Check Point Software Technologies Ltd (CHKP) 2025 Q3 法說會逐字稿

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results, along with the reconciliation of such results, as well as the reasons for our presentation of non-GAAP results and non-GAAP information. If you have any questions after the call, please feel free to contact Investor Relations by email at kip@checkpoint.com.

結果，以及這些結果的核對，以及我們列出非GAAP結果和非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聯繫投資者關係部門，郵箱地址為 kip@checkpoint.com。

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

現在，我想把電話交給納達夫‧札夫里爾。

Thank you, Kip, and good to see you all.

謝謝你，基普，很高興見到大家。

So we delivered a strong third quarter, marked by double-digit growth in calculated billings, driven by disciplined execution and the rising demand across all of our portfolio. And nearly a month into Q4, we remain confident in our trajectory and we're raising our midpoint for 2025 revenue guidance, and Roei will share more on this shortly.

因此，我們第三季業績強勁，計算出的帳單金額實現了兩位數的成長，這得益於嚴格的執行和我們所有產品組合需求的不斷增長。第四季已經過去近一個月了，我們仍然對公司的發展軌跡充滿信心，並將2025年營收預期中位數上調，Roei公司很快就會分享更多相關資訊。

As we discussed during our second-quarter earnings call, our strategy continues to be anchored in four core principles that we believe define the foundation of a modern cybersecurity stack, shaped predominantly by the accelerating adoption of AI. As we continue to shape the future of cybersecurity, our strategy is guided by these four principles: first, securing the connectivity fabric as it evolves from a traditional infrastructure into an agentic autonomous reality; second, our prevention-first approach, which I believe is now more important than ever. As attackers leverage sophisticated agentic capabilities, it's literally imperative that we dramatically improve the signal-to-noise ratio and limit our reliance on detection to a minimum.

正如我們在第二季財報電話會議上所討論的那樣，我們的策略繼續以四個核心原則為基礎，我們認為這些原則定義了現代網路安全體系的基礎，而人工智慧的加速普及是塑造這一體系的主要因素。在我們不斷塑造網路安全未來的過程中，我們的策略遵循以下四個原則：首先，確保連接架構的安全，使其從傳統的基礎設施演變為具有自主性的現實；其次，我們採取預防優先的方法，我認為這在今天比以往任何時候都更加重要。由於攻擊者利用了複雜的代理能力，因此我們必須大幅提高訊號雜訊比，並將對偵測的依賴程度降至最低。

Our open platform philosophy -- the open platform philosophy is not the easiest path, but it's the only viable one for achieving security resilience. Building an open collaborative ecosystem among vendors demands communication and cooperation, sometimes even with fierce competitors, yet I can tell you from the trenches of cybersecurity, it's clear to us that it's essential. And our recent acquisition of Veriti is a powerful example of how we're advancing this vision. By integrating Veriti into our exposure management organizations, we've expanded integrations across endpoint, firewall, and cloud providers, reaching over 100 deployments and delivering automated remediation based on what's the best security possible.

我們的開放平台理念－開放平台理念並非最容易的途徑，但卻是實現安全彈性的唯一可行途徑。在供應商之間建立開放的協作生態系統需要溝通與合作，有時甚至需要與激烈的競爭對手合作，但我可以從網路安全第一線告訴你，這對我們來說至關重要。我們最近對 Veriti 的收購就是一個強而有力的例證，說明了我們如何推動這個願景。透過將 Veriti 整合到我們的風險管理組織中，我們擴展了與終端、防火牆和雲端提供者的集成，實現了超過 100 個部署，並根據最佳安全方案提供自動修復。

And finally, as I've emphasized before, securing AI is top priority. We are in the very first innings of the most impactful technological revolution of our lifetime. Moving from current phase of human enhancement to replacement and delegation to the next phase of crossover, where sophisticated agents are taking over and crossing lanes, it's both exhilarating but also extremely challenging. And I think it's a race for relevance for everyone.

最後，正如我之前強調的，確保人工智慧安全是重中之重。我們正處於我們一生中最具影響力的技術革命的初期階段。從當前人類增強階段到替代和委派階段，再到下一個跨界階段（即高級智能體接管並跨越界限），這既令人興奮，又極具挑戰性。我認為，對所有人來說，這都是一場爭奪影響力的競賽。

And we must remember, and we see that at the same time, we're seeing how rapidly attackers are leveraging AI to outpace us as defenders. And this drives our mission to build a full stack AI-powered security platform. Last week, we closed the acquisition of Lakera, a Zurich-based AI-native security leader with deep expertise in protecting large language models and autonomous agents.

我們必須記住，同時，我們也看到攻擊者正在迅速利用人工智慧超越我們這些防禦者。而這正是我們致力於建構全端式人工智慧安全平台的動力所在。上週，我們完成了對 Lakera 的收購。 Lakera 是總部位於蘇黎世的 AI 原生安全領導者，在保護大型語言模型和自主代理方面擁有深厚的專業知識。

Lakera enables real-time defense against prompt injections, data leakage, and model manipulation. And it gives us a unique security-oriented model that ensures evolving defenses stay ahead of emerging AI threats. And I believe that together, we're building a comprehensive AI security platform that will enable our customers, the enterprises that we work with, to scale AI adoption securely and confidently.

Lakera 能夠即時防禦提示注入、資料外洩和模型操縱。它為我們提供了一個獨特的以安全為導向的模型，確保不斷發展的防禦措施始終領先於新興的人工智慧威脅。我相信，透過共同努力，我們正在建立一個全面的 AI 安全平台，這將使我們的客戶，也就是與我們合作的企業，能夠安全、自信地擴大 AI 的應用規模。

And what does that mean? It means securing employee usage of AI tools through observability and data loss prevention; it means protecting AI applications and agents with runtime defenses; and then finally, strengthening model robustness via continuous testing and compliance readiness. You should know that Lakera is already trusted by Fortune 500 enterprises, including some of the biggest banks and largest technology companies worldwide.

那是什麼意思呢？這意味著透過可觀測性和資料遺失防護來保障員工對人工智慧工具的使用；這意味著透過運行時防禦來保護人工智慧應用程式和代理；最後，透過持續測試和合規性準備來增強模型的穩健性。您應該知道，Lakera 已經贏得了財富 500 強企業的信賴，其中包括一些全球最大的銀行和最大的科技公司。

And we're just getting started. As AI adoption accelerates, it exposes new threats. And we're committed to leading the journey to enable organizations to adopt AI securely. We're investing organically in research and development and we're identifying strategic acquisition opportunities that will reinforce our leadership position.

我們才剛起步。隨著人工智慧的普及應用加速，新的威脅也隨之出現。我們致力於引領產業發展，使各組織能夠安全地採用人工智慧。我們正在加大對研發的投入，並尋找能夠鞏固我們領先地位的策略收購機會。

Beyond that, I want to touch briefly on our latest go-to-market updates. During the quarter, we achieved FedRAMP authorization for the Infinity Platform for Government. This positions us as a trusted partner for the most demanding federal environments.

除此之外，我還想簡單介紹一下我們最新的市場推廣進展。本季度，我們的 Infinity 政府平台獲得了 FedRAMP 認證。這使我們成為要求最苛刻的聯邦機構值得信賴的合作夥伴。

Our go-to-market organization is now fully staffed. Rachel Roberts joins us as President of Americas Sales. She brings deep enterprise sales expertise from her leadership roles at Cisco and Palo to further build and scale our sales organization. Avi Rembaum was appointed President of Technical Sales. Avi's been with us for a long time. And from here on, he'll lead the efforts to drive technical excellence and strengthen consumer-customer engagement. And finally, Brett Theiss joins us as Chief Marketing Officer to strengthen our brand presence to fuel demand and position Check Point for its next chapter of market leadership.

我們的市場推廣團隊現已人員齊備。Rachel Roberts 加入我們，擔任美洲銷售總裁。她曾在思科和 Palo Alto Networks 擔任領導職務，擁有豐富的企業銷售經驗，將進一步成長我們的銷售團隊。Avi Rembaum 被任命為技術銷售總裁。Avi和我們在一起很久了。從現在開始，他將領導推動技術卓越和加強消費者與客戶互動的工作。最後，Brett Theiss 加入我們擔任首席行銷官，以加強我們的品牌影響力，從而推動需求，並為 Check Point 開啟下一個市場領導地位的篇章。

To close, before I hand over to Roei, so with over 10 months in my role as CEO at Check Point, I think that our strategic vision is taking shape. And I'm energized by the progress we've made already and where we're going in the future.

最後，在我把工作交接給 Roei 之前，我想說，在我擔任 Check Point 執行長超過 10 個月的時間裡，我認為我們的策略願景正在逐步成形。我為我們已取得的進展以及未來的發展方向感到振奮。

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

接下來，我將把麥克風交給羅伊。

Great. So thank you, Nadav, and thank you, everyone, for joining the call.

偉大的。所以，謝謝納達夫，也謝謝大家參加這次電話會議。

As Nadav mentioned, we had a strong quarter, driven by strong demand across our portfolio. If we are looking on our revenues, our revenue grew by 7% to $678 million, exceeded by $6 million our midpoint.

正如納達夫所說，我們本季業績強勁，這得益於我們所有產品組合的強勁需求。如果從收入來看，我們的收入成長了 7%，達到 6.78 億美元，比我們的中位數高出 600 萬美元。

Our non-GAAP EPS reached $3.94 per diluted share and exceeded our guidance. It is important to note that this number includes a one-time tax benefit in connection with a tax settlement we signed during the quarter that resulted in an update for our tax provision, and that had a benefit of $1.47 both for our GAAP and non-GAAP EPS. Excluding the one-time benefit, our EPS exceeded the midpoint of our projection by approximately $0.02.

我們的非GAAP每股盈餘達到每股3.94美元，超過了我們的預期。值得注意的是，該數字包含與我們在本季度簽署的稅務和解協議相關的一次性稅收優惠，和解協議導致我們的稅收準備金發生更新，並對我們的 GAAP 和非 GAAP 每股收益都帶來了 1.47 美元的收益。不計一次性收益，我們的每股收益比預測的中點高出約 0.02 美元。

Moving to our results, as I indicated, our revenues grew by 7%. Our deferred revenues grew by 8% to $1.887 billion. Our calculated billings totaled $672 million, reflecting a robust 20% growth year over year that was driven by strong demand across our portfolio and across our geography that all of them grew by double digits. I do want to remind you that our billing is also affected by approximately 3 points from deals that were slipped from previous quarters. We talked about it in our last earnings call.

接下來談談我們的業績，正如我之前提到的，我們的收入成長了7%。我們的遞延收入成長了 8%，達到 18.87 億美元。我們計算出的帳單總額為 6.72 億美元，年增 20%，這得益於我們所有產品組合和業務區域的強勁需求，所有這些組合和業務區域都實現了兩位數的成長。我想提醒您，由於前幾季的交易有所延誤，我們的帳單也受到了大約 3 個百分點的影響。我們在上次財報電話會議上討論過這個問題。

In addition, we had one large deal, an early renewal that resulted in a 2% benefit, an early renewal from Q4 that came in in Q3 and resulted in the benefit of 2 points to our billings. If we are looking at our current calculated billings, that grew by 14% to $642 million. Our remaining performance obligation grew by 9% to $2.4 billion. I'll move forward.

此外，我們還有一筆大交易，就是提前續約，帶來了 2% 的收益；這是一筆從第四季提前到第三季的續約，使我們的帳單增加了 2 個百分點。如果以我們目前的計算帳單金額來看，成長了 14%，達到 6.42 億美元。我們的剩餘履約義務增加了9%，達到24億美元。我會繼續前進。

As I said, we did see a strong demand across our portfolio. If we are looking at our services calculated billings, services calculated billing is actually the calculated billing excluding our product business, and that grew 21% compared to 7% in last year. And again, that's not only from certain products that are across our portfolio -- if it's the Quantum Firewall, Harmony Email, Harmony SASE -- drove these great results.

正如我所說，我們的產品組合確實受到了強勁的需求。如果我們查看服務業務的計費情況，服務業務的計費情況實際上是不包括產品業務的計費情況，而該業務的計費情況比去年增長了 21%，而去年同期增長了 7%。而且，這不僅是因為我們產品組合中的某些產品——無論是 Quantum 防火牆、Harmony 電子郵件還是 Harmony SASE——才取得了這些顯著的成果。

If we are looking at our emerging technology, so that's the ARR, we do see that it's the three -- attached with the three main products -- three companies that we acquired in the last few years: Harmony SASE, Harmony Email & Collaboration, and External Risk Management. All of these products grew organically 40% -- more than 40% in ARR year over year, and we do see them becoming more and more significant to our total business.

如果我們審視我們的新興技術，也就是 ARR，我們會發現它與三大主要產品相關——這三大產品是我們過去幾年收購的三家公司：Harmony SASE、Harmony Email & Collaboration 和 External Risk Management。所有這些產品都實現了 40% 的有機成長——年度經常性收入同比增長超過 40%，而且我們看到它們對我們的整體業務變得越來越重要。

Moving back to our global revenue distribution, so we did see double-digit growth in Americas, a 10% growth, that represents today 42% of our revenues in Q3. EMEA, which represents 45% of our revenues this quarter, grew by 3%. While APAC, Asia-Pacific, grew by 8% and are representing today 13% of our total revenues.

回到我們的全球營收分佈情況，我們在美洲地區實現了兩位數的成長，成長了 10%，占我們第三季營收的 42%。歐洲、中東和非洲地區（EMEA）佔本季營收的 45%，成長了 3%。亞太地區（APAC）成長了 8%，目前占我們總收入的 13%。

Moving into our P&L into our operating performance, so our gross profit increased from $563 million to $602 million, representing a gross margin of 89%, similar to last year. Our operating expenses increased by 11%. The increase was mainly as a result of our continued investment organically and also the impact of Cyberint and Veriti acquisition that were not part of Q3 last year P&L. Our non-GAAP operating income continues to be strong at $282 million, 42% operating margin.

從損益表來看，我們的經營業績也發生了變化，毛利從 5.63 億美元增至 6.02 億美元，毛利率為 89%，與去年持平。我們的營運費用增加了11%。成長主要歸功於我們持續的有機投資，以及 Cyber​​int 和 Veriti 收購的影響，這兩家公司並未計入去年第三季的損益表。我們的非GAAP營業收入持續維持強勁勢頭，達到2.82億美元，營業利益率為42%。

Also, something that I discussed also in our last earnings call, and I want to touch base on it again in this call, the US dollar got -- in the last few months, I would say since the beginning of Q3, the US dollar got weakened significantly versus the Israeli shekels, given the fact that we have significant expenses in shekels that have had, and although we are hedging a significant part of that expenses, still, we do see a negative effect of this weaker dollar on our P&L. In this quarter alone, that affected our P&L by approximately 1 point to our margin, approximately I would say $0.06.

另外，我在上次財報電話會議上也討論過，這次我想再次提及，美元在過去幾個月裡——我想說從第三季度初開始——對以色列新謝克爾大幅走弱。鑑於我們有大量以新謝克爾計價的支出，儘管我們對其中很大一部分支出進行了對沖，但我們仍然看到美元走弱對我們的損益產生了負面影響。僅本季度，這便對我們的損益表造成了約 1 個百分點的利潤率影響，大約相當於 0.06 美元。

Looking ahead, if we're already talking about next quarter, so we continue to hedge, of course, our foreign exchange currencies and our foreign currencies, and we do expect to see approximately a 1-point headwind to our margin in Q4. In addition, as Nadav mentioned, we closed last week the acquisition of Lakera, leading AI-native security, for platform -- for agentic AI application. This acquisition that was closed last week will result in approximately 0.5-point headwind for margin in Q4.

展望未來，如果我們已經在談論下個季度，那麼我們當然會繼續對我們的外匯貨幣和外幣進行對沖，我們預計第四季度我們的利潤率將面臨大約 1 個百分點的不利影響。此外，正如納達夫所提到的，我們上週完成了對 Lakera 的收購，Lakera 是領先的 AI 原生安全平台，用於代理 AI 應用。上週完成的這項收購將導致第四季利潤率下降約 0.5 個百分點。

As we look further into 2026, and as I indicated in the previous earnings call, based on the current FX rates, that can have an increase for NL expenses next in 2026 of approximately $50 million to $60 million. That's something that we discussed last quarter, and again, because the current rates are similar to what we discussed last quarter, I wanted to bring it back again here.

展望 2026 年，正如我在上一次財報電話會議上所指出的，根據目前的匯率，2026 年荷蘭的支出可能會增加約 5,000 萬美元至 6,000 萬美元。這是我們上個季度討論過的問題，而且由於目前的利率與我們上個季度討論的利率相似，所以我想在這裡再次提出這個問題。

Moving into our cash flow, our cash flow was very strong -- operating cash flow was very strong, with $241 million operating cash flow. That included a $66 million one-time tax payment in connection with tax settlements signed during the quarter that also I touched base about it when we talked about the EPS. Excluding this one-time tax payment, our operating cash flow grew by 23%, very strong cash flow. If we're looking on our total cash, our total cash in the end of the quarter is $2.8 billion, total cash and marketable securities and deposits.

再來看我們的現金流，我們的現金流非常強勁——營運現金流非常強勁，營運現金流達 2.41 億美元。其中包括與本季簽署的稅務和解協議相關的 6,600 萬美元一次性稅款支付，我們在討論每股盈餘時也提到了這一點。扣除這筆一次性稅款後，我們的營運現金流成長了 23%，現金流非常強勁。如果我們看一下我們的現金總額，截至本季末，我們的現金總額為 28 億美元，包括現金、有價證券和存款。

Another point that we had during the quarter -- another two points or three that I want to mention here that we had during the quarter, we talked about it also last quarter, that we are building a new Check Point campus in Israel, in Tel Aviv. And during the quarter, we paid approximately $160 million for the land, and that's going to sit in the cash flow from investments. I do have to say here that we don't expect any significant additional investments until 2027.

本季我們還有一點要提一下──另外兩三點也是我在本季想到的，上個季度我們也討論過，那就是我們正在以色列特拉維夫建造一個新的 Check Point 園區。本季度，我們為這塊土地支付了約 1.6 億美元，這筆錢將計入投資現金流。我必須在此說明，我們預計在 2027 年之前不會有任何重大的額外投資。

In addition, we continue to do our buyback, and we repurchased our shares. We purchased approximately $325 million of shares at an average price of $198. So to summarize, strong quarter revenues and EPS exceeded our projections, accelerated growth across our portfolio, driven by 20% growth in calculated billings, and another strong operating cash flow and profitability quarter.

此外，我們繼續進行股票回購，並已回購了我們的股份。我們以平均每股 198 美元的價格購買了約 3.25 億美元的股票。總而言之，本季度強勁的收入和每股收益超過了我們的預期，在計算出的賬單金額增長 20% 的推動下，我們的產品組合實現了加速增長，並且又一個強勁的經營現金流和盈利能力季度。

Moving to the business outlook for Q4, before we move to the Q&A. So if we're looking on Q4, so we'll start with Q4 and then touch base on the full year. So Q4, our range is between $724 million to $764 million, which represents 6% in the midpoint. The non-GAAP EPS is between $2.70 to $2.80. GAAP EPS is expected to be $0.60 less.

在進入問答環節之前，我們先來看看第四季的業務展望。所以如果我們著眼於第四季度，那麼我們就從第四季度開始，然後再談談全年情況。因此，第四季度，我們的預期範圍在 7.24 億美元至 7.64 億美元之間，中點值佔 6%。非GAAP每股盈餘預計在2.70美元至2.80美元之間。 GAAP每股收益預計會減少0.60美元。

If we're looking on the annual guidance, so first, I'll remind you that the -- in the middle column, you see the original guidance we provided in the middle of the year. Our midpoint -- or the updated midpoint of the revenue guidance will be $15 million -- is going to be $15 million above the original midpoint. So the range is between $2.705 billion and $2.745 billion, midpoint of $2.725 billion, 6% growth year over year. Our non-GAAP EPS is expected to be between $11.22 to $11.32. And the GAAP EPS is expected to be approximately $2.29. Again, the EPS also includes the tax benefit that I discussed.

如果我們正在查看年度指導意見，那麼首先，我要提醒大家，在中間一欄中，您可以看到我們在年中提供的原始指導意見。我們的中點——或者說更新後的收入預期中點為 1500 萬美元——將比最初的中點高出 1500 萬美元。因此，範圍在 27.05 億美元至 27.45 億美元之間，中點為 27.25 億美元，年增 6%。我們預計非GAAP每股收益在11.22美元至11.32美元之間。 GAAP每股收益預計約2.29美元。再次強調，每股盈餘也包含了我之前提到的稅收優惠。

And two items that I want to address here about revenues and EPS. Q4, which is more typical for Q4, it's a very heavy back-end loaded quarter that also includes heavy hardware and heavy, heavy hardware projects. We see also in our final today significant refresh project that's supposed to come in in Q4. And because it's more heavy, so again, there is more -- we are providing the range. The range is mainly for the hardware portion that, again, we do expect to see more refresh project. But because the hardware is more significant in Q4, that's something that we need to take into account in the guidance.

這裡我想談談關於營收和每股盈餘的兩點。第四季更符合第四季的典型情況，這是一個後端工作量非常大的季度，還包括大量的硬體和非常繁重的硬體項目。我們還可以看到，今天最後一個重要的更新項目預計將在第四季度完成。而且因為它更重，所以，數量也更多——我們提供的是範圍。該系列主要針對硬體部分，我們預計會有更多的更新換代項目。但由於硬體在第四季更為重要，這是我們在製定業績指引時需要考慮的因素。

And as for the EPS, I mentioned it when I discussed the P&L, the EPS in Q4 will be affected by two main items: one is the FX that would have approximately $0.07 to $0.08 effect based on the current rates in Q4, the weaker dollar that will affect our P&L; and Lakera that will have approximately between $0.04 to $0.05 effect in Q4 EPS.

至於每股盈餘 (EPS)，我在討論損益表時提到過，第四季度的每股收益將受到兩個主要因素的影響：一是匯率，根據第四季度的當前匯率，匯率波動將對我們的損益表產生約 0.07 至 0.08 美元的影響；二是 Lakera 的影響，Lakera 將對第四季度的每股收益產生約 0.050.05 美元的每股收益。

That's it. And I'll turn in to Kip to managing the Q&A.

就是這樣。我會把問答環節交給 Kip 來管理。

(Event Instructions) Brian Essex, JPMorgan.

（活動說明）Brian Essex，摩根大通。

Great. Good morning. Thank you, Kip, and thanks for taking the question. Maybe to start with really on that last point that you just talked about in terms of guidance, noting that Q4 tends to be a heavier hardware quarter. Can you talk about your underlying assumptions for subscription and recurring revenue in your guide and how much visibility you have? Would love to just get the thoughts around the sensitivity versus hardware in 4Q.

偉大的。早安.謝謝你，Kip，也謝謝你回答這個問題。或許可以先談談你剛才提到的最後一點，關於業績指引，需要指出的是，第四季通常是硬體業務較為繁忙的季度。您能否談談您在指南中對訂閱收入和經常性收入的基本假設，以及您對這些收入的可見性如何？很想了解大家對第四季硬體靈敏度的看法。

So we expect to be -- yeah, I can give more insight on that. So we're expecting to have, of course, a double-digit growth in subscription with slight improvement even to Q3. I remind you that in Q4, last Q4, we have already in the comparables Cyberint. That's the first quarter this year that Cyberint is included. But still, we do expect to see acceleration for subscription revenues from what we did have this quarter and support similar rates -- growth rates for what you've seen in the third quarter. As for the appliances, we do expect to see growth year over year more around the mid-single digit.

所以我們預期——是的，我可以就此提供更多見解。因此，我們預計訂閱量將實現兩位數成長，甚至到第三季還會略有改善。我提醒各位，在第四季度，也就是上個第四季度，我們已經在可比較資料中加入了 Cyber​​int。這是今年 Cyber​​int 首次被納入統計範圍。不過，我們仍然預期訂閱收入將在本季的基礎上加速成長，並維持與第三季類似的成長率。至於家用電器，我們預計其年增率將達到個位數中段水準。

All right. Super helpful. I'll keep it at one to keep Kip happy.

好的。非常有用。為了讓基普高興，我就把它保持在1吧。

Thank you. All right. Next up is Patrick Colville. Hey, Patrick.

謝謝。好的。接下來是派崔克​​·科爾維爾。嘿，派崔克。

Hey. Bow down, kiss the ring, King Kip, King Nadav, and King Roei. Congratulations. 20% billings growth is -- I've covered Check Point for a long time and it's hugely impressive. So good to see that.

嘿。跪拜吧，親吻戒指吧，基普國王、納達夫國王、羅伊國王。恭喜！ 20% 的帳單成長——我長期關注 Check Point，這真是令人印象深刻。看到這個真是太好了。

The question we're getting already is what is the sustainability of that growth? I mean, so you talked about there were a few one-offs, push from 2Q, pull for 4Q. But as we think about 2026, is this a new chapter for Check Point and under Nadav's leadership? And are there any puts and takes as we think -- we adjust the models looking out a year out?

我們現在遇到的問題是，這種成長的可持續性如何？我的意思是，你剛才提到有一些一次性的情況，例如第二季開始推動，第四季開始拉動。但展望 2026 年，這對 Check Point 來說是否是一個新篇章，在 Nadav 的領導下是否會更加精彩？我們認為，在展望未來一年時，模型會有哪些變化和調整？

Nadav, you want to start?

納達夫，你想先開始嗎？

Sure, I can start. First of all, thank you, Patrick, for your kind words.

當然，我可以開始。首先，帕特里克，謝謝你的鼓勵。

I think it is a new trajectory. Yes, Q3 was a very strong quarter, and I think it is -- and some of it, as you said, has some pullovers and pull-ins. But generally speaking, it's a strong quarter and I believe that when we give our guidance for 2026, you'll see that we believe a trajectory of growth is in the cards for us.

我認為這是一個新的發展方向。是的，第三季表現非常強勁，而且我認為——正如你所說，其中一些有套圈和內圈。但總的來說，這是一個強勁的季度，我相信當我們給出 2026 年的業績指引時，你們會看到我們相信公司將走上成長之路。

Having said that, you know us already. We're going to do this prudently, and we're going to make sure that we make the investments at the right places in the right time. So I think it's a journey, but I do think that we're seeing the beginning of the fruits of this journey.

話雖如此，你們也已經了解我們了。我們會謹慎行事，確保在正確的時間、正確的地點進行投資。所以我認為這是一段旅程，但我確實認為我們正在看到這段旅程的成果開始顯現。

Crystal clear. Thank you.

晶瑩剔透。謝謝。

All right. Next up is Joseph Gallo, followed by Tal Liani.

好的。接下來是 Joseph Gallo，然後是 Tal Liani。

Awesome. Thanks, Kip. Hey, guys. Nice job on the results. On the go-to-market leadership changes announced, is there a change in strategy? And should we factor that into 4Q billings? Maybe just give us some commentary on how we should think about 4Q billings. And then, where are you on a quota-carrying and rep basis and how should we think about that growth going forward?

驚人的。謝謝你，基普。嘿，夥計們。結果很不錯。針對已宣布的市場推廣領導層變動，策略是否有所改變？我們是否應該將此因素計入第四季的帳單中？或許可以給我們一些關於如何看待第四季帳單金額的評論。那麼，您在配額完成情況和代表業績方面處於什麼位置？我們該如何看待未來的成長？

Yeah. Thank you for that, Joseph. So the strategy is going -- the new strategy with the new leadership is actually going to take effect in Q1 of 2026. Q4, Avi Rembaum is still going to lead the Americas, and we're keeping ahead, full steam, all cylinders ahead.

是的。謝謝你，約瑟夫。所以這項策略正在推進——由新領導層制定的新策略實際上將於 2026 年第一季生效。第四季度，Avi Rembaum 仍將領先美洲區，我們將繼續領先，全力以赴，勇往直前。

We are going to make changes as we go into 2026, and we'll announce some of them when we meet again and speak about guidance for 2026. I will say that we are going to be ultra focused on making sure that we go back -- not go back, but continue winning upsell in large enterprise with our current existing customer base, but also with our new products roadmap, with our new capabilities, go and acquire new enterprise customers across the world with a focus on the Americas.

進入 2026 年，我們將做出一些改變，我們將在下次開會討論 2026 年的指導方針時宣布其中一些改變。我想說的是，我們將全力以赴確保我們能夠重返——不是退步，而是繼續憑藉我們現有的客戶群在大企業中贏得追加銷售，同時憑藉我們的新產品路線圖和新能力，在全球範圍內獲取新的企業客戶，重點是美洲地區。

Thank you.

謝謝。

There we go. All right. Next up is Tal Liani, followed by Adam Tindle. Good morning, Tal.

好了。好的。接下來是塔爾·利亞尼，然後是亞當·廷德爾。早安，塔爾。

Great. Thank you. How long does it take for billing growth to translate to revenue growth? And then where would it be recorded? Meaning, when I look at your revenues, product revenues, subscription and services, it's all very predictable, meaning, the only swing factor is maybe products, but very predictable. So as this increase in billing translates into revenue growth, where would you see it?

偉大的。謝謝。帳單成長需要多長時間才能轉化為收入成長？那麼，它會被記錄在哪裡呢？也就是說，當我查看你們的收入、產品收入、訂閱和服務收入時，一切都非常可預測，也就是說，唯一的波動因素可能是產品，但也是非常可預測的。因此，隨著帳單金額的增加轉化為收入成長，您認為收入成長會反映在哪裡？

So I'll touch base on that. I'll take it. The billing, of course, it's allocated between, as you said, services, I would combine support and subscription services and product. I think on the services side, the growth this quarter -- the billing grew by 21%. That's going to be -- you're going to see it in the revenues in the next four quarters. Most of it because -- most of these billions came in the last month of the quarter. Every quarter, it's back-end loaded quarters. So you're going to see the effect in the next four quarters.

我會簡要地談談這個問題。我要買它。當然，計費是按服務分配的，正如你所說，我會把支援服務和訂閱服務以及產品合併在一起。我認為在服務方面，本季實現了成長——帳單金額成長了 21%。這一點將會——你會在接下來的四個季度的營收中看到體現。大部分原因是——這數十億資金大多是在本季最後一個月到達的。每個季度都是後半段業績突出的季度。所以接下來的四個季度你會看到這種影響。

I do have to say that we know we want to show sustainable growth of services billing that if we're going to make sustainable billing, I mean, similar growth as we've seen in this quarter, so that in the end, you'll see it pretty, I mean, you'll see it also in our revenues. On the products side, most of the billing is coming together with the revenues, because it's recognized immediately and we are billing the customer when we are delivering the product. So it's easier. So you'll see it usually immediately on the services, as I said, it takes more time.

我必須說，我們知道我們希望展現服務計費的可持續增長，如果我們想要實現可持續的計費，我的意思是，像本季度一樣實現類似的增長，那麼最終，你們會很明顯地看到，我的意思是，你們也會在我們的收入中看到這一點。在產品方面，大部分帳單都與收入一起結算，因為收入會立即確認，我們在交付產品時就會向客戶開出帳單。所以就容易多了。所以你通常會在服務中立即看到它，正如我所說，這需要更多時間。

Got it. Thank you.

知道了。謝謝。

Next up is Adam Tindle, followed by Rob Owens.

接下來是亞當·廷德爾，然後是羅布·歐文斯。

All right. Thanks, Kip. Nadav, congrats. Obviously, 20% calculated billings growth, I was scrolling through my model, I don't think I've seen a number like that in the past decade at least. You talked about at the Analyst Day earlier this year, SASE being a very critical growth area for the company.

好的。謝謝你，基普。納達夫，恭喜！顯然，20% 的帳單成長是計算出來的，當我在我的模型中瀏覽時，至少在過去十年裡，我都沒見過這樣的數字。在今年稍早的分析師日上，您曾談到 SASE 是公司一個非常關鍵的成長領域。

I wonder as you kind of reflect on the growth that you're seeing right now, if you could talk about the contribution from SASE, the upcoming roadmap that you have for that product area. And on the back of this, do you think we're at a point in time where it makes sense to step on the gas for investment for Check Point from here? And maybe any parameters on what that would do to margin if Roei wants to weigh in. Thanks.

鑑於您目前所看到的成長，我想請您談談 SASE 的貢獻，以及您為該產品領域制定的即將推出的路線圖。基於上述情況，您認為現在是否已經到了增加對 Check Point 投資力道的時機？如果 Roei 願意的話，或許還可以談談這會對利潤率產生什麼影響。謝謝。

Yeah. Thank you, Adam. So I'll start with SASE. We are seeing a meaningful ARR growth in SASE, as Roei said, over 40% in Q3 of ARR growth. SASE for us is not a standalone. It's a part of the connectivity fabric and hybrid mesh. And that's one of the reasons this is such a critical factor for us. I also think that as our clients, as our customers start adopting AI, our SASE hybrid approach, the fact that we're not only cloud but also on device gives us another parameter or another, I would say, advantage.

是的。謝謝你，亞當。那我就先從SASE開始吧。正如 Roei 所說，我們看到 SASE 的 ARR 實現了顯著成長，第三季 ARR 成長率超過 40%。對我們來說，SASE 不是獨立存在的。它是連接網路和混合網狀網路的一部分。這也是為什麼這對我們來說是一個至關重要的因素。我也認為，隨著我們的客戶開始採用人工智慧，我們的 SASE 混合方法，以及我們不僅在雲端而且在裝置上的應用，為我們帶來了另一個參數或優勢。

I will say that we've made substantial investments, as I've said before, in SASE in terms of hiring new talent. And we're talking, this is not in the dozens, this is in the hundreds, because this is a must-win product for us. And we are seeing success as we go into 2026. The good news is that we can upscale and go and start deploying in larger and larger enterprise as we go into 2026. So that's on the SASE side.

正如我之前所說，我們在SASE方面投入了大量資金，用於招募新人才。我們現在說的不是幾十個，而是幾百個，因為這是我們必須拿下的產品。展望2026年，我們看到了成功。好消息是，隨著我們邁入 2026 年，我們可以擴大規模，並開始在越來越大的企業中部署。以上是關於SASE方面的情況。

Optimism, but to be completely transparent, it's never good enough. We need to move faster. We need to add features. We need to grow to larger enterprise. We need to integrate this into a hybrid mesh connectivity fabric and keep on moving. So that's on SASE.

樂觀固然重要，但坦白說，樂觀永遠不夠好。我們需要加快速度。我們需要添加一些功能。我們需要發展成為一家更大的企業。我們需要將其整合到混合網狀連接架構中，並繼續前進。所以，這筆款項將透過SASE寄出。

Investment, generally speaking, the answer is yes. But we need to do it prudently. So we're investing in SASE. But we're also investing in our newly formed Workspace. We've had great success with Email. Now, we're bringing the other products so that we can secure our customers' employee base wherever they are and whenever they are. So that's Endpoint Mobile Browser.

總的來說，投資的答案是肯定的。但我們需要謹慎行事。所以我們正在投資SASE。但我們也正在投資我們新成立的工作區。我們在電子郵件方面取得了巨大的成功。現在，我們正在引進其他產品，以便無論何時何地，都能保障顧客的員工隊伍安全。這就是 Endpoint Mobile Browser。

The biggest investment that you are going to see from us is investing in the future. And that's building the full-stack AI security platform. Lakera is just one example. But we're literally going after the best talent. Some of these are building products. Some of these individuals are just looking to understand what the attackers are going to do as they embrace Phase 2, Phase 3, and Phase 4. So that's going to be an investment in our future. And we really need to make investments across the board.

你們將會看到我們最大的投資，那就是對未來的投資。這就是建構全端人工智慧安全平台的過程。Lakera只是其中一個例子。但我們確實是在尋找最優秀的人才。其中一些是建築產品。這些人有些只是想了解攻擊者在進入第二階段、第三階段和第四階段時會採取什麼行動。所以這將是對我們未來的一項投資。我們確實需要在各方面進行投資。

And we've spoken about this, and I'll let Roei chime in as well, we are doing this calculation of profitability versus growth and always looking at the two and trying to make the right calls prudently so that we can get to sustainable growth without sacrificing too much of our margins.

我們已經討論過這個問題，我也讓羅伊補充一下，我們正在計算盈利能力與增長之間的關係，始終關注這兩者，並努力謹慎地做出正確的決定，以便在不犧牲太多利潤率的情況下實現可持續增長。

And I think we're going to talk more about it, Adam, about 2026 when we're going to announce Q4 numbers probably around in February and we can have more color about 2026 growth margins.

亞當，我想我們會更多地討論 2026 年的情況，屆時我們可能會在 2 月份左右公佈第四季度業績，屆時我們可以更詳細地了解 2026 年的增長情況。

All right. Next up is Rob Owens, followed by Keith Bachman.

好的。接下來是羅布·歐文斯，然後是基斯·巴赫曼。

Great. Thanks. Always a pleasure to be behind Adam. So Nadav, maybe you could just expand on some of your comments around the AI security component. I realize you laid out kind of the three different components of where your strategy is, but how much do you need to fill in from an M&A perspective? And I realize that it's changing rapidly, but at this point, where is Check Point just in terms of having the coverage that you want and how much more M&A do you think will be in the next 12 to 18 months? Thanks.

偉大的。謝謝。能站在亞當身後總是令人愉快。納達夫，或許你可以詳細說明你對人工智慧安全組件的一些看法。我知道您已經大致闡述了您策略的三個不同組成部分，但從併購的角度來看，您還需要補充多少內容？我知道情況變化很快，但就目前而言，Check Point 在提供您想要的覆蓋範圍方面處於什麼位置？您認為未來 12 到 18 個月內併購活動還會增加多少？謝謝。

Yeah. Thanks, Rob. My favorite topic. I look at this from two different perspectives that are outside of Check Point and where Check Point role is. So outside of Check Point, it's the four phases of adoption.

是的。謝謝你，羅伯。我最喜歡的話題。我從兩個不同的角度來看這個問題，這兩個角度都與 Check Point 的職責無關。所以除了 Check Point 之外，還有四個採用階段。

I still haven't seen a meeting with C-level, whether it's the Board, C-suite, CIO, Chief Data Officer, where this is not front and center of their strategy. We're all there: we're there as people; we're there as organizations. We understand that we either start advancing in the journey or we become obsolete. And it's moving from enhancement, which is already where we are right now. So we're all better performers because of AI.

我至今還沒見過哪個高階主管會議，無論是董事會、高階主管團隊、資訊長或首席數據官，會把這當作他們策略的核心。我們都在那裡：我們作為個人在那裡；我們作為組織在那裡。我們明白，要嘛我們開始在前進的道路上不斷前行，要嘛我們就會被淘汰。它正從增強階段發展而來，而我們目前就處於增強階段。所以，人工智慧讓我們所有人的表現都變得更好了。

Most of the organizations already have replacement. So they already have agents that are replacing humans in different lanes, but they're in their own lanes. And the first organizations, the more sophisticated ones are starting to play around with crossover agents that are now making crossover decisions and getting access to different databases.

大多數機構已經有了替代人選。所以他們已經有了在不同領域取代人類的代理人，但他們各自負責不同的領域。而最早一批組織，也就是更成熟的組織，開始嘗試使用跨界代理，這些代理現在可以做出跨界決策並存取不同的資料庫。

That opens a whole new plethora of challenges, changing the idea of what it means to protect a network, not only because there's more to attack, but also because on the other side, we need to understand that attackers are usually one phase ahead. So if we are in first in the first and second phase, they're already experimenting with the third phase.

這帶來了一系列全新的挑戰，改變了我們對網路安全保護的理解，不僅因為攻擊目標更多了，而且另一方面，我們也需要認識到攻擊者通常領先一步。所以，如果我們處於第一階段和第二階段，他們已經在試驗第三階段了。

So that's how we look at the outside world. And when we look at our customers, we want to be their partner to be able to quickly adopt AI when we are doing the security part for them. So on the level of the users, I believe we already have the best security on the level of runtime security for the second phase and approaching the third phase. I think that Lakera is unique. And with Lakera, I think we have the full stack of what's needed for today.

這就是我們看待外在世界的方式。當我們審視我們的客戶時，我們希望成為他們的合作夥伴，以便在為他們提供安全保障的同時，能夠快速採用人工智慧。因此，就使用者層面而言，我相信我們已經在第二階段和即將進入第三階段的運行時安全層面上擁有了最好的安全保障。我認為Lakera是獨一無二的。我認為，有了 Lakera，我們就擁有了當今所需的全部技術棧。

However, we need to think about Phase 3 and 4, and that's where some of it will be organically. But to your question, Rob, some of it will be inorganically. And so we're looking at acquisition targets as we speak. I literally just had a meeting before this call with our M&A team. They're looking at multiple companies as we speak. Nothing is imminent right now, but there will be more.

但是，我們需要考慮第三階段和第四階段，其中一些內容會自然而然地發生。但羅布，回到你的問題，其中一些是無機的。所以，我們現在正在尋找收購目標。我就在這通電話之前剛和我們的併購團隊開過會。他們現在正在檢視多家公司。目前還沒有什麼迫在眉睫的事情發生，但以後會有更多。

Thank you.

謝謝。

All right. Next up is Keith Bachman, followed by the Purple Man, John DiFucci.

好的。接下來是基斯·巴赫曼，然後是紫衣人約翰·迪富奇。

Well, thank you very much, team. And I appreciate going before DiFucci. I wanted to -- Nadav, for you, is there anything different or changing on Harmony Email in terms of the competitive dynamics, specifically? And I just wanted to understand a little bit how that pipe is building. And the spirit of the question is driven by, how should we think about Harmony Email potential growth in CY26 versus CY25? Is there deceleration, you think, even driven by just the base or scale, if you will?

非常感謝各位隊員。我很感激能在迪富奇之前出場。我想問—Nadav，對你來說，Harmony Email 在競爭格局上有什麼不同或改變嗎？我只是想稍微了解一下那根管道是如何建造的。這個問題的本質在於，我們應該如何看待 Harmony Email 在 2026 年與 2025 年相比的潛在成長？你認為即使僅僅由基數或規模（如果你願意這麼稱呼的話）驅動，是否存在減速現象？

And then, Roei, just if I could sneak one in, too. You mentioned that FX would be $50 million to $60 million, I think, next year headwind. Not trying to jump ahead to your guidance, but just what you've done so far in M&A, if you could just give us some context about what that would be to CY26 margins, just to level set for those two. And I know you've talked about some other investments you might want to do as well, but just wanted to -- on the knowns that you have today between FX and M&A that will impact margins. Many thanks.

還有，羅伊，如果我也能偷偷加一個就好了。你提到外匯市場明年將面臨 5,000 萬至 6,000 萬美元的逆風。我不是想直接給出你的指導意見，只是想請你談談你目前在併購方面所做的工作，能否給我們一些關於這些工作對 2026 年利潤率的影響的背景信息，以便我們更好地理解這兩者之間的關係？我知道您也談到了一些您可能還想進行的其他投資，但我只是想問——就您目前所掌握的外匯和併購相關資訊而言，這些因素會對利潤率產生影響。非常感謝。

Okay, so I'll start with Email. So no, we don't see a deceleration. In fact, we're hoping for an acceleration, and we'll speak about it in our guidance.

好的，那我先從電子郵件開始。所以，不，我們沒有看到減速。事實上，我們希望加速發展，我們將在指導中對此進行闡述。

And the reason is very simple. I truly believe that we have the best product in the market. And although Email has been around as long as the internet has been around or as long as cyber has been around, because attackers are already at Phase 2, email attacks are becoming much more sophisticated.

原因很簡單。我堅信我們擁有市場上最好的產品。雖然電子郵件與網路或網路安全一樣歷史悠久，但由於攻擊者已經進入第二階段，電子郵件攻擊正變得越來越複雜。

And we're all seeing that. I mean, we all have these conversations. Did you get my email? No, I didn't get your email. Why didn't you get my email? Well, because somebody blocked your email. Why did they block your email? Because they're becoming more and more sophisticated.

我們都看到了這一點。我的意思是，我們都會進行這樣的對話。你收到我的郵件了嗎？不，我沒有收到你的郵件。為什麼沒收到我的郵件？因為有人屏蔽了你的信箱。他們為什麼屏蔽了你的信箱？因為它們變得越來越複雜。

And so what we've built around our Email is an AI capability, which I think is superior to what's out there. So this is a replacement business. We're going out there and we're replacing incumbents all the time. And I think that in terms of TAM, we're still relatively small, so I don't see a deceleration.

因此，我們圍繞電子郵件構建的是一種人工智慧功能，我認為這比市面上現有的功能優越得多。所以這是家替換型企業。我們不斷走出去，不斷地替換現任者。我認為就總市場規模而言，我們仍然相對較小，所以我看不到成長放緩的跡象。

Beyond that, as you know, we've asked Gil Friedrich based on that success to take all the other products that create the suite for employees. So now, we're bringing in not just the email, but email, endpoint, browser, mobile. At the end of the day, we want to look at the use case. And the use case here is employees that are working from everywhere and are now being empowered by AI agents.

除此之外，如您所知，基於這項成功，我們已經邀請吉爾·弗里德里希負責為員工創建套件的所有其他產品。所以現在，我們不僅要引入電子郵件，還要引入電子郵件、終端機、瀏覽器和行動裝置。歸根究底，我們還是要看實際應用場景。這裡的應用案例是，員工可以隨時隨地工作，現在正透過人工智慧代理來增強他們的工作能力。

And the fact that we can have an agent sitting at the endpoint, either at the browser level or at the SASE level, means that we can do more on the device itself, which is cheaper, more scalable, and brings better security. So I'm really optimistic about bringing all that together into our Workspace.

而且，我們可以在終端端（瀏覽器層級或 SASE 層級）部署代理，這意味著我們可以在裝置本身上執行更多操作，這更便宜、更具可擴展性，並且能帶來更好的安全性。所以我對將所有這些整合到我們的工作空間中感到非常樂觀。

And I'll continue regarding your second question about the FX. So yeah, as I said about the FX, $50 million to $60 million. And about the M&As, I also talked about the effect for Q4, Lakera. So we talked about $0.04 to $0.05 headwind for Q4. We do expect to have more from one end, more investment. But from the other end, we also do expect to see more revenues from Lakera. So in the end, it's tough to say right now.

關於你提出的第二個問題，也就是FX，我會繼續回答。是的，就像我之前說的，FX 方面，5000 萬美元到 6000 萬美元。關於併購，我還談到了第四季的影響，Lakera。所以我們討論了第四季0.04美元至0.05美元的不利因素。我們預計會從一方獲得更多資金，也就是更多的投資。但另一方面，我們也預期Lakera將帶來更多收入。所以最終，現在很難說。

Again, we are working on the plan for next year. So it's tough to say how it's going to be the impact on our margin next year, the Lakera acquisition. And in general, margin for next year, I think that we're still planning, working on 2026. And as I said, we'll talk more about it in February when we're going to announce Q4 numbers.

我們正在製定明年的計劃。因此，很難說 Lakera 的收購會對我們明年的利潤率產生怎樣的影響。總的來說，關於明年的利潤率，我認為我們仍在規劃，著眼於 2026 年。正如我所說，我們將在二月份公佈第四季度業績時詳細討論這個問題。

Okay. Many thanks.

好的。非常感謝。

All right. Next up is John DiFucci, followed by Shrenik Kothari.

好的。接下來是約翰·迪富奇，然後是什雷尼克·科塔里。

Thank you, Kip. My question's sort of a high-level question for Nadav. Nadav, I've known you a long time, a long time. And I know that you mean what you say when you talk about an open-garden approach. And it makes total sense for the customer. It really does. But I almost -- and I was looking for the right word to describe it, because it almost seems, and I know this isn't you, naive to think you can do it.

謝謝你，基普。我的問題比較高層次，想問納達夫。納達夫，我認識你很久了，很久很久了。我知道你所說的開放式花園理念是認真的。這對顧客來說完全合情合理。確實如此。但我幾乎——我一直在尋找合適的詞來形容它，因為它幾乎看起來，我知道這不是你，天真地認為自己能做到。

Because your competitors, I think you said fierce in your prepared remarks, fierce competitors. And even though it's the right thing for the customer, no one's ever been able to do it. So I guess, can you give us a little bit more -- are there any anecdotes you can share with us? Anything you talk to us about how it's actually going in the right direction?

因為你們的競爭對手，我想你們在準備好的發言稿中也提到過，是強大的競爭對手。雖然這對顧客來說是正確的做法，但從來沒有人能夠做到。所以我想，您能再給我們講講嗎——您有什麼趣聞軼事可以和我們分享嗎？你有沒有跟我們談談這件事是如何朝著正確方向發展的？

And then finally, Roei, just a quick follow-up. It's great to have pricing power. But you -- just how should we think of the price increases in subscription lately and how they may be contributing? How should we think about that? It's great to have that, but just try to understand it. Sorry.

最後，Roei，再補充一個簡單的問題。擁有定價權真是太好了。但是，我們應該如何看待最近訂閱價格的上漲，以及這些上漲可能造成的影響？我們該如何看待這個問題？擁有它固然很好，但請試著理解它。對不起。

No. Thank you, John. I'll be as -- open platform, open, sort of open mind. I'll tell you this. First of all, it's a philosophy. I agree with you. And I've been in the trenches for more than 30 years in cybersecurity. I think that where we're going, trying to come to this with a vendor lock, closed garden, a monolithic approach will really not be enough to secure our customers for many reasons.

不。謝謝你，約翰。我會保持開放的平台、開放的心態。我告訴你這件事。首先，它是一種哲學。我同意你的看法。我在網路安全領域摸爬滾打了 30 多年。我認為，我們現在採取的這種供應商鎖定、封閉式平台、整體式方法，由於許多原因，真的不足以保障客戶的安全。

Now, I agree it's not an easy path, but we're seeing a glimpse of first success. So I brought up Veriti as an example. Veriti already has the ability to integrate with over 70 other vendors. From our CTAM, we see where the danger or the threat is coming from. And we can take these IC and actually fix them, not only at Check Point, but even at other vendors. And that's -- and we already have 100 implementations of that within customers. So I'm not saying this is sort of all the story, but it's a glimpse of the story.

我承認這條路不好走，但我們已經看到了初步成功的曙光。所以我以Veriti為例。Veriti 已經具備與 70 多家其他供應商整合的能力。透過我們的CTAM（威脅識別和分析模型），我們可以看到危險或威脅來自哪裡。我們可以拿走這些積體電路，並進行修復，不僅可以在 Check Point，甚至可以在其他供應商進行修復。而且——我們已經在客戶中實現了 100 次這樣的部署。所以，我並不是說這就是故事的全部，但這只是故事的冰山一角。

Another one is our unified management. Our unified management today, with some of the cloud native firewalls, we can manage in our unified management those others firewalls, so that from the customer's perspective, whatever they're using, they can have the access to truly our best-in-class threat cloud AI with over 100 engines that is blocking billions of attacks all the time. So it's forming.

另一個優勢是我們的統一管理。如今，透過我們的統一管理，我們可以管理一些雲端原生防火牆，以及其他一些防火牆。這樣，從客戶的角度來看，無論他們使用什麼防火牆，都可以存取我們一流的威脅雲 AI，該 AI 擁有 100 多個引擎，可以隨時攔截數十億次攻擊。它正在形成。

I agree that from a business perspective, some might say, yeah, that's naive. It's never going to happen. I think it needs to happen. I think it's -- there isn't another way to really secure our customers. And we are seeing early success with this open platform approach.

我同意，從商業角度來看，有些人可能會說，是啊，這太天真了。這絕不可能發生。我認為這件事必鬚髮生。我認為－沒有其他辦法真正保障我們的客戶安全。我們已經看到這種開放平台模式取得了初步成功。

There's a lot of investment that we need to do in order to put more meat on the bone and create a real alternative to this idea of -- and we see it and we see how it resonates with our customers. They want to listen to this. Some of them because it's just the nature of the beast. They have one vendor, but then they make an acquisition. Now, they have three. How are they going to consolidate this? And the attackers are going to come through the cracks.

我們需要進行大量投資，才能讓這個專案更加充實，並創造一個真正的替代方案——我們看到了這一點，也看到了它如何引起客戶的共鳴。他們想聽這個。有些事情之所以如此，是因為這就是事物的本質。他們原本只有一個供應商，但後來他們進行了收購。現在，他們有三個了。他們打算如何整合這些資源？攻擊者會從漏洞中鑽進來。

So it's a philosophy, but it's also a roadmap. And some of it is already happening, not only in our labs, but at customer sites, as I said, over 100 deployments of Veriti only, and more to come around that.

所以它既是一種理念，也是一份行動指南。其中一些已經發生，不僅在我們的實驗室，而且在客戶現場，正如我所說，僅 Veriti 就部署了 100 多個，而且未來還會有更多。

I'll give you one more sort of way to try to defend this. When you think about detection, for example, we look at the MITRE ATT&CK sort of chain and kill chain. And we say, okay, at every point, we need to have multiple guarding capabilities in order to be successful at blocking attackers. Within that framework, we're saying a lot goes into the detection and response.

我再給你提供一種辯護的理由。例如，在考慮偵測時，我們會參考 MITRE ATT&CK 類型的鍊和攻擊鏈。我們說，好吧，在每個環節，我們都需要多種防禦能力才能成功阻止攻擊者。在這個框架內，我們想說的是，檢測和回應涉及很多方面。

I can tell you that I'm constantly trying to imagine what I would do if I were on the bad side guys. And I'd tell you that with agentic AI, a lot of what's happening on-prem for -- that gives us the ability to detect is going to become obsolete. So now, if we're in a client's or customer's environment with a competitor, and we don't share what we see immediately, it's going to be game over for the customer. So now, afterwards, in the aftermath, I'm going to say, yeah, but it wasn't my firewall, it was their firewall. The customer doesn't care.

我可以告訴你，我一直在努力想像，如果我是壞人，我會怎麼做。我可以告訴你，隨著智慧人工智慧的出現，許多目前在本地進行的技術——這些技術賦予我們檢測能力——將會過時。所以現在，如果我們身處客戶的環境中，而客戶又有競爭對手，如果我們不立即分享我們所看到的情況，那麼對於客戶來說，一切就都結束了。所以現在，事後，我會說，是的，但那不是我的防火牆的問題，而是他們的防火牆的問題。顧客不在乎。

Thank you. Thank you, Nadav.

謝謝。謝謝你，納達夫。

And to your question about the price increase, so yeah, we did the price increase for the subscription firewall, effective July 1. It didn't have any effect on our revenues for Q3 because most of the businesses coming in the last months would have a very immaterial effect.

至於你問到的價格上漲問題，是的，我們對訂閱防火牆的價格進行了上漲，自 7 月 1 日起生效。這並未對我們第三季的收入產生任何影響，因為最後幾個月的大部分業務影響都非常微不足道。

On the billings side, we did see some benefit from that, yet not significant from the price increase. Again, it's when we're managing the same discount, so we can benefit from this price increase. I do want to have you that we have another price increase of 5% across all our Quantum Firewalls, which will be effective 1/1/2026.

從帳單方面來看，我們確實從中獲得了一些好處，但價格上漲帶來的收益並不顯著。同樣，前提是我們能享受同樣的折扣，所以我們可以從這次價格上漲中獲益。我想通知大家，我們所有 Quantum 防火牆的價格將再次上漲 5%，自 2026 年 1 月 1 日起生效。

Thank you. Thanks, Roei.

謝謝。謝謝，Roei。

All right. Next up is Shrenik, followed by Joshua Tilton.

好的。接下來是 Shrenik，然後是 Joshua Tilton。

Yeah. Team, echoing my congrats.

是的。團隊，也向你們表示祝賀。

Nice of you to join us from Alaska or whatever other place you're from.

很高興你從阿拉斯加或其他任何地方加入我們。

A little sensitive. Great, great execution. Just continuing on with the big picture, team, following John. So Nadav, you have been firm in your belief that not everything goes to the cloud and lean hard into the hybrid mesh value proposition, especially as the cloud infra costs are rising. We have been hearing that a lot of AI native use cases also staying on-prem.

有點敏感。執行得非常出色。團隊，繼續著眼大局，跟隨約翰的腳步。所以納達夫，你一直堅信並非所有東西都應該遷移到雲端，並大力推崇混合網狀網路的價值主張，尤其是在雲端基礎設施成本不斷上漲的情況下。我們聽說很多 AI 原生應用程式也仍然選擇在本地部署。

So can you elaborate from your use case perspective where are you winning the most in these hybrid conversation, hybrid mesh? And then I had a quick follow-up on the go-to-market.

那麼，從您的使用案例角度來看，您能否詳細說明一下，在這些混合對話、混合網格中，您最大的優勢是什麼？然後我快速跟進了市場推廣方面的問題。

I think our advantage is in large-scale, complex hybrid environments where you have on-prem, with cloud, multi-cloud. You need to manage all that. And I think that's where our advantage is. Looking into the future, there are use cases that we're seeing with the use of AI, data sovereign issues and governance that are going to take some of the use cases back to either private or quasi-private establishments that are going to offer that.

我認為我們的優勢在於大規模、複雜的混合環境，包括本地部署、雲端部署和多雲環境。你需要處理好所有這些事情。我認為這就是我們的優勢所在。展望未來，我們看到人工智慧的應用、資料主權問題和治理等一些用例，將會把一些用例帶回提供這些服務的私人或準私營機構。

Again, I think this is an opportunity for us on two fronts. First, it's our sweet spot. Second, when you think about data centers that are providing either data centers as a service or a private data center for AI usage, this is where performance and speed matters more than anything else. And again, that is our sweet spot. So I'm not saying this is the only use case, but I think it's a growing use case.

我認為這對我們來說是一個雙管齊下的機會。首先，這就是我們的優勢所在。其次，對於提供資料中心服務或用於人工智慧的私人資料中心而言，效能和速度比其他任何因素都更為重要。而這正是我們的優勢所在。所以，我並不是說這是唯一的應用場景，但我認為這是一個日益增長的應用場景。

Got it. And you made some big go-to-market hires and some ongoing transitions. Just if you can walk us through how this factors into your operating model, both near term and fiscal '26, we'd appreciate that.

知道了。你們進行了一些重要的市場拓展招聘，並進行了一些持續的轉型。如果您能詳細介紹一下這如何融入您的營運模式，包括近期和 2026 財年，我們將不勝感激。

Operating model in terms of our investment in marketing?

就我們在行銷方面的投資而言，我們的營運模式是什麼？

Yeah, investment, just execution assumptions. Yeah.

是的，投資，只是執行的假設。是的。

Yeah. We are starting to be more aggressive in our marketing dollars across the board, and we'll see an increase in that in 2026, hopefully to be offset with operational excellence so that we don't hurt our margins but are more effective in our go-to-market.

是的。我們開始在各方面加大行銷投入，預計到 2026 年，這一數字還會繼續成長，希望能夠透過卓越的營運來抵銷這一成長，這樣我們既不會損害利潤率，又能更有效地開拓市場。

Got it. Appreciate it. Thanks.

知道了。謝謝。謝謝。

All right. Next up is Joshua Tilton, followed by Brad Zelnick.

好的。接下來是約書亞·蒂爾頓，然後是布拉德·澤爾尼克。

Great, guys. Congrats on a good quarter. Maybe, though, just stepping back, just a broader spending question from my end. I think the first half for security was a little challenging. We had Liberation Day. There was a lot of uncertainty.

太棒了，夥計們。恭喜你本季業績出色。不過，或許我們應該退後一步，從我的角度來看，這是一個更廣泛的支出問題。我認為前半段的安保工作有點挑戰性。我們慶祝了解放日。當時有很多不確定因素。

So I'm just trying to understand how would you characterize the spending environment in 3Q? How does it compare to what you saw in the first half? And maybe help us parse out how much of the success today is just pent-up demand from the first half versus better execution on your end? And just kind of what are you seeing heading into Q4? Will there be a budget flush? What are your expectations? Just level set that for us, if you could, please. Thank you so much.

所以我想了解您如何描述第三季的消費環境？與上半場相比，它有何不同？或許您還能幫我們分析一下，今天的成功有多少是上半年積壓的需求釋放，又有多少是你們自身執行力提升的結果？那麼，您對第四季的展望如何？預算會有大幅削減嗎？你們有什麼期望？如果可以的話，請您幫我們把這件事弄清楚。太感謝了。

Mr. Golan, you want to take that?

戈蘭先生，你想拿走那個嗎？

Yeah. So I'll start, and then you can continue. I think, again, I think it's -- first off, was more challenging, mainly Q2, I think. You mentioned the Liberation Day. So definitely, it was more uncertainty in the market.

是的。那我先開始，然後你們可以繼續。我認為，再次強調，首先，第二季更具挑戰性。你提到了解放日。所以，市場上的不確定性確實增加了。

I do have to say that you ask if -- I mean, beside the three points that we mentioned, that the deals that actually will slip from the first half to Q3, so as I look at and we're analyzing from across, I mean, many metrics, internal metrics, it's definitely much better execution. Q3 was much better execution. And when we're looking at Q4, so Q4, again, we do see very nice deals in the pipeline. Q4 is like almost every quarter, but Q4 is more tricky. It includes a lot of large refresh, large hardware deals.

我必須說，你問的是——我的意思是，除了我們提到的三點之外，那些實際上會從上半年推遲到第三季度的交易，所以當我查看並從各個方面進行分析時，我的意思是，從許多指標，包括內部指標來看，執行情況肯定要好得多。第三季執行情況好得多。當我們展望第四季度時，也就是第四季度，我們確實看到一些非常好的交易正在籌備中。第四季與其他季度類似，但第四季更難預測。其中包括許多大型更新換代產品和大型硬體交易。

And again, it also depends on budget flush. You asked about budget flush. For example, last year, we did see, I would say, less than average budget flush. So it's early to say, I mean, what's going to be this year. Again, when you're talking with the field, with the sales leaders, too early to say, to see, to understand if we're going to see more budget flush this year. Our guidance -- our midpoint of the guidance didn't take into account any significant budget flush. So that's how I see it.

而且，這也取決於預算是否充裕。你問的是預算衝刺的問題。例如，去年我們看到的預算支出低於平均值。所以現在說今年會發生什麼事還太早。再說一遍，當你和第一線銷售主管交談時，現在就斷言、觀察、了解今年是否會有更多預算充裕還為時過早。我們的指導意見－我們的指導意見中點並未考慮任何重大的預算注入。我就是這麼看的。

Nadav, I don't know if you want to add something.

納達夫，我不知道你是否想補充什麼。

Yeah. No, I agree. I think America, I think, is good and steady. We are hoping to see an increased demand in Europe going forward. But as Roei said, what we're guiding right now does not take an optimistic view on how demand is going to be growing beyond that.

是的。不，我同意。我認為美國很好，也很穩定。我們希望未來歐洲的需求能夠持續成長。但正如羅伊所說，我們目前的指導方針並沒有對未來需求的成長持樂觀態度。

Super helpful, guys. Thank you so much.

太有幫助了，夥計們。太感謝了。

Next up is Brad Zelnick, followed by Jonathan Ho.

接下來是布拉德·澤爾尼克，然後是喬納森·何。

Hey, guys. Thanks for taking the question. Congrats. It's great to see the success in Q3. And I love seeing when Patrick Colville can admit he's a real gentleman, that he's able to admit when maybe he's got it wrong. Happens to the best of us.

嘿，夥計們。感謝您回答這個問題。恭喜。很高興看到第三季的成功。我很高興看到派崔克‧柯爾維爾能夠承認自己是個真正的紳士，能夠承認自己可能犯了錯。這種情況誰都可能會遇到。

Nadav, I wanted to ask, as you reflect on changes you made to sales incentives this year, specifically paying on ARR growth, how much of an impact might that have had? And how much might that be contributing to the strong billings we're seeing this morning?

Nadav，我想問一下，在你反思今年對銷售激勵措施所做的改變時，特別是根據 ARR 增長支付報酬的做法，這些改變可能產生了多大的影響？這在多大程度上促成了我們今天早上看到的強勁賬單呢？

And along those lines, maybe, Roei, can you talk about the trends in ARR growth as we look through all the billings noise? Because externally, obviously, there's always puts and takes. But ARR is obviously a very pure metric.

羅伊，從這個角度來看，當我們拋開所有帳單數據的影響，能否談談 ARR 成長的趨勢？因為從外部來看，很顯然，總是有付出和索取的。但顯然，ARR 是一個非常純粹的指標。

Yeah, I'll start also. I want to talk -- regarding your first question, so I think this year, we paid, our comp plan was at a significant factor. They are a significant factor of our comp plan. Definitely, it's something that we did see improvement when we are looking on the discounts, on the discounts that we are giving that, again, for renewals, for example. So we did see improvement on that effect after we implemented the ARR factor into the comp plan.

好，我也開始吧。我想談談你的第一個問題，我認為今年，我們支付的薪酬方案是一個重要因素。它們是我們薪酬方案的重要組成部分。當然，我們在折扣方面確實看到了改進，例如，在續訂折扣方面。因此，在將 ARR 因素納入薪酬計劃後，我們確實看到了這種效果的改善。

So that's something that definitely -- I mean, we see the change. We see the mind and how the salespeople are, when in the past, it was mainly around bookings. And now, they need to think not about booking only, but also about ARR. And that's definitely -- we see the positive effect of that mainly around the discounts around renewals. So that's one aspect that I want to touch.

所以這絕對是——我的意思是，我們看到了這種變化。我們看到了銷售人員的思維方式和銷售方法，而過去，我們主要關注的是訂單量。現在，他們不僅需要考慮預訂量，還需要考慮平均經常性收入（ARR）。這一點確實——我們主要在續訂折扣方面看到了積極的影響。這是我想談談的一個面向。

The other stuff -- anything else? What was the next one that you had, Brad? Or Nadav, if you want to add on that?

其他的──還有什麼嗎？布萊德，你接下來要說什麼？或者納達夫，如果你想補充的話？

The only thing I would add is that I think we're seeing the beginning. I agree with Roei that I would attribute the better performance in Q3 mostly to execution. I do believe that as we progress, the change in how we measure things and our comp plan, et cetera, will take effect. But it's work in progress.

我唯一想補充的是，我認為我們現在看到的只是個開始。我同意Roei的觀點，我認為第三季業績的提升主要歸功於執行力的提升。我相信隨著我們不斷進步，衡量標準和薪酬方案等方面的改變將會生效。但這仍是一項正在進行中的工作。

That's helpful. I guess, related, is there a future where maybe you would disclose ARR as a key metric for us externally to measure the business?

那很有幫助。我想問一下，未來你們是否有可能將 ARR 作為衡量業務的關鍵指標對外公佈？

Might be. We'll see. I mean, it's something that we are considering every time, but it might be in the future.

有可能。我們拭目以待。我的意思是，這是我們每次都會考慮的事情，但也許將來會實現。

Great. Thanks for taking the question.

偉大的。感謝您回答這個問題。

All right. Next up is Jonathan Ho, followed by Gabriela Borges.

好的。接下來是喬納森·何，然後是加布里埃拉·博爾赫斯。

Good morning, and congratulations on the strong results. Can you maybe give us a sense of what you're seeing from the impact of the federal government shutdown? And can you talk a little bit about the investments that you've made on the federal side, maybe where those opportunities lie? Thank you.

早安，恭喜你們取得優異成績。您能否談談您認為聯邦政府停擺造成了哪些影響？您能否談談您在聯邦層級進行的投資，以及可能的機會？謝謝。

Yeah. I would say that because our current business is relatively small, we're not seeing a strong impact. Having said that, our investment in FedRAMPing our products is something that we're going to continue to do for a couple of reasons. The obvious one is it's a big market. The second one is that this is what we're passionate about doing, securing the most under-threat environments, the most complex environments. And I think we really have an advantage there to really bring better security. So we're going to continue investing in that. And investing in that means in our product, but also FedRAMPing and focusing our selling focus on that, because I think there's a big potential there.

是的。我認為，由於我們目前的業務規模相對較小，所以我們還沒有感受到明顯的影響。話雖如此，我們出於以下幾個原因將繼續加大對產品進行 FedRAMP 認證的投資。顯而易見的一點是，這是一個龐大的市場。第二點是，這就是我們熱衷要做的事：保護最容易受到威脅的環境、最複雜的環境。我認為我們在這方面確實擁有優勢，可以真正帶來更好的安全。所以我們會繼續加大對該領域的投資。對此進行投資意味著投資我們的產品，同時也意味著投資 FedRAMPing 並將我們的銷售重點放在這上面，因為我認為這方面有很大的潛力。

All right. Next up is Gabriela Borges, followed by Fatima Boolani.

好的。接下來是加布里埃拉·博爾赫斯，然後是法蒂瑪·布拉尼。

Hey. Good evening. Thank you. Nadav and Roei, I wanted to follow up on how you think about the impact of hardware refresh on your business. More specifically, I know that 2024 was a big year for quantum refresh. I know that 2025 was also a good year for quantum refresh. Obviously, it's not binary, but when you look at 2026 and the cohort that's up for UL in 2026, is there anything that we should keep in mind on the size or how being in year three of the quantum refresh impacts that cohort? Thank you.

嘿。晚安.謝謝。Nadav 和 Roei，我想了解你們如何看待硬體更新對你們業務的影響。更具體地說，我知道 2024 年是量子更新的重要一年。我知道2025年也是量子更新的好年。顯然，這不是非黑即白的問題，但當我們展望 2026 年以及 2026 年即將參加 UL 的群體時，關於群體規模或量子更新第三年對該群體的影響，我們有什麼需要注意的嗎？謝謝。

So definitely, the refresh cycle is a big part of our business. But I have to say that, again, when we're looking today on the opportunities, I think we're in the middle of the refresh cycle, and I'm looking on the funnel for Q4. When I'm looking on the funnel for 2026, there's a lot of opportunity just for refresh of our existing install base. And I'm not talking even about the competitive replacement that we see more of them in the last few quarters. So that's definitely a factor on our total business.

所以，更新周期無疑是我們業務的重要組成部分。但我必須再次強調，當我們今天審視各種機會時，我認為我們正處於更新周期的中間階段，我正在關注第四季度的銷售漏斗。展望 2026 年的發展前景，我發現有許多機會可以更新我們現有的客戶群。我甚至還沒提到近幾個季度裡我們看到的那些更具競爭力的替代者。所以這無疑是影響我們整體業務的重要因素。

And definitely, we see more cross-selling of our other products in our portfolio. As we said, a lot of the business is coming from ERM, external risk management, or from SASE. It's coming from actually opportunities that will be part of a refresh that we did for a customer, that part of this refresh project, they also acquired their purchase, or repurchase a few of our products. So that's definitely a big factor. And again, as of today, based on what I see today, the potential is definitely also there for the next 12 months.

而且，我們產品組合中其他產品的交叉銷售也明顯增加。正如我們所說，許多業務都來自企業風險管理 (ERM)、外部風險管理或 SASE。實際上，這是因為我們為客戶進行的產品更新項目的一部分，在這個更新項目中，他們也購買或重新購買了我們的一些產品。所以這絕對是一個重要因素。而且，就目前我所看到的，未來 12 個月也絕對有這種潛力。

Thank you.

謝謝。

All right. Next up is Fatima Boolani, followed by Peter Levine.

好的。接下來是法蒂瑪·布拉尼，然後是彼得·萊文。

Thank you, Kip. Nadav, I wanted to ask you a question about product strategy. You have absolutely not been shy about thinking about the portfolio in a holistic manner, both from an M&A standpoint, but also from the standpoint of, hey, these products or these capabilities aren't necessarily our forte. We're going to take a partnership route. So I'm referring to your partnership with Wiz on the CNAPP front.

謝謝你，基普。納達夫，我想問你一個關於產品策略的問題。您一直以來都毫不猶豫地從整體角度思考投資組合，不僅從併購的角度，而且從“嘿，這些產品或這些能力不一定是我們的強項”的角度來看待。我們將採取合作的方式。我指的是你與 Wiz 在 CNAPP 方面的合作。

So first and foremost, are there opportunities in the current portfolio as it stands, where there is scope for rationalization, where you can take your wins where you are very strong and maybe exit certain product areas? So that's the first question.

首先，也是最重要的，目前的投資組合中是否存在機會，是否存在合理化的空間，可以在你非常強大的領域取得成功，並可能退出某些產品領域？這是第一個問題。

And then the second question is, just with respect to Lakera and the vision around building a full-stack AI solution kit for your customers, how much of a budgetary attribution and allocation are you actively seeing from CISOs and CIOs who I can't imagine aren't getting absolutely inundated with the next new mousetrap and technology? So just helping customers be ready to purchase when the technology around AI security is changing, probably the most rapidly than we've ever seen in our lifetime. So very big picture, but wanted to get your opinion on it. Thank you.

第二個問題是，就 Lakera 及其為客戶建立全端 AI 解決方案套件的願景而言，您從首席資訊安全長 (CISO) 和首席資訊長 (CIO) 那裡獲得了多少預算分配和投入？我很難想像他們不會被各種新技術和新產品淹沒。所以，我們只是想幫助客戶做好購買準備，因為人工智慧安全技術正在發生變化，而這種變化可能是我們有生之年所見過的最快速的變化。所以，我指的是大局，但我想聽聽你的看法。謝謝。

No. Thank you, Fatima. So on the first one, yes, we do want to focus and become a podium player where we play. So a couple of examples that you brought up, the Wiz example, but we also announced that we're going to be partnering with Illumio on micro-segmentation because I think that's an important piece of becoming secure in a hybrid mesh environment, especially as agents are coming our way and starting to cross these lanes. So segmentation becomes very, very important. So we're doing that with them.

不。謝謝你，法蒂瑪。所以對於第一場比賽，是的，我們確實想要專注於比賽，並爭取成為我們比賽場地的頒獎台選手。所以，你提到的幾個例子，例如 Wiz 的例子，我們也宣布將與 Illumio 合作進行微隔離，因為我認為這是確保混合網狀環境安全的重要一環，尤其是在代理程式不斷湧現並開始跨越這些通道的情況下。因此，市場區隔變得非常非常重要。所以我們正在和他們一起做這件事。

We're partnering with others on OT and IoT, and we're partnering on identity. So yes, there's a lot more where that comes from. Some of it is just being able to go through the normal APIs, but just be very mindful about that so that we can actually do it. Some of it is actual integration, and some of it is going to market together like what we've done with Wiz.

我們在營運技術 (OT) 和物聯網 (IoT) 方面與其他公司合作，也在身分識別方面合作。是的，還有很多類似的內容。其中一些只是能夠透過常規 API 進行操作，但要非常注意這一點，以便我們能夠真正做到這一點。一部分是實際的整合，一部分是像我們與 Wiz 合作一樣一起推向市場。

With regards to the full stack, I think this is just really the beginning. This is not a huge market yet because, as I said, it's about these phases, and most organizations are in Phase 1. In Phase 1, our product, for example, we call it GenAI Protect. So GenAI Protect could come as a standalone, but it could also be a part of our browser, a part of our SASE solution, and I think you'll see a lot of that.

就全端而言，我認為這只是個開始。這還不是一個很大的市場，因為正如我所說，它與這些階段有關，而大多數組織都處於第一階段。例如，在第一階段，我們的產品被命名為 GenAI Protect。所以 GenAI Protect 可以作為獨立產品推出，也可以成為我們瀏覽器的一部分，成為我們 SASE 解決方案的一部分，我認為你會看到很多這樣的例子。

As we move to Phase 2 and 3, we will need standalone products like what we're bringing with Lakera, which is already deployed in some of the largest organizations of the world, but those are the early -- I wouldn't even say the early. These are the innovators that are starting to do this. I think we'll see more and more. I don't think we'll see this blow up in 2026. We'll see substantial growth, and I think we'll see much more in 2027.

隨著我們進入第二階段和第三階段，我們將需要像 Lakera 這樣的獨立產品，Lakera 已經在世界上一些最大的組織中部署，但這些只是早期——我什至不會說是早期。這些都是開始這樣做的創新者。我認為我們會看到越來越多的這樣的例子。我不認為這件事會在2026年爆發。我們將看到顯著成長，而且我認為到 2027 年成長會更加顯著。

Thank you.

謝謝。

All right. Next up is Peter Levine for our last question of the day.

好的。接下來是彼得·萊文，他將回答我們今天的最後一個問題。

Great. Thank you, guys. Maybe to piggyback off that last point, Nadav and Roei, you talked about those different levels, and maybe this is just a pricing question is how do you view the current subscription licensing model? Is there room to kind of evolve towards a more usage-based, flexible kind of consumption model? You've seen many of your peers kind of move towards this usage-based model as you talk about AI, SASE, and cloud security. What are your thoughts here as you think about pricing to get customers to maybe expand and adopt more of your products over time?

偉大的。謝謝大家。或許可以藉用一下上一點，Nadav 和 Roei，你們談到了不同的級別，也許這只是一個定價問題，你們如何看待當前的訂閱許可模式？是否有空間朝向更注重使用量、更靈活的消費模式發展？在談論人工智慧、SASE 和雲端安全時，你會發現很多同行都在朝著這種基於使用量的模式發展。在考慮如何透過定價來吸引客戶，並促使他們隨著時間的推移購買更多產品時，您有什麼想法？

Yeah. I think as we -- and Roei, you can chime in as well. I think as you see, our portfolio, its breadth is expanding, but also its nature. So when you think about SaaS models of consumption, I think that is becoming more relevant.

是的。我認為我們──還有羅伊，你也可以發表一下意見。正如你所看到的，我們的投資組合不僅在擴大其廣度，而且其性質也在擴大。所以，當你考慮 SaaS 消費模式時，我認為這變得越來越重要。

The first thing that we must do is not only sell our products, but make sure that our clients and our customers are using it and are satisfied with it. We still haven't moved to a consumption base. But I'll be honest, it is something that we're speaking about in the corridors, specifically, for example, for areas like Workspace.

我們首先要做的不僅是銷售產品，還要確保我們的客戶和顧客正在使用產品並感到滿意。我們尚未轉向消費型經濟。但說實話，這確實是我們正在走廊上討論的話題，例如，在工作區這樣的區域。

All right. That's it for today, folks. Thank you for joining us. And with that, we'll see you next quarter.

好的。今天就到這裡啦，各位。感謝您的參與。那麼，我們下個季度再見。

Thanks, everyone, for joining.

謝謝大家的參與。

Bye now.

再見了。