Check Point Software Technologies Ltd (CHKP) 2025 Q1 法說會逐字稿

(audio in progress) Zafrir; and our Chief Financial Officer, Roei Golan. Before we begin, I'd like to remind everyone this conference is being recorded and will be available for replay on our website at checkpoint.com

（音訊進行中） Zafrir；以及我們的財務長 Roei Golan。在我們開始之前，我想提醒大家，本次會議正在錄製中，可以在我們的網站 checkpoint.com 上重播。

During the formal presentation, all participants are in listen-only mode. That will be followed by a Q&A session. During this presentation Check Point representatives may make forward-looking statements. Forward-looking statements generally relate to future events or future financial and/or operating performance. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.

在正式演講期間，所有參與者都處於只聽模式。接下來是問答環節。在本次演示中，Check Point 代表可能會做出前瞻性聲明。前瞻性陳述通常與未來事件或未來財務和/或經營績效有關。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. In our press release, which has been posted on our website, we present GAAP and non-GAAP results, along with a reconciliation of such results, as well as the reasons for our presentation to GAAP information. If you have any questions after the call, please feel free to contact Investor Relations by e-mail at kip@checkpoint.com

任何前瞻性聲明僅代表本文發布之日的觀點，Check Point 不承擔公開更新任何前瞻性聲明的義務。在我們網站上發布的新聞稿中，我們介紹了 GAAP 和非 GAAP 結果，以及這些結果的對賬，以及我們採用 GAAP 資訊的原因。如果您在通話後有任何疑問，請隨時透過電子郵件 kip@checkpoint.com 聯繫投資者關係部。

Now it's my pleasure to turn the call over to Roei Golan.

現在我很高興將電話轉給 Roei Golan。

So in the first quarter of 2025 (technical difficulty) above the midpoint of our (technical difficulty) diluted shares $0.03 above the midpoint of our projection and represents 9% growth year over year.

因此，2025 年第一季（技術難度）的稀釋股價比我們預測的中點高出 0.03 美元，年增 9%。

Our deferred revenues grew by 5% to $1.950 billion. Our calculated billing reached $553 million, which represents 7% growth year over year, while our current calculated billings grew by 5% year over year. Let me remind you that our billing is affected by duration and payment terms. And I also want to remind you about the next quarter modeling, that in the second quarter of last year, we did have a benefit of approximately 2 points from upfront billing from two large mobile deals.

我們的遞延收入成長了 5%，達到 19.50 億美元。我們的計算帳單達到了 5.53 億美元，年增 7%，而我們目前的計算帳單年增了 5%。讓我提醒您，我們的帳單會受到期限和付款條件的影響。我還想提醒您有關下一季的模型，去年第二季度，我們確實從兩筆大型行動交易的預付賬單中獲得了大約 2 個百分點的收益。

If we were looking at our remaining performance obligation, the RPO, the RPO grew another quarter by double digit, 11% and reached $2.424 billion.

如果我們看看我們剩餘的履約義務，即RPO，RPO又一個季度增長了兩位數，即11%，達到24.24億美元。

We did see another strong quarter of demand from our Quantum Force appliances. Since launching these appliances in the beginning of 2024, we do see strong trend of demand for these new appliances, and that was the main driver for the revenue growth in this quarter and resulted 14% growth year over year in the product and license revenues.

我們確實看到了 Quantum Force 設備又一個強勁的需求季度。自 2024 年初推出這些設備以來，我們確實看到了對這些新設備強勁的需求趨勢，這是本季營收成長的主要驅動力，並導致產品和授權收入年增 14%。

Infinity, so another strong quarter for Infinity. We continue to flow -- we continue to find an accelerated way to the revenues with a strong double-digit growth year over year. Same as in previous quarters, the revenues from Infinity keep increasing and already exceeded 15% of our total revenues. We can see more and more customers adopting our platform, which answering their needs under one umbrella of product and services.

Infinity，這對 Infinity 來說又是一個強勁的季度。我們將繼續前進——我們將繼續尋找加速收入成長的方法，年復一年實現強勁的兩位數成長。與前幾季一樣，來自Infinity的收入持續成長，已經超過我們總收入的15％。我們可以看到越來越多的客戶採用我們的平台，透過產品和服務來滿足他們的需求。

So looking on our global revenue distribution, so we can see that 45% of our revenues came from EMEA, which represents 5% growth year over year. 42% came from America, with 6% growth year over year. While the remaining 13% came from Asia Pacific, with 12% growth year over year.

因此，從我們的全球收入分佈來看，我們可以看到 45% 的收入來自 EMEA 地區，年增 5%。 42%來自美國，較去年同期成長6%。其餘 13% 來自亞太地區，較去年同期成長 12%。

(technical difficulty) Our revenues grew by 7%, while our gross profit grew by 5% to $564 million, which represent 88% gross margin. Our operating expenses increased by 7% to $305 million. This increase was mainly as a result of our recent acquisition of Cyberint that was closed in the end of Q3 last year, and the continued investment in our workforce organically during the quarter.

（技術難度）我們的營收成長了 7%，而毛利成長了 5%，達到 5.64 億美元，毛利率為 88%。我們的營運費用增加了 7%，達到 3.05 億美元。這一成長主要是因為我們最近收購了 Cyber​​int，該收購於去年第三季末完成，並且本季繼續對員工進行有機投資。

Our non-GAAP operating income continues to be strong at $259 million or 41% operating margin. Our net income was $246 million and represents 5% growth yield, while our non-GAAP EPS grew by 9% to $2.21.

我們的非公認會計準則營業收入持續強勁，達到 2.59 億美元，營業利潤率為 41%。我們的淨收入為 2.46 億美元，成長率為 5%，而非 GAAP 每股盈餘成長 9%，達到 2.21 美元。

Moving into our cash flow. So our cash flow was -- operating cash flow this quarter with $421 million, represents 17% growth year over year. If we are excluding the reduction in the income tax paid, the growth was 14% year over year. Our cash balances as of (technical difficulty)

進入我們的現金流。因此我們的現金流－本季的經營現金流為 4.21 億美元，年增 17%。如果我們不計入所得稅的減少，那麼年成長率為 14%。我們的現金餘額截至（技術難度）

Our cash balances as of the quarter was $2.9 billion. During the quarter, we continued our buyback program and purchased approximately 1.5 million shares for $325 million at an average of price [$2.11].

截至本季度，我們的現金餘額為 29 億美元。本季度，我們繼續執行回購計劃，以平均價格 3.25 億美元購買了約 150 萬股[2.11美元]。

So to summarize our financial results, revenues and EPS above the midpoint of our projection. We did see another quarter with strong demand for Quantum Force appliances, strong operating cash flow, and maintaining high profitability margin.

總結一下我們的財務業績，營收和每股盈餘都高於我們的預測中點。我們確實看到另一個季度對 Quantum Force 設備的需求強勁、營運現金流強勁且維持較高的獲利利潤率。

And happy to move the call to Nadav. you're on mute, Nadav.

很高興將電話轉給 Nadav。你靜音了，Nadav。

Great to be with you again. As Roei said, indeed, a solid quarter. And when we look at the appliances demand, I think this really shows a (technical difficulty) for the last four or five quarters. So it's a (technical difficulty) positive trajectory, which makes us optimistic.

很高興再次和你在一起。正如 Roei 所說，這確實是一個穩健的季度。當我們觀察家電需求時，我認為這確實顯示了過去四、五個季度的（技術難題）。因此，這是一個（技術難度）的積極軌跡，這讓我們感到樂觀。

If you remember, we met last time, my first time as CEO at the end of January, and I told you that I was going to be focusing on listening (technical difficulty), with a target of meeting over 100 customers, partners, prospects and hundreds of our own Check Pointers. So the 100 days -- my first 100 days are over, plus 28 days and counting.

如果您還記得的話，我們上次見過面，那是在一月底我第一次擔任首席執行官，我告訴過您，我將專注於傾聽（技術難題），目標是會見超過 100 名客戶、合作夥伴、潛在客戶和數百名我們自己的 Check Pointer。所以這 100 天——我的第一個 100 天已經過去了，還有 28 天還在繼續。

So happy to report that I think I exceeded my target of the meetings that I told you I was going to do in listening to our partners, customers, et cetera. I think that regarding our strategy, which we articulated, which is to provide the leading platform for the Hybrid Mesh Architecture, at the end of the day, it resonates well with everybody I've met so far and is well received.

我很高興地告訴大家，我認為我已經超額完成了我之前告訴你們的會議目標，即傾聽我們的合作夥伴、客戶等等的意見。我認為，關於我們所闡明的策略，即為混合網狀架構提供領先的平台，最終，它引起了迄今為止我遇到的每個人的共鳴，並受到了熱烈歡迎。

Also very pleased to say that, speaking to channel partners, I believe there is a genuine want to reinforce to partner with Check Point, and we definitely need to double down on that. And then finally, February was our CPX, which is our user conferences. We had them across the world, so traveling the world meeting Check Pointers and thousands of customers and partners in Vienna, in Bangkok, in Vegas. We enthused, me at least, in our potential going forward in our strategy.

我還非常高興地說，在與通路夥伴交談時，我相信他們真心希望加強與 Check Point 的合作，而且我們絕對需要加倍努力。最後，二月是我們的 CPX，也就是我們的使用者會議。我們的員工遍布世界各地，在維也納、曼谷和拉斯維加斯與 Check Pointers 以及數千名客戶和合作夥伴會面。我們（至少我）對我們的策略未來潛力充滿熱情。

(technical difficulty) To the world is that, we believe, first and foremost, that when you are securing a hyperconnected world in the AI era, first and foremost, we need to remind ourselves and everybody else, security is about security. As (technical difficulty) shared with you, our strategy is to provide a real platform for this hyperconnected reality. And I think it literally provides the best prevention that there is out there today.

（技術難題）對世界來說，我們相信，首先，當你在人工智慧時代保護一個高度互聯的世界時，首先，我們需要提醒自己和其他人，安全就是安全。正如（技術難題）與您分享的，我們的策略是為這種高度互聯的現實提供一個真正的平台。我認為它確實提供了當今最好的預防措施。

When you think about the Hybrid Mesh Architecture, you always need to remember that (technical difficulty) hyperconnected reality. And in this Hybrid Mesh Architecture, I believe that the Infinity Platform really provides the best solution that there is out there today -- ability and it meshes together or brings together our three families of products, our Quantum projects, our CloudGuard products, and our Harmony products.

當您考慮混合網狀架構時，您始終需要記住（技術難度）超連接的現實。在這個混合網格架構中，我相信 Infinity 平台確實提供了當今最好的解決方案——能力，它將我們的三大產品系列、我們的 Quantum 專案、我們的 CloudGuard 產品和我們的 Harmony 產品融合在一起。

And the way we are providing this, I think, optimizes for flexibility, performance and cost. And at the end of the day, by providing this agility, not only we can provide security, but also a better user experience. And finally, if you look at organizations and enterprise today, probably the second line item in their budget is cloud. And this flexible hybrid approach allows for a better capability to control that cloud cost.

我認為，我們提供這種服務的方式可以優化靈活性、效能和成本。最終，透過提供這種靈活性，我們不僅可以提供安全性，還可以提供更好的使用者體驗。最後，如果你看看當今的組織和企業，可能他們的預算中的第二項就是雲端。這種靈活的混合方法可以更好地控制雲端成本。

Beyond (technical difficulty) Q1, we also announced our partnership with Wiz. The reason I bring it up here is, I think, it exemplifies what we need when we say that our real platform is also an open platform with an open garden approach and architecture. So it's not just Wiz, but Wiz is a good example of how you bring together one plus one best-of-breed and provide our customers with the best (technical difficulty) in this hyperconnected reality.

除了（技術難度）第一季之外，我們還宣布了與 Wiz 的合作夥伴關係。我在這裡提起這個問題的原因是，我認為，它體現了我們所需要的，當我們說我們的真正平台也是一個具有開放式花園方法和架構的開放平台時。因此，它不僅僅是 Wiz，而且 Wiz 是一個很好的例子，它展示瞭如何將一加一的最佳產品結合在一起，並在這個高度互聯的現實中為我們的客戶提供最好的（技術難度）。

Also pleased with the latest recognitions of industry analysts, you can see here, and I think they're well deserved. When our focus, two areas. One is SASE, which is front and center in our architecture. We articulated that, and that's where we're focusing. And the other, of course, is artificial intelligence.

我也很高興看到行業分析師的最新認可，您可以在這裡看到，我認為他們當之無愧。我們的重點有兩個面向。一個是 SASE，它是我們架構的核心。我們已經明確表達了這一點，這也是我們關注的重點。另一個當然是人工智慧。

(technical difficulty) SASE, our -- when we look at what we've done already, so first of all, we're already serving thousands of customers. And in terms of -- it's literally 10x faster, and that counts in different situation. And this hybrid approach allows for the flexibility. And at the end of the day, we have also embedded the Check Point Security engines. And we're talking about dozens, almost 100 AI agents that are running and being supported by or supported from the cloud.

（技術難題）SASE，我們的－當我們回顧我們已經在做的事情時，首先，我們已經為數千名客戶提供服務。就速度而言——它實際上快了 10 倍，這在不同情況下很重要。這種混合方法具有靈活性。最後，我們也嵌入了 Check Point 安全引擎。我們正在談論數十個、幾乎 100 個正在運行並由雲端支援或從雲端支援的 AI 代理。

Going forward, this is a major focus that I'm overlooking myself because of its criticality to our architecture. (technical difficulty) On scaling this to larger and larger enterprises. As I told you last time, we intended to open a new R&D center in India that works well, and we're getting great talent there. And we're constantly going to improve the unified policy across the Hybrid Mesh network, improve user experience, and the cyber practitioner experience going forward.

展望未來，這是我自己忽略的一個主要關注點，因為它對我們的架構至關重要。（技術難度）將其擴展到越來越大的企業。正如我上次告訴你的，我們打算在印度開設一個運作良好的新研發中心，並且我們在那裡招募優秀人才。我們將持續改進混合網狀網路的統一策略，改善使用者體驗和網路從業人員的體驗。

Beyond the Hybrid Mesh and the SASE, which is front and center, obviously, artificial intelligence is changing the world. I don't think it's just a technological revolution, but literally a new dimension. (technical difficulty) You need to understand is that enterprises must embrace this new technology. They have to embrace it. They have to leverage it. But they want to do it in a responsible secure way. That's where we come in.

除了處於中心地位的混合網格和 SASE 之外，人工智慧顯然正在改變世界。我認為這不僅僅是一場科技革命，而是一個全新的維度。（技術難度）你需要明白的是，企業必須擁抱這項新技術。他們必須接受它。他們必須利用它。但他們希望以負責任、安全的方式來做到這一點。這就是我們要做的。

(technical difficulty) GenAI security as an example. But it's not only to look at the attacker's perspective and what they can do, but also leveraging AI for security, and that's where Infinity CoPilot integrated into our product was also showcased. And again, today, we have thousands of organizations across the globe using it already.

（技術難度）以GenAI安全性為例。但這不僅要從攻擊者的角度看他們能做什麼，還要利用人工智慧來保障安全，這也是我們產品中整合的 Infinity CoPilot 的展示之處。如今，全球已有數千個組織在使用它。

Going forward, at the same time, we're going to continue to focus on both, how do you secure AI and how do you embrace AI and leverage AI to facilitate simplification and automation, all the way to fully AI-driven access control policy, which is where our road map is taking us.

展望未來，我們將繼續關注如何保護人工智慧以及如何擁抱人工智慧並利用人工智慧來促進簡化和自動化，一直到完全由人工智慧驅動的存取控制策略，這也是我們的路線圖所引領的方向。

When you think about a new dimension, one thing that you need to be as humble (technical difficulty) we have the limitation of imagination, right, where is this world going. And last time we spoke, we spoke about starting an AI security research center, which is already functioning. But this is also an opportunity for me to introduce Jonathan Zanger, who will be joining us in the next few weeks as our new CTO.

當你思考一個新的維度時，你需要謙虛的一件事（技術難度）我們的想像力是有限的，對吧，這個世界將走向何方。上次我們討論過建立一個人工智慧安全研究中心，目前已開始運作。但這也是我介紹喬納森·贊格 (Jonathan Zanger) 的機會，他將在未來幾週加入我們，擔任我們的新任首席技術長。

(technical difficulty) Within the cyber and AI community, his name might not mean much. But believe me, he's one of the sharpest and most talented minds I've ever had the pleasure to work with. I know him from our service days. And in the last few years, he's been in the start-up world. And within the communities, really a well-recognized talent both in AI and cyber (technical difficulty) national defense, academia, start-up experience. And I also believe that him choosing us as a show of confidence in our strategy and where we're going to. Ultimately, he's also a talent magnet.

（技術難題）在網路和人工智慧社群內，他的名字可能沒有太大意義。但請相信我，他是我有幸共事過的最敏銳、最有才華的人之一。我在服役期間就認識他了。在過去的幾年裡，他一直活躍在創業領域。並且在社群中，無論是在人工智慧和網路（技術難度）國防、學術界、新創公司經驗方面，都是一位備受認可的人才。我也相信他選擇我們表明了對我們的策略和發展方向的信心。從根本上來說，他也是一個吸引人才的磁鐵。

And as you probably know, in this AI world, it's all about the talent and the critical mass of talent that you can bring into the organization. And that's going to be one of his tasks going forward. I'm really proud of him joining us.

您可能知道，在這個人工智慧世界中，一切都取決於人才以及您可以為組織帶來的大量人才。這將是他今後的任務之一。我為他加入我們感到非常自豪。

This is probably also a good time to acknowledge our current CTO, which you all know, Dr. Dorit Dor. I've known Dorit for almost 30 years. I think she's one of the most recognized leaders in cyber globally. And in Check Point, specifically, she's an icon. She was a part of building this company, and I couldn't be more appreciative of what she's done. She has agreed to stay as a Check Point fellow and a consultant. And in the next few weeks, Jonathan will have to fill really, really, really gigantic shoes. So congratulations to both.

這也許也是向我們的現任技術長（大家都知道）Dorit Dor 博士致謝的好時機。我認識 Dorit 已經快 30 年了。我認為她是全球網路領域最受認可的領導者之一。具體來說，在 Check Point，她是個偶像。她參與了這家公司的創建，我非常感激她所做的一切。她已同意繼續擔任 Check Point 研究員和顧問。在接下來的幾周里，喬納森將不得不承擔非常、非常、非常艱鉅的任務。所以，我向兩位表示祝賀。

And speaking of news, and again, going back to our January discussion, we spoke about the way we're going to orchestrate and focus our go-to-market approach, and we spoke about creating a new division that works on SaaS. We're going to be focusing on securing the workforce.

說到新聞，再次回到我們一月份的討論，我們談到瞭如何協調和集中我們的行銷方法，我們也談到了創建一個致力於 SaaS 的新部門。我們將重點放在勞動力安全。

When you think about the hybrid modern workforce we work from everywhere and anywhere, we have different intents and different personas and different identities, and multiple devices. And there are too many segmented solutions right now for different channels and devices, and this lack of a unified solution is being taken advantage of by the hackers. Because hackers are always going to come through the cracks even if you have disparate specific products that are doing a good job, if you can unify it, they're going to come through the cracks.

當您想到我們在任何地方工作的混合現代勞動力時，我們有不同的意圖、不同的角色、不同的身份和多種設備。而目前針對不同管道和設備的解決方案過於分散，這種缺乏統一解決方案的情況正被駭客所利用。因為即使你擁有不同的特定產品並且它們運作良好，駭客也總是會利用漏洞，如果你能將它們統一起來，那麼他們就會利用漏洞。

And so the idea is to design and offering to secure employees in the modern hybrid mesh environment and provide a single product experience. We're going to be pooling together different products that we have. And we're going to be pulling this into our Infinity Platform and leveraging assets such as ThreatCloud AI.

因此，我們的想法是設計和提供在現代混合網格環境中保護員工的安全並提供單一的產品體驗。我們將把我們擁有的不同產品整合在一起。我們將把它納入我們的 Infinity 平台並利用 ThreatCloud AI 等資產。

Again, (technical difficulty) to introduce Gil Friedrich. For those of you who don't know, Gil Friedrich, he's going to be leading this newly formed division to focus on the workforce. Gil joined us about 3.5 years ago through the various acquisition of Avanan. He has 6x-ed the business so far. We announced not so long ago that we already crossed $100 million of ARR. Our goal is to cross the $200 million of ARR within the next year.

再次，（技術難度）介紹 Gil Friedrich。對於那些不認識吉爾·弗里德里希 (Gil Friedrich) 的人來說，他將領導這個新成立的部門，專注於勞動力。大約 3.5 年前，Gil 透過 Avanan 的各種收購加入了我們。到目前為止，他的業務已成長了 6 倍。不久前我們宣布我們的 ARR 已經突破 1 億美元。我們的目標是明年內 ARR 突破 2 億美元。

And building on this success and the reception of this technology, we're going to put together different products to create a single product experience. So when we talk about email, endpoint, and other products, this is a newly formed division that I'm very, very optimistic about. And so welcome to Jonathan. Welcome to Gil.

基於這項成功以及這項技術的接受度，我們將整合不同的產品來創造單一的產品體驗。因此，當我們談論電子郵件、端點和其他產品時，這是一個新成立的部門，我對此非常非常樂觀。歡迎喬納森。歡迎來到吉爾。

And I think that's pretty much what I had to report back over Q1. Kip, back to you.

我想這就是我在第一季需要報告的內容。基普，回到你身邊。

Thank you, Nadav. We're going to see a little commentary around our business outlook. Obviously, we're seeing a nice pipeline build for the second quarter and the second half of '25. We're very pleased with the customer response about the Infinity Platform and also our Quantum Force appliances.

謝謝你，納達夫。我們將看到一些有關我們業務前景的評論。顯然，我們看到 2025 年第二季和下半年的管道建設情況良好。我們對客戶對 Infinity 平台以及我們的 Quantum Force 設備的反應非常滿意。

Security spending for us is healthy, but we recognize it's not immune to budget concerns. Although history has shown it is insulated from most cuts. From a macroeconomic uncertainty, specifically around tariffs, we haven't seen any behavior so far, canceled project, extended sales cycles, et cetera. However, you recognize these sales cycles usually occur at -- the extended sales cycles usually occur at the end of the quarter.

對我們來說，安全支出是健康的，但我們認識到它並不能免受預算問題的影響。儘管歷史表明它不會受到大多數削減的影響。從宏觀經濟的不確定性來看，特別是在關稅方面，到目前為止我們還沒有看到任何行為，例如取消專案、延長銷售週期等等。然而，您認識到這些銷售週期通常發生在 - 延長的銷售週期通常發生在季度末。

As such, we think it's prudent to take this into consideration. And so for the second quarter, we're working at these dynamics and giving you our business outlook. Revenues are expected to be $642 million to $682 million. That's 2% to 9% year-over-year growth. Non-GAAP EPS is expected to be $2.32 to $2.42, year-over-year growth of 7% to 12%. GAAP EPS is expected to be approximately $0.55 less. Our FY 2025 remain unchanged. And a little bit of modeling commentary to reiterate off of what Roei said earlier, last year, in the second quarter, we had three eight-figure deals that totaled $130 million. Two of those were paid upfront that contributed about 2% benefit to the calculation in the quarter.

因此，我們認為考慮這一點是明智之舉。因此，對於第二季度，我們正在研究這些動態並為您提供我們的業務展望。預計收入為 6.42 億美元至 6.82 億美元。這意味著同比增長 2% 至 9%。非公認會計準則每股收益預計為 2.32 美元至 2.42 美元，年增 7% 至 12%。預計 GAAP EPS 將減少約 0.55 美元。我們的 2025 財年維持不變。再用一些模型評論來重申 Roei 之前所說的，去年第二季度，我們有三筆八位數的交易，總額達 1.3 億美元。其中兩筆款項為預付款，為本季的計算貢獻了約 2% 的收益。

With that, we're going to open the call for Q&A.

接下來，我們將開始問答環節。

And there's no need to raise your hands, folks. There's a predetermined list of folks. So we'll leave it at that. First up is going to be Robbie Owens from Piper Sandler, followed by Joseph Gallo from Jefferies.

各位，無需舉手。有一個預先決定的人員名單。我們就到此為止吧。首先上場的是 Piper Sandler 的 Robbie Owens，然後是 Jefferies 的 Joseph Gallo。

Great. I was hoping you could drill down just a little bit more into the business outlook commentary slide via -- that Kip read. Maybe as you think about the forward pipe, the obvious questions were puts and takes around the refresh cycle, which seemed to come through in product revenue this quarter. But also just where our conversations with customers around tariffs and appetite to spend in this environment. Understanding that security is typically resilient, we've seen that historically, but some of these things can push out as a sweat assets. So just some color from the customer conversations would be appreciated. Thanks.

偉大的。我希望您能更深入地了解 Kip 所讀的商業前景評論幻燈片。也許當您考慮前進的管道時，顯而易見的問題是圍繞更新周期的投入和產出，這似乎在本季的產品收入中得到了體現。但我們與顧客討論的也是關稅以及在這種環境下的消費意願。我們知道安全通常具有彈性，我們從歷史上就看到過這種情況，但其中一些東西可能會作為汗水資產被推出。因此，如果能從客戶對話中了解到一些資訊就更好了。謝謝。

Roei, do you want to start?

Roei，你想開始嗎？

Yeah, I'll start. So again, I have to say again, as of today, and we had multiple discussions with our sales leader, we don't see -- and based on what we see in the environment today, we don't see any effect as of today from what's going on, on the macro economy environment. We actually see that the pipeline is building very nicely. You mentioned the Quantum Force appliances that we see positive trend in the last few quarters.

是的，我這就開始。所以，我必須再說一遍，截至今天，我們與銷售主管進行了多次討論，我們沒有看到——根據我們今天所看到的環境，我們沒有看到今天發生的事情對宏觀經濟環境產生任何影響。我們確實看到管道建設得非常順利。您提到了 Quantum Force 設備，我們在過去幾季看到了積極的趨勢。

I have to say that when I'm looking on the pipeline, specifically for the Quantum Force appliances for the second quarter, looks very good. But again, it's something that we cannot avoid the volatility and what's going on in the market. And as we all know, most of the business is coming in the last month of the quarter, especially in the last two weeks.

我必須說，當我查看產品線時，特別是第二季的 Quantum Force 設備，看起來非常好。但同樣，我們無法避免市場波動和正在發生的事情。眾所周知，大部分業務都發生在季度的最後一個月，尤其是最後兩週。

We see that every day, we have news and can -- and something can be changed. Again, as of today, we don't see anything. But when we beat the guidance for the next quarter, we took into account a more prudent approach in terms of there might be, because of the macroeconomic, more deals that will be slipped to the second half of the year, and that's the main factor here.

我們每天都會看到新聞，而且有些事情是可以改變的。再說了，截至今天，我們還沒有看到任何東西。但是，當我們超出下一季的預期時，我們考慮採取更謹慎的做法，因為宏觀經濟的原因，可能會有更多的交易推遲到下半年，這是主要因素。

Yeah, Rob, I don't have a lot to add, to be honest. As Roei said, I speak to our channels and customers and, obviously, sales leaders all the time trying to be out there and understand what the sentiment is. We haven't seen anything. The only thing I can add to that -- and again, this is looking back, it doesn't mean that this will repeat itself. In these terms of uncertainty and volatility, especially as our -- the offense is arming itself with very sophisticated AI capabilities.

是的，羅布，說實話，我沒有什麼好補充的。正如 Roei 所說，我一直在與我們的管道和客戶以及銷售主管進行交流，試圖了解他們的情緒。我們什麼也沒看到。我唯一能補充的是——再說一次，這只是回顧，並不意味著事情會重演。在這些不確定性和波動性方面，特別是當我們的進攻方正在用非常複雜的人工智慧能力武裝自己時。

Unfortunately, I think we'll see -- we'll also see an up an uptick in the -- on the offense side. So I think from a customer perspective, this cyber budget line item will probably be at the bottom of the list of something to cut. But again, this is looking back, looking into the future, who knows.

不幸的是，我認為我們會看到——我們還會看到——進攻方面的上升。因此我認為從客戶的角度來看，這項網路預算項目可能會排在削減清單的最後。但話說回來，這只是回顧過去，展望未來，誰知道呢。

Next up is of Joseph Gallo, followed by Adam Tindle of Raymond James.

接下來是約瑟夫加洛 (Joseph Gallo)，然後是雷蒙德詹姆斯 (Raymond James) 的亞當廷德爾 (Adam Tindle)。

Maybe just following up on products. How should we think about the runway left in the refresh and product versus subscription revenue growth this year? And then is there any increased cost of goods sold from the tariffs? Thanks.

也許只是跟進產品。我們該如何看待今年更新和產品與訂閱收入成長所剩無幾的差距？那麼關稅是否會增加商品銷售成本呢？謝謝。

Yeah. So I'll start with the second question around the tariffs. So we are manufacturing -- today, most of our manufacturing is done in Taiwan with the third-party ODMs. We are working closely with them mainly around the development as well that happened in the last few weeks.

是的。因此，我將從有關關稅的第二個問題開始。因此，我們正在製造——今天，我們的大部分製造都是在台灣與第三方 ODM 一起完成的。我們正在與他們密切合作，主要圍繞著過去幾週的發展。

I do have to say that even with the high tariffs that, for now, it's will not impose. But even with these high tariffs that will be -- that might be imposed, the max exposure on us will be -- won't be significant and will be expected to be less than 0.5 point to our total margin. But then we are talking about the max exposure, and we are doing a lot of work around doing some adjustments to our supply chain to try to minimize this additional cost.

我必須說，即使徵收高額關稅，目前也不會徵收。但即使徵收這些高額關稅，我們面臨的最大風險敞口也不會很大，預計占我們總利潤的比例將不到 0.5 個百分點。但我們正在討論最大程度的曝光，我們正在做大量工作來調整我們的供應鏈，盡量減少額外的成本。

In terms of product, so we started to see this refresh cycle accelerating, I think, in the second half of last year in 2024. First of all, we have the refresh of our existing installed base that we do see a very nice ramp-up in the last few quarters. We see that they really like the new appliances that we launched a year ago. And we actually see the acceleration in our revenues growth from products that mainly include (inaudible).

就產品而言，我們開始看到這個更新週期正在加速，我認為是在去年下半年，也就是 2024 年。首先，我們對現有的安裝基礎進行了更新，在過去的幾個季度中我們確實看到了非常好的成長。我們發現他們真的很喜歡我們一年前推出的新電器。我們實際上看到我們的產品收入成長加速，主要包括（聽不清楚）。

As for the remaining of the refresh, so I think, first of all, we have the refresh of our existing installed base, but definitely, there is an opportunity outside. Our competitors also some of them mentioned that they have a large refresh cycle that expect to start sometime in the second half of 2025 and will last in 2026. So we think that this should last -- I mean this refresh and this trend, we should expect it to last in the next -- will last until the end of 2026.

至於剩餘的更新，我認為，首先，我們要更新現有的安裝基礎，但肯定還有外部機會。我們的一些競爭對手也提到，他們有一個大規模的更新週期，預計將於 2025 年下半年某個時候開始，並持續到 2026 年。所以我們認為這種情況應該會持續下去——我的意思是這種更新和這種趨勢，我們應該預期它會持續到 2026 年底。

I think that we need also to take into account macroeconomic environment that sometimes because of uncertainty, there will be some customers that will decide to sweatening their assets. But right now, we don't see that. But again, you don't know -- I mean, we still -- there is a lot of uncertainty today around that.

我認為我們還需要考慮宏觀經濟環境，有時由於不確定性，有些客戶會決定放棄自己的資產。但目前我們還沒有看到這一點。但再說一次，你不知道——我的意思是，我們仍然——今天圍繞著這一點存在著許多不確定性。

All right. Our next caller is Brian Essex, followed by Keith Bachman.

好的。我們的下一位嘉賓是 Brian Essex，然後是 Keith Bachman。

All right. Are we on?

好的。我們上線了嗎？

Yes, yes.

是的，是的。

Nadav, I just wanted to ask you, one thing about being at CPX. It was really evident that you're very engaged with customers, partners, employees -- particularly employees, the number of employees that commented that you're pushing them to grow the business, maybe more forcefully than has been done in the past. Maybe if you can help me understand what kind of incentives, initiatives, and benchmarks are you holding your management team to that are meaningful to call out that kind of hold their feet to the fire to reaccelerate growth?

Nadav，我只是想問你一件關於在 CPX 的事情。很明顯，您與客戶、合作夥伴、員工都非常互動——尤其是員工，許多員工都表示，您正在推動他們發展業務，而且力度可能比過去更大。或許您能幫助我理解，您要求管理團隊遵守哪些類型的激勵措施、措施和基準，這些措施有意義，可以督促他們重新加速成長？

Yeah. So I would say that, first and foremost, and we've spoken about this in different instances. We are focusing on accelerating our growth. In order to do that, we're also expanding our spend on go-to-market, the way we are orchestrated around go-to-market. And also, I think culturally being a more vocal and customer -- closer to our customer.

是的。因此我想說，首先，我們在不同場合討論過這個問題。我們正致力於加速我們的成長。為了做到這一點，我們也擴大了在市場進入方面的支出，我們圍繞市場進入的方式也得到了精心安排。而且，我認為從文化上來說，我們要更直言不諱，更貼近客戶。

I think that from a cultural perspective, the word that -- what I like the phrase that I like to use, and I'm pushing is sense of urgency. From a compensation commission, we are more focused on ARR than we were before, subscription and ARR. And then finally, a target of putting ambitious, achievable targets and making sure that we are all accountable for those targets, every employee in the company. By the way, not just the people that are forward-looking and talking to customers, but also the folks here that are doing most of the R&D.

我認為從文化角度來看，我喜歡使用的短語和我正在推動的詞是緊迫感。從薪酬佣金來看，我們比以前更關注ARR、訂閱和ARR。最後，制定雄心勃勃、可實現的目標，並確保公司每位員工都對這些目標負責。順便說一句，不僅是那些具有前瞻性並與客戶交談的人，還有這裡從事大部分研發工作的人。

All right. I had a big faux pas there. The next question is actually Mr. Tindle, and that will be followed by Mr. Bachman.

好的。我在那裡犯了一個很大的錯誤。下一個問題實際上是廷德爾先生提出的，然後是巴赫曼先生。

Nadav, you gave Kip one slide to read, and he forgets how to do the Q&A. So --

Nadav，你給 Kip 一張投影片讓他讀，但他卻忘瞭如何進行問答。所以--

He's lost too much weight. He can't think right.

他瘦得太厲害了。他無法正確思考。

There we go.

好了。

I wanted to ask -- obviously, I think the key theme here is the growth acceleration in product in particular. But the flip side, just to get it out there, Nadav, is from the margin standpoint. I know Roei unpacked a little bit of the drivers, but we're nearing 40% EBIT margin. Sales and marketing is at record levels. You did have a filing intra-quarter where you're expanding corporate headquarters.

我想問——顯然，我認為這裡的關鍵主題是產品的成長加速。但另一方面，Nadav 只是為了把它拿出來，是從利潤的角度出發。我知道 Roei 解析了一些驅動因素，但我們的息稅前利潤率接近 40%。銷售和行銷達到了創紀錄的水平。您確實在本季提交了一份文件，以擴大公司總部。

I think a lot of this makes sense as growth accelerates, but I think it would be helpful to maybe put some parameters around this. Just how you think about the optimal operating model, what you would need to see, for example, to take margins into the 30s? How you think about the balance of growth versus investment, broadly speaking? Thanks.

我認為，隨著成長的加速，這在很大程度上是有道理的，但我認為為此設定一些參數可能會有所幫助。您如何看待最佳營運模式？例如，您需要看到什麼才能將利潤率提高到 30%？整體來說，您如何看待成長與投資之間的平衡？謝謝。

Yeah, I'll start, and Roei, you can follow up. I shared this last time and the strategy, or the targets haven't changed. We need to gradually improve our growth, but we want to do it in a responsible, prudent manner to create sustainable growth. So I think we do have flexibility in our margin, but we need to do it very carefully. And like you said, we need to see the uptick that, that brings.

是的，我先開始，Roei，你可以跟進。我上次分享過這一點，策略或目標沒有改變。我們需要逐步改善成長狀況，但我們希望以負責任、審慎的方式實現永續成長。所以我認為我們的利潤確實具有彈性，但我們需要非常謹慎地去做。正如您所說，我們需要看到由此帶來的上升趨勢。

So I do think there is some flexibility there. As you can see, no big changes in Q1 or minimal changes to our operating margins in Q1. I don't see that changing in the very near future. But we are following very closely and seeing where every dollar we put into go-to-market, what it brings and how it affects our total financial situation. Roei, do you want to add anything to that?

所以我確實認為那裡存在著一定的靈活性。如您所見，第一季我們的營業利潤率沒有發生大的變化，或者變化很小。我認為這種情況在不久的將來不會改變。但我們正在密切關注並觀察我們投入市場的每一美元都去了哪裡、它帶來了什麼以及它如何影響我們的整體財務狀況。Roei，你還有什麼要補充的嗎？

Yeah. I think also we mentioned, I think we discussed it in our -- in the CPX that we are doing -- also part of what we've done with Wiz. We are doing more focusing on where we need to invest. It doesn't mean that all investment needs to be increased significantly. I think we need -- we are looking -- I think Nadav is doing since he joined in terms of he decided where we need more to focus as we discussed a lot of Hybrid Mesh and other items.

是的。我想我們也提到過，我想我們在我們正在做的 CPX 中討論過這個問題——這也是我們對 Wiz 所做工作的一部分。我們更關注需要投資的地方。這並不意味著所有投資都需要大幅增加。我認為我們需要——我們正在尋找——我認為自從 Nadav 加入以來，他就決定了我們需要更加關注的地方，正如我們討論了很多混合網格和其他項目一樣。

And we are moving budgets from high areas in that we're less focus to areas that we need to focus more like SASE, like AI in the end, when you're looking on the full budget on the full operational. I don't think that we don't expect in the near term to see any significant change to our operating margin in order to accelerate our top line.

當您查看全面營運的全部預算時，我們正在將預算從不太關注的高領域轉移到我們需要更多關注的領域，例如 SASE 和 AI。我認為，為了加速我們的營收成長，我們預期短期內我們的營業利潤率不會有任何重大變化。

All right. Our next question comes from Keith Bachman, followed by Shaul Eyal.

好的。下一個問題來自 Keith Bachman，然後是 Shaul Eyal。

I wanted to try to get more update on Perimeter 81, your SASE solution. I'll break it into a couple of parts is, as we think about the year unfolding, how do you think about the enhancements that you need or want on the solution side? B, you talked a little bit about this at CPX but maybe update us on go-to-market activities. And then C, as we get to end of year, what does success look like? And what metrics might you be able to provide to us, whether it's contribution to ARR, number of customers, anything along those lines, but just -- maybe just a broader update on your SASE solution and Perimeter 81. Many thanks.

我想嘗試獲取有關您的 SASE 解決方案 Perimeter 81 的更多更新。我將把它分成幾個部分，當我們思考這一年的發展時，您如何看待在解決方案方面需要或想要的增強功能？B，您在 CPX 上談到了這一點，但也許可以向我們介紹一下上市活動。然後 C，當我們到達年底時，成功是什麼樣子的？您能提供我們哪些指標，無論是對 ARR 的貢獻、客戶數量，還是類似的任何指標，但也許只是對您的 SASE 解決方案和 Perimeter 81 的更廣泛的更新。非常感謝。

Well, thank you. So I'll get started and Roei can add a little bit maybe about the Perimeter. I'll start with the product side. On the product side, there are two things that -- or three things we're focused on. Number one, we have a relatively nascent solution, if you look at the incumbents in the market.

好的，謝謝你。那麼我就開始吧，Roei 可以補充一些關於 Perimeter 的內容。我將從產品方面開始。在產品方面，我們將重點放在兩件事上——或者三件事。首先，如果你觀察市場上現有的企業，你會發現我們有一個相對新興的解決方案。

I think it's a unique solution. Sometimes when you come late to the market, you can already see the kind of mistakes that were done and come with a more modern solution. And I think the hybrid approach allows us not just to give a better user experience, but also to provide security based on the parameters of identity, intent, geography, and location.

我認為這是一個獨特的解決方案。有時，當你進入市場較晚時，你已經可以看到所犯的錯誤，並能找到更現代的解決方案。我認為混合方法不僅可以讓我們提供更好的使用者體驗，還可以基於身分、意圖、地理和位置參數提供安全性。

And based on those, you can consume the security from the right place, especially in the world that's moving from the attackers' perspective in the speed of AI, I think this is crucial. So -- but having said that, we still have a feature parity that we need to complete, and I'm following that very, very, very closely. And the other is to go up the stack in terms of very large enterprise. So that's the other thing. On the go-to-market side, the way I look at it is to really try to go out there and showcase by everywhere we can, but also with existing very successful deployments in large enterprise of what this really means to provide this hybrid architecture.

基於這些，您可以從正確的地方獲得安全性，特別是在從攻擊者的角度以人工智慧的速度發展的世界中，我認為這至關重要。所以——但話雖如此，我們仍然需要完成一些功能對等，而且我正在非常非常密切地關注這一點。另一個是針對大型企業進行上上層推進。這就是另一件事。在市場進入方面，我的看法是，我們要真正嘗試走出去，透過我們所能的任何地方進行展示，同時也要利用大型企業中現有的非常成功的部署來展示提供這種混合架構的真正意義。

What does it really mean to have a better user experience? What does it really mean that you have a better control of your cloud cost and go out and prove that with our partners, with our channels and industry events such as the one happening next week at RSA. I think that for me, success is, first of all, can we actually showcase in large enterprise that's consuming this? What are they saying? I think if they come and say, listen, this actually works better because SASE, unlike other products in security, is right in front of the long tail of hundreds of thousands and sometimes tens of thousands of employees of one enterprise.

擁有更好的使用者體驗到底意味著什麼？這實際上意味著什麼，您可以更好地控制雲端成本，並透過我們的合作夥伴、我們的管道和行業活動（例如下週在 RSA 舉行的活動）來證明這一點。我認為，對我來說，成功首先在於我們能否在消費它的大型企業中真正展現出來？他們在說什麼？我認為，如果他們過來說，聽著，這實際上效果更好，因為 SASE 與安全領域的其他產品不同，它正處於一個企業數十萬甚至數萬名員工的長尾效應之前。

And the feedback that you get is very direct. So that's on the user experience side. And we're seeing the same thing here at Check Point once we're deploying this here. What's the user experience? What does it mean?

而且您得到的回饋非常直接。這就是使用者體驗方面的事情。當我們在 Check Point 部署這個系統時，我們也看到了相同的情況。使用者體驗如何？這是什麼意思？

What does it allow us to do? Because at the end of the day, we not only want to secure and prevent, we also want to give a better user experience. The other thing is how this as an Infinity platform sale, that's the other metric or perimeter that I want to look at, not as a SASE stand-alone, but SASE is a part of our Hybrid Mesh and the Infinity platform.

它能讓我們做什麼？因為歸根結底，我們不僅希望確保安全和預防，還希望提供更好的使用者體驗。另一件事是，這作為 Infinity 平台銷售如何，這是我想要關注的另一個指標或範圍，不是作為獨立的 SASE，而是 SASE 是我們混合網格和 Infinity 平台的一部分。

So that's another metric that we need to look at closely. I can tell you very openly that so far, so good, but it's only the beginning of the journey. I'm following this very, very closely. It's one of the -- and to the question about investment, this is one area where we don't have lack of resources.

這是我們需要仔細研究的另一個指標。我可以非常坦率地告訴你，到目前為止一切都很好，但這只是旅程的開始。我正在非常密切地關注此事。這是其中之一——對於投資問題，這是我們不缺乏資源的領域。

Next question is from Shaul Eyal, followed by Shrenik Kothari.

下一個問題來自 Shaul Eyal，然後是 Shrenik Kothari。

Nadav, on the heels of your Wiz announcement partnership, and thank you for this slide you guys have put up. We've been getting some questions from investors on whether Check Point is actually giving up on CNAPP or is actually double downing on CNAPP, maybe being one category out of the broader cloud security arena. So maybe if you can address that. And maybe, Roei, just a word about the mix between new logos and existing customers this quarter. Thank you.

Nadav，在你們宣布與 Wiz 合作之後，感謝你們製作的這張投影片。一些投資者向我們詢問 Check Point 是否真的放棄了 CNAPP，或者實際上正在加倍投入 CNAPP，這可能是更廣泛的雲端安全領域中的一個類別。所以也許你可以解決這個問題。也許，Roei，只是想說一下本季新標誌和現有客戶的混合情況。謝謝。

Yeah. Thanks for that, Shaul. So I want to be very direct and very simple about this. When we are doubling down on cloud, we are focusing on partnerships when it comes to observability and CNAPP specifically. And we are repurposing these resources in the areas that are core and strategic for us, such as SASE.

是的。謝謝你，Shaul。所以我想非常直接、簡單地說這一點。當我們加倍投入雲端運算時，我們專注於可觀察性和 CNAPP 方面的合作夥伴關係。我們正在將這些資源重新用於對我們至關重要的核心和策略領域，例如 SASE。

So I want to be very clear on that. And we're very transparent internally with our customers, with our channels. And we are within a migration process within our existing customers to start using Wiz, and we are able to actually showcase Wiz in our unified platform. Again, I believe this is also the right philosophy when you think about an open platform. So that's a very direct answer.

所以我想非常清楚地說明這一點。我們內部對客戶和通路非常透明。我們現有客戶正處於遷移過程中，開始使用 Wiz，並且我們能夠在統一平台上展示 Wiz。再次，我相信當你考慮開放平台時這也是正確的理念。這是一個非常直接的答案。

And to your question, Shaul, about existing customers and new customers. So I think that we're looking on our product revenue. So of course, the majority is coming from refresh and from our existing customers. But definitely, we do see uptick in our -- in new business from new logos, from appliances. Again, I think since we launched the new families last year, the price performance of these appliances become much more attractive in the market than it was in -- before. And definitely, we do see that in the competition.

關於您提出的有關現有客戶和新客戶的問題，Shaul。所以我認為我們正在關注我們的產品收入。因此，當然，大部分來自更新和我們現有的客戶。但毫無疑問，我們確實看到了新業務的成長——新標誌、新電器。再說一次，我認為自從我們去年推出新系列以來，這些電器的性價比在市場上比以前更有吸引力。確實，我們在比賽中看到了這一點。

I would add one thing about new customers, Shaul. I spoke about Gil Friedrich and the newly formed workforce division. That is one of the ways that we expect to win new logos with -- sometimes even different buyers within the enterprise.

我想補充一點關於新客戶的事情，Shaul。我談到了吉爾·弗里德里希和新成立的勞動力部門。這是我們期望贏得新標誌的方式之一——有時甚至是企業內部的不同買家。

All right. Next up is Shrenik Kothari, followed by Andrew Nowinski from Wells Fargo.

好的。接下來是 Shrenik Kothari，然後是富國銀行的 Andrew Nowinski。

Guys, can you hear me all right?

夥計們，你們聽得到我說話嗎？

Nice little vest there. Glad to see (inaudible).

漂亮的小背心。很高興看到（聽不清楚）。

Dressed for the occasion. So you did touch upon tariffs and global macro uncertainty and also around the Israeli, Taiwan-based supply chain. Just curious to what degree has some of your relative kind of tariff insulation, the non-US status has kind of helped you win business from other hardware heavy peers in areas like Europe, Canada?

為這個場合而穿著。所以你確實談到了關稅和全球宏觀不確定性，以及以色列和台灣的供應鏈。我只是好奇，你們的相對關稅豁免權和非美國地位在多大程度上幫助你們贏得了歐洲、加拿大等地區其他硬體巨頭的業務？

And anything you've seen in terms of win rates upticking or competitive or takeout activities specific to these dynamics. And then from a margin standpoint, very quickly, Roei, you mentioned sub-50 basis points kind of impact. Assuming that is based on kind of the existing or the original tariff framework. Just wanted to clarify, could that change for the better, if things are evolving in the right direction.

以及您所看到的任何與這些動態相關的勝率上升或競爭或外賣活動。然後從利潤率的角度來看，Roei，您很快就提到了低於 50 個基點的影響。假設這是基於現有或原始的關稅框架。只是想澄清一下，如果事情朝著正確的方向發展，情況會變得更好嗎？

So I'll start maybe because it's a short one. That's based on the 32%. That's the high tariffs that for now, it's not imposed, but that's based -- the less than 0.5 point is related to the 32% tariff, not for the 10% that already imposed.

所以我就開始吧，因為它很短。這是基於 32% 的。這是目前尚未徵收的高關稅，但這是基於——不到 0.5 個點與 32% 的關稅有關，而不是與已經徵收的 10% 的關稅有關。

Yeah. I'll say from my perspective that these are early days and uncertainty right now is such that I'll be very honest. I don't -- I'm not counting on having an advantage over our peers at this point. I do believe that in an era that with the volatility that we have, unfortunately, we will see an uptick in attacks and in the sophistication of attacks. I believe that our approach of prevention first and that security is about security, will be heightened and well received. And I'm optimistic that we can get our points based on that.

是的。從我的角度來看，現在還處於早期階段，不確定性很高，因此我會非常誠實地說。我不指望現在我們能比同行有優勢。我確實相信，在我們所處的這個動盪時代，不幸的是，我們將看到攻擊次數和攻擊複雜程度的上升。我相信，我們預防為主、安全第一的方針將會加強並受到歡迎。我樂觀地認為我們能夠以此為基礎獲得分數。

All right. Next up is Andy Nowinski, followed by Tal Liani of BofA.

好的。接下來是安迪諾溫斯基 (Andy Nowinski)，然後是美國銀行的塔爾利亞尼 (Tal Liani)。

So Nadav, you have a very impressive background. I'm sure you've seen more cyber-attacks than most executives in the market. So I'm wondering, have you been able to leverage your background to speak with CISOs? And how might that be driving new logo growth, which has historically been the Achilles' heel of Check Point?

所以 Nadav，你的背景非常令人印象深刻。我確信您見過的網路攻擊比市場上大多數高階主管都要多。所以我想知道，您是否能夠利用您的背景與 CISO 交談？那麼，這將如何推動新標誌的成長？新標誌一直以來都是 Check Point 的致命弱點。

And then just a quick clarification, the maintenance decline this quarter, is that just a lagging impact? I think that lags. Even though product revenue is really strong, it typically has a lagging impact and comes back to growth later. Thank you.

然後簡單澄清一下，本季維護量的下降是否只是滯後影響？我認為這是滯後的。儘管產品收入確實很強勁，但其影響通常具有滯後性，之後才會恢復成長。謝謝。

I can start and, Nadav, maybe -- regarding the support. So yeah, it's lagging and likely to pick up in the second half of the year if you want to see the trend continue with the refresh. And definitely, we expect it to be to be positive back in the second half of the year. Nadav, do you think? --?

我可以開始，Nadav，也許——關於支持。所以是的，如果你想看到這種趨勢繼續更新的話，它確實滯後了，並且很可能在下半年回升。當然，我們預期下半年業績將呈現正面態勢。Nadav，你覺得呢？--？

Yeah. Look, the answer is yes. I always, from the nascent days when the Internet started and I've been doing this for the last 30 years, remind myself that at the end of the day, it's a learning competition between offense and defense. That's true for Check Point. When we protect Check Point, that was true in my previous life when I was at the front line protecting national infrastructure.

是的。瞧，答案是肯定的。從網路剛興起的日子開始，到過去 30 年我一直從事這一行業，我總是提醒自己，歸根結底，這是一場進攻與防守之間的學習競爭。對於 Check Point 來說確實如此。當我們保護檢查站時，這與我前世在前線保護國家基礎設施時的情況一樣。

It's always a learning competition. And in the learning competition, what you need to do is appreciate how the world is changing, try to imagine different futures, assign probability, come back to the present, and decide how you want to allot your risk management and your budget.

這始終是一場學習競爭。在學習競爭中，你需要做的是了解世界是如何變化的，嘗試想像不同的未來，分配機率，回到現在，並決定如何分配你的風險管理和預算。

I'm super passionate about this, and I've seen it from many, many different aspects in the last 30 years. And for me to talk to leaders in the enterprise world, whether it's Boards, CEOs, CFOs, CIOs, and CISOs, is something that I'm very passionate about. And I am very enthusiastic about -- I'm very enthused about going out there and talking about how we approach this at Check Point generally. Specifically, I think that all of us are sort of trying to understand how we leverage this incredible new technology that's a double-edged sword, we all get it.

我對此非常熱衷，在過去的 30 年裡，我從很多不同的角度看待它。對我來說，與企業界的領導者交談，無論是董事會、執行長、財務長、資訊長或首席資訊安全官，都是我非常熱衷的事情。我非常熱衷於——我非常熱衷於去那裡談論我們在 Check Point 如何處理這個問題。具體來說，我認為我們所有人都在試圖了解如何利用這項令人難以置信的新技術，它是一把雙刃劍，我們都明白這一點。

And so I think if we can be a good partner for the journey of embracing AI for our customers, that's a very, very important capability that we have. Jonathan Zanger joining us in that respect, being able to hire some of the best talent in the industry, trying to imagine what it's going to look like. And I don't fool myself. We're going to imagine 1,000 scenarios, and we're going to get hit with the scenario 1000 and 1. But by thinking about it, practicing it, simulating it, I think, is a great advantage.

因此我認為，如果我們能夠成為客戶擁抱人工智慧之旅的良好合作夥伴，那麼這是我們擁有的非常非常重要的能力。喬納森·贊格 (Jonathan Zanger) 加入我們，能夠聘請業內一些最優秀的人才，試圖想像它會是什麼樣子。我不會欺騙自己。我們將設想 1,000 種情景，我們將會遭遇第 1,000 種情景和第 1 種情景。但透過思考它、實踐它、模擬它，我認為，會帶來很大的優勢。

Now when you think about Check Point with 30 years of experience, 100,000 customers, the vast data that we have, the fact that we've seen every mutation and every permutation doesn't mean that we're going to get it all right, but I think it means that we're in a good springboard.

現在，當您想到 Check Point 擁有 30 年的經驗、100,000 名客戶、我們擁有的大量數據時，我們已經看到了每一個突變和每一個排列，這並不意味著我們會把所有事情都做對，但我認為這意味著我們處於一個良好的跳板。

All right. Next step is Tal Liani, followed by Patrick Colville.

好的。接下來是塔爾·利亞尼 (Tal Liani)，然後是帕特里克·科爾維爾 (Patrick Colville)。

Nadav, I have kind of a high-level question for you. So -- the stock went up following your entry to the company and what we are looking for now is for the growth not to be in the 6%, 7% area. That's not exciting. We wanted to see above 10%. And the question is, how long does it take you and what needs to happen to get to this 10% level in order to justify additional upside in the stock.

Nadav，我有一個高階問題想問你。所以—您加入公司後，股價上漲了，我們現在尋求的成長率不要達到 6% 或 7% 左右。那沒什麼令人興奮的。我們希望看到 10% 以上。問題是，你需要多長時間以及需要做什麼才能達到這個 10% 的水平，以證明股票還有進一步上漲的潛力。

And I just want to -- I looked at the numbers differently. I know that firewalls will go to a refresh cycle, but firewall market is not going to grow in the long term. And when I look at your other parts of the portfolio outside of firewall, it needs to grow substantially to get to 10%. If I remove this firewall refresh temporary kind of upside, it needs to grow substantially to get to a sustainable 10% level. So how do you get there? What do you need to add? How do you -- what do you do with go-to-market? I know these are big questions, but I think that's what is going to drive the share price from here. Thanks.

我只是想——我以不同的方式看待這些數字。我知道防火牆會進入更新周期，但防火牆市場不會長期成長。當我查看防火牆之外的其他投資組合部分時，我發現它需要大幅成長才能達到 10%。如果我消除防火牆刷新這種暫時的上行空間，它需要大幅增長才能達到可持續的 10% 水平。那麼你要怎樣到達那裡呢？您需要添加什麼？您如何－您如何進入市場？我知道這些都是大問題，但我認為這才是推動股價上漲的因素。謝謝。

Yeah. First of all, I agree. Take as an example, the newly formed Workforce division led by Gil Friedrich is one way or one vector to get there to that sustainable double-digit growth that we are aiming to achieve. And like you said, I don't expect anything to happen overnight, and we want to reach it in a sustainable manner.

是的。首先我同意。舉個例子，由吉爾·弗里德里希 (Gil Friedrich) 領導的新成立的勞動力部門是我們實現可持續兩位數增長的目標的一種方式或載體。正如您所說，我不指望任何事情一夜之間就會發生，我們希望以可持續的方式實現這一目標。

Having said that, this is an example, which I'm happy to elaborate on. Gil came here as an acquisition. It was a very successful acquisition. This is completely outside of our Quantum business. This is completely outside of our sort of 30 years of experience and in a very mature sort of saturated market, but we've been able to innovate and get a meaningful part of this market, again, crossing the $120 million and leading this into $200 million within -- or our goal is to get to $200 million. That's becoming meaningful.

話雖如此，這是一個例子，我很樂意詳細說明。吉爾是作為收購來到這裡。這是一次非常成功的收購。這完全超出了我們的量子業務範圍。這完全超出了我們 30 年的經驗，並且處於一個非常成熟的飽和市場，但我們已經能夠創新並在這個市場中獲得有意義的份額，再次突破 1.2 億美元，並將其推向 2 億美元——或者我們的目標是達到 2 億美元。這變得越來越有意義。

And adding other components to this and creating a distinct division that's working on that, that's one way to get there. The other is to reinvigorate and focus on our go-to-market. I think that -- and you can look at our spend, and it will grow. I think that we have some of the best products out there. If you ask me one of the things that surprised me is how little the world knows about what we're doing. We need to be more vocal. We've been shy. We need to be more vocal. We will be.

添加其他組件並創建一個專門負責此事的部門是實現這一目標的一種方法。另一個是重振並專注於我們的行銷。我認為——你可以看看我們的支出，它會成長。我認為我們擁有一些最好的產品。如果你問我，令我驚訝的事情之一是世界對我們所做的事情知之甚少。我們需要更加直言不諱。我們一直很害羞。我們需要更加直言不諱。我們會的。

The other thing is focus, focus, focus. That's why we decided to get out of different businesses. We spoke about that, focus on our Hybrid Mesh platform approach. So that -- where we play, we play to win; where we play, we play to become a podium player. Beyond that, we're obviously always looking at potential acquisitions to close some of the gaps that we have in our strategy and getting some of the best leaders and talent in the world.

另一件事是專注、專注、專注。這就是我們決定退出不同業務的原因。我們討論了這個問題，並專注於我們的混合網格平台方法。所以－我們比賽的目的是為了贏；我們在哪裡比賽，我們就在哪裡比賽，我們的目標是成為頒獎台上的選手。除此之外，我們顯然一直在尋找潛在的收購機會，以彌補我們策略中的一些差距，並獲得世界上一些最優秀的領導者和人才。

And I think that when you combine all that, that's the path, that's the strategy that -- I don't fool myself that this is going to happen overnight, and I don't fool myself that we're not going to have our hurdles along the way. But I can tell you that I'm optimistic, and we'll come back to report every quarter.

我認為，當你把所有這些結合起來，這就是道路，這就是策略——我不會欺騙自己，認為這會在一夜之間發生，我也不會欺騙自己，認為我們一路上不會遇到障礙。但我可以告訴你，我很樂觀，我們每季都會回來報告。

All right. Thank you. Next is Patrick Colville, followed by Jonathan Ho of William Blair.

好的。謝謝。接下來是帕特里克·科爾維爾 (Patrick Colville)，然後是威廉·布萊爾 (William Blair) 的喬納森·何 (Jonathan Ho)。

I guess I want to focus on the demand environment. I mean the message in the prepared remarks was very clear that no effect from the macro. I think I just want to make sure that we're clear on the timing of that comment. I mean, do those comments refer to post close of the quarter, so post March and including the last few weeks? And then if I think back to 2020, Check Point's this quarter, five years ago, pulled the fiscal year guidance. Was there a world where you considered pulling the fiscal year guidance? And what were the puts and takes there? Thank you.

我想重點關注需求環境。我的意思是，準備好的發言中傳達的訊息非常明確，即宏觀調控沒有產生任何影響。我想我只是想確保我們清楚該評論的時間。我的意思是，這些評論是否指的是本季結束後，也就是三月之後，包括最近幾週？然後，如果我回想起 2020 年，Check Point 五年前的這個季度撤回了財年指引。您是否考慮過撤回財政年度指引？那裡的情況如何？謝謝。

I'll start maybe on -- first of all, yeah, that's based on what we see. I mean, the comments are based on what we see today, not based on what we've seen in the last quarter. I mean that's following the Liberation Day and all the development since this announcement in the Liberation Day. So I have to say, again, I don't want to compare to 2020. I'm talking about what we see -- do see today.

我首先要說的是——是的，這是基於我們所看到的。我的意思是，這些評論是基於我們今天所看到的情況，而不是基於我們上個季度所看到的情況。我的意思是，這是解放日之後的事，也是自解放日宣布這一消息以來的所有事態發展。所以我不得不再次說，我不想與 2020 年進行比較。我說的是我們今天所看到的。

We are -- as Nadav also mentioned, we are doing a lot of -- we had a lot of discussions with channels, with customers, with our sales leaders. As of today, and we are talking today, in this earnings, we don't see any changes in the macro environment in terms of the demand for the security. And as I said, actually, even the pipeline is building up for this quarter, mainly around the Quantum Force appliances. And that's what we see today. It doesn't mean that we won't see a change because there is -- we all see what's going on in the market. We all see the volatility.

正如 Nadav 所提到的，我們正在做很多事情——我們與通路、客戶、銷售領導進行了很多討論。截至今天，就我們今天所討論的收益而言，我們沒有看到宏觀環境在證券需求方面發生任何變化。正如我所說，實際上，本季的產品線正在建設中，主要圍繞著 Quantum Force 設備。這就是我們今天所看到的。這並不意味著我們不會看到變化，因為我們都看到了市場上正在發生的事情。我們都看到了波動性。

And it doesn't mean that it won't be changed in the next few weeks. That's why we need to be more cautious in terms of when we are providing guidance for the second quarter. But definitely, based on what we see, that's currently what we see today on the demand. And therefore, we also didn't change the guidance for the full year. I mean, because that's based on what we see today, we didn't think that there is a need to change in the full year guidance.

但這並不意味著未來幾週內不會改變。這就是為什麼我們在提供第二季指導時需要更加謹慎。但毫無疑問，根據我們所看到的情況，這就是我們今天所看到的需求。因此，我們也沒有改變全年的指導。我的意思是，由於這是基於我們今天所看到的情況，所以我們認為沒有必要改變全年指引。

Hey Patrick, thanks for wearing the competitive gear. Next up is Jonathan Ho, followed by Brad Zelnick.

嘿，帕特里克，謝謝你穿了比賽裝備。接下來是 Jonathan Ho，然後是 Brad Zelnick。

Nadav, you spoke a little bit about reinvigorating sort of the messaging and the go-to-market for the company. Can you talk a little bit about the messaging around the Hybrid Mesh firewall and maybe how that's resonating with customers? How you can maybe change the narrative around Check Point over time? Just give us a little bit more detail. Thank you.

Nadav，您談到了重新激發公司的訊息傳遞和行銷。您能否稍微談談混合網狀防火牆的訊息以及它如何引起客戶的共鳴？隨著時間的推移，您如何改變有關 Check Point 的敘述？請向我們提供更多細節。謝謝。

Yeah, for sure. My favorite topic. The debate around whether the world is going to be on-prem or in the cloud or multi-cloud, whether we're going to be working from the offices or working remotely, I think that debate is over. The answer is yes, yes and yes. We're going to be doing both, and that's sort of the hybrid environment.

是的，當然。我最喜歡的話題。關於世界是將在本地還是在雲端或多雲中，我們是在辦公室工作還是在遠端工作的爭論，我認為已經結束了。答案是肯定的，肯定的，肯定的。我們將同時進行這兩種工作，這就是一種混合環境。

Now the hyperconnectivity that the world is going into is also not going to change. AI is not going to change that. Some people anticipate that AI will change the way we operate. But at least in the foreseeable future, we need to remember that at the end of the Mesh, there are humans like you and I. And we're fallible and we get lazy and sometimes we even do stupid things and sometimes we're useful idiots. And so the idea of providing a platform for the Hybrid Mesh is the idea of acknowledging that this is the real architecture that the world has embraced and that you need a platform to support that.

如今，世界正進入超級互聯時代，這種趨勢也不會改變。人工智慧不會改變這一點。有些人預計人工智慧將改變我們的運作方式。但至少在可預見的未來，我們需要記住，在網格的盡頭，還有像你我一樣的人類。我們都會犯錯，會懶惰，有時甚至會做一些蠢事，有時我們會是有用的白痴。因此，為混合網格提供平台的想法是承認這是世界所接受的真正架構，並且需要一個平台來支援它。

At front and center of this Hybrid Mesh is the network. If you cannot have the trust that your infrastructure is actually your infrastructure, then it's very, very difficult to operate. When you add the need to embrace AI, this is where you really need a platform that provides three or four things.

混合網格的前端和中心是網路。如果您不能相信您的基礎設施確實是您的基礎設施，那麼運作起來就會非常非常困難。當你增加擁抱人工智慧的需求時，你就真正需要一個能夠提供三到四樣東西的平台。

Number one, it needs to provide real security. And real security starts with prevention because in the AI world, if you don't prevent it, it will be -- it might be too late. Trying to run after it, after it's reached your network through your SOC system, for example, could mean that it's -- you're just telling -- you're just a story and telling everybody about the past, but the damage is already done.

首先，它需要提供真正的安全。真正的安全始於預防，因為在人工智慧世界中，如果不預防，那麼就可能為時已晚。例如，在它通過 SOC 系統到達您的網絡後試圖追趕它可能意味著 — — 您只是在講述 — — 您只是在講一個故事，向所有人講述過去，但損害已經造成。

The second thing is user experience. At the end of the day, you and I and all of us are traveling the world. We have multiple devices, and we are looking for user experience with security. And we don't want to give up on our user experience, speed, and capability to work from anywhere and anywhere -- from everywhere and anywhere.

第二件事是使用者體驗。一天結束時，你、我以及我們所有人都在環遊世界。我們有多種設備，我們正在尋找安全的使用者體驗。我們不想放棄我們的使用者體驗、速度以及在任何地方、任何地點、任何地點工作的能力。

And so that's sort of the Hybrid Mesh reality. When we look at it at the center of that, we're providing a suite of products that at the end of the day, have a unified management, the Infinity platform and are all taking or ingesting the data and the intelligence from our ThreatCloud AI.

這就是混合網格的現實。當我們從核心角度看待它時，我們提供了一套產品，最終擁有統一的管理，即 Infinity 平台，並且都從我們的 ThreatCloud AI 獲取或提取資料和情報。

What that means is that you're getting flexibility because sometimes you're going to receive and consume security from an endpoint device. Sometimes you want your data center to be able to connect directly. Sometimes you want to -- and you're working in a multi-cloud environment. That's sort of the essence of what we're saying with a Hybrid Mesh platform. Beyond that, you also must remember that it's not only about security and usability, it's also about cost.

這意味著您將獲得靈活性，因為有時您將從端點設備接收和使用安全性。有時您希望您的資料中心能夠直接連線。有時您想要—並且您正在多雲環境中工作。這就是我們所說的混合網格平台的本質。除此之外，您還必須記住，這不僅涉及安全性和可用性，還涉及成本。

This hybrid approach allows you to optimize the connectivity, not just per security and usability, but also per cost. That's the message that we're going out there to the world with. And now we're augmenting this with a single product experience at the workforce level and both of those are complementing this Hybrid Mesh environment. It's not everything, and that's why it's an open platform.

這種混合方法可讓您優化連接性，不僅根據安全性和可用性，而且根據成本。這就是我們要向世界傳達的訊息。現在，我們透過在員工層面提供單一產品體驗來增強這一點，這兩者都是混合網格環境的補充。它不是一切，這就是為什麼它是一個開放的平台。

I can tell you that so far, it's resonating. There is -- it's a process because this is sort of a concept that is not -- that hasn't been around. So we need to invest in explaining and showcasing. And to the point that we spoke about before, it also means that we're going to have to up our marketing game.

我可以告訴你，到目前為止，它引起了共鳴。這是一個過程，因為這是一個尚未存在的概念。所以我們需要投入精力去解釋和展示。正如我們之前談到的，這也意味著我們必須提高我們的行銷水平。

All right. Next up is Brad Zelnick, followed by Saket Kalia.

好的。接下來是布拉德·澤爾尼克 (Brad Zelnick)，然後是薩凱特·卡利亞 (Saket Kalia)。

Great. Nadav, along the lines of Tal Liani's question, Check Point is in a stronger position as we've seen in years, and everybody's got a lot of enthusiasm that you're here to win and not just win small, but to win big. The company is on a strong footing, has a really strong balance sheet. Now that you're over 100 days in, how are you thinking about corporate development opportunities? And what criteria are you using as you're looking at deals? Thanks.

偉大的。Nadav，正如 Tal Liani 的問題一樣，正如我們多年來所見，Check Point 的地位更加穩固，每個人都充滿熱情，相信你們來這裡是為了贏得勝利，而且不只是贏得小胜利，而是贏得大勝利。該公司基礎穩固，資產負債表非常強勁。現在您已經任職 100 多天了，您如何看待企業發展機會？您在尋找交易時使用什麼標準？謝謝。

Thank you. So the criteria is very straightforward. We have our North Star and our strategy and our focus areas. Acquisitions are a means to fulfill that strategy. So that's how we're looking at it. It's not a very broad aperture. But like we said, SASE, AI, so that's where we're looking. Unified management, that's where we're looking.

謝謝。所以標準非常簡單。我們有我們的北極星、我們的策略和我們的重點領域。收購是實現該策略的一種手段。這就是我們看待它的方式。這不是一個很寬的光圈。但就像我們所說的那樣，SASE、AI，這就是我們正在尋找的地方。統一管理，這就是我們所追求的。

And there are many opportunities out there. And so our -- we -- last time we spoke, I announced that Roi Karo is joining us and alongside with Alon Elie, who leads this, they're constantly looking. And we have a real appetite. Sometimes it will be to accelerate the road map. Sometimes it will be because somebody is something we will see is truly novel, and it's not just an add-on, but something that can actually leapfrog.

而且還有很多機會。因此，我們 — — 我們 — — 上次談話時，我宣布 Roi Karo 將加入我們，與領導這項工作的 Alon Elie 一起，他們一直在尋找。我們確實胃口大開。有時這是為了加速路線圖。有時我們會認為某人的某物確實是新穎的，它不僅僅是一個附加物，而是一個真正可以跨越的東西。

And so we're looking at both and stay tuned.

因此，我們正在關注這兩者並保持關注。

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

好的。接下來是 Saket Kalia，然後是 Roger Boyd。

Okay. Great. Nadav, maybe you go back to the SASE discussion, again, front and center, no shortage of resources. Maybe the question is, how do you sort of see the swim lanes in this market developing? You have some established pure-play SASE vendors like the Zscalers and others in the private side.

好的。偉大的。Nadav，也許你可以回到 SASE 討論，再次強調，最重要的是資源的匱乏。也許問題是，您如何看待這個市場泳道的發展？您有一些成熟的純 SASE 供應商，例如 Zscalers 和其他私人供應商。

You have other firewall vendors that are providing this as well. Maybe you have some that are very focused on Secure Web Gateway, some that are really focused on private access or VPN as a service. Where do you see Check Point SASE sort of fitting into this market, as you think about SASE in the coming years?

其他防火牆供應商也提供此服務。也許其中一些非常專注於安全 Web 網關，而另一些則真正專注於私人存取或 VPN 即服務。您對未來幾年的 SASE 有何看法？您認為 Check Point SASE 會如何融入這個市場？

Yeah, great question. So the first thing I want to say is that we're focused on enterprise customers when we think about the Hybrid Mesh Architecture at its best. These organizations are usually quite complex. They have some of everything. They have data centers, they have branches, they have multi-clouds, and they work in different geographies with different regulations with many moving parts and a changing environment that they must embrace and continue the competition. So that's the kind of customer that we're looking at. So we're talking about big and complex.

是的，很好的問題。因此，我想說的第一件事是，當我們考慮最佳的混合網狀架構時，我們關注的是企業客戶。這些組織通常相當複雜。他們什麼都有。他們有資料中心、有分支機構、有多雲，他們在不同的地區工作，遵守不同的法規，有許多活動部件和不斷變化的環境，他們必須接受這些並繼續競爭。這就是我們所關注的客戶類型。所以我們談的是大而複雜的事情。

Many of our customers are also financial organizations with incredible regulation needs. They are industrial companies that are working globally, and you're seeing what's happening in the world right now. Our focus is, first and foremost, to come up with a solution. And I think we're already showcasing how this works that allows -- that doesn't compromise security for usability, and this is where the unique architecture that we have at our SASE, which is Hybrid, I think, is going to win.

我們的許多客戶也是具有巨大監管需求的金融機構。它們是在全球範圍內開展業務的工業公司，您可以看到當今世界正在發生的事情。我們的首要任務是找到解決方案。我認為我們已經展示了它的工作原理——它不會為了可用性而損害安全性，而這正是我們 SASE 的獨特架構（混合架構）的優勢所在，我認為它將取得成功。

Most of the incumbents have a cloud-only SASE. And I'll be very honest, it made a lot of sense when they come up with it many years ago. But I think now having the ability and the flexibility to be both on-prem and cloud, multi-cloud is a big advantage. And then beyond that, it's the unified approach so that you can look at your connectivity infrastructure as one and build on that. So that's where I think we can win.

大多數現有企業都擁有僅限雲端的 SASE。而且說實話，當他們多年前提出這個想法時，它非常有意義。但我認為，現在擁有在本地和雲端同時運行的能力和靈活性，多雲是一個很大的優勢。除此之外，它是一種統一的方法，以便您可以將連接基礎設施視為一個整體並在此基礎上進行建置。所以我認為我們可以從這一點上獲勝。

Again, being very transparent, we don't have all the features. We have to mature some of our things, and that's where we're going to focus both internally and by corp dev to make sure that we find the right solutions and with a big sense of urgency because this is still a relatively nascent approach, the SASE approach. If you look at the market today, I think that below 20% of enterprise is already embracing this, but it will continue to grow because that's what the margin infrastructure calls for.

再次強調，坦白說，我們並不具備所有的功能。我們必須完善一些事情，這就是我們將在內部和公司開發方面重點關注的地方，以確保我們找到正確的解決方案，並帶著強烈的緊迫感，因為這仍然是一種相對新興的方法，即 SASE 方法。如果你看看今天的市場，我認為只有不到 20% 的企業已經接受了這一點，但它將繼續成長，因為這是利潤基礎設施所要求的。

All right. Our last question of the day is going to come from Roger Boyd of UBS.

好的。我們今天的最後一個問題來自瑞銀的羅傑·博伊德。

Awesome. I'm wondering if we can come back to the macro assumptions and the commentary around the potential for deals in 2Q. When I look at the revenue and EPS guide for 2Q and the full year, I think they still look pretty good. And I know you don't guide to it, but I wonder if you could speak to any directionality around your expectations for billings or RPO in 2Q or any color on the one half versus two half seasonality, acknowledging the color you gave around large deals in the year ago quarter. Thanks.

驚人的。我想知道我們是否可以回到宏觀假設和有關第二季度交易潛力的評論。當我查看第二季和全年的收入和每股盈餘指南時，我認為它們看起來仍然相當不錯。我知道您沒有對此進行指導，但我想知道您是否可以談談您對第二季度的賬單或 RPO 的預期方向，或者對上半年和下半年季節性的任何顏色，承認您對去年同期的大額交易給出的顏色。謝謝。

Roei, you're on mute.

Roei，您已靜音。

Yeah. So for billing, we are not providing -- I'll start with billing and RPO. We're not providing any guidance for billing and RPO. I do have -- we did mention that in the second quarter last year, we did have two large deals that were built upfront that benefit us approximately 2 points last year. But we should think about, again. Billing should grow in line with what we see in the revenues. So you should think something in this area.

是的。因此對於計費，我們不提供 - 我將從計費和 RPO 開始。我們不提供任何有關計費和 RPO 的指導。我確實提到過——我們確實提到過，去年第二季度，我們確實有兩筆預先達成的大交易，這讓我們去年受益約 2 個百分點。但我們應該再思考一下。帳單金額應該會隨著收入的增長而增長。所以你應該在這方面思考一下。

In terms of, again, what was taken into the guidance, again, we didn't see -- I'll repeat myself, but we didn't see anything -- any change as of today. Of course, the significant portion of our revenues is already -- is in our backlog, mainly the subscription and support. But I remind you all that the main -- not uncertainty, but the main revenues that we still need to bring out the product revenues that usually are coming -- are building and are recognized immediately.

再次就指導意見中考慮的內容而言，我們再次沒有看到——我再重複一遍，但我們沒有看到任何東西——截至今天沒有任何變化。當然，我們的收入的很大一部分已經在我們的積壓訂單中，主要是訂閱和支援。但我提醒大家，主要的——不是不確定性，而是我們仍然需要的主要收入，即通常會產生的產品收入——正在建立並立即得到確認。

And in terms of that, we do see very good pipeline for the Quantum Force appliances, both for Q2 and for the second half of the year. Even I would say that for the second half of the year, we do see even a better -- even a stronger pipeline. And we do expect that, again, taking aside the macro environment effects because we never -- I mean, it's tough to expect to predict that. But putting aside the macro environment, we do expect to see an acceleration in terms of the Quantum Force refresh in the second half of the year.

就此而言，我們確實看到 Quantum Force 設備在第二季和下半年都有非常好的銷售前景。我甚至會說，對於今年下半年，我們確實會看到更好、更強大的管道。我們確實預計，拋開宏觀環境的影響，因為我們從來沒有——我的意思是，很難預測這一點。但拋開宏觀環境，我們確實預計今年下半年 Quantum Force 的更新將會加速。

All right, everyone. We appreciate you guys attending the call today, and we look forward to seeing you throughout the quarter. And have a great day out there. Bye-bye now. Thank you.

好的，各位。感謝大家今天參加電話會議，我們期待在整個季度內見到你們。祝您有個愉快的一天。現在再見了。謝謝。

Thanks, guys.

謝謝大家。