Check Point Software Technologies Ltd (CHKP) 2024 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Check Point Software 2024 second-quarter financial results video conference.

女士們、先生們，歡迎參加 Check Point Software 2024 年第二季財務績效視訊會議。

I'm Kip E. Meintzer, Global Head of Investor Relations.

我是投資者關係全球主管 Kip E. Meintzer。

And joining me today are our Founder and CEO, Gil Shwed and our Chief Financial Officer, Roei Golan.

今天加入我的還有我們的創辦人兼執行長 Gil Shwed 和我們的財務長 Roei Golan。

Before we begin, I'd like everyone that's the conference is being recorded and available for replay on our website at checkpoint.com.

在我們開始之前，我希望參加會議的每個人都被錄製下來，並且可以在我們的網站 checkpoint.com 上重播。

(Event Instructions)

（活動須知）

During the presentation, Check Points' representatives may make forward-looking statements within the meaning of the Securities Exchange Act of the early 1900s.

在演示過程中，Check Points 的代表可能會做出 1900 年代初期《證券交易法》含義內的前瞻性聲明。

These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.

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。

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 Exchange Commission.

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 speaks only as of the date hereof and Check Point Software undertakes no obligation to update publicly any forward-looking statements except where required by law.

所做的任何前瞻性陳述僅代表截至本協議發布之日的情況，除非法律要求，否則 Check Point Software 不承擔公開更新任何前瞻性聲明的義務。

In our press release, which has been posted on our website we present GAAP and non-GAAP results, along with the reconciliation of such result as well as for our presentation of non-GAAP information.

在我們網站上發布的新聞稿中，我們介紹了 GAAP 和非 GAAP 結果，以及此類結果的調整以及我們對非 GAAP 資訊的介紹。

If you have any questions after the call, please feel free to contact Investor Relations by e-mail at kip@checkpoint.com.

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.

大家好。

Very, very excited to be here today with both, I think, very good results, but we have and some exciting news.

今天非常非常興奮來到這裡，我認為這兩個結果都非常好，但我們還有一些令人興奮的消息。

Before I move to Roei and let me share a little bit about the financial results, let me speak a little bit about the exciting are the big news, but we have today invest the appointment of Nadav to our CEO will be effective December.

在我搬到 Roei 之前，讓我分享一下財務業績，讓我談談令人興奮的大新聞，但我們今天投資任命 Nadav 為我們的首席執行官，將於 12 月生效。

And we've concluded a very thorough search, looked at the candidates around the world, met a lot of very good people, very experienced people and I think that we found the perfect candidate, and I'm really excited about it because I know Check Point for me it's like a child and passing that responsibility to somebody else.

我們已經完成了一次非常徹底的搜索，考察了世界各地的候選人，遇到了很多非常優秀的人，非常有經驗的人，我認為我們找到了完美的候選人，我對此感到非常興奮，因為我知道Check Point 對我來說就像一個孩子，把責任推給了其他人。

I really need to find the perfect person.

我真的需要找到一個完美的人。

I think what we found the perfect person.

我想我們找到了最完美的人。

For those who don't know, Nadav, he became the last 10 years the established teammate and what we did was much more than being like incubator or a VC for startups, he really established himself as a key leader in the cyberspace.

對於那些不知道的人來說，Nadav，他成為了過去 10 年的老隊友，我們所做的不僅僅是新創公司的孵化器或風險投資，他真正將自己確立為網路空間的關鍵領導者。

He's probably the most well-known amongst CISOs around the world to build a huge community of CISOs, that consult with him, that work with him, that he is able to work with.

他可能是世界各地 CISO 中最著名的一位，他建立了一個龐大的 CISO 社區，與他協商、與他合作、與他合作。

And I think it's a huge asset.

我認為這是一筆巨大的資產。

He has a lot of vision experience in cyber, establishing over 17 cyber companies.

他在網路領域擁有豐富的願景經驗，創立了超過 17 家網路公司。

So definitely knows all the different aspects of cyber, and how we can grow and where we should look for and work with all the industry players any at any level.

因此，我們絕對了解網路的所有不同方面，以及我們如何成長，以及我們應該在哪裡尋找任何級別的所有行業參與者並與之合作。

And he has a lot of experience both in the public space and not in the public space.

而且他無論是在公共空間或非公共空間都有豐富的經驗。

Again, I've been working with no known about for many years, I've been working with him and spent many, many dozens of hours in the past few months.

再說一遍，我已經和一個不知名的人一起工作了很多年，在過去的幾個月裡我一直和他一起工作，花了很多很多小時。

And there is no greater choice.

並且沒有更好的選擇。

I'm very honored with he decided to join the Check Point.

我很榮幸他決定加入 Check Point。

I feel we can work together and he can lead Check Point to a next phase of success, growth innovation.

我覺得我們可以共同努力，他可以帶領 Check Point 進入下一階段的成功，也就是成長創新。

And I think I'm very excited to work with him.

我想我很高興能和他一起工作。

And I think with my management team should be thrilled to have such a leader.

我認為我的管理團隊應該為擁有這樣的領導者而感到興奮。

So that's the big news of today.

這就是今天的大新聞。

And with that, we can switch to Roei to go through the financials, which actually are also pretty good.

這樣，我們就可以轉到 Roei 來查看財務數據，實際上也相當不錯。

And then I'll give another business update, and I think you'll see that we have some very exciting and good news today.

然後我將提供另一個業務更新，我想您會看到我們今天有一些非常令人興奮的好消息。

So as Gil mentioned, first of all thank you, everyone, for joining the call.

正如吉爾所提到的，首先感謝大家加入這場電話會議。

As Gil mentioned, we had a very good quarter and we start with the revenues -- revenues and EPS.

正如吉爾所提到的，我們有一個非常好的季度，我們從收入開始——收入和每股盈餘。

Revenues grew by 7% to $627 million and $5 million above the midpoint of our projections.

營收成長 7%，達到 6.27 億美元，比我們預測的中位數高出 500 萬美元。

Our EPS grew by 8% to $2.17, non-GAAP EPS and $0.02 above the mid-point of our projection.

我們的每股盈餘成長 8%，達到 2.17 美元，非 GAAP 每股盈餘比我們預測的中點高出 0.02 美元。

Moving forward to the deferred revenues and billing, so deferred revenues grew by 2% to $1,818 million, while our short-term deferred revenues grew by 3%, to

展望遞延收入和帳單，遞延收入成長了 2%，達到 18.18 億美元，而我們的短期遞延收入成長了 3%，達到

[$1,342 million].

[13.42 億美元]。

Our calculated billings grew by 10%, double digit growth of $620 million, while our current calculated billings grew by 7% to $622 million.

我們的計算帳單成長了 10%，兩位數成長，達到 6.2 億美元，而我們目前的計算帳單成長了 7%，達到 6.22 億美元。

I think this quarter we did see, we mentioned a few times also in the previous quarters, we did see very strong billing that came first of all from strong performance in our business.

我認為這個季度我們確實看到了，我們在前幾個季度也提到過幾次，我們確實看到了非常強勁的賬單，這首先來自於我們業務的強勁表現。

And second, the Infinity.

第二，無限。

Infinity, we do see a lot of -- we did see a lot of utilization of allowancese from Infinity business.

Infinity，我們確實看到了很多——我們確實看到了 Infinity 業務對津貼的大量利用。

We do see more a bookings from Infinity, and that's also drive the growth that we've seen the billings.

我們確實看到了來自 Infinity 的更多預訂，這也推動了我們看到的帳單成長。

In terms of a product and subscription revenues, we are in double digit growth, 10% growth higher than we had in the last few years.

就產品和訂閱收入而言，我們實現了兩位數成長，比過去幾年高出 10%。

Again, we can see that turnaround that we've seen since the end of 2023.

我們再次可以看到自 2023 年底以來所看到的轉變。

And we hope that would show a continuing and consistent growth of double digit growth in the next few quarters.

我們希望未來幾季將持續保持兩位數的成長。

In terms of Infinity, I mentioned the Infinity is doing great.

就 Infinity 而言，我提到 Infinity 做得很好。

Yet another good quarter, both in terms of bookings and in terms of revenues that have strong double digit revenue growth.

這又是一個不錯的季度，無論是在預訂方面還是在收入方面都實現了強勁的兩位數收入增長。

We in terms of booking, Gil, will discuss it later in this slide, but we had very nice eight figure deal in Infinity.

在預訂方面，吉爾，我們將在本幻燈片稍後討論它，但我們在 Infinity 獲得了非常好的八位數優惠。

So again, very strong performance from the Infinity.

Infinity 的性能再次非常強勁。

In terms of revenues by geos.

就按地理區域劃分的收入而言。

So we can see here, distribution, it's important to say that in terms of new business annualized booking, not revenues, new business annualized booking, all the goes grew by double digits.

所以我們可以在這裡看到，分佈，重要的是就新業務年化預訂而言，而不是收入，新業務年化預訂，所有增長都以兩位數增長。

So that's very positive sign.

所以這是非常正面的訊號。

In terms of revenue, it usually comes a few quarters later.

就收入而言，通常會在幾個季度後出現。

It translates into revenues.

它轉化為收入。

But again, we did see another quarter with double digit growth in new business annualized bookings.

但我們再次看到新業務年化預訂量又有兩位數成長。

In terms of P&L, another strong operating performance.

在損益表方面，另一個強勁的經營業績。

Our gross profit was $557 million or 89% margin.

我們的毛利為 5.57 億美元，利潤率為 89%。

Our operating expenses increased by 11%, that was mainly driven by Perimeter 81 acquisition that we had last year.

我們的營運費用成長了 11%，這主要是由於我們去年收購了 Perimeter 81。

I remind you, we did the acquisition of Perimeter 81 in Q3.

我提醒您，我們在第三季收購了 Perimeter 81。

So this quarter, we had additional expenses that we are not included last year in Q2.

因此，本季我們有去年第二季未包含的額外費用。

So that was the main, and of course, additional investment that we've done a mainly around their sales and marketing.

這是我們主要圍繞銷售和行銷的主要投資，當然也是額外投資。

And then the net income grew by 4% to $246 million, while our EPS grew by 8%, non-GAAP EPS to $2.17. On July 11, we announced the expansion of our way of $2 billion to our buyback program and we would up to $325 million each quarter.

然後淨利潤增長了 4%，達到 2.46 億美元，而我們的每股收益增長了 8%，非 GAAP 每股收益達到 2.17 美元。 7 月 11 日，我們宣布將回購計畫擴大到 20 億美元，每季將增加至 3.25 億美元。

So again, we are keep doing the buyback, we expanded the buyback.

所以，我們再次繼續進行回購，我們擴大了回購規模。

So again, something that we feel very positive about it.

再說一遍，我們對此感到非常積極。

In terms of cash flow, our cash flow grew by 5% -- operating cash flow grew by 5% to $200 million.

在現金流方面，我們的現金流成長了 5%——營運現金流成長了 5%，達到 2 億美元。

As I mentioned, the buyback, we did another buyback of $325 million a buyback of our shares.

正如我所提到的，在回購中，我們再次回購了 3.25 億美元的股票。

And our cash balances, cash, marketable securities, and deposits amounted to approximately $3.1 billion.

我們的現金餘額、現金、有價證券和存款總計約為 31 億美元。

To summarize before I move into -- we'll move to Gil.

在我開始之前總結一下——我們將轉向吉爾。

A very strong financial results.

非常強勁的財務業績。

Revenues and EPS above the midpoint of our projection of quarterly revenues, accelerated maybe double digit drop in product and subscription revenues in another quarter with strong Infinity business and Harmony E-mail.

營收和每股盈餘高於我們對季度營收預測的中點，憑藉強勁的 Infinity 業務和 Harmony 電子郵件，下一個季度的產品和訂閱收入可能會加速兩位數的下降。

Another strong performance by Harmony E-mail.

Harmony E-mail 的另一個強勁表現。

They are becoming more and more significant to our business.

它們對我們的業務變得越來越重要。

And we saw strong profitability with growth in EPS and operating cash flow.

隨著每股盈餘和營運現金流的成長，我們看到了強勁的獲利能力。

Gil, your turn.

吉爾，輪到你了。

Thank you, Roei.

謝謝你，羅伊。

And once again, I' happy to be back again.

我很高興再次回來。

Let me go to some of -- repeat some of the highlights that Roei shared.

讓我重複一下 Roei 分享的一些要點。

So in terms of the business, great results, revenues and EPS in the upper end of our projections, double digit growth in product and subscription revenues, strong double digit growth in Infinity, which is all good.

因此，就業務而言，出色的業績、收入和每股盈餘處於我們預測的上限，產品和訂閱收入實現兩位數成長，Infinity 實現強勁的兩位數成長，這一切都很好。

I'll show you a little bit later in the presentation.

稍後我將在演示中向您展示。

We had some very large eight figure deals.

我們有一些非常大的八位數交易。

We had some very large Infinity deals.

我們有一些非常大的無限交易。

We've continued to see a strong performance of our email sector.

我們繼續看到電子郵件產業的強勁表現。

And the new Quantum Force set of gateways, which is the core of our business, also started to show some good signs intake of new models, but we have what we call force.

作為我們業務核心的新的 Quantum Force 閘道組也開始顯示出一些新模型的良好跡象，但我們擁有我們所說的力量。

So let's start and review some of these news.

讓我們開始回顧其中的一些新聞。

First, look at logos that embrace the Infinity platform from Check Point.

首先，請查看包含 Check Point Infinity 平台的標誌。

This is not all the logos that we had this quarter, but you just show you a tip of the iceberg of how Infinity wins in different sectors.

這並不是我們本季擁有的全部徽標，但您只是向您展示了 Infinity 如何在不同領域獲勝的冰山一角。

And what you can see here is the different geos Spark from New Zealand, New Zealand largest telecom provider, NASDAQ, don't need to introduce NASDAQ to this forum from the US, Cathay Pacific and other airlines with buys into the Infinity platform and sees the value and [WPP], Workless Pension Provider from Europe, a less known name maybe but also very important and shows that Infinity can add value in every sector in every category.

而你在這裡看到的是來自紐西蘭的不同geos Spark，紐西蘭最大的電信供應商納斯達克，不需要從美國國泰航空等航空公司引進納斯達克到這個論壇購買Infinity平台就可以看到價值和[WPP]，來自歐洲的無工作退休金提供者，可能是一個鮮為人知的名字，但也非常重要，它表明Infinity 可以在每個類別的每個部門增加價值。

But this is not even the largest deal of the quarter.

但這還不是本季最大的一筆交易。

Actually this year, the quarter with some very, very large deals, three of them together are $130 million in bookings.

實際上，今年這個季度有一些非常非常大的交易，其中三筆交易的預訂量總計達到 1.3 億美元。

Here, we're talking about total contract value, which is multi-year deals, but still the commitment that we're showing to customers and the commitment with our customers showing to us with free deals with our combined $130 million is amazing.

在這裡，我們談論的是總合約價值，這是多年期交易，但我們向客戶展示的承諾以及客戶向我們展示的免費交易的承諾仍然令人驚嘆，總金額為 1.3 億美元。

These are not just global 500 companies to out of the freezer, actually global 50 companies and again, they like the value, they like the security, and show very long-term commitment to work with us to continue to us.

這些不僅僅是走出冰櫃的全球 500 強公司，實際上是全球 500 強公司，他們喜歡價值，喜歡安全性，並表現出與我們合作的長期承諾，繼續與我們合作。

And in all these deals, they've expanded their installed base and got to use more of the Check Point Technologies.

在所有這些交易中，他們擴大了安裝基礎並使用了更多的 Check Point 技術。

So we are very, very proud with those deals, especially as we came this quarter.

因此，我們對這些交易感到非常非常自豪，尤其是在我們本季達成的交易中。

And another sector that we are seeing a lot of successes in the public sector and public sectors, every government agency.

在另一個領域，我們在公共部門和公共部門、每個政府機構都看到了許多成功。

And there's a huge amount of them around the world.

世界各地有大量此類產品。

This quarter alone we had 92 government agencies in 32 countries, getting more and more of the Check Point platform and you can see it goes from Australia to Asia to Middle East, Africa, many in Europe, and going left into South America, Central America and North America.

光是本季度，我們就有32 個國家的92 個政府機構，越來越多地使用Check Point 平台，您可以看到它從澳洲延伸到亞洲、中東、非洲，許多在歐洲，並向左延伸到南美洲、中美洲和北美洲。

I think this is a very good sector to sector by the way that requires a lot of efforts to win.

我認為這是一個非常好的行業，需要付出很多努力才能獲勝。

We need to prove the superiority of our technology.

我們需要證明我們技術的優越性。

In many cases, it's all so very competitive on other business terms.

在許多情況下，從其他業務角度來看，這一切都非常具有競爭力。

And I think winning that makes us very proud.

我認為獲勝讓我們感到非常自豪。

So we chose the potential in different spaces that we have.

因此，我們選擇了不同空間的潛力。

Moving a little be to the technology side.

稍微轉向技術方面。

And I think we said with the big focus of what everybody is doing in the world, but definitely what we're doing is around the AI.

我認為我們說的重點是世界上每個人都在做什麼，但我們所做的肯定是圍繞著人工智慧。

And AI everywhere, deliver security and simplicity.

人工智慧無所不在，提供安全性和簡單性。

So this is showing some of the AI innovations that we had.

這展示了我們擁有的一些人工智慧創新。

AI Infinity Copilot doesn't even appear here as new because we launched it at the first quarter in our CPX conferences, but it's still very new how AI can assist security admins to manage their Check Point Infinity infrastructure.

AI Infinity Copilot 在這裡甚至不是新出現的，因為我們在第一季的 CPX 會議上推出了它，但 AI 如何協助安全管理員管理其 Check Point Infinity 基礎設施仍然是非常新的。

A [fred] Cloud AI, we have four new threat prevention engines, over 50 by now.

[fred]Cloud AI，我們有四個新的威脅防禦引擎，目前超過 50 個。

The CloudGuard family, new AI powered engine to fully web automate application firewalls.

CloudGuard 系列是全新的 AI 驅動引擎，可實現應用程式防火牆的完全網路自動化。

Again, another growth vector for us and the new one.

這又是我們的另一個成長向量，也是一個新的成長向量。

And last not least, which hasn't come out yet, which is really new and we'll come out in the coming weeks, is a new product called GEN AI Protect, where we will actually show customers what AI products their users are using.

最後，還沒有推出，這是一款非常新的產品，我們將在未來幾週內推出，這是一款名為GEN AI Protect 的新產品，我們將實際向客戶展示他們的用戶正在使用哪些人工智能產品。

It's actually pretty amazing because there's hundreds of AI products with an organization -- that employees of an enterprise organization can use and are using.

這實際上非常令人驚奇，因為一個組織有數百種人工智慧產品——企業組織的員工可以使用並且正在使用這些產品。

And we can show that control what people can do from the organization, especially which content can be exported because one of the major issues with using Gen AI is not just using different tools, but also which information are we exporting from the organization to the AI.

我們可以證明控制人們可以從組織中做什麼，特別是可以導出哪些內容，因為使用 Gen AI 的主要問題之一不僅僅是使用不同的工具，還包括我們從組織導出哪些資訊到人工智慧。

So organization will be able to set policies of using AI applications.

因此，組織將能夠制定使用人工智慧應用程式的政策。

So this is also something very, very positive.

所以這也是非常非常正面的事情。

Its coverage is not the end, we will come every quarter with new AI innovation to transform a cybersecurity into the AI generation.

它的報導還沒結束，我們每季都會帶來新的人工智慧創新，將網路安全轉變為人工智慧世代。

So if I need to summarize, I think we had strong quarter.

因此，如果我需要總結一下，我認為我們的季度表現強勁。

I'm very thrilled with the announcement on the Nadav, the news CEO, he will start in December.

我對 Nadav 的消息感到非常興奮，他是新聞首席執行官，他將於 12 月上任。

So we have a few more months to continue.

所以我們還有幾個月的時間可以繼續。

And I think that we get every week we'll get more familiar with Check Point, so we can start his leadership.

我認為我們每週都會對 Check Point 更加熟悉，這樣我們就可以開始他的領導。

And you see overall here with the knowledge and the energy that's needed.

您在這裡可以看到整體所需的知識和精力。

Q2, above the midpoint of projection, Infinity continues strength and some of our larger deal or not even Infinity, some of them are just using our gateways, using our network security, the $130 million of deals that I mentioned.

第二季度，在預測的中點之上，Infinity 繼續保持強勢，我們的一些較大的交易甚至不是Infinity，其中一些只是使用我們的網關，使用我們的網路安全，我提到的1.3 億美元的交易。

Double-digit growth in product and subscription, which is a very positive trend and continued new and innovative technologies in Quantum in AI, in Harmony, in the CloudGuard continue that trend.

產品和訂閱量實現兩位數成長，這是一個非常積極的趨勢，人工智慧、Harmony 和 CloudGuard 中的 Quantum 持續創新技術延續了這一趨勢。

So I think we are very thrilled with what's happened so far.

所以我認為我們對迄今為止所發生的事情感到非常興奮。

A little bit about projections for the next quarter.

關於下個季度的預測的一些資訊。

So our projection remain within the range that we said in the beginning of the year.

因此，我們的預測仍處於我們年初所說的範圍內。

So far, the first half was slightly even on the high side of what we expected.

到目前為止，上半場的表現略高於我們的預期。

I truly hope for the second half will be even better.

我真心希望下半年會更好。

This time we're starting the projection little bit early in the quarter.

這次我們在本季早些時候開始預測。

So we had limited data about the quarter, a pipeline and so on.

因此，我們關於該季度、管道等的數據有限。

But still the projection are pretty healthy within the ranges.

但預測仍在範圍內相當健康。

Revenues are expected to be between $615 million to $650 million, EPS between $2.19 to $2.29. GAAP EPS is expected to be $0.43 less.

預計營收在 6.15 億美元至 6.5 億美元之間，每股收益在 2.19 美元至 2.29 美元之間。 GAAP 每股盈餘預計將減少 0.43 美元。

And again, full year projections remain unchanged, were definitely within the range, maybe slightly towards the upper half after two quarters that were slightly better than expected.

同樣，全年預測保持不變，絕對在範圍內，在兩個季度略好於預期之後，可能會稍微接近上半部。

So thank you very much for listening and we'd be very happy to hear your questions and answer them.

非常感謝您的聆聽，我們很高興聽到並回答您的問題。

First up for the Q&A is going to be Joseph Gallo, Jeffries with Shaul Eyal from TD Cowen to follow.

首先進行問答的是 Joseph Gallo、Jeffries，接著是來自 TD Cowen 的 Shaul Eyal。

Awesome.

驚人的。

Thanks, guys, and thanks for the question.

謝謝大家，也謝謝你的提問。

Gil, congrats on finding a new CEO and the next guardian of your child.

吉爾，恭喜您找到了新任執行長和您孩子的下一位監護人。

Can you just talk us through why -- a little bit more why Nadav is the right man for the job?

可以告訴我們為什麼──再多解釋為什麼納達夫是這份工作的合適人選嗎？

Obviously, this time line was on the quicker side, so it must attract a lot of boxes.

顯然，這個時間線比較快，一定會吸引很多箱子。

Where do you expect his style to be the same as yours?

你認為他的風格和你的風格在哪裡相同？

And then where do you expect the biggest changes, particularly on the go to market side?

那麼您預計最大的變化在哪裡，特別是在進入市場方面？

Thanks,

謝謝，

Okay.

好的。

So first, Nadav and me are very, very different in personalities.

首先，納達夫和我的個性非常非常不同。

Nadav, I think is much more outbound has amazing charisma, is an amazing leader, and I think that will complement very, very much.

納達夫，我認為更具有驚人的魅力，是一位出色的領導者，我認為這將非常非常互補。

What I can do or Roei can help.

我能做什麼或 Roei 能幫忙。

And he can take Check Point to exactly where we need.

他可以將檢查站帶到我們需要的地方。

I don't know how familiar you are or everybody on this call, not just to personally with Nadav.

我不知道你或參加這次電話會議的每個人有多熟悉，而不僅僅是納達夫個人。

But when we meet today with CISOs in the industry, every single CISO knows Nadav, mentions Nadav, and building that connection in the last few years is an amazing achievement.

但當我們今天與業界的 CISO 會面時，每個 CISO 都知道 Nadav，提到 Nadav，並且在過去幾年中建立這種聯繫是一項了不起的成就。

This is something I follow for the last five, six years.

這是我過去五、六年來一直遵循的事情。

And Nadav has done a tremendous job on that.

納達夫在這方面做得非常出色。

I think Nadav knows how to -- will know how to communicate extremely well outside and the C levels in different organization.

我認為 Nadav 知道如何——將會知道如何與外部以及不同組織中的 C 層級進行良好的溝通。

I think he will know very well how to motivate our internal team, he has also very good track record with that working and motivating people inside.

我認為他非常了解如何激勵我們的內部團隊，他在工作和激勵內部人員方面也有著良好的記錄。

And I think again is very different than me and that's exactly what I was looking for.

我再次認為這與我非常不同，而這正是我所尋找的。

I was looking for something to complement and augmentthe skills the Check Point already has and the skills that I have.

我一直在尋找一些東西來補充和增強 Check Point 已有的技能以及我所擁有的技能。

great to hear.

很高興聽到。

Thank you.

謝謝。

All right.

好的。

Next up, Shaul Eyal followed by Adam Tindle, Raymond James.

接下來是 Shaul Eyal，接下來是 Adam Tindle、Raymond James。

Congrats on results.

祝賀結果。

Gil, product revenue came in better than expected.

吉爾，產品收入優於預期。

The overall picture seems to be improving.

整體情況似乎正在改善。

Do you see Check Point as we're gaining share in the network security arena?

當我們在網路安全領域獲得份額時，您是否看到 Check Point？

Or is it coming from different market categories?

還是它來自不同的市場類別？

And maybe just a word about those three eight-digit wins, are these displacements or greenfield opportunities?

也許只是談談這三個八位數的勝利，這些是位移還是綠地機會？

Thank you.

謝謝。

So I try to answer.

所以我嘗試回答。

So first, I think -- again, I think it's early to say that we are gaining a lot of share.

首先，我認為，我認為現在說我們正在獲得大量份額還為時過早。

But at least in the last few quarters, when I watched our results versus competitors, it seems that we have growth stability to growth in the core network security.

但至少在過去幾個季度，當我觀察我們與競爭對手的業績時，我們似乎在核心網路安全方面的成長具有穩定性。

And some of our key competitors had a decline there in the last few quarters.

我們的一些主要競爭對手在過去幾個季度中出現了下滑。

I'm talking about new business, new deals, new gateways, subscriptions are stable and growing and enjoying what we did in the past.

我說的是新業務、新交易、新網關、訂閱量穩定且不斷增長，並享受我們過去所做的事情。

So I think from that perspective, it's a positive one.

所以我認為從這個角度來看，這是正面的。

It's still the tip of the iceberg because I think we can win a lot of market share in network security.

這仍然是冰山一角，因為我認為我們可以在網路安全方面贏得大量市場份額。

And I think there's plenty of potential in that core market.

我認為這個核心市場有很大的潛力。

If we're talking about the large deals that I mentioned.

如果我們談論我提到的大筆交易。

If it's a displacement, it's not displacement its existing customers, but in few them I do believe that we are taking shared customers that have been dual vendors and shifted the big share from other vendors to us.

如果這是一種替代，那也不是現有客戶的替代，但在少數客戶中，我確實相信我們正在獲取雙供應商的共享客戶，並將大部分份額從其他供應商轉移到我們身上。

So it's a deals that we've been working on for a long time and they represent the commitment.

因此，這是我們長期以來一直致力於達成的交易，它們代表了我們的承諾。

It's not trivial again, it's not just easy or not easy.

這又不是一件小事了，這不僅僅是容易或不容易。

It's not just simple renewal deals, it's deals with a lot of expansion.

這不僅僅是簡單的續約交易，而是大量的擴張。

And again, in many cases, displacement of some competitive products.

而且，在很多情況下，有些競爭產品會被取代。

Thank you.

謝謝。

All right.

好的。

Next step as Adam Tindle, followed by Tomer Zilberman, BofA.

下一步是亞當·廷德爾 (Adam Tindle)，隨後是美國銀行的托默·齊伯曼 (Tomer Zilberman)。

Okay, thanks.

好的，謝謝。

Good morning, Gil.

早上好，吉爾。

Congrats on your results.

恭喜你的結果。

I wanted to ask a little bit more about recent industry events and CrowdStrike and the headlines.

我想更多地了解最近的行業事件、CrowdStrike 和頭條新聞。

Obviously, you've been in the industry a long time.

顯然，您已經在這個行業工作了很長時間。

I wonder if you might provide any reflections on this event.

不知道您是否可以對這次事件發表一些看法？

And then separately, there's a view that this may cause freezing of spending.

另外，有人認為這可能會導致支出凍結。

I know you mentioned when you were giving guidance it's a little bit early for you to be recording, but any expectations or evidence of that freezing that you've built into the guidance?

我知道你在提供指導時提到現在進行記錄有點早，但是你在指導中加入了任何關於凍結的期望或證據嗎？

Thank you.

謝謝。

I don't have too much insight, which will cause a change in behavior.

我沒有太多的洞察力，這會導致行為上的改變。

I think the need for security is huge.

我認為安全的需求是巨大的。

I think what we've been seeing consistently in the industry in the last few months is a escalating level of risk, just to be super clear.

我認為過去幾個月我們在行業中持續看到的是風險水平不斷上升，這一點非常清楚。

And I think when actually you look at the challenge for us, what happened with CrowdStrike have little to do with cyber, it's more about automatic updates.

我認為，當你真正審視我們面臨的挑戰時，CrowdStrike 發生的事情與人脈無關，更多的是關於自動更新。

It couldn't happen to a non cyber vendor.

這不可能發生在非網路供應商身上。

We've some automatic updates.

我們有一些自動更新。

Now there's a big, by the way, when when I look at it, both as a customer and as a vendor, there is a big challenge there, because in the past some organization were very careful not to let automatic update and to check automatic updates, which in many cases can prevent this type of damage.

順便說一句，當我看它時，無論是作為客戶還是作為供應商，現在都存在一個很大的挑戰，因為過去一些組織非常小心，不讓自動更新並檢查自動更新更新，在許多情況下可以防止此類損壞。

On the other hand, these days, you see the level and the timeliness of security threats.

另一方面，如今，您可以看到安全威脅的等級和及時性。

And you realize why you need automatic updates.

您就會意識到為什麼需要自動更新。

Why there's dozens of new [CVEs] every month, critical CVEs.

為什麼每個月都會有數十個新的 [CVE]，關鍵的 CVE。

CVEs is the new threats with our discovered in critical software, all types of software.

CVE 是我們在關鍵軟體、所有類型的軟體中發現的新威脅。

And then by the way, if you look at the number of threats that are being identified growing.

順便說一句，如果你看看正在發現的威脅數量正在增加。

And the hackers are learning how to exploit them very, very quickly, that's why you need the automatic updates because you don't want to leave weeks and months when you have a known vulnerabilities that the entire world knows about it and you're vulnerable.

駭客正在學習如何非常非常快地利用它們，這就是為什麼您需要自動更新，因為您不想在幾週或幾個月的時間裡發現一個全世界都知道的已知漏洞並且您很容易受到攻擊。

And that's why automatic updates are important.

這就是為什麼自動更新很重要。

So there's a clear challenge in the industry.

因此，該行業面臨明顯的挑戰。

I hope everyone we learned the lesson how to, on one hand, do more automatic updates on the other end, make sure with the quality of these automatic updates doesn't cause a such damage and such a disaster.

我希望我們每個人都學到教訓，一方面如何在另一方面進行更多的自動更新，確保這些自動更新的品質不會造成這樣的損害和這樣的災難。

And I think we're all humble in our industry and we're learning from them.

我認為我們這個行業都很謙虛，我們正在向他們學習。

That's what we need to do.

這就是我們需要做的。

All right.

好的。

Next up is Tomer Zilberman from BofA followed by Dan Ives from Wedbush.

接下來是來自美國銀行的托默·齊伯曼 (Tomer Zilberman)，其次是來自韋德布什 (Wedbush) 的丹·艾夫斯 (Dan Ives)。

Hey, guys.

嘿，夥計們。

Thank you for your question.

謝謝你的提問。

I'm on for [Tal Liani] today.

我今天參加[塔爾·利亞尼]。

I just wanted to ask, you talked previously about the opportunity for new business bookings to support, I think revenue acceleration and maybe reached the top end of your guidance.

我只是想問，您之前談到了支持新業務預訂的機會，我認為收入加速，可能達到了您指導的上限。

Can you talk about any updated thoughts on that from last quarter trends?

您能談談對上季度趨勢的任何最新想法嗎？

So I'll take it.

所以我會接受它。

So I think we mentioned that also this quarter, we did see a strong new business bookings, and we did see double digit growth, same as we mentioned also in the last two quarters.

因此，我認為我們也提到過，本季度我們確實看到了強勁的新業務預訂，而且我們確實看到了兩位數的增長，正如我們在過去兩個季度中提到的那樣。

This is the tenure that we talked about from Q4.

這是我們從第四季開始討論的任期。

And also this quarter was the strong performance.

本季的表現也很強勁。

We did see strength in the new business and that's in the end should translate into growth in revenues.

我們確實看到了新業務的實力，這最終應該轉化為收入的成長。

Again, it needs to be consistent.

再次強調，它需要保持一致。

It should be more than two or three quarters.

應超過四分之二或四分之三。

But in the end it was going to be able to sustain double digit rates in business, this will translate into higher revenues growth.

但最終它將能夠維持兩位數的業務成長率，這將轉化為更高的收入成長。

Maybe just to double-click on that, since you said you need to see a couple of consistent quarters of that.

也許只是雙擊它，因為你說你需要看到其中幾個一致的季度。

Does that mean that we should consider the back half to be more in line?

這是否意味著我們應該考慮後半部分更加對齊？

Are you seeing less opportunity now and you saw maybe last quarter in terms of reaching the higher end of the guidance goal?

現在您看到的機會是否減少了，而您可能在上個季度看到了達到指導目標高端的機會？

No.

不。

I mean, we still positive also on the second half of the year.

我的意思是，我們對下半年仍然持樂觀態度。

I mean, we are still positive, but the second half of the year very positive about second half, we see the pipeline.

我的意思是，我們仍然樂觀，但下半年非常樂觀，我們看到了管道。

As Gil mentioned that it is still too early for third quarter, because we announced this earnings a bit earlier than usual.

正如吉爾所提到的那樣，現在談論第三季度還為時過早，因為我們比平常早一點公佈了這一財報。

But still the pipeline looks healthy, looks good.

但管道看起來仍然很健康，看起來不錯。

And mainly for -- even for the fourth quarter, it even looks healthy, it even looks better.

主要是——即使是第四季度，它看起來也很健康，甚至看起來更好。

So I think we'll be a bit positive about the second half of the year.

所以我認為我們會對今年下半年持樂觀態度。

Hopefully, we'll be able to show it to be in the upper end of the guidance.

希望我們能夠將其顯示在指南的上端。

But again, too early to say.

但同樣，現在說還太早。

I would say -- I'll just add.

我想說——我補充一下。

I'm super positive about the second half.

我對下半場非常樂觀。

Q4 is always kind of a sleepy quarter and you kind of look and say, what's going on because everybody is on vacation and everybody is afraid with the customers will be on vacation and even the deals that we want to move.

第四季總是一個昏昏欲睡的季度，你會邊看邊說，發生了什麼事，因為每個人都在度假，每個人都擔心客戶會度假，甚至我們想要轉移的交易也是如此。

At the end, by the way, Q3 end up pretty well because at the end, the world continues to move.

最後，順便說一句，第三季的結局相當不錯，因為到最後，世​​界仍在繼續發展。

If I look at the indicators that they have for the full year by our sales force, I think we are mostly very positive, higher level of engagement, higher level of pipelines and so on.

如果我看一下我們銷售人員全年的指標，我認為我們大多非常積極，參與度更高，通路水平更高等等。

So I mean, I think over the last year and a half our commercial organization and [RUPAL] did a very good job establishing better cadence and better process and better measures.

所以我的意思是，我認為在過去的一年半里，我們的商業組織和 [RUPAL] 在建立更好的節奏、更好的流程和更好的措施方面做得非常好。

And as far as I see this process at the macro level, it's improved significantly.

就我在宏觀層面上看到的這個過程來說，它已經有了顯著的改善。

Well, let's say, Dan Ives is on a TV show.

好吧，假設丹艾夫斯正在電視節目中。

So he's not going to be making it in today, but we have Gabriele Borges, Goldman Sachs, followed by Rob Owens.

所以他今天不會出席，但我們有高盛的加布里埃萊·博爾赫斯，其次是羅布·歐文斯。

I'll follow-up on the macro question from earlier.

我將跟進之前的宏觀問題。

Gil and Roei, I'm trying to reconcile some of the positive company specific comments that you're making about pipeline.

Gil 和 Roei，我正在努力協調你們對管道做出的一些針對公司的正面評論。

With your comments from last quarter on overall budgets still being generally tight and under pressure, how should we think about from a macro standpoint?

從您上個季度的情況來看，整體預算仍然普遍偏緊、有壓力，那麼從宏觀角度我們該如何思考？

If one each on a macrolevel comment a little bit under pressure?

如果每個宏觀層面的評論都有點壓力？

Again, a broader comment, not a Check Point comment.

再次強調，這是更廣泛的評論，而不是 Check Point 評論。

Could we actually be setting up for a stronger than usual budget flush in second quarter -- in the third quarter second half of the year?

我們是否真的可以在第二、第三季下半年實現比平常更強勁的預算充裕？

Thank you.

謝謝。

First, again, I'm always saying predicting the future is always - there is a big risk and big unknown in that and that's an art I don't know.

首先，我再說一次，我總是說預測未來總是存在著很大的風險和很大的未知性，這是我不知道的藝術。

We've seen years when you know, like every year we see a budget flush towards year end may be my career except one year.

你知道，我們已經經歷了很多年，就像每年我們看到年底預算充裕一樣，這可能是我的職業生涯，除了一年。

It was I think (inaudible) and that's the only time I didn't see a budget flush in December.

我認為（聽不清楚）那是 12 月我唯一一次沒有看到預算充裕的情況。

I do all with this year will be a very good year.

我全力以赴，今年將會是非常好的一年。

Started with actually the entire industry was under pressure and budgets were tight when we have actually seen pretty big growth the first two quarters.

實際上，一開始整個行業都面臨著壓力，預算也很緊張，而我們實際上看到前兩個季度的成長相當大。

I just want to be super clear.

我只想說得非常清楚。

The rest of the industry reported about pressures, we saw these pressures in 2023.

該行業的其他公司報告了壓力，我們在 2023 年看到了這些壓力。

In 2024, we started by getting out of these pressures.

2024 年，我們首先擺脫了這些壓力。

I do hope with therefore, the indicators that we are seeing will mark a good second half, but that's not even the macro events, the short term one or two quarters, the bigger trend in our our industry, every customer that we meet with it, whether it's the -- not just the CISO, which obviously cares about cyber, but the CIOs, the CEOs, every company, we all believe it's more cyber securities needed.

因此，我確實希望，我們看到的指標將標誌著下半年的良好發展，但這甚至不是宏觀事件，短期一兩個季度，我們行業的更大趨勢，我們遇到的每一位客戶，無論是——不僅是顯然關心網路的CISO，還有CIO、執行長、每家公司，我們都認為需要更多的網路安全。

We also believe that it doesn't go without challenges, how we can make the products collaborate, how we can create things that are less vendor or is more a unified architectures.

我們也相信，它並非沒有挑戰，我們如何使產品協作，我們如何創造更少供應商或更統一架構的東西。

How do we fight the future threats?

我們如何應對未來的威脅？

There's a lot of challenges in our industry.

我們的產業面臨很多挑戰。

I do think that we are super well positioned to fulfill the needs of the customers and to take advantage of these trends.

我確實認為我們處於非常有利的位置，可以滿足客戶的需求並利用這些趨勢。

But no doubt in everybody's minds with cybersecurity remains a high priority.

但毫無疑問，在每個人的心目中，網路安全仍然是首要任務。

And even when times when people are speaking about challenges in IT, cyber remains the only area of its people investing.

即使當人們談論 IT 挑戰時，網路仍然是人們投資的唯一領域。

Thank you.

謝謝。

All right, up next is Rob Owens, followed by his twin brother, Hamza Fodderwala.

好吧，下一個是羅布·歐文斯 (Rob Owens)，其次是他的雙胞胎兄弟哈姆扎·福德瓦拉 (Hamza Fodderwala)。

Thanks, Kip, and good afternoon, guys.

謝謝，基普，大家下午好。

I was hoping maybe you could touch on Perimeter 81.

我希望你能談談《81 周界》。

I know that Roei touched on it from an OpEx perspective and driving some incremental cost year over year.

我知道 Roei 從營運支出的角度談到了這一點，並逐年推動了一些增量成本。

But what about from a revenue perspective?

但從收入角度來看呢？

Where is it relative to your expectations?

與您的期望相比，它在哪裡？

How additive was it to the quarter?

本季的貢獻有多大？

And what are you seeing competitively on that front?

您認為這方面的競爭情況如何？

So I think this is a very important area for us for now and for the future.

所以我認為這對我們現在和未來來說都是一個非常重要的領域。

I think in terms of business, it continues to operate and deliver results with our main focus is actually integrated into our main platform.

我認為就業務而言，它繼續運作並交付成果，我們的主要重點實際上是整合到我們的主平台中。

Unlike, for example, our e-mail business, which can be sold as a complete separate product or add-on products separately in the network security.

與我們的電子郵件業務不同，我們的電子郵件業務可以作為完整的單獨產品或網路安全中的附加產品單獨出售。

So customers do get the benefits of the collaboration and better security engine so on.

因此，客戶確實可以從協作和更好的安全引擎等中受益。

But the buyer and the products are not the same.

但買家和產品並不相同。

The entire team [SaaS, SSE] solutions needs to be tightly integrated into the same security platform, and most of our efforts to date are about integrating them.

整個團隊[SaaS、SSE]解決方案需要緊密整合到同一個安全平台中，迄今為止我們的大部分努力都是為了整合它們。

As far as I understand all these R&D efforts are on plan.

據我了解，所有這些研發工作都在計畫之中。

We plan to demonstrate to be ready to show this super integrator platform that I believe no other vendor has offer integrated network security, remote access security, network security from the cloud and network security in a hybrid mode and on-prem all working together, I think it's on plan and the R&D teams are doing their job.

我們計劃展示準備好向大家展示這個超級整合商平台，我相信沒有其他供應商能夠提供整合網路安全、遠端存取安全、雲端網路安全以及混合模式和本地部署的網路安全，所有這些都可以協同工作，我我認為這是按計劃進行的，研發團隊正在履行職責。

Next up, (inaudible) Brad Zelnick.

接下來是（聽不清楚）布拉德·澤爾尼克。

Thank you, Kip, for the intro.

謝謝基普的介紹。

And Gil, congrats on appointing the new CEO and for the strong results.

吉爾，祝賀您任命新任執行長並取得了強勁的業績。

I think, if we step back a little bit.

我想，如果我們退一步。

It does seem like there's a lot of things that are reflecting at Check Point.

看起來確實有很多事情在 Check Point 反映出來。

You just had double-digit billings growth.

您剛剛實現了兩位數的帳單成長。

The channel feedback has been more positive lately.

最近管道回饋更加正面。

You've launched a number of new products.

您推出了許多新產品。

And now you appointed Nadav as the next CEO, who, as many people know, is very well respected in the venture community has had a lot of successful hedges recently with talent, dig and others and likely helps Check Point a lot on the M&A front.

現在您任命Nadav 為下一任首席執行官，正如許多人所知，他在風險投資界非常受人尊敬，最近在人才、挖掘等方面取得了很多成功的對沖，並且可能在併購方面為Check Point 提供了很多幫助。

So my question really is, when you talk to Nadav about Check Point over the next five years when you said he is very different from you in terms of style, are we thinking more of a radical transformation or building on the existing strategy that you've been executing for last year or so?

所以我真正的問題是，當你與Nadav 談論未來五年的Check Point 時，你說他在風格上與你非常不同，我們是否更多地考慮進行徹底的轉型，或者在你現有的戰略基礎上進行建置？

First, I think it's too early to say.

首先，我認為現在說還為時過早。

I think, Nadav will join, he will learn, he will provide his experience.

我認為，納達夫會加入，他會學習，他會提供他的經驗。

I think we've already spent a lot of time together.

我想我們已經在一起度過了很多時間。

So I think we will have bigger changes and hopefully I'm pushing for bigger changes.

所以我認為我們將會有更大的改變，並希望我正在推動更大的改變。

But I do think the Check Point built as amazing foundation and we should use that foundation.

但我確實認為檢查站是一個令人驚嘆的基礎，我們應該利用這個基礎。

That's the strength that we have.

這就是我們所擁有的力量。

We have loyal customers that love us for many years.

我們擁有多年來喜愛我們的忠實客戶。

We have quality products that people love.

我們擁有人們喜愛的優質產品。

So it's not that we need to take it to a different direction we need to strengthen the things that work and augment them with additional things.

因此，這並不是說我們需要將其帶到不同的方向，我們需要加強有效的東西並用其他東西來增強它們。

So Nadav has his ideas, I (inaudible) my ideas, so far these ideas actually coincide quite well.

所以納達夫有他的想法，我（聽不清楚）有我的想法，到目前為止，這些想法其實非常吻合。

So I think we are -- and again, coincide means that some of them we already committed in Check Point and we are doing them.

所以我認為我們是——再說一遍，重合意味著我們已經在 Check Point 承諾了其中一些，而我們正在這樣做。

And some of them we still need to think about them and analyze them.

其中一些還需要我們去思考和分析。

And I think it's too early to say which direction we will choose.

我認為現在說我們將選擇哪個方向還為時過早。

But I think we will do more and I think in every respect, in innovation in go to market in M&A I think, I'm looking to energize and do more in Check Point.

但我認為我們會做得更多，我認為在各個方面，在創新、上市、併購等方面，我希望在 Check Point 注入活力並做得更多。

All right.

好的。

Next up we have Brad Zelnick followed by Roger Boyd.

接下來是布拉德·澤爾尼克（Brad Zelnick），接下來是羅傑·博伊德（Roger Boyd）。

Great.

偉大的。

Thank you.

謝謝。

Congrats, guys, on all the success.

恭喜夥伴們，取得了所有的成功。

I don't know for Gil or Roei, it's good to see the continued investments in sales and marketing and the results clearly paying off.

我不知道對於 Gil 或 Roei 來說，很高興看到在銷售和行銷方面的持續投資以及結果明顯得到回報。

How should we think about where we are in the go-to-market investment cycle?

我們該如何思考我們在進入市場的投資週期中的位置？

And can you give us some color on sales versus marketing maybe direct versus indirect?

您能否給我們一些關於銷售與行銷（可能是直接行銷與間接行銷）的比較？

And if anything structurally is changing in terms of channel rebates or anything else that ultimately ends up on that line?

如果通路回饋或其他最終結果出現結構性變化？

Thank you.

謝謝。

Roei, you can try.

羅伊，你可以試試。

Yeah.

是的。

So on the sales and marketing investing, so we keep investing.

因此，在銷售和行銷投資方面，我們繼續投資。

I think we keep hiring salespeople.

我認為我們會繼續招募銷售人員。

We actually grow our sales force in the last few quarters.

實際上，我們在過去幾季中擴大了銷售團隊。

Again, not in the same pace that we've done a year ago, two years ago, but we're investing a lot -- we are investing a lot on that.

再說一次，我們的步伐與一年前、兩年前不同，但我們投入了大量資金——我們在這方面投入了大量資金。

We will going to continue to think that intends to see much better productivity from the sales force because as we talked a few quarters ago, we mentioned that we had many new salesforces, that joined us 12 months ago or 9 months ago, and it takes time to be productive.

我們將繼續認為這將提高銷售隊伍的生產力，因為正如我們幾個季度前所說，我們提到我們有許多新的銷售隊伍，他們在 12 個月前或 9 個月前加入我們，這需要是時候發揮生產力了。

We see this productivity now in the last two quarters.

我們在過去兩個季度就看到了這種生產力。

So in talking about this quarter, we do see the productivity, much better productivity from the salesforce.

因此，在談論本季時，我們確實看到了生產力，銷售人員的生產力要好得多。

In terms of indirect or direct, again, we continue to invest significantly also in marketing, in direct marketing.

在間接或直接方面，我們同樣繼續在行銷、直接行銷方面進行大量投資。

We was part of the plan to invest more in marketing.

我們是加大行銷投資計畫的一部分。

So that's definitely also we see the investment and hopefully, we'll see also the accelerated growth coming from that.

因此，我們肯定也看到了投資，並希望我們也能看到由此帶來的加速成長。

And that said, again, we see the results and we hopefully will see the results also in the next few quarters.

也就是說，我們再次看到了結果，並希望在接下來的幾個季度中也能看到結果。

Gil, you want to add something?

吉爾，你想補充點什麼嗎？

No.

不。

I think we hear good feedback from the channel partners about the new channel program.

我認為我們從通路合作夥伴那裡聽到了關於新通路計畫的良好回饋。

And again, some of it, I don't think it's just a financial parameters.

再說一次，我認為其中一些不僅僅是財務參數。

I think it's the relationship.

我認為這就是關係。

I think it's the flexibility.

我認為這就是靈活性。

I think it's tackling the joint challenge that we have, which is providing better security to more customers.

我認為它正在解決我們面臨的共同挑戰，即為更多客戶提供更好的安全性。

If we do that right, I think the opportunity is huge.

如果我們做得正確，我認為機會是巨大的。

All right, next up is Roger Boyd, followed by Saket Kalia.

好吧，下一個是羅傑·博伊德，然後是薩凱特·卡利亞。

Thanks, Kip.

謝謝，基普。

Gil, the partners we're talking to are suggesting that SASE interest is starting to tick up again.

Gil，我們正在交談的合作夥伴表示，SASE 的興趣開始再次上升。

And as you get closer to being able to sell the full single vendor, SASE as a seed, product we would love to just come back to SASE for a second and get your comments on the pipeline you're building, the confidence you have in selling that into the install base and just any update you can you see that starting to contribute?

當您越來越接近能夠銷售完整的單一供應商（SASE）作為種子產品時，我們很樂意回到 SASE 來了解一下您對正在構建的管道的評論，以及您對產品的信心將其出售到安裝基礎以及您能看到的任何更新開始做出貢獻嗎？

So we hear similar feedback, SASE remains a very interesting area.

所以我們聽到了類似的回饋，SASE 仍然是一個非常有趣的領域。

I think customers at the end will need the unified platform.

我認為最終客戶將需要統一的平台。

We don't want five network security platform.

我們不要五個網路安全平台。

One for remote employees, one for site to site, one for cloud access, one for data centers.

一種用於遠端員工，一種用於站點到站點，一種用於雲端訪問，一種用於資料中心。

They will want one.

他們會想要一個。

I don't think that there is any other vendor with can supply one.

我認為沒有其他供應商可以提供這種產品。

We are working on it.

我們正在努力。

We've acquired the right technologies and we're investing in making it one.

我們已經獲得了正確的技術，並且正在投資使其成為一項技術。

We do make progress in selling SASE stand alone.

我們在單獨銷售 SASE 方面確實取得了進展。

But the main kind of the things that we need to achieve is with the integrated platform.

但我們需要實現的主要目標是透過整合平台。

And I hope it will reach faster than some people expected.

我希望它會比一些人預期的更快實現。

Next up is Saket Kalia, followed by Joel P. Fishbein Jr.

接下來是 Saket Kalia，其次是 Joel P. Fishbein Jr。

Okay, great.

好的，太好了。

Hey, guys, thanks for taking my question here and echo my congrats on bringing Nadav onboard.

嘿，夥計們，感謝您在這裡提出我的問題，並祝賀 Nadav 加入。

Roei, maybe my question is for you.

Roei，也許我的問題是問你的。

Can we just talk about what percentage of billings is coming from Infinity and congrats by the way in those three very sizable deals.

我們可以談談 Infinity 帶來的營收百分比嗎？

Can you talk about maybe how much of the $130 million in TCV impacted billings as well in the quarter?

您能否談談 1.3 億美元的 TCV 對本季帳單的影響有多大？

Yeah.

是的。

I'll start with the second question.

我從第二個問題開始。

So in terms of the TCV, so one of these deals actually the third-largest one affected the billing, because it was upfront billing, multi-year billing.

就 TCV 而言，其中一筆交易實際上是影響計費的第三大交易，因為它是預付費用、多年計費。

The other one didn't affect significantly because again, it was up from, say, one year upfront.

另一個並沒有產生重大影響，因為它又是從提前一年開始的。

So it's not counting it -- it's again, something regularly.

所以這不是在計算——這又是有規律的事情。

In terms of your next question about the Infinity billing, it's tough to quantify it.

就您關於無限計費的下一個問題而言，很難量化它。

I would say that again, the Infinity becoming more and more significant for us, for the business.

我想再說一遍，Infinity 對我們、對企業來說變得越來越重要。

We mentioned last quarter about 15% of our business is in terms of bookings and revenue -- in terms of revenues, is Infinity actually in bookings in much more than that.

我們上個季度提到，我們大約 15% 的業務是預訂和收入——就收入而言，Infinity 實際上在預訂方面的貢獻遠不止於此。

So again, the thing with Infinity that there is lumpiness and some fluctuation in the billing, because it really depends on the payment terms, the billing terms.

再說一遍，Infinity 的帳單存在波動性和一些波動，因為它實際上取決於付款條件、帳單條件。

So again, this can also depends on some time on the customer needs and when you need the product to utilize the allowance at they're buying.

同樣，這也可能取決於客戶需求的時間以及您何時需要產品在他們購買時利用津貼。

So that they committed for.

讓他們承諾。

So I think this quarter, we did see very strong demand for the Infinity, also in terms of utilization of the allowances that they had.

所以我認為這個季度，我們確實看到了對 Infinity 的非常強勁的需求，在他們擁有的配額的利用方面也是如此。

So I think that also affected the billing.

所以我認為這也影響了計費。

But I think again, in the end, the billing grew because of the strong performance this quarter.

但我再次認為，最終，由於本季的強勁表現，帳單成長了。

Joel P. Fishbein Jr, followed by John DiFucci.

小喬爾‧P‧菲什拜因 (Joel P. Fishbein Jr)，其次是約翰‧迪福奇 (John DiFucci)。

Thanks for taking the question.

感謝您提出問題。

Gil for you, you mentioned a lot of new AI initiatives and security.

Gil 對你來說，你提到了許多新的人工智慧措施和安全性。

Obviously, it's been a pretty hot topic.

顯然，這是一個非常熱門的話題。

I'm curious to know, is this driving incremental revenue?

我很好奇，這是否會增加收入？

Or do you think that this is just getting your competitive differentiation from a product perspective?

或者您認為這只是從產品角度獲得競爭優勢？

I think right now, it's competitive differentiation.

我認為現在，這就是差異化競爭。

It's not yet at the revenue stage.

目前還沒有進入獲利階段。

Again, Infinity Copilot, for example, it's already used by hundreds of customers, but I don't think that even has any revenue impact by now.

再次以 Infinity Copilot 為例，它已經被數百名客戶使用，但我認為到目前為止還沒有任何收入影響。

If we look for five years from now, I think that we can drive a lot of value and generate more revenue based on that value.

如果我們展望五年後，我認為我們可以創造很多價值，並基於該價值產生更多收入。

All right.

好的。

Next step is John DiFucci, followed by Ben Bollin.

下一步是約翰·迪福奇（John DiFucci），其次是本·博林（Ben Bollin）。

Gil, it's nice to be covering you.

吉爾，很高興能報道你。

I remember your vision for Infinity more than five years ago.

我記得五年多前您對《Infinity》的願景。

And the world didn't seem like it was ready for it then.

那時世界似乎還沒準備好。

And I'm not even sure that Check Point was really ready to provide it, though the vision was there.

我什至不確定 Check Point 是否真的準備好提供它，儘管願景已經存在。

And now it's even sort of been copied by some of your peers out there.

現在它甚至被一些同行模仿了。

I guess because you're hearing --Roei has mentioned Infinity several times and the strength and you have too.

我想是因為你聽到了——Roei 多次提到 Infinity 和力量，你也提到過。

Is the market now ready?

現在市場準備好了嗎？

Is it time for sort of an inflection point in this?

現在是時候出現某種拐點了嗎？

Or should we continue to think that this is still going to take and just continue to grind forward towards this vision?

或者我們應該繼續認為這仍然需要採取並繼續朝著這個願景前進？

It's a very good question.

這是一個非常好的問題。

I hope that we are more ready now than we were before, and I hope that customers are more ready now than they were before.

我希望我們現在比以前做好了更多準備，我希望客戶現在比以前做好了更多準備。

I definitely think that the world needs it.

我絕對認為世界需要它。

I mean you do hear from every CISO that on one hand.

我的意思是，一方面，您確實從每位 CISO 那裡聽到這一點。

I want the better security on the other hand, I do want to consolidate vendors, for example.

另一方面，我想要更好的安全性，例如，我確實想整合供應商。

I do see that from security then, the fact that you have 15 or even 50 different security technologies, if they don't collaborate.

我確實從安全方面看到了這一點，事實上，如果它們不合作的話，你有 15 種甚至 50 種不同的安全技術。

You don't own -- it's not only that you don't get the full value from the technologies you required, you create the same hole.

你不擁有——這不僅是因為你沒有從你需要的技術中獲得全部價值，你還創造了同樣的漏洞。

Blocking a malware from getting you on e-mail doesn't mean that you cannot download it when it sends to your Gmail, for example, because one is easy mail security and another one is web download security.

例如，阻止惡意軟體獲取您的電子郵件並不意味著當它發送到您的 Gmail 時您就無法下載它，因為一個是簡單的郵件安全，另一個是網路下載安全。

And another one is the security to your mobile device.

另一項是行動裝置的安全性。

And another one is another vector when if I can get into the company.

如果我能進入公司，另一個就是另一個向量。

So I think the value that we're providing with our platform, the collaboration, the consolidation is very, very important for customers that all sizes by the way.

因此，我認為我們透過平台、協作和整合所提供的價值對於各種規模的客戶來說都非常非常重要。

For the midsize and small ones, they can't afford multiple systems.

對於中小型企業來說，他們無力負擔多個系統的費用。

For the large one, it's a big savings, and not only that, it's additional security.

對於大型企業來說，這是一筆很大的節省，不僅如此，它還提供了額外的安全性。

So each customer can see it from different perspective.

所以每個客戶都可以從不同的角度來看待它。

How far are we in the world in that?

我們在這方面離世界有多遠？

I think we're still in the single digit of customers that actually standardize on fewer number of vendors.

我認為我們的客戶數量仍然是個位數，而實際上對較少數量的供應商進行標準化。

And I think the potential is for that to be 10x bigger or more, a big percentage of customers will standardize on more consolidated architectures.

我認為這個數字有可能擴大 10 倍或更多，很大一部分客戶將採用更整合的架構進行標準化。

And not only vintage customer can see from the far win the World in Brazil digit of customers with action.

而且不僅是老式顧客可以從遠處看到巴西用行動贏得世界數字的顧客。

Thank you, Gil.

謝謝你，吉爾。

And by the way, I really like the combination of you and Nadav, because I know him too.

順便說一句，我真的很喜歡你和納達夫的組合，因為我也認識他。

So good luck.

祝你好運。

All right, guys.

好吧，夥計們。

We have Ben Bollin, followed by Andrew Nowinski.

我們有本·博林，其次是安德魯·諾溫斯基。

Thanks, Kip.

謝謝，基普。

Good afternoon, everyone.

大家下午好。

I was hoping you could share any perspective you have on new logos momentum in particular and how any changes that you've made to direct and partner incentives this year may be influencing that pipeline through year end into 2025?

我希望您能分享您對新商標勢頭的任何看法，特別是您今年對直接和合作夥伴激勵措施所做的任何改變可能會如何影響從年底到 2025 年的管道？

Roei, do we have any data?

Roei，我們有數據嗎？

Yes.

是的。

So in terms of new logo we had the good quarter in terms of new logo continuing the trend that we had also in the Q1.

因此，就新徽標而言，我們在新徽標方面表現出色，延續了第一季的趨勢。

Actually our business from new logo grew nicely this quarter compared to last year.

實際上，與去年相比，本季我們的新商標業務成長良好。

And we see very nice traction in America with very nice new logos, mainly on the government side.

我們看到美國的新標誌非常受歡迎，主要是在政府方面。

And so I think, again, very good quarter in terms of new logos.

因此，我再次認為，就新標誌而言，這個季度非常好。

In terms of the program for channels, so we started already from, I think, the second half of last year, we have a special program for partners for bringing new logos, and together with the new partner program that we launched that give them even more incentive to bring new logo.

就通路計劃而言，我認為我們從去年下半年就開始了，我們為合作夥伴制定了一個特別計劃，用於帶來新徽標，並與我們推出的新合作夥伴計劃一起為他們提供甚至帶來新標誌的更多激勵。

So I think the incentive become even more attractive.

所以我認為這種激勵措施變得更具吸引力。

And we see right now, I mean, again, based on the last two quarters, we do see a very positive momentum from new logos.

我的意思是，我們現在再次看到，基於過去兩個季度，我們確實看到新徽標帶來了非常積極的勢頭。

Again, we think that we should bring much more new logos in terms of quantity and value.

同樣，我們認為我們應該在數量和價值方面帶來更多新標誌。

But still we do see very nice improvement compared to the first half of last year.

但與去年上半年相比，我們仍然看到了非常好的進步。

I will join Roei and say I think we're seeing some good trends.

我將和 Roei 一起說，我認為我們看到了一些好的趨勢。

I've been back doing reviews for all our different countries around the world and different areas and see what their plans.

我回來對世界各地不同國家和不同地區進行審查，看看他們的計劃是什麼。

I think they're all understand the importance of winning more new logos.

我認為他們都明白贏得更多新標誌的重要性。

They're doing a good job and we can do so much more bets.

他們做得很好，我們可以做更多的賭注。

I'm actually I like these calls because I see that people understand, put it as a priority.

事實上，我喜歡這些電話，因為我看到人們理解，並將其作為優先事項。

And I think we all realize that we can do more.

我想我們都意識到我們可以做得更多。

All right.

好的。

Our next caller is Andrew Nowinski, followed by Joshua Tilton.

我們的下一個來電者是安德魯‧諾溫斯基 (Andrew Nowinski)，其次是約書亞‧蒂爾頓 (Joshua Tilton)。

Okay.

好的。

Good afternoon, everyone.

大家下午好。

Thank you for taking the question and congrats on a nice quarter.

感謝您提出問題，並祝賀您度過了一個愉快的季度。

You had a lot of positive improvements this quarter, highlighted by the large deal activity, I think.

我認為，本季你們取得了許多正面的進步，大型交易活動凸顯了這一點。

But I wanted to ask about your EBIT and your free cash flow because both had pretty lackluster growth this quarter.

但我想問一下你們的息稅前利潤和自由現金流，因為這兩個季度的成長都相當乏善可陳。

So I'm just wondering how you're expecting EBIT and free cash flow growth over the next one or two years as we turn the company over to a new CEO.

所以我只是想知道，當我們將公司移交給新執行長時，您對未來一兩年的息稅前利潤和自由現金流成長有何預期。

I can comment about -- this year, about 2024, and again, I think that the EBIT into free cash flow cash flow, we don't provide any -- actually we don't provide any guidance for EBIT and free cash flow.

我可以評論一下——今年，大約是2024 年，再說一次，我認為將息稅前利潤轉化為自由現金流，我們沒有提供任何——實際上，我們沒有提供任何關於息稅前利潤和自由現金流的指導。

But I can tell you that we discussed -- when we gave you the guidance in the beginning of the year, this was on -- I mean, the numbers are on plan in terms of operating margin, in terms of EBIT.

但我可以告訴你，我們討論過——當我們在年初給你指導時，這是——我的意思是，就營業利潤率和息稅前利潤而言，這些數字都在計劃之中。

We mentioned that will be between the area between 40% to 43%.

我們提到這將在 40% 到 43% 之間的區域。

In 2024 because of the acquisition that we had, and the investment that we are doing around the integration of Perimeter 81, and we discuss it in the last there we had some discussions about the product, so there's a lot of investment around it.

2024 年，由於我們進行了收購，並且我們圍繞 Perimeter 81 的整合進行了投資，我們在最後討論了該產品，因此圍繞它進行了很多投資。

So new the 2024, we'll see a more investment that will cause the margin to give in this area.

因此，進入 2024 年，我們將看到更多的投資，這將導致該領域的利潤率下降。

In terms of free cash flow, it's really on the billing.

就自由現金流而言，它確實是在賬單上。

This quarter, we -- our operating cash flow grew by 5%.

本季度，我們的營運現金流成長了 5%。

Free cash flow, I think 4%.

自由現金流，我認為是4%。

So and again, this quarter we see that the billing came by 10%.

如此反复，本季我們的帳單成長了 10%。

So hopefully, if we can keep the trend in the billings -- on the back of the billing, the free cash flow will grow also.

因此，希望如果我們能夠維持帳單的趨勢——在帳單的支持下，自由現金流也會成長。

So it depends on the billing.

所以這取決於賬單。

And as long as we see the growth in the billing, also the free cash flow will go right.

只要我們看到帳單成長，自由現金流也會正常。

In terms of the next two years, too early to say about 2025.

就未來兩年而言，現在說 2025 年還為時過早。

Again, I think we have a very healthy operating margin, a very healthy EBIT margin.

再說一次，我認為我們擁有非常健康的營業利潤率、非常健康的息稅前利潤率。

So we'll discuss probably 2025 next quarter or in the next two quarters.

因此，我們可能會在下個季度或接下來的兩個季度討論 2025 年。

All right.

好的。

Next step is Joshua Tilton, followed by Gregg Moskowitz.

下一步是約書亞·蒂爾頓（Joshua Tilton），其次是格雷格·莫斯科維茨（Gregg Moskowitz）。

Hey, guys.

嘿，夥計們。

Thank you for taking my questions.

感謝您回答我的問題。

I want to go back to handle I thought it was very important, but maybe ask it a little bit more directly.

我想回去處理一下，我認為這很重要，但也許可以更直接地問一下。

Nadav is clearly a sales guy.

納達夫顯然是一名銷售人員。

He comes from a VC that just sold a bunch of portfolio companies to one of your competitors.

他來自一家創投公司，該創投公司剛剛將一堆投資組合公司賣給了你的競爭對手之一。

Do investors need to expect or should they prepare for a big investment in sales force or maybe any changes to how you guys think about M&A over the next few years?

投資者是否需要預期或應該準備對銷售團隊進行大量投資，或者你們對未來幾年併購的看法是否會改變？

First, it's a very good question.

首先，這是一個非常好的問題。

I think I will let Nadav join, learn, understand, and develop better plans.

我想我會讓Nadav加入，學習，理解，制定更好的計劃。

I think he's not just a sales guy.

我認為他不僅僅是一個銷售人員。

He's definitely a strategist.

他絕對是一位戰略家。

He knows how to work with large teams, he knows how to encourage people to innovation.

他知道如何與大型團隊合作，他知道如何鼓勵人們創新。

And this, I think, is the real CEO material from being very rounded in his skills and what it did.

我認為，這才是真正的 CEO 材料，因為他的技能和所做的事情都非常全面。

Remember, he wasn't just VC at the last 10 years, he had a much longer career.

請記住，過去 10 年他不僅僅是 VC，他的職業生涯要長得多。

And even in the VC career, he's got much more involved in some portfolio companies and helping them and building them than just investing.

即使在創投生涯中，他也更多地參與了一些投資組合公司並幫助和建立它們，而不僅僅是投資。

I do feel that -- by the way, a big believer in sales and marketing.

順便說一句，我確實這麼認為，我是銷售和行銷的忠實信徒。

I do think that our industry, it doesn't always work that way, but at least according to my book, investment in sales and sales and marketing should have a very good ROI.

我確實認為我們的行業並不總是這樣，但至少根據我的書，對銷售、銷售和行銷的投資應該有很好的投資報酬率。

An enterprise salesperson should generate $1 million to $2 million in business.

企業銷售人員應創造 100 萬至 200 萬美元的業務。

So if you look at the calculation, even if it takes a year to ramp up in the enterprise space, it should have a very positive ROI where if we can hire and if we should hire more peoples as an example and the biggest investment is hiring.

因此，如果你看一下計算結果，即使在企業領域需要一年的時間來提升，它也應該具有非常積極的投資回報率，例如我們是否可以僱用以及是否應該僱用更多的人作為例子，最大的投資是僱用。

So again, I can't comment about our future plans for 2025, 2026.

再說一次，我無法評論我們 2025 年、2026 年的未來計畫。

I can tell you that we want to make Check Point better than it was, not the other way around that.

我可以告訴你，我們想讓 Check Point 變得比以前更好，而不是相反。

But if we can grow faster, I think we will, that's the number one priority that we all have.

但如果我們能夠成長得更快，我想我們會的，這是我們所有人的首要任務。

All right.

好的。

Next up is Gregg Moskowitz, followed by Ittai Kidron.

接下來是 Gregg Moskowitz，其次是 Ittai Kidron。

All right.

好的。

Well, congratulations on the results and for adding Nadav as well.

好吧，恭喜你的結果，也恭喜 Nadav 的加入。

Roei, you mentioned that you saw a lot of Infinity utilization of allowances this quarter.

Roei，您提到您看到本季無限公司大量使用配額。

Were many of these allowances expiring or was there some other reason why you saw more of this activity in the Q2?

其中許多津貼是否已過期，或者是否有其他原因導致您在第二季度看到更多此類活動？

And then also, what are your expectations on the pace of utilization going forward?

另外，您對未來的利用速度有何期望？

Thanks.

謝謝。

So in terms of that, some of them, it's Infinity agreements that are expiring maybe next quarter.

因此，就其中一些而言，Infinity 協議可能會在下個季度到期。

Some of them not, much related really on the demand of the customer need.

其中一些不是，實際上與客戶的需求有很大關係。

I can tell you that the majority of the agreements that were signed in Q1.

我可以告訴你，大部分協議是在第一季簽署的。

So it's not something that's expiring.

所以這不是過期的東西。

In terms of how it should look in the next few quarters, again, the amount of allowances, the amount of Infinity business is growing every quarter.

就未來幾季的情況而言，配額數量、Infinity 業務量每季都在成長。

So in the end, mathematically, it should grow every quarter.

所以最終，從數學上講，它應該每個季度都會成長。

But again, it's really depend, we cannot control it.

但同樣，這確實取決於，我們無法控制它。

It really depends on the customer and on its needs.

這實際上取決於客戶及其需求。

And sometimes, they decide not to utilize in specific quarters and sometimes we see more significant utilization in certain quarters.

有時，他們決定不在特定季度使用，有時我們會看到某些季度的使用率更高。

So again, that's, I think, the benefit of the Infinity that the customer likes.

再說一次，我認為這就是客戶喜歡的 Infinity 的好處。

They have the flexibility to utilize whenever they need it.

他們可以在需要時靈活地使用。

But just to augment what Roei is saying, which is actually very positive, if most of the spending these customers have purchased in Q1 and started utilizing or utilizing more in Q2, that's the best thing to do.

但為了補充 Roei 所說的，這實際上是非常積極的，如果這些客戶的大部分支出在第一季購買並在第二季開始使用或使用更多，那是最好的事情。

Customers buy because they need it.

顧客購買是因為他們需要。

Don't buy because they have excess budget.

不要購買，因為他們有多餘的預算。

They don't buy because they like how nice we are.

他們不買是因為他們喜歡我們的友善。

They buy because this to fulfills the real needs.

他們購買是因為這是為了滿足真正的需求。

And that's the end aim of what we do, and that's the best proof to the quality of the business.

這就是我們所做的最終目標，也是業務品質的最佳證明。

All right.

好的。

Next up is Ittai Kidron followed by Peter Levine, if we can get a quick in.

接下來是 Ittai Kidron，接下來是 Peter Levine，如果我們能快速進入的話。

All right.

好的。

Thanks, Kip.

謝謝，基普。

Appreciate it.

欣賞它。

Maybe a question on the firewall business.

也許是關於防火牆業務的問題。

Roei, can you give us what was the growth of the firewall business on a year on year basis?

Roei，您能為我們介紹一下防火牆業務的年成長情況嗎？

How do we think about the progression of Quantum Force within the portfolio?

我們如何看待 Quantum Force 在產品組合中的進展？

And maybe Gil can talk about the pricing in firewalls.

也許吉爾可以談談防火牆的定價。

I mean, firewall has a refresh as well if it's firewalls, any changes there on the pricing environment would be greatly appreciated.

我的意思是，防火牆也有更新，如果它是防火牆，定價環境上的任何變化將不勝感激。

Yes.

是的。

So in terms of the firewall, we did see, we mentioned that, we launched the Quantum Force in the beginning of -- actually and the end of 2023 and the beginning of 2024.

因此，就防火牆而言，我們確實看到，我們提到過，我們實際上是在 2023 年底和 2024 年初推出了量子力量。

We do see very nice demand for the Quantum Force.

我們確實看到了對量子力的巨大需求。

I think we do see the product revenue, which is mainly coming from the firewall appliances, we do see growth.

我認為我們確實看到了產品收入，主要來自防火牆設備，我們確實看到了成長。

Again, only 1%, but on terms of bookings, the bookings growth grew higher than the 1% that we see in revenues.

同樣，只有 1%，但就預訂而言，預訂增長高於我們看到的收入增長 1%。

Again, because some of them are coming for Infinity.

再說一次，因為他們中的一些人是為了《無限》而來。

Some of the bookings for the firewall are coming from Infinity and you don't see it in the revenues yet.

防火牆的一些預訂來自 Infinity，但您還沒有在收入中看到它。

Sometimes it comes up, as I mentioned in the previous question we had, sometimes it can come quarter after, sometimes it can come two to three quarters afterwards.

有時它會出現，正如我在上一個問題中提到的那樣，有時它可能會在四分之一後出現，有時可能會在兩到三個季度後出現。

But in general, when we're looking on the bookings for the first two quarters, we do see significant improvement in the demand for appliances.

但總的來說，當我們觀察前兩季的預訂時，我們確實看到家電需求的顯著改善。

Again, I would say that's something that we even more than what we expected because of the launch of the Quantum Force.

我想說，由於量子力的推出，這超出了我們的預期。

Ittai, I can also add that in terms of the pricing, we didn't see any significant pressure on the pricing.

Ittai，我還可以補充一點，就定價而言，我們沒有看到定價有任何重大壓力。

I mean, when you're looking on the ASP on the average selling price of our appliances, no significant change.

我的意思是，當您查看我們電器的平均售價時，沒有顯著變化。

I mean, I can talk only about the second quarter.

我的意思是，我只能談論第二季。

Nothing significant that we've seen.

我們沒有看到任何重要的事情。

Similar discounts range.

類似的折扣範圍。

Nothing that I can comment that I see any significant change today, again, as of today on the price.

我無法評論今天的價格有任何重大變化。

And the pricing, we used to be competitive and still competitive.

在定價方面，我們曾經具有競爭力，而且仍然具有競爭力。

It's not the easy, it's a tight pricing environment.

這並不容易，這是一個緊張的定價環境。

All right.

好的。

Our last question, if you can make a quick, is Peter Levine.

我們的最後一個問題是彼得·萊文（Peter Levine）。

Great.

偉大的。

Thanks guys for squeezing me in.

謝謝你們把我擠進去。

So maybe just to piggyback off of last one.

所以也許只是為了借鏡最後一個。

I don't know if you can kind of give us some color about your thoughts into hitting double digit growth next year.

我不知道您是否可以告訴我們您對明年實現兩位數成長的想法。

And obviously, any conviction around we're getting closer to more of a massive kind of refresh cycle that you're seeing from your conversations, your pipeline, because I know that is part of the equation to hitting that double digit number for next year.

顯然，任何圍繞我們的信念都越來越接近一種大規模的更新周期，你可以從你的對話​​、你的管道中看到這一點，因為我知道這是明年達到兩位數數字的等式的一部分。

I think, we're doing a lot of things to get there, and I think we're doing it for quite some time.

我認為，我們正在做很多事情來實現這一目標，而且我認為我們已經做了相當長一段時間了。

And the indicators are positive.

而且各項指標都是正面的。

I think the new change in our leadership is definitely going to help an argument that.

我認為我們領導層的新變化肯定會有助於這個論點。

It will give people more energy and a lot more customer focus and so on.

它將給人們更多的精力和更多的客戶關注等等。

So that's a positive.

所以這是積極的。

And I think if the economy will go in the same direction, I think we will have a very good, we can have a very good year next year.

我認為如果經濟朝著同樣的方向發展，我認為我們明年將會有一個非常好的一年。

If all these things will happen, that's a good question.

如果所有這些事情都會發生，這是一個很好的問題。

I'm positive and I'm optimistic about that.

我對此持樂觀態度。

All right.

好的。

We'd like to thank you all for joining us today.

我們要感謝大家今天加入我們。

We appreciate it.

我們很感激。

We'll see you during the quarter without a doubt, and we'll meet here and probably a little over three months or so.

毫無疑問，我們將在本季度見到您，我們將在這裡見面，可能會在三個多月左右的時間裡。