Check Point Software Technologies Ltd (CHKP) 2025 Q2 法說會逐字稿

(audio in progress)

（音訊正在播放）

And joining me today, our Chief Financial Officer, 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 are in a listen-only mode that will be followed by a Q&A session.

今天和我一起的還有我們的財務長 Roei Golan。在開始之前，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，所有與會者將處於「只聽」模式，之後將進入問答環節。

During this presentation, Check Point's representatives may make forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance.

在本次演示中，Check Point 的代表可能會做出前瞻性聲明。前瞻性陳述通常與未來事件或我們未來的財務或經營績效有關。

These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Any forward-looking statements made speak only as of the date hereof, and Check Point Software undertakes no obligation to update publicly any 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預測的結果有重大差異。任何前瞻性陳述僅代表截至本文發布之日的觀點，Check Point Software 不承擔公開更新任何前瞻性陳述的義務。

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

在我們網站上發布的新聞稿中，我們介紹了 GAAP 和非 GAAP 結果，以及這些結果的調整以及我們呈現非 GAAP 資訊的原因。

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

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

Now I'd like to turn the call over to Nadav.

現在我想把電話轉給納達夫。

Hey, everyone. Good morning to you, and thanks for joining us today. As you already know, our industry is undergoing a generational transformation. It's marked by unprecedented change. And I think more importantly, the unprecedented pace of change.

嘿，大家好。早安，感謝您今天加入我們。正如你們所知，我們的產業正在經歷代際轉型。它標誌著前所未有的變化。我認為更重要的是，變化的速度是前所未有的。

We're still in the very early innings of this revolution. And I believe that at Check Point, we're well positioned to lead it. And in today's call, I want to take some time to talk a little bit about our guiding principles and our vision. Obviously, before elaborating, I'd like to share, we had a solid quarter. both revenue and EPS in line with our outlook.

我們仍處於這場革命的初期。我相信，在 Check Point，我們有能力引領這項進程。在今天的電話會議中，我想花點時間談談我們的指導原則和願景。顯然，在詳細說明之前，我想先分享一下，我們這個季度表現穩健，營收和每股盈餘都符合我們的預期。

It was relatively back-end loaded and resulted in several slip deals that have already closed in the last few weeks. And the third quarter is shaping up well with a strong indicator so far in July. Beyond that, we see a very healthy pipeline for the remainder of the year. And so we're reiterating our 2025 guidance. And of course, Roei will elaborate about the financials and the outlook shortly.

它的後端負載相對較高，導致過去幾週內已經完成了幾筆延期交易。第三季情勢良好，七月份迄今各項指標強勁。除此之外，我們預計今年剩餘時間的銷售管道將非常健康。因此，我們重申我們的 2025 年指導方針。當然，Roei 很快就會詳細說明財務狀況和前景。

So if you bear with me for a few minutes, I'll try to be very brief. To lead future, we are focused on 4 guiding principles: number one, securing the connectivity fabric. Number two, a prevention first ethos. Three, an open platform philosophy and finally, an AI first security. The modern connectivity fabric is hyper, it's hyper-connected.

所以，如果您能耐心聽我講幾分鐘，我會盡量簡短地講一下。為了引領未來，我們專注於四個指導原則：第一，確保連結結構的安全。第二，預防為主的理念。第三，開放平台理念；最後，人工智慧優先安全。現代的連結結構是超級的，是超級連結的。

And it's not only a critical infrastructure for every digital transaction, but it's also become a potential source of knowledge that can provide the ability to read between the nodes, revealing patterns, anomalies, emerging threats.

它不僅是每項數位交易的關鍵基礎設施，而且還成為潛在的知識來源，可以提供節點之間的讀取能力，揭示模式、異常和新出現的威脅。

And that's an opportunity we must embrace. I can tell you that in Q2, our Quantum force AI-powered firewalls posted another robust quarter, growing in 12% year over year. It was driven by the refresh momentum and a growing demand altogether for AI-powered inspection. We will also continue to accelerate our (inaudible).

這是我們必須抓住的機會。我可以告訴大家，在第二季度，我們的 Quantum Force AI 防火牆又取得了強勁成長，比去年同期成長了 12%。這是由更新勢頭和對人工智慧檢查日益增長的需求共同推動的。我們也將繼續加快（聽不清楚）。

We go into a new R&D center in India that's coming up nicely. We've doubled the size of our SASE R&D team. And we're only seeing the momentum that comes with that with sort of a steady growth across all regions.

我們走進印度一個正在順利興建中的新研發中心。我們的 SASE 研發團隊規模擴大了一倍。我們看到隨之而來的勢頭是所有地區都呈現穩定成長。

Recently, this progress is also acknowledged with our inclusion the 2025 Gartner Magic Quadrant for SASE. And also the recognition as a leader in the Forrester Wave for Zero Trust Platforms. On the workspace front, as I shared in our previous call, we continue to make progress under Gil Friedrich's leadership. The Workspace platform now brings together endpoint, Email and SaaS security ultimately, helping our customers' operations and improve protections.

最近，我們被納入 2025 年 Gartner SASE 魔力像限，這也證明了這項進步的認可。並且也被 Forrester Wave 評為零信任平台領導者。在工作空間方面，正如我在上次電話會議中分享的那樣，我們在吉爾·弗里德里希的領導下繼續取得進展。Workspace 平台現在最終將端點、電子郵件和 SaaS 安全性整合在一起，幫助我們的客戶運作並提高保護。

And also under Gil, we're also expanding our MSP and pay-as-you-go offerings so that we can support onboarding and more flexible consumption models, and this is contributing to a steady customer growth, tangible (inaudible) new customers and millions of users are joining annually through this program.

此外，在 Gil 的領導下，我們還在擴展我們的 MSP 和即用即付產品，以便我們能夠支持入職和更靈活的消費模式，這有助於客戶的穩定增長、有形的（聽不清）新客戶，並且每年有數百萬用戶通過該計劃加入。

And so to summarize, the first principle, our vision is to securely connect and optimize security across devices, networks, users and clouds. And to do that, we need to look at it as a holistic solution that ultimately deliver assistant unifying security across what we call the hybrid -- the modern Hybrid Mesh Network.

總而言之，第一個原則是，我們的願景是安全地連接設備、網路、用戶和雲端並優化其安全性。為了做到這一點，我們需要將其視為整體解決方案，最終在我們所謂的混合網路（現代混合網狀網路）中提供統一的輔助安全性。

The second principle out of four is prevention first. It's been foundational for checkpoint forever, that we must strive to stop attacks before they cost damage. Now preventing attacks may not be glamorous, it's difficult to receive sort of acknowledgments for things that did not happen.

第二個原則是預防為主。我們必須努力在攻擊造成損害之前將其阻止，這一直是檢查站的基礎。現在，防止攻擊可能並不光鮮，對於沒有發生的事情很難得到某種承認。

At the end of the day, it's like a constant behind the scenes effort that requires discipline, smart design and a proactive mindset, and true prevention is about acting in real time. And you need to stop the zero-day fishing side before a user engages so that you can also plot lock for (inaudible) before it runs.

歸根結底，這就像是一項持續不斷的幕後努力，需要紀律、智慧設計和積極主動的心態，而真正的預防是即時採取行動。並且您需要在用戶參與之前停止零日釣魚活動，以便您還可以在它運行之前繪製鎖定（聽不清楚）。

And the secret sauce is to be able to deliver this in real time so that you can get prevention without a negative impact on the user experience, and that's the hard part. And it takes intelligent engines that are working silently across data streams and are now driven by AI that make those split-second decisions without disruption. It may not be flashing, but it's foundational.

秘訣在於能夠即時提供這些訊息，以便您可以採取預防措施而不會對用戶體驗產生負面影響，而這正是最困難的部分。它需要在資料流中默默工作的智慧引擎，現在由人工智慧驅動，可以在不中斷的情況下做出瞬間決策。它可能不會閃現，但它是基礎。

And in says, I'm seeing a renaissance of the importance of prevention, especially when you look at the AI-driven threat landscape, it's expanding really, really fast. Just last week, the SharePoint tools zero-day vulnerability was exposed.

並且說，我看到了預防重要性的復興，特別是當你看到人工智慧驅動的威脅情況時，它正在非常非常快速地擴張。就在上週，SharePoint 工具零時差漏洞被揭露。

It's a vulnerability that affects on-premise Microsoft SharePoint service. And at the end, it allows unauthenticated attackers to gain full access. And our customers at Check Point were protected. We also enhanced our prevention stack with the Veriti acquisition, which we announced recently. And this now provides automated threat intelligence and real-time remediation.

這是一個影響內部部署 Microsoft SharePoint 服務的漏洞。最後，它允許未經身份驗證的攻擊者獲得完全訪問權限。我們在 Check Point 的客戶受到了保護。我們也透過最近宣布的收購 Veriti 增強了我們的預防堆疊。現在它可以提供自動威脅情報和即時補救。

And I think that this acquisition positions us at the forefront of preemptive prevention and threat exposure management and it strengthens our leadership in proactive cybersecurity. Moving on to our next principle, it's all about an open platform. There are different ways that we can approach a cybersecurity philosophy. We believe that an open platform is the right approach.

我認為此次收購使我們處於先發制人預防和威脅暴露管理的前沿，並加強了我們在主動網路安全方面的領導地位。接下來我們的下一個原則是開放平台。我們可以用不同的方式來實現網路安全理念。我們相信開放平台是正確的方法。

And when we speak about a platform, it's the ability to -- for us to create the core networking fabric tooling everything together, but being able to collaborate and to create an extensive, collaborative situation for our platform.

當我們談論平台時，它指的是我們能夠創建核心網路結構，將所有工具整合在一起，但能夠協作並為我們的平台創建廣泛的協作環境。

Philosophically, I believe that an open platform also makes you more resilient. And I believe that trying to go for an all-in-one catalog option actually makes you more brittle and agile. And again, the acquisition that we've just made of Veriti gives us another capability to put together 70 other vendors that work together with us, and that's the open platform strategy.

從哲學角度來說，我相信開放的平台也能讓你更有韌性。我相信，嘗試採用一體化目錄選項實際上會讓你變得更加脆弱和敏捷。而且，我們剛剛對 Veriti 的收購使我們有能力整合其他 70 家供應商與我們合作，這就是開放平台策略。

And then finally, we are raising AI as a new tool. This means not only that we have cool LMs that organizations are bringing together, but actually, it's a shift in mindset because if there is going to make decisions for us, we're going to have to trust AI to make those decisions, those predictions going forward.

最後，我們將人工智慧提升為一種新工具。這不僅意味著我們擁有各組織正在整合的酷炫的 LM，而且實際上，這是一種思維方式的轉變，因為如果要為我們做出決策，我們就必須相信人工智慧能夠做出這些決策和未來的預測。

And this is a major change in our industry. At Check Point, we're now -- we now have an AI engine that runs to allow our customers to use AI and the person over all the popular AI capabilities that we see. And we're also seeing it in each one of our products. And this takes us, I think, to the forefront of embedding AI, using AI to simplify and to provide a unified management that is actually making our customers' lives easier. So long story, we've spoken -- I've spoken to you about the four principles.

這是我們行業的一個重大變化。在 Check Point，我們現在擁有一個可以運行的 AI 引擎，讓我們的客戶可以使用 AI 和人類使用我們所看到的所有流行的 AI 功能。我們也在我們的每一款產品中看到了這一點。我認為，這將使我們走在嵌入人工智慧的前沿，利用人工智慧來簡化和提供統一的管理，實際上使我們的客戶的生活變得更加輕鬆。話長說完，我們已經講過了──我已經跟你們講了四項原則。

They are important for our vision going forward. And I think we're well positioned to lead the future of cybersecurity based on those four principles and our vision of the open platform.

它們對於我們未來的願景至關重要。我認為，基於這四個原則和我們對開放平台的願景，我們有能力引領網路安全的未來。

And with that, I'll turn it over to Roei.

說完這些，我就把麥克風交給 Roei。

Thank you, Nadav. Let me just open the presentation. Okay. Okay. One moment, I have some issue here. I will be with you in a moment. Okay. So can you see my screen? Great. Okay, great.

謝謝你，納達夫。讓我打開簡報。好的。好的。等一下，我這裡有些問題。我馬上就來。好的。那麼你能看到我的螢幕嗎？偉大的。好的，太好了。

Sorry for the delay. So as Nadav indicated, so we had a great quarter. I think our revenues exceeded our project, at our midpoint of our projection by $3 million and achieved $665 million. And we -- and our non-GAAP EPS was $2.37 in the midpoint of our projection, presenting 9% growth year-over-year. So moving to the results.

抱歉耽擱了。正如納達夫所說，我們度過了一個美好的季度。我認為我們的收入超出了我們的計劃，比我們的預測中位數高出 300 萬美元，達到了 6.65 億美元。我們的非 GAAP 每股收益為 2.37 美元，處於預測的中位數，年增 9%。因此轉向結果。

So as I mentioned, our revenues grew by 6%. That was mainly driven by strong port and other suppOrtoire for product revenues that's driven by strong customer demand for our new appliances and a higher volume of product refreshes. I have to say that this life cycle is continuous investment in our platform and broader adoption of our latest technologies, our Quantum force technology that we released a year ago.

正如我所提到的，我們的收入成長了 6%。這主要得益於強勁的港口和其他對產品收入的支持，而這又得益於客戶對我們的新設備的強勁需求以及產品更新量的增加。我必須說，這個生命週期是對我們的平台的持續投資以及對我們最新技術（我們一年前發布的量子力技術）的更廣泛採用。

And as a result of these refreshes, a larger portion yields were bundled, including subscription and support and were offered at IRDs level compared to stand-alone renewals. This dynamic has led to slight deacceleration in our subscription revenues and declining our support risk, slight decline in our support revenues for the quarter.

這些更新的結果是，與獨立續訂相比，更大比例的收益被捆綁在一起，包括訂閱和支持，並在 IRD 層級提供。這種動態導致我們的訂閱收入略有下降，支援風險下降，本季我們的支援收入略有下降。

However, we view this as a positive trend for the long term as this is strengthening the customer relationship, expand our installed base and position us for increased renewal install revenues and upsell opportunities in the future.

然而，我們認為這是一個長期的正面趨勢，因為這將加強客戶關係，擴大我們的安裝基礎，並使我們在未來增加續訂安裝收入和追加銷售機會。

As for the billing, so the calculated billing grew by 4% to $642 million this quarter. Our RPO grew by 6% and reached $2.4 billion this quarter. This quarter, as Nadav indicated, was heavily back-end loaded, resulting as several deals that were pushed last few days to the first two weeks of July and were already closed. These deals alone, we're talking about few seven-digit deals affect our billing by approximately 3 points. So that will benefit us in the third quarter.

至於帳單，本季計算的帳單增加了 4%，達到 6.42 億美元。本季我們的 RPO 成長了 6%，達到 24 億美元。正如 Nadav 所指出的，本季後端負荷很大，導致幾筆交易被推遲到 7 月前兩週，並且已經完成。僅就這些交易而言，我們所討論的幾筆七位數交易對我們的帳單影響約為 3 個百分點。因此這將使我們在第三季受益。

As a reminder, in the same quarter last year, we had a three multiyear, this totaling $130 million, which also had a significant impact on our RPO last year. Moving to our revenues by geographies. So we are looking at our American EMEA grew by 5% this quarter, while APAC had a strong quarter with double-digit growth and reached 15% growth year-over-year this quarter.

提醒一下，去年同一季度，我們有三個多年期計劃，總額為 1.3 億美元，這也對我們去年的 RPO 產生了重大影響。按地區劃分我們的收入。因此，我們看到本季美國 EMEA 地區成長了 5%，而亞太地區表現強勁，實現了兩位數的成長，本季同比成長達到 15%。

Moving into our P&L. So our gross profit increased by -- from $557 million to $585 million, representing a gross margin of 88%. Our operating expenses increased by 7%. This increase is mainly as a result of our continued investment in our workforce organically and also the impact related to cyber in ability acquisition.

進入我們的損益表。因此，我們的毛利從 5.57 億美元增加到 5.85 億美元，毛利率為 88%。我們的營運費用增加了7%。這一增長主要是因為我們持續對員工隊伍進行有機投資，以及網絡相關能力獲取的影響。

I remind you cyber we acquired during Q3 2024, we completed the acquisition during June this quarter. Our non-GAAP operating income continues to be strong at $271 million or 41% margin. I think it's important to discuss also the FX impact.

我提醒您，我們在 2024 年第三季收購的網絡，我們在本季 6 月完成了收購。我們的非公認會計準則營業收入持續強勁，達到 2.71 億美元，利潤率為 41%。我認為討論外匯影響也很重要。

As we all see the US dollar is weakening. This is most of the currencies and especially against the Israeli shekels. Given that we are approximately 50% of our operating expenses are denominating in non-USD currencies and mainly the shekel and we are not adding 100% of these expenses, this currency movement resulted in an estimated 0.5 point headwind to our margin this quarter.

眾所周知，美元正在走弱。這是大多數貨幣，尤其是以色列謝克爾。鑑於我們約 50% 的營運費用以非美元貨幣（主要是謝克爾）計價，我們不會將 100% 的費用計入，這種貨幣變動導致我們本季的利潤率預計下降 0.5 個百分點。

If I'm looking on the second half of the year, although we have a significant portion of our foreign exchange exposure, we're still going to have an impact because, again, we are not adding 100% of our foreign currency, and we do expect to see a headwind of approximately 0.5 point to 1 point if the US dollar will stay in these levels.

如果我展望下半年，儘管我們有相當大的一部分外匯敞口，但我們仍然會受到衝擊，因為我們不會增加 100% 的外幣，如果美元保持在這些水平，我們預計會面臨約 0.5 點到 1 點的阻力。

So that's important to say. And if we're looking into 2026. So if the FX rates will stay at these levels, so this could increase our operating expenses next year by approximately $50 million to $60 million.

所以這一點很重要。如果我們展望 2026 年。因此，如果外匯匯率保持在這些水平，那麼這可能會使我們明年的營運費用增加約 5,000 萬至 6,000 萬美元。

Moving into our cash flow. So we had a strong operating cash flow this quarter, achieved $262 million, a 31% growth year over year. I think it's important to mention here that it included a benefit for $50 million from hedging transactions, offset by $6 million related to our Veriti acquisition.

進入我們的現金流。因此，本季我們的營運現金流強勁，達到 2.62 億美元，年增 31%。我認為這裡值得一提的是，它包括對沖交易帶來的 5,000 萬美元收益，但被我們收購 Veriti 帶來的 600 萬美元所抵消。

Our cash balance was $2.9 billion, and we continue to do our buyback and purchased 1.5 million shares at an average price of [$200 to $220]. Also, we acquired Veriti during the quarter that was a net cash of around $90 million, and that's also part of the cash flow for this quarter. And two notes regarding the next quarter regarding Q3 that we take our cash flow.

我們的現金餘額為 29 億美元，我們繼續回購，並以平均價格購買了 150 萬股[200 至 220 美元]。此外，我們在本季度收購了 Veriti，淨現金約為 9,000 萬美元，這也是本季現金流的一部分。關於下一季的兩則說明，即我們取得第三季的現金流。

We have two items that first, we announced that we acquired the land for building our new Check Point campus in Tel Aviv in Israel, and we completed this purchase during July and paid a total of $160 million for that plant. We do not expect any significant additional investments in CapEx in connection with this campus until the beginning of 2027.

我們有兩項內容，第一，我們宣布收購了在以色列特拉維夫建設新 Check Point 園區的土地，我們於 7 月完成了此次收購，並為該工廠支付了總計 1.6 億美元。我們預計在 2027 年初之前不會對該園區的資本支出進行任何重大額外投資。

In addition and other items relevant for the third quarter for the cash flow, as part of tax settlement recently signed -- recently last week, actually, for prior years, we're going to pay approximately $66 million during the third quarter to settle this tax dispute for payers. As we had higher provision in connection with this dispute, this settlement may also have a material positive impact on our third quarter P&L and EPS. We are still -- as this settlement was just signed a few days ago, we are still assessing the effect.

此外，與第三季現金流相關的其他項目，作為最近簽署的稅務結算的一部分——實際上是上週簽署的，針對前幾年，我們將在第三季度支付約 6,600 萬美元來解決納稅人的稅務糾紛。由於我們針對該爭議提列了更高的準備金，此次和解也可能對我們第三季的損益表和每股盈餘產生重大正面影響。由於這項協議幾天前才簽署，我們仍在評估其影響。

And please note that this potential impact is not reflected in the guidance that I'm going to share with you in the next few slides. To summarize our second quarter revenues and EPS in line with our projection, accelerated Quantum Forrester demand second quarter in a row of double digits.

請注意，這種潛在影響並未反映在接下來的幾張投影片中我將與您分享的指導中。總結一下，我們的第二季營收和每股盈餘符合我們的預測，第二季量子福雷斯特的需求連續兩位數成長。

Continued strong demand for [EMEA] SASE and ERM. I think very important we do see strong -- continued strong demand and another strong profitability quarter operating margin and strong operating cash flow.

[EMEA] SASE 和 ERM 的需求持續強勁。我認為非常重要的是我們確實看到了強勁——持續強勁的需求和另一個強勁的盈利季度營業利潤率和強勁的營業現金流。

Before we move to the Q&A, I'll move to the guidance for the next quarter. So as Nadav indicated, we started July -- we started this quarter very strong. We see -- we have some indicators, internal indicators and of course, together also with the deals that were pushed from the second quarter, but also with the funnel -- and this closed in July and the funnel that we have for the remaining of the quarter, we feel very positive about the third quarter and the remaining of the year.

在我們進入問答環節之前，我將先介紹下一季的指導。正如納達夫所指出的，從 7 月開始——我們本季的開局非常強勁。我們看到——我們有一些指標、內部指標，當然，也包括從第二季度開始推動的交易，還有漏斗——這個在 7 月份結束，而且我們在本季度剩餘時間擁有漏斗，我們對第三季度和今年剩餘時間感到非常樂觀。

Our guidance for third quarter is between $657 million to $687 million, midpoint sits at $672 million. Our non-GAAP EPS between $2.40 to $2.50. And while the GAAP EPS is expected to be approximately $0.68 less.

我們對第三季的預期是 6.57 億美元至 6.87 億美元，中間值為 6.72 億美元。我們的非公認會計準則每股收益在 2.40 美元至 2.50 美元之間。而公認會計準則每股收益預計將減少約 0.68 美元。

As for the full year, we are not changing the guidance. The guidance stays the same, same range that we gave you in the beginning of the year. We feel positive that we'll be able to finish in the high end of the guidance. But still, the range is the same and same for the EPS and revenues. And the GAAP EPS is expected to be $2.30 less.

對於全年而言，我們不會改變預期。指導保持不變，與我們年初給出的範圍相同。我們很有信心能夠達到預期的高水準。但每股收益和收入的範圍仍然相同。預計 GAAP EPS 將減少 2.30 美元。

Thank you. Kip?

謝謝。基普？

All right. Now we'll move to the Q&A. And the first up today will be Adam Tindle followed by Tal Liani, BofA.

好的。現在我們進入問答環節。今天第一位出場的是亞當廷德爾 (Adam Tindle)，接著是美國銀行的塔爾利亞尼 (Tal Liani)。

I just wanted to maybe start with the elephant in the room here with the announcement that Palo Alto is acquiring CyberArk in the $25 billion deal. And as it relates to your comments specifically to Check Point, you're talking about how an open platform is the right approach. So I'm wondering if you could maybe just expand on that areas where you're thinking it makes more sense to partner versus maybe own or acquire. And certainly, any comments that you can make on the identity space given that large transaction this morning.

我只是想先談談這個顯而易見的事實，那就是 Palo Alto 宣布將以 250 億美元收購 CyberArk。就您對 Check Point 的具體評論而言，您談到了開放平台是正確的方法。所以我想知道您是否可以擴展一下您認為合作比擁有或收購更有意義的領域。當然，考慮到今天早上的這筆大額交易，您可以對身份空間發表任何評論。

Yes. Thanks, Adam. Yes, sure. Very interesting announcement. Impact on us is, I think, minimal as we're not a player in the identity space.

是的。謝謝，亞當。是的，當然。非常有趣的公告。我認為對我們的影響很小，因為我們不是身分領域的參與者。

And as I said, our vision is to focus on where -- what we think we can do best. In my opinion, it's the breadth of the connectivity fabric. And that has the hybrid miss on one side, workspace on the other side and creating a unified platform for everything connectivity fabric. And on top of that, winning with AI. Having said that, our philosophy is to focus on an open platform to focus on an open platform for a couple of reasons.

正如我所說，我們的願景是專注於我們認為我們能夠做得最好的事情。在我看來，這是連結結構的廣度。一方面是混合錯過，另一方面是工作空間，為一切連結結構創造統一的平台。最重要的是，利用人工智慧贏得勝利。話雖如此，我們的理念是專注於開放平台，基於以下幾個原因。

Number one, when I spend my time speaking to dozens of CISOs a month, at least when you go to the enterprise end up, I think that between this idea of best of breed and best of sweet dilemma, An open platform is the right approach. It's unified layer deeply integrated, allowing it to be extensible, collaborative. That's from the CISO perspective.

首先，當我每個月花時間與數十位 CISO 交談時，至少當你進入企業時，我認為在最佳品種和最佳甜蜜困境之間，開放平台是正確的方法。它的統一層深度集成，使其具有可擴展性和協作性。這是從 CISO 的角度來看的。

And also they don't want to be in a vendor lock. I can tell you, as someone that's been in the industry on all of its side for many, many years, I also think an open platform makes more sense from a security perspective, if you think about the attackers, you don't want to have a monolithic approach.

而且他們也不想被供應商鎖定。我可以告訴你，作為一個在這個行業中工作了很多年的人，我也認為從安全角度來看開放平台更有意義，如果你考慮攻擊者，你就不會想採用單一的方法。

You don't want to come from one shop with the same philosophy, same software, same people, same intelligence. You want to have an open approach to it that allows you to have sort of an open garden and approach that allows you to import and to use different platforms working together. And I think that this -- it's not a technical framework, but it's a real differentiator and our vision and approach to the market.

您不會希望來自同一家商店的人員具有相同的理念、相同的軟體、相同的人員、相同的情報。您希望採用一種開放的方法，讓您擁有一種開放的花園和方法，讓您可以匯入和使用不同的平台協同工作。我認為這不是一個技術框架，而是一個真正的差異化因素，也是我們對市場的願景和方法。

Up next is Tal Liani of BofA, followed by Joseph Gallo from Jefferies.

接下來是美國銀行的 Tal Liani，然後是傑富瑞的 Joseph Gallo。

Question, I look at your growth, 6%, your billing growth, even if I add the delay, the deals that slipped. We're not seeing acceleration. And the question -- I asked you the same question last quarter, I asked -- what I want to focus on is to understand what are the challenges that you see in accelerating growth, meaning I understand what you're doing, but it does take time. It looks like it takes time from the numbers perspective. So what are the challenges?

問題是，我看了看你們的成長情況，6%，也就是你們的帳單成長，即使我加上延遲和下滑的交易。我們沒有看到加速。而問題——我上個季度問過你同樣的問題，我問——我想要關注的是了解你在加速增長方面面臨的挑戰是什麼，這意味著我了解你在做什麼，但這確實需要時間。從數字角度來看，這似乎需要時間。那麼挑戰是什麼？

When you talk about operational challenges, culture challenges, product challenges, go-to-market challenges. Can you just discuss what prevents the company today from accelerating growth? And what would take for the growth to accelerate in the future?

當您談論營運挑戰、文化挑戰、產品挑戰、市場進入挑戰時。您能否討論一下目前阻礙公司加速成長的原因是什麼？那麼，未來需要採取什麼措施才能加速成長呢？

Yes. Well, great question, Tal, and you're right. It's not an overnight shift. It's a [win] you have the principles, and you have to make the investment. That's number one.

是的。嗯，塔爾，這個問題問得很好，你是對的。這不是一夕之間就能完成的。如果你有原則，你就必須進行投資，那麼這就是一場勝利。這是第一點。

Number two, as I said, and this is something that is already coming around. It's building the right go-to-market approach and the sense of urgency culture. And we're doing all of that. But like you said, it's nothing that's going to happen overnight. Having said that, I don't think that there is a specific challenge.

第二，正如我所說，這是已經出現的事情。它正在建立正確的市場進入方法和緊迫感文化。我們正在做這一切。但就像你說的，這不是一朝一夕就能實現的。話雖如此，我並不認為有具體的挑戰。

I think we have the right products. I think we're in the right market. I think we have the vision. We need to focus on what we do best on executing it and up our game in go-to-market, and that's the plan.

我認為我們有合適的產品。我認為我們處於正確的市場。我認為我們有遠見。我們需要專注於我們最擅長的執行，並提高我們的市場競爭力，這就是計劃。

Got it. And would you say that if you have to kind of rank in order the things you're dealing with, would you say that most of the focus is on go-to-market or most of the focus is on improving the portfolio? Where is the focus of the company that would drive growth acceleration?

知道了。如果您必須對所處理的事情進行排序，您是否會說大部分重點是進入市場還是大部分重點是改善產品組合？公司的重點在哪裡，將推動成長加速？

I think for the short run, definitely go to market, right? For the short run, definitely go to market. Having said that, I do think we are in a pivotal time in the industry. I really believe that AI is going to change the way we live, operate, do digital structure. And so we need to make a hefty investment here and lead the way.

我認為從短期來看，肯定要進入市場，對嗎？從短期來看，肯定是要進入市場。話雖如此，我確實認為我們正處於行業的關鍵時期。我確實相信人工智慧將改變我們的生活、運作和數位結構的方式。因此，我們需要在此進行大量投資並發揮領導作用。

So if you ask me, what are the three areas. One is go-to-market. We've been speaking about that. It doesn't happen overnight, but we're making the changes. The second is heavily investing in AI.

所以如果你問我，這三個領域是什麼？一是進入市場。我們一直在談論這個。這不是一朝一夕就能實現的，但我們正在做出改變。第二是大力投資人工智慧。

I think we're already leading with embedding AI in our own products. And number three is a culture of execution and sense of urgency. Now it all happens in parallel. Some will have impact in the short term, some will have the impact in the medium term and some in the long term.

我認為我們在將人工智慧嵌入到我們自己的產品方面已經處於領先地位。第三是執行力和緊迫感的文化。現在一切都同時發生。有些會在短期產生影響，有些會在中期產生影響，有些會在長期產生影響。

All right. Next up is Joseph Gallo, followed by (inaudible)

好的。接下來是 Joseph Gallo，接下來是（聽不清楚）

I understand the impact of the discounting, but can you just talk through some of the confidence and why that's a positive long term? Is it until the SASE? Or where should we see some of that goodness over time? And then just any quantitative metrics regarding the performance on the new logo side of the business.

我了解折扣的影響，但您能否談談信心以及為什麼這對長期而言是有利的？直到 SASE 為止嗎？或者隨著時間的推移我們應該在哪裡看到這種美好？然後只是有關新標誌業務方面表現的任何定量指標。

Yes. Okay. So I think when I'm looking on -- we have our internal indicators, when we're looking on the customers that are doing refresh, we are seeing it over time, the ARR from this -- I mean, I'm not talking about the appliances. I'm talking only about the ARR associated with these customers is increasing nicely. And we see that on the long term, maybe not on the first quarter and the second quarter, but on the long term, the ARR is increasing.

是的。好的。所以我認為當我觀察時——我們有內部指標，當我們觀察正在進行更新的客戶時，我們會隨著時間的推移看到它，由此產生的 ARR——我的意思是，我不是在談論家用電器。我只是在談論與這些客戶相關的 ARR 正在順利成長。我們看到，從長期來看，也許不是在第一季和第二季度，但從長期來看，ARR 正在增加。

So we have this internal indicators that we feel confident that because we see very strong demand for these appliances from our existing customers, sometimes it's coming also with cross-selling, SASE or Email or ERM. But even without that, we see that even with the firewall, we see that the ARR is increasing over time and they are buying from us the appliances. So therefore, we feel confident it's not only this quarter. We feel it. We see this indicator over deals.

因此，我們有這些內部指標，我們相信，因為我們看到現有客戶對這些設備的需求非常強勁，所以有時也會透過交叉銷售、SASE 或電子郵件或 ERM 來實現。但即使沒有這個，我們也看到，即使有防火牆，我們也看到 ARR 隨著時間的推移而增加，而且他們正在向我們購買設備。因此，我們相信這不僅僅是本季的情況。我們感受到了。我們在交易中看到了這個指標。

And Nadav, you want to add around -- you want to add something?

Nadav，你想添加一些內容嗎？

Yes. To your question on where we're seeing the growth, I would say, two main areas. Number one is the new product lines, right? So if you look at Email, ERM, SASE, those are growing above 40% year-over-year, right? So a very healthy growth.

是的。對於您關於我們在哪些方面看到成長的問題，我想說，主要有兩個領域。第一是新的產品線，對嗎？因此，如果您查看電子郵件、ERM、SASE，它們的年增長率都在 40% 以上，對嗎？因此這是一個非常健康的成長。

And as I said, we just -- we doubled the size of our SASE team, and we're making a huge effort to grow it as fast as we can. The other place is the -- what we call the Infinity platform that at the end of the day, I think we have a real differentiation with our road map to create this unified platform that allows you to have all of your connectivity fabric in one.

正如我所說，我們的 SASE 團隊規模剛剛擴大了一倍，我們正在盡最大努力盡快擴大團隊規模。另一個地方是——我們稱之為 Infinity 平台，最終，我認為我們的路線圖具有真正的差異化，可以創建這個統一的平台，讓您將所有連接結構集中在一個平台上。

In my opinion, this is not long term, this is midterm with what we're seeing coming from the attacker's perspective, with the becoming AI-ready enterprise, having that holistic view into your network fabric and being able to read between the nodes and go from a static, reactive to predictive, proactive approach, I think that's going to have a huge impact.

在我看來，這不是長期的，而是中期的，從攻擊者的角度來看，隨著企業逐漸具備人工智慧能力，能夠全面了解網路結構，能夠讀取節點之間的信息，從靜態、被動的方式轉變為預測、主動的方式，我認為這將產生巨大的影響。

And when you couple that with the fact that we are going to be making more investments in our marketing, I think that over time, you will see the impact and the growth, I mean. At the same time, this investment, and we've been talking about this for a long time, we'll also call for probably having to give up a few margins -- a few points on the margin, so we can grow faster.

而且，如果再加上我們將在行銷方面投入更多資金，我認為隨著時間的推移，您將看到影響和成長。同時，這項投資，我們已經談論了很長時間，我們也可能要求放棄一些利潤率 - 利潤率的幾個點，以便我們可以更快地增長。

All right. (inaudible) followed by Rob Owens.

好的。 （聽不清楚）接下來是 Rob Owens。

Great. Nadav, you've talked about SASE being one of the key focus areas for you. Could you just give us an update on the Perimeter 81 acquisition and where you are from a go-to-market and from a technology integration perspective. And overall, what's the vision that you're trying to articulate to customers that's a bit differentiated from the many vendors that are providing SASE solutions to customers?

偉大的。Nadav，您說過 SASE 是您關注的重點領域之一。您能否向我們介紹 Perimeter 81 收購的最新情況，以及您在市場進入和技術整合方面所採取的措施。總的來說，您試圖向客戶表達的願景是什麼？與為客戶提供 SASE 解決方案的眾多供應商相比，您有何不同？

Yes, thanks. So since the acquisition, first, in terms of numbers, we're seeing a solid 40%-ish growth, so solid. What we're doing is moving it up to the large enterprise level. So we're now at a position where we have full -- fully deployed capabilities in up to [10-K]. And the beginning of 2026, we're already going to have the ability to do that beyond that.

是的，謝謝。因此，自收購以來，首先，從數字來看，我們看到了 40% 左右的穩健成長，非常穩健。我們正在做的是將其提升到大型企業級別。因此，我們現在已經擁有全面部署的能力，[10-K]。到 2026 年初，我們將有能力實現這一目標。

So that's one of the answer. And as I said, we're -- this is a critical aspect for us, both on the R&D and on the go-to-market. Talking about go-to-market. The idea is that it's no longer just a small sales force of an overlay, but they are bringing up to speed the mass field capability that we have that comes from more from the gateway side to also be able to go out there and showcase what we have in SASE.

這就是答案之一。正如我所說，這對我們來說是一個關鍵的方面，無論是在研發方面還是在市場推廣方面。談論進入市場。我們的想法是，它不再只是覆蓋層的一小支銷售隊伍，而是他們正在加快我們擁有的來自網關方面的大規模現場能力，以便能夠走出去並展示我們在 SASE 中擁有的東西。

To your question on the differentiation, I think the differentiation has two parts. Number one, it's the whole connectivity fabric platform approach. On the one hand, we have the hybrid measurement, which we've been talking about. On the other side, we have the workspace where we're unifying different capabilities so that we can look at personas and not different technologies. SASE is sort of something that is the glue that connects all that. Our architecture is different than others.

對於你關於區分的問題，我認為區分分為兩部分。首先，這是整個連接結構平台方法。一方面，我們有一直在談論的混合測量。另一方面，我們有一個工作區，可以統一不同的功能，以便我們可以查看角色而不是不同的技術。SASE 就像是把所有這些連接起來的黏合劑。我們的建築與其他建築不同。

Most of the architectures out there of some of the (inaudible), our architectures that are cloud only. The fact that we have the hybrid capability, the fact that we're also on device means that I believe we can do three things better, and we're proving it in the market. Number one is better user experience, sometimes 10 times because we're able to -- in every transaction, find the right way we don't have to go to the cloud every time we do it. That leads to a 10 times faster capability on the user experience. Number two, it's cloud cost.

目前存在的大多數架構都是（聽不清楚），我們的架構僅限於雲端。事實上，我們擁有混合能力，我們也擁有設備，這意味著我相信我們可以做得更好，而且我們正在市場上證明這一點。最重要的是更好的用戶體驗，有時甚至是 10 倍，因為我們能夠在每次交易中找到正確的方法，而不必每次都去雲端。這使得用戶體驗的速度提高了 10 倍。第二是雲端成本。

The fact that we have this hybrid approach allows us to not use the cloud in every transaction that controls cost. And number three, the fact that we have all of the capabilities on the small agent on the device in the AI era means that we can protect you where the threat is coming. And I think that when you put all that together and with what we've seen so far, I'm very optimistic about it.

事實上，我們採用這種混合方法，可以讓我們不必在每筆控製成本的交易中使用雲端。第三，在人工智慧時代，我們擁有設備上小型代理的所有功能，這意味著我們可以在威脅來臨時保護您。我認為，當你把所有這些以及我們目前所看到的情況綜合起來時，我對此非常樂觀。

All right. Next up is Rob Owens, followed by Brian Essex.

好的。接下來是 Rob Owens，然後是 Brian Essex。

Hoping you could drill down a little bit just into the slip deals that you mentioned. I know you quantified them and appreciate that, but one more reason for the slippage geos that they slipped in anything that you're seeing more broadly out there in the environment.

希望您能深入了解您提到的滑價交易。我知道您已經對它們進行了量化，並且對此表示讚賞，但造成地理位置滑落的另一個原因是，它們在您所看到的環境中更廣泛的範圍內出現了滑落。

So based on what we've seen, especially this quarter, I think, again, we still -- again, I think it's a combination of macro and execution. But in the end, we did see more deals that were slip than usual. I mean we have every quarter slip deals. We have, to be honest with everyone here. It's not that we don't have -- there is no project you don't have any slip deals.

因此，根據我們所看到的情況，尤其是本季度的情況，我認為，我們仍然 - 我認為這是宏觀和執行的結合。但最終，我們確實看到比平常更多的交易失敗。我的意思是我們每季都有交易。說實話，我們確實有。這並不是說我們沒有——沒有一個項目是沒有任何交易的。

But this quarter, we had more than usual. But I think why we feel confident that the -- most of these large deals, we're talking about seven-digit deals, all of most -- I would say all of them were closed in the three weeks of the quarter. So we feel confident that it's just an issue of timing. Sometimes, we mentioned that we did see much more back-end-loaded quarter than (inaudible)

但本季度，我們的收入比平常要多。但我認為，我們之所以有信心——大多數大型交易，我們談論的是七位數的交易，大多數——我想說，它們都在本季度的三週內完成了。因此我們相信這只是一個時間問題。有時，我們提到，我們確實看到了比（聽不清楚）

I think that was the most back-end loaded quarter that I ever seen since I'm in Check Point. And therefore, there is a list when you have more back end loaded, there is that some of these will be -- more deals will be slipped. But we feel confident because we close them, and we feel more confidence around it.

我認為這是我加入 Check Point 以來見過後端負載最重的一個季度。因此，當你有更多的後端加載時，就會有一個列表，其中的一些將會 - 更多交易將會被滑落。但我們感到自信，因為我們關閉了它們，我們對此感到更加自信。

Yes. Look, to add to that, I think, Rob, each one of them is sort of a snowflake. There's no one thing. Good news is that it's already closed, and we're seeing a great start to Q3, July so far has been great, and we're optimistic about Q3 and the rest of the year.

是的。瞧，羅布，我想，除此之外，他們每個人都像一片雪花。沒有一點事。好消息是它已經關閉，我們看到第三季有一個良好的開端，到目前為止，七月表現非常好，我們對第三季和今年剩餘時間持樂觀態度。

Were they equally split amongst the geos? Or were they predominantly in (inaudible)

他們在各個地區是否均等分配？或者他們主要在（聽不清楚）

Yes. Pretty much, pretty much. There is no common denominator (inaudible) I really think it's back-end loaded execution. And again, all of them have been already been closed off.

是的。差不多，差不多。沒有共同點（聽不清楚）我真的認為這是後端載入的執行。並且，所有這些通道都已經關閉了。

We're confident that it doesn't have a meaningful impact.

我們確信它不會產生重大影響。

All right. Up next is Brian Essex, followed by Shaul Eyal.

好的。接下來是 Brian Essex，然後是 Shaul Eyal。

I was wondering if we could dig in on Quantum a little. So Nadav, what are you seeing in terms of the Quantum product cycle, refresh cycle, like how far through your installed base is, the penetration there? And what are you seeing architecturally, are your customers kind of taking a step back and reassessing the network architecture and may be throttling spending into other areas of their network security environment?

我想知道我們是否可以稍微深入研究一下 Quantum。那麼 Nadav，就 Quantum 產品週期、更新週期而言，您看到了什麼？例如，您的安裝基礎有多遠，滲透率有多高？從架構來看，您看到了什麼？您的客戶是否會退一步重新評估網路架構，並可能限制在網路安全環境其他領域的支出？

Yes, thanks. On the refresh cycle, I'll let (inaudible) also chime in. On the architecture part though, again, this is sort of the principles that we're talking about, the first one is to look at the whole connectivity fabric. A Quantum gateway is one instance. It's a critical instance.

是的，謝謝。在刷新週期中，我會讓（聽不清楚）也加入進來。不過，就架構部分而言，這也是我們正在談論的原則，首先要考慮的是整個連結結構。量子網關就是一個實例。這是一個關鍵的例子。

We're seeing everything stay hybrid. So the ability to do it on prem is important. But we also have our CloudGuard the ability to do the same thing to the cloud and more importantly, bringing all that together as one connectivity fabric platform. That's where I think we're going. And so with that, where are we investing?

我們看到一切都保持混合狀態。因此，在本地執行此操作的能力非常重要。但我們的 CloudGuard 也能夠對雲端執行同樣的事情，更重要的是，將所有這些整合到一個連接結構平台中。我認為這就是我們要去的地方。那麼，我們在哪裡投資？

We're investing on creating one unified management that could push all the policies at the same time, whether it's on the cloud, multi-cloud, on-prem branch data center, et cetera. It's connecting that to the SASE. So each one of the nodes in this very complex environment can get the same capabilities that a data center can get. And all of them together are giving you sort of that sense of what a network is really about. And number three, embedding AI in this to simplify and automate.

我們正在投資創建一個統一的管理平台，可以同時推動所有政策，無論是在雲端、多雲、本地分支資料中心等等。它將其連接到 SASE。因此，這個非常複雜的環境中的每個節點都可以獲得與資料中心相同的功能。所有這些結合在一起，讓你真正感受到網路的意義。第三，嵌入人工智慧來簡化和自動化。

And again, I think we're in the very early innings. It's going to take not just engineering, it's going to take not just bringing AI in but also a change in sentiment because at some point in which we're already seeing, we need to trust that AI to make real decisions in split seconds because the attackers are not going to give us any more time. So for me, when you think about Quantum, I think about the whole connectivity fabric and that -- what that brings to our customers.

再次強調，我認為我們正處於非常早期的階段。這不僅需要工程技術，不僅需要引入人工智慧，還需要改變情緒，因為在我們已經看到的某個時刻，我們需要相信人工智慧能夠在瞬間做出真正的決策，因為攻擊者不會再給我們時間了。因此對我來說，當你想到昆騰時，我會想到整個連接結構以及它為我們的客戶帶來什麼。

And again, I believe that's not the whole cyber estate market, but it's a core, and I believe that it can be the core platform and being an open platform, open up to other best-of-breed platform just like we did with Wiz and we're going to do with others.

再說一次，我相信這不是整個網路房地產市場，但它是一個核心，我相信它可以成為核心平台，成為一個開放平台，向其他最佳平台開放，就像我們對 Wiz 所做的那樣，我們將對其他平台也這樣做。

Yes. And for the refi cycle, I think we're in the middle of that. I think when I'm looking on the potential for the potential is huge. We are looking on the funnel for this for the second half of the year. And when I'm looking man on the final -- for the final of 2026, the potential is there.

是的。對於再融資週期，我認為我們正處於其中。我認為當我審視潛力時，其潛力是巨大的。我們正在尋找今年下半年的銷售漏斗。當我展望 2026 年決賽時，我發現潛力就在那裡。

I mean, we still have a significant installed base that's up to refresh and the potential is also to have a competitive replacement. And we did see some of them during the first half of the year. We need to have more of them. But definitely, there is a huge potential on that front.

我的意思是，我們仍然有大量的安裝基礎需要更新，也有可能出現具有競爭力的替代品。我們在今年上半年確實看到了其中一些。我們需要有更多這樣的人。但毫無疑問，這方面有著巨大的潛力。

Any sense of the duration in the back half of the year or into next year? Like is it an acceleration that you might expect? Or how big can that be?

您知道今年下半年或明年的持續時間嗎？這是否是您所期望的加速？或者說它有多大？

Just based on my -- when I'm looking on the final discussion, it should last at least until the first half of 2026. Tough to me to say if it will be , but again, this trend continue to -- I mean, expected to continue in the next 12 months.

僅根據我的最終討論，它應該至少持續到 2026 年上半年。我很難說是否會發生這種情況，但這種趨勢預計將在未來 12 個月內持續下去。

Up next, we have Shaul Eyal, followed by Keith Bachman.

接下來是 Shaul Eyal，然後是 Keith Bachman。

On Harmony Email, is it still growing at similar rates like we've seen in prior quarters? And maybe on those slipped deals, are they like geographic based or across the board pretty much?

Harmony Email 是否仍以類似前幾季的速度成長？也許這些被推遲的交易是基於地理位置的還是全面的？

No. I mean, just to reiterate on the slip deals, it's -- there's no common thread. It's not many, but it's a few big ones, and it's not rapidly based. We have it both in the Americas, EMEA, et cetera. And again, it's deals that have already closed in the last few weeks, getting us a really good head start for the next quarter.

不。我的意思是，重申滑動交易，它 - 沒有共同點。雖然數量不多，但規模卻很大，而且不是快速發展的。我們在美洲、歐洲、中東和非洲等地區都有這種服務。而且，這些交易在過去幾週內已經完成，為我們下個季度的順利開局奠定了良好的基礎。

On Email, the answer is absolutely yes. It's continuing to grow at a very healthy rate. Not only it's continuing to grow at a very healthy rate, but also around that, around the leadership and the capabilities we're taking together a few different solutions. So instead of looking at different product or different devices or different locations, we want to look at the modern workforce. This is the new Workspace division under Friedrich, where we're bringing together Email, end point, SaaS security, browser security and putting together a holistic capability.

對於電子郵件來說，答案絕對是肯定的。它正在繼續以非常健康的速度成長。它不僅繼續以非常健康的速度成長，而且圍繞著這一點，圍繞著領導力和能力，我們正在採取一些不同的解決方案。因此，我們不是要關注不同的產品、不同的設備或不同的地點，而是要關注現代勞動力。這是 Friedrich 領導下的新工作區部門，我們將電子郵件、端點、SaaS 安全、瀏覽器安全整合在一起，形成整體功能。

So at the end of the day, we can look at persona as they do their security, their efficiency, their effectiveness of personas that are moving around the world. And hopefully, that can lift the whole Workspace solution, not just Email.

所以最終，我們可以從安全性、效率和在世界各地移動的人物角色的有效性的角度來看待人物角色。希望這可以提升整個 Workspace 解決方案，而不僅僅是電子郵件。

All right. Next up is Keith Bachman, followed by Andrew Nowinski.

好的。接下來是 Keith Bachman，然後是 Andrew Nowinski。

I wanted to go back to subscriptions and discounting and a couple of different threads to pull on. I think you said the impact was 50 basis points this quarter on subscription, but I just want to make sure I heard that clearly. And we did hear from the channel that Check Point was more flexible on the pricing this quarter, but my question is that's not a onetime event, right?

我想回到訂閱和折扣以及一些不同的線索。我認為您說過本季對訂閱量的影響是 50 個基點，但我只是想確保我聽清楚了。我們確實從管道聽說 Check Point 本季的定價更加靈活，但我的問題是這不是一次性事件，對嗎？

So we should be assuming that, that discounting impacts, presumably the next four quarters growth on that subscription line item, but I just wanted to hear any thoughts you might want to offer on how we should construct our subscription line. Candidly, the number looks disappointing.

因此，我們應該假設折扣會影響該訂閱項目未來四個季度的成長，但我只是想聽聽您對我們應該如何建立訂閱項目的任何想法。坦白說，這個數字看起來令人失望。

And so even if we layer in 50 basis points, what investors want to see is that line not holding steady, but increasing. And there's not a lot of conviction that firewalls over the next 3 years, the product revenue will be a durable source of growth. Is that sort of the line item that investors really view is important. So maybe just help us think about the ongoing headwind associated with the next couple of quarters, if there is this discounting that's going to be involved?

因此，即使我們增加 50 個基點，投資者也希望看到的是，該利率不是保持穩定，而是上升。而且，人們並不十分確信未來 3 年內防火牆產品收入會成為持久的成長源。這是否是投資人真正認為重要的項目？因此，也許只是幫助我們思考未來幾季將面臨的持續阻力，是否存在涉及折扣的情況？

Yes. So first of all, you're right, I mentioned the after point effect, the headwind that we had from higher discounting related to the subscription, which is part of the refresh. The bundle with the refresh. So that's -- you're right around that. I do expect that it's on-- I mean I'm talking about the refresh from existing customers.

是的。首先，您說得對，我提到了後續效應，即與訂閱相關的更高折扣對我們造成的不利影響，這是更新的一部分。帶有刷新的捆綁包。所以——你說的沒錯。我確實希望它能夠——我的意思是，我正在談論現有客戶的更新。

We do expect to see a refresh. We're going to see this refresh, and we see that in the final the refresh is going to be strong, hopefully in the next four quarters at least. So that will have a headwind effect on the subscription. But on the other hand, we have tailwinds. I mean, we see that the Email is getting bigger and bigger out of the total subscription revenues and that have high portion it should drive, that Email is growing much higher than the 10% subscription.

我們確實希望看到更新。我們將會看到這種更新，我們看到最終的更新將會很強勁，希望至少在接下來的四個季度中如此。因此這將對訂閱產生不利影響。但另一方面，我們也面臨順風。我的意思是，我們看到電子郵件在總訂閱收入中所佔的比例越來越大，而且它應該佔據很大的份額，電子郵件的成長速度遠高於 10% 的訂閱收入。

And also SASE and also ERM, all of them are growing further north of 40% year-over-year. So all these items are getting bigger in the substation line items. And of course, we also expect to have more competitive replacement in the quantum on the firewall. So that's -- together that should drive us to drive the accelerated growth on the subscription. And we do expect to see if we see the trend, we do expect to see slight acceleration in the next few quarters, pushed by these specific emerging technologies that I just mentioned.

SASE 和 ERM 的年增長率都超過了 40%。因此，變電站專案中所有這些項目都變得越來越大。當然，我們也期望在防火牆的量子方面有更具競爭力的替代品。所以，這些因素共同推動我們推動訂閱業務的加速成長。我們確實希望看到這種趨勢，我們確實希望在接下來的幾個季度中看到略微加速，這受到我剛才提到的這些特定新興技術的推動。

All right. Next up is Andrew Nowinski followed by Shrenik.

好的。接下來是 Andrew Nowinski，然後是 Shrenik。

So Nadav, at the Analyst Day, you talked about the need to win the SASE market to drive subscription growth. But it seems like identity is the foundation for that Zero Trust SASE market. I mean you have to verify the user is who they say they are before connecting them to an application. So I'm trying to understand, how critical is identity security to your SASE solution and to the future adoption of SASE as you push more into that large enterprise space?

因此，Nadav，在分析師日上，您談到了贏得 SASE 市場以推動訂閱成長的必要性。但身分似乎是零信任 SASE 市場的基礎。我的意思是，在將用戶連接到應用程式之前，您必須驗證用戶的身份。因此，我想了解，當您進一步進入大型企業領域時，身分安全對於您的 SASE 解決方案以及 SASE 的未來採用有多重要？

Look, see management identity are part of the whole estate. Creating Zero Trust with the capabilities that we already have is actually, I believe, very doable. And we are leading it were -- and the customer needs to choose actually what from glider they want to use as an identity broker. Again, that goes back to the open platform approach. So I don't see this as a big impact, and I definitely don't think that this is a big impact on the SASE solution that we have.

看，看到管理標識都是整個莊園的一部分。我相信，利用我們現有的能力創造零信任其實是非常可行的。我們正在引領這一進程——客戶實際上需要選擇他們想要使用哪種滑翔機作為身份代理。這又回到了開放平台方法。所以我不認為這會產生很大的影響，而且我絕對不認為這會對我們現有的 SASE 解決方案產生很大的影響。

All right. Next up is Shrenik followed by Patrick Colville.

好的。接下來是 Shrenik，然後是 Patrick Colville。

Yes. Sorry. Nadav, you have articulated a strong version around AI-powered prevention. Talked about, of course, Quantum Force, of course to an acquired management real-time detection. Just feels like how are you thinking about monetizing these structures also get a little bit into timing, like overall net new SKUs, pricing lift or broader adoption?

是的。對不起。Nadav，您已經闡明了有關人工智慧預防的強有力的版本。當然，談到了量子力，當然談到了後天管理的即時檢測。只是感覺您如何考慮將這些結構貨幣化，同時也考慮一些時間因素，例如整體淨新 SKU、價格提升或更廣泛的採用？

And just on that note, since you have said in the past of being prudently honest and takes a village and parity being integrated for real-time prevention. Just on M&A front, given your cash position and the cash generation, how are you prioritizing AI-focused M&A and also internal R&D in your just your law philosophy of it?

就這一點而言，正如您過去所說，要謹慎誠實，並需要一個村莊和平價的結合來實現即時預防。僅在併購方面，考慮到您的現金狀況和現金產生情況，您如何在法律理念中優先考慮以人工智慧為重點的併購以及內部研發？

Yes. So to start with the second question, this is one of the four guiding principles in AI-first security. In order to get to AI first security, we're doing mainly three things. Number one is hiring the right talent to lead this future. To this end, we announced last quarter that we're going to have -- we're going to be hiring about 500 new individuals that can lead us to that future, both on SASE and AI, we're earning halfway through this program.

是的。因此，先回答第二個問題，這是 AI-first 安全的四大指導原則之一。為了實現人工智慧優先安全，我們主要做三件事。首要的是聘用合適的人才來引領未來。為此，我們在上個季度宣布，我們將招募約 500 名新員工，帶領我們在 SASE 和 AI 領域邁向未來，我們將在該計劃的一半時間內獲得收入。

Number two, as you said, there's always the opportunity to make acquisitions. And so we have a strong position, and we're looking all the time to the right people, the right IP, the right market access. And we're doing this as we speak. And I believe that we will make moves there as well. And it's the balance between these 2, the acquisitions and the talent that we already have, the talent that we're onboarding together to lead this future.

第二，正如您所說，總是存在著進行收購的機會。因此，我們擁有強大的地位，並且我們一直在尋找合適的人才、合適的智慧財產權和合適的市場准入。我們說話的同時就正在做這件事。我相信我們也會在那裡採取行動。這就是收購和我們已經擁有的人才之間的平衡，我們共同引進的人才將引領未來。

So that's on the investment that we're making, generally speaking. On the monetization front, I think that there are 3 things that you need to look at. Number one is a stand-alone product. We already have that. So in fact, already selling the capability to allow users to have access based on policy and governance so that organizations and enterprises can embrace these technologies safely and not block them.

整體來說，這就是我們所做的投資。在貨幣化方面，我認為有三件事需要考慮。第一是獨立產品。我們已經擁有了。因此，事實上，我們已經在銷售允許用戶根據政策和治理進行存取的功能，以便組織和企業可以安全地採用這些技術而不是阻止它們。

And that's a -- that could be a stand-alone product. We're also looking at this as a new platform because when you think about AI cybersecurity or security for AI, you're looking at observability, you're looking at users capabilities, you're looking at governance, you're looking at run time and you're looking at CICD. So we're looking at the whole gamut. It's an evolving space, making our first moves. The next, which is more about optimizing and being more competitive with our capabilities that we already have usually mostly on the management side.

這可能是個獨立的產品。我們也將其視為一個新平台，因為當您考慮 AI 網路安全或 AI 安全時，您會考慮可觀察性、使用者能力、治理、運行時間和 CICD。因此，我們正在觀察整個範圍。這是一個不斷發展的領域，我們正在邁出第一步。下一步，更多的是優化我們的能力，並利用我們現有的能力來提高競爭力，這些能力通常主要體現在管理方面。

So we've launched almost 12 months ago Playblocks and AI Ops. And we're seeing that play a major part. So as you can see, it's a very wide range. But absolutely, to your question, there are -- we already have and will have more separate SKUs, if you like, that are actually being sold either as a part of our network fabric and Infinity platform, but also as a stand-alone. And these are going to be a part of our workspace.

因此，我們在大約 12 個月前推出了 Playblocks 和 AI Ops。我們看到它發揮著重要作用。如您所見，範圍非常廣泛。但絕對地，對於您的問題，我們已經有並且將會有更多單獨的 SKU，如果您願意的話，它們實際上要么作為我們的網絡結構和 Infinity 平台的一部分出售，要么作為獨立產品出售。這些將成為我們工作空間的一部分。

They're going to be a part of the network fabric and as a stand-alone.

它們將成為網路結構的一部分，並且獨立存在。

Patrick Colville followed by Jonathan Ho.

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

S I'm actually going to ask Nadav, this one, please. I mean, you mentioned earlier in the call that you'd be happy to give up a few points of margin to achieve your goals. I guess my question is, should we interpret that as a new information or should we interpret that nugget as consistent with the messaging from last quarter and the Analyst Day?

S 我實際上要問 Nadav 這個問題。我的意思是，您在早些時候的通話中提到，您很樂意放棄一些利潤點來實現您的目標。我想我的問題是，我們應該將其解讀為新訊息，還是應該將其解讀為與上個季度和分析師日的訊息一致？

And the reason I ask this is because many had thought this time last year when your appointment was announced that given your background at teammate, there would be an acceleration of tuck-in deals and we haven't seen that. So any color you can provide there on that margin comment or might there be a change in the pace of tuck-in deals?

我之所以問這個問題，是因為去年這個時候，當宣布你的任命時，很多人都認為，鑑於你作為隊友的背景，會加速進行補充交易，但我們還沒有看到這種情況。那麼，您能否對利潤率評論提供任何細節，或者是否會改變收購交易的速度？

So there is no new information, Patrick. It's part of our vision. We've spoken about that we are looking to accelerate growth. It's a journey. I think we're already seeing good initial cues that we're going the right way.

所以沒有新的訊息，派崔克。這是我們願景的一部分。我們已經談到，我們正在尋求加速成長。這是一趟旅程。我認為我們已經看到了良好的初步跡象，表明我們正朝著正確的方向前進。

But in order to go there, you need to galvanize the strategy, and that's what we're doing. You've seen the 4 guiding principles. And yes, you are going to see an acceleration in the way that we either built in-house to be ready for the future that we've been speaking about extensively, but also acquisitions. 2025, we already gave our guidance. We already reiterated it in January of next year.

但為了實現這一目標，你需要激發策略，這就是我們正在做的事情。您已經了解了 4 個指導原則。是的，你會看到我們要么加速內部建設，為我們已經廣泛談論的未來做好準備，要么加速收購。 2025 年，我們已經給了指導。我們已經在明年一月重申了這一點。

We'll give the guidance for 2026, and as we've spoken about on the Analyst Day and in other calls, we are willing to make the investments for a faster -- more faster but sustainable growth. And so these tuck-ins and these acquisitions are going to be within the strategy that are articulated and within the 4 guidelines. So we're talking about the connectivity fabric and how we lead that. We don't have everything. Some of it, we can build some of it we can acquire.

我們將提供 2026 年的指導，正如我們在分析師日和其他電話會議上所談到的，我們願意為更快、更永續的成長進行投資。因此，這些收購和增資都將符合所闡明的策略和四個指導方針。所以我們正在討論連接結構以及我們如何引領它。我們並不擁有一切。其中有些我們可以自行建造，有些我們可以收購。

Same thing goes for Workspace and definitely for AI. And we're very active in assessing the possibilities that are out there and we're willing to -- not willing, we are making the strides to make sure that we see the best-in-class in each one of these categories.

同樣的事情也發生在 Workspace 和 AI 上。我們非常積極地評估各種可能性，我們願意——不是不願意，我們正在努力確保我們在每個類別中都看到一流的產品。

Thanks, Patrick, for telling us you're European with your outfit. Next up is Jonathan Ho, followed by Keith Weiss.

謝謝派崔克，透過你的穿著告訴我們你是歐洲人。接下來是 Jonathan Ho，然後是 Keith Weiss。

With your go-to-market changes, what have been sort of the most relevant changes that you've made? And can you give us a sense of the timing of when you expect these impacts to be more meaningful and maybe where you are seeing those impacts work today?

隨著您的行銷變革，您所做的最相關的改變是什麼？您能否告訴我們，您預計這些影響何時會變得更有意義，以及您目前在哪裡看到這些影響發揮作用？

Yes. Thanks. I think, first and foremost, it's about the leadership, right? So in the C-suite today, we started out -- when I started out, we had one leader. Today, we have six -- or sorry, we have two, and now we have six.

是的。謝謝。我認為，首先，這是關於領導力的問題，對嗎？因此，在今天的高階主管中，我們剛開始——當我剛開始的時候，我們有一位領導者。今天，我們有六個——或者抱歉，我們有兩個，現在我們有六個。

So President of Americas, President of International, customer success, CRO are all a part of this. And so that the balance between the product engineering and the rest of the folks and the go-to-market folks is differentiated.

因此，美洲總裁、國際總裁、客戶成功、CRO 都是其中的一部分。這樣，產品工程人員、其他人員和行銷人員之間的平衡就得到了區分。

The second is the people that we are looking to attract, right? So we're hiring people that are coming more from a marketing perspective. The second is on a cultural level, being less shy about what we stand for and why we stand for it. And all this is in the process of happening and more news to come shortly.

第二個是我們想要吸引的人，對嗎？因此，我們招募的人才比較是從行銷角度出發的。第二個是文化層面，我們要坦誠地表達我們的立場以及我們為什麼這麼認為。所有這一切正在發生，更多新聞即將發布。

All right. Next up is Keith Weiss, followed by Saket Kalia.

好的。接下來是 Keith Weiss，然後是 Saket Kalia。

Maybe a question for Roei. Nadav talked about the necessity for more marketing dollars to get more of the message out, and that makes sense to get to a pace of acceleration. I think one of the things investors broadly have been hoping for or expecting within software companies is the internal use of the generative AI and more AI technologies to be able to drive more efficiencies within the business.

這可能是針對 Roei 的一個問題。Nadav 談到了投入更多行銷資金來傳播更多訊息的必要性，這對於加速發展步伐是有意義的。我認為投資者普遍希望或期待軟體公司內部使用生成式人工智慧和更多人工智慧技術來提高業務效率。

So maybe you could talk about like the potential within checkpoint, are you guys utilizing the technologies yourself, maybe get more productive in development, more productive in go-to-market using generative AI. What ability is there to offset some of that necessity for higher investment so you could sustain the operating margins?

所以也許你可以談談檢查點的潛力，你們自己是否在利用這些技術，也許在開發中提高效率，在利用生成式人工智慧進入市場時提高效率。有什麼能力可以抵銷部分更高投資的必要性，進而維持營業利益率？

And maybe do both, right, get to that level of acceleration just by being more productive and still putting incremental investments where they're needed.

或許可以兩者兼顧，透過提高生產力並繼續在需要的地方進行增量投資，達到那種加速水平。

So Keith, that's a great question. I think definitely, that's one of our priorities. When we are looking also, we're talking a lot about AI and security for AI. But definitely, AI opportunity also to be more productive internally and to optimize the operations. And definitely, that's something that we are already working on that today and definitely should help us in the future.

所以，基思，這是一個很好的問題。我認為這絕對是我們的優先事項之一。當我們觀察時，我們也談論了很多有關人工智慧和人工智慧安全的問題。但毫無疑問，人工智慧也有機會提高內部生產力並優化營運。毫無疑問，這是我們今天正在努力的事情，並且肯定會對我們未來有所幫助。

I don't think that in the short term, we'll see it contributed to our operating margin, this optimization, but definitely, we're actually a tax force in the company that with a development team, with the go-to-market team, with my team. And I think is working to see how we can leverage these AI tools today and how we can be more productive and optimize what we are doing. But I have to say, again, to quantify it for now, today, it will be difficult. But definitely, on the long run and the long term, it should benefit us.

我不認為在短期內我們會看到它對我們的營業利潤率、這種優化有所貢獻，但毫無疑問，我們實際上是公司中的一支稅務力量，擁有一支開發團隊、一支行銷團隊和我的團隊。我認為我們正在努力研究如何利用這些人工智慧工具，以及如何提高生產力並優化我們正在做的事情。但我必須再次說，現在量化它將會很困難。但毫無疑問，從長遠來看，這對我們有利。

So more like a 2026, 2027 benefit?

所以更像是 2026 年、2027 年的福利？

Hopefully, yes.

但願如此。

To add to that, Keith, because I think that's on everybody's top of mind. Every organization on the planet is dealing with this. We need to lead it but we need to lead it on different fronts. One of the fronts that you said is being an IFRS company. I think we're at the front line, but it's one of those things that how do you know if you're at the bleeding edge of when there is no sort of benchmark.

基思，我還要補充一點，因為我認為這是每個人最關心的問題。地球上的每個組織都在處理這個問題。我們需要領導它，但我們需要在不同的方面領導它。您所說的其中一個面向是成為一家符合國際財務報告準則的公司。我認為我們處於前沿，但如果沒有基準，你怎麼知道你是否處於前沿？

So we're never going to be content enough. The way I look at it is, yes, to become more efficient, more effective. But rather than try to -- it's the latter -- it's sort of the last piece of what you said. It's not -- since we are investing in our future, I think that will allow us to do more, not with less but with the same, right, and enable us to go for growth.

所以我們永遠不會感到足夠滿足。我認為，是的，它變得更有效率，更有效。但不是嘗試——而是後者——這是你所說的最後一部分。事實並非如此——因為我們正在投資我們的未來，我認為這將使我們能夠做更多的事情，不是用更少的錢，而是用同樣的錢，對，並使我們能夠實現成長。

And then lastly, I'll say, because Roei talked about the task force, Jonathan Zanger, who I told you about last time we spoke, our new CTO, he's obsessed with those three things. How do we become an AI-first company. The second part is how do we help, and I think this is one of our number one tasks in the world today is how do we allow our customers to become an AI-first company without taking huge risks on privacy security, governance, et cetera.

最後，我想說，因為 Roei 談到了工作小組，我上次談話時告訴過你的 Jonathan Zanger，他是我們的新任首席技術官，他對這三件事很著迷。我們如何成為一家人工智慧優先的公司。第二部分是我們如何提供幫助，我認為這是我們當今世界上的首要任務之一，即如何讓我們的客戶成為一家人工智慧優先的公司，而無需在隱私安全、治理等方面承擔巨大風險。

And then finally, constantly having an eye open, that's why we put together the research center that's looking to where the puck is going because I think -- look, attackers have less -- they're flexible. They don't have procurement committees, governance, et cetera. They're embracing these technologies extremely fast.

最後，我們要時刻保持警惕，這就是為什麼我們要成立研究中心來關注冰球的走向，因為我認為——看，攻擊者的靈活性較差。他們沒有採購委員會、治理機構等等。他們正在非常快地接受這些技術。

And we at Check Point have to do all three of these things in parallel. And I think we're already -- we're off to a really good start, but a lot more to come on that.

我們 Check Point 必須同時完成這三件事。我認為我們已經有了一個很好的開端，但還有很多事情要做。

Got it. Got it. Maybe one quick follow-up for Nadav. Not to try to put excuses in you guys' mouth. But in Israel, you guys had a 12-day war during the quarter.

知道了。知道了。也許對 Nadav 來說這是一個快速的後續行動。我不想給你們找藉口。但在以色列，你們在本季經歷了一場為期 12 天的戰爭。

And I think it could be forgiven if that created some disruption or some distraction for the workforce within a Check Point during the quarter. I mean do you think that had any impact on slipped deals or execution in the quarter? I mean it was a pretty big deal.

我認為，如果這在本季度給檢查站內的員工帶來了一些幹擾或乾擾，這是可以原諒的。我的意思是，您認為這對本季的交易下滑或執行有何影響？我的意思是這是一件非常重要的事情。

Yes. Well, obviously, it was a big deal. We can talk about the implications for the next few hours. Specifically on Check Point, no. We're a global company.

是的。嗯，顯然，這是一件大事。我們可以在接下來的幾個小時內討論其影響。特別是在 Check Point 上，沒有。我們是一家全球性公司。

We have people around the globe. We didn't see any direct impact. But believe me, we probably have one of the best BCP DRP programs in the world for obvious reasons. And so no, it didn't have an impact. But if you -- but what it did have is it shows us what kind of a world we're looking at.

我們的員工遍佈全球。我們沒有看到任何直接影響。但請相信我，出於顯而易見的原因，我們可能擁有世界上最好的 BCP DRP 計劃之一。所以，它沒有產生影響。但如果你——但它確實向我們展示了我們正在看一個什麼樣的世界。

And obviously, most of the world has been looking at the impact, the direct impact, the kinetic impact. But behind the scenes, there's the cyber war going. And Iran is one of the proponents of that or they have good capabilities. They have a lot of motivation, and we're seeing an increase, I would say, boldness and the aptitude of what the Iraniers are doing with some of their friends around the world.

顯然，世界上大多數國家都在關注其影響，直接影響和動能影響。但在幕後，網路戰爭正在進行。伊朗是這理念的支持者之一，或者說他們擁有良好的能力。他們有很強的動力，而且我想說，我們看到伊朗人與世界各地的朋友一起做的事情的勇氣和能力不斷增強。

Our final call -- our final question will come from Saket Kalia from Barclays.

我們的最後一個電話——我們的最後一個問題將來自巴克萊銀行的 Saket Kalia。

Nadav, maybe we can end with one of the things you said in your prepared comments, which was steady growth in SASE. Clearly, Check Point has a big customer base to cross-sell SASE too. Maybe the question is, what are you seeing in terms of your SASE wins, in terms of why you win. And Roei, maybe the related question is, anything that you can or want to share just on the scale or run rate of this business as we think about the future of Check Point?

Nadav，也許我們可以以您在準備好的評論中提到的一件事來結束，那就是 SASE 的穩定增長。顯然，Check Point 也擁有龐大的客戶群來交叉銷售 SASE。也許問題是，就 SASE 的勝利而言，您看到了什麼，就勝利的原因而言，您看到了什麼。Roei，也許相關的問題是，當我們考慮 Check Point 的未來時，您可以或想要分享有關這項業務的規模或運作率的任何資訊嗎？

Yes. To begin with, we're still a relatively small player in SASE per se, but we are the leading player when it comes to connected fabric platform in the Hybrid Mesh and SASE is embedded in that. And so many of our wins, I would say, most of our wins are customers that are already using our Quantum base and want to have a more holistic connectivity fabric capability.

是的。首先，就 SASE 本身而言，我們仍然是一個相對較小的參與者，但在混合網格中的連接結構平台（SASE 嵌入其中）方面，我們是領先的參與者。我想說，我們的許多勝利都來自於那些已經在使用我們的 Quantum 基礎並希望擁有更全面的連接結構能力的客戶。

I don't think there's any other company that has sort of the inspection engines, the AI engines, the intelligence that comes from 32 years and dozens of thousands of customers that now once you put the SASE and you immediately get all that benefit and bring it together as a platform. So you're right.

我認為沒有其他公司擁有這樣的檢查引擎、人工智慧引擎和來自 32 年和數萬客戶的智能，現在一旦你使用 SASE，你就可以立即獲得所有好處並將其整合為一個平台。所以你是對的。

Today, it's mostly the upsell from existing customers. through our new division that also is going to bring up our MSP pay-as-you-go, I think we also have an opportunity in the downstream. And I do see opportunity for SASE to come into customers that don't have Check Point and hopefully then embrace the other Check Point customers. But you're right at the beginning of the journey, is the upsell from existing enterprise customers.

今天，主要是來自現有客戶的追加銷售。透過我們的新部門，我們也將推出 MSP 即用即付模式，我認為我們在下游也有機會。我確實看到了 SASE 有機會接觸那些沒有 Check Point 的客戶，並希望能夠接納其他 Check Point 客戶。但您正處於旅程的開始階段，是來自現有企業客戶的追加銷售。

All right. Thank you all for joining us today. We appreciate it, and we look forward to seeing you throughout the quarter and also this time next quarter. Thank you.

好的。感謝大家今天的參與。我們對此表示感謝，並期待在本季度以及下個季度的這個時候見到您。謝謝。

Thanks, guys.

謝謝大家。

Thank you.

謝謝。