Check Point Software Technologies Ltd (CHKP) 2024 Q1 法說會逐字稿

(technical difficulty) 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 this conference call is being recorded and will be available for replay on our website at checkpoint.com.

（技術難度）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。在開始之前，我想提醒大家，本次電話會議正在錄製中，並將在我們的網站 checkpoint.com 上重播。

(Operator Instructions) During the formal presentation, all participants are in listen. During this presentation, Checkpoint representatives may make forward-looking statements within the meaning of the Securities Act of the early 1900s. 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.

（操作員指示） 在正式演示期間，所有參與者都在聆聽。在本次演示中，Checkpoint 代表可能會做出 1900 年代初期《證券法》含義內的前瞻性聲明。這些陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述中預測的結果有重大差異。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 may be 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. Now I'd like to turn the call over to Roei Golan.

任何前瞻性陳述可能僅截至本協議發布之日，Check Point Software 不承擔公開更新任何前瞻性聲明的義務。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。現在我想把電話轉給 Roei Golan。

Thank you, Kip, and great to see you here with us. One moment, I'll show my screen. Let me know if you can see that. Can you see my screen?

謝謝你，基普，很高興見到你和我們在一起。等一下，我將展示我的螢幕。如果您能看到，請告訴我。你看得到我的螢幕嗎？

We can.

我們可以。

Okay. Great. So thank you, Kit. I'm excited to be here with you. Actually, we started very strong. We finished the quarter Q1 with EPS of $2.04, a 13% increase year-over-year and net income of $235 million, which represents 8% increase year-over-year. Also, our revenues were above the midpoint of our projections. They actually grew by 6% to $599 million, $6 million above the midpoint of our projection, while the EPS, as mentioned, grew by 13% and was $0.04 above the midpoint of our projections.

好的。偉大的。所以謝謝你，基特。我很高興能和你在一起。事實上，我們一開始就非常堅強。第一季末，我們的每股收益為 2.04 美元，年增 13%，淨利為 2.35 億美元，年增 8%。此外，我們的收入高於我們預測的中點。它們實際上增長了 6%，達到 5.99 億美元，比我們預測的中點高出 600 萬美元，而如上所述，每股收益增長了 13%，比我們預測的中點高出 0.04 美元。

So let's move to the revenues and deferred revenues and billings. So as indicated on the revenue side, we grew by 6%. The deferred revenues grew by 2% to $1.826 billion while our current deferred revenue, short-term deferred revenues grew by 2% also to $1.347 billion. Our calculated billing reached $570 million, which represents 7% growth year-over-year while our short-term calculated billing reached $532 million, a 3% growth year-over-year. Our remaining performance obligation reached almost $2.2 billion with 6% growth year-over-year. And that growth was driven by strong demand for our product this quarter -- in the first quarter with double-digit growth in total new business annualized bookings, and we'll show you also in the next few slides, the reflection.

那麼讓我們來看看收入、遞延收入和帳單。如收入方面所示，我們成長了 6%。遞延收入成長了 2%，達到 18.26 億美元，而我們目前的遞延收入、短期遞延收入也成長了 2%，達到 13.47 億美元。我們的計算帳單達到 5.7 億美元，年增 7%，而我們的短期計算帳單達到 5.32 億美元，年增 3%。我們的剩餘履約義務達到近 22 億美元，年增 6%。這一增長是由本季度對我們產品的強勁需求推動的——第一季新業務年化預訂總量實現了兩位數增長，我們還將在接下來的幾張幻燈片中向您展示這一反映。

So the revenues growth of the 6% was driven mainly by subscription revenues, another strong quarter for the subscription revenue that grew by 15% to $263 million, that is mainly driven by strong performance of our Infinity, Infinity consolidated platform and the Harmony Email. Both of them contributed significantly to this growth.

因此，6% 的營收成長主要是由訂閱營收推動的，這是訂閱營收的另一個強勁季度，成長了15% 至2.63 億美元，這主要是由我們的Infinity、Infinity 綜合平台和Harmony Email 的強勁表現推動的。他們兩人都對這一增長做出了重大貢獻。

In terms of, as mentioned, the new business acceleration, the annualized new business booking growth, that's something that we showed you last quarter also, we did see the turnaround in Q4. We show -- we presented to it that we grew double digit in Q1. We -- so we saw the new business book annualized booking grew double digits again in an accelerated way and higher growth than in Q4. So I think that's -- again, that's because of healthy and strong demand to our product during the quarter.

如同前面所提到的，就新業務加速、年化新業務預訂成長而言，這也是我們上個季度向您展示的，我們確實在第四季度看到了好轉。我們向其展示，我們在第一季實現了兩位數的成長。我們看到新的商業書籍年化預訂量再次以加速的方式成長了兩位數，成長速度高於第四季。所以我認為這是因為本季對我們產品的健康和​​強勁的需求。

In terms of Infinity, Infinity revenues grew by double-digit revenue growth and becoming more and more significant to our business -- from a revenue perspective, it's already exceeded 13% of our revenues. And in terms of annual booking, it's even higher -- so we expect that the revenues -- that this portion from the revenues will go -- will be bigger in the next few quarters. As we move to the global revenue distribution, so we can see here that the EMEA, 46% of our revenues came from EMEA, 42% of the revenues came from Americas, while the remaining 12% came from APAC. Important to note that the revenues grew in all geographies. We did see an increase in all geographies and also in the new business growth that I mentioned in the previous slide, we did see this growth in all geographies with Important to note that it was led by EMEA with very strong new business growth in EMEA.

就Infinity而言，Infinity的收入實現了兩位數的收入成長，對我們的業務變得越來越重要——從收入的角度來看，它已經超過了我們收入的13%。就年度預訂而言，它甚至更高 - 因此我們預計收入 - 這部分收入將在未來幾季內更大。當我們轉向全球收入分佈時，我們可以在這裡看到 EMEA，我們 46% 的收入來自 EMEA，42% 的收入來自美洲，而剩下的 12% 來自亞太地區。值得注意的是，所有地區的收入均有所成長。我們確實看到了所有地區的成長，以及我在上一張投影片中提到的新業務成長，我們確實看到了所有地區的成長，重要的是要注意，這是由EMEA 引領的，EMEA 的新業務成長非常強勁。

Now let's move to the P&L this quarter. So our gross profit grew by 7% to $536 million, represent 90% gross margin compared to 89% gross margin last year. Our total operating expenses increased by 8% to $284 million. This was mainly as a result of our continued investment in our workforce. I remind you that we did 3 acquisitions last year. So that's -- we have the full 3 acquisitions here in the operating expenses. We keep investing in the cloud infrastructure, and of course, the sales and marketing -- so all of that drove the 8% growth increase in the operating expenses. And we finished with operating income of $252 million, a 6% growth, which represents 42% operating margin similar to last year.

現在讓我們來看看本季的損益表。因此，我們的毛利成長了 7%，達到 5.36 億美元，毛利率為 90%，而去年的毛利率為 89%。我們的總營運支出增加了 8%，達到 2.84 億美元。這主要是由於我們對勞動力的持續投資的結果。我提醒您，我們去年進行了 3 次收購。所以，我們的營運費用包含了全部 3 項收購。我們繼續投資於雲端基礎設施，當然還有銷售和行銷——所有這些都推動了營運費用成長 8%。我們最終實現營業收入 2.52 億美元，成長 6%，營業利潤率為 42%，與去年相似。

Now let's move to the net income. So our net income grew by 8% to $235 million. We can see here that the financial income, we did see an increase in the financial income. It's a sort of higher interest rate in the market and similar tax expenses and tax rates. And we finished with EPS of $2.04, 13% growth year-over-year.

現在讓我們轉向淨利。因此，我們的淨利潤成長了 8%，達到 2.35 億美元。我們在這裡可以看到財政收入，我們確實看到了財政收入的成長。這是一種較高的市場利率和類似的稅收費用和稅率。最終，我們的每股收益為 2.04 美元，年增 13%。

Moving to our cash flow and cash position. So we finished the quarter with more than $3 billion in cash, marketable security and short-term deposits. We purchased during the quarter $325 million of shares in an average price of $159 per share. Our operating cash flow was strong with $361 million.

轉向我們的現金流和現金狀況。因此，在本季結束時，我們擁有超過 30 億美元的現金、有價證券和短期存款。我們在本季購買了價值 3.25 億美元的股票，平均價格為每股 159 美元。我們的營運現金流強勁，達 3.61 億美元。

To summarize our financials. So revenues and EPS reached the top end of our projections we did see acceleration in our quarterly revenues mainly came from the subscription that came from Infinity and Harmony Email performance. We do see strong acceleration in our new business annualized booking, another quarter with double-digit annualized new business bookings and with strong profitability, maintaining strong profitability, 6% operating income growth, 8% net income growth and double-digit growth in EPS, 13% growth. And now I'll turn the call over to Gil.

總結我們的財務狀況。因此，營收和每股盈餘達到了我們預測的上限，我們確實看到季度營收的加速主要來自 Infinity 和 Harmony 電子郵件效能的訂閱。我們確實看到我們的新業務年化預訂量強勁加速，又一個季度新業務年化預訂量實現兩位數，並且盈利能力強勁，保持強勁的盈利能力，營業收入增長6%，淨利潤增長8 %，每股盈餘成長兩位數，成長13%。現在我會把電話轉給吉爾。

I apologize I muted myself. Sorry. So good morning, everyone, and thank you, Roei, for the presentation. And now that I'm unmuted, I hope you see the presentation. Ready to go for the business update. I'll start with a quick recap of what Roei already shared with you. I think we had a pretty good quarter in the first quarter. Great results, revenue, EPS top of the projection, double-digit subscription growth continues to be recurring revenue, which I think is an important factor because I think we are moving more and more of our business to be an annuity model. represents now 83% of total revenues. So again, another good indicator.

我很抱歉我把自己靜音了。對不起。大家早安，謝謝 Roei 的演講。現在我不再靜音了，我希望你能看到我的演講。準備好進行業務更新。我將首先快速回顧一下 Roei 已經與您分享的內容。我認為我們第一季的表現相當不錯。出色的業績、收入、每股收益超出預期、兩位數的訂閱成長仍然是經常性收入，我認為這是一個重要因素，因為我認為我們正在將越來越多的業務轉向年金模式。目前佔總收入的 83%。再說一次，這是另一個好的指標。

Overall, I think we are putting a huge focus on what we call new business activity. And new business activity include everything from signing up new logos and new customers, to new refresh cycles, expansion, upsell, everything for the existing customers. And we had double-digit new business growth, which I think is very, very important that our customers are growing with us, are refreshing with us, are becoming up to date and are getting the best security.

總的來說，我認為我們非常關注所謂的新業務活動。新的業務活動包括從註冊新商標和新客戶到新的更新週期、擴張、追加銷售以及現有客戶的一切。我們實現了兩位數的新業務成長，我認為這非常非常重要，因為我們的客戶與我們一起成長，與我們一起更新，與時俱進，並獲得最好的安全性。

Part of that is the overall Infinity platform, new customers, some major public sector wins. And I think Infinity just to be through the rest of the presentation, we use the terminology for several things. It's our overall architecture, our overall platform which I think is very important, but it's also a specific kind of what we call Infinity deals or Infinity contracts, and these are deals that customers are usually doing for long term, but including big parts of the platform and not just one product. So all of these are growing and growing very, very nicely.

其中一部分是整個 Infinity 平台、新客戶和一些主要公共部門的勝利。我認為《無限》只是為了在演示的其餘部分中，我們使用這個術語來表示幾個方面。這是我們的整體架構，我們的整體平台，我認為非常重要，但它也是我們所謂的無限交易或無限合約的特定類型，這些是客戶通常長期進行的交易，但包括大部分交易平台而不僅僅是一種產品。所以所有這些都在成長，而且成長得非常非常好。

And last and least, one of the key drivers of our business remains our security gateways, the network in the center of everything. And this quarter, we did the major refresh of our entire product line, the Quantum Force, that's the new name of the new line of appliances. I'll talk more about that, but what should be important and significant for the Check Point customers and gaining more value from what we do. So just -- if we look at customers that have been with us, you can -- sorry, let's switch too quickly. So you see many new customers on our platform, all geographies, Europe, Asia, U.S. And a very important area is the public sector. We booked 19 new government agencies in 40 countries, just in the first quarter and that is also a very nice -- some are very small, some are huge, some are multimillion dollar deals for many years.

最後也是最不重要的一點是，我們業務的關鍵驅動力之一仍然是我們的安全網關，網路是一切的中心。本季度，我們對整個產品線進行了重大更新，Quantum Force，這是新設備系列的新名稱。我將詳細討論這一點，但對於 Check Point 客戶以及從我們所做的事情中獲得更多價值來說，什麼應該是重要且有意義的。因此，如果我們看看曾經與我們合作過的客戶，您可以——抱歉，我們切換得太快了。因此，您在我們的平台上看到了許多新客戶，來自所有地區，歐洲、亞洲、美國，其中一個非常重要的領域是公共部門。僅在第一季度，我們就在 40 個國家預訂了 19 個新政府機構，這也非常好——有些很小，有些很大，有些是多年數百萬美元的交易。

So again, all industries; manufacturing, telcos, infrastructure, energy, so on, very, very important. In the first quarter, we also held our CPX conference. I think some of you attended to that with the first sell side analyst track that we had in Las Vegas. And that's important because that's where we gather together our field employees, our partners, our customers and share all our renewals for the year. So we did all our product launches. These are free conferences; one in Asia, one in Europe and the last one was in Las Vegas in the U.S. We had overall over 18,000 participants, both physical and virtual, almost half and half. So that was great. For the first time, we returned to full force, physical conference, tons of energy. I think everything was very, very well received. And I think you see it here, we get the highest scores ever on this conference. We measure the performance of the conference on every aspect.

再說一遍，所有行業；製造業、電信公司、基礎建設、能源等等非常非常重要。第一季度，我們也舉辦了CPX會議。我想你們中的一些人參加了我們在拉斯維加斯舉行的第一個賣方分析師研討會。這很重要，因為這是我們聚集現場員工、合作夥伴、客戶並分享今年所有更新的地方。所以我們發布了所有的產品。這些都是免費會議；一場在亞洲，一場在歐洲，最後一場在美國拉斯維加斯。所以那太好了。我們第一次恢復了全力以赴的身體狀態，充滿了能量。我認為一切都非常非常受歡迎。我想你在這裡看到了，我們在這次會議上獲得了最高分。我們從各方面衡量會議的表現。

And this year, we got the highest score in Check Point history. So we're very happy about that. And I think it indicates something also for the enthusiasm of the customers and partners for the new launches and the relevancy, and the importance of the value that Check Point provides to their security.

今年，我們獲得了 Check Point 歷史上的最高分。所以我們對此感到非常高興。我認為這也顯示了客戶和合作夥伴對新產品和相關性的熱情，以及 Check Point 為他們的安全提供的價值的重要性。

And one of the key messages was our Infinity platform or Check Point as a platform company. Now I know that many people in the industry speak today about the platform. Everybody speaks today as the platform, and it looks like it's part of the wave. But I think it's very important to understand. We launched the Infinity architecture, the Infinity platform in 2018, 6 years ago or 5 and some years ago. And since then, we're building it.

其中一個關鍵訊息是我們的 Infinity 平台或 Check Point 作為平台公司。現在我知道今天很多業內人士都在談論這個平台。今天每個人都將其視為平台，看起來它是浪潮的一部分。但我認為理解這一點非常重要。我們在 2018 年、6 年前或 5 年前、幾年前推出了 Infinity 架構、Infinity 平台。從那時起，我們就開始建造它。

We're building it to be a very, very unique platform, a platform that's now AI powered more than 50 security engines that are delivered from the cloud and contain AI technology. That's part of overall of over 80 different security engine that analyze and prevent all types of attacks. And one of the major values here is our 3Cs being a consolidated platform where you can manage everything together, a comprehensive one, addressing all the key attack vectors and the one which we are putting a lot of emphasis this year being the strongest in the real platform, not the architecture but a true architecture, a collaborative platform. And that's where I put a lot of our focus in 2024 making sure that all the technologies and products work together to elevate the level of security. So this is not just information sharing between different aspects of the security infrastructure. This is also a proactive action. So if we see somebody poking around our network, scanning it, we can take that attacker and block it all over on the network, on the cloud and on many other places.

我們正在將其打造為一個非常非常獨特的平台，現在由人工智慧驅動超過 50 個安全引擎，這些引擎是從雲端交付並包含人工智慧技術的。這是 80 多種不同安全引擎的一部分，可分析和防止所有類型的攻擊。這裡的主要價值之一是我們的 3C 是一個綜合平台，您可以在其中一起管理所有內容，是一個全面的平台，可解決所有關鍵攻擊向量，也是我們今年重點強調的最強大的平台平台，不是架構，而是真正的架構，一個協作平台。這就是我在 2024 年重點關注的地方，確保所有技術和產品協同工作以提高安全水平。因此，這不僅僅是安全基礎設施不同方面之間的資訊共享。這也是一種主動行動。因此，如果我們看到有人在我們的網路中窺探、掃描它，我們就可以抓住該攻擊者並在網路、雲端和許多其他地方封鎖它。

If we identified an infected endpoint, we can quarantine that endpoint through the network and make sure we stop the damage, contain them, contain the risk and stop the attack. And that's the only platform where I think we truly do that and do it in a very, very effective manner. So this is, again, a true platform when all the elements are orchestrated, work together in a collaborative manner. And I think the value of collaboration is going to pay off with the highest level of security. So that's a big focus that we put in the conference.

如果我們識別出受感染的端點，我們可以透過網路隔離該端點，並確保我們阻止損害、遏制損害、控制風險並阻止攻擊。我認為這是我們真正做到這一點並以非常非常有效的方式做到這一點的唯一平台。因此，當所有元素都經過精心編排並以協作方式協同工作時，這又是一個真正的平台。我認為協作的價值將以最高等級的安全性得到回報。這是我們在會議上關注的重點。

Another important element is, as I mentioned, our new product launches, and these are the 3 key products that we launched. The AI copilot that likes to manage security with natural language, again simplifying many management tasks and once again elevate the level of security because things which people didn't do before because they took too much time because they were too complicated, they can do now in a matter of seconds with AI technology.

正如我所提到的，另一個重要因素是我們的新產品發布，這是我們推出的 3 種關鍵產品。人工智慧副駕駛喜歡用自然語言來管理安全，再次簡化了許多管理任務，並再次提升了安全水平，因為人們以前因為太複雜而花費太多時間而沒有做的事情現在可以做借助人工智慧技術，只需幾秒鐘。

A new technology for securing cloud applications, SaaS. Don't confuse that with SASE, that's the technology for remote access that we went into the market with -- in the acquisition we did in Q3 but SaaS is a different one also based on some acquired technology from last year and new technologies and the products that will come later in the year that actually protect your SaaS applications on the cloud. Again, part of the platform side of everything.

用於保護雲端應用程式的新技術 SaaS。不要將其與SASE 混淆，這是我們進入市場時使用的遠端存取技術——在我們第三季度進行的收購中，但SaaS 是一種不同的技術，它也基於去年獲得的一些技術以及新技術和產品將於今年稍後推出，真正保護您在雲端上的 SaaS 應用程式。再說一次，一切都是平台的一部分。

And last and not least, and I mentioned that, is our Quantum Force gateways. This is very, very important because that drives a big part of our business. So if we see that the previous generation of Quantum appliances, and you can see here the new line of appliances, amazing line. You can see the performance ranges here between 2x and 3x performance optimized for AI. I mentioned the over 50 AI engines and with the highest threat prevention ratio in the industry, 99.8% based on the Miercom results. So we are very proud of that, and I think that will -- should give us a lot of power to go to the market, win new customers, to upgrade and refresh the existing customers. And again, it starts, it takes time for a customer to evaluate the new hardware and the new software, but I think it's a very big promise for the rest of the year.

最後也是最重要的一點，我提到過，是我們的量子力網關。這非常非常重要，因為這推動了我們業務的很大一部分。因此，如果我們看到上一代的 Quantum 設備，那麼您可以在這裡看到新的設備系列，令人驚嘆的產品線。您可以在此處看到針對 AI 最佳化的效能範圍，介於 2 倍到 3 倍之間。我提到了超過50個AI引擎，根據Miercom的結果，威脅防禦率是業界最高的，達到99.8%。所以我們對此感到非常自豪，我認為這將給我們很大的力量進入市場，贏得新客戶，升級和更新現有客戶。再說一遍，客戶需要時間來評估新硬體和新軟體，但我認為這對今年剩餘時間來說是一個非常大的承諾。

Last but not least, I mentioned the Infinity AI copilot and you can see a simple demo here. We are trying to get a simple managerial task. Emily can't access the SAP server. Why can't you do that? Again, in the past, it was a long process, analyzing [globes], analyzing things. Here, it's super simple. You asked the question. It tells you Emily actually attempted to do that but there was a rule with blocking here. I asked you, "Do you want to add there and change the rule base so she can actually access that server. You say, yes, policy being installed, boom, it's done.

最後但並非最不重要的一點是，我提到了 Infinity AI 副駕駛，您可以在這裡看到一個簡單的演示。我們正在嘗試完成一項簡單的管理任務。 Emily 無法存取 SAP 伺服器。為什麼你不能這樣做？同樣，在過去，分析[地球儀]、分析事物是一個漫長的過程。在這裡，超級簡單。你問了這個問題。它告訴你艾米麗實際上試圖這樣做，但這裡有一條阻止規則。我問你，「你想在那裡添加並更改規則庫，以便她實際上可以訪問該伺服器。你說，是的，正在安裝策略，繁榮，完成了。

These tasks, when you do them with our product, if you're an expert, I mean, it takes you a few minutes. If you're not expert, it can take you much longer. If you're doing it with a competitive product, it can take you many, many even hours to analyze the situation, to find the right place, especially for large enterprises that have hundreds of thousands of rules, and they need to diagnose the situation and so on.

我的意思是，當您使用我們的產品執行這些任務時，如果您是專家，則需要幾分鐘的時間。如果您不是專家，可能會花費更長的時間。如果您使用競爭產品來執行此操作，則可能需要花費很多甚至很多個小時來分析情況，找到正確的位置，特別是對於擁有數十萬條規則的大型企業，他們需要診斷情況等等。

And again, our AI copilot is not limited just for the managerial tasks. It can do everything from asking, are we protecting against the latest threat? And again, it will go and pull the latest threat from the right databases, check the configuration of all the security installation and will tell you, yes, you're protected or no. Click here to get updated. I believe, by the away, AI will play a major role in the world in general, but in our industry, it can make some big revolution. And what we're doing now is just the first step. We will see much more. So just before we finish speaking of AI, a major partnership we announced in the AI space is about securing the AI cloud infrastructure.

再說一次，我們的人工智慧副駕駛不僅限於管理任務。它可以做一切事情，從問我們是否正在防範最新的威脅？再次，它會從正確的資料庫中提取最新的威脅，檢查所有安全安裝的配置，然後告訴您，是的，您是否受到保護。點擊此處獲取更新。我相信，總的來說，人工智慧將在世界上發揮重要作用，但在我們的行業中，它可以帶來一些重大革命。而我們現在所做的只是第一步。我們將會看到更多。因此，在我們結束談論人工智慧之前，我們宣佈在人工智慧領域的一項主要合作夥伴關係是關於保護人工智慧雲端基礎設施的。

So I'm sure you all know and you all follow some of the biggest investments in our world today are building AI server farms in the cloud that delivers all this wonderful value of AI. These are based primarily on NVIDIA chipsets. And what we announced last month was the first AI infrastructure firewall, which means that we can now embed the Check Point firewall to protect the AI servers in the cloud on the AI chipsets from NVIDIA. We launched this partnership based on work that we are doing for many years -- several years with NVIDIA even before the AI generation. But based on that, we have a lot of our software that can run on the NVIDIA chipsets. Later in the year, we will make it available.

因此，我相信你們都知道並且都關注當今世界上一些最大的投資，那就是在雲端中建立人工智慧伺服器場，以提供人工智慧的所有這些美妙價值。這些主要基於 NVIDIA 晶片組。我們上個月宣布了首款 AI 基礎設施防火牆，這意味著我們現在可以在 NVIDIA 的 AI 晶片組上嵌入 Check Point 防火牆來保護雲端的 AI 伺服器。我們基於多年來所做的工作（甚至在人工智慧誕生之前就與 NVIDIA 合作了好幾年）啟動了這項合作關係。但基於此，我們有許多軟體可以在 NVIDIA 晶片組上運作。今年晚些時候，我們將推出它。

And I hope that this will present a very interesting market opportunity and very, very important because right now, much of the AI infrastructure that's up there in the cloud remains exposed to the open Internet and its level of protection is far from being sufficient from where we want to be. So I think this represents another business opportunity and there is many, many more around the transformation to AI.

我希望這將提供一個非常有趣的市場機會，而且非常非常重要，因為目前，雲端中的許多人工智慧基礎設施仍然暴露在開放的互聯網上，其保護水平遠遠不夠。所以我認為這代表了另一個商業機會，而且圍繞人工智慧的轉型還有很多很多。

So to summarize my presentation on Q1, we had a strong start to 2024. The Infinity platform investments are delivering returns. We have different products with e-mail growing with many other products growing, with the sales of the Infinity agreements for sophisticated comprehensive security architecture for customers growing quite fast, which is a great potential for the future, but already generating 13% of our business.

總結我在第一季的演講，我們在 2024 年有了一個良好的開端。我們有不同的產品，電子郵件隨著許多其他產品的成長而成長，為客戶提供複雜的全面安全架構的 Infinity 協議的銷售成長相當快，未來潛力巨大，但已經占我們業務的 13% 。

Revenues, EPS at the top of our projection, subscription growth, new business growth -- so both on the quantitative and the qualitative measures, I think we've done pretty well to start the year, and we are looking forward for the next few quarters and hope that we keep good start for the year. And before I finish and open it for your questions, maybe speak a little bit about our projections for the second quarter. Sorry, the projection disappeared. No, we didn't disappear. They will be right here.

收入、我們預測的每股收益、訂閱成長、新業務成長——所以無論是定量還是定性指標，我認為我們在今年年初都做得很好，我們期待著接下來的幾年季度並希望我們今年保持良好的開端。在我結束並開始提問之前，也許可以談談我們對第二季的預測。抱歉，投影消失了。不，我們沒有消失。他們就在這裡。

So projections are generally in line with what we've talked in the first quarter and the beginning of the year. Revenues are going to be between $607 million to $637 million. Earnings per share is expected to be between $2.10 to $2.20. GAAP EPS approximately $0.44 less than that. I think this is kind of where we've been very consistent with where we started, and I hope that we will go in to have a good reminder for the year.

因此，預測總體上與我們在第一季和年初的討論一致。收入將在 6.07 億美元至 6.37 億美元之間。每股收益預計在 2.10 美元至 2.20 美元之間。 GAAP 每股收益比該數字低約 0.44 美元。我認為這與我們開始的地方非常一致，我希望我們能夠為這一年提供一個很好的提醒。

So thank you very much, and I'll be very happy to open the call for your questions.

非常感謝您，我很樂意打開電話詢問您的問題。

All right. As always, please remember one question during your period. First up is going to be Joseph Gallo of Jefferies followed by Tal Liani of BofA.

好的。與往常一樣，請記住您經期間的一個問題。首先是傑富瑞 (Jefferies) 的約瑟夫·加洛 (Joseph Gallo)，其次是美國銀行 (BofA) 的塔爾·利亞尼 (Tal Liani)。

Wanted to start high level, how would you characterize the business environment in 1Q? And then what's embedded in guidance? I'm not sure if I saw a calendar '24 guidance -- and then given your combos with customers, how are they viewing their cyber budgets? What areas are being prioritized? Any sense of fatigue seen by others? I know you called out strength in EMEA. Is the U.S. budget lagging relatively?

想從高層次開始，您如何描述第一季的商業環境？那麼指南包含什麼內容呢？我不確定我是否看到了 24 年日曆指南 - 然後考慮到您與客戶的組合，他們如何看待他們的網路預算？優先考慮哪些領域？別人有沒有覺得疲勞？我知道您呼籲歐洲、中東和非洲地區的力量。美國預算是否相對落後？

So that was a very comprehensive question. I'll try to answer it. First, we had a good quarter. So I think I've already conveyed that. In terms of the environment around us, it was kind of mixed, I'm not as positive as I've seen from our results.

這是一個非常全面的問題。我會嘗試回答它。首先，我們度過了一個不錯的季度。所以我想我已經傳達了這一點。就我們周圍的環境而言，情況好壞參半，我並不像從我們的結果中看到的那麼積極。

On one hand, the security marketplace remains healthy. So I don't have any -- I mean, I think that's going to be good and going for several years. But I don't think that customers started opening big budgets like we've been before. They are keeping relatively tight on some of their budget, especially for some of the areas that we are in. Our industry remains very competitive and I think that, again, while we haven't seen much of it in the first quarter, I do anticipate we'll see more competitive pressure moving forward. So I think overall, it's a good market, but it's not -- we haven't -- we have definitely returned from the down market that we've been into a year ago into a more stable, healthy market, but we're still not at the market I like it to be. And from the geography standpoint, our strength that we've seen was very strong in Europe. U.S. was good, new business grew, but a little bit more tight.

一方面，安全市場依然健康。所以我沒有——我的意思是，我認為這會很好，而且會持續幾年。但我不認為客戶會像我們以前那樣開始投入大量預算。他們的一些預算保持相對緊張，特別是對於我們所在的一些領域。多的競爭壓力。所以我認為總的來說，這是一個好的市場，但不是——我們還沒有——我們肯定已經從一年前進入的低迷市場回歸到一個更穩定、健康的市場，但我們正在仍然沒有在市場上，我喜歡它。從地理角度來看，我們在歐洲的實力非常強大。美國表現不錯，新業務成長，但有點緊張。

All right. Next up is Tal Liani.

好的。接下來是塔爾·利亞尼。

Can you hear me?.

你聽得到我嗎？

Followed by A Tindle.

緊隨其後的是廷德爾。

I don't know why my video doesn't show up. I don't know if you can see me or not, but -- okay. Roei, I have a question -- the -- I look at the quarter and then I look at what could drive double-digit growth for next year. And if I work with your model and I assume that products are flat, maintenance is like plus 2% and subscription is up 15%, which is what we have seen this quarter. I'm getting 6%, 7% growth. I'm not getting 10%.

我不知道為什麼我的影片不顯示。我不知道你是否能看到我，但是——好吧。 Roei，我有一個問題——我會看看這個季度，然後看看什麼可以推動明年兩位數的成長。如果我使用你的模型，我假設產品持平，維護費用增加 2%，訂閱費用增加 15%，這就是我們本季看到的情況。我的成長率是 6%、7%。我沒有得到10%。

And you talked in the past about the opportunity to grow total revenues by double digits, no time line, but to grow. So what are the assumptions or what needs to happen for revenues to grow double digit? Is it about product revenue growing again double digits? Or is it about subscription accelerating? What are the components that need to happen for you to grow double digits? And again, no time line on it. I just want to understand how growth accelerates from here?

您過去談到了總收入增長兩位數的機會，沒有時間表，但要增長。那麼，收入成長兩位數的假設或需要發生什麼？是產品收入再次達到兩位數成長嗎？還是訂閱加速？要實現兩位數成長需要哪些因素？再說一次，沒有時間限制。我只是想了解如何從這裡加速成長？

So I think we have -- that's a good question. So I think there are several factors. First of all, of course, product revenue needs to grow I mean it doesn't need to grow, by the way, double digit, but it needs to grow at least high single digits. It's something that we need when we execute better. And I think we have a new product in the Quantum Force that we launched in Q1. And that definitely can drive refresh, more refresh and can drive growth in product revenues.

所以我認為我們有——這是一個很好的問題。所以我認為有幾個因素。首先，當然，產品收入需要成長，順便說一句，我的意思是它不需要成長兩位數，但至少需要成長高個位數。當我們執行得更好時，這是我們所需要的。我認為我們在第一季推出了 Quantum Force 一款新產品。這肯定會推動更新，更多的更新，並可以推動產品收入的成長。

In terms of what else, I think that the most -- the main driver for the growth should be the SaaS, Perimeter 81 acquisition that we just acquired two quarters ago. It's still not significant to our business. We just acquired them. We talked about the integration that it takes time. But I think that that's the potential. This together with the continued strong growth in the Harmony and the refresh, I think that can bring us hopefully to double digit again, without any time line, but I think that's the potential.

就其他方面而言，我認為最重要的成長動力應該是 SaaS、我們兩個季度前剛收購的 Perimeter 81 收購。這對我們的業務來說仍然不重要。我們剛剛收購了它們。我們談到整合需要時間。但我認為這就是潛力。再加上 Harmony 的持續強勁成長和更新，我認為這可以讓我們再次達到兩位數，無需任何時間限制，但我認為這就是潛力。

All right. Up next is Adam Tindle from Raymond James, followed by Shaul Eyal from TD Cowen.

好的。接下來是 Raymond James 的 Adam Tindle，其次是 TD Cowen 的 Shaul Eyal。

All right. I just wanted to start with a competitive environment question and observing that you're posting nearly 7% billings growth here. We'll see actual results, but that probably outpaces both Fortinet and Palo Alto this quarter based on their guidance. Your new business is growing double digits. Just wonder if you could maybe touch on the rationale and sustainability of that trend where you're outperforming those competitors from a growth standpoint.

好的。我只是想從競爭環境問題開始，並觀察到您在這裡發布了近 7% 的帳單增長。我們將看到實際結果，但根據 Fortinet 和 Palo Alto 的指導，本季的結果可能會超過他們。您的新業務正在以兩位數成長。只是想知道您是否可以談談這種趨勢的基本原理和可持續性，從成長的角度來看，您的表現優於那些競爭對手。

And secondly, as we look forward, one of those competitors on their last earnings call announced and intend to pursue a very aggressive pricing strategy. I just wonder if you could maybe touch on your thoughts and expected response for that.

其次，正如我們所期望的那樣，其中一個競爭對手在上次財報電話會議上宣布並打算採取非常激進的定價策略。我只是想知道你是否可以談談你的想法和預期的反應。

Thank you. So first, you are right. There is some pressure on the industry. I think we saw a big part of it last year. Our competitors seeing it a little bit of delay. I don't know how much of a delay is about financial issues that -- and how much of it is -- where is the market versus what is their financial results, but we've seen a huge pressure in the market a year ago. I think we're getting out of it.

謝謝。所以首先，你是對的。行業面臨一定壓力。我想我們去年就看到了其中很大的一部分。我們的競爭對手看到了一點延遲。我不知道有多少延遲是與財務問題有關的——以及其中有多少——市場在哪裡與他們的財務表現是什麼，但我們一年前就看到了市場的巨大壓力。我想我們正在擺脫困境。

They seems to be, based on, again, the report you're talking, about a little bit behind us in that cycle. I think the fact that we are under pressure and seeing and pursuing aggressive strategies means that we will have a more competitive market. That's evident.

再次，根據你所說的報告，他們似乎在那個週期中落後於我們一些。我認為，我們面臨壓力，看到並採取積極的策略，這意味著我們將擁有一個更具競爭力的市場。這是顯而易見的。

I do think that customers need to buy the best security. And I think if you buy a second best security for free, it's not very good. And guys, I think it's not -- I hate to speak about other companies and bash about them. But if you open now the report, you'll see the superiority of the Check Point technology. not just in blocking in a higher prevention rate like we've seen with Miercom in almost perfect score but with product vulnerabilities and even failing to fix these products vulnerabilities on timely manners, in exposing big parts of our infrastructure based on some of our competitors' products.

我確實認為客戶需要購買最好的安全性。我認為如果你免費購買第二好的證券，那就不太好。夥計們，我認為不是——我討厭談論其他公司並抨擊他們。但如果您現在打開報告，您將看到 Check Point 技術的優越性。不僅是像我們在Miercom 上看到的幾乎滿分的那樣以更高的預防率進行阻止，而且還存在產品漏洞，甚至未能及時修復這些產品漏洞，基於我們的一些競爭對手的基礎設施暴露了我們的大部分基礎設施產品。

These are -- and by the way, these are not new trends. This is things you can see that you can track, some of it is published publicly, and you can see that we do commit to the best security, and I urge every customer and I think we definitely can do a better job in educating the market of that, not compromising on security, not even for free. So that I think should be our key message. Get, let's win with the best security.

順便說一句，這些並不是新趨勢。這是你可以看到、可以追蹤的東西，其中一些是公開發布的，你可以看到我們確實致力於最好的安全性，我敦促每一位客戶，我認為我們絕對可以在教育市場方面做得更好其中，不損害安全性，即使是免費的。所以我認為這應該是我們的關鍵訊息。得到，讓我們以最好的安全贏得勝利。

All right. Our next person up is Shaul Eyal, followed by Gabriela Borges.

好的。我們的下一個是 Shaul Eyal，其次是 Gabriela Borges。

Gil, any word about the CEO search. And as we think about the new business or even the renewals that you've had. I think you've mentioned several multimillion dollar transactions, but did you guys have any 8-digit related transactions this quarter?

吉爾，關於執行長搜尋的任何消息。當我們考慮新業務甚至您的續約時。我想您已經提到了幾筆數百萬美元的交易，但是本季你們有任何8位數的相關交易嗎？

Yes. Okay. So I think I'll start with the CEO search. I think we talked about the intention last quarter. We since then started the process. It's going to be a good, structured, well thought of process. And we are within the beginning of the process. It will take time, I think, like we've said last time, and it's moving on.

是的。好的。所以我想我將從尋找執行長開始。我想我們上個季度討論過這個意圖。從那時起我們就開始了這個過程。這將是一個良好的、結構化的、經過深思熟慮的過程。我們正處於這個過程的開始階段。我認為這需要時間，就像我們上次所說的那樣，一切都在繼續。

In terms of large deals, we have deals of all sizes. We have some new wins that are 8-digit deals. It's 8 digits for multiple years. So the impact on the first year is going to be -- again, Roei can -- is better than me on the numbers. But I think for the first year, it's only 7 digits, but we had a few large new customers with 8-digit contract. Roei?

就大型交易而言，我們有各種規模的交易。我們有一些新的勝利，都是 8 位數的交易。這是多年的 8 位數字。因此，對第一年的影響將是——再次，Roei 可以——在數字上比我更好。但我認為第一年只有 7 位數，但我們有一些大的新客戶，合約金額是 8 位數。羅伊？

Yes. Yes, I confirm we had several new logos with -- I mean, one new logo, I would say, with 8-digit contract, again multi-year and we had several -- it doesn't mean that the billing was 8-digit. I remind you because the billing can be flexible. But in terms of the bookings, yes, we had 8-digit deals. Thank you.

是的。是的，我確認我們有幾個新標誌——我的意思是，一個新標誌，我會說，有8位數字的合同，又是多年期的，我們有幾個——這並不意味著帳單是8——數字。我提醒您是因為計費可以靈活。但就預訂而言，是的，我們有 8 位數的交易。謝謝。

All right. Our next speaker up is Gabriela Borges, followed by Jonathan Ho.

好的。我們的下一位演講者是加布里埃拉·博爾赫斯 (Gabriela Borges)，其次是喬納森·何 (Jonathan Ho)。

I would love to dig into the dynamics we're seeing around the refresh cycle, particularly as you see customers bring that product up for refresh, any observations on how they're thinking about their firewall footprint and their firewall budget versus their SASE budget? And then apples-to-apples, what do you see in terms of pricing as customers think about the box upgrade cycle?

我很想深入了解我們在更新周期中看到的動態，特別是當您看到客戶將該產品進行更新時，是否觀察到他們如何考慮防火牆佔用空間以及防火牆預算與 SASE 預算？然後，當客戶考慮盒子升級週期時，您對定價有何看法？

So that's an excellent question. I think first, overall, these 2 markets or all these markets will converge. And what we'll see is kind of a mesh network, what it includes, the remote users, the branch offices, the data centers, the cloud, private and public cloud data centers; all of this needs to be interconnected. And I think that's one of the great benefits that Check Point can provide in the marketplace.

這是一個很好的問題。我認為首先，總體而言，這兩個市場或所有這些市場將會融合。我們將看到的是一種網狀網絡，它包括遠端用戶、分支機構、資料中心、雲端、私有和公有雲資料中心；所有這些都需要相互關聯。我認為這是 Check Point 可以在市場上提供的巨大優勢之一。

There are today, if you look at the market, there are today stand-alone vendors, we're doing a decent job in the SASE market, some in branch offices, some on remote users, but not converged with the rest of the enterprise with the data centers and so on. There are companies that do more of the data center security. But again, don't have the SASE model. There are companies that have both, but we are not today integrated. We are working on a platform when everything is going to be integrated over the network.

今天，如果你看看市場，今天有獨立的供應商，我們在 SASE 市場上做得不錯，有些在分支機構，有些在遠端用戶，但沒有與企業的其他部分整合與資料中心等。有些公司在資料中心安全方面做得更多。但同樣，沒有 SASE 模型。有些公司兩者兼而有之，但我們今天還沒有整合。我們正在開發一個一切都將透過網路整合的平台。

And in terms of budget, I expect a lot of it to come from the same budget. And by the way, the benefit is not just the mesh architecture. We call it also a hybrid architecture. It's also that customers can use the same policies, the same high level of security but get the most optimized deployment.

就預算而言，我預計其中許多都來自相同的預算。順便說一句，好處不僅僅是網狀架構。我們也稱之為混合架構。客戶還可以使用相同的策略、相同的高安全級別，但獲得最優化的部署。

And the most optimized deployment can be sometimes on-premise, can be sometimes on-device and can be sometimes in the cloud. Its' very important, by the way, when you think about it; when people deploy networking solutions, they invest tons of energy to get the faster speeds, to get the lowest latency. So for example, in all these cases, doing things on device or on-premise delivers 100x better results than doing it in the cloud.

最優化的部署有時可以在本地，有時可以在設備上，有時可以在雲端。順便說一句，當你仔細想想，它非常重要；當人們部署網路解決方案時，他們會投入大量精力來獲得更快的速度和最低的延遲。例如，在所有這些情況下，在裝置或本地執行操作所帶來的結果比在雲端中執行的結果好 100 倍。

In some areas, shifting away through the cloud may also make sense, but that's what's important that you have the hybrid structure that delivers the optimal -- not just the best security, but also the optimal performance. And I think we will have both.

在某些領域，透過雲端轉移可能也有意義，但重要的是您擁有能夠提供最佳效能的混合結構 - 不僅是最佳安全性，而且還有最佳效能。我認為我們兩者都會。

In terms of the budgets, right now, we are seeing good traction on the SASE side, but it's still at least in our business, still in the small -- mainly small, medium customers. That's also the right now, the product offering that we acquired. We will integrate it this year to be this kind of overall architecture and platform that works together at any size. So that is important. On the refresh cycle of our data center, the core of our business, I see good and healthy activity, especially on the high end on the big data centers.

就預算而言，目前，我們看到 SASE 方面具有良好的吸引力，但至少在我們的業務中，仍然在小型客戶中——主要是中小型客戶。這也是我們現在獲得的產品。我們今年會把它整合成這樣一個任何規模都可以協同工作的整體架構和平台。所以這很重要。在我們業務核心的資料中心的更新週期中，我看到了良好且健康的活動，特別是在大數據中心的高端領域。

But I don't see today that budgets are opened up. Budgets are still relatively tight there. So while I do expect and we do see some signs for improvement in the second half of the year and while I do think that our fourth product family, we will open some of that, it still hasn't happened and budgets are still tight for these spendings.

但我今天沒有看到預算被開放。那裡的預算仍然相對緊張。因此，雖然我確實預計並且我們確實看到了下半年有所改善的跡象，雖然我確實認為我們的第四個產品系列，我們將開放其中的一些產品，但它仍然沒有發生，而且預算仍然緊張這些支出。

All right. Next up is Jonathan Ho followed by Joshua Tilton.

好的。接下來是喬納森·何（Jonathan Ho），其次是約書亞·蒂爾頓（Joshua Tilton）。

Can you maybe help us understand how your Infinity contracts that you already have in place have been growing and specifically, what type of uplift do you see from customers that maybe have had these contracts in place for a while now?

您能否幫助我們了解您已經簽訂的 Infinity 合約的成長情況，具體來說，您從可能已經簽訂這些合約一段時間的客戶那裡看到了哪些類型的提升？

So firstmost, I don't want to give too specific data because it is kind of confidential. I don't want it to fall into the wrong ears. But generally speaking, we do see that Infinity customers are not just committing for a longer period of time and getting more comprehensive security but are committing to us to a much bigger budgets. And again, we've done that comparison because it's a simple trick, to convert the customer for simple products buying into a longer-term contract when we actually don't increase the value or sometimes even the opposite.

首先，我不想提供太具體的數據，因為它屬於機密。我不想讓它落入錯誤的耳朵。但總的來說，我們確實看到 Infinity 客戶不僅承諾更長的時間並獲得更全面的安全性，而且還向我們承諾更大的預算。再說一遍，我們進行了這種比較，因為這是一個簡單的技巧，將購買簡單產品的客戶轉變為長期合同，而我們實際上並沒有增加價值，有時甚至相反。

So we did a very fair analysis of our Infinity agreement customers. And almost all the cases, there is a significant growth in the customer -- the amount of customer -- business that the customer does with us. Some of it also grows over time. And I think what I've seen generally, where you can comment, most of these contracts when they are being renewed, they are being renewed in a bigger way. I don't know what Roei consider?

因此，我們對 Infinity 協議客戶進行了非常公正的分析。幾乎在所有情況下，客戶數量——客戶數量——客戶與我們進行的業務都有顯著成長。其中一些也會隨著時間的推移而增長。我認為我所看到的一般情況是，你可以發表評論，大多數合約在續約時，都會以更大的方式續約。不知道羅伊怎麼想？

Yes, yes. I mean we do see that most of the customers that are engaging with us in Infinity and also when they are (inaudible) Infinity, -- it's usually with higher spending, higher annual spending. So that means they are taking more product of us, if it's e-mail or if it's a SASE. So I think, again, I think that we see that the positive side on the Infinity agreement.

是的是的。我的意思是，我們確實看到大多數在 Infinity 中與我們互動的客戶，以及在（聽不清楚）Infinity 中與我們互動的客戶，通常都具有更高的支出、更高的年度支出。因此，這意味著他們會使用我們的更多產品，無論是電子郵件還是 SASE。所以我認為，我們再次看到了《無限協議》的積極一面。

Next up is Joshua Tilton followed by Rob Owens.

接下來是約書亞·蒂爾頓，其次是羅布·歐文斯。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

All right. Just one for me. I guess, any way you could just help us understand what was the impact of the quarter from some of these newer appliances? I know they started shipping in the quarter. But was there any benefit or maybe even a negative as people kind of just waited to buy some of this newer stuff? And then maybe just how should we think about the pace of growth throughout the rest of the year as you see some of your customers look to adopt the newer hardware?

好的。只給我一個。我想，您有什麼辦法可以幫助我們了解一些較新設備對本季的影響嗎？我知道他們在本季開始出貨。但是，當人們只是等著購買這些新東西時，這有什麼好處，甚至可能有壞處嗎？然後，當您看到一些客戶希望採用更新的硬體時，我們應該如何考慮今年剩餘時間的成長速度？

So I can start, Gil. Okay. So I think in terms of the transition, the allowance that we have with the Quantum Force, we did see positive traction, mainly on the high-end side of the Quantum Force appliances. But again, the transition some it takes time. It takes time because a significant part of our customer needs to do certification, internal certification in order to implement a new product. So that might -- that sometimes have a negative effect.

那我可以開始了，吉爾。好的。因此，我認為就過渡而言，我們對 Quantum Force 的補貼，我們確實看到了積極的牽引力，主要是在 Quantum Force 設備的高端方面。但同樣，這種轉變需要時間。這需要時間，因為我們有很大一部分的客戶需要進行認證、內部認證才能實施新產品。所以這有時可能會產生負面影響。

In this quarter, I think we did see a healthy transition. We did see some nice deals also with the new product that we launched. And that's your question for the remaining of the year. So I think, again, we hope to see that mainly on the second half of the year, we're going to see more and more of our customers taking the new product, so hopefully it will drive growth to our product because, as I mentioned, it might take a quarter or 2 until the certification process is going on. And hopefully, it will help us to grow our product also in the second half of the year.

在本季度，我認為我們確實看到了健康的轉變。我們確實看到了我們推出的新產品的一些不錯的優惠。這就是你今年剩餘時間的問題。因此，我再次認為，我們希望看到，主要是在今年下半年，我們將看到越來越多的客戶採用新產品，因此希望它將推動我們產品的成長，因為正如我所言提到過，認證過程可能需要一兩個季度才能開始。希望這也能幫助我們在下半年發展我們的產品。

All right. Next up is Rob Owens followed by Brad Zelnick.

好的。接下來是羅布·歐文斯（Rob Owens），其次是布拉德·澤爾尼克（Brad Zelnick）。

Great. Gil, in your prepared remarks, you talked about an AI infrastructure firewall. And I was hoping you can maybe build on those comments because that feels like a net new opportunity potentially for the space?

偉大的。 Gil，在您準備好的發言中，您談到了人工智慧基礎設施防火牆。我希望你能以這些評論為基礎，因為這對這個領域來說似乎是一個潛在的淨新機會？

So you're absolutely right. That's a net new opportunity where hundreds of thousands of AI servers now deployed around the world, mainly with a few hundred service -- cloud AI service providers that are building that infrastructure -- they are buying pretty complicated systems that are based on the NVIDIA designs and the NVIDIA chipsets.

所以你是完全正確的。這是一個全新的機會，目前世界各地部署了數十萬台 AI 伺服器，主要是數百個服務（正在建置基礎架構的雲端 AI 服務供應商），他們正在購買基於 NVIDIA 設計的相當複雜的系統和NVIDIA 晶片組。

I've looked on these designs. They are pretty complicated, very different, by the way. I'm sure that you follow the AI industry. But when looking into architecture design, these are very different than traditional servers. In traditional server, there is mainly 1 CPU, here it is like 3 or 4 different types of processors, each one incharge of different activities. And we are where we are -- and these are, as you probably know, these costs close to $200,000 per server. And there is usually in a typical installation there's thousands of these that are being installed. These are pretty big infrastructures.

我看過這些設計。順便說一句，它們非常複雜，而且非常不同。我確信您關注人工智慧行業。但在考慮架構設計時，它們與傳統伺服器有很大不同。在傳統的伺服器中，主要有1個CPU，這裡就像3或4個不同類型的處理器，每個處理器負責不同的活動。我們現在所處的位置 - 正如您可能知道的那樣，每台伺服器的成本接近 200,000 美元。在典型的安裝中，通常會安裝數千個這樣的設備。這些都是相當大的基礎設施。

First, in terms of the security challenge, most of these remain open to the Internet because they utilize high-speed links. Because we are installed on the cloud environment, we are relatively open to don the Internet, which means that if people heck through that and get through the network linked through the Internet, they can do all kinds of bad stuff to the infrastructure; from poisoning the learning process of the AI model, and if that happens, you need to retrain it. You can't even fix the error. You need to do the training again to hacking into the box and taking over it. And these are pretty big damages today because of the cost of the time on that infrastructure. Where we are sitting, if I'm going back to the design, that design has different types of processors, we are actually installing our software on the network processor of these boxes.

首先，就安全挑戰而言，其中大多數仍然對互聯網開放，因為它們利用高速連結。因為我們是安裝在雲端環境上，所以我們對互聯網的開放程度比較高，這意味著如果有人透過互聯網連接到網絡，他們就可以對基礎設施做各種壞事；以免毒害人工智慧模型的學習過程，如果發生這種情況，您需要重新訓練它。你甚至無法修復錯誤。你需要再次進行訓練才能侵入盒子並接管它。由於基礎設施上的時間成本，這些損失在今天已經是相當大的損失了。如果我回到設計，該設計有不同類型的處理器，我們實際上是在這些盒子的網路處理器上安裝我們的軟體。

So we don't impact the performance of the entire AI, but we -- but we will be sitting on the network processor, we can control the flow or make it a true firewall for the traffic between the Internet and the cloud or the AI server itself, the way I call it at least and make sure that, that communication remains clean with few more things -- few more features or interesting technological approaches like monitoring more security on this entire device that we will be able to implement to based on the current architecture.

因此，我們不會影響整個人工智慧的效能，但是我們將坐在網路處理器上，我們可以控制流量或使其成為互聯網與雲端或人工智慧之間流量的真正防火牆​​伺服器本身，至少我這樣稱呼它，並確保通訊保持乾淨，只需更多的東西- 很少有更多的功能或有趣的技術方法，例如監控整個設備上的更多安全性，我們將能夠基於當前的架構。

As I said, this is not -- this is a new product, brand-new market, which I have a hard time estimating it because we've just started talking to these vendors last month. Though I think in terms of technology, it is in the near midterm timeframe. And the reason for that is it's not just an idea. We are running on these chipsets from NVIDIA for quite a long time. Some of this architecture has been part of our light-speed product that's like 2 years old.

正如我所說，這不是——這是一個新產品，一個全新的市場，我很難估計它，因為我們上個月才開始與這些供應商交談。儘管我認為就技術而言，它處於接近中期的時間範圍內。原因是這不僅僅是一個想法。我們在 NVIDIA 的這些晶片組上運行了很長一段時間。其中一些架構已經成為我們已有兩年歷史的光速產品的一部分。

So the technology -- we didn't start the development of technology today. We're making it a little bit differently based on the specifics of the implementation, but that means that we expect a relatively short development cycle, and we are starting the business development cycle in terms of understanding the structure of the kind of the supply chain and the distribution chain here to get to these customers. And this can be pretty big, absolutely.

所以技術——我們今天並沒有開始技術的開發。根據實施的具體情況，我們的做法略有不同，但這意味著我們期望相對較短的開發週期，並且我們在了解供應鏈類型的結構方面開始業務開發週期以及這裡的分銷鏈來接觸這些客戶。這絕對是相當大的。

All right. Next up is Brad Zelnick, followed by Patrick Colville.

好的。接下來是布拉德·澤尼克（Brad Zelnick），其次是帕特里克·科爾維爾（Patrick Colville）。

Great. Can you guys see me? -- hear me?

偉大的。你們看得到我嗎？ - 聽我說？

We can hear you but don't see you.

我們可以聽到你的聲音，但看不到你。

Great to see you guys. I've got one for Gil and one for Roei. Roei, cash flow, I know, is always going to be lumpy from quarter-to-quarter. But as we think about the full year -- is there anything to consider maybe timing or duration wise that would keep directionally at least cash flow growth somewhat in line with net income growth. And then just for you, Gil, M&A, Check Point has always been very responsible in capital allocation and M&A, in particular, a very disciplined buying some of the most innovative technology out there. But we're now at a moment where it seems like there's dislocation in the private market.

很高興見到你們。我有一張給吉爾，一張給羅伊。 Roei，我知道，每季的現金流總是不穩定的。但當我們考慮全年時，是否需要考慮時間或持續時間的因素，以至少在方向上保持現金流成長與淨利潤成長一致。然後，吉爾，併購，Check Point 在資本配置和併購方面一直非常負責，特別是在購買一些最具創新性的技術方面非常有紀律。但我們現在正處於私人市場似乎出現混亂的時刻。

I think we've all seen some shocking headlines suggesting serious valuation compression. Why is this not a time to finally get aggressive to accelerate consolidation in the market through M&A?

我想我們都看到過一些令人震驚的頭條新聞，顯示估值嚴重壓縮。為什麼現在不是最終透過併購積極加速市場整合的時候呢？

Okay. So I'll start with the cash flow. So first of all, regarding the cash flow for Q1. So Q1, we've seen our cash flow. You need to remember that Q1 cash flow was mainly -- it's been affected by the billing in Q4 because most of the collection is coming from the billing in Q4 because most of it is in December. Same thing in Q1 that most of the bidding is coming in March. So although you did see 7% growth. In billing, most of it we didn't collect in Q1 and in Q4, our billing was down by 1%. So that's affected the cash flow in Q1. So you can expect the cash flow in Q2. I think if we are looking on for the full year, so it depends on the execution and the billing.

好的。所以我將從現金流開始。首先，關於第一季的現金流。所以第一季度，我們已經看到現金流了。您需要記住，第一季的現金流量主要受到第四季度帳單的影響，因為大部分收款來自第四季度的帳單，因為大部分是在 12 月。第一季的情況也是如此，大部分投標都在三月進行。所以儘管你確實看到了 7% 的成長。在帳單方面，我們在第一季沒有收取大部分費用，而在第四季度，我們的帳單下降了 1%。這影響了第一季的現金流。所以你可以預期第二季的現金流。我認為，如果我們期待全年，那麼這取決於執行和計費。

I think that we do see stability in the duration. We did see it, I mentioned it also in Q4, I saw that the duration is pretty stable since Q3 last year. So I think, again, it's already low. So I think that the comparables are already -- so I don't think that there will be a duration effect on the billing. And hopefully, if the billing will grow same as in Q1 and even higher, that will affect also of course, our cash flow.

我認為我們確實看到了持續時間的穩定性。我們確實看到了，我在第四季度也提到過，我看到自去年第三季以來，持續時間相當穩定。所以我再次認為，它已經很低了。因此，我認為可比性已經存在，所以我認為不會對計費產生持續時間影響。希望如果帳單成長與第一季相同甚至更高，這當然也會影響我們的現金流。

In terms of M&A, first, you're absolutely right. There should be opportunities in the marketplace. We are aggressively looking and I'm seeing probably every week or two, some interesting opportunity that we are evaluating. And the valuations are still not there in terms of being more rational. What you see, if you look at the latest acquisition, you see companies with $10 million, $20 million in revenue, some even less that are being sold for hundreds of millions of dollars. So that -- again, it doesn't mean that we can't do it.

在併購方面，首先，你是絕對正確的。市場上應該有機會。我們正在積極尋找，我可能每一兩週都會看到一些我們正在評估的有趣機會。而且估價還沒有變得更加理性。你所看到的，如果你看看最近的收購，你會看到收入為 1000 萬美元、2000 萬美元的公司，有些甚至更少的公司被以數億美元的價格出售。所以，這並不意味著我們做不到。

We did several deals like that. We did 3 M&A deals last year. And we did some deals like that last year. But it's hard to find really quality companies. Opportunities when companies that have more significant revenue stream, I haven't seen some really interesting ones. There are a few in distressed situations when -- they are -- but we are losing hundreds of millions of dollars. And again, our hope here is not to get -- is to get something that has -- and they don't have the growth momentum usually. They have the growth momentum when valuation is not very rational. So we are looking at the ones that either have super-interesting technology that we can tuck into our platform, and I think that would create an opportunity even if the valuation is hard to justify in the short term at least or opportunities that will be more sizable, but then at least the way I look at it, we will need some rationale for the valuations. And I think it's still not there. I think it will get there in the future.

我們做了好幾筆這樣的交易。去年我們進行了 3 筆併購交易。去年我們做了一些類似的交易。但很難找到真正優質的公司。當公司擁有更可觀的收入來源時，我還沒有看到一些真正有趣的機會。有一些人陷入困境，但我們卻損失了數億美元。再說一次，我們的希望不是得到——而是得到已經擁有的東西——而它們通常沒有成長動力。當估值不太合理時，它們就有成長動力。因此，我們正在尋找那些擁有超級有趣的技術，我們可以將其融入我們的平台的技術，我認為這將創造一個機會，即使估值至少在短期內難以證明合理，或者機會將更多相當大，但至少在我看來，我們需要一些估值的理由。我認為它仍然不存在。我想它將來會實現的。

Next up is Patrick Colville, followed by Fatima Boolani.

接下來是派崔克​​·科爾維爾，其次是法蒂瑪·布爾尼。

Terrific. So my question is about, I guess, CPX versus now. So what was interesting to maybe at the CPX conference last month was -- there was a lot of interesting tailwinds. The launch of the Force firewalls, in my opinion, much improved messaging around the kind of platform and subscriptions. Leaner partner motion was announced. But in your remarks today, you're definitely kind of playing us down in terms of these factors.

了不起。我想我的問題是關於 CPX 與現在的比較。因此，上個月的 CPX 會議上有趣的事情可能是——有很多有趣的推動因素。在我看來，Force 防火牆的推出大大改善了圍繞平台和訂閱類型的訊息傳遞。宣布精簡合作夥伴動議。但在你今天的演講中，你肯定是在貶低我們這些因素。

It seems like the messaging you want us to take away is the cycle is getting better and these things are coming later. I guess -- is that how we should interpret it? Or were there product, subscription or kind of partner changes that impacted this quarter?

看來您希望我們傳達的訊息是，週期正在變得更好，這些事情會稍後出現。我想——我們應該這樣解釋它嗎？或者是否有產品、訂閱或合作夥伴的變化影響了本季？

I think the opportunity is there. I think we've done what we've done the right -- I mean I think we have super exciting new products in terms of the Quantum Force. In terms of budget increase and refresh and so on, the market is still not there and the industry is competitive. So -- and by the way, sometimes it takes time. Now again, what I'm saying is not -- is a very positive message.

我認為機會就在那裡。我認為我們已經做了正確的事情——我的意思是我認為我們在量子力方面擁有超級令人興奮的新產品。在預算增加、刷新等方面，市場還沒有，產業競爭激烈。所以——順便說一句，有時這需要時間。現在再說一次，我所說的不是──而是一個非常正面的訊息。

In Q4, we launched some of the super high-end appliances. We did a very silent launch. We're doing the public launch. We went for specific accounts, and we saw great acceptance of these new models, and this continued in the first quarter.

第四季度，我們推出了一些超高階家電。我們進行了一次非常安靜的發射。我們正在進行公開發布。我們針對特定客戶，發現這些新模型得到了廣泛接受，這種情況在第一季持續存在。

In the first quarter, we did the more general release of the entire appliance line, 10 models from the low end to the high end. And this is less targeted and we see that it takes a little bit more time for the take-up. Now again, we had amazing numbers in Q1. Don't get me wrong. And I think we've talked about the double-digit growth in new business and so on. So all of these are amazing results. But you are right, I am trying to carve it out a little bit because I don't see that customers opening their pockets, at least not now.

第一季度，我們對整個家電產品線做了更全面的發布，從低端到高端有10個型號。這缺乏針對性，我們發現需要更多的時間來接受。現在，我們在第一季再次取得了驚人的數字。別誤會我的意思。我想我們已經討論過新業務的兩位數成長等等。所以所有這些都是驚人的結果。但你是對的，我正在努力把它擠出一點，因為我沒有看到顧客打開他們的口袋，至少現在沒有。

Maybe, I mean, the expectation is that more of that will happen in the second half of the year. And we'll do a more massive refresh. Now again, a more massive refresh requires the customers to free budget to do the certification, the testing, the implementation. And I think we are set up to do all of it. We have amazing price performance -- we have great value in terms of the best security. We have everything that we know and we need. We have the services. And by the way, our services business, the ones that help customers implement and design, is growing very, very fast. So that's a good sign because there is a huge shortage of skills in the entire cyberspace worldwide.

也許，我的意思是，預計今年下半年會發生更多這樣的事。我們將進行更大規模的刷新。現在，更大規模的更新需要客戶騰出預算來進行認證、測試和實施。我認為我們已經準備好完成這一切。我們擁有驚人的性價比——我們在最佳安全性方面具有巨大的價值。我們擁有我們所知道和需要的一切。我們有服務。順便說一句，我們的服務業務，即幫助客戶實施和設計的業務，成長得非常非常快。這是一個好兆頭，因為全球整個網路空間嚴重缺乏技能。

And we've built an amazing arm, what we call it the Infinity Platform Services or the Infinity Global Services that can deliver amazing services to ease that planning and deployment, and this is growing very fast with our customers. So I think we're set up to take advantage of that. But at least for now, I do see some tightening in the market, yes.

我們已經建立了一個令人驚嘆的手臂，我們稱之為 Infinity 平台服務或 Infinity 全球服務，它可以提供令人驚嘆的服務來簡化規劃和部署，並且這與我們的客戶一起快速增長。所以我認為我們已經準備好利用這一點。但至少目前，我確實看到市場出現一些收緊，是的。

All right. Next up is for Fatima Boolani, followed by Joel Fishbein.

好的。接下來是法蒂瑪·布爾尼 (Fatima Boolani)，其次是喬爾·菲什賓 (Joel Fishbein)。

Roei, this one's for you. I wasn't 100% clear as to what were the driving forces behind another double-digit new business bookings growth performance? And I was hoping you could break that down between the 4 pillars of your business. And just second early at a high level. For the last 8 quarters or so, you've consistently been sort of around the 45%-ish operating margin envelope.

羅伊，這是給你的。我不是百分之百清楚新業務預訂再次兩位數成長背後的驅動力是什麼？我希望您能將其分解為業務的四大支柱。並且在高水平上早早獲得第二名。在過去 8 個季度左右的時間裡，您的營業利潤率一直保持在 45% 左右。

And for us, for a lot of us who've known the business for a very long time, where you used to -- you having maybe closer to 50% operating margin. So I'm curious, what's the path back to those levels from here? Is it you've been in almost a 2-year sustained investment cycle.

對我們來說，對我們許多人來說，他們已經了解這個行業很久了，你曾經的營業利潤率可能接近 50%。所以我很好奇，從這裡回到這些關卡的路徑是什麼？是不是你已經處於近2年的持續投資週期了？

Thank you. So as for the first question regarding the new business, I think what we did see what drove this growth is, I think first of all, Gil mentioned the services. We do see more and more customers taking our Infinity global services. It's something we did see a very nice growth there in terms of new business. So that's one of the factors.

謝謝。至於關於新業務的第一個問題，我認為我們確實看到推動這種成長的因素是，我認為首先，吉爾提到了服務。我們確實看到越來越多的客戶使用我們的 Infinity 全球服務。我們確實在新業務方面看到了非常好的成長。這是因素之一。

Second, we did see -- we mentioned we did see a very nice traction for the high-end appliances. So that also drove our new business growth, together with the Harmony Email, which is consistently growing and increasing its ARR every quarter. That was the main driver for the new business that we've seen.

其次，我們確實看到了——我們提到我們確實看到了高端電器的非常好的吸引力。因此，這也推動了我們的新業務成長，包括 Harmony Email，該業務持續成長，每季的 ARR 都在增加。這是我們所看到的新業務的主要驅動力。

As for the operating margin, so I remind you again, in terms of -- first of all, this year, the operating margin is still as being -- we guided between 42% to 43% for booking on the full year operating margin. And that's mainly because of -- again, we keep investing and it's mainly because of the acquisition that we've done last year that are part of our expenses this year, and we just acquired them in the end of Q3. So that had a dilutive effect on the short term.

至於營業利益率，我再次提醒大家，首先，今年的營業利潤率仍維持不變，我們指導全年營業利潤率在 42% 到 43% 之間。這主要是因為——我們繼續投資，這主要是因為我們去年完成的收購是我們今年費用的一部分，而我們剛剛在第三季末收購了它們。因此，這對短期產生了稀釋效應。

Hopefully, we'll be able to increase this operating margin in the long term. If we -- this acquisition together, as I mentioned, we -- I got asked -- I was asked about how we can reach double-digit growth in revenue. So I think the double-digit growth in revenue, if we're going to drive it by the SASE and the e-mail and more product growth; I think that can drive us back to better -- to higher operating margin. Also, I think we're also today in a very good operating margin. But I think the main driver is to drive higher growth on the top line.

希望我們能夠長期提高營業利潤率。如果我們——正如我所提到的，這次收購一起，我們——我被問到——我被問到我們如何才能實現兩位數的收入成長。因此，我認為，如果我們要透過 SASE、電子郵件和更多產品成長來推動收入成長，那麼收入將實現兩位數成長；我認為這可以推動我們恢復到更好的狀態——更高的營業利潤率。另外，我認為我們今天的營業利潤率也非常好。但我認為主要驅動力是推動收入的更高成長。

All right. Next up is Joel Fishbein followed by Ray McDonough,.

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

I guess, Gil, for you, a follow-up on Rob Owens' question with regard to the partnership with NVIDIA. Could you just give us a little bit more color on how that would work from -- will you be working through NVIDIA and getting paid through NVIDIA? Or will you have to work with the customer itself. Will Check Point be shipping with the chips? Just a little bit more color on that. It sounds like a very big opportunity. I know you're trying to mute our expectations in the near term. But just from a longer-term perspective, how will that work?

Gil，我想，對您來說，這是 Rob Owens 關於與 NVIDIA 合作關係問題的後續答案。您能否向我們詳細介紹一下這將如何運作——您會透過 NVIDIA 工作並透過 NVIDIA 獲得報酬嗎？或者您必須與客戶本身合作。 Check Point 會隨晶片一起出貨嗎？只是再多一點顏色而已。這聽起來像是一個非常大的機會。我知道你試圖在短期內降低我們的期望。但從更長遠的角度來看，這將如何運作？

First, that's still work in progress that we're doing. The partnership and the technology implementation is done through -- with NVIDIA. And I think they really are supportive of it. We launched it on their developer conference on stage. So this is big. In terms of the business model, it's still work-in-progress. My guess is that a lot of it will come either through the companies that are building the boxes based on the NVIDIA chipset or will come directly with the customers and the customers being the -- this cloud service provider, which is not a huge number of customers in the world. It's a few hundred customers overall.

首先，我們正在進行的工作仍在進行中。合作夥伴關係和技術實施是透過 NVIDIA 完成的。我認為他們確實支持它。我們在他們的開發者大會的舞台上推出了它。所以這件事很大。就商業模式而言，它仍在進行中。我的猜測是，其中很大一部分將來自於基於 NVIDIA 晶片組構建盒子的公司，或者直接來自於客戶，而客戶就是——這個雲端服務提供商，其數量並不多。總共有幾百名顧客。

So it's a very direct approach or it's very targeted approach through that. And I think we still need to find the right distribution model to get into the customers. The software might be already ready-to-use or available within the chipset. That's the design that we're doing with NVIDIA.

所以這是一種非常直接的方法，或者說是非常有針對性的方法。我認為我們仍然需要找到正確的分銷模式來吸引客戶。該軟體可能已經可以使用或在晶片組中可用。這就是我們與 NVIDIA 合作的設計。

All right. Next up is Ray McDonough followed by Dan Ives.

好的。接下來是雷·麥克唐納（Ray McDonough），其次是丹·艾夫斯（Dan Ives）。

Great. Roei, I just wanted to follow up on both Brad and Fatima's question, I mean we spoke a lot about the drivers of -- potential drivers, I should say, of double-digit revenue growth, and we touched a little bit about how we get back to 50% operating margins or so over the long run. But when we think about the incremental pressures due to competitive dynamics and the OpEx investments you guys have made, and we think about what it might take from a channel perspective and go-to-market perspective in terms of investments in those channels to help drive some of the new boxes and fresh activity.

偉大的。 Roei，我只是想跟進布拉德和法蒂瑪的問題，我的意思是我們談論了很多關於潛在驅動因素的問題，我應該說，兩位數收入增長的驅動因素，我們談到了一些關於我們如何從長遠來看，營業利潤率將恢復到 50% 左右。但是，當我們考慮由於競爭動態和你們所做的營運支出投資而帶來的增量壓力時，我們會考慮從通路角度和進入市場的角度，在這些通路的投資方面可能需要採取什麼措施來幫助推動一些新盒子和新鮮活動。

How should we think about medium-term to long-term free cash flow growth and how that might relate to double-digit revenue growth if you get there? I understand billings is going to be a big portion of that. But how much OpEx investments are going to be needed to drive that double-digit revenue growth over time, right? And then just a clarification question. Can you help us understand how much inorganic contribution there was to billings this quarter? And another clarification, just the full year revenue guide. I just want to make sure that's unchanged.

我們應該如何考慮中長期自由現金流成長，以及如果實現這一目標，這與兩位數的收入成長有何關係？我知道比林斯將佔其中的很大一部分。但隨著時間的推移，需要多少營運支出投資才能推動兩位數的收入成長，對嗎？然後只是一個澄清問題。您能否幫助我們了解本季的無機收入對帳單的貢獻有多少？另一項澄清是全年收入指南。我只是想確保這沒有改變。

So I'll start with the last one. The full year guidance is no change. Same one. In terms of the second question regarding the inorganic. So I think we did the Perimeter 81. I think the other ones are not significant at all, but the Perimeter 81 acquisition that helped us -- it had approximately $7 million of revenue. So you get $7 million of billings. So I mean that's approximately 1 point 1 and something point. So that's in terms of that.

所以我將從最後一個開始。全年指引沒有變化。一樣的。關於第二個問題，關於無機物。所以我認為我們做了 Perimeter 81。所以你會得到 700 萬美元的帳單。所以我的意思是，這大約是 1 點 1 點。就這一點而言。

So your question about the required investments. So again, I don't want to take -- to go into the numbers. I think that we invested a lot in the last few years, both in the go-to-market and entirely in the product side. to have much better, much broader portfolio than what we used to have a few years ago. I think, of course, you saw -- we saw our margin went down from one side, but I think that this investment hopefully will drive our -- and it's not that we have stop investing, we are keeping investing. And hopefully, we're going to continue to invest and with the much better portfolio that we have today, we'll be able to drive double-digit growth.

所以你關於所需投資的問題。再說一次，我不想討論數字。我認為我們在過去幾年中投入了大量資金，無論是在市場推廣還是在產品方面。擁有比幾年前更好、更廣泛的投資組合。我想，當然，你看到了——我們看到我們的利潤率從一方面下降了，但我認為這項投資有望推動我們的——並不是我們已經停止投資，而是我們正在繼續投資。希望我們將繼續投資，憑藉我們今天擁有的更好的投資組合，我們將能夠推動兩位數的成長。

And of course, it will drive double-digit growth or going to affect also the billings and the cash flow. So I think all the questions are linked to the same thing that, again, I don't think that we're going to stopping to invest. I don't think that we're going to -- I don't want to promise any specific margin, but I think we have a very good margin today, the operating margin, hopefully will be even better in the next -- in the midterm or in the long-term future. But again, it really depends on our execution. And hopefully, we'll be able to drive higher growth and higher operating margin.

當然，它將推動兩位數的成長，或也會影響帳單和現金流。因此，我認為所有問題都與同一件事有關，我認為我們不會停止投資。我不認為我們會 - 我不想承諾任何特定的利潤率，但我認為我們今天有一個非常好的利潤率，營業利潤率，希望在接下來會更好 - 在中期或長遠的未來。但同樣，這實際上取決於我們的執行力。希望我們能夠推動更高的成長和更高的營業利潤率。

Maybe I'll take it a little bit differently here, giving you a very long perspective. I've been asked about our operating margin since our IPO in 1996. And since -- I think when we started with also relatively high margin and people say, can we sustain them? And my answer, by the way, hasn't changed. My focus is not in growing the margin. My focus is in growing a healthy business. And I think we've done that over now for almost 31 years, growing a healthy business.

也許我在這裡會有一點不同的看法，給你一個很長遠的視角。自 1996 年首次公開募股以來，我一直被問到我們的營業利潤率。順便說一句，我的答案沒有改變。我的重點不是增加利潤。我的重點是發展健康的業務。我認為我們已經這樣做了近 31 年，並健康發展了業務。

Now the #1 priority that I have right now is not on the profitability, it is actually on the growth. And I think we need to invest in growth. Over the last few years, we've invested a lot in building a cloud rocket. And we've invested a lot in building the Harmony E-mail, the e-mail offerings. We've invested a lot in the -- in other parts of the platform and in our research and in our -- many, many of our capabilities. In the go-to-market, we've built many different organizations to support that and to support a much better growth.

現在我的第一要務不是獲利能力，而是成長。我認為我們需要投資於成長。在過去的幾年裡，我們在建造雲火箭方面投入了大量資金。我們在建立 Harmony E-mail（電子郵件產品）方面投入了大量資金。我們在平台的其他部分、我們的研究以及我們的許多能力方面投入了大量資金。在進入市場的過程中，我們建立了許多不同的組織來支持這一點並支持更好的成長。

And I think we still did that while preserving, I think, industry record, not just industry, very high operating margins. I think many of these things will come to fruition in the future, and then we will invest more.

我認為我們仍然做到了這一點，同時保持了行業記錄，而不僅僅是行業，非常高的營業利潤率。我認為很多這樣的事情將來都會實現，然後我們會投入更多。

Now one thing that did change between now to the 90s or between now to even 15 years ago, and I think that is important to take into account. But when you grow a new business and when you compete with a new business, if in the past, it was high investment, but decent margins today, almost our entire industry is at loss. I spoke last week in the conference, growth companies conference. I've talked about that when the industry needs to rationalize and grow into a profitable business model. I asked in the room, let's say, where were about 100 people, "How many businesses here are profitable? 4 people raised their hands, maybe 3. And they were so proud because they said, if you asked that question 2 years ago, it was 0 in the room.

從現在到 90 年代，或從現在到 15 年前，有一件事確實發生了變化，我認為考慮到這一點很重要。但是，當你發展一項新業務時，當你與一項新業務競爭時，如果在過去，這是高投資，但今天利潤豐厚，那麼我們整個行業幾乎都處於虧損狀態。我上週在成長型公司會議上發表了演講。我已經談到了當行業需要合理化並發展成為有利可圖的商業模式時。我在房間裡問，比方說，大約有100 個人在哪裡，「這裡有多少企業是盈利的？有4 個人舉手，也許有3 個人。他們非常自豪，因為他們說，如果你在2 年前問這個問題，房間裡的溫度是 0。

So we need to understand that when we combine businesses when we acquire businesses, and when we invest in new business models, we are not competing in the terms of, let's build a profitable business and do that. We are struggling with businesses that needs to be brought into that healthy business mode. I think we're doing it very responsibly, but the focus is not the margin. The focus is healthy growth. And I hope that this will remain that way also in the future.

因此，我們需要明白，當我們合併業務、收購業務、投資新的業務模式時，我們並不是在競爭，讓我們建立一個有利可圖的業務並做到這一點。我們正在努力應對需要進入健康商業模式的企業。我認為我們的做法非常負責任，但重點不是利潤。重點是健康成長。我希望未來也能如此。

All right, folks. Thank you very much for participating. It looks like Dan Ives had to go pick up a nice colorful outfit. So he's not going to be able to answer -- ask his question. So with that, well, thank you all, and we'll see you during the quarter.

好吧，夥計們。非常感謝您的參與。看起來丹艾夫斯必須去買一套漂亮的彩色衣服。所以他無法回答──問他的問題。因此，謝謝大家，我們本季再見。

Thank you. Bye bye.

謝謝。再見。

Thank you.

謝謝。