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

Ladies and gentleman, joining me today are founder and CEO, Gil Shwed; and Chief Financial Officer, Roei Golan.

女士們先生們，今天和我一起的還有創辦人兼執行長 Gil Shwed；兼財務長 Roei Golan。

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

在開始之前，我想提醒大家，會議正在錄製中，並將在我們的網站 checkpoint.com 上重播。

(Operator Instructions) During the presentation Check Point representatives may make forward-looking statements.

（操作員說明）在演示過程中，Check Point 代表可能會做出前瞻性聲明。

Forward-looking statements generally relate to future events or our future financial or operating performance.

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。

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。

Any forward-looking statements made speak only as of the date hereof and Check Point undertakes no obligation to update publicly any forward-looking statements.

任何前瞻性陳述僅代表截至本協議發布之日的情況，Check Point 不承擔公開更新任何前瞻性陳述的義務。

In our press release which has been posted on our website, we present GAAP and non-GAAP results, along with the reconciliation of such results, as well as reasons 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 業績，以及這些業績的調節情況，以及我們介紹非 GAAP 資訊的原因。

If you have any questions after the call, please feel free to contact relations by email 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絡關係人員：kip@checkpoint.com。

Now, I'd like to turn the call over to Roei Golan.

現在，我想將電話轉給 Roei Golan。

Thank you, Kip and thank you everyone for joining the call.

謝謝基普，也謝謝大家加入這通通話。

One moment, I'll open the presentation.

等一下，我將打開簡報。

Can you see my screen.

你看得到我的螢幕嗎？

You're on the

你在

(multiple speakers)

（多個發言者）

So can you see now?

那你現在看得到嗎？

Okay, great.

好的，太好了。

Thank you.

謝謝。

So, we had a very good quarter.

所以，我們度過了一個非常好的季度。

We'll start with the revenues in EPS the third quarter.

我們將從第三季每股收益的收入開始。

Our revenues grew by 7% to $635 million. 3 million above the midpoint of our projections.

我們的營收成長了 7%，達到 6.35 億美元。比我們預測的中點高出 300 萬。

Our non-GAAP EPS grew by 9% to $2.25, $0.1 above the midpoint of our projections.

我們的非 GAAP 每股盈餘成長 9%，達到 2.25 美元，比我們預測的中點高出 0.1 美元。

So overall very good results.

所以整體來說結果非常好。

Going into further into our revenues and our business.

進一步探討我們的收入和業務。

So as I mentioned, the revenues grew by 7%, our subscription revenue grew by 12% to $277 million.

正如我所提到的，營收成長了 7%，我們的訂閱收入成長了 12%，達到 2.77 億美元。

The calculated billing reached $562 million which will present 6% growth year over year.

計算得出的帳單金額達到 5.62 億美元，年增 6%。

While our current calculated billings grew by 5% to $563 million.

而我們目前計算的帳單成長了 5%，達到 5.63 億美元。

The calculated billings this quarter was affected by several bills that were pushed from Q3 to Q4 that we expected them to close by September 30, were push to Q4 and mainly in Europe.

本季度計算的帳單受到從第三季推遲到第四季度的幾項帳單的影響，我們預計這些帳單將在 9 月 30 日之前關閉，但這些帳單被推遲到第四季度，主要是在歐洲。

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.

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。

So that's I think important to mention regarding our billings.

所以我認為關於我們的帳單值得一提。

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.

至於收入，正如我所提到的，收入成長了 7%，這主要是由產品和訂閱收入成長至 3.96 億美元所推動的。

That's mainly driven from strong demand for Infinity consolidated platform.

這主要是由於對 Infinity 整合平台的強勁需求所推動的。

Our email that keep to have this strong demand.

我們的電子郵件一直有這種強烈的需求。

And we did see also demand and we see the product revenue grew by 4%.

我們確實也看到了需求，我們看到產品收入成長了 4%。

So we see an increase also in the demand for appliances.

因此，我們看到對電器的需求也在增加。

I mentioned the Infinity.

我提到了無限。

Infinity had another great quarter.

Infinity 又迎來了一個出色的季度。

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 15% of our total revenues.

它繼續以加速的方式流入收入，並在另一個季度實現強勁的兩位數成長，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%。

And we see more and more customers, existing customers and new logos that adopting our platform and the means and the one up of products and services.

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、手段以及產品和服務。

Now let's look at the revenue by GEO’s.

現在讓我們來看看 GEO 的收入。

So America had the in terms of revenues, America consists 41% of our revenue and grew 3%.

因此，就收入而言，美國占我們收入的 41%，並且成長了 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 the double digit growth in new business.

需要注意的是，就新業務預訂而言，實際上，美國在 2024 年前兩個季度延續了非常好的季度表現，新業務實現了兩位數的成長。

EMEA revenues were about 46% of our total revenues and they grew by 7% year over year.

歐洲、中東和非洲地區的收入約占我們總收入的 46%，並且年增 7%。

I mentioned already about the billing effect in EMEA.

我已經提到歐洲、中東和非洲地區的計費效應。

It's also again, we did see some bills that were pushed from Q3 and Q4 in Europe.

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。

But again, and we expected that will be closed by the end of the year.

但同樣，我們預計該項目將在今年年底前關閉。

And in APAC, we did see a 70% growth in revenues also in terms of new business.

在亞太地區，我們確實看到新業務收入也成長了 70%。

APAC had a very good quarter.

亞太地區的季度業績非常好。

And so I think, yeah, so that's the revenues by geographies.

所以我認為，是的，這就是按地區劃分的收入。

Moving to our, into our P&L, so our gross profit was increased by 5% to $563 million, presenting 89% gross margin.

轉向我們的損益表，我們的毛利增加了 5%，達到 5.63 億美元，毛利率為 89%。

Our operating expenses increased by 9% to $289 million.

我們的營運支出增加了 9%，達到 2.89 億美元。

This is mainly as a result of our continued investment in our workforce organically and also the additional expenses related to the acquisition of (inaudible) that we closed in the end of Q3 last year.

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完成的收購（聽不清楚）相關的額外費用。

Our non-GAAP operating income was $274 million, while net income grew by 5% to $255 million.

我們的非 GAAP 營業收入為 2.74 億美元，淨利潤成長 5% 至 2.55 億美元。

And the EPS was -- the non-GAAP EPS was $2.25 ruled by 9% [above] value.

每股收益為－非 GAAP 每股收益為 2.25 美元，以[以上]價值的 9% 計算。

Our GAAP EPS was $1.83. As for the cash flow and our cash position.

我們的 GAAP 每股收益為 1.83 美元。至於現金流和我們的現金狀況。

So we had a very good, we had a very strong operating cash flow.

所以我們有一個非常好的、非常強大的營運現金流。

We closed the quarter with $249 million operating cash flow, a growth compared to last year.

本季末，我們的營運現金流為 2.49 億美元，比去年有所成長。

Our cash balances amounted to $2.9 billion.

我們的現金餘額達 29 億美元。

While also this quarter, we closed the acquisition of Cyberint.

同樣在本季度，我們完成了對 Cyber​​int 的收購。

And the net cash paid for this acquisition $186 million, Gil will have more about this acquisition in his slides.

此次收購支付的淨現金為 1.86 億美元，吉爾將在他的幻燈片中詳細介紹此次收購。

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.

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。

To summarize our financials.

總結我們的財務狀況。

So again, revenues and EPS both above the midpoint of our projections.

同樣，營收和每股盈餘均高於我們預測的中點。

Our revenues accelerated to 7% mainly driven by strong infinity and harmony, image performance and another quarter with strong profitability, strong operating cash flow.

我們的收入加速至 7%，主要受到強勁的無限與和諧、圖像表現以及另一個季度強勁的盈利能力和強勁的營運現金流的推動。

So in general, a good quarter for us in Q3 and looking at for Q4.

因此，總的來說，第三季度對我們來說是一個不錯的季度，並期待第四季度。

Gil.

吉爾.

Thank you very much Roei.

非常感謝羅伊。

And I'm very excited to be here and share some of the insight on Q3, which actually was a very good quarter.

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。

So I think you've already heard from Roei, revenue EPS were above the midpoint of our projections.

所以我想你已經從 Roei 那裡聽說，收入每股收益高於我們預測的中點。

I've looked at almost every financial metrics and they all look pretty good.

我幾乎查看了所有財務指標，它們看起來都相當不錯。

I think we've mentioned the Infinity platform continued strong demand, the harmony email which reached over $100 million in ARR maybe speak more about that, which I think is something very good.

我想我們已經提到了 Infinity 平台持續強勁的需求，ARR 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。

And then I think what's more important is that we've continued to grow and continue to invest in additional area.

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。

So I think one area that's very important and the focus of this quarter is expanding our infinity global services.

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。

That's a very important unit that we have over 3,400 customers, which is pretty big on that.

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。

And the main one and the main step that we did here was to get into the stock market, the security operation with the Cyberint acquisition, which is all about threat intelligence and let's explain what it means.

我們在這裡所做的主要一步是進入股票市場，透過收購 Cyber​​int 進行安全操作，這一切都是關於威脅情報的，讓我們解釋一下它的含義。

It does show you that we are pretty consistent about making acquisition, expanding, trying out new things.

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。

And I think actually, you'll see even some examples.

我認為實際上，您甚至會看到一些例子。

Actually, most of them actually work pretty well.

事實上，它們中的大多數實際上工作得很好。

So this is our 10th acquisition in just five years.

這是我們在短短五年內進行的第十次收購。

Looking a little bit on customers, you can see that we continue to win deals.

稍微觀察一下客戶，您就會發現我們不斷贏得交易。

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.

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。

And you can see it's from all over from the Deutsche boards in Germany to [Mayo Clinic] in the US.

從德國的德意志銀行董事會到美國的[梅奧診所]，您可以看到來自各地的資訊。

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.

對美國國務院來說，這顯示我們要保護美國一些最重要的資產。 [Porche formatmatic]德國汽車，西門子，其實，這是西門子美國。

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.

因此，您會看到客戶接受 Checkpoint，客戶喜歡我們所做的事情，這反映在增加現有客戶、贏得新客戶以及在許多不同類別中獲勝。

In the last few quarters, we spoke a little bit about wins in the public sector and that continues to be important.

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。

And you see here over 40 countries, 65 new government agencies in the public sector, that's just from the third quarter.

這裡你可以看到 40 多個國家、​​公共部門有 65 個新政府機構，這只是第三季的數據。

But it's not just public sectors, financial services, 40 new customers in 23 countries, health care, 28 new customers in 17 countries.

但這不僅僅是公共部門、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。

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.

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.

我已經談過一些關於電子郵件的問題。

An email has been one of the most critical entry points for a malware into organization.

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。

We protect the network, and I think that's the most important element.

我們保護網絡，我認為這是最重要的因素。

But email continue to be a vector which is connected to the network where malware gets into the organization.

但電子郵件仍然是連接到惡意軟體進入組織的網路的媒介。

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.

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。

And that's a big opportunity for us and that's where we acquired [Avanan] to get into that space.

這對我們來說是一個巨大的機會，這就是我們收購 [Avanan] 進入該領域的地方。

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.

透過這個領域，我們成為成長最快並為電子郵件提供最佳安全性的公司之一，您可以看到我們在三年內將這項業務增長了四倍。

Our ARR now is way over $100 million.

我們現在的 ARR 遠遠超過 1 億美元。

We are getting more and more large enterprise customers to buy into this platform and the pipeline is good and the field is very, very positive about that.

我們正在吸引越來越多的大型企業客戶購買這個平台，而且管道良好，業界對此非常非常積極。

You can see high double digit growth here, year over year, well, over 50% growth in the amount of business that we do.

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%。

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.

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。

So thanks for everybody that made that happen.

感謝所有促成這一切的人。

And this maybe the next one which I hope is going to be another example like that.

這也許是下一個，我希望這會是另一個類似的例子。

And that's expanding our portfolio into the SOC into the Security Operations Center.

這將我們的產品組合擴展到 SOC 和安全營運中心。

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.

對我們來說，我認為策略上非常重要，不僅在網路上、雲端上，還要以 SOC 為中心。

And then we found a very unique opportunity here and that's the external threat management, external exposure platforms.

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。

We acquire Cyberint and mean to explain what we do.

我們收購 Cyber​​int 是為了解釋我們所做的事情。

We have over 180 employees that just join Check Point with Cyberint, way over 200 enterprise customers with some very big names.

我們有 180 多名剛加入 Cyber​​int 的 Check Point 員工，還有 200 多家企業客戶，其中不乏一些非常知名的企業客戶。

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.

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，一個快速成長的公司仍然相對較小，但我認為非常有前途。

So what we actually do.

那麼我們實際上做了什麼。

Cyberint 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.

Cyber​​int 掃描組織資產，它可以是遍布互聯網的 Web 伺服器，而不僅僅是主網絡，它可以是公司的主網絡，主要是我們看不到的許多其他資產。

Like what people write about us in the dark web, people write us on the not dark web on the open web.

就像人們在暗網上寫我們的文章一樣，人們在開放網路上而不是暗網上寫我們。

And there are amazing things you can find, for example, employees that lost their credentials.

您會發現一些令人驚奇的事情，例如，員工遺失了憑證。

So somebody has an information on how to get into our company because some employees forgot their username and password.

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。

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.

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。

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.

有時它們被盜，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。

So what Cyberint 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.

因此，Cyber​​int 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，進行檢查並向我們提供即時報告，告訴我們您需要關閉哪些內容。

Now, all of that is an interesting market sector.

現在，所有這些都是一個有趣的市場領域。

That's what checkpoint does because we always say that we are about the best security and we are about prevention, not about reports.

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。

And that's what we want to together with the Cyberint acquisition, turning it into actual prevention.

這就是我們希望與 Cyber​​int 收購一起將其轉化為實際的預防措施。

So when we see that an employee credentials were compromised, if it's really were compromised credentials, we can lock down the accounts.

因此，當我們看到員工憑證洩露時，如果確實是憑證洩露，我們可以鎖定帳戶。

If we see maybe a server on the internet, let's say, actually imitating our company.

如果我們在網路上看到一個伺服器，比如說，實際上是在模仿我們公司。

That's by the way, another asset with Cyberint five, companies that copy a company website and you use that to treat their employees.

順便說一句，這是 Cyber​​int 5 的另一項資產，這些公司複製公司網站，然後用它來對待他們的員工。

We have the ways to do takedowns.

我們有辦法進行拆除。

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.

這是非常令人印象深刻的操作，幾分鐘之內就可以刪除此類惡意資產或冒充此類資產。

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.

未來我們希望能夠打開網路安全功能和許多其他功能來實現這一點，這是一份報告，還有更多工作需要您完成[Mr. Ciso]實際上恰恰相反。

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.

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。

And I believe that's a play on triple different things.

我相信這是三重不同事物的結合。

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 Cyberint security space and show that we can actually work together and generate more value.

這是託管服務的遊戲，是 SOC 的遊戲，是與系統合作的遊戲，主要是平台和協作安全的遊戲，我們如何展示如何採用 Cyber​​int 安全空間的不同元素並表明我們實際上可以共同努力並創造更多價值。

So I'm very excited about wet acquisition.

所以我對濕式採集感到非常興奮。

We completed it, I think on the last few days of the quarter.

我想我們是在本季的最後幾天完成的。

So it didn't have much financial impact on last quarter.

因此，這對上季度的財務影響不大。

But hopefully in the next few years, it will have a bigger and bigger impact.

但希望在接下來的幾年裡，它會產生越來越大的影響。

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 [SaaS] and few other areas that I believe presents great addition to our platform and great growth potential for Check Point.

希望幾年後，我們能夠展示出與電子郵件、[SaaS] 以及其他一些我認為表現出色的領域類似的結果除了我們的平台和 Check Point 的巨大增長潛力之外。

So that's a Cyberint acquisition.

這就是 Cyber​​int 的收購。

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.

如果我需要總結一下，我認為總體而言，我們的季度非常穩定，非常好，收入和每股盈餘約為我們預測的中點。

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.

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，美國在美洲的指標非常積極，這是最重要的市場。

So we are seeing some good signs there.

所以我們在那裡看到了一些很好的跡象。

Infinity delivers continued strength, harmony, made exceeded the $100 million ARR and we expanded our soc offering and transforming security operation and threat intelligence through the cyber acquisition overall.

Infinity 提供持續的實力、和諧，實現了超過 1 億美元的 ARR，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。

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.

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。

So, thank you very much.

所以，非常感謝。

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.

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。

And so for the full year, we are actually not changing our guidance within, well within the range that we published before.

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。

Maybe I'll start with the full year.

也許我會從全年開始。

That's a little bit more complicated.

這有點複雜。

But let's start with the complicated.

但讓我們從複雜的開始。

You see, obviously that the range for the year has narrowed, the range for the year is went up.

你看，很明顯，今年的範圍縮小了，今年的範圍上升了。

I mean, if we started the year from $2,475 billion to $2625 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.

我的意思是，如果我們年初的收入從 24,750 億美元增至 26,250 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。

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.

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.

我們不會只在中點結束，而是在中點以上結束。

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. And we are going to finish it between $9.05 to $9.15, well over the midpoint, that we started the year.

我們的收入如此，我們的每股盈餘也是如此，今年伊始，我們的每股盈餘範圍很廣，從 8.70 美元到 9.30 美元。我們將在 9.05 美元到 9.15 美元之間完成它，遠高於我們年初的中點。

And that actually you can calculate from vet what's the range for the quarter.

實際上你可以從獸醫那裡計算出該季度的範圍是多少。

So the range for the quarter is going to be very consistent with our original plans.

因此，本季的範圍將與我們最初的計劃非常一致。

Revenue $675 million to $750 million earnings per share between $2.60 to $2.70.

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 $0.45 less.

GAAP 每股盈餘預計將減少約 0.45 美元。

You know, my regular caveat with projecting the future is always very challenging.

你知道，我對預測未來的定期警告總是非常具有挑戰性。

High level of uncertainty results can be better, results can be worse.

高水準的不確定性結果可能更好，也可能更差。

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.

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。

So, thank you very much and I think we can open the call for your questions.

所以，非常感謝您，我想我們可以開始電話詢問您的問題。

Thank you.

謝謝。

Shaul Eyal followed by Adam Tindle, Shaul?

肖爾·埃亞爾 (Shaul Eyal) 緊隨其後的是亞當·廷德爾 (Adam Tindle)，肖爾？

Thank you.

謝謝。

Good afternoon.

午安.

Gil, on the billings miss I get the regional softness in the EMEA given a typical sleepy quarter.

吉爾，在比林斯小姐中，我了解到歐洲、中東和非洲地區的地區疲軟，因為這是一個典型的疲軟季度。

Did you have any eight-digit contracts, was it several seven digit related transactions?

您是否有任何八位數的合同，是否有幾筆七位數的相關交易？

And maybe that can squeeze another one, you know, since you've announced that [doug] replacing you.

也許這會擠壓另一個人，你知道，因為你已經宣布[道格]取代你。

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, mid-teens, lowering operating margins, mid high 30s.

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，上限可能會掀起併購熱潮，加速增長，達到十幾歲左右，從而降低營業利潤率，中高30多歲。

You got to see the numbers out there interested in hearing your views along these lines.

你必須看看那裡的數字，有興趣聽聽你對這些方面的看法。

Thank you for that.

謝謝你。

So it's two separate subjects.

所以這是兩個不同的主題。

I would try to answer the billing thing.

我會嘗試回答計費問題。

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.

順便說一句，我們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良好交易管道。

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.

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。

And I think that's what we are doing, we are more and more sensitive to that.

我認為這就是我們正在做的事情，我們對此越來越敏感。

I think where I did mention that we had a couple of deals that slipped from Q3 to Q4, no impact on the financial results.

我想我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。

This is deals that didn't impact the revenues or didn't impact the didn't have much impact on the immediate results.

這些交易不會影響收入或不會對直接結果產生太大影響。

It's actually that should have come forward and some of them already arrived in the beginning of October.

實際上應該提前到達，其中一些已經在十月初到達了。

So I wouldn't look at it as anything.

所以我不會把它當作什麼。

I hope it's not anything that's indicating for something we should be aware of.

我希望這不是我們應該注意的事情。

And I think overall I'm happy with the results.

我認為總的來說我對結果很滿意。

About the transition over the past few months, I'm working on a transition plan with [Nadav], it's working extremely well.

關於過去幾個月的過渡，我正在與 [Nadav] 制定過渡計劃，效果非常好。

I'm very happy about everything we're doing.

我對我們所做的一切感到非常高興。

I'm very happy about the potential and I think we're going to embark on new expansion, new strategies, new things.

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。

But for the immediate term, I'm not expecting any major changes.

但就短期而言，我預計不會有任何重大變化。

I think we've done 10 acquisitions over the last five years.

我認為過去五年我們已經完成了 10 次收購。

We're going to do some acquisitions.

我們將進行一些收購。

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.

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。

And again, my focus was never on margin.

再說一次，我的焦點從來都不是保證金。

My focus was always about how we generate good security, best security, healthy growth, profitable growth.

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。

I don't think that that agenda is changing.

我不認為這個議程正在改變。

And I think over time, Check Point will see changes and I think that we're going to see very positive changes in Check Point because the doubt brings amazing energy and amazing skills the checkpoint needs.

我認為隨著時間的推移，Check Point 將會看到變化，我認為我們將在 Check Point 看到非常積極的變化，因為懷疑會帶來檢查站所需的驚人能量和驚人技能。

So I'm super excited about that and I don't think that at least in the short term, you're going to see any big changes.

所以我對此感到非常興奮，我認為至少在短期內不會看到任何重大變化。

Long term.

長期。

I think we want to, we always want to build a better future and a better strategy.

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 Tindle followed by Tal Liani.

接下來是亞當·廷德爾（Adam Tindle），其次是塔爾·利亞尼（Tal Liani）。

All right, thanks.

好的，謝謝。

Good morning.

早安.

Gil, 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.

吉爾，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，而您認為這些內部指標非常積極。

Wonder if you could expand on that.

想知道你是否可以對此進行擴展。

I know it's, you know, probably a little too early to talk about fiscal '25.

我知道現在談論 25 財年可能還為時過早。

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.

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。

I wonder if that's a level that you might be able to hold in terms of growth on a future basis.

我想知道您是否能夠在未來的成長方面保持這一水平。

Thanks.

謝謝。

First, I think if we look at the industry, we read that we all know that Cyberint is needed.

首先，我認為如果我們看看這個行業，我們會發現我們都知道需要 Cyber​​int。

We all know that network security remain the centerpiece of security.

眾所周知，網路安全仍然是安全的核心。

We all see the level of attacks rising.

我們都看到攻擊等級不斷上升。

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.

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%。

So and the attacks are becoming more sophisticated.

因此，攻擊變得更加複雜。

So yes, we will need more cybersecurity that some macro.

所以，是的，我們需要比某些宏觀方面更多的網路安全。

We've also been reading some reports about potential refresh network security and the reinforcement of the importance of network security.

我們也閱讀了一些有關潛在刷新網路安全性和強化網路安全重要性的報告。

But that's a little bit about macro.

但這只是關於宏觀的一點。

Within Check Point, I don't have any strong indications for 2025 for Q4.

在 Check Point 中，我沒有任何關於 2025 年第四季的強烈跡象。

First I'm always careful and I mean this quarter in particular, there are so many moving parts in Check Point, 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.

首先，我總是很小心，我的意思是特別是在這個季度，Check Point 有很多移動部件，所以我會有點小心，但我們在本季度開始時擁有一個健康的管道，管道證明了我們的預測是合理的。

And that's so why I'm saying I'm seeing some good positive energy.

這就是為什麼我說我看到了一些正面的正能量。

I think that the US market is always the best indicator and the most important market, the last few quarters have been quite positive on the deal flow that we see in the Americas.

我認為美國市場始終是最好的指標和最重要的市場，過去幾季我們在美洲看到的交易流非常積極。

And that's great.

那太好了。

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.

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，因為組織等都不是憑空出現的，現在說組織接下來會崛起還為時過早今年要充分發揮其潛力，這一數字要高得多，但至少看到美國有兩到三個季度表現良好。

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.

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（Tal Liani），其次是約瑟夫·加利（Joseph Galli）和約瑟夫·加洛（Joseph Gallo）。

Sorry, I need to whisper because I'm in a public space.

抱歉，我需要小聲說話，因為我在公共場所。

First question is, what's your position on vendor financing?

第一個問題是，您對供應商融資的立場是什麼？

We've seen other companies in the space being more aggressive on vendor financing and providing financing to customers.

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.

第二個更具戰略意義。

Roei, you spoke about double digit growth for a while and the ability to get a double-digit growth.

Roei，您曾經一度談到兩位數成長以及實現兩位數成長的能力。

But you're beating the numbers, but the beat is very dismal is very minimal.

但你在數字上取得了進步，但這種進步非常令人沮喪，而且是微不足道的。

And the question is what needs to happen?

問題是需要發生什麼？

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 get to sustainable double-digit growth.

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。

Thanks.

謝謝。

Okay.

好的。

You want to start Gil and I'll.

你想讓吉爾開始，我就開始。

You'll start had.

你就會開始了。

So, I'll start, you know what, with the double digit, the, the second question that you had around the double digit.

所以，我將從兩位數開始，你知道，關於兩位數的第二個問題。

So, when we I was asking, I mean, I was, I've been asked about it.

所以，當我們問的時候，我的意思是，我被問到了。

We've been asked about it for a few quarters.

幾個季度以來我們一直被問到這個問題。

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.

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。

And because we, first of all, we did some very significant investments, the last one that we did not the last one because the last one is Cyberint, but we did a significant acquisition of Parameter 81.

因為我們首先做了一些非常重要的投資，最後一項不是我們最後一項，因為最後一項是 Cyber​​int，但我們對 Parameter 81 進行了重大收購。

We expanded our, we have a totally new SaaS offering.

我們擴展了我們的業務，推出了全新的 SaaS 產品。

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.

我們在研發方面和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。

But definitely that's one of the main agents that should drive us to accelerated growth and more than once.

但毫無疑問，這是推動我們加速成長的主要因素之一，而且不只一次。

The meeting a digit that you, that you mentioned.

會見你的數字，你提到的。

And again 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.

再次是無限，我們看到透過無限，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。

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 SaaS.

首先，電子郵件安全，其中許多客戶正在接受無限、和諧的電子郵件，我們在過去幾季開始看到也有客戶正在接受和諧的 SaaS。

I think again, it's something that the how we should, I mean, that's the main driver that should bring us to accelerated growth.

我再次認為，這是我們應該採取的方式，我的意思是，這應該是推動我們加速成長的主要動力。

And the second question again, what was the first one that you mentioned that you asked?

又是第二個問題，你提到的第一個問題是什麼？

Vendor financing?

供應商融資？

So actually, again, it's we're talking a lot about infinity.

所以實際上，我們再次談論了很多關於無窮大的問題。

The thing with infinity is the flexibility also that our, that we are providing to our customer.

無限的事情是我們為客戶提供的靈活性。

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.

靈活性不僅涉及何時可以使用、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。

So we have, we see more and more infinity agreement that there are some flexibility.

所以我們看到越來越多的人一致認為有一定的彈性。

There are some bidding terms that are more flexible.

有一些投標條款更加靈活。

I don't want to call it financing, but they are much more flexible than a standard deal.

我不想稱之為融資，但它們比標準交易靈活得多。

So we don't, we don't see we don't do any financing.

所以我們沒有，我們沒有看到我們沒有進行任何融資。

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.

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。

And that's what we are doing today mainly with infinity.

這就是我們今天主要在無窮大方面所做的事情。

So, that's my answer for that.

這就是我的回答。

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.

嘿夥計們。

Thanks for the question.

謝謝你的提問。

Maybe to follow up on the preliminary one comment.

也許是為了跟進初步的一則評論。

You know, how are you tracking towards having that fully integrated in four Q?

您知道，您如何將其完全整合到四個 Q 中？

How is the pipeline building there?

那裡的管道建設情況如何？

And then when you talk to customers, you know, what is the willingness particularly in the high end enterprise?

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？

What is the willingness to eventually adopt that sassy solution?

最終採用這種時髦解決方案的意願如何？

And when can we expect that to happen?

我們什麼時候可以期待這種情況發生？

Thanks.

謝謝。

We're actually seeing some positive traction in Parameter 81.

實際上，我們在參數 81 中看到了一些正面的推動力。

If you remember we started a year ago, I think it's a very important element for our network security platform to have a sassy cloud delivered security as part of the platform.

如果您還記得我們一年前開始的，我認為對於我們的網路安全平台來說，擁有一個時髦的雲端來提供安全作為平台的一部分是一個非常重要的元素。

Started and we are selling it for the last year sales are going fine and we started by integrating.

去年我們開始銷售它，銷售進展順利，我們從整合開始。

So first, I think we are doing fine on the integration timeline.

首先，我認為我們在整合時間表上做得很好。

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.

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。

It's still small, so I'm not pointing it as you know, the big thing or the big achievement.

它仍然很小，所以我並不是像你知道的那樣指出它是大事或大成就。

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.

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。

And for Q4, we have a few seven deal digits on [Wet] Sassi platform and not the way to connect to us.

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。

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.

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。

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.

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。

And I think we're doing a good job there.

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.

偉大的。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

Maybe just to start with you Gil, it's good to hear that you expect next quarter to see 3 points of benefit to billings growth, which comes from deals that slipped out of the quarter.

也許首先從你開始，吉爾，很高興聽到你預計下季度比林斯增長將有 3 個百分點的好處，這來自於本季度下滑的交易。

I think it's more like 5 points of growth if they hadn't slipped from Q3, but naturally deal slip every quarter.

我認為，如果他們沒有從第三季下滑的話，這更像是 5 個百分點的成長，但自然每季的交易都會下滑。

Is there anything specific to checkpoint the environment or competitively that explains for these deal slipping when you think about and do your root causal analysis and maybe for Roei, we continue to hear the success that you're having with infinity contracts and recurring revenue products like harmony and cloud guard, as these continue to contribute more to the mix and it sounds like even exceeding your own internal expectations.

當您考慮並進行根本因果分析時，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交易的下滑，也許對於Roei 來說，我們繼續聽到您在無限合約和經常性收入產品方面所取得的成功，例如和諧和雲端保護，因為它們繼續為混合做出更多貢獻，聽起來甚至超越了您自己的內部期望。

What impact is that having on the model?

這對模型有什麼影響？

And how should we think about that going forward?

我們該如何思考未來的發展？

Thank you.

謝謝。

So I think overall we had a pretty positive quarter.

所以我認為總的來說，我們度過了一個非常積極的季度。

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 regions in the world, but we had some softness.

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，但我們有一些軟弱。

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.

再說一遍，我談論的是大地理區域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。

For example, again, I'm talking about the internal indicators.

例如，我再次談論內部指標。

So it's a similar case in our territories.

我們領土上也有類似的情況。

I think Europe in Q3 is always a challenge.

我認為第三季的歐洲始終是個挑戰。

On the one hand, we do get business, business continues, but on the other hand, it's very hard to change things and solve bottlenecks in Europe in the summer time when many people are on vacation.

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。

So I think in Europe we've seen some of that softness.

所以我認為在歐洲我們已經看到了一些疲軟的情況。

Overall as I said, I think we had a pretty decent results when I look competitively, I think we're doing fine.

總的來說，正如我所說，當我看起來具有競爭力時，我認為我們取得了相當不錯的成績，我認為我們做得很好。

I think we're winning.

我想我們贏了。

We're seeing more.

我們看到更多。

If I looked at the last few quarters, our growth in key indicators like a product and billings were very good.

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。

So clearly, by the way, I'm talking all the time about cyber and cyber growth.

順便說一句，很明顯，我一直在談論網路和網路成長。

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.

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。

I hope that it's not a long term reflection.

我希望這不是一個長期的反思。

I hope it's maybe result of other things.

我希望這可能是其他事情的結果。

But I think that compared to that we are actually gaining share in the core market and that's a positive thing.

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。

Obviously, like every time I would like to see more growth in the market overall and more growth for checkpoint.

顯然，就像每次我都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.

至於你的問題，就在混合方面。

So we definitely see that the Harmony mainly the -- harmony email which gaining -- I mean growing very significant, we just disclosed that we exceeded the $100 million ARR higher, lower than $100 million ARR.

因此，我們肯定會看到 Harmony 主要是 - 和諧電子郵件的成長 - 我的意思是成長非常顯著，我們剛剛透露我們超過了 1 億美元的 ARR，低於 1 億美元的 ARR。

And definitely it's becoming more and more significant all subscription revenues.

毫無疑問，所有訂閱收入都變得越來越重要。

So this together with the Sassy that we expect that will be more significant for us mainly from 2025 after we're going to complete the integration.

因此，我們預計，這與 Sassy 一起對我們來說將更加重要，主要是從 2025 年我們完成整合後開始。

I think that's definitely it should drive our growth and to drive the subscription revenues' growth.

我認為這絕對應該推動我們的成長並推動訂閱收入的成長。

And I think that's what we see and we hope to see the momentum with the email continues and with the other products Sassy accelerating.

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，而 Sassy 的其他產品也將加速發展。

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

Roei，我認為他也試圖詢問有關無限合約的硬體時間安排以及類似的事情。

Okay.

好的。

So also it's something that is reflected in our guidance.

這也反映在我們的指導上。

I have to say what's going on with infinity today that infinity is becoming, I mentioned 15% of our total revenues.

我不得不說今天無限正在發生什麼，我提到了我們總收入的15%。

In some quarters, it's even in the product, it can be even higher in the product revenues.

在某些方面，甚至在產品中，產品收入甚至可能更高。

And the thing within the product revenues related to infinity that in standard deal when we are selling appliances, so usually it's 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.

產品收入中的事情與無限相關，在標準交易中，當我們銷售電器時，通常是我們收到訂單並且正在交付，收入在接近 - 當交易時 - 被確認。

In infinity, they have the flexibility.

在無窮大中，它們具有靈活性。

They are buying allowance, they are not buying, they are buying, it's a kind of -- billing them for allowance, for example, for one year and they have the flexibility whenever they want to you to pull the allow to utilize the allowance and then only we can recognize revenues.

他們正在購買津貼，他們不是在購買，他們正在購買，這是一種——向他們收取津貼，例如一年的費用，他們可以靈活地隨時要求你取消使用津貼的許可，那麼只有我們才能確認收入。

So because the infinity is becoming more and more significant to the product revenues, we have less in terms of when we are also having orders that are being recognized immediately.

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。

So that's definitely -- that's easier to predict.

所以這肯定是更容易預測的。

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.

但是，當我們的訂單已滿且客戶想要使用它時，產品收入以及何時確認可能會出現某種波動，因為我們無法在產品收入達到時確認產品收入。時我們才能認可。

Thank you so much guys.

非常感謝你們。

Great to see you.

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，接下來是羅傑博伊德。

Thanks Kip.

謝謝基普。

Good afternoon and thank you for taking my question.

下午好，感謝您提出我的問題。

Gil in your prepared remarks, you did talk about new customer acquisition across different verticals and geos.

吉爾在您準備好的發言中確實談到了跨不同垂直領域和地理區域的新客戶獲取。

And I guess the question is, are you seeing an inflection relative to new customer acquisition?

我想問題是，您是否看到了新客戶獲取方面的變化？

It's not something you guys have called out recently and with those new customers, where are you landing with what products and who are you displacing?

這不是你們最近呼籲的，對於那些新客戶，你們將帶著什麼產品登陸哪裡以及你們將取代誰？

Thanks.

謝謝。

It's a good question.

這是一個好問題。

I think it's across the board.

我認為這是全面的。

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.

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。

We do have email as a great entry point to win some new customers.

我們確實將電子郵件作為贏得一些新客戶的絕佳切入點。

And in many cases, we want to grow it into other products as well.

在許多情況下，我們也希望將其發展到其他產品。

There's a few other examples, I think, well, on the Sassy side, there's also some area that we are winning some customers.

我認為還有其他一些例子，在 Sassy 方面，我們也在某些領域贏得了一些客戶。

So I think all of them exist.

所以我認為它們都存在。

But having said all of that and even looking at the model and saying, we got this email business, it's great.

但話雖如此，甚至看看模型並說，我們得到了這項電子郵件業務，這很棒。

We acquire a new customer and then we can cross sell it and upsell to it.

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。

That's great.

那太棒了。

Still the vast majority even of new customers is our core network security customers.

即使在新客戶中，絕大多數仍是我們的核心網路安全客戶。

And that's I think a very positive thing.

我認為這是一件非常正面的事情。

Rob you on mute.

搶你靜音。

Great.

偉大的。

I guess that the spirit of the question then.

我想這就是問題的精神。

So where are you seeing displacement?

那你在哪裡看到位移？

Who do you think you're taking share from and that the core network security?

您認為您從誰那裡獲得了核心網路安全的份額？

Let's -- I think we're taking share from all our competitors.

讓我們——我認為我們正在從所有競爭對手那裡奪取份額。

But it's still, I think in very small numbers that I don't think, I don't want to brag about that.

但我認為，我不想吹噓這一點的人數仍然很少。

I think we can do in the future.

我想我們將來可以做到。

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.

順便說一句，我給你舉個例子，一些最大的客戶，他們採取了一項政策，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，在以下情況下採用了該策略：他們從兩個不同的供應商購買。

I think we're seeing in some of them that the new orders are coming to us.

我認為我們在其中一些公司中看到了新訂單正在向我們發送。

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.

幾年後，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中佔有一席之地。

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.

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。

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.

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。

So that's a positive thing and trying to think about more examples.

所以這是一件積極的事情，並嘗試思考更多的例子。

I think we're seeing it all over.

我想我們已經看到這一切了。

It's not the usual names.

這不是通常的名字。

Great.

偉大的。

Thanks for the color.

謝謝你的顏色。

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

好吧，下一個是羅傑·博伊德，接下來是哈姆扎·福德瓦拉。

Thanks Kip.

謝謝基普。

Gil, you continue to talk about the importance of building around the sock and IGS with XDR and MDR continues to sound like it's doing well.

Gil，您繼續談論圍繞襪子和 IGS 構建 XDR 和 MDR 的重要性，聽起來仍然表現良好。

You've now added cyber into the platform.

您現在已將網路新增至平台。

Some of your key competitors have been a little more aggressive in their push into the sim and security analytics market.

您的一些主要競爭對手在進軍模擬和安全分析市場方面更加積極。

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?

我只是想知道你對此有何看法，考慮到模擬市場的所有這些混亂，為什麼不更直接地追求這一點呢？

To be very honest, I think first something we're looking at, we are trying to see what can be done and so on.

說實話，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。

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.

我不確定在這一點上，我們是否有真正的好機會成為模擬領域的領導者，基於我們擁有的技術，基於現有的玩家，基於技術，基於成本結構。

Yes, there are some maybe inflection points in that market and changes in AI can change things, but it's not a simple entry point.

是的，這個市場可能存在一些轉折點，人工智慧的變化可以改變一切，但這不是一個簡單的切入點。

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.

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，但我不確定這是否是我們應該立即抓住的市場。

Of course, if we will find some breakthrough internally or externally, that can change.

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。

But at this point, I don't think that's our major growth.

但目前，我認為這不是我們的主要成長。

But again, I think the Cyberint one can be a very brilliant entry to the SOC with kind of something that I think has a unique value proposition and can prove to be valuable in a very short period of time.

但我再次認為，Cyber​​int 可能是 SOC 的一個非常出色的入門產品，我認為它具有獨特的價值主張，並且可以在很短的時間內證明其價值。

Thank you.

謝謝。

Was there more to your question?

您的問題還有更多嗎？

Okay.

好的。

Next up is Hamza Fodderwala, followed by Shyam Patil.

接下來是哈姆扎·福德瓦拉 (Hamza Fodderwala)，其次是夏姆·帕蒂爾 (Shyam Patil)。

Great.

偉大的。

Good morning.

早安.

Thank you for taking my question.

感謝您回答我的問題。

Gil I had a question for you regarding just network security architectures in general.

Gil 我有一個關於一般網路安全架構的問題想問你。

So network traffic has gone up by some measures 20%-plus since COVID, you launched new appliances earlier this year, we're seeing healthy growth again in the product revenue.

因此，自從新冠疫情以來，網路流量在某種程度上增加了 20% 以上，今年稍早你們推出了新設備，我們看到產品收入再次健康成長。

I'm curious as enterprises are considering refreshing some of that hardware.

我很好奇，因為企業正在考慮更新其中一些硬體。

How long do you think this refresh can last?

你覺得這個刷新能持續多久？

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

特別是因為有些組織希望保持混合型，並且可能比我們幾年前想像的更長時間。

Obviously it's taking longer than I want it to happen.

顯然，這比我想要的時間還要長。

I think we are seeing a healthy refresh cycle, we are getting them, we are winning them.

我認為我們正在看到一個健康的更新周期，我們正在獲得它們，我們正在贏得它們。

I would have liked to see more of that coming in faster.

我希望看到更多這樣的內容更快出現。

And I think our new product line is definitely something that can show that.

我認為我們的新產品線絕對可以證明這一點。

I mean, we have more bandwidth, more capabilities, everything to accommodate that growth in network traffic.

我的意思是，我們擁有更多的頻寬、更多的功能，一切都可以適應網路流量的成長。

We have our clustering technologies and our Maestro hyperscaling technologies.

我們擁有叢集技術和 Maestro 超擴展技術。

So I think we are very well positioned to win a bigger share of it and to do it faster.

因此，我認為我們處於非常有利的位置，可以贏得更大的份額並且做得更快。

I think as I mentioned before, as much as I'm optimistic about our result -- positive about our results, optimistic about the future.

我認為正如我之前提到的，我對我們的結果很樂觀——對我們的結果持積極態度，對未來持樂觀態度。

I think we had a year but the year wasn't all green for everyone.

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。

Let's put it in the in a careful way this year so far.

讓我們仔細地把它放在今年到目前為止。

So the fact that we have growth in products and so on is actually a good indicator in the ideal year.

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。

I would like to see much higher growth in based on where we are.

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 Shyam Patil, followed by Gabriella Borges.

好的，下一個是 Shyam Patil，接下來是 Gabriella Borges。

Hey guys, good afternoon.

嘿夥計們，下午好。

I had a question just on the go to market and the, I guess specifically the channel partner program that you guys launched at the beginning of the year.

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。

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.

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.

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。

We just completed a few channel conferences in different parts of the world and I got only positive feedback.

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。

I don't know that it has any material, big impact on the results so far.

到目前為止，我不知道它對結果有任何實質的、重大的影響。

But I think the sentiment from the channel is definitely becoming better and better and the feedback is all positive.

但我認為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.

好的。

Next up is Gabriella Borges followed by Saket Kalia.

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

Hey, good.

嘿，很好。

Thanks for taking the question team.

感謝您接受提問小組的提問。

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 -- , as we get closer to the shipment date.

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。

How are you thinking about some of the business models that you could be deploying to be able to monetize that opportunity?

您如何考慮可以部署哪些商業模式來利用該機會獲利？

Thank you.

謝謝。

I think it's something we talked about.

我想這是我們討論過的事情。

I don't remember it was in Q1 or Q2 or the beginning of Q2, I think.

我想我不記得是在第一季或第二季或第二季的開始。

That's a huge opportunity to go and secure the hyperscalers of AI and to be on the AI hardware infrastructure, it's in the very beginning of things.

這是一個巨大的機會，可以保護人工智慧的超大規模，並建立在人工智慧硬體基礎設施上，這還處於起步階段。

We're just starting to build some senior sales leader to focus on that.

我們剛開始培養一些高階銷售領導來專注於此。

We are working with NVIDIA and our AI hyperscalers to get that out.

我們正在與 NVIDIA 和我們的人工智慧超大規模合作來解決這個問題。

It's too early to say what impact will it have and how big is the potential.

現在說它會產生什麼影響以及潛力有多大還為時過早。

But I think it's a very unique value proposition that we have and something that the world will definitely need.

但我認為這是我們擁有的一個非常獨特的價值主張，也是世界肯定需要的。

Understood.

明白了。

Thank you.

謝謝。

All right up next.

好吧接下來。

Saket Kalia followed by Joel P. Fishbein Jr.

Saket Kalia 跟隨 Joel P. Fishbein Jr.

Okay, great.

好的，太好了。

Hey guys, thanks for taking my question here.

嘿夥計們，感謝您在這裡提出我的問題。

Roei, maybe for you.

羅伊，也許適合你。

I think we talked about infinity being about 15% of total revenue and that's clearly growing a lot faster than the overall.

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。

But I guess I'd love to talk about the other 85% a little bit and maybe longer term, as you think about this model in the future, infinity is clearly going to become a bigger mix.

但我想我很想談談其他 85% 一點，也許從長遠來看，當你在未來思考這個模型時，無窮大顯然會成為一個更大的組合。

But the question is, is that going to come at the expense of the other 85%?

但問題是，這是否會以犧牲另外 85% 的人為代價？

Meaning can 15% and 85% both grow together or can -- or does the 15% does -- from in an absolute dollar terms does that 85% need to go down over time?

這意味著 15% 和 85% 可以同時成長，或者可以——或者說 15% 確實可以——從絕對美元計算來看，85% 需要隨著時間的推移而下降嗎？

Does that make sense?

這樣有道理嗎？

Yeah, it's a good question.

是的，這是一個好問題。

So I think definitely it can grow together, it definitely can grow together.

所以我認為它絕對可以一起成長，它絕對可以一起成長。

I can tell you that what we see with infinity, that, that infinity is driving the growth.

我可以告訴你，我們所看到的無限，無限正在推動成長。

I mean, it's driving growth.

我的意思是，它正在推動成長。

So we see that more custom that are customers that are adopting infinity.

因此，我們看到更多的客戶正在採用無限。

We see more growth there than what we see that customers are not adopting infinity.

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。

Doesn't say that the customers that are in the other 85% we don't see any growth.

這並不是說我們看不到另外 85% 的客戶有任何成長。

For example, we just mentioned Harmony email.

例如，我們剛才提到了 Harmony 電子郵件。

Harmony 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.

當然，Harmony 電子郵件有一部分是無限的一部分，但有一部分只是單獨銷售，而且成長非常快，與其他產品也是如此。

So it's a -- so again, it can definitely grow alone.

所以它是——所以再說一次，它絕對可以單獨成長。

I think that our future will be infinity.

我想我們的未來將是無限的。

I mean, 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.

I mean, 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四分之一.

And I think that's the future of and again -- that's the platform, that's the future of checkpoint that will drive the growth we are looking for.

我認為這就是平台的未來，這就是檢查點的未來，它將推動我們所尋求的成長。

One may be jumping and saying that when I measure the success of infinity, there's two things.

有人可能會跳起來說，當我衡量無限的成功時，有兩件事。

First, how many people move to the platform and deploy more technologies and get to commit to us for longer term?

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？

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 that.

然後他們實際上正在成長，因為當你沒有成長時，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，但它並沒有推動這一點。

And overall our infinity customers are driving high growth.

總體而言，我們的無限客戶正在推動高速成長。

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.

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。

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%.

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%。

And that's why we still think that moving customers to infinity is good, not just from a technology standpoint, but also from the value that we provide and the value that we get.

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價值來看。

Very helpful.

非常有幫助。

Thanks guys.

謝謝你們。

All right up is Joel P. Fishbein Jr. followed by John DeFucci.

好的，先是 Joel P. Fishbein Jr.，然後是 John DeFucci。

Good morning.

早安.

Just a quick question, at CPX '24.

只是一個簡單的問題，在 CPX '24 上。

You really spoke a lot about CNAPP market.

您確實談到了 CNAPP 市場的許多內容。

How integral is CNAPP to gain traction in this move to a double digit growth?

CNAPP 在實現兩位數成長的過程中發揮多大作用？

And can you elaborate on where you think you are in that market?

您能詳細說明一下您認為自己在該市場中的地位嗎？

Thanks.

謝謝。

I think we started the year with a challenging conditions in the cloud market.

我認為今年伊始，雲端市場的情況充滿挑戰。

I think we've -- the last two or three quarters actually been far more positive in terms of growing the overall cloud business.

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。

Still I think the judgment is still out.

但我仍然認為判決尚未結束。

What's the potential that we have?

我們有什麼潛力？

Which areas will we win?

我們將贏得哪些領域？

Will it will be more cloud network security or more CNAPP on that?

會更關注雲端網路安全還是更多的CNAPP？

I think we did a very good job in modernizing our CNAPP product in -- I did a deep dive into the product a few weeks ago and I was very impressed with what we got.

我認為我們在 CNAPP 產品現代化方面做得非常好——幾週前我深入研究了該產品，我們得到的結果給我留下了深刻的印象。

Competitive product and I thought that we should be very proud of what we have.

有競爭力的產品，我認為我們應該為我們擁有的產品感到非常自豪。

Still having said all of that, there is a big long road to get the maximum potential for us at CNAPP.

話雖如此，要在 CNAPP 發揮最大潛力，還有很長的路要走。

And there is a good question which I don't know the answer, whether we should focus more on CNAPP or more on other cloud technologies to win and provide value in the cloud space.

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 CNAPP 還是更多地關注其他雲端技術，以在雲端空間中獲勝並提供價值。

Thank you.

謝謝。

All right, next up is John DeFucci followed by Ben Bollin.

好吧，下一個是約翰·德福奇（John DeFucci），接下來是本·博林（Ben Bollin）。

Thanks.

謝謝。

Gil questions for you.

吉爾向你提問。

You said yourself that Europe is always soft in the quarter.

您自己說過歐洲本季總是疲軟。

Was this more than usual?

這比平常多嗎？

And if so, what caused that?

如果是這樣，是什麼原因造成的？

You mentioned some struggles of some of your competitors?

您提到了一些競爭對手的一些掙扎嗎？

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?

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超出了您的預期，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.

坦白說，我沒有完整的答案，也不想誤導。

Last quarter, for example, even though Europe is usually weak in Q3.

例如，上個季度，儘管歐洲第三季度通常表現疲軟。

We want some giant deal in Europe, which made this a tough compare.

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。

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 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.

我不是以此為藉口，也沒有以此作為開場白，因為我認為去年我們達成了一項大協議，這意味著我們今年應該達成兩項協議，而不僅僅是重複同樣的事情，但這是與去年我們在第三季贏得巨額交易的歐洲、特定國家相比，這有點困難。

I don't have any strong attribution.

我沒有任何強烈的歸屬感。

I do see some weakness with the competitive market and some competitors that are struggling, but we're struggling again.

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。

I don't know about this quarter.

我不知道這個季度怎麼樣。

I know about previous quarters.

我知道前幾季的情況。

And so I don't have all the good answer at the end of the day.

所以最終我並沒有得到所有好的答案。

I think we finished the quarter in a very positive way.

我認為我們以非常積極的方式結束了本季。

Healthy numbers, all the financial numbers are right.

健康的數字，所有的財務數據都是正確的。

We are tracking with orders that we think we're sleeping are actually are being won in the fourth quarter and so far it's going well.

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.

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。

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.

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.

好的。

Thank you, Gil.

謝謝你，吉爾。

All right.

好的。

Next up is Ben Bollin, followed by Andrew Nowinski.

接下來是本·博林（Ben Bollin），其次是安德魯·諾文斯基（Andrew Nowinski）。

Good morning.

早安.

Thank you for taking the question.

感謝您提出問題。

I'm interested in how the current guidance, the framework thinks about budget flush opportunity in 4Q of this year versus prior years.

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。

And then an additional item.

然後是一個附加項目。

Just any thoughts on how competitive landscape might be influencing the duration of sales cycles or close rates.

關於競爭格局如何影響銷售週期或成交率的持續時間的任何想法。

Thank you.

謝謝。

Roei any

羅伊安

--

--

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 year.

至於指導，指導，指導的中點沒有考慮到任何重大的預算衝刺，這將在今年發生。

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.

我提醒大家，兩年前，我認為是的，我們沒有看到任何預算，但這是我們一年前沒有看到的東西，我們確實看到比兩年多一點的預算閃光。

Ago this quarter again, we do expect some budget flash but not significant.

在本季之前，我們確實預計會出現一些預算閃現，但幅度不大。

It didn't take into account, we didn't take into account significant budget flush in our guidance.

它沒有考慮到，我們在我們的指導中沒有考慮到大量的預算沖刷。

And the other question was around the sale cycle and duration

另一個問題是關於銷售週期和持續時間

[brand].

[品牌]。

Yeah, 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、折扣可能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 significant change in the close rates.

所以我們做了——當我觀察時，我們一直在監控的事情，即收盤價，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 quarter we didn't see any significant change.

我的意思是，最後，成交率，我的意思是，我不是說從第三季度開始推出的這項具體交易，其中部分交易已經結束第四季度，我們談論的是本季度我們沒有看到任何重大變化。

And the sale cycle again, nothing special that we've seen this quarter, that it's longer than in previous quarters.

再次是銷售週期，本季我們沒有看到什麼特別的，它比前幾季更長。

Again, it really depends on the deal, on the customer.

再說一次，這實際上取決於交易、取決於客戶。

Of course, infinity deal is something some usually it's a mega, it's a multimillion dollar deal.

當然，無限交易通常是一筆巨額交易，價值數百萬美元。

So it involves more approval, and approval cycle can take longer but nothing that is unique that we've seen this quarter.

因此，它涉及更多的審批，審批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.

謝謝。

Good afternoon.

午安.

So I want to ask about billings again.

所以我想再問一下關於帳單的事情。

So in Q2, you had a few large deals, I think pay upfront, which boosted your billings growth by a 1.5 point.

因此，在第二季度，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 1.5 個百分點。

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%.

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%。

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.

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，即您的帳單成長持續加速，標準化成長率。

So we don't provide any guide, you know that we don't provide any guidance around billing.

所以我們不提供任何指南，您知道我們不提供任何有關計費的指南。

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.

我可以做 - 我可以說，根據我們對決賽的看法，根據我們所看到的以及對計費的期望，計費應該期望它，因為它有好處。

First of all, we do see strong pipeline not related even to the sleep deals.

首先，我們確實看到強大的管道甚至與睡眠交易無關。

We are seeing strong pipeline for Q4.

我們看到第四季的管道強勁。

Second, we do going to have expect to have a benefit that what I mentioned about the sleep deals from Q3.

其次，我們確實預計會得到我提到的第三季睡眠交易的好處。

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.

所以我認為我們將再次強調，我們不提供任何指導，但我們肯定會根據今天看到的決賽進行預期和預測。

And again, we need to be cautious because it's final.

再說一遍，我們需要謹慎，因為它是最終的。

We do expect to have a very strong quarter in Q4.

我們確實預計第四季度將有一個非常強勁的季度。

Thank you.

謝謝。

All right.

好的。

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

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.

好的。

Thank you so much for having me on.

非常感謝你邀請我參加。

Roei, I guess I want to ask about the guidance.

Roei，我想我想詢問一下指導。

So, nice to see the guidance raise at the midpoint.

因此，很高興看到指引在中點上調。

I know checkpoint don't guide line by line, but should we expect if everything goes to plan in 4Q a sustained re-acceleration in the product line and then I guess just a tactical question, in terms of the inorganic contribution from Cyberint in 4Q, can you just give us some kind of guideposts on that one?

我知道檢查點不會逐行指導，但如果第四季度一切按計劃進行，我們是否應該期望產品線持續重新加速，然後我想這只是一個戰術問題，就第四季度Cyber​​int 的無機貢獻而言，你能給我們一些關於那個的指南嗎？

Yeah.

是的。

So right now as I mentioned that the product -- I mean, again, we don't disclose the separation between the product and the other line items in the revenues, but we do expect another good quota on the product.

因此，現在正如我所提到的產品一樣，我的意思是，我們不會揭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。

We see a very good pipeline for the appliances, for demand and appliances.

我們看到設備、需求和設備的管道非常好。

I have to say that significant portion of this pipeline for the product is coming from infinity deals.

我不得不說，該產品管道的很大一部分來自無限交易。

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.

所以存在某種——我不想稱其為風險，但有某種情況本季度不會得到認可，但會在 2025 年得到認可。

So there is -- so therefore we are providing a guide.

因此，我們提供了一個指南。

So I think that the guidance 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，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.

贏得交易。

But recognizing the revenues like

但要認識收入，例如

--

--

I mean it's only

我的意思是這只是

--

--

(multiple speaker) overall for an annuity, business model, growth business model is good.

（多位發言者）整體來說對於年金來說，商業模式、成長性商業模式都不錯。

But for the short term, we are transitioning more and more on the business model to deferring the revenues on that.

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。

Yes.

是的。

And Patrick, the second question that you have, again.

派崔克，你再問第二個問題。

It was -- congrats on the Cyberint acquisition, a nice tool to both the portfolio.

恭喜 Cyber​​int 的收購，這對這兩個投資組合來說都是一個很好的工具。

Can you give some guide rails around if there's going to be any inorganic contribution in 4Q?

如果第四季會有任何無機貢獻，您能否提供一些指引？

Yeah.

是的。

So, Cyberint that we bought Cyberint, they had already a nice ARR, that we acquired them.

所以，Cyber​​int，我們收購了 Cyber​​int，他們已經有一個很好的 ARR，我們收購了他們。

Again, we don't expect it to have a significant effect on Q4.

同樣，我們預計它不會對第四季度產生重大影響。

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

我想說不到 1 個百分點——不到我們第四季總營收的 1%。

All right.

好的。

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

今天的最後一個問題將來自格雷格·莫斯科維茨。

All right.

好的。

Thank you guys very much.

非常感謝你們。

Two quick ones.

兩個快的。

First, I apologize if I missed it.

首先，如果我錯過了，我深表歉意。

But Roe, RPO, I know it grew 10% last quarter in Q2.

但 Roe、RPO，我知道上個季度第二季成長了 10%。

Obviously, this quarter, you had some slip deals.

顯然，本季度您有一些滑單交易。

I'm sure that had an impact.

我確信這產生了影響。

But what was the RPO growth in Q3?

但第三季的 RPO 成長是多少？

And then secondly, a follow up on Cyberint, since it did actually close just before the end of the Q3, are you able to clarify what that added to deferred revenue?

其次，Cyber​​int 的後續行動，因為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？

Thank you.

謝謝。

Yes.

是的。

So first around the RPO, RPO actually grew by 8% in Q3.

首先圍繞著 RPO，RPO 在第三季實際上成長了 8%。

And on the Cyberint, there was no effect on the P&L side on Cyberint because it was closing in the last few days of the quarter.

在 Cyber​​int 上，Cyber​​int 的損益方面沒有受到影響，因為它是在本季度的最後幾天關閉的。

It is I think less than 1% of our -- I think in total, it has approximately 1.5 points on the calculated billings that you're going to -- that you're seeing.

我認為，您所看到的不到我們的 1%（我認為總共大約有 1.5 個點）。

Thank you very much.

非常感謝。

All right, ladies and gentlemen, thank you for joining us today.

好的，女士們先生們，感謝你們今天加入我們。

I'm sure we'll be talking to you throughout the day, and throughout the quarter.

我確信我們會全天和整個季度與您交談。

We look forward to seeing you guys at the year-end in January.

我們期待在一月的年底見到你們。

Have a great day.

祝你有美好的一天。

Thank you very much, everyone.

非常感謝大家。