Check Point Software Technologies Ltd (CHKP) 2024 Q3 法說會逐字稿

(audio in progress) for replay on our website at checkpoint dotcom. During the formal presentation, all participants are in listen-only mode to be followed by a Q&A session during the presentation. Check point's representatives may make forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Any forward-looking statements made speak only as of the date hereof and Checkpoint 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 Nongaap results along with the reconciliation of such results as well as reasons for our presentation of nongaap information. If you have any questions after the call, please feel free to contact relations by email at kip at checkpoint dotcom. Now, I'd like to turn the call over to Roy Galan.

（音訊正在進行中）可在我們的 checkpoint dotcom 網站上重播。在正式演示期間，所有參與者均處於僅聽模式，然後在演示期間進行問答環節。 Check Point 的代表可能會做出前瞻性聲明。前瞻性陳述通常與未來事件或我們未來的財務或經營績效有關。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。任何前瞻性陳述僅代表截至本協議發布之日的情況，Checkpoint 沒有義務公開更新我們網站上發布的新聞稿中的任何前瞻性陳述。我們提供 GAAP 和 Nongaap 結果以及這些結果的調節以及我們提供 NonGAAP 資訊的原因。如果您在通話後有任何疑問，請隨時透過發送電子郵件至 checkpoint dotcom 的 kip 聯絡關係人員。現在，我想把電話轉給羅伊·加蘭。

Thank you, Kip and thank you everyone for joining the call. One moment. I'll open the presentation. Can you see my.

謝謝基普，也謝謝大家加入這通通話。一會兒。我將打開演示文稿。你能看到我的.

You're on the right? You should go to one slide, you're on the.

你在右邊嗎？你應該轉到一張幻燈片，你在。

So can you see now? Okay, great. Thank you. Thank you. So, so we had a very good quarter. We'll start with the revenues in EPS the third quarter. Our revenues grew by 7% to $635 million.03 million above the midpoint of our projections. Our non-GAAP EP SS grew by 9% to $2.25 1¢ above the midpoint of our projections. So overall very good results going into further into our revenues and our business. So as I mentioned, the revenues grew by 7%. Our subscription revenue grew by 12% to $277 million. The calculated billing reached $562 million which will present 6% growth year over year. While our current calculated billings grew by 5% to $563 million. The calculated billings this quarter was affected by several bills that were pushed from Q3 to Q4 that we expected them to close by, by September tht were push to Q4 and mainly in Europe. And we do expect that this will provide us a benefit of approximately three points to the billing in Q4 and some of them were already closed in October and the majority will be closed before the end of the year. So that's I think important to mention regarding our billings as for the revenue, the revenues, as I mentioned grew by 7% that was driven mainly by product and subscription revenues that grew to $396 million. That's mainly driven from strong demand for Infinity consolidated platform. Our email that keep to have this strong demand. And we did see also demand and we see the product revenue grew by 4%. So we see an increase also in the demand for appliances.

那你現在看得到嗎？好的，太好了。謝謝。謝謝。所以，我們度過了一個非常好的季度。我們將從第三季每股收益的收入開始。我們的營收成長了 7%，達到 6.35 億美元，高於我們預測的中位數。我們的非 GAAP EP SS 成長了 9%，達到 2.25 美元，比我們預測的中點高出 1 美分。因此，整體而言，我們的收入和業務取得了非常好的成果。正如我所提到的，收入成長了 7%。我們的訂閱收入成長了 12%，達到 2.77 億美元。計算得出的帳單金額達到 5.62 億美元，年增 6%。而我們目前計算的帳單成長了 5%，達到 5.63 億美元。本季計算的帳單受到從第三季推至第四季的幾項帳單的影響，我們預計這些帳單將在 9 月結束，這些帳單將被推至第四季度，並且主要在歐洲。我們確實預計，這將為我們第四季度的帳單帶來大約三個百分點的好處，其中一些已於 10 月關閉，大部分將在年底前關閉。因此，我認為重要的是要提及我們的收入帳單，正如我所提到的，收入增長了 7%，這主要是由產品和訂閱收入增長至 3.96 億美元推動的。這主要是由於對 Infinity 整合平台的強勁需求所推動的。我們的電子郵件一直有這種強烈的需求。我們確實也看到了需求，我們看到產品收入成長了 4%。因此，我們看到對電器的需求也在增加。

I mentioned the Infinity. Infinity had another great quarter. It continued to flow in accelerated way to the revenues and another quarter with strong double digit growth over it becoming more and more significant to our total revenues which now is approximately 50 per 15% of our total revenues. And we see more and more customers, existing customers and new logos that adopting our platform and the means and the oneb of products and services.

我提到了無限。 Infinity 又迎來了一個出色的季度。它繼續以加速的方式流入收入，並在另一個季度實現兩位數的強勁增長，對我們的總收入變得越來越重要，目前約占我們總收入的 15% 中的 50%。我們看到越來越多的客戶、現有客戶和新標誌採用我們的平台以及產品和服務的手段和方式。

Now let's look at the revenue by GEOS. So America had the in terms of revenues, America consists 41% of our revenue and grew 3%. It is important to know that in terms of new business bookings, actually, America had a very good quarter continued in the first two quarters in 2024. With, with the double digit growth in new business EMEA revenues were about 46% of our total revenues and they grew by 7% year over year.

現在讓我們來看看GEOS的收入。因此，就收入而言，美國占我們收入的 41%，並且成長了 3%。重要的是要知道，就新業務預訂而言，實際上，美國在2024 年的前兩個季度繼續保持非常好的季度業績。的收入約占我們總收入的46%年增 7%。

And I mentioned already about the billing effect in IIR. It's also again, we did see some some bills that were pushed from Q3 and Q4 in Europe. But again, and we expected that that will be closed by the end of the year. And in a PAC, we did see a 70% growth in revenues also in terms of new business. AP ac had a very good quarter.

我已經提到 IIR 中的計費效應。同樣，我們確實看到了歐洲第三季和第四季推出的一些法案。但同樣，我們預計該項目將在今年年底前關閉。在 PAC 中，我們確實看到新業務的收入也成長了 70%。 AP ac 有一個非常好的季度。

And so I think, yeah, so that's, that's the, the revenues by geographies moving to our, into our P&L So our gross profit was increased by 5% to $563 million presenting 89% gross margin. Our operating expenses increased by 9% to $289 million. This is mainly as a result of our continued investment in our workforce organically and also the additional expenses related to the acquisition of PME 81 that we closed in the end of Q3 last year and our nongaap operating income was $274 million while net income grew by 5% to $255 million. And the EPS was two. The Nongaap EPS was $2.25 ruled by 9% eo value. Our GAAP EPS was $1.83 as for the cash flow and our cash position. So we had a very good, we had a very strong operating cash flow. We closed the quarter with $249 million operating cash flow growth. Compared to last year. Our cash balances amounted to $2.9 billion. While also this quarter, we closed the acquisition of Cyber it. And the net cash paid for this acquisition 1 $186 million. Gil will have more about this acquisition in his slides. And and we continue to do it our buyback with then we purchased through the quarter $325 million of shares at an average price of $182 per share to summarize our financials. So again, revenues and EPS both above the midpoint of our projections, our revenues accelerated to 7% mainly driven by strong infinity and harmony, image performance and another quarter with strong profitability, strong operating cash flow. So in general, again, a good quarter for us in Q3 and looking at for, for Q4 GLL.

所以我認為，是的，所以，就是這樣，就是這樣，各個地區的收入轉移到我們的損益表中，因此我們的毛利增加了 5%，達到 5.63 億美元，毛利率為 89%。我們的營運支出增加了 9%，達到 2.89 億美元。這主要是由於我們對員工隊伍的持續投資，以及與去年第三季末收購 PME 81 相關的額外費用，我們的非公認會計準則營業收入為 2.74 億美元，淨利潤增長了 5 倍。億美元。 EPS 為 2。以 9% EO 值計算，Nongaap 每股收益為 2.25 美元。就現金流量和現金狀況而言，我們的 GAAP 每股收益為 1.83 美元。所以我們有一個非常好的、非常強大的營運現金流。本季末，我們的營運現金流成長了 2.49 億美元。與去年相比。我們的現金餘額達 29 億美元。同樣在本季度，我們完成了對 Cyber​​ it 的收購。此次收購支付的淨現金1.86億美元。吉爾將在他的幻燈片中詳細介紹這項收購。我們繼續進行回購，整個季度我們以每股 182 美元的平均價格購買了價值 3.25 億美元的股票，以總結我們的財務狀況。因此，營收和每股盈餘均高於我們預測的中點，我們的營收加速至 7%，主要是由於強大的無限與和諧、形象表現以及另一個季度盈利能力強勁、營運現金流強勁。因此，總的來說，第三季度對我們來說是一個很好的季度，並期待第四季度的 GLL。

Thank you very much Roy. And I'm very excited to be here and share some of the insight on the on Q3, which actually was a very good quarter. So I think you've already heard from revenue EPS, we were above the midpoint of our projections. I've looked at almost every financial metrics and they all look pretty good. I think we've mentioned the Infinity platform continued strong demand, the harmony email which reached over $100 million in AR R maybe speak more about that, which I think is something very good. And then I think what's more important is that we've continued to grow and continue to invest in additional area. So I think one area that's very important and the focus of this quarter is expanding our infinity global services. That's a very important unit that we have over 3,400 customers, which is pretty big on that. And the main one and the main step that we did here was to get into the stock market, the security operation with the Cyber acquisition, which is all about threat intelligence. And let's explain what it means. It does show you that we are pretty consistent about making acquisition, expanding, trying out new things. And I think actually, you'll see even some examples. Actually, most of them actually work pretty well. So this is our 10th acquisition in just five years looking a little bit on customers. You can see that we continue to win deals. This is a combination of new customers, existing customers, but you see the names, these are impressive names of customers that allowed us to share their names. And you can see it's from all over from the Deutsche boards in Germany to Mayo Clinic in the US, to US, Department of State, which shows us to protect some of your most important assets of the United States Porche formatic in the Germany Automotive Siemens, actually, this is Siemens America. So you see customers embrace checkpoint customers like what we do and this is reflected both in growing existing customers, winning new customers and winning in many different categories. In the last few quarters, we spoke a little bit about wins in the public sector and that continues to be important. And you see here over 40 countries, 65 new government agencies in the public sector or that's just from the third quarter, but it's not just public sectors, financial services, 40 new customers in 23 countries, health care, 28 new customers in 17 countries. And I think the list goes on and on in additional sectors just to demonstrate the positive success that I think we have and the potential that we have because I think these numbers can be much, much higher in the future.

非常感謝羅伊。我很高興能在這裡分享一些關於第三季度的見解，這實際上是一個非常好的季度。所以我想你已經從每股盈餘中聽說，我們高於預測的中點。我幾乎查看了所有財務指標，它們看起來都相當不錯。我想我們已經提到了 Infinity 平台持續強勁的需求，AR R 達到超過 1 億美元的和諧電子郵件可能更多地說明了這一點，我認為這是非常好的事情。然後我認為更重要的是我們繼續成長並繼續投資於更多領域。因此，我認為一個非常重要的領域和本季的重點是擴展我們的無限全球服務。這是一個非常重要的部門，我們擁有超過 3,400 名客戶，數量相當大。我們在這裡所做的主要一步是進入股票市場，透過網路收購進行安全操作，這一切都與威脅情報有關。讓我們解釋一下它的意義。它確實向您表明，我們在收購、擴張和嘗試新事物方面非常一致。我認為實際上，您甚至會看到一些例子。事實上，它們中的大多數實際上工作得很好。這是我們在短短五年內進行的第 10 次收購，並著眼於客戶。您可以看到我們繼續贏得交易。這是新客戶和現有客戶的組合，但你看到了名字，這些都是令人印象深刻的客戶名字，使我們能夠分享他們的名字。您可以看到，從德國的德意志銀行董事會到美國的梅奧診所，再到美國國務院，這表明我們正在保護您在美國的一些最重要的資產 保時捷在德國的汽車 西門子，其實，這是西門子美國公司。因此，您會看到客戶像我們一樣擁抱檢查站客戶，這體現在增加現有客戶、贏得新客戶以及在許多不同類別中獲勝。在過去的幾個季度中，我們談論了一些公共部門的勝利，這仍然很重要。這裡你可以看到40 多個國家的公共部門新增了65 個政府機構，或者這只是第三季的數據，但不僅僅是公共部門、金融服務、23 個國家的40 個新客戶、醫療保健、17 個國家的28 個新客戶。我認為這個清單在其他領域不斷湧現，只是為了展示我認為我們所取得的積極成功以及我們所擁有的潛力，因為我認為這些數字在未來可能會高得多。

And I've talked a little bit about email and email has been one of the most critical entry points for a malware into organization. We protect the network. And I think that's the most important element but email continue to be a vector which is connected to the network where malware gets into the organization. And we've realized a few years ago that it's experiencing a quite interesting transition in the marketplace from on prem email to cloud based email. And that's a big opportunity for us and that's where we acquired Avanan that we require Avanan to get into that space through that space. We became one of the fastest growing and providing the best security for email. And you can see we've in three years, we've quadrupled this business. Our AR R now is way over $100 million. We are getting more and more large enterprise customers to buy into this platform and the pipeline is good and the and and the field is very, very positive about that. You can see high double digit growth here, year over year, well, over 50% growth in the amount of business that we do. So this is something quite positive and quite good to see in our business where actually our strategy works, the platform works and our acquisition works. So thanks for everybody that made that happen. And this maybe the next one which I hope is going to be another example like that. And that's expanding our portfolio into the SOC into the security Operations Center for us. I think it's very important strategically to get to be not just on the network, not just on the cloud, but also to be in the center with the SOC. And then, and then we found a very unique opportunity here and that's the external threat management, external exposure platforms. We acquire cyber and mean to explain what we do. We have over 180 employees that just join Checkpoint with cyber ink way over 200 enterprise customers with some very big names. Fortune 500 even Fortune 100 I think even Fortune 50 names amongst the customer list, a fast growing company still relatively small but I think very promising. So what we actually do cyber in scans the organization assets, it can be web servers that are all over the internet, not just the main network, it can be the main network from the company and it's mainly many, many other assets that we don't see. Like what people write about us in the dark web, people write us on the not dark web on the open web. And there there are amazing things you can find, for example, employees that lost their credentials. So somebody has an information on how to get into our company because some employees forgot their username and password. There can be many, many different resources like that hidden certificates, cloud keys, a lot of things that get kind of I would call them lost, not all lost. Sometimes they are being stolen. Sometimes they are being manipulated because they were stolen from third parties is not from our employees, but from third parties and they find themselves into the dark web and people can use them to attack us. So what cyber does is constantly scan our assets, our open web and the dark web, find these kinds of vulnerabilities, checks them out and gives us the real time report of this is the things you need to close. Now, all of that is an interesting market sector. That's what checkpoint does because we always say that we are about the best security and we are about prevention, not about reports. And that's what we want to together with the cyber acquisition, turning it into actual prevention. So when we see that an employee credentials were compromised, if it's really were compromised credentials, we can lock down the accounts if we see maybe a server on the internet, let's say, actually imitating our company. That's by the way, another asset with Cyber in five companies that copy a company website and you use that to treat their employees. We have the ways to do takedowns. It's very impressive operation that something within minutes can do a take down of a malicious asset like that or Impersonating asset like that. And we can in the future where we want to be able to turn on network security capabilities and many other capabilities to move that from here is a report and here is more work for you Mr Ciso to actually the opposite. Here is a report and here is the 50 things we did for you in the last day in the last week in the last month to close vulnerabilities, real vulnerabilities, not just potential vulnerabilities. And I believe that's a play on triple different things. It's a play on managed services. It's a play on the SOC. It's a play working with the system and it's a play mainly for the platform and the collaborative security, how we demonstrate how we take different elements of the Cyber security space and show that we can actually work together and generate more value. So I'm very excited about wet acquisition. We completed it, I think on the last few days of the quarter. So it didn't have much financial impact on last quarter. But hopefully in the next few years, it will have a bigger and bigger impact. And hopefully we'll be here a couple of years from now and we'll be able to show similar results to the ones that we had with email and the ones that we have on SAS and few other areas that I believe presents great addition to our platform and great growth potential for checkpoint.

我已經談過一些關於電子郵件的問題，電子郵件一直是惡意軟體進入組織的最關鍵的入口點之一。我們保護網路。我認為這是最重要的元素，但電子郵件仍然是連接到惡意軟體進入組織的網路的載體。幾年前我們就意識到，市場正在經歷從本地電子郵件到基於雲端的電子郵件的非常有趣的轉變。這對我們來說是一個巨大的機會，這就是我們收購 Avanan 的地方，我們需要 Avanan 通過該空間進入該空間。我們成為發展最快並提供最佳電子郵件安全性的公司之一。你可以看到我們在三年內將這項業務增加了四倍。我們的 AR R 現在的價值已超過 1 億美元。我們正在吸引越來越多的大型企業客戶購買這個平台，並且管道良好，並且該領域對此非常非常積極。您可以在這裡看到兩位數的高成長率，我們的業務量逐年成長超過 50%。因此，在我們的業務中，這是非常積極且非常好的事情，我們的策略實際上有效，平台有效，我們的收購有效。感謝所有促成這一切的人。這也許是下一個，我希望這會是另一個類似的例子。這將我們的產品組合擴展到 SOC 和安全營運中心。我認為策略上非常重要的是，不僅在網路上、雲端上，還要以 SOC 為中心。然後，我們在這裡發現了一個非常獨特的機會，那就是外部威脅管理、外部暴露平台。我們獲得網絡並意味著解釋我們所做的事情。我們有超過 180 名員工剛加入 Checkpoint，其中有超過 200 家企業客戶，其中一些是非常知名的企業客戶。財富 500 強甚至財富 100 強 我認為即使是財富 50 強的客戶名單中也有一家快速發展的公司，規模仍然相對較小，但我認為非常有前途。因此，我們實際上所做的網絡掃描是組織資產，它可以是遍布互聯網的網絡伺服器，而不僅僅是主網絡，它可以是公司的主網絡，主要是我們不擁有的許多其他資產沒看到。就像人們在暗網上寫下我們一樣，人們在開放網路上而不是暗網上寫下我們。您會發現一些令人驚奇的事情，例如，員工遺失了憑證。因此，有人知道如何進入我們公司，因為一些員工忘記了他們的用戶名和密碼。可能有很多很多不同的資源，像是隱藏的憑證、雲端金鑰，很多東西我會稱之為遺失，而不是全部遺失。有時它們會被偷。有時它們被操縱，因為它們是從第三方竊取的，不是我們的員工，而是第三方，他們發現自己進入了暗網，人們可以利用它們來攻擊我們。因此，網路所做的就是不斷掃描我們的資產、我們的開放網絡和黑暗網絡，找到這些類型的漏洞，檢查它們並向我們提供即時報告，說明您需要關閉這些漏洞。現在，所有這些都是一個有趣的市場領域。這就是 checkpoint 所做的，因為我們總是說我們致力於提供最好的安全性，我們致力於預防，而不是報告。這就是我們想要與網路獲取結合起來，將其轉化為實際預防的目的。因此，當我們看到員工憑證洩露時，如果確實是憑證被洩露，如果我們在互聯網上看到伺服器（比方說，實際上是在模仿我們的公司），我們可以鎖定帳戶。順便說一句，這是五家公司的網路資產，它們複製了公司網站，然後用它來對待他們的員工。我們有辦法進行拆除。這是非常令人印象深刻的操作，幾分鐘之內就可以刪除這樣的惡意資產或冒充這樣的資產。未來，我們希望能夠開啟網路安全功能和許多其他功能，以實現這一點，這是一份報告，西索先生，您需要做更多的工作，實際上相反。這是一份報告，這是我們在上個月的最後一天為您所做的 50 件事，以消除漏洞，真正的漏洞，而不僅僅是潛在的漏洞。我相信這是三重不同事物的結合。這是託管服務的一個遊戲。這是 SOC 上的一個遊戲。這是一個與系統合作的遊戲，主要是針對平台和協作安全的遊戲，我們如何展示我們如何利用網路安全空間的不同元素，並表明我們實際上可以一起工作並產生更多價值。所以我對濕式採集感到非常興奮。我想我們是在本季的最後幾天完成的。因此，這對上季度的財務影響不大。但希望在接下來的幾年裡，它會產生越來越大的影響。希望幾年後我們能夠看到與電子郵件、SAS 和其他一些領域類似的結果，我相信這些結果對我們的平台和檢查站巨大的成長潛力。

So that's a cyber acquisition. And if I need to summarize, I think overall we had very solid quarter, very good quarter revenues and EPS about the midpoint of our projection. We also mentioned that in the last few quarters, we are seeing, this is the internal indicators that I'm seeing, not just the revenues that you see outside, very positive indicators in the Americas in the US, which is the most important market. So we are seeing some good signs there. Infinity delivers continued strength, harmony, made exceeded the $100 million AR R and we expanded our soc offering and transforming security operation and threat intelligence through the cyber acquisition overall. I'm feeling that we had a very good quarter, very proud of what our team did and even more excited about what the team can achieve moving forward. So Thank you very much. And I think before we open the call for questions, maybe a little bit about projections for the fourth quarter and for the full year. And so for the full year, we are actually not changing our guidance within, well within the range that we published before. Maybe I'll start with the full year. That's a little bit more complicated. But let's start with the complicated. You see, obviously that the range for the year has narrowed, the range for the year is went up. I mean, if we started the year from 2,475 to 262 $5 billion in revenues, it's now on the right side of the center and the midpoint is right side on where we started the year. So I'm very proud that this year with all the things that we've done with all the changes, with all the challenges that some of the market faced, we so far haven't faced too much of it.

這就是網路收購。如果我需要總結一下，我認為總體而言，我們的季度營收和每股盈餘非常穩定，非常好，約為我們預測的中點。我們還提到，在過去的幾個季度中，我們看到，這是我看到的內部指標，而不僅僅是您在外部看到的收入，美國在美洲有非常積極的指標，這是最重要的市場。所以我們在那裡看到了一些很好的跡象。 Infinity 提供持續的力量、和諧，使 AR R 的銷售額超過 1 億美元，我們擴展了我們的 SoC 產品，並透過整體網路收購轉變了安全營運和威脅情報。我覺得我們度過了一個非常好的季度，對我們團隊所做的事情感到非常自豪，甚至對團隊未來能夠取得的成就感到更加興奮。非常感謝。我認為在我們開始提問之前，也許可以先了解第四季度和全年的預測。因此，對於全年而言，我們實際上並沒有在我們之前發布的範圍內改變我們的指導。也許我會從全年開始。這有點複雜。但讓我們從複雜的開始。你看，很明顯，今年的範圍縮小了，今年的範圍上升了。我的意思是，如果我們年初的收入為 2,475 到 262 50 億美元，那麼它現在位於中心的右側，而中點位於我們年初的右側。因此，我感到非常自豪的是，今年我們所做的所有事情、所有的變化、以及一些市場面臨的所有挑戰，到目前為止我們還沒有面臨太多。

We are not going to just finish at the midpoint but finish above the midpoint. And that's true to our revenues and that's true. Also to our EPS, we started the year with a broad range for EPS from $8.70 to $9.30.

我們不會只在中點結束，而是在中點以上結束。我們的收入也是如此，事實也是。同樣對於我們的每股盈餘，我們年初的每股盈餘範圍很寬，從 8.70 美元到 9.30 美元。

And we are going to finish it between $9.05 to $9.15. Well, over the midpoint, that we started the year and we actually you can calculate from vet what's the range for the quarter? So the range for the quarter is going to be very consistent with our original plans. Revenue $675 million to $750 million earnings per share between $2.60 to $2.70.

我們的售價將在 9.05 美元到 9.15 美元之間。好吧，在中點，我們開始了這一年，我們實際上可以從獸醫那裡計算出本季的範圍是多少？因此，本季的範圍將與我們最初的計劃非常一致。營收 6.75 億至 7.5 億美元，每股收益 2.60 至 2.70 美元。

GAAP EPS is expected to be approximately 45¢ less. You know, my regular caveat with projecting the future is always very challenging. High level of uncertainty results can be better, results can be worse. But I do feel that we are getting into the fourth quarter with healthy pipeline, energetic workforce, a lot offer a lot of things coming not just in the sales pipeline but in the product pipeline, new innovation, new acquisitions and Q4 is going to be a very interesting and exciting quarter for us and I'm looking forward to that. So, thank you very much and I think we can open the call for your questions. Thank you.

GAAP 每股收益預計將減少約 45 美分。你知道，我對預測未來的定期警告總是非常具有挑戰性。高水準的不確定性結果可能更好，也可能更差。但我確實認為，我們正在進入第四季度，擁有健康的管道、充滿活力的員工隊伍，不僅在銷售管道中，而且在產品管道中，都提供了很多東西，新的創新、新的收購，第第四季將是對我們來說這是一個非常有趣和令人興奮的季度，我對此充滿期待。所以，非常感謝您，我想我們可以開始電話詢問您的問題。謝謝。

All right, as always, please keep your questions to one if possible. And first up, we'll have Shaul Eyal followed by Adam Tindle, Shaul?

好吧，一如既往，如果可能的話，請只問一個問題。首先，我們將邀請 Shaul Eyal，然後是 Adam Tindle，Shaul？

Thank you. Good afternoon GLL on, on the billings miss I get the regional softness in the mia given a typical sleepy quarter. Did you have any eight digit contracts? Was it several seven digit related transactions? And maybe that can squeeze another one, you know, since you've announced that doug replacing you. And I know he starts in December 1 of the prevailing views on the street, at least that we've been getting is that given the strong VC background cap is likely to embark on an M&A spree accelerating growth, midteens, lowering operating margins, mid high 30s. You got to see the numbers out there interested in hearing your views along these lines. Thank you for that.

謝謝。下午好，GLL，在比林斯小姐上，考慮到典型的昏昏欲睡的季度，我得到了 mia 的區域柔軟度。你有八位數的合約嗎？是幾筆七位數的關聯交易嗎？也許這會擠壓另一個人，你知道，因為你已經宣佈道格取代你了。我知道他從12 月1 日開始就街頭流行的觀點進行闡述，至少我們得到的觀點是，鑑於強大的風險投資背景，上限很可能會展開併購熱潮，加速增長，降低營業利潤率，降低營運利潤率。你必須看看那裡的數字，有興趣聽聽你對這些方面的看法。謝謝你。

So it's two separate subjects. I would try to answer the billing thing. We, we are, by the way, not managing too much of the billings, we are becoming more and more sensitive of it because us analysts watching that we are trying to build a healthy pipeline of good deals. If we can give customers immediate billing, it's good if we can actually let them use the fact that we are not short on cash and give them a long term billing which lower billings, it's also good for us as long as we get good healthy business. And I think that's what we are doing. We are more and more sensitive to that. I think Raim did mention that we had a couple of deals that slipped from Q3 to Q4, no impact on the financial results. This is deals that didn't impact the revenues or didn't impact the didn't have much impact on the immediate results. It's actually that should have come forward and some of them already arrived in the beginning of October. So I wouldn't look at it as anything. I hope it's not anything that's indicating for something we should be, we should be aware of. And I think overall I'm happy with the results about the transition over the past few months, I'm working on a transition plan with NAV, it's working extremely well. I'm very happy about everything we're doing. I'm very happy about the potential and I think we're going to embark on new expansion, new strategies, new things. But for the immediate term, I'm not expecting any major changes. I think we've done 10 acquisitions over the last five years. We're going to do some acquisitions. I don't think that our strategy now to be mega acquisition that we wouldn't have done otherwise, I think we want to keep our operational discipline. And again, my focus was never on margin. My focus was always about how we generate good security, best security, healthy growth, profitable growth. I don't think that that agenda is changing and I think over time, checkpoint will see changes and I think that we're going to see very positive changes in checkpoint because the doubt brings amazing energy and amazing skills the checkpoint needs. So I'm super excited about that and I'm not go and I don't think that at least in the short term, you're going to see any big changes. Long term. I think we want to, we always want to build a better future and a better strategy.

所以這是兩個不同的主題。我會嘗試回答計費問題。順便說一句，我們並沒有管理太多的帳單，我們對此變得越來越敏感，因為我們的分析師注意到我們正在努力建立一個健康的優質交易管道。如果我們可以為客戶提供即時帳單，如果我們實際上可以讓他們利用我們不缺現金的事實，並為他們提供長期帳單，從而降低帳單，那就太好了，只要我們獲得良好健康的業務，這對我們也有好處。我認為這就是我們正在做的事情。我們對此越來越敏感。我認為 Raim 確實提到我們有幾筆交易從第三季度滑到了第四季度，但對財務業績沒有影響。這些交易不會影響收入或不會對直接結果產生太大影響。實際上應該提前到達，其中一些已經在十月初到達了。所以我不會把它當作什麼。我希望這不是我們應該意識到的事情。我認為總的來說，我對過去幾個月的過渡結果感到滿意，我正在與 NAV 制定過渡計劃，效果非常好。我對我們所做的一切感到非常高興。我對這種潛力感到非常高興，我認為我們將開始新的擴張、新的策略、新的事物。但就短期而言，我預計不會有任何重大變化。我認為過去五年我們已經完成了 10 次收購。我們將進行一些收購。我不認為我們現在的策略是大規模收購，否則我們不會這樣做，我認為我們希望保持我們的營運紀律。再說一次，我的焦點從來都不是保證金。我的重點始終是我們如何實現良好的安全性、最佳的安全性、健康的成長和獲利性的成長。我不認為這個議程正在改變，我認為隨著時間的推移，檢查站將會看到變化，我認為我們將看到檢查站發生非常積極的變化，因為懷疑會帶來檢查站所需的驚人能量和驚人技能。所以我對此感到非常興奮，我不會去，而且我認為至少在短期內，你不會看到任何重大變化。長期。我認為我們想要，我們總是想要建立一個更美好的未來和更好的策略。

Next up is Adam Tyndall followed by Taliani.

接下來是亞當·廷德爾，其次是塔利亞尼。

All right, thanks. Good morning. Gillett. At the end there, you talked about how you're seeing internal indicators that we may not see as much from a reporting standpoint with those internal indicators that you see are very positive. Wonder if you could expand on that. I know it's, you know, probably a little too early to talk about fiscal '25. But based on your guidance here, you're going to finish this year at about 6% growth, which is a tougher comparison, but it sounds like those internal indicators are very positive. I wonder if that's a level that you might be able to hold in terms of growth on a future basis. Thanks.

好的，謝謝。早安.吉列。最後，您談到了您如何看待內部指標，從報告的角度來看，我們可能不會看到那麼多內部指標，而您認為這些內部指標非常積極。想知道你是否可以對此進行擴展。我知道現在談論 25 財年可能還為時過早。但根據你們這裡的指導，你們今年的成長率將達到 6% 左右，這是一個更艱難的比較，但聽起來這些內部指標非常正面。我想知道您是否能夠在未來的成長方面保持這一水平。謝謝。

So most of the first, I think if we look at the industry, we read that we all know that cyber is needed. We all know that network security remain the centerpiece of security. We all see the level of attacks rising. I don't think we mentioned it here, but on the last year, there's been like a 56 57% growth in the cyber attacks on the US and almost all over the world. So and the attacks are becoming more sophisticated. So yes, we will need more cybersecurity that some macro. We've also been reading some reports about potential refresh network security and the and the reinforcement of the importance of network security. But that's a little bit about macro within checkpoint. I don't have any strong indications for 2025 for Q first, I'm always careful and I mean this quarter in particular, there are so many moving parts in checkpoint, so I would be a little bit careful, but we started the quarter with a healthy pipeline pipeline that justifies the projections that we give. And so I'm so that's why I'm saying I'm seeing some good positive energy. I think that the US market is always the best indicator and, and the, the most important market, the last few quarters have been quite positive on the deal flow that we see in the Americas. And that's great. I, I don't know if you remember, but we've also had management changes in the leadership of our American because the organization and so on, it's not coming in a vacuum and it's too early to say that the organization is going to rise next year to its full potential, which is much higher, but at least seeing two or three quarters that the US performs well. It's actually a very, a very good indicator that shows that I hope that we are taking market share, gaining customers and fighting where we need to fight.

所以，我認為，如果我們審視這個行業，我們會發現我們都知道需要人脈。眾所周知，網路安全仍然是安全的核心。我們都看到攻擊等級不斷上升。我想我們沒有在這裡提到這一點，但去年，針對美國和幾乎全世界的網路攻擊增加了 56 57%。因此，攻擊變得更加複雜。所以，是的，我們需要比某些宏觀方面更多的網路安全。我們也閱讀了一些有關潛在刷新網路安全以及網路安全重要性的報告。但這只是關於檢查點內的巨集的一些內容。我對 2025 年 Q 首先沒有任何強烈的跡象，我總是很小心，我的意思是特別是這個季度，檢查點有很多移動部件，所以我會有點小心，但我們從本季度開始擁有健康的管道，證明我們給出的預測是合理的。所以我所以這就是為什麼我說我看到了一些好的正面能量。我認為美國市場始終是最好的指標，也是最重要的市場，過去幾季我們在美洲看到的交易流非常正面。那太好了。我，我不知道你是否還記得，但我們美國人的領導層也發生了管理變動，因為組織等等，它不是憑空出現的，現在說該組織將明年將充分發揮其潛力，這一數字要高得多，但至少可以看到美國有兩到三個季度表現良好。這實際上是一個非常非常好的指標，表明我希望我們正在佔據市場份額，贏得客戶並在我們需要戰鬥的地方戰鬥。

Next up is Tal Liani followed by Joseph Galli, Joseph Gallo.

接下來是塔爾·利亞尼，其次是約瑟夫·加利、約瑟夫·加洛。

Sorry, I need to whisper because I'm in a public space. First question is, what's your position on vendor financing? We've seen other companies in the space being more aggressive on vendor financing and providing financing to customers.

抱歉，我需要小聲說話，因為我在公共場所。第一個問題是，您對供應商融資的立場是什麼？我們看到該領域的其他公司在供應商融資和向客戶提供融資方面更加積極。

The second one is more strategic. Roy, you spoke about double digit growth for a while and the ability to get a double digit growth. But the, the beat you, you're beating the numbers, but the beat is very dismal is very minimal. And the question is what needs to happen? You have so many products and so many acquisitions and so many refreshes and what needs to happen for you to break this mid single digit growth kind of rate and, and get to sustainable double digit growth. Thanks.

第二個更具戰略意義。羅伊，您曾經一度談到兩位數成長以及實現兩位數成長的能力。但是，打敗你，你打敗了數字，但節奏非常慘淡，非常小。問題是需要發生什麼？您擁有如此多的產品、如此多的收購和如此多的更新，以及需要發生什麼才能打破這種中等個位數的成長率，並實現可持續的兩位數成長。謝謝。

Okay. You want to start again and I'll.

好的。你想重新開始，我會的。

You'll start you had.

你會開始你的。

So I'll, I'll start, you know what, with the double digit, the, the second question that you had around the double digit. So, when we, when we, we, I was asking, I mean, I was, I've been asked about it. We've been asked about it for a few quarters. I think that what we've told that in order to be in double digit, I think we are positioning it today much better to accelerate our growth than what we've been in the past. And because we, first of all, we did some very significant investments and the last one that we did not the last one because the last one is Cyber in, but we did a significant acquisition of Perimeter 81. We expanded our, we have a totally new Sasi offering. We invest a lot both on R&D side on the go to market side, we told that we said that it's going to take a bit time that we're going to see to have a significant effect on our business. But definitely that's one of the main agents that should be, should drive us to accelerated growth. And more than what the, the meeting a digit that you, that you, that you mentioned. And, and again, infinity, infinity, we are seeing that through the infinity, we see more and more customers that are taking not only the firewall, not only the network security quantum, they are buying more product they are using. First of all, the email security, many of these customers are taking in the infinity, the harmony email and we're starting to see in the last few quarters also customers that are taking the harmony ai so I think again, it's something that, that's the, that's how we should, I mean, that's the main driver that should bring us to accelerated growth. And the second question again, can I can, what was the, the first one that you mentioned that you asked vendor financing financing? So actually, again, it's we are, we are, and we're talking a lot about infinity. The, the thing with infinity is the flexibility also that our, that we are providing to our customer, the flexibility. It's not only about when they can use when they are using the allowances and when they are taking when they are using their license also around the billing terms. So we have, we see more and more infinity agreement that there are some flexibility. There are some bidding terms that are more flexible. I don't want to call it financing, but they are much more flexible than a standard deal. So we don't, we, we don't see we don't do any financing. But again, we are providing, I think that with our cash position today and the strength of our balance sheet, we definitely can be more flexible in terms of bidding terms. And that's what we are doing today mainly with infinity. So, so that's a, that's a, that's my, that's my answer for that.

所以我會，我會開始，你知道嗎，從兩位數開始，第二個問題圍繞著兩位數。所以，當我們，當我們，我們，我問的時候，我的意思是，我，我被問到了。幾個季度以來我們一直被問到這個問題。我認為，我們已經說過，為了達到兩位數，我認為我們今天的定位比過去更好，可以加速我們的成長。因為我們首先做了一些非常重大的投資，最後一項不是我們最後一項，因為最後一項是網路領域的，但我們對 Perimeter 81 進行了重大收購。的Sasi 產品。我們在研發方面和進入市場方面都投入了大量資金，我們告訴我們，我們需要一些時間才能看到對我們業務產生重大影響。但毫無疑問，這是推動我們加速成長的主要動力之一。更重要的是，會議是您、您、您所提到的數字。而且，無窮大，無窮大，我們看到，透過無窮大，我們看到越來越多的客戶不僅購買防火牆，不僅購買網路安全量子，他們還購買更多他們正在使用的產品。首先，電子郵件安全，許多客戶正在接受無限、和諧的電子郵件，我們在過去幾個季度開始看到客戶也正在接受和諧的人工智慧，所以我再次想到，這是這樣的，這就是我們應該採取的方式，我的意思是，這就是推動我們加速成長的主要動力。又是第二個問題，我可以嗎？所以實際上，再說一遍，我們就是，我們就是，我們談了很多關於無限的話題。無限的事物也是我們為客戶提供的靈活性。這不僅涉及他們何時可以使用、何時使用配額以及何時取得、何時使用許可證，還涉及計費條款。所以我們看到越來越多的人一致認為有一定的彈性。有一些投標條款更加靈活。我不想稱之為融資，但它們比標準交易靈活得多。所以我們沒有，我們沒有看到我們沒有進行任何融資。但我們再次強調，我認為憑藉我們今天的現金狀況和資產負債表的實力，我們在投標條款方面肯定可以更加靈活。這就是我們今天主要在無窮大方面所做的事情。所以，這就是，那是，那是我的，這就是我的答案。

Anything else?

還要別的嗎？

Thank you.

謝謝。

Next up is Joseph Gallo followed by Brad Zelnick.

接下來是約瑟夫·加洛（Joseph Gallo），其次是布拉德·澤爾尼克（Brad Zelnick）。

Hey guys. Thanks for the question. Maybe to follow up on the preliminary one comment. You know, how are you tracking towards having that fully integrated in four Q? How is the pipeline building there? And then when you talk to customers, you know, what is the willingness particularly in the high end enterprise? What is the willingness to eventually adopt that Sassy solution? And when can we expect that to happen? Thanks.

嘿夥計們。謝謝你的提問。也許是為了跟進初步的一則評論。您知道，您如何將其完全整合到四個 Q 中？那裡的管道建設情況如何？然後當你與客戶交談時，你知道，尤其是高端企業的意願是什麼？最終採用 Sassy 解決方案的意願如何？我們什麼時候可以期待這種情況發生？謝謝。

We're actually seeing some positive traction in parameter 81. If you remember we started a year ago, I think it's a very important element for our network security platform to have a AI cloud delivered security as part of the platform we started and we are selling it for the last year sales are going fine and we started by integrating. So first, I think we are doing fine on the integration timeline. Second, I think last quarter, we've seen some, we've seen some nice jump in the amount of quarterly sales and that's a very positive indicator. It's still small. So I'm not pointing it as you know, the big thing or the big achievement. But you know, when you have sales growing in a few percent every quarter and then a double digit growth, I'm talking sequentially, it's a very positive change in the trend which means that it's picking up. And for Q4, we have a few seven deal digits on Wet Sassi platform and not the way to connect to us. So overall, there's all the reasons to be optimistic about wet and hopefully we'll be able to even accelerate some of the things we are doing. But you know, that's my job as CEO is to ask everybody to accelerate their job is to do the best possible that we can. And I think we're doing a good job there.

我們實際上在參數81 中看到了一些積極的吸引力。是一個非常重要的元素，我們正在去年出售它時銷售進展順利，我們從整合開始。首先，我認為我們在整合時間表上做得很好。其次，我認為上個季度，我們看到了一些季度銷售額的大幅成長，這是一個非常積極的指標。它還很小。所以，如你所知，我並不是指大事或大成就。但你知道，當你的銷售額每季成長幾個百分點，然後是兩位數成長時，我是按順序談論的，這是趨勢的一個非常積極的變化，這意味著它正在回升。對於第四季度，我們在 Wet Sassi 平台上有幾個七個交易數字，但沒有連接到我們的方式。總的來說，我們有充分的理由對濕地保持樂觀，希望我們能加快我們正在做的事情。但你知道，身為首席執行官，我的工作就是要求每個人加快工作進度，盡我們所能。我認為我們在這方面做得很好。

Thank you.

謝謝。

All right, next up is Brad Zelnick followed by Rob Owens.

好吧，下一個是 Brad Zelnick，接下來是 Rob Owens。

Great. Thanks so much for taking my questions. Maybe just to start with you, Gil it's, it's good to hear that you expect next quarter to see, see three points of benefit to billings growth, which comes from deals that slipped out of the quarter. I think it's more like five points of growth if they hadn't slipped from Q3, but naturally deal slip every quarter. Is there anything specific to checkpoint the environment or competitively that explains for these, these deal slipping when you think about and, and do your root causal analysis and, and maybe for Roy, we continue to hear the success that you're having with infinity contracts and recurring revenue products like harmony and cloudguard as these continue to contribute more to the mix. And it sounds like even exceeding your own internal expectations. What impact is that having on the model? And how should we think about that going forward? Thank you.

偉大的。非常感謝您回答我的問題。也許只是從你開始，吉爾，很高興聽到你預計下個季度會看到比林斯增長的三個好處，這來自於本季度下滑的交易。我認為如果他們沒有從第三季下滑的話，這更像是五個百分點的成長，但自然每季的交易都會下滑。是否有任何具體的檢查點環境或競爭性的因素可以解釋這些問題，當您思考並進行根本因果分析時，這些交易會滑落，也許對於羅伊來說，我們會繼續聽到您在無限中取得的成功合約和經常性收入產品（如 Harmony 和 Cloudguard）繼續為組合做出更多貢獻。聽起來甚至超越了你自己的內心預期。這對模型有什麼影響？我們該如何看待未來？謝謝。

So I think overall we had a pretty positive quarter. I've, I've looked very in depth and analyze the quarter and we had many regions in the world when we had some very good results and we have few, few regions in the world, but we had some softness. Again, I'm talking about two and three levels beyond the big GEOS, even within geographies in Americas were some areas that did extremely well, but there are some areas that a little bit soft overall America's us was excellent for us last quarter. For example, again, I'm talking about the internal indicators. So it's a similar case in other territories. I think Europe in Q3 is always a challenge. On the one hand, we do get business, business continues, but on the other hand, it's very hard to change things and and solve bottlenecks in Europe in the summer time when many people are on vacation. So I think in Europe we've seen some of that softness overall. As I said, I think we had a pretty decent results when I look competitively, I think we're doing fine. We're, I think we're winning. We're seeing more. If I looked at the last few quarters, our growth in key indicators like a product and billings were, were very good. So clearly, by the way, I'm talking all the time about cyber and cyber growth. And I think cyber is one of the healthiest sectors that we have, but we clearly seen in the last two or three quarters weakness of some of our competitors. I hope that it's not a long term reflection. I hope it's maybe result of other things. But I think that compared to that we are actually gaining share in the core market and that's a and that's a positive thing, obviously, like every time I would like to see more growth in the market overall and more growth for checkpoint.

所以我認為總的來說，我們度過了一個非常積極的季度。我非常深入地研究並分析了這個季度，我們在世界上許多地區取得了一些非常好的結果，我們在世界上的地區很少很少，但我們有一些軟弱。再說一次，我談論的是大GEOS 之外的兩個和三個級別，即使在美洲地區，也有一些地區表現得非常好，但有些地區整體上有點疲軟，美國上個季度對我們來說非常出色。例如，我再次談論內部指標。其他地區也有類似的情況。我認為第三季的歐洲始終是個挑戰。一方面，我們確實有生意，生意還在繼續，但另一方面，在歐洲夏季很多人都在度假的時候，很難改變事情並解決瓶頸。所以我認為在歐洲我們已經看到了整體的疲軟。正如我所說，我認為當我看起來有競爭力時，我們取得了相當不錯的成績，我認為我們做得很好。我們，我想我們贏了。我們看到更多。如果我看看過去幾個季度，我們在產品和帳單等關鍵指標上的成長非常好。順便說一句，很明顯，我一直在談論網路和網路成長。我認為網路是我們擁有的最健康的行業之一，但我們在過去兩三個季度中清楚地看到了一些競爭對手的弱點。我希望這不是一個長期的反思。我希望這可能是其他事情的結果。但我認為，與此相比，我們實際上正在獲得核心市場的份額，這是一件積極的事情，顯然，就像每次我希望看到市場整體成長和檢查點成長一樣。

And as for your question, right around the mix. So we, we definitely see that the almony, mainly the almony email which gaining, I mean growing very significant, we just disclosed that we exceeded the $100 million AR L higher, lower than $100 million AR L. And definitely it's becoming more and more significant all subscription revenues. So this together with the Sass I that we expect that will be more significant for us mainly from 2025. After we're going to complete the integration, I think that's definitely it should drive our growth and to drive the subscription revenues' growth. And I think that that's, that's what we see and we hope to see to see the momentum with the email continues and with the other products as ai accelerating.

至於你的問題，就在混合方面。因此，我們肯定會看到救濟金，主要是救濟金電子郵件，其增長非常顯著，我們剛剛披露，我們超過了1 億美元的AR L，低於1 億美元的AR L。得越來越多。因此，我們預計從 2025 年起，這與 Sass I 一起對我們來說將更加重要。我認為這就是我們所看到的，我們希望看到電子郵件的勢頭繼續下去，其他產品也隨著人工智慧的加速發展。

Roy, I think he also was trying to inquire about timing with hardware around infinity contracts and things along that lines.

羅伊，我認為他還試圖詢問圍繞無限合約的硬體時間安排以及類似的事情。

Okay. So also it's something that is reflected in our guidance. I have to say what, what's going on with infinity today that infinity is becoming, I mentioned 15% of our total revenues in some, some quarters, it's even in the product, it can be even higher in the product revenues. And the thing with in with the product revenues related to infinity that in in Standard Deal when we are selling appliances. So usually it's, you know, we're getting the order and it's being delivered, the revenue is recognized it close to the, when the deal is when the order is listed in infinity, they have the flexibility. They are buying allowance, they are not buying, they are buying, it's a kind of they are, we are billing them for allowance, for example, for one year and they have the flexibility whenever they want to you to to pull the allow to utilize the allowance and then only we can recognize revenues. So because the infinity is becoming more and more significant to the product revenues, we have less in terms of when we are having orders that are being recognized immediately. So that's definitely that's it's easier to predict. But when we have orders that are full that in the control of the customer want to utilize it. So there is some kind of volatility that can have around the product revenue and when it will be recognized because we cannot recognize revenues from product when they are buying allowance, only allowance, we can recognize only when we deliver the product.

好的。這也反映在我們的指導上。我必須說，今天無限正在發生什麼，無限正在變成，我提到在某些、某些季度我們總收入的15%，甚至在產品中，在產品收入中甚至可以更高。當我們銷售電器時，與標準交易中的產品收入相關的無窮大。所以通常情況下，你知道，我們收到訂單並且正在交付，收入被確認為接近，當交易是當訂單無限列出時，他們有靈活性。他們正在購買津貼，他們沒有購買，他們正在購買，這是他們的一種，我們向他們收取津貼，例如一年，他們可以靈活地隨時要求您將津貼拉到利用津貼，然後只有我們才能確認收入。因此，由於無限大對產品收入變得越來越重要，因此我們的訂單立即確認的時間越來越少。所以這絕對是比較容易預測的。但是，當我們的訂單已滿時，客戶想要使用它。因此，產品收入可能存在某種波動，何時會被確認，因為當他們購買津貼時我們無法確認產品的收入，只有津貼，我們只有在交付產品時才能確認。

Thank you so much guys. Great to see you.

非常感謝你們。很高興見到你。

All right, next up is Rob Owens followed by Roger Boyd.

好吧，下一個是羅布歐文斯，然後是羅傑博伊德。

Thanks Kip. Good afternoon. And thank you for taking my question gll in your prepared remarks. You did talk about new customer acquisition across different verticals and geos. And I guess the question is, are you seeing an inflection relative to, to new customer acquisition? It's not something you guys have called out recently and with those new customers, where are you landing with what products and, and who are you displacing? Thanks.

謝謝基普。午安.感謝您在準備好的發言中提出我的問題。您確實談到了跨不同垂直領域和地域的新客戶獲取。我想問題是，您是否看到了與新客戶獲取相關的變化？這不是你們最近對這些新客戶提出的問題，你們將帶著什麼產品登陸哪裡，以及你們要取代誰？謝謝。

And it's a good question. I think it's a, it's across the board. Obviously, most of the new customers are still network security customers, which is good because that's the core market and that's where we have the highest potential to gain share. And we do have email as a great entry point. To win some new customers. And in many cases, we want to grow it into other products as well.

這是一個好問題。我認為這是全面的。顯然，大多數新客戶仍然是網路安全客戶，這很好，因為這是核心市場，也是我們最有可能獲得份額的地方。我們確實有電子郵件作為一個很好的切入點。贏得一些新客戶。在許多情況下，我們也希望將其發展到其他產品。

And there's a few other examples, I think, well, on the SASS side, there's also some area that we are winning some customers. So I think all of them exist. But having said all of that and even looking at the model and saying, you know, we got this email business, it's great. We acquire a new customer and then we can cross sell it and Upsell to it. That's great. Still the vast majority even of new customers is our core network security customers. And that's I think a very positive thing, Rob on mute.

還有其他一些例子，我認為，在 SASS 方面，我們也在某些領域贏得了一些客戶。所以我認為它們都存在。但說了所有這些，甚至看看模型並說，你知道，我們有了這項電子郵件業務，這很棒。我們獲得一個新客戶，然後我們可以對其進行交叉銷售和追加銷售。那太棒了。即使在新客戶中，絕大多數仍是我們的核心網路安全客戶。我認為這是一件非常積極的事情，羅布保持沉默。

Great. I guess that the spirit of the question then. So where are you seeing displacement? Who do you think you're taking share from and that the core network security?

偉大的。我想這就是問題的精神。那你在哪裡看到位移？您認為您從誰那裡獲得了核心網路安全的份額？

And let's, I think we're taking share from all our competitors. But it's still, I think in very small numbers that I don't think I don't want to brag about that. I think we can do in the future. We, I think by the way, I'll give you an example, some of the largest customers. They adopted a policies that says that we are working with dual vendors and for both security reasons, business reasons and many other reasons, adopted the strategy when they are buying from two different vendors.

我認為我們正在從所有競爭對手那裡奪取份額。但我認為仍然有極少數人不想吹噓這一點。我想我們將來可以做到。順便說一句，我想我會給你一個例子，一些最大的客戶。他們採用了一項政策，表明我們正在與雙重供應商合作，並且出於安全原因、業務原因和許多其他原因，當他們從兩個不同的供應商購買產品時，採用了該策略。

I think we're seeing in some of them that the new orders are coming to us after a few years, they tried to balance it and maybe give some more orders to competitors to kind of balance the account and have a competitor with a presence in the account. Now, if they get to choose who gives them the best value, who gives us the best security, we are buying more and more checkpoint. So I've seen a few examples of customers that are good, loyal, long term customers that haven't purchased new products from us for two or three years and suddenly buying again more from us and growing with us. So that's a positive thing and trying to think about more examples. I think we're seeing it all over. It's not the usual names.

我認為我們在其中一些公司中看到，幾年後新訂單會來到我們這裡，他們試圖平衡它，也許會給競爭對手更多的訂單，以平衡帳戶，並讓競爭對手在帳戶。現在，如果他們可以選擇誰為他們提供最好的價值，誰為我們提供最好的安全，我們就會購買越來越多的檢查站。因此，我見過一些客戶的例子，他們是良好的、忠誠的、長期的客戶，他們已經有兩三年沒有從我們這裡購買新產品了，但突然又從我們這裡購買了更多產品，並與我們一起成長。所以這是一件積極的事情，並嘗試思考更多的例子。我想我們已經看到這一切了。這不是通常的名字。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

All right, next up is Roger Boyd, followed by Hamza Fala.

好吧，下一個是羅傑·博伊德，接下來是哈姆扎·法拉。

Thanks Kip. Bill, you continue to talk about the importance of building around the sock and IGs with XDR and MD R continues to sound like it's doing well. You've now added Cy Cyber into the platform. Some of your key competitors have been a little more aggressive in their push into the SIM and security analytics market. I was just wondering your perspective on that and given all this disruption in the SIM market, why not go after that a little more directly?

謝謝基普。 Bill，你繼續談論圍繞襪子和 IG 進行構建的重要性，XDR 和 MD R 聽起來仍然表現良好。您現在已將 Cy Cyber​​ 添加到平台中。您的一些主要競爭對手在進軍 SIM 和安全分析市場方面更加積極。我只是想知道您對此有何看法，考慮到 SIM 市場的所有這些混亂，為什麼不更直接地追求這一點呢？

And to be very H1st, I think first something we're looking at, we are trying to see what can be done and so on. I'm not sure that at this point, we have a real good opportunity to be a leader in SIM based on the technology that we have based on the players that exist based on the technologies based on the cost structure. Yes, there are some maybe inflection points in that market and changes in A I change things, but it's not a simple entry point. So we are there, we are playing a little bit with that with XDR and a few other technologies, but I'm not sure that that's the market we should grab right away. Of course, if we will find some breakthrough internally or externally, that can change. But at this point, I don't think that's our major growth. But again, I think the cyber in one can be a very brilliant entry to the SOC with, with kind of something that I think has a unique value proposition and can prove to be to be valuable in a very short period of time.

為了做到非常H1st，我認為首先我們正在考慮一些事情，我們正在嘗試看看可以做什麼等等。我不確定，在這一點上，我們是否有真正的好機會成為 SIM 領域的領導者，基於我們所擁有的技術，以及基於成本結構的技術而存在的參與者。是的，該市場可能存在一些拐點，我會改變一些事情，但這不是一個簡單的切入點。所以我們就在那裡，我們正在利用 XDR 和其他一些技術進行一些嘗試，但我不確定這就是我們應該立即抓住的市場。當然，如果我們能在內部或外部找到一些突破，這種情況就可以改變。但目前，我認為這不是我們的主要成長。但我再次認為，網路一體機可以成為 SOC 的一個非常出色的入口，我認為它具有獨特的價值主張，並且可以在很短的時間內被證明是有價值的。

Thank you.

謝謝。

Was there more to your question? Okay.

您的問題還有更多嗎？好的。

Next up is Hamza Fwaa followed by Shyam Patil.

接下來是哈姆札‧弗瓦 (Hamza Fwaa)，其次是希亞姆‧帕蒂爾 (Shyam Patil)。

Great Good morning. Thank you for taking my question. GLL I had a question for you regarding just network security architectures in, in, in general. So, you know, network traffic has gone up by some measures 20% plus since COVID, you know, you launched new appliances earlier this year, we're seeing healthy growth again in the product revenue. I'm curious as enterprises are considering refreshing some of that hardware. How long do you think this, this refresh can last?

太好了早安。感謝您回答我的問題。 GLL 我有一個關於網路安全架構的問題想問您。所以，你知道，自從新冠疫情以來，網路流量在某些方面上升了 20% 以上，你知道，今年早些時候你推出了新設備，我們看到產品收入再次健康成長。我很好奇，因為企業正在考慮更新其中一些硬體。你覺得這個，這個刷新可以持續多久？

Especially as some organizations are looking to remain hybrid and maybe on premise for, for longer than, than we thought a couple of years ago.

特別是當一些組織希望保持混合型，並且可能在內部部署的時間比我們幾年前想像的要長。

And I obviously it's taking longer than I want it to happen. I think we are seeing a healthy cycle, we are getting them, we are winning them. I would have liked to see more of that coming in faster. And I think our new product line is definitely something that can show that. I mean, we have more bandwidth, more capabilities, everything to accommodate that growth in network traffic. We have our clustering technologies and our Maestro hyperscaling technologies. So I think we are very well positioned to win a bigger share of it and to do it faster. I think as I mentioned before, as much as I'm optimistic about our result, positive about our results, optimistic about the future. I think we had a year but the year wasn't all green for everyone. Let's put it in the in a careful way this year so far. So the fact that we have growth in products and so on is actually a good indicator in the ideal year. I I would like to see much higher growth in based on where we are.

顯然，這比我希望的時間還要長。我認為我們正在看到一個健康的循環，我們正在得到它們，我們正在贏得它們。我希望看到更多這樣的內容更快出現。我認為我們的新產品線絕對可以證明這一點。我的意思是，我們擁有更多的頻寬、更多的功能以及一切來適應網路流量的成長。我們擁有叢集技術和 Maestro 超擴展技術。因此，我認為我們處於有利位置，可以贏得更大的份額，並且做得更快。我認為正如我之前提到的，我對我們的結果感到樂觀，對我們的結果感到樂觀，對未來感到樂觀。我認為我們度過了一年，但這一年並不是對每個人來說都是綠色的。讓我們仔細地把它放在今年到目前為止。因此，我們在產品等方面的成長實際上是理想年份的一個很好的指標。我希望看到我們所處的位置有更高的成長。

Thank you.

謝謝。

All right, next up is [Cheyenne Patil], followed by Gabriela Borges.

好吧，下一個是[夏安·帕蒂爾]，其次是加布里埃拉·博爾赫斯。

Hey guys, good afternoon. I had a question just on the, on the go to market and the, I guess specifically the the channel partner program that you guys launched at the beginning of the year. Just, just curious, kind of how that's going, how that compares to kind of what you expected and just kind of any feedback so far on that.

嘿夥計們，下午好。我有一個關於進入市場的問題，我想特別是你們在今年年初推出的通路合作夥伴計畫。只是，只是好奇，事情進展如何，與你的預期相比如何，以及到目前為止的任何反饋。

I think we're getting very good feedback from everything I hear from our channel organization. We just completed a few channel conferences in different parts of the world and I got only positive feedback. I don't know that it has any material, big impact on the results so far. But the, but I think the the sentiment from the channel is definitely becoming better and better and the feedback is all positive.

我認為我們從渠道組織收到的所有資訊中都得到了非常好的回饋。我們剛剛在世界不同地區完成了幾次頻道會議，我只得到了正面的回饋。到目前為止，我不知道它對結果有任何實質的、重大的影響。但是，但我認為來自管道的情緒肯定會變得越來越好，而且回饋都是正面的。

Thank you.

謝謝。

All right. Next up is Gabriella Borges followed by Sakk Kalia.

好的。接下來是加布里埃拉·博爾赫斯（Gabriella Borges），其次是薩克·卡利亞（Sakk Kalia）。

Hey, good. Thanks for taking the question team. I wanted to follow up on some of the opportunity that you might have with the embedded DPU chips with NVIDIA as we get closer to some of the, the, as we get closer to the shipment date. How are you thinking about some of the business models that you could be deploying to be able to monetize that opportunity? Thank you.

嘿，很好。感謝您接受提問小組的提問。隨著我們越來越接近發貨日期，我想跟進您可能與 NVIDIA 合作的嵌入式 DPU 晶片的一些機會。您如何考慮可以部署哪些商業模式來利用該機會獲利？謝謝。

I think it's something we talked about. I don't remember it was in Q1 or Q2 or the beginning of Q2. I think that's a huge opportunity to go and secure the hyperscalers of A I and to be on the A I hardware infrastructure, it's in the very beginning of things. We're just starting to build some senior sales leader to focus on that. We are working with NVIDIA and ours to get that out. It's too early to say what impact will it have and how big is the potential. But I think it's a very unique value proposition that we have and something that the world will definitely need.

我想這是我們討論過的事情。我不記得是在第一季或第二季或第二季的開始。我認為這是一個巨大的機會，可以保護 AI 的超大規模資料中心並建立在 AI 硬體基礎設施上，這只是一切的開始。我們剛開始培養一些高階銷售領導來專注於此。我們正在與 NVIDIA 以及我們自己的公司合作來解決這個問題。現在說它會產生什麼影響以及潛力有多大還為時過早。但我認為這是我們擁有的非常獨特的價值主張，也是世界肯定需要的。

That's it. Thank you.

就是這樣。謝謝。

All right up next. So Kalia followed by Joel P Fishbin Junior.

好吧接下來。因此，卡利亞（Kalia）緊隨其後的是喬爾·P·菲什賓·朱尼爾（Joel P Fishbin Junior）。

Okay, great. Hey guys, thanks for taking my question here, Roy, maybe, maybe for you.

好的，太好了。嘿夥計們，謝謝你在這裡提出我的問題，羅伊，也許，也許是為了你。

You know, I think we talked about infinity being about 15% of total revenue and that's clearly growing a lot faster than the overall. But I guess I'd love to talk about the other 85% a little bit and, and maybe longer term, as you think about this model in the future, infinity is clearly going to become a bigger mix. But the question is, is that going to come at the expense of the other 85? Meaning can the, can the 15 and 85 both grow together or can or does the 15 does from in an absolute dollar terms? Does, does that 85 need to go down over time? Does that make sense?

你知道，我認為我們討論過無窮約佔總收入的 15%，而且其成長速度顯然比整體收入快得多。但我想我很想談談其他 85%，也許從長遠來看，當你將來考慮這個模型時，無窮大顯然將成為一個更大的組合。但問題是，這是否會以犧牲其他 85 個人為代價？這意味著 15 和 85 能否同時成長，或者 15 是否能夠以絕對美元計算？ 85 是否需要隨著時間的推移而下降？這樣有道理嗎？

Yes, it's a good question. So I think definitely it can grow together, it definitely can grow together. I can tell you that what we see with infinity, that that infinity is driving the growth. I mean, it's driving growth. So we see that more custom that are customers that are adopting infinity. We see more growth there than what we see that customers are not adopting infinity. It doesn't say that the customers that are in the other 85 we don't see any growth. For example, we just mentioned how many email, how many email? Of course, there is a portion that it's part of infinity, but there is a portion that it's just sold stand alone and it's growing very fast, same thing with other products. So it's a so again, it's, it can definitely grow alone. I think that our future will be infinity. I mean, we, we, we see, we, we, we think that in the end, this 15% will grow every quarter that you're going to see more and more, you're going to see the most significant that the infinity would be more significant to our business every quarter. And and I think that's the, that's the future of, of and again, that's the platform, that's the future of checkpoint that will drive the growth we are looking.

是的，這是一個好問題。所以我認為它絕對可以一起成長，它絕對可以一起成長。我可以告訴你，我們所看到的無限，無限正在推動成長。我的意思是，它正在推動成長。因此，我們看到更多的客戶正在採用無限。我們看到那裡的成長比我們看到的客戶沒有採用無窮大的成長還要多。這並不是說我們看不到其他 85 個客戶的任何成長。例如我們剛才提到有多少封郵件，有多少封郵件？當然，有一部分是無限的一部分，但有一部分只是單獨銷售，並且成長非常快，與其他產品也是如此。所以它又是這樣，它是，它絕對可以單獨生長。我想我們的未來將是無限的。我的意思是，我們，我們，我們看到，我們，我們，我們認為最終，這個 15% 將每個季度增長，你會看到越來越多，你會看到最重要的每個季度無窮大對我們的業務都更加重要。我認為這就是檢查點的未來，這將推動我們所尋求的成長。

For.

為了。

I may be jumping and saying that when I measure the success of infinity, there's two things. First, how many people move to the platform and deploy more technologies and get to commit to us for longer term? And then are they actually growing because converting an existing contract with Infinity to an infinity contract when you get no growth is not, it's good from a commitment to technology, but it's not driving. And overall our infinity customers are driving high growth. I think on the average last time I've checked, it's not in the last quarter, infinity customers were growing 20% faster than non infinity customers. So if I took a group of customers day one and then two years later, with infinity, with existing contracts, they were kind of stable with infinity, they grew by 20%. And that's why we still think that moving customers to infinity is good, not just from a technology standpoint, but also from a from the value that we provide and the value that we get very helpful. Thanks.

我可能會跳起來說，當我衡量無限的成功時，有兩件事。首先，有多少人轉向該平台並部署更多技術並長期致力於我們？然後它們實際上是否在增長，因為在沒有增長的情況下將與 Infinity 的現有合約轉換為無限合約並不是，對技術的承諾是好的，但它不是驅動力。總體而言，我們的無限客戶正在推動高速成長。我認為，根據我上次檢查的平均水平，無限客戶的成長速度比非無限客戶快 20%，這不是在上個季度。因此，如果我第一天就吸引了一組客戶，然後兩年後，在無窮大的情況下，在現有合約的情況下，他們在無窮大的情況下保持穩定，他們增長了 20%。這就是為什麼我們仍然認為將客戶帶到無限是好的，不僅從技術角度來看，而且從我們提供的價值和我們獲得的非常有幫助的價值來看。謝謝。

Guys.

夥計們。

All right up is Joel P Fishbin Junior followed by John Deuc.

好吧，喬爾·P·菲什賓·朱尼爾（Joel P Fishbin Junior）上場，接下來是約翰·德克（John Deuc）。

Good morning. Just a quick question at the, at the CPX 24. You, you really spoke a lot about C the CN A market. How integra, how integral is CN A to gain traction in this move to a double digit growth? And can you elaborate on where you think you are in that market? Thanks.

早安.只是在 CPX 24 上問一個簡單的問題。 CN A 的整體性如何，如何整體性才能在實現兩位數成長的過程中獲得牽引力？您能詳細說明一下您認為自己在該市場中的地位嗎？謝謝。

I think we started the year with a challenging conditions in the cloud market. I think we've the last two or three quarters actually been far more positive in terms of growing the overall cloud business. Still. I think the judgment is still out. What's the potential that we have? Which areas will we win? Will it will be more cloud network security or more synap on that? I think we did a very good job in modernizing our sap product in. I did a deep dive into the product a few weeks ago and I was very impressed with what we got. I compared it to competitive product and I, and I thought that we should be very proud of what we have still having said all of that. There is a, there is a big long road to get the maximum potential for us at synap. And there is a good question which I don't know the answer, whether we should focus more on synap or more on other cloud technologies to win and provide value in the cloud space?

我認為今年伊始，雲端市場的情況充滿挑戰。我認為過去兩三個季度我們在整體雲端業務的成長方面實際上要積極得多。仍然。我認為判決還沒出來。我們有什麼潛力？我們將贏得哪些領域？會更重視雲端網路安全還是更重視安全性？我認為我們在 SAP 產品現代化方面做得非常好。我將它與競爭產品和我進行了比較，我認為我們應該為我們仍然所說的所有內容感到非常自豪。要在 synap 發揮最大潛力，還有很長的路要走。還有一個我不知道答案的好問題，我們是否應該更多地關注 Synap 還是更多地關注其他雲端技術來贏得雲端空間並提供價值？

Thank you.

謝謝。

All right, next up is [John Dafucci] followed by Ben Bowen.

好吧，下一個是 [John Dafucci]，接下來是 Ben Bowen。

Thanks Gil questions for you. You said yourself that Europe is always soft in the quarter? Was this more than usual? And if so, what caused that? You mentioned some struggles of some of your competitors? Are you implying softer demand for network security in general or is it more incremental macro softness than you expected in Europe or is this simply an execution issue for those deals that slipped on the part of checkpoint?

謝謝吉爾向你提問。您自己說過歐洲本季總是疲軟嗎？這比平常多嗎？如果是這樣，是什麼原因造成的？您提到了一些競爭對手的一些掙扎嗎？您的意思是總體上對網路安全的需求較疲軟，還是歐洲的宏觀經濟疲軟程度比您預期的更加疲軟，或者這只是檢查站未能完成的交易的執行問題？

Frankly, I don't have the full answer and I don't want to mislead last quarter, for example, even though Europe is usually weak and Q free. We want some giant deal in Europe, which made this a tough compare. I'm not using that as an excuse and I didn't open with that because I think the fact that we have a large deal last year means that we should have had two this year and not, and not just repeat the same thing, but that's made it a little bit tougher compare for Europe, for specific country from last year when we won a giant deal in the third quarter. And I don't have any strong attribution. I do see some weakness with the competitive market and some competitors that are struggling, but we're struggling again. I don't know about this quarter. I know about previous quarters. And so I don't have all the good answer at the end of the day. I think we finished the quarter in a very positive way. Healthy numbers, all the financial numbers are right. We are tracking with orders that we think we're sleeping are actually being are being won in the fourth quarter. And so far it's, it's it's going well.

坦白說，我沒有完整的答案，我不想誤導上個季度，例如，儘管歐洲通常很弱且無Q。我們希望在歐洲達成一些巨額交易，這使得這是一個艱難的比較。我不是以此為藉口，我也沒有以此作為開場白，因為我認為我們去年達成了一項大協議，這意味著我們今年應該有兩項協議，而不是只是重複同樣的事情，但這使得與歐洲、去年我們在第三季贏得巨額交易的特定國家相比變得更加困難。而且我沒有任何強烈的歸屬感。我確實看到競爭激烈的市場存在一些弱點，一些競爭對手正在苦苦掙扎，但我們又在苦苦掙扎了。我不知道這個季度怎麼樣。我知道前幾季的情況。所以最終我並沒有得到所有好的答案。我認為我們以非常積極的方式結束了本季。健康的數字，所有的財務數據都是正確的。我們正在追蹤那些我們認為正在睡覺的訂單，這些訂單實際上是在第四季度贏得的。到目前為止，一切進展順利。

We even had some large quarters from Q4 that arrived earlier in the quarter, which is always a good indication because usually you always expect a deal and it always arrived in the last minute. So we just see a couple of deals that arrived ahead of time, which is a positive indicator overall, I think we gave our projection for the fourth quarter, taking all the different elements into consideration.

我們甚至有一些來自第四季度的大季度在本季度早些時候到達，這始終是一個很好的跡象，因為通常您總是期望達成交易，而它總是在最後一刻到達。因此，我們只看到一些提前達成的交易，這總體上是一個積極的指標，我認為我們考慮了所有不同的因素，給出了第四季度的預測。

Okay. Thank you, GLL.

好的。謝謝你，GLL。

All right. Next up is Ben Bolin followed by Andrew Nowinski.

好的。接下來是本·博林（Ben Bolin），其次是安德魯·諾溫斯基（Andrew Nowinski）。

Good morning. Thank you for taking the question. I I'm interested in how the current guidance, the framework thinks about budget flush opportunity in four Q of this year versus prior years. And then an additional item. Just any thoughts on how competitive landscape might be influencing the duration of sales cycles close rates. Thank.

早安.感謝您提出問題。我感興趣的是當前的指導框架如何考慮今年第四季與往年相比的預算充裕機會。然後是一個附加項目。關於競爭格局如何影響銷售週期持續時間的任何想法。感謝。

You.

你。

As for the, so as for the guidance, the guidance, the midpoint of the guidance didn't take into account any significant budget flush and that will be in this in this year. I remind you that two years ago, I think it was, we didn't see any budget but it was something that we didn't see in the past a year ago, we did see a bit more budget flash than two years ago this quarter. Again, we do expect some budget flash but not significant. It didn't take into account, we didn't take into account significant budget flush.

至於指導，指導，指導的中點沒有考慮到任何重大的預算沖刷，這將在今年出現。 I remind you that two years ago, I think it was, we didn't see any budget but it was something that we didn't see in the past a year ago, we did see a bit more budget flash than two years ago this四分之一.同樣，我們確實預計會有一些預算閃現，但不會很大。它沒有考慮到，我們沒有考慮到重大的預算沖刷。

You know, guidance and the other question was around the sale cycle and duration then.

你知道，當時的指導和另一個問題是圍繞著銷售週期和持續時間的。

Yeah, how, how competition bundling discounting might be influencing the length of the sales cycle and in your thoughts on close rates.

是的，競爭捆綁折扣如何影響銷售週期的長度以及您對成交率的看法。

So we did when I'm looking on it, something that we are monitoring all the time, the close rates. When we are looking on the closer, we didn't see any, any significant change in the close rates. I mean, in the end, the close rates, I mean, I'm not talking about this specific deal that was listed from, pushed from Q3 and part of them already closing Q4, we're talking about in the close rate in the quarter. We didn't see any significant change and the sale cycle again, nothing special that we've seen this quarter, that it's longer than in previous quarters. Again, it really depends on, on, on, on the deal, on the customer. Of course, infinity deal is something. Some usually it's a, it's a mega it's a multimillion dollar deal. So it involves more approval, more approval, approval, approval cycle can take longer but nothing that is unique that we've seen this quarter.

所以當我看到它時，我們就這麼做了，我們一直在監控收盤價。當我們仔細觀察時，我們沒有看到收盤價有任何重大變化。 I mean, in the end, the close rates, I mean, I'm not talking about this specific deal that was listed from, pushed from Q3 and part of them already closing Q4, we're talking about in the close rate in the四分之一.我們沒有看到任何重大變化，也沒有看到銷售週期再次出現，本季我們沒有看到什麼特別的，它比前幾季更長。再說一次，這實際上取決於、取決於、取決於、取決於交易、取決於客戶。當然，無限交易是有的。有些通常是一筆巨額交易，價值數百萬美元。因此，它涉及更多的批准、更多的批准、批准、批准週期可能需要更長的時間，但我們本季沒有看到任何獨特的情況。

Thank you.

謝謝。

Next up is Andrew Nowinski followed by Patrick Colville.

接下來是安德魯·諾溫斯基（Andrew Nowinski），其次是帕特里克·科爾維爾（Patrick Colville）。

Thank you. Good afternoon. So I I want to ask about billings again. So in Q2, you know, you had a few large deals, I think pay upfront, which boosted your billings growth by a point and a half. And then if you normalize this quarter, if you normalize the deals that pushed out your growth actually would have accelerated, I think from 8.5 to 11%. So I'm wondering how do you think about the growth rate in Q4, the normalized growth rate given the positive trends we've seen from Q1 now to Q2 to Q3 A continued acceleration in your billings growth.

謝謝。午安.所以我想再次詢問有關帳單的問題。因此，在第二季度，您知道，您進行了一些大型交易，我認為是預付款，這使您的帳單增長了一個半點。然後，如果你在本季實現正常化，如果你將推動成長的交易正常化，實際上會加速，我認為從 8.5％ 到 11％。因此，我想知道您如何看待第四季度的成長率，考慮到我們從第一季到第二季到第三季看到的正面趨勢，您的帳單成長持續加速，這是正常化的成長率。

So we don't provide any guide, you know that we don't provide any guidance around building. I can, I can do, I can say that based on what we're looking on the final, based on our what we see also on the expectation around the billing again, the billing should expect it because of the benefit. First of all, we do see strong pipeline not related even to the sleep deals. We are seeing strong pipeline for Q second. We do, we do going to have expect to have a benefit that what I mentioned about the sleep deals from Q3. So I think we're going to, again, we don't provide any guidance, but we definitely expect and anticipate based on the final that we see today. And again, we need to be cautious because it's final. We do expect to have a very strong quarter in Q4.

所以我們不提供任何指導，你知道我們不提供任何有關構建的指導。我可以，我可以，我可以說，根據我們對決賽的看法，根據我們對賬單的期望，賬單應該期待它，因為它有好處。首先，我們確實看到強大的管道甚至與睡眠交易無關。我們看到第二季的管道強勁。我們確實希望得到我提到的第三季睡眠交易的好處。因此，我認為我們將再次不提供任何指導，但我們肯定會根據今天看到的決賽進行預期和預測。再說一遍，我們需要謹慎，因為它是最終的。我們確實預計第四季度將有一個非常強勁的季度。

Thank you. All right. Our next up is Patrick Colville followed by Gregg Moskowitz, who will probably be our last question of the day.

謝謝。好的。我們的下一個是帕特里克·科爾維爾，其次是格雷格·莫斯科維茨，他可能是我們今天的最後一個問題。

All right. Thank you so much for having me on Roy. I, I guess I want to ask about the, the guidance. So, you know, nice to see the guidance raise at the midpoint. I know you, you know, checkpoint don't guide line by line, but you know, should we expect if everything goes to plan in four QA sustained reeler in in the product line and, and then I guess just there's a tactical question in terms of the inorganic contribution from Cyber. And in four Q, can you just give us some kind of guideposts on that one?

好的。非常感謝你邀請我參加羅伊。我，我想我想詢問一下指導。所以，你知道，很高興看到指引在中點上調。我知道你，你知道，檢查點不會逐行指導，但你知道，如果產品線中的四個QA 持續捲取機中的一切都按計劃進行，那麼我們是否應該期待，然後我想只是存在一個戰術問題就網路的無機貢獻而言。在四個問題中，你能給我們一些關於這個問題的指導嗎？

So right now as I mentioned the product, I mean, again, we don't disclose the separation between the product and the other line items in the revenues, but we we do expect another good quota on the product. We see a very, very good pipeline for the appliances, for demand and appliances. I have to say that significant portion of this pipeline for the product is coming from infinity deals. So there is some kind of I don't want to call it a risk, but there is some kind of a situation that it won't be recognized this quarter, it will be recognized in 2025. So there is so therefore we are providing a guide. So I think that the guidance is is wider than Q4 because it's significant, we have a significant product, significant product revenues usually in Q4 and with the infinity, that's the main risk that we see today.

因此，現在當我提到該產品時，我的意思是，我們不會披露該產品與收入中其他項目之間的分離，但我們確實期望該產品有另一個良好的配額。我們看到了一個非常非常好的設備、需求和設備的管道。我不得不說，該產品的大部分管道來自無限交易。所以有某種我不想稱之為風險，但有某種情況本季不會被認可，它將在 2025 年被認可。因此，我認為指導比第四季度更廣泛，因為它很重要，我們有一個重要的產品，通常在第四季度有重要的產品收入，並且無窮大，這是我們今天看到的主要風險。

That winning the deals. But recognizing the revenues overall for an annuity, business model growth, business model is good. But for the short term, we are transitioning more and more on the business model to deferring the revenues on that.

贏得交易。但要認清年金的整體收入、商業模式的成長、商業模式是好的。但從短期來看，我們正在越來越多地轉變業務模式，以推遲收入。

And the second question that you have again.

你又提出第二個問題。

It it was it, you know, congrats on the cyber and acquisition, you know, a nice tool to both the soli. Can you give some guide rails around if there's going to be any inorganic contribution in four Q?

就是它，你知道，祝賀網路和收購，你知道，這對實體來說都是一個很好的工具。如果四個問題中會有任何無機貢獻，您能否提供一些指導？

Yeah. So, so Cyber in that we, we bought Cyber in the, they had already a a nice AOL that we acquired them. Again. We don't expect it to have a significant effect on Q4.

是的。因此，我們購買了 Cyber​​，他們已經擁有一個不錯的 AOL，我們收購了他們。再次。我們預計它不會對第四季產生重大影響。

I would say less than one point less than 1% of our total revenues in Q4.

我想說，不到第四季我們總收入的 1% 不到一個百分點。

All right. Our last question of the day is going to come from Greg Moskowitz.

好的。今天的最後一個問題將來自格雷格·莫斯科維茨。

All right. Thank you guys very much. Two quick ones. First, I apologize if I missed it. But Roy Rpo, I know it grew 10% last quarter in Q2. Obviously, this quarter, you had some slip deals. So I'm sure that had an impact. But what was the RPO growth in Q3? And then secondly, a follow up on Cyber and since it did actually close just before the end of the Q3, are you able to clarify what that added to deferred revenue? Thank you.

好的。非常感謝你們。兩個快的。首先，如果我錯過了，我深表歉意。但是 Roy Rpo，我知道上個季度第二季度成長了 10%。顯然，本季度您有一些滑單交易。所以我確信這產生了影響。但第三季的 RPO 成長是多少？其次，Cyber​​的後續行動，由於它實際上在第三季末之前關閉，您能否澄清這增加了遞延收入？謝謝。

Yes. So first around the rporpo actually grew by 8% in Q in, in Q3 on the cyber. Yes, it is. There was no effect on the P&L side on Cyber because it was closing in the last few days of the quarter. It is, but it is, I think less than 1% of our, I think in total, it has of approximately 1.5 points on the calculated billings that you're going to, that you're seeing.

是的。因此，首先，網路上的 rporpo 在第三季度實際上增長了 8%。是的。 Cyber​​ 的損益方面沒有受到影響，因為它在本季的最後幾天關閉。是的，但我認為，在您將要看到的計算帳單上，我認為總共只有大約 1.5 個點，不到我們的 1%。

Thank you very much.

非常感謝。

All right, ladies and gentlemen, thank you for joining us today. I'm sure we'll be talking to you throughout the day and throughout the quarter, we look forward to seeing you guys at the year end in January. Have a great day.

好的，女士們先生們，感謝你們今天加入我們。我確信我們會全天和整個季度與您交談，我們期待在一月份的年底見到你們。祝你有美好的一天。

Thank you very much, everyone.

非常感謝大家。