Check Point Software Technologies Ltd (CHKP) 2024 Q4 法說會逐字稿

Financial results video conference call.

財務結果視訊電話會議。

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

我是全球投資者關係主管 Kip E. Meintzer。

And joining me today are Founder and Executive Chairman, Gil Schwed; Chief Executive Officer, Nadav Zafrir; and our Chief Financial Officer Roei Golan.

今天與我一起的還有創辦人兼執行主席 Gil Schwed；執行長 Nadav Zafrir；以及我們的財務長 Roei Golan。

Before we begin, I'd like to remind everyone that this conference is being recorded and will be available for replay on our website at checkpoint.com. During the formal presentation, all participants will be in listen-only mode and that will be followed by a Q&A session.

在我們開始之前，我想提醒大家，本次會議正在錄製中，您可以在我們的網站 checkpoint.com 上重播。在正式演講期間，所有參與者將處於只聽模式，然後進行問答環節。

During this presentation, Check Point representatives may make forward-looking statements.

在本次演示中，Check Point 代表可能會做出前瞻性聲明。

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

前瞻性陳述通常與未來事件或未來財務或經營績效有關。

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

這些聲明涉及風險和不確定性，可能導致實際結果與前瞻性聲明中的預測有重大差異。

Any forward-looking statements may speak only as of the date hereof and Check Point software undertakes no obligation to update publicly any forward-looking statements in our press release, which has been posted on our website.

任何前瞻性陳述僅代表本文發布之日的觀點，Check Point 軟體不承擔公開更新我們網站上發布的新聞稿中任何前瞻性陳述的義務。

We present GAAP and non-GAAP results along with the reconciliation of such results as well as the reasons for our presentation of non-GAAP information.

我們展示 GAAP 和非 GAAP 結果以及這些結果的調整以及我們展示非 GAAP 資訊的原因。

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

如果您在通話後有任何問題，請隨時透過電子郵件 kip@checkpoint.com 聯絡投資者關係部。

And with that, I'd like to turn the call over to Roei Golan for the start of our presentation.

現在，我想將電話轉給 Roei Golan，開始我們的演講。

Thank you, Kip.

謝謝你，基普。

And thank you, everyone, for joining the call.

感謝大家參加此次電話會議。

So, I think we are there.

所以，我認為我們已經到了。

We finished 2024 with the high note, starting with strong demand for all our main products.

我們以高調結束了 2024 年，首先是我們所有主要產品的需求強勁。

Our revenues reached $704 million and $9 million above the midpoint of our projections.

我們的收入達到了 7.04 億美元，比我們的預測中位數高出 900 萬美元。

Our non-GAAP EPS was $2.70 at the top end of our projections.

我們的非 GAAP 每股盈餘預計最高為 2.70 美元。

Moving to the to the annual results, so our revenues reached $2 billion $565 million and $50 million above the midpoint of our projection in the beginning of the year.

至於年度業績，我們的收入達到了 25.65 億美元，比年初預測的中位數高出 5,000 萬美元。

While our non-GAAP EPS, we reached $9.60, 9% growth and $0.16 above the midpoint of our projections.

而我們的非 GAAP EPS 達到了 9.60 美元，成長 9%，比我們預測的中點高出 0.16 美元。

So as I mentioned, we did see a strong -- we did finish the year with a high note, with strong demand for our product.

正如我所提到的那樣，我們確實看到了強勁的——我們確實以高調結束了這一年，我們的產品需求強勁。

I mentioned the revenues, our deferred revenues grew by 5% to $2 billion.

我提到了收入，我們的遞延收入成長了 5%，達到 20 億美元。

Our calculated billing grew by 11% to $959 million.

我們的計算帳單成長了 11%，達到 9.59 億美元。

While our current calculated billing grew by 9%.

而我們目前計算的帳單增加了 9%。

Our RPO grew by 12% to $2 billion $565 million.

我們的RPO成長了12%，達到25.65億美元。

So I think again that said was driven for a sign for strong demand for our product, mainly for the Quantum Force demand -- for our Quantum Force appliances, the firewall appliances that we can see here the trend that we do see -- that since we launched this Quantum Force in the beginning of the year, we continue to see the positive trend and the strong demand for our product.

因此，我再次認為，這表明我們的產品需求強勁，主要是對 Quantum Force 的需求——對我們的 Quantum Force 設備、防火牆設備的需求，我們可以在這裡看到這種趨勢——自從我們在今年年初推出 Quantum Force 以來，我們繼續看到積極的趨勢和對我們產品的強勁需求。

This quarter, we achieved 8% growth in revenues and with $171 million of revenues.

本季度，我們的營收實現了8%的成長，達到1.71億美元。

We also continue to see strong adoption for Infinity platform by existing customers and also by new customers adjoining Check Point with this platform.

我們也看到現有客戶以及使用該平台與 Check Point 合作的新客戶對 Infinity 平台的廣泛採用。

I think that this answering their needs under one umbrella of product and services.

我認為這可以在產品和服務的框架下滿足他們的需求。

The evidence from Infinity platform agreements add another strong quarter with strong double digit growth.

來自 Infinity 平台協議的證據顯示，該公司又一個季度實現了強勁的兩位數成長。

Moving to the revenues by geographies.

轉向按地域劃分的收入。

So as you can see, all our geographies grew.

正如您所看到的，我們所有的地區都在成長。

I have to say this is the revenues.

我必須說這就是收入。

But when I'm looking at the new business booking, all the geographies grew by double digits in new business.

但當我查看新業務訂單時，所有地區的新業務都實現了兩位數的成長。

So, I think that's the most important part because in the end, that's translated into revenues.

所以，我認為這是最重要的部分，因為最終這會轉化為收入。

So again, very strong demand in all geographies.

因此，所有地區的需求都非常強勁。

Moving to our P&L, our gross margin was similar to last year with 89%.

至於我們的損益表，我們的毛利率與去年相似，為 89%。

Our operating expenses reached $317 million, 12% increase compared to last year that was mainly driven from our continued investment in our go-to market.

我們的營運費用達到 3.17 億美元，比去年增加 12％，這主要得益於我們對目標市場的持續投資。

And also, the addition of Cyberint that we acquired in the end of Q3.

此外，我們還在第三季末收購了 Cyber​​int。

Our operating income was $306 million and 44% operating margin.

我們的營業收入為 3.06 億美元，營業利益率為 44%。

Moving to the financial income.

轉向財務收入。

This quarter, it reached $25 million as we keep investing in higher interest rate over the time.

本季度，由於我們不斷以更高的利率進行投資，這一數字達到了 2500 萬美元。

Our non-GAAP tax rate this quarter was around 8%.

我們本季的非公認會計準則稅率約為 8%。

Mainly due to updates of tax provision.

主要是由於稅務撥備更新所致。

Due to several tax assessments we have worldwide, our non-GAAP in net income grew by 2% to $303 million.

由於我們在全球範圍內進行了幾次稅務評估，我們的非公認會計準則淨收入增加了 2%，達到 3.03 億美元。

While our GAAP net income was $258 million or $2.30 per diluted share, 7% increase in value.

而我們的 GAAP 淨收入為 2.58 億美元或每股攤薄收入 2.30 美元，價值成長了 7%。

For the annual P&L, we can see that our calculated bidding also on an annual basis had a strong growth of 9% year over year.

對於年度損益表，我們可以看到，我們按年度計算的投標也較上年同期大幅增加了 9%。

Our total revenue grew by 6%.

我們的總收入成長了6%。

Again, gross margin similar to our last year's 89%.

再次，毛利率與去年的 89% 相似。

Our operating margin grew by -- increased by 10% to $1 billion $181 million.

我們的營業利潤率成長了 10%，達到 11.81 億美元。

While our operating opening expenses increased by 10%.

而我們的營業開業費用卻增加了10%。

While our operating income grew by 2% to almost $1.1 billion.

我們的營業收入成長了2%，達到近11億美元。

And when I'm looking into next year and also operating margin, we need to take into account a half a point, a delusion related to our recent acquisition of Cyberint.

當我展望明年的營業利潤率時，我們需要考慮半個點，這是與我們最近收購 Cyber​​int 有關的錯覺。

I think we discussed it also in the -- when we acquired Cyberint last quarter.

我想我們上個季度收購 Cyber​​int 時也討論過這個問題。

But again, also a reminder for 2025.

但同樣，這也是對 2025 年的提醒。

Looking on the financial income for the year, again, reached $96 million because of the high interest rate.

從全年財務收入來看，由於高利率，收入也達到了 9,600 萬美元。

We finished the year with non-GAAP tax rate of 13% compared to 14% last year.

我們今年的非公認會計準則稅率為 13%，去年為 14%。

Again, mainly due to our tax provision as we had tax assessment worldwide.

再次，這主要歸功於我們的稅收撥備，因為我們在全球範圍內進行了稅務評估。

As for the tax expenses next year, we're expecting to be around the same levels in HQ and also annually.

至於明年的稅費，我們預計總部和全年的稅費將保持大致相同。

As a reminder, we're in the middle of tax assessment worldwide and closing this method during could change the effective tax rate accordingly.

提醒一下，我們正處於全球稅務評估之中，在此期間關閉此方法可能會相應地改變有效稅率。

Our non-GAAP net income reached $1 billion and $39 million, an increase of 4% in value, while our EPS was $9.60. And as I mentioned, it grew by 9% in value.

我們的非公認會計準則淨收入達到 10.39 億美元，價值成長了 4%，而我們的每股收益為 9.60 美元。正如我所提到的，它的價值增加了 9%。

And when I'm looking for next year in terms of our number of shares, so we need to take into account a decrease of approximately $1 million shares every quarter.

當我展望明年的股票數量時，我們需要考慮每季股票數量減少約 100 萬美元。

So, we are starting now from 112 and we expect to see a 1 million shares reduction every quarter.

因此，我們現在從 112 開始，預計每季減少 100 萬股。

Moving to the cash flow.

轉向現金流。

So, we finished the year with $2.8 billion of cash and marketable securities and deposits.

因此，我們在年底時擁有 28 億美元的現金、有價證券和存款。

Our operating cash flow for the quarter was strong with $249 million and 6% percent increase overall.

本季我們的營運現金流強勁，達到 2.49 億美元，整體成長 6%。

Our annual operating cash flow for 2024 was $1 billion and $59 million.

我們 2024 年的年度營運現金流為 10 億美元 5,900 萬美元。

And also, we continue to do our buyback and bought more shares in the amount of $325 million in Q4.

此外，我們繼續回購股票，並在第四季度購買了價值 3.25 億美元的更多股票。

And for the full year, we bought shares for $1.3 billion.

全年我們回購了價值 13 億美元的股票。

To summarize, so we had a strong quarter revenues and EPS above the midpoint of our projections.

總而言之，我們本季的營收和每股盈餘強勁，高於我們預測的中位數。

We had the demand.

我們有需求。

It was mainly driven by a strong demand for our Quantum Force appliances.

這主要是受對我們的 Quantum Force 設備的強勁需求的推動。

You did see the double-digit growth in calculated billing and also an LPO and we maintain a strong profitability.

您確實看到了計算賬單和 LPO 的兩位數增長，並且我們保持了強勁的盈利能力。

And with that, I hand over the call to you.

說完這些，我就把電話交給你了。

Thank you, Roei, and glad to see you everyone.

謝謝你，Roei，很高興見到大家。

It's a pleasure being here.

我很高興來到這裡。

For me, it's a very exciting day because it marks my transition to my new role as the Chairman.

對我來說，這是非常令人興奮的一天，因為它標誌著我轉向董事長的新角色。

But before I jump into that, first about the quarter.

但在深入討論這個問題之前，我先來談談本季的情況。

So, we have a slightly different format today, I'm going to -- I'm not going to present the regular slide that speaks about the deals in the quarter and that is going to spend more time not talking about the quarter but talking about his vision for Check Point and about his view of the world.

因此，今天我們的形式略有不同，我不會用常規的幻燈片來介紹本季度的交易，而是花更多時間不談論本季度，而是談論他對 Check Point 的願景和他對世界的看法。

I think it's very important that you all get to start knowing the doubt.

我認為讓大家開始了解這個問題非常重要。

And for me, the last quarter marks a very good one.

對我來說，最後一個季度是一個非常好的季度。

I think you heard from Roei about the financial results.

我想您已經從 Roei 那裡聽說了財務結果。

It's great to transition with such results.

能夠取得這樣的結果真是太好了。

Pretty much all the key financial metrics performed very, very well.

幾乎所有關鍵財務指標都表現得非常非常好。

I know that some of you were concerned last quarter on billings and you saw it this quarter without any particular focus billings as an indicator.

我知道你們中的一些人上個季度對帳單感到擔憂，但本季卻沒有特別關注帳單作為指標。

That's not what we measure internally.

這不是我們內部衡量的。

But billing as an indicator shows very good health with 11% growth.

但以計費為指標，顯示出非常好的健康狀況，成長率為11%。

We've won many of the deals that were postponed last quarter.

我們贏得了許多上個季度被推遲的交易。

We've got more deals there in this quarter.

本季度我們在那裡達成了更多交易。

And one of the strength -- strong point is it wasn't one or two large deals that stew the quarter in one direction.

其中一個優點是，並不是一兩筆大交易導致本季出現任何問題。

It was a collection of wins across the globe and across the different sectors and also across the different product line, mainly the Quantum and the Quantum Force product line showed strength something that we've been seeing improving over the last few quarters.

這是全球範圍內、不同領域以及不同產品線的一系列勝利，主要是 Quantum 和 Quantum Force 產品線展現了實力，我們在過去幾季中一直在看到這種改進。

And it's great to see now because that's the core of our business.

現在看到這一點真是太好了，因為這就是我們業務的核心。

But our infinity deals were very good.

但我們的無限交易非常好。

Our email security business was also very good.

我們的電子郵件安全業務也非常好。

We even saw some nice growth in the cloud business.

我們甚至看到雲端業務取得了良好的成長。

So overall, all the key metrics that we had were in line with what we expect.

整體而言，我們的所有關鍵指標都符合我們的預期。

And that's a great way, again, to transition my job.

這又是轉變我的工作的好方法。

With that in mind, I want to thank everybody that did that.

考慮到這一點，我要感謝所有這樣做的人。

Our customers that showed faith in the best security that we deliver in Check Point.

我們的客戶對我們在 Check Point 提供的最佳安全保障充滿信心。

Our employees, whether it's the developers or the people who do ship our product and the mainly the salespeople.

我們的員工，無論是開發人員或運送我們產品的人員，主要是銷售人員。

And our GCO organization.

還有我們的 GCO 組織。

With the lead of (inaudible), we delivered a very good quarter.

在（聽不清楚）的帶領下，我們取得了非常好的季度表現。

But it's more than just one quarter.

但這不僅僅是一個季度。

And here, I want to turn all these thanks to all of you, our shareholders and analysts that followed us for so many years.

在這裡，我要向多年來關注我們的各位股東和分析師表示感謝。

And again, the same thing, our customers, our employees, our leadership team that they may Check Point what it is.

再次，同樣的事情，我們的客戶，我們的員工，我們的領導團隊可能會檢查點是什麼。

And if you look this slide that summarizes my 30 -- actually, I'm 32 years doing what I'm doing.

如果你看一下這張總結我 30 年職業生涯的投影片，實際上，我已經從事我現在所做的事情 32 年了。

But you see here a summary of almost 31 years of business.

但您在這裡看到的是近 31 年的業務總結。

And you see that on every business metric, we have very strong fundamental.

您會發現，從每個業務指標來看，我們的基礎都非常強勁。

If we look at ’95, the year before we went public, we grew since then in revenues 250 folds.

如果我們看看 1995 年，也就是我們上市的前一年，我們的營收從那時起成長了 250 倍。

And in profits, kind of this very similar.

就利潤而言，情況非常相似。

EPS grew by more than 300 or close to 400 folds from ‘95.

與 1995 年相比，每股盈餘成長了 300 多倍，甚至接近 400 倍。

So on our share price, if I look at the basis of ’95, it's almost 800 fold high.

因此，就我們的股價而言，如果我以 95 年為基礎，它幾乎高出了 800 倍。

I look just after the IPO price in ’96, it's 80-fold high, which is also a pretty good number.

我查看了 1996 年 IPO 後的價格，它上漲了 80 倍，這也是一個相當不錯的數字。

So, I think all these numbers are a testament to the strength of the security of Check Point and mainly to the very, very good people that surrounded me and will now work with Nadav to take Check Point into new height.

因此，我認為所有這些數字都證明了 Check Point 安全性的強大，並且主要歸功於我身邊非常非常優秀的人，現在他們將與 Nadav 合作，將 Check Point 推向新的高度。

Now, in the last few months, I had the pleasure of working with Nadav.

現在，在過去的幾個月裡，我很高興與 Nadav 合作。

We did a very good training and transition process.

我們進行了非常好的訓練和過渡過程。

Over the last 45 days, Nadav took the role of the CEO and he's doing extremely well.

在過去的 45 天裡，Nadav 擔任了執行長一職，他的表現非常出色。

I couldn't be happier than that.

我真高興極了。

Many people ask me, what do I do as a Chairman?

很多人問我，身為主席我要做什麼？

So, he put here these pictures about me riding my bike.

所以，他把這些我騎腳踏車的照片放在這裡。

So yes, I am riding my bike and as a Chairman, I intend to do it not once a week, but maybe twice a week, but I still come every day to the office.

所以是的，我騎自行車，而且身為主席，我打算不只是每週騎一次，而是每週騎兩次，但我仍然每天都來辦公室。

I'm very, very excited about the future of Check Point.

我對 Check Point 的未來感到非常興奮。

And I'm actually enjoying my new role very, very much.

事實上我非常非常享受我的新角色。

Taking away all the day-to-day operational responsibilities of running a large company and the ability to speak, to listen, to think about the future.

承擔經營大公司的所有日常營運責任，以及發言、傾聽和思考未來的能力。

It's a great pleasure for me and relaxing a little bit.

這對我來說是極大的樂趣，並且能稍微放鬆一下。

And over the next few months, I'm going to reedify my role and mainly be a resource for everybody in Check Point and mainly to Nadav, and in the way I can help with the thinking and experience in helping them in the future.

在接下來的幾個月裡，我將重新確定我的角色，主要成為 Check Point 和 Nadav 每個人的資源，以便我能以思考和經驗的方式幫助他們，以便在未來幫助他們。

This month and a half, I think Nadav is already doing a great job.

這一個半月來，我認為 Nadav 已經做得非常出色了。

I couldn't have picked a better leader for Check Point.

我不可能為 Check Point 挑選出更好的領導者。

I know with Nadav will take Check Point to new heights.

我相信 Nadav 會帶領 Check Point 走向新的高度。

And I wish him -- and I anticipate that we'll have great, great success with it.

我祝他——並且我期待我們能取得巨大的成功。

And I hope that we will be here a year from now, 5 years from now, 10 years from now and see how the graph that I showed you continue to perform well.

我希望一年後、五年後、十年後，我們還能在這裡看到我向大家展示的圖表如何繼續表現良好。

This is what I wish for everybody, for you, for our customers that will get more security for employees.

這是我為大家、為你們、為我們的客戶所祝福的，他們的員工將得到更多的保障。

And with that, I think it's a great transition to transfer the call to Nadav so you can hear his thoughts about the future.

因此，我認為將電話轉接給納達夫是一個很好的過渡，這樣你就可以聽到他對未來的想法。

Nadav, the floor is yours.

Nadav，現在請你發言。

Thank you so much, Gil.

非常感謝，吉爾。

As you can tell, I have big shoes to fill.

正如您所知，我要做的事情很艱鉅。

You know, naturally, very excited to be here, and speak to you all for the first time.

你知道，我自然非常高興來到這裡，第一次和大家交談。

So glad to see you and hope to have the opportunity to see many of you more often and in person in the future.

很高興見到你們，希望將來有機會更常親自見到你們。

I think it's also an opportunity for me to thank the Board for selecting me.

我認為這也是我感謝董事會選擇我的機會。

But especially I want to thank you, Gil.

但我特別想感謝你，吉爾。

First of all, for building an amazing company, and also for the great transition, and for the friendship that we've had for many, many years.

首先，感謝你們建立了一家出色的公司，感謝你們實現了偉大的轉型，感謝你們多年來的友誼。

And it's really, really awesome to work with you.

和你一起工作真的非常棒。

I can tell you that I've asked Gil with his biking not to do any double black diamond routes or singles within the next few months as I need you by my side here.

我可以告訴你，我已經要求吉爾在接下來的幾個月內不要騎自行車進行任何雙黑鑽石路線或單打路線，因為我需要你在我身邊。

So, and he said he won't and let's see.

所以，他說他不會，讓我們拭目以待。

Look, I just a little bit about my background, right.

瞧，我剛剛稍微介紹了一下我的背景，對吧。

So, I've been a part of this industry for the last 30 years as well.

所以，過去 30 年來我也一直是這個產業的一部分。

If I had the opportunity to see it from different perspectives, defending large networks and critical infrastructure on a national basis.

如果我有機會從不同的角度看待這個問題，在國家層面上保護大型網路和關鍵基礎設施。

I also have the opportunity to see this industry from the attackers' perspective, which I know -- which I think is very, very important.

我也有機會從攻擊者的角度看待這個行業，我知道——我認為這非常非常重要。

And so, I have this appreciation of how difficult it is to stay ahead of the race.

因此，我認識到保持領先有多麼困難。

And the fact that sometimes offense and defense are sort of asymmetric.

事實上，有時進攻和防守是不對稱的。

And then in the last decade, looking at this industry mostly from the innovation side.

在過去的十年中，我們主要從創新角度來看待這個產業。

So about 10 years ago, I was part of starting [team eight] and had the opportunity to watch this industry from trying to anticipate what will come in the future and build cutting edge innovation startups so that we can be ready for that future.

大約 10 年前，我是 [第八團隊] 的創始人之一，有機會觀察這個行業，試圖預測未來會發生什麼，並建立尖端的創新新創企業，以便我們能夠為未來做好準備。

And a teammate, I've been involved in as an entrepreneur, as an investor, in building over 20 companies, some of them are category leaders in the industry.

和我的隊友一起，我以企業家和投資者的身份參與創建了 20 多家公司，其中一些是該行業的領導者。

And when I look at that history and that experience and the different perspectives, I think I can really appreciate how hard it is to actually defend our hyperconnected world and our complex networks and also how critical it is to do it.

當我回顧那段歷史、經驗和不同的觀點時，我認為我能夠真正體會到捍衛我們這個高度互聯的世界和複雜網絡有多麼困難，以及做到這一點有多麼重要。

And honestly, that's the reason I joined the Check Point.

說實話，這就是我加入 Check Point 的原因。

I think with that experience and with the base that we have here, there's a huge opportunity for us to continue to lead this industry over the next few years, as Gil said.

正如吉爾所說，我認為憑藉這些經驗和我們在這裡的基礎，我們有巨大的機會在未來幾年繼續引領這個行業。

Over the past couple of months, I've had the opportunity to meet with dozens of our customers and partners.

在過去的幾個月裡，我有機會與數十位客戶和合作夥伴會面。

I've had the opportunities to talk to and get to know hundreds of our own Check Point people.

我有機會與數百名 Check Point 員工進行交談並結識他們。

And I have to tell you that my resolve has been galvanized because I'm super impressed.

我必須告訴你，由於我印象非常深刻，我的決心已經堅定了。

First and foremost, by the depth of our technology.

首先，我們的技術實力雄厚。

You know, I've been following Check Point from the sidelines for many, many years, but when you're in, you see different things and I was exposed to the depth but also the breadth of our ecosystem.

你知道，我已經在場外關注 Check Point 很多年了，但是當你加入進來時，你會看到不同的東西，我不僅了解了我們生態系統的深度，也了解了它的廣度。

Coming from the startup world, it's really interesting to see the scale of the criticality of our software and how many large organizations in the world are actually dependent on the and relying on our technology.

來自新創企業的世界，看到我們的軟體的重要性規模以及世界上有多少大型組織實際上依賴和依靠我們的技術，真的很有趣。

And then finally, I would say the passion of the people.

最後，我想說的是人們的熱情。

And I think one thing that is unique about Check Point is some of the people that we have here has been here for almost as long as Gil and they're super passionate.

我認為 Check Point 的一個獨特之處在於，我們這裡的一些人在這裡工作的時間幾乎和吉爾一樣長，而且他們非常熱情。

Some of them, when I talk to them, it strikes me that they're so excited about what they're doing after decades of doing this.

當我和一些人交談時，我發現，他們從事這一行幾十年，對自己所做的事情感到非常興奮。

And I think that's a great foundation for us to continue to lead the industry.

我認為這為我們繼續引領產業奠定了良好的基礎。

Speaking about passionate people, I think this is also a good opportunity to thank Rupal Hollenbeck, our President, for driving a great 2024 as Roei and Gil have already spoken about.

說到充滿熱情的人，我認為這也是一個很好的機會來感謝我們的總裁 Rupal Hollenbeck，正如 Roei 和 Gil 已經談到的那樣，他帶領我們度過了一個偉大的 2024 年。

She's asked to move on, but she will continue with us at my request to support us during the transition in the next few months.

她被要求離開，但按照我的請求，她會繼續和我們在一起，在接下來的幾個月裡為我們提供支援。

And given my focus, we'll be flattening our go to market organization so that on a personal level, but also as a focus, we can get more visibility and direct impact with our customers, with our partners with the field.

考慮到我的重點，我們將簡化我們的市場組織，以便在個人層面上，同時也作為重點，我們可以從客戶和該領域的合作夥伴那裡獲得更高的知名度和直接影響力。

Because at the end of the day, I believe that our industry is going to see a, I don't want to be too dramatic, but we are walking into an AI dimension and an AI era.

因為最終我相信我們的行業將會看到一個，我不想太誇張，但我們正在走進一個人工智慧維度和人工智慧時代。

And that's going to have a huge impact, and we want to be as close to the people at the trenches because the only way to understand what's happening at the trenches from my experience is to be at the trenches.

這將產生巨大的影響，我們希望盡可能地接近戰壕里的人們，因為根據我的經驗，了解戰壕里發生的事情的唯一方法就是到戰壕里去。

So, these changes include adding our America's President and our international President to my leadership forum.

因此，這些變化包括將我們的美國總統和我們的國際總統加入我的領導論壇。

As well as creating a new role of the Chief Revenue Officer who will be responsible, not just to lead our sales, but also to align our product organization with our sales organization and create the synergies so that we can improve our go to market motion.

同時設立首席營收長這一新職位，其職責不僅包括領導我們的銷售工作，還包括協調我們的產品組織和銷售組織並產生協同效應，從而改善我們的市場行動。

Beyond that, we have also created a new leadership role to drive the success of our SaaS business. 2024 was a great year both for our email security.

除此之外，我們還創造了新的領導角色來推動我們的 SaaS 業務的成功。 2024 年對我們的電子郵件安全來說都是偉大的一年。

We announced last quarter that we crossed $100 million of ARR this quarter.

我們上個季度宣布本季我們的 ARR 已突破 1 億美元。

This last quarter, we achieved a new, I believe, really important milestone by getting the magic quadrant that

上個季度，我們實現了一個新的、我認為非常重要的里程碑，就是獲得了

(inaudible). SASE has been doing very well and we will have one leader to lead this ARR-driven business.

（聽不清楚）。 SASE 一直表現得很好，我們將有一位領導者來領導這項由 ARR 驅動的業務。

And you know, this – actually, next week we're getting on the road, which is very exciting for me because now I can go from dozens to thousands.

你知道，實際上，下週我們就要上路了，這對我來說非常令人興奮，因為現在我可以從幾十到幾千了。

We're going to be meeting with about 10,000 people, employees, partners, customers from around the globe starting in Vienna next week in our Check Point user experience conference.

我們將於下週在維也納舉行 Check Point 使用者體驗會議，與來自全球各地約 10,000 名員工、合作夥伴和客戶會面。

This is going to be my opportunity to get on stage and talk to the people and give them our vision.

這將是我站上舞台與人們交談並向他們傳達我們的願景的機會。

We're going to be launching a lot of the innovative stuff that we've been working on in 2024.

我們將在 2024 年推出許多我們一直在研究的創新產品。

We're going to be talking to our partners, customers and our own people about what is the road map for the new stuff that's coming out, especially around AI.Not only protecting AI, but also leveraging AI to create a more simplified, unified version of our software.

我們將與我們的合作夥伴、客戶以及我們自己的員工討論即將推出的新產品的路線圖，特別是圍繞人工智慧的技術。

So again, thank you all for being here.

再次感謝大家的到來。

I look forward to the relationship.

我期待雙方的合作關係。

And I think with that, Kip, I'm handing it over back to you.

我想，基普，我會把它交還給你。

Yes, you are.

是的，你是。

And don't forget we'll be seeing a lot of these folks next week or at the end of the month in Vegas.

別忘了下週或月底我們會在拉斯維加斯見到很多這樣的人。

Looking forward to that.

非常期待。

So, we're going to start out with the business outlook.

因此，我們將從商業前景開始。

And next slide, please.

請看下一張投影片。

We're going to be looking at $619 million to $649 million for Q1 2025.

我們預計 2025 年第一季的營收將達到 6.19 億至 6.49 億美元。

EPS of $2.13 to $2.23 and GAAP EPS, $0.50 less approximately.

EPS 為 2.13 美元至 2.23 美元，GAAP EPS 則減少約 0.50 美元。

FY 2025 for the full year will be doing $2.66 billion to $2.76 billion and non-GAAP EPS of $9.60 to $10.20 with GAAP EPS approximately $2 less.

2025 財年全年營收將達到 26.6 億美元至 27.6 億美元，非 GAAP 每股盈餘將達到 9.60 美元至 10.20 美元，而 GAAP 每股盈餘將減少約 2 美元。

And with that, we will open the call for Q&A and here we go.

接下來，我們將開始問答環節，現在我們開始吧。

First on the call.

首先接通了電話。

First up today is Adam Tindle from Raymond James, followed by Joseph Gallo at Jefferies.

今天首先出場的是雷蒙德詹姆斯 (Raymond James) 的亞當廷德爾 (Adam Tindle)，其次是傑富瑞 (Jefferies) 的約瑟夫加洛 (Joseph Gallo)。

All right, thanks, and good morning.

好的，謝謝，早安。

And congrats, Gil.

恭喜你，吉爾。

Congrats, Nadav.

恭喜，Nadav。

Great to hear.

很高興聽到這個消息。

Very strong finish and a great start to your new tenure.

非常強勁的結束和新任期的良好開端。

Nadav, you mentioned how you have different perspectives, and I think that's particularly interesting to investors as you assess the opportunities for Check Point.

Nadav，您提到了您有不同的觀點，我認為當您評估 Check Point 的機會時，這對投資者來說特別有趣。

I wonder if you might just dig a little bit further into innovation and tech stack.

我想知道您是否可以進一步深入研究創新和技術堆疊。

We compare Check Point to some of the larger competitors, some have focused on other areas, whether it's SASE in a bigger way or endpoint platforms that are larger.

我們將 Check Point 與一些較大的競爭對手進行了比較，一些競爭對手專注於其他領域，無論是規模更大的 SASE 還是更大的端點平台。

So if you use your different perspectives and think about the tech stack and innovation opportunity at Check Point, what would be sort of the top buckets that you're looking at?

因此，如果您從不同的角度思考 Check Point 的技術堆疊和創新機會，您最關注的重點是什麼？

And are you thinking about that organically or inorganically?

您是從有機角度還是無機的角度來考慮這個問題？

Thanks.

謝謝。

Thanks, Adam.

謝謝，亞當。

And good to see you.

很高興見到你。

I believe that we've done a really good job in the last couple of years.

我認為過去幾年我們做得非常好。

Some of our acquisitions have been very successful.

我們的一些收購非常成功。

I spoke about email; you mentioned SASE with the acquisition of Perimeter 81.

我談到了電子郵件；您提到了 SASE 收購 Perimeter 81。

We've had a great year in 2024.

2024 年是我們偉大的一年。

What we need to do right now is to merge everything into what we call a hybrid mesh network.

我們現在需要做的是將所有內容合併到我們所謂的混合網狀網路中。

I think that when I speak to our customers, when I speak to our partners, when I sit with them and try to understand the hardships that they're going through, I think that two things come to mind.

我認為，當我與客戶交談時，當我與合作夥伴交談時，當我坐在他們身邊並試圖理解他們所經歷的困難時，我會想到兩件事。

Number one is the level of complexity that they have to deal with.

第一是他們必須處理的複雜程度。

And number two is the fact that they have different point solutions.

第二，他們有不同的點解決方案。

And I think that they can already see that the attackers are using the cracks between those point solutions to their benefit.

我認為他們已經看到，攻擊者正在利用這些點解決方案之間的漏洞來為自己謀利。

And so, when we look at the -- at 2025 and beyond, the idea of a hybrid mesh network to take the already incredible scale that we have with our quantum viral merging that with what I believe is a great saucy product and creating the idea of a mesh architect unified through the infinity platform.

因此，當我們展望 2025 年及以後時，混合網狀網路的想法將利用我們量子病毒已經具有的令人難以置信的規模，將其與我認為很棒的產品相結合，並創建透過無限平台統一的網狀架構師的想法。

Now, I know that on every call with everybody from tech, you're going to hear about artificial intelligence.

現在，我知道在與科技界人士的每次通話中，你都會聽到有關人工智慧的資訊。

I'm not going to -- I'm not going to differentiate myself on that.

我不會——我不會在這一點上與自己劃清界限。

I think that's the next level.

我認為這是下一個層次。

It's literally a new dimension that we're walking into.

這確實是我們正在邁進的一個新維度。

And on that front, we need to think about it from two perspectives.

關於這一點，我們需要從兩個角度來思考。

One perspective is what are the new things we need to defend.

一個觀點是我們需要捍衛哪些新事物。

And we're going to be talking a lot about that CPX at our conference next week in Vienna and beyond.

我們將在下週維也納及其他地方的會議上詳細討論 CPX。

What are the new tools?

有哪些新工具？

How do we use existing tools to defend new places where what we call the attack surface that is becoming -- that is being blown up by new ideas that attackers can go after.

我們如何使用現有的工具來防禦新的地方，我們所說的攻擊面正在成為——被攻擊者可以採取的新想法所破壞。

Whether it's a new models, modelling versions using deep fake, et cetera.

無論是新模型，還是使用深度偽造的建模版本等等。

But also, how can we leverage AI to make their lives much more simple, right?

但是，我們如何利用人工智慧讓他們的生活變得更簡單，對嗎？

And that's something that we started in 2024.

這是我們從 2024 年開始做的事情。

And I think we're going to show a lot more of that.

我認為我們將會展示更多這樣的內容。

So to sum up, Adam, we are going to continue to build on the acquisitions that we have done, and we are going to look to do more acquisitions where it fits in our strategy of the hybrid mesh architect.

總而言之，亞當，我們將繼續在已完成的收購的基礎上繼續發展，並將尋求更多符合我們混合網格架構策略的收購。

All right, next up is Joseph Gallo, followed by Shaul Eyal.

好的，接下來是約瑟夫·加洛 (Joseph Gallo)，然後是沙烏爾·埃亞爾 (Shaul Eyal)。

Hi, all.

大家好。

Thanks for the question.

謝謝你的提問。

Gil, congrats on the increased bike rides.

吉爾，祝賀你騎自行車的次數增加了。

And Nadav, congrats on the new role.

恭喜 Nadav 獲得新職位。

Look forward to working with you.

期待與您合作。

Congrats on your new baby.

恭喜你有新寶寶了。

Thank you.

謝謝。

If you could send sleep, I'd appreciate it.

如果您能讓我睡個好覺，我將非常感激。

Nadav, you made several go to market changes in your first quarter.

Nadav，您在第一季做出了幾項市場調整。

Can you just further elaborate on what changes are needed and over what time frame you expect those to take root?

您能否進一步闡述需要進行哪些變革以及您預期這些變革將在什麼時間範圍內生根發芽？

And then maybe really bringing you into this, how are you thinking about the implementations of go to market changes on your guidance?

然後也許真正讓您參與進來的是，您如何考慮根據指導實施市場變化？

Thanks.

謝謝。

So generally speaking, Joseph, and congrats on the new baby and my empathy on your lack of sleep.

所以總的來說，約瑟夫，恭喜你的新寶寶，並且我對你睡眠不足深表同情。

It takes about a couple of years from my experience.

根據我的經驗，這大約需要幾年時間。

But anyways, look, so one thing that we want to do is we want to be as close to our customers as possible.

但無論如何，我們想做的一件事就是盡可能地貼近我們的客戶。

I want to have a direct impact on our go to market and to that end, we're going to make the changes in the leadership.

我希望對我們的市場進入產生直接的影響，為此，我們將對領導層做出變動。

So, you know, instead of having two folks representing the market, sales, marketing and the leadership team will have six.

因此，您知道，不再有兩個人代表市場，而是有六個人負責銷售、行銷和領導團隊。

That will enable us and build on the already strong foundation that we have with the focus on America.

這將使我們能夠以美國為重點，在現有的強大基礎上再接再厲。

I believe that it's always been the truth and going forward.

我相信這始終是真理並且將繼續存在。

I think that it's our -- the cyber industry, the latest and greatest adoption will be in America, and we have great folks there and we continue to focus there.

我認為，在我們的網路產業中，最新和最偉大的採用將在美國，我們在那裡擁有優秀的人才，我們將繼續把重點放在那裡。

So, that's from the go to market side.

這是從市場進入的角度來說的。

And the last thing I'll say about that is to create a real cohesion between our product team, our marketing team and our sales team.

我最後要說的是，在我們的產品團隊、行銷團隊和銷售團隊之間建立真正的凝聚力。

And to your question around the guidance, of course, it was taken into account.

至於您提出的有關指導的問題，我們當然已經考慮到了。

That's why we are providing you kind of a wider range of both on the revenues and EPS.

這就是我們向您提供更廣泛的收入和每股盈餘資訊的原因。

And again, I have to say that we finished strong deal that's also affect 2025 numbers.

而且我必須再次說，我們達成了一項強而有力的協議，這也將影響 2025 年的數字。

And also, we're starting good with 2025 with Q1.

而且，我們從 2025 年第一季就取得了良好的開端。

So, I think we feel confident with the guidance we provided even with the changes.

因此，我認為即使發生了變化，我們對提供的指導仍然充滿信心。

Awesome.

驚人的。

Thank you, all.

謝謝大家。

All right, next up is Shaul Eyal, followed by Jonathan Ho.

好的，接下來是 Shaul Eyal，然後是 Jonathan Ho。

Thank you, Kip.

謝謝你，基普。

Congrats, Nadav.

恭喜，Nadav。

Congrats, Gil, easy on those bike riding.

恭喜，吉爾，騎自行車很輕鬆。

Congrats to [Carol] as well.

也祝賀[Carol]。

Nadav, my question is maybe slightly more specific on the product front.

Nadav，我的問題可能在產品方面更具體一些。

I hear your commentary about the mesh, the hybrid network.

我聽到了您關於網狀網路和混合網路的評論。

In your initial 100 days with Check Point, where do you see the products maybe needing slightly more depth or improvement that's on the one hand?

在您加入 Check Point 的最初 100 天裡，一方面，您認為產品在哪些方面可能需要稍微深入或改進？

And maybe the other side of that is, I think everybody understands the strength of Check Point without a doubt.

也許另一方面是，我認為每個人都毫無疑問地了解 Check Point 的力量。

But from your perspective, from where you currently sit and from where you sat in the past, what are some of the points of improvement you want to take Check Point through, so we can better align Check Point with the overall industry growth.

但是從您的角度來看，從您現在所處的位置以及過去的位置來看，您希望 Check Point 在哪些方面進行改進，以便我們能夠更好地讓 Check Point 與整個行業的發展保持一致。

Right.

正確的。

I'll say this.

我會這麼說。

I think our strength is our reliability uptime and the best prevention in the industry.

我認為我們的優勢在於我們的可靠性、正常運作時間和業界最好的預防措施。

Going forward with this idea of hybrid mesh, we want to consolidate and create a real platform for the network.

秉承混合網格這一理念，我們希望鞏固並創建一個真正的網路平台。

And then when I say network, it's network everywhere, right?

那麼當我說網路時，是指無所不在的網絡，對嗎？

So, it's your on prem data center firewall but it's also the cloud network security and the WAF on your cloud and your remote workflow, your SASE, your SaaS, your browser.

因此，它是您的內部資料中心防火牆，但它也是雲端網路安全性和雲端上的 WAF 以及您的遠端工作流程、您的 SASE、您的 SaaS、您的瀏覽器。

And the idea of consolidating this on one platform, leveraging AI to simplify it is crucial to cut through that complexity that has gotten to a point where it's really hard to deal with.

將其整合到一個平台上，利用人工智慧來簡化它，對於解決已經達到難以處理的複雜性至關重要。

The other side of that is intelligence.

另一方面就是智慧。

So with ThreatCloud AI, we already announced about 48 AI engines in 2024.

因此，借助 ThreatCloud AI，我們已經宣佈在 2024 年推出約 48 個 AI 引擎。

We're adding about a dozen new engines.

我們正在增加大約十幾個新引擎。

And lastly, opening it up so that we can import data from other vendors, even if there are competitors and export intelligence or so because we understand that many of our large enterprise customers have multiple solutions.

最後，開放它，以便我們可以從其他供應商導入數據，即使有競爭對手和出口情報等，因為我們知道我們的許多大型企業客戶都有多種解決方案。

And that at the end of the day, if they can't get a holistic understanding of what's happening in their network, they can't do the very simple thing of trusting their infrastructure.

歸根結底，如果他們無法全面了解其網路中發生的情況，他們就無法做到信任其基礎設施這樣簡單的事情。

And I believe that this mesh architecture with a real platform and the best intelligence consolidated and driven and simplified by AI is a real opportunity.

我相信這種具有真實平台和最佳智慧的網狀架構，透過人工智慧進行整合、驅動和簡化，是一個真正的機會。

All right.

好的。

Next up -- Oh, by the way, [Cheryl], thanks for dressing up.

接下來 —— 哦，順便說一下，[謝麗爾]，謝謝你盛裝打扮。

Jonathan Ho followed by Patrick Colville.

喬納森·何 (Jonathan Ho) 和帕特里克·科爾維爾 (Patrick Colville) 分別發言。

Thank you.

謝謝。

You spoke a little bit about AI.

您談了一些關於人工智慧的事情。

And with the opening of your new dedicated facility, can you give us a sense of where you see the most opportunities around AI?

隨著新專用設施的開放，您能否告訴我們，您認為人工智慧領域最有機會的地方在哪裡？

I don't want to cover what you've already sort of talked about before, but I just on a forward-looking basis try to understand how that becomes a differentiator for Check Point?

我不想談論您之前已經談過的內容，但我只是從前瞻性的角度嘗試了解這如何成為 Check Point 的差異化因素？

Thank you.

謝謝。

Yeah, thanks, Jonathan.

是的，謝謝，喬納森。

So if I try to zoom out for 60 seconds, we're obviously at the end or not at the end, we're in a process of connecting more and more things to our network to the point where a few years ago it became what we call a hyper connected mesh environment.

因此，如果我嘗試縮小 60 秒，我們顯然已經到達終點或還沒有到達終點，我們正處於將越來越多的東西連接到網路的過程中，幾年前它就變成了我們所謂的超連接網狀環境。

That is accelerating and I don't think that's going back.

這種趨勢正在加速，而且我認為不會再逆轉了。

I think when you couple that with a new dimension and a new era of AI, things are about to change.

我認為，當你將其與人工智慧的新維度和新時代結合起來時，事情即將發生變化。

And I would like to put it in three different buckets.

我想把它放在三個不同的桶子裡。

Bucket number one are the things that actually will probably remain similar.

第一類是實際上可能保持相似的事物。

That's where we believe at the end of the day, you will need an infrastructure that enables competitiveness, usability, efficiency for our enterprise customers primarily.

我們相信，最終您需要的是一個能夠為我們的企業客戶提供競爭力、可用性和效率的基礎設施。

That's not going to change.

這不會改變。

And you know what else is not going to change?

您知道還有什麼不會改變嗎？

At least for the foreseeable future, at the end of every one of those nodes in the mesh, you're going to find a human being with all of our flaws.

至少在可預見的未來，在網格中每個節點的末端，你會發現一個具有我們所有缺點的人。

It is what it is.

就是這樣。

In that sense, the AI can create more autonomous capabilities.

從這個意義上來說，人工智慧可以創造更多的自主能力。

We will be showing our roadmap to Zero Trust using AI and autonomous capable looking into autonomous capabilities in the near future.

我們將在不久的將來展示使用人工智慧和自主能力實現零信任的路線圖，並研究自主能力。

The second bucket are things that have already changed dramatically.

第二類是已經發生巨大變化的事情。

When you look at it from the attacker's perspective, attackers that in the past we used to look at as, you know, relatively amateur-ish can now come and pose and we're seeing it happening already as very sophisticated attackers because they have AI at their side.

從攻擊者的角度來看，過去我們認為比較業餘的攻擊者現在可以假扮成攻擊者，而且我們已經看到這種情況發生，因為他們身邊有人工智慧，所以他們已經成為非常老練的攻擊者。

And from my experience, attackers are usually more agile than defenders for many, many reasons.

根據我的經驗，由於許多原因，攻擊者通常比防禦者更敏捷。

We don't have time to get into it.

我們沒有時間去討論它。

But we're seeing them being more precise.

但我們看到它們更加精確。

We're seeing them being at a larger scale and we're seeing that the ROI for attackers is improving dramatically.

我們看到它們的規模越來越大，我們看到攻擊者的投資回報率正在顯著提高。

So, stuff that could have taken them a couple of years can take a couple of weeks.

因此，原本需要幾年才能完成的事情可能只需要幾週。

Stuff that will take hundreds of engineers on the attacker side could take a few.

攻擊者可能需要數百名工程師才能完成的事情可能只需要幾個。

From what we need to defend all the way from defending our prompts as we use Gen AI so that we know critical data that or sensitive data that doesn't go out of our information out of our systems.

從我們在使用 Gen AI 時需要全程捍衛我們的提示開始，以便我們知道關鍵資料或敏感資料不會從我們的資訊系統中洩漏。

So in that bucket, it's literally trying to stay ahead all the time in engineering, right?

所以在這種情況下，它實際上是試圖在工程領域中始終保持領先地位，對嗎？

So, we're going to show our how we protect AI and how we use AI to simplify.

因此，我們將展示如何保護人工智慧以及如何使用人工智慧來簡化。

And then the last bucket and forgive me for being a little bit philosophical here is the bucket of what we don't know.

然後是最後一個桶，請原諒我在這裡說得有點哲學，這個桶子裡裝的是我們不知道的東西。

We believe our research is constantly trying to understand what's around the corner that can really change our industry dramatically.

我們相信，我們的研究始終致力於了解即將發生的事情，這些事情可以真正徹底改變我們的行業。

I don't know if it's going to happen next week or in two years, but I think there will be big things that will change our industry.

我不知道這是否會在下週或兩年後發生，但我認為將會有一些大事改變我們的行業。

To that matter, our research center will look and try to predict different futures, put different probabilities to them, come back to the present and say okay, so if this is the route that's going to happen, what do we do about it?

就此而言，我們的研究中心將研究並嘗試預測不同的未來，為它們賦予不同的機率，然後回到現在並說，好吧，如果這是將要發生的路線，我們該怎麼辦？

And the last thing I'll say about that is that we need to be humble because when we go into the dimension, there's also this limitation of imagination that we have.

我最後要說的是，我們需要保持謙虛，因為當我們進入這個維度時，我們的想像也會受到限制。

So, we need to take care of all these three buckets when we think about AI.

因此，當我們考慮人工智慧時，我們需要考慮所有這三個方面。

All right.

好的。

Next up is Patrick Colville, followed by Joel P. Fishbein, Jr..

接下來是帕特里克·科爾維爾 (Patrick Colville)，然後是小喬爾·P·菲什拜因 (Joel P. Fishbein, Jr.)。

Alright.

好吧。

Cheers.

乾杯。

I mean, Gil, you're godfather of the firewall industry.

我的意思是，吉爾，你是防火牆產業的教父。

I mean, Nadav, you're godfather of the (inaudible) VC ecosystem and Kip's the godfather IR.

我的意思是，Nadav，你是（聽不清楚）VC 生態系統的教父，而 Kip 是 IR 的教父。

So, you know, looking forward to this big next chapter.

所以，你知道，期待下一個重要篇章。

Leave it to the Brit to be so complimentary and sweet talking.

讓英國人如此恭維和甜言蜜語。

And Nadav, I mean, you've been talking nonstop, so I'm just going to give you a break.

納達夫，我的意思是，你一直不停地說話，所以我只是想讓你休息一下。

Roei, I mean, RPO rose 12% in fiscal '24, revenue guidance for fiscal '25 is 6%.

Roei，我的意思是，RPO 在 24 財年成長了 12%，25 財年的營收預期為 6%。

That's a big disconnect.

這是一個很大的脫節。

So, can you just talk through maybe the RPO strength in 4Q and just puts and takes that fiscal 2025 guidance?

那麼，您能否談談第四季度的 RPO 實力以及 2025 財年的指導意見？

And is there a realm where we could see double-digit revenue growth in this coming year?

我們在未來一年內是否能夠看到兩位數的營收成長？

Yes.

是的。

So first of all, RPO remind you that it's not only -- it's not backlog that's going to be everything will be translated into revenues in the next 12 months.

首先，RPO 提醒您，這不僅僅是積壓訂單，而且所有內容都會在未來 12 個月內轉化為收入。

It's the total RPO.

這是總的 RPO。

But again, still we did have a great quarter with strong billings also short and billing at 9%.

但是，我們仍然度過了一個出色的季度，營業收入強勁，短期營業收入也達到 9%。

I think when I'm looking on the guidance, I think Joe asked me about the guidance and about the changes.

我想當我查看指導時，我認為喬問了我有關指導和變化的問題。

I think we feel confident with the guidance.

我認為我們對該指導充滿信心。

We hope to finish as this in this year.

我們希望今年能夠完成這個目標。

We hope to finish more close to the high end of our guidance.

我們希望能夠更接近我們預期的高端。

But definitely, I don't think again double digit this year.

但我確信，今年不會再達到兩位數。

Again, I don't want to talk about this year double digit, but definitely, we're starting the year with a great momentum, with great Q4.

再說一次，我不想談論今年的兩位數，但毫無疑問，我們以強勁的勢頭開啟了新的一年，並取得了出色的第四季度業績。

Also when I'm looking on the pipeline for Q1, it looks good.

此外，當我查看第一季的管道時，它看起來不錯。

So, I think we are starting great the year.

所以，我認為我們今年的開局很好。

And hopefully when we finish 2025, we'll be we show that the revenues will be on the eye more closer to the eye end of our guidance and not and far from the midpoint.

希望在 2025 年結束時，我們能夠看到收入更接近我們的指導範圍，而不是遠離中點。

Okay.

好的。

Crystal clear.

晶瑩剔透。

Thank you so much

太感謝了

All right.

好的。

Next up is Joel P. Fishbein, Jr., followed by Shyam Patil.

接下來是 Joel P. Fishbein, Jr.，然後是 Shyam Patil。

Nadav, I'm going to come back to you if you don't mind.

Nadav，如果你不介意的話我就回來找你。

I love what you've outlined so far in terms of changes to go to market.

我很喜歡您目前所概述的有關進入市場的變化。

I don't think anybody will argue that Check Point's got a fantastic product portfolio.

我想沒有人會否認 Check Point 有出色的產品組合。

One of the things that's been missing though is net new customers, right?

但一直缺少的一件事就是淨新客戶，對嗎？

Can you just talk a little bit about the strategy about going after some of these net new customers, particularly in light of some of your competitors that are really discounting very aggressively in the market to gain market share amongst this platformization strategy, et cetera, vendor consolidation, that'd be really helpful.

您能否簡單談一談爭取這些淨新客戶的策略，特別是考慮到您的一些競爭對手在市場上大幅打折，以便在這個平台化戰略、供應商整合等方面獲得市場份額，這將非常有幫助。

Thank you.

謝謝。

Thank you, Joel.

謝謝你，喬爾。

I want to start by saying that first of all, when you look at 2024 and the last quarter, we've actually grown nicely with net new [logos] and hopefully we can continue this throughout 2025.

首先我想說的是，回顧 2024 年和最後一個季度，我們實際上在淨新 [標誌] 方面取得了良好的增長，希望我們能夠在 2025 年繼續保持這種增長。

The next thing that I want to say is that yes, we are going to be focusing our go to market motion, but we're not going to change one thing, which I love about Check Point, and I don't want to change.

接下來我想說的是，是的，我們將專注於我們的市場行動，但我們不會改變我喜歡 Check Point 的一點，而且我不想改變。

Security is about security, and we're going to keep that.

安全就是安全，我們會保持這一點。

Having said that, one thing that I've already announced as an example is this new formed leadership role on my leadership team that's going to lead all of our SaaS high growth business.

話雖如此，我已經宣布的一件事就是我的領導團隊中新成立的領導職位，該職位將領導我們所有 SaaS 高成長業務。

And we finished last year with a nice 27% growth and that's something that we want to accelerate.

我們去年取得了 27% 的良好成長，我們希望進一步加快這一成長速度。

And so, I think with our SASE business, with our email business and the consolidation that we're doing at the Infinity platform level with the idea of a hybrid mesh, hopefully, will lead us to gain more new customers faster.

因此，我認為，透過我們的 SASE 業務、電子郵件業務以及我們在 Infinity 平台層面採用混合網格概念進行的整合，希望能讓我們更快獲得更多新客戶。

Great.

偉大的。

Thank you.

謝謝。

Next up is Shyam Patil followed by Joshua Tilton.

接下來是 Shyam Patil，然後是 Joshua Tilton。

Hey, guys.

嘿，大家好。

Congrats, Nadav.

恭喜，Nadav。

Congrats, Gil.

恭喜，吉爾。

I guess I had a question around the firewall refresh that some of your competitors have talked about.

我想我對您的一些競爭對手談到的防火牆更新有一個疑問。

I'm just curious, as they kind of go through sizable refreshes this year, how big of an opportunity is that for you guys?

我只是好奇，由於他們今年經歷了大規模的更新，這對你們來說是一個多大的機會？

And then Roei, I guess when you look at your outlook for the year, anything material you're contributing or factoring in from that or is that, potentially, an upside driver as we go through the year?

然後 Roei，我想當您展望今年的前景時，您會從中貢獻什麼實質性的因素，或者將其考慮在內，或者這是否可能是我們度過這一年的上行驅動力？

So, I can start, and Nadav, you can after all.

所以，我可以開始，Nadav，你最終也可以。

So, I think when I'm looking first of all on the, on what we -- on our business outlook, on the guidance for the full year.

因此，我認為我首先要關注的是我們的經營前景和全年業績預期。

So we didn't take into account the, I mean, it's probably -- it's going to be upside if we will be able.

所以我們沒有考慮到，我的意思是，如果我們能夠的話，它可能會是上行的。

Again, I think, as you mentioned, our competitors, disclosed that it's going to -- they have a significant install base that will be end of support by the end of 2025 and ‘26.

再次，我認為，正如您所提到的，我們的競爭對手透露，他們擁有大量安裝基礎，將在 2025 年底和 2026 年底停止支援。

So definitely, it's something, it's a huge opportunity for everyone in the market.

所以毫無疑問，這對市場上的每個人來說都是一個巨大的機會。

We also see, by the way, the very positive traction around our file in the last few quarters.

順便說一句，我們還看到，過去幾個季度我們的文件表現出了非常積極的吸引力。

So, it's definitely we want to see the discontinuing this momentum continues.

因此，我們肯定希望看到這種勢頭繼續下去。

So in terms of the guidance, again, we didn't take any significant factor from that, but of course, it can be a significant upside for us.

因此，就指導而言，我們再次強調，我們並沒有從中得出任何重要因素，但當然，這對我們來說可能是一個顯著的優勢。

We have a lot of plans around a file refresh and also gaining net new customers from our competitors.

我們制定了許多有關文件更新的計劃，同時也從競爭對手那裡獲得新客戶。

But that's definitely going to be upside for our guidance.

但這對我們的指導來說肯定是有利的。

And Nadav, you want to add something around it?

Nadav，你想在它周圍添加一些東西嗎？

You know, the only thing I would add is that we're going to be watching it closely and hopefully it's not just an opportunity for us, for the firewall and appliances, but also for customers that are looking for this idea of a hybrid mesh and the infinity platform.

你知道，我唯一想補充的是，我們將密切關注它，希望這不僅對我們、對防火牆和設備來說是一個機會，而且對那些正在尋找混合網格和無限平台這一理念的客戶來說也是一個機會。

Because for us, in 2025, one of our focus areas is SASE.

因為對我們來說，2025 年我們的重點領域之一就是 SASE。

And the viral component with three decades of experience where we've seen every permutation, every mutation coupled with our differentiated SASE which is more agile, which can allow not only to send everything to the SASE every time, but actually use it or sometimes do the protection at the edge, sometimes do it through the cloud, sometimes go direct, makes it more efficient.

而病毒組件擁有三十年的經驗，我們見過每一種排列、每一種變異，再加上我們差異化的 SASE，它更加靈活，不僅可以每次將所有內容發送到 SASE，而且可以實際使用它，或者有時在邊緣進行保護，有時通過雲端進行，有時直接進行，從而提高效率。

And I hope that if this refresh cycle actually gets there, it's an opportunity to introduce, not just our firewalls but also our SASE products.

我希望，如果這個更新週期真的到來，這將是一個機會，不僅可以介紹我們的防火牆，還可以介紹我們的 SASE 產品。

Great.

偉大的。

Thank you, guys.

謝謝你們。

Thank you.

謝謝。

All right.

好的。

Up next is Joshua Tilton followed by Robbie Owens.

接下來是 Joshua Tilton，然後是 Robbie Owens。

Hey, guys, and blanketed congrats to everyone.

嘿，夥計們，我向大家表示熱烈祝賀。

Maybe just to Nadav, I'll start with you.

也許只是對 Nadav，我會從你開始。

I think, in your kind of your prepared spiel, you talked to leading the industry for the next few years.

我認為，在您準備好的演講中，您談到了未來幾年行業的領導地位。

And I guess from your perspective, like what does an industry leading growth rate look like for Check Point over that time frame?

我想從您的角度來看，Check Point 在這段時間內的產業領先成長率是什麼樣的？

And then maybe just, Roei, for you really quick.

然後也許只是，Roei，對你來說真的很快。

Can you -- I understand the strong growth exiting the year?

你能理解今年強勁的成長動能嗎？

But can you help us understand maybe on an organic basis, how some of those metrics look from a growth perspective coming out of Q4.

但是，您能否幫助我們從有機基礎上了解第四季度的成長角度來看這些指標如何。

Yeah.

是的。

So for me, I'll just shortly say two things.

因此就我而言，我只想簡短說兩件事。

Again, we were the springboard that I'm coming out of is great and I'm very thankful for that to the whole team and especially to Gil, which is handing over the baton at a good time to me.

再說一次，我們是我的跳板，這很棒，我非常感謝整個團隊，特別是吉爾，他在合適的時間把接力棒交給了我。

I think that leading the industry and it is, first of all, not just obviously, not just about the growth, but also about the technology, but we spoke a lot about that.

我認為，引領產業首先顯然不只是成長，還包括技術，我們已經討論了很多這方面的問題。

In terms of growth, what I want to be able to do is a continued healthy sustainable growth, right?

從成長方面來說，我希望能夠實現持續健康可持續的成長，對嗎？

So, you're not going to see any mega changes because I think that one of the great things about Check Point is the efficiency and the healthy growth.

所以，你不會看到任何重大的變化，因為我認為 Check Point 的一大優點是效率和健康成長。

Now, we can maintain that health and accelerate growth in a sustainable way.

現在，我們可以保持這種健康狀態並以可持續的方式加速成長。

I think that's what a leader looks like, and that's what a sustained podium player in a company needs to do.

我想，這才是領導者該有的樣子，這也是公司裡長期站在頒獎台上的選手需要做的。

And in terms of the question around the organic, this is non-organic.

就有機問題而言，這是非有機的。

So, we had Cyberint, of course, acquisition that we closed in the end of Q3.

當然，我們對 Cyber​​int 進行了收購，並在第三季末完成了收購。

They contributed less than one point to our bills and revenues.

他們給我們的帳單和收入貢獻不到一個百分點。

So it's not significant, it's less than one point to our billings and revenues.

所以這並不重要，對我們的帳單和收入來說，這還不到一個百分點。

So, the other, everything is organic.

所以，另外，一切都是有機的。

Super helpful, guys.

非常有幫助，夥計們。

Thank you so much.

太感謝了。

Thanks, Joshua.

謝謝，約書亞。

Thanks.

謝謝。

All right, up next is Robbie Owens followed by Fatima, I'm soon out on maternity leave, Boolani.

好的，接下來是羅比歐文斯 (Robbie Owens)，然後是法蒂瑪 (Fatima)，我很快就要休產假了，布拉尼 (Boolani)。

Thanks, Kip.

謝謝，基普。

And good afternoon, everyone.

大家下午好。

I was hoping maybe you could parse for us just what you're seeing across the various theaters relative to GEOS.

我希望您能為我們分析一下您在各個劇院看到的與 GEOS 相關的情況。

And you know, as you look to reinvigorate growth, I look at that North American number, obviously, you want to do better.

你知道，當你尋求重振成長時，我看了看北美的數字，顯然你希望做得更好。

You talked about the Americas being significant and you did mention in some of the go to market changes.

您談到了美洲的重要性，並且確實提到了一些市場變化。

But what is really going to take to start moving the needle the other way on that front, obviously, very hypercompetitive here in the US.

但真正需要做的是，從另一個方面推動這項進程，顯然，美國的競爭非常激烈。

Thanks.

謝謝。

Thanks.

謝謝。

Yeah, it is probably the most competitive area, but it's also the most important.

是的，這可能是競爭最激烈的領域，但也是最重要的領域。

And we have, you know, under Rupal's tenure, we've built a solid boots on the ground leadership team.

你知道，在魯帕爾任職期間，我們已經建立了一支堅實的實地領導團隊。

But that's not enough, we need to reinvigorate that in many ways.

但這還不夠，我們還需要透過多種方式來重振它。

First and foremost, get out there.

首先，走出去。

That's one of the reasons that the Board hired me.

這是董事會聘用我的原因之一。

That's one of the reasons that Gil believes that I can take it.

這就是吉爾相信我能拿到它的原因之一。

So get out there, sit with the customers, look them in the eye, understand what works, what we need to improve.

所以，走出去，與顧客坐在一起，看著他們的眼睛，了解什麼有效，什麼需要改進。

And also look at it from the -- from different industries perspective.

也可以從不同產業的角度來看這一點。

So for example, we have a -- we're very strong in the financial, but we need to see what each industry needs.

舉個例子，我們在金融方面非常強大，但我們需要了解每個產業需要什麼。

What are the playing blocks that we need to add for other industries?

我們需要為其他行業添加哪些遊戲模組？

And hopefully, with the idea of simplifying a lot of this and creating an ROI which is superior, we can start accelerating our growth in the United States and the rest of the Americas.

並且希望，透過簡化其中的許多步驟並創建卓越的投資回報率，我們可以開始加速我們在美國和美洲其他地區的成長。

And Roei, any comments on the various theaters and what you're seeing, the mayor versus US.

還有 Roei，您對各個劇院以及您所看到的市長與美國之間的對抗有什麼評論嗎？

So, I have to say that the US had a great quarter.

所以，我不得不說，美國度過了一個非常棒的季度。

I mean, you don't see it in the booking and on the revenues, but on the booking side, definitely we had a great quarter in the US and all in all America's region.

我的意思是，你不會在預訂和收入上看到這一點，但在預訂方面，我們在美國以及整個美洲地區度過了一個出色的季度。

We wanted to, I mean, also, and I'm looking at 2025, looking on the first quarter, looks great in the US and Americas.

我們也想這樣做，而且我展望 2025 年，從第一季來看，美國和美洲的情況將會非常好。

We hope that it will continue for the remaining of the year and of course, long term.

我們希望這種勢頭能夠持續到今年剩餘時間，當然，也能持續很長時間。

So again, we are in a -- definitely, we see significant improvement.

所以，我們再次處於—無疑看到了顯著的改善。

Thanks for phoning that one in, Rob.

謝謝你打電話過來，羅布。

Next up is Fatima Boolani, followed by Brad A. Zelnick.

接下來是 Fatima Boolani，然後是 Brad A. Zelnick。

Fatima, congrats in advance.

法蒂瑪，提前祝賀你。

Thank you very much for that very kind induction.

非常感謝您如此親切的介紹。

Yes, I'm baking away over here.

是的，我在這裡烘烤。

Very nice to meet you, Nadav.

很高興認識你，Nadav。

I very much look forward to working with you.

我非常期待與您合作。

You know, it's very clear you're bringing a ton of new energy and really redoubling on some of the focal points and efforts of Check Point's go to market reinvigoration.

您知道，很明顯您帶來了大量新能量，並加倍重視 Check Point 市場重振的一些重點和努力。

So, I wanted to spend more time on that front.

所以，我想在這方面花更多時間。

You're bringing in new executives, you're talking about really reinforcing the visibility with customers.

你正在引進新的高階主管，你正在談論真正加強與客戶的知名度。

So, what I want to ask you is how should we think the focal points and efforts of Check Point?

那我想問的是，我們該如何看待Check Point的重點與努力方向？

Thank you.

謝謝。

Great to meet you, looking forward to working with you as well.

很高興認識你，也期待與你合作。

I'll say the following two things.

我講以下兩點。

Number one is this is not going to happen overnight.

首先，這不會在一夜之間發生。

I know that the expectations are very high, but I also want to be responsible and reasonable, and this is not going to happen overnight.

我知道期望很高，但我也想負責任、合理地對待此事，而這並非一朝一夕就能實現的。

But yes, we want to grow faster, but it will be a process because we want to grow faster in a sustained healthy responsible way.

但是的，我們想要更快地成長，但這將是一個過程，因為我們希望以持續、健康、負責任的方式更快成長。

On the segmentation.

關於細分。

The first thing -- the first two things that we're going to do is I'm adding the marketing leader to my leadership team and creating the new role of the SaaS high growth to include email and SASE, cloud network security endpoint.

我們要做的第一件事——前兩件事是，我將行銷主管添加到我的領導團隊中，並創建 SaaS 高成長的新角色，包括電子郵件和 SASE、雲端網路安全端點。

So, that's going to be consolidated because some of the consumption of these solutions and this software is also changing.

所以，這將會被合併，因為這些解決方案和軟體的一些消費也在改變。

And not it's -- and it's not necessarily the same buyers as well and so we need to change that as well.

而且，這也不一定是相同的買家，所以我們也需要改變這一點。

So look at it from the buyer perspective, look at it from the consumption perspective and look at it from our own technology perspective.

因此，從買家的角度來看它，從消費的角度來看它，從我們自己的技術的角度來看它。

But ultimately, as I said before, and I'll repeat it, bringing it all together to be this idea and strategy of a hybrid mesh one platform and a real platform.

但最終，正如我之前所說，我會重複一遍，將所有這些結合在一起，形成混合網格平台和真實平台的想法和策略。

Thank you, Nadav.

謝謝你，納達夫。

Thanks, Fatima.

謝謝，法蒂瑪。

Open to see you at CPX.

歡迎在 CPX 見到您。

Next up is Brad Zelnick followed by Hamza Fodderwala.

接下來是布拉德·澤爾尼克 (Brad Zelnick)，然後是哈姆扎·福德瓦拉 (Hamza Fodderwala)。

Thanks very much, Kip, and nice to see everybody.

非常感謝，Kip，很高興見到大家。

Nadav, welcome.

Nadav，歡迎光臨。

My question, Nadav, for you follows Fatima's.

我的問題，Nadav，與 Fatima 的問題相同。

Go to market, your message of being as close to the customer as possible makes a ton of sense.

進入市場，你傳達的盡可能貼近客戶的訊息非常有意義。

I'm curious to understand what does that mean for the channel?

我很好奇這對頻道來說意味著什麼？

And then related to that, Roei, the growth in sales and marketing expense in Q4 is the greatest since 2018.

與此相關的是，Roei，第四季度的銷售和行銷費用增幅是自 2018 年以來最大的。

How much of this is direct sales headcount ads as you hit the ground running into next year or is it more variable marketing and incentives?

當您明年開始全力投入工作時，其中有多少是直銷人員廣告，還是更具可變性的行銷和激勵措施？

How should we think about the composition and timing of sales and marketing expense hitting the P&L into next year as you bring the [dos] go to market vision to life.

當你將「進入市場」的願景變為現實時，我們應該如何考慮銷售和行銷費用的組成和時間對明年損益的影響。

I'll start with the channels that our partners and channels are imperative to our success.

我將從我們的合作夥伴和管道對我們的成功至關重要開始。

They've always been, and we want to be the best partners to them.

他們一直都是，我們希望成為他們最好的合作夥伴。

And if we want to do this at scale, we must do it with them.

如果我們想大規模地做到這一點，我們就必須與他們一起做。

And so like I've said before, I'm halfway through my first 90 days, I've met a few.

就像我之前說的，我已經度過了前 90 天的一半時間，已經遇到了一些。

In the next four weeks, I'm going to meet with dozens more.

在接下來的四周內，我將會見到更多人。

And so yeah, being out there is not just being out there at the trenches where security actually happens, but also understanding from our partners, whether it's the partner that are going after the large enterprise all the way down to our MSSP partners. what is the way that they want to use our products, consume our services?

所以，是的，不僅僅是在安全實際發生的前線，還包括我們合作夥伴的理解，無論是追逐大型企業的合作夥伴，還是我們的 MSSP 合作夥伴。他們希望以什麼樣的方式使用我們的產品、消費我們的服務？

How do we work together to at the end of the day, be a better steward for -- to the end customers and which I really understand how hard it is for them day in, day out to actually work through the complexity of their networks.

我們如何共同努力，最終成為最終客戶更好的服務者，我真正理解他們日復一日地處理複雜的網路有多麼困難。

And as for your question around the sales and marketing.

至於您關於銷售和行銷的問題。

So two, I think two factors.

所以我認為有兩個因素。

One we add Cyberint that's contributed around three points to the 18% that you see.

我們添加了 Cyber​​int，它為您所看到的 18% 貢獻了大約 3 個百分點。

And the other is around incentives.

另一個是激勵措施。

Of course, we added some other sales e-comm but also around incentives.

當然，我們也增加了一些其他銷售電子商務，同時也增加了激勵措施。

I mentioned that our new business and also new logos had a great job.

我提到我們的新業務和新標誌非常出色。

I mean, we had a significant growth in new business in the quarter.

我的意思是，本季我們的新業務實現了顯著成長。

The commission is mainly paid over a new business, so we did see higher commission.

佣金主要是透過新業務支付的，所以我們確實看到了更高的佣金。

I think we -- you don't see it still in the revenues, but again, the quarter was strong.

我想我們—你還沒有在收入中看到這一點，但本季的表現依然強勁。

So in terms of new business, so on the expense side, we do see some of these expenses already in the P&L.

因此就新業務和費用方面而言，我們確實看到其中一些費用已計入損益表中。

Thanks very much.

非常感謝。

Look forward to seeing everybody at CPX.

期待在 CPX 見到大家。

Of course.

當然。

All right, next up is Hamza Fodderwala followed by Saket Kalia.

好的，接下來是 Hamza Fodderwala，然後是 Saket Kalia。

All right.

好的。

Thank you for taking my question.

感謝您回答我的問題。

And congrats to Gil and Nadav.

並祝賀 Gil 和 Nadav。

Nadav, a question for you.

Nadav，問你一個問題。

You've been -- you mentioned at Check Point now for just about 90 days.

您之前提到，您在 Check Point 已經工作了大約 90 天。

And one of the things you did really well at teammate is you had a really strong network of CSOS.

您在隊友中做得非常好的一件事就是您擁有非常強大的 CSOS 網路。

So, you mentioned some of the things Check Point does well, when you talk to customers, when you talk to CSOS, what are one of the one or two things that Check Point could do better?

那麼，您提到了 Check Point 做得好的一些事情，當您與客戶交談時，當您與 CSOS 交談時，Check Point 可以做得更好的一兩件事是什麼？

And then for Roei, I'm sorry if I missed it earlier.

然後對於 Roei，如果我之前錯過了，我很抱歉。

But in your guidance, what is the assumption around operating margin for this year.

但是在您的指導中，對今年的營業利潤率的假設是什麼。

And was there any, you know FX benefit to that?

您知道這有 FX 方面的好處嗎？

Thank you.

謝謝。

Thanks, Hamza.

謝謝，哈姆札。

I think I would say two things.

我想我要說兩件事。

Number one is I think our customers are expecting us to innovate and to be out there with our SaaS models, with our SASE solution to leverage AI both to make their lives simpler, but also to secure the AI assets.

首先，我認為我們的客戶期待我們進行創新，並透過我們的 SaaS 模型和 SASE 解決方案來利用人工智慧，讓他們的生活更簡單，同時也保護人工智慧資產。

I also think that -- and that's something that we're going to try to do faster.

我也認為──這是我們要嘗試更快完成的事。

But the one thing that they love about us that we don't want to change is that we do it responsibly.

但他們喜歡我們的一個特點，也是我們不想改變的，就是我們做事要負責任。

So, that is innovate at scale with the highest uptime and not losing the eye on the prize at the end of the day, which is about security, right?

所以，這就是在最高的正常運行時間下進行大規模創新，並且最終不會忽視獎勵，這是為了安全，對嗎？

So, we need to bake all that in.

所以，我們需要把所有這些都融入進去。

And I hope that we can accelerate this process but not lose the magic of high up time, scalable, easy to use, et cetera.

我希望我們能夠加速這一進程，但不會失去高運行時間、可擴展性、易於使用等魔力。

And again, and I know that I've said that a few times, but you can't overstate the importance of understanding the opportunity that comes with new AI capabilities to do that.

我知道我已經說過幾次了，但無論怎樣強調理解新人工智慧能力帶來的機會的重要性都不過分。

And around the guidance and the operating margin, so we expect similar margin might be half percent below than what we see in this year.

圍繞著指導和營業利潤率，我們預計類似的利潤率可能比今年的利潤率低半個百分點。

Again, mainly because of the Cyberint acquisition that we discussed, I mentioned it as part of our presentation.

再次，主要是因為我們討論過的 Cyber​​int 收購，我在演示中提到了這一點。

We don't expect to see significant FX benefit next year in 2025 again, so that's in terms of the margin for next year.

我們預計明年即 2025 年不會再出現顯著的外匯收益，所以這是就明年的利潤而言的。

That was half a point, Roei?

那隻是半點而已，Roei？

After point, simply after point below the what we

點之後，簡單地說，點之後，下面我們

(inaudible).

（聽不清楚）。

Thank you.

謝謝。

All right, our next up is Saket Kalia, followed by our last question of the day, which will be from Roger Boyd.

好的，下一位提問者是 Saket Kalia，接下來是今天的最後一個問題，來自 Roger Boyd。

Okay, great.

好的，太好了。

Hey, guys, thanks for taking my questions here.

嘿，夥計們，感謝你們在這裡回答我的問題。

Congrats to the whole team.

向整個團隊表示祝賀。

And Nadav, really good to meet you here virtually.

Nadav，很高興在這裡與您見面。

Maybe for you Nadav, I mean, to just the focus on SASE, it feels like SASE just as a market is really hitting more mainstream adoption.

也許對你來說，Nadav，我的意思是，只專注於 SASE，感覺 SASE 作為一個市場確實正在獲得更主流的採用。

How do you sort of think about differentiating in that market with Perimeter 81.

您如何看待 Perimeter 81 在該市場中的差異化？

And maybe relatedly Roei, for you, how do you sort of size that business or maybe the total infinity business just to sort of put a line in the sand as we think about that becoming a bigger business in the future.

或許與 Roei 相關，對於您來說，您如何確定該業務或整個無限業務的規模，以便在我們考慮未來將其發展為更大的業務時劃一條界線。

So, on the differentiation side, the architecture is different.

因此，從差異化方面來看，架構是不同的。

And when we say -- when I say hybrid, that means that we have the ability to work point to point on a mesh, but also the ability to work through the SASE cloud and have the ability to also operate at the edge.

當我們說 - 當我說混合時，這意味著我們有能力在網格上點對點工作，也有能力透過 SASE 雲工作，並且有能力在邊緣運行。

So, that gives us flexibility and agility.

這為我們提供了靈活性和敏捷性。

I think it gives us the opportunity to make better prevention, and it also makes it more cost effective because not everything has to go through the cloud.

我認為它為我們提供了更好地預防的機會，並且由於並非所有事情都必須經過雲端，因此它也更具成本效益。

And this allows us also to accelerate our road to Zero Trust, understanding not only who is at the other end in terms of identity, but also intent.

這也使我們能夠加速實現零信任的道路，不僅了解另一端的身份，還了解其意圖。

And based on that, make a decision the spot, what is the most secure but also the most cost-effective way to do it.

在此基礎上，確定最安全、最經濟的方法。

And right now, at least, to the best of our knowledge, the best of my knowledge, this hybrid architecture, this hybrid mesh architecture is unique and that's what the folks from Perimeter 81 brought.

而現在，至少就我們所知，據我所知，這種混合架構，這種混合網狀架構是獨一無二的，這就是 Perimeter 81 的人帶來的。

Now, when we can -- when we merge that with the firewall capabilities and the depth and the breadth that we have, I think this is for enterprise customers, especially that have multiple use cases, because look, some of the stuff that is already out there is good for a niche or specific use cases.

現在，當我們能夠將其與防火牆功能以及我們擁有的深度和廣度相結合時，我認為這適用於企業客戶，特別是具有多種用例的客戶，因為看，已經存在的一些東西適用於利基或特定的用例。

But when you're an enterprise and you have every sort of permutation and every end of long tail meats, I think that this brings a real differentiation.

但當你是一家企業，並且擁有各種各樣的排列組合和各種長尾肉時，我認為這會帶來真正的差異化。

Hey,

嘿，

[Ken].

[肯]。

Okay.

好的。

Did you ask me -- you ask a question about Infinity?

你問過我──你問了一個關於無限的問題嗎？

Can you ask it again?

你能再問一次嗎？

Just to the size of Infinity the question was?

問題只是無窮大的大小嗎？

That's right, Roei.

沒錯，Roei。

So, the size of infinity or the size of Perimeter 81, however you want to size it just to sort of get a sense for that kind of that SaaS part of the business.

因此，無窮大的大小或週長 81 的大小，無論您想如何調整它的大小，只是為了了解業務的 SaaS 部分。

So I think Infinity, we made approximately 15% of our revenues today.

所以我認為，對於 Infinity 來說，我們今天的收入大約是 15%。

In terms of booking, it's much higher so we expected to see in 2025 this percentage going significantly higher.

就預訂量而言，這一比例要高得多，因此我們預計到 2025 年這一比例將大幅上升。

In terms of SASE, again, it's still small.

就 SASE 而言，它仍然很小。

But again, we did a very nice -- I mean, the SASE grew very nicely in 2024.

但是，我們做得非常好——我的意思是，SASE 在 2024 年成長非常好。

And we do expect to see another uptick in 2025 with all the improvement and all the work that was done in the last 12 months around the product.

而且，隨著過去 12 個月圍繞產品的所有改進和工作，我們確實預計 2025 年將再次出現上升趨勢。

Very helpful.

非常有幫助。

Thanks, guys.

謝謝大家。

And second -- and our last question is going to come from Roger Boyd.

第二，我們的最後一個問題來自羅傑·博伊德。

Give it your shot, Roger.

試試看，羅傑。

Thanks, Kip.

謝謝，基普。

I'll come my congrats to both Gil and Nadav.

我要向 Gil 和 Nadav 表示祝賀。

On

在

CloudGuard, I think Gil mentioned it was a strong quarter.

CloudGuard，我認為 Gil 提到這是一個強勁的季度。

I would love to get a little more color on what went well, any metrics there?

我很想更詳細地了解哪些方面進展順利，有什麼指標嗎？

And then specifically for Nadav, would love to get your vision on how competitive you think you can be in that space.

然後具體針對 Nadav，我很想聽聽你對自己在該領域的競爭力的看法。

I know you mentioned 2025 will be a focus on SASE, but where does cloud security stack up in terms of focus areas?

我知道您提到 2025 年的重點將是 SASE，但就重點領域而言，雲端安全處於什麼位置？

Thanks.

謝謝。

Yeah.

是的。

So, for the cloud part where we want to shine is creating one policy across all of your -- a network state, right?

因此，對於雲端部分，我們想要發揮的亮點是建立涵蓋所有網路狀態的策略，對嗎？

So instead of having you know, one's policy for your data center, one policy for your branch, one policy for every one of your clouds, we want to bring the ability to unify that.

因此，我們希望能夠實現統一，而不是讓您知道，您的資料中心有一個策略，您的分支機構有一個策略，您的每個雲端都有一個策略。

So, we're going to be focused on cloud network security and our cloud firewall.

因此，我們將專注於雲端網路安全和雲端防火牆。

We also have a very strong software for WAF and we're going to again put that into this idea of the mesh architecture.

我們也擁有非常強大的 WAF 軟體，我們將再次將其納入網狀架構的概念中。

All right.

好的。

That covered for you, Roger?

這對你來說已經足夠了，羅傑？

That's great.

那太棒了。

Thanks, Kip.

謝謝，基普。

Thank you very much for joining us.

非常感謝您加入我們。

That's the conclusion of the call.

這就是通話的結論。

We'll see you throughout the quarter, myself, Nadav, and Roei will be visiting quite frequently.

我們將在整個季度見到您，我、Nadav 和 Roei 將會經常來訪。

So, take care and we look forward to seeing you in the quarter.

所以，請保重，我們期待在本季見到您。

Bye bye.

再見。

Thank you very much, everyone.

非常感謝大家。

Thanks, folks.

謝謝大家。

Thank you.

謝謝。