全充滿熱情的人。我認為Check Point代表的是最好的安全。所以我希望有人能夠推廣這種價值觀，關心它，理解它等等。這就是其中之一。

I would look for somebody that has many Check Point characteristics that -- I mean can -- is detail-oriented, understands the big picture, understands the details and so on. But I would look for somebody that's very outbound, that's very sales-oriented, that can go out and meet with customers and partners and travel the world and represent Check Point in every step of the way.

我會尋找具有許多 Check Point 特徵的人——我的意思是可以——注重細節、了解大局、了解細節等等。但我會尋找非常外向、非常以銷售為導向的人，能夠走出去與客戶和合作夥伴會面，週遊世界，並在每一步中代表 Check Point。

We have people like that Check Point. We have strong leadership today at the top levels of the company. But you can always do more in that. The opportunity that we have is huge. And I think the more we get there, the better we will do.

我們有像檢查站這樣的人。今天，我們在公司高層擁有強而有力的領導。但你總是可以在這方面做得更多。我們擁有的機會是巨大的。我認為我們到達那裡的次數越多，我們就會做得越好。

This will be my top characteristics from a candidate. Somebody that can be a good partner for me augment my skills with other things that I think can be the -- can work with the benefit of Check Point.

這將是我對候選人的首要特質。可以成為我的好合作夥伴的人可以透過我認為可以的其他事情來增強我的技能 - 可以從 Check Point 中受益。

Our next questioner is Patrick Colville from Scotiabank, followed by Joseph Gallo of Jefferies.

我們的下一位提問者是豐業銀行的派崔克‧柯爾維爾，其次是傑富瑞銀行的約瑟夫‧加洛。

Yes, just to reiterate that, I mean, Gil, it's been a real pleasure working with you. I think we can all agree, you're definitely one of the OGs of the security industry. And we wish you all the best in your new Exec Chairman role.

是的，只是重申一下，我的意思是，吉爾，與你合作真的很愉快。我想我們都同意，您絕對是安全產業的OG之一。我們祝福您在新的執行主席職位上一切順利。

Let me ask you about the guidance. The fiscal '24 guidance is no doubt impressive. My kind of quick math suggests it's a reacceleration. Can you just talk about the inputs to your guidance? I mean touching on the product line and the kind of the subscription line as to how you got to that forecast.

我想問一下有關指導的問題。 '24 財年指引無疑令人印象深刻。我的快速數學表明這是一次重新加速。您能談談您的指導意見嗎？我的意思是觸及產品線和訂閱線的類型，以了解您如何獲得該預測。

So first, thank you very much. I'm -- Roei can add, once I finish. I'll give the high level. I think what we are basing that forecast is primarily on the projection from the sales force and the pipeline that we see.

首先，非常感謝。我——Roei 可以在我講完後補充。我會給高水準。我認為我們的預測主要基於我們看到的銷售人員和管道的預測。

And I think the engagement that we did in 2023 -- if you remember in 2023, I spoke a lot about customer engagement and how much we need to go out and meet with our customers and prospects. We did extremely well on that, met we've doubled the amount of customers, met with 3x more prospects. And I think we want to continue with that trend.

我認為我們在 2023 年所做的參與——如果你還記得在 2023 年，我談到了很多關於客戶參與以及我們需要走出去與我們的客戶和潛在客戶會面的程度。我們在這方面做得非常好，客戶數量增加了一倍，潛在客戶數量增加了三倍。我認為我們希望繼續這種趨勢。

But I think what you've translate is increased pipeline, and we do have an increased pipeline. Now obviously, just to be -- to understand -- when you do more meetings and more customers, the pipeline doesn't grow in the same percentage because the sales force, usually what they do is the low-hanging fruit.

但我認為你所翻譯的是增加了管道，而我們確實增加了管道。現在顯然，要理解的是，當你舉行更多的會議和更多的客戶時，通路不會以相同的百分比成長，因為銷售人員通常所做的是容易實現的目標。

And then it's an extra effort and lower success rate with the increased engagement, but we definitely see an increased pipeline across the board. And there is a very direct correlation between the engagement with customers and the size of the pipeline. So we are basing bet on that.

隨著參與度的增加，需要額外的努力，成功率也會降低，但我們確實看到了全面的管道增加。與客戶的互動與通路規模之間有非常直接的相關性。所以我們以此為賭注。

We are looking at the trends and the industry growth rates and the economy. I think with the economy, we see some positive signs, but we are not -- I'm not sure it's the challenge that the market has seen last year is over. We've actually seen with some of our competitors that they are being hit by the slowdown that we've seen a year ago. So it's probably not over in that regard. So that balances that from being a more optimistic outlook.

我們正在關注趨勢、產業成長率和經濟。我認為在經濟方面，我們看到了一些積極的跡象，但我們並沒有——我不確定市場去年遇到的挑戰是否已經結束。實際上，我們已經看到我們的一些競爭對手正受到我們一年前看到的經濟放緩的打擊。所以在這方面可能還沒結束。因此，這與更樂觀的前景相平衡。

And yet, at the same time, let's remember there's a lot of uncertainties. If there's one thing I've learned from the last, again, after 30 years of business, if there's one thing I learned from the last 3 or 4 years, you can always be more surprised than you've been before. And I think we faced it in 2020. With COVID, we faced it with 2021 and 2022, but despite COVID, the economy actually did kind of went the opposite direction and did extremely well.

但同時，我們要記住，存在著許多不確定性。如果我從過去 30 年的商業生涯中學到了一件事，如果我從過去 3 或 4 年中學到了一件事，你總是會比以前更驚訝。我認為我們在2020 年就遇到了這個問題。有了新冠病毒，我們在2021 年和2022 年就遇到了這個問題，但儘管有新冠病毒，經濟實際上確實朝著相反的方向發展，而且表現得非常好。

We faced it in 2023, or at the end of '22. But once we exited the pandemic instead of the economy flying through the roof when everybody goes back to spending, there was a challenge. Now of course, it's your job to explain it. And I think in retrospect, we can explain all of that. But this time, almost every one of these moves is a surprise.

我們在 2023 年或 22 年底就遇到了它。但一旦我們擺脫了疫情，而不是經濟快速發展，每個人都重新開始消費，就會面臨挑戰。當然，現在你的工作就是解釋它。我認為回想起來，我們可以解釋這一切。但這一次，幾乎每一個舉動都讓人感到意外。

And even now if the situation in Israel, shows us that you can always be surprised. I'm proud that in Check Point, we had that consistent execution even with those trends. And what I wish that we will be able to do even better. That's what I'm -- I mean saying it for a long time, and I mean it.

即使現在，如果以色列的局勢向我們表明，你總是會感到驚訝。我很自豪在 Check Point，即使面對這些趨勢，我們也能保持一致的執行力。我希望我們能夠做得更好。我就是這樣——我說了很長時間，而且我是認真的。

Roei, I don't know if there's anything you want to add on the quantity?

Roei，不知道您在數量上還有什麼要補充的嗎？

I think you mentioned (inaudible) of things. I think, again, we are looking -- we looked on the last quarter. We mentioned it's not only last quarter, but I think the real turnaround came last quarter. It started in Q3. See more demand to our product for appliances. We see a strong demand for our Infinity, to our subscription business. And again, we feel more optimistic. Still it's a wide range, but we believe that the guidance is good. And we hope that will be in the high end of the range.

我想你提到了（聽不清楚）事情。我想，我們再次審視了上個季度的情況。我們提到這不僅是上個季度的情況，而且我認為真正的轉變出現在上個季度。它從第三季開始。了解對我們的電器產品的更多需求。我們看到對我們的 Infinity 和我們的訂閱業務的強勁需求。我們再次感到更加樂觀。雖然範圍仍然很大，但我們相信指導是好的。我們希望這將是該範圍的高端。

Next up is Joseph Gallo from Jefferies, followed by Jared Poland of Susquehanna.

接下來是來自 Jefferies 的 Joseph Gallo，然後是 Susquehanna 的 Jared Polish。

Awesome. Gil, congrats on the 31 years of success, and glad you are staying involved with the company. Guys, great double-digit new business growth in 4Q. How should we think about it in calendar '24? And how does that correlate to billings growth in calendar '24? What is needed to drive billings growth to double digits? And can we expect that in '24?

驚人的。 Gil，恭喜您 31 年來的成功，並很高興您繼續參與公司的工作。夥計們，第四季度新業務實現了兩位數的大幅增長。我們應該如何在 24 日曆中考慮它？這與 24 年曆中的帳單成長有何關聯？需要什麼才能推動帳單成長達到兩位數？我們能在 24 年期待這一點嗎？

I'll answer that, Gil. So I think -- again, first of all, Q1 was a great quarter in terms of double-digit growth in new business. In the end, it also will be transferred into billing. I remind you all that -- again, I mentioned it also in our presentation, we see more flexible billing terms.

我會回答這個問題，吉爾。所以我認為，首先，就新業務兩位數成長而言，第一季是一個很棒的季度。最後，它也將轉移到計費中。我再次提醒大家，我在演示中也提到過，我們看到更靈活的計費條款。

I think in the market [in general], we saw our competitors are offering more flexible terms in terms of -- more flexible billing terms. But in that, if we're going to see consistent growth in our new business as we've seen in Q4. And we -- I believe that also in the end, you can see it also in the billing.

我認為在市場上（總體而言），我們看到我們的競爭對手正在提供更靈活的條款——更靈活的計費條款。但在這一點上，如果我們要看到新業務的持續成長，就像我們在第四季看到的那樣。我們 - 我相信最終你也可以在帳單中看到它。

I remind you also the billing duration that again, because of the high interest environment, 2023 was -- the billing duration in general was lower than compared to 2022. So it seems like it's been stabilized. So -- again, hopefully, also, we were going to see it also in the next few quarters. We're going to see also the growth from the billing, not only in the new business. And of course, we translate into revenues.

我還提醒您計費期限，由於高利率環境，2023 年的計費期限總體低於 2022 年。所以看起來它已經穩定了。因此，再次希望我們也能在接下來的幾季看到它。我們還將看到計費的成長，而不僅僅是新業務的成長。當然，我們會轉化為收入。

And I want to add that I think that we should use our financial power, and the fact that we are cash reached to actually use that in a positive way, not just to win customers and to be -- but also to create more business models that are annuity-based, turn some capital investment business model into annuity one.

我想補充一點，我認為我們應該利用我們的財務實力，以及我們擁有現金的事實，以積極的方式實際使用它，不僅是為了贏得客戶，而且是為了創造更多的商業模式以年金為基礎，將一些資本投資商業模式轉變為年金模式。

Both because it can be -- by the way, which is a win-win because it benefits the customers that are now getting more and more used to subscription kind of model. And it's good for us because the more you create it, you get more predictable and long-lasting business. So I think -- and that again can have an impact on the short-term billings when you get things forward-looking like that.

兩者都是因為它可以——順便說一句，這是雙贏的，因為它有利於現在越來越習慣訂閱類型模式的客戶。這對我們有好處，因為你創造的越多，你就能獲得更可預測和更持久的業務。所以我認為，當你像這樣具有前瞻性時，這會再次對短期帳單產生影響。

Next up is Jared Pomerantz from Susquehanna, followed by Tal Liani of BofA.

接下來是來自薩斯奎哈納 (Susquehanna) 的賈里德·波梅蘭茨 (Jared Pomerantz)，隨後是美國銀行 (BofA) 的塔爾·利亞尼 (Tal Liani)。

And congratulations to you Gil, as you begin the transition to our next role as the Executive Chairman. Maybe just one for me. You guys spent some time in the prepared remarks speaking to the Infinity platform and the strength that you're seeing there.

恭喜你吉爾，你開始過渡到我們的下一個職位，擔任執行主席。也許對我來說只是一件。你們花了一些時間在準備好的演講中談論 Infinity 平台以及你們在那裡看到的力量。

Maybe if you could just dive in a bit further. How much of that new business strength that you pointed to would you attribute to Infinity? And how are you thinking about the go-to-market and potential shifts there down the road?

也許如果你能再深入一點的話。您所指出的新業務優勢有多少歸功於Infinity？您如何看待未來的市場進入和潛在轉變？

Roei, your comment?

羅伊，你的意見？

Again, in terms of -- it's not something that we disturbed, but I can tell you that a significant part of our new business today is coming from Infinity. It's -- every quarter, the portion of the Infinity is higher. It's growing very fast. We are talking about strong double-digit growth in new business bookings.

再說一次，這不是我們打擾的事情，但我可以告訴你，我們今天新業務的很大一部分來自 Infinity。每個季度，無限的比例都會更高。它增長得非常快。我們正在談論新業務預訂的強勁兩位數成長。

We showed you -- in the last few quarters, we are showing consistent -- a strong double-digit growth in revenues. So it's also we see consistent double-digit growth, strong double-digit growth in new business related to Infinity. So this -- so I think in the end, we expect the big portion on the annuity that will be related to Infinity will grow every quarter based on the demand that we see today and the pipeline that we see today for the whole Infinity solution.

我們向您展示了—在過去的幾個季度中，我們一直表現出強勁的兩位數營收成長。因此，我們也看到與 Infinity 相關的新業務持續實現兩位數成長，強勁的兩位數成長。因此，我認為最終，我們預計與 Infinity 相關的年金的很大一部分將根據我們今天看到的需求以及我們今天看到的整個 Infinity 解決方案的管道而每季度都會增長。

All right. Thank you. Next up is Tal Liani.

好的。謝謝。接下來是塔爾·利亞尼。

(inaudible) to be clear. It's still about 10% to 20% of our business and revenue. Just to be clear, it's not -- majority of the business in Infinity, and that means that there's plenty of room for growth as we extend the platform.

（聽不清楚）要清楚。它仍然占我們業務和收入的 10% 到 20% 左右。需要明確的是，這不是 Infinity 的大部分業務，這意味著隨著我們擴展平台，還有很大的成長空間。

Next up is Tal Liani, followed by Shaul Eyal of TD Cowen.

接下來是 Tal Liani，其次是 TD Cowen 的 Shaul Eyal。

Two questions. One is, what are the trends of new customers versus existing customers? Are you able to grow with new customers more than in the past? Can you give us kind of even last few years kind of trends or contribution of new customers?

兩個問題。一是，新客戶與現有客戶的趨勢是什麼？您是否能夠比過去更多地與新客戶一起成長？您能給我們介紹一下最近幾年的趨勢或新客戶的貢獻嗎？

And second, when I look at your numbers, the services are flat 2% growth a year, the maintenance piece. The subscription is growing very consistently about 15% in the year, a little bit of acceleration. The real change what we're seeing is actually in the products and licenses that are going down less than before.

其次，當我查看你們的數據時，發現維護部分的服務每年增長 2%。今年訂閱量持續成長約 15%，略有加速。我們看到的真正變化實際上是產品和許可證的數量比以前減少了。

So the question is, what are the underlying trends in products and licenses? And can you take us into kind of the numbers? Beneath the numbers, what -- how could this look like the next year, the next 2 years and what drives it?

那麼問題是，產品和授權的基本趨勢是什麼？能告訴我們一些數字嗎？在這些數字下面，明年、未來兩年會是什麼樣子，又是什麼推動了它？

So I'd like to try and give you an answer. First, as we said, I mean, it's -- first, we are getting every product in Check Point with subscription base is growing very fast. Harmony email is a good example. It's sold as a subscription, and it's growing very, very fast. So that's a good example, but there's few others that are like that, and most of them are growing quite nicely.

所以我想嘗試給你一個答案。首先，正如我們所說，我的意思是，首先，我們在 Check Point 中獲得每一款產品，訂閱基礎成長得非常快。和諧電子郵件就是一個很好的例子。它以訂閱形式出售，並且增長得非常非常快。這是一個很好的例子，但很少有其他類似的例子，而且大多數都發展得很好。

On top of that, each gateway that we sell, which is a product, comes with a bunch of subscriptions. And they are also growing and there is more services like that, that are being consumed -- subscription services that are being consumed with every gateway.

最重要的是，我們銷售的每個網關（即產品）都附帶大量訂閱。它們也在不斷增長，並且有更多類似的服務正在使用中——每個網關都在使用訂閱服務。

As I mentioned, last year, we had a very tough three quarters at the beginning of the year. Where actually new projects. And the new business and the products were going down. And despite that, because of the strength of the subscription and the fact that 80% of our business is already annuity, we've been able to meet the quarterly results every single quarter. Which again, don't take it lightly. It's not reveal, but I think that's the strength of what we have.

正如我所提到的，去年，我們在年初度過了非常艱難的三個季度。實際上是新項目。新業務和產品都在下降。儘管如此，由於訂閱的實力以及我們 80% 的業務已經是年金這一事實，我們每個季度都能實現季度業績。再說一次，不要掉以輕心。這還沒有透露，但我認為這就是我們所擁有的力量。

Last quarter, it changed. In the last quarter, you were still seeing the product revenues go down, but the product orders went up, and went up double digit. So I think that's a good sign as we head into 2024. The indicators for the first quarter are positive, too.

上個季度，情況發生了變化。上個季度，產品收入仍然下降，但產品訂單增加了，並且增加了兩位數。因此，我認為在我們邁入 2024 年之際，這是一個好兆頭。第一季的指標也很積極。

Keep in mind that in spite of an Infinity deal, the revenue recognition or the delivery of the product may take time because in Infinity deals -- in a regular deal, you buy a product, you get it. In Infinity deal, you sign up for 3 years and you get the product whenever you want. You don't have to get the product from day 1.

請記住，儘管有 Infinity 交易，但收入確認或產品交付可能需要時間，因為在 Infinity 交易中 - 在常規交易中，您購買產品，然後得到它。在 Infinity deal 中，您註冊 3 年，並且可以隨時獲得產品。您不必從第一天起就獲得產品。

And actually when -- sometimes you even have the freedom to pick the products along the way. So some of that growth will take time. But the indicator is very positive. And if that trend will continue, that's a very important kind of vehicle to drive and push the growth higher into the future.

實際上，有時您甚至可以自由地一路挑選產品。因此，部分成長需要時間。但該指標非常積極。如果這種趨勢持續下去，這將是推動未來成長的非常重要的工具。

New customers, by the way?

順便問一下，新客戶？

Sorry, new customers. So new customers, we had a very nice jump of new customers, I think, in 2001 and -- 2021, sorry, 2021 and 2022. A big increase in new customers. Not enough. It's not a big enough percentage of our business, but it's still good numbers.

對不起，新顧客。所以新客戶，我認為，在 2001 年和 2021 年，我們的新客戶數量大幅增加，抱歉，是 2021 年和 2022 年。新客戶數量大幅增加。不夠。這在我們的業務中所佔的比例還不夠大，但仍然是一個不錯的數字。

And by the way, it's on all sectors. We get a lot of small customers, especially from some of our acquisitions, and we get hundreds of very large customers on our enterprise and very large enterprise business. In 2023, despite the tough economy and despite the fact that for three quarters, we had a decline in new business, we had it stable. So it didn't -- it grew a little bit, but not by a lot.

順便說一句，它涉及所有領域。我們獲得了很多小客戶，特別是透過我們的一些收購，我們在我們的企業和超大型企業業務中獲得了數百個超大型客戶。 2023年，儘管經濟形勢嚴峻，儘管三個季度新業務有所下降，但我們還是保持了穩定。所以它沒有——它增長了一點，但增長幅度不大。

And I hope in for 2024. First, I hope that, again, all the efforts that we are making and the investments that we are making are going to bear fruit on the new logos and new customers, and we are putting a lot of emphasis on that as a priority for the company.

我希望 2024 年。首先，我再次希望我們所做的所有努力和投資能夠在新標誌和新客戶上取得成果，我們非常重視將此作為公司的優先事項。

So we are focusing the sales force, not just grow the existing customers, which is always very important, but also win new logos. That's kind of one of our top two or three priority for 2024.

因此，我們專注於銷售隊伍，不僅要發展現有客戶（這一點始終非常重要），還要贏得新標誌。這是我們 2024 年的兩三個首要任務之一。

Our last question is going to come from Shaul Eyal.

我們的最後一個問題將來自 Shaul Eyal。

Congrats, Gil. Maybe you can share with us some color on 7-digit transactions, government business, and with respect to the incoming CEO. Is there a prerequisite that he or she will be Israeli based? Or could they also be U.S.-based?

恭喜，吉爾。也許您可以與我們分享一些關於 7 位數交易、政府業務以及關於即將上任的執行長的資訊。他或她是否必須來自以色列？或者他們也可以是美國的嗎？

Roei, do you want to start? You choose.

羅伊，你想開始嗎？你選。

You're muted, Roei.

你靜音了，羅伊。

(inaudible) the 7-digit transaction in the government transactions?

（聽不清楚）政府交易中的 7 位數交易？

7-digit transaction will also maybe a word about the government for all vertical this quarter and for Gil about the incoming CEO.

7 位數的交易也可能是關於本季度所有垂直行業的政府以及吉爾關於即將上任的執行長的一個詞。

We did -- so I would say that when we are looking on our large deals, the mega deals about the 7-digits to that, we did see a nice growth this quarter compared to last quarter, actually double-digit growth, both in number of deals and in dollar value.

我們做到了——所以我想說，當我們關注我們的大型交易時，大約七位數的大型交易，我們確實看到本季度與上季度相比出現了不錯的增長，實際上是兩位數的成長，無論是在交易數量和美元價值。

So I think we did see a very nice trend there also in Q4. It was part of the positive momentum that we mentioned. As for the government, I think we did well in the government. Again, not -- still we can grow faster, we can do better there, but I think we are in a decent business also on the government side. And Gil, to your question around...

所以我認為我們在第四季也看到了一個非常好的趨勢。這是我們提到的積極勢頭的一部分。至於政府，我認為我們在政府方面做得很好。再說一遍，我們仍然可以成長得更快，我們可以做得更好，但我認為我們在政府方面的業務也不錯。吉爾，關於你的問題...

As I mentioned, first, I think we're in the beginning of the process, but I will share with you openly my requirements and my preferences. I do like to conduct a global search and look for the best possible person, she or he, around the world.

正如我所提到的，首先，我認為我們正處於這個過程的開始，但我將公開與您分享我的要求和偏好。我確實喜歡進行全球搜索，並在世界各地尋找最優秀的人，她或他。

It is very likely that we'd like it to be somebody that will reside in Israel. Our headquarters is in Israel. The main hub for operations of Check Point is in Tel Aviv. So I would like the person to be in Tel Aviv. That actually increases the chances that it will also be Israeli.

我們很可能希望他是住在以色列的人。我們的總部位於以色列。 Check Point 的主要營運中心位於特拉維夫。所以我希望此人在特拉維夫。這實際上增加了它也是以色列人的可能性。

But -- and of course, they will need to travel. I'd like them to spend a lot of time around the world, but that would be the preference. Again, global search, best person in the world, but most likely to -- will require to reside and be part of the team in the headquarters.

但是——當然，他們需要旅行。我希望他們能在世界各地度過很多時間，但這是我的偏好。同樣，全球搜尋、世界上最好的人選（但最有可能）將需要居住並成為總部團隊的一部分。

Alright. Thank you all for joining us today. We appreciate you coming and spending the time with us, and we look forward to seeing you throughout the quarter. Thank you.

好吧。感謝大家今天加入我們。我們感謝您光臨並與我們共度時光，我們期待在整個季度見到您。謝謝。

Thank you very much, everyone. Really appreciate it. Thank you.

非常感謝大家。真的很感激。謝謝。

Bye-bye.

再見。

Bye-bye.

再見。